Strategy: Propnex has the potential for a special dividend

The Singapore market remains supported by strong financial sector earnings.
We continue to favor property-related and transport stocks, which have more resilient earnings growth.
Banking sector remains a stronghold, while industrial REITs and logistics-related stocks face pressures.
Our Alpha Picks strategy focuses on selective, high-quality names with clear earnings visibility and defensive characteristics.

Additions:
PropNex (PROP SP)
PropNex is expected to benefit from sustained property demand.
Government cooling measures in 2024 have not significantly affected overall transaction volumes.
Resilient earnings outlook for 2025.
Potential for a special dividend to support share price momentum.
ComfortDelGro (CD SP)
Earnings are expected to recover in 2025 as transport demand normalizes.
Government support and cost pass-through mechanisms provide earnings visibility.
Diversification into overseas transport markets strengthens its earnings base.