20150323-杰富瑞-PrimeTime_Asia_Today_At_A_Glance_11页_303kb

Asia Research Summary

Core Content

This document contains financial analysis and market insights from Jefferies Research, focusing on several Asian and global companies. It includes investment ratings, price targets, earnings forecasts, and event schedules for analyst meetings and conferences. The main themes revolve around equity fund flows, earnings performance, and investment outlook for various sectors and companies.

Main Companies and Key Insights

Global Asset Fundflow Tracker

• Overview: Mutual fund/ETF investors resumed buying global equity funds after a period of light selling.
• Key Points:
  • Net inflow of US$20bn in the past week (12–18 March), a 20-week high.
  • Europe attracted US$6.4bn net inflows.
  • North America led with US$15bn net inflow into US equities.
  • US equities saw broad-based inflows across all cap groups and sectors.
  • Health Care sector had the largest inflow (US$3.9bn).
  • Materials sector had the most consecutive weekly inflows (nine weeks).

Metals & Mining

• Zijin Mining Group Co Limited:

  • FY14 earnings were 9% below our estimates and 5% below consensus.
  • Gold segment improved, but copper segment worsened.
  • Maintained Underperform on Zijin A and Hold on Zijin H.
  • Price Target for Zijin H: RMB 3.88 (with Underperform rating).
  • Price Target for Zijin A: HK$2.19 (with Hold rating).

• Shanghai Electric Group:

  • FY14 NPAT of RMB 2.5bn, up 5% YoY.
  • Core high efficiency and clean energy segment still faces challenges.
  • Maintained Underperform rating.
  • Price Target: HK$2.60.

• Meihua Holdings Group:

  • FY14 earnings of RMB 500mn, up 24% YoY.
  • Missed forecasts by 4.5%.
  • Trimmed FY15E/FY16E forecasts by 1.1% and 3.7%.
  • Maintained Hold rating.
  • Price Target: RMB 7.80 (down from RMB 7.90).

• Great Wall Motor Co Ltd:

  • FY14 results confirmed, and H8 re-launch in April 2015 was highlighted.
  • Expected volume and margin improvements in FY16.
  • Reiterated Buy rating with increased Price Target to HK$55.

• Catcher Technology Co Ltd:

  • Organic growth in smartphone business benefitted by iPhone 6 demand.
  • Revised FY15 EPS forecast to NT$26.51 from NT$24.31.
  • Maintained Add rating with revised Price Target to TWD370 from TWD340.

• TH Plantations Berhad:

  • FY14 performance weak, but an inflection point in earnings is expected.
  • Price Target revised to MYR2.20 from MYR2.30.
  • Maintained Buy rating.

• Kangwon Land, Inc.:

  • Expected 1Q15 operating profit to align with market expectations.
  • Maintained Buy rating with Price Target of KRW44,000.

• Korea Electric Power Corp:

  • Expected operating profit of KRW2tn for 1Q15.
  • Maintained Buy rating with Price Target of KRW59,000.

• Sony Corp:

  • Maintained Buy rating with Price Target of ¥36.80 (for NYSE: SNE) and ¥4,240 (for TSE: 6758 JP).

• Samsung Electronics Co. Ltd:

  • Expected to capture significant market share in Apple A9 and Qualcomm Snapdragon foundry business at 14nm.
  • Maintained Buy rating with Price Target of KRW1,800,000.

• United Spirits:

  • Profitability expected to improve with focus on product mix and brand investment.
  • Maintained Underperform rating with Price Target of INR2,464.00.

• China Petroleum & Chemical - H:

  • FY14 EPS of RMB 0.397, below consensus and estimates.
  • Maintained Underperform rating with Price Target of HK$5.10.

• Zhuzhou CSR Times Electric Co:

  • FY14 results beat consensus but missed estimates.
  • Maintained Underperform rating with Price Target of HK$31.00.

Key Takeaways

• Fund Flow Trends: Global equity funds saw a significant net inflow of US$20bn over the past week, with North America leading.
• Earnings Performance: Several companies experienced mixed results, with some beating estimates and others missing them.
• Investment Outlook:
  • Buy ratings were given to Great Wall Motor, Sony Corp, and Samsung Electronics.
  • Hold ratings were given to Meihua Holdings, Zijin Mining Group (H), and Shenzhen Expressway Co. Ltd.
  • Underperform ratings were given to China Shenhua, Zijin Mining Group (A), Shanghai Electric Group, and Zhuzhou CSR Times Electric Co.
• Price Targets: Various companies had revised price targets, reflecting updated earnings expectations and market conditions.

Key Events

Jefferies Events

• Conferences:

  • Jefferies 2015 3D Printing Summit – March 26, 2015, New York
  • Jefferies 2015 Animal Health Summit – March 26, 2015, New York
  • Jefferies 2015 Healthcare REIT Summit – April 7, 2015, New York
  • Jefferies 2015 Electronic Payments Summit – April 7, 2015, New York
  • Jefferies 2015 Chicago Steel and Metals Summit – April 7, 2015, New York
  • Jefferies 2015 Boston Immuno-Oncology Summit – April 15, 2015, Boston
  • Jefferies 2015 Media IR Day – May 8, 2015, New York
  • Jefferies 2015 TMT Conference – May 12–14, 2015, Miami
  • Jefferies Israel Tech Trek – June 8–9, 2015, Tel Aviv
  • Jefferies 2015 Consumer Conference – June 23–24, 2015, Nantucket

• Company Marketing Events:

  • Various company-specific events were listed, including meetings with VWR Corp, Anacor Pharmaceuticals, AllianceBernstein Holding LP, and others.

Analyst Marketing Events

• Events:
  • Analysts such as Chehan Perera, Arya Sen, Sean Darby, and others participated in multiple events across Abu Dhabi, Boston, Chicago, London, New York, and other locations.

Analyst Ratings Meaning

• Buy: Expected total return (price appreciation plus yield) of 15% or more within 12 months.
• Hold: Expected total return of plus 15% or minus 10% within 12 months.
• Underperform: Expected total negative return of 10% or more within 12 months.

Disclosures

• Jefferies analysts receive compensation based on firm performance.
• Some analysts have long positions in specific stocks, such as Johnson Leung in Dongfeng Motor Group and Rafi Hassan in Nvidia Corporation.
• The report contains confidential and proprietary information and is subject to legal and regulatory restrictions.