摩根大通JP95页亚洲IT行业投资策略深度研究报告 英文

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1、JamesR.Sullivan,CFAAsiaPacificEquityResearch(65)6882-237413October2010james.r.sullivan@jpmorgan.comTableofContentsInvestmentsummary................................................................41)Whenthebullbreaksthemodel...............................

2、...............................................42)Valuationanalysis:Bullplaysvs.modelinvestments.............................................43)Growthanalysis:Whenthemodelworks................................................................44)Atwhatprice

3、growth?.............................................................................................5J.P.Morgantotalexpectedreturn................................................................................61)Thebull:WhereourchangeinEPSxP/Emodelbreak

4、sdown..........................................................................................92)Valuationanalysis:What’sacountryplay?.....................12Valuationrankings...............................................................................

5、......................12Dividendyieldranking…Forthebears......................................................................14Stock/countryvaluations............................................................................................163)Growtha

6、nalysis:Whenthemodelworks........................21Growthrankings........................................................................................................224)Atwhatpricegrowth?........................................................24Appen

7、dix1:Peakvaluations?...............................................27P/Echarts:Currentvs.historicalhigh/low................................................................27EV/EBITDAcharts:Currentvs.historicalhigh/low.....................................

8、............30P/BVcharts:Currentvs.historicalhigh/low.............................................................33DividendYieldcharts:Currentvs.historicalhigh/low..............................................36Appendix2: