To The Moon

OCBC Securities Removes Its Minimum Commission on Online SGX Trades From 5 October Tue 6 Oct 2026 | SGX Daily Pulse Podcast The Numbers OCBC Securities removed its minimum commission on online SGX trades from 5 October. Its managing director cited one transaction falling from S$25 to about S$2. The firm says roughly a quarter of its clients' Singapore holdings are odd lots, often built up through scrip dividend schemes. The change is aimed at investors adding S$500 to S$1,000 at a time, while trades of S$50,000 to S$100,000 will see little difference. Today's podcast explains why a fixed minimum falls hardest on small trades. SGX also cut board lots for 11 stocks, including DBS, OCBC and UOB, on the same day. $OCBC Bank(O39.SI)$ My Personal Take

UOB Holders Now Collect About 10% Less Than a Year Ago. A New Buyer Starts at 3.69%. Mon 5 Oct 2026 | Longform The Numbers UOB's trailing ordinary dividends are S$1.59, about 10% below S$1.77 a year earlier. The FY2025 final fell 23% to S$0.71, while the 1H26 interim rose 3.5% to S$0.88. Payout stayed near 50% on UOB's adjusted basis. CET1 rose to 15.4% from 15.1% at the end of FY2025, and NIM slipped to 1.74% from 1.89%. At the 2 October close of S$43.11 the yield is 3.69%, 101 basis points below my 4.7% Minimum Yield Hurdle, while a holder with a S$20 cost sees 7.95% on cost. Iggy's Forensic Zone for UOB is Zone 4, Caution -, at the 2 October close. Yield is the only gate failing. My Personal Take This morning I wrote that SGX's smaller board lot cuts the cash for one lot to a tenth and

A New York Class Action Alleges Ryde Shares Were Pumped by Online 'Advisers' Mon 5 Oct 2026 | Podcast The Numbers A class action in New York federal court alleges that people posing as financial advisers online inflated the share price of Singapore-based Ryde, and that the shares then fell about 75% in after-hours trading on 11 September 2024. No court has ruled, and Ryde says it intends to defend the case. The plaintiff allegedly bought about 19,000 shares at roughly US$21 each, close to a US$22 peak, before the fall. By 1 October 2026 the shares closed at US$0.68, about 97% below that high. Today's podcast turns the complaint's pattern into three checks for any sudden price jump. My Personal Take This week I have been taking numbers apart: OCBC's 3.3% into two payments, DBS's gap into a

SGX Cuts the Board Lot for DBS, OCBC and UOB From 100 Shares to 10 Today Mon 5 Oct 2026 | Morning The Numbers From today, SGX board lots fall from 100 units to 10 for 11 counters, including DBS, OCBC and UOB, per SGX and Beansprout. At Friday's closes (DBS S$77.21, UOB S$43.11, OCBC S$31.66), one lot costs about S$772, S$431 and S$317, against about S$7,721, S$4,311 and S$3,166 before. SGX opens at 9am. The STI closed Friday at 5,634.82 (-0.6%) and ended September 1.4% lower, with five constituents positive for the month, per Beansprout. On Wall Street Friday, the Dow closed at 51,176.96 (+0.49%), the S&P 500 at 7,722.72 (+0.73%) and the Nasdaq at 27,190.86 (+1.19%). AP attributes the rally to the September jobs report, with payrolls up 29,000, below expectations, and unemploymen

DBS Is About 14% Away From My 4.7% Dividend Hurdle, UOB 27% and OCBC 67% ⭐ Members Edition, made free for everyone this weekend Sun 4 Oct 2026 | Longform The Numbers At the 2 October close, trailing dividends gave DBS a 4.12% yield, UOB 3.69% and OCBC 2.81%, all below my 4.7% Minimum Yield Hurdle. Measured as the rise in dividend per share each bank would need, DBS is about 14% away, UOB about 27% and OCBC about 67%. OCBC's S$0.16 special dividend is excluded. The ranking depends on one judgment. DBS pays a recurring S$0.15 capital return each quarter, and without it DBS moves from about 14% away to about 41%, past UOB's 27%. DBS's Ledger entry of 6 August 2026 is Zone 4+, built on a 4.23% yield at S$75.10. At Friday's close the shortfall to the hurdle is 58 basis points, past the 50 basis

OCBC's 3.3% Yield Becomes 2.82% Once the Special Dividend Is Removed Sat 3 Oct 2026 | Longform The Numbers At 2 October prices, OCBC's trailing yield is 3.3% including a S$0.16 special dividend and 2.82% without it, below the 3.2% Forensic Floor. CapitaLand Investment's 4.88% clears the 4.7% hurdle, but its S$0.12 dividend has stayed flat since 2023. Sheng Siong's yield is 2.36%, though its payments rose about 18% over the year. A S$10,000 illustration published by Smart Investor on 22 September shows about 3.4%, while ordinary dividends alone produce about S$330 a year at 2 October prices. Iggy's Forensic Zone for OCBC is Zone 5, Red Zone, per the Ledger entry dated 7 September 2026. Today's piece puts three questions to each yield, and the three stocks answer them differently. My Persona

A Fed Hike Moved Singapore Home Loan Quotes, but MAS Changed No Rule Sat 3 Oct 2026 | Podcast The Numbers Today's podcast starts from a Fed hike that pushed Singapore bank quotes higher without MAS changing any rule. The three-month swap rate is 1.59% while compounded SORA is 1.23%, a gap of 0.36 percentage points. HDB loans stay at 2.6% through end-December. Most bank floating packages were between 1.5% and 1.8% at end-September, and a 0.2 percentage point rise costs about S$83 a month in interest on a S$500,000 loan. The episode explains why a home loan has two parts, and why only one of them moved. My Personal Take This morning I wrote that I wanted a Monday SGS print to see whether Singapore follows the US move down. I had been treating one Singapore yield as a stand-in for everything

Gold Fell in September While Inflation Stayed a Worry, and China Kept Buying Fri 2 Oct 2026 | Podcast The Numbers Gold is usually described as an inflation hedge, yet it fell in September, a month in which inflation remained a concern. Gold pays no interest or dividend. A two-year US Treasury yield of about 4.8% is the income on offer elsewhere. China has now bought gold for 22 months in a row. Today's podcast looks at how those three facts fit together, and why a reserve-diversification motive and a personal income need are different questions. My Personal Take This morning I wrote that the 10-year SGS yield was 2.49%, and that I could not say how much of the S-REIT decline rates explain. I had been thinking of rates as a REIT and bond question. It took me a while to see that gold sits on

SGS 10-Year at 2.49% as US Yields Reach Their Highest in Over Two Decades Fri 2 Oct 2026 | Morning The Numbers Overnight in the US, the Dow closed at 50,926.56 (+0.04%), the S&P 500 at 7,666.45 (+0.19%) and the Nasdaq at 26,871.60 (+0.04%). TheStreet attributes the flat finish to Treasury yields rising to their highest in more than two decades, which offset early AI-led gains. BigGO News credits remarks from Fed Vice Chair Philip Jefferson, that the Fed could take time before its next move, for easing fears of an immediate hike. The VIX rose 6.73% to 17.44. Brent rose 4.45% to US$102.39 on Trading Economics' continuous series. USD/SGD is 1.2805. The STI closed Thursday at 5,667.67 (-0.14%), and SGX opens at 9am. At home, the 10-year SGS yield was 2.49% on 1 October, up 0.02 perce

The STI Is Up 23%. REITs Are Down 12%. The Question I'd Ask About the Payout Thu 1 Oct 2026 | Evening The Numbers Angela's video today starts from the index gap I wrote about this morning. The Smart Investor puts the STI about 23% higher this year and the iEdge S-REIT Index about 12% lower, both on a price basis. Her question is whether a REIT's payout would still exist if the trust sold nothing, raised no new money and had to refinance debt at a higher rate. She puts it to three Singapore REITs. Sasseur REIT shows a trailing yield of about 9.3% at S$0.695 on 20 August, with gearing of 25.6% and interest cover of 5.6 times as reported by the manager. CapitaLand Ascendas REIT brought gearing down to 39.7% after a S$900 million equity raise. My Personal Take This morning I wrote that I could