Global Emerging Markets Equity
Research
19 July 2017
Corrected Note (See page 126 for details)
Key Trades and Risks
Emerging Markets Equity Strategy
Emerging Markets Equity Strategy
Adrian Mowat AC
(852) 2800-8599
adrian.mowat@jpmorgan
BloombergJPMA MOWAT <GO
J.P. Morgan Securities (Asia Pacific) Limited
Pedro Martins Junior, CFA
(55-11) 4950-4121
pedro.x.martins@jpmorgan
Banco J.P. Morgan S.A.
David Aserkoff, CFA AC
(44-20) 7134-5887
david.aserkoff@jpmorgan
BloombergJPMA ASERKOFF <GO
J.P. Morgan Securities plc
Rajiv Batra
(91-22) 6157-3568
rajiv.j.batra@jpmorgan
J.P. Morgan India Private Limited
Sanaya Tavaria
(1-212) 622-5469
sanaya.x.tavaria@jpmorgan
J.P. Morgan Securities LLC
Neelotpal Sahu
(91-22) 6157-3370
neelotpal.sahu@jpmorgan
J.P. Morgan India Private Limited
Sunny Chabriya
(91-22) 6157 3368
sunny.chabriya@jpmorgan
J.P. Morgan India Private Limited
See page 126 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the
firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in
making their investment decision.
jpmorganmarkets
EM PMIs have been above 50 for more than a year. The market and analystsˉ
conviction on growth has built as the recovery matures into an expansion phase.
In our view,it is increasing confidence in the sustainability of EPS that will
drive the asset allocation from DM to EM plus attract the local savings pool.
Ourcase for EM is summed up as: (1) return to premium EPS growth, (2)
EM cheap relative to DM, and (3) UW allocation to EM.
December 2017. Ahead of that, SA remains a low-growth economy with a high-
beta currency. For now we forecast higher returns in Asian markets. We are
downgrading SA to UW. In the EM portfolio we have had a modest UW in
Mexico. The UW was reduced in March to manage the risk from Peso
appreciation as the currency was driving outperformance of a local market that
lagged EM. We are now closing the UW by moving Mexican telecom from
UW to neutral.
bias low forward P/E and relative EPS revisions; (3) Transition from reflation to
trend nominal growth; (4) More iPhones than iron ore; (5) ASEAN lift:
Indonesia and Philippines financial and consumer; (6) Riding the insurance
rates wave; (7) Chinaˉs falling risk premium; (8) Chile: policy change is
coming.
(005930 KS), POSCO (005490 KS), Sberbank Of Rus
。。。以上简介无排版格式，详细内容请下载查看