- 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.
- - Read this at SGinvestors.io -
- 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).
- - Read this at SGinvestors.io -
China’s rapid reopening could create near-term risks.
- Read more at SGinvestors.io.
Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2023-01-05
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