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Singapore's equity market is in 'sweet spot', according to PhillipCapital

Felicia Tan
Felicia Tan1/6/2021 09:49 AM GMT+08  • 4 min read
Singapore's equity market is in 'sweet spot', according to PhillipCapital
In 2021, PhillipCapital's head of research Paul Chew says he favours the hospitality, banks and REITs sectors.
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The Straits Times Index (STI) was down 11.8% in 2020, making it the worst performer in Asia, says PhillipCapital’s head of research Paul Chew in its Singapore strategy report for 2021 dated Jan 5.

The index’s poor performance coincided with Singapore’s worst gross domestic product (GDP) contraction on record of between -6% and -6.5% in the same year.

“The pandemic triggered consensus earnings to be slashed around 27% this year. The worst-hit sectors were the pandemic epicentres of transportation (-30%) and hospitality REITs (-20%). Sectors that managed to clock gains were industrials (+9%), industrial REITs (+10%) and healthcare (+30%),” says Chew.

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