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1、AsiaPacificEquityResearch30July2012TopStoriesLinkforfull.pdfversionChinaSteelsector,AsiaPacific(DanielKang)Sendmeyourfeedback!Bloodonthestreets-UpgradeAngang,MaanshanandBaosteeltoOWClickbelowforthe:WebelieveatradingopportunityhasemergedtoOWChinesesteelstocks.ApoorJ.P.MorganDailyValuati
2、onsupcominginterimearningsseasonisnowwellanticipatedandinourview,maymarktheendoftheearningsdowngradecycle.NeartermoutputcutsshouldhelprestoreLatestWeeklyAPBanksAnalyzer(.xls)marketbalancetostabilizesteelpriceswhiledemandmaybeassistedbyChina’sDailyGlobalEconomicBriefingpro-growthpolicie
3、sbylate3Q.WithvaluationsnowneartroughcyclelowsandwellLinktoOtherFTMspagebelowreplacementcosts,webelievetherisk-rewardtradehasturnedpositive-upgradeBaosteel,AngangandMaanshantoOW,keepShougangConcordatN.LinktoMorganMarketspageSamsungElectronics(005930.KS,OW–W1,233,000),SouthKorea(JJKeyRa
4、ting,PriceTarget&EPSChangesPark)"Goldilocks"industryoutlookInteractiveSectorModelsreflectallofourAllbusinessesexceptSemiconductorsurprisedontheupsidein2Q12,whichistheanalystspublishednumbersonourcompaniessameaswhatwesawin1Q12.Despitemacroheadwinds,thebiggestsurprisesundercoverage.Updat
5、estothismodelwillbewerehigherOPmarginsinbothdisplayandTVoperationsandthetrendindisplaypublishedonregularbasisandwillbeavailablebusinesslikelycontinuinginto3Q12.onBloombergatJPMAMODELSGrasimIndustriesLtd(GRAS.BO,OW–Rs2,645.05),India(PinakinAMperspectiveParekh,CFA)AdrianMowat,ChiefEq
6、uityStrategistMaintainOWonimprovedVSFoutlookKeyTradesandRisksVSFmarginsexpanded710bpsq/qdrivenby6%increaseinrealizationsand5%declineincosts.Marginsweresignificantlyaheadofourestimates.WeincreaseourearningsestimatesandPTtoRs3205(implies21%potentialupside)asweexpectVSFmarginstoremainelev
7、ated.Weseeupsideriskstoourestimates,intheeventcottonpricesspikeupfurthergivencropconcerns.Volumegrowthfromnewcapacityshouldalsostartflowingthroughaftertwoquarters.SPIL(2325.TW,OW–NT$29.90),Taiwan(RickHsu)MarginboostonfasterCurampgivesresilienceThoughresultsandguidancearebroadlyinline
