Iggy's Journal: A17U and Sasseur Both Yield Near 6-9%. The Reason One Worries Me and the Other Doesn't
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 side of the rent agreement. A REIT can clear every hard gate I have and still carry a concentration risk that only shows up if you go looking for it separately, on purpose. Iggy's Forensic Zone: Zone 1, Fortress, Provisional. That word provisional is doing real work in that sentence. It's a signal, not a green light. Size accordingly.
My Personal Take
Okay, this one genuinely sat with me for a bit before I recorded it. A stock passing every single gate I check should feel like the easy call, and this is the first time in a while a clean sweep made me more cautious, not less.
Here's why. My whole framework is built to catch balance sheet problems. Gearing, coverage, occupancy, that's the stuff that shows up in a spreadsheet. Currency exposure and single-country concentration don't show up as a ratio anywhere, they show up as a completely separate question you have to remember to ask yourself. Sasseur passing clean doesn't mean the risk isn't there. It means the risk isn't the kind my gates are designed to catch.
That's the whole point of this episode, really. A high yield and a clean balance sheet can both be true and you can still owe yourself one more question before you size the position.
Alright, that's it from me for the week. Weekend's here, go watch the full breakdown if this one's relevant to you. Have a great weekend! (I'll still be posting of course)
📺 https://youtu.be/94r0ioeBqaI
📩 https://investingiguana.com/p/a17u-and-sasseur-both-yield-near
Get everything, zero-day access on both platforms, full Red Zone watchlist, institutional-grade cheatsheets, with Iggy's Elite Investors, S$12/month.
Not financial advice. Iggy's Forensic Compliance Standards apply.
Cheers, Iggy 🦖 Have a great weekend!
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
