HSBC Global Research - Equity Insights Quarterly
Language: English
Date: 3 January 2012
Page: 77

Investment strategy 4
A fat tail at both ends 4
The drivers 6
Themes for 2012 15
Meta-themes 15
1. Earnings resilience 16
2. Structural growth 16
3. Balance sheet strength 17
4. Pricing anomalies 17
The View 18
Storm clouds still threatening 18
Strategy in bullets 18
Performance recap 19
Regional/country view 20
Summary 20
Emerging vs. Developed 21
US 22
Europe 23
Japan 24
Asia ex Japan 25
Other GEMS 26
Sector view 27
Energy (remain overweight) 28
Materials (remain overweight) 29
Telecommunication Services (remain overweight) 30
Consumer Discretionary (to underweight from neutral) 31
Financials (to underweight from neutral) 32
Utilities (remain underweight) 33
Consumer Staples (raise to neutral from underweight) 34
Healthcare (remain neutral) 35
Industrials (raise to neutral from underweight) 36
Information Technology (remain neutral) 37
Scorecard methodology 38
Data pack 39
Performance 40
Analyst recommendations 46
Institutional investor holdings 52
Valuations 54
Earnings: Revisions ratios 56
EPS vs. peak and trend 57
Growth indicators 63
Monetary conditions 64
Liquidity and market conditions 65
Consensus aggregations 66
Disclosure appendix 73
Disclaimer 76

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