Epstein Secrets

CY17 cY18 CY16 CY17 cY18 m@BofAML m= Consensus (Bloomberg, as of 15 Nov 2016) Source: BofA Merrill Lynch f

ng about massive shifts in the fiscal stance here—the Ministry of Finance remains very much opposed to expanding the defici

e 31-Dec-14 Bloomberg EPS FY (5) 5.16 5.13 5.88 6.54 7.21 North America Equity Research 18 June 2014 Aetna J.P.Morgan Some: Company data, Bloomberg... Morgan estimates. Investment Thesis, Valuation and Risks Aetna (Overweight; Price Target: $82.00) Investment Thesis Our Overweight rating on AET

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:

organ EM equity portfolio inflows Left axis shows EM equity portfolio flows in Sbn. 200 150 100 0 -50 -10a 05 06 07 08 09 10 It Source: IF. Blomberg. EM equity nortfolioflows $bn 60% 50% 40% 30% 20% 10% 0% -10% MSCI Skin ISCI Wald -20% 12 More details in ... US Credit Markets Outlook

ties and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT E. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulate

ns of SAR14bn that PIF administers). According to Bloomberg, PIF had stakes in publicly listed companies on T

rity for Culture have been created. The Department of Zakat and Income Tax was renamed the General Authority for Zakat and Income, and will report to the Ministry of Finance. New Central Bank Governor maintains commitment to USD peg Saudi Arabian Monetary Agency (SAMA) Governor Al-Mubarak has been replaced in his post b

1 1 1 1 1 i i 5 10 15 20 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.mo

ities and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulat

EM* EMBIG Gold -10 10 20 30 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.jpmo

ities and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulat

osite —No-change line 35 08 09 10 11 12 Source: Bloomberg, UBS CIO, as of September 2012 Note: Past perfor

ues and weak competitiveness of major exporters are hurting the Japanese economy and PMls have disappointed. We therefore think the Bank of Japan and Ministry of Finance will maintain an expansive policy bias and continue trying to weaken the JPY. We are underweight JPY. ¢ For commodity currencies, the AUD and NZD co