Macquarie Marquee创意：2016年的所有变化

Please refer to page 16 for important disclosures and analyst certification, or on our website www.macquarie.com/research/disclosures. ASIA Macquarie Asia Marquee Ideas Stock Rec CP TP TSR GoerTek Out 32.67 44.00 35.0% China Life Ins Out 25.05 38.00 54.1% China Lodging Out 29.68 36.50 23.0% China Ship. Dev Out 5.49 6.80 26.0% CNOOC Out 8.17 12.00 51.6% CR Land Out 21.70 34.45 60.7% GCL Poly Out 1.35 2.20 69.7% Great Wall Motor Out 9.50 15.00 61.3% Kunlun Energy Out 6.46 10.00 54.8% Sun Hung Kai Prop Out 94.50 137.80 49.5% Sunny Optical Out 18.84 28.00 49.9% Uni-Pres. China Out 6.30 10.10 61.1% Larsen & Toubro Out 1311 1887 45.8% Tata Motors Out 389 585 50.8% Yes Bank Out 707 1020 46.0% Lotte Chemical Out 232000 390000 68.6% Samsung Elec. Out 1283000 2000000 58.2% Telekom Malaysia Out 6.49 8.72 37.9% Tenaga Nasional Out 13.22 18.40 41.8% Puregold Out 34.00 45.00 33.4% CapitaLand Out 3.18 3.92 26.1% DBS Out 16.46 20.00 25.3% Hon Hai Precision Out 82.90 116.00 44.2% GIS Out 131.00 201.00 56.2% Pruksa Real Estate Out 25.25 38.00 54.1% Siam Comm Bank Out 128 186 49.4% Capcom Out 2845 3160 12.5% Hulic Out 1073 1800 69.1% LIXIL Group Out 2719.00 3800.00 42.1% Matsumotokiyoshi Out 6160.00 8000.00 31.0% SBS Holdings Out 999.00 1750.00 76.8% SUMCO Out 1146.00 1900.00 67.5% Wynn Macau Und 9.34 7.40 -20.8% SAIL Und 44.35 28.00 -36.9% Kakao Corp Und 112800 68000 -39.6% SATS Und 3.83 3.10 -14.9% JFE Holdings Und 1848 1300 -27.5% Mitsui & Co. Und 1464 1250 -10.2% Oriental Land Co Und 7069 5500 -21.7% Source: FactSet, Macquarie Research, December 2015; 10 Dec prices Investment cases for all 39 names can be found inside along with a short summary of those we are removing. Recent Marquee Changes 16 Oct: Adding Wynn Macau to the Sell list 16 Sept: Adding DBS, CapitaLand and China Life 10 Sept: Adding CNOOC and Mitsui & Co 14 Aug: Overhauling the Japan portfolio 5 Aug: Removing Shikoku Electric 24 July: Reloading in Hong Kong Analyst(s) Macquarie Capital Securities Limited Matt Nacard +852 3922 1362 matt.nacard@macquarie.com Macquarie Capital Securities (Singapore) Pte. Ltd Peter Bennett +65 6601 0847 peter.bennett@macquarie.com Macquarie Capital Securities (Japan) Limited David Gibson, CFA +81 3 3512 7880 david.gibson@macquarie.com 11 December 2015 Macquarie Marquee Ideas All change for 2016 Resetting the Asia Marquee list ahead of the new year We are conducting a major reshuffle of our Asia Marquee pack ahead of the turn of the year and following the publication of several major pieces of research that have themselves highlighted some of our best research of the year from around the region and indeed the world. We replace eight names with ten new ideas on the Buy list and replace two Sell ideas with four high-conviction Underperform stocks: Additions and deletions from the Asia Marquee list Additions Deletions GoerTek China EVA Precision Hong Kong China Lodging Group US/HK Hilong Holding Hong Kong Sun Hung Kai Properties Hong Kong Vipshop Holdings US/HK Sunny Optical Taiwan Axis Bank India Lotte Chemical Korea ONGC India Samsung Electronics Korea SK Hynix Inc. Korea Hon Hai Precision Taiwan AIDC Taiwan GIS Taiwan Kasikornbank Thailand Pruksa Real Estate Thailand Perusahaan Gas (Sell) Indonesia Siam Commercial Bank Thailand Yamato (Sell) Japan Steel Authority of India (Sell) India Kakao Corp (Sell) Korea SATS (Sell) Singapore JFE Holdings (Sell) Japan Source: FactSet, Macquarie Research, December 2015 Additions come on the back of in-depth research this autumn Among the names we are adding as Buy ideas are Goertek, Hon Hai and Sunny Optical, which were all highlighted by Allen Chang’s technology sector initiation report as his top choices to tap into Tomorrow’s World. Jeffrey Ohlweiler also adds GIS, covered by Tammy Lai, as his top pick from his Taiwan strategy report published in November. Meanwhile the addition of SHK in Hong Kong, covered by David Ng, complements Tuck Soong’s Turnkey top picks of CR Land and CapitaLand that stay as Marquee Buy ideas. The addition of Pruksa Real Estate and the swapping of Siam Commercial Bank with KasikornBank reflect Alastair Macdonald’s latest strategy report for Thailand, while the addition of SEC and Lotte Chemical match Viktor Shvets’s view of overweighting Korea. We are adding two ideas to the Sell list that were highlighted in our counter-consensus negative call on the global steel industry, written by Patrick Morton. SAIL (37% downside) in India and JFE (27% downside) in Japan are both likely to be hit hard by the potential collapse in global steel prices, say their analysts. Finally we also add to the sell list Kakao in Korea, covered by Kwang Cho, and SATS from Singapore, covered by Neel Sinha. As we approach the year-end, the Asia Marquee list has returned +10.3% versus an MSCI Asia Pac index return of -1.5%. Macquarie Research Macquarie Marquee Ideas 11 December 2015 2 Additions GoerTek (Allen Chang), 35% upside to