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

• 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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