A GOOD YEAR FOR EQUITIES
The Singapore market clocked in good gains in 2012, and our core favourite sectors also
outperformed. Moving into 2013, we see better economic and market conditions, and while
earnings growth is still in the single-digit region, it is a recovery from the slowdown in 2012.
Valuations for the Singapore market are not excessive and we expect a healthy pipeline of
IPOs, takeover and privatisation exercises in 2013 to help buoy interest in the market. We are
sticking with our strategy of overweighing the Oil & Gas, Banking, Healthcare and selective
property sub-sectors. Our stock picks for 2013 include Biosensors, CapitaMalls Asia
(CMA), CapitaMall Trust (CMT), City Developments, DBS, Ezion Holdings, Keppel
Corp, M1, Sembcorp Marine, Starhill Global REIT, UOB and Venture Corp.

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