Singapore Equity Strategy - RHB Invest 2023-12-20: New Pockets Of Opportunity Emerging

Singapore Equity Strategy - New Pockets Of Opportunity Emerging

Singapore Equity Strategy - RHB Investment Research | SGinvestors.ioComfortDelGro (SGX:C52)
  • In 2024, the Straits Times Index (STI) growth could come in at low single digits. We estimate STI EPS growth for 2024 at 4.5%. The moderation in index earnings growth is due to a sharp deceleration in earnings growth for the banking sector, which has a large weight in the STI.
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  • Street has been upgrading 2024 net profit estimates for the following sectors within the STI: Transport, utilities, and industrials. Financials saw a slight upgrade to earnings after banks reported better-than-expected results in 3Q23. Upgrade to 2025 net profit estimates are largely in the transport, utilities, and REIT sectors.

Feeling good about 2024

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  • Amid the expectation of moderate index growth, a thematic approach and bottom-up stock-picking will be more relevant for Singapore. The STI’s forward P/E appears inexpensive compared to its own long-term average and against regional peers.

We are bullish on economic growth in 2024.

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Shekhar Jaiswal RHB Securities Research | 2023-12-20

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