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UBS 瑞银：中国股市去向何方
UBS Investment Research China Market Strategy Where China shares are going? #2--Ashares bubble
7 May 2007 7页
117203.pdf
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Danger of going into a bubble is high
Liquidity and sentiment seem irrationally high, but does not appear to abate. At
this stage, we believe the self-correcting mechanism of stock market is also not
able to reverse the overpricing.
Government action to broaden the market
We believe the measures of having more listings, QFII, QDII and financial futures
are all the right cures. However, they may lag behind the fast-moving liquidity
flow into the market.
What if the bubble continues?
We believe conditions remain conducive to further run into a stock market bubble.
Using past peak valuation as a guide, the Shanghai A-Share Composite Index
could go higher before it reverts back to fundamental value.
Caution to investors
We believe we are entering a phase of low predictability and high risk. While the
index could still go higher, the eventual downturn could be damaging to
investment performance. We re-iterate our A-share strategist's long-term valuation
range of 2,200-2,900 on the Shanghai A-Share Composite index.
[此贴子已经被作者于2007-5-16 7:49:12编辑过]
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