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Markets Research 2018 outlook
China Equity Strategy
2018 outlook: Stay bullish for quality growth, G.A.R.P. investment themes
Chief China Equity Strategist, Michael Tong
(+852) 2203 6167 | michael.tong@
January 2018 Michael Tong, CFA | (+852 ) 2203 6167 | michael.tong@
Outline January 4, 2018
1.2017 performance recap
2.Macro/liquidity outlook
3.Market view, sector preference and stock picks
4.Greening Environment
5.Reforming SOEs
6.Advancing manufacturing
7.Premiumizing consumption
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, 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. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI(P) 083/04/2017. Distributed on: 22/01/2018 16:32:26 GMT
THE CONTENT MAY NOT BE DISTRIBUTED IN THE PEOPLE’S REPUBLIC OF CHINA (“THE PRC”) (EXCEPT IN COMPLIANCE WITH THE APPLICABLE LAWS
AND REGULATIONS OF PRC), EXCLUDING SPECIAL ADMINISTRATIVE REGIONS OF HONG KONG AND MACAU
7T2se3r0Ot6kwoPa
Stay bullish for quality growth, G.A.R.P. investment themes
We expect MSCI China/HSCEI to reach 110/ 14,000 by end-18, in view of
a decent earnings outlook (MSCI China EPS +17.0%/15.5% in 2018/ 19E) on secular and cyclical drivers
expansion in multiples (narrowing the gap with DM) on a reduced risk discount, and
favorable liquidity conditions
Although GDP growth is likely to moderate, the economy should demonstrate resilience and deliver
better quality growth.
We recommend investors to focus on the G.A.R.P inv
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