'THE satisfaction of getting a call right, of predicting accurately the direction of the stock - it's what drives me to work every day,' says Wong Yew Kiang, a property analyst at CLSA.

The notoriously long hours stock analysts work might yield more joy, now that Mr Wong has been ranked third overall among Singapore's stock pickers, and second among those covering real estate stocks, for the 2009 StarMine Analyst Awards.

Three years into his job covering real estate stocks, Mr Wong has found that his previous work in credit risk management in UOB looking at companies' balance sheets, as well as his academic training in real estate, is standing him in good stead.

StarMine said that his most profitable recommendation last year was on Allgreen Properties for over 11 months as the stock shed 58 per cent and underperformed industry peers by 23 per cent.

He was also noted for a lucrative 'sell' call on Suntec Reit in the last five months last year, as the stock fell 51 per cent, underperforming the industry benchmark by 14 per cent.

Explaining the two recommendations, Mr Wong said that Allgreen's landbank had been purchased at high prices, and were in the mid to high-end segments, which were seen as most vulnerable.

As for Suntec Reit, Mr Wong said that it was downgraded on the risks from its office sector and the upcoming competition from Marina Bay Sands.

'For these two stocks, I think we were one of the earliest to put out negative calls.'

He thinks that the way his research house is structured, independent from investment banking, has helped. 'We're separate, and not deal-flow driven, so we can offer a more independent view, and sometimes deliver non-consensus calls earlier.'

Still, in the current market environment, there is little that can be forecast with certainty. 'It's very hard in this current market environment to make the calls,' Mr Wong said. 'There is a lot of liquidity driving the market, which can drive valuations very far off from the companies' fundamentals.'

This article was first published in The Business Times.