Phillip 3Q23 Singapore Strategy - Phillip Securities 2023-07-03: Slower For Longer

• For 3Q23, we removed DBS from our Phillip Absolute 10 Model Portfolio. We added Thai Beverage on its attractive historical valuations and unwarranted sell-down due to the proposed anti-monopoly laws.

2Q23 Market Review:

• - Read this at SGinvestors.io -
• Despite record earnings, banks disappointed over worries about the sustainability of their interest margins. Conversely, SIA share price witnessed a stellar performance after reporting record profits.

3Q23 Market Outlook:

• We believe the global economy faces two headwinds.
  • - Read this at SGinvestors.io -
  • The UK is experiencing the worst labour disputes on record. Workers will initially demand higher pay to recoup their current loss of real income. If inflation persists and inflation expectations become unhinged, their wage demands will be to compensate for future losses. Then a negative spiral will begin.
  • Central banks in developed countries are undergoing a synchronised hike of interest rates to short-circuit this inflation threat.
• Secondly, higher rates will only exacerbate the current weak economic conditions.
  • Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

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