Partial lockdown in Greater Bangkok
■ To prevent the Covid-19 outbreak from spiraling out of control, the government has announced partial lockdown measures in 10 provinces for one month from 28 Jun 21.
■ We do not think these partial lockdown measures will shock the market as these measures are likely to bring the spread of the outbreak under control sooner.
■ We reiterate our end-2021F SET index target at 1,690 (19.8x 2022F P/E), still 0.25 s.d. below the 5-year mean.