汇丰银行-东盟股票策略-no place like home：asean agenda-20170710-hsbc

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1、10July2017NoplacelikehomeEQUITYSTRATEGYASEANASEANAgendaFromthereportspublishedintheweekending7July2017,wehighlightacoupleofIsmaelPili*propertyreportsfromPratikRay.ThefirstisanASEANpropertyreportdiscussingHeadofASEANandSouthAsiaEquityResearchfeedbackfromhisUSmarketingtrip.Pratiknote

2、sinvestorsarefocusingonSingaporeTheHongkongandShanghaiBankingCorporationLimited,SingaporeBranchpropertystocks,andsentimentismostpositiveforresidential,followedbyhospitalityismael.pili@hsbc.com.sgandoffice.Dovetailingwithhismarketingfeedback,Pratik’ssecondreportonSingapore+6566580606pro

3、pertydiscusseshowtherecentlyannouncedGovernmentLandSalesProgrammeHeraldvanderLinde*HeadofEquityStrategy,AsiaPacificwillbenefitdevelopers.Liketheinvestorshemet,hecontinuestopreferresidentialTheHongkongandShanghaiBankingCorporationLimitedmostandofficeleast.Meanwhile,mostoftheinterestinSR

4、EITsisonvalueplaysheraldvanderlinde@hsbc.com.hk+85229966575giventhesector’sYTDperformance.OutsideofSingaporeandcontinuingwiththePratikBurmanRay*,CFAthemeofvalue,investorsweremorefocusedonthecheapernames,suchasLippoSeniorPropertyAnalyst,ASEANKarawaciandRobinsonsLand.TheHongkongandShangh

5、aiBankingCorporationLimited,SingaporeBranchpratikray@hsbc.com.sgOurlatestASEANstrategyreportlooksatstockswhosepriceperformancehas+6566580611goneagainstourratings.We’vebeendoingthisregularlytotestourconvictionsandtohighlightstrongbuyandsellopportunitiesthatmayhaveemergedbasedonour*Emplo

6、yedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisfundamentalassessment.Aswe’rehalfwaythroughtheyear,welookedatthenotregistered/qualifiedpursuanttoFINRAregulations.variouswindowsthatinvestorstrack,whichinthiscaseareMTD,QTD,andYTD.OnaMTDbasis,Megaworld,Cemex,Pgas,andMatahariremainourhi

7、ghestconvictionBuys.Intermsofw-o-wmarketperformance,Thailand(+0.8%)andMalaysia(+0.6%)postedthebestgains,whileSingaporewasthelaggard(-0.3%).Thatsaid,Singaporesawthehighestinflowsintoequitieslastweek,at0.34%ofAUM.Halftimereport–StraitTalk(6July2017)IsmaelPili*ASEANProperty–Marketingfee