In addition, the brokerage is likely to benefit from improving business in Hong Kong, its second largest market too, where besides a growing number of IPOs, the markets are also seeing easing trade tensions and strong investment.
Jayden Vantarakis and Hanel Tan of Macquarie has initiated coverage on UOB Kay Hian Holdings with an "outperform" call, with expectations that as Singapore's largest retail broker measured by sales force, it is a direct beneficiary of broader market liquidity and retail investors' interest in small and mid cap stocks.
MAS' reforms target more IPOs, and more trading liquidity with an array of funds being set up to invest into Singapore stocks, state the analysts in their Jan 16 note.
