三星-韩国-投资策略-投资者会议要点：大多数国内投资者过于谨慎

《三星-韩国-投资策略-投资者会议要点：大多数国内投资者过于谨慎》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Samsung2017.12.19MarketTakeawaysfrominvestormeetingsStrategyMostdomesticinvestorstoocautiousStoryoftheweekFromarationalrallyin2017toanirrationalonein2018:Wemetwithsome30SeungMinYoukeydomesticinstitutionalinvestorsfollowingthepublicationofour2018outlookChiefstrategistCautiouslyop

2、timistic:Stayhalfastepahead(Nov21).Mostheldhighlyconservativestrategist.you@samsung.comviewsregardingthemarketnextyear;fewconcurredwithouroutlookthatthemarket82220207024wouldexceedexpectations.WeattributethiswarinesstothemistakenperceptionthattheHyeinOkmarketisinabubbleandthatbu

3、bblesoftenbursttheyearafteraboom—ie,theseAnalystinvestors’intuitionaboutthisyear’srallyisoff-kilterduetothetraumaofdealingwithhyein.ok@samsung.compastcrashes.Butweholdthatthisyear’srallywasarationalone,notabubblefarfrom82220207795fundamentalgrowth.DongyeolMoonInvestors’actionsma

4、ybesignificantlymisalignedwiththeirperceptions:StrategistAndyet,eventhoseprudentinvestorsagreethattheglobalmacroenvironmentshoulddongyeol.moon@samsung.comremainfavorable,notingthatglobaltradeisdrivingeconomicgrowthandfacility82220207792investmentisresuminginkeydevelopedmarkets.D

5、espitethis,theirassetmanagementplansappeartohaveturnedhyper-conservative—aseriousrisk,inourview.Wefearthatthosewithaninflexibleinvestmentattitudewillbelatetotheparty,finallysurrenderingandjumpingintothebullmarketjustasitisonitslastlegs.MarketandsectorviewsMarket:OurKospiThermome

6、ter’s(belowleft)fundamentalandtechnicalscoresarepresentingdivergentsignals.Whiletheformerisstillhintingatbullishnessfromtheperspectivesofearningsoutlookandvaluation,thelatterremainsatneutral,affectedbyarecentKospipullback.Still,themedium-termuptrendremainsintact.Sector:Inourvalu

7、e,earnings,andmomentum(VEM)modeloverthepastweek,thesteelandconstructionsectorsmovedfromvaluetraptooverweight.Althoughsustainabilityisanissuetowatch,thismoveisnoteworthyinthatitsignalsthatamarketrallyisspreadingtoothercyclicalsectors.TheIThardwareandsemiconductorsectorsremainedin

8、theunderweightsegment,butgiventhatbothsectorsar