MSCI SG index -1% MoM (underperformed MSCI Asia ex Japan); Trades at 13.5x FY18F PE
SG 2Q18 GDP +3.9% yoy; Unemployment rate ticked up to 2.1%
SG residential: Believe buyers will delay buying and resale momentum will slow; physical prices to start easing (Prefer SREITS; Upgrade CapitaLand to BUY – preferred over peers due to lower exposure to SG residential)
Top STI performers in Aug: Yangzijiang (+20%); Venture (+13%); CapitaLand (+7%); Sembcorp industries (+7%); Wilmar (+5%)
Bottom STI performers in Aug: Thai Bev (-18%); Genting SG (-16%); City Dev (-6%); Jardine Strategic Hldg(-6%); DBS (-5%)
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