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Asia Research Summary

Core Content Overview

This document provides a summary of stock analysis and market insights from Jefferies for various companies across Asia and globally, focusing on key financial metrics, ratings, and future outlooks. The analysis includes price targets, earnings forecasts, and strategic considerations.

Main Points and Key Information

Company Ratings and Price Targets

Key Takeaways by Sector

Global Asset Allocation

• The fixed income market experienced a significant shift in late 2014 and early 2015 due to a convergence of factors, which is unlikely to be repeated in the near future.
• The "Reach for Yield" strategy may have overextended itself, leading to volatility in the market.

Shipping

• Consolidation in container shipping is on the rise, with potential mergers between Chinese shipping companies.
• A merger could lead to a decline in profit due to increased SG&A costs and lower international rates.

China Consumer

• Hengan and Vinda are expected to benefit from favorable raw material prices and product mix upgrades, leading to GP margin expansion.
• Vinda's fundamentals are expected to improve with better growth and SCA synergies.
• Price targets for both companies have been raised.

Auto and Auto Parts

• Samchuly Bicycle is maintaining a Buy rating due to increased sales of high-end bicycles and steady growth in baby products.
• Korean automakers are showing signs of recovery, with KMC being the preferred choice.

Real Estate and Property

• KLCC Property's normalized earnings declined due to hotel performance, but valuations are seen as reasonable.
• Malaysia Airports is facing challenges in domestic passenger numbers and has a Sell rating due to overvaluation.

Technology and Electronics

• Innolux is experiencing a decline in earnings due to fierce competition and increasing supply.
• The company's outlook is bearish for 2016 with potential losses due to ASP drops.

Events and Conferences

Jefferies is organizing several events and conferences for 2015, including:

• Jefferies 2015 Media IR Day – May 8, 2015, New York
• Jefferies 2015 Hoare Govett UK Companies Summit – May 12, 2015, London
• Jefferies 2015 TMT Conference – May 12–14, 2015, Miami
• Jefferies Restaurant Industry Expert Summit – May 18–19, 2015, Chicago
• Jefferies 2015 Boston Energy Symposium – May 27–28, 2015, Boston
• Jefferies 2015 Healthcare Conference – June 1–4, 2015, New York
• Jefferies Israel Tech Trek – June 8–9, 2015, Tel Aviv
• Jefferies Malaysia Corporate Access Days 2015 – June 9–10, 2015, Singapore
• Jefferies 2015 Specialty Finance Summit – June 18, 2015, London
• Jefferies 2015 Consumer Conference – June 23–24, 2015, Nantucket

Important Disclosures

• Analysts are compensated based on the firm's overall performance, including investment banking income.
• Research updates may be limited due to regulatory constraints.
• Ratings and price targets are based on the analyst's judgment and may be suspended or not applicable for certain stocks.

Meanings of Jefferies Ratings

• Buy: Expected total return of 15% or more within 12 months.
• Hold: Expected total return of ±15% within 12 months.
• Underperform: Expected total return of -10% or more within 12 months.
• NR: Rating and price target temporarily suspended.
• CS: Coverage suspended.
• NC: Not covered.
• Restricted: Certain communications are prohibited.
• Monitor: No financial projections or investment opinions are provided.

This summary captures the key insights and analysis provided by Jefferies across various sectors and companies in Asia and globally.