麦格里集团-incaseyoumissedit：asia-pac：thisweek’shighestip&conviction-20170609-macquarie

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1、ASIA/AUSTRALASIAIncaseyoumissedit:Asia-PacThisweek’shighestIP&ConvictionServiceRobots/AI-TheforceisawakeningAllenChangRobots–Onthemarch,Jan-2017,focusedonindustrialrobots.WenowhoneinonthegrowingpopularityofGlobalServiceRobots,whichhavethetechedgeandversatilitytobedeployedalmosteverywher

2、efromfactoriestohospitalstohomes.Weseeanecosystembuildingaround:1)hardwaremanufacturing(i.e.robotcomponentsandcomputingchips);2)AIdevelopment;and,3)server/networkingbuildstofacilitateServiceRobotsaspartofIoTintheconnectedworld.WeforecasttheServiceRobotmarketsizecouldbe“Incaseyoumissedit

3、”highlightstheveryUS$100bnby2025E,ora32%CAGRin2017-25EwithshipmentsseeingabestofourAsiaPacificresearch.Every43%CAGRtoover142munits.reportwepublishisassessedforproprietaryresearchcontentandAsiaMicroStrategy-Whatwillcorporatesdowith$2.5trn?ChetanSethactionableinvestmentideasforourOuranaly

4、sisof6,800listedfirmsfromAsiaexshowsthatleverageisclients–detailsinside.Wehopeyoufindmoderating,capexgrowthismuted,yetfirmsaregeneratingrecordcashflows.itusefulandappreciateallfeedback.ROEs/ROAswillcontinuetofall,unlessgrowthaccelerates,productiveinvestmentopportunitiesariseorexcesscash

5、isreturnedtoshareholders.AsMorehighlightsinsidegrowthstagnates,Asian'cashcows'shouldbebetterpositionedtowithstandanyTurnkey-Ataleoftwocities-Propertydownturn.Weidentify40suchstocksaslikelybeneficiaries.trends:HKversusSGNintendo-Yes¥55kTargetDavidGibsonAGlobalViewofSpectrum-Diamondsinthe

6、SkyWeupgradeSwitchhardwareandsoftwareforecastsandhenceEPShasbeenManWah-TextileSofasOfferMarginUpsideincreased45%to77%.OurFY3/19EPSis55%higherthanconsensus.WeWHGroup-PigscanflythinkSwitchvolumeswillbesimilartoWiibecauseofbettersupplymanagementShuanghui(A-Share)-DualenginetodrivebyNintend

7、oasitforthefirsttimeactuallyrespondstodemand.Demandisalsogrowthdrivenbyastrong,consistentgamesline-up.TPfrom¥36kto¥55k.Outperform.IndiaStrategy-StayonthebandwagonLGElectronics-Flourishing,notflounderingDanielKimKoreaE&C-TurningcautiousonpropertymarketQuarterlyOPgrowthonaYoYbasi