麦格里集团-asia essentials-20170614-macquarie

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1、Wednesday,14June2017SMIC(UpgradetoOutperform)3Structurallysound;setforastrong2HAllenChangWeupgradeSMICfromNeutraltoOutperformaswethinkourpreviousconcernandthestreet'sconcernsarenowpricedinafterthestock'sfallof15%inthepastmonth,vsHSI'sriseof3%.ASMPT(Outperform)4Multi-driver;multi-yearAllenChangAt

2、oppickinourH-sharetechcoverage(see,Wheretoparknicely?22May)basedonstrongearningsgrowthandimprovingmargins.Thesharepricehasrisen58%since22May.Indonesiatowers5SurvivalofthefittestNathaniaNurhalimWeshiftourstanceonIndonesia'stowersectorfromneutraltooverweight,inlightofthesector'simprovingsupply-dem

3、anddynamics,maintainingourOutperformratingonTOWRandNeutralonTBIG.ASEANPlantations6StrongexportsleadtoinventorydrawIsaacChowMalaysia'spalmoilexportsjumpedby17%momto1.51mtinMay-17,morethanoffsettinghigherproductionof1.65mt(+7%mom),leadingtolowerinventoryof1.56mt(-3%mom).Sony(Outperform)7E3event–Ga

4、mestakecentrestageDamianThongThisyear'spresentationbySonyatE3wasmoremutedthanlastyear'sbutalsomoreassured;weemergedincrementallymorepositive.Withover60.4munitssoldandacumulativetie-ratioof8.1,thePS4entersthelatephaseofitslife-cyclewithasalespaceimpressivelystablevsayearago(Fig1)and~45%fasterthan

5、thePS3,andastrongraftofupcomingconsoleexclusives.Vedanta(Outperform)8Thaihealthcare9BangkokChainHospital(Outperform)10BangkokDusitMedicalServices(Outperform)11BumrungradHospital(Underperform)12AstroMalaysiaHoldings(UpgradetoOutperform)13GodrejConsumerProducts(Outperform)14HongkongLand(Neutral)15

6、Pleaserefertopage24forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.MitsubishiCorp(Outperform)16Rohm(Outperform)17SamsungSDI(Outperform)18Japanmacro-strategy19Indiaoilproductdemand20Japanbanks21PC/ServerTracker22MacquarieCommoditiesComment232HON

7、GKONGSMIC981HKOutperformStructurallysound;setforastrong2HPrice(at13:52,12Jun2017GMT)HK$7.75ConclusionValuationHK$12.25-PricetoBook12-monthtargetHK$12.25WeupgradeSMICfromNeutraltoOutperformaswethinkourpreviousUpside/Downside