欢迎来到天天文库
浏览记录
ID:8231090
大小:657.62 KB
页数:9页
时间:2018-03-11
《瑞士信贷-亚太股票策略-asia pacific equity strategy asia vs. world-6th consecutive eps revision beat-20170712-creditsuisse》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、12July2017AsiaPacificEquityResearchInvestmentStrategyAsiaPacificEquityStrategyResearchAnalystsSTRATEGYSakthiSiva6562123027sakthi.siva@credit-suisse.comAsiavs.World–6thconsecutiveEPSrevisionKinNangChikbeat85221017482kinnang.chik@credit-suisse.comFigure1:NJAvs.WorldConsensusEPS—4episodeswith
2、Beats160EPSrevision(FY1):NJAvsWorld150+47%140+26%130120110+7.7%100+4.4%90-6m-4m-2m0m+2m+4m+6m+8m+10m+12m+14m+16m+18mJan-02Jan-04Nov-08Jan-17Source:IBES,MSCI■SixthconsecutiveEPSrevisionbeat.Inourrecentreports,wehavebeenhighlightingthetwelfthconsecutivemonthofupgradesto2017EconsensusEPSforMS
3、CIAsiaex-Japan(MXASJ)andalsothatthiswasonlythethirdepisodesince2001tohavesuchalongperiodofupgrades(Figures4–5).Inthisnote,Figure1highlightsthatNJAconsensusEPSrevisionshavenowbeatenWorldconsensusEPSrevisionsforsixconsecutivemonths.Thecumulativebeatis4.4%.Since2001,therehaveonlybeenfourepiso
4、deswhereNJAhasbeatenWorldconsensusEPSbysixmonthsormore.■Exceptfor2004,theseepisodeswereassociatedwithout-performance.Figure2highlightsthatexceptfor2004,whichwasassociatedwithaggressiveFedtightening,theotherthreeepisodes(includingthecurrent)wereassociatedwithMXASJoutperformingMSCIWorld(MXWD
5、).Wealsohighlightthat2017EconsensusEPSgrowthis19.9%forMXASJversus13%forMXWD.For2018E,botharesimilarat10.5%.■Continuetosuggestbuyingthedips.WithMXASJrallyingto628andjust2%shyofourYEtargetof640,wecontinuetosuggestbuyingthedipsparticularlyaswearetradingatafairlysubstantial27%discountversusthe
6、WorldonourP/BversusROEvaluationmodel.DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshou
7、ldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.12July2017NJAConsensusEPSFigure2:MXASJ/MSCIWorldrelativepriceperformanceduringEPSrevisio
此文档下载收益归作者所有