麦格里集团-asia essentials-20170619-macquarie

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1、Monday,19June2017Asiaoil&gasdownstream3June-17:PetrochemicalinventorydestockingisalmostAnnaParkcomplete,whiledemandremainsstableWelaunchthispiecetohelpinvestorstogainabetterunderstandingofAsiaoil&gasdownstream.Thismonth,wewillmainlytrackChina'spetroc

2、hemicaldemandtoprovideouranalysesofpetrochemicals/dcycles.Indiafinancials4Microfinance–situationworrying;structuralissuesemergeSureshGanapathyMicrofinancesector–Timetore-thinkthemodel?Onesectorthathasbeensignificantlyimpactedbydemonetisationismicrofi

3、nance.Coupledwithwaiversannounced/proposedacrossseveralstatesonthefarmloanfront,thecontagioneffectofdemonetisationhasspreadtothemicrofinancesectoraswell.Japanmacro-strategy5TheAffluentElderlyPeterEadon-ClarkeItistimetorotatefrom“globalcyclicals”todom

4、esticopportunities:theglobalindustrialrecoveryisintheprocessofpeaking,andconsensusearningsforecastsforTOPIXhavealreadyrolledover.eSports6SeeyouinAshkhabad~JiangZhangTheOlympicCouncilofAsiaandAlisportshavefinalizedtheeSportsdemonstrationeventsintheupc

5、omingAsiaIndoorMartialArtsGamesthatistobeheldinAshkhabad,Turkmenistan,fromSeptember17thto27th(LINK).ChinaHealthcare7Monthlydrugsalestracker-2017AprilWeiLiWesubscribedtomonthlyhospitalprescriptiondatafromtheChinesePharmaceuticalAssociation(CPA)totrack

6、thelatestsales/volumegrowthofmajordrugs.GIS(Neutral)8JapanTobacco(Outperform)9LINE(Underperform)10Okuma(Outperform)11YueYuen(Outperform)12Incaseyoumissedit:Asia-Pac13InteractiveEntertainment14Pleaserefertopage18forimportantdisclosuresandanalystcertif

7、ication,oronourwebsitewww.macquarie.com/research/disclosures.USautos15MacquarieCommoditiesComment16MacquarieCommoditiesComment172ASIAAsiaoil&gasdownstreamChina’spolyethyleneinventoryhasfallen,implyinginventoryrestockingJune-17:Petrochemicalinventoryd

8、estockingisresumingalmostcomplete,whiledemandremainsstable(ton)70,000Conclusion60,00050,0002-yraverageWelaunchthispiecetohelpinvestorstogainabetterunderstandingofAsia40,000oil&gasdownstream.Thismonth,wewillmainlytrackChina’spetrochemical30,000demand