Singapore Market Focus - DBS Research 2023-08-24: 4 Actionable Takeaways From The 2Q Results Season 

Singapore Market Focus - 4 Actionable Takeaways From The 2q Results Season 

Singapore Market Focus - DBS Group Research | SGinvestors.ioSeatrium (SGX:S51) KEPPEL CORPORATION LIMITED (SGX:BN4) SINGAPORE TECH ENGINEERING LTD (SGX:S63)
  • Post 2Q23 results, FY23F/24F earnings forecast for Singapore stocks we cover were revised up by 1.4%/1.2% led by banks, offsetting the cuts from technology and REITs.
  • For the technology sector, there is cautious optimism that 2Q23 is the inflection point with a gradual recovery from 2H23 led by AI-growth.
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#1 Bargain hunt at STI 3115-3155

  • Straits Times Index (STI) component stocks are expected to register a strong earnings growth of 19.7% in FY23F before moderating to 3.6% next year. The current market correction should find support soon as the 12-month forward P/E valuation has fallen well below 10.8x (or -2 standard deviation of the average).
  • STI’s support is between 3115 and 3155. We see a rebound trade towards 3230 to 3265 in September, supported by the low valuation, oversold technical readings, and past seasonal trend.

#2 Industrial heavyweights prove resilient despite market’s slower earnings growth.

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#3 Three stocks with better 2H outlook.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Kee Yan YEO DBS Group Research | Fang Boon FOO DBS Research | 2023-08-24

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