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1、Samsung2017.6.28ModelSamsungModelPortfolioPortfolioBullruntakingabreatherJunereview:DevelopedmarketsmovedsidewaysinJuneamidadeclineinoilprices,concernsoverdemand,andrenewedpoliticalinstabilityintheUSandEurope.TheKospiSeungMinYouwasnoexception,itsrecentrallyslowlyco
2、nsiderably.Afterhavingoutperformedbothstrategist.you@samsung.comDMsandEMsoverApril-May,ittookabreatherinJune.TheSamsungModelPortfolio82220207024gained2.91%overMay26-Jun27tooutperformtheKospiby135bps.HyeinOkAnalystJulyoutlook:Still,theKospilookssettoendthemonthup,ma
3、rkingitsseventhhyein.ok@samsung.comstraightmonthlygain—thelongestrunsincetheindex’sbasedateof1980.Onprevious82220207795occasions,six-monthstringsofmonthlygainshavebeenpunctuatedbyadropof3-6%.DongyeolMoonThatsaid,therewasnoclearcorrelationbetweenthosebullrunsandtheo
4、ccurrenceofAnalystanymedium-terminflectionpoint.Moreover,severaltechnicalindicatorsstillsuggestdongyeol.moon@samsung.com82220207792thatthemarketisfarfromoverbought.Ofnote,furtherupwardrevisionstoearningsforecastsshouldlimitdownside.Asforthishouse,wenowexpecttheSams
5、ungUniverse’sEPStogrow49.2%y-yin2017—upamassive22%ptsfromtheforecastwemadeatend-2016.Thatsaid,withpsychologicalfatiguefromthelong-lastingrallygrowing,werecommendsectorrotationinJuly.Whilemaintainingourbuy&holdviewontheITsector(expectingearningstokeepgrowing),wepaya
6、ttentiontothesteel,chemicals,transportation,banking,andsecuritiessectors,whichhaveseenonlymildshare-priceadvancesdespitesolidearningsoutlooks.WesetourKospitargetrangeforJulyat2,300-2,450.Keyportfoliochanges:Anticipatingacorrectioninthenearterm,wemakeslightPortfolio
7、performancevsKospichangestoourportfolioforJuly.Specifically,ourbetaforJulyisdownto1.07(from1.12(%pts)1m3m6m12mJune).Weraiseexposuretothehealthcare,materials,andutilitiessectorsfrom0%,11%,Samsung2.9116.3724.0324.95and2%,respectively,to3%,13%,and3%.Wecutexposuretothe
8、energy,industrialgoods,Kospi1.5614.3620.5920.60andITsectorsfrom3%,14%,and34%,respectively,to2%,12%,and31%.WeareRelative1.352.013.444.35OVERWEIGHT
