<> Markets Not Out Of The Woods-Deutsche Securities

From: MAY TSANG (DEUTSCHE SECURITIES)
At:  9/23  5:08:16

*Our feelings that :

a)  markets are not out of the woods just yet - not convinced that last week marked definitive bear market lows,    

 

 b) continued economic overhang - economic growth in the developed world will    not bottom until well into 2009,

 

 c) consensus EPS  forecasts still have con-siderable room for disappointment,

 

d) valuations beginning to look cheap but not at rock bottom PERs - at 11x 08E
EPS, valuations are simply back in the 2003-07 range when earnings growth was
robust/accelerating. 

Safe Harbor Statement:

Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.

 

Nothing in this article is, or should be construed as, investment advice.

 

 

 

 

 

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