1510 [Dow Jones] UBS recommends investors seek "refuge" in Singapore stock market as "the market is defensive as a result of ongoing balance sheet restructuring, the dominance of cash generative companies and positive earnings trend". Says at 2500, STI trades at 15.6X P/E which below its 5-year mean of 16.1X. Among banks, it prefers DBS (D05.SG) to UOB (U11.SG). Likes Parkway (P27.SG), ST Engineering (S68.SG) for defensive cash-generating businesses.