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Top of the pack ...
Asian Equity Strategy: Korea OVERWEIGHT Sakthi Siva (4)
Three reasons to do so – most under-owned, current account and historical P/E near financial crisis lows
Asia Sector Strategy Jahanzeb Naseer (5)
New report: Yield of dreams – attractive opportunities in the Asian CB space*
Asia Solar Power Sector – Maintain MW Angello Chan (6)
Solar costs still on track to reach gas-fired power grid parity pricing by 2012
MediaTek (2454 TT) – Downgrade to N Jessica Chang (7)
Not fully immune to softening demand
Taiwan Long Steel – Maintain O Jerry Tsai (8)
New report: Tough times indeed, but by no means struggling
... and the whole pack
Regional
Asia Economics Cem Karacadag (9)
New IMF liquidity facility and Fed $ swap lines – positive for liquidity-squeezed Korea and Indonesia
Asia Sector Strategy Jahanzeb Naseer (5)
New report: Yield of dreams – attractive opportunities in the Asian CB space*
Asian Equity Strategy: Consensus EPS Revisions Sakthi Siva (10)
Downgrades accelerate in October: historically a very LAGGING indicator.
Asian Equity Strategy: Deep Recession Fears or Just Redemptions? Sakthi Siva (11)
US hedge fund and equity mutual fund redemptions biggest ever
Asian Equity Strategy: Korea OVERWEIGHT Sakthi Siva (4)
Three reasons to do so – most under-owned, current account and historical P/E near financial crisis lows
China
Asia Solar Power Sector – Maintain MW Angello Chan (6)
Solar costs still on track to reach gas-fired power grid parity pricing by 2012
Asia Solar Power Sector – Maintain MW Angello Chan (12)
Steady global govt solar support policies, ASP cuts and improved credit market will help sales growth
China Internet Sector – Maintain O Wallace Cheung, CFA (13)
Credit Suisse China Internet portal microscope
China Solar Power Sector – Maintain MW Angello Chan (14)
Euro weakness, possible contract (re)negotiations could result in further ASP cuts and increased tolling
BoCom (3328 HK) – Maintain N Sherry Lin (15)
3Q08 results confirm industry trend; focus on SME lending a strategy standout
Changyu-A (000869 CH) – Maintain O Shan Shan Lu (16)
3Q08 results in line with expectation; demand challenge inevitable amid economy slowdown
Changyu-B (200869 CH) – Maintain O Shan Shan Lu (17)
3Q results in line with expectation; demand challenges inevitable but deep discount not justified
China Unicom (762 HK) – Maintain N Jeffrey Tan (18)
3Q08 review: revenue in line, EBITDA margin -310 bp YoY from higher opex
JA Solar Holdings (JASO US) – Maintain O Angello Chan (19)
Revising assumptions to factor in potential contract renegotiations
PetroChina (857 HK) – Maintain O Prashant Gokhale (20)
3Q08 results: slightly ahead; defensive quality amongst China context
ReneSola Ltd (SOL US) – Maintain O Angello Chan (21)
Revising assumptions to factor in potential contract renegotiations
Sinopec - H (386 HK) – Maintain N Prashant Gokhale (22)
3Q08 results slightly below expectations; headwinds gathering heading into 2009
SMIC (981 HK) – Maintain N Randy Abrams, CFA (23)
A challenging place to start a downturn
Suntech Power Holdings (STP US) – Maintain N Angello Chan (24)
Revising assumptions to factor in potential contract rengotiations and exchange rate movements
India
India Telecoms Sector – Maintain MW Bhuvnesh Singh (25)
Telenor buys into Unitech Wireless
Mahindra & Mahindra (MM IN) – Maintain N Govindarajan Chellappa (26)
2Q09 results below estimates – 2H margins could benefit from lower input costs
ONGC (ONGC IN) – Maintain N Sanjay Mookim (27)
2Q FY09 results disappoint – miserly government may hurt FY09 earnings
Indonesia
Indonesia Telecoms Sector – Maintain O Colin McCallum, CA (28)
Credit crunch will only hasten the shift towards a stable three-player market
Bank Mandiri (BMRI IJ) – Maintain N Teddy Oetomo (29)
Robust 9M08A, but risk of softer outlook ahead
Holcim Indonesia (SMCB IJ) – Maintain N Arief Wana (30)
Strong 3Q08 results and high coverage should outweigh currency risk
London Sumatra (LSIP IJ) – Maintain O Teddy Oetomo (31)
3Q08A weak due to soft CPO prices, but costs are surprisingly under control
Perusahaan Gas Negara (PGAS IJ) – Maintain O Edwin Pang (32)
Pinning on the 4Q
Sampoerna Agro (SGRO IJ) – Maintain O Teddy Oetomo (33)
Cutting our estimates on lower CPO price assumptions
Philippines
Ayala Land (ALI PM) – Maintain O Gilbert Lopez (34)
At trough valuation
Singapore
Singapore Market Strategy – Maintain UW Sean Quek, CFA (35)
Where are we now?
COSCO Corp (COS SP) – Maintain U Haider Ali (36)
3Q08 down 12% QoQ; guidance also getting bearish
Indofood Agri (IFAR SP) – Maintain O Teddy Oetomo (37)
9M08A – strong, but weak sentiment remains the biggest challenge
Parkway (PWAY SP) – Maintain O Su Tye Chua (38)
Assessing past crises scenarios
Raffles Medical (RFMD SP) – Maintain O Su Tye Chua (39)
Interims in line, firm outlook for healthcare demand
SingPost (SPOST SP) – Maintain N Clarice Khoo (40)
2Q FY09 results in line with expectations; an attractive yield play
Suntec REIT (SUN SP) – Maintain U Shirley Wong (41)
4Q FY08 results in line: expect more pronounced declines
South Korea
Korea Economics Joseph Lau (42)
Expanded swap arrangements bolster Korea’s FX liquidity substantially
Korea Market Strategy Seok Yun, CFA, CA (43)
Significant relief for forex liquidity overhang
CJ Cheiljedang (097950 KS) – Maintain O Sonia Kim (44)
Weak 3Q08 results, but better than our estimates
Hynix Semiconductor (000660 KS) – Maintain N MS Hwang (45)
Book is going back to FY04
Hyundai Heavy Industries (009540 KS) – Maintain U Henry Kwon (46)
3Q results: it is not so much this year’s earnings but next year’s fundamentals that drive valuations
KB Financial Group (105560 KS) – Maintain N SunMok Ha (47)
3Q08 results: negative surprises
KOGAS (036460 KS) – Maintain U A-Hyung Cho (48)
3Q earnings better than expected on one-off items
Samsung Techwin (012450 KS) – Maintain U YS Chang (49)
What could alter our view – answering the FAQ
SK Broadband (previously Hanaro Telecom) (033630 KS) – Maintain O Jeff Kahng (50)
3Q08 earnings – indication for a long and winding road
Taiwan
Taiwan Economics Joseph Lau (51)
CBC surprises with another 25 bp rate cut on Thursday
Taiwan Long Steel – Maintain O Jerry Tsai (8)
New report: Tough times indeed, but by no means struggling
Asustek (2357 TT) – Maintain N Robert Cheng (52)
Conservative business outlook
Chunghwa Telecom (2412 TT) – Maintain O Terry Chan (53)
3Q08 top line in line; but margin pressure from SGA
CyberTAN (3062 TT) – Maintain U Darryl Cheng (54)
3Q results another disappointment; maintain UNDERPERFORM
FarEastone (4904 TT) – Maintain N Terry Chan (55)
3Q08 top line and EBITDA in line; bottom line dragged by NCIC’s investment loss
Formosa Chemical & Fibre (1326 TT) – Maintain U Edwin Pang (56)
Remaining cautious
Formosa Petrochemical (6505 TT) – Maintain U Edwin Pang (57)
Entering the dark ages
Formosa Plastics (1301 TT) – Maintain U Edwin Pang (58)
No surprises but little forward visibility
Fubon FHC (2881 TT) – Maintain O Sherry Lin (59)
3Q08 results underpin challenging environment, but balance sheet matters
MediaTek (2454 TT) – Downgrade to N Jessica Chang (7)
Not fully immune to softening demand
Motech (6244 TT) – Maintain N Darryl Cheng (60)
3Q results unchanged from preliminary numbers; management still positive on 2009
Nan Ya Plastics (1303 TT) – Maintain U Edwin Pang (61)
Reflective of the downside leverage
SAS (5483 TT) – Maintain N Darryl Cheng (62)
Clear 1H09 visibility so far
Taiwan Mobile (3045 TT) – Maintain O Terry Chan (63)
No surprises in the 3Q08 results; dividend yield remains high
TSMC (2330 TT) – Maintain O Randy Abrams, CFA (64)
Cautious tone the catalyst for estimate cuts, competitive position intact
Thailand
Thai Residential Property Sector – Maintain MW Chai Techakumpuch (65)
Impact of liquidity crunch: liquidity is not a problem while interest rate inches higher but only slightly
Thailand Telecoms Sector – Maintain O Colin McCallum, CA (66)
Financial strength and weakness already driving "real economy" operational results
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