• Banks : Banking will benefit from the change in labour wage (especially severance pay) given they employ quite a number of people for their branch network. Licensing simplification will help banks though; license process (for setting up a branch presence) is not as complicated as some other sectors. Indirectly benefit from potential higher FDI as economy will accelerate and that benefits banking sector (both on loan and deposit). *• Residential property :* Relaxation on foreign ownership on property to benefit high-rise developers in Jakarta (ie, PWON, DILD). Lower final tax on recurring business (mall) to benefit mall operator. Developers with bigger exposure to malls (PWON, SMRA, MTLA). *• Industrial Property :* Labour reform to benefit industrial developers across the board (eg, DMAS, SSIA, BEST). *• Staples (excl. cigarettes) :* In general, short-term demand shock assuming remuneration reduction for labour, albeit with stronger demand upside in medium-term on job creation thr...
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