The War That Just Won't Quit- Donald Trump The Champion of Peace.

At this point, the US-Iran conflict has been running long enough, and touching enough corners of the global economy, that we can't talk about income investing in 2026 without talking about it. The 2026 Iran war has been running since February 28, 2026, now well past six months, centered in the Middle East. It was initiated by joint US and Israeli strikes on Iran that day. What started as a short, sharp campaign has turned into something far messier — a conflict that keeps flaring back up just when it looks like it might be winding down.

1. How We Got Here

The Great Donald Trump frequently emphasized non-interventionism and pledged peace over war during his 2024 presidential campaign. However, Trump stirred sheep after he won the election and directed a US military buildup near Iran from late December 2025 through late February, before US and Israeli forces began striking Iranian targets under the codenames Operation Epic Fury and Operation Roaring Lion. The opening strikes killed Iran's Supreme Leader and hit nuclear and military sites, in what became the largest US military buildup in the Middle East since the 2003 Iraq invasion.

An April ceasefire and a June memorandum of understanding briefly raised hopes of a real settlement. But that MoU collapsed within weeks amid renewed fighting and formally expired in August 2026, and as of this month the two sides are once again trading limited strikes.

2. The Global Ripple Effects

This is the part that matters for our portfolios. This isn't a contained regional dust-up. It's sitting right on top of the world's energy arteries. Iran has repeatedly tried to assert control over the Strait of Hormuz through both threatened and actual attacks on commercial shipping and naval vessels. Tankers transiting the Strait have continued to be struck by unidentified projectiles, catching fire mid-transit. Attacks have also spread outward — an Iranian missile salvo damaged US aircraft at an air base in Jordan, and a tanker crew member was reportedly killed off Dubai.

That's the kind of headline that spikes crude, rattles shipping insurance premiums, and sends a jolt through every energy-adjacent line in your portfolio — even ones that have nothing to do with the Middle East on paper. 

3. What This Means For Your Portfolio

A few practical takeaways I am watching for my own income sleeve:

● Energy volatility is the new normal. With the Strait of Hormuz effectively a live risk zone, expect oil and shipping-related names to keep swinging on headlines rather than fundamentals. 

● The higher energy price translates into higher inflation for all things. US Fed just hiked another 25 basis points on borrowing rates. I thought that venturing into bond funds and using it as a yield vehicle is well. 

● Higher Interest rates also mean that SREITs price theoretically will have difficulty going up as the yield must match the higher interest rate environment. Maybe wise to stay away from SREIT from now till all the year end hikes are over.

Thai Beverage: A 5% Dividend Yield Hiding in Plain Sight?

Hi Folks, welcome back to Investment Income for Life. Today we're putting Thai Beverage ("ThaiBev") on SGX under the microscope. It is one of the region's largest beer-and-spirits conglomerates (Chang Beer, SangSom, and now F&N), and a name that keeps showing up in income portfolios. 2 years back, I was vested in ThaiBev. In a way I was lucky to have sold off all my shares when its market price was between S$0.55 per share to S$0.61 per share- I would have suffered  a huge loss if I had held it longer. At that time, I recalled the dividend yield were just 3.7% to 4.8%. Recently, I have begun to build back stakes into ThaiBev in view of the healthier balance sheet with debts pared down and the higher dividend yield of 5.2%-5.3% dividend yield at only a mere 60% payout ratio.

1. Dividend Per Share — Steady and Rising

ThaiBev's fiscal year runs to 30 September; dividends are declared in Thai Baht (interim in May, final in February):

Fiscal Year	Interim DPS (THB)	Final DPS (THB)	Total DPS (THB)
FY2023 (Oct'22-Sep'23)	0.15	0.45	0.60
FY2024 (Oct'23-Sep'24)	0.15	0.47	0.62
FY2025 (Oct'24-Sep'25)	0.15	0.47	0.62

Payout ratio crept up from ~54% (FY2023) to 61.4% (FY2025) as profit softened, but management held the absolute dividend flat rather than cut it — a shareholder-friendly signal.

2. Share Price and Dividend Yield

ThaiBev's share price has drifted lower over the past three years even as the payout held steady — pushing the dividend yield up nicely:

Period	Share Price Range (S$)	Approx. Dividend Yield
FY2023 (Oct'22-Sep'23)	0.550 - 0.720	~3.7%
FY2024 (Oct'23-Sep'24)	0.435 - 0.575	~4.8%
FY2025 (Oct'24-Sep'25)	0.445 - 0.595	~5.0%
Latest - 18 Sep 2026	~0.440	~5.2%

At ~S$0.44, ThaiBev trades near its 52-week low of S$0.41 — hence the yield climbing past 5%, among the more attractive on the SGX consumer-staples board.

3. Management Deserves Credit — Deleveraging in Progress

Net interest-bearing debt to EBITDA improved from 3.08x (FY2023) to 2.92x (FY2024), then ticked to 3.22x in FY2025 — almost entirely from consolidating Fraser & Neave (F&N), not distress borrowing:

Fiscal Year	Net Debt / EBITDA	Interest Coverage
FY2023 (Sep'23)	3.08x	-
FY2024 (Sep'24)	2.92x	7.31x
FY2025 (Sep'25)	3.22x	6.73x

Interest coverage stays healthy at ~6.7x, and management keeps refinancing cheaper — in July 2026 ThaiBev secured a THB6.5bn sustainability-linked loan from Krungsri Bank. Sensible treasury management, not leverage drift.

4. Upcoming Catalyst — The BeerCo IPO

ThaiBev has long floated spinning off BeerCo (Chang Beer, Sabeco) via a ~20% SGX listing. Shelved a few times on weak markets, the plan was revived to ride stronger global equity conditions — with talk of a separate spirits listing too. A successful IPO could unlock value, bring in a partner, and fund further deleveraging — a key catalyst into 2027.

5. Parting Thoughts

ThaiBev isn't a growth story, but the 5% plus dividend yield is decent pay while waiting, and management is tidying the balance sheet. BeerCo's IPO is the free option that could re-rate the stock. Not financial advice — do your own homework and due diligence as usual.

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

Investment Portfolios Updates (16 September 2026) - Net Investment of S$908K and Projected Annualised Passive Income of S$51K.

The new Fed US Reserve Chairman Kevin Warsh has proven that he got spine and went on to increase the interest rate by 25 basis point despite his boss Donald Trump wanting the US interest rates to go down further. My SREIT portfolio which made up close to 51% of my gross investments continued its downward spiral into another level of doldrum albeit gains in earlier part of the year. With my China Tech plays such as Alibaba and BYD tanking, overall portfolio valuation plunged despite capital top up. Nevertheless, my projected passive dividend and interest income from equities and bonds improved slightly from S$48.5K (July 13, 2026) to S$50.8K. 

1. Portfolio 1- Stocks Held in SGX Central Depository 

(a) Nothing super interesting here except that I have began accumulation of Thai Beverage. Its management has been actively paying down its bank borrowings over the past 2 years while its market value has dropped drastically from its heyday of S$0.540 per share days to S$0.440-S$0.460 per share range. The potential IPO of its Brewery business is a major catalyst that may give rise to capital gain of up to 25%. In the meantime, its forward dividend yield is at around 5.6%.....so collect the dividends while waiting for share price to rally upon realisation of initiatives by management to further unlock its intrinsic valuation.

(b) I have also added on to Genting Singapore despite the widening losses as the RWS 2.0 redevelopment plan is near completion which should boost and diversify its main gaming revenue into more stable resort and theme park related stream. Genting also has a massive cash reserves of S$2.9 billion supporting its ability to maintain dividends payout of 6.5% per annum. 

2. Portfolio 2- Margin Purchased Securities
(Note: My margin purchased securities has grown to a sufficient scale to sustain itself and can pay off annual financing charges as well as to gradually pay down the margin loan through the dividends generated.) 

I have added on both Alibaba and BYD here to take advantage of the poor market sentiment in HK stock market.

3. Portfolio 3 (with Tiger Brokers and MooMoo) 

(Venture into higher risk as well as capital growth stocks here)

Added more Alibaba, BYD, Kimly and Thai Beverage.

4. Portfolio 4 (Endowus Unit Trusts & Other Investments)

This mostly bond concentrated portfolio has less volatility than my other portfolios. Will continue to build it up.

Parting Thoughts

The high interest rate environment looks set to remain for a longer term. All these uncertainties have led to the suppression of SREIT valuation. Looks like it will be a very very long wait for SREIT recovery. Ok folks, that's all from me today. Have a great week ahead!

S$3 Kan Cheong Spree: DBS PayLah's Saturday Cashback Is Back (And Earlier Than Your Alarm)

Hi Folks, welcome back to Investment Income for Life! Longtime readers will remember DBS PayLah!'s S$3 Saturday cashback like an old auntie who shows up at every wedding dinner without fail. This is now its FOURTH consecutive year running, which in marketing years is basically a national institution. It started life modestly with just 75,000 redemption slots a week - a bit like limited edition bak kwa during Chinese New Year, gone in a flash. It has since grown, matured, and apparently decided that sleeping in on Saturdays is no longer allowed.

1. What's New This Round
The 2026 edition is back and it's bigger, longer, and slightly more demanding of your circadian rhythm. Cashback kicks in from 29 August 2026 and runs all the way to 19 December 2026 – which is a solid 17 Saturdays, five weeks longer than last year…yeah! Redemptions have also jumped from a modest number to 160,000 slots per Saturday, with 2.7 million total rewards up for grabs, about 40% more than before. The catch? Redemptions now open at 6am instead of a more humane hour. So yes, the kopi uncle wakes up before you now, and DBS wants you to join him.

2. How the Cashback Works
Simple enough for even your retiree parents to master: scan and pay with DBS PayLah! at a participating merchant, and you get 100% cashback of your bill, capped at S$3. Spend S$1.80 on kopi peng, get S$1.80 back. Spend S$3 or more on economy bee hoon, get the full S$3. Only your FIRST qualifying transaction each Saturday counts, so no cheating your way to multiple payouts - DBS is generous, not naive. Do this every week for all 17 Saturdays and, in theory, you could pocket up to S$51 in "free" money. Not enough to retire early, but enough for a few extra plates of chwee kueh.

3. Where It's Valid
Eligible spots span heartland shops, wet markets, coffeeshops, hawker stalls, and even JTC industrial canteens island-wide - basically anywhere your neighbourhood aunties and uncles hustle daily. Look out for the blue "POSB supports our heartland shops" sticker or the red PayLah! QR signage at the stall. If you don't see the sticker, don't assume - ask first, because heartbreak at the cashier is not a good look. I kanna once before with one food stall that strangely is not in the participating list :)

4. The Fine Print Auntie Would Want You to Know
Only the first 160,000 transactions each Saturday qualify, on a first-come-first-served basis from 6am. One redemption per user per week - so no, you cannot buy 17 Kopi O in one sitting and claim S$51 in a single morning. Cashback is usually credited the same day, though DBS's official terms allow up to seven working days if things get delayed. As always, moral of the story: set an alarm, but don't lose sleep chasing S$3 - reinvest the energy into your actual portfolio instead…haha!

Enjoy your Saturday breakfast with complimentary DBS treat! Have a great weekend ahead!

BYD at HKD79.25: Buying the Dip on a Weak Half.

Hi Folks, welcome back to Investment Income for Life. Quick update today on a name I've been building up since October 2025-BYD Company Limited, listed in Hong Kong (1211.HK). The lightning fast charging technology for Blade 2.0 generation batteries is amazing and makes refuelling EV almost similar to Internal Combustion Engine (“ICE”) vehicles in terms of time. Also, its operating results such as topline has actually improved tremendously with more overseas sales.  

1. My Entry Points
I started built up my BYD stocks gradually with an average price of HKD100 per share from Oct 2025. When BYD dropped to HKD85.00 on September 3, 2026, I added to it. Then nibbled more when the stock plunged to HKD79.25 recently (September 10, 2026).

2. First-Half Results — Softer Than Last Year
No sugarcoating it: BYD's first-half results came in weaker year-on-year, with margins squeezed by China's ongoing EV price war. On the surface, not a print that gets investors excited.

3. But the Month-to-Month Trend Is Improving
Here's the nuance — breaking it down month-to-month rather than just year-on-year, the trend line is actually improving. Each successive month within the half shows incremental strengthening, suggesting the business is finding its footing again.

4. Why My Sentiment Is Turning More Constructive
Year-on-year numbers are backward-looking; month-to-month trends tell me where the business is heading right now. As the sequential improvement continues, I expect market sentiment to catch up with that underlying trend. The fast charging 2.0 Generation Battery technology will be driving the growth of BYD vehicles back in China and also overseas. Look at the numerous BYD authorised dealers in Singapore and also the sheer number of BYD EVs on our roads.

5. My Take Going Forward
This isn't an all-clear call — EV sector risks remain in play. But for a position entered at levels I felt were sensible (HKD85.00 and HKD79.25), I'm comfortable holding through this transition period. Additionally, BYD actually is not just an EV company- It has built up a vast distribution network worldwide which will help it sell other products such as humanoid robots in future. As always, this isn't a buy recommendation — do your own due diligence.

Ok folks, that's all from me today!

Donald Trump Escalating War With Iran- Oil Prices Surge Again.

Hi Folks, welcome back to Investment Income for Life. Donald Trump has once again stirred up lots of "sheep". Geopolitical tensions in the Middle East have intensified sharply following direct military exchanges between United States forces and Iranian elements.  Even Saudi Arabia oil facilities are being hit more frequently this week. My SREITs portfolio dropped again from the interest rate hike risk and US-Iran forever war- only consolation is my diversification into other sectors and asset-classes (bonds, gold and Crypto) over the past 2 years has bring down the concentration to around 50%.   

1. U.S. Military Action and Retaliatory Strikes

The latest cycle of hostilities escalated after U.S. military forces conducted coordinated precision strikes against Iranian naval and strategic assets—specifically targeting vessels and supply infrastructure linked to Iran's Islamic Revolutionary Guard Corps (IRGC) following attacks on American naval operations. Tehran responded rapidly by launching asymmetric retaliatory strikes, deploying ballistic missiles and loitering munitions aimed at U.S. operating assets and maritime transit lanes in and around the Persian Gulf and the Strait of Hormuz.

2. Strikes on Saudi Arabian Energy Infrastructure

Compounding the military theater, retaliatory strikes extended to Saudi Arabian sovereign territory. Drone and missile barrages linked to Tehran-aligned networks targeted critical Saudi Aramco downstream facilities in southern Saudi Arabia, notably across the Jizan industrial corridor.   The strikes ignited localized fires, forced temporary operational suspensions to assess integrity, and reignited deep structural concerns over the vulnerability of primary crude processing hubs across the Arabian Peninsula.

3. Oil Price Dynamics: Past Week Trading Range

Crude benchmarks registered sharp volatility over the past week as markets priced in a substantial geopolitical risk premium alongside physical supply friction.

• Brent Crude: Traded in a volatile 7-day range between US$89.50 and US$ 99.25 per barrel, surging nearly 8% week-on-week and testing resistance just shy of the triple-digit threshold (U$100/bbl).

The sudden uptick reflects market alarm that tanker traffic through the Strait of Hormuz—which historically handles roughly 20% of global petroleum liquids—could face prolonged paralysis, depleting already thin commercial stockpiles outside of East Asia.

4. Portfolio & Income Implications

For income-focused investors like myself, high oil prices and rising cost of business will be extremely bad for business and dividends payout. Maintaining defensive, balance-sheet-resilient dividend payers with strong ultimate shareholder backing (such as Temasek Holdings linked companies) is important.  

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