20130805-大和证券-Asia_Pacific_Daily_52页_1mb

报告摘要

Daiwa's Banner Products Summary

Core Content

Daiwa's report highlights key updates on their recommended stocks and market outlook, focusing on structural changes, earnings forecasts, and investment strategies across various regions. The report includes changes in analyst ratings, target prices, and insights on specific companies and market trends.

Main Points

Major Changes

Chroma ATE (2360 TT):
- Rating upgraded from Hold to Outperform
- Target price increased by 20.97% to TWD75.0
- Analyst: Christine Wang
- Page: P.3
Union Bank of India (UNBK IN):
- Rating downgraded from Outperform to Hold
- Target price decreased by 46.9% to INR138.0
- Analyst: Punit Srivastava
- Page: P.7

Macro Research

Euro area wrap-up:
- Overview by Chris Scicluna
- Page: P.11
Yen 4Sight:
- Highlights by Emily Nicol
- Page: P.13

Other Research

DiscoveryAsia small-cap weekly:
- KT Corporation (030200 KS) - Rating: Hold
- Analyst: John Choi
- Page: P.15
Samsung Heavy Industries (010140 KS):
- 2Q13 performance in line with expectations
- Strong order outlook
- Rating: Buy
- Analyst: Sung Yop Chung
- Page: P.18
Com2uS (078340 KS):
- Expected to rebound from slow 1H13
- Rating: Buy
- Analyst: Thomas Y. Kwon
- Page: P.22
Soulbrain (036830 KS):
- Thin-glass orders rising due to Galaxy Note 3
- Rating: Not Rated
- Analyst: Joshua Oh
- Page: P.25
Idea Cellular (IDEA IN):
- Rating: Sell
- Analyst: Ramakrishna Maruvada
- Page: P.27
Reliance Communications (RCOM IN):
- Operationally unexciting
- Rating: Sell
- Analyst: Ramakrishna Maruvada
- Page: P.31
Siemens India (SIEM IN):
- Results affected by provisions
- Rating: Underperform
- Analyst: Saurabh Mehta
- Page: P.35
Sony (6758 JP):
- Despite weak 1Q results and full-FY targets
- Rating: Buy
- Analyst: Junya Ayada
- Page: P.39
Suzuki Motor (7269 JP):
- 1Q results better than expected
- Rating: Neutral
- Analyst: Eiji Hakomori
- Page: P.40

Events and Research

Company Roadshows:
- 12-13 Aug: Texhong Textile Group Ltd (2678 HK) - NDR in Tokyo
- 15 Aug: Dah Chong Hong (1828 HK) - Luncheon in HK and Global
- 20-21 Aug: Charoen Pokphand Foods PCL (CPF TB) - NDR in HK
- 21 Aug: AMVIG (2300 HK) - NDR in HK
- 22 Aug: AMVIG (2300 HK) - NDR in SG
- 22-23 Aug: CSCI (3311 HK) - NDR in Tokyo; Thai Beverage (THBEV SP) - NDR in HK
- 27 Aug: Skyworth Digital (751 HK) - Discovery Lunch in HK; West China Cement (2233 HK) - NDR in SG
- 27-28 Aug: Chaowei (951 HK) - NDR in HK
Daiwa Asian Events:
- 23-Aug: Daiwa ASEAN Conference - HOSE-Daiwa Vietnam Corporate Day 2013 - SG
- 3-6 Sep: Daiwa Internet, E-Commerce, Mobile Gaming Conference - NY, SF, Toronto, HK
- 17-18 Sep: Daiwa Property & REIT Conference 2013 - Tokyo
- 19-20 Sep: Daiwa India Corporate Day - Tokyo
- 19-25 Sep: Daiwa Australia Corporate Event - Tokyo
- 21-22 Oct: Daiwa ASEAN Conference - Best of Indonesia 2013 - Tokyo
- 23-25 Oct: Daiwa ASEAN Conference - Best of Indonesia 2013 - Toronto, New York

Key Information

Chroma ATE (2360 TT)

Target Price: TWD62.00 → TWD75.00 (↑20.97%)
Upside: 17.0%
1 Aug Price: TWD64.10
Rating: Outperform (from Hold)
Analyst: Christine Wang
Key Points:
- Structural change in automation field
- Chroma is transforming into an integrated solutions provider
- New automation projects expected to contribute to earnings from 2H13
- Long-term earnings growth driven by IC testing and automation
- Earnings growth expected to be double-digit for the next three years
- Daiwa's 2013-15 EPS forecasts raised by 3-7%
- Key downside risk: lower-than-expected automation spending

Financial Summary (TWD)

Revenue (2013E): 4,414M
Operating Profit (2013E): 1,200M
Net Profit (2013E): 1,441M
Core EPS (2013E): 3.823
EPS Change (2013E): 52.4%
Daiwa vs Consensus EPS (2013E): 5.4%
PER (2013E): 16.8
Dividend Yield (2013E): 4.8%
DPS (2013E): 3.1
PBR (2013E): 3.1
EV/EBITDA (2013E): 16.1
ROE (2013E): 18.4%

Forecast Revisions

Revenue (2013E): 4,414M (no change)
Net Profit (2013E): 1,350M → 1,441M (↑52.4%)
EPS (2013E): 3.58 → 3.82 (↑6.7%)
EPS Change (2013E): 52.4%
Daiwa vs Consensus EPS (2013E): 5.4%
2014E:
- Revenue: 5,368M
- Net Profit: 1,691M → 1,749M (↑3.4%)
- EPS: 4.49 → 4.64 (↑3.4%)
- Daiwa vs Consensus EPS: 4.4%
2015E:
- Revenue: 5,905M
- Net Profit: 1,974M → 2,017M (↑2.2%)
- EPS: 5.24 → 5.39 (↑2.9%)
- Daiwa vs Consensus EPS: 8.7%

Key Ratios

Sales (YoY 2013E): 5.8%
EBITDA (YoY 2013E): 30.4%
Operating Profit (YoY 2013E): 37.1%
Net Profit (YoY 2013E): 52.4%
Sales (YoY 2014E): 21.6%
EBITDA (YoY 2014E): 34.4%
Operating Profit (YoY 2014E): 40.2%
Net Profit (YoY 2014E): 21.4%
Sales (YoY 2015E): 10.0%
EBITDA (YoY 2015E): 16.1%
Operating Profit (YoY 2015E): 17.7%
Net Profit (YoY 2015E): 15.3%

Regional Indices

HSI: 1D 0.5%, 1M 7.4%, YTD -2.1%, EPS growth 10.1% (2013E), 7.9% (2014E), PER 10.3 (2013E), 9.5 (2014E)
HSCEI: 1D 0.1%, 1M 5.8%, YTD -14.9%, EPS growth 8.5% (2013E), 9.0% (2014E), PER 6.5 (2013E), 5.9 (2014E)
SENSEX: 1D -0.8%, 1M -1.5%, YTD -1.4%, EPS growth 10.6% (2013E), 16.1% (2014E), PER 14.9 (2013E), 12.8 (2014E)
KOSPI: 1D 0.1%, 1M 3.7%, YTD -3.7%, EPS growth 23.5% (2013E), 20.4% (2014E), PER 10.0 (2013E), 8.3 (2014E)
TWSE: 1D 0.5%, 1M 1.0%, YTD 5.2%, EPS growth 38.5% (2013E), 13.1% (2014E), PER 15.3 (2013E), 13.6 (2014E)
FSSTI: 1D 0.3%, 1M 2.5%, YTD 2.7%, EPS growth 0.6% (2013E), 9.7% (2014E), PER 14.7 (2013E), 13.4 (2014E)
ASX 200: 1D 1.1%, 1M 5.8%, YTD 10.1%, EPS growth -3.0% (2013E), 8.9% (2014E), PER 15.5 (2013E), 14.3 (2014E)
TOPIX: 1D 2.8%, 1M 2.1%, YTD 39.1%, EPS growth 59.4% (2013E), 10.2% (2014E), PER 15.3 (2013E), 13.9 (2014E)

Summary

Chroma ATE is expected to benefit from a structural shift in the automation industry, leading to an upgrade in its rating from Hold to Outperform.
Analysts highlight the company's potential to transform into an integrated solutions provider and its strong market position in low-power testing equipment.
Daiwa's financial forecasts show positive growth in EPS and net profit for 2013-2015, with higher operating margins expected.
The report also includes other recommendations for various companies across different regions and highlights key macroeconomic factors influencing the market.

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