🦎 IGGY MORNING BRIEF, 3 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 sent a mixed signal overnight. The Dow surged 594.83 points, or 1.13 percent, to a fresh record at 52,900.07. The S&P 500 closed essentially flat at 7,483.24, while the Nasdaq dropped 207.36 points, or 0.80 percent, to 25,832.67, as cooling labour market data sparked a rotation out of megacap AI names and into broader value sectors. For SGX dividend counters, that rotation into value is the more relevant signal than the Dow headline.

THREE STOCKS ON IGGY'S RADAR

👁 O39 OCBC Bank, +1.70%

OCBC closed at 25.080, up 1.70 percent on firm volume. This is a capital strength call, not a yield call, and at current prices the trailing yield does not clear the minimum threshold I track for income names. The income case strengthens if price corrects or the next ordinary dividend increases.

👁 Z74 Singtel, +0.45%

Singtel was the most active counter on the board yesterday, closing at 4.460, up 0.45 percent. I have not run a full audit on this name yet, watching price action only.

👁 544 CSE Global, -3.03%

CSE Global slipped 3.03 percent to 1.280 on some of the heavier volume on the active list. I have not run a full audit on this name yet, watching price action only.

IGGY'S GAME PLAN

Rotation out of AI megacaps and into value is the theme I am tracking this week, and Singapore's dividend heavy index tends to benefit when that rotation holds. STI sitting well off its June record keeps me cautious about chasing anything without a yield cushion. OCBC's balance sheet strength is not in question, but the yield math still does not clear my hurdle at this price. What would change my view is a genuine pullback that brings yield back in line, not a headline, so I am watching over my kopi, not buying.