Singapore is Cheap valuation, But For a Reason
The GDP in Singapore is driven by private consumption and investment. Singapore is one of the poorest performing markets in Asia. Earnings fell in 2015 and are expected to develop poorly. Singapore is cheap on PB in line with a relatively low ROE. Fundamentals are poor with ROE below 10%. Singapore has attractive low multiples and a very high dividend yield; with poor price and earnings momentum. In 2Q16 the best performing sector was Consumer Staples. The worst performing sector was Consumer Discretionary.
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