Presentation to Client XYZ - JP Morgan Asset Management
Presentation to Client XYZ - JP Morgan Asset Management
Presentation to Client XYZ - JP Morgan Asset Management
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J.P. <strong>Morgan</strong> <strong>Asset</strong> <strong>Management</strong> Standard Template 2009.pptDec-01Dec-02Dec-03Dec-04Dec-05Dec-06Dec-07Dec-08Dec-09Dec-10Dec-11Dec-99Dec-00Dec-01Dec-02Dec-03Dec-04Dec-05Dec-06Dec-07Dec-08Dec-09Dec-10Dec-11Income has proven resilient outside S’pore & commodity sec<strong>to</strong>r profits0%-1%-2%-3%-4%-5%-6%-7%-8%UBS coverage: 2007-2009 EPS CAGR (USD)-1.8%-4.1%-4.9%Outside commoditiesor Singapore,earnings haveproven relativelyresilient0%-1%-1%-2%-2%-3%-3%-4%UBS coverage: 2007-2009 EPS CAGR (USD)-1.1%Commodity s<strong>to</strong>cks comprise15% of <strong>to</strong>tal market cap-9%-10%-9.0%ASEAN-ex SG ASEAN Asia ex Japan Emerging Markets-4%-5%-4.1%ASEANASEAN ex commodityMalaysia commodity sec<strong>to</strong>r USD income growth and real consumption403020100-10...in part because theswings in income inthe commodity sec<strong>to</strong>rare not fully translatedthrough the labourmarket in<strong>to</strong> realconsumption.Indonesia commodity sec<strong>to</strong>r USD income growth and real consumption403020100-10Commodity value added, USD bn 4 qtr ma % yoy growth (lhs)Consumption expenditure, real 4 qtr ma % yoy growth (lhs)Commodity value added, USD bn 4 qtr ma % yoy growth (lhs)Consumption expenditure, real 4 qtr ma % yoy growth (lhs)Source: UBS, Haver, CEIC
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