麦格里集团-macquarie marquee ideas bottom-up top picks-20170619-macquarie

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1、AsiaMacquarieMarqueeIdeasMacquarieMarqueeIdeas–AsiaBottom-upTopPicksTargetPriceLastOurAsia-exMarqueelisthasreturned31.1%sincelaunchingalmostayearago,vsTicker(LC)TSRRptAsiaex-Japan20.8%fortheMSCIAsia-ex,whileourJapanMarqueehasreturned22.7%vs.16.2%OUTPER

2、FORMforMSCIJapanoverthesameperiod.Thisindexispurelyabottom-upstockcallChina/HK3SBio*1530HK11.50+10%Linkconvictionbyoursectorandcountryheads.InamarketseeminglydrivenbypassiveAlibabaBABAUS171.00+27%Linkflows,wecontinuetoseescopetoaddalphathroughdisciplin

3、edstockpicking.PingAn2318HK64.00+29%LinkPrada1913HK39.00+36%LinkToday,weswitchnineoutof34names.SMIC*981HK12.25+41%LinkSunnyOptical2382HK80.00+25%LinkAdding(Outperformlist):Tingyi322HK10.90+20%LinkWharfHolding*4HK77.23+17%LinkSMIC(981HK)–Weexpectastron

4、g2H17givenChinasmartphonelaunchestoWynnMacau1128HK25.80+45%LinkYanzhouCoal*1171HK7.72+23%LinktriggerdemandforAP,connectivityICandPMIC,whichdifferentiatesusfromtheIndiaStreet’sconservativeview.WethinkSMIC’sstructuralgrowthoutlookremainsLarsen&ToubroLTIN

5、2,076+19%LinkVedantaVEDLIN311+40%Linkintactdespiteweak1H17with1)risingICdemandinChinaand2)ongoingITCITCIN340+15%Linkmigrationtoadvancednodes.(Link)IndonesiaUnitedTractorsUNTRIJ32,000+19%LinkYanzhouCoal(1171HK)–ThelargestbeneficiaryonseasonalcoalpriceK

6、oreaKBFinancial*105560KS70,000+31%Linkrecoverywithitsfocusonminemouth,andoneoftheveryfewcoalminersSamsungEng.028050KS17,000+37%LinkgainingmarketshareinChina.The4mtoutputrisein1Q17reflectson-trackMalaysiaTelekomMalaysiaTMK8.10+27%Linkoutputgrowth.(Link)

7、PosMalaysia*POSMMK7.30+44%LinkPhilippinesKBFinancial(105560KS)–WeexpectcontinuedupwardrevisionofKBFG'sAyalaCorpACPM1,075+26%Linkearningspotentialbythemarket–drivenbyitslargeexposuretomortgage,SingaporeJardineCycle*JCNCSP49.80+14%Linkaggressivecostredu

8、ctionsoverthepastthreeyears,andstronggrowthinnon-Taiwaninterestincome.Wethink2Q17resultswouldbeacatalystforthestockwithHonHai2317TT200.00+101%LinkUNDERPERFORMstrongNIMandbigcostsavings.ApotentialextensionoftheGroup'sChairmanIndiaYoonmay