SG Strategy: Morgan Stanley has SG Strategy Report. Note of developed Markets risks with Emerging Markets Returns. Believe SG’s equity market has the potential to deliver returns similar to emerging markets with risks similar to developed markets. Expect MSCI Spore to deliver 12% and 20% local currency and total returns through 2011, respectively…..
House is OverWeight on Banks, Consumer Staples and Telecoms, but UnderWeight on Real Estate, Industrials and Consumer Discretionary. Top picks are:
1) Banks: Buy DBS; Prefer OCBC over UOB
2) Consumer Staples: Buy Olam over Wilmar
3) Telecoms: Buy Singtel; Prefer M1 over Starhub
4) Real Estate: Preferred Stocks Keppel Land and CDL Hospitality
5) Industrial: Preferred Stocks Keppel Corp, SIA and NOL
6) Consumer Discretionary: Prefer Jardine Cycle and Carriage over Genting SP
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