Strategy Report: Citi initiates strategy report with STI target of 3450. Ample liquidity suggests continued SGD strength, low rates & buoyant commodity prices. Expct GDP growth to hit 6% in 2011. Note that Banks have lagged, despite record earnings, while NIMs close to bottom & business lending is recovering…
Highlight that REITs remain attractive and O&M also sees new rig replacement cycle underpinned by strong demand outlook & firm oil prices. Rates DBS, KepCorp, YangZiJiang, Genting SP, AREIT, AG & M1 as conviction Buy.
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