Contents
ERP Defined .................................................................................................................. 3
How Low Can It Go? 3
Tigers versus Dragons 8
Singapore stands out 8
Profits return to The Peak 9
Earnings sustainability 11
Liquidity and Fund Flows 11
Surge in emerging market fund flows 12
Internationalization of the RMB 13
Country picks ............................................................................................................... 14
Taiwan top picks and target price sensitivity 16
Valuations at forecast horizon 19
Country section............................................................................................................ 14
China 20
Hong Kong 22
Korea 24
Taiwan 26
India 28
Singapore 30
Malaysia 32
Indonesia 34
Thailand 36
Appendices ................................................................................................................. 38
1. Country asset allocation model 38
2. Asian key macroeconomic forecasts 43