Die besten Japan Aktienfonds - Seite 3

Mag. Nicole Strebinger, CIIA, "Meinl Japan Trend" (24.03.2010): "Japans Wirtschaft wird stark vom Export dominiert. Trotz hoher Nachfrage japanischer Güter innerhalb Asiens, haben die USA einen beträchtlichen Anteil an den japanischen Exporten. Somit ist eine Erholung der japanischen Konjunktur unweigerlich mit einem Wirtschaftsaufschwung in den USA verbunden. Für eine Ankurbelung japanischer Exporte ist allerdings der starke Yen von Nachteil, weshalb mit einer Yen-Schwäche in der nächsten Zeit zu rechnen ist."

Manfred Schraepler, Head of db funds, "DB Platinum IV Cropi Japan R1C" (30.03.2010): "The equity market is of course influenced by sales growth and operating margins. Our research team has revised upwards the levels of growth rates for both the manufacturing and non-manufacturing industries for each three year period from 2010 – 2012. All-industry sales growth is expected to be -12.5% yoy in 2009, 5.5% in 2010, 3.3% in 2011, and 5.0% in 2012. Meanwhile operating profit is expected to increase even stronger, of course partly influenced by the low levels in 2009. After an expected decline of -13.9% in 2009, the analysts look for growth rates of the operating profit by 37.0% in 2010, 18.9% in 2011, and 14.9% in 2012.
Price-to-Book ratios are currently relatively low as ROE is also relatively low. Deutsche Bank’s houseview is that the TOPIX Index could reach JPY 1,200 from April to June 2010 and that it could reach around JPY 1,000 at year end which Deutsche Bank regards as fair value."

e-fundresearch: "Wie schätzen Sie die Gewinnentwicklung der japanischen Unternehmen in den nächsten 12-18 Monaten ein und wie beurteilen Sie die aktuellen Bewertungen (P/B, P/E)?"

Tony Roberts, Fondsmanager des "Invesco Japanese Equity Core A" (30.03.2010): "Historically, Japan’s earnings cycle has seen pre-tax profit growth of 50-60% in the first year of recovery according to research by Nomura and we are confident of a robust rebound in profits this year. The severe downturn experienced in 2009 saw Japanese companies cut costs aggressively and as a result, we believe that the improvement in profits could be even larger this time around. We have already seen demand pick up and assuming that gradual economic improvement continues then we believe that profit growth of 50% could prove to be conservative.