麦格里集团-asia essentials-20170615-macquarie

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1、Thursday,15June2017Whatcaughtmyeye?v.763TheworldofnowagesViktorShvetsInthislatestissue,weaskwhywagegrowthacrossdevelopedeconomieshasconsistentlysurprisedonthedownside,despitetighteninglabourmarkets.Whetherweexaminecountriesthatarereportingrisingorfal

2、linglabourparticipationrates,countriesthathaveyoungerorolderdemographics,highorlowunemploymentrates,theredoesnotappeartobeatraditionalPhilipscurverelationship,withwagesmutedwhencomparedtopastepisodes.E-mart(Outperform)4What’sariskandwhat’snot?KJLeeWi

3、ththeofficialappointmentofthenewheadofFairTradeCommission(FTC)SangjoKimon13June,wesensethemarkethasrenewedconcernsonregulatorypressureonE-mart,oneoftheChaebolretailinggroups.Thaihealthcare5SocialSecurityasafehavenPattiTomaitrichitrWearepositiveontheT

4、haihealthcaresector.Thailanddemographics,withitsrisingagingsocietycontinuetosupporthealthcaredemand,drivenbyhigherintensitytreatments.Chinaautos6NEVcreditsystemposeschallengesJanetLewisTheMIIT(MinistryofIndustryandInformationTechnology)releasedanewdr

5、aftpolicyonthecreditsystemfornewenergyvehicles(NEVs)andfuelefficiency(link)on13June.Asianairlines7ChangeisintheairAzitaNazreneOurcautiousviewonthesectorismaintained–itwillbeadifficult2017fortheairlinesinlightofmacrofactors(higherfuelpriceandUS$streng

6、theningleadingtocostinflation)andstructuralfactorschangingthewaypeoplefly.SingaporeAirlines(Outperform)8Gamuda(Outperform)9HexawareTechnologies(Outperform)10JasmineInfrastructureFund(Neutral)11Morinaga(DowngradetoNeutral)12Nintendo(Outperform)13Panas

7、onic(Outperform)14Pleaserefertopage18forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.Skyworth(Outperform)15TataMotors(Outperform)16MacquarieCommoditiesComment172GLOBALWhatcaughtmyeye?v.76Theworldofn

8、owagesInthislatestissue,weaskwhywagegrowthacrossdevelopedeconomieshasconsistentlysurprisedonthedownside,despitetighteninglabourmarkets.Whetherweexaminecountriesthatarereportingrisingorfallinglabourparticipationrates,countriesthathaveyoungerorolderdem