Sluggish growth and EPS cuts, but investors should watch out for the cyclical pick-up! UBS Top Picks for 2017: AREIT, CapitaLand, DBS, OCBC, Genting Singapore, Keppel, Singtel
UBS Top Picks for 2017
- diversified exposure, esp in Indonesia, India
- strong balance sheet. Dividends safe
- Possible NLT sell-down.
- Sobering after resolving its oil & gas NPLs.
- Manageable credit costs going forward
- Preferred bank stock
- More prudent in risk management.
- Most proactive in NPL classification
- Expects NPL pressure to ease.
- Execute on roadmap to 8-12% ROE
- More Raffles City project complete in 2-3 years
- De-risked its residential portfolio
- worst of bad debt provisions over. Reversal expected
- Lower capex
- Japan casino liberalisation
- Potential to grow by M&A
- Discount to S-REITs despite better growth
- Further provisions priced-in
- No attention on its property unit.