CREDIT SUISSE
Private Banking Global Research
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Credit Suisse publication "Research Weekly Asia"
Southeast Asia: Focus on stocks with strong upgrade momentum in the earnings recovery phase
Highlights:
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*Operational leverage, effective cost-cutting and fiscal stimulus offer the potential for a strong profit recovery in Southeast Asia.
*With markets trading at mid-cycle valuations, a bottom-up stock selection based on valuation and earnings momentum will become a more important performance driver.
*Earnings upgrade momentum may peak soon as it becomes increasingly difficult for corporate earnings to beat expectations.
*We like stocks in the domestic services, transport and infrastructure sectors.
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