图解亚太地区策略

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1、Completed29May201706:11PMHKTDisseminated29May201706:32PMHKTAsiaPacificEquityResearch29May2017AsiaPacificStrategyDashboards1B2BCountryRecommendation0B1Br0BAsiaPacificStrategyTeamAdrianMowatACAsianandEmergingMarketsEquityStrategistadrian.mowat@jpmorgan.com(852)2800-8599J.P.

2、MorganSecurities(AsiaPacific)LimitedOverweightRobertSmithQuantitativeStrategistrobert.z.smith@jpmorgan.com(852)28008569J.P.MorganSecurities(AsiaPacific)LimitedChina,KoreaJahangirAzizEconomicandPolicyResearchjahangir.x.aziz@jpmorgan.com(65)6882-2461JPMorganChaseBank,N.A.,S

3、ingaporeBranchIT,FinancialsandselectconsumerRajivBatraAsianandEmergingMarketsEquityStrategyrajiv.j.batra@jpmorgan.com(91-22)6157-3568J.P.MorganIndiaPrivateLimitedUnderweightSunnyChabriyaAsianandEmergingMarketsEquityStrategysunny.chabriya@jpmorgan.com(91-22)6157-3368J.P.Mo

4、rganIndiaPrivateLimitedAustralia,Singapore,ThailandAninditaGandhiAsianandEmergingMarketsEquityStrategyanindita.gandhi@jpmorgan.com(91-22)6157-3248J.P.MorganIndiaPrivateLimitedHealthcareandUtilitiesKeyChangesMarketperformanceto26May2017Headlineinflationdatapublishedsinceth

5、elastpublication:2BTableofContents3BPage#•Week:MSCIAsiaPacificexJapan1.6%outperformedMSCIWorldby•HongKong:CPI2.0%oya(Consensus:1.5%)RegionalSummary20.6%•Singapore:CPI0.4%oya(J.P.Morgan:0.5%Consensus:0.5%)MarketPerformance3•Topthreemarketsduringtheweek:Korea2.9%,China2.3%a

6、ndTaiwanLiquidityMonitor41.7%J.P.Morganrevisionsto2017GDPforecasts•Bottomthreemarketsduringtheweek:Indonesia-1.3%,Malaysia0%andIndexTargets5•Positive:Singapore:2.6%[2.5%]Singapore0.3%•Negative:Taiwan:2.3%[2.4%]MonitoringInflation6•YTDPerformance:MSCIAsiaPacificexJapan17.2

7、%outperformedMarketDrivers7MSCIWorldby7.1%J.P.Morganrevisionsto2018GDPforecastsEarningsRevisions8,9•YTDTopthreemarketsinUS$:China,KoreaandHongKong•Negative:EMAsia:5.6%[5.7%]Cross-sectionEarningsGrowth10•YTDBottomthreemarketsinUS$:Australia,ThailandandMalaysiaJ.P.Morgancha

8、ngestoDecember2017FXforecastsMarketImpliedGrowthRates11CNY:6.95[7.05]Sector-CountryPEMatrix12Sec