To The Moon

Iggy's Journal: A17U and Sasseur Both Yield Near 6-9%. The Reason One Worries Me and the Other Doesn't 4 September 2026, PM New Video New video is up. Four REITs cleared my 4.7% yield hurdle this week. One of them passed every single balance sheet gate I run, gearing, coverage, occupancy, all of it. That's the one I'm actually sizing smallest. Sasseur REIT sits at 9.28% yield, 25.6% gearing, 5.6x interest coverage, and zero gate failures on paper. The risk with this one doesn't live in any of those ratios. It's China concentration, renminbi exposure, and a sponsor structure tying income to consumer spending in ways gearing and coverage were never built to measure. Yield tells you what you're being paid. It doesn't tell you what currency it arrives in, or who's actually sitting on the other

Iggy's Journal: 52 Singaporeans arrested in China over suspected involvement in illegal pyramid scheme 4 September 2026, PM Just Reporting There's been recent news out of China involving a large pyramid scheme crackdown. I'm not going to get into the specifics of that case here, it's an active legal matter and not mine to comment on. But it's a good prompt to talk about how these schemes actually work mechanically, because the structure barely changes from one version to the next, only the branding does. The pattern is almost always the same. An entry fee upfront, often framed as buying into a development project, a business venture, or "investment shares" in something that sounds official. A recruitment structure where your payout depends on bringing in the next person, not on any u

Iggy's Journal: No Track Record, a Higher Fee, Heavy REIT Exposure. Here's How I'd Actually Judge the Q50 4 September 2026, PM Podcast Release New Iggy Answers episode is up. A new Singapore ETF just launched, the CGS Fullgoal Singapore Next 50 Active ETF, at a 0.65% fee with 39% REIT exposure. The Business Times piece defending it reads like the fund's own pitch. That's actually the real lesson in this episode, not whether Q50 is worth buying, but how you read a piece like this critically when the person presenting it has a reason to want you to land on one side. The episode breaks down three things. What the fee comparison leaves out, 0.65% looks cheap next to active funds but is roughly double a passive STI tracker. Why "no track record" is the answer every unproven manager gives, and w

Iggy's Journal: Wall Street Had a Really Good Thursday. Singapore's Own Numbers Told a Quieter Story. 4 September 2026, AM Market Data Wall Street closed Thursday, 3 September, sharply higher. The Dow finished at 53,629.48, up 567.53 points or 1.07%. The S&P 500 closed at 7,747.71, up 81.11 points or 1.06%. The Nasdaq closed at 26,531.21, up 313.38 points or 1.20%, with Snowflake up 17.4% on earnings leading the tech push. The VIX eased to 14.92. Brent crude settled at $95.44, essentially flat on the session. The USD/SGD rate slipped to 1.2660. 24/7 Wall St pointed to broad participation across AI hardware and enterprise software as the main driver of the rally. TheStreet and Upstox both credited falling US Treasury yields, with Fed Governor Waller separately noting the safety pr

Iggy's Journal: Keppel DC REIT's $1.2 Billion Deal Is "Accretive." Here's the Discount New Units Are Priced At 3 September 2026, AM New Video New video is up. "Accretive" sounds like every unitholder wins by default. I'm looking at the other side of it. Keppel DC REIT is issuing 280.1 million new units, roughly 11.4% of the existing unit base, at a discount of up to 4.6%, to help fund the Tokyo data centre acquisition. The Tokyo assets may lift DPU by 2.6%. At the same time, everyone holding units before this gets a smaller slice of the REIT than they had last week. Both things are true. Neither cancels the other out. Gearing sits at 34.0%, still clear of my 35% ceiling. Occupancy is 92.5%, still short of my 95% floor, because Cardiff remains vacant. Iggy's Forensic Zone: Zone 4, Caution.

Iggy's Journal: AEM's Profit Jumped Nearly Tenfold and the Stock Still Dropped. Here's Why That Isn't As Strange As It Sounds 3 September 2026, AM Podcast Release New Iggy Answers episode is up. Three SGX names, AEM Holdings, UMS Integration, and Frencken Group, are all riding the same AI infrastructure demand right now, but "AI beneficiary" is one label sitting on top of three very different stories. AEM's H1 net profit went from S$3.1 million to S$30.8 million, guidance raised twice this year, and the share price still fell against my last confirmed check. UMS Integration posted a 66% profit jump. Frencken moved the other way. The episode walks through growth trajectory, income reliability, and valuation as three separate questions instead of one combined verdict. My Personal Take Okay,

Iggy's Journal: Singapore Closed Green. Asia Mostly Did Not. 3 September 2026, AM Market Data Wall Street closed Wednesday, 2 September, higher, snapping a three-day losing streak. The Dow finished at 53,061.95, up 295.07 points or 0.6%. The S&P 500 closed at 7,666.60, up 35.13 points or 0.5%. The Nasdaq closed at 26,217.83, up 118.05 points or 0.5%. The VIX eased to 15.28, down 6.5% on the session. AP and Kiplinger both pointed to cooling US Treasury yields after this week's post Jackson Hole bond selloff as the main support for the rebound. Brent crude settled at $95.51, up 0.9%. The Straits Times Index closed Wednesday at 5,744.11, up 33.74 points or 0.6%, per Business Times. DBS finished at S$77.60, up 0.9%. OCBC closed at S$31.85, up 1.6%. UOB closed at S$41.77, up 0.8%. Cit

Iggy's Journal: UOB Kay Hian Says DBS Is Too Expensive. My Screen Says the Real Problem Is the Yield 2 September 2026, AM New Video New video is up. UOB Kay Hian and a blended fair value model looked at the same DBS share price this week and landed in different places. UOB Kay Hian calls the 2.97 times 2027 price to book stretched and trimmed its stance. The blended model puts fair value at S$85 against a S$76.85 price, still room to run on that read. Both are defensible on their own terms. Neither one answers the question a retirement portfolio actually needs answered. My Personal Take The number I keep coming back to is the yield, not the multiple. A fresh buyer at S$76.85 locks in 4.18%, short of my 4.7% hurdle. Someone who bought DBS years ago at S$30 is sitting on the same dividend an

Iggy's Journal: DBS Just Raised Its STI Target by 350 Points. Here's the One Word That Actually Matters: Earnings-Driven. 2 September 2026, AM Podcast Release: DBS Group Research raised its STI year-end target from 5,500 to 5,850. That is 350 points, in under two months. The new target is described as 1.5 standard deviations above the historical average, up from 0.5 before. Four reasons stated: stronger-than-expected GDP growth, attractive dividend yield on Singapore stocks generally, market safe-haven status during geopolitical instability, and ongoing MAS measures to support the local stock market. The house qualifier is that further upside from here should be earnings-driven, not further multiple expansion. Monday's frame still sits underneath this: prices running up faster than dividen

Iggy's Journal: US Treasury Yields Just Hit 4.8 Percent. Here's What That Actually Means for Your SGX Portfolio 2 September 2026, AM Overnight Read: Tuesday was a rough session on Wall Street. Dow down 0.79% to 52,766.88, S&P 500 down 0.71% to 7,631.47, Nasdaq down 1.03% to 26,099.77, tech hardware taking the worst of it, Micron down 2.6%, AMD down 2.4%, Dell down 6.8%. The driver was renewed military strikes in the Persian Gulf pushing crude sharply higher, which fed straight into bond yields, the 10-year Treasury climbed to 4.797%. Fed Chair Warsh added to the pressure, flagging persistent inflation and signaling policy may need to stay restrictive, or tighten further, if price pressures don't ease. VIX jumped 9.52% to 16.34. Brent settled up 4.6% at $94.65 a barrel per Business