Navigating Singapore - CGS-CIMB Research 2021-12-03: 2022 Sector Allocation & Top Stock Picks

• The top 3 sectors we like based on earnings are Tech, Telco and Consumer.
• We classify Capital Goods and Property as value plays given that the average trading band is still below its long-term historical mean.
• REITS and Healthcare are the sectors with defensive and quality earnings.
• - Read this at SGinvestors.io -
• However we keep Gaming as NEUTRAL in the medium term as share prices could bounce fast and furious on the Omicron variant proving to be less dangerous than expected.
• We make some changes to our Singapore stock top picks.
  • We remove SingPost (SGX:S08) (previously a recovery laggard) as the market is likely to first plough into direct recovery plays.
  • We also replace Ascendas REIT (SGX:A17U) with Keppel DC REIT (SGX:AJBU) as the former could be susceptible to an intermittent start-stop reopening of global markets including Australia, UK/Europe and the US.
  • - Read this at SGinvestors.io -
• CGS-CIMB's Singapore Stock Alpha Picks for 2022 (large cap)
  • Read more at SGinvestors.io.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

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