0538 GMT - HSBC Global Research remains underweight Singapore equities, its Equity Strategy team for Asia says in a research report. "Singapore, and especially the banks are a crowded corner, with most investors well positioned in this sector," the team says. "Singapore equities have benefited while other ASEAN peers are grappling with domestic issues. Investors will start to look for alternatives as the growth in these markets start to recover," the team says. Also, consensus expects Singapore companies' earnings to grow only 3% in 2025 with muted contribution from banks, the team adds. HSBC maintains its end-2025 target of 4020 for Singapore's Straits Times Index. The STI closed at 3972.43 Friday, marking a 4.9% gain in 1Q. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
March 31, 2025 01:38 ET (05:38 GMT)
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