Jardine Matheson

🦎 IGGY MORNING BRIEF, 22 JULY 2026

☕ Good morning, Iguanas. SGX opens at 9 AM SGT. Here is what I am watching before the bell.

OVERNIGHT US SUMMARY

Wall Street bounced back Tuesday, the Dow up 0.7 percent, the S&P 500 up 0.9 percent, the Nasdaq up 1.4 percent, led by a recovery in technology and semiconductor names alongside a solid start to earnings season. The VIX fell sharply too, down 8 percent, a sign risk appetite firmed up quickly after Monday's caution. For SGX, a calmer global mood is a mild tailwind, though it does not change anything on the forensic side.

SGX PRE-OPEN PULSE

The Straits Times Index closed Tuesday at 5,526.72, up 0.5 percent, led by Jardine Matheson and Singapore Airlines. Brent crude pushed further to just under 91 US dollars, up almost 2 percent, still a five-week high, the Iran story remains the driver. USD/SGD sits at 1.2913.

THREE STOCKS ON IGGY'S RADAR

👁 C6L Singapore Airlines, +2.77% Tuesday

Flagged for caution in my tracking. The headline yield including special distributions clears my minimum hurdle, but the ordinary, recurring dividend alone does not, that gap between the two is the part I watch closely, not yesterday's move.

👁 Metro Holdings, closing its anchor department stores at Paragon and Causeway Point

I have not run a full audit on this name yet, watching price action only. The move is a shift toward smaller specialty formats once current leases expire, not an immediate closure. Worth watching too for anyone holding the REITs that own these malls, that is a landlord-side question I have not looked into yet.

IGGY'S GAME PLAN

I am watching whether yesterday's tech rebound holds through today's Asia session. Still chasing down what actually drove CSE Global's two-session rally, no answer yet. Also keeping half an eye on Metro's mall exits for what it signals about heartland retail footfall more broadly. Nothing here moves my thresholds yet.

Not financial advice. Iggy's Forensic Compliance Standards apply.

I am still bullish about banks. The 3 local banks have strong balance sheets and are reliable payers of dividends.

Buy storage dip on strong HBM/SSD demand. AI capex re-accelerating, not peaking. Long SG utilities & palm-oil for energy security; hedge with banks.

High oil prices have led to high inflationary cost pressure across all sectors, affecting businesses and industrials. Defensive strategies are also at all time high valuations, which had already being position taken earlier, so be cautiously investing during this tough times.

This market is either really bullish or are trapping the bulls. With prices so elevated and the charts looking so parabolic, I am being extra cautious. Still being defensive.

Indonesia can be the regional powerhouse of sustainable renewable energy (geothermal, hydro, solar). Singapore with a growing energy need is proactive to tap into this and grow it together with Indonesia.

market pricing in rate hike means S-REITs will be punished. For income investors who value cash flow and security when they are heading into their golden years, such times offer opportunities to accumulate our dividend machines while also hedged with existing position of local banks.

Much like the CPI, the market has been running hot too and needs to at least cool down a bit if it wants to run some more. The best question to ask is if the market still has energy to keep accelerating. I am staying defensive.

Energy uncertainty will continue to play out with the Straits closure and more confrontational actions. Don't go all in and make sure hedges are ready in the oil area. SGX have alot of good oil related companies!

Once Anthropic IPO, there will be more bullish sentiment in the market. We can be ready for a super cycle to continue and the new economic cycle begins!