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1、Monday,12June2017ThematicPortfolios3OnBread&CircusesViktorShvetsInthe1stand2ndcenturiesCE,ImperialRomeexperiencedanentertainment‘armsrace'ofmonumentalproportions.Relativelysedateshowsoftherepublicaneragavewaytoevermoreextravagantgladiatorgames,publicexecutions,andchariot
2、races.TheJardinegroup4JCNCisournewtoppickConradWernerWeupgradeJCNCtoOutperformonthebackofRickyTjandra'sresumptionofcoverageonits50%-ownedoperatingsubsidiary,AstraInternational,asexplainedbelow.AstraInternational(Neutral)5TheGood,thebadandtheuglyRickyTjandraWeresumecovera
3、geofAstrawithaNeutralratinganda12-monthsum-of-the-partsderivedtargetpriceofRp8,700/sh.Althoughweexpect2017tobechallengingforAstra'sautodivision,givenmutedautosalesgrowth,increasingcompetitionandrisingdealerdiscounts,Astra'sotherdivisions(40%ofFY16NPAT)areexpectedtocontin
4、uemakinguplostground,helpingthegrouptoachieveNPATgrowthof31.3%inFY17e,inlinewithconsensusnumbers.StateBankofIndia(Underperform)6USD2.3bnQIPgetsdone;Capitalisationstrong;ROEsSureshGanapathyweakSBIconcludesits2.3bnUSDQIP;ROEstoremainweak:WenowfactorinUSD$2.3bnQIPrecentlydo
5、nebySBIclosertoCMPatRs287.25.Postcapitalraising,theFY19EconsolBVPSincreasesby~2%toRs262andFY19EconsolidatedROEremainsweakat8.3%(8.9%earlier).SunnyOptical(Outperform)7StrongLensgrowthinMayAllenChangStrongLens:HandsetlensJan-Mayup86%YoY,strongerthanour39%YoYgrowthin2017Ean
6、dthe26%YoYgrowthin2016.VehiclelensJan-Mayup43%YoY,strongerthanour40%YoYgrowthin2017Eandthe37%YoYgrowthin2016.Nintendo(Outperform)8Everwin(A-Share)(Outperform)9ChinaComservices(Outperform)10Han’sLaser(A-Share)(Neutral)11GujaratPipavavPort(Outperform)12HiroseElectric(Outpe
7、rform)13Pleaserefertopage24forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.Kubota(Outperform)14NissinFoods(Neutral)15PICCPropertyandCasualty(Underperform)16SupalaiPCL(Outperform)17ZhengzhouYutongBus(A-Share)(Outperform)
8、18Incaseyoumissedit:Asia-Pac19AGlobalViewofSpectrum20JapanMachinery21Telecom22MacquarieCommoditiesComme
