Singapore Market Strategy - Maybank Research 2025-04-25: Going Local ~ Domestic Players May Offer Some Respite From Tariffs

Singapore Market Strategy - Going Local ~ Domestic Players May Offer Some Respite From Tariffs

Published:
Singapore Market Strategy - Maybank Research  | SGinvestors.io
  • Macro volatility unleashed from the Rose Garden 3-weeks ago is unlikely to abate anytime soon. Amidst global growth challenges, Singapore may be a relative safe haven.
  • A low baseline tariff, resurging domestic demand from construction and an election budget, plus a national balance sheet capable of delivering aggressive stimulus if needed, should provide some cushioning as markets reconfigure to the New World Order.
  • - Read this at SGinvestors.io -

Domestic drivers could offer some cushioning

  • While Singapore’s external trade dependency is high, we think the domestic economy may have bandwidth to absorb the worst of the shocks.
    • First, a construction boom from public housing and private projects like Changi T5, Integrated Resort expansions, Tuas Port etc. is underway with contracts awarded surging +58% y-o-y year-to-Feb.
    • - Read this at SGinvestors.io -
    • Third, during times of extreme stress, the government has delivered extra stimulus. During GFC, fiscal stimulus amounted to 7.6% of GDP and a further 1.5% GDP from past reserves drawdowns. During COVID, this increased to 14.4% GDP and an 8% respectively.
  • Combined, these factors could support relatively better domestic earnings visibility.

Screening for Singapore-first players

  • Read more at SGinvestors.io.



Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.



Thilan Wickramasinghe Maybank Research | Singapore Research Team Maybank Research | https://www.maybanktrade.com.sg/ 2025-04-25



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