Morgan Stanley puts Singapore stocks as region's top picks

IN a region where it makes sense to behave defensively, Singapore equities are Morgan Stanley's top pick compared with those of Thailand and Indonesia, given the former's attractive valuations.

"In a rising rate environment, we believe Singapore could be a relatively safe haven (despite its higher earnings volatility), excluding its relatively vulnerable property sector," a report by Morgan Stanley Research said yesterday.

Singapore's relatively low political and policy risk, its healthy banking system and well managed cash-generating firms are among the c…