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One-Asia Morning Focus May 13, 2020 One-Asia Morning Focus Today’s reports NCsoft (036570 KS/Buy/TP: W970,000) Raise TP – Our top global gaming pick for 2020-21; Raise TP Hanwha Aerospace (012450 KS/Buy/TP: W33,000) Lower TP – Stability of defense business to stand out Shinsegae (004170 KS/Buy/TP: W360,000) – 1Q20 review: More leveraged to tailwinds than headwinds Global performance monitor: Two-day change (%) Asia xJPN World EM World DM Korea Japan China Taiwan HK India Indonesia Singapore Thailand Index 0.86 0.47 -0.05 -1.80 0.38 1.23 -0.40 1.24 -0.04 -0.25 0.03 3.12 Growth 0.65 1.12 0.64 -0.76 0.48 1.74 -0.92 1.59 -0.29 0.79 0.21 3.62 Value N/A 0.47 -0.72 -3.07 0.27 0.56 0.15 0.85 0.20 -1.54 -0.16 2.58 Semicon. & equip. 0.85 0.87 0.48 0.41 1.87 0.30 -0.90 -1.98 N/A N/A N/A N/A Tech hardware & equip. 0.24 0.24 0.75 -2.15 0.80 0.12 0.09 1.64 6.94 N/A -1.06 N/A Comm. & prof. services 0.07 0.07 -0.24 1.23 3.42 -0.82 -0.22 N/A -3.99 -1.02 N/A N/A Software & services 0.86 0.74 0.54 -0.41 0.56 -1.03 -0.32 0.94 2.21 N/A -2.18 N/A Media & entertainment 2.78 2.73 0.70 3.97 0.91 0.07 2.06 -0.12 -2.24 N/A -2.24 N/A Consumer goods 1.15 1.00 -0.53 -0.98 1.03 2.15 -0.85 1.09 1.31 1.67 N/A 3.59 Consumer services 0.12 -0.62 -1.17 -4.81 2.26 -1.03 3.82 1.46 -0.03 2.74 0.35 2.49 F&B & tobacco 0.21 -0.03 -0.10 -0.73 1.21 -0.03 -1.92 1.85 1.87 1.94 9.76 5.10 Food & staples retailing 1.17 0.02 0.47 -2.04 1.31 0.72 -0.39 1.25 2.19 N/A 0.99 2.85 Retailing 1.51 1.38 0.95 -4.43 0.39 -1.88 0.13 -0.58 -0.88 -0.50 -0.89 3.91 HH & personal products -0.91 -1.17 -0.17 -2.21 0.99 -0.62 -0.36 N/A -2.55 1.79 N/A N/A Pharma & life sciences 0.40 0.18 1.37 0.22 -0.96 0.24 0.22 4.11 -0.89 -0.84 N/A N/A Autos & parts 0.88 0.89 0.26 -3.21 0.61 -0.97 -1.54 3.81 5.17 2.38 N/A N/A Transportation 1.17 0.37 0.36 -3.34 2.01 -0.12 0.57 0.25 3.68 1.34 -1.65 2.70 Capital goods 0.06 0.17 -0.93 -3.32 0.24 -0.32 -0.67 0.07 -0.33 N/A 0.08 N/A Materials 0.44 -0.39 -1.20 -4.66 0.90 -0.86 -0.30 N/A 2.06 6.10 N/A 3.78 Real estate 1.20 0.98 -0.37 -1.10 -0.10 -1.31 1.34 1.04 5.28 -4.06 -0.76 5.02 Energy 0.64 -0.16 -0.90 -3.93 -0.21 -0.25 -2.10 -1.29 -4.47 -1.99 -0.30 3.47 Banks 0.28 -0.27 -1.57 -4.45 -1.41 -0.97 0.35 1.58 -1.66 -2.01 -0.22 1.70 Diversified financials 1.06 -1.25 -0.68 -4.34 -0.81 -1.24 1.47 2.98 -0.14 N/A 0.92 5.84 Telecom services 0.44 0.31 -0.86 2.74 -0.63 -0.96 -0.25 1.19 5.81 -1.16 0.43 0.08 Utilities 0.52 0.39 -0.54 -4.16 0.93 -0.02 0.96 0.32 2.22 -0.35 N/A 4.35 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) Wilmar International SG Consumer staples 17,278 8.0 11.5 -9.9 -4.5 5.6 8.0 Internet of Things (Global X) NCsoft KR Commun. services 13,389 6.5 14.4 10.7 33.9 44.4 103.5 Digitalisation (iShares) NTPC IN Utilities 12,002 6.0 6.3 -25.4 -26.2 -31.5 -35.0 FinTech (Global X) Netmarble KR Commun. services 7,390 5.1 10.6 7.1 7.9 -22.6 -39.9 Genomics & Biotech (Global X) InterGlobe Aviation IN Industrials 5,131 5.0 -2.1 -34.0 -35.6 -39.2 -18.7 Health & Wellness (Global X) Bharti Airtel IN Commun. services 40,432 4.7 15.6 -2.0 42.5 59.8 45.8 Ageing Population (iShares) ITC Ltd IN Consumer staples 26,858 4.4 -10.1 -26.8 -39.8 -47.7 -46.0 EM Consum Growth (iShares) Bottom seven performers Clean Energy (iShares) Reliance Industries IN Energy 124,265 -5.8 22.7 -4.9 -1.9 10.2 90.3 Water Resources (Invesco) Bank Mandiri ID Financials 12,555 -5.2 -8.5 -50.6 -43.6 -44.2 -33.7 Agribusiness (iShares) Bank Rakyat Indonesia ID Financials 20,606 -4.9 -4.9 -47.6 -38.9 -37.5 -12.0 Global Infrastructure (iShares) Ayala Land PH Real estate 9,301 -4.5 -0.1 -26.2 -30.6 -29.0 -16.4 ESG US Leaders (iShares) POSCO KR Materials 12,101 -3.8 -4.9 -25.6 -25.8 -29.2 -36.1 2D 10D Hana Financial Group KR Financials 6,226 -3.6 0.0 -31.1 -30.4 -29.0 -36.4 (9) (6) (3) 0 3 6 9 12 SM Prime Holdings PH Real estate 16,991 -3.4 1.9 -29.7 -25.2 -20.3 -6.4 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. May 13, 2020 One-Asia Morning Focus MSCI valuations (DM, EM, Asia ex-JP) 14 12M forward P/E (x) 18 2.0 12M trailing P/B (x) 2.8 17 2.6 13 1.8 16 2.4 12 15 1.6 2.2 14 11 1.4 2.0 13 10 1.2 12 1.8 9 11 1.0 1.6 May-19 Aug-19 Nov-19 Feb-20 May-19 Aug-19 Nov-19 Feb-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 12 1D 3M YTD 1,224.9 0.36 3.84 5.91 11 19 KRW CNY 7.1 0.03 1.67 1.77 10 16 JPY 107.2 -0.26 -2.53 -1.33 9 IDR 14,905.0 -0.02 9.11 7.37 8 13 HKD 7.8 0.01 -0.26 -0.53 7 TWD 29.9 0.20 -0.36 -0.33 10 May-19 Aug-19 Nov-19 Feb-20 May-19 Aug-19 Nov-19 Feb-20 SGD 1.4 -0.11 2.12 5.29 THB 32.1 -0.16 3.12 7.25 Indonesia India 17 20 INR 75.5 -0.29 5.86 5.80 PHP 50.3 0.00 -0.51 -0.66 15 18 MYR 4.3 -0.12 4.70 5.88 VND 23,334.0 0.04 0.43 0.70 13 16 11 14 Commodities Latest Change (%) 9 12 May-19 Aug-19 Nov-19 Feb-20 close 1D 3M YTD May-19 Aug-19 Nov-19 Feb-20 Crude oil (US$/bbl) 29.6 -4.0 -56.3 -56.3 Hong Kong China Thermal coal (US$/tonne) 58.6 0.0 -12.6 -12.6 17 13 Iron ore (US$/tonne) 86.7 -0.2 -5.3 -5.3 Copper (US$/tonne) 5,231.0 0.1 -15.0 -15.0 15 12 Nickel (US$/tonne) 12,188.0 -0.5 -12.9 -12.9 Tin (US$/tonne) 15,400.0 0.7 -8.6 -8.6 13 11 Gold (US$/ozt) 1,695.3 -0.9 11.6 11.6 Palm oil (INR/tonne) 689.8 1.0 -20.7 -20.7 11 10 Soybean oil (c/lb) 25.1 -0.2 -26.9 -26.9 May-19 Aug-19 Nov-19 Feb-20 May-19 Aug-19 Nov-19 Feb-20 Corn (US$/bu) 3.1 0.1 -22.3 -22.3 Wheat (US$/bu) 5.2 -0.9 -6.1 -6.1 Source: FactSet, Mirae Asset Daewoo Research (updated on 5/12/20 at 23:00 KST) NCsoft (036570 KS) Our top global gaming pick for 2020-21; Raise TP Game 1Q20 review: Earnings fall short of our expectations Results Comment For 1Q20, NCsoft reported revenue of W731.1bn (+104% YoY) and operating profit of May 13, 2020 W241.4bn (+204% YoY).
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