Singapore Reopening Beneficiaries

Narrowing our focus

• Feb 13 marks the end of pandemic restrictions – removal of mandatory mask-wearing, shift to Dorscon Green, cessation of the multi-ministry task force – highlights the receding threat of COVID-19 in Singapore.

• While the news is unlikely a gamechanger for tourist arrivals and retail sales, it nevertheless completes Singapore’s transition to normalcy.

º Passenger traffic at Changi Airport has recovered to 80% of pre-COVID.

º Further recovery should take hold with the return of HK/CN tourists -> They made up c.21% of visitor arrivals in 2019.

at changiSIA had S$17.5 billion cash versus S$15.8 billion total debt as of end-Sept 2022.

Transition to Dorscon Green comes a day before Budget 2023 (on 14th Feb).

º COVID relief measures for businesses may not be extended, focus may turn to stimulating post-COVID economic activity and/or tackling inflation.

We continue to be positive on reopening beneficiaries but narrow our focus on those in net cash position given the increased odds for FED funds rates to peak a notch above 5% and remain around 5% through 2023.

º Aviation-related: SIA, SIA Engineering
º Tourism-related: Genting Singapore, Raffles Medical
º Public transport: ComfortDelGro

taxis CDG4.22As at end-Sept 2022, ComfortDelGro had net cash of S$647 million.

You may also be interested in:

You have no rights to post comments

Counter NameLastChange
AEM Holdings3.3000.040
Avi-Tech Electronics0.2550.010
Best World1.690-
Broadway Ind0.090-
China Sunsine0.395-
Delfi Limited1.1500.020
Food Empire1.110-0.020
Fortress Minerals0.310-
Geo Energy Res0.2800.005
GSS Energy0.028-
Hong Leong Finance2.4800.010
Hongkong Land (USD)3.2800.020
ISDN Holdings0.3350.005
IX Biopharma0.0440.001
Jiutian Chemical0.024-
KSH Holdings0.300-
Leader Env0.055-
Medtecs Intl0.1560.007
Nordic Group0.395-
Oxley Holdings0.100-
REX International0.1660.003
Sinostar PEC0.120-
Southern Alliance Mining0.660-
Straco Corp.0.470-0.005
Sunpower Group0.235-0.005
The Trendlines0.0920.004
Totm Technologies0.038-
Uni-Asia Group0.900-0.020
Wilmar Intl3.6300.080
Yangzijiang Shipbldg1.470-

We have 794 guests and no members online

rss_2 NextInsight - Latest News