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当前位置:首页 > 行业报告 > 投资金融 > 银行理财 > 汇丰银行-新兴市场-股票策略-全球新兴市场股票策略:关注变化-2019.6-106页

汇丰银行-新兴市场-股票策略-全球新兴市场股票策略:关注变化-2019.6-106页

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  • 2020-02-17 14:55:09
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www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Asset//SubcategoryGEMsEquityStrategyQ32019EquityStrategy//EmergingMarketsPlayvideowithJohnLomaxEquityStrategyEmergingMarketsQ32019By:JohnLomax,HeraldvanderLinde,FranciscoSchumacher,DevendraJoshiandEduardoAltamiranoGEMsEquityStrategyConcentratingonchangeLowEMRoEhasitsrootsinindustrialstructureandcorporateobjectives……onbothcountsthegapwiththeUSshouldincrementallycloseWhilelowerUSratesshouldeasetheEMcostofequity1EquityStrategy●EmergingMarketsQ32019GEMsinvestmentlandscapeEMequitieshaveconsistentlyunderperformedtheS&Psincethefinancialcrisis.Althoughonthesurfacevaluationshavelookedcheap,theobstaclehaslaininthecombinationofalowRoEandahighcostofequity.ThelowRoEhasitsrootsindifferencesinindustrialstructure(particularlyrelatingtomonopolypower)andcorporateobjectivesbetweentheUSandemergingmarkets.Differentlabourmarket

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