Results a Beat on Higher Associates Income From PSA

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

<p>Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAP</p><p>This week:</p><ul><li>HSI under the spotlight: Key resistance is taken out in absolute and relative terms confirming further long-term rise on the outright and outperformance vs MXAP. (Note that the ratio HSCEI/MXAP is still below the resistance/upside confirmation) but both HSI and HSCEI are in the shorter term, expected to outperform.</li><li>Maintain as well high-risk exposure on Nikkei, and Nifty</li><li>Downgrade ASX from “increase exposure” to “hold” since the ratio ASX/MXAP broke a channel support but all elements have not confirmed any bearish reversal.</li><li>Still “hold” for Kospi and TWSE.</li></ul>

Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPThis week:HSI under the spotlight: Key resistance is taken out in absolute and relative terms confirming further long-term rise on the outright and outperformance vs MXAP. (Note that the ratio HSCEI/MXAP is still below the resistance/upside confirmation) but both HSI and HSCEI are in the shorter term, expected to outperform.Maintain as well high-risk exposure on Nikkei, and NiftyDowngrade ASX from “increase exposure” to “hold” since the ratio ASX/MXAP broke a channel support but all elements have not confirmed any bearish reversal.Still “hold” for Kospi and TWSE.

BBSP Equity Asia Weekly Research 24 May 2017

Dongfeng Motor

BBSP Equity Asia Weekly Research 24 May 2017