We raise our FSSTI target by 5%, from 3,235 to 3,400, driven equally by animproving top-down picture and aggregated bottom-up price target upgradesfrom our team. While SG’s expected EPS growth remains among the region’slowest, SG’s defensive attributes and 4% yield should prove attractive amidcurrent geopolitical uncertainty (Figs 1-2). Financials is our most favouredsector. Our top picks are a blend of compounders and valuation plays (Fig 7).

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