麦格理-亚太地区-宏观策略-亚洲宏观要闻-2018.10.31-38页.docx

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2、hiningalightonbatteriesAnnaPark•3Q18OPmetconsensus,thoughfallingshortofournumberby17%.•Lookingintodetails,wearemoreencouragedthandisappointed:batteriesdeliveredapositivesurpriseandpetchemmaintainedadoubledigitOPM•WekeepOutperform,whilecuttingourNPest.for2018-20by6-18%andlo

3、weringTPby8%toWon430k(from475k).S.F.Holding(A-Share)(002352CH)(DowngradetoNeutral)5MorepatienceneededforgoingverticalEricZong•WehavereducedourmarginoutlookonSFgivenalonger-than-expectednewbusinessdevelopmentperiodandincreasedcompetition.•Westilllikethecompany’sgoingvertica

4、lstrategy,butitwilltakelongertobuildscaleandestablishacompetitiveedgeinthenewareas.•WeseeexecutionriskaheadthustrimearningsestimatesandreducetargetmultiplewithanewTPofRmb37.30(-7%TSR).DowngradetoNeutral.MinorInternational(MINTTB)(DowngradetoNeutral)6UncertaintyremainsChali

5、neeCongmuang•DowngradetoNeutralwith16%cutinDCFTPtoBt38•FallingROE,risingleverageandgrowingexposureinEuropemayputpressureonMINT’svaluation•However,EPSgrowthrecoveryin2019EmaylimitdownsideinsharepriceBOE(A-Share)(000725CH)(Neutral)7ChinaCYTSTours(A-Share)(600138CH)(Outperfor

6、m)8ChinaEasternAirlines(670HK)(Outperform)9ChinaFilm(A-Share)(600977CH)(Outperform)10ChinaInternet11ChinaModernDairy(1117HK)(Outperform)12ChinaPropertySector13ChinaTelecom(728HK)(Outperform)14Pleaserefertopage36forimportantdisclosuresandanalystcertification,oronourwebsitew

7、ww.macquarie.com/research/disclosures.FlexiumInterconnect(6269TT)(Outperform)15FoshanHaitianFlavouring&Food(A-Share)16(603288CH)(Outperform)FuyaoGlass(3606HK)(Neutral)17FuyaoGlass(A-Share)(600660CH)(Neutral)18GreatWallMotorCompany(2333HK)(Underperform)19PerfectWorld(A-Shar

8、e)(002624CH)(Outperform)20ShanghaiJahwa(A-Share)(600315CH)(Underperform)21TsingtaoBrewery