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Singapore Investments

Published:26 February 2024 21:04 CET

Analyst:

Stephan Jöhri, CTO, stephan.joehri@adviscent.com, +41 1111111

Singapore, a thriving city-state in Southeast Asia, is an attractive destination for investors worldwide. Its strategic location, robust economy, political stability, and pro-business environment make it an ideal region for investment. Singapore's strategic location at the heart of Southeast Asia provides easy access to the rapidly growing markets of China, India, and Indonesia. This geographical advantage, coupled with its world-class infrastructure and efficient logistics, makes Singapore a global hub for trade and commerce. The city-state boasts a robust and diversified economy, underpinned by strong manufacturing and services sectors. It is a global leader in several industries, including finance, logistics, and biotechnology. Singapore's economy is also highly resilient, having weathered numerous global economic crises. Political stability is another key factor that makes Singapore attractive to investors. The government is known for its efficiency, transparency, and zero-tolerance policy towards corruption. This political environment provides a high degree of certainty and predictability, which is crucial for long-term investments. Singapore's pro-business environment is perhaps its most compelling attribute. The government actively encourages foreign investment through various incentives, such as tax breaks and grants. It also provides strong intellectual property protection, which is crucial for businesses in knowledge-intensive industries. Furthermore, Singapore has a highly skilled and educated workforce. The government's emphasis on education and skills training ensures a steady supply of talent for businesses. The city-state also has a well-developed financial sector, with a wide range of financial services and products available. This makes it easy for businesses to access capital and manage their finances. In terms of legal environment, Singapore has a well-established legal system based on English common law. This provides a clear and predictable legal framework for businesses. Lastly, Singapore's quality of life is among the highest in the world. This makes it an attractive place for expatriates, which can be a significant advantage for businesses looking to attract international talent. In conclusion, Singapore's strategic location, robust economy, political stability, pro-business environment, skilled workforce, well-developed financial sector, clear legal framework, and high quality of life make it an ideal region for investment. Whether you are a multinational corporation looking to expand your operations, a startup seeking a conducive environment to grow, or an individual investor looking for attractive investment opportunities, Singapore has much to offer.

Singapore, a global financial hub, is home to several multinational corporations and local conglomerates. The biggest companies in Singapore span various sectors, including banking, telecommunications, real estate, and shipping. DBS Group Holdings, the largest bank in Southeast Asia by assets, is a leading financial services group in Asia. It offers a comprehensive range of services, including consumer banking, wealth management, and institutional banking. DBS has a significant presence in Singapore, Hong Kong, and other key Asian markets. United Overseas Bank (UOB) is another banking giant in Singapore. It provides a wide range of financial services, including personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, and asset management. In the telecommunications sector, Singapore Telecommunications Limited (Singtel) is a major player. It provides a diverse range of services from fixed and mobile telephony to broadband and TV services. Singtel has a significant presence in Asia, Australia, and Africa. CapitaLand Limited, one of Asia's largest diversified real estate groups, owns and manages a global portfolio worth over S$123 billion. Its portfolio spans across diversified real estate classes which include commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. Keppel Corporation is a conglomerate with key businesses in offshore & marine, property, infrastructure, and investments. It is one of the world's leading offshore and marine groups with a strong network in over 20 countries.In the shipping industry, Neptune Orient Lines (NOL) is a global company with core businesses in container shipping and supply chain management. It operates through its principal brand, APL, which provides container shipping services and logistics solutions in over 60 countries.Wilmar International is a leading agribusiness group in Asia. It is involved in oil palm cultivation, oilseed crushing, edible oils refining, sugar milling and refining, manufacturing of consumer products, specialty fats, oleochemicals, biodiesel and fertilisers, as well as rice and flour milling.These companies have not only contributed significantly to Singapore's economy but also have a substantial global presence. They have demonstrated resilience and adaptability in the face of economic changes and continue to drive growth and innovation in their respective sectors.

MSCI Singapore

Analyst:

Stephan Analyst, Analyst, stephan.joehri2@adviscent.com, 07633115

Recommended instruments

Name	ISIN	Sector	Market Cap (m)	Rating	Sustainability Rating
NameDBS Group Holdings Ltd	ISINSG1L01001701	SectorFinancials	Market Cap (m)90,256	Rating-	Sustainability Rating-
NameUOB	ISINSG1M31001969	SectorFinancials	Market Cap (m)49,652	Rating-	Sustainability Rating-
NameSingtel	ISINSG1T75931496	SectorCommunication Services	Market Cap (m)39,477	Rating-	Sustainability Rating-
NameCapitaLand Ascendas REIT	ISINSG1M77906915	SectorReal Estate	Market Cap (m)11,553	Rating-	Sustainability Rating-
NameKeppel Corporation Limited	ISINSG1U68934629	SectorIndustrials	Market Cap (m)12,859	Rating-	Sustainability Rating-
NameWilmar International Limited	ISINSG1T56930848	SectorConsumer Staples	Market Cap (m)25,511	Rating-	Sustainability Rating-

Important legal Information

* Positive performance in the past is no guarantee of positive performance in the future. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange rate movements cannot be ruled out.

General risk information

This publication is a financial analysis. This publication is intended only for your information purposes. It is not intended as an offer, solicitation of an offer, or public advertisement or recommendation to buy or sell any investment or other specific product. The publication addresses solely the recipient and may not be multiplied or published to third parties in electronic or any other form. The content of this publication has been developed by our staff of Bank (Switzerland) AG and is based on sources of information we consider to be reliable. However, we cannot provide any confirmation or guarantee as to its correctness, completeness and up-to-date nature. The circumstances and principles to which the information contained in this publication relates may change at any time. Once published information is therefore not be interpreted in a manner implying that since its publication no changes have taken place or that the information is still up to date. The information in this publication does not constitute an aid for decision-making in relation to financial, legal, tax or other matters of consultation, nor should any investment decisions or other decisions be made solely on the basis of this information. Advice from a qualified expert is recommended. Investors should be aware of the fact that the value of investments can decrease as well as increase. Therefore, a positive performance in the past is no guarantee of a positive performance in the future. The risk of exchange rate and foreign currency losses due to an unfavorable exchange rate development for the investor cannot be excluded. There is a risk that investors will not receive back the full amount they originally invested. Forecasts are not a reliable indicator of future performance. The commissions and costs charged on the issue and redemption of units are charged individually to the investor and are therefore not reflected in the performance shown. We disclaim, without limitation, all liability for any losses or damages of any kind, whether direct, indirect or consequential nature that may be incurred through the use of this publication. This publication is not intended for persons subject to a legislation that prohibits its distribution or makes its distribution contingent upon an approval. Persons in whose possession this publication comes, as well as potential investors, must inform themselves in their home country, country of residence or country of domicile about the legal requirements and any tax consequences, foreign currency restrictions or controls and other aspects relevant to the decision to tender, acquire, hold, exchange, redeem or otherwise act in respect of such investments, obtain appropriate adviceand comply with any restrictions. In line with internal guidelines, persons responsible for compiling this publication are free to buy, hold and sell the securities referred to in this publication.

Risk information for single stock/single bond recommendations

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Responsible for compilation: Bank (Switzerland) Ltd., Zurich, Switzerland. Responsible supervisory authority: Swiss Financial Market Supervisory Authority FINMA, Laupenstrasse 27, CH-3003 Berne, Switzerland. Responsible for distribution within the meaning of article 8 FinMV [Financial Analysis Market Abuse Ordinance]: Bank Ltd. Responsible for distribution within the meaning of the Directives on the Independence of Financial Research from the Swiss Bankers Association (SBA): Bank (Switzerland) Ltd. Responsible supervisory authority: Swiss Financial Market Supervisory Authority FINMA, Laupenstrasse 27, CH-3003 Berne, Switzerland.

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Employees of Capital Partners Ltd, who are responsible for compiling and/or distributing financial analyses, are subject to the applicable regulations as prescribed by law and supervisory legislation. In particular, measures were taken to avoid conflicts of interest (e.g. checking information exchanged with other employees, independence of the remuneration of the employees concerned, preventing the exertion of influence on these employees, compliance with rules on employee transactions, etc.). In addition, the handling of financial analyses is governed by an internal, group-wide directive issued by Group Foundation, Vaduz. Adherence to the regulations and organizational instructions is monitored by a Compliance Officer.

Reference regarding analysis history

If this analysis was made available to any issuers mentioned in the publication prior to its distribution or publication, no changes were made to the price or rating after the issuer’s feedback. Important references for Liechtenstein can be found in articles 3 to 6 FinMV [Financial Analysis Market Abuse Ordinance], for Switzerland in the Swiss Bankers Association Directives on the Independence of Financial Research, and for Austria in section 48 BörseG [Stock Exchange Act], the Austrian analysis principles of the Österreichische Vereinigung für Finanzanalyse und Asset Management [Austrian Association for Financial Analysis and Asset Management, ÖVFA] and the Austrian Society of Investment Professionals (ASIP) and the Standard Compliance Code of the Austrian banking sector. A history of all ratings and recommendations is available at your relationship manager.

Essential sources of information

Our analysts draw on publicly accessible information we consider to be reliable. For the compilation of the analysis, publications by domestic and foreign media and news services (e.g. Reuters, Bloomberg, VWD etc.), business publications, trade publications, statistics and rating agencies were used, together with information from the issuers of the analyzed securities – mainly via the Internet, but also in writing or by telephone. We also procure information from investment banks (sell-side research and primary research).

Reference regarding valuation rates

Unless otherwise stated or specified, the rates used in the analysis are normally the share prices provided by the news agencies Reuters and/or Bloomberg at the close of the stock exchange of the domestic market of the analyzed security or the relevant principal market of this security on the respective local stock exchange on the eve of the day of compilation.

DBS Group Holdings Ltd

Name	DBS Group Holdings Ltd
ISIN	SG1L01001701
Currency	SGD
Price	-
Free float (%)	-
Sector	Financials
Country	Singapore
Market Cap (m)	90,256
ROE	-
Next reporting date	-
Net debt	-
Rating	-

UOB

Name	UOB
ISIN	SG1M31001969
Currency	SGD
Price	-
Free float (%)	-
Sector	Financials
Country	Singapore
Market Cap (m)	49,652
ROE	-
Next reporting date	-
Net debt	-
Rating	-

Singtel

Name	Singtel
ISIN	SG1T75931496
Currency	SGD
Price	-
Free float (%)	-
Sector	Communication Services
Country	Singapore
Market Cap (m)	39,477
ROE	-
Next reporting date	-
Net debt	-
Rating	-

CapitaLand Ascendas REIT

Name	CapitaLand Ascendas REIT
ISIN	SG1M77906915
Currency	SGD
Price	-
Free float (%)	-
Sector	Real Estate
Country	Singapore
Market Cap (m)	11,553
ROE	-
Next reporting date	-
Net debt	-
Rating	-

Keppel Corporation Limited

Name	Keppel Corporation Limited
ISIN	SG1U68934629
Currency	SGD
Price	-
Free float (%)	-
Sector	Industrials
Country	Singapore
Market Cap (m)	12,859
ROE	-
Next reporting date	-
Net debt	-
Rating	-

Singapore Investments