We remain ‘neutral’ on the sector, remaining negative on residential and positive on the commercial/hospitality segments.
Our top picks are Keppel Land (‘overweight’, TP: $4.73); Fraser and Neave (‘overweight’, TP: $7.34); and CapitaLand (‘overweight’, TP: $3.62).
Hard to argue with the bearish stance on residential and bullish on retail and commercial.
