麦格里集团-亚洲经济-macquarie marquee ideas bottom-uptop picks-20170724-macquarie

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1、ASIAMacquarieMarqueeIdeasMacquarieMarqueeIdeas–AsiaBottomupTopPicksTargetTickerPrice(LC)TSROurAsia-exMarqueelisthasreturned37%sincelaunchingalmostayearago,Asiaex-Japanvs28%fortheMSCIAsia-ex.WhileourJapanMarqueehasreturned28%vs.OUTPERFORMChina/HK18%forMSCIJapanoverthesamepe

2、riod.Thisindexispurelydrivenby3SBio1530HK11.50+21%bottom-upstockcallconvictionbyoursectorandcountryheads.Today,weAlibabaBABAUS171.00+13%PingAn2318HK68.00+19%switchITCINoutforHindustanUnilever.Prada1913HK39.00+42%SMIC981HK12.25+34%Adding(Outperformlist)SunnyOptical2382HK140

3、.00+52%Tingyi322HK10.90+14%HindustanUnilever(HUVRIN)–AmitSinhaisbuildingina250bpsmarginWharfHolding4HK77.23+20%WynnMacau1128HK25.80+53%expansioninthenext3yearsonaccountofacostsavingsprogramandYanzhouCoal1171HK8.01+6%premiumizationdriveinthecompany.Further,webelieveunderly

4、ingvolumeIndiaLarsen&ToubroLTIN1,417+22%growthispickingupandisexpectedtoseesignificantrecoveryonaccountofVedantaVEDLIN306+22%ruralgrowthrecoveryandmarketsharegainsduetoGST.HUVRistradingatHindustanUnilever*HUVRIN1,402+23%Indonesia40xFY19EPERandwebelieveapremiumvaluationcanb

5、esustainedonUnitedTractorsUNTRIJ32,000+17%higherearningsgrowthvisibility(20%earningsCAGR)forthenexttwoyearsKoreaKBFinancial105560KS77,000+31%andoptionalityofbigmarketsharegainsduetoGST.ExpectedruralrecoverySamsungEng.028050KS17,000+52%in2HFY18(Oct‘17toMar‘18)onaccountofbet

6、termonsooncanbeabigMalaysiacatalystforvolumegrowth.Latestreport:HindustanUnilever-WhosaysTelekomMalaysiaTMK8.10+31%PosMalaysiaPOSMMK7.30+44%elephantscan’tdance?PhilippinesAyalaCorpACPM1,075+23%QuantView:HUVRrankstop3amongits138globalpeers.Macquarie’sSingaporeJardineCycleJ

7、CNCSP49.80+21%cross-sectionalmulti-factorquantmodelcurrentlyholdsastrongpositiveviewTaiwanonHUVR(at1.7AlphaScore).ThestrongeststyleexposureisProfitability,HonHai2317TT200.00+78%indicatingthisstockisefficientlyconvertinginvestmentstoearnings.FormoreUNDERPERFORMIndiadetailsp

8、leasecontact:cpg@macquarie.comBharatHeavyBHELIN108.00-25%ThailandRemoving(Outperformlist)