Dividend investing isn’t just about grabbing the biggest payouts you see.It’s about building an income stream that actually grows as your life moves forward.A good dividend portfolio doesn’t get a case of the jitters when the market swings up or down. It keeps steady. Whether you’re new to investing or fine-tuning things for retirement, these five rules set you up with a portfolio that goes the distance.Rule #1: Focus on Dividend Growth, Not Just YieldBig yields look tempting, but they usually mean more ris ...

Core Insights - The current market environment is characterized as a "golden age of active investing," driven by mispricings and opportunities in smaller market cap securities and international stocks [10][14][61] - There is a significant disparity in market capitalization among the largest companies, with some reaching valuations of over $4 trillion, while smaller companies like American Airlines have market caps around $15 billion [12][13] - The focus on free cash flow yields is emphasized, with many large-cap tech companies exhibiting low yields compared to smaller or undervalued companies [19][90] Market Trends - Active investing has gained traction since 2020, largely due to the dominance of large-cap technology companies and the distortions caused by passive investing [10][11] - International markets, particularly in Europe, have shown strong performance, with the Italian ETF up 52.7% this year, indicating opportunities outside the U.S. [14][57] - The S&P 500's P/E ratio is currently around 31, which, while high, is not unprecedented compared to historical peaks [35][36] Investment Strategies - The strategy of being contrarian is highlighted, suggesting that investors should look for mispriced opportunities and consider free cash flow yields as a critical metric for investment decisions [9][89] - REITs, particularly Realty Income, are suggested as potentially undervalued due to a long period of underperformance, setting the stage for future gains [32][34] - The importance of starting valuation is reiterated, with a focus on companies that have high free cash flow yields as attractive investment opportunities [94] Valuation Metrics - Price-to-sales ratios are discussed as a key valuation metric, with many companies trading at multiples significantly above historical norms, indicating potential overvaluation [45][46] - The current market environment shows a bifurcation where some stocks are highly valued while others remain undervalued, suggesting a need for careful selection [47][61] Macro Economic Factors - The U.S. dollar's performance is noted as a significant factor influencing market dynamics, with a weaker dollar benefiting international investments and commodities [85][86] - The potential for interest rate cuts by the Federal Reserve is anticipated, which could impact various sectors differently, particularly those reliant on economic growth [68][71]

Investment Rating - The report maintains a rating of "Increase" for the C-REITs sector [6] Core Views - The C-REITs market is expected to present allocation opportunities in a low interest rate environment by 2025, with three main investment strategies suggested: focusing on policy themes and quality undervalued projects, recognizing the market's acknowledgment of weak cyclical assets, and monitoring the expansion of REITs alongside new issuances [5] Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 0.86% this week, closing at 1050.5 points, while the CSI REITs closing index rose by 0.82% to 818.2 points [11][12] - Year-to-date, the CSI REITs total return index has risen by 8.53% [2] REITs Secondary Market Performance - The C-REITs secondary market showed signs of recovery this week, with a total market capitalization of approximately 222.47 billion yuan and an average market cap of about 2.9 billion yuan per REIT [13] - Among the listed REITs, 56 increased in value while 20 decreased, with an average weekly increase of 0.84% [13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs continues to show differentiation, with the top three being Huaxia China Communications REIT (9.6%), Ping An Guangzhou Guanghe REIT (9.3%), and E Fund Guangkai Industrial Park REIT (8.5%) [4] - Price-to-NAV ratios range from 0.7 to 1.8, with the highest being 1.8 for both Harvest Wumei Consumption REIT and E Fund Huawai Agricultural Market REIT [4] Investment Recommendations - The report suggests focusing on projects with recovery potential under policy themes, recognizing the market's acceptance of weak cyclical assets, and paying attention to original rights holders with ample asset reserves for future expansions [5]

Core Insights - High dividend yields can be misleading and may indicate underlying financial weaknesses rather than genuine investment opportunities [1][2][10] - Investors should be cautious of yield traps, where high yields do not correlate with sustainable financial health [11][12] Group 1: Misleading High Yields - Falling share prices can inflate yields, making them appear attractive despite deteriorating fundamentals, as seen with Lippo Malls Indonesia Retail Trust [3][4] - Unsustainable payout ratios, where companies pay out more than they earn, increase the risk of dividend cuts; sustainable ratios typically range from 40% to 60% [5] - Earnings or cash-flow pressures can threaten future payouts, with rising costs and declining income impacting REITs like Frasers Logistics and Commercial Trust [6][7] Group 2: Better Metrics for Evaluation - Investors should look beyond yield alone and consider metrics such as payout ratio, free cash flow, balance-sheet health, and dividend track record [8][14] - A moderate yield from a financially strong company can outperform a high yield from a struggling entity, emphasizing the importance of sustainability over headline numbers [11][12][10]

As of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could help me provide useful content for readers. After writing my own blog for about 3 years, I decided to switch to a value investing-focused YouTube channel, where I researched hundreds of different companies ...

Core Insights - The analyst has over 10 years of experience researching more than 1000 companies across various sectors, including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, indicating a transition in content delivery methods [1] - The analyst expresses a particular interest in metals and mining stocks, while also being knowledgeable in consumer discretionary, staples, REITs, and utilities [1] Company and Industry Summary - The research covers a wide range of industries, highlighting the analyst's versatility in understanding different market dynamics [1] - The emphasis on value investing suggests a strategy aimed at identifying undervalued companies with strong fundamentals [1] - The transition to a YouTube channel may reflect a growing trend in how investment insights are shared and consumed in the digital age [1]

Monetary Policy Shift - The Federal Reserve cut policy rates by 25 basis points in September and October 2025, marking the first reductions since December 2024, with expectations for further cuts ahead [1][2] Impact on Asset Classes - Lower interest rates will lead to a preference for growth equities as financing becomes cheaper, benefiting sectors like REITs [2][4] - Corporate borrowing costs will decrease, supporting earnings growth and market valuations, particularly in growth and cyclical sectors [4][12] REITs Performance - REITs will benefit from reduced financing costs for property acquisitions and refinancing, potentially increasing distributions and making them more attractive in a lower-rate environment [5][10] Bonds and Cash Dynamics - Money market rates and high-yield savings accounts will become less attractive as rates fall, with recent T-Bill auctions reflecting lower yields [6][8] - The yield on Singapore's 1-year T-Bill dropped from 2.95% in January 2025 to 1.35% by October 2025, indicating a shift in investor preference [9] Growth Stocks - Companies with strong cash flows and exposure to trends like artificial intelligence are well-positioned to benefit from lower rates, as seen with Keppel Ltd., which reported a 25% YoY increase in net profit in 1H2025 [12][13][14] Financial Sector Outlook - Banks face net interest margin compression due to lower rates, but can benefit from increased loan demand and fee-based income [15][16] - Singapore's major banks maintained healthy dividend yields despite NIM declines, indicating their attractiveness as income investments [16][17] Portfolio Strategy - Investors are advised to rebalance portfolios towards growth-oriented dividend assets and away from static cash instruments to capitalize on lower rates [11][25] - A suggested portfolio mix includes 60% equities, 30% REITs, and 10% fixed income to balance growth and stability [22][23] Market Timing and Strategy - Early repositioning in anticipation of rate cuts can provide an advantage, as markets often adjust valuations ahead of policy changes [26][27]

Core Insights - M&A activity is increasing significantly in 2025, particularly in the infrastructure and real estate sectors, driven by discounted publicly traded assets [1][6] - The article highlights the reasons for the prevalence of M&A in infrastructure, the implications for investments, and identifies stocks that are well-positioned for acquisition [1] Group 1: M&A Dynamics - The current M&A landscape is characterized by a high volume of discounted infrastructure assets, creating opportunities for well-capitalized buyers [5][6] - The change in leadership at the Federal Trade Commission (FTC) has led to a more lenient regulatory environment, facilitating M&A activity that was previously restricted [7][11] - Factors contributing to the surge in infrastructure buyouts include easier regulatory conditions, lower capital costs, and significant valuation spreads between public and private markets [10][11] Group 2: Valuation and Investment Opportunities - Infrastructure and hard assets have more discernible values compared to operating companies, making them attractive targets for acquisition when trading below their potential value [3][4] - Public equity, particularly in REITs, is currently trading at substantial discounts to net asset value (NAV), presenting opportunities for private equity to acquire these assets at favorable prices [14][15] - Specific examples of undervalued stocks include Global Medical REIT (GMRE), which is trading at a price-to-NAV of 59%, and Farmland Partners (FPI), trading at $10.31 with a consensus NAV of $14.04 [31][36] Group 3: M&A Implications for Investors - Investors in target companies typically benefit from acquisition premiums ranging from 15% to 40%, leading to immediate stock price increases upon M&A announcements [16][30] - The current environment allows for the realization of value in previously undervalued stocks, as M&A activity is expected to unlock trapped value [18][42] - Preferred stocks are also highlighted as potential beneficiaries in an M&A-heavy environment, particularly those trading at discounts to par value [39]

Core Insights - The article explores the feasibility of retiring on dividend income in Singapore, emphasizing the importance of portfolio size, yield sustainability, and personal financial needs [1] Parkway Life REIT (SGX: C2PU) - Parkway Life REIT is one of Asia's largest healthcare REITs, known for its reliable dividend payments due to stable tenant cash flows and long leases [3][8] - The REIT's distribution per unit (DPU) has increased from S$0.0632 in 2007 to S$0.1492 in 2024, more than doubling over the years [4] - As of mid-2025, the trailing 12-month DPU is S$0.1503, resulting in a dividend yield of approximately 3.7% based on a unit price of S$4.05 [5] - The REIT maintains near-100% occupancy across its properties and has a long Weighted Average Lease to Expiry (WALE) of 14.68 years, providing steady rental income [6][7] - A healthy gearing ratio of 35.8% and 86% of interest rate exposure hedged contribute to its financial stability [7] Singapore Exchange (SGX: S68) - SGX operates as a market infrastructure business, generating recurring fee income and maintaining consistent profitability through market cycles [9] - The annual dividend payout for FY2025 is S$0.375 per share, with a trailing annual dividend yield of 2.2% [10] - SGX's diversified revenue streams include equities and derivatives, with net revenue from the equities-cash segment increasing by 18.7% YoY [11] - The company is expected to increase dividends by S$0.0025 quarterly from FY2026 to FY2028, subject to board approval [10] DBS Group Holdings (SGX: D05) - DBS Group is the largest bank in Singapore, reporting a net profit of S$2.9 billion for 3Q2025, despite macroeconomic challenges [13][14] - The bank's commercial book net interest income rose by 3% quarter on quarter, demonstrating resilience [14] - DBS has paid S$2.85 per share in dividends over the last 12 months, with a trailing annual dividend yield of 5.2% [15] - The bank also offers capital return dividends and special dividends, contributing to its appeal for retirees [16] Dividend Strategy for Retirement - A portfolio of S$600,000 split among the three stocks could yield an annual dividend income of S$22,200, assuming constant yields [17] - Shifting to higher-yielding stocks could increase annual dividends to S$30,000, highlighting the importance of diversification [18] - Sustainable dividend investing focuses on quality companies rather than merely chasing high yields, as demonstrated by the strong fundamentals of Parkway, SGX, and DBS [20]

Core Viewpoint - Innovative Industrial Properties, Inc. (IIPR) is offering a double-digit dividend yield, but the safety of this yield is questionable due to a low levered real estate portfolio and increased tenant defaults [1] Company Overview - IIPR primarily focuses on industrial cannabis, positioning itself within a niche market that has potential for growth despite current challenges [1] Market Dynamics - The equity market serves as a mechanism for wealth creation or destruction over the long term, with daily price fluctuations playing a significant role [1] - Pacifica Yield aims to create long-term wealth by focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]