“We are in a bull market. This is still a baby bull,” says the analyst at Maybank’s 2H2025 investment outlook on July 23. So far, the rally has been “very, very narrow”, with mostly the telcos and utilities benefitting, and as such, Wickramasinghe sees “a lot more room” for broadening.
Despite macroeconomic conditions such as the ongoing geopolitical tensions and tariff shocks, the Straits Times Index (STI) has hit record highs recently and the Singapore market still has “a lot more to run”. As a result, fund managers who have long overlooked the Singapore market are starting to return, says Thilan Wickramasinghe, head of research at Maybank Securities in an interview with The Edge Singapore. “There is interest building in this market.”
In a June 25 report, Wickramasinghe posited a “bull case” target of 4,685 points, based on a 10-year mean forward P/E and one standard deviation (s.d.). The STI closed at 4,227.70 points on Aug 6.
