She adds that a further push would come from locals’ pent-up demand, increase in savings from the lack of travel opportunities as well as being accustomed to the social distancing measures.
RHB Research Securities has upgraded the consumer sector to "overweight" from its previous "neutral" stance.
This is as “consumer companies with exposure to the re-opening of domestic activities, such as those in retail and food & beverage services, should see some earnings recovery in 2021F, from a low base in 2020,” analyst Juliana Cai explains in a Dec 8 note.
