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【出版时间及名称】：2010年3月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】：40
【目录或简介】：
Peaking leading indicator momentum concerns look overdone. While
some slowdown in momentum looks inevitable, we expect overall global
growth to stay strong for most of 2010, with some moderation in emerging
economies likely to be well offset by a strong catch-up from developed
economies. As such, we believe the recent market correction is more likely
to resemble the previous soft landing episode, keeping our KOSPI target of
1,900 with a positive bias towards the OECD recovery story.
■ We remain keen on the ex-China recovery story and select financial
and consumer stocks with relative valuation merit. Although we have
seen local investors’ significant rotation into underowned sectors over the
last three months, we like : 1) the ex-China recovery story (key IT stocks and
select steel and refinery stocks) given its superior earnings momentum and
undemanding valuation, and 2) select financial and consumer names with
relative valuation merit.
■ Our top picks: Our top picks are SEC, POSCO, LG Display, SK Energy, KB
Financial Group, Shinsegae, Samsung Card and KT&G. At the same time,
we would avoid HMC, Samsung Heavy and Samsung Engineering.
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