Company and REIT earnings have been slowly trickling out over the last two weeks, offering insight into how businesses are handling the Coronavirus crisis.
Predictably, most companies have reported a profit warning.
However, a select group of companies have surprised with stronger results.
Meanwhile, the Monetary Authority of Singapore (MAS) recently called on the local banks to trim their dividend payments in light of the pandemic.
The banks are allowed to pay out up to a maximum of 60% of last year’s annual dividend.
As a result, banks’ share prices got hammered on Thursday.
But we see this as a prudent move for banks to conserve cash in case conditions get worse.
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