Singapore Market Focus - DBS Research 2022-09-28: Prefer Reopening & Resilience Plays As Volatility Bites

Singapore Market Focus - Prefer Reopening & Resilience Plays As Volatility Bites

Singapore Market Focus - DBS Group Research | SGinvestors.ioSINGAPORE AIRLINES LTD (SGX:C6L)
  • Pricing in a technical recession – Our chief economist continues to adjust global growth expectations. US recession odds have risen with FED funds rate anticipated to reach 5% by 1Q23 and US GDP y-o-y growth cut to 1.5% for this year and 0.3% next year. Singapore’s core inflation may stay elevated in the coming months according to MAS.
  • STI now trades below 11.7x (-1.5 standard deviation) 12-month forward P/E as investors question the sustainability of positive earnings revisions and EPS growth of 11.8% in FY22F and 15.3% in FY23F. A probe at ~3130 support level for the STI or 11.2x (-2 standard deviation) 12-month forward P/E is possible if investors price in a technical recession scenario, but this remains above the lows in Jun-Jul.

3Q22 results season will have roses and thorns

REITs affected by higher-for-longer rates

Stick to resilience

North Asia reopening

Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Kee Yan YEO CMT DBS Group Research | Janice CHUA DBS Research | 2022-09-28
SGX Stock Analyst Report BUY MAINTAIN BUY 6.600 SAME 6.600

Read also DBS Research's most recent report:
2022-11-08 Singapore Airlines - Defying Recessionary Fears

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