FTSE Small-cap Index YTD Outperformer!

YTD, the FTSE Small-cap Index has outperformed the STI/FTSE Mid-cap Index by 5.5% pts and 4.5% pt respectively. An ultra-accommodative global monetary environment has been injecting confidence into equity markets with news flow turning positive.

Other than Ezion which was downgraded to Neutral (from Outperform) following its recent rally, our top growth stocks are still CWT, Tat Hong and Midas. In the offshore marine space, attention could turn to other value stocks such as Jaya Holdings. We removed Ezion and added Biosensors to our list of top picks. In property, interest could return to Guthrie if there are follow-on corporate developments after its recent decision to gear up.

The stocks are out there
Our small-cap model portfolio has gained 19.7% since inception, outperforming the STI by 12.5% pts, the FTSE Mid-Cap Index by 11.9% pts and the FTSE Small-Cap Index by 3.3% pts. We have replaced Ezion with Jaya Holdings, newly initiated with a high conviction. Jaya, in Sanskrit, is associated with victory and this could just be the pathway a renewed Jaya would take. (Read Recent Report)

UE: truly a transformational transaction
UE has made a S$4/share offer for WBL. We see limited synergies but the fairly sane offer (our back-of-the-envelope estimate is S$5.15 per WBL share) mitigates risks of overpaying.

Want an Ang Bao for CNY?
Venture‟s recent share-price strength is likely sustainable as the market prices in S$0.55 DPS expectations. UMS Holdings is another tech stock with yields to watch out for. (Read Report)

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Source : CIMB Research

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