🦎 Daily Pulse: SGX Digest — March 25, 2026 |🦖EP1501
🦎 Daily Pulse: SGX Digest — March 25, 2026 |🦖EP1501
CLAR is raising S$900 million to protect its balance sheet, yet the pro forma gearing lands at 39.7% — nearly five percentage points above my forensic ceiling of 35%. The raise is rational. The question is whether the new Loyang logistics and Osaka data centre assets can clear a 4.7% yield hurdle, because if they can't, the two point one percent DPU growth projection is accounting, not growth.
When T-bills clear at 1.37% and my Forensic Floor sits at 3.2%, a REIT yielding five percent looks comfortable — until you realise that one hundred basis point cushion above the 4.7% hurdle is the entire margin between a stable distribution and a cut. In a rising cost-of-capital environment, that is not a safety buffer. That is a rounding error. Capital protection requires knowing which side of that line your portfolio sits on.
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