The Great Experiment 4
Not yet time to take profits 4
Corporate earnings growth recovery trajectory 8
Is recovery in the price? 10
Style and sector rotation 12
Sentiment and risk appetite indicators 15
Adjusting index targets and
model portfolio 16
Index target revision 16
Model portfolio adjustment 17
Risks 18
Deflation or inflation? 18
Appendix 19
A- and H-share discount stock screen (57 companies) 20
Data pack 21
HSBC China coverage list (142 companies) 22
May 2009 Economic Calendar 25
June 2009 Economic Calendar 26
Disclosure appendix 27
Disclaimer 31