20141017-杰富瑞-PrimeTime_Asia_12页_314kb

报告摘要

Asia Research Summary

Core Content Overview

This document provides a summary of key financial insights and analyst recommendations for several companies across Asia, covering various sectors such as consumer goods, financial services, industrials, and more. It includes updates on earnings, price targets, and market outlooks, as well as details on upcoming events and marketing activities by Jefferies.

Main Points and Key Information

Company Performance and Ratings

Company	Ticker	Rating	Price Target	Key Insights
MobileOne	M1 SP	HOLD	SGD2.90 to SGD3.20	Improved EBITDA margins, upgraded from Underperform
Amorepacific	090430 KS	BUY	KRW2,500,000 to KRW2,800,000	Strong long-term growth potential, management strategies
Chow Tai Fook Jewellery Co.	1929 HK	BUY	HK$13.00 to HK$12.10	Product mix improving, weak 2QFY15 but strong performance in other segments
Hutchison Port Holdings	HPHT SP	BUY	$0.74 to $0.73	Expected tariff increase in HK to maintain DPU
Iluka Resources	ILU AU	Neutral	AUD8.89 to AUD8.10	Uncertain demand, stable financial position
Kumho Petro Chemical	011780 KS	HOLD	KRW90,000 to KRW80,000	Uncertain demand for petrochemical products, recent price rises not sustainable
Luk Fook Holdings	590 HK	HOLD	HK$23.10 to HK$22.60	Improved signals during Golden Week, but structural changes in mainland tourist behavior pose risks
Perseus Mining	PRU AU	Positive	AUD0.93 to AUD1.01	Strong results, robust mine plan, trading at discount to valuation
Sandfire Resources NL	SFR AU	Neutral	AUD5.84 to AUD5.80	Mill shutdowns for processing improvements, copper recovery rates expected to rise
Saracen Mineral Holdings	SAR AU	Neutral	AUD0.43 to AUD0.45	Production beat, but cost concerns persist
Sumitomo Mitsui Financial Group	8316 JP	BUY	¥4,043	Strong fundamentals, good positioning for asset reallocation
Tokai Tokyo Financial Holdings	8616 JP	BUY	¥930 to ¥890	Strong rental reversions, healthy office outlook
Keppel REIT	KREIT SP	BUY	SGD1.18	Healthy occupancy, proactive lease management
Crompton Greaves	CRG IN	HOLD	INR200.00	Weak 2QFY15, consumer demerger providing support
Prestige Estates Projects Ltd.	PEPL IN	BUY	INR223.20	Strong presales growth, likely to exceed FY15 guidance
AIA Group Limited	1299 HK	BUY	HK$41.50	Strong VONB growth, positive outlook for the company

Market Trends and Outlooks

Global and UK Markets: The UK equities are under pressure from falling commodity prices and weak global growth. The UK Gilt yield curve is flattening, indicating economic concerns.
Deflationary Signs: Equity markets showed signs of panic, with inverted VIX futures and lower bond yields. This suggests a deflationary environment and reduced probability of rate hikes in 2015.
China's Power Demand: China's power demand grew by 3% YoY in September, but this is seen as anemic. The growth was attributed to a cooler summer and base effects.
China Credit Monitor: New RMB loans in September exceeded consensus, driven by mid/long-term corporate and retail loans. Short-term corporate loans showed recovery, but overall loan demand remains weak.
Oil Services & Equipment: Falling oil prices may lead to capex cuts, but oil companies are likely to maintain efficient operations and focus on oil rather than gas.
Industrials: Revenue growth is expected to be tepid in 2QFY15, with a three-quarter lag to CGIIP data. Positive outlook on NTPC, Voltas, and Cummins.
Healthcare: Dainippon Sumitomo is underperforming, while Daiichi Sankyo is expected to face an FDA panel review in October.

Events and Marketing Activities

Conferences: Jefferies is hosting several events, including the Asia Corporate Access Summit, UK Entrant Summit, and Global Energy Conference, among others.
Company Marketing: Various company presentations and Q&A sessions are scheduled, including Redwood Group, Repligen Corp, and others.
Analyst Marketing: Analysts from Jefferies are attending multiple events in different locations, including London, Hong Kong, and Boston, to engage with investors and discuss market insights.

Conclusion

The document highlights mixed performance across the Asia region, with some companies showing improvement and others facing challenges. Analysts at Jefferies are providing detailed insights and recommendations based on recent financial results, market trends, and strategic moves. The outlook for certain sectors, such as consumer goods and financial services, is positive, while others, like oil services and industrials, are more cautious. The firm is also actively involved in marketing and events to engage with investors and share its research findings.

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