PEC’s Japan strategy:Grinding out minimal growth
类型：宏观经济 机构：麦格理证券股份有限公司 研究员：麦格理证券研究所 日期：2016-04-11
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Our TOPIX 12-month target is 1630 (previously 1670), 15.0 times earnings to March 2018 (109). Our TOPIX EPS forecasts have been cut four times over the last eight months, page 42, with FY3/16-18E YoY growth now 5.3%, 4.0% and 4.8%, respectively. Moderate earnings growth, reasonable valuations and policies supportive of asset inflation underpin our bullishness. Please see the 3 February 2016 The BOJ & Reflation winners.
Sell-side consensus earnings forecasts are also being cut, Fig 1, with the latest FY3/18 TOPIX EPS forecast being 112.6.
We run through our entire rated universe inside, pages 2-25. The Macquarie Marquee list is our best stock ideas driven bottom-up by our analysts:
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