● Total short selling of S$960 mn during the week of 18 June represents 16% of turnover, flat from May 2018. Stocks that saw an increase in short selling are CDL, THBEV, HKL, JCNC and ST.
● Corporate share buybacks amounted to S$31.5 mn in the week of 18 June, lower than the S$48 mn a week ago. Companies active with share buybacks include UOB, KEP, OCBC, SATS, VMS and YZJ. In particular, Keppel's share buyback rose to 1.6mn shares.
● Our model portfolio is overweight defensive laggards, and our preferred names are CD and STE. With rising macro uncertainty, stocks with self-help angle are Keppel (capital recycling to drive upside to returns and dividends) and UOL (potential delisting of UIC).
Source : Credit Suisse Asia Pacific Equity Research
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