While the exact timeline for a vaccine to be made widely available is uncertain, DBS thinks the recovery in air travel will be swift once this materialises. The analysts pointed to empirical evidence showing that China's domestic air travel had recovered promptly to near pre-Covid-19 levels in a pre-vaccine environment within five months.
These hint at a broadening manufacturing recovery and a revival in trade activities, said Mr Yeo and Ms Chua. Meanwhile, Maybank Kim Eng has increased its target for the benchmark Straits Times Index to 2,995, from 2,200 previously, under a new methodology that takes into account fundamentals and massive market liquidity.
Although the index's PE valuation no longer looks attractive, investors will likely look beyond the constituents' FY20 earnings, DBS said.
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