麦格理-亚洲-股票策略-数量与基本原理：寻找后起之秀

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1、ASIAOfQuants&FundamentalsTop10underperformersYTD–LookingforlaggardsfundamentalscreenCompaniesMacqRatingYTDreturnAlthoughMacquarie’sequitystrategistsbelievethatstockmarketleaderswillKoreaAerospaceIndustriesOutperform-46.5%GoldenEagleRetailOutperform-46.1%cont

2、inuetodowellinthismarketenvironment,wehavedoneasystematicHanssemOutperform-41.1%screeningexerciselookingformarketlaggards.WehaveperformedtwodifferentUniversalRobinaOutperform-39.8%InfosysOutperform-30.1%screens:fundamentalandquantitative.Wesearchedforhighqua

3、lity/highgrowthLotteChemicalOutperform-24.1%stockswhichhaveunderperformed,bothonaYeartoDatebasisandforthelastHCLTechnologiesOutperform-20.2%CumminsIndiaOutperform-18.2%threemonths.FirstResourcesLtdOutperform-16.6%SATSOutperform-15.4%Winnerscontinuetobewinner

4、s?Source:FactSet,MacquarieResearch,November2017;10NovpricesStockmarketsinAsiahaveperformedstronglythisyear.Inmanyinstances,thisisdrivenbylargecapstockswhichcanbebroadlycharacterizedashighqualityTop10underperformersYTD–andhighgrowth.Technology,internet,andcon

5、sumersectorsinparticularhavequantitativescreenbeenamongthebiggestwinners.Similarly,theMacquarieMarqueeIdeaslistMacqAlphascorehasalsodonewell;thisportfoliohasabiastowardqualityandgrowth(link).YTDCompaniesQualityProfitabilityGrowthreturnMacquarie’sglobalequity

6、strategist,ViktorShvets,believesthatthisSuningUniversal0.00.00.4-50.6%concentrationofoutperformersislikelytocontinue:themarketisinnon-meanChinaGreatwall0.50.00.3-47.2%ZhejiangCentury0.00.80.2-34.1%reversionarymode.Viktor’sportfolioofqualitysustainablegrowths

7、tocks(bothChangshengBio-Tec0.50.40.2-28.7%GlobalandAsia)haveoutperformedsignificantly–andheisstickingtothisHualanBiological0.30.80.0-28.6%Bosch1.40.10.2-27.6%theme(link).Similarly,China/HKstrategistDavidNgisalsooftheviewthatTechMahindra0.60.00.2-24.8%winners

8、willcontinuetobewinnersinthesemarkets(link).STOExpress0.10.71.2-24.3%HaiscoPharma0.50.20.3-24.0%SinopecShanghai0.40.20.3-22.8%Theseviewsnotwithstanding,someprofit-takingamongthebiggestrecentSour