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Credit Suisse says Singapore’s stock market delivered an average performance in 2010, but tips more absolute upside ahead.
The house notes Singapore MSCI +18% in USD terms in 2010, in line with the region’s +17% in USD. The house says the recent improvement in many manufacturing PMIs globally supports its view global growth will pick up in coming months.
The house notes Singapore MSCI +18% in USD terms in 2010, in line with the region’s +17% in USD. The house says the recent improvement in many manufacturing PMIs globally supports its view global growth will pick up in coming months.
“Singapore should benefit from this trend, and we expect sequential growth to gradually return to trend.” The house tips key 2011 themes include more aggressive capital management and another strong tourism year, adding its P/B vs ROE analysis implies an end-2011E MSCI Singapore Index target of 438, implying 16% potential upside, while the STI target is 3711, also offering 16% upside.
The house is Overweight capital goods, property and transport, while it is Underweight telecom and consumer discretionary, and Market Weight on banks, consumer staples and financials. Its top picks are SembCorp Marine (S51.SG), NOL (N03.SG), CDL Hospitality Trusts (J85.SG), Keppel (BN4.SG) and Olam (O32.SG).
