麦格里集团-asiaessentials-20170608-macquarie

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1、Thursday,8June2017ServiceRobots/AI4TheforceisawakeningAllenChangRobots–Onthemarch,Jan-2017,focusedonindustrialrobots.WenowhoneinonthegrowingpopularityofGlobalServiceRobots,whichhavethetechedgeandversatilitytobedeployedalmosteverywherefromfactoriestohospi

2、talstohomes.WHGroup(InitiatingcoveragewithOutperform)5PigscanflyLindaHuangWeinitiatecoverageofWHGroupwithanOutperformratingandatargetpriceofHK$9.90basedon15xFY18EPER,thecompany'speakcyclevaluation.WHGroup'ssharepricehasbeenunderthepressureduetoCDHInvestm

3、entsellingpressure,apre-IPOinvestor.Shuanghui(A-Share)(InitiatingcoveragewithOutperform)6DualenginetodrivegrowthLindaHuangWeinitiatecoverageofShuanghuiwithanOutperformratingandatargetpriceofRmb28.50basedon18xFY18EPER,thestock'speakcyclevaluation.Shuanghu

4、iisChina'sleadingverticalmeatprocessingcompanywith18.8%packagedporkand2.7%freshporkmarketshare.KoreaE&C7TurningcautiousonpropertymarketJamesHongWeareturningcautiousonKorea'spropertymarketandthishasimplicationsforconstructioncompanies.Koreanconstructionco

5、mpaniesshouldcontinuetoenjoystrongearningsandcashinflowfromthedomestichousingbusiness,butpre-salevolumeandprofitability,afunctionofpropertyprices,islikelytoslowdownfromlate2017.LGElectronics(Outperform)8Flourishing,notflounderingDanielKimWeascertainLGE's

6、earningspowertobereal,butvastlyunderstatedinthemarket.Outperform.QuarterlyOPgrowthonYoYbasistoacceleratetowardsyear-end.Software&Robotics9JUSTEAT(Outperform)10USSemiconductors11ChinaInternet12TheFutureofJapaneseTech13SoftBank(Outperform)14TaiwanServer/Ne

7、tworking15Pleaserefertopage50forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.TSMC(Outperform)16HonHai(Outperform)17ChinaTelecom(Outperform)18Hikvision(A-Share)(Outperform)19Lenovo(Outperform)20AsustekCo

8、mputer(Outperform)21KYEC(Outperform)22SamsungC&T(UpgradetoOutperform)23HyundaiE&C(Outperform)24DaelimIndustrial(DowngradetoNeutral)25HyundaiDevelopment(DowngradetoNeutral)26GSE&C(Underperform)27BrillianceChinaAutomotive(Ou