■ Singapore to relax Phase 2 restrictions after 13 Jun if community cases fall.
■ We believe economic impact of the Covid-19 resurgence will be contained in
a shorter period amid speedier vaccinations and ever-ready targeted relief.
■ We still expect FSSTI FY22F EPS growth at 14%, which justifies our 3,488
pts target based on +0.5 s.d. of mean 15.3x P/E.
■ Our picks surround themes of 1) reopening, 2) defensive, 3) growth, 4)
restructuring and 5) valuations. Add big caps: CD, SPH, UOL, KEP, SATS.