Moderate regional returns
We expect 9% USD total return for MXAPJ in 2017, driven by high-single digit EPSgrowth, little overall valuation change, 2% fx depreciation and a 3% dividend yield.Performance may be back-loaded notwithstanding US fiscal stimulus, due to softersequential 1Q17China growth and the effects of India’s demonetization. Our 3, 6and 12m targets are now 435, 445and 455(previously 470each).
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