To The Moon

DBS’s First-Ever Risk Transfer Deal, What It Actually Means 🦖 Everyone saw the headline that DBS is “transferring risk” on US$1 billion of corporate loans, most people quietly assumed it meant the bank was dumping exposure. What actually happened is stranger and more interesting, DBS kept every loan, every borrower relationship, and simply paid outsiders to shoulder part of the loss if things go wrong, like buying insurance on a portfolio that is still entirely on your books. That kind of move tells you a lot more about how sophisticated their capital toolkit has become than about any hidden trouble. For you as a Singapore investor, the real tension is this, DBS’s CET1 ratio has slipped to 16.9%, yet it still sits well above MAS requirements and Iggy’s own Fortress floor, while the ordinar

Weekly Pulse, Record Highs and the Nvidia Mansion 🦖 Everyone is staring at that seized S$42 million Nvidia mansion like it is a one-off scandal, I am looking at it as a distorted mirror of something much closer to your CPF and SRS. The illegal chips and the legal AI infrastructure story are ultimately the same demand curve, one destroys a house, the other quietly props up factory output and some of the very stocks inside your retirement plan. The uncomfortable part is this, record highs and big weekly movers feel like proof your plan is working, but they can just as easily be the moment your income discipline quietly slips. 📺 YouTube: https://youtu.be/7PClNtzeryg 📩 Substack: https://investingiguana.com/p/weekly-pulse-record-highs-and-the

Before You Buy July's Watchlist: Three Names, Three Very Different Verdicts 🦖 Everyone is treating July’s watchlist like a shopping list, but the three “stars” do not even clear the same basic gates. One has record passengers yet a shrinking ordinary yield, one is still in structural breach of a 35 percent gearing ceiling, and one is using thin free cash flow to promise more than its balance sheet can safely fund. The headlines make them all look like straightforward wins, the forensic read says they are three very different beasts entirely. If you are drawing S$800 a month from CPF and SRS, a 1.52 percent yield on Seatrium or a 3.53 percent ordinary yield on SIA is not a rounding error, it is a direct pay cut to next year’s groceries, before you even factor in that OUE REIT is still sitti

Before You Buy July's Watchlist: Three Names, Three Very Different Verdicts 🦖 Everyone is treating July’s watchlist like a shopping list, but the three “stars” do not even clear the same basic gates. One has record passengers yet a shrinking ordinary yield, one is still in structural breach of a 35 percent gearing ceiling, and one is using thin free cash flow to promise more than its balance sheet can safely fund. The headlines make them all look like straightforward wins, the forensic read says they are three very different beasts entirely. If you are drawing S$800 a month from CPF and SRS, a 1.52 percent yield on Seatrium or a 3.53 percent ordinary yield on SIA is not a rounding error, it is a direct pay cut to next year’s groceries, before you even factor in that OUE REIT is still sitti

Keppel DC REIT: UOB Kay Hian Says Buy at S$2.99. Iggy's Screen Says Zone 4 🦖 Everyone talks about Keppel DC REIT as the “AI-safe” income play, but very few stop to ask what happens when the growth story and your CPF drawdown plan start pulling in opposite directions. The analyst’s S$2.99 target price is built on future megawatts moving from Keppel’s sponsor pipeline into the REIT, while today’s cash yield and gearing are already sitting just the wrong side of the forensic line. That gap between narrative and numbers is the part I care about, because it is where retirement plans quietly drift off course. 📺 YouTube: https://youtu.be/E0_GhFhYB6s 📩 Substack: https://investingiguana.com/p/keppel-dc-reit-uob-kay-hian-says

The Ohmyhome Case Study: 5 Governance Red Flags 🦎 Everyone is staring at the "US$1 sale" and missing the more uncomfortable part, the business your money actually funded is no longer inside the listed company. The most striking thing in Ohmyhome is not that the founders bought the core property business for a token price, it is that this only made sense after S$19 million of debt was quietly waived and the liabilities still exceeded the assets. That pattern, step by step, is what I want you to recognise, because it can show up in any smaller counter you already own. For a Singapore investor managing CPF or SRS, the real risk is thinking "revenue up 12.5 per cent" means your dividend future is safe, when the brokerage core shrank by more than 30 per cent and the replacement segment needed c

Daily SGX Pulse | Singapore’s Two-Speed Economy | 3 July 2026🦖 Singapore’s factory numbers look strong at first glance, but the story underneath is not as simple as “PMI up, everything okay”. A 51.3 reading for manufacturing backed by AI demand is great if you own exporters, yet it sits beside zi char uncles staring at a 17 per cent jump in electricity tariffs and 7.1 per cent in gas with no clean way to pass it on. That gap between the AI winners and the power‑bill losers is the part I want you to see before you assume the headline macro number protects your income. If your retirement plan leans on F&B‑heavy REITs and domestic tenants, this July tariff move is not background noise, it is a direct squeeze on the margins that pay your distributions. A four‑room household might see aroun

S&P Global Ratings APAC Sector Watch: What It Means for Singapore Investors 🦖 Everyone is watching casino stocks and AI headlines, but the quiet story is that the same Middle East tension boosting gaming revenue is also creeping into your utility bills. S&P Global Ratings is effectively telling us that premium gamblers, office landlords and data centre operators are all drawing from the same pool of volatile energy and tourism flows, and Singapore sits right in the middle of that crossfire. That mix of rising gross gaming revenue, limited office supply, and hyperscaler capex only looks like a win until you ask who pays the fuel bill and how long that spending velocity really lasts.

The Yen Crisis and What It Means for Your Portfolio 🦖 Forty five Japanese companies have already gone under this year with “weak yen” written on the bankruptcy form, yet most Singapore investors still talk about the yen like it is a cheap holiday. When hedging products are designed to switch off once the yen moves past a certain level, the very tool that was supposed to protect the importer can become the fuse for a currency spiral. If your Japan exposure sits inside a REIT, a fund, or a “high yield” product, the real risk is not just price volatility, it is what happens to your Singapore dollar income once those hedges knock out and managers still quote you yields in yen. Before you decide that 6 percent on a Japan asset looks attractive, you need to know exactly how that distribution get

Two Industrial REITs, One Forensic Lens: CapLand Ascendas REIT versus Mapletree Industrial Trust 🦖 Everyone is staring at the 6 percent yields on CapLand Ascendas REIT and Mapletree Industrial Trust, but the real story is hiding in their balance sheets. When one “blue-chip” REIT fails both my gearing and interest coverage gates and the other is balanced on the edge of them, the sponsor brand stops being a safety net and starts being a distraction. I wanted to put both income engines side by side so you can see exactly where the cracks are forming under your distributions.