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1、27June2017AsiaPacificEquityResearchInvestmentStrategyAsiaPacificEquityStrategyResearchAnalystsSTRATEGYSakthiSiva6562123027sakthi.siva@credit-suisse.com12thconsecutivemonthofEPSupgradesKinNangChik85221017482Figure1:ConsensusEPS—2004,2010and2017Ekinnang.chik@credit-suisse.com130MXASJ-co
2、nsensusEPSrevision125+23%120115+12%110+6.4%10510095-6m-4m-2m0m+2m+4m+6m+8m+10m+12m+14m+16m+18mEPS2004EPS2010EPS2017ESource:IBES,MSCI■Onlythethirdtimesince2001thatwehaveseenmanyconsecutivemonthsofEPSupgrades.Figures1and2highlightafurther0.4%thupgradeto2017EConsensusEPSinJunemakingthist
3、he12consecutivemonthofupgrades.Wehighlightthatitisindeedraretogetmanyconsecutivemonthsofupgradesandinfact2017Eisonlythethirdyear(theothertwobeing2004and2010)since2001toputtogetherastringofupgrades.■Historically,MXASJhasdonewellduringtheseepisodes.Whileweareonlyleftwithafurther2%upside
4、toourMXASJ(MSCIAsiaex-Japan)YEtargetof640,Figure3highlightsralliesof84%and41%,respectively,inthe18monthsafterthelowsinconsensusEPSin2010and2004.■Wecontinuetosuggestbuyingthedips.AswearehesitanttoreviseupourYEtargetfurther(25%returnunderpinnedby19.5%EPSgrowth),wecontinuetosuggestbuying
5、thedipsparticularlyinKorea,Taiwan,CyclicalsandFinancialswhichremainourbiggestOverweights.Figures4–5highlightthatKorea,TechandRealEstatecontinuetobeassociatedwiththebiggestupgradesto2017EConsensusEPSinJune.Figures4–5alsohighlightthatthebiggestdowngradesinJuneareinHealthcare,Staples,Ind
6、ia,Indonesia,AustraliaandthePhilippines–ourbiggestUnderweights.DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearch
7、reports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.27June2017Figure2:Asiaex-Japan2017EConsensusEPS10098+0.4%inJun-17969492LowJun20169
8、0Dec-
