麦格理-亚洲-股票策略-麦格理观点：最强的信念-20170921-macquarie-macquarie marquee ideas our highest-conviction calls

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1、ASIAMacquarieMarqueeIdeasMacquarieMarqueeIdeas–AsiaTargetOurhighest-convictioncallsTickerprice(LC)TSRASIAEXJAPAN-LONGWeareupdatingtheMacquarieMarqueeIdeaslist.SinceitsinceptioninJulyChina/HKBaiduBIDUUS305.00+28%2016,thelisthasreturned50.3%and31.5%(AsiaexJapanandJapan

2、,COSL2883HK14.00+110%respectively),outperformingtheirbenchmarksby16.7%and10.5%.AsaCRCement1313HK6.59+34%PingAn2318HK76.00+24%reminder,theMarqueeIdeasarealistofourhighest-convictionbottom-upstockPrada1913HK30.40+19%picks,equalweighted,andwithnosectororcountrybias.Shua

3、nghui000895CH30.00+33%SunnyOptical2382HK140.00+9%ThismonthwehavefiveadditionstoourAsiaexJapanlongportfolio(ChinaWharfHolding4HK90.22+29%WynnMacau1128HK26.80+31%OilfieldServices,CRCement,Matahari,MetroPacific,andTenaga)andthreeIndiaremovals(3SBio,AyalaCorp,andYanzhouC

4、oal).WeaddedandremovedoneHindustanUnileverHUVRIN1,402+13%Larsen&ToubroLTIN1,417+16%nameeachtoourAsiaexJapanshortlist(BankMandiriin,FormosaPetrochemVedantaVEDLIN345+13%out).TherearenochangestoourJapanportfolio.IndonesiaMatahariLPPFIJ15,500+61%Additionstothelongportfol

5、ioUnitedTractorsUNTRIJ34,000+9%KoreaChinaOilfieldServices(2883HK):WeaddedCOSLonthebackofAdityaKBFinancialGroup105560KS77,000+42%SamsungElectronics005930KS3,100,000+21%Suresh’srecentsignificantearningsandtargetpriceupgrades.ThemarketisSamsungEngineering028050KS16,000

6、+43%pricinginCOSL’sdepressed2016environmentintoperpetuityandisignoringMalaysiaPosMalaysiaPOSMMK7.30+37%severalimportanttailwinds.EvenassumingfairlyconservativeutilizationandTelekomMalaysiaTMK8.10+29%marginassumptions,histargetpricepresentsmorethan100%TSR.LinkTenagaTN

7、BMK19.00+35%PhilippinesMetroPacificMPIPM8.30+21%ChinaResourcesCement(1313HK):CoriaChowhasswappedYanzhouTaiwanCoal,whichhasbeenastandoutperformerintheMarqueelist,withCRHonHai2317TT200.00+93%Cement.CRCementissuedapositiveprofitalertrecently,whichconfirmsourASIAEXJAPAN

8、-SHORTIndiaforecastofnetprofitdoublingthisyear.Thecompany’ssalesmix,withitsBharatHeavyBHELIN108.00-19%regionalfocusonSouthernChina,