market outlook & strategy 4q2010 : volatility as economic worries persist-01/10/2010

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M arket Outlook & Strategy 4Q2010 Volatility As Economic Wo rries Persist Executive Summary Please read important disclosures at the end of this report. M a l a y s i a P P 7 7 6 7 / 0 9 / 2 0 1 0 ( 0 2 5 3 5 4 ) M A R K E T D A T E L I N E Whilst we believe that the equity market may move into a phase of greater volatility in the months ahead until a clearer picture emerges on the strength of the global economic recovery, the impending release of the 2011 Budget, detailed ETP blueprint, award of major infrastructure contracts and Federal land deals, and the Sarawak state elections would likely create news flow and spur investors’ interest on the construction and property sectors. Nevertheless, as valuations of the local bourse are no longer cheap, it is susceptible to any adverse developments in the external sector , including the revival of a “double- dip” recession fear . Domestically , any significant credit tightening by the Central Bank on mortgages and credit card spending could also cause the market to undergo a phase of correction. Moreover, as we head into the 4Q, we believe investors’ focus would gradually shift to 2011. This implies that investors would likely make a reassessment of the global economy, take stock and reposition their portfolios for the year ahead. Although we are less sanguine on the near-term outlook, we believe there is still room for the market to trend higher in 2011. This is primaril y predicated on the view that the global economic recovery is more sustainable than feared, which in turn implies sustained corporate earnings growth (+12.9% projected for 2011) that will continue to create n ew shareholders’ value for investors. Our end-2011 FBM KLCI target remains unchanged at 1,640, based on 15x mid-cyc le 2012 earnings. This, however , will not be without volatility as the global economy enters into a period of slowing growth in an uneven phase of recovery. Whilst we acknowledge that the long-term economic picture remains positive for the equity market, the revival of a “double-dip” recession fear can have a disproportionate impact on the market in the foreseeable future. Under such c ircumstances, it may be timely for investors to be vigilant and do some top slicing on stocks where valuations have become rich in the run-up of the market. This would then provide more room for investors to accumulate fundamentally-robust stocks on weakness. 30 September 2010 A comprehensive range of market research reports by award-winning economists and analysts are exclusively available for download from www.rhbinvest.com

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WORRIES – WHAT WORRIES?

Slowing Dragon, Worrisome for world! · 2015. 2. 4. · worries are how far signs of China’s slowing economy may persist, how serious are her housing and credit bubbles, how much

Wonders & Worries

Does Performance Persist?

What worries the world

No Worries English

Why Africa’s Weak States Persist - Columbia … Africa’s Weak States Persist - Columbia University in

Dua'a to Overcome Worries

Volatility As Economic Worries Persist - rhbinvest.com file3 Reinvigorating private investment and intensifying human capital development. Balancing fiscal consolidation with growth

TECHNICAL DIFFICULTIES? NO WORRIES!

WHAT WORRIES THE W RLD - Ipsos · World Worries | March 2016 | Version 1 | Public 1 W RLD WHAT WORRIES THE SEPTEMBER 2016

Your Back Pain Worries

BRAND PROTECTION FROM DIGITAL CONTENT INFECTION · 2017-09-27 · social media, and worries about ad misplacements on problematic sites and channels. And while these issues persist

Why Africa's Weak States Persist - Columbia … Africa's Weak States Persist - Columbia University in the

No Worries Chinese

Why Does Fixation Persist

Differences That Persist

Worries (Gujarati)

Global worries, directions, satisfaction

Fence around worries

Why Does Poverty Persist?

Counselling for Psychological Worries

No Worries Thai

WHAT WORRIES THE W RLD - The Budapest Beacon · World Worries | March 2017 | Version 1 | Public 1 W RLD WHAT WORRIES THE January 2018

4Q2010 Dnbnor Group

Jakarta Globe - Water Worries

Delegated Persist Ordering - WordPress.com · Delegated Persist Ordering ... in the persist buffers and at the PM controller are exhausted ... a fence operation is required after

Market Outlook: Volatility As Economic Worries … Outlook: Volatility As Economic Worries Persist RHB Research Institute 11 December 2010 1 Strong performance in recent months on

Efﬁcient Persist Barriers for Multicoreshomepages.inf.ed.ac.uk/vnagaraj/papers/micro2015.pdf · Efﬁcient Persist Barriers for Multicores ... that stores persist in the correct

The Rabbi’s Worries