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【出版时间及名称】：2009年12月亚洲科技行业研究报告
【作者】：瑞士信贷
【文件格式】：PDF
【页数】：114
【目录或简介】：
■ We remain bullish. With this 2010 outlook report, we are launching our
integrated pan-Asian technology strategy product. We started with a pretty
bullish bias on tech at the start of 2009 in February and have maintained the
bullish stance through this year, though for differing reasons. We believe
tech will again be among the leading sectors in 2010 and that stock
performance is likely to be first-half loaded.
■ Demand robust, capex/inventory lean, valuation fine. Our view is that
tech demand has been robust and is likely to remain so (it might even
accelerate) whereas investor and tech companies’ confidence in the
continuity of that strong demand has been low given macroeconomic issues.
This has resulted in valuations that are still in the middle zone on the one
hand, with pretty tight inventory and capex spending on the other. Strong
demand, tight capacity and lean inventories provide an excellent backdrop
for continuing earnings upgrades.
■ Portfolio views. Given the above dynamics, our strategy is focused on
areas of demand strength and where we believe capacity response will not
be aggressive. Figure 8 outlines our views on each sub-sector in Asia
technology. We are essentially long on PCs and short on handsets. We like
the TFT chain as a mis-priced sector with cyclically improving fundamentals.
We also like memory and semi-cap equipment. As corporate capex plays,
we like office equipment and Indian IT services.
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