Equity Research | Citigroup Global Markets

24-Sep-2008 | PDF | 65 Pages

The Asia Investigator

We Know More Than We Think

" Asia: Confusion is high but actually investors know more than they think — We
know that markets are a little below average on P/BV at 1.7x. From here we are
close to a 50/50 probability of making money. We know that we are halfway
through the period of multiple contraction; we know that 81% of stocks are trading
below their 200-day moving average, a higher percentage than during 2001 or
SARS, also, the weekly MACD line has only been lower once before in 1998. Wait,
there’s more. Page 3.
 China: September Fails to Show Any Post-Olympics Recovery — While many
analysts and investors have blamed the slowdown in China since late 2Q on the
Olympics, we believe the hope for a rebound is fading fast. Page 19. "