2Q24 Investment Themes - RHB Invest 2024-04-15: Focus On Yields & Bottom-Up Stock-Picking

2Q24 Investment Themes - Focus On Yields & Bottom-Up Stock-Picking

Singapore Market Strategy - RHB Investment Research | SGinvestors.ioDBS (SGX:D05) CAPITALAND ASCENDAS REIT (SGX:A17U) KEPPEL REIT (SGX:K71U)
  • Amid expectations of improved economic growth in 2024, higher-for-longer interest rates, and the S$ being a relative outperformer in ASEAN, we recommend that investors focus on stocks that feature earnings sustainability and offer high yields.

Opportunities exist, but investors should be selective.

  • - Read this at SGinvestors.io -
  • Despite the recent underperformance, we expect REITs to outperform in 2024, aided by interest rate cuts, and recommend that investors regard price dips as stock accumulation opportunities.

2Q24 investment themes.

  • These are:
    1. Risks of higher inflation and (possible) delays in interest rate cuts should keep Singapore banks in investors’ portfolios;
    2. - Read this at SGinvestors.io -
    3. regard price dips as stock accumulation opportunities in REITs, with exposure in office and hospitality REITs balanced with positions in industrial REITs;
    4. retain exposure to quality companies offering defensive earnings;
    5. exposure to beneficiaries of the continued revival in Singapore’s tourist inflows; and
    6. bottom-up opportunities in the small-cap space.

Theme 1: Risks of higher inflation and (possibly) delays in rate cuts will keep banks in play

  • Read more at SGinvestors.io.

Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2024-04-15

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