欢迎来到天天文库
浏览记录
ID:8230826
大小:982.23 KB
页数:15页
时间:2018-03-11
《三星-韩国-投资策略-投资者会议要点:大多数国内投资者过于谨慎》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、Samsung2017.12.19MarketTakeawaysfrominvestormeetingsStrategyMostdomesticinvestorstoocautiousStoryoftheweekFromarationalrallyin2017toanirrationalonein2018:Wemetwithsome30SeungMinYoukeydomesticinstitutionalinvestorsfollowingthepublicationofour2018outlookChiefstrategistCautiouslyop
2、timistic:Stayhalfastepahead(Nov21).Mostheldhighlyconservativestrategist.you@samsung.comviewsregardingthemarketnextyear;fewconcurredwithouroutlookthatthemarket82220207024wouldexceedexpectations.WeattributethiswarinesstothemistakenperceptionthattheHyeinOkmarketisinabubbleandthatbu
3、bblesoftenbursttheyearafteraboom—ie,theseAnalystinvestors’intuitionaboutthisyear’srallyisoff-kilterduetothetraumaofdealingwithhyein.ok@samsung.compastcrashes.Butweholdthatthisyear’srallywasarationalone,notabubblefarfrom82220207795fundamentalgrowth.DongyeolMoonInvestors’actionsma
4、ybesignificantlymisalignedwiththeirperceptions:StrategistAndyet,eventhoseprudentinvestorsagreethattheglobalmacroenvironmentshoulddongyeol.moon@samsung.comremainfavorable,notingthatglobaltradeisdrivingeconomicgrowthandfacility82220207792investmentisresuminginkeydevelopedmarkets.D
5、espitethis,theirassetmanagementplansappeartohaveturnedhyper-conservative—aseriousrisk,inourview.Wefearthatthosewithaninflexibleinvestmentattitudewillbelatetotheparty,finallysurrenderingandjumpingintothebullmarketjustasitisonitslastlegs.MarketandsectorviewsMarket:OurKospiThermome
6、ter’s(belowleft)fundamentalandtechnicalscoresarepresentingdivergentsignals.Whiletheformerisstillhintingatbullishnessfromtheperspectivesofearningsoutlookandvaluation,thelatterremainsatneutral,affectedbyarecentKospipullback.Still,themedium-termuptrendremainsintact.Sector:Inourvalu
7、e,earnings,andmomentum(VEM)modeloverthepastweek,thesteelandconstructionsectorsmovedfromvaluetraptooverweight.Althoughsustainabilityisanissuetowatch,thismoveisnoteworthyinthatitsignalsthatamarketrallyisspreadingtoothercyclicalsectors.TheIThardwareandsemiconductorsectorsremainedin
8、theunderweightsegment,butgiventhatbothsectorsar
此文档下载收益归作者所有