🦎 IGGY MORNING BRIEF, 6 AUGUST 2026

☕ Good morning, Iguanas. SGX opens at 9 am SGT. Big one before the bell today.

OVERNIGHT US SUMMARY

Wall Street was mixed Wednesday. Dow hit a record close, up 0.49 percent to 54,349.12. S&P 500 slipped 0.17 percent to 7,723.55, while Nasdaq fell 0.84 percent to 26,363.44. For SGX dividend counters, the key takeaway is clear: earnings quality is starting to separate winners from losers again.

SGX PRE-OPEN PULSE

STI closed Wednesday at 5,581.4, down 30.88 points or 0.55 percent. USD/SGD is 1.2811 and Brent is around 79.45 US dollars a barrel.

SINGAPORE NEWS ON IGGY’S RADAR

🏦 $DBS(D05.SG) posted record Q2 net profit of S$3.08 billion, up 9 percent and above the S$2.88 billion consensus. Wealth management fees rose 42 percent to a record S$919 million on stronger customer investment activity. Dividend stayed at S$0.81 per share, made up of S$0.66 ordinary plus S$0.15 capital return, unchanged from Q1. The higher ordinary rate has now held for two straight quarters, which matters for income investors. Group NIM fell to 1.87 percent from 2.05 percent a year ago, NPLs held at 1 percent, and management raised full-year guidance. Shares closed at S$73.55 on Wednesday, before the announcement.

🏦 $UOB(U11.SG) sold its asset management arm to Allianz for S$555 million. This looks more like a strategic reshaping of the business than a dividend or balance-sheet story.

📊 SGX also highlighted a valuation gap in smaller listed names: median ROE was 6.8 percent versus median price-to-book of 0.97 times. That is a reminder that not all value sits in the big three banks.

IGGY’S GAME PLAN

DBS is the main story today, and this was a genuinely strong quarter. The dividend consistency matters more to me than the headline profit beat. I’ll wait for a proper post-results price pull before any formal update. OCBC and UOB report tomorrow, which is the next checkpoint for the banks.