Singapore Market Focus - DBS Research 2020-05-05: Tactical Switch

Singapore Market Focus - DBS Research | SGinvestors.io GENTING SINGAPORE LIMITED (SGX:G13)

Singapore Market Focus - Tactical Switch




Easing COVID-19 restrictions.

  • Focus shifts to easing of intra-country movement restrictions in the US this month despite an extremely high 15-day average daily new infections of about 30,000. Major European economies will also start to ease with daily new infections between 1,000 to 3,000. Numerous countries in Asia are also set to relax restrictions.
  • Three risk events
    1. Second wave of COVID-19 infections with the US posing the highest risk;
    2. Weak recovery from global recession with a highly uncertain 2H recovery pace given the expiration/reduction of fiscal support measures and possibility of rising bankruptcies, loan defaults, retrenchments and weak business/consumer sentiment.
    3. China backlash as countries seek investigation into Covid-19’s origin and Trump threatens more tariffs


2020 Year-end STI target cut to 2850.



“COVID-19 casualties” in focus.



Top slice overbought COVID-19 beneficiaries, cautious on travel-linked stocks.





See attached PDF report for complete analysis. 






Kee Yan YEO CMT DBS Group Research | Janice CHUA DBS Research | https://www.dbsvickers.com/ 2020-05-05
SGX Stock Analyst Report HOLD MAINTAIN HOLD 0.750 SAME 0.750



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