20140811-富瑞金融香港公司-Today_At_A_Glance_14页_337kb

报告摘要

Investor Behavior: Mutual fund/ETF investors showed risk aversion and shifted funds into global money markets.
Equity Flows: Net sellers in global equities, with a US$16bn withdrawal, the largest in six months. US equities saw significant outflows.
Bond Funds: Global bond funds recorded a US$3.2bn outflow, the first in seven weeks. High yield bonds saw ongoing withdrawals totaling US$23bn over four weeks.
Commodities: Investors turned net sellers in global commodities, with a light outflow of US$52mn. Gold and precious metals experienced larger withdrawals.
Money Markets: Attracted a net US$22bn injection, the largest in 13 weeks, indicating strong investor preference.

1H14 Profit Growth Expectation: 9 H-share banks are expected to report 11% profit growth for 1H14, achieving 55% of 2014E.
2Q14 Performance: Net profit is expected to be flat QoQ but up 9% YoY, driven by strong loan and fee income growth with stable NIM, offset by higher credit costs.
Top Picks: BOC is the top pick, with preference for CNCB among smaller banks.
JBA Loans: Domestic loans at City Banks decreased 0.9% MoM and increased 0.6% YoY. No immediate catalysts but positive momentum.
Henderson Group PLC: Rating is Positive, with a price target of AUD4.71. Despite a 14% drop since April, the company remains a growth investment.
Malayan Banking Berhad: Expected 9% YoY net profit growth for 1H14, making up 46% of full-year forecast. Buy recommendation, with preference for HLBK, AMMB, CIMB, and RHBC.

China Shanshui Cement Group: Issued a negative profit alert, with 1H14 net profit down >50% due to ASP drops. Rating is HOLD, with a revised price target of HK$3.00 to HK$3.30. Earnings forecast slashed by 32%.
China Resources Cement: Strong 1H14 growth with 80% YoY NPAT increase. Rating is BUY, with a price target of HK$6.40. Earnings forecast revised up by 11% for FY14.
Otsuka Holdings: 1Q results showed record quarterly revenue and profit, but the company is in a transition period. Rating is HOLD, with a price target of ¥2,800.
SMC Corp.: 1Q results showed record revenue and profit, but shipments are expected to peak cyclically. Rating is HOLD, with a price target of ¥29,000.

State Bank of India: Cost management is driving earnings, with a 9% YoY increase in 1H14 net profit. Rating is BUY, with a price target of INR3,420.
Iwatani: 1Q results showed flat OP YoY, but segment breakdown indicates improving fundamentals. Rating is BUY, with a price target of ¥740.

Hysan Development: Strong positioning in local retail helps counteract weak retail outlook. Rating is BUY, with a price target of HK$40.30 to HK$41.90.
Minor International: 2Q14 earnings were buoyed by growth in managed hotels and outlet expansions. Rating is HOLD, with a price target of THB27.00 to THB30.00.
Robinson Department Stores: 2Q14 estimates slightly below expectations, but the slide in SSSG to -7% was a surprise. Rating is HOLD, with a price target of THB50.00 to THB58.00.
LPN Development: Strong results despite lack of project completions. Rating is HOLD, with a price target of THB24.00.

Korea Electric Power Corp: 2Q14 results exceeded expectations, with operating profit up 54% YoY. Rating is BUY, with a price target of KRW47,000 to KRW49,000.
Paradise Co., Ltd.: 2Q14 earnings fell short of estimates. Price target revised down to KRW41,000. Rating is BUY.
Petronas Dagangan: 2Q14 net profit up 20% QoQ but down 6% YoY due to weaker commercial segment performance. Rating is SELL, with a price target of MYR20.00.
MAS (Malaysian Airline System): Net profit fell short of expectations, and the stock is currently below target. Rating is SELL, with a price target of MYR0.25.

Colopl: New game WhiteCat Project (WCP) is performing exceptionally well. Rating is BUY, with a price target of ¥4,280 to ¥4,750.
Wilmar International: 2Q14 net profit fell by 22% YoY due to increased competition in palm and laurics division. Rating is HOLD, with a price target of SGD3.20.
Noble Group: Despite a sharp drop in 2Q14 net profit, 1H14 performance is on track. Rating is BUY, with a price target of SGD1.50.
PPB Group: Likely to be negatively affected by Wilmar's poor performance. Rating is SELL, with a price target of MYR13.40.

Conferences & Company Marketing: A series of events scheduled in August 2014, including Jefferies Global Industrials Conference, ASEAN Urbanization & Demography Corporate Access Day, and others.
Key Events:
- 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 Fall 2014 Healthcare REIT & Healthcare Services Summit: 9/30/2014, Chicago
- Jefferies Global Healthcare Conference in London: 11/19/2014 - 11/20/2014, London

Events:
- Jason Gammel: 8/11/2014 - 8/15/2014, Chicago, Denver, Des Moines, Kansas City, Minneapolis, Toronto
- Mike Betts: 8/11/2014 - 8/13/2014, Boston, New York
- Anand Agarwal - India Real Estate: 8/11/2014 - 8/15/2014, Copenhagen, Edinburgh, London, Stockholm
- Christopher "Chris" LaFemina, Seth Rosenfeld: 8/11/2014 - 8/13/2014, New York

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