TJJ Learning Journal | Dividend Investing for FIRE

 This article was written with reference to DBS Media Briefing Transcript and Analyst Call Transcript for FY2025, which can be found at https://www.dbs.com/investors/financials/quarterly-financials During the DBS Full Year 2025 earnings call, CEO Tan Su Shan described the year using two specific words: A "Perfect Storm." She is entirely correct about the macro environment that our Singapore banks had to operate in. Benchmark interest rates (SORA and HIBOR) crashed by almost 2 percentage points. The Singapore Dollar remained brutally strong, hurting the translation of foreign earnings. Finally, the new 15% global minimum tax kicked in, slapping the bank with an additional SGD 400 million in tax expenses. DBS headline net profit fell 3% to SGD 11 billion. But if  you look at the actual operating engine, pre-tax profit rose to a record high of $13.1 billion . Total income grew 3% to a record $22.9 billion .  Deep Deep Deposits When interest rates drop, the textbook resp...

Writing this with reference to the Earnings Call Transcript posted here: https://finance.yahoo.com/quote/UOVEY/earnings/UOVEY-H2-2025-earnings_call-415512.html UOB just released its Full Year 2025 results, reporting a net profit of SGD 4.7 billion . Operating profit saw a slight 4% dip to SGD 7.7 billion . Here is my breakdown of the latest earnings call, and why UOB remains a core position in my portfolio Falling Rates But Rising Fee Income The market priced in severe NIM compression this year, but UOB's margins have proven stickier than anticipated. While full-year NIM settled at 1.89% , the downward trajectory has slowed. In fact, Q4 NIM ticked up to 1.84% (from 1.82% in Q3) , and management noted that as of end-January 2026, the exit NIM remains stable at 1.82% . This resilience is a direct result of active funding cost management . UOB successfully drove double-digit CASA (Current Account Savings Account) growth in its wholesale banking division . This influx of cheap deposit...

 I believe that there is a common mistake when people are making their retirement plans and chasing Financial Independence. They try to find the "one perfect asset" that will fund their entire life. They want the CPF to do everything, or they want some investment products to do everything, or rental properties to do everything etc. As an investor, I don't believe in relying on a single pillar. If that pillar cracks, the entire roof comes crashing down.  I view my passive income and simple retirement plan like a Kueh Lapis. It needs to be built in distinct layers. Each layer has a different texture, a different risk profile, and serves a completely different mechanical purpose. If you are just relying on one source of passive income, you are missing the structural integrity that comes from a fully stacked income plan. Here is the blueprint for the 4-layer architecture I am building toward. Layer 1: CPF LIFE Risk: Very Low. Liquidity: Zero (until 65). The Purpose: This i...

For the last decade, the narrative was "Sell Singapore, Buy America." The US had the growth, the tech, and the excitement. In 2026, I believe the script is flipping. While the West deals with a myriad of political drama, the Singapore market offers sanity, stability and strength. The Valuation Gap Right now, the US market is priced for perfection. The S&P 500 is trading at a premium that assumes nothing will ever go wrong.  Singapore, however, remains fairly priced. Taking an average P/E ratio of the STI gives us around 16.8 at today's prices, while the S&P500 sits at a P/E of around 28. The valuation gap is glaring and investors must tread carefully to avoid companies that cannot justify their lofty valuations with earnings growth.  What remains even more compelling are the dividend yields offered by stocks in the SG market. Many blue chip companies and REITs offer attractive, sustainable and growing dividend yields of 4-6%. Investors in these companies are paid ...

I recently had a conversation with someone who mentioned something along the lines of: "You are 23. Why are you reading annual reports? You should be studying, networking and partying instead." He could be right. I could save time by doing automated investing and earning average returns. But I don't invest just for the returns. I do this because I enjoy the process . The Learner's Mindset I don't view my time studying the market as "work" trying to generate Alpha. By reading into companies and analyzing their financials, I am gaining a wider picture of how Singapore's economy functions. I am learning to read analyst reports, understand balance sheets and follow business news. These are skills that I hope will help in my career and any business I take on. I will have a certain level of business acumen that other Computer Science students may not have.  It's Not An Expensive Hobby Some people pour plenty of hours into hobbies like Golf or Gaming.  ...

For the past couple weeks, it felt like stocks only knew how to go up. Prices drifted higher and higher on holiday optimism. But looking at the screens this week, the holiday is definitely coming to an end. Geopolitical tensions are flashing across the news ticker again. The market is remembering that the world is actually a messy, complicated place. I took the chance to accumulate some defensive positions in my portfolio. The Value Play, UOB : Everyone loves DBS and OCBC right now. But as an investor, the price tag matters as much as popularity. I picked up shares at $35.87 this week, seeing that it trades at a relatively lower price-to-book of 1.17 while offering an attractive dividend yield. UOB offers a margin of safety while remaining a blue chip company with solid business fundamentals to remain profitable and survive a financial crisis. Great Eastern : Trading at a P/E of just 7.3, this is a classic "defensive" asset. It is cash-rich, boring, and pays a reliable divide...