Country / China

China

Group Research / April 01, 2019

Photo Credit - AFP

China
 201620172018e2019f2020f
GDP growth, % YoY6.76.96.66.26.0
CPI inflation, % YoY2.01.62.12.32.3
 Mar-292Q193Q194Q191Q20
Exchange rates, end of period6.716.857.006.956.90
Policy interest rates, end of period4.354.354.354.354.35
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We like COLI and CR Land.ChinaReal Estate/iwov-resources/aics/images/AICS/AIO/en/052019/190515_insights_thumb_china_property.jpg/aics/templatedata/article/generic/data/en/GR/052019/190515_insights_china_property.xmlChina Property Sector: Declining sell-through rates in MayMay 15, 2019Policy-driven end-user purchases have aided the gradual recovery of steel prices, which are expected to help improve steel companies’ earnings. Our top pick is BaoSteel.ChinaCommodities/iwov-resources/aics/images/AICS/AIO/en/052019/190514_insights_thumb_china_steel.jpg/aics/templatedata/article/generic/data/en/GR/052019/190514_insights_china_steel.xmlChina Steel Sector: Policy-driven purchases support steel price uptrendMay 14, 2019Chinese telecom equipment and infrastructure service providers expected to benefit from roll out of 5G network from 2020. Our top pick is China Communications Services.ChinaTelecom/iwov-resources/aics/images/AICS/AIO/en/052019/190510_insights_thumb_china_telecom.jpg/aics/templatedata/article/generic/data/en/GR/052019/190510_insights_china_telecom.xmlChina Telecom: Better reception in 2H19May 10, 2019China Economics InsightsInsightsEconomicsView AllRead Morenotaligned36PBoC will lower RRR for mid- and small-sized banks, effective May 15. Broad-based easing cannot be ruled out if trade tensions escalate further. Expect CNY to depreciate as investors turn risk averse.ChinaEconomics/iwov-resources/aics/images/AICS/AIO/en/052019/190506_insights_thumb_china_RRR_cut_signals_PBoC_still_supportive.jpg/aics/templatedata/article/generic/data/en/GR/052019/190506_insights_china_RRR_cut_signals_PBoC_still_supportive.xmlChina: RRR cut signals PBoC still supportiveMay 06, 2019Manufacturing PMI dipped to 50.1 in April from 50.5 in March. More targeted measures are expected to keep the recovery momentum steady.ChinaEconomics/iwov-resources/aics/images/AICS/AIO/en/042019/190430_insights_thumb_China_Economy_still_fragile_despite_stabilisation_policies.jpg/aics/templatedata/article/generic/data/en/GR/042019/190430_insights_China_Economy_still_fragile_despite_stabilisation_policies.xmlChina: Economy still fragile despite stabilisation policiesApril 30, 2019Export growth registered its first double-digit growth since October 2018. Yet, it is due to the hefty contribution in export price to headline growth in 1Q19 and the earlier Lunar New Year this year.ChinaEconomics/iwov-resources/aics/images/AICS/AIO/en/042019/190416_insights_thumb_china_stable_signs_slower_growth.jpg/aics/templatedata/article/generic/data/en/GR/042019/190416_insights_china_stable_signs_slower_growth.xmlChina: Stable signs, slower growthApril 16, 2019China Economics DailyEconomicsView AllRead Morenotaligned53ChinaFX/iwov-resources/aics/images/AICS/AIO/en/052019/fri_image_macro_strategy.jpg/aics/templatedata/article/generic/data/en/GR/macro_strategy/economics_macro_strategy.xmlCapping USDCNH with a higher CNH Hibor; UST yields bounce off supportMay 17, 2019China’s domestic demand saw broad-based easing in April. More pro-growth policies are expected.ChinaGrowth/iwov-resources/aics/images/AICS/AIO/en/052019/190516_insights_thumb_china_s_slowdown_shadows_return.jpg/aics/templatedata/article/generic/data/en/GR/052019/190516_insights_china_s_slowdown_shadows_return.xmlChina’s slowdown shadows returnMay 16, 2019China’s export performance turned sluggish in April. The outlook of the external environment is cloudy due to lingering trade tension with the US. CPI was up 2.5% YoY in April from 2.3% in MarchChinaTrade/iwov-resources/aics/images/AICS/AIO/en/052019/190510_insights_thumb_china_stimulus_is_working_more_coming.jpg/aics/templatedata/article/generic/data/en/GR/052019/190510_insights_china_stimulus_is_working_more_coming.xmlChina: Stimulus is working; more comingMay 10, 2019China EquitiesInsightsEquitiesView AllRead Morenotaligned37Our analysts took a deep drive to examine opportunities and challenges to come as the Greater Bay Area (GBA) embarks on its journey to become China’s newest innovation and technology hub.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/052019/190515_insights_thumb_greater_bay_area.jpg/aics/templatedata/article/generic/data/en/GR/052019/190515_insights_greater_bay_area.xmlGreater Bay Area: In-depth StudyMay 15, 2019Market sell-off ensued following ominous tweet from President Trump on import tariffs on Chinese imports.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/052019/190506_insights_thumb_strategy_china_strategist_weekly.jpg/aics/templatedata/article/generic/data/en/GR/052019/190506_insights_strategy_china_strategist_weekly.xmlStrategist Weekly: Trump is inevitableMay 06, 2019US-China trade détente and China’s fiscal easing policies continue to uplift market sentiments with ADT of Hong Kong market returning to pre-trade war highs.ChinaEquities/iwov-resources/aics/images/AICS/AIO/en/042019/190403_insights_thumb_strategy_hk_strategy.jpg/aics/templatedata/article/generic/data/en/GR/042019/190403_insights_strategy_hk_strategy.xmlStrategist Weekly: Downtrend in earnings coming into playApril 03, 2019

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The information herein is published by DBS Bank Ltd and PT Bank DBS Indonesia (collectively, the “DBS Group”). It is based on information obtained from sources believed to be reliable, but the Group does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions expressed are subject to change without notice. Any recommendation contained herein does not have regard to the specific investment objectives, financial situation & the particular needs of any specific addressee. The information herein is published for the information of addressees only & is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. The Group, or any of its related companies or any individuals connected with the group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the Group or any other person has been advised of the possibility thereof. The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The Group & its associates, their directors, officers and/or employees may have positions or other interests in, & may effect transactions in securities mentioned herein & may also perform or seek to perform broking, investment banking & other banking or finan­cial services for these companies. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Sources for all charts & tables are CEIC & Bloomberg unless otherwise specified.

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PT Bank DBS Indonesia, DBS Bank Tower, 33rd floor, Ciputra World 1, Jalan Prof. Dr. Satrio Kav 3-5, Jakarta, 12940, Indonesia. Tel: 62-21-2988-4000. Company Registration No. 09.03.1.64.96422.