Investment strategy 4
The problem with growth 4
Market recommendations 20
The upcycle continues 20
Results from the scorecard 21
Recommended weights 22
Sector recommendations/
investment themes 26
Lowering defensives further 26
Sector recommendations 27
Asia Super Ten 30
Main markets 33
Japan (neutral) 34
China (overweight) & Hong Kong (overweight) 36
Korea (neutral) 40
Taiwan (overweight) 42
India (underweight) 44
Other markets 47
Australia 48
Singapore 49
Malaysia 50
Indonesia 51
Thailand 52
Philippines 53
Datapack 54
Country/sector performance 54
Earnings 56
Valuation 57
Supply & demand 58
Politics and risk 59
Sectors and stocks 60
Economic forecasts 64
Disclosure appendix 65
Disclaimer 67
Contents