发帖
雷达卡
概要如下：
24页报告（印度）：
16% upside to BSE Sensex in 2012
We expect the market to make steady upward progress in 2012, marked by volatility. We think investors will be best placed to chose stocks rather than pursue sector themes. We prefer mid-cap stocks over large-cap names. Page 17 outlines our key picks.
Key Factors to Watch
Inflation data is already moderating, setting the stage for monetary easing. The bad news on policy has stopped, although the volatility emanating from a weak developed world could keep pegging back Indian equities.
Where We Differ
Going into 2012, earnings have support from low gross margins, low operating leverage and peaking capital costs. Our F2013 earnings estimates are ahead of the street. Long bond yields could also top out. Valuations are attractive on an absolute basis and, market positioning, as evidenced by our proprietary sentiment indicator, is bearish. Together with the collapse in earnings revisions, this sets up the market for an upward
------------------------------------------------------------------------------------------------------------------------------------------------------------
29页报告（印度）：
In November, India was the weakest performing EM (among 21 countries) and the second weakest performing ACWI market (includes 45 countries).
•
The underperformance was magnified by the currency depreciation of 6.8ppt.
•
The market touched its lowest level since Nov-09 and the INR currency hit its lowest level in history.
•
The broader market continues to fare worse than the narrow market.
•
Healthcare was the best performing sector and Industrials, the weakest. All sector were down MoM.
•
FIIs were sellers while domestic institutions were buyers.
•
Hedging (explained by the put-call ratio) rose further to a new high.
----------------------------------------------------------------------------------------------------------------------------------------------------
12页报告：台湾
Quick Comment: According to the latest poll from
China Times (Nov. 30), KMT’s Ma has widened his lead
over DPP’s Tsai with a support of 43% vs. 35.2%.
James Soong’s support remained at a distant third with
8.4%. Since the previous poll a fortnight ago, Ma has
gained 2.3% while Tsai has lost 5.1%. We are 44 days
away from the Election Day.
The battle over the price of persimmons: Over the
past week, we saw heated debate between the parties
over the price of non-astringent persimmons, where Tsai
had accused Ma of not taking care of the farmers and
letting fruit prices plunge on his watch. Ma countered
that the quoted information was incorrect (the DPP
apologized later), and subsequently, to show his support
for the farmers, Ma purchased 5,000kg of persimmons
out of his own pocket and donated them to charity. With
the beginning of the first Presidential TV debate on Dec
3, we anticipate both candidates to refocus on economic
and domestic issues.
京公网安备 11010802022788号
