The Japanese stock market crash is over-soulseek

Has Japan’s stock market crash ended? U.S. stock market center: exclusive provision of the U.S. stock industry sector, disk before, after, ETF, warrants real-time quotes, Sina stock news Beijing time 15 afternoon news, from June 2015 high to last Friday lows, Japan’s stock market plunged nearly 30%. Monday’s Nikkei 225 index closed up 7.2%, mainly due to the further easing of expectations by the Japanese central bank and the yen’s decline. But Credit Suisse believes the decline in the Japanese stock market has not ended. As of Friday’s close, the Japanese Topix index expected earnings ratio is only 10.9 times lower than in 2009, when the global financial crisis and the level of valuation, close to 2012 the European debt crisis lows. After Andouble came to power at the end of 2012, the Japanese stock market gained valuations, but now it has taken over all the gains. According to Morgan Stanley (Morgan Stanley) estimates that over the past 5 years, the Topix index average price earnings ratio of 13.2 times the average price earnings since Andouble came to power in 2012 the rate is 14 times. Wall Street Topix average expected earnings per share this year 108 yen, according to 13.2 times historical valuation, then the Topix index will rise to 1425 points, compared with Monday’s closing price of about 10%. But if the pessimistic scenarios of Morgan Stanley, namely earnings per share is only 90 cents, then the Topix index will continue to fall to 1187. The future trend of the Japanese stock market depends mainly on the yen. From the point of view of corporate profitability, the yen exchange rate is very small. But the point is that foreigners hold nearly 34 of the market value of the Topix index, so the key is not the yen on corporate earnings impact itself, but how to treat the influence of foreigners yen on corporate earnings. Credit Suisse strategist Sakthi Siva believes that Japan’s stock market has not ended. She pointed out that the Japanese stock market is still very expensive compared with other Asian stock markets from the market rate and the equity return rate (ROE). Credit Suisse report said: "despite the recent Japanese stock market crash, the city’s net rate is about 1.11 times, similar to other Asian stock markets. But the Japanese stock market ROE is only 8.5%, much lower than 10.7% in other Asian regions. For investors who believe that the depreciation of the yen is the main driver of Japan’s ROE rebound (for example, we), Japan’s ROE may soon see the top. One leading indicator is the average forecast of earnings per share expected by Japan’s stock market in 2016 for the 5 month in a row." (Tony compiler) Chengwei Section Editor: SF132

日本股市暴跌是否已经结束? 美股行情中心:独家提供全美股行业板块、盘前盘后、ETF、权证实时行情   新浪美股讯 北京时间15日下午消息,从2015年6月高点到上周五低点,日本股市暴跌近30%。周一日经225指数收盘大涨7.2%,主要原因是日本央行进一步宽松的预期上升、日元见顶回落。不过瑞信认为日本股市的下跌并未结束。   截至上周五收盘,日本东证指数预期市盈率仅10.9倍,低于2009年全球金融危机时的估值水平,接近2012年欧债危机时期的低点。   2012年底安倍上台之后日本股市获得估值提升,但现在已回吐全部涨幅。   根据摩根士丹利(Morgan Stanley)估算,过去5年,东证指数平均市盈率为13.2倍,2012年安倍上台以来的平均市盈率是14倍。华尔街平均预期东证指数今年每股盈利108日元,如果按照13.2倍的历史估值,那么东证指数将涨到1425点,较周一收盘价高出大约10%。但如果按照摩根士丹利的悲观情境,即每股盈利只有90美分,那么东证指数还将继续跌至1187点。   日本股市未来的趋势主要依赖于日元。从企业盈利角度来看,日元汇率的影响很小。但重点在于,外国人持有东证指数将近3 4的市值,因此关键不在于日元对企业盈利的影响本身,而是外国人如何看待日元对企业盈利的影响。   瑞士信贷(Credit Suisse)策略师Sakthi Siva认为日本股市的下跌并未结束。她指出,从市净率和股权回报率(ROE)来看,日本股市相比其他亚洲股市依然很贵。   瑞信报告指出:“尽管日本股市最近大跌,市净率在1.11倍左右,与其他亚洲股市类似。但日本股市ROE只有8.5%,大大低于其他亚洲地区10.7%的水平。对于那些相信日元贬值是日本ROE回升主要推动力的投资者而言(比如我们),日本的ROE可能很快见顶。一个领先指标是日本股市2016年预期每股盈利的平均预测值连续5个月被下调。”(Tony 编译) 责任编辑:段呈伟 SF132相关的主题文章: