Contents
Strategy P4
Economic Outlook P6
Market Outlook P10
Theme #1: NAV Plays P12
Theme #2: Potential Privatisation Plays P15
Theme #3: Low Valued Cyclicals P17
Theme #4: High Yield Defensives P26
Sector Outlook P30
[Overweight]
Property - Cherry-Picking Continues P31
Offshore & Marine - Keeping The Momentum P34
Commodity Traders - Adjusting To The New Normal P37
Aviation Services - Ascending To Greater Heights P40
[Neutral]
S-REITS (from OW) - Go Selective On REITs P43
Banking (from UW) - A More Sanguine Outlook P48
Plantations - A Year Of CPO Price Recovery P50
Gaming - Even Odds But Look Out For Aces P53
Transport - Shipping: The Sector Saviour P55
[Underweight]
Telco (from OW) - Focus On Dividends Still P57
Stock Picks P59