2Q21F: Tempering expectations
■ We seek to temper investors’ 2Q21F earnings hopes given tamer financial
markets (wealth, trading) and business volumes (movement restrictions).
■ Management’s tone on asset quality is key to forming full-year credit cost
expectations, capital management plans, and correspondingly, dividends.
■ Reiterate Add. We think investors have started looking past credit cost
concerns to price in regional border re-openings and Fed rate hikes.