发帖
雷达卡
【出版时间及名称】：2009年12月新加坡证券市场投资策略报告
【作者】：德意志银行
【文件格式】：PDF
【页数】：37
【目录或简介】：
Table of Contents
Top picks, macro data, consensus data sheet ..........................................................................3
Repositioning amid recovery............................................................ 5
Supportive macro outlook; S$ returning to an appreciation mode............................................5
Government to unveil new economic blueprint ........................................................................5
Earnings recovery taking shape ................................................................................................7
Singapore Inc acquiring and expanding again ...........................................................................8
Market valuation still moderate, especially in recovery...........................................................11
DB 10 portfolio.......................................................................................................................13
Risks ......................................................................................................................................14
Sector views .................................................................................... 15
Banks: Overweight..................................................................................................................15
Property developers: Overweight ...........................................................................................17
Real Estate Investment Trusts (REITs): Neutral.......................................................................18
Conglomerates/Offshore and Marine: Overweight .................................................................19
Telecommunications: Underweight ........................................................................................20
Container shipping: Neutral.....................................................................................................21
Airlines sector: Neutral............................................................................................................22
Land and Transport: Neutral....................................................................................................23
Healthcare: Neutral .................................................................................................................24
DB 10 Singapore Portfolio .............................................................. 25
Sector rotation................................................................................. 26
1. Performance – Food, Beverage and Tobacco .....................................................................26
2. Growth and value................................................................................................................26
3. Momentum and marginal change .......................................................................................27
4. Sentiment, flows and liquidity.............................................................................................27
5. Volatility and risk .................................................................................................................28
Asset allocation ............................................................................... 29
DB macroeconomic view ................................................................ 30
Macroeconomic view .............................................................................................................30
Appendix A – Growth...................................................................... 31
Appendix B – Value ......................................................................... 32
Appendix C – Risks .......................................................................... 33
Appendix D – MSCI Singapore ....................................................... 34
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