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Tuesday, December 18, 2012

CIMB tips upside to Asean-Four markets in 2013


CIMB tips up to 18% upside for Asean-four markets in 2013, calling the Fed’s latest asset-purchase plan a positive. “Its timing is good with global macros on the mend, diminished risks of a hard landing in China and risk indicators trekking down significantly.”

It expects cyclical sectors to benefit most, including offshore & marine, property and commodities, while it likes construction-linked stocks in Indonesia and Thailand for structural improvements and remains selectively positive on consumer and financials.
CIMB stays Overweight on Singapore and Indonesia, Neutral on Thailand and Underweight on Malaysia.

Its top picks for Singapore are DBS (D05.SG), CapitaLand (C31.SG), ST Engineering(S63.SG), Thai Beverage (Y92.SG), Ezion (5ME.SG), Cache Logistics Trust (K2LU.SG) and Tat Hong (T03.SG). CIMB also screens for high-dividend-yield stocks with above-market average forward and historical yields among its Outperform-rated coverage, turning up Venture (V03.SG), SPH (T39.SG), Ascendas REIT (A17U.SG), ST Engineering (S63.SG), SIA Engineering (S59.SG), StarHub (CC3.SG), Frasers Centrepoint Trust (J69U.SG), DBS, Keppel (BN4.SG) and Sembcorp Industries(U96.SG).

Its Singapore-listed contrarian Underperform calls include CapitaMall Trust (C38U.SG) and CapitaCommercial Trust (C61U.SG).

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