Wage costs in Singapore expected to keep rising due to tight labour market, but this could benefit demand for companies in consumer-related sectors, such as Singapore Press Holdings (T39.SG), Singapore Airlines (C6L.SG), CapitaLand (C31.SG), Frasers Centrepoint Trust (J69U.SG), Raffles Medical (R01.SG), says Credit Suisse.

Forecasts 6% rise in wages this year vs projected growth for Singapore companies of 11% for revenue, 15% for earnings in 2010.

Tips Hi-P (H17.SG), ST Engineering (S63.SG), ComfortDelgro (C52.SG), Cosco (F83.SG), Singapore Airport Terminal Services (S59.SG), Hong Leong Asia (H22.SG), SMRT (S53.SG) as companies with earnings most sensitive to changes in wages, not in strong position to immediately pass on costs.