2023 Singapore Stock Market Outlook & Strategy - DBS Research 2023-01-03: Riding The Second Wind From China

• Benefiting from China’s refocus on growth.
• STI 2023 year-end target of 3600 based on conservative valuation, backed by 12% earnings growth.
• 3 investment themes for 2023:
  1. Greater China reopening beneficiaries.
  2. FED pivot beneficiaries.
  3. Resilience amid economic slow down.

Benefiting from China’s refocus on growth

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• The anticipated influx of Chinese tourists from 2H23 is a powerful second wind for Singapore’s services sector to sustain the momentum of the current recovery.

STI 2023 year-end target: 3,600

• Equity markets spent the most of last year pricing in escalating inflation, rapidly rising interest rates and recession worries. It was only in the final weeks of 2022 that stocks reacted to positive developments from China’s shift from its zero-COVID policy and an end in sight to the FED rate hike cycle.
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2023 Investment Theme 1: Greater China’s reopening beneficiaries

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YEO Kee Yan CMT DBS Group Research | Janice CHUA DBS Research | https://www.dbs.com/insightsdirect/ 2023-01-03 SGinvestors.io

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