Singapore Equity 2023 Investment Themes - RHB Invest 2023-01-05: Positives From GDP Surprise, China Reopening

Singapore Equity 2023 Investment Themes - Positives From GDP Surprise, China Reopening

Singapore Equity Strategy - RHB Investment Research | SGinvestors.ioAIMS APAC REIT (SGX:O5RU) CAPITALAND ASCENDAS REIT (SGX:A17U) ESR-LOGOS REIT (SGX:J91U)
  • Singapore’s defensive earnings growth, low valuations and benefits from the reopening of China’s borders should continue to attract investors. The Straits Times Index (STI) should deliver double-digit EPS growth, thanks to strong growth from the banks.
  • While the STI’s low P/E could be reflecting investor concerns about the sustainability of EPS growth amidst a potential recession, it is not the base case.
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  • We maintain that Singapore equities will end higher this year, even as global recession risk and central banks’ policies keep markets volatile in the short term.

Positive surprise from 4Q22 GDP data, we are bullish on growth in 2023.

  • According to official advance estimates, Singapore’s 4Q22 GDP expanded 2.2% y-o-y which – although in line with our forecast – was higher than the consensus estimate of 2.1% y-o-y. Singapore’s full-year GDP grew by 3.8% y-o-y in 2022, slightly outpacing our +3.7% y-o-y estimate, given 3Q22’s GDP revision to 4.2% y-o-y (from 4.1% y-o-y).
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China’s rapid reopening could create near-term risks.

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Shekhar Jaiswal RHB Securities Research | 2023-01-05

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