Crazy Donald Trump Sending 3rd Aircraft Carrier Group and 10,000 US Troops To Middle East- The Art of the Deal.

Hi Folks, welcome back to Investment Income For Life. The crazy Donald Trump and the worst President in US History is sending a 3rd US aircraft carrier strike group (the USS Theodore Roosevelt) and also an additional 10,000 US ground troops to the Middle East. So by the end of November 2026, we will see 3 aircraft carrier groups and also 2 amphibious landing groups positioned extremely near Iran. So looks like Donald Trump is planning to escalate the war with some ground operations. No wonder there has been so much volatility in the stock market lately especially for SREITs. Looks like grappling with interest rate hikes from the US Federal Reserve is not enough.....Trump is back with his crazy antics and more of his "Art of the Deal" negotiation tactics against Iran.  

Here is the greatest irony: US is grappling with a shortage of munitions but then Trump just sent the 3rd US aircraft carrier strike group out with threats of new bombardment campaign against Iran (and possibly ground troops entering Iranian soil for special operations). Additionally, such massive deployment will mean more exorbitant cost incurred for the Iran war. US is already facing a record fiscal deficit. Oil prices remained high at over US$100 per barrel with the latest announcement. Most economic sectors are already facing substantial increase in business cost due to high energy prices for the past year. 

Will the escalation in US-Iran war be the last straw that broke the camel's back and trigger off a global recession?

Market Crash For Bonds, Equities and Gold- Is a Recession Coming?

Hi Folks, welcome back to Investment Income For Life! Wow, so many YouTube videos on plunging asset prices. SREITs continue to spiral downwards with an all year low. The scary thing on everyone’s mind is how low will SREIT crash to. Bonds is not spared and even US Treasury are getting whacked with so many institutional selling off of US long term bonds despite soaring record yield of 5.3%- so even risk free US 10 year bond is no longer perceived as risk free….haha. Even Gold price, the safe haven asset, has started plunging. Those who bought at the high of US$5,264 per oz earlier in February 2026 would have been devastated by the crash of more than 20% to current level of around US$4,100 per oz within half a year. Against this backdrop of plunging investment assets prices, there are more and more news published of folks losing their jobs. So is a recession coming? Also is it time to sell off some equities to prevent further dip in the investment portfolio? 

1. Sell off Equities Investment To Wait For Sell-off Momentum To Be Over?

Well, folks who have read my blog post will know that I am not a fan of market timing and speculation. Also, if the market started to rally after one has sell-off, then it would be a very painful and regretful investment decision (not to mention foolish). So far, only my SREITs is free-falling. My HKEX Tech stocks have fallen but they still remained in an acceptable range especially Alibaba which is still above my average cost. Of course, if I have a crystal ball, I would have sold off half of my SREITs in the beginning of the year. Also, I would have sold off Alibaba when it touched HKD180 previously on hindsight…haha…but then we cannot reverse time right?

I am staying away from most SREITs for now despite the very attractive new prices for REITS such as Capitaland Ascendas REIT, Mapletree family REITs etc. Nevertheless, I took a nibble (S$2k to S$3K) into additional United Hampshire US REIT (“UHREIT”) which is giving close to a 9.9% yield. I may further accumulate it if its price plunged further.  On UHREIT, the complexity lies in assigning a depreciation rate to the USD vs SGX forex loss due to US printing money and mammoth budget deficit. From table 1, it is best to prepare for a negative depreciation in USD investment of -2.6% per year. So a yield of 9.9% from UHREIT true-up will mean around 7.3% of distribution yield compensation for grocery related strip malls. Also, pray hard that Donald Trump will not come up with new withholding taxes on REITs with US holdings.

Table 1- USD vs SGD Decline %

2. US Government and Corporate Bonds.

While there are many doom day videos on US Treasury, I personally think that it is overly done. The record high yield of over 6% to 6.5% yield for some of the commercial bonds at AA- ratings is becoming very attractive. Compare to diving in to grab SREITs, I actually prefer to put more of my money into a diversified portfolio of bonds especially those that hold bonds for only mid term tenure of 3-5 years. 

I think that once the AI boom worldwide gradually slow down (we are already seeing AI CEOs coming out to give excuses using AI safety and the necessity of slowing down the rolling out of new frontier models), the US Fed will need to start cutting rates again in order to drive much needed growth for the stagnant US Economy. Once rate are cut, bond prices will have capital appreciation. So earn the 6% plus in annual yield and enjoy future potential capital gain. I don’t think US Treasury is going down the path of being worthless immediately.  

 

3. Gold As Alternative Asset During Economic Crisis

I can only say that I am glad that I have sold off my few thousand dollars foray into Gold before the peak of February 2026 for a small profit. Who would have thought that the gold craze party will end so abruptly in just another half a year and also while amidst the ongoing Russian Ukraine war as well as US-Iran war? I am staying away from Gold. But if it dropped to the US$ 3,000 level, I would think then that it is probably a good idea to get some to diversify my investment portfolios as I like its non sticky correlation to other class of investable assets.

Parting Thoughts

I think that there is currently a lot of market volatility and also potential further plunge in equity investments especially high interest rate that surely will crash the fragile marco economic environment sustained only by AI. As such, my preference now is to keep most of my dividends to build up cash reserves and also invest into bond funds. Should equities crash further, I will sell off most of my bonds funds and switched them into buying blue-chip SREITs at high yield of 6.5%-7%+.  

(Note: Please also see my latest investment portfolios as at 16 September 2026 here.)

Keppel DC REIT 6.24% Forward Dividend Yield?

Hi Folks, welcome back to Investment Income For Life. Over the weekend, I was looking at whether there are opportunities to accumulate some additional SREITs that are at a good discount and also dividend yield. From StocksCafe, I noticed that Keppel Data Centre REIT ("KDC") is showing a 6.24% distribution yield at price of S$2.12 per unit.. This seems like a good deal to me and I thought that the recent market price crash for SREITs is giving out some good opportunities. 

1. Is the 6.24% Distribution Yield Valid?

Unfortunately not so. The StockCafe system takes into account the early distribution of dividend due to acquisition exercise during the year. Add this on to the system forecast based on historical reference, the system thus ended up with a 6.24% high distribution yield.  

Based on the unit price of S$2.12 as at 25 September 2026, this translates to a distribution yield of s smaller 5.4% based on half year annualised of 1st half results of 5.714 cents.

Saying that NAV per unit as of 1H FY2026 is S$1.73 per unit. This is still a massive 1.29 times premium over the latest market trading price of KDC.

Extract from 1H2026 KDC Results as well as Previous FY

2. Good thing is Aggregate Leverage Ratio at only 34%.

KDC has maintained a prudent borrowings of less than 40% over the past 5 years. Its latest half year result indicated an aggregate leverage ratio of only 34%.

Parting Thoughts

On 1 September 2026, KDC agreed to buy stakes in two Tokyo data centres, Tokyo Data Centre 4 and 5. While KDC appears to be on a growth path again with major acquisitions for the past few years, I think that it appears to be still over-priced. from its NAV per unit and also offered a relatively unattractive low distribution yield of only 5.4% (taking into account that US Fed has hiked interest rates again). Should KDC dropped below S$2 per unit, it maybe worth a re-look.  

The Tan Kin Lian "Lending Money To Needy Folks" Saga.

Honestly, I am puzzled why our ex-presidential candidate, Mr Tan Kin Lian, went on from previous controversy of  posting pretty Xiao Mei Mei on social media to the now giving "emergency loans" to people who approached him. Back in August 2023, a TikTok video featured screenshots of several Facebook posts he had made about women he met around the country. Women's rights group AWARE expressed concern over his comments then.

1. The Current Emergency Loan Saga

Apparently, Mr Tan has been granting emergency loans to various locals to help them. Trouble brewed when they failed to repay him and he started publishing their names online. Mr Tan also asserted that a number of these borrowers did not honour the repayment terms after their emergency and some even went missing in action and uncontactable. He may even escalate by "asking" the employer of these defaulters to "pass a message". So now, Mr Tan has become a debt collector this time round. 

2. Strange Views To Lend Money to Strangers And Then Trouble In Debt Collection.

This is a very strange case of lending money to people who obviously have very weak financial position since they cannot get any loans from bank or private loans from legalised money lenders. Additionally, the money is lent to strangers whom Mr Tan does not know well.

Hence if one lends money, probability of recovery will be low. I thought anyone lending money will probably know this basic 101 of life? But now Mr Tan is ranting on and off about the defaulters who are not honourable. Also, posting online the names of the defaulters may get Mr Tan into legal trouble as there are many innocent folks in Singapore with the same name and surnames. 

Parting Thoughts

Sometimes, I really cannot comprehend how one end up in such a mess when it could have been easily avoided with some basic common sense or street-smartness gleaned from decades of exposure to life. Nevertheless, this Tan Kin Lian latest saga served a good financial lesson to everyone here as a good reminder that lending money to people can end up in default. Only lend what you can lose. 

But personally, having seen many friendship being soured over personal loans, I will rather be firm to needy friends who asked for emergency loans. Also, the hard truth here is that I do not have much cash on hand or in bank....most of my funds are locked up in investment for retirement....haha. So do not look for me for emergency loan. :p  

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!