Present conditions offer Beijing a window to revive its RMB internationalisation process.
Economics and Macro Strategy
The new year has begun with renewed focus on the reflation trade, with yield curves steepening and inflation expectations rising. We examine the case (watch video here)
We see a recovery in China’s infrastructure sector going forward as we expect investments in the mainland’s railway and urban rail transit to surprise on the upside.
We believe the worst is behind Hong Kong’s banks and expect their earnings to rebound by 4-7% y-o-y in FY21F.
The panic sell-off on Chinese telecom operators due to a US executive order offers an attractive buying opportunity as we expect the sector’s earnings outlook to improve in 2021.
As vaccine developments ease fears, the rise in global risk appetite bodes well for the underperforming Hong Kong market.
Environmental, social and governance (ESG) issues may unleash a crisis affecting a company’s financial strength and valuation. But that’s not all.
Given the inexpensive valuation and relatively underperformance of the Hong Kong market versus the US market and A-shares, we believe the risk rally should continue.
We revise up our average Brent crude oil price forecast for 2021 to US$55-60/bbl and introduce 2022 Brent crude oil price forecast of US$60-65/bbl.
Semiconductor demand surged further in Dec20 and the momentum would carry forward into the beginning of 2021.
Fiscal consolidation in FY22 will be backed by strong nominal growth and higher revenue assumptions.
China to manage leverage risks
Topping out with Biden optimism
Longer-term SGS sold off ahead of auction. We think that the 15Y offers the most relative value.
Investors are counting on more economic spending under President Biden
Short bets are back
It added more than double the previous record of wind energy in 2020
Gains are expected from a combination of higher yields and FX, as SGD credit yields remain above USD comparables while SGD appreciation remains the consensus forecast.
We expect selected Value sectors to pick up pace especially in industrials, consumer staples, and materials
To enhance portfolio returns, supplement credit strategies with exposure to high dividend equities
Our analysts took a deep dive exploring the F&B business environment in Singapore, and examined how businesses can thrive in this lucrative, yet ever changing landscape.
Our analysts took a deep dive exploring China’s property management sector as interest in property investment continues to grow along with the country’s burgeoning economy.
Vietnam has found itself in a sweet spot as the prime beneficiary of the US-China Trade War, so much so that its economy is set to be bigger than that of Singapore’s within a decade.