Clarus

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STERIS

Service Corp

Mack-Cali Realty

iShares MSCI Singapore ETF

EWS tracks a market-cap-weighted index of Singaporean firms, covering top 85% of the market subjected to diversification requirements.

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Low-priced securities offer great affordability and higher chances of outperformance than the larger ones.

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Singapore's three largest banks expect wealth management and growing loan portfolios to drive earnings in 2025 after they posted strong earnings growth in the third quarter. DBS Group Holdings Ltd.

Singapore Banks Expect Wealth Management, Loans To Drive Earnings Momentum

EWS offers broad exposure to Singapore and Southeast Asia with an attractive dividend yield, but global economic uncertainties warrant a Hold stance. Key components like DBS Group and OCBC show strong performance, while new additions like Sembcorp focus on green energy transformation. Concerns include high debt levels in companies like Wilmar and the uncertain profitability of Grab, leading to cautious investment recommendations.

EWS: This Singapore ETF Offers A Good Dividend Yield, But Caution Prevails

iShares MSCI Norway ETF

iShares MSCI Australia ETF

iShares MSCI Canada ETF

iShares MSCI Sweden ETF

iShares MSCI Germany ETF

iShares MSCI Hong Kong ETF

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Industrea Acquisition

iShares MSCI China ETF

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Shanghai CSI 300 has gone from a 52-week low to a 52-week high in only a couple of weeks. Other than China and Hong Kong, Australia is the only other international market starting the week at a 52-week high.

China Outperforms The Rest Of The World

International investing with single country ETFs like iShares MSCI Singapore ETF is favored at this point of the cycle. Singapore offers business-friendly tax policies and government incentives for infrastructure, skills training, and technological innovation. EWS provides targeted exposure to the Singaporean equity market with high concentration in the Financial sector, offering unique diversification and dividend yield.

EWS: The Only Choice

Some South-East Asian economies' strategic advantages and supportive policies are propelling their emergence as a data center powerhouse.

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iShares MSCI India ETF

Equities here in the US have gotten off to a weak start this month, with the S&P 500 down modestly over the past couple of sessions. The US-traded ETF that tracks Mexican stocks is down 8.3% month-to-date and 12.3% year-to-date.

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iShares MSCI Singapore ETF tracks the MSCI Singapore Index, focusing on mid and large-cap stocks, with $439M in assets. It has a notable yield profile at 6.4% TTM. EWS is heavily weighted in the financial sector (about 50%), benefiting from high interest rates. However, volatility and potential shifts in the interest rate environment could impact profitability. Despite attractive valuation multiples and a strong dividend history, recent net outflows and structural economic challenges in Singapore raise concerns about its future performance.

EWS: Not Sold Despite High Income Potential

Singapore continues to be a beacon of resilience in Southeast Asia. Yet, the underlying earnings growth remains quite unimpressive. At current valuations, Singapore equities don't offer compelling value.

EWS: Singapore Yields Up To 7% But Remains Relatively Unattractive

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SPDR S&P Emerging Asia Pacific ETF

Goldman Sachs ActiveBeta Japan Equity ETF

Xtrackers International Real Estate ETF

iShares Currency Hedged MSCI Japan ETF

iShares Core MSCI Pacific ETF

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iShares MSCI Japan Small-Cap ETF

iShares MSCI Thailand ETF

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While the China macro story of ongoing transition is a headwind to the rest of Asia, there is more to the region's economic health than this.

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Over the past year, EWS has lost 6% of its value, whilst global stocks have gained 14%. Amongst all the ASEAN regions, Singapore offers the weakest growth outlook.

EWS ETF: Not The Most Exciting Option Around

iShares MSCI Indonesia ETF

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The total nominal GDP of the ten ASEAN nations measured in US dollar terms amounted to USD 3.6 trillion in 2022, more than doubling compared with total GDP of USD 1.6 trillion in 2009. Singapore's GDP growth rate improved to a pace of 2.8% y/y in the fourth quarter of 2023 according to the advance estimate of GDP from the Ministry of Trade and Industry (MTI).

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From an income perspective, you'd be hard-pressed to look beyond the well-covered 5% yield offered by iShares' MSCI Singapore ETF. Yet, capital growth, including dividends, continues to be lackluster amid macro and industry-wide headwinds. Barring a much deeper valuation discount, owning a fund as bank-heavy as EWS into a monetary easing cycle doesn't seem all that appealing.

EWS: Fundamental Headwinds To Outweigh The Attractive 5% Yield

Singapore's economic growth in 2023 has slowed compared to 2022, with contracting manufacturing output and exports being a key factor. The service sector is expected to be more resilient, driven by the recovery of international tourism travel in the APAC region.

Singapore's Economic Growth Improves In Q3 2023

Helped by its bank concentration, the iShares MSCI Singapore ETF is on track to become the highest-yielding ETF in Southeast Asia. Owning a bank-heavy fund into a peaking monetary tightening phase and an eventual easing cycle next year doesn't seem particularly appealing. With the fund also priced at a premium to its forward growth outlook, I would be hesitant about chasing the yield here.

EWS: Beware The Singaporean Income Trap

Singapore's Q2 GDP estimate for 2023 was revised down to 0.5% yoy compared with the advance estimate of 0.7% yoy. The service sector economy is expected to be more resilient, boosted by the continued recovery of international tourism travel in the APAC region.

Singapore Narrowly Averts Recession In First Half Of 2023

iShares MSCI Denmark ETF

iShares MSCI Netherlands ETF

Johnson & Johnson

Microsoft

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In light of Fitch Ratings' downgrade of U.S. credit, investors might be interested in identifying companies and countries that still hold the desirable 'AAA' credit rating.

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The Strait Time Index (STI) index has underperformed its global peers as concerns about Singapore slowdown continues. The index, which tracks the biggest companies in Singapore, was trading at S$3,245 on Friday, a few points above this month's low of S$3,130.

STI index: Is it safe to buy Singapore stocks as they underperform?

Singapore has been a beacon of resilience in Southeast Asia. But this year's macro shift isn't as favorable to Singaporean equities. The iShares MSCI Singapore ETF could be poised for underperformance as a result.

EWS: Singaporean Equities May Be Poised For A Reversal

BlackRock's iShares MSCI Singapore ETF is up 9% since our last analysis. Singapore is still a good proxy for growth in Asia and most companies offer solid balance sheets and trustworthy management.

EWS: FY 2022 Review

The near-term outlook is expected to remain constrained by weak demand in several important export markets for manufacturers. Bank charges, raw materials, and transportation costs continued to rise, with the overall rate of input price inflation still among the highest on record.

Singapore Manufacturing Output Weakens In Early 2023

The iShares MSCI Singapore Capped ETF has underperformed global benchmarks over recent years, due largely to the bursting of bubbles in two tech stocks that had heavy weightings in the index. These stocks now appear to be bottoming out, allowing the EWS ETF to outperform in recent months.

EWS: Lion City Roaring Into 2023

The Singapore economy grew at a pace of 3.8% year-on-year in 2022, helped by the significant easing of pandemic-related restrictions. Latest statistics from Singapore's Economic Development Board showed that manufacturing output continued to weaken in November, declining by 3.2% year-on-year.

Singapore Economic Expansion Moderates As Global Economy Slows

Industrial production and exports have been weighed down by softer demand from China and the rest of the world. Relatively high inflation should cap household consumption next year as overall economic activity is set to slow due to global factors.

Singapore To Feel Impact From Slowing Trade

Against the challenging environment and increasingly dimming economy globally in 2022, Southeast Asian countries represent a rare part of the world that have delivered impressive resilience. The heavier exposure to value-driven sectors also leads the FTSE ASEAN Index to deliver a relatively higher yield than the broader global markets.

News for iShares MSCI Singapore ETF ETF (EWS)