20171130-群益证券-Asian_Daily_28页_1mb

报告摘要

Credit Suisse Asian Market Summary

Core Content

This document outlines Credit Suisse's recent research and analysis on Asian equities, including EPS and TP changes, corporate events, and market outlooks. It highlights key investment recommendations and market trends for various sectors across different regions.

Key Companies and Their Changes

Company	EPS T+1	EPS T+2	TP Chg	TP Up/Dn	Rating
China Lodging Group	(4.3)	1	(1)	38	O (O)
Momo	4	(5.3)	(18)	24	O (O)
Hysan Development	1	2	10	15	O (O)
Link REIT	0.6	(7.4)	8.5	(2)	N (N)
Wharf REIC	-	-	-	9	N (NA)
Sumitomo Electric Ind.	(6.37)	(2.21)	2	18	O (O)
Engro Corporation Ltd	(12.0)	(3.6)	(12)	24	O (N)
Sea Limited	-	-	-	44	O (NA)
Kia Motors	(2.8)	(5.8)	(5)	8	N (N)
PearlAbyss Corp	-	-	-	60	O (NA)
Fubon Financial Holding	-	-	0	17	O (O)
Bangkok Chain Hospital	(0.2)	(0.1)	9	19	O (O)

Corporate Events

7th Annual Macro Conference - 05 January, Singapore
Great China Technology and Internet Conference - 10-12 January, Hong Kong
9th Annual ASEAN Conference - 11-12 January, Singapore
Analysts: Thomas Chong, Manish Nigam, Susanna Leung, Danny Goh, Ashish Gupta, Gerald Wong, Jerry Su, Ariyanto Jahja

Non-Deal Roadshows

Hong Kong: MOMO Inc (30 November), China Life Insurance (01 December)
Singapore: Kotak Mahindra Bank Limited (01 December), Ann Joo Resources Berhad (04 December)
US: Tarena International (29-November - 05-December), Sembcorp Industries Ltd (30 November), ChipMOS Technologies Inc. (01 December)
Europe: Shui On Land Limited (29-November - 01-December)
Others: PT PP (PERSERO) TBK (06 December)

Market Indices Performance

Index	Closing	1D	1W	3M	YTD
ASX300	5,965	0.4	0.4	5.3	6.2
CSEALL	6,406	0.0	(0.9)	0.2	2.8
Hang Seng	29,624	(0.2)	(1.3)	5.9	34.7
H-SHARE	11,648	(0.5)	(2.6)	3.1	24.0
JCI	6,061	(0.2)	(0.1)	3.4	14.4
KLSE	1,720	0.3	(0.2)	(3.0)	4.8
KOSPI	2,513	(0.1)	(1.1)	6.3	24.0
KSE100	39,673	0.1	(2.3)	(3.7)	(17.0)
NIFTY	10,361	(0.1)	0.2	4.5	26.6
NIKKEI	22,597	0.5	0.3	15.0	18.2
TOPIX	1,786	0.8	0.5	10.4	17.6
PCOMP	8,254	(0.5)	(0.1)	3.7	20.7
RED CHIP	4,358	0.4	(0.9)	0.4	21.5
SET	1,705	(0.1)	(0.5)	5.5	10.5
STI	3,439	(0.1)	0.3	4.9	19.4
TWSE	10,714	0.1	(1.0)	1.2	15.8
VNINDEX	952	1.2	2.1	21.6	43.2

Key Investment Insights

China Property Sector

Credit Suisse is structurally positive on top-tier cities.
The 20 developers under their coverage have 80% GAV exposure in these cities.
A 10% increase in the migration ratio for non-local college graduates is expected to drive home sales up by 5.8%.
Local governments may loosen pre-sales permits in 1Q18, offering relief to the mortgage environment.
The sector's rerating is expected to continue due to improving supply-demand dynamics, better-than-expected sales for leading developers, and enhanced liquidity management.

China Utilities Sector

A new report titled "Value guide for 2018" highlights value opportunities.
The "Cheap 4" includes ENN, CEI, GCL, and HNR.
These companies are favored for their attractive valuations (9x FY18E P/E) and strong earnings visibility.
Gas and waste & water sectors are highlighted as sweet spots with strong demand and reduced policy risks.
Solar and wind sub-sectors are better positioned for growth, with solar expected to benefit from cost reductions and wind from subsidy improvements.
The report suggests that the four value stocks could deliver 20% CAGR in EPS over 2017-2019.

Sea Limited

Initiating coverage with an OUTPERFORM rating and a target price of US$16.50, implying a 44% upside.
Sea is a leading e-commerce and online gaming platform in GSEA, with Garena holding 11.9% revenue market share.
Shopee's GMV is expected to reach US$3.9 bn in 2017E and grow at a 26.0% CAGR.
Valuation is based on a SoTP approach, with Garena valued at 18.5x 2018E P/E and Shopee at a DCF-based valuation of US$2.5 bn.
The company is expected to turn free cash flow positive in 2021E.

Pearl Abyss Corp

Initiating coverage with an OUTPERFORM rating and a target price of W320,000, implying a 60% upside.
The company is noted for its global mobile launch strategy and China PC expansion.

Conclusion

Credit Suisse highlights several key investment opportunities in the Asian market, focusing on undervalued stocks in the utilities and property sectors, as well as emerging platforms like Sea Limited and Pearl Abyss Corp. The firm emphasizes the importance of strong fundamentals, attractive valuations, and favorable industry outlooks in identifying outperformers.

展开完整摘要