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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