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One-Asia Morning Focus November 12, 2020 One-Asia Morning Focus Today’s reports Emart (139480 KS/Buy/TP: W225,000) Raise TP – Positive changes beginning to take shape Seegene (096530 KQ/Trading Buy/TP: W275,800) Lower TP – A new chapter in the history of in-vitro diagnostics Hanwha Aerospace (012450 KS/Buy/TP: W39,000) – Still undervalued Netmarble (251270 KS/Buy/TP: W170,000) Lower TP – Solid earnings and promising new lineup YG Entertainment (122870 KQ/Trading Buy/TP: W51,000) – Returning to normalcy Global performance monitor: Two-day change (%) Asia xJPN World EM World DM Korea Japan China Taiwan HK India Indonesia Singapore Thailand Index -0.11 0.31 1.52 1.93 2.71 -2.89 0.63 4.33 1.31 5.15 3.45 8.60 Growth -1.59 -2.95 -3.16 0.03 0.78 -6.25 -0.36 4.21 2.13 4.03 1.29 9.15 Value 2.64 2.34 5.35 4.03 4.89 1.81 1.93 4.48 0.59 6.17 5.59 8.08 Semicon. & equip. -0.22 -0.22 -3.49 1.48 -0.75 -6.37 -0.80 -0.09 - - - - Tech hardware & equip. 0.78 0.81 -0.89 1.84 3.26 -4.25 -0.26 6.86 1.43 - -7.70 - Comm. & prof. services -1.56 -1.56 1.83 1.76 2.16 0.16 1.48 - -2.29 6.77 - - Software & services -2.32 -2.63 -3.29 -0.25 -2.33 -3.81 -0.16 -2.39 -1.98 - -2.16 - Media & entertainment -3.15 -3.05 -2.00 -4.66 -6.21 -3.81 -9.52 2.85 -0.87 - - - Consumer goods 1.03 1.41 1.38 1.69 -1.09 -1.54 2.19 - -1.14 0.13 - 3.79 Consumer services 2.93 0.88 4.58 9.41 7.42 1.32 6.92 10.87 1.70 6.49 6.99 25.03 F&B & tobacco 2.61 4.01 4.03 1.02 2.63 0.04 2.75 7.25 1.04 1.03 -2.06 -0.81 Food & staples retailing 4.21 3.61 -0.03 8.06 3.65 -1.05 4.02 13.24 2.81 - -6.65 6.27 Retailing -9.85 -9.12 -5.83 6.28 0.26 -5.77 3.66 1.68 0.00 5.05 1.62 8.49 HH & personal products 0.61 0.31 -0.08 4.01 2.99 -1.89 -5.05 - -0.76 -2.67 - - Pharma & life sciences -1.62 -1.37 -0.66 0.20 3.06 -3.76 -0.54 -3.73 -0.74 -0.83 - - Autos & parts 0.58 0.59 2.36 5.08 5.36 -7.63 3.59 0.99 2.37 6.97 - - Transportation 6.41 6.38 3.03 6.13 10.16 -1.10 0.41 1.75 4.23 - 14.01 14.58 Capital goods 2.55 3.60 5.33 6.37 3.38 -0.96 5.60 -1.46 5.43 - 2.89 0.09 Materials 2.01 1.12 1.69 -2.57 3.34 -0.05 6.21 - 1.59 5.06 - 3.64 Real estate 3.60 2.98 3.59 0.24 7.98 1.12 3.83 6.02 5.53 - 1.95 14.25 Energy 6.44 8.50 14.70 4.07 5.90 1.05 12.54 - -1.94 3.82 1.80 11.63 Banks 4.92 5.96 9.78 8.22 7.10 1.69 3.61 4.89 6.45 6.34 5.19 12.52 Diversified financials 2.12 4.08 4.96 6.00 6.70 -3.73 4.15 -0.13 6.95 - -2.06 3.72 Telecom services 1.51 2.39 3.14 2.24 -2.32 -0.07 -0.18 0.39 0.92 6.93 3.48 3.07 Utilities 1.90 2.91 2.86 4.33 3.95 0.83 1.93 0.67 4.07 6.94 - 4.61 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 KR Healthcare 36,061 7.7 17.6 0.9 54.9 75.9 84.9 Internet of Things (Global X) Hanon Systems KR Consumer disc. 6,468 7.7 10.0 32.6 63.4 27.0 11.8 Digitalisation (iShares) Telekomunikasi ID Commun. services 21,662 7.4 17.7 9.5 6.4 -21.2 -17.8 FinTech (Global X) Formosa Petrochemical TW Energy 30,805 7.2 14.0 13.6 12.0 4.8 4.5 Genomics & Biotech (Global X) Tata Steel IN Materials 7,311 7.1 26.2 14.6 79.3 16.4 -33.4 Health & Wellness (Global X) Kia Motors KR Consumer disc. 21,219 7.1 18.6 31.5 109.1 45.9 81.6 Ageing Population (iShares) SK Holdings KR Industrials 13,122 6.6 2.9 -8.1 27.6 -17.9 -23.5 EM Consum Growth (iShares) Bottom seven performers Clean Energy (iShares) Seegene KR Healthcare 5,455 -7.4 -19.3 -17.8 173.2 996.3 694.0 Water Resources (Invesco) PT Hanjaya Mandala ID Consumer staples 11,809 -5.2 -3.7 -12.6 -2.9 -25.5 -61.2 Agribusiness (iShares) Ascendas Real Est Invt SG Real estate 8,122 -5.1 -5.1 -10.0 8.2 10.1 36.4 Global Infrastructure (iShares) Hanwha Solutions KR Materials 7,157 -4.7 4.5 63.8 261.5 210.8 66.4 ESG US Leaders (iShares) Misc MY Industrials 7,448 -4.6 -2.8 -8.9 -6.8 -12.7 9.4 2D 10D SM Investments PH Industrials 26,187 -4.6 16.8 24.0 36.0 4.0 16.3 (3) 0 3 6 9 12 15 Reliance Industries IN Energy 181,56 -4.4 -12.1 -5.9 30.7 36.2 102.9 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 12, 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 1,110.0 -0.46 -6.38 -4.02 CNY 6.6 0.24 -4.77 -4.96 11 16 JPY 105.6 0.40 -0.78 -2.80 IDR 14,085.0 0.25 -4.02 1.46 9 13 HKD 7.8 -0.01 0.04 -0.50 TWD 28.5 -0.02 -3.04 -4.89 7 10 Nov-19 Feb-20 May-20 Aug-20 Nov-19 Feb-20 May-20 Aug-20 SGD 1.4 0.12 -1.56 0.44 THB 30.3 -0.44 -2.50 1.11 Indonesia India 19 24 INR 74.4 0.24 -0.54 4.19 22 PHP 48.3 -0.04 -1.42 -4.72 17 20 MYR 4.1 0.22 -1.50 0.95 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) 43.6 2.9 2.1 -35.6 Hong Kong China Thermal coal (US$/tonne) 58.4 0.0 11.9 -12.8 19 16 Iron ore (US$/tonne) 120.3 0.4 18.5 31.4 15 17 Copper (US$/tonne) 6,865.5 -2.4 12.3 11.5 14 Nickel (US$/tonne) 15,700.0 -1.0 18.6 12.1 15 13 Tin (US$/tonne) 18,240.0 -1.2 6.4 8.2 12 Gold (US$/ozt) 1,875.4 1.2 4.9 23.4 13 11 Palm oil (INR/tonne) 950.8 0.2 25.1 9.2 11 10 Soybean oil (c/lb) 37.1 2.3 34.0 8.0 Nov-19 Feb-20 May-20 Aug-20 Nov-19 Feb-20 May-20 Aug-20 Corn (US$/bu) 4.3 4.0 23.5 7.2 Wheat (US$/bu) 6.1 1.8 24.3 8.9 Source: FactSet, Mirae Asset Daewoo Research (updated on 11/11/20 at 23:00 KST) [Korea] Retail November 12, 2020 Emart Buy (139480 KS) (Maintain) Positive changes beginning to take shape TP: W225,000 ▲ Upside: 38.9% Mirae Asset Daewoo Co., Ltd.
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