Junee

🦎 IGGY MORNING BRIEF, 2 JULY 2026

☕ Good morning. SGX opens at 9 AM SGT.

OVERNIGHT US SUMMARY

US markets fell slightly: S&P -0.22%, Nasdaq -0.66%, Dow flat. Tech and chips led the pullback despite Fed Chair Warsh signalling easing inflation. Profit-taking in Q2's top runners. Brent crude dropped 2.50% to USD 71.13, a fresh low below the USD 72 level tracked through June.

SGX PRE-OPEN PULSE

STI closed at 5,165 yesterday, down ~43 points on the first H2 session. USD/SGD is 1.2952 (SGD soft). The Nasdaq dip, Brent breaking below USD 72, and STI pullback set a cautious tone for today's open.

THREE STOCKS ON IGGY'S RADAR

👁 CICT (C38U): Closed S$2.360. Down 0.42% on ~27M volume. Forensic out now. Yield clears the hurdle, but two balance sheet readings are out of range. Watching the soft REIT environment carefully.

👁 SingTel (Z74): Closed S$4.440. Up 0.68%, outperforming a mostly red income board. Ex-div passed. Cautious on income durability; watching if gains hold in a softer open.

👁 CapLand Ascendas REIT (A17U): Closed S$2.460. Down 1.20% on 21M+ volume. Forensic vs Mapletree Industrial out. Three balance sheet readings out of range. Tracking if support emerges at S$2.46.

IGGY'S GAME PLAN

H2 2026 starts differently: STI down, Brent <USD 72, Nasdaq lower. Broad REIT softness (7 in top 20 actives, mostly lower) against an STI near ATHs is the key dynamic to watch. Maybank trimmed its STI year-end target to 5,500 on energy cost/EPS concerns, though falling Brent cuts the other way. Forensic discipline unchanged: balance sheet first, yield second, narrative last.

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

Our local market finally fell following consecutive days of gains, but managed to recover slightly at the close. Reits remain relatively stable for now, but I expect prices to fall if and when the FED announces rate hikes eventually. Banks cooled off a little but are still in the midst of a bullish run.

easy way, buy a little bit at every 5% drop. The safer way is to buy until seeing the Bullish Reversal Candlestick Patterns

This is the time not to panic if youre holding chinese Internet companies. Hold on for the long term. Another lesson learned is that don't use leverage to trade. Only invest/trade with the money that youre comfortable to lose 100%.

The stocks have been rising for so long. This is just a normal pullback. Be cool, wait patiently and buy low. The Vix is not at the peak yet

🦎 IGGY MORNING BRIEF, 24 JUNE 2026

☕ Good morning, Iguanas. SGX opens 9 AM SGT. Here is what matters before the bell.

OVERNIGHT US

Wall Street sold off. S&P 500 -1.44%, Nasdaq -2.21%. Drivers: semiconductor weakness, rising skepticism on debt-funded AI spend, and hawkish Fed repricing with October hike expectations firming.

US–Iran framework deal announced but execution unclear; Hormuz conditions still evolving.

Brent at US$77.90, now below 80.

Read-through: tech risk off, attention rotates back to dividend payers.

SGX PRE-OPEN

STI last at 5,204.01 (June 22), about 22 points off the 52-week high. Likely cautious open.

USD/SGD ~1.2970.

Lower oil eases broad cost pressure but weighs on energy names.

IGGY RADAR

D05 DBS

Transitional CET1 16.9% (1Q26, company briefing). Capital return through end-2027. Balance sheet remains the anchor in a risk-off tape.

O39 OCBC

Transitional CET1 17.0% (1Q26), strongest of the three. Zone 1 on balance sheet strength, not yield. Trailing yield still below Iggy’s 4.7% hurdle; income case improves on price weakness or dividend uplift.

U11 UOB

1Q26 CET1 15.3%, NIM 1.82%. >20m shares bought back under S$2B programme. Most conservative allocator. Zone call pending Aug 7 results.

GAME PLAN

Key question: do banks hold as a relative safe harbour while tech unwinds? If yes, defensive income thesis holds. If not, the open will show quickly.

📺 youtube.com/@investingiguana

📝 investingiguana.com

💬 t.me/iggytheinvestingiguana

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

Trump just posted on X that he has reached an agreement with Iran to "highest level Nuclear inspections long into the future" and that Strait of Hormuz is now open without Naval blockade, with about 19 million barrels of oil flowing out yesterday. I don't know how much truth there is in his words, but it seems that he is trying to calm the stock market. I personally is no longer as emotionally affected by his words anymore as we all know from time to time again that what was agreed upon may change within days, if not hours.

STI remains strong while the US market is dumping. Are people wrong for overlooking our own local market? Investing in the S&P will definitely still yield better returns over time, but the currency risk & volatility should not be underestimated as well. STI tends to hold better in downturns, while consistently delivering decent if not even better than expected returns in recent years.

Micron Technology remains well positioned for long-term growth as AI infrastructure spending, strong HBM demand, and favorable memory pricing continue to act as powerful tailwinds.With expectations running high ahead of earnings, the stock’s next move will likely depend on management’s guidance rather than the reported results alone