To The Moon

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