Remaining in favour
• As markets are less complacent this time round, we do not see a repeat of “taper tantrum” saga in 2021
• Valuations are also not stretched, strong growth momentum of c.8% in 2021 to drive re-rating
• Focus on “certainty of growth”; prefer industrials, office and selected retail plays
• Hospitality S-REITs to ‘break-out” once borders open