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1、25January2018AsiaPacificEquityResearchStrategyJump-StartResearchAnalystsSTRATEGYManishNigam85221017067Jump-Startaimstoprovideyouwithasummaryoftheweekthatwasandhelpsyoupreparemanish.nigam@credit-suisse.comfortheweekaheadwitharesultscalendar,economicforecastsandvaluationsummaries.Conn
2、ectingclientstocorporatesChinaGasSector–Supplyisgold.Followingademand-ledgassectorrecoveryin2017,leadingcity-gasstockspulledbackby~10%onmarginpressurerecentlybutofferare-entryThematicTrippoint.Weestimateonly~4%averageEPSimpactforlistcosinFY17E.ThreecompaniesIndiaFinancialsTourshould
3、bringupsideearningssurprisesfromnewsupplies.TheLNGimportbusinessshouldDate06-09February,MumbaiandNewDelhiAnalystAshishGuptacommenceforSZGandENNin1H18and2H18,respectively.Withhigherwintermargin,weestimatetheincrementalbenefitsfromthecheapersupplytomorethanoffsetthewinterPreAIC:IndiaA
4、utosTourDate12-14March,NewDelhi,Mumbai,Punemarginpressurementionedabove.Moreover,KunlunshouldseeimprovingutilisationforitsLNGterminal,buttheyetlowutilisationofitsprocessingplantandeventualpipelinereformPreAIC:IndiaConsumerTourDate14-16March,Mumbaicouldremainanoverhang.Incorporatingm
5、arginpressureandsupplyupside,ourearningsareslightlyrevisedupforENN/SZG.AndyetwereviseddownTPs/earningsforotherplayersPreAIC:IndonesiaMacro,PoliticsandAsianGamesDate15-16March,Jakarta(CGH,CRG,BJEandHKCG)toreflectmarginrisks.WethinkENNandSZG(upgradetoAnalystJahanzebNaseerOutperform)ar
6、ethebestplayersonsupplyupsidewhileKunlun(Underperform)facesalargerPostAIC:ChinaMacro/PolicyTourchallengeongasreforms.(Link)Date23March,BeijingIndiaAutomobilesSector–MarutivsEicher:Marutibetteronalmostallcounts.OnourAnalystVincentChanrecentmarketingtrip,wesawanumberofclientscontempla
7、tingbetweenEicherandMaruti—PostAIC:MacauTourbothhigh-P/EstockswithlittlecompetitiveintensityandcapacityconstraintsforCY18.Date23March,MacauAnalystKennethFongDespitethe~15%correctioninEicherinthelastthreemonths;wecontinuetopreferMaruti.MarutihasabetterFY20visibilityonbothdemandandsup
8、ply,inourview.Eiche
