Prime Minister Anwar's second budget reflects a position of strength, benefiting from political stability, economic recovery, and renewed investor confidence. However, the rising cost of living and stagnant income growth prompted key measures, including a 13% increase in the minimum wage, initiatives to enhance first-time home ownership affordability and taxation of wealthier individuals through subsidy removals and a dividend tax. The prime budget beneficiaries are consumers (with a downward trade theme) and the property sector. In contrast, industries reliant on basic labour, such as plantations, gloves, and EMS, may face challenges. We maintain a value-seeking approach and anticipate a broader market recovery post-US elections. Local institutional investors are cash-heavy (approximately 10% of AUM) and we expect a forthcoming privatisation exercise to provide liquidity and further stimulate market re-rating by late Nov-24.
Source: AmInvest Research - 21 Oct 2024
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VSCreated by AmInvest | Nov 21, 2024