As banks’ momentum wanes, investor interest could return to S-REITs and tech stocks: CLSA

With the momentum of Singapore market earnings upgrades waning over the past few quarters, banks could similarly be losing some momentum, say CLSA analysts, who suggest a rotation to REITs and tech in their 2H2023 Singapore strategy outlook.

Market earnings expectation changes have remained muted over the past months, say analysts Neel Sinha, Yew Kiang Wong and Horng Han Low, with upgrades from a net interest margin (NIM) upcycle that has “filtered through” the market in the past two quarters.