Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

THE MAIN IDEA (Relative Value Approach in USD Terms) Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms ⦁ NIKKEI/MXAP: Long term out performance in progress. ⦁ HSI/MXAP: Long term out performance in progress/still expected. ⦁ HSCEI/MXAP: Bullish weekly indicators advocate for long term HSCEI out performance against MXAP. ⦁ ASX/MXAP: ASX out performance challenged but not invalidated (testing key support at 26.00/25.50). ⦁ KOSPI/MXAP: Long term out performance still expected. ⦁ Nifty/MXAP: Mixed elements. Neutral for now. ⦁ TWSE/MXAP: Neutral at the moment, watching closely key level at (2.22 on ratio TWSE/MXAP) to surpass to confirm TWSE long-term out performance vs MXAP Mid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms ⦁ Downgrade Australia and Korea tactically from "Increase Exposure" to "Hold" due to mixed elements. ⦁ Ratings unchanged for the rest: Japan, Hong Kong (HSI) maintain their "Increase Exposure" ratings while still a "Hold" rating for Taiwan, India and China (HSCEI). ⦁ On the RV HSCEI/MXAP, still monitoring 8.50 level to break to confirm China (HSCEI) out performance.Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to contact us. Equity Asia: + (65) 6735 3040 or <a href="mailto:asia@bbsp.sg" target="_blank">asia@bbsp.sg</a> Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole or in part, is strictly prohibited. This document is provided solely for information purposes. Under no circumstances is the information contained or referred to herein to be relied upon as constituting personal investment advice or construed as any offer or solicitation to buy or sell investments. While all reasonable effort has been made to ensure that the information contained herein is not untrue or misleading at the time of publication, no representation is made as to its accuracy or completeness and it should not be relied upon as such. BBSP does not undertake any obligation to update such information. All content, data, statements and other information are not warranted as to completeness or accuracy, are subject to change without notice, and should never prevent investors from using their own judgments. Investors are fully responsible for any investment or trading decisions they make.

THE MAIN IDEA (Relative Value Approach in USD Terms) Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms ⦁ NIKKEI/MXAP: Long term out performance in progress. ⦁ HSI/MXAP: Long term out performance in progress/still expected. ⦁ HSCEI/MXAP: Bullish weekly indicators advocate for long term HSCEI out performance against MXAP. ⦁ ASX/MXAP: ASX out performance challenged but not invalidated (testing key support at 26.00/25.50). ⦁ KOSPI/MXAP: Long term out performance still expected. ⦁ Nifty/MXAP: Mixed elements. Neutral for now. ⦁ TWSE/MXAP: Neutral at the moment, watching closely key level at (2.22 on ratio TWSE/MXAP) to surpass to confirm TWSE long-term out performance vs MXAP Mid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms ⦁ Downgrade Australia and Korea tactically from "Increase Exposure" to "Hold" due to mixed elements. ⦁ Ratings unchanged for the rest: Japan, Hong Kong (HSI) maintain their "Increase Exposure" ratings while still a "Hold" rating for Taiwan, India and China (HSCEI). ⦁ On the RV HSCEI/MXAP, still monitoring 8.50 level to break to confirm China (HSCEI) out performance.Should you have any questions and wish to speak with one of our analysts, please don’t hesitate to contact us. Equity Asia: + (65) 6735 3040 or asia@bbsp.sg Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole or in part, is strictly prohibited. This document is provided solely for information purposes. Under no circumstances is the information contained or referred to herein to be relied upon as constituting personal investment advice or construed as any offer or solicitation to buy or sell investments. While all reasonable effort has been made to ensure that the information contained herein is not untrue or misleading at the time of publication, no representation is made as to its accuracy or completeness and it should not be relied upon as such. BBSP does not undertake any obligation to update such information. All content, data, statements and other information are not warranted as to completeness or accuracy, are subject to change without notice, and should never prevent investors from using their own judgments. Investors are fully responsible for any investment or trading decisions they make.

THE MAIN IDEA (Relative Value Approach in USD Terms) Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms ⦁ NIKKEI/MXAP: Long term outperformance in progress. ⦁ HSI/MXAP: Long term outperformance in progress/still expected. ⦁ HSCEI/MXAP: Bullish weekly indicators advocate for long term HSCEI outperformance against MXAP. ⦁ ASX/MXAP: ASX outperformance challenged but notinvalidated (testing key support at 26.00/25.50). ⦁ KOSPI/MXAP: Long term outperformance still expected. ⦁ Nifty/MXAP: Mixed elements. Neutral for now. ⦁ TWSE/MXAP: Neutral at the moment, watching closely key level at (2.22 on ratio TWSE/MXAP) to surpass to confirm TWSE long-term outperformance vs MXAPMid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms ⦁ Upgrade India to “Increase Exposure” as NIFTY/MXAP bounce reaction above support now expected. ⦁ Ratings remain the same for the rest: "Increase Exposure" for Australia, Korea, Hong Kong (HSI) and Japan. And still a "Hold" rating for China (HSCEI, under radar for a potential outperformance only through 8.50 on the RV) and Taiwan.

THE MAIN IDEA (Relative Value Approach in USD Terms) Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms ⦁ NIKKEI/MXAP: Long term outperformance in progress. ⦁ HSI/MXAP: Long term outperformance in progress/still expected. ⦁ HSCEI/MXAP: Bullish weekly indicators advocate for long term HSCEI outperformance against MXAP. ⦁ ASX/MXAP: ASX outperformance challenged but notinvalidated (testing key support at 26.00/25.50). ⦁ KOSPI/MXAP: Long term outperformance still expected. ⦁ Nifty/MXAP: Mixed elements. Neutral for now. ⦁ TWSE/MXAP: Neutral at the moment, watching closely key level at (2.22 on ratio TWSE/MXAP) to surpass to confirm TWSE long-term outperformance vs MXAPMid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms ⦁ Upgrade India to “Increase Exposure” as NIFTY/MXAP bounce reaction above support now expected. ⦁ Ratings remain the same for the rest: "Increase Exposure" for Australia, Korea, Hong Kong (HSI) and Japan. And still a "Hold" rating for China (HSCEI, under radar for a potential outperformance only through 8.50 on the RV) and Taiwan.

BBSP ASIA Equity Asia Weekly Research - 19 Sep 2018

Hong Kong

Vitasoy International Holdings Limited, through its subsidiaries, manufactures and distributes food and beverages.

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Vitasoy Intl Holdings (345 HK)

Equity Asia Weekly Research - 3 Oct 2018

THE MAIN IDEA(Relative Value Approach in USD Terms)Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms⦁ NIKKEI/MXAP: Long...

BBSP Asia

BBSP ASIA Equity Asia Weekly Research - 19 Sep 2018

THE MAIN IDEA(Relative Value Approach in USD Terms)Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms⦁ NIKKEI/MXAP: Long...

BBSP Asia

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