Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-CIMB upgrades market, highlights top picks

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STOCKS NEWS SINGAPORE-CIMB upgrades market, highlights top picks Apr 19th 2012, 06:04 Thu Apr 19, 2012 2:04am EDT As Singapore restricts the number of foreign workers to address concerns about jobs and costs, CIMB highlighted the decreased dependency of the city-state's companies on the local economy and upgraded its rating on the stock market. "Reduced housing needs, persistent inflation and an acceleration of new industries are the consequences, not necessarily bad for stocks as Singapore Inc has ventured overseas," Singapore-based Kenneth Ng, head of research at CIMB said in a report titled "Frankenstein in Asia's El Dorado." "With decent valuations, we upgrade Singapore to overweight from trading buy." Costs are rising relentlessly in the wealthy but small island of just 5.2 million people, a third of them foreigners, and Singapore plans to spend billions of dollars more in areas such as healthcare and public transport. Differentiating the economy from the stock market, CIMB said any expected weakness would be a buying opportunity and that Singapore was a bet on the health of Asia. "We see this period of weakness as a useful phase to add stocks. We tilt to cyclicals at reasonable value," the brokerage said. Its top picks for this year are: - Capitaland Ltd - CapitaCommercial Trust - DBS Group Holdings Ltd - Ezion Holdings Ltd - Genting Hong Kong Ltd - Genting Singapore PLC - Global Logistics Properties Ltd - Indofood Agri Resources Ltd - Overseas Enterprise Ltd - Sembcorp Industries Ltd For related stories, click: 1300 (0500 GMT) (Reporting by Anshuman Daga in Singapore; anshuman.daga.thomsonreuters.com) Link this Share this Digg this Email Reprints

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