Singapore stocks performed well in 2024, with the benchmark Straits Times Index (STI) surging by 16.9%. We find out if there might be more upside for Singapore stocks this year. What happened? The Singapore market had a strong run in 2024, with the Straits Times Index (STI) rising 16.9%—its best annual performance since 2017. Since crossing the 3,800 mark in December, the STI is now just a few percentage points away from reaching a new all-time high. As a background, the index last hit its record closing high of 3,899.29 in October 2007, with an intraday peak of 3,906.15 on 11 October 2007. Despite the overall 16.9% gain in 2024, performance varied widely across the STI’s 30 constituents. While half of the stocks ended the year in positive territory, the other half saw declines. Earlier, we shared that the top three best performing stocks were Yangzijiang Shipbuilding, DBS and SATS, with gains of 30% and above in 2024. On the other hand, Singapore REITs took a hit and underperformed the STI, with...