Phillip Singapore Strategy - Phillip Securities 2019-04-09: Stay Invested For The Recovery

Phillip Singapore Outlook & Strategy - Phillip Securities Research | SGinvestors.io NETLINK NBN TRUST (SGX:CJLU) ASCOTT RESIDENCE TRUST (SGX:A68U) SINGTEL (SGX:Z74) CHINA SUNSINE CHEM HLDGS LTD. (SGX:CH8) SHENG SIONG GROUP LTD (SGX:OV8) SINGAPORE EXCHANGE LIMITED (SGX:S68) UNITED OVERSEAS BANK LTD (SGX:U11) KEPPEL DC REIT (SGX:AJBU) CAPITALAND LIMITED (SGX:C31) COMFORTDELGRO CORPORATION LTD (SGX:C52)

Phillip Singapore Strategy - Stay Invested For The Recovery




Outlook:

  • We remain positive on the equity markets. Our premise is a renewed upturn in global growth.
    • Firstly, financial conditions have eased. Following the Fed’s signal of a dovish stance, global interest rates have nose-dived back to 2-year lows.
    • Secondly, the Chinese government is visibly providing fiscal support. It has rolled out tax cuts, relaxed financial conditions and accelerated investments. We believe there is a lag to these policy benefits.
    • Thirdly, there are some early signs of revival in economic activity. Global PMI has started to stabilise.
  • The next impetus for the rally, we believe, will be some form of U.S.-China trade deal, expected in early-May. No one expects this Thucydides’ Trap to be avoided anytime soon but a trade resolution should remove risks of tariffs escalating further.


STI Target:

  • We are raising our STI target to 3600 from 3400. This pegs the market at 14x, close to its 10-year average valuation.
  • Government policies have turned more supportive for equity markets. Interest rates have eased and we expect growth to surprise positively.
  • (See also STI Constituents Price Target and Stock Rating)


Recommendation: Phillip Absolute 10







Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2019-04-09
SGX Stock Analyst Report BUY MAINTAIN BUY 0.890 SAME 0.890
BUY MAINTAIN BUY 1.360 SAME 1.360
ACCUMULATE MAINTAIN ACCUMULATE 3.270 SAME 3.270
BUY MAINTAIN BUY 1.550 SAME 1.550
ACCUMULATE MAINTAIN ACCUMULATE 1.300 SAME 1.300
ACCUMULATE MAINTAIN ACCUMULATE 8.170 SAME 8.170
BUY MAINTAIN BUY 32.500 SAME 32.500
ACCUMULATE MAINTAIN ACCUMULATE 1.520 SAME 1.520
ACCUMULATE MAINTAIN ACCUMULATE 4.000 SAME 4.000
ACCUMULATE MAINTAIN ACCUMULATE 2.720 SAME 2.720



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