Malaysian and Indonesia shares were raised to “overweight” at Goldman Sachs Group Inc, which cited the domestic demand and prospects for medium-term “economic improvements” in the two Association of Southeast Asian Nation, or Asean, markets.
The brokerage lowered its rating on Thailand, citing the uncertainty amid impending elections, its sensitivity to oil prices and a lack of “top-down direction,” according to a report by analysts led by Timothy Moe.
“As global growth momentum slows, we believe Asean will come back into focus because of domestic demand, reminiscent of mid-2010,” the analysts said. “However, performance within Asean differs more than investors think. Since earnings are largely mid-cycle and valuations are generally fair, we believe economic and earnings factors will drive performance within Asean.” -- Bloomberg
The brokerage lowered its rating on Thailand, citing the uncertainty amid impending elections, its sensitivity to oil prices and a lack of “top-down direction,” according to a report by analysts led by Timothy Moe.
“As global growth momentum slows, we believe Asean will come back into focus because of domestic demand, reminiscent of mid-2010,” the analysts said. “However, performance within Asean differs more than investors think. Since earnings are largely mid-cycle and valuations are generally fair, we believe economic and earnings factors will drive performance within Asean.” -- Bloomberg
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