Asia Pacific Daily

Asia Pacific Daily See important disclosures, including any required research certifications, beginning on page 38. 23 June 2015 Top story P.3 China Sportswear Sector Rating: Positive Initiation: best foot forward - We expect a rerating for China sportswear stocks, which look set for a new era of growth yet are trading below 2009-peak levels - Increasing participation in sports and awareness of fitness and health issues should drive sector revenue growth - We like Anta and Peak, which are both rated Buy (1); we rate Li Ning Underperform (4) as we expect 2015 EPS to remain in red -- Adrian Chan, CFA/ Anson Chan, CFA Major changes Analyst Rating Page Anta Sports Products (2020 HK) Adrian Chan Buy P.4 Initiation: all-star pick Peak Sport Products (1968 HK) Adrian Chan Buy P.7 Initiation: eyes on the prize Li Ning (2331 HK) Adrian Chan UnderperformP.10 Initiation: tripping on its own laces Pavilion REIT (PREIT MK) Tan Ei Leen Hold → Buy P.13 Asset-injection to drive yields higher Target price ↑21.6% to RM1.80 Waskita Karya (WSKT IJ) Bob Setiadi Hold → Buy P.14 On the fast lane Target price ↑6.58% to IDR2,025 BTS Rail Mass Transit (BTSGIF TB) Saksid Phadthananarak Buy P.15 Attractive yield, upside too Other research Shenzhou International Group (2313 HK) John Choi Buy P.16 Smooth sailing in Vietnam SITC International (1308 HK) Kelvin Lau Buy P.19 Outlook remains strong Taiwan Financial Sector Christie Chien Neutral P.23 FYPE growth & easing laws Malaysia Auto & Autoparts Kevin Low Neutral P.24 Decent rebound post-GST implementation Indonesia Bank update Teguh Hartanto Neutral P.25 Growth & policy risks Macro research Kinouchi’s Technical Tips for Institutions Eiji Kinouchi P.26 Look for flexible budgeting, economic measures by gov’t; recent advancers extending gains US Data Review Michael Moran P.28 Existing Home Sales Company Roadshows Date Company Event Venue 15-26 Jun Shenzhou International (2313 HK)NDR US 22-24 Jun Sunlight REIT (435 HK) NDR EU 22-25 Jun Canvest Environmental (1381 HK) NDR US 22-25 Jun Accordia Golf Trust (AGT SP) NDR US 23-30 Jun Vinda (3331 HK) Aging Day + NDR EU 29 Jun Pacific Textiles (1382 HK) NDR HK 29 Jun- 3 Jul Jintian Pharm (2211 HK) Aging Day + NDR EU 30 Jun- 1 Jul Goodman Group (GMG AU) NDR Tokyo 9 Jul QBE Insurance (QBE AU) NDR Tokyo 9 Jul Qantas Airways (QAN AU) NDR Tokyo 10-17 Jul L'Arc Macau (Not Listed) NDR US 13-14 Jul Thai Beverage PCL (THBEV SP) NDR Tokyo 23-24 Jul Luk Fook Holdings (590 HK) NDR Tokyo 24-25 Aug Japfa Comfeed Indonesia TBK (JPFA IJ) NDR SG 26-27 Aug Japfa Comfeed Indonesia TBK (JPFA IJ) NDR HK 31 Aug Stockland (SGP AU) NDR Tokyo Daiwa Asian Events Date Company Venue22-26 Jun Daiwa Auto and Industrial Leaders Conference HK 30 Jun Daiwa Asia's Ageing Society Conference Zurich31 Aug Daiwa Asia Water Day Zurich7-8 Sep Daiwa Pan Asia REIT Day Tokyo 2015 Tokyo10-13 Nov Daiwa Investment Conference Hong Kong 2015 HK Source: Daiwa Regional indices Performance chg (%) EPS growth(%) PER (x) Market 1D 1M YTD 15E 16E15E16ETPX 1.1 0.0 17.1 18.4 9.2 15.7 14.4 HSCEI 1.5 (7.3) 11.7 4.3 8.0 8.2 7.6 HSI 1.2 (3.3) 14.7 (0.4) 9.5 12.0 11.0 KOSPI 0.4 (4.2) 7.3 43.9 5.9 10.7 10.1 TWSE 1.3 (3.9) 0.4 12.2 8.1 13.0 12.0 SENSEX*1.5 (0.8) 0.8 16.9 19.3 18.2** 15.2** FSSTI 0.4 (3.9) (1.5) 3.1 9.1 13.7 12.6 FBMKLCI*0.6 (3.1) (1.6) 2.3 10.0 16.0** 14.6** SET*0.8 (1.3) 0.4 15.0 13.5 14.5** 12.8** PCOMP*0.1 (2.6) 5.2 10.1 12.5 20.2** 17.9** JCI*(0.5) (6.7) (5.1) 6.2 13.8 14.4** 12.7** AS51 0.2 (1.0) 3.7 (1.8) 0.9 15.7 15.5 Source: Thomson Reuters *Valuation base