GS 高盛：亚太地区 2季度投资策略

04.02 （32页） 英文

Following the (shorter-than-expected) corrective phase in late February and early March, turnover values have receded significantly across all ASEAN markets. The fundamental backdrop still appears sound and investor positioning seems to be less aggressive than in February, but valuations do not look low enough to offset macro concerns.

Table of contents
ASEAN Stance-at-a-Glance 2
ASEAN Buy ideas at-a-glance 8
ASEAN Sell ideas at-a-glance 12
GS vs. consensus 13
Fund flows 14
Earnings expectations 15
Valuation 16
Interest rates 17
Pan-Asia performance review 18
Pan-Asia market strategy scorecard 20
Objectives and methodology for portfolio construction 21
Goldman Sachs ASEAN coverage 22
Economic data 25
ASEAN Research Team 28
Disclosures 29
Recent publications 32