To The Moon

Iggy’s Journal: HDB Resale Prices Dipped for a Third Quarter. Three Questions Before You Read Anything Into 0.1% Friday 30 Oct 2026 | Afternoon The Numbers HDB first reported a 0.2% fall in resale prices for the quarter, then revised it to 0.1% once more transactions were counted. It is the third quarterly dip in a row. The index is down 0.6% since 3Q 2025. On an illustrative S$600,000 flat, a 0.6% move is about S$3,600. The index covers the whole island, not the block, flat type, floor or remaining lease behind any particular sale. My Personal Take Three falls in a row sounds like a trend, yet the revision cut this latest one in half. So why did the final figure come in smaller than the first estimate? And what does an island-wide 0.1% say about the flat in my own block, if it says anythi

S$150 Million for AI Materials, 24 Companies Named: What Changes for a Company You Own? 🔍 The Angle The S$150 million does not go to the listed companies named in the announcement. It funds Marvel-AI, a materials research platform, while the 24 Champions of AI companies are named for a programme with no funding or revenue figures stated. A company joining a government programme is evidence of participation, not evidence of money received. 💰 What It Means For You If you own OCBC, UOB, Singtel, Seatrium, Sembcorp Industries, Keppel, CapitaLand Investment, Singapore Airlines or ST Engineering, do not treat the name on the list as a result. The one company figure mentioned is UOB’s previously announced S$900 million AI economic-value target by 2030, and the report does not tie it to this progr

Iggy’s Journal: Mi Material’s First Day: Up 1.1%. Who Can Sell Now, and What Does the Price Leave Out? Thursday 29 Oct 2026 | Midday The Numbers Mi Material gained 1.1% on its first day of trading on the SGX Mainboard. About 10.8 million shares changed hands, roughly 14% of the 77.5 million shares in the public offer, which a Business Times headline reported as 2.1 times subscribed. The stabilising manager reportedly bought 1.5 million shares at the offer price. The offer document says cornerstone investors’ 41.9 million shares carry no lock-up, while other holders face different restrictions. A management estimate, unaudited, puts September-quarter revenue at US$37.8 million. My Personal Take This podcast is the follow-up to my 20 October longform on the Mi Material IPO, where I looked at

Iggy’s Journal: Fund Fees Explained: Why a Small Yearly Percentage Can Take a Big Share of Your Returns Wednesday 28 Oct 2026 | Midday The Numbers A fund can charge an expense ratio of 1.5% a year whether it gains or loses. An illustration from the episode: a S$100,000 fund earns 6% a year before costs. A 1.5% expense ratio leaves 4.5% a year. A fund costing 0.3% leaves 5.7% a year. The comparison runs for 25 years. For CPF money, the CPF Board set the sales charge cap on new CPF Investment Scheme purchases at 0% from 1 October 2020. My Personal Take The expense ratio is the one number in a fund that is printed before anything happens, and it is charged in good years and bad. How far apart do 4.5% and 5.7% a year end up on S$100,000 after 25 years? And what did the 2020 change to CPF Inves

Iggy’s Journal: OUE REIT’s 5.8% DPU Uplift Depends on a One-Off Payout. The Recurring Number Is Lower Tuesday 27 Oct 2026 | Midday The Numbers OUE REIT’s circular on the sale of Crowne Plaza Changi Airport shows pro forma distribution per unit (DPU) of 2.36 cents with a S$10 million special payout, up 5.8% on the 2.23 cents paid for FY2025. Without the special payout, pro forma DPU is 2.18 cents, down 2.2%. The special payout stops after two years. The sale removes Crowne Plaza Changi Airport’s income, and interest savings offset only part of it. My Personal Take Both numbers are in OUE REIT’s own circular, one table apart: 5.8% up with the special payout, 2.2% down without it. The gap between 2.36 and 2.18 cents is 0.18 cents a unit. The special payout stops after two years. My Substack a

Iggy’s Journal: S-REIT Results From 27 to 30 October: Which Figures to Read First, and What a Headline Number Leaves Out Monday 26 Oct 2026 | Morning The Numbers S-REIT results are due from 27 to 30 October. An illustration from the episode, with made-up numbers: a landlord’s distributable income for the half-year rises 5% to S$525,000. After it issues 80,000 new units, the payout per unit is about 49 cents, down from 50 cents. By my back-calculation that implies about 1,000,000 units and S$500,000 of income before the issue. A second illustration: gearing moves from 35% to nearly 39%, with no new borrowing. My Personal Take The example works because every figure in it is true and the payout per unit still falls. Income up 5% is the number that gets reported, and the other column is the on

Iggy’s Journal: SGX Weekly Review: One Winner Trades in US Dollars, One Is Also US-Listed. What Changes for You? Sunday 25 Oct 2026 | Afternoon The Numbers From the weekly review: JMH rose a little over 5% in US dollars across the five trading days. AvePoint, another name in the review, is listed in both the United States and Singapore. An illustration from the episode, with made-up numbers: a share priced at US$10 rises to US$10.50, a gain of 5%. A S$13 starting value becomes S$13.02 after the exchange rate weakens, which implies a move from about S$1.30 to S$1.24 per US dollar (my back-calculation). My Personal Take A percentage without its currency is half a sentence. In the example, a 5% gain in US dollars moved a S$13 holding by 2 cents. The AvePoint half interests me more, because a

Iggy’s Journal: Indonesia Cut Its Gas Exports to Singapore. Is It About the Haze? What the Sources Actually Say Sunday 25 Oct 2026 | Morning The Numbers The regulator announced a cut of 31 BBTUD (billion British thermal units a day) in Indonesia’s pipeline gas exports to Singapore, effective 24 October. The announcement gave no reason, and none of the sources in the episode states that haze caused it. Measured against Indonesia’s 2024 pipeline exports to Singapore, 31 BBTUD is about 8%. Pipeline gas from Indonesia and Malaysia together is about 40% of Singapore’s gas supply, so on an indicative basis the cut is about 3% of total supply at most. My Personal Take The question most people will ask first is whether this is about the haze. The announcement gave no reason, so I am not going to s

Iggy’s Journal: You Probably Use Two or Three of the Seven Investing Styles Already. Here Is How to Tell Saturday 24 Oct 2026 | Afternoon The Numbers An illustration from the episode: a S$100,000 holding that pays S$5,000 a year yields 5%. If the price falls to S$90,000 and the payout stays at S$5,000, the yield is about 5.6%, and the holding is S$10,000 lower in value. My Personal Take The S$5,000 is the number I would look at in this example, because it never moved. The price fell S$10,000 and the yield rose anyway. A higher yield is easy to see, and a smaller holding underneath it is harder to see. 📺 YouTube: https://youtu.be/F_fzWXzxESA Cheers, Iggy 🦖 Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: A Weaker Euro, a Stronger Singdollar: Who Gains and Who Loses When a Currency Moves? Saturday 24 Oct 2026 | Midday The Numbers One euro bought S$1.4334 on 22 October, according to OFX’s interbank rate. That is down from S$1.4656 on 30 September and S$1.5057 at the end of last November, a fall of about 2.2% since September and about 4.8% over the year. An illustration from the episode: at S$1.43 per euro, a €10,000 holding is worth S$14,300, down from S$15,000 at S$1.50 per euro. If those European shares rise 3% to €10,300, the holding is about S$14,730, still below the starting S$15,000. On a trip, €3,000 of flights, hotels and meals comes to about S$4,300 at S$1.4334 against about S$4,517 at S$1.5057, roughly S$217 less (my calculation). The OFX figure is an interbank rate