Monday, 9 November 2026

Breaking News- Jensen Huang Admits To Affair With Beautiful Business Partner.

This is a truly shocking headline across many well known news media. Jensen Huang, the CEO of Nvidia admitted to being unfaithful to his wife of many years and an affair with a Chinese business woman, Alice Huang, a senior executive of Megaspeed based in Singapore. The US has asserted that Alice Huang is a Chinese intelligence operative inserted to be with Jensen Huang to gather advanced GPU intelligence as well as arrange covert purchase of such GPU for shipment to China. 

1. Investment Impact
The NASDAQ has crashed. This will be exacerbated with this astonishing admission. Jensen Huang, as head of Nvidia may now be replaced by the Board of Directors. Since Jensen is the heart and soul of Nvidia, I expect the uncertainty to further weaken Nvidia share prices which has already declined significantly during the recent US Tech crash. 

2. Parting Thoughts
Personally, it is now tempting for me to take up a small direct stakes in US Tech ETF or unit trusts to exploit the current downturn. 

Sunday, 8 November 2026

Saturday, 7 November 2026

Riding the HKEX Tech Rally: How I Pocketed HKD 5,732 (17%) from CATL In 2 Weeks.

Hi Folks, welcome back to Investment Income for Life! In an earlier post titled “The Battery KingStumbles-CATL (3750.HK) Down 57% From Its Peak: Bargain or Falling Knife?”, I had shared my analysis of Contemporary Amperex Technology (CATL) listed on HKEX. Towards the 3rd week of October 2026, I had taken up a small position of 100 shares at HKD 337, for a total outlay of HKD 33,758.71 (including fees) while waiting for its price to plunge further and also other business indicators such as net profit margin to stabilize. I was planning to take up a substantial purchase should it plunge further. However, this anticipated huge decline in CATL prices did not materialize and surprisingly, it had since rallied strongly from the trough within a 2 short weeks period.

1. Taking Profit in the Mini Rally
When HKEX tech stocks staged a mini rally, CATL ran up with them. I didn't overthink it. On 6 Nov 2026, I sold all 100 shares at HKD 395.6, receiving HKD 39,490.98 after fees.
2. The Numbers
That works out to a net profit of HKD 5,732.27, or about 17% capital appreciation, in roughly two weeks. Not bad for a short holding period!
3. Back to the Excess Cash Pot
The full proceeds have gone back into my excess cash pot. Sometimes, best not to be too greedy. Keeping dry powder ready means one can pounce when the next good opportunity comes along.

Ok folks, that's all from me today. Happy Deepavali and enjoy this festive period with your loved ones!

SGX REIT Data- As at 6 November 2026 Closing.

 Good news is that SREIT seems to have rebounded from the bottom 2-3 weeks ago. So best to hold long term and not just sell out of fear and then miss the rally. Hope that you folks have managed to add on some SREITs during that down period.

Singapore REITs (S-REITs) — Valuation & Yield Table

Closing prices as at 6 Nov 2026 · Ordered: CapitaLand, Mapletree, Keppel, then A–Z · Scroll sideways and down; No. and Name stay fixed.

No.Name of REITSGX Code
(Currency)
Closing Price
6 Nov 2026
NAV per Unit
latest
Premium /
Discount to NAV
Payout
Freq.
Last Distribution
Payout (DPU)
Annualised
DPU
Forward
Dist. Yield
Aggregate
Leverage
Sector
1CapitaLand Integrated Commercial TrustC38U (SGD)2.342.15
30 Jun 26
+8.8% PremiumHY6.020 S¢
1H26
12.040 S¢5.15%37.4%
30 Jun 26
Integrated REIT
2CapitaLand Ascendas REITA17U (SGD)2.262.27
30 Jun 26
-0.4% DiscountHY7.482 S¢
1H26
14.964 S¢6.62%39.7%
30 Jun 26
Industrial
3CapitaLand Ascott TrustHMN (SGD)0.851.15
30 Jun 26
-26.5% DiscountHY2.532 S¢
1H26
5.064 S¢5.99%37.7%
30 Jun 26
Hospitality
4CapitaLand China TrustAU8U (SGD)0.631.04
30 Jun 26
-39.9% DiscountHY2.450 S¢
1H26
4.900 S¢7.84%40.4%
30 Jun 26
Integrated REIT
5Mapletree Industrial TrustME8U (SGD)1.741.62
30 Sep 26
+7.4% PremiumQtr2.970 S¢
2Q FY26/27
11.880 S¢6.83%37.7%
30 Sep 26
Industrial
6Mapletree Logistics TrustM44U (SGD)1.111.27
30 Sep 26
-12.6% DiscountQtr1.816 S¢
2Q FY26/27
7.264 S¢6.54%37.5%
30 Sep 26
Industrial
7Mapletree Pan Asia Commercial TrustN2IU (SGD)1.181.73
30 Sep 26
-31.8% DiscountQtr1.940 S¢
2Q FY26/27
7.760 S¢6.58%38.1%
30 Sep 26
Integrated REIT
8Keppel DC REITAJBU (SGD)2.171.73
30 Jun 26
+25.4% PremiumHY5.714 S¢
1H26
11.428 S¢5.27%34.0%
30 Jun 26
Data Centre
9Keppel REIT *K71U (SGD)0.841.22
30 Jun 26
-31.6% DiscountHY2.610 S¢
1H26
5.220 S¢6.25%40.0%
30 Jun 26
Commercial
10KORE US REITCMOU (USD)0.150.70
30 Jun 26
-79.1% DiscountHY0.400 US¢
1H26
0.800 US¢5.48%43.3%
30 Jun 26
Commercial
11Acrophyte Hospitality Trust *XZL (USD)0.230.68
30 Jun 26
-66.9% DiscountHYSuspended––43.2%
30 Jun 26
Hospitality
12AIMS APAC REIT *O5RU (SGD)1.401.27
30 Jun 26
+10.2% PremiumQtr2.571 S¢
2Q FY27
10.284 S¢7.35%24.9%
30 Jun 26
Industrial
13Alpha Integrated REITM1GU (SGD)0.480.53
30 Jun 26
-9.4% DiscountHY2.030 S¢
1H26
4.060 S¢8.46%34.9%
30 Jun 26
Industrial
14BHG Retail REITBMGU (SGD)0.410.73
30 Jun 26
-44.5% DiscountHY0.120 S¢
1H26
0.240 S¢0.59%40.1%
30 Jun 26
Retail
15CDL Hospitality TrustsJ85 (SGD)0.721.37
30 Jun 26
-47.4% DiscountHY2.150 S¢
1H26
4.300 S¢5.97%35.3%
30 Jun 26
Hospitality
16Centurion Accommodation REIT8C8U (SGD)1.070.87
30 Jun 26
+23.0% PremiumHY3.499 S¢
1H26
6.998 S¢6.54%29.9%
30 Jun 26
Hospitality
17Daiwa House Logistics TrustDHLU (SGD)0.430.63
30 Jun 26
-31.7% DiscountHY1.820 S¢
1H26
3.640 S¢8.47%40.1%
30 Jun 26
Industrial
18Digital Core REITDCRU (USD)0.460.79
30 Jun 26
-41.8% DiscountHY1.800 US¢
1H26
3.600 US¢7.83%39.2%
30 Jun 26
Data Centre
19EC World REIT *BWCU (SGD)0.28n.a.
n.a.
n.a.—Suspended––n.a.
n.a.
Industrial
20Elite UK REITMXNU (GBP)0.310.44
30 Jun 26
-30.7% DiscountHY1.550 p
1H26
3.100 p10.16%34.8%
30 Jun 26
Commercial
21ESR REIT9A4U (SGD)2.092.50
30 Jun 26
-16.4% DiscountHY11.510 S¢
1H26
23.020 S¢11.01%41.4%
30 Jun 26
Industrial
22Far East Hospitality TrustQ5T (SGD)0.520.88
30 Jun 26
-41.2% DiscountHY1.630 S¢
1H26
3.260 S¢6.33%32.8%
30 Jun 26
Hospitality
23First REIT *AW9U (SGD)0.180.23
30 Jun 26
-23.9% DiscountQtr0.460 S¢
3Q26
1.840 S¢10.51%45.7%
30 Jun 26
Medical
24Frasers Centrepoint TrustJ69U (SGD)2.142.32
30 Sep 26
-7.8% DiscountHY6.214 S¢
2H FY26
12.428 S¢5.81%38.7%
30 Sep 26
Retail
25Frasers Logistics & Commercial Trust *BUOU (SGD)0.931.12
31 Mar 26
-17.4% DiscountHY2.950 S¢
2H FY26
5.900 S¢6.38%33.7%
31 Mar 26
Integrated REIT
26IREIT Global *UD1U (SGD)0.170.46
30 Jun 26
-63.9% DiscountHY0.546 S¢
1H26
1.092 S¢6.58%45.5%
30 Jun 26
Integrated REIT
27Landmark REIT *D5IU (SGD)0.0070.025
30 Jun 26
-72.0% Discount—Suspended––39.6%
30 Jun 26
Retail
28Lendlease Global Commercial REITJYEU (SGD)0.550.70
30 Jun 26
-21.4% DiscountHY1.850 S¢
2H FY26
3.700 S¢6.73%38.9%
30 Jun 26
Integrated REIT
29Manulife US REIT *BTOU (USD)0.0330.19
30 Jun 26
-82.6% Discount—Suspended––54.1%
30 Jun 26
Commercial
30NTT DC REIT *NTDU (USD)0.921.14
31 Mar 26
-19.7% DiscountHY3.870 US¢
2H FY25/26
7.740 US¢8.46%29.2%
31 Mar 26
Data Centre
31OUE REITTS0U (SGD)0.350.56
30 Jun 26
-38.4% DiscountHY1.260 S¢
1H26
2.520 S¢7.30%41.5%
30 Jun 26
Integrated REIT
32Parkway Life REITC2PU (SGD)4.012.57
30 Jun 26
+56.0% PremiumHY8.770 S¢
1H26
17.540 S¢4.37%33.8%
30 Jun 26
Medical
33Prime US REITOXMU (USD)0.110.53
30 Jun 26
-79.6% DiscountHY0.500 US¢
1H26
1.000 US¢9.26%44.9%
30 Jun 26
Commercial
34Sasseur REITCRPU (SGD)0.630.82
30 Jun 26
-23.8% DiscountHY3.366 S¢
1H26
6.732 S¢10.77%25.6%
30 Jun 26
Retail
35Starhill Global REITP40U (SGD)0.490.71
30 Jun 26
-31.7% DiscountHY1.880 S¢
2H FY25/26
3.760 S¢7.75%35.8%
30 Jun 26
Integrated REIT
36Stoneweg Europe Stapled TrustSET (EUR)1.432.02
30 Jun 26
-29.2% DiscountHY6.642 €c
1H26
13.284 €c9.29%43.6%
30 Jun 26
Integrated REIT
37Suntec REIT *T82U (SGD)1.372.03
31 Mar 26
-32.5% DiscountQtr2.017 S¢
3Q26
8.068 S¢5.89%41.6%
31 Mar 26
Integrated REIT
38UI Boustead REIT *UIBU (SGD)0.780.85
IPO
-8.8% DiscountHY3.710 S¢
12 Mar–30 Sep 26
6.670 S¢8.61%36.4%
IPO
Industrial
39United Hampshire US REITODBU (USD)0.470.73
30 Jun 26
-36.3% DiscountHY2.160 US¢
1H26
4.320 US¢9.29%40.4%
30 Jun 26
Retail
Prices: SGX closing on 6 Nov 2026; shown to 2 d.p. (3 d.p. where below 0.10). NAV, DPU and price are in the counter's trading currency. NAV and aggregate leverage are from the same latest reporting date. Last DPU is the latest routine payout for a full period (advance distributions from equity raisings are included only as part of the full-period total). Annualised DPU = Qtr × 4 or HY × 2. Forward yield = annualised DPU ÷ closing price. Premium in red, discount in blue; gearing ≥ 45% in red. Business trusts excluded. Source: company SGX filings & results releases. Not investment advice.
Notes:
  • Keppel REIT: Adjusted NAV
  • Acrophyte Hospitality Trust: Distributions suspended from 1H26
  • AIMS APAC REIT: Gearing 37.4% at 30 Sep 26
  • EC World REIT: Trading suspended; last traded price
  • First REIT: Gearing 27.5% at 30 Sep 26 after divestment
  • Frasers Logistics & Commercial Trust: FY26 NAV not yet published; gearing 39.2% at 30 Sep 26
  • IREIT Global: DPU €0.37c, converted at S$1.4752/€
  • Landmark REIT: Distributions suspended
  • Manulife US REIT: Distributions suspended
  • NTT DC REIT: 1H FY26/27 results due 11 Nov 26
  • Suntec REIT: Gearing 43.0% at 30 Sep 26
  • UI Boustead REIT: Maiden DPU pro-rated to 12 months; gearing at 30 Jun 26

Sunday, 1 November 2026

Is 13% Yield Too Good to Be True? Inside JEPI & JEPQ and My Personal Pick.


Monthly Income Showdown: JEPI, JEPQ or Allspring Enhanced Income Fund.

Margin Loan Showdown: Online Brokers vs Bank Brokers in Singapore.

Hi Folks, this will be a short post. For those who are also using margin financing strategy. Seems that for SGD financing, Interactive brokers offered the lowest rate. However, my personal preference is to stick to the traditional brokers (Maybank, DBS Vickers, UOB Kay Hian) albeit higher transactional fees as I still feel they are financially stronger and less likelihood of business failure that will lead to unnecessary administrative headaches to settle on custodian ownership release in such an unfortunate black swan event. Also, for those on privileged banking with higher net worth, there is also the possibility of getting a reduced financing rates for margin loan.

Do share also if there are other cheaper options out there (besides the use private home equity loan) in terms of brokers offering. Ok, that's all from me for now on this. Have a great week ahead!

Thursday, 29 October 2026

Aztech Global (SGX: 8AZ) Crashes 62% – What Went Wrong and Is It Time to Bottom-Fish?

Hi Folks, welcome back to Investment Income for Life. Today we are looking at a stock with high dividend yield that some investors in Singapore have owned at some point: Aztech Global (SGX: 8AZ). I have previously warned against buying this stock at S$1.28 during its IPO back in March 2021- please refer to this previous post. As at 29 October 2026, the share price has plunged from around S$1.06 to just S$0.40, a drop of roughly 62%. For a counter that was once a darling of yield hunters, that is a brutal re-rating. Let's quickly unpack what happened.
Price Chart Trending of Aztech Global Since IPO- Gone with the Wind
1. Severe Revenue and Profit Contraction
The market aggressively re-priced the stock after a string of weak financial updates. The latest Q3 2026 business update confirmed that the tech slowdown is biting hard:

•       Top-line collapse: Q3 2026 revenue plummeted 39.8% year-on-year to S$80.4 million.

•       Profit plunge: Q3 2026 net profit also fell 39.8% to S$6.5 million.

•       Nine-month picture: Cumulative net profit for 9M 2026 cratered 40.9% to S$15.9 million.

This came on the back of an already weak first half, where revenue fell 18.4% to S$151.4 million and net profit dropped 41.7% to S$9.4 million. And note that the 1H number was flattered by a one-off S$2.5 million gain from selling a property in Dongguan, China. Strip that out and core earnings look even thinner.

2. Cyclical Downturn in IoT and Smart Home Demand
Aztech is essentially an electronics manufacturing services (EMS) player that designs and builds IoT devices, smart home products and data-communication equipment for global brand owners. When consumer electronics demand softens, Aztech feels it almost immediately.
Key customers have delayed product launches and cut order volumes on existing programmes. Management had already flagged softer demand for 2H 2026 back in July, warning that new projects were unlikely to fully offset lower volumes from existing customers. The Q3 numbers show that warning was, if anything, understated.
Past 12mths Market Price
3. Tighter Competition and Pricing Power Issues
Contract manufacturing is a tough business. Aztech faced stiffer competition and had to accept lower pricing to keep volumes flowing, which squeezed margins. Net profit margin in 2Q 2026 was just 6.2%, down from 10.2% a year earlier.

Currency was another headwind. In the first half alone, Aztech booked a S$2.8 million foreign exchange loss due to the weaker US Dollar. Since most of its sales are in USD while it reports in SGD, a soft greenback directly erodes the bottom line.

4. Severe Analyst Downgrades and Valuation Adjustments
With little visibility on FY2027 earnings, the research houses turned decisively bearish:

•       DBS Group Research halved its target price from S$0.66 to S$0.33 in October 2026, maintaining a "Fully Valued" (Sell) call.

•       Consensus EPS estimates for FY2026 were slashed from S$0.057 to just S$0.023.

When earnings estimates get cut by more than half, the share price usually follows. That is exactly what we have seen here.

5. Unsustainable Dividend Yield Fears
This is the part that hurts income investors the most. Aztech entered this cycle sporting a headline trailing yield of close to 30%, boosted by generous special dividends paid out of its big cash pile in earlier years. But a trailing yield only tells you what was paid, not what will be paid.

With profits shrinking and free cash flow no longer comfortably covering such heavy payouts, the market quickly priced in a dividend cut. The interim dividend for 1H 2026 was just 0.5 cent per share, half of the 1 cent paid for 1H 2025. Income-focused holders rushed for the exit, adding fuel to the sell-off.

6. Is There Any Silver Lining?
To be fair, Aztech is not a company in financial distress. As at 30 June 2026, it still had a net cash position of about S$190.6 million. With roughly 772 million shares outstanding, that works out to around S$0.25 per share in net cash. At S$0.40, close to 60% of the share price is backed by cash on the balance sheet.

The company also remains profitable and has been winning new projects and customers in areas like MedTech, security and industrial segments. So the business is not broken; it is shrinking in a cyclical downturn.

7. Parting Thoughts
My personal thought and concern here is that Aztech’s past substantial owners have this habit of offering to take the company private using a low-ball offer and then after a few years, they will re-list part or all of the business in another form. With the huge plunge, the current low share price may become a target to do a buy-over at the worst possible time & price. I will continue to stay far far away from this stock.

Ok folks, that's all from me today. Have a great week ahead!

Disclaimer: This post is for educational purposes only and is not a recommendation to buy or sell any security. Please do your own due diligence or consult a licensed financial adviser before investing.