20130912-招商证券_香港_-Hong_Kong_Morning_Daily_14页_217kb

报告摘要

Core Content: Evergrande Real Estate reported improved sales performance for January to August 2013, with a total contracted sales of approximately RMB64.1bn and a contracted sales area of about 9.46mn square meters, representing increases of 27.1% and 14.2% YoY respectively.
Average Selling Price (ASP): The average selling price for the period was RMB6,776 per square meter, up 11.2% YoY.
August Performance: In August alone, contracted sales reached RMB11.4bn, surpassing market expectations, with a YoY increase of 58.8% and a MoM increase of 40.6%. The ASP in August was RMB6,803 per square meter, up 12% YoY.
Valuation and Rating: The company's valuation is currently lower than its peers. Positive sales data is expected to drive up its valuation. The target price is HK$4.38, corresponding to a 2013 P/E multiple of 5x. The rating is maintained at "Buy".

Core Content: Qihoo 360's Q2 2013 results showed growth in online advertising and mobile game monetization.
Mobile Game Revenue: Estimated at approximately US$10 mn, accounting for 6% of total sales.
Search Business: Monetization is in an early stage, with an estimated Q2 sales of US$50 mn to US$75 mn. The company has completed R&D and sales channel development for the search business, and is expected to accelerate monetization in 2014.
Cash Position: The US$550 mn convertible senior note issuance boosted cash reserves to US$928 mn.
Valuation and Rating: Using DCF and segment valuation methods, the fair value is estimated at US$94.47 per share, with a P/E of 81x for FY 2013 and 47x for FY 2014. The rating is maintained at "Buy".

Core Content: Apple launched the iPhone 5C and 5S, aiming to penetrate the mid-end smartphone market with a lower-priced model.
Pricing Concerns: The iPhone 5C, when unlocked, is priced at RMB4,488 in China, higher than market expectations.
Comment: With increasing competition, pricing, branding, and marketing capability are key for handset brands. The Chinese market is fragmented, and new domestic high-spec mid-priced products are expected to gain market share.
Stock Recommendations: The report recommends being cautious with Apple and Samsung-related stocks, while being positive on companies with high exposure to domestic brands such as TCL Comm (2618.HK), Sunny Optical (2382.HK), and Truly (732.HK).

Core Content: Passenger vehicle output and sales in August 2013 increased by 6.9% and 9.3% MoM, and 13% and 11% YoY respectively.
Domestic Brand Sales: Domestic brands accounted for 38% of total sales, up 2.8 and 1.6 percentage points from the previous month and year.
Comment: Growth rates are slowing, and the report maintains a "Neutral" rating on the industry due to policy risks and slower growth in the second half of 2013.

HK Indices: HSI, Finance, Properties, and others showed mixed performance, with some declining and others slightly rising.
World Indices: FTSE 100, DAX 30, and others showed minimal changes.
Asia-Pacific Indices: KOSPI and S&P/ASX 200 showed positive changes, while others were flat or slightly down.

Brent Oil: Increased slightly to 111.34, with a positive one-year trend.
Gold: Slightly declined to 1,364.2.
LME Aluminum: Rose by 6%.
LME Copper: Remained unchanged.
BDI: Increased by 87%.
API Coal: Slightly declined.
Exchange Rates: USD/RMB and USD/HKD remained stable, with some NDF and interest rate changes noted.

Core Content: Economic stabilization and improved liquidity led to increased funding demand.
Performance: New bank loans, new deposits, and total social financing reached RMB711.3 bn, RMB805.2 bn, and RMB1.57 tn respectively.
Comment: The report expects continued economic improvement in Q4 2013 and maintains a "Neutral" rating on the industry.

Core Content: The dry bulk market is recovering, but overcapacity remains a challenge.
Capacity Utilization: A key factor in freight rate flexibility, with an estimated overcapacity rate of 25% to 30%.
Investment Strategy: Low unit cost and reasonable vessel age structure shipowners are expected to benefit first.
Comment: The report is relatively bullish on China Merchants Energy Shipping and suggests monitoring China COSCO Holdings' 2014 plans.

Stock Code 589 (Ports): Rating Neutral, Target Price HK$5.30, Upside Potential 2%.
Stock Code 1880 (Belle): Rating Buy, Target Price HK$16.39, Upside Potential 46%.
Stock Code 1368 (Xstep): Rating Neutral, Target Price HK$4.00, Upside Potential 11%.
Stock Code 2020 (Anta Sports): Rating Neutral, Target Price HK$9.14, Upside Potential -8%.
Stock Code 1361 (361 Degrees): Rating Neutral, Target Price HK$5.85, Upside Potential 10%.
Stock Code 2333 (Greatwall Motor): Rating Neutral, Target Price HK$38.62, Upside Potential -7%.
Stock Code 1114 (Brilliance Chi): Rating Buy, Target Price HK$12.00, Upside Potential 4%.
Stock Code 425 (Minth Group): Rating Buy, Target Price HK$13.20, Upside Potential -8%.
Stock Code 1728 (Zhengtong Auto): Rating Buy, Target Price HK$5.85, Upside Potential 10%.

Stock Code 857 (Petro China): Rating Buy, Target Price HK$10.55, Upside Potential 23%.
Stock Code 386 (Sinopec Corp): Rating Buy, Target Price HK$7.20, Upside Potential 17%.
Stock Code 883 (Cnooc): Rating Buy, Target Price HK$17.00, Upside Potential 5%.
Stock Code 603 (China Oil & Gas): Rating Neutral, Target Price HK$1.45, Upside Potential 36%.
Stock Code 342 (Newocean Energy): Rating Buy, Target Price HK$5.30, Upside Potential 1%.
Stock Code 467 (Unitedenergy Gp): Rating Buy, Target Price HK$1.59, Upside Potential 29%.
Stock Code 3303 (Jutal Oil Ser): Rating Buy, Target Price HK$2.40, Upside Potential 53%.

Stock Code 688 (China Overseas): Rating Buy, Target Price HK$22.56, Upside Potential -5%.
Stock Code 410 (Soho China): Rating Neutral, Target Price HK$6.42, Upside Potential -3%.
Stock Code 813 (Shimao Property): Rating Neutral, Target Price HK$16.70, Upside Potential -14%.
Stock Code 1109 (China Res Land): Rating Buy, Target Price HK$23.80, Upside Potential 6%.
Stock Code 2777 (R&F Properties): Rating Buy, Target Price HK$13.90, Upside Potential 8%.
Stock Code 3333 (Evergrande): Rating Buy, Target Price HK$4.38, Upside Potential 28%.
Stock Code 960 (Longfor Ppt): Rating Buy, Target Price HK$13.23, Upside Potential -2%.
Stock Code 3366 (Oct (Asia)): Rating Buy, Target Price HK$3.50, Upside Potential -12%.
Stock Code 3900 (Greentown China): Rating Buy, Target Price HK$18.80, Upside Potential 22%.
Stock Code 754 (Hopson Dev Hold): Rating Buy, Target Price HK$12.20, Upside Potential 15%.
Stock Code 1918 (Sunac): Rating Buy, Target Price HK$6.66, Upside Potential 23%.

Stock Code 3308 (Golden Eagle): Rating Neutral, Target Price HK$13.50, Upside Potential 18%.
Stock Code 1212 (Lifestyle): Rating Neutral, Target Price HK$18.40, Upside Potential 3%.
Stock Code 1833 (Intime): Rating Buy, Target Price HK$9.62, Upside Potential 5%.
Stock Code 178 (Sa Sa): Rating Buy, Target Price HK$8.78, Upside Potential 0%.