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UOBKH: Monthly Review and Outlook – Singapore

Posted on August 10, 2022August 10, 2022 By alanyeo No Comments on UOBKH: Monthly Review and Outlook – Singapore
MONTHLY REVIEW AND OUTLOOK

REVIEW: The FSSTI gained 3.5% mom in Jul 22 to 3,095.59. For the month, the index was lifted by a large gain in the technology (+5.7% mom) sector but dragged down by losses in the property (-4.0% mom) and plantation (-2.2% mom) sectors.

Singapore’s factory production growth slowed to 2.2% in June, down from 10.4% in May, as the sector was dragged down by softer electronics output and declines in pharmaceuticals and chemicals.

The linchpin electronics cluster cooled to growth of just 2.3% yoy, against 22.9% in May.

Output in Singapore’s key semiconductors segment shrank by 2.6%, reversing the previous month’s expansion of 32.1%. Meanwhile, the other electronic modules and components segment declined by 23.5%, as the Economic Development Board (EDB) noted “lower export orders from China”.

On a seasonally adjusted monthly basis, manufacturing output fell 8.5% in June, or by 6.9% after stripping out biomedical manufacturing.

For the half-year to Jun 22, Singapore’s manufacturing sector grew by 5.6% yoy, or 7.5% excluding biomedical manufacturing.

STRATEGY: Some of our top large-cap picks are DBS, CapitaLand Invest, Genting SP, Keppel Corp, SIA Engineering, Lendlease REIT, Venture Corp, Yangzijiang Shipbuilding, ComfortDelgro and Ascott REIT. As for the small/mid-cap sector, our top picks are AEM, Frencken and Sembcorp Ind.

Monthly_Review_and_OutlookClick here to Download Full Report in PDF

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Research - Equities Tags:AEM, Ascott Residence Trust, Capitaland Investment, ComfortDelGro, CSE Global, DBS Group Holdings, Frencken Group, Genting SP, Keppel Corporation, Lendlease Global Commercial REIT, lendlease REIT, Sembcorp Industries, SIA, SIA Engineering, Singapore Airlines, Venture Corp, Yangzijiang Shipbuilding

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