IGGY MORNING BRIEF, 3 AUGUST 2026

SGX opens 9 am SGT. Weekend gap, so positioning still anchored to Friday’s close.

US LEAD  

Wall Street finished firm. Dow +0.54%, S&P 500 +0.70%, Nasdaq +0.83%.  

Amazon’s cloud beat eased near-term AI capex concerns. Apple flagged chip supply constraints, which capped upside.  

VIX at 16.93 keeps risk tone constructive, but this is stability, not a green light to stretch for yield.

MACRO INPUTS  

STI last 5,628.5, down 0.8%.  

USD/SGD 1.2826, still firm.  

Brent 88.01, trending up. Watch second-order effects into utilities, transport, and cost lines this quarter.

STOCK FOCUS  

Seatrium (5E2) 2.150, +1.42%  

1H2026 net profit 373m vs 144m YoY. Execution improved and asset sales contributed.  

Key gap: no conclusion yet on cash conversion and interest cover. Profit without balance sheet repair does not clear my thresholds. Pending full set review.

Singtel (Z74) 4.440, -3.06%  

Price move is ex-dividend. Strip that out before reading sentiment.  

Nxera potential dual listing (Nasdaq + SGX) and a possible data centre REIT remain exploratory. No structure, no timeline. Treat as optionality, not income yet.

Keppel DC REIT (AJBU) 2.230, flat  

Also ex-dividend.  

Short-term bounce does not resolve the issue. Cardiff vacancy still suppresses occupancy and income visibility. That remains the binding constraint.

POSITIONING  

No chase into Monday open. US strength is sentiment support, not a rerating trigger.  

Seatrium stays on watch until balance sheet metrics confirm improvement.  

Singtel’s Nxera angle is a slow-burn catalyst at best.  

Keppel DC REIT is binary on Cardiff. Resolution there moves the thesis faster than any macro tailwind.