One-Asia Morning Focus
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May 6, 2021 One-Asia Morning Focus Today’s reports HYBE Corporation (352820 KS/Buy/TP: W340,000) – Foreign buying is happening for a reason Kakao Games (293490 KQ/Hold/TP: W49,000) – New title effects to be concentrated in 3Q21 Semen Indonesia (SMGR IJ/Buy/TP: IDR12,755) Upgrade rating – 1Q21 review: Broadly in line with expectations Bank CIMB Niaga (BNGA IJ/Not Rated) – 1Q21 earnings: Improved fundamentals Global performance monitor: Two-day change (%) Asia xJPN World EM World DM Korea Japan China Taiwan HK India Indonesia Singapore Thailand Index -0.99 -0.93 -0.55 0.99 -0.27 -0.78 -1.76 -0.35 0.06 1.05 N/A -2.32 Growth -0.67 -1.13 -2.33 1.09 -0.27 -0.91 -1.64 -0.39 0.01 0.56 N/A -2.98 Value -0.89 -0.92 1.05 0.90 -0.27 -0.63 -1.93 -0.30 0.10 1.55 N/A -1.67 Semicon. & equip. -2.20 -2.20 -2.77 0.49 -0.27 -0.20 -1.80 -2.13 N/A N/A N/A N/A Tech hardware & equip. -1.24 -1.23 -2.00 1.16 -0.27 -0.20 -3.27 -2.22 -1.49 N/A N/A N/A Comm. & prof. services 0.70 0.70 0.66 -1.12 -0.27 -0.20 -0.57 N/A -3.54 1.05 N/A N/A Software & services -0.86 -1.00 -2.19 -0.01 -0.27 -0.20 -2.00 -1.39 0.27 N/A N/A N/A Media & entertainment -0.95 -1.04 -1.80 0.50 -0.27 -0.20 -6.34 -5.09 -0.50 N/A N/A N/A Consumer goods -0.18 -0.12 -0.06 0.47 -0.27 -0.20 -0.89 N/A 0.19 -1.46 N/A -1.96 Consumer services -0.95 -1.20 -1.37 -0.29 -0.27 -0.20 -3.07 0.06 -1.89 1.46 N/A -3.11 F&B & tobacco -0.64 -0.39 0.16 -0.38 -0.27 -0.20 -1.92 -0.77 -0.37 -1.63 N/A -1.61 Food & staples retailing -0.21 -0.48 0.15 -0.93 -0.27 -0.20 -1.20 N/A -0.83 N/A N/A -2.12 Retailing -1.52 -1.52 -1.71 0.98 -0.27 -0.20 -1.26 -1.93 0.81 N/A N/A -3.48 HH & personal products 1.34 1.07 0.20 0.18 -0.27 -0.20 -3.39 N/A -0.23 -2.02 N/A N/A Pharma & life sciences -2.11 -2.07 0.25 1.70 -0.27 -0.20 -3.80 N/A 1.71 0.80 N/A N/A Autos & parts -0.28 -0.30 -2.33 1.66 -0.27 -0.20 -5.62 -1.46 -0.10 1.95 N/A N/A Transportation 0.49 0.79 1.29 0.71 -0.27 -0.20 -6.05 -0.24 -2.08 N/A N/A -2.63 Capital goods -0.67 -0.80 0.19 -0.01 -0.27 -0.20 -6.41 -0.38 -0.61 N/A N/A -1.35 Materials -0.15 -0.18 1.08 1.65 -0.27 -0.20 0.64 N/A 0.50 2.16 N/A -0.34 Real estate -0.31 0.18 -0.66 0.06 -0.27 -0.20 -0.05 -0.33 0.24 N/A N/A -4.25 Energy -0.85 -0.01 1.95 5.28 -0.27 -0.20 2.06 N/A -1.19 4.56 N/A -1.18 Banks -1.25 -1.01 0.14 -0.16 -0.27 -0.20 -0.86 -0.28 0.20 1.10 N/A -4.14 Diversified financials -0.40 -1.12 0.18 0.30 -0.27 -0.20 -0.17 0.07 -0.45 N/A N/A -5.21 Telecom services -0.13 -0.40 0.48 1.76 -0.27 N/A -0.66 0.89 -0.14 0.98 N/A -1.04 Utilities 0.66 0.01 -0.34 -0.69 -0.27 -0.20 -2.40 0.70 1.07 0.51 N/A -2.31 Key thematic ETFs: Change (%) Market movers Mkt cap US dollar total returns (%) Robotics & AI (Global X) Name Ctry Sector (US$mn) 1D 1M 3M 6M 1Y 3Y Cloud Computing (Global X) Top seven performers Lithium & Battery (Global X) Lupin IN Healthcare 7,369 13.5 15.7 10.8 29.1 49.6 39.3 Internet of Things (Global X) China Steel TW Materials 22,094 8.2 55.1 67.8 93.5 116.7 98.3 Digitalisation (iShares) PI Industries IN Materials 5,486 7.3 19.8 17.4 17.0 79.2 182.2 FinTech (Global X) SK Innovation KR Energy 22,737 7.2 18.2 -9.9 99.2 209.7 41.4 Genomics & Biotech (Global X) Aurobindo Pharma IN Healthcare 8,071 6.4 14.5 6.7 30.0 65.7 52.6 Health & Wellness (Global X) Sun Pharmaceutical IN Healthcare 22,180 5.9 11.4 7.1 35.4 54.9 22.5 Ageing Population (iShares) Apollo Hospitals IN Healthcare 6,490 4.8 13.4 20.1 58.2 153.7 178.3 EM Consum Growth (iShares) Bottom seven performers Clean Energy (iShares) Airtac International Grp TW Industrials 7,168 -5.8 4.4 2.0 46.1 106.7 140.9 Water Resources (Invesco) Nan Ya Printed Circuit TW Information tech. 6,681 -6.2 -16.2 9.1 131.3 345.3 1,131.1 Agribusiness (iShares) MediaTek TW Information tech. 57,176 -7.4 6.6 5.8 47.3 171.8 256.2 Global Infrastructure (iShares) KrungThai Card TH Financials 5,803 -8.1 -9.5 5.8 71.5 120.2 106.3 ESG US Leaders (iShares) Novatek Microelectr. TW Information tech. 11,603 -8.3 -4.6 11.3 101.4 212.5 420.6 2D 10D GlobalWafers TW Information tech. 12,029 -10.0 3.3 21.4 84.5 125.7 103.8 (12) (9) (6) (3) 0 3 6 Delta Electronics Thai TH Information tech. 12,633 -10.9 -16.1 -33.2 58.6 661.0 438.5 This publication contains summaries of reports prepared by Mirae Asset Securities Co., Ltd. and/or its non-US affiliates (“Mirae Asset Securities”). Please review the compliance notices contained in the original reports. Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Securities makes no guarantee, representation, or warranty, express or implied, as to the fairness, accuracy, or completeness of the information and opinions contained in this document. 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May 6, 2021 One-Asia Morning Focus MSCI valuations (DM, EM, Asia ex-JP) 19 12M forward P/E (x) 23 2.6 12M trailing P/B (x) 3.4 2.4 3.2 21 17 3.0 2.2 19 2.8 15 2.0 2.6 17 1.8 2.4 13 1.6 15 2.2 1.4 11 2.0 13 1.2 1.8 9 11 1.0 1.6 05/20 08/20 11/20 02/21 05/20 08/20 11/20 02/21 MSCI Asia ex-JP (L) MSCI World EM (L) MSCI World DM (R) MSCI Asia ex-JP (L) MSCI World EM (L) MSCI World DM (R) MSCI 12M forward P/E (x) Currencies (vs. USD) Value Change (%) Korea Vietnam 17 1D 3M YTD KRW 1,122.7 0.00 -0.11 -2.92 15 19 CNY 6.5 0.00 -0.11 -7.10 13 16 JPY 109.2 0.01 3.56 0.50 11 IDR 14,435.0 0.03 2.89 3.98 13 9 HKD 7.8 0.02 0.22 -0.29 TWD 28.0 0.07 -0.05 -6.75 7 10 05/20 08/20 11/20 02/21 05/20 08/20 11/20 02/21 SGD 1.3 -0.10 0.03 -0.70 THB 31.1 -0.11 3.40 3.84 Indonesia India 19 26 INR 73.9 0.07 1.35 3.55 24 PHP 48.0 -0.01 -0.08 -5.15 17 22 MYR 4.1 -0.13 1.15 0.66 15 20 VND 23,061.5 -0.03 0.23 -0.48 13 18 16 Commodities 11 14 Latest Change (%) 9 12 05/20 08/20 11/20 02/21 05/20 08/20 11/20 02/21 close 1D 3M YTD Crude oil (US$/bbl) 68.9 1.7 38.1 1.6 Hong Kong China Thermal coal (US$/tonne) 92.2 0.0 43.2 37.7 19 20 Iron ore (US$/tonne) 189.7 2.5 22.8 107.3 18 17 Copper (US$/tonne) 9,961.0 0.1 28.5 61.8 16 Nickel (US$/tonne) 17,861.0 2.2 5.6 27.6 15 Tin (US$/tonne) 32,397.0 0.6 61.1 92.3 14 Gold (US$/ozt) 1,775.8 -0.9 -4.9 16.9 13 12 Palm oil (INR/tonne) 1,075.0 0.0 6.8 23.5 11 10 Soybean oil (c/lb) 70.8 0.0 70.5 106.4 05/20 08/20 11/20 02/21 05/20 08/20 11/20 02/21 Corn (US$/bu) 7.3 2.1 60.3 82.6 Wheat (US$/bu) 7.4 1.6 19.4 31.9 Source: FactSet, Mirae Asset Securities Research (updated on 5/6/20 at 06:00 KST) [Korea] Entertainment May 6, 2021 HYBE Corporation Buy (352820 KS) (Maintain) Foreign buying is happening for a reason TP: W340,000 Upside: 42.0% Mirae Asset Securities Co., Ltd.