【出版时间及名称】：Investment Daily 2010/6/1
【作者】：city
【文件格式】：pdf
【页数】：30页
【目录或简介】：
Top Calls
Asia ex Strategy — Markets Down, Opportunities Up
Decreasing the underweight in real estate — Real estate has been one of our
biggest underweights, as real estate appeared to offer little value and was
vulnerable to a stronger US dollar and to tightening measures. Valuations have
since come down to more attractive levels; we have already seen tightening;
and the sector now looks exceedingly oversold. As such we are beginning to
venture cautiously back into the sector. Key risks: excessive regulatory and
monetary tightening and hence further erosion of NAV. p3
Markus Rosgen
Kimchi Discovery #51 — Fundamentally Cheap But …
KOSPI target lowered to 1850 (from1970) — North Korea, European sovereign
debt, global unemployment, and a China policy dilemma − the risks mount and
the solutions will not be quick or easy. Our new KOSPI target of 1850 would
mean a 9% return in 2010, at the low end of our 9-14% target for Asia overall.
p4
Michael S Chung
China Property — LAT Just A Start; More Measures Likely On
Developers Ahead
Strict implementation and settlement of LAT — Last week the China State
Administration of Taxation made a notice on the relevant problems in “Land
Appreciation Tax (LAT) settlement”, which include: 1) Urge local governments
to make sure developers settle LAT; and 2) Give detailed explanations and
definitions on several key areas in LAT calculation such as property sales
recognition and deductable expenses items in LAT calculation etc. p5
Oscar Choi
India Macro Flash — The Government Revised FY10 GDP up to 7.4%;
We Maintain Our FY11 and FY12 Estimates of 8.4% and 8.6%
CSO Revises FY10 GDP to 7.4% from 7.2% — The release of the 4QFY10 GDP
data, which pegged growth at 8.6% (Consensus: 8.6%; Citi: 8.3%) and upward
revisions to 1Q, 2Q and 3QFY10 GDP resulted in the government’s advance
GDP estimates being revised up to 7.4% from 7.2% estimated earlier. The
headline revision to 7.4% was due to (i) Upward revisions in Agriculture to
0.2% from -0.2% and Industry to 9.3% from 8.2% and (ii) Downward revision
to Services to 8.5% from 8.7%. p6
Rohini Malkani