[下载]Asia Equities Daily Focus Todays research headlines   [推广有奖]

31 January 2008

PDF  38页  935K

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Asia Equities Daily Focus
Today's research headlines
Asian Edition
Deutsche Bank AG/Hong Kong
All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from
local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies.
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should
be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
Independent, third-party research (IR) on certain companies covered by DBSI's research is available to customers of
DBSI in the United States at no cost. Customers can access this IR at http://gm.db.com, or call 1-877-208-6300 to
request that a copy of the IR be sent to them.
DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1
Morning Summary
Asian Index Closings
EQUITIES Close 1D Chg %Chg
SHSZ300 4710.65 -51.4 -1.1
HSCEI 12755.41 -623.8 -4.7
HSI 23653.69 -638.1 -2.6
TWSE 7543.50 -32.9 -0.4
KOSPI 1589.06 -48.9 -3.0
FSSTI 3000.03 -49.9 -1.6
KLCI 1384.08 -4.4 -0.3
SENSEX 17758.64 -333.3 -1.8
NIFTY 5167.60 -113.2 -2.1
SET 763.48 8.6 1.1
JCI 2610.36 2.5 0.1
PCOMP 3256.53 32.3 1.0
ASX200 5618.70 -97.8 -1.7
INTEREST RATES* Close 1D Chg %Chg
China 4.50 0.0 0.0
Hong Kong 2.50 0.1 3.3
Taiwan 2.22 0.0 0.0
South Korea 5.60 -0.1 -0.9
Singapore 1.63 0.1 4.0
Malaysia 3.61 0.0 0.0
India 7.27 0.1 1.2
Thailand 3.38 0.0 -0.3
Indonesia 8.03 0.0 0.2
Philippines 5.81 -0.1 -1.1
Australia 7.29 0.0 0.1
FOREX (vs US$) Close 1D %Chg YTD
%Chg
Rmb 7.19 0.0 1.5
HK$ 7.80 0.0 -0.1
NT$ 32.22 -0.2 0.6
Won 946.10 0.5 -1.1
S$ 1.42 -0.2 1.4
M$ 3.24 0.0 2.1
Rupee 39.39 0.0 0.1
Baht 31.50 0.6 -5.4
Rupiah 9300.00 -0.3 1.1
Peso 40.72 0.7 1.3
A$ 1.13 -0.1 1.6
Latest Commodity Prices
COMMODITIES Close 1D %Chg YTD
%Chg
West Texas 92.27 0.7 -3.9
Brent 92.28 -0.1 -1.7
CRB 368.08 0.2 2.6
Copper 323.00 -1.9 6.6
Gold (Spot) 920.85 -0.3 10.4
Alum. (LME) 2645.00 5.3 9.8
Baltic Dry 5615.00 -1.4 -38.6
Source: Bloomberg
* 3-month interbank rate except for China, 1-yr deposit rate; India and
Philippines, 3-mth T-bill yield; Indonesia, 3-mth SBI rate; South Korea, 3-mth CD
rate.
Equity Focus Team
John Hetherington
Equity Focus
(852) 2203 6021
john.hetherington@db.com
Carissa Szeto
Equity Focus
(852) 2203 6171
carissa.szeto@db.com
Global Markets Research Company
TOP STORIES
Simplex Infrastructures
(SINF.BO),INR661.30 Buy
Price Target INR860.00
Simpli-flying growth - 30% upside; initiate with Buy
Page 3
PetroChina
(0857.HK),HKD10.80 Buy Price
Target HKD12.60
Looking a lot cheaper now Page 4
RECOMMENDATION CHANGES
Siam City Cement
(SCCC.BK),THB230.00 Buy
Price Target THB253.00
Weak 4Q07F profit but expect a recovery in 2008
Page 5
ESTIMATE & TARGET PRICE CHANGES
China LotSynergy
(8161.HK),HKD0.56 Hold Price
Target HKD0.60
Cloudy outlook on policy uncertainties; cut TP Page 6
SMIC (0981.HK),HKD0.64 Hold
Price Target HKD0.66 Long-term potential, but need to see execution Page 7
Powerchip
(5346.TWO),TWD13.00 Hold
Price Target TWD12.00
4Q07 results poor— Rexchip 2 ramp-up to be
determined Page 8
UMC (2303.TW),TWD17.80
Buy Price Target TWD23.00 Sector capex discipline is a long term positive Page 9
SK Energy
(096770.KS),KRW105,500.00
Buy Price Target
KRW176,000.00
TP lowered on reduced E&P volume Page 10
Suntec REIT
(SUNT.SI),SGD1.47 Buy Price
Target SGD2.16
1QFY08 results in line; robust 16% DPU growth
Page 11
Sun Pharma
(SUN.BO),INR1,154.50 Buy
Price Target INR1,250.00
Expect launch of generic pantoprazole in US today
Page 12
Sun Pharma
(SUN.BO),INR1,154.50 Buy
Price Target INR1,300.00
Good interims and great near-term outlook Page 13

Asia Economics Daily Vietnam Monetary Policy Page 14
Asia Ex-Japan Strategy Asia's best value stock Page 15
Asian Insurance The DB Insurance Premium Page 16
Lifestyle International
(1212.HK),HKD19.78 Hold
Price Target HKD18.80
Updates on Egana deal Page 17
Metals & Mining The snow impact on metals and mining Page 18
Zoom In-DB Mid&Small Cap Oriental Watch – Company Visit Page 19
AU Optronics
(2409.TW),TWD54.30 Buy
Price Target TWD82.00
4Q results were strong Page 20
HTC (2498.TW),TWD570.00
Buy Price Target TWD770.00 Rising opex may lead to short-term negative sentiments
Page 21
KMW
(032500.KQ),KRW12,900.00
Buy Price Target
KRW28,000.00
4Q much better than expected; maintain Buy Page 22
LG Telecom
(032640.KQ),KRW8,300.00
Hold Price Target
KRW10,000.00
4Q07 results fall slightly below consensus - Maintain
Hold Page 23
Transportation Highlights of Land Transport Review, announcement
No:3 Page 24
Agriculture Malaysia: Why we are still bullish on the palm oil price
Page 25
Telecommunications WiMAX soon to launch in Malaysia but not a key concern
Page 26
Bank of Baroda
(BOB.BO),INR391.30 Buy Price
Target INR550.00
3QFY08 Results – Mixed performance Page 27
Bharti Airtel Limited
(BRTI.BO),INR852.30 Buy
Price Target INR1,000.00
Q3FY08 - Results in line, tariff cuts continue Page 28
Industrials Sector India - an electric growth in the offing Page 29
Karnataka Bank
(KBNK.BO),INR260.30 Buy
Price Target INR320.00
3QFY08 Results – Steady performance Page 30
OBC (ORBC.BO),INR266.25
Buy Price Target INR440.00 3QFY08: Could be getting out of the woods Page 31
Indonesia Cement Sector Positive outlook; reiterate Overweight Page 32
Metals & Mining Competing offer on Herald Resources Page 33
BPI (BPI.PS),PHP62.50 Buy
Price Target PHP70.00 Unaudited FY07 net profit P10bn, matches our
expectations Page 34

31 January 2008

PDF  38页  935K

--------------------

Asia Equities Daily Focus
Today's research headlines
Asian Edition
Deutsche Bank AG/Hong Kong
All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from
local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies.
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should
be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
Independent, third-party research (IR) on certain companies covered by DBSI's research is available to customers of
DBSI in the United States at no cost. Customers can access this IR at http://gm.db.com, or call 1-877-208-6300 to
request that a copy of the IR be sent to them.
DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1
Morning Summary
Asian Index Closings
EQUITIES Close 1D Chg %Chg
SHSZ300 4710.65 -51.4 -1.1
HSCEI 12755.41 -623.8 -4.7
HSI 23653.69 -638.1 -2.6
TWSE 7543.50 -32.9 -0.4
KOSPI 1589.06 -48.9 -3.0
FSSTI 3000.03 -49.9 -1.6
KLCI 1384.08 -4.4 -0.3
SENSEX 17758.64 -333.3 -1.8
NIFTY 5167.60 -113.2 -2.1
SET 763.48 8.6 1.1
JCI 2610.36 2.5 0.1
PCOMP 3256.53 32.3 1.0
ASX200 5618.70 -97.8 -1.7
INTEREST RATES* Close 1D Chg %Chg
China 4.50 0.0 0.0
Hong Kong 2.50 0.1 3.3
Taiwan 2.22 0.0 0.0
South Korea 5.60 -0.1 -0.9
Singapore 1.63 0.1 4.0
Malaysia 3.61 0.0 0.0
India 7.27 0.1 1.2
Thailand 3.38 0.0 -0.3
Indonesia 8.03 0.0 0.2
Philippines 5.81 -0.1 -1.1
Australia 7.29 0.0 0.1
FOREX (vs US$) Close 1D %Chg YTD
%Chg
Rmb 7.19 0.0 1.5
HK$ 7.80 0.0 -0.1
NT$ 32.22 -0.2 0.6
Won 946.10 0.5 -1.1
S$ 1.42 -0.2 1.4
M$ 3.24 0.0 2.1
Rupee 39.39 0.0 0.1
Baht 31.50 0.6 -5.4
Rupiah 9300.00 -0.3 1.1
Peso 40.72 0.7 1.3
A$ 1.13 -0.1 1.6
Latest Commodity Prices
COMMODITIES Close 1D %Chg YTD
%Chg
West Texas 92.27 0.7 -3.9
Brent 92.28 -0.1 -1.7
CRB 368.08 0.2 2.6
Copper 323.00 -1.9 6.6
Gold (Spot) 920.85 -0.3 10.4
Alum. (LME) 2645.00 5.3 9.8
Baltic Dry 5615.00 -1.4 -38.6
Source: Bloomberg
* 3-month interbank rate except for China, 1-yr deposit rate; India and
Philippines, 3-mth T-bill yield; Indonesia, 3-mth SBI rate; South Korea, 3-mth CD
rate.
Equity Focus Team
John Hetherington
Equity Focus
(852) 2203 6021
john.hetherington@db.com
Carissa Szeto
Equity Focus
(852) 2203 6171
carissa.szeto@db.com
Global Markets Research Company
TOP STORIES
Simplex Infrastructures
(SINF.BO),INR661.30 Buy
Price Target INR860.00
Simpli-flying growth - 30% upside; initiate with Buy
Page 3
PetroChina
(0857.HK),HKD10.80 Buy Price
Target HKD12.60
Looking a lot cheaper now Page 4
RECOMMENDATION CHANGES
Siam City Cement
(SCCC.BK),THB230.00 Buy
Price Target THB253.00
Weak 4Q07F profit but expect a recovery in 2008
Page 5
ESTIMATE & TARGET PRICE CHANGES
China LotSynergy
(8161.HK),HKD0.56 Hold Price
Target HKD0.60
Cloudy outlook on policy uncertainties; cut TP Page 6
SMIC (0981.HK),HKD0.64 Hold
Price Target HKD0.66 Long-term potential, but need to see execution Page 7
Powerchip
(5346.TWO),TWD13.00 Hold
Price Target TWD12.00
4Q07 results poor— Rexchip 2 ramp-up to be
determined Page 8
UMC (2303.TW),TWD17.80
Buy Price Target TWD23.00 Sector capex discipline is a long term positive Page 9
SK Energy
(096770.KS),KRW105,500.00
Buy Price Target
KRW176,000.00
TP lowered on reduced E&P volume Page 10
Suntec REIT
(SUNT.SI),SGD1.47 Buy Price
Target SGD2.16
1QFY08 results in line; robust 16% DPU growth
Page 11
Sun Pharma
(SUN.BO),INR1,154.50 Buy
Price Target INR1,250.00
Expect launch of generic pantoprazole in US today
Page 12
Sun Pharma
(SUN.BO),INR1,154.50 Buy
Price Target INR1,300.00
Good interims and great near-term outlook Page 13

Asia Economics Daily Vietnam Monetary Policy Page 14
Asia Ex-Japan Strategy Asia's best value stock Page 15
Asian Insurance The DB Insurance Premium Page 16
Lifestyle International
(1212.HK),HKD19.78 Hold
Price Target HKD18.80
Updates on Egana deal Page 17
Metals & Mining The snow impact on metals and mining Page 18
Zoom In-DB Mid&Small Cap Oriental Watch – Company Visit Page 19
AU Optronics
(2409.TW),TWD54.30 Buy
Price Target TWD82.00
4Q results were strong Page 20
HTC (2498.TW),TWD570.00
Buy Price Target TWD770.00 Rising opex may lead to short-term negative sentiments
Page 21
KMW
(032500.KQ),KRW12,900.00
Buy Price Target
KRW28,000.00
4Q much better than expected; maintain Buy Page 22
LG Telecom
(032640.KQ),KRW8,300.00
Hold Price Target
KRW10,000.00
4Q07 results fall slightly below consensus - Maintain
Hold Page 23
Transportation Highlights of Land Transport Review, announcement
No:3 Page 24
Agriculture Malaysia: Why we are still bullish on the palm oil price
Page 25
Telecommunications WiMAX soon to launch in Malaysia but not a key concern
Page 26
Bank of Baroda
(BOB.BO),INR391.30 Buy Price
Target INR550.00
3QFY08 Results – Mixed performance Page 27
Bharti Airtel Limited
(BRTI.BO),INR852.30 Buy
Price Target INR1,000.00
Q3FY08 - Results in line, tariff cuts continue Page 28
Industrials Sector India - an electric growth in the offing Page 29
Karnataka Bank
(KBNK.BO),INR260.30 Buy
Price Target INR320.00
3QFY08 Results – Steady performance Page 30
OBC (ORBC.BO),INR266.25
Buy Price Target INR440.00 3QFY08: Could be getting out of the woods Page 31
Indonesia Cement Sector Positive outlook; reiterate Overweight Page 32
Metals & Mining Competing offer on Herald Resources Page 33
BPI (BPI.PS),PHP62.50 Buy
Price Target PHP70.00 Unaudited FY07 net profit P10bn, matches our
expectations Page 34