20150515-杰富瑞-Today_At_A_Glance_16页_350kb_350kb

Asia Research Summary

Core Content Overview

This document provides a summary of recent research and analysis on several Asian companies, highlighting their financial performance, valuation, and investment recommendations. The summary includes key takeaways from each company's report, price targets, and ratings.

Main Points and Key Information

Vipshop Holdings Limited (NYSE: VIPS, $26.66, BUY)

• Rating: Buy
• Price Target: $35.00
• Upside Potential: 31%
• Key Takeaway: Vipshop benefits from the mobile commerce transition, with strong results in Q1 2015. The company is expected to grow with its flash sales model and has a solid logistics network. The stock is undervalued based on its current earnings and growth potential.

Sinotrans Ltd. (HKSE: 598 HK, HK$5.63, BUY)

• Rating: Buy
• Price Target: HK$6.90
• Key Takeaway: Sinotrans reduced its stake in Sinoair, which is in line with its strategy to realize value while retaining control. The stock is undervalued compared to its peers, and we maintain a Buy rating.

GCL-Poly Energy Holdings Limited (HKSE: 3800 HK, HK$2.18, BUY)

• Rating: Buy
• Price Target: HK$2.60
• Key Takeaway: The company has lowered its estimates due to weaker poly/wafer pricing. However, we believe its downstream potential is not fully reflected in the current valuation. Maintain Buy.

Café de Coral Holdings Limited (HKSE: 341 HK, HK$29.15, HOLD)

• Rating: Hold
• Price Target: HK$28.00
• Key Takeaway: The company maintains a healthy SSSG but faces cost pressures. Earnings upside is limited in the short term, but we retain our Hold rating.

T&D Holdings (TSE: 8795 JP, ¥1,766, UNDERPERFORM)

• Rating: Underperform
• Price Target: ¥1,540
• Key Takeaway: The company is well-capitalized but has not taken action to boost shareholder returns. We downgrade to Underperform due to the lack of strategic moves and the impact of its corporate governance changes.

Daiwa Securities Group (TSE: 8601 JP, ¥963, BUY)

• Rating: Buy
• Price Target: ¥1,130
• Key Takeaway: The company is performing well with a clear strategy to grow market share. Despite the high investment in IT systems, the stock is undervalued and we retain Buy.

Nexon Co., Ltd. (TSE: 3659 JP, ¥1,547, HOLD)

• Rating: Hold
• Price Target: ¥1,140
• Key Takeaway: Nexon reported in-line results for Q1 2015, but the guidance for Q2 is flat. The stock is overvalued based on current earnings and growth expectations, so we maintain Hold.

Jubilant Foodworks (NSEI: JUBI IN, INR1,566.30, BUY)

• Rating: Buy
• Price Target: INR1,900.00
• Key Takeaway: Jubilant Foodworks showed strong same-store sales growth in Q4 2015, indicating a recovery in urban discretionary demand. We maintain Buy due to its strong position and potential for cyclical recovery.

MakeMyTrip Limited (NASDAQ: MMYT, $23.24, BUY)

• Rating: Buy
• Price Target: $30.00
• Key Takeaway: Despite weak growth in hotels and packages, the company showed improvement in net revenue margins. We maintain Buy due to the stock price correction and potential for future growth.

Singapore Telecom (SES: ST SP, SGD4.36, HOLD)

• Rating: Hold
• Price Target: SGD4.50
• Key Takeaway: Singapore Telecom's results were in line with expectations, but the increase in capex for Australia is a concern. The stock is close to our target price, so we downgrade to Hold.

Neptune Orient Lines (SGX: NOL SP, SGD1.11, HOLD)

• Rating: Hold
• Price Target: SGD1.00
• Key Takeaway: NOL's Q1 results were weaker than expected due to a reduction in capacity. We maintain Hold as the volume weakness is specific to its strategy.

Singapore Airlines Ltd. (SES: SIA SP, SGD11.64, BUY)

• Rating: Buy
• Price Target: SGD13.70
• Key Takeaway: SIA reported results that missed expectations, but passenger yield continues to improve. We remain positive on the earnings outlook and maintain Buy.

Samsung Electronics Co. Ltd. (KSE: 005930 KS, KRW1,340,000, BUY)

• Rating: Buy
• Price Target: KRW1,800,000
• Key Takeaway: Samsung is not involved in a DRAM price war and is maintaining profitability. We recommend buying on the weakness caused by misinformation.

IOI Corporation Berhad (KUL: IOI MK, MYR4.21, Sell)

• Rating: Sell
• Price Target: MYR3.60
• Key Takeaway: IOI reported weak results due to production setbacks and seasonal declines. Despite the recent share price slump, we do not see a compelling valuation and maintain Sell.

Tan Chong Motor Holdings (KUL: TCM MK, MYR3.05, Hold)

• Rating: Hold
• Price Target: MYR3.34
• Key Takeaway: TCM rebounded from a small loss in Q4 2014 to a core profit in Q1 2015. However, normalised earnings were down due to the weaker ringgit. We maintain Hold.

Dayang Enterprise Holdings Bhd (KLSE: DEHB MK, MYR2.64, Buy)

• Rating: Buy
• Price Target: MYR3.30
• Key Takeaway: DEHB's MGO for Perdana has been finalized, which is immediately earnings accretive. We maintain Buy due to the strategic benefits and upside potential.

Perdana Petroleum Berhad (KUL: PETR MK, MYR1.50, Buy)

• Rating: Buy
• Price Target: MYR1.80
• Key Takeaway: The offer price for PETR is considered too low by us. We recommend investors wait for better value as the deal does not fully capture the intrinsic value.

Media Prima Berhad (KUL: MPR MK, MYR1.67, Buy)

• Rating: Buy
• Price Target: MYR2.50
• Key Takeaway: MPR had a weak start in Q1 2015 due to weak advertising spend. We expect earnings to improve as consumer sentiment recovers and operating leverage kicks in.

Hiroca Holdings Ltd (TSEC: 1338 TT, TWD113.50, Buy)

• Rating: Buy
• Price Target: TWD148.00
• Key Takeaway: Hiroca showed strong earnings due to product mix optimization. We upgrade to Buy as the stock is undervalued and has potential for growth.

Lite-On Technology Corp (TSEC: 2301 TT, TWD38.40, Buy)

• Rating: Buy
• Price Target: TWD50.00
• Key Takeaway: Lite-On is recovering from a downturn, with improved margins and better-than-expected Q1 results. We upgrade to Buy due to its strong growth potential in higher-margin products.

Hiwin Technologies Corp (TSEC: 2049 TT, TWD232.00, Add)

• Rating: Add
• Price Target: TWD281.00
• Key Takeaway: Hiwin showed resilience in margins and strong revenue growth. We upgrade to Add as the stock is close to its trough valuation and has a solid demand outlook.

Wistron NeWeb Corp (TSEC: 6285 TT, TWD86.50, Buy)

• Rating: Buy
• Price Target: TWD86.50
• Key Takeaway: WNC's Q1 results were strong, and we expect sales to improve in Q2. We maintain Buy as the company is well-positioned for growth.