What come to your mind? Names or numbers? In the past, perhaps 1-2 years ago, you might name telcos, healthcare/ heathcare reit? The 3 telecoms are suffering from investors' anxiety without real confontation from TPG. Having another player at the table has lead to some analysts to shout which company might be merged. Is Singapore market too small for a 4th Telco? Only time will tell, but if u tell someone on the street now that M1/ starhub is defensive, but for the dividends and its cash flow, I am Not sure if u get the same reactions from 2 years ago. Note that I dun think they are bad investment, I am vested in M1. I am questioning defensive. Healthcare is evergreen with the aging population in Singapore and command lofty valuation for a long time. (Anything above 30 is lofty in my opinion, if growth doesn't pan out) ......