China's GDP forecast for 2013 rose to 7.7%., but growth will still be modest. The govt. likely will maintain its targets of 7.5% for GDP growth,
MARKET UPDATES & STOCK RECOMMENDATION
China’s GDP forecast for 2013 rose to 7.7%., but growth will still be modest. The govt. likely will maintain its targets of 7.5% for GDP growth, 3.5% for inflation, and 13% for M2 growth for 2014. This would imply tighter liquidity, higher interest rates, and slower economic growth. Economic data since September have been mixed. Strength in industrial production was sustained by improving exports. IP growth rose to 10.3% y/y in
October from 10.1% in Q3, and export growth improved to 5.6% from 3.9%. On the other hand, softening fixed asset investment and imports suggests decelerating momentum in demand. FAI growth moderated to 20.1%
y/y, YTD through Oct from 20.3% in August, led by weaker growth in infrastructure and property investment. Import growth slowed to 5.3% in November from 7.6% in Oct. Although the headline NBS PMI held
at 51.4 in Oct-Nov. the new orders component edged down for the third consecutive month.
Thailand, Malaysia and India provide the strongest competition to Singapore. The overall healthcare pie is undoubtedly growing, as major regional healthcare service providers have largely reported decent YoY revenue growth of 5-18% for 9MCY13, with IHH leading the pack.
SELL HONGKONG LAND BELOW 5.900 TG 5.850, 5.790, 5.720 SL 5.970
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