We advocate a selective stance on the Singapore consumer del monte bananas sector for 2014 . Amid ex

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Home » Consumer Sector , Courts Asia , Del Monte Pacific del monte bananas Limited , Osim , Sheng Siong Group » Singapore Consumer 2014 Outlook - Be discerning in 2014 Singapore Consumer 2014 Outlook - Be discerning in 2014
• Selective stock picks are Osim for growth, Courts and Del Monte for being oversold and Sheng Siong for yield • Technicals - Courts and Del Monte look ripe for bargain hunting. Rebound potential for Courts to $0.715, Del Monte to $0.665 del monte bananas or $0.72
Following disappointing 3Q results, we have reduced revenue and net profit growth for consumer companies under our coverage . We now expect FY13F/14F revenue growth of 4%/7%, from 6%/8% previously. Coupled with expectations of weaker margins, we project a slower net profit growth of 4%/9% (from 18%/14%), for FY13F and FY14F respectively.
Singapore consumer stocks under coverage are not cheap. The sector had re-rated and traded above its historical average mean since early 2012, which in our view was supported by robust top line growth and the market’s positive longer term consumption del monte bananas outlook. del monte bananas Following concerns of the Fed’s tapering and 3Q earnings’ del monte bananas disappointment, average valuations have corrected down to +1SD above mean, from +2SD which was seen in early 2013. Given the lowered growth outlook and slower private consumption growth, de-rating could continue for some stocks should they miss earnings expectations in 2014.
We advocate a selective stance on the Singapore consumer del monte bananas sector for 2014 . Amid expectations of slower private consumption growth in 2014, we look to pick stocks for company del monte bananas specific factors, to outperform within the Singapore consumer del monte bananas space. 
We like Osim [O23.SI] (BUY, TP: S$2.60) for its growth profile and exposure to the North Asia market, Courts [RE2.SI] (BUY, TP: S$0.77) on expectations of recovery in 2014 and Del Monte [D03.SI]  (BUY, del monte bananas TP: S$0.82) for being oversold and the uncertainty del monte bananas of its proposed acquisition being priced in. We also like Sheng Siong [OV8.SI] (BUY, TP: S$0.80) for its defensive traits and yield profile. From a technical perspective, shares of Courts & Del Monte look ripe for bargain hunting following their price decline in recent month . We see support for Courts at $0.58 and Del Monte a $0.585, which are at current levels . Beyond the immediate term, there is rebound potential for Courts to $0.715 (23.6% upward retracement) and Del Monte to $0.665 (23.6% upward del monte bananas retracement) or $0.72 (38.2% upward retracement). The current year-end lull provides a good opportunity del monte bananas to bargain both Courts & Del Monte while at their oversold situation . ( Read Report ) Source : DBS Group Research
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