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In Singapore, sectors that focus on the domestic market have failed to revitalize the economy, the bank added, adding that this would in turn limit business growth opportunities. This is despite attractive stock market valuations and the third highest rate of return in Asia, at around 4.8%, HSBC added.
"Growth is irrelevant," badysts at the bank wrote. "Overall, we find that other markets offer a more attractive proposition than Singapore, so we tend to take a neutral stance."
Analysts were more bearish in Hong Kong. According to them, the trade conditions in the Chinese Special Administrative Region are hampered by "weak demand from China, a slowdown in global growth and uncertainties over a tariff war" in the short term.
"In this context, companies continue to reduce their buying and recruiting activities," HSBC said.
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