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1、1November2018AsiaAsiaEssentialsLivinginaMatrix5FlashesintheskyandwhatdrivesthemViktorShvets•Weliveinafinancializedasset-basedworldnotinaconventionalcapitalism•Itrequiresaconstantsupplyofexcessliquidityandlackofpricediscovery•Volatilitieswillescalateasliquidity
2、compresses.Notclearhowdeepthisrabbitholegoes;weprefertocontinueaccumulatingsecularstrengthSony(6758JP)(Outperform)6Meetinghighlights:Focusonsensors,gamesDamianThong•ThesmallgroupmeetingwithSony’sCFOhighlightedprospectiveplansformoreimagesensorcapexinpursuitofg
3、rowthopportunities.•ManagementaffirmedthatFY3/20OPgrowthwillbedeterminedbygrowthinimagesensors,asmallerMobileloss,andthetrendofgameprofits.•WereiterateourOutperformratingand¥7,750TP.SamsungElectronics(005930KS)(Outperform)7SlowingDRAMinvestmentDanielKim•Wecuto
4、urTPby13%toWon54,000(1.4x2019Ebook-value,mid-cyclevaluation)fromWon62,000(1.8x2018Ebook-value).•Thecompanyislikelytoupdateitsshareholderreturnpolicyinmid-2019,givenmuchgreaterFCFthanoriginallycalculated.•ConfirmednoDRAMwafercapacityadditionatitsPyungtaekfabin2
5、019.SamsungElectroMechanics(009150KS)(Outperform)8EpicgrowthinMLCCtocontinueDanielKim•SamsungElectroMechanics(SEMCO)providedanotherpositiveearningssurprisein3Q18,thankstostrongMLCCsales.•Managementexpectstheshortagetopersistinhigh-endITandautoMLCCsegments,diff
6、erentfromlow-endITMLCC.•Weraise2018/19OPforecastsby7%/3%,respectively.SimeDarbyPlantation(SDPLMK)(Initiating9coveragewithNeutral)AgeinginreverseFarrahAqlima•WeinitiatecoverageonSDPLwithNeutralandaDCF-basedTPofRM5.35•SDPLshouldpostanadj.PATCAGRof+12%forFY17-22E
7、•Keydriversare1)agradualrecoveryinCPOprices,2)increasingproportionofyoungerestates;and,3)costsavingsfrommechanisationPleaserefertopage58forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.GlobalWafers(6488TT)(Upg
8、radetoOutperform)10Solidoutlook,attractivevaluationPatrickLiao•WeupgradeGlobalWafersfromNeutraltoOutperformwithTPunchangedatNT$400,asvaluationisattractiveat6xPEwith12%dividendyield
