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1。 China: Real Estate Developers
Weakening sales trend is likely to continue
More widely spread slow down
Weak property sales for last week (ended June 22) came as no surprise to
us: total transaction volume of major cities was still 53% lower than the
average level for June 2007. We also see a further weakening sales trend
(both volume and price) in major cities of the Yangtze River Delta region,
led by Shanghai, which has been a relatively resilient region at the early
stage of this round of correction.
2。
Buy
Hidili Industry International Development
Return Potential: 57%
Growth poised to accelerate, powered by “2R”; initiate with Buy
Buy
Hidili Industry International Development
Return Potential: 57%
Growth poised to accelerate, powered by “2R”; initiate with Buy
Buy
Hidili Industry International Development
Return Potential: 57%
Growth poised to accelerate, powered by “2R”; initiate with Buy
Buy
Hidili Industry International Development
Return Potential: 57%
Growth poised to accelerate, powered by “2R”; initiate with Buy
Buy
Hidili Industry International Development
Return Potential: 57%
Growth poised to accelerate, powered by “2R”; initiate with Buy
Buy
Hidili Industry International Development
Return Potential: 57%
Growth poised to accelerate, powered by “2R”; initiate with Buy
Source of opportunity
We initiate coverage of Hidili (1393.HK, Buy) with a 12-month TP of HK$18,
implying 44% potential upside (as of June 20). In our view, Hidili’s risk/reward
profile is favorable as earnings are poised to accelerate while valuation is still
at trough levels. (1) Coking coal price is up 130% yoy and 95% ytd (up 18% so
far in June alone), underpinned by strong profitability at steel mills and three
supply-side anchors – limited greenfield expansion, crackdown on small mines,
and railway bottlenecks. (2) Hidili’s “2R” strategy of securing coal resources
far in June alone), underpinned by strong profitability at steel mills and three
supply-side anchors – limited greenfield expansion, crackdown on small mines,
and railway bottlenecks. (2) Hidili’s “2R” strategy of securing coal resources
far in June alone), underpinned by strong profitability at steel mills and three
supply-side anchors – limited greenfield expansion, crackdown on small mines,
and railway bottlenecks. (2) Hidili’s “2R” strategy of securing coal resources
far in June alone), underpinned by strong profitability at steel mills and three
supply-side anchors – limited greenfield expansion, crackdown on small mines,
and railway bottlenecks. (2) Hidili’s “2R” strategy of securing coal resources
far in June alone), underpinned by strong profitability at steel mills and three
supply-side anchors – limited greenfield expansion, crackdown on small mines,
and railway bottlenecks. (2) Hidili’s “2R” strategy of securing coal resources
(1) Coking coal price is up 130% yoy and 95% ytd (up 18% so
far in June alone), underpinned by strong profitability at steel mills and three
supply-side anchors – limited greenfield expansion, crackdown on small mines,
and railway bottlenecks. (2) Hidili’s “2R” strategy of securing coal resources
(2) Hidili’s “2R” strategy of securing coal resources
and railway access supports substantial growth beyond the current ‘07-‘10E
volume CAGR of 46%, highest in our China coal coverage.
volume CAGR of 46%, highest in our China coal coverage.
volume CAGR of 46%, highest in our China coal coverage.
volume CAGR of 46%, highest in our China coal coverage.
volume CAGR of 46%, highest in our China coal coverage.
railway access supports substantial growth beyond the current ‘07-‘10E
volume CAGR of 46%, highest in our China coal coverage.
3。 6-25 Asia-Pacific Morning Summary
Focus Items
Hidili Industry International Development (1393.HK) Buy: Growth poised to
accelerate, powered by "2R"; initiate with Buy 1
1
China: Portfolio Strategy: A-share strategy: Back to reality 2
2
Catcher Technology (2474.TW): Weakness priced in; remove from Conv Sell list,
upgrade to Neutral 3
3
India: Financial Services: Policy tightening: headwinds are here to stay; be
selective 4
4
4.China: Portfolio Strategy
A-share strategy: Back to reality
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