SG Strategy: UOB Kay Hian has Strategy Report. Note that recent overhaul of the cabinet line-up could signal change in style of governance to appease demand for greater accountability and believe residential ppty could see more potential cooling measures, particularly since release of latest data point, indicate developer sales increased 29% mom to 1,788 units in Apr11…..
House cautious against backdrop of uncertainties and key concerns include inflation and impact on global prospects, slowing global growth and Eurozone debt overhang. Recommend investors seek shield in yield, with preference for telecoms and office REITs, while still favor Shipyards and oil services. Remains selective in banks, although general view is that SG banks cheap….
House Top Picks are Ascendas REIT (TP $2.40), CDL H Trust (TP $2.50), Ezion (TP $0.90), KepCorp (TP $13.50), M1 (TP $2.65), OCBC (TP$ 12.05) OUE (TP $4.30) and Starhub (TP $2.96)
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