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Morgan cuts Asean stock-index forecasts
by hlk Fri 19 Aug 2011, 13:04
Morgan Stanley cut its stock-index forecasts for the Association of Southeast Asian Nations, reducing a target of a 13 per cent gain for Indonesia to 1 per cent by the end of the year and predicting a 5 per cent decline for Singapore from an estimate of a 22 per cent gain.
“We believe it will be challenging for Asean markets to deliver absolute returns through December 2011, despite their potential relative earnings resilience,” Morgan Stanley said in a report.
“A combination of potential earnings downgrades and strong trailing performance is likely to limit market performance from the current levels through December 2011. In an environment of a slowdown in global growth, we think absolute valuations are likely to track historical averages, with limited likely re-rating potential.” -- Bloomberg
“We believe it will be challenging for Asean markets to deliver absolute returns through December 2011, despite their potential relative earnings resilience,” Morgan Stanley said in a report.
“A combination of potential earnings downgrades and strong trailing performance is likely to limit market performance from the current levels through December 2011. In an environment of a slowdown in global growth, we think absolute valuations are likely to track historical averages, with limited likely re-rating potential.” -- Bloomberg
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