DBS: Singapore Retail and Hospitality: Open the floodgates!
- Social gathering limit doubled to 10 pax and work from office limit increased to 75%
- Travel to adopt a Vaccinated Travel Framework (VTF) with close to zero quarantine and testing requirements for fully vaccinated arrivals
- Passenger traffic volume to return to 50% of normalised levels this year; exponential spike when VTL returned last month
- Expect increasingly positive datapoints and earnings surprises to drive valuations higher
