Asia / Singapore

Singapore

Group Research / February 01, 2020

Photo Credit - AFP

Singapore
 20182019f2020f2021f
GDP growth, % YoY3.10.7-2.81.8
CPI inflation, % YoY0.40.60.41.5
 1Q202Q203Q204Q201Q21
Exchange rates, end of period1.431.411.391.371.36
Policy interest rates, end of period0.850.400.400.400.40

Singapore Industry Insights

Singapore / Consumer Staples
Singapore Consumer: Retail sales shifting to supermarkets

Singapore Consumer: Retail sales shifting to supermarkets

April 06, 2020

The government’s new COVID-19 circuit breaker measures will lead to even stronger supermarket sales. As such, we continue to maintain our posit...

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Singapore / Real Estate
Singapore Retail REITs in for a rough ride

Singapore Retail REITs in for a rough ride

April 02, 2020

We turn cautious on the retail S-REIT sector in view of unprecedented tightening measures introduced by the government.

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Singapore / Communication
Singapore Telecom Sector: TPG’s commercial launch after a long wait

Singapore Telecom Sector: TPG’s commercial launch after a long wait

April 01, 2020

TPG has finally unveiled its SIM-only plan for its commercial launch. How will this impact other Singapore telco players?

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Singapore Economics Insights

Singapore / Fiscal
Singapore: The government takes out big fiscal guns

Singapore: The government takes out big fiscal guns

March 27, 2020

Amid the poor showing in the 1Q20 GDP figures, we have also lowered our full year GDP growth forecast to -2.8%, a deep recession of historic proporti...

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Singapore / Inflation
Singapore: Heading for a recession

Singapore: Heading for a recession

March 19, 2020

As the Covid-19 outbreak continued to worsen, a recession in Singapore appears inevitable.

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Singapore / Fiscal
Singapore: A robust fiscal response

Singapore: A robust fiscal response

February 19, 2020

The government delivered a robust response to the Covid-19 outbreak and introduced a record budget deficit of SGD 10.95bn (2.1% of nominal GDP).

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Singapore Economics Daily

Singapore / GDP, Fiscal
Confronting the pandemic in solidarity

Confronting the pandemic in solidarity

April 07, 2020

The government announced the Solidarity Package worth SGD 5.1bn. The aim is to provide additional support for the economy during this “circuit breake...

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Singapore / FX
SGD NEER policy – more neutral than weaker

SGD NEER policy – more neutral than weaker

March 30, 2020

The SGD NEER policy band has stopped appreciating and was re-centred lower. USDSGD can fall below 1.40 in 2H20 on a post-coronavirus recovery if it m...

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Singapore / GDP
Singapore: A deep recession

Singapore: A deep recession

March 26, 2020

Amid the poor showing in the 1Q20 GDP figures, we have also lowered our full year GDP growth forecast to -2.8%, a deep recession of historic proporti...

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Singapore Equities

Singapore / Equities
Singapore Market Focus: Standing in solidarity

Singapore Market Focus: Standing in solidarity

April 07, 2020

The government’s latest Solidarity Budget aims to provide further support to businesses and households. We assess which sectors and companies will be...

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Singapore / Stock Pulse
Solidarity Budget: Who will truly benefit?

Solidarity Budget: Who will truly benefit?

April 07, 2020

For this and other ideas, please check out the Singapore Stock Pulse. Your go-to morning essential that inspires you with investment and trading idea...

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Singapore / Stock Pulse
Equity Picks: Dairy Farm’s sales set to pick up amidst COVID-19 outbreak

Equity Picks: Dairy Farm’s sales set to pick up amidst COVID-19 outbreak

April 06, 2020

For this and other ideas, please check out the Singapore Stock Pulse. Your go-to morning essential that inspires you with investment and trading idea...

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Disclaimers and Important Notices

The information herein is published by DBS Bank Ltd and PT Bank DBS Indonesia (collectively, the “DBS Group”). It is based on information obtained from sources believed to be reliable, but the Group does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. Any recommendation contained herein does not have regard to the specific investment objectives, financial situation & the particular needs of any specific addressee. The information herein is published for the information of addressees only & is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. The Group, or any of its related companies or any individuals connected with the group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the Group or any other person has been advised of the possibility thereof. The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The Group & its associates, their directors, officers and/or employees may have positions or other interests in, & may effect transactions in securities mentioned herein & may also perform or seek to perform broking, investment banking & other banking or finan­cial services for these companies. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Sources for all charts & tables are CEIC & Bloomberg unless otherwise specified.

DBS Bank Ltd., 12 Marina Blvd, Marina Bay Financial Center Tower 3, Singapore 018982. Tel: 65-6878-8888. Company Registration No. 196800306E. DBS Bank Ltd., Hong Kong Branch, a company incorporated in Singapore with limited liability. 18th Floor, The Center, 99 Queen’s Road Central, Central, Hong Kong.

PT Bank DBS Indonesia, DBS Bank Tower, 33rd floor, Ciputra World 1, Jalan Prof. Dr. Satrio Kav 3-5, Jakarta, 12940, Indonesia. Tel: 62-21-2988-4000. Company Registration No. 09.03.1.64.96422