【出版时间及名称】：2010年新加坡证券市场投资策略报告
        【作者】：瑞士信贷
        【文件格式】：PDF
        【页数】：48
        【目录或简介】：

EPS upgrades gaining momentum. Consensus earnings upgrades have
helped trigger share price performance in 2009. We expect this trend to
continue into 2010 on a more positive top-line and margins outlook.
Transport, in particular, should see meaningful upgrades, in our view.
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Tourism 2010 – a vintage year. The opening of two new integrated resorts
in 1H10 would push Singapore to the next level as a regional tourism
hotspot. We expect a 21% jump in tourist arrivals in 2010 to 10.9 mn visitors.
In particular, we believe that SIA and ComfortDelGro will see positive impact
from the expected jump in tourist traffic. On the other hand, we are
concerned about the market’s bullish expectations on Singapore’s potential
gaming revenues and maintain an UNDERPERFORM rating on Genting.
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Geared for cash “refunds”. While 2009 is a record year for equity fund
raising, we see cash distribution returning in a big way over the next 12-18
months. Driven by a combination of record capital fund raising and betterthan-
expected free cash flows, Singapore Inc. is likely to see the strongest
cash position ever by 2011E. Historically, there has been a strong
relationship between improvements in cash position and subsequent
dividend distributions. We believe the stocks that could dish out
higher/special dividend would include CapitaLand, SIA, Keppel, M1 and SPH.
■
Looking for 18% returns. We remain OVERWEIGHT transport, banks,
media, financials and property. In terms of stock picks, we like SIA, DBS,
NOL, Hyflux and Parkway. On the other hand, we are UNDERWEIGHT
telecoms and capital goods. The least preferred names include Genting
Singapore and COSCO.