亚太地区-投资策略-马来西亚2020年预算预览：共享繁荣的平衡之举.pdfVIP

Asia Pacific Equity Research 01 October 2019 Malaysia Strategy Budget 2020 preview: A balancing act of shared prosperity The upcoming Budget 2020 to be tabled on Oct 11 will be closely watched for the Malaysia likelihood of some fiscal flexibility in favour of growth support, amidst domestic A Hoy Kit Mak and global growth weakness. The new government has indicated that economic (60-3) 2718-0713 growth will be prioritized alongside fiscal responsibility, hence, in our view, we hoykit.mak@ are unlikely to see large-scale pump priming. The budget is likely to take on a Bloomberg JPMA MAK GO shared prosperity approach for sustainable and inclusive growth. Infrastructure JPMorgan Securities (Malaysia) Sdn. Bhd. project rollout, measures to stimulate private sector investments, home ownership, (18146-X) and sin taxes (absence) are what investors will be closely monitoring. Vanice Siew  The challenge is to maintain growth amidst a domestic/global slowdown, (60-3) 2718-0708 and potentially lower oil (JPM forecasts Brent crude oil at M$59/bbl, -9% Y/Y, vanice.siew@