We expect the SET to move sideways up within 1,340-1,360 points as the market benefits from positive results of Pfizers, BioNTechs, and Inovios coronavirus vaccine trial. Also, the economic data of several key economies, such as the U.S., China, and the eurozone showed recovery. Nonetheless, the Feds minutes revealed continued concern over a second wave of the pandemic, which could make it necessary to introduce more stimulus measures. In this regard, we continue to view that market retreats to 1,300 points (+/-), which is equal to a 2021 PER of 15.5x, serve as an opportunity to accumulate. When it happens, focus on domestic and defensive plays, including food and beverages, healthcare, power generation, ICT, and contractors. In the near term, investors may bet on the global play and tourism sector,in line with vaccine development.