Report
UOB
Adrian Loh Tzum Yung ...
  • Singapore Research Team

Strategy - Positioning for recovery

We believe global equities have largely bottomed out, thanks to governments’ and central banks’ swift move to release monetary and fiscal stimulus packages. The Singapore government has done a good job in attempting to protect individuals’ and corporates’ balance sheets. Exiting the “circuit breaker”, we advocate exposure to financially robust companies that are leveraged to the general economic recovery and/or pay a sustainable dividend. Our year-end target for the STI is 2,760.
Underlyings
American Renal Associates Holdings

American Renal Associates Holdings is a holding company. All of the company's operating activities are conducted through American Renal Holdings Inc. and its operating subsidiaries. The company is a dialysis services provider in the U.S. focused on joint venture (JV) partnerships with physicians. The company owns and operates dialysis clinics in partnership with nephrologist partners treating patients in several states and the District of Columbia. The company operates its dialysis clinics principally through its JV model, in which it partners primarily with local nephrologists to develop, own and operate dialysis clinics. The company provides patient care and clinical outcomes to patients suffering from end-stage renal disease.

ARA US Hospitality Trust

Ascendas Real Estate Investment Trust

Ascendas Real Estate Investment Trust is a business space and industrial real estate investment trust. Co.'s principal activity is to invest in a portfolio of properties and property related assets. Co.'s portfolio comprises the following segments: business and science parks, hi-tech industrial properties/data centres, light industrial properties/flatted factories, logistics and distribution centres, and warehouse retail facilities. As of Mar 31 2012, Co. had a portfolio of 101 properties in Singapore and one property in China that comprised a business park property in Beijing.

DBS Group Holdings Ltd.

DBS Group Holdings is an investment holding, treasury and funding vehicle for itself and its subsidiaries. Co.'s main subsidiary is DBS Bank Ltd, which is engaged in a range of commercial banking and financial services, principally in Asia. Co.'s various business segments are: Consumer Banking/ Wealth Management, which provides individual customers with a range of banking and related financial services; Institutional Banking, which provides financial services and products to institutional clients; as well as Treasury, which provides treasury services to corporations, institutional and private investors, financial institutions and other market participants.

Oversea-Chinese Banking

Oversea-Chinese Banking is engaged in the in the business of banking, life assurance, general insurance, asset management, investment holding and stockbroking. Co.'s segments include: Global Consumer Financial Services, which provides deposit products, consumer loans, credit cards and wealth management products; Global Corporate Banking, which provides long-term loans, short-term credit, deposit accounts and fee-based services such as cash management and custodian services; Global Treasury, which is engaged in foreign exchange activities, money market operations, fixed income, as well as structured treasury products; and Insurance, which provides both life and general insurance products.

SingTel 10

Singapore Telecommunications is engaged in the operation and provision of telecommunications systems and services, and investment holding. Co. provides a range of multimedia and Information and communications technology solutions, including voice, data and video services over fixed and wireless platforms. Within both Singapore and Australia, Co. provides mobile communications, data and Internet, national telephone, information technology and engineering, sale of equipment, international telephone and pay television. Co.'s key businesses include: Group Consumer, Group Digital L!fe, and Group Information and communications technology.

Provider
UOB
UOB

Analysts
Adrian Loh Tzum Yung

Singapore Research Team

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