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2、rmultipleproductsandupsidefromaglobalfranchisemodelofin-housedesignrobotics.WeraiseourTPtoNT$200fromNT$150asthecompanyshiftsfrombeinga‘phoneassembler’toan‘integrator’ofcomponents,robots,andbrands.MaintainOutperform.“Incaseyoumissedit”highlightstheverySMIC-Structurallysound;setforastrong2HAllen

3、ChangbestofourAsiaPacificresearch.EveryWeupgradeSMICtoOutperformaswethinkourpreviousconcernandstreetreportwepublishisassessedforconcernsarepricedin.Positivepotentialinclude:1)nationalagendaonChinaproprietaryresearchcontentandSemigrowthand2)strongChinasmartphoneproductcycletosupport2Hactionable

4、investmentideasforourmomentum.OurnewTPisbasedon1.2x2018PB,itspastyear’stradingavg.clients–detailsinside.WehopeyoufindChinaProperty-HowtomakemoneyfromChinapropertystocksDavidNgituseful,andappreciateallfeedback.Wewentthroughthestockperformanceof30ChinapropertystocksforeachofMorehighlightsinsidet

5、helast10yearstotrytofindouthowcontractedsalesgrowthandEPSOneBeltOneRoad(OBOR)-Selfishyet(forecastsupgrade/downgrade,growth,actualvs.expectation)helpdetermineenlightenedMarshallPlanthewinners.TheobjectiveistopickoneormoreofthetopfivestockperformersTechKnowv.22-PrimeTime–Applesupplyeachyear.TheM

6、acquarieFormula#1pointstoEVER(notrated)andCGARaschaintopperformersin2017.Formula#2agreesandaddsYANLandAGIL.Asianairlines-ChangeisintheairTheJardinegroup-JCNCisournewtoppickConradWernerOceaniaHealthcare-Location,location,locationWeupgradeJCNCtoOutperformasweincorporateRickyTjandra’sresumptionof

7、coverageonAstraInt’l-TheGood,thebadandtheugly.JCNCisnowourtopAlibabaGroupHolding-AglobalecosystembuiltondatapickintheJardinegroup.WhileRickyratesAstraNeutral,hisRp8,700pricetargetis24%abovetheRp7,000fairvaluewehadpencilledinpreviously.J