Get access to all our content — subscribe today 30 day free trial. Even after Citic Securities, one of the most powerful financial institutions in China, acquired CLSA in , the research has maintained its reputation. The merger fostered doubts about whether the combination could be a world-beater. The firm only began to research Chinese onshore A-shares in April , covering just a few names. In the last two years, that number has grown to
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Get access to all our content — subscribe today 30 day free trial. Investors with money in China in and were probably wowed by the performance of new economy stocks, such as healthcare and consumer goods, in the country. But has brought nothing but disappointment and underperformance for shareholders.
Wang has been in the industry since and has been chief strategist at CICC since Today, he runs a team of eight covering Greater China, with reports written in both English and Chinese.
Growth slowed in because of the trade war with the US and global market friction, but a market correction will provide opportunities for long-term investors, he says. The trade war will continue to be a theme in , with the potential to spill over into other sectors of the economy. The Chinese property sector has cooled off quickly already, without the help of the trade war. The government will also continue to pour money into infrastructure, boosting that sector as well. Wang sees more investors visiting China and developing a better understanding of a market that just a couple of years ago they regarded as something of a black box.
The finance industry has been in turmoil, and India is dealing with a credit problem, something Prasad says he began writing about back in India is one of several Asian countries that is due to hold general elections in , and the outcome will determine the pace of economic reforms. As for trends in the global economy, India must be prepared for higher interest rates and a rise in oil prices, says Prasad. Oil prices will be very relevant for the Indian stock market in the coming months, as low oil prices help keep domestic retail auto fuel prices low.
Any spike would become an election issue, and government-owned upstream oil and gas companies may be forced to contend with oil subsidies. While other Asian governments are trying to position themselves to benefit from the US-China trade war by attracting manufacturing, India has lost out because of complex labour laws and the challenges of doing business in the country.
Companies are more attracted to southeast Asia for manufacturing, and any movement into India will be slow at best, he adds. But Prasad and his team of 26 analysts have plenty to cover in India. The bank produces research on more than companies, with between two and four analysts for each sector. Because India has been open to outside investors for so long, the market is generally well understood, says Prasad. As for the best market performers in , Prasad recommends looking at the private-sector banks, especially the ones coming out of the corporate credit crisis.
Adrian Joezer, Mandiri Sekuritas strategist, is no stranger to emerging market volatility. He has been an equity analyst for a decade, and a strategist for nearly two years, but even so, proved a tough year for the archipelagic nation. Economic growth slowed and the currency plummeted against the dollar during the year. Valuations still are not cheap, but they are lower than they were at the start of The forward price-to-earnings ratio was in the high teens in early , but it is now in the mid-teens after the repricing, he explains.
Most stocks are trading on lower multiples now relative to early On the plus side, the decline in oil prices in the second half of the year has helped overall sentiment, says Joezer. There are still plenty of opportunities for investors, and Joezer and his team of 11 analysts covering the Indonesian capital markets are on the hunt for those offering the best value.
The surprisingly strong third quarter showed investors that Indonesia was improving; yet many investors are cautious about the longer-term stability of this emerging market country. And the market is not cheap yet, adds Joezer. Investors have been underweight Indonesia, even though many stocks trade below the five-year valuation.
Foreign direct investments typically slump right before an election, so the government will be keen to push for more foreign attention as soon as the election is over, says Joezer. South Korea was a very different story in than in , thanks to the apparent thawing in the relationship between North and South Korea , and improving relations between the US and North Korea.
Park has worked in the industry for 18 years, discovering a love of Asian securities after first trying out a career in journalism. She leads a four-person team, filtering the headline noise of geopolitics to understand the changes happening in their home market. Foreign investors have not yet changed their approach to South Korea, but as clearer steps toward a friendly Korean peninsula take shape, valuations will shift, says Park.
At the same time, South Korea must watch China closely: many of its exports go via China before being exported to the US, but US- China trade tensions are affecting demand for these goods, and that could continue for some time. Her coverage of the palm oil industry, work she has been doing since , has proved particularly interesting, as demand has shifted over the years, and sustainability has become a recent focus.
At this point, CIMB recommends that investors position themselves defensively and invest in stocks that will not be impacted by uncertain government policies. Even though the new government has been in power for more than six months, analysts and investors have plenty of questions about policy.
The high-speed rail project to connect to Singapore has also been deferred. Investor interest in the Philippines is on the rise. Dy, who has served as head of research and market strategist since , and his team cover 45 companies in the Philippines market. Mid-term elections in may also give investors greater clarity on government initiatives such as infrastructure spending.
Yau, who has been at Citi for eight years and in the industry for more than two decades, oversees a team of seven across Singapore, Malaysia and Hong Kong, covering about 60 Singaporean stocks.
The ability to spot trends and sensitivities across the two countries lends itself to better strategies, says Yau. Now, trade and budget deficits make headlines every day. Sectors that did not seem to matter in the past have been thrown to the forefront of market worries, and local currencies are being battered.
Singapore will hold a general election in , and after the shock results in Malaysia in , some analysts are reluctant to predict election outcomes in the region with any confidence. The theme of uncertainty and the ambiguity of risk premiums will resound into the new year. In the meantime, he continues to favour lower beta names. Technology is king in Taiwan.
Chen admits that he is quite bearish. If the trade war between the US and China continues, adding more tariffs on goods, it could be a disaster, says Chen. That means that there are few bright spots for tech. To cut costs, companies generally focus on legacy products, but consumers have little incentive to buy old products.
That does not bode well for the stock market. Chen says his biggest concern at the moment is the macroeconomic environment. Putting the trade war aside, global economies may be at their peak. A good strategist needs to relay that kind of information to investors without being too academic. Leaving aside its popular tourist destinations and Instagram-worthy beaches, Thailand is a complicated emerging market country.
Just over four years ago the military seized control of the government and has held power since. After repeated delays, Thailand is finally preparing for a general election in early — and the results will almost certainly have a big impact.
Techaposai has an interesting strategic view on Thailand, having started his career as a buy-side analyst before moving to Citi and later CLSA, where he has spent the last five years. Today, he works with a team of six other people, all of whom have at least a decade of industry experience.
Working on the sell side now, Techaposai has to be a step or two ahead of his former buy-side colleagues, understanding what they are thinking about and where the next risks will arise. His caution is apparent in all of his writing. At this point, rumours are still swirling around the reality of an early election. Like many emerging markets, Vietnam can be a black box for investors.
Hoang, who has been a financial analyst since , manages a team of 16 analysts, all tapping their local knowledge to open Vietnam up to investors. When Hoang began her career, foreign indirect investment in Vietnam was peaking. A few years later, stocks bottomed out, and many foreign funds closed. In the last five years, Vietnam has clawed its way back, becoming a manufacturing hub in the region.
For instance, the government has encouraged more private companies to develop, in order to promote competition in the market. These private companies tend to be more transparent than the state-owned ones, and foreign investors see them as more attractive, says Hoang. Many private companies provide financial information in English and are willing to meet with investors. Vietnam is steadily improving in terms of ease of investment, she says, and foreign investors will only find increased opportunities.
The growth of manufacturing, particularly for mobile phones, will play a key role in how investable Vietnam is in future as well. She looks for reforms around foreign ownership limits, or the initial public offering process, to encourage more foreign investors in the near future. But given the volatility of the financial market, Hoang says she prefers industrial stocks as they are the base of economic growth.
CLSA scoops more than 120 top awards in Asiamoney Brokers Poll 2016
Get access to all our content — subscribe today 30 day free trial. Investors with money in China in and were probably wowed by the performance of new economy stocks, such as healthcare and consumer goods, in the country. But has brought nothing but disappointment and underperformance for shareholders. Wang has been in the industry since and has been chief strategist at CICC since
Asiamoney 30th Anniversary Brokers Poll of Polls
Monday, Nov 25, SSI received several prestigious awards, including being recognised as the "best local brokerage in Vietnam," at the Asiamoney Brokers Poll , the company announced on Monday. The 24th annual award ceremony, hosted by Asiamoney, one of Asia's leading publications, marks the second time Viet Nam has been nominated, competing with major corporations from 13 Asian countries. The results were based on surveys from nearly 2, institutions, with a total 5, valid individual responses, according to the organiser's website asiamoney. The website also said, "While stability remains the overriding theme across most Asia-Pacific markets, with most of 's best local brokerages retaining their titles, Vietnam is the exception, with Saigon Securities Inc. SSI has also announced its consolidated financial results for the third quarter of Copyrights Viet Nam News, All rights reserved.