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【出版时间及名称】：2010年1月英国中型资产管理公司研究报告
【作者】：汇丰银行
【文件格式】：pdf
【页数】：100
【目录或简介】：
HSBC strategists expect global equities
to post additional gains of 15% on
average by end-2010; this scenario is
not fully reflected in consensus
estimates or sector valuations
􀀗 We favour Aberdeen (OW(V)) and
Schroders (OW(V)) for the growth
potential offered by their asset class and
market exposures, and for their relatively
defensive business models
􀀗 Using stock price volatility rather than
beta as a measure of risk leads us to be
more cautious on BlueBay (N(V)) and
Ashmore (N(V))
Shift to stock specifics
Asset manager share prices posted strong gains in 2009 as
sharp recoveries in asset prices generally boosted funds
assets under management and new business volumes.
Performances in 2010 will be more diverse, we believe, as
major asset classes decouple. Whilst we expect further
strong growth from global equities, reduced monetary
authority intervention in fixed income markets could hinder
progress and trigger high volatility across asset classes.
Selective buying opportunities
The UK asset management sector is currently inexpensive in
our view, trading broadly in-line with its longer-term
average PER and at a discount to the UK market. The sector
continues to trade at a discount to its US peer group.
We favour Aberdeen Asset Management (OW(V)) and
Schroders (OW(V)) for their exposure to Asia and emerging
markets, relatively defensive business models, high revenue
visibility, and ability to deliver growth through self help.
We assume coverage on Aberdeen Asset Management,
OW(V) target 200p; Ashmore Group, N(V) target 290p;
BlueBay Asset Management, N(V) target 325p; F&C Asset
Management, OW(V) target 100p; Henderson Group N(V)
target 135p; and Schroders, OW(V) target 1625p. We initiate
coverage on Hargreaves Lansdown, N(V) target 305p.
This report replaces the previous version which contained
incorrect financials in a table on p.78.
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