<P><FONT face=黑体 size=6><STRONG>HSBC 汇丰：亚洲各新兴市场股票估值比较</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>25页    英文    02.01</STRONG></FONT></P>
<P><FONT size=5>Equity Strategy Asia ex Japan</FONT></P>
<P><FONT size=4>Use the forwards A valuation case modelled on seven forward multiples</FONT></P>
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<P><FONT size=5>􀀗 We use a firm-by-firm approach to calculate seven different 12-month forward multiples<BR>􀀗 Two models identify markets that are cheap relative to history and judge how they are valued within the region<BR>􀀗 We find that Thailand is Asia’s cheapest market and India the most expensive; Energy is the best value sector</FONT></P>