PKBasu-1PK Basu, chief strategist, REAL-economics.comPhotos by Joel Ng & Kelvin Ong / NRA Capital

THERE WAS A strong turnout of 400-500 investors at a seminar organised by NRA Capital over the weekend at the Singapore Conference Hall.

PK Basu, chief strategist of an independent economics consulting firm,, spoke on global economics. 

Senior management from 3 Singapore-listed companies subsequently presented:

> Dr Prem Nair, chief corporate officer of Raffles Medical,

> Wong Teek Son, executive chairman of Riverstone Holdings, and Lim Sing Poew, CFO of Riverstone Holdings, and

DrPremKumarNairDr Prem Kumar Nair, chief corporate officer, Raffles Medical.> Koh How Thim, executive director of JEP Holdings.

We recently had articles on Riverstone and JEP, as follows:

RIVERSTONE: Ramping Up Production Capacity Massively In Taiping

JEP HOLDINGS: Flying Higher On Orders From Aerospace And Oil & Gas Clients

WongTeekSon.nra9.13Wong Teek Son, executive chairman, Riverstone HoldingsThe highlight of the day was NRA Capital executive chairman Kevin Scully giving his half-hour take on a range of drivers for equities, especially the Singapore stock market.

Click on the image at the bottom of this page for NextInsight's audio recording of his presentation. 

Kevin's thesis is that a bear market for emerging markets is about to take shape -- but the US market is poised to strengthen.

"We have been in a bull market  since March 2009, and it looks like a tired old emerging market bull with 6 to 9 months left," he said.

SPLim-NRA9.13Lim Sing Poew, CFO, Riverstone HoldingsThe bear will emerge with rising interest rates and the end of Quantitative Easing 3.

Then, 10-year US Treasury yields will rise -- when they reach 4-5% (compared to 2.64% recently), the fair price-earnings ratio for equities is about 13 times.

Sector-wise, Kevin said that semi-con equipment is seeing a recovery in H2-2013, which will benefit players such as AEM and Asti.

He is underweight on Singapore banks and property developers.

JEP_kohhowthim.nraKoh How Thim, executive director, JEP HoldingsAs for the defensive healthcare sector, "you are likely to find undervalued healthcare companies when you shift your focus to the smaller companies."

Singapore telcos are also a good defensive sector to be in but wait for a 10% correction in stock prices to find value.

Singapore REITs – expect more correction but a buying opportunity awaits.

Overweight the oil and gas sector -- rig builders and OSVs charters are favoured.

KevinScully.9.13Kevin Scully, executive chairman of NRA Capital.Kevin's Powerpoint materials can be viewed at the NRA website.

You may wish to retrieve the Powerpoint slides and click on the audio recording below to follow his presentation in an optimal way. Enjoy! 

Share Prices

Counter NameLastChange
AEM Holdings2.130-0.110
Avi-Tech Electronics0.400-0.015
Best World Int.1.360-
China Sunsine0.430-0.005
CNMC GoldMine0.205-0.015
CSE Global0.520-0.025
Eagle HTrust USD0.405-0.020
Food Empire0.665-0.050
Golden Energy0.155-0.013
GSS Energy0.084-0.003
ISDN Holdings0.1990.004
JB Foods0.590-0.035
KSH Holdings0.375-0.015
Moya Asia0.073-0.004
Nordic Group0.270-0.005
Oxley Holdings0.310-0.010
REX International0.194-0.005
Sing Holdings0.395-0.010
Straco Corp.0.545-0.015
Sunningdale Tech1.210-0.060
Sunpower Group0.525-0.020
The Trendlines0.105-0.008
Tiong Seng0.200-
Uni-Asia Group0.655-0.020
Yangzijiang Shipbldg0.945-0.030

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