20180524-兴业金融证券-Regional_Morning_Cuppa_8页_294kb

报告摘要

Regional Morning Cuppa Summary

Core Content Overview

This document provides an investment summary and analysis of several regional stocks across different sectors in Hong Kong, Malaysia, Thailand, Indonesia, Singapore, and the United States. It includes analyst ratings, target prices (TP), key catalysts, and market outlooks for each stock, along with legal disclaimers and distribution restrictions.

Main Points and Key Information

Hong Kong

Kingsoft (3888 HK)
- Rating: BUY
- TP: HKD32.50 (up from HKD34.20)
- Upside: 41%
- Key Catalysts:
  - Expected strong performance in the second half (2H) of the year due to new mobile games.
  - JX Online 3 Mobile is set to launch in early September.
  - Office software business is anticipated to grow.

Malaysia

Genting Plantations (GENP MK)
- Rating: NEUTRAL
- TP: MYR10.10 (down from MYR11.45)
- Upside: 6%
- Key Catalysts:
  - 1Q results were weaker than expected.
  - 2Q18 could be similarly weak due to Ramadan and Aidil Fitri.
  - Uncertainty around minimum wage hikes impacts share price.
Malakoff Corp (MLK MK)
- Rating: BUY
- TP: MYR1.05 (up from MYR0.87)
- Upside: 21%
- Key Catalysts:
  - Core profit weakness in 1Q18 due to lower capacity payments.
  - Expected recovery in 2Q18 with TBE's normalised capacity payments.
Other Stocks (BUY/NEUTRAL/Sell):
- Paramount Corp (PAR MK): On track to meet targets.
- Matrix Concepts Holdings (MCH MK): MYR1.2bn new sales in FY18.
- Sarawak Oil Palms (SOP MK): Hit by weather issues.
- Sunway Construction (SCGB MK): Five new jobs in five months.
- MSM Malaysia (MSM MK): Another disappointing quarter.
- TSH Resources (TSH MK): Young trees hamper profit.
- Inari Amertron (INRI MK): Another decent quarter.
- JHM Consolidation (JHMC MK): Likely start of quarterly payouts.
- Telekom Malaysia (T MK): Down but not out.
- Axiata (AXIATA MK): Awaiting fresh catalysts.
- UMW Holdings (UMWH MK): Powered by Perodua.
- AirAsia X (AAX MK): Strong 1Q but expects losses in 2Q.

Top BUYs

Stock	Bloomberg Ticker	TP	Catalysts
Longfor	960 HK	HKD26.00	Solid contracted sales growth, resilient margins, defensive balance sheet
China Construction Bank	939 HK	HKD10.30	Sustained earnings recovery, accelerating NIM expansion
Indofood Sukses Maksur	INDF IJ	IDR10,300	Government stimulus for low-end consumers, increased Chinese visitor arrivals
Astra International	ASII IJ	IDR9,500	Robust sales of Toyota Rush and Daihatsu Terios, coal price increase
BSD City	BSDE IJ	IDR2,210	Lower interest rates, larger mortgage user base
Malayan Banking	MAY MK	MYR11.80	Asset quality risk abating, corporate credit demand rising
Genting Malaysia	GENM MK	MYR5.94	Expected growth in visitor arrivals from theme parks
Dairy Farm	DFI SP	USD9.53	Continued performance in health & beauty and convenience stores, store expansion
Sino-Thai	STEC TB	THB25.50	Top bidder in MRT projects, stronger core earnings growth

Main Views and Outlooks

Positive Outlook: Several stocks are rated BUY, indicating potential for significant price appreciation (10%+ over 12 months).
Neutral Outlook: Some stocks are rated NEUTRAL, suggesting limited upside or downside, with potential for improvement in the second half.
Negative Outlook: A few stocks are rated SELL, indicating possible price declines of more than 10% over 12 months.
Catalysts for Growth:
- Launch of new mobile games for Kingsoft.
- Government stimulus in Indonesia.
- Expansion and increased visitor arrivals for Genting Malaysia.
- Store expansion and online accessibility for Dairy Farm.
Challenges:
- Weak 1Q results for Genting Plantations and Kingsoft.
- Seasonal impacts in Malaysia.
- Uncertainty around minimum wage hikes and coal prices.

Investment Research Disclaimers

The report is for informational purposes only and is not investment advice.
RHB does not guarantee the accuracy or completeness of the information.
The report is not directed to or intended for distribution to certain jurisdictions or individuals.
No liability is accepted for losses or damages arising from reliance on the report.
Forward-looking statements are based on assumptions and may change without notice.
The report may include third-party content, which is not guaranteed in accuracy or completeness.

Distribution Restrictions

Malaysia: Issued by RHB Research Institute Sdn Bhd.
Thailand: Issued by RHB Securities (Thailand) PCL, a licensed securities company.
Indonesia: Issued by PT RHB Sekuritas Indonesia, not an offering document.
Singapore: Issued to accredited, expert, and institutional investors.
Hong Kong: Issued by RHB Securities Hong Kong Limited, subject to regulatory disclosures.
United States: Distributed solely to "major" institutional investors, not to U.S. persons.

Ownership and Conflicts of Interest

RHB and its affiliates may have interests in the subject companies.
Conflicts of interest may exist due to business relationships and potential investment banking services.
Analysts are not required to disclose interests in certain cases.
The report is based on public information and may not be comprehensive. Investors are advised to make their own informed decisions.

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