Singapore Stock Market News
Consumer staples - ending the "love" affair
StockFanatic
Publish date: Thu, 05 Sep 2013, 12:05 PM
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Asian consumer staples are not cheap and will de-rate in both absolute
and relative terms over the next 12 months. They trade at an 80% PE
premium to consumer discretionary stocks- close to an all-time high -
yet generate a lower return on equity on comparable long term
earnings growth basis. Macroeconomic uncertainty has clearly
played a large part in supporting defensive over cyclical consumer
stock multiples but this tailwind is moderating.
Many consumer staple
stocks are not priced for disappointment while many consumer
discretionary stocks need only less bad news to trade significantly
higher. We believe the risk-reward favors buying discretionary and
selling staples.
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