Cut Taiwan to Buy Southeast Asia, Credit Suisse Says (Update1) June 8 (Bloomberg) -- Investors should switch from Taiwan to Southeast Asian stocks as the region’s discount to North Asia is among the largest on record, Credit Suisse Group AG said. Ratings for Thailand and the Philippines were raised to “overweight” from “underweight,” analysts Sakthi Siva and Kin Nang Chik wrote in a report today. Thai financial and energy companies and Philippine telephone companies were among the most undervalued, they said. Indonesia, Singapore Indonesian coal, palm oil and consumer companies and Singapore industrial stocks offer the largest discounts, the analysts added. The brokerage last month raised its rating on Singapore to “overweight” from “underweight” and upgraded Indonesia to “overweight” from “neutral.” An improving outlook for earnings in Southeast Asia is supporting Credit Suisse’s upgrade of the region, the report said. Analysts last month started raising earnings-per-share forecasts for Indonesia, the Philippines, Malaysia and Singapore, while Thailand had upgrades at the start of June. Thailand is one of the most “under-owned” among Asian emerging-markets, the analysts added. Kasikornbank Pcl, Thailand’s third-biggest commercial lender by assets, and Bank of Ayudhya Pcl, a lender controlled by General Electric Co., are among Thai stocks in Credit Suisse’s portfolio. The brokerage recommended that investors own shares of Philippine Long Distance Telephone Co., the nation’s largest phone company, and hold PT Bumi Resources and PT Astra International in Indonesia.
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