发帖
雷达卡
For 3Q17, we add to our model portfolio banks and infrastructure, and trim cash and the consensus long iPhone trade. The key incremental change since late March is a tactical pause in interbank deleveraging ahead of the 19th Party Congress. This likely means a moderate decline in the prevailing yields and adequate funding for infrastructure projects near term.
More importantly, based on metrics from 2,700 non-financial Chinese listcos (A, H and US-listed) and 2,700 non-financial US listcos (NYSE and NASDAQ-listed US names) since GFC, we see marked progress in pricing power, R&D, cash flow, and shareholder returns in the China pool.
Key themes and analysis in this Anchor Report include:
From 2007 to 2016, the US equity pool grew its top line by 46%, while the China pool grew 185%, thanks to mainland China’s growth;
At end-2016, China’s equity pool had 1.8x net debt/EBITDA and 35% net debt/common equity vs 1.7x and 56% respectively for the US pool. FCF turned from a loss of Rmb591bn in 2011 to Rmb740bn in 2016 for China’s equity pool;
Analyses of ROE differentials, consensus expectation differentials, model portfolio changes and more.
20170630-Nomura-China Equity Portfolio Strategy：Comparing China and US Equities.pdf
(1.77 MB, 需要: 4 个论坛币)
京公网安备 11010802022788号
