SG Strategy: Credit Suisse raises FY11 earnings estimates for 14 Co’s and reduced f/casts for 23 following 1Q results. Expect earnings growth (MSCI names) of 6% in FY11 and 11% in FY12. Note that upward revisions for capital goods, consumer discretionaries and banks in Spore were offset by estimate cuts for transport, diversified financials and consumer staples…..
House is O/W on capital goods, transport and property, but U/W on telecoms & consumer discretionary. Market Weight on banks, consumer staples and financials. Top picks are SMM, NOL, CDL, Keppel and Olam, while top UnderPerform ideas are SMRT and STE.
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