🦎 IGGY MORNING BRIEF, 27 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 ended a rough week quietly. S&P 500 flat at 7,411.98, Dow up 0.46% to 51,947.25, Nasdaq down 0.64% to 24,975.82. All three closed lower for the week, with tech capex concerns after Big Tech earnings doing most of the damage. This does not shift the SGX income setup directly, but the oil story underneath it still matters.

SGX PRE-OPEN PULSE

STI last close, Friday 24 July, 5,588.3. The bigger driver into today’s open is MAS. Policy was tightened this morning, catching a market that had leaned toward a hold. Brent is caught in a two sided pull, a fresh Houthi attack near Saudi Arabia raising Red Sea risk, while a pause in Iran strikes cools the broader war premium. Expect early repricing in rate and currency sensitive names as the market adjusts.

THREE STOCKS ON IGGY’S RADAR 👁

Z74 SingTel, closed S$4.39

Heavy volume into the open. Headline distribution of 18.5 cents clears my yield hurdle on paper, but once you strip out the portion funded by asset sales, core payout falls short. That gap between headline and core is the real number here.

5E2 Seatrium, reports 31 July

Flagged after guiding for a material year on year lift in H1 profit, driven by divestment gains and margin improvement. A stronger headline is welcome, but it does not resolve the underlying issue. Cash conversion and interest cover remain balance sheet facts.

IGGY’S GAME PLAN

Focus is on how the market digests the MAS tightening surprise, and whether SGD strength adds pressure on top of rising energy costs into Q3. Seatrium’s 31 July result is key, the guided profit uplift and structural balance sheet concerns are separate issues. If Brent drifts back toward low 90s, I read that as de-escalation, not a shift in supply. Index highs do not mean spending power improves. That remains the lens today.