Thursday, May 30, 2019

May 19 - Portfolio & Networth Update

No. of Shares
Market Price (SGD)
Total Value (SGD) based on market price
Allocation %
Netlink Trust
Far East Hospitality Trust
Ho Bee Land


Sell in May and go away.

This month has been a brutal month as we see increased risk volatility in the market due to the US-China trade war, which pushed most major indexes and sectors down.

STI is now back to the 3,150 level, which I deemed as attractive. Still, it can always go lower for as long as the risk remains.

You can see from my portfolio that I made more sell than buy transactions during the month.

It was done as part of the strategy to be nimble as I was almost fully invested in the previous month, since there are other more interesting sectors to watch out for and I wanted to take on a more risk-on attitude with some sectors dropping near my target buy level, such as banks.

The first thing I sold was First Reit, which I divested in full at $0.98 after the company went ex-dividend (I will be entitled to the dividend). This was a recent purchase which I made not too long ago back in March so the ROI on this is a slight gain, almost flat if you consider the commissions in and out.

I also divested my biggest holding in Starhill Reit at $0.75, again after the company went ex-dividend (I will be entitled to the dividend) as part of my strategy to conserve cash and go risk-on mode on banks sector later on. Like First Reit, this divestment was not a fundamental issue with the company but an overall balancing strategy with the situation going on, and thus a decision was made.

I also divested my recently purchased holding for Keppel Infra Trust at $0.47 for the same reason, hence I won't repeat it again.

Last but not least, I had also divested all my holdings in The Hour Glass on the immediate day after they announced their full year results. In fact, earlier this month, I managed to double up my position on THG but the full year result thesis did not work out as expected.

Nevertheless, I will share my compilations of research on THG in the next posting for future reference which I will continue to keep a close look out on.

With most divestment, my portfolio is essentially left with Vicom and Netlink Trust as the two major holdings, with Far East Hospitality Trust and Ho Bee Holding taking up consolation third and fourth places.

Warchest has gone up drastically, and now suddenly I am looking at influx of cash amounting to 55% of the overall portfolio. 

Since I am closely eyeing on banks and companies like Genting and HK Land, which I previously shared, I am sure the capital will be allocated sooner than expected, especially if the Trade War escalates.

Networth Update

The portfolio, while defensive in nature, did not survive the onslaught from the Trade War as it sees a dip this month.

The overall networth of the portfolio dropped from the previous month of $932,505 to $918,285 this month (-1.5% month on month; 27.3% year on year).

The portfolio shed around $14k in value overall.

This also means that my trend of 16th consecutive record increase month on month is also broken, ending the momentum this month.

In terms of returns year to date, the portfolio is still beating the index by a margin so I think the overall impact drop in index is more felt than the drop in the portfolio.

I guess there is no need to hit the panic button just yet.

When the US and China sneeze, you can't help but catching some sort of cold regardless how defensive your portfolio is.

But this also spells for opportunity in the market to capitalize when you see some mispricing that happens.

I hope that opportunity will come soon, and I will be sure to be on my alert to capitalize on it.

Thanks for reading.

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Wednesday, May 29, 2019

The Day We Turned From Green To Red

No, I'm not talking about my portfolio, that would be extremely sad.

After 24 years of residing in Singapore, I finally had my Singapore citizenship transition done, approved and granted.

I had applied them together with my immediate family members so all of us were granted the citizenship and we turned red together.

This afternoon was the second last agenda as we were presented with the Singapore passport.

When receiving them from the ICA officer, I had a lot of emotions that run through my mind.

It was a feeling of happiness and gratitude as I looked back at how far we've come to get to this stage.

For years, I have been in and out of the ICA for countless times, maybe more than 100 visits in total, as I looked to renew my student pass, then dependant pass, then employment pass, then the permanent residence and now finally the citizenship.

Our profile wasn't the easiest and most direct to qualify for the application and it is incredibly hard to get to this stage that it is hard to dream that we finally succeeded.

With this decision we have called Singapore our home and it is a place where we think it will best suit our children's needs and vice versa.


This post, like all other journal articles relating to financial independence, are meant to be written to commemorate this moment, an important moment in our lives and one that will change the direction of our lives forever.

As usual, I'll try to document the process step by step for as much as I can remember so it will help those who are applying with some information they can find.

Below are the details:

Singapore Citizenship Application

Make appointment online for intent to apply for the Singapore citizenship (Aug 2017).

The next available appointment is 6 months away, so we managed to get the appointment only in Mar 2018.

We went to ICA to submit the application form with all the necessary required information (payslip, notice of assessment, education cert, marriage cert, etc) and pay $100 for each person using NETS/Cashcard.

We waited for a long time, exactly 12 months before receiving a notice in Mar 2019 that we were accepted!

Note: Approval in-principle outcome letter by post (usually between 6 to 18 months after submission of the application).

Accomplish tasks (within 2 months):

Singapore Citizenship e-Journey (can do later, book the other 2 tasks first).

Singapore Experiential Tour (book quickly as slots are quite limited for the next available).

One of the experiential visits I have to complete

Community Sharing Session (book quickly as slots are only once a month) 

Next, arrange an appointment date for citizenship registration with ICA (can change date up to 5 times).

Next, make an appointment with Notary Public lawyer firm to help you declare your intention to renounce your original citizenship renunciation (in our case, it's Indonesian). 

You will be asked by admin staff to sign a printed Declaration Letter in front of the Lawyer. Your Declaration Letter will be sent to Singapore Academy of Law (SAL) for legalization. (Overall fee was $176.75) 

Document to prepare before meeting with Notary Public lawyer: 
Original and Photocopy of Approval letter from ICA 
Original and Photocopy of Current Indonesia Passport 
Original and Photocopy of Indonesia IC (KTP)
Original and Photocopy of Birth Certificate (Akte kelahiran) 
Original and Photocopy of Indonesia Citizenship certificate (SKBRI)
Original (optional) and Photocopy of Family Card (Kartu Keluarga) 
Original and Photocopy of Singapore PR

We used the public notary which was recommended below:

Public Notary address & contact no: 

Tan, Lee & Choo Advocates & Solicitors 
1 Park Road #04-04 People’s Park Complex Singapore 059108 
Tel: 6535 6077 

Collect an envelope at Notary Public after 3 working days.

Bring the envelop to Ministry of Foreign Affairs (The legalisation will be done on the spot and costs another $10 pay by Nets/Cashcard only) 

Finally go to the Indonesian Embassy in the morning to submit the renunciation forms (Those taken from notary public) together with those legalized documents. Take a queue number and go to the counter at the second floor on the right side after stair. 

You will be asked to sign one of the renunciation form with the materai at the cost of $2 which you can pay on the spot. You will be given an acknowledgement receipt after all the process is done and being asked to make payment on first floor ($32). We had trouble because we didn't bring enough cash at that time but thankfully we managed to exchange with another person there by transferring to him via PAYNOW.

It will take roughly 5-7 working days for the Renunciation Letters to be ready for collection. 

Collect your formal Renunciation Letters & birth cert from Indonesian Embassy in the afternoon.

Singapore Citizenship Registration 

Submit the formal Renunciation Letters (plus a copy of each) and 4 photos (taken from 1st floor) to ICA on the appointed date at 6th floor. 

At the first round you will be registering Citizenship, pay $70 and been given a form to apply for Singapore Passport at level 2. 

After waiting, you will be served to register your IC and pay $10. 

The last part will be the taking of the Oath. 

In one week time, you will received a Passport Collection Notification Card (that looks like a postcard), which for us is today.

The last part will be the Citizenship Ceremony, which will be in a couple of months time for us to get our IC. Meanwhile, they had given us a temporary IC to work with and bring around.

And that's the whole process and the finally long awaited result is done and dusted.

Thanks for reading.

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Tuesday, May 28, 2019

Bukit Sembawang Pays Out 22 cents Dividends - FY19 Results

I wrote an article on Bukit Sembawang some time in March recently which you can find here.

Bukit Sembawang has recently announced their full year 2019 results which impresses on earnings, with full year NOPAT increasing by 100% year on year despite taking a hit in their Q4 earnings. 

On the topline, revenue and cost of sales increased by 265% and 451% respectively as compared to previous year. This resulted in Gross Profit increasing by 164% year on year. 

This is attributed to the higher development sales for profits recognized from 8 St Thomas, Nim Collection Phase 1 and 2 and Watercove. Comparing to the previous year, majority of the profits were only recognized from Nim Collection Phase 1 and Watercove. 

There is a huge impairment loss that they recognized in the 4th quarter which bumped up other operating expenses on properties relating to Fraser Residence Orchard and Makeway View. This is quite interesting because they had only recently bought Makeway View for $168m in March 2018 at around $1,600 psf and already by the financial year end they are recognizing $10m worth of allowance for foreseeable losses. It could be that the RNAV was already lower than what they initially purchased. 

I wonder if they are doing that prudently because they always clawed it back the following year. For instance, in the previous year FY2018, they had clawed back their allowance of foreseeable losses on their development properties of $35m. 

From a cashflow perspective, it didn’t look good this year as we already know that they are buying up the two tender enbloc deals for Katong Park Towers for $345m and Makeway Views for $168m. These properties will yield profits and cashflow eventually for them so it’s a matter of time before their cashflow would ballooned again. 

In terms of dividends, I was expecting lower for this financial year because their cashflow look a bit tight but I thought 22 cents (4 cents + 18 cents) was a nice gesture from the management. It would require them around $57m to pay out the 22 cents to shareholders which will be reflected in the next financial result. 

At 22 cents, this would translates to about 3.9% yield at the current share price of $5.66 so I think it’s a decent play for shareholders to wait. 

This is assuming we are looking at the property cycle to get better. Otherwise, we should be expecting lower margins and further impairments in the future financial results.

Thanks for reading.

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Monday, May 27, 2019

Mini-Retirement [Series 3]: My Last Week Of Current Employment

To keep track on the “Mini-Retirement” series which I started a few months ago, I’ll try to update as much as possible as I can on any resulting movement and direction from the impact taken on this action. 

For those who are new to this series, the background of the story started when I made a decision to take a mini-break from my current role around three months ago by deciding to hand in my resignation for my current role, walking away without the next job lined up in hand. 

Since my plan was to take a break to allow myself to recuperate and to think about where I should be heading next on my future direction, it was imperative that I shouldn’t have anything lined up before I think properly on what is best for me. 

The goal here is to retreat a step so I can take a longer leap in the future. 

There’s no point in just going aggressive forward on things year after year, which I pretty much have done so until I was burned out. 

Still, the decision wasn't easy to make and I had repeatedly reconsider other options.

Going back to the current role, I still had to serve the usual notice period when I handed in my resignation. 

The official notice was one month but the company decided that three months was optimal and I did not reject the proposal.

Three months notice period is probably the longest time I’ve ever served in a working environment in my lifetime, and that is done purposely to allow the company to find a suitable replacement as well as to allow ample time for myself to transition over from a period of employment to unemployment. I had it also timed so that it will coincide before the school holiday starts in June, so I can start spending some quality time with my children. 

After what seems like an eternity period of time waiting for this transition, this week is finally the week that will all come to an end. 

Personally, there is something inside me that can’t wait for this week to end quickly because I think I’ve given myself ample time to prepare mentally, which is a good thing. Also, I’ve planned for some traveling which coincides with the school holiday so there is something immediate to look forward to in June. We will take this opportunity to travel around the summer so we’ll most likely be out of town for the whole period of the month. 

The challenge will be in July, when all things had settled down and the school resumes and that is probably when I can properly take a deep breath and think through things.

The other frustrating thing that I foresee will happen will be on the lack of documentation to kickstart certain things given the lack of proof of employment or notice of assessment required.

I think Chris from Tree of Prosperity has some encounters of that in his recent post on his application with his FDW and I can totally understand his frustrations.

What is the use of showing proof of salary income when you can clearly show your bank statement or dividend income through CDP that is more powerful than the former.

Knowing this struggle, I quickly submitted for my FDW application to have this settled last week, since technically I am still "employed" under the eyes of the government.

In any case, being the last week at work, this is probably the week where I’ll be doing most handover to my seniors at work and also to wind down on some of the things that used to be under my care. 

The usual farewell lunch will probably also apply and already I had a couple of appointment for lunch this week. It'll be a good time to say goodbye to the cbd area and I wonder if we had a good chance to meet again some time in the future.

Thanks for reading.

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Saturday, May 18, 2019

Reits Symposium 2019 - A Full Day Reits Event For Investors

Following my previous post on the Reits Symposium, the day has finally arrived for all Reits investors.

The event was held on level 4 at the MBS Expo Convention which has a good full house crowd they have been raving about.

They give pretty good kits goody bag once you have signed in which includes door gifts and a water bottle, sponsored by Share investor, Money 89.3 and First reit respectively. 

The event kicked off with Sgx Ceo, Loh Boon Chye, addressing the full house crowd on how the Reits sector has come a long way since the listing of the very first Reit in 2002. He particularly mentioned the success was due to Singapore being an early mover in this space, and our government putting in place an effective regulatory and tax framework.

In 2013, SGX has entrenched themselves as a true Reits hub with over 35 listed Reits and property trust and from 2014 onwards, there is on growing demand listing from overseas sponsors.

Over the past 10 years, the market cap from the reits sector has grown at a compounded annual growth rate of 22%, that's just crazy numbers.

He ended off by reminding the crowd that whilst Reits is one of the investment tool, Sgx offers a wider range of other investment tools such as stocks, bonds, etfs, warrants and dlcs.

The lunch sessions break was a good opportunities for people to visit the booth in particular talking to the investors relation of the various Reits. 

I didn't manage to stay too long in one booth as I was just browsing around the different booth at different speed to see what the booths have to offer. 

I can see there are more crowds stationed at Reits for Cromwell, First Reits and the Capitaland Group, while the rest were quieter. Perhaps it has to do with the sentiments of the Reits status itself. 

After lunch break, Uob Asset Management presented their slides which promotes their active asset funds in particular the Japan Sumitomo asset funds. This is one particular which I find it rather interesting to find out what UOB Asset funds have to offer.

They are overweight on the Japanese market due to accommodative monetary policy. They are also bullish in the Singapore sectors. 

They are underweight Hongkong and Australia. 

You can also see from the third slide below on the various property outlook they are bullish or bearish on their positioning.

The funds gave an annualized dividend yield of about 5% which they pay out on a monthly basis.

Unfortunately, I didn't stay too long as I left right after the Ascott Reit presentation.

But this was a pretty insightful event for Reits investors in a heavy-weight Reits day.

Thanks for reading.

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Tuesday, May 14, 2019

Dividend Income Updates - Q2 FY19

With all the earnings announcement finally done and underway (Netlink was the last to report yesterday), it's my favorite time of the year where I get to tally the amount of dividends I will be receiving this quarter.

Please do note that this 2nd quarter covered the period of the dividend cashflow from the period 1st April 2019 to 30 June 2019.

For readers who are new to this blog, this is a sequence of exercise that I've been doing for the past few years usually after the earnings season ended. 

This tracking not only allows me to keep abreast of any development in the payout dates and the quantum amount but also more importantly reminds me of how far I’ve come since I embarked on this journey of dividend investing which is coming to almost a decade now. 

Since we are a household of 4, the incoming dividend also comes much handy when dealing with our increased household day to day spending, especially with the current situation now that income will be bare in the next quarter due to unemployment/sabbatical period.

For those who are new to the dividend investing strategy, I'd encourage you to try it out.

Singapore has a plethora of dividend investing companies that has not only good fundamentals but also pays out good dividend yields at a decent valuation. We are also a country where dividends are exempt in the hands of shareholders because of the 1-tiered tax system.

From a shareholder's point of view, this means you get directly whatever the company announces and good companies are usually pretty generous at that.

Dividend investing also possesses an autonomy that will allow us to retire from our job one day because they replaces the cashflow from our job. This is in contrast to growth investing where you need to time your exit in order to "take the profit" eventually and find an alternative.

Without further ado, here's the dividend income I will be receiving this quarter.

The dividend income this quarter in Q2 FY19 amounted to $23,172.

I see this as a good cover for our next 4-5 months worth of expenses, and then we'll be having an income again in the next quarter and this keeps rolling on.

With Q1 being the weakest of all the quarter, this Q2 appears to be the strongest of the quarter as we have companies paying out their final dividends after resolution was approved.

With the Trade War going on and equities look like there will be a bargain once more, it will be a great time to scoop up some good companies once again.

How has your quarter been for you?

Thanks for reading.

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Thursday, May 9, 2019

Genting Singapore Ltd Q1 FY19 Results - Higher Capex & Lower FCF This Quarter

This will be just a quick update on their latest quarterly results since my last article on them which I wrote in March (here) and April (here) recently.

Genting Singapore Ltd reported its Q1 FY2019 results yesterday evening which saw topline revenue and gross profit dropped by 5% and 16% respectively to $640m and $289m.

Net profit as a result dropped year on year by 5% to $205m, which was arguably their weakest quarter.

Whilst the non-gaming business registered its eight consecutive quarter of year on year growth with higher occupancy and higher spend, the gaming business continued to struggle once again as revenue dropped by 8% year on year and 3% quarter on quarter.

The gaming business took up 2/3 of the overall business so it is imperative that this drop will impact the overall earnings for Genting.

Balance sheet continues to remain strong as the company continues to pare down their borrowings from the excess cashflow they generate and ending cash balance has increased to $4.36m. Net Cash balance has increased by about $130m quarter on quarter to $3.42b.

We know the company generates good amount of cashflow up to $1b a year and but free cash flow are coming in a bit lower this quarter at $130m, out of which $100m goes to repaying the borrowings. It seems like they are starting to put some capex for development of the new IR 2.0.

The management gave quite a bit of qualitative outlook on both the expansion of IR 2.0 as well as the competitive RFQ bid preparation for the Japan integrated resort. This is very much in anticipation of the bid proposal.

In terms of valuation, share price has dropped to 94 cents, while free cash flow has also slowed down in preparation for a higher capex, so there is no easy way to evaluate this. If we are valuing this via the earnings multiple, it will not be attractive either as it stands in the high mid teens.

In this regard, I stand by my earlier call that I think it will be attractive at the 84 cents level when TTM FCF is at 10% level. With trade war on the brink, you might just see this coming.

Thanks for reading.

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Monday, May 6, 2019

The Stock Market Crashed Today!! Admit If You Shit In The Pants Today

It’s been a while since we last hear of something negative in the markets which sent markets across the globe plunging which most investors have to face in their routine battle against the market. 

With the infamous Trump’s Trade Tariffs back with more vengeance this time, this escalation has sent markets across the globe spiralling down and dropped heavily in today’s trading with Dow Futures down as much as -450, SSE down by 5% and STI down by about 3.3%. 

The media will always use scary-sounding headlines in order to catch everyone’s attention. Bombarded by negative headlines, investors may be nervous and tempted to do something in reaction to the news. 

The first and foremost reaction for most investors on the street is to panic because it’s not something they experience often in the market and it’s never a nice feeling to see your portfolio account balance drop massively in one day’s worth of trading in the market. If you are buying part or most of your equities under the margin account, you might get a bit more unsettling than your usual self because this drop could prolong for a longer period of time while you have to bear the interest costs while waiting for your counters to recover. 

On the other side of the spectrum, there are investors who have been waiting for a pullback and they are likely to rejoice because they can finally put their capital to use after waiting for a period of time. Since they were forgoing opportunity costs all these while waiting, the issues these investors might have is when to market time it nicely such that their capital is allocated to the most optimal situation. 

But your best move is probably to keep calm and carry on with your usual activities as these kinds of market panics are usually short-lived and investing is usually a long-term pursuit. 

If you find yourself somewhat panicking a little during market’s bloodbath today, you may want to review the following checklist: 

Risk Appetite 

This is probably going to be the most basic but important exercise everyone has to assess regularly. 

Gauging the degree of risk appetite at any given point in time is highly relevant from a risk awareness perspective because hindsight episodes of decline in markets can spike general interests in assessing risk appetite and tolerance. 

Ask yourself if you are panicking because you have too much of your portfolio allocation invested in the equity market, which can generally be more volatile than the bonds or fixed income sector. If this bothers you too much at night that it disturbs your sleeping routine, then it is likely that you have vested too much interests and it is probably a good time to scale down your vested interests to a lower allocation. 

Company’s Fundamentals

This is probably also a good opportunity to do reviews on the company’s fundamentals to ensure that they are still sound. 

Depending on the event of the macro news that happen during the week, this may potentially impact the future earnings of the company as the company’s valuation may depend on it. 

For instance, the tariffs imposed on Chinese goods means that it will cost more to import Chinese shipment to the US which will impact the profitability margin as well as demand for the goods. 

Stick To Your Game Plan 

The general rule of thumb in investing is always to look at it from a long term view. 

Thus, it is imperative that investors continue to look at downturn as an opportunity to add to their positions and not succumb to fear because good companies will always recover when the market eventually rebounds back. 

For instance, if my goal is to ultimately amass an annual dividend income of $100k/year, then it makes sense for me to focus primarily on the cashflow earnings of the company and ignore the daily gyration of market prices. Even better, if the company gives out the same distributional payout but is now cheaper in price, then it makes more sense to add on to the portfolio in view of the longer term advantage. This becomes a problem and will always be if market timing is a factor to consider. 


While most investors say they’ll continue to hold on to their investments when there’s a sharp downturn and many even say they’ll add money when their investments go down, data often tells a different story. As the market downturn escalates, you’ll see more people selling in order to “get back in” later at a cheaper price. This behavioural bias has and will continue to be around for as long as there are volatility in the market. 

In any case, I think that it is good that we have a stress test like what we have today in preparation for a bigger meltdown in the future. If this prolongs for longer period of time, then this could become real interesting to assess.

Thanks for reading.

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Wednesday, May 1, 2019

Why I Am Delighted With The Revised DBS Multiplier Changes

Savings have been an integral part of our approach towards financial freedom since we started working 12 years ago. 

There are many competitive savings accounts in the market that are giving out decent interest rates and meeting various needs of the consumers. 

When DBS Multiplier Account was first introduced in 2014, I quickly made the switch to park most of my emergency funds and investment warchest into the account.  

Back then, my criteria was simple. 

I needed a savings account that can reward me with the best return yet was flexible with the criteria such that I could easily meet them. 

In 2017, they changed their criterion with regards to the salary credit with no minimum requirement. This means regardless of how much you are earning, you are eligible to satisfy this criteria for as long as you have a salary credited as an employee. I like this because it caters to those who’ve started working and the bank wants you to stick with them and grow together as you progress in your career later on. 

Their next criterion hinges upon the number of categories that you can hit depending on your stage in life. The bank’s strategy is to have you to grow your life journey with them. The more bundled package you sign up with them, the higher interest return you will be able to get on your savings.

P.S: For more information on the specific terms and conditions, please read on the FAQ on the DBS Multiplier website which explains what works and what does not.

My Own (3Fs) Experience

For myself, this fits perfectly into my plan at this stage of my life as I am able to satisfy the majority of the categories. 

Other than the salary credit which I have it with them, I also own the DBS Altitude card for my miles accumulation project as well as the POSB Everyday Card for our day to day spending which gives decent cashback and rebates. 

For my investments, I also opened a Vickers account to transact some of my bigger trades that require a CDP account. I have to admit that I do have multiple brokerage accounts with Lim&Tan and Standard Chartered Bank as a preventive measure in case I needed to sell some positions urgently.

Last but not least, I have changed my current home loan to DBS home loan which gives me the best rate so far among the many others I’ve investigated. 

With that, I have unlocked the “Salary + 3 Categories” on my savings account which yields me 3.5% on the first $50k savings I have with them. 

While I am happy that I am able to earn 3.5% risk free on my savings, the $50k amount that caps the bonus interests means that I am only able to earn a maximum of $1,750 interests in a year while anything above $50k will be based on base rate. 

I have problem with this because my emergency funds and warchest combined usually exceeds $50k so I have to source for an alternative to park my savings.

The New Changes (effective 1st May 2019)

With the new changes effective 1st May 2019, the Multiplier account will increase the account balance to $100k, which spike interest I am so happy about. 

The new step-up interest comes with a stricter requirement as they want consumers to take on more lateral interests in satisfying 3 or more categories to earn the higher step-up interest. 

I have no issues with that because I have already satisfied that requirement even prior to the changes. 

Obviously, as a bank in their position, they also want consumers to step up the volume transactions so the reward is staggered in such a way that yields the most returns if consumers can transact $30k or more in a month. 

The maximum effective interest rates on the new revised multiplier changes is now 3.65% on the first $100k, which means if you have $100k balance in your account and meet all the criteria, you stand to gain an interest of $3,650 per annum.

Do You Know?

You may think that it’s near impossible task to be transacting more than $30k per month but let me give an idea or two on how you can increase your transactions with the strategy I did.

The first is by strategizing your investment category through crediting of your CDP dividends into the Multiplier account. For someone who’s receiving an annual dividend income of about $30k per annum based on 5% yield on a $600k capital, this can add up to about $2,500 per month.

If you are one of those who regularly allocate capital into the market to purchase equities every month, this would also qualify your purchase into the total transactions assuming you are using DBS Vickers online trading platform.

If you are looking for a life insurance coverage to supplement your other insurance policies on hand, you can also consider purchasing them from DBS/POSB and the premium you pay every month will be counted towards the total transactions.

The Multiplier account is also one of the more rare savings accounts that recognizes joint salary credits. That means if you and your spouse open a joint account and have both your salary credited into the joint account, the total combined would count for the total transactions.

Adding all of the above strategies, your total transactions would likely hit above the $30k requirement. In my case, this is how it usually adds up (range):


The main reason why I am using the DBS Multiplier is because their requirements fit into my plan at this stage of my life. 

That doesn’t mean the other products are worse when compared to the Multiplier but they weren’t a good fit to my lifestyle at this stage. 

For instance, the UOB One Savings Account has less stricter requirements with only credit card spend above $500 and 3 GIRO payment but rewards consumer with lower effective interest rate of 2.44% on their first $75k (staggered every $15k). 

On the other hand, while the BOC Smart Saver (effective 1st April 2019) has high effective interest rate return of 3.55% on the first $60k, their requirement on the salary credit needs to be above $6k and credit card spend to be above $1.5k per month to qualify for the higher bonus interests. This is clearly catered to the middle income class who’s earning above the median and are heavy spenders on their cards. 

It is best to review each of the requirement holistically because they cater to different needs of different people who are in different stages of their lives. 

For me, I’ll stick with it for now because the revised Multiplier plan just makes it more attractive for me to stay on.

This post is written in collaboration with DBS but all opinions are solely mine.

Thanks for reading.

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