Saturday, March 31, 2012

Room for Asian stocks to rise by 10-15%: DBS

Business Times - 31 Mar 2012
Room for Asian stocks to rise by 10-15%: DBS
By EMILYN YAP

INVESTORS will have to be more discerning about their stock picks from now on. While a tide of liquidity lifted equities across the board in the first quarter, fundamentals will be the key driver ahead.

'The easy money's been made,' said DBS group research head Timothy Wong, who sees a 10-15 per cent upside for Asian equities in the next 12 to 18 months.

Stock markets have rebounded in the last few months as Greece avoided a disorderly default, and as the European Central Bank injected billions of euros into eurozone banks through two rounds of its longer-term refinancing operation.

Since the start of the year, the Straits Times Index has gained almost 12 per cent. Price-to-equity valuations in Asia have improved from last year's trough when eurozone break-up fears were at their strongest, though they remain below average.

Markets will be driven more by fundamentals rather than liquidity as regional economies and earnings estimates improve, said Mr Wong yesterday, at a conference which DBS organised for around 500 of its corporate clients.

He urged investors to focus on fundamentals. Among his recommendations were overweight positions in Thailand, Singapore and Indonesia. The Thai economy will benefit from rebuilding efforts after major floods last year, while Singapore will be on cyclical uptrend, he said.

Indonesia is a wildcard, he added. It is pro-growth, even though there will be near-term overhang from the planned fuel price hike.

In Singapore, 'the key beneficiaries are those sectors that are tied to Asian growth', Mr Wong told the press. Companies to watch include those in the consumer discretionary, oil and gas, offshore and marine, and banking sectors.

DBS is optimistic about Asia's path. The region is re-accelerating, said DBS group research managing director David Carbon yesterday, pointing to surging industrial production numbers, strong consumption levels and other improvements as signs.

More importantly, Asia's pace can continue even as the United States and the eurozone continue to flounder, as long as there are no major external shocks, he stressed. The US economy could return to slower growth in the first quarter while the eurozone could see a mild economic contraction this year, he said.


Source/Extract/Excerpts/来源/转贴/摘录: www.businesstimes.com.sg
Publish date: 31/03/12

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock