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Asia Essentials.pdf
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China Telecom (Downgrade to Underperform) 3
Harder squeeze for 4S juice Lisa Soh
We incorporate the impact of 4S in our forecasts (launch Mar 9). Handset homogeneity is increasing in
China, and we believe subscriber acquisition becomes more about pricing/marketing/execution, leading to
a more competitive environment than what we have seen to date.
Wowprime (Initiating coverage with Outperform) 4
Dishing out growth in Taiwan and China Darren Wang
We initiate coverage on Wowprime with an Outperform rating and target price of NT$600. Wowprime runs
the largest restaurant network in Taiwan with 170 stores covering 11 brands as of 2011. We like the
company's strong brand equity and horizontal integration, and expect 30% CAGR in 2012-14 as it picks up
expansion speed in both Taiwan and China.
China Resources Cement (Outperform) 5
Volume delivery remains the key focus Pelen Ji
CR Cement reported FY11 results at the end of last week, with reported profit of HK$4,179m, up 105%
YoY. The headline number was lower than consensus forecast, but in line with our forecast; however,
stripping out foreign exchange gains, the disappointment was larger than anticipated.
China property 6
Blowing hot and cold David Ng
Premier Wen Jiabao acknowledged the positive results of property austerity measures. Investment and
speculative demand has been restrained and property prices of most cities are showing MoM declines.
However, he also reiterated the importance of continuing existing property austerity measures.
Aboitiz Power (Outperform) 7
Positive surprise in FY11 earnings Tracy Ilagan
FY11 core net income was at P21.6bn (-14%YoY), slightly ahead of our and consensus estimates of
P20.3bn. We maintain our Outperform rating. What we found. The market expected AP to report a lower
net income for FY11 compared to FY10, which was an exceptional year for AP.
Ambow Education (Outperform) 8
SingTel (Outperform) 9
Sinopac Financial Holdings (Neutral) 10
Sun Art Retail Group (Neutral) 11
Yanzhou Coal Mining (Neutral) 12
Yue Yuen Int'l (Neutral) 13
MacVisit - Nippon Light Metal 14
Resona (Downgrade to Neutral) 15
Tokyo Electron (Outperform) 16
WCT Berhad (Outperform) 17
Crystal Ball 18
Director’s Cut 19
Asia Oil & Gas 20
China property 21
MacTrends: Japan regional banks 22
Natural Gas: The hits keep on coming 23
Oil & Gas Atlas 24
SGX and the City 25
Taiwan petrochem sector
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