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Morning_Expresso_Oct_23.pdf
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Global and Asia Economics & Strategy
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* Macro Keys - Can China Expect An Export Recovery as Usual?; Tao Wang;
* Asia Equity Strategy - Asia Inc.; Niall MacLeod;
* US Economic Comment - Soft employment ahead of the shutdown; Maury N.
Harris;
UBS Global I/O(r) & UBS Global Signals(tm)
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* UBS Global Signals(tm) Displays / LCD - 2H Oct Panel prices: The TV slump
continues; Nicolas Gaudois;
UBS Initiates
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* CapitaMalls Asia (CMAL.SI) - Buy (from Not Rated); PT 2.35 (from -);
+18% upside Retailer to Asia's booming middle class;
Today's Rating changes
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* Lotte Chemical (011170.KS) - Neutral (from Buy); PT 224000 (unch); +3% upside
Downgrade post 70% share price rally;
* China Mobile (HK) Ltd (0941.HK) - Sell (from Neutral); PT 72 (from 84); -12%
downside Downgrade to Sell, lower PT to HK$72.00;
* ZTE Corporation (0763.HK) - Buy (UR) (from Buy); PT 18 (unch); -1% downside
Margin improving but revenue still weak;
Chinese coal sector
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* Chinese coal sector - Looming supply to cap price recovery; Ghee Peh;
* China Coal Energy (1898.HK) - Sell (from Neutral); PT 4.62 (from 4.15); -4%
downside Stretched valuation, d/g to Sell
* Yanzhou Coal Mining (1171.HK) - Sell (unch); PT 4.73 (from 4.39); -41%
downside Inflection point yet to come, Sell
* Inner Mongolia Yitai Coal (3948.HK) - Neutral (unch); PT 16.37 (from 18.79);
+9% upside Limited profit driver, maintain Neutral;
* Zhengzhou Coal Mining Machinery (0564.HK) - Buy (unch); PT 6.99 (from 6.73);
+44% upside Beneficiary of limited capex cut, Buy;
Chinese wind power operators
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* Chinese wind power operators - Renewable subsidy becomes unsustainable;
Stephen Oldfield;
* China Longyuan Power Group (0916.HK) - Sell (from Buy); PT 8.9 (unch); -3%
downside Downgrade to Sell
* Huadian Fuxin Energy Corporation (0816.HK) - Buy (unch); PT 3 (from 2.8); +15%
upside Preferred clean energy stock
* China Datang Corporation Renewable Power (1798.HK) - Buy (unch); PT
2.1 (unch); +22% upside Factoring in wind power tariff cut
Today's PT Changes
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* Angang Steel (0347.HK) - Neutral (CBE) (unch); PT 4.5 (from 4); -5% downside
Further margin improvement hard; Neutral;
* Zhejiang Beingmate Scientific Industrial (002570.SZ) - Buy (unch); PT
60 (from 43); +35% upside Market share may rise further, lift PT to 60;
* Lupin Limited (LUPN.BO) - Buy (unch); PT 1100 (from 950); +20% upside Antara
Returns;
* Daelim Industrial Company (000210.KS) - Buy (unch); PT 125000 (from 100000);
+15% upside Firm Q3 and restructuring positive;
* Frasers Centrepoint Trust (FCRT.SI) - Neutral (unch); PT 1.97 (from 2); +7%
upside Changi acquisition to drive FY14 growth;
* Huaneng Power International (0902.HK) - Buy (unch); PT 10.6 (from 9.7); +21%
upside Stronger than expected Q3 results;
* YES Bank (YESB.BO) - Buy (unch); PT 440 (from 405); +18% upside NPL rising but
not hiding into restructuring;
* Rallis India (RALL.BO) - Buy (unch); PT 200 (from 170); +24% upside Growth
returns; Buy;
Company Update
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* Krung Thai Bank (KTB.BK) - Buy (unch); PT 25.6 (unch); +25% upside
Q313 net profit below expectations;
* Shenzhen Gas (601139.SS) - Buy (unch); PT 9.82 (unch); +13% upside Q3 earnings
miss slightly; gas-fired power tariff hikes may be positive;
* China Overseas Land & Investment (0688.HK) - Buy (unch); PT 26.51 (unch); +10%
upside YT Q313 operating margin was worse than expected;
* Beijing Capital Development (600376.SS) - Buy (unch); PT 7.14 (unch);
+30% upside Q313 net profit in line; sales may improve gradually;
* Shenzhen MTC Co Ltd (002429.SZ) - Buy (unch); PT 16 (unch); +11% upside Q3
results lower than expected, ongoing collaboration with Wasu;
* Halla Visteon Climate Control (018880.KS) - Neutral (unch); PT 44000 (unch);
+12% upside Analyst day takeaways;
* China Shipping Development (1138.HK) - Neutral (unch); PT 4.97 (unch);
+16% upside Domestic shipping rate's big catch up rally;
* Public Bank (PUBMe.KL) - Buy (unch); PT 21.8 (unch); +18% upside Strength in
SME shines through;
* Wipro Ltd. (WIPR.BO) - Buy (unch); PT 560 (unch); +9% upside 2Q revenue in
line, margins beats estimate;
* Cairn India Limited (CAIL.BO) - Buy (unch); PT 435 (unch); +31% upside
Positive drilling + reserve accretion updates in 2H;
Sector Note
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* HK China Property Morning Post - Great Eagle acquired an office building in
San Francisco; Eva Lee;
* China White Goods - Domestic and overseas A/C sales show double-digit growth
in September; Xinyu Liao;
* Asia Oil Explorer - WTI crude oil price below US$100/bbl; Peter Gastreich;
* Chinese Mining Sector - Q3 earnings: trough, small rebound Q4; Ghee Peh;
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