【出版时间及名称】：2010年3月亚太数量量投资策略报告
        【作者】：野村证券
        【文件格式】：pdf
        【页数】：36
        【目录或简介】：

Earnings-linked factors in focus
􀁣 Market overview
The performance of Asia Pacific markets was mixed in February, ahead of the
earnings reporting season. Hong Kong’s HSCCI and Thailand’s SET were the best
performers, while Taiwan’s TWSE and Indonesia’s JCI fared worse. Relative
outperforming industries in February included Health Care and Consumer Services.
Laggards included Technology and Telecoms.
􀁤 Financial statistics and the revision index
We note a slight upward revision in FY10F earnings growth expectations for A
shares (CSI300). Analyst revision index scores (m-m) suggest that the Philippines,
Malaysia, Singapore, and China A-shares, and Taiwan fare better among regional
peers, while Australia and Korea are at the bottom of the pack.
􀁥 Factor performance
February saw a regional large-cap effect. A short-term return reversal effect was
observed for the second month running, as Asia witnesses a change in risk
appetite due to expectations of monetary policy tightening. In February, the
performance of valuation devices was mixed, with earnings yield and defensive
dividend yield registering the best factor returns. In contrast, performance of B/P
was flat in February. Overall, we observe bargain-hunting on inexpensive stocks
with good forecast earnings and dividend yields, positive earnings revisions, and
sustainable ROE and margins.