麦格理-亚洲-股票市场-麦格理观点-20170821-macquarie marquee ideas macquarie’s high-conviction calls-20170821-macquarie

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1、ASIAMacquarieMarqueeIdeasMacquarieMarqueeIdeas–AsiaMacquarie’shigh-convictioncallsTargetTickerprice(LC)TSRSincelaunchingourMarqueelistalmostayearago,ourAsia-exlisthasreturnedAsiaex-Japan38%,vs28%fortheMSCIAsia-ex.OurJapanMarqueehasreturned24%vs.OUTPERFORMChina/HK18%forMSCIJapanoverthesameperiod.Ou

2、rMarqueestocksarepurely3SBio1530HK11.50+19%drivenbybottom-upstockcallconvictionbyoursectorandcountryheads.Baidu*BIDUUS252.00+14%PingAn2318HK76.00+28%Today,weswitchinBaidu,Shuanghui,SamsungElectronics,andTokyoPrada1913HK34.00+23%Electron;andswitchoutAlibaba,Tingyi,SMIC,JardineCycle,DaiwaHouse,Shuan

3、ghui*000895CH30.00+45%SunnyOptical2382HK140.00+32%andMitsubishiEstate.WharfHolding4HK90.22+33%WynnMacau1128HK26.80+62%Adding(Outperformlist)YanzhouCoal1171HK8.19+16%IndiaBaidu(BIDUUS)–ExistingcorebusinessstartedtogaincustomerswithLarsen&ToubroLTIN1,417+26%VedantaVEDLIN300+6%ARPUexpansionin2Q.Cost

4、iswellundercontrolwiththenewmanagementHindustanUnileverHUVRIN1,402+20%inplaceandweseepotentialforfurthermarginexpansion,withpotentialsaleIndonesiaofBaiduTakeawaywithinthenextoneyear.AIstrategyalsostartstoplayoutUnitedTractorsUNTRIJ34,000+20%KoreaandwillcontributetotheSOTPvaluation.Theincreasingval

5、uationandKBFinancialGroup105560KS77,000+40%potentialspinoffoffast-growingvideobusinesswilladdfurtherupsidetotheSamsungElec.*005930KS3,100,000+35%SamsungEng.028050KS16,000+58%stock.(Link)MalaysiaTelekomMalaysiaTMK8.10+30%HenanShuanghui(000895CH)–Inviewoflowerhogandporkprices,wePosMalaysiaPOSMMK7.3

6、0+40%expectitsfreshporkbusinesstobevolume-drivenanditspackagedmeatPhilippinesAyalaCorpACPM1,075+20%businesstoenjoymarginexpansionthankstolowerinputcostsin2H17;weTaiwanexpect2H17EBITmarginstorise+2.1pptsYoY.Overall,weexpectHonHai2317TT200.00+79%Shuanghuitodeliverdouble-digitearningsgrowththisyearde

7、spitetheUNDERPERFORMIndiaweaker1H17results,implyinga2H17profitgrowthturnaroundto30%YoYBharatHeavyBHELIN108.00-15%growth.(Link)ThailandAirportsofThailandAOTTB33.30-33%SamsungElectronics(005930KS)–Therecentsharepr