Singapore Stock Strategy 2024 - UOB Kay Hian 2023-12-05: Searching For Golden Needles In The Haystack

Singapore Stock Strategy - Searching For Golden Needles In The Haystack

Singapore Stock Strategy - UOB Kay Hian Research | SGinvestors.ioComfortDelGro (SGX:C52) FIRST RESOURCES LIMITED (SGX:EB5)
  • On a top-down basis, our 2024 year-end target of 3,290 for the Straits Times Index (STI) implies 6% upside from current levels, with the index’s current valuation looking inexpensive at 2024F P/E and P/B of 9.9x and 1.0x respectively.

A safe harbour as predicted.

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  • Globally significant events such as the US presidential election, the Israel-Hamas and Russia-Ukraine wars, and the ongoing US-China political and economic rivalry could negatively affect the market in a myriad of ways. The increased recession risk and the slow response by the US Fed are likely to push implied volatility sharply higher in 2024 when compared to 2023.
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  • Nevertheless, with nearly half of the STI comprising bank stocks and with potentially neutral to negative sentiment on the sector taking hold as interest rate cuts occur in 2024, the index may find it hard to outperform on an absolute basis.

Strategy for 1H24, and key focus sectors and stocks.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Adrian LOH UOB Kay Hian Research | Singapore Research Team UOB Kay Hian | 2023-12-05

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