JPMORGANGlobalMarketsStrategy18February2024SingaporeEquityStrategy2024Budget–TacklingimmediatechallengesandnavigatingthenextwaveTheSingaporegovernmentunveiledthe2024budgetonFebruary16,keyEquityMacroResearchhighlights:(1)Government’sfocusintheneartermismitigatingtheimpactonhouseholds’costoflivingsbycashtransfersandgrants,(2)Medium/Long-termRajivBatraACinvestmentsrevolvearoundupskilling,innovationandproductivitygrowth,withthetargettobringSingapore’sGDPgrowthtothe2-3%rangeinthenextdecade,(65)6882-8151(3)Changestocorporatetaxestotakeeffectfrom2025asSingaporeimplementsrajiv.j.batra@jpmorgan.comtheBaseErosionandProfitShifting2.0rules,(4)Thechangestoadditionalbuyers’BloombergJPMABATRAstampduty(ABSD)mighthavelimitedimpactonthepropertysector.TheoverallJ.P.MorganSecuritiesSingaporePrivateLimitedbudgetbalanceis0.4%GDPdeficitin2024,indicatinglimitedfiscalimpulse(JPMe:0.1%GDP).Nearterm,consumer,retailS-REITs,techmanufacturingandKhoiVu,CFAAChealthcarestockswillbenefit,inourview.OverallFY2024budgetpencilsinabudgetdeficitof0.4%ofGDPandanestimatedfiscalimpulseof0.1%ofGDP.(65)6882-8170However,webelieveneutralfiscalimpulsemightnotbesufficienttooffsetkhoi.t.vu@jpmorgan.comslowerdomesticdemandamidanongoingtechupliftandmiddlingnon-techJ.P.MorganSecuritiesSingaporePrivateLimitedperformancewithsomereversiontothemeanfollowin...
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