发帖
雷达卡
【出版时间及名称】：2010年南非证券市场投资策略报告
【作者】：摩根大通
【文件格式】：PDF
【页数】：146
【目录或简介】：
Table of Contents
Executive summary..................................................................5
Team SA – stronger earnings kick in 2010.............................6
The drivers ...................................................................................................................6
Potential returns ...........................................................................................................6
Global investment themes............................................................................................6
Global risks for year-one of recovery ..........................................................................6
SA sector winners & losers..........................................................................................6
Turn turn turn...............................................................................................................6
Team SA – stronger earnings kick in 2010.............................7
We highlight five key strategy calls for 2010: .............................................................7
Key SA equity market drivers in 2010.....................................8
Negative drivers......................................................................38
SA Asset Allocation ...............................................................41
SA Equities to outperform Bonds and Cash again in 2010........................................41
SA Bonds over Cash ..................................................................................................41
Electricity conundrum............................................................49
Construction...............................................................................................................51
Food ...........................................................................................................................51
Health Care ................................................................................................................51
Retail.........................................................................................................................51
Telcos.........................................................................................................................51
Media .........................................................................................................................52
Banks .........................................................................................................................52
Insurers ......................................................................................................................52
SA equity sector outlook for 2010.........................................53
2010: Converging sector earnings recovery...............................................................55
Sector valuations........................................................................................................57
Gold ...........................................................................................................................58
Platinum.....................................................................................................................59
General Mining ..........................................................................................................60
Oil and Gas ................................................................................................................61
Banks .........................................................................................................................62
Retailers .....................................................................................................................63
Insurers ......................................................................................................................65
Health Care ................................................................................................................66
Food Producers ..........................................................................................................67
Construction...............................................................................................................68
Beverages...................................................................................................................69
J.P. Morgan SA Model Portfolio ...............................................................................70
Sectors ....................................................................................73
Oil & Gas .................................................................................74
Gold Mining.............................................................................75
Platinum ..................................................................................76
Construction ...........................................................................77
Diversified Industrials ............................................................78
Beverages ...............................................................................79
Food Producers......................................................................80
Health Care .............................................................................81
Retailers ..................................................................................82
Media .......................................................................................83
Telecommunications..............................................................84
Banks.......................................................................................85
Life Insurance .........................................................................86
Top Picks ................................................................................87
AngloGold Ashanti ....................................................................................................88
Gold Fields.................................................................................................................90
Anglo Platinum..........................................................................................................92
Eastplats.....................................................................................................................94
Northam .....................................................................................................................96
SABMiller..................................................................................................................98
Astral Foods.............................................................................................................100
Tongaat ....................................................................................................................102
Netcare.....................................................................................................................104
Foschini....................................................................................................................106
JD Group..................................................................................................................108
Shoprite....................................................................................................................110
Naspers ....................................................................................................................112
MTN ........................................................................................................................114
Abil ..........................................................................................................................116
Absa .........................................................................................................................118
FirstRand..................................................................................................................120
Standard Bank..........................................................................................................122
Sanlam .....................................................................................................................124
Stocks to Avoid ....................................................................126
DRD Gold................................................................................................................127
Illovo........................................................................................................................129
Mr Price ...................................................................................................................131
Massmart..................................................................................................................133
Vodacom..................................................................................................................135
Nedbank...................................................................................................................137
Libhold.....................................................................................................................139
京公网安备 11010802022788号
