SG Strategy: CIMB combines top-down views and valuations, and recommends top Buys/Sells in uncertain times like this. Recommends KepCorp ($10.60 target entry price, theme of higher oil prices), OCBC ($7.38, theme of wealth management inflows into SG) and Genting SP ($1.85, theme of benefiting from alternate travel demand flows)….
Top three stocks house would avoid and continue to SELL include SATS (theme of food inflation hurting margins), STX Pan Ocean (negative near-term as steel mills close and bulk ship oversupply kills rates) and Tiger Air (earnings most sensitive to rising crude oil prices). Maintain OVERWEIGHT on Singapore, with FSSTI bottom-up target of 3,560.
CIMB issues reporting highlighting Top Picks, Buy Keppel Corp TP$10.60, Buy OCBC $7.38, Buy Genting SP TPS1.85. House sees higher oil prices due to demand risk from shunning nuclear power and Middle East unrest…
Singapore as a disaster-free zone with no intrusive rules adds to the positivity of wealth-mgmt industry and house has heard of influx of Middle East money into the country. Sources in travel have highlighted shift from tourism in Egypt, Tunisia and Morocco to Spain and Italy. Likewise, they postulate that Sg might be a beneficiary due to disasters in region (NZ and Japan)
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