Table of Contents
Hong Kong Snapshot ........................................................................ 3
Half time scorecard ........................................................................... 5
Interim results: Generally better than expected ........................................................................5
So where to from here?............................................................................................................7
Index target suggests market is at fair value ............................................................................8
Portfolio changes ......................................................................................................................9
Hong Kong by Sector ...................................................................... 10
Banks: Overweight..................................................................................................................10
Consumer Discretionary: Neutral ............................................................................................12
Real Estate (Developers): Underweight ..................................................................................14
Real Estate (Investors): Underweight......................................................................................15
Transport: Overweight ............................................................................................................17
Utilities: Neutral.......................................................................................................................19
Macau* ..................................................................................................................................21
Hong Kong Market Diary................................................................. 23
MSCI HK sector performance .................................................................................................23
Liquidity, flows and sentiment ................................................................................................26
Earnings momentum and outlook ...........................................................................................29
Sector operating performance and valuation ..........................................................................29
Volatility and risk .....................................................................................................................30
DB’s HK Macro comments.............................................................. 32
DB Comments on recent data points......................................................................................32
Appendix A: Event Calendar........................................................... 35
Economic and earnings calendar ............................................................................................35
Appendix B: MSCI-HK Members .................................................... 36
Appendix C: Comps (growth) ......................................................... 37
Comps (valuation) ........................................................................... 38
Comps (Risk) .................................................................................... 39