Investors urged to "sell Singapore, buy Taiwan" : Citigroup

Investors have been urged to 'sell Singapore' and put their money into Taiwan, a US bank's strategy report said on Tuesday [26 Jun 2007]. In a turn-about in the bank's own position, Citigroup Research said Singapore is currently an expensive market in both an asset and cash-flow basis.

'Singapore has many things going for it,' said chief Asia Strategist Markus Rosgen. 'The equity market is not one of them.' In a recommendation running counter to market consensus, Rosgen called for a 'buy' on Taiwan. Regarding Singapore, Rosgen said the price to book value is currently the highest it has ever been since 1990. 'We have enjoyed the ride,' he said. 'It's time to get off.'

- It's kind of weird to hear Citigroup turn contrarian, isn't it? But the STI does seem to be having problems going above 3600 these days.

(2007-07-05 12:48:31 SGT) [Biz] Permalink

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