Singapore Market Outlook - DBS Research 2024-12-04: STI End-2025 Target Of 3950

• The Straits Times Index (STI) rose nearly 17% over the past four months to validate our end 2024 target of 3750, pegged to a 11.8x FY26F P/E. The rally was mainly powered by index heavyweight bank stocks that reported strong earnings and benefited from an anticipated slower rate cut pace post-US election.

Flattish earnings growth for the STI come 2025

• - Read this at SGinvestors.io -
• Steady growth momentum seen in other sectors also contribute to support overall STI earnings in 2025.
  • Earnings growth was led by Seatrium (SGX:5E2), as it delivered on its strong order flow.
  • - Read this at SGinvestors.io -
  • ST Engineering (SGX:S63)’s and Yangzijiang (SGX:BS6)’s robust orderbooks should support revenue and earnings visibility in 2025 and beyond.
  • ComfortDelGro (SGX:C52) also stand out for their double-digit FY25F earnings growth and attractive dividend yields of >5%.

STI end-2025 target of 3950

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
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Read also DBS's most recent report:
2025-02-07 Singapore Exchange - Riding On Volatility Wave; Broad-based Growth Across All Revenue Segments.

Previous report by DBS:
2024-10-10 Singapore Exchange - Firing On Multiple Fronts; Volatility Is SGX's Friend.

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