外文报告：CS-Liquidity！Liquidity！Liquidity！﹣HongKongMarketOutlookin2015-130103.pdfVIP

03 January 2013 Asian Daily Hong Kong Market Outlook in 2013 Maintain OVERWEIGHT Liquidity! Liquidity! Liquidity! Cusson Leung, CFA / Research Analyst / 852 2101 6621 / cusson.leung@ Peggy Chan, CFA / Research Analyst / 852 2101 6305 / peggy.chan@ ● While the market is likely to be dominate d by the “worst-is-over” Hong Kong: Benefiting from Chinese economy stabilising theme in China in 1Q13, we believe the focus will likely be back While the market is likely to be dominated by the “worst-is-over” theme on Hong Kong when China’s economy really stabilises and reverts in China in 1Q13, we believe the focus will likely be back on Hong to a stable growth trend. Our Dec-2013 year-end target for HSI is Kong when China’s economy really stabilises and reverts to a stable 25,500 based on a dividend discount model. growth trend. After all, the key industries in Hong Kong are relying on ● Despite the government’s effort to cool down the potential build-up this stabilised growth outlook. Sectors that are likely to benefit are of an asset bubble in the residential market, the inflow of liquidity, property, retail, transportation and gaming. RMB appreciation should continued low interest rates and the exchange rate impact (i.e. , offset some of the impact from the government’s introduction of Buyer weakening USD versus an appreciating