TOP VIEWS
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- Largan
Precision (3008 TT) | TP revision
- China
Banks
- Nickel
Asia (NIKL PM) | Results review
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Largan Precision (3008 TT)
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Don�t
look at the price chart; BUY
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Share Price: TWD1,510 | Target Price: TWD1,995 (+32%) |
MCap (USD): 6.7B | ADTV: USD40M
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- Maintain
BUY and raise TP to Street-high of TWD1,995 based on SOTP and
upward earnings revision for FY14/15.
- Benefits
from camera advancements over next few years driven by pixel
migration, OIS, larger apertures, selfies, multi-cameras,
optical zooms, array and MEMS cameras.
- Extends
and consolidates global No1 position. Quality of earnings and
ROIC to reach new high of 80% (FY13-16) vs 50% (FY07-12) and
trigger valuation re-rating.
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China Banks
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2013 takeaways
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Potential positive surprises in 2014
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- Chance
of positive surprises on NIM and credit costs in 2014.
- Expecting
stable dividend payout and CET1 CAR in 2014.
- Keep
OVERWEIGHT with ABC and CQRB as Top Picks.
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Nickel Asia (NIKL PM)
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2013 dip eased, 2014 looking good
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Share Price: PHP20.45 | Target Price: PHP20.35 (0%) |
MCap (USD): 1.1B | ADTV: USD0.9M
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- Maintain
BUY and TP of PHP20.35. Depressed nickel prices offset by
increased volumes, lower operating costs in 2013.
- Completion
of Taganito HPAL plant expected to further raise production in
2014.
- Pay
factors adjusted up this year; rising nickel prices may prompt
another upgrade.
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COMPANY NOTES
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- Vietnam
Monthly View
- Malaysia
External Trade, Feb�14
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Vietnam Monthly View
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Market remained at 4-Year High but 600 points is
challenging
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Monthly research
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- VN-Index
continues to move up higher in March, supported by new record
high volume.
- Reaches
607.6 points on 24 Mar before retreating due to increases in
profit-taking activities.
- Buying
support, especially from local investors, helps maintain the
VN-Index 0.9% higher at March-end.
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Malaysia External Trade, Feb�14
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Solid exports, higher trade surplus
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Economics research
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- Gains
in exports growth outpace imports to push trade surplus in Feb
2014 to a two-year high of MYR10.4b.
- Besides
a relatively firmer global economy and hence external demand,
exports in early 2014 benefit from low base effect as it
contracted in 1H 2013 as well as from a weaker Ringgit.
- Given
robust trade figures in Jan-Feb 2014 (Export: +12.3%, Import:
+8.3% and Trade Balance: +MYR16.8b), our full-year forecasts
(Export: +5.9%, Import: +8.0% and Trade Balance: +MYR61.7b) will
be reviewed subsequently.
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