5 Top Singapore Stocks to Buy in November 2023

November 8, 2023

Last month, Singapore’s stock market, as measured by the Straits Times Index (STI), faced a significant selloff with a decline of 4.65%.

This downturn was largely influenced by the US Federal Reserve’s unwavering tough stance on inflation, which caused widespread uncertainty in global markets, affecting investor sentiment in Singapore.

Additionally, weaker economic indicators from China, coupled with escalating tensions in the Middle East, exacerbated geopolitical concerns and cast a pall over the Singapore market.

Despite these challenges, investors looking for opportunities in November might consider these five Singaporean stocks as potential investments.

1. Thai Beverage

As the economy in Thailand strengthens and tourists return, Thai Beverage Public Company Limited (SGX: Y92) is capitalising on the upswing.

The leading beverage company in Thailand enjoyed a 4% revenue increase in Q3, with spirits sales up by 12%, despite weaker beer performance.

Its broad portfolio and smart financial moves position it well for potential growth, especially with an expected boost from the Vietnamese market in early 2024.

Investors looking for long-term value might find Thai Beverage’s current attractive valuation and proactive strategies particularly enticing.

2. Genting Singapore

Genting Singapore Limited (SGX: G13) has demonstrated strong performance with an 11.9% total return over the past year.

Boosted by Marina Bay Sands’ impressive Q3 earnings, which beat pre-pandemic figures, the company is in a good position for further growth.

With the potential to outdo its 2019 profits and shares trading at attractive prices not seen since 2016, Genting Singapore is an appealing option for investors as tourism picks up again.

While risks like decreased market share and spending exist, the company’s solid dividend yield of 3.95% adds to its investment allure.

3. Sembcorp Industries

A leader in energy and urban development, Sembcorp Industries Ltd (SGX: U96) has impressed investors, delivering a 72.8% return over the last year.

The company is making significant strides in renewable energy, aiming to boost its capacity to 25 gigawatts by 2028, with a heavy focus on solar power.

With a strong financial foundation and S$14 billion allocated for green energy projects, Sembcorp is on track to achieve a 12% return on equity by 2028 without raising new capital.

Investors looking to support a leading player in the shift towards sustainable energy might find Sembcorp an attractive option with the potential for healthy returns.

4. CapitaLand Ascott Trust

CapitaLand Ascott Trust (SGX: HMN), valued at S$8.1 billion, is a strong player in the hospitality industry, benefiting from the resurgence of tourism.

Despite market challenges, it has managed a steady 1.6% return in the past year.

With rising room rates and more guests, revenues are climbing.

Attractive for investors, the Trust offers a high dividend yield of 7.3% and financial stability, making it a solid choice for those looking for income-generating investments.

5. UOB

United Overseas Bank (SGX: U11), or UOB, offers stability in the choppy waters of rising interest rates.

Boasting a total return of 3.28% in the past year, UOB is prepared for the current economic climate thanks to its strong liquidity ratios and a healthy net interest margin.

As UOB integrates with Citibank, investors should keep an eye out for enhanced earnings through new cross-selling opportunities.

Investing amid a downtrend

In conclusion, the current market dynamics have presented a distinct set of investment opportunities within Singapore’s vibrant economy.

Among some of those are Thai Beverage, Genting Singapore, Sembcorp Industries, CapitaLand Ascott Trusta and UOB.

Together, these top five stocks hold the potential for investors to strategically position their portfolios for resilience and growth in the face of global economic uncertainty.

Whether you’re looking for growth, income, or a blend of both, these companies offer promising prospects despite the ongoing market challenges.

Remember, risk is inherent in investing, so proceed with due diligence.

Disclaimer: ProsperUs Head of Content & Investment Lead Billy Toh doesn’t own shares of any companies mentioned.

Billy Toh

Billy is passionate about the capital market and believes in investing for the long haul. Prior to this, he was an economist at RHB Investment Bank, covering Thailand and Philippines market. He also worked as a financial journalist at The Edge Malaysia and has experience working with an asset management firm. Aside from the capital market, Billy loves a good conversation over a cup of coffee, is a fitness enthusiast and a tech geek.

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