Overshoot & Bull Markets 4
Investment Summary 4
Overshooting Mid-cycle Valuations, Raising STI Target to 3000 6
[1] Overshooting Thesis 9
[2] Bull Market Thesis 10
Box Item: Integrated Resorts - Some Impact Estimates 14
Box Item: Economic Review Committee 15
Economics: Interest Rate Cycle & De-leveraging 17
[1] Deleveraging and Recovery 18
[2] Will Turn in Interest Rate Cycle Hit Stocks? 21
Investment Strategy 25
Market Pullback an Opportunity, STI Target 3000 25
Top Buys and Sells 27
Box Item: Elections and Stock Markets 31
Review of 2Q09 Company Earnings 36
Quant View: Singapore - Attractive 43
Appendix A-1 49