Singapore market
DBS Group Research, June 24
IF the outcome is to "leave" the European Union, equity markets will likely react negatively. Still, we expect the Straits Times Index to hold up at around the 2,700 level (11.32 times -1.5 standard deviation FY2016/2017 forecast price/earnings) or worst case 2,630, which remains above the Jan-Feb low of 2,530.
Companies with earnings exposure to the British pound (GBP) will be more sensitive to the outcome of the Brexit referendum.
These are in order of percentage of GBP exposure - City Developments (35 per cent), ComfortDelgro (17 per cent), Ascott Residence (12 per cent), CDL HT (8 per cent) and SembCorp Industries (5 per cent).
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