亚洲地区-宏观策略-亚洲要闻

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1、AsiaEssentialsTencent(Outperform)3Elephantcandancewiththe“MUSIC”WendyHuang•Tencentmusicisthemostprofitablemusicstreamingcompanyintheworld.•Tencentownsa7.5%stakeinSpotify,inreturn,Spotifytakes9%inTME.•PositiveforTencentsentiment,unlockthevalueinmusicbusi

2、ness.OilPriceRisksStillSkewingNegatively4Don’tBetAgainsttheHouse.DefinitelyDon’tBetAgainstTwoVikasDwivedi18July2018Asia•WebelieveastructuraloilpricerallywillbetoughthroughYE18.Oddsofanadditionalpullbackof$5to$10aregrowing.•U.S.andSaudiArabiaarelikelyal

3、ignedtoloweroilpricethroughYE18.ThemajorimplicationisaslowimplementationofIraniansanctions.•Otherconcernsincludeslowingdemandgrowth,risingUSexports,andthereturnofRussianandOPECsupplytomarket.BumiArmada(UpgradetoOutperform)5Catalysts,closerbutshareprice,

4、lowerBenShaneLim•SharepricelooksattractiveasBABisnowbelowourbearcasevaluationofRM0.77.UpgradetoOutperformfromNeutralwith+20%upsidetoourTP.•FPSOearningsvisibilitytoimprovewiththeexpectedfinalacceptanceofArmadaKraken(3Q18)andextensionofArmadaTGT1(Aug18).•

5、Balancesheetrestructuringremainskeycatalyst;butweprefermoredetailsbeforewewouldconsiderre-ratingthestock.HindustanUnilever(Outperform)6StrongvolumegrowthtocontinueAmitSinha•1Q19resultswereaheadofourestimatesonhighervolumegrowth•Confidenthighervolumegrow

6、thwillcontinueonruralturnaround•HUVRremainsourtoppickandaMacquarieMarqueeidea.NanyaTechnology(Outperform)7Strong2Qand2HoutlookJeffreyOhlweiler•NanyaTechremainsourtoppickforTaiwanin2018andisonourregionalMarqueelist.•Weraiseour2018earningsafterastrong2Q18

7、beat.Nochangetoourstreet-hightargetpriceofNT$138.•Weforecastthecashdividendpayouttomorethandoublein2019alongwithoperatingprofits.Rights,Wrongs&Returns8Chinatourtakeaways9MGMChina(Outperform)10Pleaserefertopage20forimportantdisclosuresandanalystcertifica

8、tion,oronourwebsitewww.macquarie.com/research/disclosures.PingAnInsurance(Outperform)11HomeProductCenter(Outperform)12IndonesiaStrategy13MalaysiaConstruction14RobinsonPublicCompany(Neutral)15SingaporeResidentialProperty16TopGlove