麦格里集团-asia essentials-20170616-macquarie

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1、Friday,16June2017HonHai(Outperform)3LiftingtheveilontheEnigmaticEmpireAllenChangInthisdeep-diveresearchintoHonHai'sgeographicalandbusinessreach,weanalysehowthecompanycreatessynergyforenterprisecustomers,endconsumersandfortheHonHaigroupitself.ChinaProperty4HowtomakemoneyfromChinapro

2、pertystocksDavidNgWewentthroughthestockperformanceof30Chinapropertystocksforeachofthelast10yearstotrytofindouthowcontractedsalesgrowthandEPShelpdeterminethewinners.IndonesiaBanks5MortgagepricinghoneymoonoverJaydenVantarakisWesurveyedthesevenmajormortgagebanksinIndonesiafortheirlate

3、stpricingoffers.Averageone-yearfixedrateshavebeenliftedby65bpssinceJan-17to8.46%andacrossfive-yearfixedperiodsbyupto147bpswithBCAleadingtheupwardmoves,followedbyothermajorlenders.OneBeltOneRoad(OBOR)6SelfishyetenlightenedMarshallPlanViktorShvets‘TianXia'isanancientChineseconcepttha

4、tisvariouslytranslatedas‘allunderHeaven'or‘everythingundertheheavens',andformorethan2,000yearsitdistilledtheessenceofChina'sglobaloutlook.IndianSteelSector7Fundamentalsdeterioratingbutsentiments…SumangalNevatiaDomesticsteelpriceshavecorrected6-10%sincethestartofFY18followingweaknes

5、sininternationalprices.Also,giventhelagimpactofrawmaterials,Indiansteelcompaniesshouldwitnesshighercostssequentiallyin1Q18.adidas(Outperform)8LongforProperties(Outperform)9MacVisit:AdvancedOptoelectronicTechnology10MacVisit:Fiti11MacVisit:ShunSin12MyE.G.ServicesBhd(Neutral)13Robins

6、onPublicCompany(Neutral)14SaSaInternational(Neutral)15Pleaserefertopage22forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.SUMCO(Outperform)16ChinaHealthcare17Chinapowersector18ChinaProperty19GlobalMedia20Japanautos212TAIWANHonHai23

7、17TTOutperformLiftingtheveilontheEnigmaticEmpirePrice(at08:50,15Jun2017GMT)NT$102.50Inthisdeep-diveresearchintoHonHai’sgeographicalandbusinessreach,ValuationNT$200.00-PERweanalysehowthecompanycreatessynergyforenterprisecustomers,end12-monthtargetNT$200.00consumersandfortheHonHaigro

8、upitself.Weareoptimisticab