亚太地区-宏观策略-亚洲宏观要闻.docx

《亚太地区-宏观策略-亚洲宏观要闻.docx》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、AsiaEssentialsMacquarieMarqueeIdeas3Ourhighest-convictionbottom-upcallsJakeLynch•Sinceinception,theMarqueeportfolioshavereturned28%inAsiaex-Japanand29%inJapan(12%and9%beatsvsrespectiveindices).•Wearecontinuingtofocusonstockswithclearnear-tomedium-termcatalysts.Wehaveadded10newlongand2newshortideas

2、.•Wehavealsoremoved13stocks(10longand3short)whichlacknear-termcatalystsorareofferinglimitedupside/downside.Chinaautos4Ifvehiclepurchasetaxiscutby50%AllenYuan•IthasbeenreportedthatChina’sgovernmentisconsideringtocutthevehiclepurchasetaxby50%forvehicleswithsmallengines.•WeexpectatailwindforChinaauto

3、demandifitisimplemented,butnotasimpactfulastheprevioustworounds.•WepreferOEMswithhighexposuretosmallenginevehicles,goodmodelcycleandbrandrecognition,suchasGeelyandSAIC.Kasikornbank(KBANKTB)(DowngradetoNeutral)5Weakerprofitgrowthoutlookfor2019PeachPatharavanakul•Wecut2019E/20EEPSby8%/7%andTPfromBt2

4、38toBt213.•After9M18earningsturnaround,2019EEPSgrowthoutlookhasweakenedduetonon-NIIpressureandOPEXcontrol.•DowngradetoNeutralonweak2.4%2019EEPSgrowthvs13xPER.SimeDarbyProperty(InitiatingcoveragewithNeutral)6PlentyofroomforimprovementAimanMohamad•InitiatecoveragewithaNeutralratingandaTPofRM1.00.•Re

5、quiresoperationalimprovementtoattainbettervaluation.•Landsale,assetdivestmentandsignificantinventoryparingdownintheneartermcouldnarrowitsdiscounttoRNAV.Tadano(6395JP)(UpgradetoOutperform)7UpgradetoOutperform:Transitioningtofavorabledemand/productcycleKunioSakaida31October2018Asia•WeliftourTPto¥1,

6、500andupgradeourratingtoOutperform.•Full-yearOPguidancecutto¥15.8bn,butshouldbethelastbadnewsfornow•Favorabledemand(NAmerica,Europe,Asia),product(Japan)cyclesfrom2HPleaserefertopage28forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.HondaMotor(7267

7、JP)(Outperform)8DooropentobeatupwardlyrevisedtargetsJanetLewis•Hondareportedstrong1Hresultsaftermarketcloseandrevisedupitsfull-yearforecasts.Weseeroomforasolidbeatoftherevisednumbers.•Improvedmarginsinthe2Wandfin