Contents
Earnings recovery in 2013, but price trajectory hard to predict 3
Detailed analysis of cash return and stock implications 13
Key sector themes and outlook 23
Cheung Kong (0001.HK, CL-Buy): Upside in CROCI undervalued 47
Wharf (4.HK; Buy): Off CL, maintain Buy; better value in CK 50
NWS (659.HK, Sell): deteriorating return, potential DPS cut 54
Fosun (656.HK, Neutral): cyclical headwinds largely removed 56
Company Section 59
Disclosure Appendix 99