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1、17January2020EquityResearchAsiaPacific
2、MalaysiaMalaysiaMarketStrategyOutlook2020:AtacrossroadsStrategy
3、StrategyFigure1:P/Batmulti-yearlow;ROEsettoimprovein2020ResearchAnalysts3.517DannyGoh60327232083153.0danny.goh@credit-suisse.com+1stddev:2.5x13DannyChan2.5Average:2.1x6032723208
4、29.4%11danny.chan@credit-suisse.comROE(%)2.09JoannaCheah,CFA603272320811.5-1stddev:1.7x7joanna.cheah@credit-suisse.com1.5x1.05AmandaFoo200520062007200820092010201120122013201420152016201720182019202060327232089amanda.foo@credit-suisse.comSource:Companydata,CreditSuisseestimatesJa
5、eAngEarningscycleandforeignownershipcouldbeatinflexionpoint.Wethinkthatthe60327232095street’searningsdowngradecyclecouldbecomingtoanendandbelievethereisjae.ang@credit-suisse.comscopeforupwardrevisioninearningsestimatesgiven(1)consensusismuchmorecautiousthanthegovernmentonGDPgrowt
6、houtlookleavingroomforupsidesurprise,(2)Paworamon(Poom)Suvarnatemee,CFAencouragingsignsin3Q19resultsseason.Foreignownershiphasalsofallentoamulti-6626146210paworamon.suvarnatemee@credit-suisse.comyearlowasMalaysiahassufferedcumulativelynetoutflowofforeignfundssinceGFCfollowingmass
7、iveoutflowsinthepasttwoyears.Focuson“self-help”initiatives.Amidthegrowinguncertaintyovertheglobaleconomyaswellastradeandrevenuegrowthchallengesforcorporates,webelievethatthegovernmentandcompanieswillbefocusingon“self-help”initiativestostimulateeconomicactivityandenhancereturn,res
8、pectively.Inourview,amongthekeythrustsin2020wouldbe:(1)pick-upinpublicandprivatesectorspending,(2)intensifyeffortstocapturemoreFDI,and(3)“self-help”initiativesbycorporatestocreatevalueforshareholders.Pocketsofvalueemergingwithattractiveyields.ThemarketistradingonaforwardP/Emultip
9、leof14.5x(post-GFCaverageof14.6x).P/Bof1.5x(historicalmeanof2.1x)isatanall-timelow.TheforecastedROEfor2019is8.6%,expectedtoriseto9.4%in2020.Thespreadbetweennetdividendyieldandshort-termdepositratesisatarecordhigh.Stocks/sectorsthataretradingatorclosetoGFClowsare:gaming,property,b
10、anks.Preferstockswith“self-help”potentia