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F&B establishments are now allowed to admit five vaccinated persons from different households for dining in at the same table. However, Omicron throws a spanner in the works and there are concerns the government may be forced to re-introduce safety measures to tackle the new variant. We do not foresee a U-turn on the direction of re-opening plans, which are supportive of medium-term recovery in footfall and operating leverage. Maintain BUY with unchanged TP of SGD0.78, based on 18x FY22E P/E.

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