Strategy

Strategy: CS initiates strategy report for 2011. Expect yr to turn out to be like 2005, with a recovery of IPO momentum & return of confidence would mean investors start to believe in an earnings recovery. Remains overweight on equities on 2011, forecasting 13% rise in global markets in 2011…

Expct 4.4% global GDP growth & equitites look cheap relative to other asset classes & provide hedge against inflation. Broker is underweight bonds. In SG, top picks are YangziJiang, Cosco and SembMarine…

Also remains bullish on SG office, expct 2011 to see continued sector cycical recovery in liquidity inflows & cap rate compressions should continue to play out. Expect double digit growth in off rents & hotel REVPAR. Amg sector top picks are OUE, CCT, KREIT & CDL….

For Transportation Sector, note that spot rates still falling, but tips carriers to hike rates and still likes NOL, OOIL, China Shipping, Evergreen & Wan Hai Lines.