Broker Name: CGS International
Date of Report: March 31, 2026
Excerpt from CGS International report:
Report Summary
- Index Target: The MSCI Singapore Free SGD index (SIMSCI) is targeted at 480 pts by end-2026, based on a 20x forward P/E. The current level is 439.56 pts.
- Technical Call: The index is expected to see limited upside (451–460 pts), followed by a correction to 419 pts before rebounding. Long-term target remains 482 pts (6-month horizon).
- Sector Action: Consumer Staples, Utilities, and Financials are the best-performing sectors. Institutional investors have been net sellers of Financials and REITs.
- Top Picks:
- Big-cap: BAL, FR, IFAST, KIT, SATS, SCI, SIE, STE, SSG, YZJSGD
- Small-cap: CAO, CSE, FEH, NCL, SOIL
- Outperformers: WIL (Wilmar International, palm oil), STE (Singapore Technologies Engineering, defence), SCI (Sembcorp Industries, energy), BAL (Bumitama Agri, palm), GERL (Geo Energy Resources, coal), AEM (AEM Holdings, AI tailwinds).
- Underperformers: SE (Sea Ltd), GRAB (Grab Holdings), CLI (CapitaLand Investment), YLLG, YZJFH, PROP (Propnex).
- Corporate Activity: CLAR made S\$1.4bn acquisitions in Singapore and Japan. HKL bought a 10.8% stake in SUN for S\$541m. QNM to acquire an Australian dental group for A\$144.5m. SHOCK acquired Kewalram House for S\$120.5m.
above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com/
