DB-Asian microstrategy DB-亚洲宏观策略报告

（35P） 01.22 英文 pdf

22 January 2007 Asian Microstrategy Sliced & Diced

We anticipate that stocks with attractive valuations relative to profitability will be among the top performers in 2007 since stocks with aggressive growth profiles have already put in strong performances in 2005 and 2006 (pp. 5). It’s difficult to argue that most of these growth stocks are not already fully valued, so further upside for many of these stocks rests purely on liquidity - not fundamentals. We continue to like the financials including Cheung Kong (1 HK, Buy, HKD101.80), HSBC (5 HK, Hold, HKD140.30) and OCBC (OCBC.SP, Buy, S$7.55), as they are cheap and remain in the top decile of our value screens．．．．