Singapore 2H24 Strategy - UOB Kay Hian 2024-07-04: Looking For Turning Points

• Given our slightly more bullish earnings expectation of a 5.6% growth for 2024 (vs 2.4% six months ago), we have upgraded our 2024 year-end target for the Straits Times Index (STI) to 3,380. The index’s current valuation remains inexpensive at 2024F P/E and P/B of 10.5x and 1.1x respectively.

Reviewing 1H24.

• - Read this at SGinvestors.io -
• The Singapore market proved to be resilient in 1H24, with the STI up 4.9% year-to-date on a total returns basis with bank stocks being the key outperformers.

Limited breadth of performers in 1H24.

• - Read this at SGinvestors.io -
• Importantly, there was a low breadth of outperforming stocks with only 12 of our large-cap stocks registering a positive share price return in 1H24.
• The MSCI Singapore Index, helped by strength in Sea Ltd, rose 10.4% and 12.9% on a price change and total return basis respectively.

2H24 Outlook For Singapore Market

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

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