Capitaland: (1) Balance sheet strength for opportunistic acquisitions, (2) Track record of delivering returns and (3) Worst priced in for Singapore residential.
Sembcorp Industries: (1) Visibility of earnings from utilities business, (2) Attractive yield with a comfortable 50% payout ratio and (3) Opportunities created via strong balance sheet.
Capitamall Trust: (1) Strong balance sheet, (2) Retail more resilient as an asset class and (3) Defensive portfolio with exposure to mainly suburban malls.
Least preferred
DBS: (1) Slowing reform momentum and (2) NIM squeeze from falling SIBOR.
CapitaCommercial Trust: (1) Potential equity raising, (2) Negative outlook on Singapore office and (3) Geared up on peak capital values.
Keppel Land: (1) Potential capital raising, (2) Downside risk to office capital values and (3) Project deferment.
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