亚洲地区-宏观策略-10月亚洲要闻

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1、12October2018AsiaAsiaEssentialsChinaonlinegametracker3Howmanybulletsleftinthemagazine?MarcusYang•WegaugethegamereservesofChinesegamecompaniesamidthesuspensionofnewgameapprovals.•Tencenthas12approvedtitlesleftwhileitisexpandingthepoolbypartneringwithmoredevelopers.•NetEasehas3approvedgamesleft;Night

2、falls:SurvivalisforNovlaunch.GreatWallMotorCompany(2333HK)(DowngradetoUnderperform)4EscalatedsalesandpricingpressureAllenYuan•GWMlaunchedmorepromotionalcampaignsin3Q18,includingfortheWEYbrand.•Weexpect3Q18NPATtodecline53%QoQonhigherdealerincentives.•SellGWMonintensifyingpressureonbothsalesvolumeand

3、pricing.SunnyOptical(2382HK)(Outperform)5Handsetlens+61%YoYvs.+1%ofLarganAllenChang•Stronghandsetlensshipmentsat+61%YoY(vs.+1%YoYofLargan’srevenues)inSep,leading3Q18at+58%YoY(vs.+9%YoY).•Vehiclelensresumedmomentum,shipmentsacceleratedto+30%YoYinSep,leading3Q18at+23%YoY(vs.+18%YoYin1H18).•Weexpectth

4、estronghandsetlensshipmentstodrivetheproductmixupgradeandsupporttheGMexpansionin2H18.Largan(3008TT)(Underperform)63Qresults;Oct/NovrevenuestoslowAllenChang•ManagementguidedasequentialrevenuedeclineinbothOctandNov.Wemodel4Q18revtobedown1%YoY,leadingtoflattish2018EEPSYoY.•3Q18inline.9M18EPSwas+3%YoYd

5、espitenewcapacityopeningup,risingdual/tricam,and10MPx+lensat70-90%oftotalshipments.•ConsensusEPSgrowthat+25%/+16%YoYfor2019/20E.WeexpectmoreEPScuts/downgradestocome.Underperform.PTatNT2,200.AntaSports(2020HK)(Outperform)7BrillianceChinaAutomotive(1114HK)(Outperform)8Lenovo(992HK)(Outperform)9Techkn

6、owv.4010JapanMaterialsandChemicalsSector11Modec(6269JP)(Outperform)12Rohm(Outperform)13Pleaserefertopage19forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.CharoenPokphandFoods(CPFTB)(Outperform)14Kasikornbank(KBANKTB)(Outperform)15CoalIndia(COALIN)

7、(Outperform)16KECInternational(KECIIN)(Outperform)17TataConsultancyServices(TCSIN)(Outperform)181311October2018China13EQUITIESTop15grossingmobilegamesSep-28Aug-31EnglishnamePublisher1=HonourofKingsTencent2N