《macquarie-asiaessentials(nxpowerlite)》

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1、Monday,26May2014TopQuantAlphasEyeonIndia3SANDSCHINALTD.(1928HK)PSUs-PricedforStructuralUpswingRakeshAroraBottomQuantAlphasPublicsectorundertakings(PSUs)haveoutperformedthebenchmarkNiftyby22%YTDandby16%inHOPSONDEV.HDG.LTD.(754HK)thepasttwoweeks.PSUvaluationdiscounttothepri

2、vatesectorhaswidenedinthepastfewyearsandTRUECORPORATIONPCL.(TRUETH)despitetherecentrecoverycontinuestobe14%below10-yraveragediscount.Source:MacquarieResearch.Dataasat22/05/2014.ScreeningforallstocksinAsiawithMarketCapoverIDFC(DowngradetoUnderperform)4US$2bn.Alongjourneyto

3、beagoodbankSureshGanapathyDowngradetoUnderperform,weexpectconversiontobankwillbeverypainful:WedowngradeIDFCtoUnderperform.WhiletheconversiontoabankistheeventualendgameforIDFC,unfortunatelythestatutoryobligationswhichithastomaintainonconversiontoabankplusthechallengesinher

4、entinbuildingaliabilitiesfranchiseinahypercompetitivemarketwillkeepreturnratiossubduedforaverylongtime,inourview.SKHynixInc.(Outperform)5DRAMpricelandingsmoothasvelvetDanielKimThemarketseemstobegraduallyawakeningtoHynix'sstrongearningsmomentum,whichisoverridingfallingPCDR

5、AMprice.PCDRAMpriceismoreresilientthanexpected.PCDRAMcontractpriceisdownonly10%fromthepeakseeninJanuary2014,evenlessthanour‘softlanding'scenario.PruksaRealEstate(Outperform)6StrongplatformtoweatherthestormPattiTomaitrichitrWeexpectPruksatodeliverasustainablemomentumthisye

6、ar.Solidbacklogandresilientlow-risepresalewillbethekeysupports.Thehighcancellationrateforitslow-pricedtownhousesisconsiderednormal.Someofthesecancellationscanre-applyfornewmortgagesoncheaperhouses,whichisPS'scoremarket.Incaseyoumissedit7Thisweek’sbestAsiaresearchPeterRedh

7、eadThereportsbelowrepresentthebestworkfromour150-strongAsianresearchdepartmentthisweek.MacquariehasresearchteamsonthegroundineverycountryinAsiaandwebelievethisisimportant.Wearealsocommittedtoresearchquality,andassessandevaluateeveryreportthatwepublish–fulldetailsinside.As

8、hokLeyland(Underperform)8FeldaGlobalVenturesHoldingsBhd(Underperform)9ITC(Outperform)10Renren(Un