汇丰银行-东盟-股票策略-十月分歧-20171102-hsbc-divergence_in_october：strait_talk

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1、2November2017DivergenceinOctoberEQUITYSTRATEGYASEANStraitTalkWehighlightstockswhosesharepricesdivergedsharplyfromIsmaelPili*HeadofASEANandSouthAsiaEquityResearchouranalysts’fundamentalassessmentsatend-October2017TheHongkongandShanghaiBankingCorporationLimited,SingaporeBranchThreeBuy-ratedst

2、ocksonwhichouranalysts’convictionismael.pili@hsbc.com.sg+6566580606remainsstrongdespitesharpcorrectionsarePTTelkom,BAT,JayantParasramka*andMatahariAssociateBangaloreThreehigh-convictionReduce-ratedstocksdespiterecent*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc.andnotregistered/qualifiedpu

3、rsuanttoFINRAregulationsstronggainsareIndocement,Indomobil,andKeppelCorpBullishsentimentcontinuesTheMSCIASEANIndexwasintheblackinOctober,adding1.9%toits18.8%year-to-dateperformance.Singaporeledthechargeinthepastmonth,andMalaysiawasthelaggard.DivergenceinOctoberWelookatsharepricesinOctobertoidenti

4、fystocksthathavemadesignificantmovesdivergingfromouranalysts’fundamentalassessments.Suchdivergencessuggestpotentialentryandexitopportunities.Inthiscurrentbullishcycle,wedefinesignificantupwardmovesas10%ormoreandsignificantdownwardmovesas5%orgreater.ConvictioncallsWehighlightthreeBuy-ratedstockson

5、whichouranalystscontinuetohavestrongconvictiondespitesharepricesmovingsignificantlyagainstourratings:PTTelkom,BATMalaysia,andMatahariDepartmentStore.WealsohighlightthreeReduce-ratedstocksonwhichouranalystscontinuetohavestrongconvictiondespitestrongsharepricegains,namely,Indocement,Indomobil,MiFID

6、II–ResearchandKeppelCorp.Isyouraccessagreed?CONTACTustodayTable1:ASEANcompanyvaluationsCompanyStockCur-Rating31-OctTargetUp/downPerf.Market3mADTEPSgrowth(%)__PE(x)_____PB(x)____ROE(%)__Divyield(%)coderencypriceprice-side(%)(1M)cap(USDm)2017e2018e2017e2018e2017e2018e2017e2018e2017e2018ePTTelkomTLK

7、MIJIDRBuy4,0305,00024.1-13.930.2934.620.912.617.015.14.44.025.726.64.14.6BATMalaysiaROTHMKMYRBuy39.0054.0036.5-10.42.732.3-5.416.817.515.018.317.7104.3118.35.86.3MatahariDept.StoreLPPFIJIDRBuy8,60017,250100.6-7.31.864.