Quant Strategy - Mirae Asset Securities Co., Ltd.

AP Weekly Insight 

Quant Strategy 

Figure 2. Trend in Earnings Revision Ratio for APxJ 

Weekly Update 

Asia Pacific to Follow US? 

Young Jean Hwang 

82-2-3774-1780 / YoungJean@miraeasset.com 

(%) 

25 

20 

15 

10 

Earnings revision ratio (weekly) 

Earnings revision ratio (4-week MA) 

Will Asia Pacific follow the US? In the US, the S&P 500 

FY08 forecast EPS has already declined since mid-Aug 

2007. FY08 consensus EPS estimate of Asia Pacific ex. 

Japan has turned down since mid-Nov 2007. It seems that 

the main reason for this is both the subprime mortgage 

issue of the US and China’s belt-tightening policy. 

Figure 1. FY08 Consensus EPS Estimate 

(pt) 

115 

MSCI AC Asia Pacific ex. Japan 

S&P 500 

110 

105 

100 

95 

Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 

Source : MSCI, I/B/E/S, FactSet, Mirae Asset Research 

FY08 consensus EPS for the Asia Pacific ex. Japan is 

likely to continue its decline. Most of all, the earnings 

revision ratio ([# of Co's FY08 EPS upgraded - # of Co's 

downgraded] / # of total Co's) for the region fell into 

negative territory in the second week in Jan 2008, which is 

the first time since early-Sep 2007. The number of 

companies of which FY08 forecast EPS downgraded has 

begun to increase since mid-Nov 2007. This means that 

forward EPS downgrades has been spreading into 

companies with upgraded forward EPS estimates (Figure 

2). 

On a country level, the recent weakness in regional 

earnings expectations was primarily driven by declining 

earnings forecast for Korea and Taiwan. They have been 

classified as “US consumption sensitive countries” and 

“China growth beneficiaries”. Earnings revision ratios for 

these two countries currently stand at –41% and –14%, 

respectively. Though earnings revision ratio for China 

remains above 0%, it recently dropped to 9% from the 

34% recorded in late Nov 2007 (Figure 3). 

5 

0 

-5 

Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 


Figure 3. Earnings Revision Ratio by AP Country 

(%) 

80 

60 

Nov-2007 Jan-2008 

40 

20 

0 

-20 

-40 

-60 

Source : 

Indonesia 

India 

Thailand 

Malaysia 

New Zealand 

China 

Hong Kong 

Philippines 

Australia 

Singapore 

Pakistan 

Japan 

Taiwan 

Korea 

MSCI, I/B/E/S, FactSet, Mirae Asset Research 

On the sector level, the largest deterioration was seen in 

Industrials. Though the earnings revision ratio for Tech 

sector increase, it still remains below 0%. 

Figure 4. Earnings Revision Ratio by APxJ Sector 

(%) 

60 

Nov-2007 Jan-2008 

30 

0 

-30 

Health Care 

Energy 

Financials 

Cons. Discr. 

Telecom 

Materials 

Cons. Staples 

Utilities 

Tech 

Industrials 


Jan 18, 2008 MIRAE ASSET RESEARCH 6


Downward revision of forecast EPS in Asia Pacific ex. 

Japan could be a burden on 12-month forward P/E, which 

seems relatively high. Recently, 12-month forward P/E in 

Asia Pacific ex. Japan plummeted for the third time since 

the downward adjustment of 12-month forward EPS in Feb 

and Aug 2007 due to subprime volatilty. The 12-month 

forward P/E of Asia Pacific ex. Japan sharply declined 

from the previous peak of 17.4x to 14.0x in Jan, which is 

higher than 12.7x the global market and is the highest 

among the levels recorded at the beginning of the year 

since 2000. The 12-month forward P/E for the Asia Pacific 

ex. Japan appears to have a low chance for recovery, 

given that forecast EPS is not highly likely to turn up for 

the time being. 

Figure 5. 12MF P/E for APxJ 

(x) 

18 

16 

16.0x 

17.4x 

14.6x 

14.2x 

13.9x 

14 

14.0x 

12.7x 

13.0x 

11.8x 

13.1x 

12.9x 

12 

11.4x 

11.7x 

11.5x 

10.2x 10.6x 

10 

2003 2004 2005 2006 2007 2008 

Source : 

MSCI, I/B/E/S, FactSet, Mirae Asset Research 



Earnings & Valuation / Performance Table 



Table 1. FY08 Forecast Earnings Change (1M) 

AP ex JP Australia China Hong India Indonesia Japan Korea Malaysia New Philippines Singapore Taiwan Thailand 

Kong 

Zealand 

Market -0.3 -0.4 1.4 0.1 0.4 1.9 -0.4 -0.1 -1.5 -0.6 -0.1 -0.1 -0.3 -1.0 

Energy 1.0 0.9 1.5 NA 0.0 10.8 -0.2 2.0 2.3 NA 0.0 0.0 0.0 -1.5 

Materials -0.3 -0.6 0.8 0.7 3.4 -0.5 -0.5 -0.2 -0.1 0.0 NA NA -0.1 -5.2 

Industrials 0.5 0.0 2.6 0.1 -1.1 1.5 -0.9 1.6 -9.0 0.1 0.0 0.1 0.8 -0.5 

Consumer Discretionary -0.9 -3.5 1.4 0.1 6.2 1.5 0.3 0.9 0.1 -1.9 0.0 0.3 -1.0 2.1 

Consumer Staples -0.2 -0.4 1.1 1.3 -3.3 2.7 0.5 -0.3 0.7 NA -1.9 -3.7 0.3 0.6 

Health Care 0.4 1.1 NA NA -1.4 3.1 0.1 0.0 NA -2.1 NA 0.0 NA NA 

Financials -0.3 -0.3 1.2 0.1 0.4 1.5 -1.0 -1.9 -0.1 0.0 0.4 0.0 0.0 0.8 

I T -1.6 0.2 2.1 0.4 -1.7 NA -0.1 -1.1 2.4 NA NA 0.0 -1.0 0.1 

Telecom. Services 1.1 0.2 1.3 -0.2 1.4 -0.4 1.4 -0.2 0.1 -0.2 0.0 0.0 7.5 4.1 

Utilities -0.1 -3.8 0.0 0.0 0.6 0.0 -5.1 -2.4 1.7 -0.1 -0.8 NA NA 0.1 

Note : Above table is as of Jan. 11, 2008. 


Table 2. 12-month Forward P/E 


Kong 

Zealand 

Market 14.8 14.0 18.5 20.5 23.4 16.3 13.7 11.3 16.6 14.0 15.3 14.0 11.0 10.8 

Energy 16.7 19.0 16.4 NA 23.7 24.5 11.9 9.6 15.4 NA 7.3 7.6 12.1 10.3 

Materials 12.6 12.9 18.4 14.4 12.5 14.0 11.9 10.6 17.8 10.8 NA NA 11.3 9.7 

Industrials 16.9 17.9 19.0 18.9 32.4 16.0 12.3 14.4 18.4 28.9 18.1 14.3 12.6 10.2 

Consumer Discretionary 14.4 15.5 21.3 20.4 14.8 16.9 12.2 9.4 18.2 15.3 15.4 16.0 13.8 17.4 

Consumer Staples 20.0 19.4 19.0 37.0 22.8 19.8 21.3 17.9 21.9 NA 15.9 28.8 21.9 13.2 

Health Care 22.1 22.8 NA NA 19.8 12.7 16.0 17.6 NA 30.1 NA 27.8 NA NA 

Financials 14.7 12.5 17.8 21.9 31.4 14.3 13.1 9.0 14.5 17.1 17.2 13.2 11.9 11.1 

I T 11.4 15.7 18.5 17.7 16.5 NA 16.2 11.1 11.7 NA NA 8.7 10.4 6.8 

Telecom. Services 17.3 14.8 22.0 22.0 26.7 13.7 15.4 10.2 17.3 11.3 14.2 15.5 11.6 16.4 

Utilities 16.1 15.8 16.1 16.5 30.6 17.6 24.0 10.7 13.3 18.5 11.6 NA NA 8.5 



Table 3. Performance (1M) 


Kong 

Zealand 

Market -7.0 -10.7 -8.0 -5.0 3.7 -1.0 -11.9 -8.9 7.3 -4.5 -5.9 -8.0 -7.9 -6.1 

Energy -2.7 -1.5 -6.7 NA 7.8 4.9 -7.0 -13.6 4.8 NA -11.5 -3.2 -1.9 -7.0 

Materials -8.0 -9.9 -5.8 -14.8 -5.1 1.5 -8.6 -12.0 10.1 -5.3 NA NA 1.3 -5.9 

Industrials -4.8 -13.8 -6.0 -4.4 -0.3 2.8 -12.2 -3.2 10.9 -3.2 -4.7 -8.6 0.7 -7.4 

Consumer Discretionary -6.8 -11.0 4.0 -11.1 -6.4 4.6 -10.6 -10.5 4.7 -9.5 -2.0 1.9 -6.0 -4.9 

Consumer Staples 0.0 -5.7 7.4 5.0 10.4 14.5 -7.6 -1.3 15.0 NA 17.5 9.1 8.1 0.8 

Health Care -0.7 -1.7 NA NA 1.5 -1.6 -5.1 -1.2 NA 3.3 NA 4.9 NA NA 

Financials -8.7 -13.6 -13.1 -4.5 7.7 -4.6 -17.3 -7.9 5.3 0.0 -10.0 -11.4 -3.9 -5.8 

I T -12.5 -10.5 -21.3 -10.2 -7.8 NA -13.8 -12.9 1.1 NA NA -18.8 -12.8 -14.4 

Telecom. Services -4.7 -1.9 -5.6 -2.3 5.9 -9.1 -4.2 -16.7 5.1 -5.0 0.6 0.0 1.4 0.0 

Utilities -0.8 -3.5 -12.5 1.8 15.1 -7.3 -12.5 -9.3 0.2 0.0 -6.6 NA NA -7.7 





Table 4. Asia Pacific Company Map : Top and Bottom of 1M EPS Change & 1M Performance 

Energy Materials Industrials Consumer Consumer Health Financials IT Telecomm. Utilities 

Discretionary Staples Care Services 

Australia Woodside PetroleumIluka Resources Asciano Group Crown Woolworths Sonic Healthcare Challenger Financia Computershare 

2.1 / -2.5 6.4 / 0.2 2.6 / -6.2 5.4 / -11.2 0.2 / -0.9 0.1 / -4.7 2.4 / -5.4 1.0 / -7.2 

Caltex Australia Alumina Boart Longyear Tatts Group Goodman Fielder CSL Insurance Australia AGL Energy 

-5.3 / -2.1 -3.3 / -3.1 -1.7 / -7.8 -0.6 / -4.1 -0.3 / -9.2 -0.3 / 0.3 -7.3 / -7.1 -2.0 / -2.4 

China China Oilfield ServicShougang Concord China Eastern Airlin Weiqiao Textile Global Bio-Chem Te China Vanke Co B Alibaba.com China Communicati Guangdong Investm 

2.2 / -5.3 9.1 / 15.1 201.9 / 1.7 1.2 / -5.7 5.3 / -5.9 4.8 / -2.0 6.7 / -22.1 2.8 / 7.0 0.3 / -1.6 

CNPC (Hong Kong) Maanshan Iron & StChina Intl Marine C FU JI Food & CaterinChina Foods Guangzhou R&F ProLenovo Group China Telecom Guangdong Electri 

-3.9 / -6.6 -2.4 / 1.9 -2.3 / 4.3 -6.5 / -5.6 -7.6 / 0.2 -3.2 / 0.2 -3.7 / -22.5 0.0 / 7.4 -6.6 / -5.5 

Hong Lee & Man Paper MPacific Basin ShippinLi & Fung Hang Lung Group Tencent Holdings Hutchison TelecommHong Kong & Chin 

Kong -0.4 / -12.7 0.8 / -10.1 0.8 / -18.2 4.5 / -2.4 0.0 / -5.2 0.5 / 1.4 1.8 / -3.2 

Fosun International Melco International Television Broadcas Shun Tak Holdings Foxconn Internation PCCW CLP Holdings 

-4.8 / 6.7 -14.0 / -3.2 -0.6 / 0.5 -2.4 / 7.5 -0.1 / -9.4 0.0 / 0.0 -0.2 / 5.3 

Indonesia Energi Mega PersadSemen Gresik (PersUnited Tractors Astra International IndoFood Sukses M Kalbe Farma Bank Pan Indonesia Indosat Perusahaan Gas N 

3.7 / 2.0 5.3 / -1.8 3.9 / 7.3 1.8 / 10.0 5.3 / 18.7 3.7 / 5.0 3.0 / -1.5 1.1 / -3.4 0.4 / 0.0 

Bumi Resources International Nickel Truba Alam Manun Ramayana Lestari S Astra Agro Lestari Bank Rakyat Indone Telekomunikasi Ind 

3.3 / 0.0 -1.7 / 2.1 0.0 / -0.7 1.5 / -1.2 0.6 / 9.5 1.4 / 4.0 0.5 / 0.5 

India Bharat Petroleum Tata Steel Bharat Heavy Electr Mahindra & MahindTata Tea Sun Pharmaceutical Infrastructure Devel Wipro Videsh Sanchar Nig Reliance Energy 

7.1 / -19.1 5.8 / -8.4 1.7 / -4.3 19.4 / -5.9 0.5 / -12.9 0.2 / 3.1 3.7 / -6.2 0.4 / -1.6 44.7 / -6.3 6.5 / -1.1 

Oil & Natural Gas Ultratech Cement GMR Infrastructure Indian Hotels Hindustan Lever Cipla Reliance Capital Satyam Computer SMahanagar TelephoNTPC 

-0.4 / -3.1 -0.4 / -7.0 -8.6 / -10.8 -3.0 / -12.4 -0.2 / -3.6 -2.1 / -3.8 -5.0 / 0.3 -0.5 / -2.7 -5.5 / -9.1 0.0 / 0.3 

Japan Inpex Holdings Kobe Steel Tokyu Sanyo Electric Sapporo Holdings Taisho Pharmaceuti Shinsei Bank Alps Electric Nippon Telegraph &Shikoku Electric Po 

4.8 / -3.3 1.1 / 1.2 3.4 / 1.3 7.2 / 1.3 2.8 / 0.7 1.4 / 5.4 1.9 / -1.0 0.8 / -10.4 1.3 / -0.9 -0.4 / 0.5 

Nippon Oil Dowa Holdings Goodwill Group Edion Uny Dainippon Sumitom SBI Holdings Elpida Memory NTT DoCoMo Hokuriku Electric P 

-3.3 / -3.9 -4.3 / -3.5 -43.8 / -21.8 -12.0 / 9.0 -8.5 / -4.6 -1.7 / 0.0 -12.5 / -9.9 -7.6 / -8.8 -0.1 / 2.2 -13.5 / -1.3 

Korea GS Holdings LG Chem STX Engine LG Electronics Nong Shim Yuhan Hyundai Marine & F LG Philips LCD SK Telecom Korea Gas 

0.3 / -1.8 0.8 / -6.2 5.8 / -5.5 2.5 / -8.7 0.1 / -2.0 1.0 / 1.7 5.2 / -8.0 1.0 / -2.7 0.7 / -7.1 2.1 / 1.4 

SK Energy Poongsan Doosan Kia Motors CJ CheilJedang Hanmi Pharmaceuti Korea Exchange Ba Hynix SemiconductoKT Korea Electric Pow 

-6.0 / -2.4 -8.2 / -4.3 -7.8 / 2.1 -7.4 / -5.4 -4.5 / -8.4 -0.3 / -4.7 -4.0 / 0.4 -12.9 / -2.9 -0.5 / -3.5 1.0 / -2.7 

Malaysia Scomi Group Bhd Lafarge Malayan CeMalaysian Bulk Car Genting Bhd PPB Group Bhd SP Setia Bhd Telekom Malaysia BYTL Power Interna 

14.8 / 19.9 0.6 / -1.6 4.1 / -1.8 3.1 / 2.6 #### / 1.7 12.9 / 6.9 0.4 / 1.7 0.9 / -1.5 

Petronas Dagangan IJM Corp. Bhd Astro All Asia Netw British American To Multi-Purpose Holdi DiGi.com Bhd Petronas Gas Bhd 

0.0 / 0.6 -11.5 / 2.9 -5.3 / 6.1 0.0 / 0.6 -53.6 / 0.0 -0.1 / 5.7 -0.2 / 1.9 

New 

Contact Energy 

Zealand 0.3 / -1.5 

Auckland Internatio 

Telecom Corp. of N Vector 

-2.7 / -6.3 -0.2 / -2.6 -0.4 / -1.8 

Philippines San Miguel Megaworld Philippine Long Dist First Philippine Hold 

2.5 / 10.0 3.7 / -1.4 0.0 / 1.0 0.0 / -5.1 

Jollibee Foods Bank of the Philippi Globe Telecom PNOC Energy Deve 

-1.4 / 2.1 -1.2 / 0.0 0.0 / 3.7 -0.2 / -3.0 

Singapore Neptune Orient Line Parkway Holdings Singapore Exchange 

3.2 / -16.1 5.8 / -2.5 2.0 / -13.1 

Singapore Airlines 

Yanlord Land GroupVenture 

-0.8 / -3.9 -2.1 / -15.5 -0.2 / -12.3 

Thailand Banpu PTT Chemical Airports of Thailand BEC World CP ALL Siam Commercial B Advanced Info Servi Electricity Generati 

0.1 / 6.5 1.2 / -7.5 7.7 / -0.9 0.4 / -5.1 0.3 / -8.9 1.3 / -1.9 0.0 / -1.0 0.4 / -1.9 

Thai Oil Siam Cement Thai Airways Interna Siam Makro Krung Thai Bank Hana Microelectron Glow Energy 

-0.2 / -2.5 -0.6 / -0.9 -3.1 / -12.6 0.0 / -0.5 -1.0 / -3.6 -1.9 / -11.5 0.0 / -0.8 

Taiwan Asia Cement U-Ming Marine TranInventec Appliances President Chain Sto Polaris Securities AU Optronics Taiwan Mobile 

3.1 / 4.6 0.4 / 2.7 6.6 / -3.7 0.8 / 0.6 11.8 / -1.3 5.8 / -3.2 0.0 / 2.9 

China Steel China Airlines Yulon Motor Uni-President Enterp Chang Hwa CommeCMC Magnetics Chunghwa Telecom 

-0.8 / 2.2 -171.2 / 2.4 -2.2 / 2.6 0.0 / -6.1 -8.4 / -0.8 -15.6 / -3.7 -1.8 / 4.4 





Table 5. Earnings & Valuation / Performance : Global Market 

Country Weight # Co's EPS G (%) EPS Change (%) ERR - 12MF 12-month Forward Valuation Performance 

08E 09E LT(5Y) 2008E 2009E 01/11 1W 1M PER PBR EV/EBITDA DY PEG 1W 1M 12M YTD 

(%) (YoY) (YoY) Forcast 1W 1M 1W 1M (%) (%) (%) (x) (x) (x) (%) (x) (%) (%) (%) (%) 

AC World 100.0 2,884 12.4 11.5 12.1 1.4 0.1 1.4 0.3 -4 -3 -9 13.0 2.2 7.9 2.9 1.1 -1.6 -6.3 0 -5 

Developed Market 88.5 1,958 12.0 11.3 11.3 1.6 0.2 1.5 0.4 -8 -5 -15 13.0 2.2 8.0 2.9 1.1 -1.7 -6.4 -2 -5 

EAFE 43.2 1,211 9.0 10.2 9.8 1.7 -1.6 1.7 -1.5 -4 -3 -17 12.3 1.9 7.3 3.3 1.3 -2.4 -8.0 -4 -5 

Pacific 13.0 587 5.8 10.5 12.5 3.1 -1.5 3.1 -1.4 -7 -6 -12 14.5 1.6 7.5 2.3 1.2 -3.2 -10.9 -8 -6 

North America 45.3 747 15.5 12.5 12.7 1.4 1.9 1.3 2.1 -14 -9 -13 13.7 2.9 8.7 2.5 1.1 -0.9 -4.9 -1 -4 

Europe 30.2 624 10.2 10.1 8.7 1.2 -1.5 1.2 -1.4 -1 -1 -21 11.6 2.1 7.2 3.8 1.3 -2.1 -6.7 -3 -5 

Emerging Market 11.5 926 15.5 12.9 19.4 0.5 -0.5 0.3 0.1 5 3 4 13.3 2.3 7.7 2.6 0.7 -1.3 -5.1 31 -3 

Asia 6.3 554 16.3 14.4 22.8 0.5 -0.4 0.5 -0.8 6 2 3 14.5 2.3 7.8 2.4 0.6 -2.0 -5.5 37 -3 

Latin America 2.3 147 16.1 11.3 16.4 0.7 -1.8 -0.1 1.8 9 9 -7 12.2 4.2 8.2 3.6 0.7 0.4 -5.5 29 -5 

Europe 1.8 102 9.5 9.4 13.0 -0.7 0.4 -0.7 1.1 -1 1 36 11.8 1.7 7.2 2.2 0.9 -0.3 -3.5 24 -2 

AC Asia Pacific 19.3 1,141 9.0 11.7 15.9 2.3 -1.2 2.2 -1.3 -1 -2 -5 14.5 1.8 7.6 2.4 0.9 -2.8 -9.2 3 -5 

AC AP ex. Japan 10.7 743 9.0 14.1 17.6 0.5 -0.3 0.5 -0.4 4 2 3 14.8 2.4 8.3 2.9 0.8 -3.0 -7.0 26 -4 

AC Asia 16.4 1,043 9.7 11.6 17.3 2.6 -1.4 2.5 -1.5 0 -2 -4 14.5 1.7 7.5 2.1 0.8 -2.4 -9.0 2 -5 

AC Asia ex. Japan 7.8 645 10.5 14.6 21.2 0.5 -0.3 0.5 -0.6 6 3 6 15.0 2.3 8.2 2.5 0.7 -2.2 -5.6 34 -3 

Australia 2.8 88 12.6 6.7 8.6 -0.3 -0.4 -0.3 -0.1 -10 -5 -15 14.0 2.6 8.3 4.1 1.6 -5.2 -10.7 8 -6 

Hong Kong 1.1 54 -20.2 16.7 14.9 0.1 0.1 0.2 0.6 13 11 15 20.5 2.2 14.7 2.6 1.4 -3.0 -5.0 34 -3 

Japan 8.6 398 8.9 9.0 13.5 1.9 -0.4 2.0 -0.4 -10 -9 -20 13.7 1.4 7.1 1.7 1.0 -2.5 -11.9 -16 -7 

New Zealand 0.1 10 5.9 6.7 7.2 0.0 -0.6 0.1 -0.5 -20 -10 -10 14.0 2.3 7.2 5.2 2.0 -4.2 -4.5 -9 -5 

Singapore 0.5 37 3.8 14.7 14.2 -0.2 -0.1 -0.2 -0.1 0 0 36 14.0 2.0 4.2 3.6 1.0 -3.8 -8.0 11 -5 

China 1.8 112 22.1 17.2 25.1 0.3 1.4 0.3 1.3 16 9 28 18.5 3.3 9.4 2.0 0.7 -1.1 -8.0 71 -2 

India 1.0 63 20.8 24.6 31.7 0.1 0.4 0.1 -2.3 10 2 15 23.4 4.2 14.1 0.9 0.7 -0.5 3.7 58 3 

Indonesia 0.2 23 11.2 15.3 30.3 0.5 1.9 -0.1 0.7 48 9 0 16.3 4.4 7.3 2.6 0.5 2.2 -1.0 72 3 

Korea 1.6 113 15.9 13.9 19.3 -0.1 -0.1 0.0 0.1 -21 -19 -9 11.3 1.6 6.1 1.9 0.6 -4.9 -8.9 28 -7 

Malaysia 0.3 56 -5.8 11.8 15.9 0.0 -1.5 0.0 -1.7 15 26 8 16.6 2.5 7.7 3.2 1.0 4.0 7.3 39 6 

Pakistan 0.0 13 19.2 10.5 12.9 -3.1 -2.8 -3.3 -3.4 10 -10 -20 11.0 NA 6.7 5.1 0.9 -2.4 -7.1 26 -1 

Philippines 0.1 18 15.6 19.6 14.3 0.0 -0.1 0.1 0.0 28 17 6 15.3 2.5 6.8 2.8 1.1 0.8 -5.9 14 -3 

Taiwan 1.1 123 15.4 8.5 20.7 0.4 -0.3 0.2 -0.9 0 -2 -16 11.0 1.8 6.5 5.0 0.5 -2.7 -7.9 1 -7 

Thailand 0.1 33 18.5 6.5 12.0 4.2 -1.0 3.7 -1.5 17 17 -3 10.8 2.0 6.1 3.9 0.9 -3.3 -6.1 29 -8 

AC Americas 47.6 894 15.6 12.4 12.8 1.3 1.7 1.2 2.1 -12 -6 -12 13.6 2.9 8.7 2.5 1.1 -0.8 -5.0 0 -4 

US 41.6 637 15.9 12.8 12.8 1.4 1.7 1.4 2.0 -17 -9 -13 13.6 2.9 8.8 2.4 1.1 -0.9 -5.3 -1 -5 

Canada 3.7 110 12.1 8.1 11.2 0.6 1.2 -0.3 1.3 -2 -5 -10 14.6 2.3 7.1 3.0 1.3 -0.8 -0.2 10 -1 

Argentina 0.1 11 19 106.2 NA -0.1 -1.3 1.5 3.8 -25 -13 13 10.4 NA NA 2.7 NA -5.1 -10.1 -7 -7 

Brazil 1.5 68 13.4 10.8 14.9 0.5 -4.6 0.0 0.6 11 8 -12 12.0 3.2 7.8 3.7 0.8 0.6 -5.5 45 -5 

Chile 0.1 27 16.7 13.1 13.1 0.4 3.1 0.9 4.4 33 41 0 14.7 1.4 6.9 3.1 1.1 -2.7 -9.3 4 -7 

Colombia 0.0 7 21.9 15.5 NA NA -13.5 NA -16.7 0 0 0 12.6 NA NA 3.5 NA -3.5 -7.0 3 -4 

Mexico 0.5 28 22.3 8.7 21.1 0.1 -0.1 0.0 0.9 -8 -7 -11 11.8 4.1 6.7 3.6 0.6 1.8 -4.2 8 -2 

Peru 0.1 6 54.1 -6.6 15.0 65.6 39.1 0.7 -0.7 100 33 33 15.8 NA NA NA 1.1 -2.4 -4.0 83 -1 

AC Europe 31.9 726 10.1 10.1 8.9 1.1 -1.4 1.1 -1.3 -1 -1 -14 11.6 2.0 7.2 3.7 1.3 -2.0 -6.5 -2 -5 

Austria 0.2 16 9.8 11.0 10.7 -1.1 -0.2 -1.2 -3.5 -6 6 31 9.6 1.7 5.8 3.1 0.9 -6.0 -8.9 -17 -9 

Belgium 0.5 22 1.1 12.6 8.0 -0.3 0.1 -0.3 0.2 -23 -5 -14 10.0 1.8 12.9 4.1 1.2 -1.9 -5.4 -19 -4 

Denmark 0.4 23 15.0 13.7 13.3 0.1 0.2 0.0 0.3 -18 -23 -5 13.3 2.5 8.9 2.2 1.0 -3.8 -10.4 2 -8 

Finland 0.8 23 -9.4 8.9 9.9 0.0 0.1 0.2 0.4 30 13 -39 13.2 2.8 7.8 3.5 1.3 -5.5 -12.5 20 -10 

France 4.6 74 10.8 9.9 6.5 -0.1 0.0 -0.1 0.3 -8 -9 -30 11.3 1.8 6.4 3.6 1.7 -2.0 -6.9 -6 -5 

Germany 4.1 61 11.4 12.2 8.3 0.2 0.0 0.1 0.0 5 4 -30 12.0 1.9 6.3 3.2 1.4 -1.6 -4.6 12 -5 

Greece 0.3 15 15.1 18.1 21.4 0.1 0.8 0.1 0.0 -7 -7 -7 12.5 2.6 7.9 3.9 0.6 -3.7 -4.7 6 -5 

Ireland 0.3 14 7.7 9.4 8.6 -0.2 -0.8 -0.2 -1.3 -14 -14 7 8.5 1.4 7.6 4.8 1.0 -4.9 -10.1 -30 -3 

Italy 1.8 40 11.2 10.1 6.4 -0.1 -0.9 -0.1 -0.6 8 3 -44 11.0 1.8 5.6 4.8 1.7 0.0 -4.9 -11 -3 

Netherlands 1.2 24 2.7 9.9 6.2 -0.1 0.6 0.1 0.6 21 13 -17 11.1 2.0 7.1 3.9 1.8 -3.3 -7.3 -2 -6 

Norway 0.4 22 3.8 12.5 12.7 -0.3 -1.9 -0.3 -1.2 9 0 -27 11.5 2.3 5.5 3.8 0.9 -7.8 -10.2 2 -11 

Portugal 0.2 12 10.5 11.8 8.1 -0.1 0.0 -0.6 0.1 -9 0 0 14.5 2.5 8.7 4.1 1.8 -1.6 -6.4 2 -4 

Spain 1.9 33 12.3 13.2 7.6 0.1 0.0 0.1 0.1 6 -9 -19 11.6 2.2 7.1 4.4 1.5 -1.2 -8.3 2 -5 

Sweden 1.0 49 9.2 8.6 6.7 -0.1 0.0 -0.1 0.1 7 16 -18 10.5 2.0 7.0 4.6 1.6 -3.3 -13.6 -16 -10 

Switzerland 3.0 39 27.6 11.2 11.7 -0.7 -2.2 -0.8 -2.2 -8 0 -39 12.6 2.6 9.1 2.8 1.1 0.0 -8.0 -10 -4 

UK 9.4 157 8.2 7.9 9.3 -0.2 1.6 -0.1 1.6 -6 -4 -16 11.4 2.2 7.7 4.1 1.2 -2.4 -5.3 -2 -4 

Czech Rep. 0.1 7 18.5 11.3 7.1 -0.5 0.5 -0.5 0.0 17 17 50 14.7 2.8 8.3 3.8 2.1 -6.4 -8.4 25 -7 

Hungary 0.1 4 9.8 8.0 7.6 0.0 -0.1 0.0 0.3 -25 -25 50 10.1 2.2 6.4 3.4 1.3 -1.4 -7.9 3 -6 

Poland 0.2 28 10.4 10.4 19.4 -3.7 -1.6 -6.0 -3.0 -4 8 15 11.5 1.2 6.2 4.5 0.6 -6.1 -13.1 -3 -8 

Russia 1.2 32 8.7 7.8 13.3 -0.9 0.6 -0.7 1.7 -10 5 19 11.8 1.5 7.5 1.4 0.9 1.4 -0.2 31 1 

Turkey 0.2 31 10.1 17.0 9.4 -0.6 1.5 0.6 2.6 6 -6 61 9.9 2.1 5.5 4.2 1.1 -1.6 -8.7 35 -7 

Israel 0.3 32 13.5 11.6 15.0 0.6 1.2 0.6 1.1 18 0 4 14.4 2.7 9.6 4.2 1.0 -2.5 -1.0 20 -2 

Egypt 0.1 17 9.7 22.1 15.0 -0.7 -1.9 -0.6 -2.0 17 0 -8 17.5 12.1 9.6 2.4 1.2 2.0 11.9 53 4 

South Africa 0.8 51 20.6 15.6 11.9 -0.2 -0.9 -0.2 -1.0 -2 -2 -8 10.7 2.4 6.7 3.9 0.9 -3.9 -7.4 10 -3 





Table 6. Earnings & Valuation / Performance : MSCI AC Asia Pacific ex. Japan 

Country Weight # Co's EPS G (%) EPS Change (%) ERR - 12MF 12-month Forward Valuation Performance 

08E 09E LT(5Y) 2008E 2009E 01/11 1W 1M PER PBR EV/EBITDA DY PEG 1W 1M 12M YTD 

(%) (YoY) (YoY) Forcast 1W 1M 1W 1M (%) (%) (%) (x) (x) (x) (%) (x) (%) (%) (%) (%) 

Market 100.0 743 9.0 14.1 17.6 0.5 -0.3 0.5 -0.4 4 2 3 14.8 2.4 8.3 2.9 0.8 -3.0 -7.0 26 -4 

Energy 8.7 40 17.1 11.9 14.6 0.5 1.0 0.3 0.6 33 31 44 16.7 3.2 9.5 2.1 1.1 -1.3 -2.7 79 0 

Materials 12.7 77 8.9 9.2 9.9 0.2 -0.3 0.1 -0.3 4 5 -12 12.6 2.7 8.4 2.7 1.3 -3.6 -8.0 53 -3 

Chemicals 2.0 21 8.7 -4.6 8.0 0.2 -1.0 0.2 -0.6 10 0 -14 12.0 2.0 11.9 4.6 1.5 0.0 -1.1 59 -1 

Metals & Mining 9.3 33 8.8 11.6 9.1 -0.1 -0.2 0.0 -0.3 3 16 3 12.6 2.8 7.7 2.2 1.4 -4.5 -9.8 64 -3 

Paper & Forest Products 0.2 4 31.5 39.8 36.1 -2.6 -3.8 -3.7 -4.2 0 0 25 16.1 2.5 12.6 1.9 0.4 -10.0 -16.4 0 -13 

Industrials 12.4 137 3.8 22.7 25.5 0.7 0.5 0.8 0.7 -5 -7 3 16.9 2.4 10.2 2.1 0.7 -3.4 -4.8 45 -3 

Building Products 0.1 2 21.7 19.5 6.3 0.4 9.1 0.4 9.7 -50 -50 100 19.1 1.8 12.1 1.1 3.0 -1.5 1.8 76 -1 

Construction & Engineering 2.6 18 25.6 31.7 29.5 1.0 -0.4 1.3 1.9 -6 -12 -6 22.1 4.3 15.7 1.3 0.7 -4.6 3.0 125 1 

Electrical Equipment 0.7 11 24.9 23.6 35.0 -0.3 -0.8 0.2 0.1 -18 -9 0 19.9 3.2 13.6 1.2 0.6 -2.3 -6.2 70 -3 

Machinery 1.6 14 39.2 30.3 52.5 0.5 -0.9 0.5 -0.9 -29 -21 21 11.8 3.2 8.5 1.5 0.2 -5.1 -5.5 89 -6 

Trading Companies & Distrib 0.4 6 1.8 20.0 34.5 3.8 1.8 7.0 5.1 0 -25 -50 22.6 2.1 16.0 1.0 0.7 -8.5 -6.3 73 -11 

Commercial Services & Supp 0.4 4 9.8 12.6 12.1 0.0 -0.2 0.7 0.6 50 -25 -25 16.8 5.7 9.0 3.5 1.4 -8.9 -13.9 -18 -10 

Airlines 0.8 13 32.9 15.9 15.2 0.7 -0.1 0.7 -1.0 -38 -8 -38 12.9 1.5 6.9 3.5 0.9 -3.7 -7.9 19 -6 

Marine 1.0 18 -3.4 19.8 32.5 0.4 0.9 0.6 -0.5 29 35 24 9.9 1.7 6.6 3.4 0.3 -1.3 -12.3 82 -3 

Road & Rail 0.4 5 -9.8 21.7 5.1 0.4 -2.7 0.3 -1.8 -40 -20 -20 22.8 1.8 12.0 4.0 4.5 -3.6 -3.2 16 -1 

Consumer Discretionary 5.4 83 17.0 16.2 22.3 0.6 -0.9 0.6 -1.0 5 5 13 14.4 2.1 9.3 2.9 0.6 -4.9 -6.8 10 -6 

Auto Components 0.3 5 11.1 9.0 15.7 0.4 -1.5 0.4 -1.6 -40 0 -40 9.5 1.6 7.1 2.1 0.6 -2.0 -8.0 13 -5 

Automobiles 1.1 15 21.1 17.7 14.7 0.6 0.6 0.9 0.5 36 21 7 11.0 1.3 6.9 1.8 0.7 -1.9 -4.9 11 -3 

Household Durables 0.4 7 63.1 11.9 78.3 1.5 2.7 1.4 -0.4 20 20 67 9.5 1.8 7.4 2.0 0.1 -6.1 -11.8 36 -5 

Textiles, Apparel & Luxury G 0.3 9 19.7 30.2 15.9 1.1 0.2 1.0 -0.2 14 14 -14 11.8 1.8 8.5 2.8 0.7 -6.3 -11.5 -2 -10 

Hotels, Restaurants & Leisur 1.2 16 3.2 12.6 13.8 0.7 -2.6 0.7 -1.5 -25 -19 25 18.2 2.5 10.3 3.9 1.3 -3.0 -4.3 -1 -3 

Media 0.5 12 7.7 17.9 14.0 0.4 -0.1 0.4 -0.4 9 0 27 17.5 2.3 10.5 4.9 1.3 -1.9 -2.8 -1 -3 

Retailing 1.5 15 12.4 18.1 23.1 0.3 0.0 0.2 0.0 13 7 7 19.8 3.8 12.8 2.6 0.9 -8.6 -8.2 30 -10 

Consumer Staples 5.0 47 2.1 14.9 13.9 0.8 -0.2 0.7 -0.4 2 -2 16 20.0 3.4 12.6 2.9 1.4 -1.5 0.0 30 -1 

Food & Staples Retailing 2.2 8 7.6 16.0 11.2 0.7 0.2 0.7 -0.4 -29 -14 14 21.2 3.3 12.3 3.1 1.9 -2.9 -5.9 29 -4 

Food, Beverage & Tobacco 2.4 33 -3.7 13.8 15.5 1.0 -0.7 0.9 -0.7 12 0 21 18.5 3.3 12.3 2.8 1.2 -0.4 5.3 33 2 

Household & Personal Produ 0.4 6 20.2 17.6 19.6 0.6 0.8 0.4 1.7 -20 0 -20 23.9 7.9 17.3 2.2 1.2 -0.7 4.8 26 2 

Health Care 1.2 15 20.0 20.5 19.2 0.8 0.4 0.7 0.9 -7 -7 -13 22.1 5.0 15.0 1.8 1.1 -2.1 -0.7 25 -3 

Biotechnology 0.5 1 26 29.5 22.9 0.9 1.3 0.7 1.6 -100 0 100 25.0 8.7 16.8 1.4 1.1 0.3 -1.4 67 -2 

Pharmaceuticals 0.3 8 18.3 15.3 18.1 0.3 -0.5 0.3 0.2 13 0 25 18.6 3.5 13.7 1.0 1.0 -3.7 0.9 7 -5 

Financials 33.8 185 7.2 13.7 17.6 0.5 -0.3 0.5 -0.6 5 2 8 14.7 2.1 7.2 3.5 0.8 -2.9 -8.7 16 -4 

Banks 17.2 69 10.9 12.1 13.2 0.8 -0.2 0.7 0.0 0 0 -6 12.8 1.9 3.7 4.2 1.0 -1.8 -7.0 10 -3 

Capital Markets 1.3 14 4.3 8.4 18.2 0.6 -0.5 0.6 -0.4 -8 -17 58 11.2 1.7 13.3 3.8 0.6 -5.7 -7.7 20 -9 

Insurance 4.3 15 -0.1 10.7 18.4 -0.1 -2.0 0.0 -0.9 -7 -13 20 16.8 2.9 9.3 3.2 0.9 -4.4 -11.9 14 -7 

Information Technology 10.4 93 22.6 14.7 20.3 0.5 -1.6 0.3 -2.3 0 -9 -25 11.4 1.9 5.8 3.1 0.6 -5.7 -12.5 -9 -10 

Internet Software & Service 0.6 4 42.5 35.2 42.1 0.5 0.0 0.5 -1.3 50 50 75 36.1 12.1 25.5 0.5 0.9 -6.1 -7.2 96 -1 

IT Services 1.1 7 NA NA NA NA NA NA NA NA NA NA NA 4.7 12.1 1.4 NA -5.2 -8.1 -21 -10 

Software 0.0 1 38.9 31.6 2.0 0.4 -4.9 2.8 -4.3 100 -100 -100 14.3 1.8 8.6 NA 7.2 -3.6 -18.1 -15 -4 

Communications Equipment 0.2 5 23.8 19.1 21.2 0.0 -2.2 0.1 -3.4 0 0 20 12.1 2.6 8.7 3.8 0.6 -6.7 -18.1 -28 -11 

Computers & Peripherals 1.5 21 22.4 16.8 22.5 1.7 -0.4 0.9 -1.3 -11 -5 -15 9.8 2.1 7.1 4.5 0.4 -7.0 -15.9 -6 -13 

Electronic Equip. & Instr. 2.3 26 43.3 9.5 28.5 0.9 -0.3 0.7 -1.2 19 0 -25 9.3 1.7 4.8 2.6 0.3 -4.8 -11.9 3 -12 

Office Electronics 0.0 1 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA -2.8 -9.7 -15 -6 

Semiconductors 4.7 28 12.6 16.8 14.0 0.4 -2.8 0.3 -3.3 -17 -13 -58 11.2 1.5 4.9 3.4 0.8 -5.7 -13.0 -15 -10 

Telecom. Services 7.5 30 -4.6 13.4 18.0 0.6 1.1 0.5 1.0 17 10 -14 17.3 3.2 7.6 3.1 1.0 -0.1 -4.7 46 -1 

Diversified Telecom. Service 3.0 17 6.6 8.2 8.9 0.7 2.1 0.5 1.5 13 25 -13 14.6 2.5 6.7 4.2 1.6 0.9 -1.8 17 0 

Wireless Telecom. Services 4.5 13 -12.6 18.0 23.5 0.4 0.3 0.4 0.6 23 -8 -15 19.6 3.9 8.6 2.4 0.8 -0.8 -6.6 77 -3 

Utilities 3.0 36 3.6 7.8 9.4 0.5 -0.1 0.9 0.2 0 18 18 16.1 1.6 10.6 2.8 1.7 -2.2 -0.8 23 -1 

Electric Utilities 1.4 10 3.6 6.5 3.0 0.2 -1.2 1.3 -0.4 -10 0 -10 14.3 1.3 10.4 3.1 4.8 -1.3 2.2 16 2 

Gas Utilities 0.6 7 -4.7 10.9 13.9 0.4 0.8 0.8 1.3 33 50 83 21.8 3.8 15.2 1.9 1.6 -2.4 -2.0 50 -2 





Asia Pacific Country & Sector Rating 



Table 1. Asia Pacific Country Rating for January 

Asia Pacific Country Rating by Median Z-score of 6 Criteria 

13-Country Rank's Z-score 

30% 

-0.5 

Negative 

40% 

0 

Neutral 

30% 

0.5 

Positive 

Positive 

Momentum 1 Momentum 2 Growth Profitability Valuation Liquidity 

(Breadth) (Magnitude) 

12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of Money Supply Growth 

Monthly FY07 & FY08 EPS FY07 & FY08 EPS FY07 & FY08 12m Fw. P/E, P/B, less Target Policy Rate 

Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA (Distance from 

(13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) (13 Countries Rank) Median since 2000) 

India 

Positive Positive Positive Positive Negative Positive 

(p.78) Z-score (1.44) 1.41 1.70 1.06 1.46 -8.30 3.73 

Positive 

Indonesia 

Positive Positive Negative Positive Negative Positive 

(p.96) Z-score (1.22) 1.44 1.00 -0.57 4.30 -0.96 1.97 

Positive 

China 

Positive Positive Positive Positive Negative Neutral 

(p.66) Z-score (1.08) 1.98 4.13 1.23 0.92 -4.67 0.35 

Positive 

Hong Kong 

Positive Positive Neutral Negative Negative Positive 

(p.72) Z-score (0.73) 1.46 1.96 0.00 -2.79 -6.48 11.44 

Singapore 

Neutral 

Positive Neutral Negative Negative Neutral Positive 

(p.84) Z-score (0.42) 1.84 0.35 -1.57 -0.90 0.49 3.95 

Thailand 

Neutral 

Neutral Neutral Neutral Positive Positive Negative 

(p.102) Z-score (0.15) 0.00 0.00 0.30 0.50 0.90 -1.67 

Korea 

Neutral 

Neutral Negative Neutral Negative Positive Positive 

(p.54) Z-score (0.08) -0.07 -1.05 0.23 -1.36 1.80 0.88 

Malaysia 

Neutral 

Positive Neutral Negative Negative Neutral Neutral 

(p.90) Z-score (0.00) 1.00 0.38 -3.55 -1.00 0.00 0.00 

Taiwan 

Neutral 

Neutral Negative Neutral Neutral Positive Negative 

(p.60) Z-score (-0.20) -0.47 -0.58 0.08 0.14 1.13 -2.76 

Philippines 

Neutral 

Neutral Negative Neutral Neutral Negative Neutral 

(p.114) Z-score (-0.22) -0.26 -0.53 0.15 -0.18 -0.54 -0.01 

Negative 

Japan 

Neutral Negative Negative Negative Neutral Neutral 

(p.42) Z-score (-0.70) -0.41 -1.46 -1.00 -3.84 0.00 0.33 

Negative 

Australia 

Negative Negative Negative Positive Negative Positive 

(p.48) Z-score (-0.79) -0.60 -0.98 -1.65 1.39 -1.00 3.38 

Negative 

New Zealand 

Negative Negative Negative Neutral Neutral Negative 

(p.108) Z-score (-0.99) -1.25 -3.47 -3.10 0.00 -0.16 -0.74 

Note : For more information, refer to the monthly quantitative report “The Guiding Light : Asia Pacific / Country” published on Jan. 2, 2008. 




Table 2. Asia Pacific ex. Japan Sector Rating for January 

Asia Pacific ex. Japan Sector Rating by Median Z-score of 5 Criteria 

21-Sector Rank's Z-score 

Momentum 1 Momentum 2 Growth Profitability Valuation 


30% 

-0.5 

Negative 

40% 

0 

Neutral 

30% 

0.5 

Positive 

12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of 

Monthly FY07 & FY08 EPS FY07 & FY08 EPS FY07 & FY08 12m Fw. P/E, P/B, 

Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA 

(21 Sectors Rank) (21 Sectors Rank) (21 Sectors Rank) (21 Sectors Rank) (21 Sectors Rank) 

Positive 

Internet Software 

& Services Positive Negative Positive Positive Negative 

(p.178) Z-score (2.77) 5.49 -7.20 2.77 9.99 -7.96 

Positive 

Construction 

& Engineering Neutral Positive Positive Positive Negative 

(p.58) Z-score (1.05) -0.17 3.50 1.05 1.38 -2.83 

Positive 

Marine 

Negative Positive Positive Positive Positive 

(p.82) Z-score (0.95) -0.85 6.37 1.12 0.84 0.95 

Positive 

Household Durables 

Positive Positive Positive Neutral Positive 

(p.106) Z-score (0.60) 0.55 2.60 5.01 0.27 0.60 

Positive 

Automobiles 

Neutral Positive Positive Negative Positive 

(p.90) Z-score (0.59) 0.00 0.76 0.59 -3.13 0.95 

Positive 

Energy 

Positive Positive Neutral Positive Negative 

(p.34) Z-score (0.54) 1.68 0.54 0.47 0.88 -1.13 

Pharmaceuticals 

Neutral 

Positive Positive Neutral Neutral Negative 

(p.130) Z-score (0.45) 0.82 0.84 0.34 0.45 -2.07 

Metals & Mining 

Neutral 

Negative Positive Negative Positive Neutral 

(p.50) Z-score (0.19) -0.83 1.07 -0.64 3.10 0.19 

Electronic Equipment 

Neutral 

& Instruments Negative Neutral Positive Neutral Positive 

(p.170) Z-score (0.11) -1.10 0.11 2.87 -0.16 1.00 

Machinery 

Neutral 

Neutral Neutral Positive Positive Neutral 

(p.66) Z-score (0.00) 0.00 -0.34 2.57 6.06 0.00 

Telecom. Services 

Neutral 

Negative Positive Neutral Positive Negative 

(p.186) Z-score (0.00) -1.00 1.10 0.00 0.88 -1.52 

Note : For more information, refer to the monthly quantitative report “The Guiding Light : Asia Pacific / Sector” published on Jan. 2, 2008. 




Table 2. Asia Pacific ex. Japan Sector Rating for January (Continued) 

Asia Pacific ex. Japan Sector Rating by Median Z-score of 5 Criteria 

21-Sector Rank's Z-score 

Momentum 1 Momentum 2 Growth Profitability Valuation 


30% 

-0.5 

Negative 

40% 

0 

Neutral 

30% 

0.5 

Positive 

12m Fw. EPS Wtd. Avg. of Wtd. Avg. of Wtd. Avg. of Median Z-score of 

Monthly FY07 & FY08 EPS FY07 & FY08 EPS FY07 & FY08 12m Fw. P/E, P/B, 

Revision Ratio Monthly Change Growth (YoY) ROE EV/EBITDA 

(21 Sectors Rank) (21 Sectors Rank) (21 Sectors Rank) (21 Sectors Rank) (21 Sectors Rank) 

Capital Markets 

Neutral 

Positive Neutral Negative Negative Neutral 

(p.146) Z-score (0.00) 1.51 0.00 -1.14 -1.31 0.28 

Retailing 

Neutral 

Positive Negative Neutral Positive Negative 

(p.114) Z-score (-0.07) 1.37 -1.50 -0.07 1.66 -2.71 

Auto Components 

Neutral 

Negative Positive Neutral Negative Positive 

(p.98) Z-score (-0.42) -2.09 0.67 -0.42 -0.99 0.75 

Banks 

Neutral 

Neutral Negative Neutral Negative Neutral 

(p.138) Z-score (-0.44) -0.07 -0.67 -0.44 -1.00 0.12 

Insurance 

Negative 

Positive Negative Negative Neutral Negative 

(p.154) Z-score (-0.58) 0.87 -0.58 -1.49 -0.43 -1.23 

Chemicals 

Negative 

Positive Negative Negative Negative Neutral 

(p.42) Z-score (-0.69) 1.29 -1.45 -0.69 -1.88 0.00 

Semiconductors 

Negative 

Negative Negative Neutral Negative Positive 

(p.162) Z-score (-0.97) -5.25 -1.15 -0.11 -0.97 0.56 

Airlines 

Negative 

Negative Negative Positive Negative Positive 

(p.74) Z-score (-1.00) -2.05 -1.00 1.82 -3.27 0.64 

Utilities 

Negative 

Negative Negative Negative Negative Negative 

(p.194) Z-score (-1.00) -1.78 -0.92 -1.00 -5.22 -0.73 

Consumer Staples 

Negative 

Neutral Negative Negative Neutral Negative 

(p.122) Z-score (-1.04) 0.30 -1.04 -1.34 0.00 -1.66 

Note : For more information, refer to the monthly quantitative report “The Guiding Light : Asia Pacific / Sector” published on Jan. 2, 2008.

Quant Strategy - Mirae Asset Securities Co., Ltd.

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