Re-opening plays, capital goods and financials outperformed, although this was partly “marred” by the Russian-Ukraine conflict, US-China geopolitical tensions and a weakening macro environment, says Lock.
Singapore’s projected calendar year (CY) 2022 aggregate net profit growth of an estimated 30% compared to pre-Covid levels in 2019 will be a “tall order” to beat in CY2023, amidst slower economic growth, says CGS-CIMB Research.
In the brokerage’s Navigating Singapore report dated Dec 9, analyst Lock Mun Yee notes that the benchmark Straits Times Index (STI) was one of the best performers in the region in 2022, with a 4.1% rise year-to-date (ytd), as the economy shook off the effects of the Covid-19 pandemic and borders reopened.
