From a new GS piece on A-shares:
"After today’s weak performance, the A-share market has effectively
returned to its February lows and its -11.4% ytd return is the worst
performing market within the region.
While we envisage further policy headwinds stemming from the
rates/inflation nexus, we believe April 19’s unexpectedly large market selloff may provide strategic entry opportunities for investors to accumulate positions.
We reiterate our end-2010 index target of 4,300 for CSI300 (35.4% potential upside) and see strong fundamental support at 2,900, which equates to around 16X forward P/E and translates into 8.7% potential downside from current levels."
