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1、26October2018AsiaAsiaEssentialsCameraLens4TheendofastrongcycleAllenChang•O-Film’sentryinbothhandset&vehiclelensisasignoftheendofastrongcycleinprofitablelensindustry.Wearenowenteringthematurestage•Thepreviousyearsofastrongcycleweredrivenbygrowingsmartphones,pixel-migration,dual
2、-camandrecenttri-cam.•Keyrivals:O-Film(Fujifilm),SunnyOptical(KonicMinolta),Luxshare(Lite-OnTech),Q-Tech(NewMax),AAC,Kantatsu(HonHai),Genius,Largan.O-Film(A-Share)(002456CH)(Outperform)5HandsetLenstodoublein2019VerenaJeng•WeattendedO-Film’sinvestorconferenceinShenzhenon25Oct.•
3、Managementguidestodoublehandsetlenscapacityto20mpermonthin2019E,andupto50m+in2020/21E,thecurrentlevelofSunnyOptical.•Managementtargetstoship6Phandsetlensin1H19andpenetrateleadingChinasmartphonesflagshipmodels(Huawei,Xiaomi).ChinaMedicalDevicesSector6Strongimportreplacementcont
4、inuesin2H18CorinneJian•Domesticleadersbenefitfrommarketconsolidationthankstopoliciestolowerpricesandtightenqualitycontrol.•Acceleratedgrowthmomentumduetoacceleratedimportsubstitution.•ReiterateoverweightviewontheChinaMedTechsector;ourtoppicksareMicroPortandLepu.SKHynix(000660K
5、S)(Outperform)7BumperearningslikelyeveninadownturnDanielKim•WelowerourTPfromWon110,000toWon85,000,alongwithacutin2018/19OPestimatesby0%/6%,respectively.•Managementsaidcapexwoulddropin2019andexpectsanewmemorycycletobeginin2H19.•NANDmarginexpandedto20%,inspiteofa10%pricefall,thr
6、oughsmoothmigrationto72L3DNANDandproductmiximprovementtoSSD.PhilippinesStrategy8Paystobeselectivethis3Q18resultsseasonGilbertLopez•AmidourcautiousviewonPhilippines,3Q18performanceshouldbemixed•OWratedsectorsconglomerates,consumerexpectrelativelygoodgrowth•Toppicksinorderofpref
7、erence:AC,SM,PGOLD,andRRHIPleaserefertopage36forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.HyundaiMotorCompany(Outperform)9BeforethedawnJamesHong•HyundaiMotorCompanyreportedanearningsmissduetopre-emptivemeasuresonqualityiss
8、ues.•Excludingone-offs,OPwasbroadlyinlinewithrecentmarketexpe
