Banks are beginning to be expensive at 2x price to book and 4% yield. We find better opportunities in other large Singapore caps, namely Keppel (SGX:BN4), ST Engineering (SGX:S63), Sembcorp (SGX:U96), and Singtel (SGX:Z74). We believe these large caps have a much better growth and return profile than banks. Some of the key growth drivers include new power and data centre capacity, defence equipment exports, accretive acquisitions and asset monetisation.
Review
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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.poems.com.sg/ 2026-08-04
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