Netlink NBN Trust (CJLU) and QAF Limited (Q01) have both breached the psychological S$1.00 mark, but is this a true breakout or just a macro-driven valuation trap? In this deep dive, we unpack Netlink’s freshly released FY26 financial results (released May 14, 2026) to see why profit after tax declined by 12.6% despite rising revenue. We also stress-test QAF’s huge S$141M cash pile against the severe margin pressure facing its core bakery business. Everyone is praising the defensive durability of these “bond proxies”, but with yields falling below 5.5% and facing friction in underlying earnings, the opportunity cost for new investors is higher than ever. Are these counters still worth buying at peak valuations, or is the margin of safety gone? We break down the mechanisms behind PE expansion, yield erosion, portfolio composition and the serious risks of sticky inflation on dividend portfolios. Disclaimer: This video is for informational and educational purposes only and does not constitute financial advice. Always do your own research and consult a licensed financial professional before making investment decisions. Timestamp: 0:00 – $1.00 Test: Are These Dividend Counters Breaking? 1:40 – Macro setup: Why the S1.00 mark matters right now 3:15 – Netlink NBN Trust: FY2016 results in range 5:30 – Dividend payouts vs profit friction 6:45 – QAF Ltd: $0.05 fort meets margin pressure 8:20 – Valuation disconnect and multiple expansion 9:40 – The yield The Mathematics of Compression and Opportunity Cost 11:15 – Portfolio Roles: Aligning Expectations with Reality 12:35 – Key Structural and Macroeconomic Risks 14:05 – Dividend Uncle’s Approach and Individual Valuation Framework #Netlink #QAF #SingaporeStocks #SGX #DividendInvesting #REITs #Investing #TheDividendUncle #Finance #Investing #PassiveIncome…
