发帖
雷达卡
12月1号出的关于2012的outlook，有些晚了。大约110页左右
2012 Outlook:
Western ills, Asian chills
Update: 因为在论坛已有这个report，现在改为免费
贴出目录给需要的朋友：
Table of contents
Note from the authors 3
Executive summary 4
Implementation 8
Allocation: A conservative start to the year 21
Setting the stage 26
Macro: Global concerns overshadow local fundamentals 28
China: Maintain OW on policy easing and attractive valuations; we assess the probability of a hard landing 39
India: Downgrading to Underweight on macro concerns 45
Earnings: Single-digit growth next year, moderate rebound in 2013 50
Valuation and returns: Near-term risks, subsequent recovery 56
Growth Market Strategy: From GDP growth to equity returns 71
Probing property-related risks in Asia 75
Foreign investor positioning: More domestic, more defensive 79
Events 83
Economic backdrop 85
Australia: A drag from the domestic economy 86
China: Easing into a better place 88
Hong Kong: Headwinds to asset price cycle 90
India: Funding headwinds and cyclical challenges 92
Indonesia: Firm domestic demand outlook, stretched valuations 94
Japan: Cautious note to start, but steady performance overall 96
Korea: Inexpensive, but hindered by global macro weakness 98
Malaysia: Defensive play, safe haven in an uncertain environment 100
Philippines: Valuations not low enough to offset liquidity risk 102
Singapore: Sensitive to the global cycle 104
Taiwan: Global concerns dominate pre-election excitement 106
Thailand: Reconstruction and political uncertainty are the themes 108
京公网安备 11010802022788号
