FY21F net profit is on a trajectory to pre-Covid-19 levels. Tighter movement restrictions are key risks to econ. recovery, but only if prolonged, in our view. Sequential performance should depend on wealth and treasury income strength. Writebacks of management overlays may stretch out over years. DBS and UOB seem willing to reinstate payouts to pre-Covid-19 levels if MAS lifts its dividend cap; OCBC’s stance is less clear. Reiterate Overweight. We think SG banks are equipped to ride out pandemic-induced uncertainties. Sector preference is UOB, then DBS and OCBC.
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