麦格理-新加坡-宏观策略-新加坡策略：2018年预算支持积极观点-20180222-6页

Pleaserefertopage4forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.SINGAPOREFiscalspendingsettopickupinFY18(+8%versus4-5%inFY16-17)Source:Singaporegovernment,MacquarieResearch,February2018LinkbetweenfiscalspendingandEPSisloose,butexpansionaryFY18plussolidhighfrequencytop-downdriverssupportmarketEPSoutlook,wethinkSource:Singaporegovernment,MacquarieResearch,Bloomberg,February2018SingaporetoppicksMktcap(S$)TargetTotalPE(x)(US$m)Pricepricereturn16EVol.CAPL11,8383.634.5027%14.3LJCNC11,49138.2045.0021%13.8LSATS4,4295.206.0019%23.7LOCBC41,25912.9514.0011%13.4LCIT8,95012.9014.0510%20.6LKEP11,3078.158.7010%19.3L/MFSSTI3,4883,7009%15.4Source:FactSet,MacquarieResearch.Priced19Feb2018;allstocksOP-ratedAnalyst(s)ConradWerner+6566010182conrad.werner@macquarie.com