SINGAPORE (April 15): Citi says it remains in favour of defensive stocks, given the underperformance of Singapore equities this year, and it prefers Singapore Telecommunications, SATS, CapitaLand , ST Engineering and Wilmar International.

In a research note, Citi says the next lead for Singapore investors “will not come from better growth”.

“Rather, it will be changes that improve cost,” the bank says, pointing to companies that are better able to leverage lower asset prices, wages, fees and foreign exchange, as well as mergers and acquisitions.

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