20150327-杰富瑞-Today_At_A_Glance_13页_334kb

报告摘要

Asia Research Summary

Core Content Overview

This document provides a summary of key financial and strategic updates for various Asian companies, including their earnings performance, price targets, and investment ratings. The analysis covers multiple sectors, including transport and logistics, energy, construction, healthcare, and technology. It also outlines upcoming events and conferences related to Jefferies' coverage of Asian markets.

Key Companies and Their Analysis

Cosco/CSCL

Rating: BUY
Key Takeaway: FY14 net profit was in line with guidance. CSCL's 2H OP was the highest since 2H10. Revenue and average freight rates increased by 6% yoy. CSCL and OOIL are top picks in container shipping.

Kerry Logistics Network Limited

Rating: BUY
Key Takeaway: FY14 core net profit rose 12% yoy. Results were below JEF and consensus due to weak China growth, but ASEAN and HK/Taiwan performance helped. Management is confident of double-digit growth in 2015.

ZTE Corporation

Rating: BUY
Key Takeaway: FY14 results were in line with expectations. Capacity capex is expected to drive margin expansion starting in 2016. Management lowered PT by 5% due to market conditions. Reiterate Buy.

Kunlun Energy

Rating: BUY
Key Takeaway: FY14 EPS was 4% below consensus. Management is holding a results briefing to provide strategy direction. Despite weak performance, the company is expected to benefit from improving solar demand. PT raised to HK$9.80.

Petrochina Co. Ltd - H

Rating: BUY
Key Takeaway: 2014 results were strong, with upstream EBIT declining only 1.5% despite falling oil prices. The company is expected to continue its strong performance. PT raised to HK$10.25.

China Mengniu Dairy Co. Ltd.

Rating: HOLD
Key Takeaway: FY14 results were better than expected, driven by strong GP margin expansion. However, organic growth slowed and market share declined in liquid milk. Management will focus on regaining market share and improving operations. Maintain Hold.

China Resources Gas Group

Rating: BUY
Key Takeaway: FY14 EPS increased 14% to HK$1.14, 5% below estimates. Gross margin compression was offset by other income and operational leverage. Outlook for 2015 is optimistic. PT raised to HK$27.00.

GCL-Poly Energy Holdings Limited

Rating: BUY
Key Takeaway: FY14 NPAT was lower than earlier profit warning but higher than consensus. Costs rose in 2H, but demand for solar is improving. Outlook remains positive. PT raised to HK$2.60.

Panasonic

Rating: BUY
Key Takeaway: Restructuring is mostly completed. The company is entering a growth phase with a focus on achieving 5% OPM next year. FY3/16 OP guidance is higher than street estimates. PT raised to ¥1,880 and $15.80.

Hitachi Construction Machinery (HCM)

Rating: HOLD
Key Takeaway: Excavator demand in China remains weak. FY3/16 demand is expected to be flat to down yoy. Product mix is worsening, leading to potential higher revenue declines. Maintain a cautious stance.

Komatsu

Rating: HOLD
Key Takeaway: March sales were weak, with a 40-50% yoy decline. FY3/16 demand is expected to be flat to down yoy. Product mix is worsening, leading to potential higher revenue declines. Maintain a cautious stance.

SCSK Corporation

Rating: BUY
Key Takeaway: SCSK is expected to benefit from the IT replacement cycle. We remain bullish on this stock. PT raised to ¥4,000.

Bank of Queensland

Rating: Neutral
Key Takeaway: FY15E earnings were downgraded by ~5% due to higher costs. However, FY16/17E earnings remain unchanged. The stock is trading at 13.4x FY16E PER, slightly below peers. Maintain Neutral.

Yuhan Corporation

Rating: BUY
Key Takeaway: Expected solid earnings in 2015 due to co-promotion efforts, overseas API sales growth, and new product releases. PT raised to KRW240,000.

WCT Holdings Bhd

Rating: Buy
Key Takeaway: Earnings expectations are low, but management believes the right factors could drive outperformance. Reiterate Buy.

Gamuda Berhad

Rating: Buy
Key Takeaway: Delay in MRT Line 2 tenders due to alignment changes. Earnings momentum may slow, but construction fundamentals remain intact. PT raised to MYR5.35.

Chailease Holding Co Ltd

Rating: Add
Key Takeaway: FY14 earnings were in line, but China operations exceeded expectations. Portfolio growth is expected to remain strong. PT remains TWD92.50.

Lite-On Technology Corp

Rating: Add
Key Takeaway: After a weak 4Q14, the company is expected to recover in 2015-2016. Focus on high-end camera modules, data center products, and LED for auto lighting. PT lowered to TWD50.00.

Acer (Fubon)

Rating: Add
Key Takeaway: Losses ended in FY14, but earnings growth remains slow. Management is optimistic about 2015, but cloud business needs to improve. PT set at TWD24.00.

OBI Pharma, Inc.

Rating: Add
Key Takeaway: Focus on novel immunotherapies, with OBI-822 in phase II/III trials. Potential market value of several billion USD. Initiate coverage with Add rating.

Upcoming Events and Conferences

Jefferies Conferences

Jefferies 2015 Animal Health Summit – 3/26/2015, New York
Jefferies 2015 3D Printing Summit – 3/26/2015, New York
Jefferies 2015 Chicago Steel and Metals Summit – 4/7/2015, New York
Jefferies 2015 Electronic Payments Summit – 4/7/2015, New York
Jefferies 2015 Healthcare REIT Summit – 4/7/2015, New York
Jefferies 2015 Boston Immuno-Oncology Summit – 4/15/2015, Boston
Jefferies 2015 Media IR Day – 5/8/2015, New York
Jefferies 2015 Hoare Govett UK Companies Summit – 5/12/2015, London
Jefferies 2015 TMT Conference – 5/12/2015 - 5/14/2015, Miami
Jefferies Israel Tech Trek – 6/8/2015 - 6/9/2015, Tel Aviv
Jefferies 2015 Consumer Conference – 6/23/2015 - 6/24/2015, Nantucket

Company Marketing Events

HUGO BOSS AG (BOSS GY) – 3/26/2015, Edinburgh
Ashland Inc (ASH) – 3/26/2015 - 3/27/2015, Miami, Orlando, Tampa
Foot Locker Inc (FL) – 3/27/2015, Los Angeles
Hypermarcas SA (HYPE3 BZ) – 3/27/2015, London
Nintendo Co Ltd (7974 JP) – 3/27/2015, Tokyo
Men's Wearhouse Inc/The (MW) – 3/30/2015 - 4/1/2015, Chicago, Denver, Kansas City, Milwaukee, Minneapolis
Rhön Klinikum AG (RHK GR) – 3/30/2015 - 3/31/2015, Chicago, New York
Cummins Inc (CMI) – 3/30/2015, Boston
Catamaran Corp (CTRX) – 3/30/2015 - 3/31/2015, Austin, Dallas, Houston
Ourgame International Holdings Ltd (6899 HK) – 3/30/2015 - 3/31/2015, Hong Kong
Shenzhen Investment Ltd (604 HK) – 3/30/2015, Hong Kong
BioDelivery Sciences International Inc (BDSI) – 3/30/2015 - 3/31/2015, Boston, New York
Methanex Corp (MEOH) – 3/30/2015 - 3/31/2015, Miami, Orlando, St. Petersburg, FL, Tampa
XPO Logistics Inc (XPO) – 3/30/2015, New York
FIH Mobile Ltd (2038 HK) – 3/30/2015, Hong Kong
Core-Mark Holding Co Inc (CORE) – 3/30/2015 - 4/1/2015, Austin, Dallas, Houston
Actuant Corp (ATU) – 3/31/2015, Denver
Smurfit Kappa Group PLC (SKG ID) – 3/31/2015, Brussels
XenoPort Inc (XNPT) – 3/31/2015 - 4/1/2015, Boston, New York
Chico's FAS Inc (CHS) – 3/31/2015, Chicago
Amphastar Pharmaceuticals Inc (AMPH) – 4/1/2015, San Francisco
Skullcandy Inc (SKUL) – 4/1/2015, New York
Ablynx NV (ABLX BB) – 4/1/2015, London
China Shengmu Organic Milk Ltd (1432 HK) – 4/1/2015, Hong Kong
NY Auto Show – 4/1/2015 - 4/2/2015, New York
HC International Inc (2280 HK) – 4/1/2015 - 4/2/2015, Hong Kong
UGI Corp (UGI) – 4/2/2015, Boston
Chinasoft International Ltd (354 HK) – 4/2/2015 - 4/3/2015, Hong Kong, Shanghai
Perrigo Co PLC (PRGO) – 4/2/2015, New York
Tiffany & Co (TIF) – 4/2/2015, New York
FactSet Research Systems Inc (FDS) – 4/6/2015, New York
Paragon Offshore PLC (PGN) – 4/7/2015, Boston
Al Noor Hospitals Group PLC (ANH LN) – 4/7/2015 - 4/15/2015, Chicago, Montreal, New York, Princeton

Summary of Investment Rulings

Company	Rating	Price Target	Notes
Cosco/CSCL	BUY	-	Strong container shipping performance
Kerry Logistics	BUY	-	Diversified growth and strategic focus
ZTE Corp	BUY	-	Margin expansion and 4G opportunities
Kunlun Energy	BUY	HK$9.80	Strong solar demand outlook
Petrochina	BUY	HK$10.25	Strong upstream performance despite oil price drop
China Mengniu Dairy	HOLD	-	Strong GP margin, but market share decline
China Resources Gas	BUY	HK$27.00	Optimistic outlook for 2015
GCL-Poly Energy	BUY	HK$2.60	Solar demand improving
Panasonic	BUY	¥1,880 / $15.80	Positive surprise on FY3/16 guidance
Hitachi Construction Machinery	HOLD	¥2,700	Weak demand and product mix issues
Komatsu	HOLD	¥2,750	Similar concerns as HCM
SCSK	BUY	¥4,000	IT replacement cycle opportunity
Bank of Queensland	Neutral	AUD13.61	Valuation in line with peers
Yuhan Corp	BUY	KRW240,000	New product releases and overseas growth
WCT Holdings	Buy	MYR2.04	Potential outperformance in 12 months
Gamuda Berhad	Buy	MYR5.35	Construction fundamentals intact
Chailease Holding	Add	TWD92.50	Strong China performance
Lite-On Technology	Add	TWD50.00	Recovery in 2015-2016
Acer (Fubon)	Add	TWD24.00	Earnings recovery and cloud business focus
OBI Pharma	Add	$370.00	Immunotherapy drug development

Main Themes

Recovery and Growth: Several companies, including Cosco/CSCL, ZTE, and Yuhan Corp, are expected to recover and grow in FY15.
Strategic Adjustments: Companies like Kerry Logistics and Petrochina are adjusting strategies to navigate market conditions.
Market Outlook: Some companies, such as Hitachi Construction Machinery and Komatsu, face weak demand and a cautious outlook.
Price Targets: Multiple companies had their PTs adjusted, either raised or lowered, based on earnings expectations and market dynamics.
Upcoming Events: A variety of conferences and IR meetings are scheduled to provide further insights into company performance and future prospects.

Conclusion

The summary highlights a mix of positive and cautious outlooks for Asian companies across multiple sectors. While some companies like ZTE, Kunlun Energy, and Petrochina show strong performance and potential for future growth, others face challenges such as weak demand and market competition. The document emphasizes the importance of upcoming events and the need for strategic management to drive growth and maintain market position.

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