Back-to-Office Beneficiaries 

4 stocks to ride on the jump in workplace and transit stations mobility

Singapore mobility chart

Source: Google, DBS Bank

  • Mobility figures are climbing closer to pre-pandemic levels as Singapore continues the transition to Living with COVID and companies shifted to 50% WIO:
    • LTA figures show that the average daily trips on taxi and private-hire cars reached 563,000 trips in November 2021, amounting to c.75% of pre-COVID levels; This is expected to reach 80% in December (source: The Straits Times)
    • Google mobility data showed a spike up in workplace and transit station mobility that coincided with the start of 50% WIO
    • Workplace mobility jumped >15%age pts to within 8% of pre-COVID, transit stations improved 6% pts to within 18% of pre-COV
    • We believe mobility numbers will rise further when WIO %age adjusts higher once the Omicron wave passes
  • Key beneficiaries include back-to-office plays which are:
    • ComfortDelGro: Higher ridership from increased commuting
    • Suntec REIT and CICT: Centrally located malls and office properties in the CBD will see a rebound in metrics;
    • FCT: Benefits from transit station mobility and the anticipated rise in footfall as all properties are located at or right next to MRT stations