Is 2 hours too short?

We will be arriving in Milan at 0750 on SQ and the next flight to Budapest is on Malev at 0955 (2:05 connection). We travel First Class so we will come out first, and will have priority luggage. The 2 flights are on separate tickets.

It will be a Monday morning the week before Christmas. Are we risking it too much? Our concern is with immigration queues and slow baggage handling. How is it in MXP?