- 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 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 @ https://www.utrade.com.sg/.
Adrian LOH UOB Kay Hian Research | Singapore Research Team UOB Kay Hian | https://research.uobkayhian.com/ 2024-07-04
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