Singapore Equity Strategy - RHB Invest 2023-03-29: Takeaways From Our Kuala Lumpur Investor Meetings

Singapore Equity Strategy - Takeaways From Our Kuala Lumpur Investor Meetings

Singapore Equity Strategy - RHB Investment Research | SGinvestors.ioDBS GROUP HOLDINGS LTD (SGX:D05)
  • Investors like Singapore for its earnings growth, low valuations and potential gains from the return of Chinese tourists. However, concerns remain on the sustainability of the earnings growth amid the risk of sharply slower economic growth and market expectations of a rate cut in 2H23.
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  • the basis for our better-than-consensus estimates for Singapore’s GDP growth, industrial production, and export growth, as well as our inflation expectations.
  • There were also questions on:
    1. When investors should rotate into retail and hospitality REITs,
    2. which stocks will see benefits from the return of Chinese tourists, and
    3. recommendation on stock ideas beyond the banks, industrials and REITs sectors.

Recent negative newsflow does not pose risk on Singapore banks

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  • Our stronger-than-consensus estimates for Singapore’s macroeconomic outlook are premised on our house view of the US and global growth unlikely to witness a recession in 2023, a peak US Federal Fund Rate of 5.25 to 5.5%, and no rate cuts in 2023.

Gains from China’s reopening and investment opportunities beyond the banks, industrials and REIT sectors.

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Singapore Research RHB Securities Research | 2023-03-29

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