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DBS expects Singapore’s inbound tourism to stay 'soft' amidst easing travel restrictions across Asia

Chloe Lim
Chloe Lim11/17/2021 9:7 AM GMT+08  • 3 min read
DBS expects Singapore’s inbound tourism to stay 'soft' amidst easing travel restrictions across Asia
Singapore’s inbound tourism may remain soft until domestic health protocols are loosened: DBS Group Research
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DBS Group Research analysts Jason Sum, Paul Yong and Suvro Sarkar say that Singapore’s inbound tourism may remain soft until domestic health protocols are loosened, where pent-up travel demand will drive outbound tourism thereafter.

Hence, the analysts anticipate more upside for travel-related stocks, putting forward a “buy” rating for stocks from ST Engineering, SIA Engineering, SATS and Genting Singapore, with target prices $4.55, $2.65, $4.80 and $1.00 respectively, though remaining neutral for Singapore Airlines with a “hold” rating and target price of $4.90.

Shares from ST Engineering and Genting Singapore are the analysts’ top picks, as they seem most primed for strong earnings rebound in 2HFY2022 and cheap valuations. “We also favour SATS, but remain on the sidelines for Singapore Airlines, whose longer term prospects are already priced in, in our view,” say the analysts.

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