CIMB-Singapore Strategy
Investors have been concerned about exposure to Vietnam among major Singapore stocks recently. This is especially so after Vietnam’s inflation rate galloped to +25% recently and the dong’s 12-month forward rates weakened suddenly last week. We profile Singapore stocks with major exposure to Vietnam. A few property stocks are more vulnerable than others, namely ART, F&N and KepLand. Most of the other sectors have limited exposure. Two of the three banks in Singapore also bought 10% stakes in Vietnamese banks not too long ago but contributions are very small. The other stock with some exposure is Olam. Maintain Neutral on the Singapore market with an unchanged STI target of 3,480 for end-2008
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