In its Singapore Equity Picks report dated April 16, the team at DBS Group Research says it has turned “net seller” in the past month to capitalise on the “dividend-driven” rally in March to April and to lower its equity exposure in May, which is a seasonally weak month.

On this, it has included Dairy Farm International (-0.8%) to its picks. The team has also removed AEM (+4.8%) and trimmed Yangzijiang Shipbuilding (+46.6%) to lock in a portion of the latter’s gains.

Venture Corporation (+9.8%), Ascendas REIT (+1%) and Ascott Residence Trust (+11.8%) were also removed from the portfolio.

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