TheInvestingIguana

Iggy’s Journal: Mi Material’s S$215 Million IPO Is Not S$215 Million to the Company. Three Questions to Ask While the Offer Is Open

Tue 20 Oct 2026 | Evening

The Numbers

The headline size of the Mi Material IPO is S$215 million. After 26 million existing shares sold by a shareholder and listing expenses, the company expects to keep about S$157.9 million. That is 73.4% of the headline, and the other S$57.1 million does not reach the company.

Its H1 2026 net margin was 26.6%. Whether that is a new level or a peak depends on the comparison period, and the video goes through it. The company states an intention to distribute 20% of net profit. On the script’s illustration, that works out to roughly 0.6% to 0.8% of the offer price. My 4.7% yield hurdle is about 6 to 8 times that.

My Personal Take

The first number in an IPO headline is rarely the number the company receives. I went back to the Wilmar entry on 19 October, where the question was which profit figure to read. This one has the same shape, with a different pair: the size of the offer, and the part of it the company keeps. A 20% payout intention sounds like an income feature, but 0.6% to 0.8% is a small piece of the price. My routine is to write down what the company actually receives, then the margin and what it is measured against, and only then the payout. The three questions in the video follow that order, and I leave the verdict out of the entry.

📺 Free YouTube: https://youtu.be/4RNEQmWP-dw

⭐ Members Edition YouTube: https://youtu.be/-SYitpyUH7k

📩 Substack: https://investingiguana.com/p/mi-materials-sgd-215-million-ipo

Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: Wilmar’s Core Profit Rose 9.9%. Its Net Profit Rose 2.3%. Which Number Should You Read Before 28 October?

Mon 19 Oct 2026 | Afternoon

The Numbers

Wilmar’s core net profit rose 9.9% in the first half, and its net profit rose 2.3%. The gap comes from items outside core profit, and the video itemises them. The half-year growth also leaned on a second quarter in which core profit rose 56.8%, after a weaker first quarter. $Wilmar(F34.SG) 

For dividends, I put two figures against my own thresholds. My EBIT proxy covered finance costs about 2.7 times, against the 4.0 times floor I use. The trailing yield was about 4.36%, which is 34 basis points under my 4.7% hurdle. Wilmar reports on 28 October.

My Personal Take

Neither profit figure is the one I would sit with. Interest cover is. A pay slip shows a headline total, and what reaches the account is a different number. Core profit and net profit have the same relationship, and for a dividend portfolio the cheque is paid after the finance costs, not before them. A 56.8% second quarter after a weak first quarter also reminds me that half-year growth can rest on one good quarter. On 16 October I listed seven reporting dates, and Wilmar’s was one of them. On 28 October I will put the new core and net profit figures side by side first, then check whether net debt has moved with commodity prices.

📺 Free YouTube: https://youtu.be/99fk6hmQaSM

⭐ Members Edition YouTube: https://youtu.be/oXtcsoel-MA

📩 Substack: https://investingiguana.com/p/wilmars-core-profit-rose-99-its-net

Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: Directors Bought Shares and Companies Bought Back Their Own. What Each Tells You and What It Cannot

Mon 19 Oct 2026 | Midday

The Numbers

One chairman spent S$1.64 million on shares, and his deemed interest rose from 71.87% to 71.94%, a change of 0.07 percentage points. An independent director made a first purchase of S$109,000. The chairman’s purchase was about 15 times larger in dollars, and the two filings are still not the same kind of event. The dollar amount alone does not show which one carries more information.

Buybacks show the same gap between a total and what is inside it. Companies spent S$40.9 million across 29 companies, and most of it came from two of them. Similar spending can represent 0.79% of a company’s issued shares or 3.15%, about four times as much.

My Personal Take

I read the percentage before the dollar figure. S$1.64 million looks like a strong signal, but 0.07 points is what actually changed in the chairman’s position, and the filing already told you he owned almost three-quarters of the company before he bought. It is the same habit as Sunday’s weekly list: the size of a move means little until you know what it is measured against. When I open a director’s filing, my first question is how much that person already owned. The episode sets the two directors side by side and then applies the same test to the buybacks, where a total across 29 companies hides how concentrated the spending was. I leave the conclusion for the episode.

📺 YouTube: https://youtu.be/7xBk-MRDvzg

📩 Substack: https://investingiguana.com/p/directors-bought-shares-and-companies

Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: 7 Retirement Checks Worth Doing Before You Need Them, Starting With the S$220,400 Number

Sun 18 Oct 2026 | Afternoon

The Numbers

72% of active CPF members turning 55 met the Required Retirement Sum in 2025. Reaching S$220,400 says nothing about what comes after: prices rising, a payout being cut, or a family member needing help.

A monthly figure is easier to plan around than the lump sum. For a male member on the Standard Plan, estimated CPF LIFE payouts run from about S$950 under the Basic Retirement Sum to about S$1,780 under the Full Retirement Sum, a difference of about S$830 a month. The timing illustration in the video adds a second figure: a S$96,000 gap between a 20% fall in year one and the same fall in year ten, after 15 years of S$24,000 withdrawals.

My Personal Take

The sum is checked once, on the 55th birthday, and then the income has to last for decades. That mismatch is what I keep returning to. A pass mark at 55 and a plan for 75 are different questions, and only the first one has a number printed on the statement. The 13 Oct SRS episode showed the same pattern: the headline figure mattered less than what it did at a particular income. So the video treats S$220,400 as the first of seven checks and moves on from it, asking each time whether the income survives, not whether the sum was reached.

📺 Free YouTube: https://youtu.be/RxUuhvANHIc

⭐ Members Edition YouTube: https://youtu.be/bzUKqbNDY_o

📩 Substack: https://investingiguana.com/p/7-retirement-checks-worth-doing-before

Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: A Hotel Owner Up 11.9%, a Palm Oil Producer Down 13.6%. What the SGX Weekly List Leaves Out

Sun 18 Oct 2026 | Afternoon

The Numbers

In the SGX weekly review, a hotel owner rose 11.9% and a palm oil producer fell 13.6%. The list gives the size of each move and nothing about the cause. A haze headline appeared in the same week, but that is not evidence it caused the producer’s fall.

A 13.6% fall needs a 15.7% rise to get back to the starting price. On S$10,000, a 13.6% fall leaves S$8,640, and recovering the S$1,360 takes a 15.7% gain on that smaller base. If the dividend is unchanged, the yield goes up after a fall like this. A higher yield on its own does not show whether the business changed.

My Personal Take

The size of a move is the first thing people read on a weekly list, and it tells me the least. A 13.6% fall reads like a verdict, but it is only a price. The same question came up on the AEM episode earlier this week: is it the sector or the company? The answer sits in a different place from the percentage. When a share I follow drops this far, the first thing I open is the company’s own exchange announcements, before any headline. In the episode I go through what those announcements need to show, and what a higher yield can and cannot tell you.

📺 YouTube: https://youtu.be/FqOxOywR-n8

Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: What a Rights Issue Does to Your Shares, and the Three Choices You Get When One Arrives

Sat 17 Oct 2026 | Midday

The Numbers

An illustration from the episode: a S$1 share with a 1-for-4 rights offer at 60 cents. The theoretical adjusted price becomes 92 cents, so the discount is already reflected in the lower share price.

Suppose you own 4,000 shares. If you take up 1,000 new shares at 60 cents, you pay S$600 and own 5,000 shares worth S$4,600 at the adjusted price. If you do nothing, your 4,000 shares are worth S$3,680, which is S$320 less than before, the value of the rights you did not use. Your ownership slice also becomes one fifth smaller.

My Personal Take

The 60 cents looks like a gift, but the price has already moved to 92 cents, so the discount is not extra money. What the offer costs you or gives you depends on what the company does with the cash it raises. In the episode I go through the three choices, and the question I ask about what the money is for.

📺 YouTube: https://youtu.be/gpaQvJfzaq0

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: Nasdaq Falls 2.15% on Friday and Passes the STI’s Drop Since 6 October

Sat 17 Oct 2026 | Morning

The Numbers

The STI closed Friday at 5,415.53, up 12.03 points (0.22%) from Thursday’s 5,403.50 (SGX Nifty board data; Trading Economics rounds it to 5,416).

Wall Street fell after SGX had closed. The Dow ended at 52,002.41 (-175.28, -0.34%), the S&P 500 at 7,659.44 (-84.62, -1.09%) and the Nasdaq at 26,140.03 (-572.99, -2.15%). AP attributes the fall in the S&P 500 and the Nasdaq to a sell-off in technology and semiconductor shares, as concerns deepened over how long heavy spending on AI infrastructure can continue without squeezing corporate earnings. US markets are closed for the weekend, so Monday 19 October is the first SGX session after it.

Enterprise Singapore reported that non-oil domestic exports rose 68.4% year on year in September, after 46.1% in August. Electronic shipments rose 107.6% and non-electronic shipments 54.2%.

Business Times headlines that DBS remains analysts’ pick ahead of its third-quarter earnings after the Singapore banks’ share slump, that Deluge shares closed 6.7% higher on their first day of mainboard listing, and that the Middle East war affected September bunker sales. I have read the headlines only.

My Personal Take

On Thursday I noted that the STI’s fall since 6 October was larger than any US index’s. Friday reversed that. From the 6 October closes to Friday’s, the STI is down 5.0%, from 5,701.54 to 5,415.53, and the Nasdaq is down 5.3%, from 27,599.89 to 26,140.03. A S$10,000 position that tracked the STI would be about S$500 lower over that stretch, before dividends. Exports up 68.4% describes September, and the share prices describe this fortnight. Monday’s session is the first one I will check.

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: 7 SGX Companies Report Between 22 and 29 October. What Each Could Tell You About the Payout

Fri 16 Oct 2026 | Afternoon

The Numbers

Seven SGX names are scheduled to report between 22 and 29 October, five REITs and two companies. The dates come from notices filed on SGX, and companies can change them.

Frasers Centrepoint Trust said its gearing was 40.0% before the White Sands sale and expected 36.5% after the sale and a debt repayment. The 36.5% is management’s estimate, not a reported figure. CapitaLand Ascendas REIT reported gearing of 39.7% after a S$900 million unit issue, down from 42.0% in March. New units share the same income among more owners, so the question is what each unit receives.

$Frasers Cpt Tr(J69U.SG)  $CapLand Ascendas REIT(A17U.SG)  $iFAST(AIY.SG) 

My Personal Take

Lower gearing is the line most of us read as good news. Frasers Centrepoint Trust expects one, and CapitaLand Ascendas REIT has reported one. The two falls came by different routes, a sale and new units, and neither route guarantees the payout per unit. So I check what changed underneath before I read the payout line. In the episode I go through the one question I bring to each of the seven. Which line do you open first when a report arrives?

📺 Free YouTube: https://youtu.be/n9od0fBNrwM

⭐ Members Edition YouTube: https://youtu.be/c4AwRpQmU-g

📩 Substack: https://investingiguana.com/p/7-sgx-companies-report-between-22

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: Should You Top Up SRS Before the Year Ends?

Fri 16 Oct 2026 | Midday

The Numbers

A S$15,300 SRS contribution saves S$456 in tax at S$40,000 of chargeable income and S$3,060 at S$320,000. The relief depends on the tax band, so the same top-up is worth very different amounts to two people.

The exit has its own rules. An illustration: on a S$10,000 withdrawal before the penalty-free age, the whole S$10,000 is taxable and a 5% penalty of S$500 applies. After that age, only half, S$5,000, is added to taxable income, and you have ten years to take out the balance.

While the money waits, DBS and OCBC stated SRS cash rates of 0.05% a year as of 9 October.

My Personal Take

The tax saving is the number everyone quotes, and it arrives at the start. The exit rules decide how much of it stays with you, so that is where I start. S$10,000 left in cash at 0.05% earns S$5 a year, so the account adds almost nothing while it waits. In the episode I ask whether free money is the right name for the relief, and what the exit rules leave with you.

📺 YouTube: https://youtu.be/HaW8uJgTi08

📩 Substack: https://investingiguana.com/p/should-you-top-up-srs-before-the

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: Dow Rebounds on Thursday While AI-Linked Shares Lag

Fri 16 Oct 2026 | Morning

The Numbers

Wall Street closed higher on Thursday, after SGX had closed. The Dow ended at 52,177.69 (+556.21, +1.08%), the S&P 500 at 7,744.06 (+25.12, +0.33%) and the Nasdaq at 26,713.03 (+20.16, +0.08%), per AP, the Economic Times and MK News. AP says buyers favoured value and cyclical shares after Wednesday’s sharp drop, while AI-linked shares lagged: Nvidia fell 1.8%, Dell 6.9% and Hewlett Packard Enterprise 7.1%. AP adds that TSMC sounded cautious on 2027 and that investors are looking at the high debt loads these companies carry as borrowing costs rise.

Charles Schwab notes that US wholesale prices rose 0.7% in September, which kept expectations of higher rates in place.

The STI closed at 5,403.50 on Thursday, down 19.83 points or 0.37% (SGX, via Trading Economics). CICT has set 29 October for its third-quarter 2026 business update (AD HOC NEWS).

My Personal Take

The gap between the Dow and the Nasdaq is the number I would read first. One rose 1.08% and the other 0.08%, a full percentage point apart, so the rebound was in value and cyclical shares, not in the AI-linked names. The reason AP gives for the weak AI-linked shares is the part that matters here: investors are asking how much debt a company carries when borrowing costs are higher. A REIT unitholder asks the same question about the trust’s debt. CICT reports on 29 October, and gearing and interest costs are the lines I will read first.

Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: STI Closed Near 5,415 Before the S&P 500 and Nasdaq’s Worst Session Since July

Thu 15 Oct 2026 | Morning

The Numbers

The STI opened up 8.64 points at 5,439.14 on Wednesday and closed lower at about 5,415, around 15 points (0.3%) below Tuesday’s 5,430.50 (Trading Economics, rounded).

Wall Street fell after SGX had closed: the Dow ended at 51,621.48 (-0.09%), the S&P 500 at 7,718.94 (-1.11%) and the Nasdaq at 26,692.87 (-1.88%). AP calls it the worst session since July for the S&P 500 and the Nasdaq, and attributes it to a report showing US consumer inflation worsened in September. Today is the first SGX session after it.

Brent settled at US$106.06, up 37 cents or 0.35%, per Dow Jones Market Data via Morningstar. USD/SGD was 1.2844 late on Wednesday, up 0.37% on the session (Google Currency Data).

Business Times headlines that the MAS hold was a surprise, that economists now see a longer pause in policy tightening, and that a Singapore-registered vessel hit by a projectile sank in the Strait of Hormuz while another was damaged.  

My Personal Take

From their 6 October closes to Wednesday’s, the STI is down about 5.0%, from 5,701.54 to about 5,415. Over the same dates the Nasdaq is down 3.3%, the S&P 500 is down 1.3% and the Dow is up 0.2%. The STI’s fall is larger than the fall in any of the three US indexes.

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: A S$15,300 SRS Top-Up Saves S$456 at One Income and S$3,060 at Another. Which One Is Yours?

Tue 13 Oct 2026 | Afternoon

The Numbers

The same S$15,300 SRS contribution saves S$456 in tax at S$40,000 of chargeable income and S$3,060 at S$320,000. The amount put in is identical. The saving is decided by the tax band the contribution comes out of. The exit matters as much as the entry.

SRS cash earning 0.05% sits against a six-month T-bill that cleared at 1.9% on 8 October 2026.

My Personal Take

S$456 is 3.0% of S$15,300 and S$3,060 is 20.0%, so the same contribution returns about 6.7 times as much at the higher income. Idle cash is the second sum. S$15,300 at 0.05% earns S$7.65 a year, and at 1.9% it earns S$290.70, a gap of S$283.05 each year. Relief arrives once, and the yield gap recurs every year the cash sits there. In the episode I set the two against each other at both incomes.

📺 Free YouTube: https://youtu.be/2b0VT28bbY4

⭐ Members Edition YouTube: https://youtu.be/50WKGScEsLI

📩 Substack: https://investingiguana.com/p/a-s15300-srs-top-up-saves-s456-at

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: STI Closed Up 0.25% After Being Up 0.58% Mid-Morning

Tue 13 Oct 2026 | Morning

The Numbers

The STI closed on Monday 12 October at 5,415.48, up 13.59 points or 0.25% (SGX, via Trading Economics). At 10:04am it was up 31.31 points, so it gave back 17.72 points between then and the close.

Wall Street closed on Monday with the Dow at 51,850.55 (+0.38%), the S&P 500 at 7,807.24 (-0.06%) and the Nasdaq at 27,245.90 (-0.44%). The US bond market was closed for the Columbus Day holiday, per AP, so no Treasury yield moved. SGX had closed before that session, so today is the first SGX session after it.

Brent settled at US$106.65, up US$1.93 or 1.84%, the highest settlement since 15 September, per Dow Jones Market Data via Morningstar, which cites Middle East supply concerns. Friday’s settlement in the same series was US$104.72. Business Times headlines that economists expect MAS to tighten monetary policy again in October, though some see room for a pause. I have read the headline only. Beansprout lists Singapore’s advance third-quarter GDP and the MAS policy statement for Wednesday 14 October.

My Personal Take

Monday’s close leaves the STI 286.06 points (5.02%) below its 6 October close of 5,701.54. The 13.59-point gain covers 4.5% of the 299.65 points lost by Friday.

Economists are split between another tightening and a pause, and the MAS statement is due on Wednesday. Today’s Iggy and Angela podcast covers MAS policy.

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy’s Journal: Sheng Siong Is Down About 10%. The Dividend Is 2.6% and the Warehouse Costs S$520M

Mon 12 Oct 2026 | Afternoon

The Numbers

Sheng Siong’s profit rose 11.9%, but its operating cash flow fell to S$54.8 million. The company attributes the decline to bonuses and earlier vendor payments.

The shares are about 10% below their S$3.20 price on 2 October. The trailing dividend yield is 2.62%, which is 58 basis points under my 3.2% Forensic Floor and 208 basis points under my 4.7% hurdle. The new warehouse costs S$520 million.

My Personal Take

A single cash flow figure cannot show whether earlier vendor payments are a one-off timing difference or a new payment schedule. Whether payables rebuild is the open question, and only later periods can answer it. Until then I read the 11.9% profit growth and the S$54.8 million of operating cash flow side by side and treat neither as the whole picture. In the episode I go through how I test the current dividend against that cash flow, and why the S$520 million warehouse makes future increases harder to judge.

$Sheng Siong(OV8.SG) 

📺 Free YouTube: https://youtu.be/7X8Qg2cBg_M

⭐ Members Edition YouTube: https://youtu.be/_AaJh4ujUTo

📩 Substack: https://investingiguana.com/p/sheng-siong-is-down-about-10-in-under

Not financial advice. Iggy’s Forensic Compliance Standards apply.

Iggy's Journal: STI Up 0.58% at 10:04am After Friday's Small Fall

Mon 12 Oct 2026 | Morning

The Numbers

At 10:04am SGT (data delayed 10 minutes) the STI was 5,433.20, up 31.31 points or 0.58%. That puts Friday's close at 5,401.89, which matches the Beansprout weekly recap. So the STI fell a further 11.07 points (0.20%) on Friday, after Thursday's 195.48-point drop to 5,412.96.

SGX closed on Friday before the US session opened, so this is the first SGX session after Wall Street's Friday rebound: Dow 51,654.95 (+0.83%), S&P 500 7,811.54 (+0.59%), Nasdaq 27,366.17 (+0.64%).

OCBC was S$29.25, up S$0.25 (0.86%) from S$29.00. On the S$0.89 ordinary dividend in my 7 September tracking, that is a 3.04% yield, still under my 3.2% minimum. Sheng Siong was S$2.87, down S$0.05 (1.71%), from an implied S$2.92 on Friday. On its trailing S$0.0755 in dividends that is 2.63%, also under 3.2%. Brent was US$104.72 a barrel on Friday (Yahoo Finance), up 2.42% on the week. Beansprout lists Singapore's advance third-quarter GDP and the MAS policy statement for Wednesday 14 October.

My Personal Take

Against the 6 October close of 5,701.54, the STI is still 268.34 points (4.71%) lower. The 31.31 points gained so far is about a tenth of the 299.65 points lost between 6 October and Friday. The gain is real but small next to the fall.

Sheng Siong was S$3.20 on 2 October, so it is about 10% lower since. The numbers I have cannot say how much of that is Maybank's 9 October downgrade and how much is something else, so I am not assigning it. But I'm definitely eyeballing it.  $Sheng Siong(OV8.SG) 

Not financial advice. Iggy's Forensic Compliance Standards apply.