Parliament / SG Strategy: CIMB note that new cabinet changes point to PAP’s commitment to change and possible drags on corporate profitability ahead. Add that while these changes are good for the people, it does mean that corporate profits willface further drags. Anticipating policies ahead, stocks that one should be wary on include
1) mass-market developers like City Developments and Allgreen;
2) land transport players ComfortDelgro and SMRT;
3) to a smaller extent, shipyards and construction companies.
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