20141111-富瑞金融香港公司-Today_At_A_Glance_18页_413kb

报告摘要

Asia Research Summary

Core Content Overview

This document presents a collection of research summaries from Jefferies and Mirae Asset on various companies and sectors across Asia, with a focus on financial performance, market outlook, and investment ratings. The key areas covered include:

China and Hong Kong – The Shanghai-HK stock connect is expected to be a positive catalyst for the market.
Restaurants – The sector is expected to remain challenging due to weak growth and rising costs, with specific recommendations on Tsui Wah, Café de Coral, and Ajisen.
Integrated Oil – Weak mining tire sales are affecting profits, but there is potential for recovery in US sales and ultra-large tires.
Basic Materials – Steel production in Hebei is expected to have a short-term impact on the market.
Financials – Highlights on the Japanese banking sector, including mergers, fund flows, and regulatory risks.
E&P: Commercial Banks – A neutral view is maintained on the sector, with a preference for NAB.
Semiconductors – The growth of semiconductor-related industries in China is being driven by government support.
Shipbuilding – The FLNG market is expected to boom in 2015, with Samsung Heavy Industries as a top pick.
Consumer and Retail – E-commerce has a double-edged impact on traditional retailers, with some companies like Sun Pharmaceutical Industries and Lifenet Insurance performing well or facing challenges.
Stock Market Updates – Various companies have reported results, with some showing positive performance and others facing headwinds.

Key Companies and Their Analysis

Hong Kong & China Stocks

Company	Ticker	Rating	Price Target	Key Takeaway
Tsui Wah	1314 HK	HOLD	HKD3.10	Strong brand and operations, but cautious due to market challenges.
Café de Coral	341 HK	HOLD	HKD26.00	Stable operations, but facing competition.
Ajisen	538 HK	UNDERPERFORM	HKD4.40	Weak performance and high competition.
SJM Holdings Ltd.	880 HK	BUY	HK$23.70	Strong dividend yield and lower valuations, despite weak Q3.
Bharat Forge	BHFC IN	HOLD	INR889.00	Strong quarter, but valuation already factors in positives.
Rural Electrification Corp.	RECL IN	HOLD	INR310.00	Strong Q2, but sustainability is questionable.
Sun Pharmaceutical Industries	SUNP IN	BUY	INR930.00	Strong performance from Taro, with positive outlook.
Singapore Exchange	SGX SP	BUY	SGD8.00	Strong market stats and product offerings justify higher multiples.
Samsung Electronics	005930 KS	BUY	KRW1,500,000	Strong foundry and flexible display leadership.
Samsung Electro-Mechanics	009150 KS	BUY	KRW59,000	Positive 4Q14 earnings outlook.
Lotte Himart	071840 KS	BUY	KRW85,000	3Q14 earnings in line with expectations.
Lotte Shopping	023530 KS	BUY	KRW400,000	Mixed 3Q14 results, but positive turnaround expected.
Kangwon Land	035250 KS	BUY	KRW42,000	Earnings on track, but impacted by one-off expenses.
Hyundai Department Store	069960 KS	HOLD	KRW140,000	Operating profit in line, but net profit missed due to bad debt.
Tokai Tokyo Financial Holdings	8616 JP	BUY	¥970	Upgraded PT due to increased JGB and ETF purchases.
Lifenet Insurance Company	7157 JP	HOLD	¥1,000	Weak 3Q results, but fundamentals remain challenging.
Maruichi Steel Tube	5463 JP	UNDERPERFORM	¥2,000	Revised down guidance, weak overseas performance.
SMC Corp.	6273 JP	HOLD	¥29,000	Upward revision in line with estimates, but export slowdown noted.
Bridgestone	5108 JP	BUY	¥4,500	Strong operating margins, potential for US sales recovery.
Yokohama Rubber	5101 JP	HOLD	¥1,000	Negative 3Q results, facing intense competition.
Indocement Tunggal Prakarsa	INTP IJ	HOLD	IDR23,700	Earnings downgrade due to cost pressures and lack of diversification.
Daum Communications	035720 KS	BUY	KRW135,200	Delayed growth story, impacted by merger costs.

Main Points and Key Insights

China A Shares and HK Exchanges: The Shanghai-HK stock connect is expected to be a positive catalyst, with Jefferies upgrading HK equities to bullish.
Restaurants: The sector faces weak growth and rising costs, with a preference for strong brands and operations.
Integrated Oil: Weak mining tire sales are affecting profits, but potential for recovery in US and ultra-large tires is noted.
Basic Materials: Steel production in Hebei is expected to cause a short-term supply shock, but the impact is likely short-lived.
Financials: Japanese banks are under pressure due to weak credit growth and high PERs, but NAB is preferred over other peers.
E&P: Commercial Banks: A neutral stance is maintained, with focus on dividend yields and regulatory risks.
Semiconductors: Growth in semiconductor-related industries in China is driven by government support, with memory semiconductors still under scrutiny.
Shipbuilding: The FLNG market is expected to boom in 2015, with Samsung Heavy Industries as a top pick.
Consumer and Retail: E-commerce has a double-edged impact, with some companies benefiting while others face margin pressure and brand image issues.
Stock Market Performance: Companies like Samsung Electronics and Tokai Tokyo Financial Holdings show positive outlooks, while others like Maruichi and Lifenet face challenges.

Investment Recommendations

BUY ratings are assigned to companies showing strong fundamentals, potential for recovery, and undervalued positions.
HOLD ratings are given to companies with stable performance but facing sustainability issues or limited upside.
UNDERPERFORM is assigned to companies with weak performance and uncertain future growth prospects.

This summary provides a structured overview of the key points and investment insights from the document, highlighting the performance of various companies and sectors across Asia.

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