Top 5 Singapore stocks to watch in November 2022

1. DBS Group
2. Wilmar International
3. OCBC
4. SIA Engineering
5. Manulife US REIT

DBS Group Holdings Ltd (SGX: D05)

Shares of Singapore’s most valuable company have gathered a consensus rating of ‘outperform’, alongside a price target of S$39.11 on the stock.

The price target equates to a 14.4% upside potential from DBS’ last traded price of S$34.20 on 3 November 2022.

UOB’s equity research team rated DBS shares a ‘buy’ on 25 October, while lifting their price target to S$45.75 from $43.60.

DBS’ third quarter (Q3) net profit rose 32% from the same quarter a year ago to a ‘record’ S$2.24 billion, surpassing UOB’s prediction of an 18% increase to S$2.01 billion.

Wilmar International Limited (SGX: F34)

The agricultural commodity group have seen its shares drop by 11% in the last six months, and by around 6% since the start of the year.

For now, analysts believe the large cap stock will continue to ‘outperform’ in the next 12 months, with a potential upside of 38% to the stock price.

The latest stock rating and share price target came from RHB’s equity research team. The analysts rated Wilmar a ‘buy’ alongside a higher price target of S$5.40, up from S$4.95 previously.

RHB wrote that Wilmer’s results for the first nine months of 2022 ‘surpassed expectations’, coming in at ‘102% to 104% of full-year forecasts’.

It believes that the stock ‘remains severely undervalued’, trading at 7.9 times its 2023 full-year price-to-earnings (P/E) ratio.

Oversea-Chinese Banking Corporation (SGX: O39)

OCBC's share price rose nearly 2% after the release of its latest quarterly results.

The group’s net profit rose 31% year-on-year from S$1.22 billion in Q3 2021 to S$1.6 billion during the same period this year.

This exceeded UOB analysts’ profit prediction of S$1.42 billion.

Group CEO Helen Wong said while ‘the global economic outlook is expected to be increasingly challenging’, the bank is ‘well-positioned’ to ‘capture opportunities as they arise’.

As of 7 November 2022, the stock has a consensus rating of ‘outperform’ and an average price target of S$14.08 a share. The price target would imply a 16.8% upside potential from OCBC’s last traded price of S$12.06.

OCBC shares are up 5.5% in 2022.

SIA Engineering Co Ltd (SGX: S59)

The latest analyst sentiments published by SGX StockFacts show a consensus rating of ‘outperform’, alongside a share price target of S$2.60 on SIA Engineering.

The price target equates to a 17.6% upside potential from the stock's last traded price of S$2.21.

CIMB analysts said the stock was worth adding in its latest investor note, raising the price target from S$2.42 to S$2.44.

The aviation engineering company has declined over 16% in the last six months.

SIA Engineering’s CFO said during its latest earnings call that the rising flight activity level this year has not translated into the same pace of recovery for maintenance, repair and overhaul (MRO) service providers.

Manulife US REIT (SGX: BTOU)

DBS, RHB and CIMB analysts recently lowered their price targets on Manulife US real estate investment trust (REIT), following the company’s latest quarterly update.

DBS cut its price target on Manulife US REIT shares to S$0.48 (from S$0.70), while both RHB and CIMB reduced their price targets to S$0.64 and S$0.69 respectively.

The REIT achieved a lower portfolio occupancy of 88.1% in Q3 2022, against 90% the previous quarter. It also said that headwinds from interest rate hikes will continue to impact the real estate sector in the following quarters.

Across the board, Manulife US REIT shares have a consensus rating of ‘outperform’ and an average price target of US$0.744 (S$1.06), based on the latest SGX StockFacts data on 3 November 2022.

The price target equates to a 110% upside potential from its last traded price of US$0.355 (S$0.51).

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