We expect macro risks to diminish into 2014 with global growth picking up to 3.6% reinforced by synchronised growth among major economies. Malaysia's real GDP growth to pick up slightly to 5.0% in 2014 as stronger net exports offset slower domestic demand growth.
Malaysia a low Beta market given relatively large fund management industry, lower foreign shareholding (close to trough), recent foreign selldown well absorbed, FBM KLCI P/E premium valuation vs. peers at 5-year average, less volatility and low Beta vs. MSCI Asia ex-Japan. These should help limit impact of outflow pressure from tapering.
End 2014 FBM KLCI target pegged at historical mean P/E valuation of 14.71x or 1,910.
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