CONFIRMED CORPORATE SUMMARY

CONFIRMED CORPORATE SUMMARY Breakdown by COUNTRY Hong Kong/China Korea Taiwan India ASEAN Japan Australia TOTAL Company 21Vianet Group, Inc Breakdow...
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CONFIRMED CORPORATE SUMMARY Breakdown by COUNTRY Hong Kong/China Korea Taiwan India ASEAN Japan Australia TOTAL

Company 21Vianet Group, Inc

Breakdown by SECTOR Auto Banks & Finance Oil, Gas & Chemicals Conglomerate Consumer Consumer/Retail Consumer Electronics Healthcare Industrials Infrastructure Insurance Media Metals & Mining Real Estate Resources Shipping Technology Telecoms TOTAL

23 6 6 6 17 5 8 71

Ticker VNET US

Mkt Cap USD 0.39

JPM Analyst James R. Sullivan

2 12 2 3 2 5 1 4 0 4 1 3 3 7 3 1 16 2 71 Sector Technology

Country China

Description 21Vianet is the leading internet infrastructure services provider in China. It was ranked the #1 carrier-neutral Internet data center services provider in China according to IDC. It has 47 data centers in 33 cities in China under management and over 5,700 cabinets that host over 39,000 servers as of December 31, 2010. We believe that data is extremely hard for telecom operators to monetize profitably. Given that, play the explosion of data usage through infrastructure providers. VNET is the best regional example of this theme.

Company 7 Days Group

Ticker SVN US

Mkt Cap USD 0.5

JPM Analyst Kenneth Fong

Sector Consumer/Retail

Country China

Description Seven Days Inn (SVN) is the second-largest economy hotel chain in China by number of hotels in operation and hotel rooms. The company was incorporated in 2004 and is the fastest-growing economy hotel chain, according to the China Hotel Association. SVN also differentiates itself by the strength in more profitable and stable franchise hotel model. We estimate that around 25% of SVN’s 2011 EBITDA will come from its more stable and high margin franchise model. This compares with 15-20% for its peers.

AIA Group

1299 HK

USD 39.05

Bao Ling Chan

Banks & Finance

Hong Kong

The number one life insurer in Asian with a balanced exposure to developed and developing market. The turnaround continues to gain momentum under an experienced management team led by Mr. Mark Tucker (ex-Prudential CEO). It is the only Asian insurers with strong NBV growth and solid capital position.

AirMedia Group

AMCN US

USD 0.15

Dick Wei

Media

China

AirMedia group is a leading out-of-home advertising player with operations in China. The company operates advertising services on its digital media network in airports and airplanes in China. Recently, the company also started operations in traditional media in airports, and Sinopec gas stations. The company currently operates digital frames and digital TV screens in 34 and 37 airports, respectively. The company also operates its ad network in nine airlines in China.

Anritsu Corp

6754 JP

USD 1.6

Yoshiharu Izumi

Technology

Japan

Anritus is a global measuring equipment company for communications. The total addressable market (TAM) for Anritsu’s measuring equipment was approximately ¥500–600 billion in 2011,based on which its FY2011 share was roughly 12–14%. It mainly develops measuring equipment for mobile (handsets and base stations,GSM/3G/LTE), network infrastructure (principally for optical digital IP measurement), and electronics applications (generalpurpose measuring equipment). Mobile applications have driven earnings over the past few years, and we expect this trend to continue.

Ayala Corp

AC PM

USD 6.6

Jeanette Yutan

Conglomerate

Philippines

Ayala Corporation is the holding company of one of the largest and most diversified business groups in the Philippines. It maintains a leading presence in real estate development (Ayala Land), financial services (Bank of the Philippine Islands), telecommunications (Globe Telecom), water delivery, sewerage and sanitation services (Manila Water), and electronics manufacturing services (Integrated Microelectronics). It also has exposure to the business process outsourcing sector through LiveIt Investments.

Company Ayala Land, Inc

Ticker ALI PM

Mkt Cap USD 6.9m

JPM Analyst Gilbert Lopez

Sector Real Estate

Country Philippines

Description Ayala Land Inc (ALI) is the largest and most diversified developer in the Philippines with interests in residential, retail, office, industrial, leisure/tourism segments. It also has sizeable construction and property management business. The company’s expertise lies in master planning township and business districts, such as Makati, Bonifacio, Alabang, and Nuvali. Historically known as a high end residential developer, the company has leveraged on its brand equity to tap into the fast growing middle income and mass housing residential markets. ALI also has a long-range plan of achieving a 15% ROE and net profit of PhP14bn by 2014.

BDO Unibank

BDO PM

USD 5.2bn

Gilbert Lopez

Banks & Finance

Philippines

Philippines BDO is the largest bank in the Philippines, with an asset size exceeding PhP1 trillion. It has achieved industry leadership via strong organic growth and a series of acquisitions over the last decade. It recently raised new equity amounting to US$1bn via a rights issue. The controlling shareholder of BDO is SM Investments, also one of the Philippines' largest conglomerates.

Bitauto Holdings Limited

BITA US

USD 0.16

Dick Wei

Technology

China

Bitauto Holdings Limited is a leading auto internet company in China. The company provides a broad range of marketing services. The company has three business segments: (i) bitauto.com, which provides subscription services to new automobile dealers and advertising services to both dealers and automakers, (ii) ucar.cn, which provides listing services to used automobile dealers and advertising services to both dealers and automakers, and (iii) digital marketing solutions business, which provides one-stop digital marketing solutions, primarily to automakers.

Bloomberry Resorts Corp

BLOOM PM

US$2.4bn

Jeanette Yutan

Real Estate

Philippines

Bloomberry Resorts Corp. (BLOOM) is engaged in the development of tourist facilities, casino entertainment, and hotel and amusement-themed projects. The company’s flagship project is the US$1bn integrated resort, Solaire Manila that is expected to be opened in the 120-hectare Entertainment City in the first quarter of 2013. The Ricky Razon-controlled company’s Solaire Manila, which will occupy 18500 sq.m. of aggregate gaming space with approximately 500 rooms, suites, and bayside villas, seven specialty restaurants, is envisioned to meet the explosive international demand for highquality gaming properties across Asia. The company has entered into a service agreement with Global Gaming Asset Management whose principals have a combined of almost 10 decades of experience in global gaming operations, and have collectively involved in the development of over 20 gaming and resort properties in various locations around world, including Las Vegas Sands, Sands Macao, the Palazzo Las Vegas and the Venetian Macao among others.

Company Chailease Holding Company Limited

Ticker 5871 TT

Mkt Cap USD 1.19bn

JPM Analyst Not Covered

Sector Banks & Finance

Country Taiwan

Description Chailease is a leading Taiwan-based finance company that provides a variety of financing services in Taiwan, the PRC, Thailand, Vietnam and the United States. The company focuses on small and medium-sized enterprise (“SME”) clients from a wide range of industries. It commenced its leasing business in Taiwan in 1977 and has one of the longest operating history in the Greater China region. Chailease has established extensive SME financing know-how and a prudent operating and risk management system, as well as a diverse client base.

Charoen Pokphand Foods Pcl

CPF TB

USD 12.38

Kae Pornpunnarath

Consumer/Retail

Thailand

CPF is Thailand’s largest agro-industrial entity with fully-integrated operations (from feed to retail outlets) in both aquaculture & livestock (mainly poultry & swine). The company’s strategy is to expand its investment overseas, mainly in emerging markets such as China, Turkey, Russia, India, and Vietnam. The long term goal is to duplicate the integrated formula in Thailand to these countries. Inorganic growth via M&A is also on the card, as CPF is looking to take the opportunities from the European debt crisis.

China Life Insurance

2628 HK

USD 17.94

Bao Ling Chan

Banks & Finance

China

The largest Chinese life insurer which has de-rated on the back of weak sales, poor investment return and a constant change of management. The focus on profit-oriented strategy should finally bear fruits especially as bancassurance sales and A-share markets recover.

China Oilfield Services

2883 HK

USD 9.8bn

Brynjar Eirik Bustnes

Oil, Gas & Chemicals

China

COSL is the leading integrated oilfield services provider in the offshore China market. Its services cover each phase of offshore oil and gas exploration, development and production. COSL offers services in four main segments, with the drilling segment being the biggest both in terms of revenues and operating profits. COSL also provides drilling and related services in Norway, Iran, Mexico, Libya etc., with 28% of revenues coming from outside China. CNOOC is the main customer and contributes around 62% of COSL’s revenues.

China Telecom Corporation Limited

728 HK

USD 6.17

Lucy Liu

Telecoms

China

China Telecom is a consolidated telecom service provider in China offering both mobile and fixed-line services. The company is the fixed line incumbent in 20 southern provinces and a challenger in 10 northern provinces. It is heavily investing in broadband fiberization aiming to transform into a high speed converged service provider. The company also provides nationwide CDMA/EVDO services with a fast growing market share and is also one of the two iPhone providers in China. China Telecom is well-renowned for its solid management team and execution track record.

Company ChinaSoft International

Ticker 354 HK

Mkt Cap USD 0.41

JPM Analyst Dick Wei

Sector Technology

Country China

Description ChinaSoft International Limited, “CSI” (354.HK), is a global Information technology service company rooted in China with end to end service capability. The major verticals are: Government and Manufacturing, Finance and Banking, Telecommunications and High-Tech. The Services include: IT consulting, IT technical service solution and IT outsourcing service.

Chinatrust Financial Holding Co

2891 TT

USD 6.52

James Wu

Banks & Finance

Taiwan

Chinatrust is the largest Taiwan private bank by market capitalization. Chinatrust also standout with the highest ROE, strongest capital base, and strong USD funding in the banking sector. Chinatrust is a bank-centric financial holding company with a strong franchise in consumer banking, credit cards and wealth management.The bank has a more balanced business mix between corporate banking and the consumer segment. Valuation is very attractive for long term investors.

Chroma Ate Inc

2360 TT

USD 0.87

William Chen

Technology

Taiwan

Chroma’s main products are testing and measurement instruments. Leveraging its know-how in the IT industries, Chroma has been aggressively penetrating clean technology sectors such as solar, EV, and LED. Compared with the steady growth in the IT industry, the clean-technology sector should be the main growth driver for the company in the coming years. In terms of revenue breakdown, clean-tech products accounted for 35% of 2011 revenue.

Clear Media

100 HK

USD 0.27

Dick Wei

Media

China

Clear Media is the leading outdoor media company in China listed on the main board of the Stock Exchange of Hong Kong. In its ten years of operations, Clear Media has created a standardized national bus shelter network that covers 30 key cities and reaches the most affluent consumers in China. The company enjoys a 50+% market share in all key cities and serves leading international and local advertisers. Its largest shareholder is Clear Channel Communications, Inc. (www.clearchannel.com) which is listed on the New York Stock Exchange (NYSE:CCO).

Company COSCO Pacific

Ticker 1199 HK

Mkt Cap USD 3.35

JPM Analyst Karen Li

Sector Infrastructure

Country Hong Kong

Description COSCO Pacific primarily operates a vertically integrated value chain with three major business lines: container leasing, container terminal operation, and container manufacturing. The container terminal segment has become CP's key driver, particularly after the Yantian acquisition completed in mid-2010. In addition, CP, through its subsidiaries, is the second largest container lessor (with over 10% market share globally) and the largest container/trailer producer in the world (with over 50% market share globally). We believe CP is at the inflection point, starting reaping benefits from the past restructuring as well as its newer investments in the terminal segment. Its current valuation also appears compelling particularly after recent corrections, trading below 1x NBV and 7x P/E on FY13E, 1x StanDev below the mid-cycle multiples.

DMCI Holdings

DMC PC

USD 3.7bn

Jeanette Yutan

Conglomerate

Philippines

DMCI Holdings is a diversified conglomerate that was set up in 1995 to consolidate the various business interests of the Consunji family. Initially, the firm’s main business was construction and engineering. DMCI later expanded its interests to coal mining (1997), real estate development (2000), water distribution (2007), and power generation (2009), most of which evolved around the firm’s core competency in construction and engineering.

Dr. Reddy's Laboratories Limited

DRRD IN

USD 5.21bn

Princy Singh

Healthcare

India

Dr. Reddy’s (DRRD) is a leading Indian generics drugs company with strong presence in India and the US. In India, DRRD is mainly focused on the therapeutic categories of gastro-intestinal, cardiovascular, pain management and oncology. It is ranked 9th in terms of sales with market share of 2%. In Russia, DRRD focuses on the therapeutic areas of gastro-intestinal, pain management, anti-infectives, oncology and cardiovascular. It is ranked 13th in terms of sales in Russia with a market share of 1.6%. In North America, Dr. Reddy’s offers more than 100 products across various therapeutic categories. At end of March 2012, DRRD had filed a cumulative total of 194 ANDA’s in the US, out of which 80 ANDAs were pending approval with USFDA. Over the last few years, DRRD has focused on complex generic products with limited competition. It launched Fexofenadine+Pseudophedrine and Fondaparinux, Quetiapine last year as part of this initiative. Besides India and US, DRRD also has presence in Europe (mainly Germany) and other markets of Venezuela, South Africa, New Zealand, Brazil, Jamaica, Sri Lanka and Vietnam. DRRD also provides Active Pharmaceutical Ingredients (API) or bulk drugs, and offers Custom Pharmaceutical Service business.DRRD manufactures and distributes more than 100 different APIs in around 80 countries. The pharmaceutical services (contract research and manufacturing) segment focuses on the marketing of process development and manufacturing services.

Company Fila Korea

Ticker Mkt Cap 081660 KS

JPM Analyst Scott Seo

Sector Consumer/Retail

Country Korea

Description Fila Korea is a globally renowned sportswear manufacturer based in Korea. The company officially acquired the global Fila brand and all its international subsidiaries in 2007. Fila Korea has been actively manufacturing various textile and apparel products under the brand names of FILA, FILA GOLF, FILA INTIMO, FILA KIDS, filativa and FILA SPORT. Fila Korea is the third largest sportswear producer in Korea after Adidas and Nike, with 17.6% market share Fortescue is a West Australian iron ore producer, currently shipping iron ore at a rate of 55Mtpa. Significant expansion plans will see the company almost triple installed capacity to 155Mtpa by mid 2013. As production ramps up, FMG should see unit costs fall as the lower strip ratio Solomon mine comes online. Once expanded, the company will produce at similar levels to BHP.

Fortescue Metals Group

FMG AU

USD 15.65

Lyndon Fagan

Metals & Mining

Australia

Fubon Financial Holding Company

2881 TT

USD 8.83

James Wu

Banks & Finance

Taiwan

Fubon is the 2nd largest Taiwan financial holding company by market captalization. Fubon is also the most diversified financial holding company in Taiwan. Business includes banking, life insurance, securities, investment consulting, and asset management sectors spreading through Taiwan, HK and China. Fubon's diversified business proved to be more resilent in extreme market condition as Fubon was still profitable in global financial crisis in 2008/2009. Current valuation is very attractive for long term investors.

Fujitsu Limited

6702 JP

USD 9.5

Yoshiharu Izumi

Technology

Japan

Fujitsu is Japan’s largest ITC company and focuses on IT services, enterprise hardware, and network equipment for carriers. The company is still engaged in the semiconductor business but has completed its shift to a fab-lite business model that utilizes TSMC. Fujitsu purchased Toshiba’s mobile phone division in 2010. As a result, it increased its development personnel by around 1.3x. This was one cause of the increase in development capability, and one reason why this summer Fujitsu will be the only domestic maker able to introduce a product fitted with a quad-core AP. According to DataQuest, the company had the second largest share of the domestic smartphone market in Jan-Mar 2012 at 20.4%, behind market leader Apple, and had the 13th largest market share worldwide, at 1.2%.

Company Godrej Consumer Products

Ticker GCPL IN

Haitong Securities Group

Mkt Cap USD 3.50

JPM Analyst Latika Chopra

Sector Consumer

Country India

Description Godrej Consumer (GCPL) is the largest player in hair colors and household insecticide in India. It is also the second largest soap manufacturer in India. Over last few years company has also made many overseas acquisitions which have given it presence in UK, Indonesia, Latin America, and African nations. Company now generates ~40% of its revenues from countries outside India. Company is the largest player in urban home insecticide, air fresheners, and wet tissues in Indonesia. It is also the largest player in hair extensions in Africa. Company has seen consolidated Sales and EBITDA growth of 52% and 60% respectively over FY09-FY12 period driven by a mix of organic and inorganic growth. Company's operations are focused on three major categories Personal Wash, Home Care, and Hair Care. Hair Care, Personal Wash, and Home Care categories generated 19%, 22%, and 47% of consolidated revenues respectively in FY12.

6837 HK

Not Covered

Banks & Finance

China

Headquartered in Shanghai, Haitong Securities is the second largest securities firm in China in terms of total assets and net assets as of Dec 31, 2011. Leveraging on its integrated business platform and an extensive network of 216 brokerage branches, Haitong engages in securities and futures brokerage, investment banking, asset management, proprietary trading and direct investment. Seven of the 10 largest shareholders are controlled by Shanghai SASAC and these shareholders hold a total shareholding of roughly 26.5%.

Hanjin Shipping

117930 KS USD 1583MM

Corrine Png

Shipping

Korea

Hanjin Shipping provides mainly container shipping, dry bulk and tanker shipping and terminal services with total fleet of 209 vessels ( 89 owned and 120 chartered ) comprising of 109 container vessels (42 owned and 67 chartered), 76 bulker vessels (41 owned and 35 chartered) and 24 tanker vessels (6 owned and 18 chartered) at the end of 1Q12. It is also the world's 9th largest container shipping company.

Hemaraj Land and Development Plc

HEMRAJ TB

Sriyan Pietersz

Real Estate

Thailand

Hemaraj Land And Development Public Company Limited is Thailand’s leading developer of Industrial Estates, Utilities, Power, and Property Solutions. It currently develops six industrial estates of 31,280 rai (12,500 acres, 5,000 hectares) and 500,000 square meters of Ready Built Factories and Logistics Parks. Target market is a high-end infrastructure intensive industrial customer that are based around key location process or industrial clusters such as Automotive, Petrochemical, Steel/Metal, Power, Electronics. Industrial customers are automotive, petrochemical and other clusters comprising 50 7 distinct customers, 174 automotive customers with 267 automotive contracts, 756 Land or factory contracts, and a customer investment estimate of USD 25.0 billion.

USD 0.85

Company Hitachi America, Limted

Ticker 6501 JP

Mkt Cap

JPM Analyst Yoshiharu Izumi

Sector Technology

Country Japan

Description Established in 1920, Hitachi is Japan’s largest industrial electronics manufacturer. The company aims to establish a stable earnings base while focusing on social innovation businesses (information & telecommunications systems, power systems, social infrastructure & industrial systems, construction equipment, and high functional materials). • Secular growth in industrial automation: we expect resilient demand growth in industrial automation during China's industrial upgrade. Moreover, we believe a change in market structure, i.e., middle market expansion, will create opportunities for domestic players, led by Hollysys. Given its cost advantage, solid technological know-how and superior customer service, it is well-positioned to gain market share. We expect Hollysys to generate 20-25% annual growth from IA segment over the next 3-5 years. • High speed railway ("HSR") signaling system – a late-cycle play in China railway capex. The railway capex boom of the past three years has focused on civil construction, which we believe is nearing completion. The next stage of the cycle should focus on locomotive & related equipment, which we forecast to increase to 20-30% of total capex over the next five years, with a 30% CAGR in railway equipment capex from now until 2013. We believe that Hollysys, as one of the few qualified HSR signaling-system providers, is set to benefit. We also see upside potential from overseas expansion, following its acquisition of Singapore Concord Corp. • Subway signaling will be a new growth engine: its proprietary subway signaling system is currently under development in Singapore R&D center and management expects potential commercial order to come through in 1Q2013. We see both revenue and gross margin upside in subway segment with the completion of signaling system development.

HollySys Automation Technologies

HOLI US

USD 0.48

Chapman Deng

Infrastructure

Hong Kong

Home Inns & Hotels Management Inc.

HMIN US

USD 0.93

Kenneth Fong

Consumer/Retail

Hong Kong

Home Inns & Hotels Management, Inc. operates a chain of budget hotels in the People’s Republic of China and is China largest budget hotel operator. The company also manages some of the hotels under its chain on behalf of franchisees. As of 1Q12, the Home Inns hotel chain operates 1,479 hotels across China.

Honda Motor Co., Ltd

7267 JP

Kohei Takahashi

Auto

Japan

Honda has 2 core business of automobile and motorcycle. The automobile is globally No9 and North Americe is the core of earnings. It has Globally No1 market share in motorcyle business and its market shares are high expecially in Emerging market. It's a technology driven company, with good environmental friendly products.

Company Industrial and Commercial Bank of China

Ticker 1398 HK

Mkt Cap USD 437.42bn

JPM Analyst Josh Klaczek

Sector Banks & Finance

Country China

Description Since its foundation in 1984, ICBC has taken on the responsibility of accumulating the social wealth and supporting national construction. With over 17,000 branch offices in China and overseas countries, it is the largest commercial bank in China by total assets, accounting for over 15% of system assets. ICBC reformed the shareholding system in 2005 and successfully listed in Shanghai and Hong Kong simultaneously in 2006. ICBC is also the largest bank globally in terms of net profits and market cap. International Container Terminal Services, Inc. (ICTSI) is an international independent operator of common user container terminals providing container and cargo handling services; it is currently involved in 23 terminal concessions and port development projects in 17 countries worldwide. ICTSI’s main business is in the acquisition, development, and management of container ports and terminals worldwide, and its focus is mainly on small and mid-sized underperforming terminals, and high growth emerging market origin and destination facilities. ICTSI enjoys a successful overseas development track record as it has diversified away from its flagship operations in Manila which accounts for only 34% of total revenues; the other major ports are located in Brazil, Ecuador, Poland, China, and Madagascar, which aggregately accounts for about 50% of revenues.

International Container Terminal Services, Inc

ICT PM

USD 3.3bn

Jeanette Yutan

Infrastructure

Philippines

Iluka Resources Limited

ILU AU

USD 3.9 bn

Mark Busuttil

Resources

Australia

Iluka is the largest producer of zircon in the world, with an approximate market share of one third, and is the second largest producer of titanium dioxide minerals (rutile and an upgraded form of ilmenite, synthetic rutile). The company also has a royalty over iron ore sales revenues from specific tenements of BHP Billiton's Mining Area C (MAC) province in the north west of Western Australia.

Indusind Bank

IIB IN

USD 2.61

Seshadri K Sen

Banks & Finance

India

iSoftstone Information Service Corp

ISS US

USD 0.37

Dick Wei

Technology

China

IndusInd bank is a mid-cap private sector bank which started operations in 1994 and had merged Ashok Leyland Finance (an NBFC) in FY04. With a new management headed by Mr. Romesh Sobti from ABN Amro the bank has turned around significantly in the last three years with improving liability franchise and margins. iSoftstone is a leading China-based IT services provider, servicing both Greater China and Global clients. iSoftStone provides a broad range of services, including consulting, solutions, IT services, R&D services, and business process outsourcing services. The company ended 3Q11 with 12,510 employees and 13 delivery centers in China and six delivery centers outside China.

Company Kia Motors

Ticker Mkt Cap 000270 KS USD 27.7bn

JPM Analyst Wansun Park

Sector Auto

Country Korea

Description Kia Motors is the second largest auto maker in Korea, with a 31% domestic market share. HMC, the largest auto maker in Korea, owns a 38% stake in KIA Motors, and these two auto makers of Hyundai Motor Group dominate over 80% of the Korean market. Other than in Korea, KIA has manufacturing facilities in China and Slovakia and plans to build a new plant in Georgia, the US. We believe KIA has entered the stage of operational turnaround, aided by a strong new model cycle and operating leverage.

Lenovo Group Ltd

992 HK

Gokul Hariharan

Technology

Hong Kong

Lenovo is the No:2 PC maker globally and the fastest growing major PC brand for the last two years. Lenovo is building on its strength in China and Enterprise markets to push into other emerging markets and mature market consumers. Lenovo should continue to see strong market share growth and margin expansion resulting from better scale of operations. Lenovo’s budding PC+ strategy in China is starting to see some success, especially in smartphones.

LG Display

034220 KS USD 7.4Bn

JJ Park

Technology

Korea

LG Display Co Ltd (034220 KS) develops and manufactures digital display products. The company’s products include thin-film transistor-liquid crystal displays (TFT-LCD) for notebooks and desktop computer monitors, TVs, mobile phones, and medical equipment. LGD’s key customers are LG Electronics, Phillips, Vizio and Panasonic/Toshiba.

Malaysia Airports Holdings Berhad

MAHB MK USD 2.61

Hoy Kit Mak

Infrastructure

Malaysia

Malaysia Airports Holdings operates 39 airports in Malaysia – five international, 16 domestic and 18 short take-off and landing (STOL) ports – and provides airport management services for Delhi International Airport and Hyderabad International Airport in India, as well as Sabiha Gocken International Airport in Istanbul, Turkey. We believe MAHB will enter a new growth phase on completion of KLIA2 in Apr 2013. Khazanah Nasional holds a 54% stake in MAHB.

Media Prima

MPR MK

USD 0.79

Hoy Kit Mak

Media

Malaysia

Best proxy to rising disposable income in Malaysia. Dominant market share across all media platforms. Trades at a discount to regional peers.

MediaTek

2454 TT

USD 10.42

Alvin Kwock

Technology

Taiwan

Mediatek ranks top 3 globally and #1 in emerging market in handset/ TV/ Blu Ray chipsets. Post the recently announced MStar acquisition, it would rank global top 5 amongst the fabless IC design vendor globally. It has gone through a tough transition given its huge feature phone presence. In the last few quarters, it has been instrumental in driving sub-US$100 smartphone boom in global emerging market, with 5-10x shipment growth for Mediatek. Now, the golden cross to smartphone has now materialized and 2Q12 represents the first quarter of double digit Y/Y revenue growth after 7 quarters of decline.

USD 8.47

Company MIE Holdings

Ticker 1555 HK

Mkt Cap USD 0.64

JPM Analyst Brynjar Eirik Bustnes

Sector Oil, Gas & Chemicals

Country Hong Kong

Description MIE is one of the leading independent oil companies in China. It operates three fields, Daan, Miao3 and Moliqing, under PSCs with PetroChina, producing about 12 kBOPD net production and acquired assets in Kazakhstan (since Sep 11) which are producing 2.4kBOPD. MIE had 61 mn bbls of 1P, 111 mn bbls 2P as of end 2011. Good cost control domestically (one of the lowest lifting costs). Kazakhstan is the main growth asset (doubling production by year end) and is currently not priced into the market valuation for the stock.

Mongolian Mining

975 HK

USD 2.55

Daniel Kang

Metals & Mining

China

Mongolia Mining Corporation (MMC) is the country’s largest producer of coking coal, principally engaged in the open-pit mining of coking coal at the Ukhaa Khudag (UHG) deposit located within the Tavan Tolgoi (TT) coal formation. TT is one of the few remaining largely unexploited sources of highquality coking coal globally and the closest premium hard coking coal resource to China. Since its HK listing in late 2010 (free float 38%, majority owned by Mongolian corporates), MMC has made significant progress in key growth projects involving increasing coal processing capacity and investing in transport infrastructure.

Olam International Limited

OLAM SP

USD 3.57bn

Ajay Michardani

Conglomerate

Singapore

Olam is a supply chain management group involved in agricultural commodities and food ingredients. The group supplies 20+ products in four broad categories: 1) Edible nuts, spices and beans; 2) Confectionery and beverage ingredients; 3) Food staples and packaged foods and 4) Fiber and wood products. Olam participates in the supply chain as an integrated player offering end-to-end supply chain solutions from the farm gate in producing countries to customers (over 11,000 of them) in destination markets.

Origin Energy

ORG AU

USD 13bn

Jason Steed

Resources

Australia

Origin Energy Limited is a key participant in the Australian and NZ Exploration and Production markets. The company’s largest project is the US$20bn APLNG project, in which it is a 37.5% shareholder alongside ConocoPhillips and Sinopec. The company is Australia’s largest electricity and gas retailer and also has one of the country’s largest generation portfolios. We are positively disposed towards Origin and believe that the market is not attributing fair value to the company’s stake in the APLNG project.

Paladin Energy

PDN AU

Lyndon Fagan

Resources

Australia

Paladin is a uranium producer and explorer with a number of assets in various stages of operation/development. The company’s two key operating assets, Langer Heinrich and Kayelekera, are located in Namibia and Malawi respectively. The assets recently reached full production and as a result, capex and working capital requirements are now largely behind Paladin which means that cash flow should improve.

Company Philippine Long Distance Telephone Company

Ticker TEL PM

Mkt Cap USD 13.91

JPM Analyst Vishesh Gupta

Sector Telecoms

Country Philippines

Description PLDT is the largest integrated Telco in the Philippines and has 40% and 50% market share for fixed line and mobile divisions, respectively. It recently acquired Digitel (the third player in the market) and with that it controls 53% of the fixed line and 70% wireless subscriber market. The market structure in Philippines post the acquisition has changed back to a virtual duopoly with Globe. San Miguel is a potential new entrant.

Pruksa Real Estate Pcl

PS TB

USD 0.98

Anne Jirajariyavech

Real Estate

Thailand

PS is being one of the largest residential developers in Thailand targeting mass market i.e. low-mid income housing where the bulk of demand is. Housing demand is recovering from flood in 4Q11 and provincial demand is picking up. These two will support growth outlook. Key challenge is rising material and construction costs. However, smaller developers are suffered more and sector consolidation helps strengthen overall industry and benefiting large developers including PS.

PT Bank Central Asia

BBCA IJ

USD 18.94

Aditya Srinath

Banks & Finance

Indonesia

Bank Central Asia is Indonesia’s largest bank by market capitalization. BCA has the best deposit franchise in the country, which should be a source of advantage over time. They have complemented their uniquely liquid funding profile by building out lending infrastructure – and have outpaced industry lending growth consistently over the last decade. However as interest rates decline in Indonesia will BCA see its high RoA/RoE profile challenged? Is their best in class risk management and deposit strengths already in the price at 3.7x FY12E PBV? These are questions that investors can seek answers to from management.

PT Lippo Karawaci

LPKR IJ

USD 1.95

Liliana Bambang

Real Estate

Indonesia

Lippo Karawaci is one of the leading property company in Indonesia, with diversified business in retail malls, healthcare, residential, and industrial estate. The company is planning to expand its retail and healthcare business aggressively in the next few years.

Raffles Medical Group Samsung Life Insurance

RFMD SP USD 0.92 032830 KS USD 16.19

Not Covered MW Kim

Healthcare Insurance

Singapore Korea

TBA Samsung Life Insurance is a Korea-based company specializing in life insurance business. The Company's business coverage includes insurance, retail finance, investment fund and retirement pension. It is the largest life insurer in Korea with a 25.9% market share (by written premiums in FY10) and its RBC ratio was 386% as of March 2012.

Company SINA Corporation

Ticker SINA US

Mkt Cap USD 2.93 bn

JPM Analyst Dick Wei

Sector Technology

Country China

Description SINA is a leading online media company, WVAS and microblogging service provider in China and for the Chinese community globally. Its Weibo.com is the largest microblogging community in China with more than 300Mn registered users. SINA’s portal provides high-traffic online media properties for online advertisers. Through mobile phones, SINA delivers WVAS, such as news, ringtones, and pictures, to mobile phone users. Sina also has a 33% holding in China Real Estate Information Corporation (CRIC), which was recently acquired by E-House. The company earns around 80% of its revenues from Online Advertising and the remaining from the mobile value added services.

Sino Biopharmaceutical Limited

1177 HK

USD 1490.68

Sean Wu

Healthcare

China

Sino Biopharmaceutical (SBP) produces medicines in two core therapeutic categories: cardio cerebral diseases and hepatitis. The company is extending its development efforts to oncology, analgesic and respiratory medicines in order to meet the increasing demand from medical practitioners and patients.

Sony Corporation

6758 JP

USD 13.8bn

Yoshiharu Izumi

Consumer Electronics

Japan

Founded in 1946, Sony is the world's largest manufacturer of audio/video products (e.g., LCD TVs, digital cameras, camcorders, and Blu-Ray players) and also has PC, broadcasting equipment, game, movie, music, and financial service businesses.

State Bank of India Spreadtrum Communications Inc.

SBIN IN SPRD US

USD 24.5Bn USD 0.86

Qin Zhang

Banks & Finance Technology

India China

TBA Spreadtrum is a fabless semiconductor company that develops baseband and RF processor solutions for the wireless communications market. Spreadtrum was listed in 2007 on Nasdaq. We think a rerating is justified given that 1) we believe Spreadtrum’s smartphone chipsets can achieve monthly shipment units of 1MM in 3Q12, and 2) major management changes at China Mobile have been completed and the new leadership is clearly supportive of TD development.

Stockland

SGP AU

USD 7.34

Richard Jones

Real Estate

Australia

Stockland is a major Australian diversified real estate company with a portfolio of retail, commercial and industrial investment properties together with a retirement communities portfolio and an extensive residential land bank. SGP has consistently increased its residential market share over the past 12 years and is leading the market in reducing lot size to provide more affordable product. The stock is trading at material discounts to its historic multiples (PE & P/B) and to its REIT peers at a low point in its earnings cycle.

Company Tata Consultancy Services Limited

Ticker TCS IN

Mkt Cap USD 42.63

JPM Analyst Viju K George

Sector Technology

Country India

Description TCS is Asia’s largest IT services company with significant experience across vertical domains (BFSI, manufacturing, and telecom) and technology platforms. TCS serves 900+ clients. It has the widest portfolio of service offerings in the Indian IT space and its skill-set straddles the entire IT services value chain – from pure IT outsourcing to traditional application development and maintenance to package implementation to consulting assignments to complex turnkey projects to BPO.

Top Glove Corporation Bhd

TOPG MK

USD 2.44

Hoy Kit Mak

Healthcare

Malaysia

(i) As the world’s largest glove manufacturer, with a capacity of 38.5B pieces of gloves and 25% of global market share, Top Glove is a proxy to the resilient healthcare/ medical supplies industry. (ii) Demand uptick and declining cost pressures suggests rising margins ahead, supporting FY11-14 EPS CAGR of 34% p.a.. (iii) Solid management team and execution track record, healthy balance sheet with net cash of M$220MM suggests capacity for growth.

TPK Holdings Co Ltd

3673 TT

USD 3.73

Narci Chang

Technology

Taiwan

TPK is the largest touch panel vendor globally in terms of market cap and revenues. The company was founded in 2003 and co-invented & was first to commercialize the glass-based projected capacitive (P- Cap) touch solutions. TPK has currently five major product categories: 1) cover glass, 2) touch sensor, 3) touch module, 4) touch display, and 5) touch system. Glass-based PCap touch solutions are TPK's main focus, while it also has initiated the PETfilm production since 2Q 2010. Key customers include Apple, HTC, MSFT, Google, Amazon, Lenovo, and Barnes & Noble. We believe widespread touch panel adoption in smartphones and tablets (driven by lower price points) as well as potential market opportunities in NBs and AIOs, should result in sustainable earnings growth for TPK, as the global leader. We also expect the company to be the primary touch panel supplier for key technology devices like Apple iPad mini, Amazon Kindle Fire, Microsoft Surface tablet, Google Nexus tablet etc., in addition to Apple New iPad.

Westfield Retail Trust

WRT AU

USD 9.12 bn

Richard Jones

Real Estate

Australia

Westfield Retail Trust (WRT) is an Australian listed REIT with a portfolio of 54 major shopping centres in Australia and New Zealand valued at ~A$12.6bn. The assets are co-owned and managed by Westfield Group. The portfolio contains 42 centres (91% of the portfolio value) located across Australia, including 14 of the top 20 Australian shopping centres by annual sales and 12 centres (9% of the portfolio value) located across New Zealand, including 5 of the 8 largest New Zealand shopping centres. WRT has an A+ S&P credit rating the highest rating of any Australian listed entity aside from the four domestic banks. It continues to trade at a 10%+ discount to NTA despite continued transactional evidence supporting its book values.

Whitehaven Coal

WHC AU

USD 4.05

Not Covered

Metals & Mining

Australia

NA

Company Wipro Limited

Ticker WPRO IN

Mkt Cap USD 18.18

JPM Analyst Viju K George

Sector Technology

Country India

Description Wipro is a conglomerate with revenues of over US$7 billion in FY12, with interest in IT services, consumer care and lighting. Wipro’s Global IT business contributes 75%+ of the company’s revenue and 90%+ of the EBIT. It has 130,000+ employees in its IT services and BPO arm. Wipro serves nearly 900 clients with a diverse portfolio of service offerings. The company has also made acquisitions of over US$1 billion in the past few years to fill gaps in its current products/services portfolio and to enter new geographies. Wipro has recently gone through restructuring and the new CEO Mr. T.K. Kurien has correctly identified the structural issues the company had been facing. We believe the company is moving in the right direction to get back to sustainable growth path.

Woolworths Limited

WOW AU

USD 33.42

Shaun Cousins

Consumer/Retail

Australia

Woolworths Limited (WOW) is an Australian consumer staples retailer. It is the market leader in Australian food and liquor retailing, which represents 81% of FY12 EBIT. The company’s other retail operations, and the contribution to FY12 EBIT, include: Hotels (6%), New Zealand Supermarkets (6%), discount department store retailer Big W (5%), Petrol (4%), Consumer Electronics (1%), with the new loss-making Home Improvement (-3%). The broader turnaround plan for WOW is ongoing, and we believe recent announcements suggest new management are executing on the strategy. Furthermore, the company enjoys a defensive earnings stream with an ongoing focus on cost reduction. While deflation and the challenging retail environment are headwinds, we retain our Overweight recommendation.

Woori Financial Group

053000 KS USD 7.3 bn

Scott Seo

Banks & Finance

Korea

Woori Financial Group (WFG) is the largest bank-centric financial holding company in Korea in terms of total assets. WFG has 11 subsidiaries under the group structure including Woori Bank, Kwangju Bank, Kyongnam Bank, Woori Investment & Securities, Woori Aviva Life Insurance and Woori Asset Management. Woori Bank is the mainstay of the group, accounting for 76% of the group assets as of FY11. WFG has strong presence in corporate loan market, especially for large corporate loans. Korea Deposit Insurance Corporation (KDIC) is the largest shareholder with 57% stakes in the group.

Wumart

8227 HK

Not Covered

Consumer

China

TBA