BOA-亚洲基金经理调研 -Asia Fund Manager Survey Non-contrarians 20240716

AsiaFundManagerSurvey

Non-contrarians

Accessibleversion

BofAGLOBALRESEARCH

BofASECURITIES

Down,butnotoutbyanymeans

Afortnightago,theGlobalProprietarySignals(seenote)observedamilddecelerationintheglobalgrowthmomentum,withthebreadthofBullish/Neutralsignalsslippingfrom84%inMarchto77%inJune.TheFundManagerSurvey(FMS)echoesthemove,withtheviewontheglobaleconomydroppingtoa6-monthlow.

Easingdownonthethrottle

TheAsiaPacificex-Japaneconomicoutlookwasalsorecalibrateddownwards,withnet

24%ofthepanelistsseeingastrongerregionaleconomyinthenext12monthsversus

46%inJune.Returnexpectationshavecomeoffintandem,afterasharprallyYTD(11%),primarilydrivenbyadipinprofitexpectationsasvaluationscontinuetotreadatfairlevels.

Occasionalgainsinageneraltrendoflosses

Chinaweigheddowntheregion,assentimentsouredyetagaingoingintotheThird

Plenum.Economicexpectationscrateredbythesteepestmagnitudeinsurveyhistory,

withnet3%ofthepanelistsexpectingthelargesteconomyintheregiontoweakenoverthenext12months,versus37%expectingittostrengthenamonthago.Structural

bearishnessshotuptonearsurvey-highs,whileallocationsnosedivedtosurvey-lows.

ThelackofhopeispushingChinesehouseholdsaswellasinvestorstosaveup,withthelatterrevertingtoawait-and-watchapproach.Tellingly,moreafifthoftheparticipantsarelookingtoforegoChinaequitiesaltogetherandpursueopportunitieselsewhere.

BackontrackinJapan

Ontheotherhand,InvestorconfidenceinJapanhasbeenrestoredafterabriefhiatusastherallyresumes.EconomicoutlookhasswungtothehighestlevelsincetheinclusionofJapaninoursurveyinOctober,withcorporateguidanceforearningsdeemedtobe

conservativebythebuy-side.Thefavoritemarketintheregionsawanuptickinreturnexpectationsasinvestorsseealongrunwayaheadwithnearlyhalfthepanelistsnotexpectingittopeakanytimesoon.Clientsarecuedintocorporatereforms,BoJpolicyandFXmovesforcluesaboutthedirectionoftraveloffinancialmarkets,witharatehikebeingpenciledinforthecurrentquarter.

Assetallocation:Donotdisturb

Fromanallocationperspective,thetriadofJapan,India,andTaiwancontinuetobeatthetopofinvestormindshare,whileChinaandThailandlagatthebottom.Meanwhile,semiconductorsremainthemostpreferredsectordespiteamodestclawbackonthe

outlookofthesemiconductorcycle,closelyfollowedbytechhardware,whilerealestateremainsunloved.InChina,SOEsaremakingacomebackasriskappetiterunsdry,whileinfrastructurerulestheroostinIndia.Worthmention,consumptionplaysaretakinga

backseatintheregionincongruencewiththeconsumerslowdownintheUS.

Tradingideasandinvestmentstrategiesdiscussedhereinmaygiverisetosignificantriskandarenotsuitableforallinvestors.Investorsshouldhaveexperienceinrelevantmarketsandthefinancialresourcestoabsorbanylossesarisingfromapplyingtheseideasorstrategies.

>>Employedbyanon-USaffiliateofBofASandisnotregistered/qualifiedasaresearchanalystundertheFINRArules.

Referto"OtherImportantDisclosures"forinformationoncertainBofASecuritiesentitiesthattakeresponsibilityfortheinformationhereininparticularjurisdictions.

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage14to16.12714206

Timestamp:16July202402:03AMEDT

16July2024

PredictiveAnalyticsAsia

BofA

Data

Analytics

RiteshSamadhiya,CFA>>EquityStrategist

MerrillLynch(HongKong)+85235087907

ritesh.samadhiya@

AritraBaksi,CFA>>EquityStrategist

MerrillLynch(HongKong)+85235087914

aritra.baksi@

MasashiAkutsu>>Strategist

BofASJapan

+81362257754

masashi.akutsu@

TonyLin,CFA>>EquityStrategistBofASJapan

+81362258123

tony.y.lin@

Notestoreaders

Atotalof242panelistswith$632bnAUMparticipatedinthesurvey.209participantswith$560bnAUM

respondedtotheglobalFMSquestionsand134participantswith$262bnAUM

respondedtotheregionalFMSquestions.

Surveyperiod:5-11July2024

HowtojointheFMSpanel

Investors/clientsareencouragedto

signuptoparticipateintheSurvey.

ThiscanbedonebycontactingMichael

HartnettoryourBofAsalesrepresentative.

Participantsinthesurveyreceivethefullsetofresultsforthemonthsinwhichtheyparticipate.

BofAGLOBALRESEARCH

2AsiaFundManagerSurvey|16July2024

Non-contrarians

Exhibit1:Net%FMSinvestorsexpectingastrongerGlobal/AsiaPacificex-Japaneconomy

TheFMSviewoftheglobaleconomydroppedtoa6-monthlow;theviewoftheAPACex-Japaneconomywasalsorecalibrateddownwardsbuttoalesserextent

100

80

60

40

20

0

-20

-40

-60

-80

-100

AsiaPacificex-JapanGlobal

100

80

60

40

20

0

-20

-40

-60

-80

-100

97990103050709111315171921

2325

Source:BofAGlobal&AsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit2:FMSopinionaboutthepotentialofadouble-digitcorrectioninglobalequitiesin2024Yet,adouble-digitcorrectionisnotinthereckoningthisyear,despiteeuphoricsentiment(seenote)

Doyouanticipateadouble-digitcorrectioninglobalequitiesin2024?

Jun-24Jul-2474%

62%

22%

14%

YesNo

BofAGLOBALRESEARCH

Source:BofAAsiaFundManagerSurvey.Notes:Votesfor‘Don'tknow’(16%|11%)arenotshownabove.

Exhibit3:FMSviewofAsiaPacex-Japanequitiesoverthenext12months

AsiaPacificex-Japanequityreturnexpectationshavecomeoffintandemafterasharprallyyear-to-date

ExpectedupsideforAsiaPacex-Japanequitiesoverthenext12months

Jun-24Jul-24

49

43

37

65

00

41

3

3

3

0

Between+5%Morethan+10%and+10%

Below-10%Between-10%

and-5%

Between0%and+5%

Between-5%and0%

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

AsiaFundManagerSurvey|16July20243

Exhibit4:Net%FMSinvestorsexpectingbettercorporateprofitsinAsiaPacificex-Japan

ProfitexpectationsdippedinJuly:net57%seehigherprofitsinthenext12monthsversus74%inMay

100

80

60

40

20

0

-20

-40

-60

-80

-100

100

80

60

40

20

0

-20

-40

-60

-80

-100

Net%FMSinvestorsexpectingbetterprofitsinthenext12months

Average

-Jul-2024=57%

020406081012141618202224

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit5:Net%FMSinvestorsdeemingconsensusAsianEPSestimatesashigh

Onlynet16%deemtheconsensusEPSestimatesastoohigh,renderingdownwardrevisionsunlikely

100100

8080

6060

4040

2020

00

-20-20

-40-40

Net%FMSinvestorsdeemingconsensusEPSestimatesforthecomingyearashigh

Jul-2024=16%

Average

081012141618202224

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit6:Net%FMSinvestorssayingAsiaPacificex-Japanequitiesareovervalued

Net19%ofinvestorsperceivetheregionalequitiesasundervalued,inlinewiththelong-termaverage

40

20

0

-20

-40

-60

-80

-100

40

20

0

-20

-40

-60

-80

-100

Net%FMSinvestorssayingAsiaPacificex-Japanequitiesareovervalued

-Average

Jul-2024=-19%

020406081012141618202224

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

4AsiaFundManagerSurvey|16July2024

Exhibit7:Net%FMSinvestorsexpectinghigherinflationinAsiaPacificex-Japan

Expectationsaboutinflationhaveseldombeenlower:net19%oftheparticipantsexpectinflationinAPACex-Japantosubsideinthenext12months

100

80

60

40

20

0

-20

-40

-60

-80

-100

100

80

60

40

20

0

-20

-40

-60

-80

-100

Net%FMSinvestorsexpectinghigherinflationinthenext12months

Average

Jul-2024=-19%

01030507091113151719212325

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit8:Net%FMSinvestorsexpectingastrongerChineseeconomy

Crateringexpectations:Net-3%seeastrongerChinaeconomyinthenext12monthsversus41%inMay

Net%FMSinvestorsexpectingastrongerChineseeconomyoverthenext12months100100

8080

6060

4040

2020

00

-20-20

Jul-2024=-3%

10/2212/222/234/236/238/2310/2312/232/244/246/248/24

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit9:FMSviewofmonetarypolicyinChina

Notwithstandingthelackofconcertedpolicyactions,expectationofeasiermonetarypolicyinChinaremainsoverwhelminglyhigh

Jul-2024=89%

%FMSinvestorsexpectingeasiermonetarypolicyinChinaoverthenext12months9595909085858080757570706565606055555050

10/2212/222/234/236/238/2310/2312/232/244/246/248/24

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

AsiaFundManagerSurvey|16July20245

Exhibit10:FMSviewonthepotentialforstructuralde-ratingoftheChinaequitymarket

Structuralbearishnessnearsurvey-highs:81%thinkastructuralde-ratingisunderwayforChinaequities

Jul-2024=81%

%FMSinvestorsthinkingtheChineseequitymarketisinastructuralde-ratingprocess?90908585808075757070656560605555505045454040

11/221/233/235/237/239/2311/231/243/245/247/24

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit11:Net%FMSinvestorsoverweight:China

Allocationsatsurvey-lows:breadthofpanelistsfavoringChinahascollapseddeepintothenegativeterritory

China:Net%FMSinvestorsoverweight(%sayingoverweight-%sayingunderweight)

50

40

30

20

10

0

-10

-20

-30

-40

-50

50

40

30

20

10

0

-10

-20

-30

-40

-50

39

42

36

32

2627

14

-1

95103

-9-9

0

-6

-12-13 -20-23-18

-43

10/2212/222/234/236/238/2310/2312/232/244/246/248/24

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit12:WhatChinesehouseholdswillprioritizewiththeirsavings

Savingupforthefuture:householdssittingtightwiththeirsavings,ratherthanspendorinvest

FMSopiniononwhatChinesehouseholdswillprioritizewiththeirsavings

69%70%Jun-24Jul-24

11%8%9%8%

Keepinginsavingsaccount

Buyingassets(stocks|bonds|

realestate)

Buyingdiscretionarygoodsandservices

Source:BofAAsiaFundManagerSurvey.Notes:Votesfor‘Don'tknow’(14%|11%)arenotshownabove.

BofAGLOBALRESEARCH

6AsiaFundManagerSurvey|16July2024

Exhibit13:FMScurrentstance/positioningonChinaequities

Savingupforthefuture:wait-and-watchorpursueopportunitieselsewhere

Currentstance/positioningonChinaequities

31%

32%

Jun-24Jul-24

22%20%

14%16%14%

9%

6%

3%

Fullyexposed

Lookingfor

opportunities

elsewhere

Lookingtoreduce

exposureonany

bounces

Buildingexposureonincrementalsignsofeasing

Waitingformore

crediblesignsof

easingbefore

addingexposure

BofAGLOBALRESEARCH

Source:BofAAsiaFundManagerSurvey.Notes:Votesfor‘Don'tknow’(14%|20%)arenotshownabove.

Exhibit14:FMSviewoftheeconomicoutlookofJapan

Surgingexpectations:net73%expectastrongerJapaneconomyinthenext12months,upfrom43%inJune

FMSviewoftheeconomicoutlookforJapanoverthenext12months70Jun-24Jul-24

00

54

26

14

5

16

3

3

AlotstrongerAlittlestrongerSameAlittleweakerAlotweaker

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit15:FMSperceptionoftheFY24corporateguidanceforTOPIXearningsbeingconservativeNet49%ofthepanelistsdeemtheFY24corporateguidanceforTOPIXearningstobeconservative

FMSperceptionoftheFY24corporateguidanceforTOPIXearningsbeingconservative

Jun-24Jul-24

46%

0%

0%

41%

23%

19%

11%

6%

StronglyagreeAgreeDisagreeStronglydisagree

Source:BofAAsiaFundManagerSurvey.Notes:Votesfor‘Don'tknow’(30%|26%)arenotshownabove.

BofAGLOBALRESEARCH

AsiaFundManagerSurvey|16July20247

Exhibit16:FMSviewofJapanequitiesoverthenext12months

Unliketheregionalmarket,returnexpectationsinJapansawanuptickinJuly

ExpectedreturnsforJapanequitiesoverthenext12months

Jun-24Jul-2446

26

23

22

23

16

11

11

9

3

00

Morethan+10%

Between-5%and0%

Between0%and+5%

Between+5%and+10%

Below-10%Between-10%

and-5%

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit17:WhendoyouexpectJapanequitiestopeak?TheFMSseesalongrunwayaheadforJapanequities

46%

40%

WhendoyouexpectJapanequitiestopeak?Jun-24Jul-24

29%

16%

16%

14%

9%

6%

Alreadypeaked3Q20244Q2024Unlikelytopeakin2024

BofAGLOBALRESEARCH

Source:BofAAsiaFundManagerSurvey.Notes:Votesfor‘Don'tknow’(8%|17%)arenotshownabove.

Exhibit18:FMSviewofthemostimportantthemeforJapanequitiesin2024

TheFMSiscuedintocorporatereforms,BoJpolicyandFXmovesforcluesaboutthedirectionoftraveloffinancialmarketsinJapanthisyear

32%

FMSviewofthemostimportantthemeforJapanequitiesin202430%30%

0%

3%3%

LDPpresidentialelections

Corporategovernancereforms&JPX

FX

OthersRetail

Wage

rebalancing

negotiations/

BoJpolicy

normalization

initiatives

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

8AsiaFundManagerSurvey|16July2024

Exhibit19:FMSopinionontheimpactofJPYdepreciationonJapanequitiesonbalance

TheFMSbelievestheinverserelationbetweenequitiesandcurrencyinJapanwillcontinuetoholdground

WilltheJPYdepreciationwouldpositivelyimpactJapanequitiesonbalance?Jun-24Jul-24

62%

57%

22%

14%

9%

5%

3%

5%

StronglyagreeAgreeDisagreeStronglydisagree

Source:BofAAsiaFundManagerSurvey.Notes:Votesfor‘Don'tknow’(5%|17%)arenotshownabove.

BofAGLOBALRESEARCH

Exhibit20:WhendoyouexpecttheBankofJapantonextraiseinterestrates?3QisthemostlikelywindowforthenextBoJinterestrateraise

WhendoyouexpecttheBankofJapantonextraiseinterestrates?

68%

Jun-24Jul-24

0%

60%

16%

3%6%

3%3%

3QCY20244QCY20241HCY20252HCY2025

orlater

Source:BofAAsiaFundManagerSurvey.Notes:Votesfor‘Don'tknow’(14%|20%)arenotshownabove.

BofAGLOBALRESEARCH

AsiaFundManagerSurvey|16July20249

Exhibit21:FMSopiniononthetwomostoverweightsectorsinJapan

BanksandsemisaretheinvestorfavoritesinJapan,whilesteeringawayfromcommunicationservices,healthcare,andenergy

FMSopiniononthetwomostoverweightsectorsinJapan

Banks65

Semis41

Industrials14

FinancialServices11

Materials8

RealEstate8

TechHardware8

Insurance5

Software5

Utilities5

ConsDiscex-Retailing/e-Comm3

ConsStaples3

Retailing/e-Comm3

Energy0

Healthcare/Pharma0

Media&Ent0

Telecom0

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit22:AsiaPacificmarketsentiment:Net%FMSinvestorsoverweight

ThetriadofJapan(net51%overweight),India(32%),andTaiwan(24%)continuetobeatthetopofinvestormindshare,whileChina(net43%underweight)isatthebottomofthetable

AsiaPacificmarketsentiment:Net%FMSinvestorsoverweight

(%sayingoverweight-%sayingunderweight)

Japan

India TaiwanSouthKorea Philippines SingaporeNewZealand Malaysia Indonesia Australia ThailandChina

51

32

24

5

3

0

Overweight

-3

-3

-8

-14

-43

Underweight

0

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

10AsiaFundManagerSurvey|16July2024

Exhibit23:AsiaPacificex-Japansectorsentiment:Net%FMSinvestorsoverweight

Semis(net51%overweigh)stayatthehelp,closelyfollowedbytechhardware(net49%overweight),whilerealestate(net27%underweight)continuestobetheleastpreferredsector

AsiaPacificex-Japansectorsentiment:Net%FMSinvestorsoverweight

(%sayingoverweight-%sayingunderweight)

51

49

30

SemisTechHardwareEnergy

19

16

14

14

5

Banks Telecom Industrials SoftwareFinancialServices

UnderweightOverweight

3

-5

Retailing/e-CommMaterials

-8

-8

-11

ConsDiscex-Retailing/e-CommUtilities

-19

-22

-22

InsuranceHealthcare/PharmaConsStaples

-27

Media&EntRealEstate

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit24:FMSviewofthesemiscycle(Korea/Taiwanexportsgrowth)

Down,butnotout:theFMSpullsbackonitsenthusiasmonthesemiconductorcycle

90

80

70

60

50

40

30

20

10

0

-10

-20

-30

90

80

70

60

50

40

30

20

10

0

-10

-20

-30

Net%FMSinvestorsexpectingastrongersemiscycle(Korea/Taiwanexportsgrowth)inthenext12months

Jul-2024=59%

10/221/234/237/2310/231/244/247/24

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

AsiaFundManagerSurvey|16July202411

Exhibit25:FMSopiniononthetwomostfavoriteinvestmentthemesinChina

WithinChinatoo,investorsaremostbullishonAI/semisstocks,withSOEsmakingacomebackasriskappetiterunsdry

49%FMSopiniononthetwomostfavoriteinvestmentthemesinChina

35%

16%16%

14%

11%11%

3%

3%

OthersGreen

economy

RealEstate

HealthcareCyclicals

AI/SemisSOEsInternetTravel&

leisure

Source:BofAAsiaFundManagerSurvey

BofAGLOBALRESEARCH

Exhibit26:FMSopiniononthemostfavoriteinvestmentthemeinIndia

InfrastructurerulestheroostinIndia,astheconsumptionthemefadesaftertheelection-drivenexcitement

FMSopiniononthemostfavoriteinvestmentthemeinIndia

43%Jun-24Jul-24

29%

17%

14%

9%9%

3%

0%

3%

3%

5%

5%

Small/Mid-ConsumptionOthers

caps

InfrastructureITServicesPublicSector

Undertakings

(PSUs)

BofAGLOBALRESEARCH

Source:BofAAsiaFundManagerSurvey.Notes:Votesfor‘Don'tknow’(27%|34%)arenotshownabove.

Exhibit27:FMSviewoftheefficacyofthe‘CorporateValue-UpProgram'inKoreaTheFMSdeemsthe‘CorporateValueProgram’inKoreaasmoderatelypositivelyimpactful

FMSviewoftheefficacyofthe‘CorporateValue-UpProgram'inKoreaJun-24Jul-24

51%

0%

0%

41%

16%

5%

0%

17%

Noneofthese

NosignificantimpactModeratelypositiveStronglypositiveimpact

impact(likeinJapan)

BofAGLOBALRESEARCH

Source:BofAAsiaFundManagerSurvey.Notes:Votesfor‘Don'tknow’(38%|31%)arenotshownabove.

BofAGLOBALRESEARCH

12AsiaFundManagerSurvey|16July2024

Exhibit28:Marketintelligenceasof15July2024

Performance,valuationandgrowthinformationbycountry/region

15-Jul-2024

Mktcap*(U$bn)

USDperf(%)

12mforward

EPSgrowth^(%)

Region/Country(#Co)

2023

YTD

1m

%dev

PE(x)10Yavg

%dev

PB(x)10Yavg

PBat2008-09-lows

Divyld(%)#

%dev10Yavg

ROE(%)10Yavg

CY2023

CY2024

NorthAmerica(688)

51,253

24.5

17.1

3.9

21.5

18.4

4.2

36.6

1.4

1.4

27.9

19.8

17.1

2.0

10.0

Canada(87)

2,015

12.6

4.6

5.7

14.4

-0.8

1.8

2.2

1.1

3.1

3.1

12.2

11.9

-8.8

4.5

US(601)

49,238

25.0

17.7

3.8

21.9

19.2

4.5

37.6

1.4

1.3

29.2

20.3

17.6

2.8

10.4

Europe(417)

11,207

16.7

7.0

3.5

13.8

-3.7

2.0

13.3

1.0

3.4

7.1

14.3

12.2

-3.8

4.2

Austria(4)

32

12.8

7.2

8.7

7.8

-21.3

0.9

-5.4

0.5

6.3

-45.7

11.4

9.8

-14.9

-2.7

Belgium(13)

165

4.1

6.0

6.4

16.8

-4.2

1.5

-13.0

0.6

2.6

18.7

9.2

10.1

34.9

-4.3

Denmark(15)

658

29.7

22.7

0.6

27.9

35.0

6.0

50.8

1.2

1.6

28.2

21.4

19.2

-30.7

27.5

Finland(13)

169

-8.2

-2.8

0.9

14.4

-12.2

1.8

-13.6

1.2

4.5

-7.9

12.3

12.6

-25.2

0.6

France(61)

1,934

18.8

-0.1

3.8

13.5

-5.9

1.8

14.1

0.9

3.4

1.1

13.1

10.9

-3.1

1.9

Germany(57)

1,483

19.9

6.9

5.8

11.9

-7.7

1.4

-3.5

0.9

3.4

-3.0

12.0

11.6

-2.2

5.7

Ireland(4)

49

22.9

20.2

7.4

11.0

-32.3

1.4

-17.7

0.5

3.5

-58.8

12.9

10.7

33.8

0.4

Italy(24)

469

31.7

12.3

7.6

9.1

-21.2

1.3

12.9

0.6

5.6

-16.9

14.3

10.5

8.9

0.1

Netherlands(27)

931

23.7

25.0

5.0

20.0

13.7

3.3

45.6

1.1

1.8

28.4

16.5

12.9

28.0

4.2

Norway(11)

98

-0.4

-5.1

1.2

10.3

-18.4

1.6

-1.5

0.9

6.3

-27.3

15.6

13.3

-41.2

5.5

Portugal(4)

32

5.1

-10.5

0.8

14.6

-10.5

1.7

-10.4

1.2

3.9

5.8

11.4

11.4

16.9

16.9

Spain(17)

457

28.2

8.9

4.2

10.1

-19.2

1.2

4.8

1.0

4.9

-7.6

12.3

9.6

17.0

8.6

Sweden(43)

547

21.0

3.8

2.7

15.1

-4.2

2.4

11.8

1.1

3.6

3.8

15.8

13.6

21.2

-1.4

Switzerland(45)

1,646

13.3

2.4

1.3

17.7

1.6

3.4

25.2

1.4

3.1

2.3

19.0

15.4

-4.6