Singapore Stocks Upgraded to Overweight by JP Morgan
JP Morgan analysts upgraded Singaporean equities to overweight, citing undervalued valuations, generous dividend yields, and supportive government initiatives.
In a report released following Singapore's budget announcement, JP Morgan set a bullish target of 4,200 for the Singapore benchmark index, indicating a potential 6% increase from current levels.
The index reached a record high of 3,949.65 on Wednesday, marking a 4% gain for 2025. This follows a 17% increase in 2024, largely driven by bank stocks and market revival measures.
"Government support for households and businesses should sustain economic activity, while investment in innovation and equity market development will create new growth opportunities," stated JP Morgan analysts.