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One-Asia Morning Focus

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One-Asia Morning Focus April 1, 2020 One-Asia Morning Focus Today’s reports Waskita Karya (WSKT IJ/Trading Buy/TP: IDR550) Upgrade rating/Lower TP – FY19 review & model update POSCO Chemical (003670 KS/Trading Buy/TP: W70,000) – Artificial graphite anode material capex announced Banks – Early adoption of final Basel III reforms: Capital regulations eased Global performance monitor: Two-day change (%) Asia xJPN World EM World DM Korea Japan China Taiwan HK India Indonesia Singapore Thailand Index -1.55 -1.19 2.50 0.83 -2.39 -0.71 -0.22 -2.09 -0.45 -1.95 -1.78 1.42 Growth -0.13 -1.20 3.39 1.64 -1.55 -0.56 0.16 -1.90 -0.75 0.47 -1.69 0.69 Value -1.54 -1.62 3.18 -0.14 -3.30 -0.90 -0.62 -2.30 -0.15 -4.64 -1.86 2.20 Semicon. & equip. -1.67 -1.61 2.78 -0.56 -3.06 -1.58 0.01 -7.47 N/A N/A N/A N/A Tech hardware & equip. -1.41 -1.39 1.93 -1.22 0.00 -3.06 0.45 -2.14 5.90 N/A -2.33 N/A Comm. & prof. services -1.07 -1.07 1.85 -0.81 -4.41 -1.01 1.48 N/A -0.24 1.20 N/A N/A Software & services -2.96 -2.66 4.08 1.83 -0.91 -1.39 0.76 -2.24 -0.80 N/A 2.57 N/A Media & entertainment -1.18 -1.15 2.68 2.79 2.57 -1.15 2.41 -1.52 -2.95 N/A 0.47 N/A Consumer goods -2.27 -2.20 0.02 -0.40 -3.21 -2.89 -3.57 -3.81 -1.87 -0.62 N/A 0.38 Consumer services -2.83 -2.30 0.15 -2.05 -1.03 -2.26 -0.66 -4.03 1.05 -4.83 4.25 3.04 F&B & tobacco -1.60 -0.86 2.81 1.64 -1.73 -0.34 2.43 -5.42 4.75 -3.24 0.79 -0.43 Food & staples retailing 0.05 -0.30 2.31 4.53 0.24 0.59 1.73 -1.33 4.06 N/A 2.19 0.67 Retailing 1.03 0.90 2.06 -0.03 -1.50 1.10 2.87 -5.58 -6.21 -1.80 -2.60 5.35 HH & personal products -0.68 -0.63 2.68 -0.38 -1.18 0.25 2.25 N/A 5.94 5.51 N/A N/A Pharma & life sciences -0.52 -0.67 4.40 16.73 0.57 -1.00 2.66 -0.10 4.98 17.57 N/A N/A Autos & parts -4.12 -4.13 -1.39 1.14 -5.01 -2.90 -0.71 -2.60 -6.30 -5.41 N/A N/A Transportation -1.51 -1.51 1.00 2.10 -4.13 -0.93 -2.34 -2.02 1.55 -3.33 -4.00 0.44 Capital goods -2.22 -2.05 0.07 2.04 -3.72 -1.45 0.59 -3.38 -3.59 N/A -0.95 N/A Materials -1.53 -0.54 1.90 0.82 -1.99 -1.41 -0.61 N/A 1.44 -1.85 N/A 2.63 Real estate -2.18 -2.01 1.22 3.97 -1.13 -1.84 5.08 -1.98 -1.99 -9.58 -1.79 3.16 Energy -2.19 -1.27 1.76 -1.39 0.09 -0.18 1.69 -1.36 4.17 4.88 3.50 2.22 Banks -2.73 -1.69 -0.31 -1.71 -6.87 -0.56 -0.76 -2.41 -5.39 -4.00 -2.76 2.47 Diversified financials -2.07 -2.56 1.65 4.40 -3.61 -1.23 -3.95 -1.15 -10.00 N/A 2.14 -3.12 Telecom services -1.72 -1.23 0.90 0.90 -1.86 -1.07 -0.82 -2.21 -2.67 1.57 -0.70 1.54 Utilities -1.39 -0.58 2.54 2.99 0.45 -1.20 1.32 -1.95 0.66 0.91 N/A 0.44 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) Celltrion Healthcare KR Healthcare 10,607 30.8 38.1 60.8 83.6 31.5 NA Internet of Things (Global X) Celltrion KR Healthcare 25,351 24.5 34.4 20.2 44.1 23.9 155.1 Digitalisation (iShares) Bharat Petroleum IN Energy 9,063 15.0 -24.9 -35.6 -33.2 -20.6 -25.8 FinTech (Global X) Unilever Indonesia ID Consumer staples 16,958 13.0 -6.6 -26.3 -31.5 -33.9 -27.0 Genomics & Biotech (Global X) Britannia Industries IN Consumer staples 8,549 8.6 -13.7 -16.2 -14.5 -19.6 38.6 Health & Wellness (Global X) Genting Singapore SG Consumer disc. 5,861 7.8 -17.0 -29.2 -23.8 -34.5 -27.0 Ageing Population (iShares) ITC Ltd IN Consumer staples 27,948 7.8 -17.0 -31.7 -38.0 -45.9 -44.5 EM Consum Growth (iShares) Bottom seven performers Clean Energy (iShares) Nan Ya Plastics TW Materials 14,345 -1.7 -19.6 -25.5 -19.5 -24.5 -8.1 Water Resources (Invesco) United Microelectronics TW Information tech. 5,314 -2.2 -10.7 -17.7 4.5 24.4 26.2 Agribusiness (iShares) Pegatron TW Information tech. 5,007 -2.3 -7.4 -15.9 10.2 18.5 -22.7 Global Infrastructure (iShares) Ayala Land PH Real estate 8,738 -2.3 -21.9 -33.5 -37.0 -29.7 -6.6 ESG US Leaders (iShares) Chang Hwa Bank TW Financials 6,290 -2.4 -17.8 -16.8 -9.7 10.7 24.5 2D 10D Maxis MY Commun. services 9,685 -2.4 -2.8 -3.8 -5.5 -2.0 -5.3 (5) 0 5 10 15 MediaTek TW Information tech. 17,219 -2.8 -8.9 -26.8 -8.9 21.5 69.1 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. April 1, 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 Apr-19 Jul-19 Oct-19 Jan-20 Apr-19 Jul-19 Oct-19 Jan-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 20 11 KRW 1,224.4 1.14 5.88 5.88 18 10 CNY 7.1 0.08 1.55 1.87 9 16 JPY 108.1 -0.10 -0.83 -0.54 8 14 IDR 16,337.5 1.22 17.33 17.68 7 12 HKD 7.8 0.04 -0.43 -0.49 6 TWD 30.2 -0.02 0.61 0.80 10 Apr-19 Jul-19 Oct-19 Jan-20 Apr-19 Jul-19 Oct-19 Jan-20 SGD 1.4 -0.46 5.61 5.90 THB 32.7 0.22 9.10 9.10 Indonesia India INR 75.6 1.04 6.03 5.94 16 19 PHP 51.0 -0.02 0.70 0.70 14 17 MYR 4.3 0.02 5.50 5.92 VND 23,632.5 0.04 1.99 1.99 12 15 Commodities 10 13 Latest Change (%) 8 11 Apr-19 Jul-19 Oct-19 Jan-20 close 1D 3M YTD Apr-19 Jul-19 Oct-19 Jan-20 Crude oil (US$/bbl) 25.1 -4.7 -60.4 -63.0 Hong Kong China Thermal coal (US$/tonne) 67.6 0.0 -2.3 1.0 17 13 Iron ore (US$/tonne) 88.5 -0.1 6.9 -3.3 16 12 Copper (US$/tonne) 4,774.0 -0.0 -17.9 -22.4 15 Nickel (US$/tonne) 11,225.0 0.0 -25.1 -19.8 14 11 Tin (US$/tonne) 14,355.0 1.6 -11.8 -14.8 13 Gold (US$/ozt) 1,623.9 -1.6 10.7 6.9 10 12 Palm oil (INR/tonne) 721.7 0.0 1.6 -17.1 11 9 Soybean oil (c/lb) 26.7 1.3 -11.6 -22.3 Apr-19 Jul-19 Oct-19 Jan-20 Apr-19 Jul-19 Oct-19 Jan-20 Corn (US$/bu) 3.4 -0.8 -11.2 -15.4 Wheat (US$/bu) 5.7 0.4 13.6 2.2 Source: FactSet, Mirae Asset Daewoo Research (updated on 4/01/20 at 23:00 KST) Waskita Karya (WSKT IJ) FY19 review & model update Horrendous FY19 revenue and net profit achievement WSKT booked a net profit of IDR938bn in FY19, plunging by 76.3% YoY at only 38%/40% run-rates against our/consensus’ estimates.
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