20150413-大和证券-Asia_Pacific_Daily_14页_1mb
报告摘要
Asia Pacific Daily Summary - 13 April 2015
Core Content Overview
The Asia Pacific Daily from Daiwa provides a comprehensive overview of market insights, company analyses, and upcoming events for the Asia-Pacific region. It highlights investment recommendations, regional performance data, and key research reports from Daiwa's analysts across various sectors and countries.
Main Research Highlights
Company Recommendations
| Company | Recommendation | Analyst | Page |
|---|---|---|---|
| Swire Properties | Buy | Jonas Kan | P.4 |
| Hyundai Mobis | Buy | Sung Yop Chung | P.6 |
| Hyundai Via Corp | Buy | Sung Yop Chung | P.10 |
| Sunway | Buy | Sharifah Farah | P.16 |
| Indonesia Telecommunications | Overweight | Leonardo Henry Gavaza | P.17 |
| REXLot | Buy | Helen Chien | P.34 |
| Samart Corp PCL | Buy | Helen Chien | P.35 |
| TSMC | Keep buying | Rick Hsu | P.36 |
| Tong Yang | Outperform | Helen Chien | P.35 |
| Angang Steel | Hold | Anson Chan | P.36 |
| SK Telecom | Outperform | Rick Hsu | P.36 |
| TravelSky Technology | Hold | Rick Hsu | P.36 |
| Demco PCL | Hold | Helen Chien | P.36 |
| Energy Absolute PCL | Buy | Helen Chien | P.36 |
| China Insurance Sector | Buy | Leon Qi, Steve Xu | P.40 |
| China Life | Buy | Leon Qi, Steve Xu | P.40 |
| Ping An | Buy | Leon Qi, Steve Xu | P.40 |
| PICC Group | Outperform | Leon Qi, Steve Xu | P.40 |
| Daiwa's Banner Products | - | - | P.43 |
| Asia Strategy | - | - | P.43 |
| Philippines Power Sector | - | Bianca Solema | P.32 |
| China Suntien Green Energy | Upgrading: signs of recovery | - | P.31-Mar-15 |
| China Resources Gas | Upgrading: return to growth | - | P.17-Mar-15 |
| Binhai Investment | Positioning for the long term | - | P.17-Mar-15 |
| Korea Healthcare Sector | Initiation: ready, willing and able | - | P.13-Mar-15 |
| The Basket | Soft patch, but still up on big caps | - | P.13-Mar-15 |
| Thailand Utilities Sector | Back to reality | - | P.1-Apr-15 |
| Thailand Property Sector | In a market-share game | - | P.19-Mar-15 |
| Korea Construction Sector | Beware of aggressive pre-sales | - | P.18-Mar-15 |
| China Aircraft Leasing Group | Initiation: flying high in a niche business | - | P.20-Mar-15 |
| Korea Cosmetics Sector | K-beauty: still very hot | - | P.26-Mar-15 |
| ASEAN Intelligence | What matters this week | Rohan Dalziell | P.18 |
| 1Q15 Results Preview | - | - | - |
| China Economy | March CPI holds at 1.4% YoY | Kevin Lai | P.20 |
| Technical Daily Comment | - | Eiji Kinouchi | P.21 |
| Euro Wrap-Up | - | Economic | P.22 |
| Yen 4Sight | - | Emily Nicol | P.26 |
Market Indices Performance
| Market | 1D (%) | 1M (%) | YTD (%) | EPS Growth 13E (%) | EPS Growth 14E (%) | PER 13E (x) | PER 14E (x) |
|---|---|---|---|---|---|---|---|
| TPX | -0.3 | 4.2 | 12.9 | 8.5 | 14.6 | 17.2 | 15.0 |
| HSCEI | 1.7 | 21.6 | 16.7 | 5.1 | 8.5 | 7.2 | 6.7 |
| HSI | 1.2 | 14.1 | 15.5 | 2.1 | 10.3 | 11.4 | 10.3 |
| KOSPI | 1.4 | 5.2 | 9.0 | 42.0 | 5.9 | 10.9 | 10.3 |
| TWSE | 0.5 | 0.9 | 3.3 | 12.6 | 8.7 | 13.3 | 12.3 |
| SENSEX* | -0.0 | 0.6 | 5.0 | 15.7 | 18.3 | 17.6** | 14.9** |
| FBMKLCI* | -0.3 | 3.0 | 4.7 | 5.9 | 9.1 | 16.3** | 14.9** |
| SET* | 0.2 | 1.1 | 3.3 | 17.2 | 14.9 | 14.3** | 12.4** |
| PCOMP* | 0.9 | 3.9 | 12.4 | 11.9 | 13.2 | 21.0** | 18.6** |
| JCI* | -0.2 | 0.5 | 5.1 | 8.2 | 13.8 | 16.2** | 14.3** |
| AS51 | 0.6 | 2.5 | 10.3 | -0.6 | 2.5 | 16.5 | 16.1 |
*Valuation based on MSCI Universe
**MSCI index priced as of 9 Apr
Upcoming Daiwa Events
| Date | Event | Location |
|---|---|---|
| 13-14 Apr | Company Roadshow | Tokyo |
| 13-16 Apr | Company Roadshow | US |
| 13-17 Apr | Company Roadshow | Tokyo |
| 14 Apr | Company Roadshow | HK |
| 14 Apr | Group Luncheon | HK |
| 14-15 Apr | Company Roadshow | SG |
| 14-15 Apr | Company Roadshow | SG |
| 14-16 Apr | Company Roadshow | US |
| 16-17 Apr | Company Roadshow | Tokyo |
| 16-17 Apr | Company Roadshow | SG |
| 17 Apr | Company Roadshow | EU |
| 17 Apr | Group Luncheon | HK |
| 17 Apr | Group Luncheon | SG |
| 20 Apr | Group Luncheon | HK |
| 21-23 Apr | Daiwa Consumer and Gaming Conference 2015 | HK |
| 26-27 May | Daiwa Investment Conference New York 2015 | New York |
| 29 May | Daiwa Investment Conference San Francisco 2015 | San Francisco |
| 1-2 Jun | Daiwa Investment Conference London 2015 | London |
| 15-16 Jun | Hong Kong China Investment Seminar Singapore 2015 | SG |
| 18-19 Jun | Hong Kong China Investment Seminar Tokyo 2015 | Tokyo |
Rating and Target Price Information
| Company | Bloomberg Code | Country | 12M Rating | 12M Target Price* |
|---|---|---|---|---|
| Hyundai Via Corp | 011210 KS | Korea | Buy | 200,000 |
| Hyundai Mobis | 012330 KS | Korea | Buy | 310,000 |
| Erayaya Swasembada | ERAA IJ | Indonesia | Reduce | 940 |
| Tiphone Mobile Indonesia | TELE IJ | Indonesia | Buy | 1,060 |
| REXLot | 555 HK | China | Buy | 0.95 |
| Uni-President China | 220 HK | China | - | 37,500 |
| UMC | 2303 TT | China | - | 5.8 |
| China Insurance Sector | - | China | Buy | 1060 |
| Korea Cosmetics Sector | - | Korea | - | - |
| Asia Strategy | - | - | - | - |
| China Suntien Green Energy | - | China | Upgrading: signs of recovery | 19-Mar-15 |
| China Resources Gas | - | China | Upgrading: return to growth | 17-Mar-15 |
| Binhai Investment | - | China | Positioning for the long term | 17-Mar-15 |
| Korea Healthcare Sector | - | Korea | Initiation: ready, willing and able | 13-Mar-15 |
| The Basket | - | - | Soft patch, but still up on big caps | 13-Mar-15 |
| Thailand Utilities Sector | - | Thailand | Back to reality | 1-Apr-15 |
| Thailand Property Sector | - | Thailand | In a market-share game | 19-Mar-15 |
| Korea Construction Sector | - | Korea | Beware of aggressive pre-sales | 18-Mar-15 |
| China Aircraft Leasing Group | - | China | Initiation: flying high in a niche business | 20-Mar-15 |
| Korea Cosmetics Sector | - | Korea | K-beauty: still very hot | 26-Mar-15 |
| Siam Senses | - | Thailand | Policy rate cut won't help | 9-Apr-15 |
| Samart i-Mobile Pcl | - | Thailand | Peaked-out profit cycle | 8-Apr-15 |
| Samart Corporation Pcl | - | Thailand | Beyond earnings growth | 8-Apr-15 |
| Singapore Strategy | - | Singapore | Bouquets and brickbats | 8-Apr-15 |
| Malaysia Rubber Gloves | - | Malaysia | Nitrile gloves to continue leading the way | 8-Apr-15 |
| Daiwa's Asia Pacific Research Directory | - | - | - | - |
Economic Calendar – April 2015
| Date | Events |
|---|---|
| 1 | Imports & Exports (Mar), Foreign Direct Investment (1Q), PPI, Money Stock M2 & M3 (Mar), Trade Balance, Exports & Imports (Mar) |
| 2 | CPI (Mar), Foreign Direct Investment (Mar) |
| 3 | CPI, RPI, PPI & Retail Price (Mar), GDP (1Q), Unemployment rate (Mar), Retail Sales & Industrial Production (Mar), GDP (1Q) |
| 4 | - |
| 5 | - |
| 6 | - |
| 7 | - |
| 8 | - |
| 9 | - |
| 10 | - |
| 11 | - |
| 12 | PPI (Mar) |
| 13 | - |
| 14 | Unemployment Rate (Mar), Trade Balance, Exports & Imports (Mar) |
| 15 | House Price Balance (Mar), Retail Sales (Feb), Industrial Production & Capacity Utilization (Feb), Exports, Imports & Trade Balance (Mar) |
| 16 | Unemployment Rate (Feb), Consumer Confidence (Mar) |
| 17 | Unemployment Rate (Feb), Consumer Confidence (Mar) |
| 18 | - |
| 19 | PPI (Mar) |
| 20 | - |
| 21 | Unemployment Rate (Mar), Trade Balance, Exports & Imports (Mar), CPI (Mar) |
| 22 | CPI (Mar), GDP (1Q) |
| 23 | Public Finances & Retail Sales (Mar), Industrial Production & Commercial Sales (Mar), CPI (Mar), Consumer Confidence (Apr), PPI (Mar), Unemployment Rate (Mar) |
| 24 | Money Supply M1 & M2 (Mar), Industrial Production (Mar) |
| 25 | - |
| 26 | Budget Balance (Mar), Money Supply M1 & M2 (Mar) |
| 27 | Imports & Trade Balance (Feb), Retail Prices (Mar) |
| 28 | GDP (1Q), Index of Services (Feb), Exports, Imports & Trade Balance (Mar) |
| 29 | Consumer Confidence (Apr), GDP (1Q), Money Supply M1 & M2 (Mar), Unem Rate (1Q), Money Supply M3 (Mar), Industrial Production (Mar), Budget Balance, MS M1, M2 & M3 (Mar) |
| 30 | Money Supply M3 (Mar), CPI, Exports, Imports & Trade Balance (Apr), Jobless rate (Mar) |
Daiwa Offices and Contact Details
| Office | Address | Tel | Fax |
|---|---|---|---|
| DAIWA SECURITIES GROUP INC | Gran Tokyo North Tower, 1-9-1, Marunouchi, Chiyoda-ku, Tokyo, 100-6753 | (81) 3 5555 3111 | (81) 3 5555 0661 |
| Daiwa Securities Trust Company | One Evertrust Plaza, Jersey City, NJ 07302, U.S.A. | (1) 201 333 7300 | (1) 201 333 7726 |
| Daiwa Securities Trust and Banking (Europe) PLC | 5 King William Street, London EC4N 7JB, United Kingdom | (44) 207 320 8000 | (44) 207 410 0129 |
| Daiwa Europe Trustees (Ireland) Ltd | Level 3, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland | (353) 1 603 9900 | (353) 1 478 3469 |
| Daiwa Capital Markets America Inc | Financial Square, 32 Old Slip, New York, NY10005, U.S.A. | (1) 212 612 7000 | (1) 212 612 7100 |
| Daiwa Capital Markets America Inc. San Francisco Branch | 555 California Street, Suite 3360, San Francisco, CA 94104, U.S.A. | (1) 415 955 8100 | (1) 415 956 1935 |
| Daiwa Capital Markets Europe Limited | 5 King William Street, London EC4N 7AX, United Kingdom | (44) 20 7597 8000 | (44) 20 7597 8600 |
| Daiwa Capital Markets Europe Limited, Frankfurt Branch | Trianon Building, Mainzer Landstrasse 16, 60325 Frankfurt am Main, Germany | (49) 69 717 080 | (49) 69 723 340 |
| Daiwa Capital Markets Europe Limited, Paris Representative Office | 36, rue de Naples, 75008 Paris, France | (33) 1 56 262 200 | (33) 1 47 550 808 |
| Daiwa Capital Markets Europe Limited, London, Geneva Branch | 50 rue du Rhône, P.O.Box 3198, 1211 Geneva 3, Switzerland | (41) 22 818 7400 | (41) 22 818 7441 |
| Daiwa Capital Markets Europe Limited, Moscow Representative Office | Midland Plaza 7th Floor, 10 Arbat Street, Moscow 119002, Russia | (7) 495 641 3416 | (7) 495 775 6238 |
| Daiwa Capital Markets Europe Limited, Bahrain Branch | 7th Floor, The Tower, Bahrain Commercial Complex, P.O. Box 30069, Manama, Bahrain | (973) 17 534 452 | (973) 17 535 113 |
| Daiwa Capital Markets Hong Kong Limited | Level 28, One Pacific Place, 88 Queensway, Hong Kong | (852) 2525 0121 | (852) 2845 1621 |
| Daiwa Capital Markets Singapore Limited | 6 Shenton Way #26-08, DBS Building Tower Two, Singapore 068809 | (65) 6220 3666 | (65) 6223 6198 |
| Daiwa Capital Markets Australia Limited | Level 34, Rialto North Tower, 525 Collins Street, Melbourne, Australia | (61) 3 9916 1300 | (61) 3 9916 1330 |
| DBP-Daiwa Capital Markets Philippines, Inc | 18th Floor, Citibank Tower, 8741 Paseo de Roxas, Makati City, Philippines | (632) 813 7344 | (632) 848 0105 |
| Daiwa-Cathay Capital Markets Co Ltd | 14/F, 200, Keelung Road, Sec 1, Taipei, Taiwan | (886) 2 2723 9698 | (886) 2 2345 3638 |
| Daiwa Securities Capital Markets Korea Co., Ltd. | One IFC, 10 Gukjegeumyung-Ro, Yeouido-dong, Seoul, Korea | (82) 2 787 9100 | (82) 2 787 9191 |
| Daiwa Securities Capital Markets Co Ltd, Beijing Representative Office | Room 3503/3504, SK Tower, No.6 Jia Jiangquomen Wai Avenue, Beijing | - | - |
Key Information Summary
- Investment Recommendations: Several companies in Korea and Indonesia received "Buy" recommendations, while others were rated "Outperform" or "Hold."
- Market Indices: Indices across the Asia-Pacific region showed mixed performance, with some markets like KOSPI and TWSE experiencing positive growth.
- Research Reports: Multiple reports were published, focusing on various sectors such as property, insurance, and technology.
- Economic Calendar: April 2015 featured several key economic indicators, including CPI, GDP, and employment data, which are crucial for market analysis.
- Upcoming Events: The Daiwa Consumer and Gaming Conference is scheduled for April 21st–23rd in Hong Kong, with several other investment conferences planned for May and June.
- Research Team: Daiwa's research team includes experts in various sectors such as property, banking, insurance, and technology, with detailed contact information provided.
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