麦格里集团-asia essentials-20170613-macquarie

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1、Tuesday,13June2017AlibabaGroupHolding(Outperform)3AglobalecosystembuiltondataWendyHuangWeattendedAlibabaInvestorDayinHangzhouon8&9June.ThecompanyguidedFY18revenuegrowthof45-49%YoY,exceedingboththemarketandourexpectationsof36%/38%.TechKnowv.224PrimeTime–ApplesupplychainAllenChangAfterworkingwithour

2、counterpartsinUS,weareincrementallypositiveonApple'spositioninChina(“Apple–BullishonApple'sPositioninChina”,byBenSchachter).Thaiproperty5BusiernewlaunchesinMayPattiTomaitrichitrThesurveyoftheRealEstateAgencyAffairs(AREA)showednewunitlaunchesincreasing23%in5M17,drivenbycondosandtownhouses(THs).This

3、isin-linewithourviewthatmorelauncheswilldrivethesector'spresalesmomentumandstrengthentheexistingsectorbacklog.Chinaautos6NegativegrowthcontinuesinMayJanetLewisCAAM(ChinaAssociationofAutomobileManufacturers)reportedChinaautowholesaleshipmentdataduringmarkethourson12June.Passengervehicle(PV)salesdec

4、lined2.6%YoYto1.75munits.MacroMonday7FinancialregulationweighingonpropertysalesthroughLarryHurisingmortgageratesLastweek,MSCIChinaedgedup1.5%andtheITsectorsurgedby5.1%,beforethesharpsell-offoftechstocksintheUSlastFriday.PropertyandtecharethebestperformingsectorssofarthisyearinMSCIChina,bothupmoret

5、han40%.AP(Thailand)(Outperform)8Apple(Outperform)9BerliJuckerPCL(Underperform)10CapitaLandCommercialTrust(Outperform)11IHICorp(Neutral)12JGCCorp.(Neutral)13L'OccitaneInternational(Neutral)14LensTech(A-Share)(Outperform)15Pleaserefertopage24forimportantdisclosuresandanalystcertification,oronourwebs

6、itewww.macquarie.com/research/disclosures.Maybank(Neutral)16Nationstar(Outperform)17RenesasElectronics(Outperform)18ShenzhouInternational(Neutral)19TopGlove(Neutral)20YanzhouCoalMining(Outperform)21Asiahomeimprovementtracker22MacquarieCommoditiesComment232UNITEDSTATESAlibabaGroupHoldingBABAUSOutpe

7、rformAglobalecosystembuiltondataPrice(at03:24,10Jun2017GMT)US$139.44ConclusionValuationUS$171.00-SumofPartsWeattendedAlibabaInvestorDayinHangzhouon8&9June.Thecompany12-monthtargetUS$171.00guidedFY18revenuegrowth