Iggy's Journal: CSE Global's Orders Nearly Tripled. The Release Gives No Profit Figure Sat 14 Nov 2026 | Morning The Numbers CSE Global's 3Q2026 business update reports order intake of S$434.9 million against revenue of S$323.2 million, so intake is about 1.35 times revenue. The order book stood at S$728.5 million. The release gives no margin, cash, debt or dividend figure. $CSE Global(544.SI)$ My Personal Take What stands out to me is how much this release says about work coming in and how little about what that work earns. S$434.9 million of orders against S$323.2 million of revenue, and a S$728.5 million order book, read like a full pipeline. A larger order book can sound reassuring to a CPF or SRS investor, but it is not cash

Iggy's Journal: The STI Fell 5.24% in October. Three Questions Before You Compare Its 3.39% Yield With a T-bill Fri 13 Nov 2026 | Evening The Numbers ES3's distribution yield moved from 3.27% to 3.39% as at 6 November, while its distributions stayed at S$0.178 over the prior 12 months. On S$10,000, a 3.39% yield is S$339 a year. Rolling a 6-month T-bill at 1.86%, as read on 10 November, gives S$186. The STI fell 5.24% in October. My Personal Take When a fund's yield rises after a fall, what changed: the income or the price? That is the question I started with, and it leaves me with two more. How much of the gap between S$339 and S$186 is a real difference in income, and how long can the money stay put before the gap matters? I am not putting a verdict on the ETF or the T-bill in this entry

Iggy's Journal: Golden Agri Says Net Debt Is US$404M. Its Footnote Nets Off More Than Cash Fri 13 Nov 2026 | Midday The Numbers Golden Agri says its net debt is US$404 million. Its footnote deducts trade receivables, inventories and supplier advances, not only cash. Netting off cash and short-term investments alone leaves US$2,429 million of interest-bearing debt. Golden Agri's net debt to EBITDA ratio was 0.3 times. My Personal Take Would I call a company low-debt if its net debt includes customers who have not paid yet? That is the question I started with, and it leaves me with one more. What does the definition beneath the 0.3 times ratio include, and what does it leave out? I read the footnote before I compare the figure with another company's cash-only net debt. I am not putting a ver

Iggy's Journal: SATS Revenue Rose 9% but Operating Profit Fell 7.6%. What Lifted Profit to Shareholders? Thu 12 Nov 2026 | Midday The Numbers SATS grew revenue by 9%, but EBIT fell 7.6% because costs before depreciation rose 11.7%. Profit to shareholders still increased. Gateway's operating profit fell 11.1% even as its revenue rose 10%. Half-year operating cash flow before lease payments fell from S$356.8 million to S$265 million. The first-half EBITDA and EBIT margins were 17.4% and 8.2%, against 2029 targets of above 20% and above 10%. My Personal Take The line that rose is not always the line that did the work. If revenue rose 9% and operating profit fell 7.6%, what lifted profit to shareholders? That is the question I started with, and it leaves me with one more. Is the growth coming

Iggy's Journal: Correction: Yesterday's 52-Week Low Video Link Was the Wrong One Thu 12 Nov 2026 | Midday The Numbers Beansprout's 5 November screen lists 31 SGX names within 5% of their yearly low. Nine of them show yields of 8% or more as at that capture. The yield is only a division: payout divided by price. My Personal Take I posted the wrong video for yesterday's 52-week low piece, and I am sorry for the mix-up. The link below is the right one. The piece asks what a 52-week low screen leaves out: why 31 names sit near their lows, how a falling price can lift a yield, why similar yields can hide very different price falls, and what the screen cannot tell me about the payout. The question I put first on any stock I own is whether the payout changed or only the price fell. I am not putti

Iggy's Journal: 31 SGX Stocks Are Near Their 52-Week Low. Nine Yield 8% or More Wed 11 Nov 2026 | Afternoon The Numbers Beansprout's 5 November screen lists 31 SGX stocks and REITs within 5% of their yearly low. The same list includes GuocoLand at +1.0% over one year and Toku at -65.6%. Nine names show yields of 8% or more as at that capture, from Asian Pay Television Trust at 14.1% to Starhill Global REIT at 8.0%. My Personal Take A 52-week low tells me where a price is, not why it got there. A yield is the payout divided by the price, so a 14.1% yield can reflect a lower price, a higher payout, or both. That leaves me with two questions. For each of the nine, did the payout change or did only the price fall, and where would I find the answer? I am not putting a view on any of the names i

Iggy's Journal: The Share Price Fell. Did Your Dividend? Three Questions Before You Read Anything Into the Red Tue 10 Nov 2026 | Afternoon The Numbers In the made-up example I use, a payout of S$0.20 at a S$4.00 price is a 5.00% yield. At a S$3.20 price the same S$0.20 payment becomes a 6.25% yield. The company changed nothing, and only the price moved. Every number in the episode is made up. My Personal Take A red price on a screen makes the yield look better without the dividend changing at all, and I think that is easy to read as better income. That leaves me with two questions. When a price falls, what do I check first to see whether the declared payout changed? And if the payout did not change, what else would tell me whether it can last? I am not putting a view on any real company in

Iggy's Journal: Parkway Life's Payout Rose 13.4% as Revenue Fell 1.9%. Three REIT Reports, Compared With What? Tue 10 Nov 2026 | Midday The Numbers Parkway Life REIT's gross revenue fell 1.9%, while its amount available for distribution rose 13.4% to S$85.5 million. Its Singapore hospital minimum rent is set to rise from S$79.7 million to S$99.1 million for the full year. Centurion Accommodation REIT's result was compared with its prospectus forecast, not with last year. Frasers Logistics and Commercial Trust's total payout fell 0.8%, while its payout before capital distribution rose 9.4%. $Parkway Life REIT(PRKWF)$ My Personal Take If a payout rises 13.4%, should I assume the buildings earned more? Parkway Life's revenue says tha

Iggy's Journal: Batam's Taps Ran Dry: Who Measured the Water? Mon 9 Nov 2026 | Afternoon The Numbers The report on Batam's water shortage gives residents' accounts, the utility's explanation of drought, a very low reservoir and an electrical fault. It gives no litres used by any operator. The report says Johor's data centre capacity rose from 10 megawatts to 2.1 gigawatts, a 210-fold increase, and that Malaysia's data centres are forecast to use one third of total energy by 2035. My Personal Take If data centres were the cause of Batam's water shortage, where is the measurement that proves it? I treat the missing number as the real question, and I do not accept a headline cause without a measurable link. That leaves me with two questions. What would a measured link look like, and who would

Iggy's Journal: All Three Banks Miss My 4.7% Yield Hurdle, and OCBC Is Only 1bp Above My 3.2% Floor Mon 9 Nov 2026 | Midday The Numbers DBS, UOB and OCBC all report a fully phased-in CET1 ratio of 14.0%. Their transitional ratios differ: DBS is at 15.9%, UOB at 14.6% and OCBC at 15.5%. Each bank gives a different reason for the fall since June. At the 6 November close, DBS yields 4.56%, UOB 4.31% and OCBC 3.21%. My Personal Take If all three banks report the same 14.0% headline, why do their transitional ratios sit so far apart? That is the question I started with, and it leaves me with one more. Does the same capital number tell me the same thing about each bank's capacity to pay a dividend? I am not putting a verdict on the shares in this entry. The free video and the Substack piece walk

Iggy's Journal: SingPost Profit Up 183.7%, but Underlying Profit Is S$11.5m. Where the Gap Comes From Sun 8 Nov 2026 | Afternoon The Numbers SingPost's profit rose 183.7% to S$55.9 million, while its underlying profit was S$11.5 million. Among the items beneath the headline are a S$43.1 million exceptional gain from the sale and leaseback of ten HDB post office shophouses and a S$3.45 million tax credit. The property segment made S$22.6 million in operating profit, while letters and parcels lost S$2.5 million and post offices lost S$3.3 million. The interim dividend is 0.15 cents a share, set at 30% of underlying profit, not the S$55.9 million headline profit. My Personal Take If the profit rose 183.7%, why is the underlying figure only S$11.5 million? That is the question I started with,

Iggy's Journal: CapitaLand China Trust Earns in Renminbi, Pays in Singapore Dollars. Three Questions Sat 7 Nov 2026 | Morning The Numbers CapitaLand China Trust earns in renminbi and pays distributions in Singapore dollars. Its retail occupancy is 97.2%. Nine-month retail rental reversion was negative 3.0%, while business park reversion was negative 12.6%. The 7.9% yield is based on the twelve months to 30 June 2026, before the weak third quarter. It includes a 0.33 Singapore cent top-up, about 7% of the total payout. My Personal Take A full mall sounds like a safe income stream, and I think occupancy is the wrong number to lean on. It counts tenants in the building, not what they pay. With rent falling on renewed leases, a trust can stay full and still collect less. That leaves me with tw

Iggy's Journal: DBS Down 5%, UOB Up 182%: Same Quarter, Opposite Headlines Fri 6 Nov 2026 | Midday The Numbers UOB's quarter is up 182%, while DBS's quarter is down 5%. UOB's prior-year quarter carried S$1.361 billion in credit provisions, against S$258 million this quarter. DBS's nine-month profit rose 2% to S$8.82 billion, which it calls a record. DBS's commercial-book income was a record S$5.69 billion, up 4%, while markets trading income fell 65% to S$152 million. My Personal Take Two banks reported the same quarter and the headlines point in opposite directions, and a percentage on its own does not tell me which window it is measuring. That leaves me with two questions. What is each headline measuring, and which lines in each quarter are the ones that repeat? I am not reading a verdic

Iggy’s Journal: DBS’s Trading Income Fell 65%. Inside That Line, the Part That Isn’t Interest Fell 96% Thu 5 Nov 2026 | Afternoon The Numbers DBS’s markets trading income fell 65%. Inside that line, the non-interest part fell from S$419 million to S$17 million, a drop of 96%, while the interest part rose from S$20 million to S$135 million. Markets trading income took S$287 million away from the profit bridge. Commercial book income rose 4% to S$5,693 million. Shares bought on or after 13 November do not carry the 81 cent dividend. My Personal Take The 65% is not the number in this release that I trust most. A total that size can hide two lines moving in opposite directions, and here the non-interest part fell 96% while the interest part rose. That leaves me with two questions. Which part o

Iggy’s Journal: US Democrats Won Both the Senate and the House. What Does Singapore Do With That Headline? Thu 5 Nov 2026 | Midday The Numbers One report on the US midterms says Democrats won both the Senate and the House. Its first line says the House was captured, and further down it says the House is on track. It gives no change to tariffs, spending, interest rates, the US dollar or the oil price. My Personal Take What I notice is that the report is less certain than its headline. It calls the House captured in one place and on track in another, and a vote only tells me who sits in the room, not what the room will decide. That leaves me with two questions. Does a headline like this reach Singapore through trade, through interest rates and the US dollar, or through oil? And what would a

Iggy’s Journal: UOB Earned S$1.25 Billion, Below Estimates. What the Bank’s Own Documents Say Moved the Line Wed 4 Nov 2026 | Midday The Numbers UOB earned S$1.25 billion, below estimates. That is a 15% fall from the prior quarter. Net interest margin fell to 1.68% from 1.74%, a drop of six basis points in one quarter. In Greater China, the non-performing loan ratio rose to 5.0% and allowance coverage fell to 40%. My Personal Take When a bank reports a lower profit, I notice that I ask why it earned less before I ask what it earned. A 15% fall in one quarter is a big enough step to ask about, and the margin dropped six basis points in the same quarter. That leaves me with two questions. What does UOB’s own documentation say moved the profit line, and which of the other lines shows whether

Iggy’s Journal: Own Fewer Than 100 Shares? What an Odd Lot Is, How It Trades and What It Can Cost Wed 4 Nov 2026 | Midday The Numbers A board lot is 100 shares, so an order for 50 is an odd lot. It can still be traded, through the Unit Share Market, which has its own bids and asks. In a made-up example, buying 50 shares costs S$200.00 at the main board ask and S$202.50 at the odd-lot ask, an extra S$2.50. Selling later at the odd-lot bid leaves S$197.50, so the round trip loses S$5.00 from the spread alone. My Personal Take Permission is not what I question here, because a 50-share order is allowed. The price is the part I want to understand, since the odd-lot bid and ask sit in a separate market from the main board. That leaves me with two questions. What does the separate market charge t

Iggy’s Journal: Three Hotel Trusts Reported. One Rise Came Mostly From One Hotel Tue 3 Nov 2026 | Midday The Numbers Far East Hospitality Trust’s revenue rose S$2.2 million, and about 88% of that rise came from one Nagoya hotel. CapitaLand Ascott Trust reported revenue per available unit (RevPAU) of S$164, down 1%, while its same-store operating performance rose 4%. CDL Hospitality Trusts reported gearing of 35.6%. My Personal Take If a hotel is full every weekend, why can I still not tell whether the trust’s income is growing? That question stays with me after reading all three reports, because one trust’s rise sits mostly on a single hotel and another shows a 1% fall and a 4% rise in the same set of results. That leaves me with two questions. Is a rise concentrated in one property someth

Iggy’s Journal: Mapletree Logistics Trust’s Profit Fell 41%. Its Payout Held. Three Figures to Read First Mon 2 Nov 2026 | Afternoon The Numbers Mapletree Logistics Trust’s profit fell 41%, yet payout per unit stayed at 1.816 cents. Distribution from operations fell from S$60.0 million to S$52.6 million, while unitholders’ contribution rose from S$32.4 million to S$40.7 million. Reported gearing is 37.5%, and 40.4% on the trust’s own timing adjusted basis. Interest cover was 2.9 times, and 2.2 times if rates were one percentage point higher. My Personal Take A 41% fall in profit sounds like a cut to the payout, and the payout did not move. I find that more interesting than a cut, because the operations line fell by about an eighth while the unitholders’ line rose by about a quarter. That l

Iggy’s Journal: Wilmar’s Net Profit Swung From a Loss to US$281m. Its Core Profit Fell 25.2%. Read Both Lines Mon 2 Nov 2026 | Midday The Numbers Wilmar’s third-quarter net profit swung from a loss to US$281.0 million. Its own core net profit fell 25.2% to US$267.3 million. Operating cash flow fell 63.7% in the quarter to US$768.9 million. My Personal Take Two profit lines moved in opposite directions, and I want to know why before I treat either one as the result. The cash flow figure is the one I read twice, because a fall of 63.7% is large for a quarter that ends with a positive net profit. That leaves me with two questions. Why does a net profit that turned from a loss to US$281.0 million sit beside a core profit that fell 25.2%, and what is behind the drop in operating cash flow? The