1H23 Singapore Market Strategy - UOB Kay Hian 2023-01-04: A Safe Harbour In A Stormy Sea

1H23 Singapore Market Strategy - A Safe Harbour In A Stormy Sea

Published:
Singapore Market Strategy - UOB Kay Hian Research | SGinvestors.ioCAPITALAND INVESTMENT LIMITED (SGX:9CI) CITY DEVELOPMENTS LIMITED (SGX:C09) SINGTEL (SGX:Z74)
  • While the China reopening story may see a short-term bullish reaction in the market, we believe that recessionary risks persist nonetheless.
  • For 2023, we foreacast 6% EPS growth for large-cap stocks under our coverage, and from a top-down basis, our 2023 year-end target of 3,520 for the STI implies 8% upside from current levels. Importantly, the index’s valuations are not stretched at present, trading at 2023F P/E and P/B of 10.7x and 1.0x respectively, and paying a yield of 4.5%.

A more uncertain 2023 after a firm 2022.

  • - Read this at SGinvestors.io -

Singapore has recovered well.

  • - Read this at SGinvestors.io -
  • We believe that the Singapore market will outperform due to the prevalence of quality, value and dividend stocks relative to its regional peers. Since there will no longer be a synchronous global cycle, country risk will return and our view is that Singapore presents a lower risk vs other countries in the region, especially given the defensive nature of a number of its listed companies. The clear risk for the market is a global recession which, given Singapore’s open economy, would negatively affect it.

Staying constructive for 1H23.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




Adrian LOH UOB Kay Hian Research | Singapore Research Team UOB Kay Hian | https://research.uobkayhian.com/ 2023-01-04



More views on Singapore stock market outlook & investment strategy:
Analysts Say Analyst Reports on Singapore Stock Strategy

Latest research on Singapore stocks @
Analysts Say Stocks & REITs Research Reports
Analysts Say Sector / Industry Research Reports

Latest Stock Ratings & Price Targets @
Analysts Say Price Targets & Stock Ratings Changes
Analysts Say Consensus Target Prices





Advertisement

You May Also Like




SGX Stock / REIT Search

Advertisement

Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🧧

Advertisement