20150420-大和证券-Asia_Pacific_Daily_50页_3mb_3mb

报告摘要

Asia Pacific Daily - Summary (20 April 2015)

Core Content

The Asia Pacific Daily report from Daiwa on 20 April 2015 covers a range of financial and market insights, focusing on key companies, market indices, and investment recommendations. It also includes information about upcoming events and financial data for Sinotrans, a leading China-based shipping logistics company.

Key Companies and Investment Views

Sinotrans (598 HK)

Target Price (HKD): Revised to HKD6.20 from HKD5.20.
Rating: Downgraded to Hold from Outperform.
Earnings Outlook: Management expects a more than 30% YoY increase in 2015 net profit, but this is anticipated to be driven by one-off disposal gains, not core business performance.
1Q15 Performance: Adjusted net profit increased by 25% YoY to CNY330m, with the DHL JV being the main earnings driver.
Key Risks: Better-than-expected logistics business performance and revenue contribution from JCE could impact the market's perception of Sinotrans.
Valuation: The current valuation is closing the gap with Kerry Logistics (636 HK), which trades at 16-19x PERs for 2015-16E.
Financial Summary (CNY):
- Revenue (2015E): CNY46,538m
- Net profit (2015E): CNY1,394m
- Core EPS (fully-diluted, 2015E): CNY0.303
- PER (2015E): 16.4x
- Dividend Yield (2015E): 2.4%

WHA Corporation Pcl (WHA TB)

Rating: Downgraded to Sell from Buy.
Target Price (THB): Revised to THB34.00 from THB43.00.
HEMRAJ Deal Impact: The deal is long-term accretive but results in lower EPS for 2015-16F due to dilution from a capital increase.
Forecast: Fully-diluted post-deal EPS is expected to be lower than pre-acquisition levels.
Valuation: Shares are viewed as fully valued at a 26x 2015F PE after a 25% MTD share price surge.

Market Indices

Market	1D Chg (%)	1M Chg (%)	YTD Chg (%)	13E EPS (%)	14E EPS (%)	13E PER	14E PER
TPX	-0.7	1.2	12.9	8.2	15.0	17.6	15.3
HSCEI	-1.2	22.8	21.3	4.9	8.7	7.4	6.8
HSI	-0.3	15.7	17.1	2.0	10.4	11.6	10.5
KOSPI	0.2	5.6	11.9	42.3	5.9	10.8	10.2
TWSE	-0.9	0.3	2.8	13.6	8.6	13.4	12.3
SENSEX*	-0.8	-1.0	3.4	15.8	18.2	18.0**	15.2**
FSSTI	-0.2	4.6	4.8	4.2	9.4	14.2	12.9
FBMKLCI*	-0.1	3.2	4.8	5.9	9.1	16.5**	15.1**
SET*	-0.2	3.6	4.6	17.1	14.7	14.7**	12.8**
PCOMP*	-0.0	2.0	9.9	11.9	13.2	21.5**	19.0**
JCI*	-0.2	-0.5	3.5	8.1	13.6	16.3**	14.3**
AS51	-1.2	0.6	8.6	-0.6	2.2	16.6	16.2

*Valuation based on MSCI Universe
**MSCI index priced as of 16 Apr

Upcoming Events

Daiwa Consumer and Gaming Conference 2015: 21st - 23rd April, Hong Kong
Daiwa ASEAN One-Day Series: 28th April, Singapore
Daiwa Australia REIT Day 2015: 11th-12th May, Tokyo
Daiwa ASEAN Conference: Thailand Corporate Day 2015: 21st-22nd May, Tokyo
Daiwa Investment Conference New York 2015: 26th-27th May, New York
Daiwa Investment Conference San Francisco 2015: 29th May, San Francisco

Company Roadshows

A list of companies and their upcoming roadshows in April 2015, including dates, events, and venues.

Key Financial Ratios and Metrics

Net profit margin (adjusted): 3.0% (2015E), 3.3% (2016E), 3.7% (2017E)
ROE: 9.9% (2015E), 10.3% (2016E), 11.0% (2017E)
EV/EBITDA: 9.3 (2015E), 11.5 (2016E), 11.3 (2017E)
Free cash flow yield: n.a. (2015E), 1.3% (2016E), 2.4% (2017E)

Summary of Investment Recommendations

Sinotrans: Downgraded to Hold due to potential overvaluation and reliance on one-off gains.
WHA Corporation Pcl: Downgraded to Sell due to the HEMRAJ deal not offsetting dilution and lower EPS expectations.

Key Takeaways

The report highlights the performance of several companies in the Asia-Pacific region.
Sinotrans' earnings growth is expected to be driven by asset disposals rather than core operations.
WHA's HEMRAJ acquisition is long-term beneficial but causes short-term EPS dilution.
The report provides detailed financial data and valuation metrics for various companies and market indices.
Upcoming events and roadshows are listed for investor engagement.

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