Table of Contents
Hong Kong Snapshot ........................................................................ 3
IPO Activity: Cause for Alarm? ......................................................... 5
IPO volume & performance: not a leading indicator .................................................................5
Market looks to be close to fair value .......................................................................................8
Portfolio changes ......................................................................................................................9
Hong Kong by Sector ...................................................................... 10
Banks: Overweight..................................................................................................................10
Consumer Discretionary: Overweight.....................................................................................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
Sector operating performance and valuation ..........................................................................29
Volatility and risk .....................................................................................................................30
DB’s HK Macro comments.............................................................. 32
September Economics Monthly .............................................................................................32
DB Comments on recent data points......................................................................................33
Appendix A: Event Calendar........................................................... 36
Economic and earnings calendar ............................................................................................36
Appendix B: MSCI-HK Members .................................................... 37
Appendix C: Comps (growth) ......................................................... 38
Comps (valuation) ........................................................................... 39
Comps (Risk) .................................................................................... 40