Geared towards re-opening

Upbeat with a hint of caution
Of the ten companies presenting at MKE’s IASG conference, a majority were upbeat on growth prospects in 2021-22E from rising demand catalysed by pandemic reopening and new opportunities. There was also increasing focus on business strategies that integrate sustainability as well as exploring adjacencies for existing products. Still, there was a measure of caution given regional uncertainty from resurging COVID infections and political instability. Nevertheless, rising vaccine rates and strong external demand should drive upside to growth in Singapore. Our top picks are: AREIT, CD, CICT, DBS, FRKN, OCBC, QNM, ST, THBEV, UMS.