To The Moon

Iggy’s Journal: A S$15,300 SRS Top-Up Saves S$456 at One Income and S$3,060 at Another. Which One Is Yours? Tue 13 Oct 2026 | Afternoon The Numbers The same S$15,300 SRS contribution saves S$456 in tax at S$40,000 of chargeable income and S$3,060 at S$320,000. The amount put in is identical. The saving is decided by the tax band the contribution comes out of. The exit matters as much as the entry. SRS cash earning 0.05% sits against a six-month T-bill that cleared at 1.9% on 8 October 2026. My Personal Take S$456 is 3.0% of S$15,300 and S$3,060 is 20.0%, so the same contribution returns about 6.7 times as much at the higher income. Idle cash is the second sum. S$15,300 at 0.05% earns S$7.65 a year, and at 1.9% it earns S$290.70, a gap of S$283.05 each year. Relief arrives once, and the yie

Iggy’s Journal: Sheng Siong Is Down About 10%. The Dividend Is 2.6% and the Warehouse Costs S$520M Mon 12 Oct 2026 | Afternoon The Numbers Sheng Siong’s profit rose 11.9%, but its operating cash flow fell to S$54.8 million. The company attributes the decline to bonuses and earlier vendor payments. The shares are about 10% below their S$3.20 price on 2 October. The trailing dividend yield is 2.62%, which is 58 basis points under my 3.2% Forensic Floor and 208 basis points under my 4.7% hurdle. The new warehouse costs S$520 million. My Personal Take A single cash flow figure cannot show whether earlier vendor payments are a one-off timing difference or a new payment schedule. Whether payables rebuild is the open question, and only later periods can answer it. Until then I read the 11.9% prof

Iggy’s Journal: Your Share Fell Ex-Dividend. Did You Actually Lose Money? Mon 12 Oct 2026 | Morning The Numbers An illustration from the episode: a S$4 share with an 8-cent dividend. The 8 cents is 2% of the S$4 price. On the ex-dividend date the share may adjust to about S$3.92, a fall of 8 cents. The share no longer carries the dividend entitlement from that date, but the 8 cents is not paid that day. It is due on a separate payment date. The adjustment may be close to the dividend, but it is rarely exact, because other price moves can happen on the same day. My Personal Take A price chart shows one number for the day. It cannot separate the dividend from everything else that moved the price. If the same S$4 share closed at S$3.95 on its ex-dividend date, the price would be 3 cents above

Iggy's Journal: STI Up 0.58% at 10:04am After Friday's Small Fall Mon 12 Oct 2026 | Morning The Numbers At 10:04am SGT (data delayed 10 minutes) the STI was 5,433.20, up 31.31 points or 0.58%. That puts Friday's close at 5,401.89, which matches the Beansprout weekly recap. So the STI fell a further 11.07 points (0.20%) on Friday, after Thursday's 195.48-point drop to 5,412.96. SGX closed on Friday before the US session opened, so this is the first SGX session after Wall Street's Friday rebound: Dow 51,654.95 (+0.83%), S&P 500 7,811.54 (+0.59%), Nasdaq 27,366.17 (+0.64%). OCBC was S$29.25, up S$0.25 (0.86%) from S$29.00. On the S$0.89 ordinary dividend in my 7 September tracking, that is a 3.04% yield, still under my 3.2% minimum. Sheng Siong was S$2.87, down S$0.05 (1.71%), from an imp

Iggy’s Journal: Temasek Fears an AI Unwind and Plans More AI Exposure. Three Questions Explain How Both Can Hold Sun 11 Oct 2026 | Afternoon The Numbers Temasek reportedly calls an AI unwind its biggest risk, and reportedly plans to raise AI from 6 percent of its portfolio to up to 15 percent by 2031, which is up to two and a half times the current share. I have not read Temasek’s own statement, so both points are as reported. A risk named and an allocation increased at the same time look like a contradiction. The new episode takes three questions to test whether they are one. A dividend that has already been declared does not change because someone names a market risk. My Personal Take My first reaction to the headline was that one of the two statements had to be wrong. The episode sets o

Iggy’s Journal: Maybank Cuts Sheng Siong to Hold and Trims Its Target Price to S$3.12 Sun 11 Oct 2026 | Afternoon The Numbers Maybank downgraded Sheng Siong (SGX: OV8) from Buy to Hold and cut its target price to S$3.12 from S$3.22, a cut of 3.1 percent, per a report dated 9 Oct as summarised on SGinvestors.io. Maybank calls the company high quality but says the share price already reflects much of that. Its stated reason is valuation: 28.4 times FY26 earnings and 17.3 times EV/EBIT, against projected net profit growth of 8 percent a year over FY25 to FY28 and a 2.5 percent dividend yield. It trimmed FY26 to FY28 net profit forecasts by 1 to 3 percent and cut its 2028 new store assumption from five to four. Maybank also expects the tailwinds to fade. The S$500 CDC voucher tranche w

Iggy’s Journal: The Price of Retirement Income: What S$1,000, S$2,000 and S$3,000 a Month Actually Cost Today Sat 10 Oct 2026 | Midday The Numbers The same S$2,000 a month needs S$600,000 at CPF’s 4 percent floor rate, but S$1.25 million at the 1.92 percent six-month T-bill yield. The gap is S$650,000, and it comes from the yield assumed, not from any difference in lifestyle. My 4.7 percent hurdle asks for S$510,638. A dividend can be cut, while the T-bill yield resets at every auction. For someone still saving, the target moves whenever the yield moves. At 1.92 percent, S$200,000 pays S$320 a month. At 4 percent, the same S$200,000 pays S$667 a month. CPF’s 4 percent is a useful yardstick, but it is not money you can generally draw monthly in the way T-bill income can be drawn. My Persona

Iggy's Journal: DBS, OCBC and UOB Each Fell More Than 4% in One Day. Who Is Giving You the Reason? Fri 09 Oct 2026 | Midday The Numbers On 8 Oct, DBS closed down 4.7 percent, OCBC down 4.3 percent and UOB down 5.2 percent, per Singapore Business Review citing SGX. The reports I read give four different reasons, from profit-taking to Citi's cut of OCBC to Sell, and they show no announcement from any of the three banks in the two sessions. Most of what is quoted describes market mood or views about price, not facts about the companies. The new episode sorts the reasons by who is giving them. My Personal Take Two of the reasons are easy to place. Profit-taking describes what sellers did, not what a bank did. Citi's cut on OCBC is a forecast and a valuation from one broker, not a result from t

Iggy's Journal: Crystal Jade's Holding Companies Are in Receivership, but the Restaurants Are Open. What That Means Thu 08 Oct 2026 | Midday The Numbers On 30 Sep, receivers from Kroll were reported over two Crystal Jade holding companies, one in Singapore and one in Hong Kong. Little Big Red Dot reports that the restaurants remain open and that key members of management continue to oversee operations. Mothership counted 13 Singapore outlets remaining after five closures in 2026, with the company calling those closures part of an ongoing review of its outlet network. The reports I read do not state the debts, the lenders, or why receivership was the route chosen. Crystal Jade has no listed shares, so there is no share price to watch. The new episode is about reading any announcement like t

Iggy's Journal: Parkway Life REIT's Dividend Rose 14.6% on 1.6% Less Revenue. The Reason Is One Lease Clause. 🦖 Wed 07 Oct 2026 | Midday The Numbers Parkway Life REIT's revenue fell 1.6 percent in the first half of 2026, while its distribution per unit rose 14.6 percent, from 7.65 cents to 8.77 cents. Both figures come from the REIT's own results announcement. I found the reason for the gap, and it sits in one lease clause that does not show up on the first page of the results. At the 5 Oct close of S$3.95, the last 12 months of distributions give a trailing yield of 4.15 percent. That clears the 3.2 percent minimum I track, but sits 55 basis points below my 4.7 percent hurdle. In my tracking, Parkway Life REIT is flagged for caution, with the yield below the hurdle at that price. My Perso