UBS Asian Equity Research - Morning Ratings & Earnings (24 Oct 13) [推广有奖]

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vickytse 发表于 2013-10-24 11:05:03 |AI写论文

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UBS Asian Equity Research - Morning Ratings & Earnings (24 Oct 13)

Morning_Expresso_Oct_24.pdf (335.31 KB, 需要: 2 个论坛币) Global and Asia Economics & Strategy
---------------------------------
* Japan Economic Comment - PM Abe demonstrates his commitment to
  national strategic economic growth areas; Daiju Aoki;

UBS Initiates
---------------------------------
* Supalai PCL (SPAL.BK) - Buy (from Not Rated); PT Bt22.5 (from Not Rated);
  +34% upside Time to tap the backlog;

Today's Rating changes
---------------------------------
* Olam International Limited (OLAM.SI) - Neutral (from Sell); PT S$1.6 (from
  S$1.33); +3% upside A light on the horizon;
* Kunlun Energy (0135.HK) - Neutral (from Sell); PT HK$12 (unch); +4%
  upside Upgrade post 30% share price decline;
* CSG Holding (000012.SZ) - Buy (from Neutral); PT Rmb12.6 (from Rmb10);
  +31% upside Profit recovery confirmed; strategic adjustment to focus on 'high
  GM segments' ;

Today's PT changes
---------------------------------
* Zhuhai Hokai Medical Instruments (300273.SZ) - Buy (unch); PT Rmb27.5
  (from Rmb25.5); +21% upside Sales revenue from large orders recognized;
  earnings growth faster;
* Luzhou Laojiao (000568.SZ) - Neutral (unch); PT Rmb20.3 (from Rmb22.1); -
  3% downside Limited improvement in Q3 results, reiterate Neutral rating ;
* Noble Group (NOBG.SI) - Buy (unch); PT S$1.25 (from S$1); +18% upside
  Leverage to a cyclical recovery;
* Wilmar International Limited (WLIL.SI) - Neutral (unch); PT S$3.55 (from
  S$3.5); +4% upside Sugar to rebound in H2;
  * Inotera Memories (3474.TW) - Buy (unch); PT NT$27.5 (from NT$25.5);
  +47% upside Beat; more likely to come;

Company Update
---------------------------------
* FIYTA Holdings (000026.SZ ) - Buy (unch); PT Rmb8.6 (unch); +11% upside
  Q313 results: NP growth keeps improving;
  * Huaneng Power International (0902.HK) - Buy (unch); PT HK$10.6 (unch);
  +27% upside Share price overreacted to impairment charge;
  * Keda Industrial (600499.SS ) - Buy (unch); PT Rmb24 (unch); +24% upside
  Secures Rmb470m order, clean coal gasifiers gradually going mainstream;
* Semiconductor Manufacturing Intl Corp (0981.HK) - Sell (unch); PT
HK$0.56  (unch); -2% downside Greater challenges in 2014;
* Coal India (COAL.BO) - Buy (unch); PT Rs410 (unch); +42% upside
  Production/off-take slow down in October;
  * Dish TV India (DSTV.BO) - Buy (unch); PT Rs75 (unch); +46% upside An In
  Line 2Q;
* Emami Ltd (EMAM.BO) - Buy (unch); PT Rs566.7 (unch); +18% upside
  Impressive EPS growth led by margin hike;
* Power Grid Corporation of India (PGRD.BO) - Buy (unch); PT Rs135 (unch);
  +34% upside Q2 FY14 results: Strong performance;
  * Raymond (RYMD.BO) - Buy (unch); PT Rs400 (unch); +48% upside Back to
  profits with a positive surprise;
* Indiabulls Housing Finance (INBF.BO) - Neutral (CBE) (unch); PT Rs225
  (unch); +17% upside Stable Quarter;
  * Hero MotoCorp (HROM.BO) - Sell (unch); PT Rs1950 (unch); -7% downside
  Q2FY14 - Inline quarter but muted outlook;
  * LG Household & Health Care (051900.KS) - Buy (unch); PT Won660000
  (unch); +29% upside Q313 Results In-line;
* Hyundai Glovis (086280.KS) - Neutral (unch); PT Won205000 (unch); -9%
  downside Reaffirm Neutral rating;
* Bursa Malaysia (BMYS.KL) - Buy (unch); PT RM9.6 (unch); +21% upside
  Expect securities income to pick up in Q4;
* Mapletree Industrial Trust (MAPI.SI) - Neutral (unch); PT S$1.36 (unch); 0%
  downside Waning leasing interest a concern;

Sector note
---------------------------------
* Commodities & Mining Q&A - All that glisters...; Julien Garran;
  * China Banks - How will negotiable certificates of deposit (NCD) facilitate
  interest rate liberalisation?; Irene Huang;
* China Oil and Gas Sector - Oil demand declines YoY in Sept; Peter Gastreich;
  * China Property - Beijing new measures could mark a new round of local
  policies; Eugene Cheung;
* China Railway Sector - Another big rolling stock tender announced; Richard
  Wei;
* HK China Property Morning Post - Ppty price in 69 out of 70 China cities up
  MoM in Sep; Eva Lee;
* Korea Gaming - Foreign-only: further re-rating likely; Sera Oh;
  * Korea Tech Sector - Impact of Samsung-Corning transaction; Nicolas
  Gaudois;
* Korea Telecom Sector - Regulator starts investigation again; Josh Bae;
* Singapore Commodity Trading Sector - Rising commodity prices support
  earnings; James Stewart;