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1、EmergingMarketsEquityResearch23May2013EmergingMarketsStrategyDashboardsEmergingMarketsEquityStrategyTeamRecommendationsAdrianMowatACEmergingMarketsadrian.mowat@jpmorgan.com(852)2800-8599J.P.MorganSecurities(AsiaPacific)LimitedOW:Turkey,India,Thailand,Peru
2、,Philippines,Indonesia,PedroMartinsJuniorLatAmpedro.x.martins@jpmorgan.com(55-11)4950-4121BancoJ.P.MorganS.A.Malaysia,andMexicoDavidAserkoffCEEMEAdavid.aserkoff@jpmorgan.com(44-20)7134-5887J.P.MorganSecuritiesplcUW:China,Russia,SouthAfrica,Korea,Taiwanand
3、ColombiaRajivBatraEmergingMarketsrajiv.j.batra@jpmorgan.com(91-22)6157-3568J.P.MorganIndiaPrivateLimitedKEYTRADES:EMNiftyFifty;searchforreturnSanayaTavariaEmergingMarketssanaya.x.tavaria@jpmorgan.com(212)622-5469J.P.MorganSecuritiesLLCOWFinancialsGlobalEm
4、ergingMarketsResearchChina:Slowinggrowth,risinginflationJoyceChangGlobalEmergingMarketsjoyce.chang@jpmorgan.com(1-212)834-4203J.P.MorganSecuritiesLLCOWIndiaandTurkeyDemographicbeneficiariesForfulllistofJ.P.Morganequitystrategistspleaseseethedirectoryonthe
5、backpageKeyChangesHeadlineinflationdatapublishedsincethelastpublication:Marketperformanceto22May,2013TableofContentsPage#•Yeartodate:MSCIEmergingMarkets-0.7%underperformingMSCIWorldby11.9%•Malaysia:CPI1.7%oya(JPMorgan:1.6%;consensus:1.7%)RegionalSummary2•
6、SouthAfrica:CPI5.9%oya(Consensus5.7%oya)MarketPerformance3•Yeartodate:MSCIEMAsia1.4%outperformingMSCIEmergingMarketsby2.1%LiquidityMonitor4MonitoringInflation5•TopthreemarketsYTDinUS$:Philippines,IndonesiaandTurkeyJ.P.Morgan’srevisionto2013GDPforecasts:Ma
7、rketDrivers6•Positive:US1.9%[1.8%],DM1.0%[0.9%],Hungary0.5%[-0.2%]Cross-sectionEarningsGrowth7•BottomthreemarketsYTDinUS$:CzechRepublic,PeruandColombia•Negative:AsiaexJapan6.3%[6.4%],EM4.8%[4.9%],China7.6%[7.8%],EarningsRevisions8,9,10Chile5.2%[5.5%],Czec
8、hRepublic-0.9%[-0.2%],Poland1.0%[1.2%]Sector-CountryPEMatrix11LiquidityMonitorValuationDistribution12•TopthreemarketsbyincreaseinADTV(1wkAvg.vs3MMA):Malaysia(US$0.9bn,DemandClassification13up50%),Indonesia(US$0.9bn,
