SINGAPORE (Nov 25): Daiwa Capital Markets is maintaining its STI target of 3,265 for 2016 and recommends an overweight on the banking sector to capture further upside.

Daiwa says the September earnings season was a forgettable one, with around 60% of the stocks in its coverage universe missing earnings forecasts.

The misses were concentrated mainly in the oil & gas and small-cap consumer sector stocks it covers while positive surprises were seen mainly in the results of banks and REITs.

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