Asia Equities Daily Focus: Asian Edition
Deutsche Bank Markets Research Asia Pan-Asia Strategy Periodical Asia Equities Daily Focus: Asian Edition Date 5 March 2015 Today's research headlines Asian Edition ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 148/04/2014. James Russell-Stracey Equity Focus (+852) 2203 6186 james.russell-stracey@db.com INDEX EQUITIES Close 1D Chg %Chg SHSZ300 3530.82 22.92 0.65 HSCEI 11738.67 -206.58 -1.73 HSI 24465.38 -237.40 -0.96 TWSE 9621.73 15.96 0.17 KOSPI 1998.29 -3.09 -0.15 FSSTI 3415.53 -6.58 -0.19 KLCI 1825.54 4.29 0.24 SENSEX 29380.73 -213.00 -0.72 NIFTY 8922.65 -73.60 -0.82 SET 1562.84 -19.30 -1.22 JCI 5448.06 -26.56 -0.49 PCOMP 7847.83 71.32 0.92 ASX200 5901.59 -32.31 -0.54 FOREX (vs US$) Close 1D Chg YTD Rmb 6.27 0.00 -1.04 HK$ 7.76 0.00 0.00 NT$ 31.44 0.07 0.68 Won 1097.70 1.39 -0.61 S$ 1.37 0.01 -3.09 M$ 3.65 0.02 -4.10 Rupee 62.26 0.35 1.25 Baht 32.41 0.05 1.53 Rupiah 12991.00 22.00 -4.64 Peso 44.10 0.01 1.40 A$ 0.78 0.00 -4.37 LATEST COMMODITY PRICES Commodities Close 1D Chg YTD West Texas 50.17 -0.35 -5.82 Brent 60.06 -0.97 7.71 CRB 222.29 0.26 -3.34 Copper 267.70 0.35 -5.26 Gold (Spot) 1201.92 -1.91 1.44 Alum. (LME) 1792.00 -9.00 -3.27 Baltic Dry 553.00 5.00 -29.28 Source: Bloomberg Finance LP TOP STORIES Asia Pacific Shipping China to re-shape global shipping Sky Hong Page 6 Singapore Property Calibrating our view post 4Q14, a detailed look through impairments Joy Wang Page 7 Korean Air (003490.KS), KRW46700.00, Sell, Price Target KRW34140.00 Recovery won't be sustained -time to sell Joe Liew Page 8 ESTIMATES & TARGET PRICE CHANGES Autohome (ATHM.N), USD38.40, Hold, Price Target USD46.40 Stellar 4Q; new monetization model materializing; Hold on valn. Vivian Hao Page 9 Casetek (5264.TW), TWD176.50, Buy, Price Target TWD228.00 New smartphone orders emerging, reiterating Buy Andrew-C Chang Page 10 Hermes Microvision (3658.TWO), TWD1665.00, Buy, Price Target TWD2050.00 Continued re-rating; Buy Kevin Wang Page 11 Cairn India (CAIL.BO), INR243.95, Hold, Price Target INR226.00 Cut in capex guidance to adversely impact production growth Harshad Katkar Page 12 ABC-MART (2670.T), JPY6680.00, Hold, Price Target JPY5900.00 Earnings Revision: Management with strong forward-looking capabilities Takahiro Kazahaya Page 13 Fast Retailing (9983.T), JPY46165.00, Hold, Price Target JPY40000.00 Revising forecasts on strong domestic and overseas profits Takahiro Kazahaya Page 14 Fujifilm Holdings (4901.T), JPY4045.00, Buy, Price Target JPY4500.00 Expecting progress toward P/B of 1x for now Yu Yoshida Page 15 Ryohin Keikaku (7453.T), JPY16170.00, Hold, Price Target JPY16300.00 Earnings revision: Growth sustained by MUJI global development Takahiro Kazahaya Page 16 STRATEGY/ECONOMICS Data Flash RBI’s off-cycle dance continues Taimur Baig Page 17 Data Flash Japan: DB leading indices: Rising for five straight months Mikihiro Matsuoka Page 18 DEutsche JApan View on FX Political checks to further JPY depreciation Taisuke Tanaka Page 19 Japan FI Morning Memo Improving wage conditions likely to support opposition to 2% target Makoto Yamashita Page 20 US Daily Economic Notes All signs point to another solid employment report Joseph LaVorgna Page 21 FX Daily Ask not if ECB is priced but if pricing is here to stay George Saravelos Page 22 Global Economic Perspectives Will exit or Grexit vol give the Fed pause? Peter Hooper Page 23 5 March 2015 Asia Equities Daily Focus: Asian Edition Page 2 Deutsche Bank AG/Hong Kong ADDITIONAL RESEARCH China & HK Consumer Sector 2015 CNY – China consumers have more choices for traveling spots Anne Ling Page 24 China Property Taking a look at industry consolidations Tony Tsang Page 25 China Property Offshore bond market re-opened; positive for quality developers Tony Tsang Page 26 China/HK Jewelry Jewelry retailers experienced similar trends during 2015 CNY Anne Ling Page 27 CITIC Telecom (1883.HK), HKD2.57, Buy, Price Target HKD3.60 Refocusing on monetizing in China Peter Milliken Page 28 GCL-Poly (3800.HK), HKD2.06, Buy, Price Target HKD2.20 Positive profit alert; Buy Yuxiao Peng Page 29 Geely Auto (0175.HK), HKD3.31, Hold, Price Target HKD2.95 Disposal of manual transmission business Vincent Ha Page 30 HK/China Basic Materials Basic Materials 2014 result previews - no significant swing James Kan Page 31 HK/China Property HK/China Property Evening Tony Tsang Page 32 Sinopec Yizheng Chemical (1033.HK), HKD2.70, Buy, Price Target HKD2.78 Comple
