Credit Suisse says relatively bullish view on global economy augurs well for Singapore, which highly dependant on global economic growth. Expects 2010 global GDP +4.7%, 2011E +4.4%.

Following slowdown in 2H10, expects expansion pace to pick up again early 2011. Key 2011 Singapore themes include more aggressive capital management, another strong year for tourism.

Driven mainly by projected earnings growth, expects Singapore Inc.’s ROE to continue expanding from 11.5% in 2010 to 12.7% 2011, 13.1% 2012; tips end-2011E MSCI Singapore Index target of 438, 19% upside from here.

House Overweight capital goods, property, transport; Underweight telecom, consumer discretionary; Market Weight banks, consumer staples, financials.