Asia / Singapore


Group Research / October 01, 2019

Photo Credit - AFP

GDP growth, % YoY3.
CPI inflation, % YoY0.
Exchange rates, end of period1.351.381.421.411.41
Policy interest rates, end of period1.951.951.801.601.60
/aics/[Cookie] = [mbox=PC#9f7e8e33ec4c4daca2b8034c0043fe69.28_130#1636752681|session#417d496562604813ad0acf030f109a60#1573508904; s_fid=102EEE476D26736A-15D129E590D23EA8; s_nr=1573508799686-Repeat; check=true; s_cc=true;; s_kw_persist=Keyword%20Unavailable; cf2=0; s_sq=%5B%5BB%5D%5D; JSESSIONID=PEh0Ng2hhDLlzZquW9UPTpjDpZBHVagfdTrPExU-.pwebd_prd_gsmc_01; DBSWEB_Cookie=359282954.38688.0000; s_ev6=sg-group-pweb-investors-cardtiles-best-bank-in-the-world; segmentValue=; mboxEdgeCluster=28; PWEB_SESSION=NEW; PWEB_SESSION_COUNT=1; UNIQUE_PWEB_PAGE_VISIT_COUNT=1] [Akamai-Origin-Hop] = [3] [Accept] = [text/html,application/xhtml+xml,application/xml;q=0.9,*/*;q=0.8] [Connection] = [close] [Referer] = [] [X-Forwarded-Host] = [] [User-Agent] = [Mozilla/5.0 (X11; Ubuntu; Linux x86_64; rv:70.0) Gecko/20100101 Firefox/70.0] [Host] = [] [Accept-Encoding] = [gzip] [dnt] = [1] [True-Client-IP] = [] [Akamai-Origin-Request] = [1] [Via] = [1.1 (AkamaiGHost), 1.1 (AkamaiGHost), 1.1 (AkamaiGHost)] [X-Akamai-CONFIG-LOG-DETAIL] = [true] [Cache-Control] = [max-age=21600] [upgrade-insecure-requests] = [1] [X-Forwarded-For] = [,,,] [Accept-Language] = [en-US,en;q=0.5] [X-Forwarded-Server] = [] templatedata/article/region/data/en/AIO/012016/19012016_singapore.xmlaics/regionSingaporeSingapore Industry InsightsInsightsIndustryView AllRead Morenotaligned130Room rates set to drive next leg of growth for local hospitality players, with RevPARs projected to recover by 3% in 2020 across hospitality REITs.SingaporeReal Estate/iwov-resources/aics/images/AICS/AIO/en/102019/191031_insights_thumb_singapore_hospitality.jpg/aics/templatedata/article/generic/data/en/GR/102019/191031_insights_singapore_hospitality.xmlSingapore Hospitality: This time it’s real!October 31, 2019Investors rally behind Sembcorp on restructuring speculation despite lacklustre order wins and jittery macro outlook.SingaporeOil and Gas/iwov-resources/aics/images/AICS/AIO/en/102019/191025_insights_thumb_sembcorp.jpg/aics/templatedata/article/generic/data/en/GR/102019/191025_insights_sembcorp.xmlSembcorp Group: Back to fundamentalsOctober 25, 2019IMDA’s revised proposal to allocate four 5G licenses leaves smaller telecom operators looking for partnerships to bear the burden of high capex.SingaporeTelecom/iwov-resources/aics/images/AICS/AIO/en/102019/191023_insights_thumb_singapore_telecom.jpg/aics/templatedata/article/generic/data/en/GR/102019/191023_insights_singapore_telecom.xmlSingapore Telecom Sector: Wait or bargain hunt?October 23, 2019Singapore Economics InsightsInsightsEconomicsView AllRead Morenotaligned22While the Singapore economy will avert a technical recession in 3Q19 (0.4% YoY, 2.1% QoQ saar), a robust fiscal budget and monetary easing will still be required to render support for the economy amid the challenging economic climate.SingaporeGrowth/iwov-resources/aics/images/AICS/AIO/en/092019/190923_insights_thumb_singapore.jpg/aics/templatedata/article/generic/data/en/GR/092019/190923_insights_singapore.xmlSingapore Chartbook: No technical recession but support is still warrantedSeptember 23, 2019Growth outlook in the near term appears grim but expect marginal improvement in the coming quarters.SingaporeGrowth/iwov-resources/aics/images/AICS/AIO/en/062019/190603_insights_thumb_Singapore_chartbook.jpg/aics/templatedata/article/generic/data/en/GR/062019/190603_insights_Singapore_chartbook.xmlSingapore Chartbook: Down but not outJune 03, 2019While 1Q19 GDP has disappointed, growth is expected to pick up in 2H19.SingaporeGDP/iwov-resources/aics/images/AICS/AIO/en/042019/190416_insights_thumb_expect_a_better_2h19.jpg/aics/templatedata/article/generic/data/en/GR/042019/190416_insights_expect_a_better_2h19.xmlSingapore’s GDP: Expect a better 2H19April 16, 2019Singapore Economics DailyEconomicsView AllRead Morenotaligned31The Singapore economy has averted a technical recession. While economic outlook remains challenging, some signs of stabilization are emerging.SingaporeGrowth/iwov-resources/aics/images/AICS/AIO/en/102019/191014_insights_thumb_singapore.jpg/aics/templatedata/article/generic/data/en/GR/102019/191014_insights_singapore.xmlSingapore averts a technical recession despite weak growthOctober 14, 2019Expect a flatter slope for the SGD NEER policy band.SingaporeFX/iwov-resources/aics/images/AICS/AIO/en/102019/191007_insights_thumb_sgd.jpg/aics/templatedata/article/generic/data/en/GR/102019/191007_insights_sgd.xmlSingapore: A gentler SGD slope in a tougher environmentOctober 07, 2019SGD rates outperformance versus USD rates can continue.SingaporeRates/iwov-resources/aics/images/AICS/AIO/en/092019/190912_economics_thumb_sgd_rate.jpg/aics/templatedata/article/generic/data/en/GR/092019/190912_economics_sgd_rates.xmlSGD rates: Policy easing and rate outlookSeptember 12, 2019Singapore EquitiesInsightsEquitiesView AllRead Morenotaligned157For this and other ideas, please check out the Singapore Stock Pulse. Your go-to morning essential that inspires you with investment and trading ideas daily.SingaporeStock Pulse/iwov-resources/aics/images/AICS/wired_daily_singapore/wired_article_01_thumb.jpg/aics/templatedata/article/generic/data/en/GR/112019/191111_singapore_stock_pulse.xmlLower SREITs exposure due to rise in US 10-year bond yieldNovember 11, 2019For this and other ideas, please check out the Singapore Stock Pulse. Your go-to morning essential that inspires you with investment and trading ideas daily.SingaporeStock Pulse/iwov-resources/aics/images/AICS/wired_daily_singapore/wired_article_05_thumb.jpg/aics/templatedata/article/generic/data/en/GR/112019/191108_singapore_stock_pulse.xmlMCT hits the home runNovember 08, 2019For this and other ideas, please check out the Singapore Stock Pulse. Your go-to morning essential that inspires you with investment and trading ideas daily.SingaporeStock Pulse/iwov-resources/aics/images/AICS/wired_daily_singapore/wired_article_04_thumb.jpg/aics/templatedata/article/generic/data/en/GR/112019/191107_singapore_stock_pulse.xmlSingapore Airlines soar on firm carriage growthNovember 07, 2019

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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.

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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.