S'pore Shrs No Rally Till Inflation Eases - UBS

Singapore shares attractively valued but inflationary concerns will continue to weigh on sentiment, says UBS. "Tactically, the market looks oversold, with trailing PE below the Asian financial crisis low," says broker in note. But adds, "fundamentally, we think inflation needs to roll over to end the bear market." Broker says upcoming data on 2Q GDP, June CPI present headwinds; advises investors to seek out stocks with pricing power, strong balance sheets. Says, top Singapore stock picks are DBS, UOB, Keppel Corp. for their pricing power; CMT, Parkway Life, SPH, M1 as yield plays that should be able to weather inflation; CapitaLand as value play