Cory Diary : Recovering Salaried Income Loss from Retirement

As a salaried worker, once our saving/investment pass a certain point, one may realised the monthly income we are getting in exchange for our productive hours relative to our portfolio size through years of saving/investment will get smaller over time.

When this happened, it maybe a good time to start preparation activities for managing one's investment portfolio to generate sufficient additional income to cover the income loss and retirement option may opens up. Depending how large is your portfolio or net worth, the needs of how much is enough is subject to individual situation.

Some may prefer drawdown plan, some want at least maintain portfolio to grow with inflation while there may some who want the portfolio to grow after expenses. This ties to expense needs and  investment risk.

For my situation, if I am to park most of my net worth into saving, is unlikely I will have enough to support my family in retirement. Even drawdown plan of the portfolio can be quite risky. How we adjust our investment is individual. There is no one size fit all model unless we go to the lowest common denominator which requires huge sum of money and therefore unlikely one can retire.

There are a few taps we can consider as a salaried worker. See chart.

The left is asset allocation, and on the right is the cash generated from each asset. The main asset which is Equity, covers much bigger % slices of the cash flow needs. The least productive in the chart is gold which generate no income.

Fixed deposits in percentage wise comparison between the two pie chart only generate half it's allocation. Normal saving account is the worst which only support 0.2% of cash flow despite 4.4% allocation of net worth. So to me I always need to actively manage the minimal amount with buffer to support working cash needs for bills and immediate expenses. Right now 4.4% is still too high. Unless one has  significant wealth this has to be actively managed to low single digit. How low, only you can tell.

We can also optimize allocation in T-bills, SSB and Pension. The hope is that with the extra time in retirement, the additional cash we can generate from the portfolio could cover the income loss by moving them to more cash generative assets. This has to be done safely to ensure liquidity and market risk.

If we can execute this correctly, the return maybe greater. One maybe financially better off retired than continued working. Even if income is lower, it maybe worth our while if we have other priorities for the later half of our life. Do your math. 

Something to think about for fellow retirees. And again always dyodd as this tie to individual risk/needs, and I have to say, don't follow me ! I could be logically in error, mathematically wrong or my portfolio size is large enough for me to do what I wanted.

Cory Diary

2025-0615

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Disclaimer: The articles presented in this blog reflect personal opinions and are intended for informational and sharing purposes only. Not responsible of errors. Readers are advised to seek professional guidance when making financial decisions and should take full responsibility for their choices.

Cory Diary : Dividend updates

Did a slight revamp on how I track Rental Income to align to dividend received which is after cost. Which is net of maintenance, interest portion of monthly instalment, refurbishment, property tax and income tax.  In this way, the personal cashflow is clean ( WYSIWYG ).

To keep information more private, excluded the annual returns. Instead I would want to reflect the total dividend exceeded 700k on cumulatively basis.

What is surprising to me is that remainder of income in relative proportion to dividend is a subset after I adjust the data on rental to remove expected cost in total. This different stream of incomes are for reference purposes against dividend amount.

Not in table is CPF RA which will only be available at Age 65. Also not in table is capital gain/loss from equity. Theoretically, the latest update mean I am financially independent. ( Returns > Family Expense )

I am not resting here, and the hope is that on US Market can do some magic for me long term with some fund apportioned to it.

Cory Diary

2025-0608

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Cory Diary : DrawDowns

Year 2025 is interesting year because it was beset with risks and shocks to our Portfolio. People who left the field may find it hard to come back if they sell out earlier. The volatility was man-made unlike GFC 2008. There are no fundamental hit on the broader economy, and employment is still in good territory. This form a baseline of how fast the stock market can recover from fear each time shock hits the market.

After several emotional shake-up, the equity market continues to be supported back-up. There are 5 drawdowns during Corydorus lifetime investment portfolio and it won't be the last. How we manage our emotions could be the key on hanging on to the market with the needed size and resolve. Year 2022 on annual basis looks to be a deep drawdown than others but that is because it ended on year end. In fact the portfolio faces quite a few deep drawdowns during some of the years too except it closes higher by year end. The devil in the detail and not look at the chart plainly. The effort into keep the performance afloat every year not seen as is hidden away from most viewers.

How do you manage emotion maybe the key. Getting into the right business, diversification, right price, feel of probability, macro view and managing our cashflow are few of my styles which touches my vines, and passion. This works for me so far to stay in Business and like many businesses we may have to be on constant moves to manage it. Nothing is free.

Cory Diary

2025-0528

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Cory Diary : Holding Underperforming Stocks

FHT just got privatization offer. Should investors be overjoyed ? Maybe entry price is a factor and strictly speaking got a lot to do with your karma.

However, what i can say is as below table.

Opportunity cost is real. Not everyone is a Meta stock. We hope the one that put inside our fridge is one.

Chances are not good. Every year could be a pain mathematically if we hold on to a stock for 9 years for 27% absolute gain. Some will think is still good ....

If we have unlimited fund, I don't disagreed. Fact is how much funds available for investment is really limited for most of us. Another stock if give 7% compounded will give a difference of 57% more gains. Time is a critical factor in every investment that one should evaluate.

Cory Diary

2025-0514

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Cory Diary : Liquid Assets Allocation

This is a special segment of ratio reference to take a quick look when we compared Fixed returns (excluding FD ), Gold and Investment Accounts against Equities. They are generally quite liquid. The reason to exclude FD is that they are funds segregated from investments. Fixed Deposits are Emergency Funds of about 4 years. Not a lot in my situation.

What can I read from the table ?

1. There is theoretical 20% reallocation as War Chest from T-Bills/SSB and Multipliers.

    In practice, SSB which are receiving 3%+ will be quite hard to re-balance out.

    T-Bills will be much easier.

2. The Dividend generated are more than enough to pay down the loan.

    Yet think through what to do with excess from recent Tariff re-balance exercise.

3. Growth comes from US Market and Banks. Banks only 42% in this Chart perspective.

Poking on ChatGPT

Here's what I got in perspective. I did not mention my age.

Your current allocation reflects a stable, income-focused, and low-volatility portfolio—which is generally appropriate for a retiree. Here’s a breakdown of strengths and potential concerns:

✅ Strengths ("Greatness")

1. Strong Dividend Focus (Banks + REITs = 63.5%)

Likely generates a consistent income stream.

REITs add yield with partial inflation protection.

Banks in Asia, in particular, tend to be solid dividend payers.

2. Capital Preservation (T-Bills / SSB / Multipliers = 22.6%)

Provides a buffer against market volatility.

Offers liquidity and a safety net, ideal for drawdowns in retirement.

3. Low Exposure to Speculative/High-Risk Assets

Very limited allocation to volatile sectors or emerging tech/growth equity.

Suitable for your risk profile and need for capital stability.

📌 Suggestions (if alignment with goals allows):

Trim banks slightly (e.g., to ~35%) to reduce sector risk.

Reallocate 3–5% into global diversified ETFs or quality growth equity, especially US or global leaders.

Top up gold to ~3–5% if you’re concerned about inflation, currency shifts, or want a deeper non-correlated hedge.

Cheers.

Cory Diary

2025-0508

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Cory Diary : FCT Review - 1H25

This Table kind of summaries the strong performance of FCT reit. I like the cost of debt trend chart which gives me a good view the direction of the cost structure. With this charts, is not hard not to beat past DPUs.

The past recent acquisition of Nex and now the South Wing of Northpoint City have significant mitigate the concentration risk of the Reit.

Results

Risks

One of the few reits that has recovered and will thrive in the future. Having said that, there is risk of JB competition. Nothing is totally free in this world I guess in investment. Considering the risk and reward, is a calculated risk for me to have a stabel generating reit with some growth. FCT reit fits the bill well. And with Oil price low, bill costs will not be elevated too. I just have to size it appropriately to my own needs.

Investment

Current yield per my note is 5.3%. When Tariffs War was in quite deep crisis, I rebalanced half of my FCT holding to get stronger yield from other beaten counters after Ex-Rights. Subscibed a large amount of FCT rights shares in excess. This fill back some of those I sold at much lower price. This scenario seldom happens for this class of reit due to market was beaten down. People who has cash want to buy other heavily beaten down stocks. Those who don't have cash at that time, could not re-balance or borrow more to buy the rights. On hindsight, I should have applied even more.

FCT is my best performing Reit YTD for a low yield reit. This gives another lesson that in returns wise you can achieve greatness without taking much risk.

Cheers.

Cory Diary

2025-0504

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Cory Diary : Net Worth update

Quick check, 4 months since i last updated. Quite an amount of the equity investment recovered. Some of the major expenses are also captured. More to come ... . I thought is a good time to take a good look at where am I on Net Worth specifically since I have retired. In absolute -1.3% YTD. Which is still ok considering the On-going Tariff War. It can be much worst. The strategy to remain focus on dividend returns play a key mental support role I guess. 

Re-balancing

So the good news is from the recent tariff sell down, there is not much worry from my side. I still do sizeable manevour to mitigate and taking opportunity on equity side. As you can see from the chart, a dip and a rebound. On the US market side exposure, peanut butter strategy seems to work well for me and changes are in that direction. Effort wise is minimal.

One point to add is that recent sell-down by Mr Market helps to futher increase my annual dividend return without much new fund allocation. I do this by re-allocation of equity and some funds buying lows from investment accounts. I realised investors for some reason will just keep selling down stocks even when the fundamental of the companies are strong. They could be on margin call, leverage fear, or maybe insitutional actions. God Knows ! Ofcourse we need to have standby Warchest or additional funds to take advantage of it. 

Expenses

Few critical expenses like child private school fee and tax allocation especially are considered. I have also decided to remain about 4 years of family expenses in low yield returns. There is plan to increase my rental income. This is still in work-in-progress. If successful, would help to cover my annual family expenses firmly. Other new expenses are two new term insurance which i feel needed. This is mitigated by paying slightly higher on monthly basis.

Format

For future reporting, I am considering to simplify the Net Worth Chart as I realised stacking line chart seems not as intuitive. I need to find time away from my growing personal allocation to gardening .... . My latest assignment ... or hobby.

Cory Diary

2025-0503

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Cory Diary : Trade War - CheckMate Day 4

When Trump started the Trade War in his 2nd Term, Canada and Mexico were the primary candidates. What most did not notice is China got hit 10% Tariff without any discussion. When the tussle began within Amercas, China got hit another 10% and again without any discussion.

When comes to political and values alignment, China is a party communist regime who always try to undermine USA in everyway they can. Europe, Canada, Mexico or rest of Asia are mainly democratic countries. Everyone trades with USD currency. 

When Canada, Mexico and EU and most countries accomodate for negotiation, Trump moves against China. His primary target. The way Trump or Vance communicate, clearly there is no plan for credible negotiation. In fact, there is no need. The pace it escalate the tariffs later on are no-brainer. He has check-mate the Chinese. Trump can play this game how he likes it now.

CCP is in precarious situation. Will it ends with a better world ? My portoflio remains. Stay out of China. Is not just an economic issue. Is whether USA remains the only Superpower in the next 100 years. Trade War maybe just another misnomer on hindsight. The only thing holding USA back is itself.

Cory Diary

2025-0418

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Cory Diary : Tariff Crisis Day 3 Correction Phase

The global market has entered a correction phase, marked by a significant decline of about 20%. This downturn is not solely driven by economic fundamentals but also by geopolitical factors, particularly the ongoing U.S.-China trade tensions.  This escalation highlights the challenges faced by investors in navigating such a volatile environment.

China Will Lose Scenario

From the communications so far, it appears that Trump's strategy involves isolating China economically. China seems aware of this approach, which complicates the possibility of reaching a trade agreement. The U.S. has signaled to other countries not to retaliate, suggesting that any nation not aligning with U.S. policies could face significant consequences. This dynamic suggests that the conflict may not escalate into a full-blown trade war involving multiple countries, as China might bear the brunt of the isolation.

Quick Result

In this phase, Trump is likely to seek quick results, potentially through simplified agreements with willing parties. Countries like Singapore might capitalize on this opportunity by negotiating favorable terms. However, nations seeking more exceptions could face delays and less favorable conditions. The urgency to achieve these agreements means that the bar for negotiations will be lower, and time is of the essence for all parties involved.

Trading Plan

Given the current market conditions, my strategy involves pacing my investments carefully. The plan is to expand my portfolio's dividend yield by rebalancing from safe stocks to those that have been sold down. This approach is particularly beneficial when fully deployed, but it requires careful attention to diversification. While it's tempting to focus on high-yield blue chip stocks, maintaining a balanced portfolio is crucial. The pace of investment must be measured, as the downtrend could be prolonged due to unforeseen scenarios.

Cory Diary

2025-0412

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Disclaimer: The articles presented in this blog reflect personal opinions and are intended for informational and sharing purposes only. Not responsible of errors. Readers are advised to seek professional guidance when making financial decisions and should take full responsibility for their choices.

Cory Diary : Tariff Crisis Day 2 Preparation

As expected, after capturing the financial status before Day One of the Reciprocal Tariff impact, the portfolio immediately turned negative on the first trading day. Changes made included rebalancing funds internally and eliminating non-core stocks. Portfolio snapshot here.

Yesterday, the portfolio ended with a -2.9% YTD return, mainly due to exposure to the US market and the impact on banks. The US-traded BABA also dropped steeply, which likely signals that the Hong Kong market may follow with further selling. This could imply that Singapore banks will continue to be sold down due to regional ripple effects.

Historically, steep sell-offs tend to bottom out only after even safe assets are impacted—often because investors need to raise cash or seek safety. Hopefully, we won't reach that level, but it would indicate a more secure bottom if we do. Now, we watch to see how many countries align with the trend—likely most will, except perhaps the EU and China.

Day One Actions

Rebalanced portfolio with increased allocation to banks due to the sell-off, while REITs held up well.

Raised additional funds by selling more REIT shares.

Day Two Actions ( Opportunistic )

Dividends Expansion Plan

This step requires tapping into new funding sources. Often, even when we have the net worth, much of it is locked up in insurance, pension funds, living expenses, loan allocations, emergency reserves, etc. In my case, I've even pre-planned 5 years of funding. Coincidentally, this mirrors Suze Orman-style guidance—perhaps a reflection of a retirement mindset, where we no longer rely on active income.

I planned this 5-year runway around my loan repayments and compounding passive income, which helps balance out expenses. Everyone’s situation is different, but I’ve found 5 years to be a solid benchmark for myself.

Based on that, the funding I may free up is roughly 26% of my current equity investment value. I plan to break this into five tranches. Once fully deployed, I hope to increase my annual dividend by 50%, which would be a strong stretch for this funding.

We could end up in a situation of large capital losses, but significantly increased dividends through averaging down. Mentally, one needs to be ready for this. Of course, if we get a V-shaped recovery mid-way, averaging up will feel much better emotionally.

What's missing? A watchlist. I've been struggling with this, and it will now be my priority.

There’s no plan to further invest in the US market at this point; any growth there will come organically. There may be a rebalancing from TLT later.

For now, hold tight!

Cory Diary

2025-0405

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Cory Diary : Portfolio Updates

Like to take a snapshot of the portfolio with the reciprocal tariff implementation effected. 

Key Changes are

1.    Clearing of Ascendas Reit

2.    Increase of Mapletree Industrial Reit

3.    Rebalance of some OCBC for DBS

YTD XIRR 1.1% which is more than 3% behind STI. The weaker performance is mainly due to US Market exposure. The impact is larger than S&P500 due mainly to Magnificent stocks. Allocation wise is low double digits of the portoflio.

The Strategy remains is to hedge the portfolio against different segment of the market. Reit vs Banks vs US. In-addition outside this portfolio, other than fixed incomes, is the recent addition of Gold against some foreign currency. This is quite new so more like testing water. I did some new ground on TLT earlier and this also help to hedge against US Market volatility. Which can become vital bullet should I need to average down on US stocks.

How will the Tariffs scale of impacts be like .... I am still unsure .... maybe it doesn't matter as long we focus on the business and ensure we have bullets to buy low.

Cory Diary

2025-0403

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Cory Diary : Q1'25 Equity Performance

Quarterly performance review is not something i do often nowsaday. There usually needs to be motivation behind. We end the week with large volatility in the US stock Market. Big Tech got hit pretty bad and it could be a good thing considered the valuation is rich. Where there are low valuation out there, in a rich market under correction mode, everything typically get pulled down.

To cut the story short, Tariff War has been going on dragging the market into uncertainty and this result the market pulling back largely. In my opinion, I don't really agree to the opinion that it will be self-inflicted damage on inflation else the other countries won't be retaliating. When import from a country gets expensive, consumer will look for cheaper alternative. And this will be reduced demand for goods from tariffed country. So the impact is definitely large on them. Unless there is specific goods or services that has monopoly which most are essentials by America such as Netflix, Google, MS Office, Windows etc. Ofcourse this are't physical stuffs that can be tariffed.  This left with item like food, automobiles, commodities and this are areas which I think is what Trump wants. To bring back manufacturing through balance trade.

For Q1 my performance like last year has seen early deep dive and then recovery. Whether it will be strong later is yet to be seen. While the US exposure is relatively small and investing in Treasury helps some in understanding the market situation better, the tariffs reduces the sentiment to reduce rate cut quickly. This can also be seen on the rising Gold prices as safe haven. Interestingly, we don't see much strength in USD.

There is also no renew AI story interest to push the market forward this time after Deepseek saga. It looks the market has finally encountered too much headwinds. The macro situation looks like high rate is here to stay for a while and we shall act accordingly to our plan. Meantime, Warchest is something to watch for me.

Cory Diary

2025-0329

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Cory Diary : Applying Stock Trends to Expenses

In retirement phase, there is no active income. We can well manage our portoflio to grow our passive income. However, this aren't useful if expense is not kept in-check. Often we hear about trailing or leading 12 months performance of a stock. What-if we are apply this with our expenses.

From above Chart, we got an interesting trends early on what's our expenses be like on annual basis on monthly data collected. What is more shocking to me is when i try to get the average increase on this YOY trend. The answer is 12.4% ! The last 2 months on YoY expenses is coming down. Hope it stays there.

This Chart is more interesting. Even with expense curbed, it is still at high. Just slower climb. And this remind us the similar story we see in inflation data. The only way for inflation to come down is recession. Fortunately, for expenses we just have to cut. Austerity Measure ...

Cory Diary

2025-0323

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Cory Diary : Term Policies - Insurance Series

In my earlier article ( here ), I mentioned a return policy that refunded a sizable amount of money after more than 27 years. This cash has become handy now as I can deploy it as part of my overall passive income or for emergency needs. Additionally, the insurance element was minimal, and surrendering it has reduced my monthly payment outflow.

Portfolio Growth

Over the next 10 years, I aim to see growth in my equity portfolio, which primarily focuses on dividends. As I approached age 55, one of my key concerns that could derail this plan—aside from investment risks—is my health that requires substantial money. While I currently do not have any significant health issues I need insurance to manage this risk. Unforeseen events such as death could still impact my family's financial stability. However, this would not place a heavy burden on my net worth.

Term Insurance ( No Saving Element )

Since my children are still young and my partner is not yet well-versed in managing investments, my family may not be ready to handle the portfolio independently for the next few years. To address this, I plan to secure insurance that can help defray medical costs. Fortunately, I do not have any major health conditions that would prevent me from obtaining new policies. Recently, I secured two additional term policies: one focused on critical illness coverage until age 85 and another offering more comprehensive coverage for a limited period (customized to age 70). While term life insurance is not cheap at my age, buying early could have helped reduce costs. However, considering total expenses and priorities earlier in life—such as life insurance and housing—I believe it was a reasonable trade-off.

Next ...

Next, I need to list all my insurance policies and simplify their details so that my partner can manage them easily if something happens to me. Frankly, there are quite a few details about my older insurance policies that I only recently learned myself. Many of these policies are managed through CPF deductions, which are beneficial but somewhat unfamiliar to me. Especially those private Insurances that deduct using CPF funds.

Wish

My wish is for CPF to make the process even more seamless by enabling better insurance nominations and offering customized individual benefits details within CPF, and monitor/claims through CPF instead of doing on our own, with the private insurance. In the past, I lacked the time or inclination to address these matters; however, now that I am retired, I have started working on them. This task is already halfway done.

A Sharing of My Learning Journey... please dyodd.

Cory Diary

2025-0316

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Cory Diary : Income Streams 2025 Plan

Most family has limited fund to invest to generate enough income streams to cover annual expenses for retirement. Unless we are born with silver-spoon we cannot afford to park all our fund into low yield returns. 

There needs to strike a balance betweem various insruments, dividend investing and probably growth stocks to seek much larger return to cover needed expenses vs risk. Even with that there likely be situation some may still need to work part-time to supplement better lifestyle.

Cory Diary

2025-0302

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Cory Diary : Performance Mar 25

Shocks be-fitting President Trump Style. Argument in Oval Office. What cannot happen ? It looks to me President Zelensky got triggered by Vance comment which precipitated into verbal hostilities.

These people are not sensitive of their words at all. I want to give a Pass to Zelensky. Many Ukrainians killed. Do we have to belittle other country in serious trouble especially to an ally in-front of entire world ? They aren't sinccere in helping Ukraine at all. What a way to make friends. If this continues, Rule Based Order is Dead and the implication is many. On another perspective, are they acting ? It seems so surreal.

We know Putin aren't enjoying the War either. There are even more Russians killed or maimed. But he can't stopped without "A Win" unless he want to walk the path of Saddam or Gadaffi like most dictator fate. So Putin probably aren't clapping over the Oval Office Saga.

So Feb ended with a downward bang .... 

Thank You Trump and Vance.

Cory Diary

2025-0301

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Cory Diary : Making Sense on Tracking Expenses

Over the decades i do quite a few attempts to track expenses. None of this works well because it requires alot of work and therefore I only do them briefly. Now, I have fine-tune much simpler way to collect expense data in-which I like to share.

Regardless using ATM or Credit Card Payment or Giro or .... they are recorded in the saving account. This includes salary, dividends, transfers etc. Therefore the data is already there. There is no need to manually replicate data into another tracking app.

On a regular monthly or bi-monthly basis depending on your bank search limit, we can download the information into Excel. Tag those with high expenses and those that aren't expenses. Usually different columns. Is that simple.

Afterwhich, play with the data as you wish in Excel.

The effort only takes like 15 min to 30 min depending on individual specific needs. For me, I will combine all the data into an excel tab for the entire year. And break them into monthly grouping. I also have remark columns for specific situation for example credit card is usually lump sum payment. So I would look at the card statement, and add remarks on key expenses. One thing to watch is to single out non-expenses or transfer to another saving, investment accounts etc.

Once the data is cleaned, we can investigate how to manage our expenses better. Ofcourse you can use this to track different income or returns.

A sample of Year 2024 Expenses. Ofcourse there is no decrease ....

Cory Diary

2025-0223

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Cory Diary : Insurance Policy Returns

In my early article, decided to surrender my GE Dynamic Prolife with Cash Policy. It has been with me for more than 27 years. I originally planned to surrender it years ago but was tied up and other constraints. Finally, I am able to do it this week due to ability to do it more effortless now. GE has improved their process.

I am one of the sceptical guy who is worried what I will get when the policy surrendered as it will be too late to find out on surrender. Well, I finally got my answer this week. when i submitted my request and into my bank account. I kept records of most of the transactions. So able to do Return assessment roughly.

My XIRR returns is about 3.93%. If I have surrendered earlier by about 2.5 years, rough estimate assuming deducting away 2.5 years of premium, maybe about 4.2%. All this numbers are done quickly with my limited time and knowledge. Please dyodd and consult your own FA. Uncle is newbie when come to Insurance.

Compared to T-Bills, SSB and FD, this looks ok imo. Is a long 25 year wait but seems worthwhile if we considered this period. In-addition, that time 27 year old me don't even know about Stock Market. And today I have a sum to make this money work for me further.

Maybe I should include this as an achievement ?

Cory Diary

2025-0216

CoryLogics Invest Chat - No Coin, No Porn, No Penny

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Disclaimer: The articles presented in this blog reflect personal opinions and are intended for informational and sharing purposes only. Not responsible of errors. Readers are advised to seek professional guidance when making financial decisions and should take full responsibility for their choices.

Cory Diary : Portfolio Updates

One of my key goal is to keep increasing my dividend income to cover expenses while hope to manage some growth through US Market. Therefore, the final holding in US market will be settling towards growth direction. For dividend income side, mainly SG local market specifically focus on Banks and Reits. 

US Treasury Bills ETF

Recently, I have tested out US Treasury 20Y and 10Y ETFs. The dividend distribution is monthly. Unfortunately, there are 30% withholding. As I understood, there maybe tax refund later by brokerage counterparty. This to me is not a sure thing so i will continue to monitor. At the same time, I decided to sell away 10Y treasury bill stock. I realised is not needed for my situation. I am not sure what to do with the USD cash yet.

Currently, 20Y T-Bill gives 4.7%. In good times it can been as a market buffer during recession period. The only down side is the USD Currency and because it is ETF, there is no date limit where capital will be returned to me in full if I wait long enough. To work this strategy well, my allocation may need to be larger. At the same time to boost my total dividend income.

Banks

Decided to push for more allocation with fresh fund availability. I just surrendered my GE Policy (Endownment) and could allocate some to it. The Banks yield are tempting. I will need to further study the implication and robustness of my decision. To add a special note, I plan to add Critical illness so is not going without insurance.

There are some concerns by an influencer on recent DBS result. One of the key point is that Q4 result is weaker than Q3. If we look at previous year Q3/Q4 comparison, there is also similar pattern. So it doesn't look like a concern to me. Probably some banking cycle going on or fluctuation between quarters. However, the Q4 result is much lower than Q3. About 13%. I look for pattern swing in prior quarters and this does happen. So is not conclusive. Based on the 6 cent increase and the quarterly 15 cents capital return, this seem to indicate to me the management is not worried.

There is also another concern raised on rising cost/income hiting 40% if we look at each quarter trend. However, YOY comparison seems ok. Q4 is likely a period the bank give rewards to employees and the size likely much bigger than typical years due to the strong banking returns. So again is not conclusive. I will probably investigate further before adding more into banking stocks. Is something I am eager to do as this will address my dividend income shortfall and portfolio growth over time.

SG T-Bills

Increasing my allocation sizing laddar continuously. This is to further increase my buffer in case there is significant draw down at the bank side in which I plan to hold long term. I find SG T-bills much harder to track so is not displayed in my Equity allocation. Same for SSB not in Equity allocation too. Their update frequency is too much. However, I want to to show all their allocation and this probably best resides in Networth Asset allocation.

That's all folks.

Cory Diary

2025-0215

CoryLogics Invest Chat - No Coin, No Porn, No Penny

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Disclaimer: The articles presented in this blog reflect personal opinions and are intended for informational and sharing purposes only. Not responsible of errors. Readers are advised to seek professional guidance when making financial decisions and should take full responsibility for their choices.

Cory Diary : DBS Investment thoughts

As you may know, DBS has just released its results, offering another amazing reward to shareholders. DBS is currently the largest allocation in our portfolio for the local market. Here's a summary of the rewards.

Quarterly Dividend Increase - The dividend has increased by 6 cents to 60 cents per share, implying a potential annual dividend of $2.40.

Future Quarterly Special Dividend - There will be a future quarterly special dividend of 15 cents per share for 2025 ( updated 2/16 - and assuming can last three years).

Three years indeed a long time, so it's not unfair to say that the annual dividend income could work out to $3 per share. At stock price of $45, this translates to a yield of approximately about 6.7%.

In DBS's latest quarterly report, full-year earnings were approximately $11.4 billion. The sustainable regular dividend ($2.40) accounts for about 60% of earned income.

DBS' book value has shown an increasing trend despite recent bonus shares and strong dividend distributions; theoretically, around 40% could be reflected in book value growth (though how much effectively flows through remains uncertain).

Does this meet a Wonderful Business Model ? 

Cory Diary

2025-0211

CoryLogics Invest Chat - No Coin, No Porn, No Penny

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Disclaimer: The articles presented in this blog reflect personal opinions and are intended for informational and sharing purposes only. Not responsible of errors. Readers are advised to seek professional guidance when making financial decisions and should take full responsibility for their choices.