🦎 IGGY MIDDAY BRIEF, 29 JUNE 2026

MORNING SESSION RECAP

STI opened at 5,201, above Friday’s 5,191 close. Early range is tight at 5,189 to 5,207, signalling no urgency to take direction on the second-last trading day of H1. Top actives are led by agricultural and consumer names rather than banks or REITs. My read is cautious consolidation near historic highs.

THREE STOCKS ON IGGY'S RADAR

👁 E5H Golden Agri-Resources, flat at S$0.270

High volume with no price movement suggests two-way flow at a contested level. Palm oil prices feed into regional food costs, while Brent crude sitting ~20–25% below last year’s peak has eased input costs. Whether this translates into margin recovery is the key question before considering it for income.

👁 Y92 ThaiBev, down S$0.010 at S$0.430

Early selling with over 10 million units traded. Earnings are Thailand-based, so SGD investors carry FX drag. With THB weakening alongside regional currencies against USD, income gets a quiet haircut before it reaches your account.

👁 A7RU Keppel Infrastructure Trust, down S$0.010 at S$0.535

SORA near cycle lows supports distribution coverage via cheaper floating-rate debt. The key question is whether yield is driven by contracted cash flows or balance sheet management. That distinction matters more in a low-rate environment.

MACRO PULSE CHECK

No Singapore data in focus. US futures not yet clear. Backdrop unchanged: STI near highs, SORA near lows, Brent ~20–25% below last year’s peak.

IGGY'S LUNCH TABLE VIEW

H1 closes tomorrow with STI near record levels. That is constructive, but it tightens entry points for income investors. I am watching whether REITs pick up volume this afternoon. Quiet at highs is not the same as safe. I am watching, not chasing.