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Highlights
The Morning Call
BlueScope Steel (Australia) / Strong Start in F1Q09, but Demand is Slowing Underweight
Centennial Coal (Australia) / Weak Production; FY09 Guidance Maintained Overweight
Esso (Thailand) Plc. (Thailand) / Yield Support in the Near Term, 2009 Could Be at Risk Equal-weight-V
S. Korea Autos & Auto Parts / Finding Opportunities Even as Demand Drops – Assume Coverage with In-Line View
Taiwan Strategy / Cross-Strait Talks, Part II
Company/Industry Analysis
Fairfax Media (Australia) / The Key Issue Remains … FXJ Has Too Much Debt Overweight-V
Oil Search Ltd. (Australia) / Impact of AGL Divestment: Take 2. Overweight
Westpac Banking (Australia) / First Signs of Macro Stress Equal-weight
Hunan TV & Broadcast (China) / 3Q08: Three Reasons to Underweight Hunan TV Underweight
Shanghai International Airport (China) / A Cheaper Hub Play; Assuming Coverage at OW Overweight
Shanghai Jin Jiang International Hotel (China) / Quick Comment – 3Q08: Facing Stiff Headwinds Overweight
Shenzhen Airport Company Ltd (China) / Good Niche Player; but Not the Time to Fly Yet; EW Equal-weight
Sinomem Technology Ltd (China) / More Challenges Ahead/ Maintain EW Equal-weight
SMIC (China) / Declines In-Line with Industry, But Negative GM Trends Our Concern Equal-weight
AAC Acoustic (Hong Kong) / New Projects in the Bag Cushion Macro Slowdown Overweight
ASM Pacific (Hong Kong) / Not Immune to Macro Slowdown, but Outperforming Peers Overweight-V
PT Bank Central Asia (Indonesia) / As Good as it Gets Equal-weight
Companies Featured
000089.SZ, 000917.SZ, 010130.KS, 033630.KQ, 0522.HK, 064960.KS,
097950.KS, 0981.HK, 2018.HK, 2330.TW, 2357.TW, 2454.TW,
3481.TW, 600009.SS, 8046.TW, 900934.SS, BBCA.JK, BMRI.JK,
BSL.AX, CEY.AX, ESSO.BK, FXJ.AX, OSH.AX, SINO.SI, UNVR.JK,
WBC.AX
M O R G A N S T A N L E Y R E S E A R C H
Morgan Stanley Asia Limited+
2
M O R G A N S T A N L E Y R E S E A R C H
October 31, 2008
Asia/Pacific Morning Meeting Summary
PT Bank Mandiri (Indonesia) / Back at IPO Valuations! Overweight
Unilever Indonesia (Indonesia) / Solid Defensive; UW to EW Equal-weight
CJ Cheil Jedang Corp (S. Korea) / Disappointing 3Q08: FX Loss Led to Net Loss Overweight-V
Korea Zinc (S. Korea) / 3Q Earnings Hit by FX Losses Overweight
S&T Daewoo (S. Korea) / GM Exposure is the Weak Spot: PT Cut to W26,000 Overweight
SK Broadband (S. Korea) / Staying Red in 2009 Underweight
Asustek Computer Inc. (Taiwan) / Margin Contraction in 3Q; Cautious 4Q Outlook Overweight
Innolux Display Corp. (Taiwan) / Losing Money Now Overweight
MediaTek (Taiwan) / In-line 3Q Results and Strong GM Trend Overweight
Nan Ya PCB (Taiwan) / 3Q On-track with FX Upside; Is a Cautious 4Q a Surprise? Overweight-V
TSMC (Taiwan) / In-line Revenue for 3Q and 4Q, but GM and 2009 Downside Surprising Equal-weight-V
Strategy/Economics Analysis
Taiwan Discovery / Lite-On Tech (2301.TW): Greater Uptrend in 3Q; 2nd Share Buyback Kicked Off
Strategy / Australia Strategy: All About Balance Sheet Strength: 30 October 2008
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