Singapore Market Focus - DBS Research 2023-03-10: Earnings Resilience Points To Near-Term Market Trough

• STI nears trough valuation, base support at 3194.
• Seek shelter from higher-for-longer rates.
• Opportunity to invest in stocks that show resilience.

Earnings resilience despite macro headwinds.

• Earnings of stocks under our coverage were revised up by 0.5% for FY23F and flat for FY24F in the recently concluded 4Q22 results season. Most delivered in-line earnings despite headwinds from inflation and economic slowdown.
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STI base support at 3194.

• We see little near-term downside post correction in recent weeks. The latest MAS survey of private forecasters showed 2023 median GDP growth forecast held firm at 1.9% (previously 1.8%). Index heavyweight banks should be supported by higher-for-longer rates back in focus again and their ex-dividend dates getting closer. (see Upcoming dividend dates.)
• - Read this at SGinvestors.io -

Shelter from higher-for-longer rates

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

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