<P><FONT face=黑体 size=6><STRONG>25页 英文 02.01</STRONG></FONT></P>
<P><FONT size=5>Equity Strategy Asia ex Japan</FONT></P>
<P><FONT size=4>Use the forwards A valuation case modelled on seven forward multiples</FONT></P>
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本附件包括:- HSBC_汇丰-亚洲各新兴市场股票估值比较(25页)-0201.pdf
<P><FONT size=5>&#1048599; We use a firm-by-firm approach to calculate seven different 12-month forward multiples<BR>&#1048599; Two models identify markets that are cheap relative to history and judge how they are valued within the region<BR>&#1048599; We find that Thailand is Asia’s cheapest market and India the most expensive; Energy is the best value sector</FONT></P>



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