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Asia Research Summary

Core Content Overview

This document contains a summary of key insights and analysis from the Jefferies Asia Expert Summit, focusing on the Internet and Financials sectors across Asia. It also includes market takeaways from various companies in the region, including their financial performance, investment outlook, and strategic developments.

Main Points and Key Information

Internet Industry Insights

• China's E-Commerce and Online Ad Markets: Highly concentrated, with top players accounting for 90% and 66% of the market, respectively. Rural and lower-tier market e-Commerce is seen as having upside potential due to low penetration.
• Mobile Game Market: Expected to grow, driven by rising ARPU (Average Revenue Per User), though player growth is moderating.
• DeNA Co Ltd.: Downgraded to Hold from Buy due to weak trends and limited upside. Price target lowered from ¥1,700 to ¥1,600.
• GMO Payment Gateway Inc.: Positive Q1 earnings indicate a strong start to FY9/16. Maintained Buy rating with a price target of ¥3,000.
• GMO Internet Inc.: Strong FY14 results driven by FX business growth. Maintained Buy rating with a price target of ¥1,260.
• ITOCHU Corporation: Confident in achieving its NP guidance. Dividends are expected to increase, with a Buy rating and price target of ¥1,550 (JP) and $26.50 (OTC).
• Asahi Kasei Corp.: Raised FY3/16 forecasts due to strong housing orders and falling oil prices. Buy rating with a price target of ¥1,500.
• SUMCO: Raised target price due to improved product mix and potential price hikes. Buy rating with a price target of ¥2,700.
• Toray Industries Inc.: Earnings are expected to grow steadily due to the carbon fiber and textile businesses. Hold rating with a price target of ¥1,060.
• REA Group: Positive outlook with a price target increase to AUD49.63. Focus on agent engagement and industry consultation.

Financial Sector Highlights

• Tokio Marine: Completed share buybacks, a significant move in the financial coverage.
• ORIX: Commenced construction of a logistics facility in Ibaraki Prefecture.
• Regional Banks: Increasing shareholder returns.
• Japan Exchange Group (JPX): Net assets near ¥220bn, which may lead to higher payout ratios. Retained Buy rating with a price target of ¥3,600.
• KEPCO Plant Service & Engineering (KPS): Expected revenue growth in 2015 due to maintenance fees, new power plants, and overseas projects. Buy rating with a price target of KRW99,000.
• Hana Financial Group Inc.: Merger process suspended by court order. Buy rating with a price target of KRW44,000.
• POSCO Chemtech: Expected to benefit from new business and increased demand in the lithium-ion battery industry. Buy rating with a price target of KRW190,000.
• Doosan Engine: Maintained Buy rating due to expected new order momentum in 2015. Price target revised to KRW8,500.
• Huchems Fine Chemical Corp.: Reported lower-than-expected operating profit in 4Q14. Buy rating with a price target of KRW30,000.
• Hyundai Rotem: Lowest quarterly profit in 4Q14, but expected to see solid earnings in 2015. Buy rating with a price target of KRW21,000.
• Samchuly Bicycle: Recorded a greater-than-expected 4Q net loss. Buy rating with a price target of KRW30,000.
• Public Bank Berhad: Strong 4Q14 performance with net profit growth. Hold rating with a price target of MYR17.80.

Regional Economic Insights

• Malaysia: Exports increased in December, with non-commodity sectors showing strength. Despite lower oil prices, the manufacturing sector's performance supports a current account surplus. The stock market and currency are expected to recover from 2014 losses.
• India: Fiscal deficit for FY15 is projected to improve by -0.4% compared to FY14. Positive outlook on markets despite concerns about the central bank's slow response.

Summary of Ratings and Price Targets

Conclusion

The document highlights mixed performance and outlook across various Asian companies, with some experiencing positive developments and others facing challenges. Key sectors such as e-Commerce, mobile gaming, and manufacturing show potential for growth, while others like the semiconductor and medical device industries face uncertainties. The analysis emphasizes the importance of strategic moves, market trends, and sector-specific factors in shaping investment decisions.