Singapore Market Focus - DBS Research 2024-01-04: 2024 Investment Themes

Singapore Market Focus - 2024 Investment Themes

Singapore Market Focus - DBS Group Research | SGinvestors.ioFrasers Logistics & Commercial Trust (SGX:BUOU) SINGTEL (SGX:Z74)
  • FY24F earnings growth will be a key focus among investors as the STI heads into a year of slow earnings growth. We expect REITs to outperform the STI.

REITs as prime Fed pivot beneficiaries

  • Having borne the brunt of rising interest rates for nearly two years, we expect REITs to outperform the benchmark next year as the Fed pauses rate hikes. This is evident from the past two periods of rate pauses – in 2006-2007 and 2019. The same has been true thus far in this pause, with the FTSE ST REITs Index outperforming the STI by 5.7% (as of 19 Dec 2023) since the Fed funds rate peaked in July 2023.
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8 S-REITs to position into 2024


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