Singapore Investment Strategy (177 pages)

by UOB KayHian research

Dec, 2008

Contents
Executive Summary ............................................................................................... 2
Strategy ................................................................................................................... 4
Economics ............................................................................................................. 21
Technical Analysis ................................................................................................ 28
Sector Review
- Aviation : Underweight ................................................................................. 29
- Finance : Overweight .................................................................................... 36
- Hospitality : Overweight ................................................................................ 43
- Land Transport : Overweight ....................................................................... 55
- Media : Overweight ....................................................................................... 61
- Offshore & Marine: Market Weight ............................................................. 66
- Plantation: Overweight ................................................................................. 72
- Property: Overweight .................................................................................... 80
- REITs - Office : Market Weight .................................................................... 95
- REITs - Retail : Overweight ......................................................................... 103
- REITs - Industrial : Overweight .................................................................. 111
- Shipping : Underweight ............................................................................. 118
- Telecommunications : Overweight ............................................................ 126
- S-Shares : Overweight ................................................................................. 138
Top Stock Picks
- Ascendas Real Estate Investment Trust ..................................................... 147
- Ascott Residence Trust ................................................................................ 149
- CapitaLand ................................................................................................... 151
- CapitaMall Trust ........................................................................................... 153
- City Developments ....................................................................................... 155
- ComfortDelgro Corporation ....................................................................... 157
- Frasers Centrepoint Trust ........................................................................... 159
- Oversea-Chinese Banking Corporation ..................................................... 161
- SIA Engineering .......................................................................................... 163
- Singapore Airlines ....................................................................................... 165
- Singapore Exchange ................................................................................... 167
- Singapore Press Holdings ........................................................................... 169
- Singapore Telecommunications ................................................................ 171
Corporate Statistics ........................................................................................... 173