Led by ThaiBev and IHH Healthcare.
A report by DBS stated that the FTSE ST Consumer Goods Index was the best performer in March, lifted by an 8% m-o-m gain in Thai Beverage shares.
The Healthcare sector also performed well last month, thanks to an 11% surge in IHH Healthcare shares.
“Our analyst likes ThaiBev for its entrenched position in Thailand, strong cashflow-generating capabilities, attractive valuations, and catalysts from value extraction with FNN and Frasers Centrepoint Limited. On outlook, we project IHH to continue to deliver stable growth, driven largely by its key markets, particularly Singapore and Malaysia,” stated DBS.
Here’s more from DBS:
The Straits Times Index ended the final week of CY1Q15 18pts higher, overcoming weakness on Wall Street. Our recent positive view on the Singapore market at 3380 and slightly below has been vindicated.
STI’s rise in the past two weeks has lifted valuation back above the 13.4x (-0.25SD) 12-mth forward PE currently at 3405 that we now see as the near-term support. It is heading towards the 13.76x (ave) 12- mth forward PE currently at 3500 that is viewed as the near-term resistance.
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