20141217-大和证券-Asia_Pacific_Daily_32页_2mb

报告摘要

Market Overview: The Asia Pacific markets experienced mixed performance in December 2014, with various indices showing both positive and negative changes in terms of price movement, earnings growth, and price-to-earnings (PER) ratios. Some indices, such as TPX and HSCEI, showed declines in short-term performance but positive year-to-date (YTD) growth.
Analyst Ratings and Target Prices: Several companies were reviewed with updated ratings and target prices. City Developments (CIT SP) received an upgrade from Outperform to Buy, with a target price increase to SGD11.70. Unisem (UNI MK) was downgraded to SELL with an unchanged target price of RM1.54. SHK Properties (16 HK), REXLot (555 HK), and MBSB (MBS MK) were recommended as Buys.
Company-specific Analysis: The analysis highlights the performance and financials of various companies. City Developments is noted for its monetisation of the Sentosa Cove properties, which increased its net tangible assets and improved its financial outlook. Unisem is highlighted for its strong 3Q14 results but faces challenges in the future due to market uncertainties.

Target Price: Increased from SGD11.50 to SGD11.70.
Upside: 20.6%.
Current Price (16 Dec 2014): SGD9.70.
Rating: Upgraded from Outperform to Buy.
Transaction Details: CDL sold its 100% stake in The Quayside Collection for SGD1.5bn and subscribed for a 37.5% stake in the profit participating security (PPS). The transaction resulted in a gain of about SGD336m or a SGD0.37/share increase in net tangible assets.
New Capital Structure: The Quayside Collection's new capital structure includes SGD750m of PPS and SGD750m of senior bank loans.
Financial Impact: The deal led to an increase in the SOTP value to SGD14.65 and a revision of the EPS forecast for 2014. The company's net gearing decreased to 25% from 36%.
SOTP Breakdown: Includes SGD15,864m in total value, with SGD7,404m attributed to investment properties and SGD6,204m to properties under development and landbank.
Performance Metrics: The company's core EPS (fully-diluted) for 2014 is forecasted at SGD0.928, with a PER of 10.5. The company's net profit for 2014 is forecasted at SGD844m.

Stock Price Movement: The stock price has risen 79.1% year-to-date (YTD), driven by strong 3Q14 results and market anticipation.
Rating: Downgraded from Reduce to SELL.
Target Price: Unchanged at RM1.54.
Valuation: Trading at 17.3x 2015E EPS, which is considered expensive compared to peers.
Earnings Outlook: The company's earnings have shown a turnaround, with a net profit forecast of RM54.7m for 2014 and RM71.3m for 2015.
Risks: Future prospects are less favorable due to increasing demand uncertainty and cost-cutting strategies from Chinese manufacturers.

Company Roadshows: Several companies are scheduled for roadshows in early 2015, including Naga Corp, PAX Global, and Sun Hung Kai & Co.
Daiwa Asian Events: Daiwa is hosting several events in early 2015, including the Daiwa P.U.R.E. Energy Conference and the Daiwa Hong Kong Corporate Summit.
Market Indices Performance: Regional indices such as TPX, HSCEI, and KOSPI showed mixed performance, with some declining in the short term but showing positive YTD growth.
Financial Summary: Includes revenue, operating profit, net profit, and EPS growth forecasts for various years. The company's net profit margin and ROE are highlighted as key performance indicators.

Sales (YoY): The company's sales have shown fluctuations over the years, with a 10.0% increase expected for 2014.
EBITDA (YoY): The EBITDA margin has also shown changes, with a forecast of 35.7% for 2014.
Operating-profit margin: Expected to be 31.5% for 2014.
Net profit margin: Expected to be 24.3% for 2014.
ROE: Expected to be 10.7% for 2014.
ROIC: Expected to be 7.9% for 2014.
Net debt to equity: Increased to 38.0% for 2014.
Free cash flow yield: Expected to be 4.7% for 2014.

David Lum, CFA: Upgraded City Developments to Buy, raising the target price to SGD11.70. The move is seen as a solid value unlocking strategy.
Kevin Low: Downgraded Unisem to SELL due to its high valuation and uncertain future earnings.
Jonas Kan: Recommended SHK Properties as a Buy.
John Choi: Recommended REXLot as a Buy.
Tan Ei Leen: Recommended MBSB as an Add.
Agustinus Reza Kirana: Unrated for Asahimas Flat Glass.
Eiji Kinouchi: Provided technical tips for institutions.
Economic Research Team: Provided an overview of the Euro market.

City Developments is seen as a positive move with improved financials and a better valuation.
Unisem faces challenges in the future, with its valuation considered unappealing.
Market Indices show mixed performance, with some indices declining in the short term but showing positive YTD growth.
Company Roadshows and Events: Several companies and Daiwa are scheduled for events in early 2015, which could provide insights into their performance and future strategies.
Financial Ratios: Highlight the company's financial health, with key metrics such as ROE, ROIC, and net profit margin showing improvements.

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