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《星展银行-港股-市场策略-中国、香港市场聚集：月度市场脉搏-20170919-dbs-china hong kong market focus monthly market pulse》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、China/HongKongMarketFocusMonthlymarketpulseRefertoimportantdisclosuresattheendofthisreportDBSGroupResearch.Equity19Sep2017TakingsomechipsoffthetableHSI:28,160ANALYST·HSIend-2017targetat29,200,12,400forHSCEIIvanLICFA,+85229711930ivansyli@dbs.com·Bettertakeprofiti
2、nautomakersandChinaconsumersectorPerformanceofkeyindices·SomesectorswestilllikeincludeChinabanks,Asof%changeoils,ITandsoftware,Chinamaterials,andrailwayIndices9/151week30dayYTD1H&constructionsAsiaHSI27,8080.51.726.417.1·WealsoincludetwoHKpropertyplaysandaHSCEI11
3、,068(0.7)2.517.810.3papermakerinourtoppicklistHSCCI4,3621.02.521.611.6ShanghaiComp.3,354(0.3)2.68.12.9HSIend-2017targetat29,200,12,400forHSCEIShenzhenComp.1,9880.64.11.0(3.6)CSI3003,8310.13.015.710.8OurHSItargetfortheyearis29,200,implyingaround5%NIKKEI22519,9103
4、.31.04.24.8KOSPI2,3861.81.017.718.0upside–theHSIdoesnotlookveryattractiveonrisk-rewardTaiex10,580(0.3)2.014.312.3considerations.OurtargetfortheHSCEIis12,400,implyingSTI3,210(0.6)(1.8)11.412.0around12%upside.OurHSItargetimpliesconsensusPEofKLCI1,7860.40.68.87.413
5、.2/12.2xFY17F/18F,respectively(5-yearaverage:11.8x).OurSET1,6611.55.87.62.1HSCEItargetimpliesFY17F/18FPEof9.4/8.6x,respectively(5-JCI5,8720.3(0.3)10.911.6yearaverage:7.9x).Sensex32,2731.81.521.216.1OthersBettertakesomeprofitinsomesectors.WeareseeingsomeDowJones2
6、2,2031.92.112.48.0signsthatthemarketislosingsteam,andsomerisksareS&P5002,4961.42.711.58.2Nasdaq6,4291.13.319.414.1growing:1)Chinaeconomy–M2growthathistoricallow,FTSE1007,215(2.2)(2.3)1.02.4otherindicatorsarealsoattheirrecentlows.2)UnclearUSDAX3012,5191.72.69.07.
7、4interestrateoutlook–bondyieldsareexceptionallylow.IsthatSource:BloombergFinanceL.P.,DBSVickersabubbleorinvestorsareworriedaboutthegrowthoutlook?3)TheampleliquidityinHKmayend,andthiscouldtriggerahugechainreaction.4)Investorsaretoocomplacent–marketDBSVTopTenBuyLi
8、stvolatilityseemstobetoolow,andmarketparticipantsarenotpayingenoughattentiontopotentialrisks.InvestorsshouldClosingFY17FTgttakeprofitinautomakersandChinaconsumersecto
