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1、14November2018AsiaAsiaEssentialsChinaBanks3LessoptimisticafterChongqingvisitDexterHsu•WedidacasestudyonChongqingregardinghowtighterfinancialdisciplineimpactstheeconomicgrowthofonemunicipality.•ThebigfourbankswerekeylenderstoChongqing’sstate-ownedborrowing
2、vehiclesandwilllikelyfaceslowerloangrowthandNIMpressures.•BoComisourtoppick.RegionalbankslikeCQRCandBOCQcouldfaceassetqualityissues,asthecityhasbeenlaggingotherregions.KingsoftCorp(3888HK)(Outperform)4BetterthanfearedWendyHuang•3Q18resultswereweakbutcamei
3、nbetterthanfeared.LoweringTPandearnings.•4Qoperatinglosstowidengivenlackofbignewgamelaunches•Eyeing2019recoveryinthegamebusiness,alongwithfast-growingWPSandcloudbusinessesCoway(021240KS)(Outperform)5Thedealisn’tcloseduntilthemoneyisinKwangCho•Wedon’tthink
4、Woongjin’sfundingplanisfeasible.•Creditors,shareholdersandthegovernmentshouldholdWoongjinincheck.•Cut2018-19NPestimatesby4-6%andlowerTPtoWon95,000.HanonSystems(Outperform)6AgrowthpainJamesHong•Hanonreporteddisappointing3Q18earningson1)WLTPdrag,2)bigger-th
5、an-expecteddepreciationcost,and3)margindragfromEV.•Dragistemporary,inourview,indicatingstrongQoQrecoveryfrom4Q18.•Management’sguidanceon2019operationshouldeasemarket’sconcerns.MaintainOutperform.BritanniaIndustries(BRITIN)(Underperform)7DecelerationinEBIT
6、DAgrowthAmitSinha•2Q19resultswereinlinewithStreetestimates.•Whiledomesticvolumegrowthremainsstrong,marginexpansionrun-rateremainsbelowtheStreet’sfullyear(FY19)estimates.•Weare7-15%belowconsensusestimates.MaintainUnderperform.GlobalLuxuryGoods8TheBeastfrom
7、theEastStephanieWakeham•The‘BeastfromtheEast’ofluxuryisthetopicdujourwithconcernsonmacroslowdown,tariffs,de-globalizationandCNYdepreciation.•Inthisglobalreport,wefocusonfourkeyglobalthemesimpactingthesector:1)China,2)Tourism,3)Millennialsand4)ConciergeEco
8、nomy.•WeareinitiatingcoverageonKORS(OP,PT$75)andTPR(N,PT$49).Pleaserefertopage20forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.MalaysiaStrategy9Lenovo(992HK)(Outp
