2020年7月——聚焦中国股市
下面是小编为大家整理的2020年7月——聚焦中国股市,供大家参考。
G l o b al R e sear c h
5
A u g u st 2020
UB S
K e y
C a lls — A PA C
J u ly
2020
–
C hina
st o c ks
i n
f ocu s
L o n g i
G r ee n
w as
t h e
t o p
p e r f o r m e r
L ongi
G r ee n w a s
J ul y ’ s
t op pe r f orm e r, out pe r f orm i ng i t s
l oc a l
i nde x , C S I 300, by
26. 7% . The
mo s t
no ta b l e
l ag g ar d
i n
Ju l y
w as
Su n
Art
R etai l ,
und erp erformi ng
HSICEI
b y 21.6 %.
UB S
K ey
Cal l s
rep res en t
our
h i ghe s t - c onv i c t i on
s i n gl e - s to c k
res ea rc h
i d eas w i th i n our APAC
c o v erag e
un i v ers e.
The
UB S
APAC
K ey
Cal l
li s t
h as
und er p erfo rme d t he
M S C I
A P A C
i nde x
by
0. 5%
dur i ng J ul y . A dd e d
C R L and
and
U n i v e r sa l
S ci e n t i f i c
I ndu st r i a l
as
K e y
C a ll s
-> W e
ad d ed
C hi n a
Re s our ce s
L a nd as
a
K ey
Cal l
B u y
du e
to
s tru c tu ral
oppo rtu n i t i es
i n th e
l u x u ry
mal l
market.
Ch i n a’ s
l o w
retai l
s p ace
p er
c ap ital
an d
l ac k
o f
qu al ity
mal l op erato rs
s ugg es ts
a
s tru c tu ral
oppo rt un ity
fo r
Ch i n a
m al l s
d es p ite
th e
rap i d
e - c o mmerc e
d ev el op me n t
( s ee
Q - Seri es
rep o rt ) .
L u x u ry
mal l s
are
mo re
i mmun e
to
e - c o mmerc e,
an d
w e
th i nk
th e
retu rn
o f
l u x ur y
s al es
to
Ch i n a
w ill
b e
po s i t i ve
fo r
CR L a nd. -> W e
a dde d U n i v ers a l
Sc i en t i fi c
I ndu s tri a l
(USI)
as
a
K ey
Cal l
B u y
on th e
b ac k o f
a
mor e pos i t i ve
ba c kdrop
on
U S I ’ s
s y s t e m- in - pa c k a g e
( S i P )
bus i ne ss
due
t o
ex pa ns i on
of
S i P ca pa c i t y
a nd
hi ghe r
v i s ibili t y
on
i t s
c o nt e nt
va l ue
ga i n
i n
mmW ave
i P hone
m ode l s
i n H 220. R e m o v e d
N A R I ,
L o n g i
and
A ya l a
C o r p
f r o m
t h e
K e y
C a ll
L i st -> O n Aug 4, W e
remo v ed
NAR I
fro m th e
K ey
Cal l
li s t
as
w e
b el i eve
th e
c atal y s ts
c oul d take
l ong er
to
materi al i ze
und er
th e
c u rren t
b ac kdrop.
W e
mai n tai n
B u y ,
as
th e c omp an y
c ou l d s ti ll
b en efi t
fr om th e
acc el erati on i n Ch i n a’ s
to tal
po w er
g ri d i n v es tmen t an d g ri d i n fo rm ati z ati on d ev el op men t.
-> O n Aug 4, W e
remo v ed
L ong i
fro m t h e
K ey
Cal l
li s t
as
t h e
s h are
p ri ce
h as
i n crease d a bout 13 0%
Y T D , out pe r f orm i ng l oc a l
C S I
i n de x
by
114%
Y T D . W e
m a i nt a i n our Buy rati ng
a nd
c on ti nu e
t o
li ke
th e
c omp an y
du e
to
mu l ti p l e
c atal y s ts
to
m ateri al i ze
i n H2 20,
s u c h
as
margi n
ex p an s i on
du e
t o
rec o v ery
i n
w afe r
an d
modu l e
p ri c es
a nd po ten ti a ll y
s tro ng w afer/ modu l e
d eman d bo th
do mes ti c al l y
a nd o v erseas . -> O n Ju l y
27, W e
remo v ed
A y al a
Co rp fro m th e
K ey
C a ll
list , f o llo w i ng it s
sha r e
pr ic e ral l y
i n th e
p as t
th ree
mon th s , w e
b el i eve
th e
market
h as
p ri c ed
i n th e
res ump ti on i n ec ono mi c
ac ti v ity
an d eas i ng po li ti c al
p re ss u re
ac ro ss
th e
group. T i m
S ma rt P roduct
M a nage r t im ot hy.s m a r t @ u bs .com
+ 852-3712
4501
W illi am
Va nde r pump
P roduct
M a nage r w illi a m .va nde rpum p@ ubs .com
+ 852-2971
7140
N i al l
MacLeod
S trategi s t ni a ll.m a cl eod@ ubs .com
+ 852-2971
6186
www .u b s.co m / i nvestm ent r esea r ch
Th i s
rep o rt
h as
b een
p rep are d b y
UB S
Sec u ri ti es
As i a
L imited .
ANALYS T
C E R T I F IC AT I O N
AND
R E Q UI R E D
DIS C L O S UR E S
B E G I N O N
P AGE
19 .
UB S
do e s
an d s eeks
to
do bu s i n es s
w i t h c omp an i es
c o v ered
i n i ts
re s earc h r ep o rts . As
a
res u l t,
i n v es t o rs
s hou l d b e aw are
th at
th e
fi rm may
h ave
a
c on fl i c t
o f
i n teres t
th at
c ou l d affec t
th e
ob j ec ti v ity
o f
t h i s
rep o rt.
I n ve s to rs
s hou l d c on s i d er
th i s rep o rt
as
on l y
a
s i ng l e
fac to r i n maki ng th ei r i n v es tmen t
d ec i s i on. A s i a
Pac i f i c
Equit y
St r at egy
APAC
K ey C al l s
F i g u r e
1 :
U B S
A PA C
K ey C al l s
M a r ket
R el
p erf
v s .
cap
A bs
pe r f
R el
p erf
MS C I
AP AC
P E
(x)
P E
(x)
R eu ter s
I ncep t i on
(U S $
Sh a r e
P r i ce
s i nce
s i nce
s i nce
2019 E
2020 E
St ock
cod e
Ra t in g
da y
bn)
p r i ce
ta rg e t
i ncep t i on
i nc epti o n*
i ncep t i on
Pin g
A n Insu r an ce
2318.H K
Buy
22- Ju n-18
193.6
HK $82.10
HK $106.00
7.9%
19.5% 10.5% 9.3
10.0
Ar ist o cr at A LL.A X
Buy
8-Ma y -19
11.9
A$26.18
A$29.60
1.9%
7.0%
- 0.6%
19.2
39.2
F u jit su 6702.T
Buy
5- Sep -19
27.0
¥14120.00
¥17500.00
68.9% 69.6% 61.8% 14.0
11.4
M u ra ta M fg .
6981.T
Buy
17- Sep -19
40.3
¥6609.00
¥7700.00
29.8% 36.9% 26.7% 17.3
19.3
S un A r t
Retail
6808.H K
Buy
5-Mar-20
13.2
HK $10.76
HK $14.68
6.5%
11.1% 2.3%
23.1
30.8
Sam sun g
Elect r o n ics
005930.K S
Buy
17-Mar-20
290.2
Won57900.00
Won74000.00
18.4% - 12.8% - 7.5%
15.7
17.2
L ongi
G r ee n E n e r gy
601012.S S
Buy
17-Apr-20
30.7
Rm b56.80
Rm b45.00
116.1% 92.6% 100.3% 16.6
23.6
L and
& Hous e s LH .BK
Sell
5-Ma y -20
2.8
Bt 7.40
Bt 5.50
0.0%
2.1%
15.4% 16.4
17.7
Telko m In d o n e sia T L KM. J K
Buy
11-Ma y -20
20.4
Rp3050.00
Rp4000.00
- 4.4%
- 16.4% - 16.7% 20.4
14.2
L &T
LA RT .BO
Buy
26-Ma y -20
17.1
Rs 913.35
Rs 1195.00
11.9% - 10.7% - 0.8%
21.7
13.9
M elco
Res o r t s M LC O.O
Buy
4- Ju n-20
7.4
U S $16.46
U S $21.80
- 6.6%
- 7.7%
- 11.4% 38.9
-11.3
POSC O
005490.K S
Buy
9- Ju n-20
13.0
Won193500.00
Won270000.00
- 4.4%
- 7.4%
- 7.1%
10.5
22.2
NAR I
Te ch n o lo g y 600406.S S
Buy
22- Ju n-20
14.1
Rm b21.25
Rm b32.00
5.1%
- 9.5%
1.7%
21.2
18.2
O lym p us 7733.T
Buy
24- Ju n-20
23.1
¥1883.50
¥2700.00
- 0.3%
5.4%
- 2.5%
174.9
37.4
CR
L a n d
1109.H K
Buy
7- Ju l-20
29.7
HK $32.30
HK $42.00
- 6.0%
0.4%
- 5.5%
9.4
8.4
Un iver sal Scientif ic
601231.S S
Buy
14- Ju l-20
7.6
Rm b24.21
Rm b33.00
- 4.2%
- 0.9%
- 3.2%
23.4
32.3
N ot e:
A bov e
da t a
as
of
31 J u l y
2020. *R el a t i ve
pe r f orm anc e
ag ai n s t
l oc al
indi ce s : KO SPI
f or S am s ung El ec t ro ni c s ; H SC EI
f or P i ng An, Sun
Ar t
Re t a il , a nd C R L and;
H I S
f or M el c o R es or t s ; C SI 300 f or L o ngi
G r e en
En ergy , N A RI
T ec hn ol ogy , U ni ve r s al
Sc i e nt i f i c ; J C I
f or T el kom I ndon es i a;
SEN S EX
f or L & T;
TO PI X
f or M ur a t a
M f g, O l y m pus
a nd F u ji t s u; a nd A SX A O
f or Ar i s t oc r at . S our c e:
Re ut er s , U BS
e s t i m at e s . "N /A "
i s
s hown i f
c om par i s on dat e
i s
be f or e
i ncep t i on d at e . Fo r SE LL
ca ll s , pe r f orm a nc e
i s
m ul t ipli ed
by
a
f ac t or of
-1.W e
r e mo ve d Lo ng i
gr ee n an d N ar i
Te ch
on 4 th
Aug f rom K ey
C a ll .
F i g u r e
2 :
U B S
A PA C
K ey C a ll
p e r f o r man ce
A bso lut e
pe r f o r m a nc e
R e l a t iv e
perf o r m a nc e
(v s .
l o c a l
i ndex )
Sto ck
Sinc e i nc e pti on date
30
d a y s
90
d a y s
Y T D
Sinc e
i nc epti on
da t e
30
d a y s
90
d a y s
Y T D
Pin g
A n Insu r an ce
( 2318. HK )
7.9%
5.9%
3.0%
- 10.9%
19.5% 3.1%
3.0%
- 0.8%
Ar ist o cr at ( AL L .AX )
1.9%
2.7%
8.6%
- 22.2%
7.0%
1.7%
- 5.1%
- 11.3% F u jit su ( 67 02.T)
68.9% 11.9% 35.6% 37.5%
69.6% 15.9% 31.0% 50.6% M u r at a
M f g .
( 69 81.T)
29.8% 4.6%
12.1% - 2.0%
36.9% 8.7%
7.5%
11.1% Su n Ar t
Retail
( 6 808.HK )
6.5%
- 18.7% - 16.7% 13.9%
11.1% - 21.6% - 16.7% 24.0% Sam sun g
Elect r o n ics
( 005930.K S) 18.4% 9.7%
15.8% 3.8%
- 12.8% 3.0%
0.3%
1.4%
L o n g i
Gr e en
E n er g y ( 601012.SS )
116.1% 39.5% 84.4% 128.8%
92.6% 26.7% 64.4% 114.1% L an d
& H o us es
(L H.B K )
0.0%
2.6%
0.0%
24.5%
2.1%
1.8%
2.1%
8.6%
Telko m In d o n e sia (TL K M .J K )
- 4.4%
0.0%
- 12.9% - 23.2%
- 16.4% - 5.0%
- 22.0% - 4.9%
L &T
(L AR T. B O )
11.9% - 3.3%
1.8%
- 29.7%
- 10.7% - 11.0% - 9.8%
- 20.8% M elco
Res o r t s ( M L C O .O )
- 6.6%
6.1%
9.2%
- 31.9%
- 7.7%
5.4%
9.4%
- 19.1% POSC O
( 00549 0. K S) - 4.4%
11.2% 4.9%
- 18.2%
- 7.4%
4.5%
- 10.6% - 20.5% NAR I
Te ch n o lo g y ( 600406 .SS)
5.1%
4.9%
5.7%
0.3%
- 9.5%
- 7.8%
- 14.3% - 14.3% O lym p us ( 773 3. T)
- 0.3%
- 9.3%
14.6% 11.5%
5.4%
- 5.2%
10.1% 24.6% CR
L an d
( 1109.H K )
- 6.0%
10.1% 1.6%
- 16.8%
0.4%
7.2%
1.6%
- 6.7%
Un iver sal Scientif ic
( 601231 .SS)
- 4.2%
10.9% 35.4% 25.9%
- 0.9%
- 1.9%
15.4% 11.3% Pin g
A n Insu r an ce
( 2318. HK )
7.9%
5.9%
3.0%
- 10.9% 19.5% 3.1%
3.0%
- 0.8%
N ot e:
A bov e
da t a
as
of
31 J u l y
2020. *R el a t i ve
pe r f orm anc e
ag ai n s t
l oc al
indi ce s : KO SPI
f or S am s ung El ec t ro ni c s ; H SC EI
f or P i ng An, Sun
Ar t
Re t a il , a nd C R
L an d; H I S
f or M el c o R es or t s ; C SI 300 f or L on gi
G r ee n E ne r gy , N A RI
T ec hn ol o gy , U ni v er s al
Sc i e nt i f i c ; J C I
f or T el kom I ndo nes i a;
S EN SEX
f or L & T;
TO PI X
f or M ur at a
M f g, O l y m pus
a nd F uji t s u; and
A SX A O
f or Ar i s t oc r at . S our c e:
Reu t e r s , U BS
es t i m at e s . "N /A "
i s
s ho w n i f
c om pa r i s on dat e
i s
b ef or e
i nc e pt i on da t e.
F or SEL L
c al l s , p e r f orm a n ce
i s
m ul t ipli ed
b y
a
f a ct or o f
-1.W e
r emov e d L ongi
gr ee n an d N ar i
Tec h on 4 th
Aug f rom K ey
C a ll .
T h e
p erfo rm a nc e
re t u r n s ar e
b a s e d
on
t ot al
r e t u r n
( c a p ital
a p prec iati on
pl u s d ivi de nd s )
b ut
e x c l ud i ng
tra n s a c ti on c o sts
s u c h
as
c...