Singapore Stocks that will benefit from Elections and Trump's Tariffs

Singapore’s locally focused stocks are set to benefit from global tariff uncertainties, despite the nation’s heavy reliance on trade. Sectors like property, consumer goods, and healthcare are likely to gain, according to a recent Maybank analysis. The report highlights Singapore’s ability to weather global economic challenges, thanks to a robust construction sector and a generous 2025 election Budget. With a fiscal surplus of S$14.3 billion (1.9% of GDP), the government has significant resources to deploy stimulus without dipping into past reserves, offering a buffer against external shocks.

A surge in construction activity, with contracts up 58% year-on-year through February, is driving domestic growth. Major projects like Changi Airport Terminal 5 and Tuas Port are fueling this momentum. Additionally, the 2025 Budget is expected to roll out substantial financial transfers, boosting local demand. Historical precedent shows Singapore’s readiness to act decisively—during the Covid-19 crisis, stimulus reached 14.4% of GDP, supplemented by reserve drawdowns. This combination of infrastructure investment and fiscal flexibility positions domestic-oriented stocks for stronger earnings stability.

The analysis identifies stocks with over 50% of revenues from Singapore, alongside those tapping into China and Southeast Asia for supply chain opportunities. Real estate investment trusts (Reits) and property developers dominate the list, with names like CapitaLand Integrated Commercial Trust, Frasers Centrepoint Trust, and Mapletree Pan Asia Commercial Trust standing out. Construction firms like Bukit Sembawang Estates and OUE, as well as industrial players like Sembcorp Industries and Keppel, are also well-placed. Consumer and healthcare firms, such as Kimly, and transport companies like SBS Transit and Vicom, are expected to see gains from steady local demand and stimulus-driven growth.

Over the past two weeks, the top 10 performers in the iEdge S-Reit index mostly saw net institutional inflows, with these counters receiving a combined S$23.3 million in net institutional inflows from Apr 14 to 24.