Reuters: Hot Stocks: STOCKS NEWS ASEAN-HSBC ups Thailand to overweight; S'pore, Indonesia to neutral

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STOCKS NEWS ASEAN-HSBC ups Thailand to overweight; S'pore, Indonesia to neutral Jun 28th 2012, 09:18 Thu Jun 28, 2012 5:18am EDT HSBC has upgraded its recommendation on Thai stocks to 'overweight' from 'underweight,' citing a supportive monetary policy, expectations of growth surprises and abating political risks. "Thailand, as in other parts of the region, has very favourable demographics and a lot of 'cut and paste' growth to go through. Regional growth is becoming increasingly important as Mekong countries develop and Myanmar opens up," HSBC said in its Asia Equity Insights Quarterly report. It raised its rating for Indonesian shares to 'neutral' from 'underweight' for their high sustainable return on equities, which bodes well for a long-term outlook, although newsflows leading up to elections in 2014 and local currency weakness may drag on the market in coming quarters. It also upgraded Singapore to 'neutral' from 'underweight,' saying it is a defensive market populated with well managed companies, but low growth in the banking sector and limited price appreciation of residential property are cause for concern. HSBC retained its 'neutral' rating on Malaysia and maintained an 'underweight' on the Philippines. Southeast Asian stock markets have outperformed most others in Asia so far this year, with the Philippine market up 20.3 percent, ranking as the second best after Pakistan's gain of 21.6 percent, Thomson Reuters data shows. 1611 (0911 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) Link this Share this Digg this Email Reprints

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