Excerpt from DBS report.

Report Summary

• Actionable Ideas:
  • Maintain preference for index heavyweight banks with a focus on OCBC due to SGD’s relative strength and stability.
  • Tech stocks (UMS, Frencken, AEM) remain attractive on sustained global AI-related CAPEX and resilient regional electronics production.
  • Construction stocks (e.g., Wee Hur, Soilbuild) offer a domestic buffer, supported by strong public infrastructure and housing investment.
  • Be selective on REITs: Prefer logistics/industrial REITs (MLT, NTT DC REIT) over discretionary segments like hospitality and non-essential retail.
  • Elevated energy prices are a headwind for transport stocks (e.g., SIA, CD), while SCI is likely to benefit from higher gas trading income and wider power spreads.
• Implications:
  • Focus on OCBC among banks for safe-haven flows.
  • Tech, logistics/industrial REITs, and construction stocks are preferred sectors.
  • Avoid transport sector due to energy price headwinds; consider SCI for positive exposure to energy trends.
• Target Price: Not specified
• Action: Selective BUY on OCBC, tech stocks, logistics/industrial REITs, and construction stocks. Avoid hospitality/non-essential retail REITs and transport sector stocks.

above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com.sg/