First of all, don't let the STI level of 3400 fool you that its a bull market. The 3 local banks have done very well in 2014 and they made up one third of the index! So the index is mostly reflecting the uptrend of our banks but the cruel reality is that many blue chips have been sold down badly over the past 2 years. Genting Singapore, down 37% over the last 2 years. Worries are on its high roller bad debts and slowing tourism rate in Singapore. Potential catalyst would be its expansion into Korean and Japan. GLP, down 3% over the last 2 years, its business covers Japan, Brazil and China. Yen has been very weak due to its massive QE and SGD has been even weaker... this lead to poor results when reported in our local currency. Potential catalyst would be its expansion into the US ......