文档介绍：Asia Perspectives 7 December 2004
Summary
MACRO MATTERS
ASIA Weekly regional funds flows
Winner foreign equity funds flows into the Asia-6 improved slightly to US$ last week from US$ the
week before. Page 3
PHILIPPINES Inflation hits year high at %
Mun Hon Tham November consumer prices rose at the fastest pace so far this year, up % y-y. The central bank has only
recently shown greater inclination towards raising its policy rate. Expect further upside pressure on the 91-
day T-bill rate. Page 5
MARKET UPDATE
THAILAND The rally has begun
Kasem Prunratanamala We noted earlier that the Thai stock market generally performs well three months before general elections.
The rally has started, and we believe it will continue until after the election in mid-February. Our picks are
BBL, JAS, PSL, SHIN, SCC, TISCO, and TAC. Page 6
CHINA
MUNICATIONS China Mobile (941 HK)
Marvin Lo New CEO, same advantages. Outperform – HK$
Wang Jianzhou is a bonus for China Mobile (CM) in terms of its battle with China ’s CDMA. CM’s
competitive advantages, such as its high quality subscriber base and its ability to raise dividend payouts, are
unchanged. Page 8
HONG KONG
CONSUMER/HOUSEHOLD Techtronic (669 HK)
PRODUCTS
Selling like hotcakes. Outperform – HK$
Mohan Singh
US magazine Consumer Reports named the Ryobi power tool kit as its ‘best buy’ in this segment again. This
will add impetus to sales during the gift-giving season. Launched in October, The Ryobi One+ System is
definitely a best seller. Page 10
PROPERTY Cheung Kong (1 HK)
Adrian Ngan Sturdy foundations. Market perform – HK$
The recent surge in Hutchison’s share price and higher valuation of its residential land bank prompts us to
raise Cheung Kong’s price target. Hutchison will continue to be the stock’s principal share price driver.
Market perform intact. Page 12
KOREA
TECHNOLOGY Daejin DMP (065690