Attracting equity investors is not a priority. At their lowest points, stocks have traded at about 1.4 times book value for the past 10 years. On property stocks, there are signs that indicate the market will go into a protracted contraction stage. For banks, a considerable proportion of income comes from property, so their earnings will be impacted as well. Electronics stocks have outperformed the market, but prices of small-capitalization stocks have gone beyond reasonable justification.
Growth stocks are scarce in the Singapore market.
People are willing to pay a premium for them. More than half of the market is made up of these stocks, so there aren't many places where one can find safe harbor. Even technology stocks appear to be overstretched. Two of the most powerful forces are not working in our favor. The property cycle has peaked and is turning down, and a large part of assets are in the property market.