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🦎 IGGY MIDDAY BRIEF, 6 July 2026

🍱 Lunchtime check-in. Here is what the morning session is telling me.

MORNING SESSION RECAP

No confirmed index print at time of writing, so I am reading the tape from movers. Session looks mixed and quieter versus Friday’s record close. Some red, some modest green, nothing signalling broad risk-off. Sembcorp stands out as the main laggard.

THREE STOCKS ON IGGY'S RADAR

👁 U96 Sembcorp Industries, down 3.01% to 5.800

Follow-through from Friday’s Citi downgrade. Intraday low of 5.750 breaks below the prior four-month low. I have not run a full audit, so this remains price-action watch. Key question is whether this stabilises this week or drifts into August results.

👁 544 CSE Global, down 0.78% to 1.270

Structural concern remains. Cash flow not converting cleanly from earnings and yield sits below my minimum hurdle. Not suitable for CPF or SRS at current readings.

👁 C38U CapitaLand Integrated Commercial Trust, down 0.42% to 2.390

Already flagged for caution with at least one metric outside my range. Today’s move is small and does not change the setup.

MACRO PULSE CHECK

No new Singapore data since open. US markets reopen tonight after Friday’s holiday, so direction there matters more for tomorrow than this afternoon. Today’s mixed tape is not saying much.

IGGY'S LUNCH TABLE VIEW

Focus is on whether Sembcorp finds a floor and whether the broader market can hold Friday’s strength without it. One weak name after a downgrade is not a market signal. It stays stock-specific until proven otherwise.

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Looks like some stocks are shaking out weak holders and are now at great discounts. Just have to look in the right places.

US job reports cools, bringing down the probability of rate hike from 60% to 50%. Entering the 2nd half of 2026, I believe the market will be more choppy than ever, with potential to continue gaining but over several ups & downs. Memory stocks' valuation have dropped a little following sell off to a slightly more reasonable level.

🦎 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.

Another volatility due to data drop would be another opportunity to collect the chips given up by weak hands. Of course any additions would be based on the entry levels predeteryfor each stock and not blind "buy! buy! buy!".

Looking forward for the companies’ improvement.