2015 4

2015 1
12 100 2000 5000

( )

2008 2009

20

2008
50%1991

( )

:Bloomberg, 02/27/2015

60
( ) 50% (
)

( ) 3612

2015
2015 EPS
$122~$126 2015 Fed
( ) 1.5%~2.2%
2015
5.5% S&P5005.5%~6.5%

S&P500

:"US Strategy Weekly", BMO, 03/06/2015

47 54
(OAS)

(* )

( Thomson One 02/16/15-03/15/15)

:The Credit Trader, Goldman Sachs,03/06/2015

(1)

(2)
(3)
(4)

(Shunto
) 2015
3%~4%15

2015
40%

: "Japan Economic Weekly", Citi, 02/25/2015

ROE

ROE ?

: Japan Portfolio Strategy Research, Goldman

Sachs, 02/17/2015

(1)
(2) JPX
400 ROE
ROE
(3) (4)

ROE
ROE

2015
0.39%

: Bloomberg, 03/12/2015

( Thomson One 02/16/15-03/15/15)

 3.9%

(Made in India)
(Digital India)

100 (100 Smart Cities)

(Pradhan MantriJan
Dhan Yojana)
( 1500
)2015-2016
2015-2016
GDP 3.9%

GDP 3.9%

: "Asia Pacic Macro Themes", Barclays, 03/06/2015

GDP
2001

GDP 1991

2 (
) EPS 2014

2011
43%37%

: "China Index & Relative Value Outlook", Deutsche Bank,

01/16/2015

5 12

1 (RBI) 20
7.75% RBI 34
7.757.50%
5
12

( Thomson One 02/16/15-03/15/15)

: Bloomberg, 03/13/2015

GDP

(S&P)1/26
BBB- BB+
(Moodys) 2/20
Baa3 Ba1

2011

GDP ( )

: Bloomberg,03/09/2015

/
EPS
/
/
EPS

( 62%
) 2011 $180/
$65/ 60%
9250
2012~2020
2.3%(
)
( )

( )

: Bloomberg,03/09/2015

5 (%)

: Bloomberg,03/09/2015

5
13.7% 5 CDS(
) 1630bp
CDS

2~3

( Thomson One 02/16/15-03/15/15)

(3/9) S&P500
21.01% 20.37%
14.45% 14.01%
8.85% 8.51%

35
25

S&P500

S&P500

(VA)

1440

S&P500

37%

2015
2015
4%-7%

S&P500

S&P500

660% OPEC
IEA EIA
OPEC
100
EPS

( Thomson One 02/16/15-03/15/15)

Bloomberg, 03/13/2015

 (EUR/USD)

(EUR/USD)1.1 1.0
39 ABS
600

(GBP/USD)

(GBP/USD)1.523 1.48

61 28
2016

(USD/JPY)122 117

(PPP) /
CPI

(USD/JPY)

(AUD/USD)0.78 0.74

(AUD/USD)

25

Bloomberg, 03/09/2015

( Thomson One 02/16/15-03/15/15)

 24/03/2015 %
18011.1

0.9

-1.2

1.1

-0.1

6.3

10.0

24.7

37.7

2091.5

0.8

-1.1

1.6

0.5

6.4

12.1

34.8

49.7

4994.7

1.2

0.6

5.5

4.6

11.8

18.0

54.4

62.8

717.8

0.6

0.8

4.5

3.1

13.0

22.8

67.2

64.8

1263.5

1.7

2.3

4.9

4.7

13.8

7.3

33.6

52.2

2.4

-1.6

10.7

2.7

14.9

231.9

319.8

44051.2

0.7

0.6

2.1

11385.4

11.1

19.7

32.7

36.0

-5.6

87.1

51506.1

2.4

-0.6

3.0

1.2

-8.0

6.9

-6.1

-21.7

3895.6

1.2

-2.3

1.2

2.2

-2.0

5.1

-11.7

-15.6
51.5

401.2

1.3

4.1

17.5

17.0

17.9

22.5

37.3

11895.8

0.2

7.1

22.4

21.0

26.2

28.6

52.5

71.6

5054.5

1.2

4.2

19.1

18.4

16.8

17.1

36.5

46.4

7019.7

2.7

1.2

6.9

6.2

5.7

6.3

10.1

19.9

19.8

48.9
39.8

9366.2

1.0

3.5

3.4

3.0

5.9

12.0

11452.8

5.0

4.8

12.6

10.5

7.4

15.9

42.2

23057.1

2.7

6.4

22.7

20.6

14.3

12.1

49.1

41.5

859.1

4.7

-0.4

11.3

4.3

-25.1

-24.8

-39.7

-47.2

83742.0

2.5

-5.4

-4.3

-3.3

10.0

26.8

-0.9

33.6

4680.2

2.4

-5.2

5.6

4.8

-0.6

6.8

-2.9

-2.8

19713.5

0.9

6.1

13.0

10.7

20.4

36.7

57.1

96.9

1587.6

0.4

5.4

12.9

11.8

18.0

36.6

51.7

86.4

4708.0

0.1

4.1

7.6

9.9

12.6

33.8

50.6

92.6

111.2

1.2

3.4

5.9

8.2

4.6

18.1

42.0

107.4

881.9

3.0

0.5

-3.1

1.2

-7.0

21.1

42.6

128.3

1875.3

3.1

0.5

-0.3

1.3

14.9

29.8

15.6

97.9

5969.1

2.2

0.5

10.4

10.7

11.0

11.9

19.7

39.8

5870.5

0.3

0.4

5.4

5.6

11.2

14.3

35.2

70.1

4.9

3.0

12.7

10.1

18.5

19.6

56.7

77.7

57.9

56.4

24399.6

1.5

-1.2

3.7

3691.4

2.7

13.8

13.6

2041.4

0.6

2.6

6.6

4.9

0.4

5.2

3.2

0.7

9731.7

0.4

-0.1

4.1

5.8

7.6

11.5

23.4

20.0
24.0

146.9

1.1

4.9

4.5

6.8

6.3

1.9

29.8

3413.3

1.5

-0.8

1.4

2.0

3.7

10.0

4.5

14.1

1814.0

1.3

0.3

3.4

4.1

-1.2

-0.9

10.8

14.8

1520.0

0.1

-4.7

1.1

0.6

-4.9

11.8

-0.6

26.8

15.5

13.1

34.4

5447.6

0.3

-0.3

3.9

5.1

4.4

28192.0

-2.0

-2.9

2.4

3.5

6.4

27.7

50.7

62.2

47.5

6.3

-6.9

-10.9

-15.0

-48.7

-52.1

-49.9

-55.6

6174.0

6.4

6.4

-3.0

-2.9

-8.9

-4.7

-19.0

-26.6

1753.3

1.1

-2.1

-2.8

-5.3

-16.0

-5.8

-3.9

-13.9

1189.7

1.9

-1.3

0.4

1.3

-2.6

-9.3

-25.9

-28.4

215.5

3.1

-3.8

-6.3

-8.4

-22.8

-28.4

-26.9

-31.5

-23.7

-23.7

-42.5

-62.2

-36.2

-34.3

597.0

5.1

13.9

: Bloomberg,24/03/2015

( Thomson One 02/16/15-03/15/15)

8

 25/03/2015

97.129
1.0928
119.7
1.4868
0.7879
0.7646
1.2501
14.942
3.1395
57.724
2.5573
62.2475
6.2079
1102.08
31.337
1.3664
32.54
12938
1189.7
47.11

97.193
1.0997
119.32
1.4924
0.7902
0.7668
1.2475
14.894
3.1323
57.986
2.5533
62.2775
6.2056
1104.72
31.316
1.364
32.487
12912
1193.3
46.85

-0.07%
-0.63%
-0.32%
-0.38%
-0.29%
-0.29%
-0.21%
-0.32%
-0.23%
0.46%
-0.16%
0.05%
-0.04%
0.24%
-0.07%
-0.18%
-0.16%
-0.20%
-0.31%
0.55%

98.55
1.0624
121.15
1.4677
0.7619
0.7322
1.2793
15.3708
3.2397
61.1429
2.6189
62.715
6.2294
1129.77
31.594
1.3929
32.922
13178
1167.58
43.46

-1.44%
2.86%
1.21%
1.30%
3.41%
4.43%
2.34%
2.87%
3.19%
5.92%
2.41%
0.75%
0.35%
2.51%
0.82%
1.94%
1.17%
1.86%
1.89%
8.40%

94.213
1.1348
118.81
1.5508
0.7884
0.7551
1.2438
14.9313
2.8289
62.3723
2.4654
62.2025
6.2599
1099.1
31.442
1.355
32.53
12856
1205.05
48.58

3.10%
89.967
-3.70%
1.2242
-0.74%
120.12
-4.13%
1.5561
-0.06%
0.8124
1.26%
0.7739
-0.50%
1.1626
-0.07%
14.717
-9.89%
2.6958
8.05% 52.6348
-3.59%
2.3183
-0.07%
63.525
0.84% 6.2009
-0.27%
1102.4
0.34%
31.723
-0.83%
1.323
-0.03%
32.81
-0.63%
12440
-1.28%
1174.82
-3.03%
55.64

7.96%
-10.73%
0.35%
-4.45%
-3.02%
-1.20%
-7.00%
-1.50%
-14.13%
-8.82%
-9.35%
2.05%
-0.11%
0.03%
1.23%
-3.18%
0.83%
-3.85%
1.27%
-15.33%

7.60%
-10.08%
-0.22%
-4.61%
-3.89%
-2.44%
-7.30%
-1.55%
-15.35%
5.22%
-8.96%
1.28%
-0.04%
-1.01%
1.02%
-3.27%
1.05%
-4.25%
0.41%
-11.56%

0.25%
0.05%
0.30%
0.50%
2.25%
3.50%
0.75%
3.06%
12.75%
8.25%
7.25%
8.50%
5.35%
5.00%
1.88%
0.81%
1.75%
7.50%
10:32 AM

: Bloomberg, 25/03/ 2 0 1 5

24/03/2015

10
10
10
10

10 %

10 %

1.881
0.235
1.505
0.310

5.293
4.677
5.548
2.009

1.388
0.184
1.330
0.201
: Bloomberg, 24/03/2015

1. Citigroup Investment Research, Citigroup Global Markets, Citigroup Global Wealth Management Citigroup Alternative Investments
( ) ( )

2. ( ) ; ( )
( ) ( )

3. /
( )
4. (i) (ii) ( ( ) ) (iii)
( ) ( )

 : ( )
:
: (1 10) 1 14
: 2015 4 1
: ( )
981
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