花旗 China & India Equity Strategy - 8 Oct 2010

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Corporate Securities Strategy- China & India Equity Strategy

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：Strategy Strateg equity equit India China

Two Different Economies in Transition 3
Structural convergence 4
Scale and penetration a key driver 8
Role of the government 10
Foreign influence 13
Role of capital 15
Role of labor 17
How to Value and Play This Transition 19
India has been a significantly higher ROE market…but for how
much longer 19
China’s profits, market value too concentrated for its broad
economy 21
Where are the big valuation differences? 22
Are govt-owned or regulated businesses a drag on valuation? 23
Chinese and Indian companies will go abroad 24
Will foreign acquisitions be good for equity shareholders? 25
Investment themes and sectors for the transition 26
Sector strength analysis 26
Multi-Strategy 28
Controlled inflation leads to outperformance 28
India correlated to shorter-term rates… 30
… and India equities expensive vs. bonds 33
Weak USD benefits China 34
Fund flow: Rate of change may predict 35
China more volatile historically…gap closing 37
Trade implementation: Two-prong horizon 38
Appendix 43
Appendix I: Relative Competitiveness of China & India 44
Appendix II: Sector Outlook 45
Appendix III: China Ahead in Equitisation, Lags in
Derivatives 48
Appendix IV: Economic Indicators 50
Appendix V: ROE & PER — China vs. India 52
Appendix A-1 58

很好 多谢