Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-ABN AMRO upgrades Singapore to neutral

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STOCKS NEWS SINGAPORE-ABN AMRO upgrades Singapore to neutral Jul 26th 2012, 01:47 Wed Jul 25, 2012 9:47pm EDT ABN AMRO Private Banking has upgraded Singapore stocks to neutral from underweight, citing potentially smaller earnings estimate cuts compared to other Asian companies. Singapore's corporate earnings will face headwinds from slowing global growth due to their exposure to overseas markets, ABN said. However, it added that consensus growth estimates for Singapore's sales and earnings are the lowest in Asia, thus Singapore may be less vulnerable to negative earnings revisions relative to regional peers. "The MSCI Singapore may thus experience a smaller magnitude of earnings cuts, helping it to outperform regional markets during the August-September period," said ABN in a note. The MSCI Singapore index has gained about 14.9 percent so far this year, compared to the MSCI Asia Pacific Ex-Japan's 2 percent rise. ABN expects loan growth to moderate in the second quarter and earnings of banks, like DBS Group, could miss expectations slightly. Margins of offshore and marine companies such as Keppel Corp and Sembcorp Marine Ltd may also disappoint as they normalize form high levels, ABN said. 0928 (0128 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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