Regional Daily, Maybank KE (2014-04-07)

Daily	07 April 2014
TOP VIEWS Largan Precision (3008 TT) | TP revision China Banks Nickel Asia (NIKL PM) | Results review Largan Precision (3008 TT) Don�t look at the price chart; BUY Share Price: TWD1,510 | Target Price: TWD1,995 (+32%) | MCap (USD): 6.7B | ADTV: USD40M 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. Click here for report » China Banks 2013 takeaways Potential positive surprises in 2014 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. Click here for report » Nickel Asia (NIKL PM) 2013 dip eased, 2014 looking good Share Price: PHP20.45 | Target Price: PHP20.35 (0%) | MCap (USD): 1.1B | ADTV: USD0.9M 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. Click here for report » COMPANY NOTES Vietnam Monthly View Malaysia External Trade, Feb�14 Vietnam Monthly View Market remained at 4-Year High but 600 points is challenging Monthly research 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. Click here for report » Malaysia External Trade, Feb�14 Solid exports, higher trade surplus Economics research 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. Click here for report »     Click here for full Regional Daily report »