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雷达卡
报告出处：里昂
页数：136页
语言：英文
主要内容：
Contents
Executive summary ............................................................................ 3
State of play: Stronger but cheaper .................................................... 4
Screening for VMOS .......................................................................... 10
Leaders and thematic drivers ........................................................... 21
Top smallcap picks by country .......................................................... 27
Company profiles ............................................................................. 31
Appendices
1: Franchise P-score ........................................................................... 123
2: Quantitative attributes .................................................................... 130
摘要：
If the significant outperformance of small caps from the depth of the 2008-09 crisis is any guide, investors should be prepared for buying opportunities in the current crisis. After applying both qualitative and quantitative screens, we highlight our top ‘value with a margin of safety’ (VMOS) stocks in Asia. There are plenty of cheap, high-quality ideas in a universe well represented by industry leaders, moat franchises and firms levered to the spending power of the region’s burgeoning middle class.
State of play: Stronger but cheaper
Asian small caps have outperformed large caps in eight of the past 10 years - and most significantly by 36% in the year after the global financial crisis.
Current valuations are not expensive at 8.7x PE versus the six-year average of 11.7x, with most having strengthened their balance sheets in the past four years. Screening for VMOS Using quantitative tools and our qualitative franchise P-score, we created a value with a margin of safety (VMOS) screen to score the top-45 small caps.
Stocks that stand out are Ports Design, Yingde Gases, EVA Precision, Cardno, Vista Land, Jain Irrigation, Grand Korea Leisure and Holcim Indonesia. Deep-value (higher risk/reward) stocks are Hollysys, China Automation, Rexlot,
ERA Mining Machinery, Shenzhen Expressway, Tiangong and China LotSynergy.
Leaders and thematic drivers Our 45 top picks are strongly positioned: 19 are industry leaders, 12 have top-
three market shares and 14 are moat franchises. Most (28) are plays on Asia’s booming middle class, with strong companies levered to urbanisation in Indonesia, the Philippines and Thailand.
Demand from the ‘Chinese wallet’ drives revenue in 53% of our picks, with few directly exposed to the troubled Western economies.
Top smallcap picks by country
HK and Chinese stocks feature strongly in the deep-value basket in our VMOS screen and offer plenty of choices.
We initiate coverage on value plays China LotSynergy, ERA Mining Machinery, Tiangong and Magnificent Estates with BUY ratings.
Indonesian and Thai firms impress on most qualitative attributes, including management and growth expectations, but are not cheap except for Holcim.
Taiwanese and Korean companies score well on growth: Grand Korea Leisure, Seegene, Hiwin and PC Home stand out.
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