瑞信-亚太地区-投资策略-亚太地区的优先股息收益率-2020.3.pdf

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1、Thematicbaskets:OurpreferreddividendyieldplaysacrossAPACCreditSuisse(HongKong)LimitedManishNigam+85221017067manish.nigam@credit-suisse.comVaibhavJain+85221017061vaibhav.jain@credit-suisse.comSabrinaShao+85221016305sabrina.shao@credit-suisse.comMar2020DISCLOSUREAPPENDIXATTH

2、EBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinte

3、restthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Highdividendyieldstocks•COVID-19hasresultedincorrectionacrossworldstockmarkets,drivenbyconcernsregardingbothdemand-andsupply-sidedisruptions.Th

4、eratecutsbysomecountries,includingtheUS,havefurtherreducedbondyields.Thishasimprovedtheattractivenessofdividendyieldstocks,bothasasourceofreturns(vsbonds)aswellasrelativesafehavensinthisenvironmentofuncertainty.•Werevisitourbasketofstocks(linktoSep-2019report)acrossAsiaPac

5、ificwhichofferhealthydividendyieldsandreasonableearningsgrowth.Ourselectionincludesatop-downapproachofscreeningfromourAPACcoverageforcompanieswith~4.5%+dividendyieldinthenexttwoyears,coupledwithbottom-upapproach,whereouranalystsassignconfidencelevelsonsustainabilityofdivid

6、endsoverthenearterm(twoyears)andmediumterm(fiveyears).OuranalystsalsobelievethatthesecompaniesareunlikelytoseelargeimpactofCOVID-19on2019E/20Edividends.Dividendyieldsformostofthesestocksofferareasonablespread(upto650bp)overtherespectivefive-yearG-secyields.•Foreachcompany,

7、ouranalystsoutlinetheinvestmentthesisandpresentrationalebehindourconfidenceondividendyields.Thisbaskettradesatavg.CY20EP/Eof9.6x&P/Bof1.3x,andoffersavg.2020Edividendyieldof~6%and2019ERoEof13%.WhilemoststockshavemarketcapoverUS$5bn,wealsoincludeafewsmallerpromisingnames.•Pl

8、easerefertothevaluationtableinthenextslidefordetails.Mar20202DividendyieldplaysValuationt