20140804-富瑞金融香港公司-Today_At_A_Glance_14页_341kb

报告摘要

Mutual Fund/ETF Inflows: There was a strong injection of US$11bn into equities, marking a six-week high. This included US$4.1bn into Asia Pacific and US$813mn into Latin America, both reaching 15-week and 46-week highs respectively.
Regional Performance: Asia has seen net mutual fund/ETF inflows for eight consecutive weeks, and foreign investors have been net buyers for 12 weeks.
Sector Trends: All sectors except for Industrials attracted net inflows. Global bond funds had a net inflow of US$2.1bn, with inflows continuing for 20 out of the past 21 weeks.
Market Outlook: North America saw a return of inflows, while Developed Europe experienced withdrawals. The market is expected to stabilize in August, with opportunities for new launches in the coming year.

Rating: Hold
Price Target: MYR3.00 to MYR3.40
Key Points: The company upgraded its rating from Sell to Hold. The successful disposal of its 49% stake in NBPO could serve as a catalyst for re-rating, though the deal depends on PNG government clearance.

Rating: Buy
Price Target: HK$15.50 to HK$20.00
Key Points: 1H14 operating data was stronger than expected. The NBV growth forecast was revised up to 17.5%, and EV growth to 19.5%. The price target was raised to HK$20.

Rating: Buy
Price Target: INR240.00 to INR290.00
Key Points: Q1FY15 results were strong, with net income up 20% YoY and presales reaching an all-time high of Rs13.1bn. The company is on track to meet FY15 guidance.

Rating: Buy
Price Target: INR355.00 to INR372.00
Key Points: 1Q15 results were ahead of expectations. Near-term volatility is expected due to regulatory changes, but medium-term prospects are positive.

Rating: Buy
Price Target: HK$27.10
Key Points: The company's upside is not limited to macro support or policy easing. It is expected to benefit from a strong land bank and financial foundation, with growth potential in the uncertain market.

Rating: Buy
Price Target: HK$24.86
Key Points: 1H14 profit growth exceeded expectations. The company is well positioned to benefit from a shift in the market, and we maintain the Buy rating.

Rating: Buy
Price Target: ¥2,000
Key Points: 1QFY15 results were solid, with the company on track to meet full-year guidance. The stock trades at an attractive valuation.

Rating: Hold
Price Target: ¥5,200
Key Points: 1QFY15 results were unexciting, with poor progress to full-year guidance. The company needs pipeline improvements and better performance in "Project Summit" to become more positive.

Rating: Underperform
Price Target: ¥2,500
Key Points: 1QFY15 results were poor, with a 23.5% sales progress and 16% OP progress. Domestic sales of Aricept were weak, and the gross margin deteriorated by 6%. Premium valuation is not justified.

Rating: Underperform
Price Target: ¥230
Key Points: Sharp reported an operating loss despite a one-off gain. The company's D/E ratio remains elevated at 3.7x, and it needs to raise capital. The Underperform rating is reiterated.

Rating: Hold
Price Target: ¥680
Key Points: Q1FY14 results were disappointing due to restructuring and sluggish earnings growth. The company is expected to catch up in H2.

Rating: Buy
Price Target: ¥1,500
Key Points: Q2 results were slightly negative, but the company is expected to harvest results from H2. Mobile games are starting to break even.

Rating: Buy
Price Target: ¥5,167
Key Points: H1FY15 results were positive, with improved margins and cost management. The company is preparing for upcoming catalysts like Windows 2003 Server licensing expiration and tax events.

Rating: Buy
Price Target: INR1,406.00
Key Points: Q1FY15 results showed improved margins and positive realisations. EBITDA/tonne improved, and we maintain the Buy rating.

Rating: Underperform
Price Target: INR140.00
Key Points: Q1FY15 cash flow worsened, with operating cash flow at a deficit and presales at a five-year low. The company is expected to raise equity and manage CCPS conversion.

Rating: Buy
Price Target: SGD19.15
Key Points: 2Q net income exceeded expectations. China tailwinds are expected in 2H, and the company is re-rated as a Buy due to potential rate hikes and improved performance.

Rating: Buy
Price Target: KRW270,000
Key Points: 2Q14 results were in line with expectations. The company is expected to benefit from continued strong ethylene chain margins in 2015 and 2016.

Rating: Buy
Price Target: KRW84,000
Key Points: 2Q results were in line with expectations. The company is well positioned for a recovery in the outbound tour market and is recommended for accumulation.

Jefferies Boston Healthcare Summit: 8/6/2014, Boston
Jefferies Global Industrials Conference: 8/11/2014 - 8/14/2014, New York
ASEAN Urbanization & Demography Corporate Access Day - Hong Kong: 8/26/2014, Hong Kong
Jefferies Semiconductors, Hardware & Communications Infrastructure Summit: 8/27/2014, Chicago
Jefferies Mid-Atlantic Corporate Access Day: 9/5/2014, Baltimore
Jefferies West Coast Payments Summit: 9/22/2014 - 9/23/2014, Half Moon Bay
Jefferies Global Healthcare Conference in London: 11/19/2014 - 11/20/2014, London

Countrywide PLC (CWD LN): 8/4/2014 - 8/7/2014, London
Senior PLC (SNR LN): 8/4/2014 - 8/8/2014, Edinburgh, London
Keller Group PLC (KLR LN): 8/4/2014 - 8/8/2014, London
WPP PLC (WPP LN): 8/4/2014 - 8/7/2014, Atlanta, Austin, Los Angeles, Newport Beach, Orlando, Santa Barbara
Fidessa Group PLC (FDSA LN): 8/4/2014 - 8/7/2014, London

Positive Trends: Strong mutual fund inflows into Asia and Latin America, positive Q1 results for several companies, and the expectation of recovery in certain sectors.
Negative Trends: Poor performance in some sectors, such as gaming and property, and continued challenges for companies like DLF and Sharp.
Recommendations: Buy ratings for several companies including Ourgame, HC International, Astellas, and Takeda, while Underperform ratings are given to Eisai and DLF.
Market Outlook: The Asian market is expected to stabilize in August, with potential for growth in the coming year, especially in sectors like gaming and property.

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