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Property Devt & Invt: Stay tuned for re-ratings in 2021F – Update

Sector note 27/11/2020    401

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  • Upgrade to Overweight from Neutral amid a broad-based recovery of the economy and loosening of regulatory bottlenecks in 2021.
  • We expect a strong recovery in transaction volume on the back of recent increases in new supply and solid housing demand with high take-up rates.
  • Our top picks are VHM, NLG and KDH.

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