The research unit has forecast the sector’s net profits to rebound by 27% in 2021 – although this would still be 12% below pre-pandemic levels – after dipping 30% in 2020.
Asset quality will again be the focal point after months of delay caused by various debt-repayment relief programmes. The recent strength in share prices is almost entirely driven by price-to-book value multiple expansion , while there has been little to no changes in sector fundamentals – the outlook remains uncertain, with provisions still elevated.
It said the rotation-to-cyclical play will gain more traction in 2021, as investor confidence improves along with the economic recovery.
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