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 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: Outperformance expected holding above long term support (from 2003). • KOSPI/MXAP: Long term outperformance still expected. • 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 MXAP • Nifty/MXAP: Mixed elements. Neutral for now. Mid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms • Ratings unchanged for this week. • Outperformance still valid/ in progress for Japan, Australia and Taiwan. • Relative value remains mixed for Hong Kong, China, Korea and India, keep “Hold” ratings.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 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: Outperformance expected holding above long term support (from 2003). • KOSPI/MXAP: Long term outperformance still expected. • 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 MXAP • Nifty/MXAP: Mixed elements. Neutral for now. Mid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms • Ratings unchanged for this week. • Outperformance still valid/ in progress for Japan, Australia and Taiwan. • Relative value remains mixed for Hong Kong, China, Korea and India, keep “Hold” ratings.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.sgAccess 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.

Haseko Corp

BBSP ASIA Equity - 14 March 2018