You probably saw the headline that Ohmyhome sold its real estate business for US$1 and thought, “Wah, so jialat ah?” What the headline does not show is the sequence behind it, from S$19 million of debt waived, to a core business shrinking while “revenue up” still looked fine, to a one for ten reverse split just to stay listed. In this episode, Angela and I walk through five governance red flags hiding in plain sight, using Ohmyhome as a case study you can apply to any smaller counter in your own portfolio. If you are running CPF and SRS like a Bedok household budget, this is about protecting the income you are counting on, not chasing drama.
Key takeaways:
How a S$19m debt waiver made a US$1 insider sale possible on paper
Why “revenue up 12.5%” can still mask a core business in decline
What a S$3.4m goodwill write off says about deal quality and disclosure
Why reverse stock splits and constant share issuance quietly hurt long‑term holders
A simple five‑step checklist to audit any small, thinly traded stock you own
Iggy’s Forensic Disclaimer
This content is produced for educational and informational purposes only. I am not a financial advisor — I am a retail investor who applies forensic analysis to my own portfolio and shares that process publicly. Nothing here constitutes a recommendation to buy, sell, or hold any security, and no specific target prices or personalised financial advice are offered. Stocks assessed under Iggy’s Forensic Yield Standard are benchmarked against a 4.7% minimum yield hurdle; stocks flagged as Growth Watch fall below this threshold but demonstrate clean balance sheet metrics and an identifiable growth catalyst — these carry a materially different risk profile and are not suitable as yield replacements for income-dependent investors. All data is sourced from public filings and verified sources; where data is unverified it is explicitly flagged. All investments carry risk, including the potential loss of principal, and past performance is not indicative of future results. If you are making investment decisions involving CPF, SRS, or personal capital, please conduct your own due diligence or consult a MAS-licensed financial adviser before committing funds.
