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One-Asia Morning Focus November 17, 2020 One-Asia Morning Focus Today’s reports JYP Entertainment (035900 KQ/Buy/TP: W47,000) Upgrade rating/Raise TP – New group debut, potential concert return NCsoft (036570 KS/Buy/TP: W1,260,000) – New titles, new platforms, and new markets in 2021 Vatech (043150 KQ/Buy/TP: W33,000) – Riding out the storm while strengthening competitiveness Rayence (228850 KQ/Buy/TP: W17,000) – Another disappointing quarter Global performance monitor: Two-day change (%) Asia xJPN World EM World DM Korea Japan China Taiwan HK India Indonesia Singapore Thailand Index 0.94 0.81 0.07 4.00 0.95 2.17 3.38 -1.14 0.88 0.79 1.49 0.90 Growth 1.66 2.89 0.21 4.01 0.87 5.00 5.16 -0.75 0.84 0.70 1.63 0.70 Value -0.94 -0.88 0.55 3.99 1.04 -1.35 1.06 -1.64 0.92 0.87 1.36 1.09 Semicon. & equip. 1.14 1.14 0.21 11.79 6.25 -1.04 5.25 2.35 N/A N/A N/A N/A Tech hardware & equip. 1.77 1.79 0.40 7.21 0.73 -1.47 1.42 -1.15 1.44 N/A 1.69 N/A Comm. & prof. services 2.40 2.40 -0.24 0.50 1.34 -1.81 0.57 N/A 1.32 1.42 N/A N/A Software & services 0.45 0.42 -0.21 0.69 -1.51 2.28 0.30 5.51 0.77 N/A 6.17 N/A Media & entertainment 6.50 6.18 1.80 0.89 -0.71 0.34 1.63 0.76 2.08 N/A N/A N/A Consumer goods 1.49 1.20 -0.22 0.62 3.29 0.96 1.17 N/A 0.19 0.36 N/A -0.22 Consumer services 1.27 1.85 -0.12 -1.90 0.21 0.50 4.71 -0.86 4.10 -0.68 8.22 2.92 F&B & tobacco 0.35 0.07 0.12 -0.56 0.98 1.01 0.60 1.38 0.55 0.43 1.57 -0.27 Food & staples retailing -0.90 0.47 0.96 -0.56 1.07 -0.25 0.06 -1.86 -1.05 N/A -0.47 -0.28 Retailing 3.36 3.14 0.92 0.54 3.31 -2.92 4.78 0.12 1.39 0.72 2.52 3.02 HH & personal products 0.65 0.60 0.47 -2.05 -0.92 -0.34 0.89 N/A -0.22 -0.54 N/A N/A Pharma & life sciences 1.46 1.49 0.56 1.47 0.00 0.51 0.89 -2.44 1.52 0.76 N/A N/A Autos & parts 2.84 2.86 -0.28 2.44 2.15 0.90 0.18 6.16 0.81 -0.83 N/A N/A Transportation 0.39 -0.08 0.11 0.08 -0.73 1.94 1.85 -1.07 0.09 N/A -1.62 1.16 Capital goods -0.87 -1.43 0.27 3.01 0.13 1.41 0.12 1.61 -0.62 N/A 2.30 -8.07 Materials -0.32 -0.38 -0.43 -0.58 1.19 3.98 0.52 N/A 1.00 -1.29 N/A 0.35 Real estate -1.83 -2.10 -0.18 -0.09 0.28 -0.81 -0.46 -2.29 1.10 N/A 1.07 3.89 Energy -1.43 -1.41 -1.06 0.05 -0.17 2.09 0.06 N/A 1.49 1.46 4.24 1.22 Banks -2.19 -1.82 -1.16 0.92 1.31 -1.02 1.02 -3.39 0.72 1.33 1.03 3.99 Diversified financials -0.38 -2.35 -0.05 3.78 0.01 0.21 1.22 1.53 1.85 N/A 0.82 -3.01 Telecom services -3.10 -2.45 0.41 0.72 0.99 -0.37 -0.13 -0.40 0.46 1.43 3.75 -0.23 Utilities -1.24 -1.37 -0.61 0.74 1.00 -0.92 0.06 -1.16 -0.27 3.84 N/A -0.01 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) SK Hynix KR Information tech. 64,318 9.9 18.8 30.5 32.8 22.2 23.7 Internet of Things (Global X) CIMB Group MY Financials 9,088 9.8 24.6 8.2 15.2 -24.7 -27.0 Digitalisation (iShares) Genting Singapore SG Consumer disc. 7,233 8.3 21.3 13.9 19.7 -11.2 -32.2 FinTech (Global X) Korea Shipbuilding KR Industrials 6,310 7.8 28.5 10.1 40.0 -11.5 -30.6 Genomics & Biotech (Global X) Eicher Motors IN Consumer disc. 9,214 7.0 9.0 25.5 80.7 14.4 -26.3 Health & Wellness (Global X) Quanta Computer TW Information tech. 10,314 6.5 4.9 -3.1 28.5 36.3 44.2 Ageing Population (iShares) Hana Financial Group KR Financials 9,880 5.9 29.7 26.6 62.8 13.6 -11.7 EM Consum Growth (iShares) Bottom seven performers Clean Energy (iShares) Supermax Corp MY Healthcare 5,369 -8.7 -23.2 -9.1 326.0 1,038. 1,724. Water Resources (Invesco) Top Glove MY Healthcare 14,335 -7.3 -21.6 -6.8 123.3 395.1 584.5 Agribusiness (iShares) Hartalega MY Healthcare 12,073 -5.5 -20.5 -7.7 68.7 177.0 244.7 Global Infrastructure (iShares) LG Chem KR Materials 45,417 -3.4 9.4 3.3 116.8 125.7 72.3 ESG US Leaders (iShares) DiGi Com MY Commun. services 7,593 -3.4 1.8 -0.7 -1.4 -8.0 -1.7 2D 10D Tata Motors IN Consumer disc. 6,479 -3.1 12.7 18.0 75.6 -16.5 -69.0 (3) 0 3 6 9 12 15 Gulf Energy TH Utilities 13,483 -3.0 18.4 10.1 -1.9 5.3 NA This publication contains summaries of reports prepared by Mirae Asset Daewoo Co., Ltd. and/or its non-US affiliates (“Mirae Asset Daewoo”). 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 Daewoo 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. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opinions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed, or published in whole or in part for any purpose. November 17, 2020 One-Asia Morning Focus MSCI valuations (DM, EM, Asia ex-JP) 17 12M forward P/E (x) 22 2.0 12M trailing P/B (x) 2.8 21 16 20 2.6 1.8 15 19 2.4 14 18 1.6 17 13 2.2 16 1.4 12 15 2.0 11 14 1.2 13 1.8 10 12 9 11 1.0 1.6 Nov-19 Feb-20 May-20 Aug-20 Nov-19 Feb-20 May-20 Aug-20 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 1D 3M YTD 13 19 KRW 1,109.3 -0.57 -6.36 -4.08 CNY 6.6 -0.57 -5.37 -5.58 11 16 JPY 104.6 -0.04 -1.75 -3.75 IDR 14,110.0 -0.42 -4.69 1.64 9 13 HKD 7.8 0.00 0.04 -0.49 TWD 28.5 -0.04 -3.07 -4.93 7 10 Nov-19 Feb-20 May-20 Aug-20 Nov-19 Feb-20 May-20 Aug-20 SGD 1.3 -0.19 -1.80 0.10 THB 30.2 0.20 -2.86 0.96 Indonesia India 19 24 INR 74.6 0.00 -0.38 4.54 22 PHP 48.2 0.01 -1.12 -4.79 17 20 MYR 4.1 -0.18 -1.82 0.64 15 18 VND 23,175.5 0.00 0.00 0.01 13 16 Commodities 11 14 Latest Change (%) 9 12 Nov-19 Feb-20 May-20 Aug-20 Nov-19 Feb-20 May-20 Aug-20 close 1D 3M YTD Crude oil (US$/bbl) 42.8 -1.7 1.0 -36.9 Hong Kong China Thermal coal (US$/tonne) 58.4 0.0 11.9 -12.8 19 16 Iron ore (US$/tonne) 120.8 -0.2 15.5 32.0 15 17 Copper (US$/tonne) 6,926.0 0.3 9.3 12.5 14 Nickel (US$/tonne) 15,815.0 -0.4 17.8 13.0 15 13 Tin (US$/tonne) 18,415.0 0.5 5.5 9.3 12 Gold (US$/ozt) 1,885.7 0.7 4.8 24.1 13 11 Palm oil (INR/tonne) 986.7 1.5 29.1 13.4 11 10 Soybean oil (c/lb) 38.1 0.2 39.1 11.1 Nov-19 Feb-20 May-20 Aug-20 Nov-19 Feb-20 May-20 Aug-20 Corn (US$/bu) 4.2 0.5 18.6 4.1 Wheat (US$/bu) 5.9 0.9 12.8 6.2 Source: FactSet, Mirae Asset Daewoo Research (updated on 11/16/20 at 23:00 KST) [Korea] Entertainment November 17, 2020 JYP Entertainment Buy (035900 KQ) (Upgrade) Attention turning to new group debut and potential TP: W47,000 ▲ return of concerts Upside: 23.4% Mirae Asset Daewoo Co., Ltd.
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