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Now that US and Europe are recovering.

According to its latest Singapore investment strategy, DBS advised that growing optimism about the improving US recovery and Europe’s economy should see a return in interest among recovery names and companies with significant revenue exposure in both regions.

It highlight two technology stocks as early recovery plays – CSE and Venture, which have significant exposure to US/Europe and offer attractive yields of 4.7% and 6.7%, respectively. "CSE’s proposed listing of its UK subsidiary could lead to a dividend bonanza on successful listing," noted DBS.

The research firm also singled out selected industrials – Ezion and Goodpack, which are expected to leverage on their niche positions in the global arena.

Stocks with earnings visibility supported by yield are likely to remain in favour as well, with DBS picking SingPost, Comfort Delgro,.ST Engineering and Hutchison Port.

DBS advised investors to avoid stocks with exposure to emerging markets which are likely to underperform. These include Petra and Acott REIT, which should see some impact from the weak Rupiah while Religare and AIT will be affected by the weak Rupiah and spike in bond yields.

SingTel is also a weak pick as it is currently caught in the "currency storm" with 42% of earnings from emerging markets (Indonesia, Philippines and India) and 25% from Australia.