Which Singapore stocks will be most impacted by a Brexit?

Forex woes may impact earnings.

Singapore stocks with significant exposure to the UK run the risk earnings cuts if Britain votes to leave the European Union.

A report by UOB Kay Hian noted that forex volatility may impact the revenues of blue chips including ComfortDelGro, City Developments, and will also affect the earnings of Frasers Hospitality Trust, Ho Bee, CDL Hospitality Trust, Ascott Residence Trust, and Sembcorp Industries.

"Our discussions with these companies indicate a wait-and-see stance as the outcome of the referendum remains difficult to predict. In addition, these are long gestation investments and any major decision will be carefully considered," said the report.

For ComfortDelGro, a weaker economic growth could hurt revenue from its taxi and bus segments in the UK. For FHT, a weaker pound will have a minimal impact on returns, while the natural hedging of UK assets will protect CDREIT from the pound's potential weakness.

For ART, at lease 30% of its full-year foreign income has been hedged as of 1Q16. For SCI, meanwhile, a 20% decline in UK net profit will translate into a 1% downside to the group's bottomline.