Asian Stock Markets - From the Ground Up - Presenters: Herald van der Linde, CFA, Head of Equity Strategy, Asia Pacific, HSBC Deshan Pushparajah ...

Asian Stock Markets — From the Ground Up
Presenters:
Herald van der Linde, CFA, Head of Equity Strategy, Asia Pacific, HSBC
Deshan Pushparajah, CFA, Managing Director, Global Markets & Investment Banking, CAL

PRESENTATION

Herald van der Linde, CFA
Speaker name
Speaker title Strategy,
Head of Equity
Speaker organisation
Asia Pacific,
HSBC

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Herald van der Linde
November 2021

History

          Tug of War
Content   Markets from the ground up

          Big themes

          2021

Amsterdam
1602

The oldest share certificate in the world

Source: West Fries Archief, Hoorn, The Netherlands

A tug of war

The universe

Source: local stock exchanges

USD100 invested on Jan 1 2000…

Source: Refinitiv

Different
markets are
not always
different

Blocks
         Mainland
          China,    Korea,
           HK,      Taiwan
          Spore

         ASEAN       India

The central   Mainland China,
              Hong Kong and
block         Singapore

More than one

In Mainland China   Outside Mainland China

How much would $100 in 2005 now be?

H-shares: Tech vs Shanghai traditionals

HSCEI               SSE

A vs H

Different stocks
          +
Different discount
rate
          =
Different dynamics

Different dynamics

US vs China

             Accounting rules change in the US

Homecoming   Chinese ADRs relist in Hong Kong

             Mostly tech companies

             To significantly alter HK market (H-shares)

From property to tech

Singapore: banks and real estate

    Top 10 Strait Times index

Hang Seng and Singapore

Singapore dynamics

S-REITS

North Asian
markets:
Japan Korea
Taiwan

Global cyclicals

Topix: after 1989

Top 10: Exporters, domestics

Japan dynamics

The Yen and
the stock
market

Korea and Taiwan

Korea and Taiwan: tech dominates

Korea and Taiwan dynamics

Kospi and Taiex performance

India,
ASEAN

Domestic markets

“Everything they say about
India is true. So is the
opposite”

India

India’s Sensex Top 10: diverse

India is the most diverse market in Asia

Some
headlines
Entry barriers

IT and
Pharma

India dynamics

Sensex in
the past
decades
(USD962)

Jakarta
Stock
Exchange’s
top 10

Indonesia vs
Thailand

Indonesia is
volatile, but it
isn’t

ASEAN dynamics

Performance

Themes
         Self-sufficiency, Chinese Empty Nesters,
                          Silver Dollars, New Cities

Self sufficiency

     US            CHINA

Demographic
shifts: India >
China

Two
demographic
dividends

Chinese empty
nesters

Silver dollars

          WEALTH

New growth
cities

A few observations so far

                    Mainland China can
 Mainland China                           Japan, Korea and
                    be tech (H-shares)
dominates market                             Taiwan are
                     or domestic (A-
     flows                                    “cyclical”
                          shares)

            India is most       India and ASEAN
               diverse         “go their own way”

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Thank you

Asian Stock Markets — From the Ground Up
Q&A

        Herald van der Linde, CFA,    Deshan Pushparajah, CFA,
         Head of Equity Strategy,        Managing Director,
               Asia Pacific,         Global Markets & Investment
                  HSBC                       Banking, CAL

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