We stay POSITIVE on Singapore Tech, as demand dynamics are still solid. Yet, in response to still stubborn supply-side bottlenecks, we are incrementally selective. We raise TP for AEM to SGD6.23 (16x FY22E P/E) as we increase FY22-23E EPS by 8% to factor in strong earnings momentum, and u/g FRKN to BUY on unchanged TP of SGD2.50 (15.5x FY22E P/E) after the recent correction. We prefer AEM, UMS and FRKN for exposure as we believe these face less supply-side bottlenecks than downstream players.