Is the STI bull sustainable, or are you buying records? The quality case is real: Singapore banks are well capitalised, pay strong dividends, and benefit from a resilient economy with PMI in expansion. That is a foundation, not a bubble.
The caution is valuation and breadth. After a strong run, the banks trade well above their decade averages, and an index carried by a handful of names is more exposed if sentiment turns. For me this is a hold for the dividends and the quality, not a chase at the highs. I would rather add SG blue chips on pullbacks than pay up for a record.
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