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【出版时间及名称】：2010年韩国证券市场投资策略报告
【作者】：瑞士信贷
【文件格式】：PDF
【页数】：76
【目录或简介】：
Ex. China recovery outlook not fully in prices. While 2010 may not be a
year of “super returns” with increased volatility (following a “dramatic”
recovery from March’s low), we believe that the ex. China recovery outlook
is not fully priced in and we continue to view the KOSPI as the best earnings
leverage play on this story.
■ We would be a buyer of key large caps using current weakness. We
expect the market to regain momentum early next year on the back of its
high leverage to an OECD recovery, and increased relative valuation merit
and reduced local selling pressure (with the National Pension Fund likely
to become a net buyer). Hence, we recommend investors accumulate key
Korean large caps using the current weakness, with a 2010 KOSPI target
of 1,900.
■ Our focus remains on the IT, financial and consumer sectors. Against
this broad macro backdrop, we keep our positive bias towards those globally
competitive exporters with high leverage to an ex. China recovery (notably
the IT sector vis-à-vis the auto sector) and select financial and consumer
stocks with relative valuation merit.
■ Our 2010 top stock selection. Based on these factors, our top picks
include SEC, POSCO, LG Display, SK Energy, KB Financial Group,
Shinsegae, Hyundai Department Store, Busan Bank, NC Soft and Meritz
F&M. Meanwhile, we remain UNDERWEIGHT on the industrial and chemical
sectors, including Hyundai Heavy, Doosan Heavy, Samsung SDI, NHN and
Honam Petrochemical.
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