Brokers' Take

Consumer Sector | Mixed

DBS Group Research, Dec 18

OUR economists expect Asean private consumption growth rates in 2015 to stay similar to 2014, save for Thailand due to the low base effect in 2013/14 arising from political tensions. Average valuations for Singapore consumer stocks under our coverage remain elevated. Against this backdrop, we are less optimistic of outperformance for consumer stocks, similar to our last year's outlook for 2014.