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Continue reading →: Lendlease Global Commercial REIT’s 2026 Fund Raise: PLQ, Dilution and Balance Sheet Trade-offs
Executive Summary Lendlease Global Commercial REIT (SGX: JYEU) has returned to the equity market with another fund raise, extending a multi-year sequence of divestments, acquisitions and capital actions that has shaped investor confidence. In a higher-rate environment, the market’s focus has shifted from asset quality alone to balance sheet resilience—particularly…
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Continue reading →: SBS Transit’s Headline 15% Yield: Sustainability and ComfortDelGro Implications
Executive Summary SBS Transit’s (SGX: S61) FY2025 dividend announcement triggered outsized attention because the headline yield looks exceptionally high, largely due to a sizeable special dividend. At the same time, the underlying results were weaker year-on-year, driven by lower bus revenue following a bus package loss, which makes sustainability the…
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Continue reading →: Designing Durable ETF Income Streams in Singapore for 2026
Executive Summary Dividend yields across Singapore income assets have compressed as equity prices recovered from the earlier interest-rate repricing period, while macro uncertainty remains elevated due to shifting rate expectations, credit sensitivity and episodic geopolitical risks. In this environment, income investors face a structural tension: valuations are higher and headline…
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Continue reading →: Building a Durable Core S-REIT Portfolio in a Higher-Rate Cycle
Executive Summary After a multi-year stretch of elevated interest rates and tighter financing conditions, many Singapore REIT investors are reassessing what genuinely belongs in a “core” portfolio. A core allocation is less about holding the biggest tickers or chasing the highest yields, and more about owning REIT platforms that can…
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Continue reading →: Mapletree Pan Asia Commercial Trust: Reassessing Stability Across Its Core Assets
Executive Summary Mapletree Pan Asia Commercial Trust (MPACT) (SGX: N2IU) has undergone a period of operational stress and portfolio recalibration over the past two years, driven by uneven recovery across its key assets in Singapore and Hong Kong. This article examines eight consecutive reporting periods to assess whether the trust’s…
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Continue reading →: NetLink NBN Trust: Assessing the Sustainability of Singapore’s Most Defensive Yield Play
Executive Summary NetLink NBN Trust (SGX: CJLU) occupies a unique position in Singapore’s equity market. As the owner and operator of the nation’s passive fibre network, it functions more like regulated infrastructure than a traditional growth business. Its cash flows are stable, demand is largely recession-proof, and its distributions have…
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Continue reading →: Seatrium: Signs of Operational Progress Amid Ongoing Market Caution
Executive Summary This article examines the evolving investment profile of Seatrium (SGX: 5E2), a Singapore-listed offshore, marine and energy engineering group that has moved from a survival-focused narrative toward one centred on operational delivery and execution consistency. Recent financial results, a substantial multi-year order book, and an improved balance-sheet posture…
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Continue reading →: Positioning for a Gradual REIT Recovery: Four Singapore REITs Under Review in Early 2026
Executive Summary As 2026 begins, the operating environment for Singapore REITs is showing signs of stabilisation. Interest rates have plateaued, financing pressures have eased, and expectations of a more supportive macro backdrop are gradually returning. Yet REIT price performance remains uneven, with sharp rallies in some counters and prolonged stagnation…
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Continue reading →: A New ASEAN Dividend ETF on SGX: Income Potential, Portfolio Risks, and What Investors Should Assess
Executive Summary A new ASEAN-focused dividend exchange-traded fund (ETF) is set to list on the Singapore Exchange, highlighting a broader trend toward income-oriented regional equity products. With a stated objective of delivering at least 6% per annum in distributions for 2026 and 2027, the launch is likely to attract attention…
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Continue reading →: Singtel’s Re-Rating After a Long Stagnation: Is the New Capital Strategy Sustainable?
Executive Summary Singapore Telecommunications Limited or Singtel (SGX: Z74) has experienced a notable share price re-rating after nearly a decade of underperformance, following a period in which investors questioned its ability to translate scale and assets into consistent shareholder returns. The shift in market sentiment has coincided with the introduction…
Independent research and analysis on Singapore-listed REITs and income-oriented investments, with a focus on long-term portfolio construction and income durability.
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Welcome to ‘The Dividend Uncle’s Take’ — where I share clear, independent insights on Singapore REITs, dividend stocks, ETFs, and income-focused investing. Everything I write is grounded in my own research and real investing experience. No hype — just long-term thinking and skin in the game. Let’s grow our income portfolios steadily, one dividend at a time.
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