SINGAPORE (July 7): As the Singapore economy opens up in phases from the circuit breaker measures, DBS analysts Derek Tan, Rachel Tan, Dale Lai, and the Singapore Research Team believe there could be a broadening rally in 2H20 on returning investor confidence, and “lower-for-longer” rates.

However, with the reduction of various tenant rental waivers from landlords and government incentives moving forward, the analysts expect the economy to deteriorate first, before recovering gradually.

“That said, we have noted a broadening of the S-REIT rally as investors position ahead of a recovery. The next data-point we see boosting investors’ confidence is the phased return of office workers to CBD, which will boost office and selected retail S-REITs,” say the analysts in a July 7 report.

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