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1、ASIAMacquarieMarqueeIdeasMacquarieMarqueeIdeas–AsiaexOurhighest-convictioncallsinAsiaexJapanJapanTargetWeareupdatingtheMacquarieMarqueeIdeaslistforAsiaexJapan.SinceitsTickerPrice(LC)TSRLONGinceptioninJuly2016,thelisthasreturned57.6%,outperformingitsbenchmarkChina/HKby21.1%.Itisnotablethat
2、thelongportionoftheMarqueelisthashadanevenBaiduBIDUUS305.00+31%CKAsset1113HK92.35+42%betterreturnsinceinception(up61.8%);theshortportionhashadaslightCOSL2883HK14.00+92%negativeimpactonoverallreturn.TheMarqueeIdeasarealistofourhighest-HuaHongSemi1347HK22.00+53%Hikvision002415CH57.00+46%con
3、victionbottom-upstockpicks,equal-weighted,andwithnosectororcountryPrada1913HK30.40+9%bias.Shuanghui000895CH31.00+22%WynnMacau1128HK26.80+13%ThismonthwehavefouradditionstoourAsiaexJapanlongportfolio(AyalaZTE763HK35.00+23%IndiaLand,CityDevelopments,LotteChem,andNanyaTech)andfourremovals(CRH
4、industanUnileverHUVRIN1,402+8%Cement,PingAnInsurance,MetroPacific,andPosMalaysia).TherearenoLarsen&ToubroLTIN1,590+35%VedantaVEDLIN372+38%changestoourshortportfolio.KoreaKBFinancialGroup105560KS72,000+22%AdditionstothelongportfolioLotteChem011170KS610,000+69%SamsungElectronics005930KS3,60
5、0,000+42%AyalaLand(ALIPM):KervinSisayanispositiveonthePhilippinespropertySamsungEngineering028050KS17,000+34%Malaysiasector,asthedemandforresidential,office,andretailspaceremainsintact.TelekomMalaysiaTMK8.10+35%WepreferlargepropertycompaniesastheywillbenefitthemostfromcurrentTenagaTNBMK1
6、9.00+27%PhilippinesgrowthdriverssuchasforeignbuyersforcondosandPhilippineOffshoreAyalaLandALIPM50.00+15%GamingOperator(POGOs)foroffice.WelikeALIforitsstrongresidentialSingaporesegment;ALI’sresidentialsalestake-updemandremainsupbeat,especiallyCityDevCITSP14.05+12%TaiwanwithnewbuyersfromChi
7、na.Asaresult,earningsgrowthmomentumhasHonHai2317TT200.00+118%beenmaintainedLink.NanyaTech2408TT111.00+47%ThailandIndoramaVenturesIVLTB63.00+24%CityDevelopments(CITSP):SingaporeisTuckSoong’stopcountrypickinAsiaPacificRealEstate,asthephysicalmarkethaslikelybottomedou
