STI projected to hit 3,940 points in 2025: RHB

RHB also projects GDP growth to slow slightly to 3.0% YoY in 2025, down from 3.4% in 2024.

The Straits Times Index (STI) is projected to see modest growth in 2025 with a target of 3,940 points, driven by sectors benefiting from earnings tailwinds and resilient growth, RHB said.

In a report, RHB highlighted opportunities in sectors such as Consumer, Financials, Industrials, Manufacturing & Tech, Transport, and Industrial REITs, while rating Real Estate, Hospitality REITs, and Retail REITs as neutral.

Singapore’s GDP growth is forecasted to slow slightly to 3% YoY in 2025, down from 3.4% in 2024.

Growth will continue to be driven by externally oriented sectors such as manufacturing and exports, whilst the labour market is expected to improve gradually.

RHB said the anticipated three rate cuts by the US Federal Reserve in 2025 are expected to bring rates down to 3.5%–3.75%, which will support a recovery in S-REITs.

Industrial and office REITs are expected to perform particularly well, benefiting from the declining interest rate environment and stable economic conditions.

Dividend yields remain attractive, particularly for banks and select stocks outside REITs, offering yields above 5.3% due to strong fundamentals.

Small-cap stocks like APAC Realty, Centurion, Frencken Group, and Riverstone present promising growth opportunities, supported by earnings tailwinds.

However, risks remain on the horizon, including potential volatility tied to Trump’s presidency, geopolitical tensions, concerns over China’s rising debt, and higher commodity prices.

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