CHINA
China Strategy Small-caps to Large-caps Discount Shenzhen: Connected % MSCI China Small-cap to Large-cap discount 0 4Q16 launch of Shenzhen-Hong Kong Connect both signifies an easing of -10 capital outflow concerns and provides international investors access to China’s -20 -30 most dynamic equity market. Access to A-share-listed private enterprises will -40 jump by 4x. The inclusion of ETFs and minimum market capitalisation -50 -60 requirements are the main positive and negative surprises, in our view. We
-70 forecast a further 12% upside for China equities and highlight our top Hong Kong
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- small-cap picks and Shenzhen A-share picks in this report.
Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul P/B discount Average Northbound: Better growth - 1 s.d. + 1 s.d. Source: FactSet, Macquarie Research, August 2016 The launch of Shenzhen Connect will offer international investors better exposure to the high-growth parts of China’s economy. The launch expands the Breakdown for eligible northbound number of A shares that international investors can access (via Connect) by 2.5x stocks in Shenzhen Connect to 1,450 stocks, effectively encompassing all investable stocks in the A-share
Consumer Utilities Energy market. Importantly, 75% of the newly eligible stocks are private enterprises Staples 2% 1% 7% versus only 38% for the Shanghai Connect. IT 22% Healthcare Southbound: Rerating of small caps 10% The expansion of the eligible Hong Kong investment list to include ETFs and the
Materials Hang Seng Small Cap Index should enhance southbound flows. The HKD5bn 12% Cons Disc market cap requirement is slight disappointing in this regard, however. Since 17% 2008, the discount of HK-listed China small caps to large caps has steadily Industrials narrowed from 65% to 25%. This compares with a small-cap premium of >200% Financials 16% 13% in the A-share market. We expect Connect inflows to support further rerating of HK-listed China small caps. Source: FactSet, Macquarie Research, August 2016
SH-HK Connect southbound usage 12% upside left to index targets Widening of foreign ownership limits, of which the Shenzhen Connect is an RMB bn SH-HK Stock Connect quota usage important component, is one of our six catalysts for upside to China equities this 300 Southbound quota = RMB250bn year. H-shares and A-shares have rallied 28% and 18%, respectively, from their 250 lows in February. Our index targets published in February (Year of the Eagle) 200 remain unchanged and offer 12% further upside to both indices, representing par 150 to book value for the H-share index and a 50% premium for the A-share index. 100 50 Top picks
0 Our 21 top picks in the Hang Seng SmallCap index offer an average 40% upside
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Aug Sep Aug May May rising consumer spending, industrial upgrading and environmental spending. The Source: CEIC, Macquarie Research, August 2016 selection trades on 12x forward earnings and we are forecasting 20% earnings growth in 2017. Half of the stocks trade on single-digit earnings multiples, mostly in the renewables, oil services and property sectors. Our top Shenzhen A-share picks offer 20% to our target prices. This selection is slightly more expensive (15x forward earnings) but offers better growth (25%), Analyst(s) size (USD11b avg mkt cap), sector leadership and trading liquidity (USD55m avg Erwin Sanft per day). Globally competitive companies Midea, Hikvision, GoerTek and +852 3922 1516 [email protected] Everwin are included, along with consumer leaders Yanghe Brewery, PingAn Jerry Peng +852 3922 3548 [email protected] Bank, ChangAn Auto and Rapoo.
18 August 2016 Macquarie Capital Limited
Please refer to page 30 for important disclosures and analyst certification, or on our website www.macquarie.com/research/disclosures.
Macquarie Research China Strategy
Shenzhen: Connected 2.5x expansion of A- Details of the Shenzhen Connect were announced by the Hong Kong Exchanges following share access the State Council’s approval of the mechanism. The actual launch will happen within the next four months, once final testing and rule amendments (eg, taxation) are completed. 4x increase in access to private The northbound eligible stock list will constitute the Shenzhen Component Index and enterprise sector the Shenzhen Small/Mid Cap Innovation Index. Stocks with market capitalisation below Rmb6bn will be excluded. This represents a 2.5x expansion of the number of A Inclusion of HK shares that international investors can access (via both Connect programs) to 1,450 small caps stocks, effectively encompassing all investable stocks in the A-share market. The southbound eligible stock list is being expanded to include the Hang Seng Composite SmallCap Index. Stocks with market capitalisation below HKD5bn will be excluded. This represents a 30% expansion of eligible Hong Kong stocks to 420. All remaining dual-listed stocks in Shanghai and Shenzhen that were outside the Connect will now be included. We have included a list of A-H premiums in the appendices of this report. ETFs will be included for the first time in both Connect programs but roll-out is planned for 2017, after the launch of Shenzhen Connect. The daily quotas for the Shenzhen Connect will be the same as for the Shanghai Connect. Aggregate quotas – which were close to being full in the case of southbound Shanghai Connect - will be abolished. The main wrinkle we see in the Shenzhen Connect is the exclusion of stocks with market capitalisation lower than HKD5bn from southbound, and lower than Rmb6bn for northbound. While there may be genuine reasons to limit northbound flows into overvalued Shenzhen micro caps, the same rationale doesn’t make sense to us in the case of undervalued HK small caps. Introducing this rule eliminates 43% of the Hang Seng SmallCap index from inclusion.
Fig 1 Key Features of Shanghai & Shenzhen Connect
Source: HKEX, Macquarie Research, August 2016. Estimated data as of end July 2016
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Fig 2 MSCI China Small-caps P/B Std-dev and ROE Fig 3 MSCI China Small-caps Discount to Large-caps
PB Price/Book ratio Average P/B % % MSCI China Small-cap to Large-cap discount 4 - 1 s.d. + 1 s.d. 12 0 Annualized ROE (RHS) -10 10 3 -20 8 -30
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Source: FactSet, Macquarie Research, August 2016 Source: FactSet, Macquarie Research, August 2016
Fig 4 Sector breakdown for eligible northbound Fig 5 Sector breakdown for eligible northbound stocks in Shanghai Connect stocks in Shenzhen Connect
Telecommunic Utilities Energy Cons. Stap. 2% ation Services Health Care 1% 4% Consumer 0% 4% Staples IT 7% Utilities 4% 5% Healthcare Information 10% Technology 22% Energy 7% Financials 41% Materials Materials 7% 12% Consumer Discretionary 17% Cons. Disc. Industrials Financials Industrials 9% 19% 13% 16%
Source: FactSet, Macquarie Research, August 2016 Source: FactSet, Macquarie Research, August 2016
Fig 6 Shanghai Connect vs Shenzhen Connect Shanghai Connect Shenzhen Connect (exp.) SH HK SZ HK
Total MktCap (US$bn) 3,258 4,006 2,467 4,429 # of Firms 567 318 872* 424** Average mktcap (US$mn) 5,745 12,598 2,829 10,446 % SOE 62% 44% 25% 34% Average PE 20.9 13.0 48.4 16.2 *Including dual-listed stocks but excluding stocks with market cap less than RMB6bn. Total number of stocks in SZSE Component and SZSE Small/Mid Cap indices is 1,000. ** Including Hang Seng Composite LargeCap, MidCap, SmallCap (market cap larger than HK$5bn) indices & dual-listed shares.
Source: Wind, FactSet, Macquarie Research, August 2016, prices as of 16 August 2016
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Fig 7 Hong Kong small-cap top picks Company Name Ticker Analyst MktCap 3M Daily % EPSg P/E PB ROE % DivYld Net Performance Target Current Upside T/O Gearing (US$m) (US$m) 2016 2017 2016 2017 2016 2016 2016 2016 % YTD Price Price %
Fuyao Glass 3606-HK Leo Lin 6,808 3.4 8.9 14.2 15.1 13.2 2.6 17.6 4.3 0 12.7 23.00 21.1 9.3 Goldwind 2208-HK Patrick Dai 6,587 5.9 15.7 2.2 8.8 8.6 1.6 18.7 5.3 56 -16.4 13.00 12.5 4.3
Huadian Fuxin Energy 816-HK Patrick Dai 2,190 3.2 16.9 16.5 6.5 5.6 0.7 11.5 2.7 300 -9.0 2.60 2.0 28.7 China High Speed Trans. 658-HK Patrick Dai 1,432 6.2 5.5 -3.1 8.7 9.0 0.8 10.7 3.3 60 8.8 6.80 6.8 0.1 Fu Shou Yuan 1448-HK Timothy Lam 1,394 1.5 12.3 9.4 30.9 28.3 3.9 13.1 0.4 -43 -14.4 6.50 5.2 26.0 Yuzhou Properties 1628-HK David Ng 1,245 1.6 23.0 22.8 5.9 4.8 0.8 15.5 5.9 77 20.5 3.10 2.5 22.5 Li Ning 2331-HK Terence Chang 1,194 5.7 2,900.7 28.2 18.1 14.1 2.7 16.3 0.0 -40 16.9 5.10 4.9 3.9 Kingdee 268-HK Hillman Chan 1,058 5.4 94.5 34.6 38.9 28.9 2.0 5.6 0.0 -26 -21.6 3.50 2.8 25.4 ChinaSoft 354-HK Timothy Lam 1,006 5.2 7.5 23.7 21.6 17.5 1.7 8.9 0.0 26 12.5 3.85 3.6 6.6 TCL Multimedia 1070-HK Louis Cheng 938 1.0 750.5 23.5 25.0 20.2 1.2 5.0 0.0 47 -14.8 6.00 4.2 43.2 Haichang Ocean Park 2255-HK Timothy Lam 830 0.2 162.9 7.8 21.7 20.2 1.4 6.4 0.0 72 -7.5 2.25 1.6 39.8 Tianneng Power 819-HK Timothy Lam 821 2.8 16.4 23.0 7.6 6.2 1.4 19.8 6.4 23 -13.6 8.00 5.6 41.8 Chaowei 951-HK Timothy Lam 717 0.7 159.0 26.2 13.1 10.4 1.6 13.1 3.7 36 -0.9 6.10 5.4 12.3 Greatview 468-HK Timothy Lam 704 0.7 9.9 7.0 13.8 12.9 2.1 15.3 6.4 -23 16.2 4.80 4.1 17.6 Dynagreen* 1330-HK Alan Hon 552 0.3 14.7 28.8 13.5 10.6 1.4 10.8 0.0 72 -19.1 6.70 4.1 63.4 Concord New Energy* 182-HK Patrick Dai 546 1.0 27.0 54.6 6.7 4.3 0.7 10.3 0.0 96 4.3 0.65 0.5 34.0 Kangda Environmental* 6136-HK Alan Hon 464 0.3 21.2 11.0 7.9 7.1 0.9 11.7 1.2 112 -7.4 2.55 1.7 46.6 NewOcean Energy* 342-HK Aditya Suresh 439 0.5 10.9 4.6 3.2 3.0 0.5 18.4 3.0 27 -24.3 5.00 2.3 117.4 Hilong* 1623-HK Aditya Suresh 223 0.4 14.0 32.9 8.1 6.1 0.5 6.0 0.0 51 -24.4 2.00 1.0 96.1 Anton Oilfield Services* 3337-HK Aditya Suresh 211 0.4 nmf 1,720.1 218.4 12.0 0.7 0.3 0.0 89 -1.3 1.30 0.7 75.7 Xinchen Power* 1148-HK Leo Lin 207 0.3 32.4 10.0 4.6 4.2 0.5 10.4 0.0 41 -29.8 2.80 1.3 124.0 *Stocks with market cap less than HK$5bn. Note: All stocks are Outperform rated. Source: FactSet, Macquarie Research, August 2016, prices as of 16 August 2016
Fig 8 Shenzhen-listed A-shares top picks Company Name Ticker Analyst MktCap 3M Daily % EPSg P/E PB ROE % DivYld Net Performance Target Current Upside T/O Gearing (US$m) (US$m) 2016 2017 2016 2017 2016 2016 2016 2016 % YTD Price Price % Midea Group 000333-CN Terence Chang 27,311 180.6 13.7 13.8 14.5 12.8 3.1 23.3 3.7 -70 29.6 27.00 28.4 -4.8 Ping An Bank 000001-CN Elaine Zhou 24,601 66.8 20.9 3.3 6.2 6.0 0.7 12.1 1.5 nmf -4.7 12.70 9.5 33.4 Hikvision 002415-CN Allen Chang 23,780 60.4 -16.4 24.3 21.4 17.2 6.0 34.9 1.8 -52 12.9 32.00 25.9 23.6 China Merchants Shekou 001979-CN Raymond Liu 19,925 87.6 10.4 14.5 21.2 18.5 2.7 15.4 1.4 12 -19.7 20.02 16.8 19.5 Yanghe 002304-CN Zibo Chen 16,330 35.7 1.5 12.5 17.8 15.8 3.7 22.0 2.9 -25 5.0 72.30 72.0 0.4 Chongqing Changan Auto 000625-CN Zhixuan Lin 11,418 72.1 11.5 13.2 6.8 6.0 1.8 29.2 5.1 -47 -4.1 25.40 16.3 56.1 GoerTek 002241-CN Allen Chang 6,148 46.2 18.9 20.2 24.4 20.3 3.7 16.3 0.4 -7 -22.7 37.00 26.8 38.3 Everwin 300115-CN Allen Chang 3,248 24.5 -7.7 39.6 31.6 22.6 5.8 19.4 0.8 -1 14.8 27.00 24.1 12.1 MLS 002745-CN Louis Cheng 2,901 10.5 110.0 29.5 30.0 23.1 4.4 17.3 1.1 -30 -10.8 45.20 36.5 23.9 Jiangling Motors 000550-CN Zhixuan Lin 2,880 8.7 -12.2 24.5 11.7 9.4 1.7 15.5 3.4 -71 -11.5 28.00 26.5 5.6 XJ Electric 000400-CN Patrick Dai 2,373 29.6 -51.5 71.4 32.0 18.7 2.6 8.4 0.3 -2 -19.5 16.70 15.6 6.8 Rapoo 002577-CN Allen Chang 1,904 93.3 103.8 511.4 442.8 72.4 11.0 2.7 0.0 -77 -22.1 53.00 44.6 18.9 Nationstar 002449-CN Louis Cheng 939 20.8 54.1 31.2 24.7 18.8 1.8 7.9 1.2 -25 -22.4 16.20 13.1 23.6
Note: All stocks are Outperform rated. Source: FactSet, Macquarie Research, August 2016, prices as of 16 August 2016 Strategy China
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Macquarie Research China Strategy
HK stock summaries Fuyao Glass – Leo Lin Fuyao Glass is the No.1 auto glass maker in China dominating over 60% market share and continuing to benefit from solid China auto sales. The company is ramping overseas plants in Russia, the US and Germany and we expect it to overtake Asahi Glass as global No.1 by 2017. China margins are improving this year thanks to natural gas price cuts. We expect its overseas plants to become profitable this year. We are forecasting a 15% earnings Cagr and high dividend payout ratio of 60% in 2016-18E. Management has a solid track record of paying high dividends, with an average 50% payout ratio over the past 10 years. Fuyao Glass - Expanding in the US as it ramps Goldwind - Patrick Dai We believe Goldwind should still see strong wind turbine shipments despite falling installations in the Chinese market, with its market share expansion from 25% in 2015 to over 30% in 2016E. Meanwhile, we expect its gross margin to gradually improve with more earnings contribution from its wind farm operation business. Management guided to deliver ~7GW of wind turbines in 2016, flattish yoy and much better than the market expectation of sharply falling shipments after the 2015 peak installation year. We expect its gross margin will improve from 26% to 30% over the next three years with a) stable margin for its wind turbine generators, and b) higher revenue contribution from wind farm operation, which we expect will contribute ~8%-13% of total revenue in FY16- 17E and has higher gross margin (over 60%). Xinjiang Goldwind - Market share gains underway Huadian Fuxin – Patrick Dai As most of its wind farms are located in north regions, we believe Huadian Fuxin would benefit from the new guaranteed utilization hours from 2016 onwards. We estimate a 2% YoY improvement for its 2016 utilization hours, which is in line with peers’. But we expect the impact would be less compared with peers, as the wind power business only account for 20% of its 2016E net profit. We maintain Outperform rating on Huadian Fuxin, and lowered our target price to HK$2.6, as we adjusted our earnings estimates to factor in the higher wind utilization hours (up 0%-6% in 2016-18E) but lower coal-fired utilization hours (down 20% YoY in 2016). Huadian Fuxin Energy Corp Ltd - Profit alert: 1H16 results to beat our estimates by 15% China High Speed Transmission – Patrick Dai We expect its earnings to be stable, reflecting i) a better outlook on overseas expansion by leveraging the partnership with WTG (wind turbine generators) leaders – GE and Vestas – expanding into the US market, which could be the most important market in the next decade; ii) better gross margin due to its structural upgrade in product mix; and iii) lower finance costs. The company is trading at an 8x 2016F PE, still below its historical average of a 10x forward PE. We expect the increasing exposure to the global market will bring re-rating opportunities. China High Speed Transmission - Leverage on US leaders to expand overseas market Fu Shou Yuan – Timothy Lam We think the market is under-appreciating the high predictability of FSY’s cash-flows and the option value as it moves to a more asset-lite business mix. We think FSY’s brand is under- appreciated, particularly in Shanghai (50% of FY15 earnings) where FSY’s main cemetery carries a cachet that approaches that of Pere Lachaise in Paris. Moreover, FSY has a deep landbank equivalent to ~30 years’ usage at the current rates and our forecasts are driven using proprietary city-level demographic forecasts from Global Demographics. New cremation equipment business provides an optionality upside, with trial shipment by 2H16. We forecast FY16 revenue of Rmb1.2bn, +12% YoY, and NP of Rmb312m, +16% YoY. Fu Shou Yuan - More Steady Near-term Growth
18 August 2016 5 Macquarie Research China Strategy
Yuzhou Properties - David Ng In 2015, Yuzhou stands out from the crowd in aggressively acquiring land parcels in its targeted cities while refinancing high-yield offshore senior notes with lower cost onshore corporate bonds. We expect the new land acquisitions will propel YUZH sales to rise sharply from a low base of Rmb12bn in 2014 to Rmb20bn in 2017E, and core profit to grow at 32% CAGR to Rmb2bn in 2017E. For the coming two years, contracted sales should rise from Rmb13.7bn in 2015E to Rmb20bn in 2017E due to successful expansion into Shanghai and Nanjing while maintaining a high market share in its core cities – Xiamen (10%) and Hefei (4%), according to CREIS. We forecast Shanghai and Nanjing sales ramp up to Rmb5.3bn and Rmb1.9bn respectively in 2017, while Xiamen and Hefei sales remain flat at Rmb5.1bn and Rmb3.8bn due to a limited land bank. Li Ning - Terence Chang We continue to believe the earnings recovery story for Li Ning remains intact and will continue to 2HFY16 and beyond. We believe the narrowing of Li Ning’s retail discount relative to its peers is achievable and should help the company to expand margins through FY17. We expect FY16 gross margins to expand by 1.5ppt YoY, mainly driven by sales mix in direct retail and E-commerce, while wholesale margin improvement will be more gradual as the company optimises its distributor structure. Our FY17 earnings is 25% above consensus. Li Ning - Operations improving Kingdee – Hillman Chan After disposal of loss-making CloudHub, Kuaidi100 and Kingdee Medical in late Jul, we see higher visibility for the remaining cloud ERP. While selling and marketing expenses should continue to rise, given Kingdee’s ambition to increase its cloud market share, we see more operating leverage in admin and R&D expenses as the cloud ERP revenue grows rapidly at 65% pa in FY15-17. We now expect cloud ERP to break even in FY17. A-share peer Yonyou (600588 CH, Rmb25.70, Outperform, TP: Rmb29.00) is the No. 1 ERP player in China and is trading at 60-70x FY17-18E PER versus Kingdee’s 20-30x FY17-18PE. With the effect of stock connect and better profitability outlook of Kingdee’s cloud business, the valuation gap will likely narrow, in our view. Kingdee - 1H16 preview: cloud visibility picking up ChinaSoft – Timothy Lam We see ChinaSoft maintaining strong growth with Huawei, which generates 35-40% of its total revenue, as they partner on new solutions-based projects, in addition to its traditional code outsourcing. With Huawei’s 1H16 group revenue +40% YoY to US$37bn, we see room for ChinaSoft to expand its collaboration with Huawei in the overseas IT markets. ChinaSoft is also making progress in its solution-based projects with financial institutions, and we expect its mobile transaction apps and related business to generate Rmb300m of revenue in FY16 (5% of total revenue). The company plans to spin off its TPG business (CSI China) to a China A-share-listed company (But'one, 600455 CH) through a share issuance by 1H17, valuing its TPG business at Rmb6.3bn. Upon completion, CS will own 72% of the enlarged capital of But'one, and continue to consolidate the TPG business. We believe the transaction will help ChinaSoft benchmark itself with other IT Services peers listed in the China market. Chinasoft - Spin-off of TPG segment to China A-Shares; HK listco to obtain 72% stake TCL Multimedia – Louis Cheng Our investment thesis for TCL Multimedia has been focused on the company’s growing global presence, margin upside from vertical integration and smart TV development. We view the solid progress on internationalization as a good move to grow amidst China market saturation, and look for TCL Multimedia to gain 10% market share in the Brazil market by 2019, backed by the company’s successful track record as well as edges on cost structure. TCL Multimedia - Stronger SW/HW integration business underway
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Haichang Ocean Park – Timothy Lam We believe Haichang can see continued sales ramp for its existing parks as they mature, while the upgrade of its Dalian Discoveryland during 1H16 should help drive 20% sales growth this year. We expect core earnings to rise 162% YoY in FY16 and 8% YoY FY17, as its existing parks should see visitation growth, driven by a rise in individual travellers. Catalysts include: 1) New project acquisitions to drive growth; 2) Rise in consumer interest after “The Mermaid” movie may drive stronger visitations near term; 3) Opening of Shanghai Disney may spark a rise in theme park visitations. Haichang Holdings - Improving Margins for Existing Parks Tianneng Power – Timothy Lam Tianneng appears on track to expand its product portfolio, as product offerings grow in electric tricycles to support package couriers and mini electric cars to meet rising rural demand. We expect stable gross and EBIT margins in FY16. We forecast 20% 3-year earnings CAGR from 2015 to 2018E; we expect Tianneng to see higher growth from its car battery and lithium battery segments. Key catalysts include: 1) lead-acid battery ASP uplift on sector consolidation; 2) ramp of prismatic battery output; 3) favourable regulatory policies for battery industry market leaders. Tianneng Power Int’l - Balancing Growth with New Products Chaowei Power – Timothy Lam We expect the company’s lead-acid battery business to develop strong cashflow to support its new ventures. We believe the new “black gold” lead-acid battery launch, along with the ramp of an electric vehicle battery, can drive 13% sales growth in FY16 and that ASP improvement can drive a 130bp improvement in the GPM to 14.1%. We forecast FY16 GP rising 21% YoY and NP rising 50%. Chaowei Power Holdings - New Formula for Growth Greatview – Timothy Lam We think Greatview should see stabilizing end-demand for its packaging materials in 1H16, while the company may start to explore new products after the expiration of the TetraPak Prisma patent by year-end. Weak dairy demand in China has slowed its sales growth for domestic dairy packaging in 1H16; however, we believe Greatview can benefit from new product launches to compete with the TetraPak Prisma product line. We believe strong cash flow and steady growth in the overseas market will help Greatview maintain its mid-teens ROE metric; and the expiration of the TetraPak patent provides an opportunity for new revenue upside. Greatview Aseptic Packaging - New product on patent expiration Dynagreen – Alan Hon In China’s waste treatment modernization arena, we see Dynagreen as a fair play, given its existing track record in operating 5,250 tons/day of WTE projects as of 1H15. While Dynagreen does not produce its furnace, it carries out the design and engineering works and outsources the fabrication process. An SOE background should help Dynagreen gain access to financing at a competitive cost, in our opinion. With a backlog of projects more than 2x its operating capacity as of 1H15 and our 15-17 earnings CAGR forecast of >30%, we see its current valuation attractive. Concord New Energy – Patrick Dai We expect the company to deliver a 3-year earnings CAGR of 36%, driven by a) improving profitability due to shift from EPC to "build and sales" model; b) wind power business to benefit from minimum-purchase policy; and c) largest beneficiary from the payment of overdue subsidies in Sep 2016. The stock is trading on 4.4x 2016E PE, 1std below its historical average of 10x. Concord New Energy - Shifting to capital recycling
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Kangda Environment – Alan Hon Kangda is trading on one of the lowest PER multiples among HK/SG listed water & env. plays, in part due to its relatively higher gearings and slightly slower project wins year-to-date than peers. However, considering our positive outlook on China’s wastewater treatment development, we see fundamental upside to its current share price. Inclusion in stock connect can be a catalyst to Kangda, considering that it is trading on a 8x FY16E PER vs. A-shares peers’ avg. of >30x. Maintain our OP. Kangda International Env. - Attractive valuation vis-à-vis peers NewOcean Energy – Aditya Suresh NewOcean’s earnings growth profile moves in-line with GDP growth. The company is enjoying a FCF turnaround due to lower working capital requirements – we model 14% FCF yield 2016-18E. Balance sheet is comfortable. Optionality is offered by its JV with Conch, bottled-LPG market share gains in HK and Guangzhou taxi fleet expansion. Trading on 3x PE, 4x EV-EBITDA, 0.5x PB (2017E) – a significant discount to EM and A-share comps. Bull- case valuation of HK$10.9 with potential 4.8x upside. NewOcean Energy - Material optionality and 4x PE Hilong – Aditya Suresh Based on our view of a rising oil price environment, we model ~30% pa earnings growth from 2017 due to a rebound in oilfield equipment and line pipe coating segment performance. Hilong ended 2015 with still comfortable balance sheet metrics — EBITDA / interest 4.8x, net debt / EBITDA 3.1x, ND/ND&E 38%. This combined with Rmb820 million cash on hand and a positive FCF outlook leave us less concerned about Hilong’s ability to refinance its Rmb1.6 billion short-term debt. Even assuming no material improvement to Hilong’s current high cash conversion cycle, we model an average Rmb 300 million/pa free cash flow between 2016- 18e, or an attractive average 12% FCF yield. Hilong Holding - Bullish on oil? Buy Hilong Anton Oilfield – Aditya Suresh Based on our view of an improving operational outlook, a rising oil price environment into 2017/18, and receding funding risks, we maintain a high risk-reward Outperform recommendation. Anton’s order backlog improved 25% q/q to Rmb3.5 billion. Anton expects to execute at least one-third of its current order backlog in 2016, implying at least 60% of consensus forecast revenue is covered. Further, Anton should also see an improvement in its cash conversion cycle as the average account receivable days with its Iraqi customers is reportedly 4 months versus the current group average of 9 months. Anton Oilfield - Order backlog remains at a record high; debt refinancing key near-term focus Xinchen Power – Leo Lin Xinchen rolled out the first BMW N20 engine in 2014 and will continue to supply this engine for 5 Series in China until 2017 when new generation comes. Earlier this year, Xinchen received its second whole engine project from BMW to fully localise the Prince Engine, which Xinchen will be able to sell to its own customers in China. Apart from engine projects, Xinchen is currently supplying 2 of the 5 key engine components for BMW Brilliance in China. We believe there is a big potential Xinchen can penetrate into BMW global supply chain and export these engine components for BMW’s overseas plants in the future. Xinchen is on a transition period from a domestic engine maker to a global BMW engine parts supplier. Big potentials on this small cap name.
18 August 2016 8 Macquarie Research China Strategy
A-share stock summaries Midea – Terence Chang Midea is a leading home appliances manufacturer and the second largest air conditioner manufacturer in China with a ~25% retail market share. While the air conditioner industry will continue to see declining volumes we believe Midea is likely to be less impacted financially than peers due to its better performance in the non-air conditioner segment. Midea has made several investments in leading robot manufacturers to drive new business opportunities. We believe this move demonstrates Midea’s intention to drive long-term business growth, rather than sticking to the existing business. Midea Group (A-Share) - A/C destocking to last through 2016 PingAn Bank – Elaine Zhou We forecast average 2.7% YoY net profit growth for FY15-17E. Against this backdrop, we believe valuations of 0.8x 2016E PBV and 6.4x 2016E PER are attractive. The retail turnaround would serve as the key driver of earnings growth and profitability, in our view. We expect the retail share to rise to 39.0% of the loan book and 23.2% of PBT by FY18E (vs 24.3% of the loan book and 4.7% of PBT in 2011). Ping An Bank (A-Share) - Executing in retail Hikvision – Allen Chang We remain positive on the company on the back of: 1) rising security demand globally, 2) we believe ongoing industry consolidation benefits the market leader Hikvision, 3) continued business expansion via leveraging its surveillance expertise, and 4) attractive valuation, currently trading at 16x our 2017E PE vs a 25% CAGR to 2018. We appreciate the company’s quality management and the business with high GPM (37~40%), high ROE (35%), and meaningful EPS CAGR (25% to 2018). Hikvision (A-Share) - Solid tone and promising guidance China Merchants Shekou – Raymond Liu We view it as an upcoming player alongside the growth in Shenzhen. During the restructuring in 2015, over 5m sqm of Shenzhen industrial sites and other businesses were injected into CMSK. Successful and early conversion of prime Shenzhen sites could provide CMSK with total saleable resources of Rmb616bn with post-LAT GP margin of 37%, versus 2015 revenue of Rmb54bn at 25% post-LAT GP margin. We estimate its 14-17E contracted sales CAGR at 14% to Rmb 76bn and core earning CAGR at 18% to Rmb8.6bn. China Merchants Shekou (A-share) - Reloaded, and back to stage Yanghe – Zibo Chen We believe China's spirits sector has largely bottomed after three years’ adjustment since the anti-corruption measures in 2012. We expect Yanghe to continue to outperform the industry with double-digit growth thanks to its established M&A strategy as well as its product and digital innovation. We forecast Yanghe’s gross margin to continue improving on the back of product mix upgrades. We expect the overall sales to enjoy an 8% CAGR during 2015–20E, driven mainly by product mix upgrade. Yanghe’s valuation of 16x PER for FY17E, or 10% below historical average, is attractive compared to Moutai’s (600519 CH, Rmb308.16, Outperform, TP: Rmb270.00) 21x and Wuliangye’s 23x. Yanghe (A-Share) - On track to achieve full year target Chongqing Changan Auto – Zhixuan Lin Changan should have multi-year sales and profit growth as the Changan-Ford JV is expanding in China quickly. The Changan-Ford JV should have strong sales and profit growth in 2H this year and 2017 following the completion of factory maintenance in 2Q. The launch of several new models is driving sales growth and product mix upgrade. The stock is trading at 6.9x FY16E PE, which is substantially better than the Shenzhen market average. Chongqing Changan Auto (A-Share) - Near-term weakness offers buying opportunity
18 August 2016 9 Macquarie Research China Strategy
GoerTek – Allen Chang We retain our positive view on GoerTek from the perspective of: 1) new incremental earnings contribution from VR, with 5%/7% gross profit contribution in 2016/17E and management maintaining its guidance of VR revenues to break the Rmb1bn mark in 2016; and 2) comprehensive customer mix (ranging from smartphones, tablets, Wearables, TVs, and game consoles, to automotive). GoerTek - Era of virtual reality Everwin – Allen Chang We are positive on Everwin given its: 1) market share gain; 2) diverse product lines; 3) comprehensive client base; 4) healthy scale of CNC machines and business model (enabling outsourcing to smaller peers instead of spending capex to build its own capacity); and 5) solid balance sheet (Everwin has net cash vs its peers Janus, Victory, and O-Film with net debt). Everwin - Positive profit alert for 2Q16 MLS – Louis Cheng Our investment thesis for MLS has focused on upside from overseas expansion as well as its industry leader position in the local LED lighting supply chain. We retain our bullish view on MLS’ overseas expansion, backed by: 1) New Delhi fab’s solid progress on local LED lighting demand; 2) distribution network ramp-up in new markets (e.g. Russia, the Middle East); and 3) strong commitment to acquire Osram’s lighting business likely by the end of 3Q16. MLS - Guiding for solid domestic growth and aggressive overseas expansion Jiangling Motors – Zhixuan Lin Jiangling focuses on the high-end light vehicle market and it should benefit from solid demand from the fast-growing logistics industry and the trend of product upgrading. The Ford Transit product, a key volume and profit driver of Jiangling will enjoy rejuvenation this year, which should drive sales and profits to grow at a faster pace in 2H and onwards. Jiangling has the best profitability in the industry for its differentiated products and consistent execution. The stock should be re-rated given its leading position in the high-end light commercial vehicle market and good dividend yield (3.6%). Jiangling Motors (A-Share) - New models to support growth in 2H XJ Electric – Patrick Dai We forecast earnings CAGR of 52.3% over 2015-17 on rising investment in both UHV power transmission and the power distribution network. XJ Electric has successfully transformed itself from a pure relay protection product supplier into a power system and solutions provider in areas of power transmission and distribution automation. With its State Grid background, we believe the company can maintain its stable market share in the power grid automation market with further expansion of its product and service offerings. XJ Electric - Riding the growth momentum of power grid investment Rapoo – Allen Chang Both Drones and Robots will be the main earnings growth drivers in the long term, while the company’s existing business of gaming accessories continues to be a stable cash cow business due to its leading position in the China market. New product launches in 4Q16 should be a positive catalyst. Rapoo - Dual engines to drive LT growth Nationstar – Louis Cheng We continue to look for Nationstar to see benefits from small-pitch LED’s technology lead vs local competitors. With the latest 0808 model having begun mass production, Nationstar is now global #2 LED small-pitch LED packaging maker (only after Everlight), with solid cost structure (20-30% cheaper vs global peers) backed by economy of scale, better yield rate and geographical advantages. Nationstar - 1Q16 beat driven by strong LED lighting demand
18 August 2016 10 Macquarie Research China Strategy
Appendices
Fig 9 Hang Seng Composite SmallCap Index Company Name Ticker MktCap 3M Daily Current Macquarie % EPSg P/E PB ROE % Net T/O DivYld Gearing (US$m) (US$m) Price Rating TP 2016 2017 2016 2017 2016 2016 2016 2016
Cons. Disc. FUYAO GLASS INDUST 3606-HK 6,533 3.2 20.2 Outperform 23.00 8.9 14.2 14.5 12.7 2.5 18 4.5 0.1 NAN HAI CORP LTD 680-HK 1,779 0.9 0.2 NA NA NA NA NA NA NA NA NA NA POU SHENG INTL LTD 3813-HK 1,581 1.6 2.3 NA NA 54.4 23.2 14.7 12.1 1.6 10 0.3 -3.9 FU SHOU YUAN INTL 1448-HK 1,529 1.4 5.7 Outperform 6.50 27.8 16.5 29.9 25.7 4.1 15 0.5 -44.2 REGINA MIRACLE INT 2199-HK 1,386 3.0 8.8 NA NA 37.1 31.8 17.8 13.5 3.4 19 1.3 14.1 TEXHONG TEXTILE GR 2678-HK 1,348 1.0 11.8 NA NA 56.2 19.7 9.1 7.6 1.8 20 3.3 55.1 XTEP INTERNATIONAL 1368-HK 1,216 2.3 4.3 NA NA 12.7 11.6 10.9 9.8 1.5 14 5.5 -44.7 EVERGRANDE HEALTH 708-HK 1,203 0.4 1.1 NA NA NA NA NA NA NA NA NA NA SMI HOLDINGS GROUP 198-HK 1,201 2.2 0.7 NA NA 95.8 52.7 14.1 9.5 1.4 11 1.2 35.8 CHINA DONGXIANG (G 3818-HK 1,171 1.8 1.6 NA NA -37.9 11.5 14.9 13.3 0.8 5 4.1 -52.0 TEXWINCA HLDGS 321-HK 1,096 2.1 6.2 NA NA -30.6 1.1 12.4 11.8 1.4 11 8.1 -37.2 LI NING CO LTD 2331-HK 1,067 4.5 4.4 Outperform 5.10 2,901 28.2 16.2 12.7 2.4 16 0.0 -40.2 TCL MULTIMEDIA TEC 1070-HK 992 1.2 4.4 Outperform 6.00 750.8 23.4 26.4 21.4 1.3 5 0.0 50.6 CITYCHAMP WATCH & 256-HK 992 0.5 1.8 NA NA NA NA NA NA NA NA NA NA CHINA HARMONY NEW 3836-HK 865 2.5 4.3 NA NA 23.4 20.6 7.6 6.3 0.8 11 3.6 -19.6 GIORDANO INTL LTD 709-HK 850 1.1 4.2 NA NA 6.0 10.8 14.6 13.2 2.5 18 6.6 -42.0 TIANNENG POWER INT 819-HK 850 2.7 5.8 Outperform 8.00 16.4 23.0 7.9 6.4 1.5 20 6.2 22.7 HAICHANG OCEAN PAR 2255-HK 810 0.2 1.6 Outperform 2.25 162.9 7.8 21.3 19.7 1.3 6 0.0 72.2 DIGITAL DOMAIN HOL 547-HK 781 3.1 0.5 NA NA NA NA NA NA NA NA NA NA PEAK SPORT PRODUCT 1968-HK 742 3.3 2.4 NA NA 4.9 8.5 11.6 10.6 1.0 8 6.5 -68.8 CHINA LILANG LTD 1234-HK 736 0.5 4.7 NA NA -8.9 2.0 8.5 8.3 1.5 18 8.3 -75.5 KORADIOR HLDGS LTD 3709-HK 725 0.8 11.2 NA NA NA NA NA NA NA NA NA NA CHAOWEI POWER HLDG 951-HK 720 0.7 5.5 Outperform 6.10 159.0 26.2 13.2 10.5 1.6 13 3.7 36.3 361 DEGREES INTERN 1361-HK 672 0.5 2.5 NA NA 0.6 17.0 8.1 7.1 0.8 9 5.1 14.6 HYBRID KINETIC GR 1188-HK 648 0.4 0.2 NA NA NA NA NA NA NA NA NA NA FUGUINIAO CO LTD 1819-HK 599 0.2 3.8 NA NA NA NA NA NA NA NA NA NA HOSA INTERNATIONAL 2200-HK 560 0.2 2.6 NA NA NA NA NA NA NA NA NA NA HENGDELI HOLDINGS 3389-HK 518 0.4 0.8 NA NA 83.4 27.9 12.5 10.0 0.6 4 2.3 15.6 MAOYE INTL HOLDS L 848-HK 517 0.1 0.8 NA NA NA NA NA NA NA NA NA NA WISDOM SPORTS GROU 1661-HK 504 1.0 2.4 Neutral 2.80 285.3 27.5 17.1 13.4 3.0 18 0.0 -62.4 AJISEN(CHINA)HLDGS 538-HK 460 0.2 3.3 NA NA 63.5 -35.8 15.6 14.9 1.0 11 7.5 -32.4 XINGDA INTERNATION 1899-HK 400 0.5 2.1 NA NA 64.9 52.7 NA NA 0.5 6 NA NA MEI AH ENTERTAIN 391-HK 336 0.2 0.4 NA NA NA NA NA NA NA NA NA NA OZNER WATER INTL H 2014-HK 328 0.3 1.5 NA NA 391.7 38.3 15.3 11.1 1.0 7 0.0 NA TSUI WAH HOLDINGS 1314-HK 286 0.5 1.6 NA NA 81.4 20.4 15.8 13.2 1.6 10 3.5 -39.7 CHINA LOTSYNERGY 1371-HK 281 0.5 0.3 NA NA NA NA NA NA NA NA NA NA PARKSON RETAIL GRO 3368-HK 225 0.1 0.7 NA NA NA NA NA 42.3 0.3 -1 0.0 NA DAPHNE INTL HOLDS 210-HK 215 0.2 1.0 NA NA NA NA NA 68.0 0.4 -4 0.0 -8.4 XINCHEN CHINA POWE 1148-HK 202 0.2 1.2 Outperform 2.80 32.4 10.0 4.5 4.1 0.4 10 0.0 41.2 HAIER HEALTHWISE H 348-HK 182 0.1 0.2 NA NA NA NA NA NA NA NA NA NA SINCERE WATCH (HK) 444-HK 119 0.3 0.2 NA NA NA NA NA NA NA NA NA NA Cons. Stap. CHINA HUIYUAN JUIC 1886-HK 975 1.0 2.8 NA NA NA -34.2 319.9 499.3 0.6 1 0.0 26.2 TENWOW INTL HLDGS 1219-HK 543 0.2 2.0 NA NA 21.9 17.2 8.3 7.1 1.1 14 3.6 29.1 NVC LIGHTING HOLDI 2222-HK 359 0.2 0.9 NA NA NA NA NA NA NA NA NA NA CHINA YURUN FOOD 1068-HK 263 0.2 1.1 NA NA NA NA NA NA NA NA NA NA SHENGUAN HOLDINGS 829-HK 235 0.2 0.6 NA NA 93.1 1.6 2.8 2.7 0.5 NA 21.9 NA YUANSHENGTAI DAIRY 1431-HK 227 0.1 0.5 Outperform 0.47 -11.9 2.1 5.5 5.4 0.3 6 0.0 -15.0 Energy SINOPEC OILFIELD S 1033-HK 7,405 1.2 1.5 NA NA NA NA NA 84.0 0.8 -8 0.0 53.8 WISON ENGINEERING 2236-HK 440 0.1 0.8 NA NA NA NA NA NA NA NA NA NA NEWOCEAN ENERGY HL 342-HK 435 0.5 2.3 Outperform 5.00 10.9 4.6 3.1 3.0 0.5 18 3.1 26.7 HILONG HOLDING LIM 1623-HK 223 0.4 1.0 Outperform 2.00 14.0 32.9 8.1 6.1 0.5 6 0.0 51.2 ANTON OILFIELD SER 3337-HK 200 0.4 0.7 Outperform 1.30 nmf 1,720 210.1 11.5 0.7 0 0.0 89.1 Financials CIFI HLDGS GROUP C 884-HK 1,886 1.1 2.2 NA NA 27.7 22.6 4.6 3.7 0.8 17 7.5 NA REDCO PROPERTIES G 1622-HK 1,300 0.1 5.7 NA NA NA NA NA NA NA NA NA NA BANK OF JINZHOU 416-HK 1,275 0.8 6.5 NA NA NA NA NA NA NA NA NA NA YUZHOU PROPERTIES 1628-HK 1,245 1.6 2.5 Outperform 3.10 23.0 22.8 6.0 4.8 0.8 15 5.9 77.4 BANK OF CHONGQING 1963-HK 1,230 0.3 6.0 NA NA 6.7 10.4 4.5 4.5 0.7 14 5.3 NA SHANGHAI INDUSTRIA 563-HK 1,104 0.9 1.8 NA NA 45.2 -26.6 11.4 15.5 0.7 NA 2.5 NA BANK OF QINGDAO CO 3866-HK 1,027 0.2 4.5 NA NA 18.1 16.0 7.0 6.1 NA 12 4.1 NA GEMDALE PROPERTIES 535-HK 988 0.5 0.5 NA NA 65.6 31.7 4.7 3.2 NA 7 4.8 NA FUTURE LAND DEVELO 1030-HK 970 0.6 1.3 NA NA 2.0 40.9 5.8 4.1 0.7 12 6.1 NA POWERLONG REAL EST 1238-HK 969 0.4 1.9 NA NA -20.4 28.9 4.1 3.4 0.3 NA 5.9 NA BANK OF ZHENGZHOU 6196-HK 936 0.2 4.8 NA NA NA 14.2 5.2 4.6 1.0 19 5.6 NA HUARONG INTL FINAN 993-HK 882 1.3 2.1 NA NA NA NA NA NA NA NA NA NA 18 August 2016 11 Macquarie Research China Strategy
GREENLAND HONG KON 337-HK 850 0.6 2.4 NA NA 349.6 70.6 5.4 3.6 0.7 11 0.7 154.8 CHINA FINANCIAL IN 721-HK 849 0.5 0.6 NA NA NA NA NA NA NA NA NA NA EMPEROR INTL HLDGS 163-HK 844 0.2 1.8 NA NA NA NA NA NA NA NA NA NA FANTASIA HOLDINGS 1777-HK 839 0.3 1.1 NA NA NA NA 4.6 4.4 NA NA 4.7 NA CHINA MERCHANTS LA 978-HK 835 0.4 1.3 NA NA NA NA 7.4 5.5 NA NA 1.3 NA FDG KINETIC LTD 378-HK 788 0.5 1.2 NA NA NA NA NA NA NA NA NA NA GLORIOUS PROPERTY 845-HK 784 0.2 0.8 NA NA NA NA NA NA NA NA NA NA FAR EAST CONS INTL 35-HK 778 0.4 2.8 NA NA 44.6 16.3 5.7 4.8 0.5 9 5.5 66.6 CHINA SCE PROPERTY 1966-HK 773 0.6 1.8 NA NA -27.4 32.2 4.3 3.3 0.6 15 4.0 156.1 COLOUR LIFE SERVIC 1778-HK 767 0.3 6.0 NA NA 49.9 54.0 17.9 12.5 3.2 17 1.6 NA TIMES PROPERTY HLD 1233-HK 731 0.7 3.3 NA NA 33.5 19.0 2.6 2.2 0.6 23 8.0 68.9 CHINA OVERSEAS PRO 2669-HK 720 4.3 1.7 NA NA NA NA 34.0 NA NA NA NA NA C LAND HOLDINGS 1224-HK 711 0.2 2.1 NA NA NA NA NA NA NA NA NA NA CHINA VAST INDL UR 6166-HK 659 0.1 3.1 NA NA -6.8 16.0 9.0 7.8 NA 15 3.4 NA ROAD KING INFRASTR 1098-HK 641 0.3 6.7 NA NA NA NA NA NA NA NA NA NA CHINA AOYUAN PROPE 3883-HK 603 0.6 1.7 NA NA NA NA NA NA NA NA NA NA MASON FINANCIAL HO 273-HK 574 0.1 0.3 NA NA NA NA NA NA NA NA NA NA CENTRAL CHINA SECU 1375-HK 564 1.0 3.5 NA NA -39.7 15.8 10.8 9.2 1.4 10 4.5 NA CHINA SMARTER ENER 1004-HK 534 0.6 0.5 NA NA NA NA NA NA NA NA NA NA CENTRAL CHINA REAL 832-HK 523 0.2 1.7 NA NA NA NA NA NA NA NA NA NA BRIGHT SMART SEC&C 1428-HK 521 0.8 2.4 NA NA NA NA NA NA NA NA NA NA WUZHOU INTERNATION 1369-HK 495 0.2 0.8 NA NA NA NA NA NA NA NA NA NA HYDOO INTL HLDGS L 1396-HK 450 0.1 0.9 NA NA NA NA NA NA NA NA NA NA BEIJING PROPERTIES 925-HK 436 0.1 0.5 NA NA NA NA NA NA 0.8 -3 0.0 53.9 BEIJING CAP LAND 2868-HK 436 1.2 3.3 NA NA NA NA 5.8 4.9 NA NA 6.4 NA CHINA MINSHENG DRA 726-HK 421 0.2 0.3 NA NA NA NA NA NA NA NA NA NA BEIJING ENT MED & 2389-HK 402 0.4 0.5 NA NA NA NA NA NA NA NA NA NA DIFFER GROUP HLDGS 6878-HK 333 0.1 0.6 NA NA 44.0 57.1 13.8 8.9 1.9 13 0.0 21.4 Health Care SHANGHAI FOSUN PHA 2196-HK 6,998 3.7 19.0 NA NA 15.3 16.1 12.9 11.2 1.8 13 2.0 28.9 GUANGZHOU BAIYUNSH 874-HK 4,710 2.3 19.6 NA NA 5.7 6.2 15.4 14.6 2.3 15 1.9 -45.7 LIVZON PHARMACEUTI 1513-HK 2,590 0.7 41.9 NA NA 35.1 31.6 18.3 14.7 2.7 13 1.6 NA PHOENIX HEALTHCARE 1515-HK 1,241 3.9 11.5 NA NA 67.4 21.2 30.0 25.7 4.1 14 0.5 -54.5 UNIVERSAL MED FIN 2666-HK 1,184 0.4 5.4 NA NA 37.4 32.0 7.7 5.9 NA 14 3.3 NA TONG REN TANG TECH 1666-HK 989 1.1 12.2 NA NA 11.5 12.3 21.7 19.2 2.6 11 1.8 -45.7 SSY GROUP LIMITED 2005-HK 913 0.8 2.5 NA NA 22.6 14.1 14.3 12.7 3.4 18 10.7 54.6 MICROPORT SCIENTIF 853-HK 859 0.4 4.6 NA NA NA NA 54.2 30.1 2.8 NA 1.4 NA CK LIFE SCIENCES I 775-HK 855 0.3 0.7 NA NA NA NA NA NA NA NA NA NA HUAYI TENCENT ENTE 419-HK 827 0.5 0.5 NA NA NA NA NA NA NA NA NA NA LIFETECH SCIENTIFI 1302-HK 779 0.8 1.5 NA NA 3,445 124.0 60.9 31.3 18.8 32 0.0 -54.5 UNITED LABORATORIE 3933-HK 652 0.5 3.1 NA NA 184.6 -4.0 15.8 16.3 0.7 4 0.1 34.2 CONSUN PHARMACEUTI 1681-HK 524 0.4 4.2 NA NA 14.4 15.1 11.1 9.7 1.9 15 1.4 -36.3 DAWNRAYS PHARMS 2348-HK 517 0.5 5.0 NA NA 18.3 9.5 9.7 8.5 2.2 23 2.9 NA LEES PHARMACEUTICA 950-HK 485 0.4 6.4 NA NA 11.7 12.9 15.6 14.1 2.2 NA 1.9 NA HUA HAN HEALTH IND 587-HK 448 1.3 0.5 NA NA NA NA NA NA NA NA NA NA PW MEDTECH GRP LTD 1358-HK 440 0.5 2.1 NA NA 15.8 14.4 12.7 11.1 1.2 NA 0.0 NA HARMONICARE MEDICA 1509-HK 425 1.0 4.4 NA NA 26.0 14.4 20.8 18.3 1.8 9 1.3 -61.5 CHINA PIONEER PHAR 1345-HK 346 0.2 2.0 NA NA NA NA NA NA NA NA NA NA UNIVERSAL HEALTH I 2211-HK 132 1.0 0.4 NA NA NA NA NA NA NA NA NA NA Industrials METALLURGICAL CORP 1618-HK 9,960 1.8 2.4 NA NA 7.3 21.1 6.9 6.0 0.7 NA 2.9 NA XINJIANG GOLDWIND 2208-HK 6,104 5.7 11.8 Outperform 13.00 15.7 2.2 8.3 8.1 1.5 19 5.6 55.5 CHINA SHIPPING CON 2866-HK 5,604 3.0 1.7 NA NA NA NA 19.6 9.7 0.8 2 0.2 141.7 GUANGSHEN RAILWAY 525-HK 4,205 1.4 3.9 NA NA 9.6 8.2 19.8 18.3 0.8 4 2.2 -9.1 CHINA HUARONG ENER 1101-HK 4,021 0.3 0.5 NA NA 19.3 19.0 16.6 14.0 1.2 7 5.1 27.2 CHINA SHIPPING DEV 1138-HK 3,367 2.8 4.6 NA NA 331.8 -6.9 7.9 7.7 0.6 6 2.9 98.2 DONGFANG ELECT COR 1072-HK 3,202 0.7 6.1 NA NA -12.9 27.3 36.2 24.1 0.5 2 0.7 -41.7 CHINA MINSHENG FIN 245-HK 2,909 1.0 0.8 NA NA NA NA NA NA NA NA NA NA ZOOMLION HVY IND S 1157-HK 2,633 2.4 2.7 Neutral 2.58 nmf nmf nmf 249.8 0.4 -2 0.0 55.3 SHN EXPRESSWAY 548-HK 2,512 3.3 7.7 NA NA -30.2 7.7 12.0 11.1 1.1 9 3.6 11.4 CHINA HIGH SPEED T 658-HK 1,349 6.1 6.4 Outperform 6.80 5.5 -3.1 8.2 8.5 0.8 11 3.4 60.4 FDG ELECTRIC VEHIC 729-HK 1,232 2.1 0.4 NA NA NA NA NA NA NA -37 0.0 114.7 YUEXIU TRANSPORT I 1052-HK 1,145 0.6 5.3 NA NA 41.9 0.5 9.8 9.7 0.8 NA 5.9 NA SINOTRANS LIMITED 598-HK 1,054 4.1 3.8 NA NA -6.5 8.7 10.1 9.2 0.9 8 2.8 -10.0 TIANJIN PORT DEVEL 3382-HK 953 0.3 1.2 NA NA 40.3 4.7 8.0 7.7 0.6 NA 4.9 NA COSCO INTL HLDGS 517-HK 759 0.2 3.8 NA NA NA NA NA NA NA NA NA NA LONKING HOLDINGS 3339-HK 673 0.5 1.2 NA NA 83.7 56.9 19.6 12.8 0.7 3 2.5 21.1 CHINA AIRCRAFT LEA 1848-HK 672 0.8 8.3 NA NA 51.8 18.3 9.0 7.6 1.9 22 4.0 841.0 YESTAR INTL HLDGS 2393-HK 672 1.3 3.5 NA NA 8.3 13.6 10.5 9.3 1.2 11 1.0 14.1 JIANGNAN GROUP LTD 1366-HK 668 0.8 1.3 NA NA -8.3 21.7 6.2 5.2 0.8 7 4.2 -9.7 SINOTRANS SHIPPING 368-HK 612 0.4 1.2 NA NA NA 8.3 25.1 23.2 0.3 NA 4.2 NA CHINA MACHINERY EN 1829-HK 583 2.0 5.0 NA NA 4.2 10.3 7.9 7.3 1.1 14 5.0 -138.9 WELLING HOLD LTD. 382-HK 543 0.2 1.5 NA NA NA NA NA NA NA NA NA NA CONCORD NEW ENERGY 182-HK 540 1.0 0.5 Outperform 0.65 27.0 54.6 6.7 4.3 0.7 10 0.0 96.4 CHINA CHENGTONG DE 217-HK 494 0.2 0.7 NA NA NA NA NA NA NA NA NA NA BROAD GREENSTATE I 1253-HK 486 1.0 1.1 NA NA 33.9 40.3 16.1 10.8 4.6 30 NA NA HSIN CHONG GROUP H 404-HK 486 0.5 0.7 NA NA NA NA NA NA NA NA NA NA SANY HEAVY EQUIPME 631-HK 482 0.1 1.2 NA NA 618.6 15.2 24.3 21.2 0.5 2 1.0 -10.0 PACIFIC BASIN SHIP 2343-HK 457 1.8 0.9 NA NA NA NA NA NA 0.4 -7 0.0 67.4 18 August 2016 12 Macquarie Research China Strategy
AVIC INTL HOLD HK 232-HK 399 0.5 0.6 NA NA NA NA NA NA NA NA NA NA CHINA SINGYES SOLA 750-HK 388 2.4 3.6 NA NA -17.9 17.7 8.0 7.1 0.6 8 1.0 67.1 BOER POWER HOLDING 1685-HK 330 1.4 3.3 NA NA -29.7 12.7 5.5 4.9 1.0 17 4.2 NA SUMMIT ASCENT HLDG 102-HK 322 0.7 1.7 NA NA NA 251.3 42.3 11.7 NA 6 0.0 -17.5 YUANDA CHINA HOLDI 2789-HK 184 0.0 0.2 NA NA NA NA NA NA NA NA NA NA CHINA RES&TRANSPOR 269-HK 95 0.0 0.1 NA NA NA NA NA NA NA NA NA NA IT TCL COMMUNICATION 2618-HK 1,933 2.1 7.0 NA NA -4.6 -0.7 8.2 8.3 1.1 14 2.1 96.8 TRAVELSKY TECHNOLO 696-HK 1,837 7.3 15.3 NA NA 5.0 5.3 17.9 17.3 2.9 NA 1.5 NA NETDRAGON WEBSOFT 777-HK 1,694 3.3 26.5 NA NA NA NA NA 103.7 2.6 -2 0.4 -95.7 TONGDA GROUP HLDGS 698-HK 1,242 3.5 1.7 NA NA 41.7 22.0 9.6 7.9 2.0 20 3.0 27.2 KINGDEE INTL SOFTW 268-HK 1,024 5.1 2.7 Outperform 3.50 39.3 64.8 51.5 31.2 2.0 4 0.0 -22.7 COOLPAD GROUP LTD 2369-HK 1,011 3.3 1.6 NA NA -92.9 99.3 NA 21.6 1.1 2 0.2 24.4 CHINASOFT INTL LTD 354-HK 989 4.9 3.5 Outperform 3.85 7.5 23.7 21.3 17.2 1.7 9 0.0 25.8 PAX GLOBAL TECHNOL 327-HK 940 6.5 6.6 Underperform 6.40 3.1 4.0 11.5 11.1 2.0 19 1.0 -63.6 GCL NEW ENERGY HOL 451-HK 824 0.4 0.3 NA NA NA 231.9 28.1 9.1 1.2 4 34.8 NA TIAN GE INTERACTIV 1980-HK 758 2.6 4.5 NA NA -32.4 20.4 35.8 28.1 NA NA 0.0 NA HC INTERNATIONAL 2280-HK 637 1.9 4.9 NA NA 228.6 37.1 21.7 16.3 1.3 6 NA NA WASION GROUP HOLDS 3393-HK 628 2.0 4.8 NA NA -2.5 10.9 10.1 9.1 1.0 10 4.9 -6.8 IGG INC 799-HK 612 3.9 3.5 NA NA 25.4 27.4 12.8 10.3 2.5 22 2.0 NA SINOSOFT TECHNOLOG 1297-HK 564 0.8 4.2 NA NA 14.6 23.4 19.7 16.0 3.8 19 0.8 -7.5 NATIONAL AGRICULTU 1236-HK 515 0.8 1.9 NA NA NA NA NA NA NA NA NA NA CHINA ELECT CORP H 85-HK 510 0.6 2.0 NA NA NA NA NA NA NA NA NA NA HI SUN TECHNOLOGY 818-HK 473 0.5 1.3 NA NA NA NA NA NA NA NA NA NA LANDING INTL DEVEL 582-HK 398 0.5 0.2 NA NA NA NA NA NA NA NA NA NA COMBA TELECOM SYS 2342-HK 389 0.4 1.4 NA NA NA NA NA NA NA NA NA NA COWELL E HOLDINGS 1415-HK 362 1.6 3.4 NA NA -9.7 17.2 6.5 5.6 1.0 16 0.0 -7.4 JU TENG INTERNATIO 3336-HK 361 1.0 2.5 NA NA -28.5 18.9 4.7 3.9 0.4 9 4.4 40.4 PACIFIC ONLINE LTD 543-HK 301 0.1 2.1 NA NA NA NA NA NA NA NA NA NA BOYAA INTERACTIVE 434-HK 282 0.5 2.9 NA NA -39.6 10.0 8.2 7.3 0.9 11 3.3 NA GOLDPAC GRP LTD 3315-HK 256 0.4 2.4 NA NA -16.0 7.3 8.2 7.6 0.9 11 4.2 -70.2 SUNCORP TECH 1063-HK 155 0.5 0.1 NA NA NA NA NA NA NA NA NA NA Materials CHINA MOLYBDENUM C 3993-HK 8,900 7.2 1.8 NA NA -5.6 2.8 31.1 28.3 1.1 3 1.3 -2.8 SINOPEC S/PETROCHE 338-HK 8,531 6.2 4.1 NA NA 31.3 -5.2 8.2 8.9 1.6 19 4.0 -9.0 BBMG CORPORATION 2009-HK 6,067 4.8 3.1 NA NA 36.2 19.6 10.1 8.4 0.7 7 1.0 70.4 ANGANG STEEL CO LT 347-HK 4,528 6.2 4.0 NA NA NA -27.3 54.5 68.7 0.6 1 0.3 44.4 MAANSHAN IRON&STL 323-HK 2,844 3.0 1.9 NA NA NA NA 405.4 NA 0.7 1 0.4 93.1 CHIHO-TIANDE GROUP 976-HK 1,065 1.3 5.1 NA NA NA NA NA NA NA NA NA NA ZHAOJIN MINING IND 1818-HK 1,028 10.4 9.1 NA NA 76.3 40.4 34.4 22.6 2.3 5 0.9 80.9 CHINA METAL RESOUR 1636-HK 828 1.1 3.1 NA NA NA NA NA NA NA NA NA NA FUFENG GROUP LTD 546-HK 765 0.9 2.8 NA NA 6.6 15.5 8.9 7.8 0.8 9 2.2 44.7 GREATVIEW ASEPTIC 468-HK 723 0.7 4.2 Outperform 4.80 9.9 7.0 14.1 13.2 2.1 15 6.2 -23.2 BLOOMAGE BIOTECHNO 963-HK 598 0.8 12.8 NA NA 32.2 27.4 15.9 12.5 2.7 NA 0.3 NA WEST CHINA CEMENT 2233-HK 538 9.2 0.8 NA NA NA 4,515 56.0 19.9 0.6 0 0.0 47.0 G-RESOURCES GP LTD 1051-HK 467 0.4 0.1 NA NA NA NA NA NA NA NA NA NA NORTH MINING SHARE 433-HK 459 1.6 0.2 NA NA NA NA NA NA NA NA NA NA CPMC HLDGS LTD 906-HK 448 0.3 3.5 NA NA NA NA NA NA NA NA NA NA CHINA BLUECHEMICAL 3983-HK 368 0.5 1.6 NA NA -43.7 44.8 14.3 9.1 0.4 3 2.9 -29.7 SHOUGANG CNCRD INT 697-HK 275 0.1 0.2 NA NA NA NA NA NA NA NA NA NA CHINA HANKING HLDS 3788-HK 179 0.1 0.8 NA NA NA NA NA NA NA NA NA NA Telecom CITIC TELECOM INTL 1883-HK 1,272 0.6 2.9 NA NA 6.1 11.4 12.7 11.4 1.4 11 4.4 78.2 HKBN LTD 1310-HK 1,205 2.8 9.3 NA NA 195.9 24.9 28.0 22.9 6.5 20 4.2 212.8 APT SATELLITE HLDG 1045-HK 601 0.2 5.0 NA NA 16.4 18.4 7.8 6.6 NA NA NA NA Utilities HUADIAN FUXIN ENER 816-HK 2,114 3.0 1.9 Outperform 2.60 16.9 16.5 6.3 5.4 0.7 12 2.8 299.9 CHINA WATER AFFAIR 855-HK 971 1.8 5.0 NA NA 20.4 17.4 11.6 9.9 1.3 10 2.0 70.9 CANVEST ENVIRONMEN 1381-HK 928 1.8 3.5 NA NA 42.4 39.5 18.2 13.3 2.6 14 0.4 47.5 CHINA POWER NEW EN 735-HK 757 0.4 5.0 NA NA NA NA NA NA NA NA NA NA BEIJING JINGNENG C 579-HK 733 2.1 2.4 NA NA 10.6 14.1 6.6 6.0 0.9 13 2.4 156.2 CGN NEW ENERGY HOL 1811-HK 703 0.6 1.3 NA NA 9.1 -0.1 5.8 5.4 0.8 14 0.8 232.9 TIANJIN DEVMT HLDG 882-HK 537 0.5 3.9 NA NA NA NA NA NA NA NA NA NA CHINA OIL & GAS GP 603-HK 436 0.4 0.6 Neutral 0.52 -9.3 19.6 10.1 8.4 1.1 11 0.8 59.5 KANGDA INTL ENVIRO 6136-HK 434 0.2 1.6 Outperform 2.55 21.2 11.0 7.4 6.7 0.8 12 1.2 112.0 UNITED PHOTOVOLTAI 686-HK 381 0.5 0.6 NA NA NA NA NA NA NA NA NA NA Note: Numbers for stocks not rated by Macquarie are FactSet consensus. Source: FactSet, Macquarie Research, August 2016, prices as of 12 August 2016
18 August 2016 13 Macquarie Research China Strategy
Fig 10 Shenzhen Component Index Company Name Ticker MktCap 3M Daily Current Macquarie % EPSg P/E PB ROE % Net T/O DivYld Gearing (US$m) (US$m) Price Rating TP 2016 2017 2016 2017 2016 2016 2016 2016
Cons. Disc. MIDEA GROUP CO LTD 000333-CN 26,173 173.8 27.2 Outperform 27.00 13.7 13.8 14.0 12.3 3.0 23 3.9 -69.6 BYD CO 002594-CN 21,779 62.4 58.6 Underperform 21.70 53.1 24.3 33.6 27.0 3.1 11 0.6 16.0 GREE ELEC APPLICAN 000651-CN 17,355 NA NA Neutral 19.10 -24.7 24.7 10.9 8.7 2.4 28 6.0 -110.4 SUNING COMMERCE GP 002024-CN 15,378 92.7 11.0 NA NA NA NA NA 444.2 1.9 0 0.0 -68.0 WANDA CINEMA LINE 002739-CN 12,250 114.0 69.3 NA NA 52.2 43.2 46.7 32.9 7.6 17 0.5 -7.5 CHONG QING CHANGAN 000625-CN 10,919 70.5 15.6 Outperform 25.40 11.5 13.2 6.6 5.8 1.7 29 5.3 -47.4 SHENZHEN OVERSEAS 000069-CN 8,439 18.6 6.8 NA NA 22.2 13.9 10.1 9.0 1.3 12 1.2 44.3 TCL CORPORATION 000100-CN 6,290 35.2 3.4 NA NA -9.0 56.6 15.3 9.2 1.6 9 0.9 58.1 CITIC GUOAN INFO 000839-CN 6,274 283.0 10.6 NA NA NA NA NA NA NA NA NA NA WUHU SHUNRONG SANQ 002555-CN 5,696 NA NA NA NA NA NA NA NA NA NA NA NA ALPHA GROUP 002292-CN 5,649 112.4 28.7 NA NA 35.1 37.4 56.1 41.0 9.8 16 0.2 0.3 HUAYI BROTHERS MED 300027-CN 5,212 92.2 12.4 NA NA -3.0 22.7 32.1 26.6 3.3 9 0.5 -3.4 WANXIANG QIANCHAO 000559-CN 5,147 63.0 14.9 NA NA NA NA 38.2 32.4 NA NA NA NA SONGCHENG PERFORMA 300144-CN 5,114 33.4 23.4 NA NA 51.4 30.2 35.6 27.3 5.3 15 0.5 -22.5 GUANGZHOU YUEXIU F 000987-CN 4,845 19.1 14.5 NA NA NA NA 37.4 21.5 2.6 NA NA NA BEIJING ENLIGHT ME 300251-CN 4,793 60.4 10.9 NA NA 48.6 33.3 55.1 39.4 4.4 8 0.5 -24.5 LEO GROUP CO LTD 002131-CN 4,691 39.6 20.2 NA NA 215.4 26.9 40.5 31.6 4.7 12 0.0 NA KINGNET NETWORK CO 002517-CN 4,678 18.1 45.9 NA NA 5.1 31.4 45.1 34.3 21.3 47 0.3 NA ZHEJIANG SEMIR GAR 002563-CN 4,637 7.6 11.4 NA NA 24.1 20.9 18.7 15.6 3.0 16 2.6 20.0 ZHEJIANG WANFENG A 002085-CN 4,588 16.0 16.7 NA NA 21.6 22.5 31.5 25.9 4.5 16 0.6 NA ANHUI ZHONGDING SE 000887-CN 4,390 51.6 24.0 NA NA 19.4 27.9 28.6 21.9 5.2 17 0.7 NA HANGZHOU ROBAM APP 002508-CN 4,361 28.0 39.7 NA NA 26.3 28.8 25.9 20.1 6.6 27 1.3 -63.1 SUOFEIYA HOME COL 002572-CN 4,115 16.1 59.2 NA NA 42.3 36.3 41.1 30.4 8.2 19 1.0 2.1 WASU MEDIA HOLDING 000156-CN 4,075 24.0 18.9 NA NA NA 24.6 32.6 26.2 NA NA NA NA DMG ENTERTAINMENT 002143-CN 3,966 9.1 23.8 NA NA NA NA NA NA NA NA NA NA ZHEJIANG HUACE FIL 300133-CN 3,842 34.0 14.6 NA NA 42.8 29.8 38.1 29.4 3.7 10 0.3 -21.2 NAVINFO CO LTD 002405-CN 3,739 181.1 23.3 NA NA 31.5 55.2 143.3 95.7 7.8 6 0.2 NA HUNAN TV & BROADCA 000917-CN 3,661 159.7 17.2 NA NA NA 19.2 33.0 27.7 2.2 NA 0.9 NA HW MEDIA INV. GP C 000793-CN 3,262 65.3 10.7 NA NA NA NA NA NA NA NA NA NA GLOBAL TOP E-COMME 002640-CN 3,188 18.4 16.4 NA NA NA NA NA NA NA NA NA NA ZHEJIANG CENTURY G 002602-CN 2,965 18.7 19.2 NA NA NA NA NA NA NA NA NA NA WEIFU HIGH-TECH 000581-CN 2,919 26.9 20.4 NA NA 10.2 9.6 12.3 11.3 1.6 13 2.5 -18.9 H/Z GREAT STAR IND 002444-CN 2,796 77.3 17.3 NA NA 28.7 19.7 30.1 25.1 3.3 11 0.8 NA SHENZHEN FENDA TEC 002681-CN 2,780 35.9 15.0 NA NA NA NA NA NA NA NA NA NA GUANGDONG ADV GP 002400-CN 2,646 21.8 14.9 NA NA 31.5 26.4 23.5 18.7 5.2 22 0.8 -2.8 SHIJIAZHUANG CHANG 000158-CN 2,516 25.5 13.1 NA NA 45.9 37.4 46.1 33.7 2.5 5 NA NA FAW CAR CO 000800-CN 2,504 35.8 10.2 NA NA NA NA NA 118.0 1.9 -4 0.0 9.5 JINZHOU CIHANG GRO 000587-CN 2,470 27.3 15.5 NA NA NA NA NA NA NA NA NA NA BEIJING HUALUBAINA 300291-CN 2,454 24.7 23.0 NA NA 51.5 34.3 39.2 29.8 3.5 10 0.5 -7.2 BAOFENG GROUP CO L 300431-CN 2,421 202.1 58.1 NA NA NA NA NA NA NA NA NA NA RASTAR GROUP 300043-CN 2,409 36.4 12.9 NA NA 26.7 19.8 32.1 26.8 6.2 17 0.8 6.4 VISUAL CHINA GROUP 000681-CN 2,406 21.3 22.8 NA NA NA NA 99.2 69.1 NA NA NA NA YOTRIO GROUP COMPA 002489-CN 2,392 31.8 7.3 NA NA NA NA NA NA NA NA NA NA JOYOUNG CO. LTD. 002242-CN 2,331 26.1 20.2 NA NA 14.2 13.8 21.8 19.2 4.6 21 3.9 NA MEISHENG CULTURAL 002699-CN 2,324 37.7 34.6 NA NA 39.0 39.1 86.0 60.7 11.1 14 0.4 -55.1 ZHEJIANG YASHA DEC 002375-CN 2,230 18.9 11.1 NA NA -3.0 18.0 23.0 NA 2.0 7 1.1 -16.1 SICHUAN CHENGFEI I 002190-CN 1,969 83.9 37.9 NA NA NA NA NA NA NA NA NA NA LIANCHUANG ELEVTRO 002036-CN 1,941 36.0 22.2 NA NA NA NA NA NA NA NA NA NA ZHEJIANG ASIA-PACI 002284-CN 1,930 98.4 17.4 NA NA 26.2 25.1 70.9 57.0 4.7 7 0.4 NA SHENZHEN MTC CO.LT 002429-CN 1,900 25.8 7.9 NA NA 28.4 18.0 28.6 24.0 2.4 9 0.3 29.1 XIAN INTERNATIONAL 000516-CN 1,899 27.9 6.4 NA NA NA NA NA NA NA NA NA NA ZHEJIANG LONGSH AU 002625-CN 1,843 23.1 40.7 NA NA NA NA NA NA NA NA NA NA CHINESE ALL DIGITA 300364-CN 1,802 41.8 49.5 NA NA NA NA NA NA NA NA NA NA AEROSPACE HI-TECH 000901-CN 1,764 74.6 36.2 NA NA NA NA NA NA NA NA NA NA SICHUAN JIUZHOU EL 000801-CN 1,714 18.3 11.1 NA NA 25.3 37.1 41.2 30.9 4.5 11 0.5 NA CHONGQING ZONGSHEN 001696-CN 1,702 39.6 9.9 NA NA NA NA NA NA NA NA NA NA SHANGHAI NEW CULTU 300336-CN 1,656 45.8 20.5 NA NA 40.2 51.8 34.1 22.6 3.8 12 0.7 14.3 SH/METERSBONWE F&A 002269-CN 1,620 10.7 4.3 NA NA NA NA NA NA NA NA NA NA NINGBO HUAXIANG EL 002048-CN 1,610 71.9 20.2 NA NA 291.7 43.3 18.6 13.8 2.2 10 1.0 NA JANUS (DONGGUAN) P 300083-CN 1,503 70.1 7.0 NA NA NA NA 21.7 14.7 NA NA NA NA HAPPIGO HOME SHOPP 300413-CN 1,470 53.5 24.4 NA NA NA NA NA NA NA NA NA NA S/Z TEMPUS GBL BUS 300178-CN 1,466 40.0 17.5 NA NA 38.5 14.6 45.7 41.7 6.3 12 0.6 NA TOREAD HOLDINGS GR 300005-CN 1,438 27.9 16.1 NA NA -27.0 27.8 42.1 37.7 4.5 8 0.2 -44.2 GUANGDONG HOMA APP 002668-CN 1,435 23.3 57.7 NA NA NA NA NA NA NA NA NA NA ZHEJIANG JINGU CO 002488-CN 1,364 72.0 17.8 NA NA -46.8 568.0 445.5 71.3 6.8 1 NA NA BEIJ. HUAL. DEP. 000882-CN 1,324 19.8 4.0 NA NA 73.3 39.7 20.8 14.6 1.4 6 NA NA GREATOO INTELLIGEN 002031-CN 1,265 42.1 3.8 NA NA NA NA NA NA NA NA NA NA HAIMA AUTOMOBILE G 000572-CN 1,248 17.4 5.0 NA NA NA NA NA NA NA NA NA NA ELEC-TECH INTL CO 002005-CN 1,184 15.6 5.6 NA NA NA NA NA NA NA NA NA NA FUJIAN SEPTWOLVES 002029-CN 1,133 11.1 10.0 NA NA -1.1 13.2 27.9 24.6 1.4 5 0.9 -35.8 GREAT WALL MOVIE 002071-CN 1,079 10.9 13.6 NA NA NA NA NA NA NA NA NA NA
18 August 2016 14 Macquarie Research China Strategy
ZHEJIANG BAOXINIAO 002154-CN 828 10.6 4.7 NA NA -6.2 12.5 58.6 52.1 1.9 NA 0.4 NA CHINA CIFCO INVEST 000996-CN 765 40.3 22.1 NA NA NA NA NA NA NA NA NA NA Cons. Stap. GUANGDONG WEN'S FO 300498-CN 24,217 32.7 37.0 NA NA 121.8 -12.9 11.2 11.9 4.2 36 3.2 -5.8 WULIANGYE YIBIN CO 000858-CN 20,239 149.2 35.5 Neutral 23.00 4.0 3.7 24.0 23.1 3.0 13 1.3 -62.7 JIANGSU YANGHE BRE 002304-CN 16,357 35.8 72.3 Outperform 72.30 1.5 12.5 17.8 15.9 3.7 22 2.9 -24.8 HENAN SHUANG INVE 000895-CN 11,948 38.6 24.0 NA NA 8.5 12.8 16.7 14.7 4.5 26 5.2 NA LUZHOU LAO JIAO CO 000568-CN 6,803 70.3 32.2 NA NA 21.1 21.8 25.3 21.0 4.0 16 2.3 -27.8 NEW HOPE LIUHE CO 000876-CN 5,190 46.3 8.3 NA NA NA NA 7.0 5.9 NA NA NA NA BEIJING DABEINONG 002385-CN 4,866 30.2 7.9 NA NA 43.6 36.0 35.9 27.3 3.6 10 0.5 NA FUJIAN SUNNER DEVE 002299-CN 4,801 33.6 28.7 NA NA NA 91.3 22.7 12.4 4.9 20 0.6 30.6 MUYUAN FOODSTUFF C 002714-CN 4,063 58.3 26.1 NA NA 283.4 0.2 12.7 12.5 6.0 38 0.8 NA YUAN LONGPING HIGH 000998-CN 3,613 31.0 19.1 NA NA 26.9 23.8 39.1 31.3 4.9 14 1.4 -47.5 GUANGDONG HAID GRP 002311-CN 3,505 29.4 15.1 NA NA 39.5 33.5 20.6 15.6 4.0 18 2.4 -1.2 YANTAI CHANG YU PI 000869-CN 3,493 14.5 41.0 NA NA 6.5 7.1 25.7 23.9 3.4 13 1.2 -8.6 BEIJING YANJING BR 000729-CN 3,148 17.0 7.4 Neutral 7.10 4.5 4.7 28.2 26.9 1.6 6 1.1 -6.2 SHN AGRICULT PRODS 000061-CN 3,135 18.1 12.3 NA NA NA NA NA NA NA NA NA NA SHANGHAI BAIRUN IN 002568-CN 3,040 32.7 22.5 NA NA -77.1 91.5 173.3 91.3 27.5 21 0.2 NA HUNAN DAKANG INTER 002505-CN 2,957 34.7 3.6 NA NA NA NA NA NA NA NA NA NA BY-HEALTH CO LTD 300146-CN 2,870 30.5 13.1 NA NA 7.5 20.1 28.8 23.9 3.0 13 1.3 -29.1 CHUYING AGRO-PASTO 002477-CN 2,733 85.3 5.8 NA NA 455.2 17.4 14.8 12.7 3.3 21 NA NA SHANDONG DENGHAI S 002041-CN 2,104 14.6 15.9 NA NA 10.5 22.4 29.4 23.8 5.3 14 0.7 -20.3 BEIJING SHUNXIN AG 000860-CN 1,929 45.5 22.5 NA NA 24.7 30.7 26.6 20.5 2.4 9 4.9 NA BEINGMATE BABY & C 002570-CN 1,856 48.0 12.1 Underperform 10.08 -91.7 616.4 899.5 125.6 3.4 0 0.0 -22.3 ROYAL GROUP CO LTD 002329-CN 1,727 39.2 13.7 NA NA 111.9 34.9 29.1 21.7 3.8 13 NA NA HE BEI CHENG DE L 000848-CN 1,706 28.2 11.6 NA NA 8.4 6.3 23.4 21.6 5.9 26 3.5 NA YAN TAI SHUANG TA 002481-CN 1,427 29.8 7.5 NA NA 22.3 21.7 40.5 33.3 3.4 8 0.1 NA LUONIUSHAN CO LTD 000735-CN 1,110 11.3 6.4 NA NA NA NA NA NA NA NA NA NA Energy SHANXI XISHAN COAL 000983-CN 4,721 69.0 10.0 NA NA 148.0 80.1 115.4 80.4 1.9 2 0.1 29.2 JIZHONG ENERGY RES 000937-CN 3,442 29.7 6.5 NA NA NA NA NA NA NA NA NA NA ORIENTAL ENERGY CO 002221-CN 2,667 25.0 12.7 NA NA NA 77.6 28.3 15.9 NA NA NA NA YANTAI JEREH OILFI 002353-CN 2,430 53.9 16.9 Neutral 17.00 32.4 153.3 51.5 20.3 2.0 4 0.3 -5.9 CANGZHOU MINGZHU P 002108-CN 2,184 158.0 23.5 NA NA 93.8 25.9 34.5 27.5 6.9 19 0.8 22.1 HUOLINHE OPENCUT C 002128-CN 2,023 20.5 8.2 NA NA NA 37.7 22.2 16.1 1.5 7 NA NA SINO GEOPHYSICAL C 300191-CN 1,727 51.4 35.8 NA NA NA NA NA NA NA NA NA NA Financials CHINA VANKE CO 000002-CN 33,576 682.4 20.7 Neutral 17.15 18.0 20.3 10.7 8.9 2.0 20 2.8 5.1 PING AN BANK 000001-CN 23,763 59.2 9.2 Outperform 12.70 24.4 2.0 5.8 5.7 0.7 13 3.7 nmf GUOSEN SECURITIES 002736-CN 20,138 47.5 16.3 NA NA NA NA NA NA NA NA NA NA GF SECURITIES CO 000776-CN 19,070 92.2 16.9 NA NA -34.6 16.1 14.4 12.6 1.6 11 2.0 NA SHENWAN HONGYUAN G 000166-CN 18,845 41.7 6.2 NA NA -62.1 3.2 27.2 26.3 2.3 NA 1.1 NA CHINA MERCHANTS SH 001979-CN 18,152 76.7 15.3 Outperform 20.02 10.4 14.5 19.4 16.9 2.4 15 1.5 12.3 WESTERN SECURITIES 002673-CN 10,363 352.2 24.6 NA NA NA 16.6 57.3 49.2 NA NA NA NA BANK OF NINGBO CO. 002142-CN 9,559 32.7 16.3 Neutral 12.50 25.3 1.1 8.8 8.7 1.4 17 1.7 nmf CHANGJIANG SECURIT 000783-CN 8,867 87.5 10.7 NA NA -42.2 15.2 28.3 24.6 2.5 8 1.2 NA OCEANWIDE HOLDINGS 000046-CN 7,761 9.0 9.9 NA NA 9.7 59.2 29.2 18.0 1.7 8 NA NA BOHAI FINANCIAL IN 000415-CN 6,984 219.8 7.5 NA NA 25.5 64.4 31.2 17.2 1.2 NA NA NA SHANXI SECURITIES 002500-CN 6,236 197.5 14.6 NA NA NA NA NA NA NA NA NA NA GUOYUAN SECURITIES 000728-CN 5,696 104.4 19.3 NA NA -48.4 12.2 26.4 23.5 1.8 7 0.8 NA RISESUN REAL EST D 002146-CN 4,832 14.4 7.4 NA NA 20.1 19.8 9.7 8.2 1.4 14 2.5 133.3 FINANCE STREET HOL 000402-CN 4,802 38.9 10.7 NA NA 17.5 2.8 12.6 11.9 1.2 10 2.7 192.0 ZHONGTIAN URBAN DE 000540-CN 4,675 28.2 6.6 NA NA NA NA NA NA NA NA NA NA SEALAND SECURITIES 000750-CN 4,418 79.7 7.0 NA NA NA 16.8 26.8 22.5 NA NA NA NA NORTHEAST SECURITI 000686-CN 4,345 81.5 12.3 NA NA NA NA NA NA NA NA NA NA SUNING UNIVERSAL 000718-CN 4,149 49.0 9.1 NA NA 37.3 40.4 22.5 16.5 2.7 12 1.5 NA SUNSHINE CITY GRP 000671-CN 3,639 14.3 6.0 NA NA NA NA NA NA NA NA NA NA THAIHOT GROUP CO. 000732-CN 3,633 8.2 19.4 NA NA NA NA 12.1 9.7 NA NA NA NA HANGZHOU BINJIANG 002244-CN 3,209 17.3 6.9 NA NA 18.2 13.1 13.6 12.1 1.9 15 1.4 61.7 SHAANXI INTERNATIO 000563-CN 2,927 40.3 6.3 NA NA NA NA 21.0 14.3 1.3 NA NA NA COFCO PROPERTY CO 000031-CN 2,745 39.2 10.1 NA NA NA NA NA NA NA NA NA NA MACROLINK REAL EST 000620-CN 2,710 17.5 9.5 NA NA 179.3 37.7 15.3 15.8 NA NA NA NA SHN HUAQIANG IND 000062-CN 2,703 29.0 24.9 NA NA NA NA NA NA NA NA NA NA SHENZHEN WORLDUNIO 002285-CN 2,553 25.4 8.3 NA NA 19.5 24.3 23.9 19.4 4.1 15 0.4 -31.6 JINKE PROPERTY GRO 000656-CN 2,521 22.5 3.9 NA NA 25.7 8.6 10.6 9.8 NA 11 0.8 182.7 ZHONGHONG HOLDING 000979-CN 2,437 18.1 2.7 NA NA NA NA NA NA NA NA NA NA LANDER SPORTS DEVE 000558-CN 1,961 50.7 15.2 NA NA NA NA 89.1 NA NA NA NA NA HBFX S&TECHNOLOGY 000926-CN 1,737 20.7 12.2 NA NA 2.3 28.0 18.4 14.4 0.9 7 NA NA HAINING CHINA LEAT 002344-CN 1,659 12.1 9.8 NA NA 81.6 12.4 11.1 9.8 2.0 NA 2.7 NA SHN ZHENYE GROUP 000006-CN 1,647 23.3 8.1 NA NA NA NA NA NA NA NA NA NA GUANGDONG HIGHSUN 000861-CN 1,613 9.1 4.8 NA NA 20.9 23.6 43.3 36.6 3.4 8 0.2 NA MYHOME REAL ESTATE 000667-CN 1,476 20.0 3.8 NA NA 39.8 29.6 16.7 12.8 1.5 9 NA NA HNA INVESTMENT GP 000616-CN 1,135 20.0 5.3 NA NA NA NA NA NA NA NA NA NA TIANJIN JINBIN DEV 000897-CN 1,030 10.4 4.2 NA NA NA NA NA NA NA NA NA NA BEIJING CENTERGATE 000931-CN 797 9.2 7.8 NA NA NA NA NA NA NA NA NA NA Health Care S/H RAAS BLOOD PRO 002252-CN 15,673 15.1 37.7 NA NA NA NA 60.9 51.7 8.4 NA NA NA YUNNAN BAIYAO GRP 000538-CN 10,856 40.7 69.2 NA NA 13.7 15.2 22.9 19.8 4.5 20 0.8 -33.7
18 August 2016 15 Macquarie Research China Strategy
SEARAINBOW HLDG 000503-CN 6,353 123.7 46.9 NA NA NA NA NA NA NA NA NA NA DONG-E-E-JIAO CO 000423-CN 5,791 69.6 58.8 NA NA 12.5 15.6 21.0 18.1 4.5 22 1.4 -29.4 AIER EYE HOSPITAL 300015-CN 5,543 20.4 36.6 NA NA 37.3 37.1 61.6 45.5 12.8 21 0.4 -32.1 HUALAN BIOLOGICAL 002007-CN 5,427 69.5 38.8 NA NA 36.7 29.4 45.3 35.2 8.6 19 0.8 -11.4 CHENGDU KANGHONG P 002773-CN 5,081 6.8 50.0 NA NA NA 27.6 65.4 51.0 NA NA NA NA HUADONG MEDICINE 000963-CN 4,931 28.0 67.4 NA NA 32.1 26.2 23.1 18.3 5.2 18 1.3 NA GUIZHOU BAILING GR 002424-CN 4,836 33.8 22.8 NA NA NA NA NA NA NA NA NA NA LEPU MEDICAL TECHN 300003-CN 4,773 16.7 18.2 NA NA 15.3 28.8 44.7 34.6 5.2 11 0.6 NA SHENZHEN SALUBRIS 002294-CN 4,489 15.6 28.5 NA NA 17.6 21.0 20.0 16.4 5.5 27 2.4 -27.5 HUNAN ER-KANG PHAR 300267-CN 4,401 14.2 14.2 NA NA 39.4 25.2 33.1 24.1 5.9 17 0.5 -38.8 CHONGQING ZHIFEI B 300122-CN 3,987 24.2 16.6 NA NA 48.7 44.0 174.2 118.2 18.5 10 NA NA ZHEJIANG NHU CO 002001-CN 3,829 67.1 23.4 NA NA 122.4 -30.1 28.4 40.7 3.3 12 1.8 -12.6 CHINA RESOURCES SA 000999-CN 3,685 19.2 25.0 NA NA 3.1 13.5 19.0 16.7 2.8 15 1.1 NA CN ACCORD MEDICINE 000028-CN 3,545 18.4 69.2 NA NA 24.2 39.2 29.2 23.5 3.0 9 0.5 -30.8 JILIN AODONG MEDIC 000623-CN 3,495 47.3 26.0 NA NA NA NA NA NA NA NA NA NA JIANGSU YUYUE MEDI 002223-CN 3,468 44.6 34.5 NA NA 39.1 27.4 44.1 34.7 5.8 12 0.7 -56.2 SICHUAN KELUN PHAR 002422-CN 3,404 12.5 15.8 NA NA NA NA NA NA NA NA NA NA BEIJING SL PHARMAC 002038-CN 3,331 31.9 32.3 NA NA -3.7 39.2 39.9 28.7 5.5 NA 0.6 NA SHENZHEN HEPALINK 002399-CN 3,114 11.6 16.6 NA NA NA NA NA NA NA NA NA NA DA AN GENE CO(SUN 002030-CN 2,871 70.0 26.3 NA NA NA NA 115.7 90.4 NA NA NA NA SHIJIAZHUANG YILIN 002603-CN 2,736 22.1 16.1 NA NA 25.9 17.7 33.6 28.6 3.4 10 0.6 -5.9 HARBIN GLORIA PHAR 002437-CN 2,724 18.0 8.2 NA NA NA NA NA NA NA NA NA NA HAISCO PHARMACEUTI 002653-CN 2,720 8.1 16.7 NA NA 22.0 10.6 39.8 36.3 7.4 19 NA NA SHN NEPTUNUS BIO 000078-CN 2,677 51.6 6.7 NA NA -17.1 63.5 32.3 19.5 6.3 20 1.5 NA TIANJIN CHASE SUN 300026-CN 2,675 35.5 17.7 NA NA 30.6 20.2 26.2 21.9 2.9 11 0.5 NA WINNING HEALTH TEC 300253-CN 2,661 71.9 21.8 NA NA 233.4 -43.4 34.0 60.4 12.0 35 NA NA CHANGCHUN HIGH NEW 000661-CN 2,642 40.9 103.2 NA NA 23.0 27.4 37.2 29.2 5.7 15 0.7 NA SHANDONG REALCAN P 002589-CN 2,627 14.3 31.5 NA NA 100.2 37.7 40.7 29.4 3.2 7 0.1 11.3 GUIZHOU XINBANG PH 002390-CN 2,624 24.9 10.2 NA NA 125.8 36.1 44.8 32.6 3.5 8 0.6 14.3 LIVZON PHARMACEUTI 000513-CN 2,590 19.2 47.7 NA NA 38.1 31.6 25.0 19.8 3.6 13 1.2 NA HYBIO PHARMACEUTIC 300199-CN 2,552 22.8 19.0 NA NA 41.5 37.2 38.3 29.0 5.7 14 0.7 NA ZHEJIANG DIAN DIAG 300244-CN 2,549 25.1 30.7 NA NA 58.0 42.0 49.3 35.3 7.8 13 0.2 NA YIFAN XINFU PHARMA 002019-CN 2,463 55.0 14.9 NA NA NA NA 31.0 35.4 NA NA NA NA WALVAX BIOTECHNOLO 300142-CN 2,359 NA NA NA NA NA NA NA NA NA NA NA NA ZHEJIANG HISOAR PH 002099-CN 2,334 29.7 10.2 NA NA NA NA NA NA NA NA NA NA ZHUHAI HOKAI MEDIC 300273-CN 2,230 32.8 18.8 NA NA NA 55.8 63.7 45.3 4.4 8 NA NA HANGZHOU TIGERMED 300347-CN 2,193 19.9 30.9 NA NA 39.4 32.2 65.7 49.8 7.3 13 NA NA ANHUI ANKE BIOTECH 300009-CN 2,038 45.6 25.5 NA NA 43.0 26.1 66.8 52.2 9.3 13 NA NA HAINAN HAIYAO CO 000566-CN 2,004 37.8 12.2 NA NA NA NA NA NA NA NA NA NA GUANHAO BIOTECH CO 300238-CN 1,632 27.3 43.9 NA NA NA NA NA NA NA NA NA NA SHANGHAI TOFFLON S 300171-CN 1,630 21.0 17.1 NA NA 19.2 27.1 23.4 18.4 3.4 15 2.2 -66.6 CHANGZHOU QIANHONG 002550-CN 1,571 15.5 8.2 NA NA NA 24.0 32.6 26.3 4.2 13 1.1 NA SHANGHAI KEHUA BIO 002022-CN 1,515 28.6 19.6 NA NA 18.6 17.6 39.2 33.8 5.4 13 0.7 -38.9 RENHE PHARMACY CO 000650-CN 1,464 20.2 7.9 NA NA 32.8 27.4 18.7 14.5 3.3 18 NA NA XIANGXUE PHARMACEU 300147-CN 1,367 22.7 13.7 NA NA 55.4 19.6 36.1 29.2 2.6 8 NA NA SHANGHAI KAIBAO PH 300039-CN 1,288 16.0 10.3 NA NA 7.8 6.6 27.9 26.4 3.9 14 1.7 NA GUANGDONG TAIANTAN 002433-CN 1,153 21.2 9.9 NA NA 10.5 11.4 36.8 33.1 1.7 5 0.3 NA ANDON HEALTH CO LT 002432-CN 1,133 39.5 17.4 NA NA NA NA NA NA NA NA NA NA JIANGSU SIHUAN BIO 000518-CN 987 20.8 6.4 NA NA NA NA NA NA NA NA NA NA Industrials AVIC AIRCRAFT CO L 000768-CN 9,026 111.4 21.7 NA NA 27.8 36.4 109.6 80.5 3.9 3 0.6 -17.9 BEIJING ORIGINWATE 300070-CN 8,569 41.5 18.2 NA NA 52.4 39.3 27.2 19.3 3.1 13 0.5 -5.5 XINJIANG GOLDWIND 002202-CN 6,071 42.5 15.8 Neutral 14.90 12.1 2.2 13.0 12.7 2.3 19 3.5 55.5 SIASUN ROBOT & AUT 300024-CN 5,563 83.1 23.7 NA NA 25.0 28.5 86.1 68.4 6.5 8 0.2 -42.1 WEICHAI POWER CO 000338-CN 5,438 26.2 9.1 Underperform 5.50 34.6 10.0 19.4 17.6 1.1 6 2.6 -10.8 LUXSHARE PRECISION 002475-CN 5,160 29.0 18.2 NA NA 19.4 31.7 26.8 19.7 4.7 19 0.4 8.2 B/J ORIENT LANSCAP 002310-CN 4,940 49.2 13.0 NA NA 116.6 38.4 34.8 25.3 6.5 18 0.7 NA GUOXUAN HIGH-TECH 002074-CN 4,777 148.2 36.2 NA NA 105.4 36.7 26.0 19.1 7.7 27 0.8 -27.1 CHINA INTL MARINE 000039-CN 4,733 19.1 14.2 NA NA 2.4 28.7 26.2 20.6 1.3 5 0.8 NA JIANGSU ZHONGNAN 000961-CN 4,513 40.3 8.1 NA NA NA NA 33.7 28.9 NA NA NA NA AVIC AERO-ENGINE C 000738-CN 4,501 65.7 26.1 NA NA 21.3 15.9 124.2 104.4 6.0 NA 0.1 NA ZOOMLION HVY IND S 000157-CN 4,449 18.7 4.2 NA NA -84.6 4,318 1,650 48.2 0.8 0 0.2 58.0 SHENZHEN INOVANCE 300124-CN 4,393 34.9 18.2 NA NA 22.7 22.8 29.3 24.0 5.9 21 1.6 -35.3 TUS-SOUND ENVIRONM 000826-CN 4,037 22.0 31.4 NA NA 27.0 36.6 22.9 18.5 3.7 16 0.5 84.8 SUZHOU GOLD MANTIS 002081-CN 3,984 32.0 10.0 NA NA 17.4 13.7 13.9 12.0 2.7 18 0.9 -19.9 AVIC ELECTROMECHAN 002013-CN 3,888 42.3 16.1 NA NA 21.9 18.1 43.2 36.5 3.6 8 0.3 32.5 ETERNAL ASIA SUPPL 002183-CN 3,859 93.8 12.2 NA NA 66.2 82.4 31.3 56.8 4.3 11 NA NA HAN'S LASER TECHNO 002008-CN 3,659 61.7 22.9 NA NA 37.1 18.7 23.8 20.1 4.4 18 1.3 -4.1 ZHONGSHAN BROAD OC 002249-CN 3,587 37.1 10.1 NA NA 61.3 24.9 42.4 33.8 3.9 10 1.0 NA XINJIANG MACHINERY 300159-CN 3,492 27.4 15.6 NA NA 54.0 40.8 50.2 35.8 2.9 6 0.3 NA CHINA BAOAN GROUP 000009-CN 3,431 124.4 10.6 NA NA NA NA NA NA NA NA NA NA SHENWU ENVIRONMENT 300156-CN 3,404 32.1 22.4 NA NA 301.7 17.7 31.3 26.5 9.1 29 0.0 NA XCMG CONSTRUCTION 000425-CN 3,387 21.5 3.2 NA NA NA 177.9 160.5 53.5 1.1 NA 0.0 NA TAIHAI MANOIR NUCL 002366-CN 3,345 27.8 51.2 NA NA 3,027 43.7 39.4 27.5 11.2 25 0.8 NA XINGYUAN ENVIRONME 300266-CN 3,217 13.4 42.0 NA NA NA NA NA NA NA NA NA NA BLUEFOCUS COMMUNIC 300058-CN 3,121 33.1 10.4 NA NA 885.5 30.2 29.2 22.3 4.1 13 2.0 20.4 BEIJING WATERTEK I 300324-CN 3,118 30.0 20.7 NA NA NA 26.3 66.8 51.8 NA NA NA NA QINGDAO TGOOD ELEC 300001-CN 3,070 37.9 20.4 NA NA NA NA 72.7 53.6 NA NA NA NA JIANGXI SPECIAL EL 002176-CN 2,918 162.4 13.2 NA NA 1,139 47.7 39.7 26.8 6.1 15 0.8 NA CHINA CAMC ENGINEE 002051-CN 2,872 12.9 20.6 NA NA 19.4 14.8 15.3 13.1 2.7 18 1.4 -124.9 18 August 2016 16 Macquarie Research China Strategy
SHN AIRPORT 000089-CN 2,816 15.3 9.1 NA NA 15.5 24.7 31.3 25.3 1.8 6 0.8 -22.1 BEIJING SPC ENVIRO 002573-CN 2,773 40.7 17.3 NA NA 47.5 33.5 24.9 18.6 5.4 24 0.9 NA GALAXY BIOMEDICAL 000806-CN 2,680 99.8 16.2 NA NA NA NA NA NA NA NA NA NA SUNGROW POWER SUPP 300274-CN 2,660 53.4 22.6 NA NA 62.6 31.8 23.3 17.6 3.7 18 0.8 10.7 ZHEJIANG NARADA PO 300068-CN 2,650 78.1 22.4 NA NA 74.4 39.7 43.8 31.6 3.7 8 0.5 NA BEIJING SHOUHANG R 002665-CN 2,624 16.2 8.8 NA NA 182.0 81.0 46.5 26.0 2.9 6 0.5 NA ZHEJIANG WANMA CO 002276-CN 2,602 86.5 18.4 NA NA NA NA NA NA NA NA NA NA ZHEJIANG SANHUA CO 002050-CN 2,523 29.6 9.3 NA NA 16.0 20.4 23.5 19.6 3.1 13 NA NA EVE ENERGY CO LTD 300014-CN 2,463 164.2 38.3 NA NA 87.2 75.8 55.9 32.7 8.3 14 NA NA SHANDONG HIMILE ME 002595-CN 2,403 6.6 20.0 NA NA NA NA 21.5 NA NA NA NA NA SHENZHEN TECHAND E 300197-CN 2,380 18.3 15.6 NA NA 76.0 35.3 29.4 21.2 3.2 11 NA NA CSG SMART SCIENCE 300222-CN 2,338 62.4 22.0 NA NA NA NA NA NA NA NA NA NA PALM ECO-TOWN DEVE 002431-CN 2,333 150.3 11.3 NA NA NA 9.0 52.3 46.9 3.4 7 0.0 NA JIANGSU LEIKE DEFE 002413-CN 2,318 57.7 14.1 NA NA 2.5 45.7 146.7 100.1 9.4 5 0.1 NA QINGDAO HANHE CABL 002498-CN 2,284 15.2 4.6 NA NA NA NA NA NA NA NA NA NA XJ ELECTRIC 000400-CN 2,282 29.8 15.1 Outperform 16.70 -51.5 71.4 30.9 18.0 2.5 8 0.3 -1.7 MONTNETS RONGXIN T 002123-CN 2,278 38.6 17.6 NA NA 275.3 55.2 41.8 27.0 2.9 7 NA NA SUZHOU DONGSHAN PR 002384-CN 2,232 20.0 17.5 NA NA NA NA 37.2 28.7 NA NA NA NA DONGJIANG ENVIRONM 002672-CN 2,195 21.7 18.5 NA NA 37.8 27.4 35.2 27.9 5.0 14 0.7 51.2 SUNWODA ELECTRONIC 300207-CN 2,194 37.0 22.6 NA NA 53.6 33.7 27.3 19.2 6.3 22 0.6 -33.1 HEFEI MEIYA OPTOEL 002690-CN 2,178 13.5 21.4 NA NA 25.3 27.1 38.9 31.5 6.3 16 NA NA HUNAN JIANGNAN RED 000519-CN 2,153 57.2 13.8 NA NA NA NA NA NA NA NA NA NA JINLONG MACHINERY& 300032-CN 2,128 38.8 17.4 NA NA -26.8 -2.6 48.2 49.6 5.1 NA 0.3 NA HENAN SENYUAN ELEC 002358-CN 2,101 33.9 17.5 NA NA 72.7 21.2 47.4 39.0 5.7 12 NA NA BEIJING NEW BLDG 000786-CN 2,069 23.2 9.7 NA NA 3.7 12.9 13.6 12.0 1.6 11 3.9 NA SHN YAN TIAN PORT 000088-CN 2,053 7.7 7.0 NA NA NA NA 29.3 27.0 NA NA NA NA ZHEJIANG KAISHAN C 300257-CN 2,048 25.6 15.9 NA NA NA NA 83.4 NA NA NA NA NA SANLUX CO LTD 002224-CN 2,007 128.5 20.3 NA NA NA 28.4 40.6 31.7 NA NA NA NA SHENZHEN BAUING CO 002047-CN 1,974 21.1 10.4 NA NA NA NA 28.8 22.1 NA NA NA NA SICHUAN HAITE HIGH 002023-CN 1,943 36.6 17.1 NA NA 103.7 85.0 103.3 58.8 3.7 3 0.1 -17.6 PUBANG LANDSCAPE A 002663-CN 1,892 NA NA NA NA -5.4 17.5 48.5 43.2 NA 4 NA NA FOSHAN ELECTRICAL 000541-CN 1,859 36.5 10.9 NA NA NA NA 39.1 32.2 NA NA NA NA SHENZHEN CLOU ELEC 002121-CN 1,805 49.4 10.1 NA NA 78.0 22.0 86.7 69.9 NA 13 0.2 162.3 HARBIN BOSHI AUTOM 002698-CN 1,781 14.5 17.4 NA NA -9.6 18.1 65.5 62.0 6.3 8 NA NA SHENZHEN HONGTAO D 002325-CN 1,754 35.3 9.7 NA NA 22.2 23.4 25.1 20.5 3.0 12 0.5 NA FOCUSED PHOTONICS 300203-CN 1,736 24.5 25.5 NA NA 56.8 31.2 30.6 23.7 4.3 14 0.5 -2.8 SHENZHEN GRANDLAN 002482-CN 1,735 9.6 7.4 NA NA 15.8 5.9 32.9 33.8 1.9 5 NA NA SHENYANG MACHINE T 000410-CN 1,735 56.5 15.1 NA NA NA NA NA NA NA NA NA NA ANHUI SHENGYUN ENV 300090-CN 1,719 17.0 8.7 NA NA NA NA NA NA NA NA NA NA SHN TAGEN GROUP 000090-CN 1,713 11.6 9.5 NA NA NA NA NA NA NA NA NA NA SHENZHEN HIFUTURE 002168-CN 1,677 59.6 14.3 NA NA NA NA NA NA NA NA NA NA LINGNAN LANDSCAPE 002717-CN 1,677 49.1 27.9 NA NA 56.8 47.2 45.3 29.6 5.0 12 NA NA BEIJING DINGHAN TE 300011-CN 1,655 27.6 20.9 NA NA 27.0 33.6 33.4 24.9 4.6 14 0.8 NA ZHEFU HOLDING GROU 002266-CN 1,594 9.4 5.4 NA NA NA NA NA NA NA NA NA NA GUIZHOU SPACE APPL 002025-CN 1,517 32.7 23.5 NA NA 18.1 17.3 36.7 31.5 4.7 11 0.9 NA HUNAN CHINA SUN PH 300216-CN 1,491 35.0 27.4 NA NA NA NA NA NA NA NA NA NA ANHUI SINONET AND 002298-CN 1,469 43.3 15.4 NA NA NA NA NA NA NA NA NA NA SHENZHEN GLORY MED 002551-CN 1,464 19.1 21.9 NA NA NA NA 31.3 NA NA NA NA NA ZHEJIANG DUN AN AR 002011-CN 1,452 17.1 10.5 NA NA NA NA NA NA NA NA NA NA JINGWEI TEXTILE MA 000666-CN 1,449 17.6 18.4 NA NA 9.4 9.2 21.8 13.4 1.9 8 0.3 NA GUANGDONG GUANGZHO 002181-CN 1,416 17.4 8.1 NA NA NA NA 270.0 NA NA NA NA NA JIANGSU ZHONGCHAO 002471-CN 1,413 26.3 7.4 NA NA NA NA NA NA NA NA NA NA SHANGHAI STEP ELEC 002527-CN 1,383 15.3 14.8 NA NA 21.1 20.7 45.9 32.9 3.2 7 0.8 6.7 CENTRE TESTING GRO 300012-CN 1,354 18.1 11.7 NA NA 22.0 30.6 45.4 34.9 6.3 14 0.4 -10.8 MESNAC CO.LTD 002073-CN 1,302 22.1 10.6 NA NA NA NA NA NA NA NA NA NA SUFA TECHNOLOGY IN 000777-CN 1,277 36.2 22.1 NA NA NA NA NA NA NA NA NA NA SHENZHEN WOER HEAT 002130-CN 1,266 36.9 14.8 NA NA NA NA NA NA NA NA NA NA CHINA WESTERN POWE 002630-CN 1,232 NA NA NA NA NA NA NA NA NA NA NA NA SIEYUAN ELECTRIC C 002028-CN 1,218 14.9 10.8 NA NA 13.1 23.6 17.1 14.1 1.6 10 0.8 NA JIANGSU NONGHUA IN 000816-CN 1,216 17.3 5.7 NA NA NA NA NA NA NA NA NA NA ZHANGJIAGANG FURUI 300228-CN 1,200 74.3 16.9 NA NA NA NA NA NA NA NA NA NA CITIC OFFSHORE HEL 000099-CN 1,168 44.2 12.8 NA NA -5.3 9.3 40.9 35.2 NA NA NA NA SHENZHEN DESAY BAT 000049-CN 1,138 47.9 36.8 NA NA NA NA NA NA NA NA NA NA GUANGXI LIUGONG MA 000528-CN 1,122 9.1 6.6 NA NA 278.1 97.7 110.3 47.3 0.8 1 3.6 24.4 SHENZHEN ESUN DISP 002751-CN 1,119 73.1 52.9 NA NA NA NA NA NA NA NA NA NA HONGBO CO LTD 002229-CN 1,067 66.4 23.8 NA NA NA NA 339.4 NA NA NA NA NA TIANJIN TEDA CO. L 000652-CN 1,060 10.1 4.8 NA NA NA NA NA NA NA NA NA NA S/H YANHUA SMART G 002178-CN 1,008 24.1 9.2 NA NA NA NA NA NA NA NA NA NA INTEGRATED ELECTRO 002339-CN 915 24.4 16.0 NA NA NA NA NA NA NA NA NA NA XUZHOU KERONG ENVI 300152-CN 854 20.7 8.0 NA NA NA NA NA NA NA NA NA NA IT HANGZHOU HIKVISION 002415-CN 23,012 60.2 25.1 Outperform 32.00 -16.4 24.3 20.7 16.7 5.8 35 1.9 -52.2 FOCUS MEDIA INFORM 002027-CN 20,312 26.9 15.4 NA NA 31.8 23.7 34.5 28.0 7.5 31 0.3 -39.2 LESHI INTERNET INF 300104-CN 13,690 310.2 45.9 NA NA 55.9 64.8 95.3 59.9 15.3 16 0.1 -20.9 BOE TECHNOLOGY GP 000725-CN 12,291 72.0 2.4 Neutral 2.30 25.8 31.0 40.3 30.8 1.0 3 0.5 17.7 EAST MONEY INFORMA 300059-CN 10,384 293.9 19.4 NA NA -38.5 64.3 60.7 36.9 5.4 9 0.1 -12.3 UNISPLENDOUR CO. L 000938-CN 9,900 46.8 63.1 NA NA NA NA NA NA NA NA NA NA ZTE CORP 000063-CN 8,594 63.9 14.7 NA NA 15.3 9.4 16.4 14.9 1.6 9 1.4 -14.2 SHANGHAI WANGSU SC 300017-CN 8,548 103.0 71.6 NA NA 58.6 51.4 42.8 28.2 9.4 24 0.5 -62.3 DONGXU OPTOELECTRO 000413-CN 8,157 246.1 14.7 NA NA NA NA NA NA NA NA NA NA 18 August 2016 17 Macquarie Research China Strategy
LENS TECHNOLOGY CO 300433-CN 7,986 48.1 24.3 NA NA 6.5 45.0 31.6 22.6 3.6 11 1.0 10.8 ZHEJIANG DAHUA TEC 002236-CN 6,681 46.6 15.4 Neutral 14.50 -51.5 26.9 26.8 21.1 5.5 24 0.5 -31.0 HANGZHOU LIAISON I 002280-CN 6,461 NA NA NA NA NA NA 70.4 96.6 NA NA NA NA GOERTEK INC. 002241-CN 5,992 46.6 26.2 Outperform 37.00 18.9 20.2 23.8 19.8 3.6 16 0.4 -6.9 IFLYTEK CO LTD 002230-CN 5,587 139.7 28.7 NA NA 24.3 31.3 69.9 53.3 5.1 7 0.5 -33.9 HEXIN FLUSH INFORM 300033-CN 5,477 111.8 67.7 NA NA 17.1 12.9 31.9 26.6 13.2 36 0.0 NA SHENZHEN O-FILM TE 002456-CN 5,182 118.1 33.5 Neutral 32.00 52.5 41.9 40.8 28.8 5.2 13 0.4 9.4 DHC SOFTWARE CO 002065-CN 4,687 76.3 19.8 NA NA 16.3 16.1 23.5 20.1 3.2 14 0.9 NA DIGITAL CHINA INFO 000555-CN 4,623 117.7 33.5 NA NA 44.1 34.2 65.0 48.5 8.7 14 0.1 NA BEIJING JETSEN TEC 300182-CN 4,533 20.7 11.8 NA NA 36.5 34.9 27.3 20.3 3.5 NA 1.1 NA BEIJING KUNLUN TEC 300418-CN 4,504 56.6 26.5 NA NA NA NA NA NA NA NA NA NA SUZHOU VICTORY PRE 002426-CN 4,503 61.6 10.3 NA NA 176.4 50.0 31.7 20.8 3.3 10 0.8 NA CHAOZHOU THREE-CIR 300408-CN 4,344 30.3 16.7 NA NA 25.9 26.0 25.9 20.7 NA NA NA NA OURPALM CO LTD 300315-CN 4,181 81.7 10.0 NA NA 86.9 38.0 32.0 25.5 NA 11 0.4 -22.6 BEIJING SINNET TEC 300383-CN 4,101 77.6 37.7 NA NA 211.9 57.4 77.8 49.2 11.9 13 0.3 NA GUANGZHOU HAIGE CO 002465-CN 4,019 33.7 12.4 NA NA 34.5 31.5 34.3 25.9 3.8 11 1.2 -5.4 BEIJING SHIJI INFO 002153-CN 3,916 42.0 24.4 NA NA 27.2 26.2 56.5 44.6 5.2 9 0.2 NA TIANMA MICROELECTR 000050-CN 3,903 117.2 18.5 NA NA 41.6 21.4 34.3 27.8 1.7 5 0.4 -17.9 AVIC JONHON OPTR 002179-CN 3,843 50.4 42.4 NA NA 35.1 30.2 33.4 25.5 6.2 17 0.4 -11.6 YOUZU INTERACTIVE 002174-CN 3,745 53.8 28.9 NA NA NA NA NA NA NA NA NA NA GRG BANKING EQUIPM 002152-CN 3,730 26.0 15.3 NA NA 25.7 15.9 21.8 18.7 3.3 15 1.2 -66.6 HANGZHOU SHUNWANG 300113-CN 3,601 93.7 35.1 NA NA 60.1 37.4 58.5 42.9 13.0 21 0.2 NA INSPUR ELECTRONIC 000977-CN 3,521 74.2 23.4 NA NA 51.9 33.1 34.4 24.8 6.6 19 0.5 45.2 WONDERS INFORMATIO 300168-CN 3,474 118.5 22.6 NA NA 29.8 30.0 76.4 58.6 10.6 14 0.4 NA UNIGROUP GUOXIN CO 002049-CN 3,470 96.1 38.0 NA NA 39.7 25.3 44.5 36.3 6.9 14 0.3 -23.1 THUNDER SOFTWARE T 300496-CN 3,362 129.3 55.4 NA NA 11.5 122.2 224.8 101.3 27.6 13 NA NA ADDSINO CO LTD 000547-CN 3,315 NA NA NA NA NA NA NA NA NA NA NA NA SHANGHAI 2345 NETW 002195-CN 3,302 55.7 11.5 NA NA NA NA NA NA NA NA NA NA TIANJIN ZHONGHUA 002129-CN 3,301 NA NA NA NA 119.3 56.9 48.8 31.9 NA 4 NA NA SHENZHEN EVENWIN P 300115-CN 3,065 23.8 22.8 Outperform 27.00 -7.7 39.6 29.9 21.4 5.5 19 0.8 -1.2 TATWAH SMARTECH CO 002512-CN 3,020 22.0 18.3 NA NA NA NA NA NA NA NA NA NA HOLITECH TECHNOLOG 002217-CN 2,951 28.7 13.8 NA NA NA NA NA NA NA NA NA NA NETPOSA TECHNOLOGI 300367-CN 2,940 45.8 24.2 NA NA 51.2 33.5 61.0 46.4 6.9 16 0.6 NA TONGDING INTERCONN 002491-CN 2,882 50.4 16.0 NA NA 168.8 24.3 41.3 31.1 5.7 15 0.3 NA VENUSTECH GROUP IN 002439-CN 2,837 59.2 21.7 NA NA 44.2 43.9 53.5 37.5 8.1 15 NA NA SHENZHEN SUNWAY CO 300136-CN 2,742 40.0 19.0 NA NA 114.6 57.3 37.7 24.4 7.8 25 0.3 1.9 SHENZHEN TAT FOOK 300134-CN 2,739 143.8 27.9 NA NA NA NA NA NA NA NA NA NA BEIJING ULTRAPOWER 300002-CN 2,726 34.8 9.2 NA NA 42.6 28.9 36.9 28.8 3.5 9 NA NA SHENZHEN AISIDI CO 002416-CN 2,723 83.9 17.5 NA NA NA NA NA NA NA NA NA NA SHENZHEN INFOGEM T 300085-CN 2,674 68.0 26.0 NA NA NA 40.9 124.3 88.1 13.7 11 0.1 NA FUJIAN NEWLAND COM 000997-CN 2,661 64.7 18.8 NA NA 36.2 30.6 38.6 29.7 6.8 17 0.6 NA BEIJING ORIENT NAT 300166-CN 2,661 46.4 NA NA NA 39.7 41.9 53.1 37.3 NA 15 NA NA HYTERA COMMUNICATI 002583-CN 2,644 28.1 11.4 NA NA 72.3 61.8 41.4 25.1 5.7 14 0.0 NA GLODON CO LTD 002410-CN 2,609 32.3 15.5 NA NA 73.0 34.8 40.0 30.4 5.8 14 1.0 NA GCI SCIENCE & TECH 002544-CN 2,551 22.5 32.9 NA NA NA NA NA NA NA NA NA NA HUAGONG TECH CO 000988-CN 2,547 147.7 19.0 NA NA 52.8 31.9 73.0 55.8 5.4 7 0.2 -3.0 QTONE EDUCATION GR 300359-CN 2,540 54.6 26.6 NA NA 309.6 60.4 50.2 31.7 7.6 15 NA NA BEIJING BDSTAR NAV 002151-CN 2,518 61.4 33.0 NA NA NA NA NA NA NA NA NA NA SINODATA CO LTD 002657-CN 2,518 93.1 49.5 NA NA NA NA NA NA NA NA NA NA BEIJING PHILISENSE 300287-CN 2,509 36.5 11.6 NA NA NA NA NA NA NA NA NA NA CHINA TRANSINFO TE 002373-CN 2,484 55.5 NA NA NA NA NA NA NA NA NA NA NA GREATWALL INF0 IND 000748-CN 2,471 83.2 20.1 NA NA NA NA NA NA NA NA NA NA BEIJING ZHONG KE S 000970-CN 2,438 152.1 15.2 NA NA 9.4 34.4 51.4 38.2 3.9 8 0.6 -51.2 BEIJING LANXUM TEC 300010-CN 2,434 42.6 18.7 NA NA 83.1 33.6 60.1 44.8 7.2 12 0.0 NA WUHU TOKEN SCIENCE 300088-CN 2,406 142.1 13.9 NA NA NA NA NA NA NA NA NA NA SHENZHEN KAIFA TEC 000021-CN 2,355 55.7 10.6 NA NA NA NA 46.2 34.3 NA NA NA NA CHINA GREATWALL C 000066-CN 2,354 45.7 11.8 NA NA NA 44.8 31.1 21.1 5.2 17 NA NA GOSUNCN TECHNOLOGY 300098-CN 2,293 55.6 14.2 NA NA 111.8 34.1 51.5 38.3 4.1 8 0.2 NA UNITED ELECTRONICS 002642-CN 2,243 42.9 23.4 NA NA NA NA NA NA NA NA NA NA ZHEJIANG QUARTZ CR 002273-CN 2,239 126.5 22.7 NA NA 27.9 23.9 78.5 62.6 5.2 7 0.0 NA WUHAN GUIDE INFRAR 002414-CN 2,223 23.6 24.6 NA NA NA NA 57.2 36.7 NA NA NA NA TALKWEB INFORMATIO 002261-CN 2,207 33.2 13.2 NA NA 27.4 28.8 55.1 42.9 2.6 7 0.3 NA NANJING HUA EL INF 000727-CN 2,196 38.5 3.2 NA NA 1,255 49.7 46.0 32.2 0.8 1 0.0 NA NSFOCUS INFORMATIO 300369-CN 2,160 32.4 39.4 NA NA NA NA NA NA NA NA NA NA CHENGDU SANTAI HOL 002312-CN 2,154 96.6 10.4 NA NA NA NA NA NA NA NA NA NA SHENZHEN DEREN ELE 002055-CN 2,134 63.4 31.5 NA NA 54.9 78.3 107.2 60.9 7.7 7 NA NA JULONG CO LTD 300202-CN 2,084 27.3 25.2 NA NA 68.8 38.4 31.6 22.9 7.0 22 0.4 NA VTRON TECHNOLOGIES 002308-CN 2,076 35.5 16.5 NA NA 75.7 59.0 62.9 42.9 6.0 9 0.5 NA CHENGDU WESTONE IN 002268-CN 2,039 59.7 31.3 NA NA 25.9 30.7 70.1 53.8 8.8 12 0.3 NA CHENGDU CORPRO TEC 300101-CN 2,036 69.7 24.3 NA NA 41.7 34.9 109.3 77.8 13.9 11 0.2 NA HEBEI HUIJIN ELECT 300368-CN 2,032 98.8 24.8 NA NA NA 23.2 44.3 36.0 10.8 NA 0.7 NA ACCELINK TECHNOLOG 002281-CN 1,982 48.6 62.8 NA NA 46.4 24.0 39.1 30.3 4.5 NA 1.0 NA SUZHOU NEW SEA UNI 002089-CN 1,978 105.4 19.1 NA NA 2.9 69.7 93.2 54.6 6.5 7 NA NA TAIJI COMPUTER COR 002368-CN 1,964 25.1 31.4 NA NA 114.9 29.5 30.2 23.2 5.2 17 0.5 NA TIANSHUI HUATIAN T 002185-CN 1,932 41.9 12.0 NA NA 30.0 29.9 27.9 22.1 2.7 8 0.7 NA SZ SUNLORD ELECTRO 002138-CN 1,874 50.1 16.8 NA NA 42.2 30.6 33.3 25.9 4.6 14 0.4 2.7 TELLING TELECOMMUN 000829-CN 1,871 80.8 13.0 NA NA NA 98.2 86.4 41.8 4.1 5 NA NA ZHEJIANG NETSUN CO 002095-CN 1,860 41.0 48.9 NA NA NA NA NA NA NA NA NA NA SHENZHEN RAPOO TEC 002577-CN 1,833 98.5 43.0 Outperform 53.00 103.8 511.4 427.3 69.9 10.7 3 0.0 -76.7 HENGDIAN GROUP DME 002056-CN 1,814 79.5 14.7 NA NA 29.4 26.8 28.7 22.6 NA NA NA NA 18 August 2016 18 Macquarie Research China Strategy
SHENZHEN DAS INTEL 002421-CN 1,793 29.6 18.5 NA NA 74.1 27.2 44.7 35.3 4.2 9 0.5 NA BEIJING E-HUALU IN 300212-CN 1,793 38.0 32.2 NA NA 40.8 39.8 65.1 45.0 4.6 7 NA NA XIAMEN MEIYA PICO 300188-CN 1,776 54.4 24.2 NA NA 51.0 19.8 52.1 40.0 NA NA NA NA HANGZHOU CENTURY C 300078-CN 1,756 53.4 27.9 NA NA 70.5 32.0 48.4 36.8 7.6 16 NA NA BEIJING THUNISOFT 300271-CN 1,745 25.5 18.0 NA NA 38.3 33.9 40.7 30.5 4.8 15 0.5 NA JIANGSU HOPERUN SO 300339-CN 1,740 32.9 32.3 NA NA 65.1 38.5 35.9 26.0 3.3 9 0.8 NA ENJOYOR CO LTD 300020-CN 1,690 72.3 17.1 NA NA 219.3 -4.3 32.3 33.5 3.7 11 0.4 NA SUMAVISION TECHNOL 300079-CN 1,668 43.6 8.0 NA NA NA NA NA NA NA NA NA NA HAND ENTERPRISE SO 300170-CN 1,667 61.2 13.3 NA NA 24.4 32.7 41.2 31.1 5.7 14 0.5 -47.2 GUIYANG LONGMASTER 300288-CN 1,602 22.3 31.5 NA NA NA NA NA NA NA NA NA NA HENGBAO CO. LTD. 002104-CN 1,528 52.4 14.2 NA NA NA NA NA NA NA NA NA NA FUJIAN STAR-NET CO 002396-CN 1,484 38.6 18.3 NA NA 27.0 20.7 31.8 26.3 2.6 9 NA NA GUOMAI TECHNOLOGIE 002093-CN 1,461 28.7 11.2 NA NA NA 23.5 66.0 53.4 6.7 NA 0.4 NA NATIONZ TECHNOLOGI 300077-CN 1,460 78.7 17.2 NA NA 28.2 49.1 55.5 39.7 3.2 3 0.8 -65.3 BEIJING SDL TECHNO 002658-CN 1,457 12.7 16.0 NA NA 17.1 22.5 34.3 27.9 4.4 13 0.7 NA S/INVENGO INFO TEC 002161-CN 1,447 45.1 13.0 NA NA NA NA NA NA NA NA NA NA FUJIAN RONGJI SOFT 002474-CN 1,430 86.2 15.3 NA NA NA NA NA NA NA NA NA NA CHINA ZHENHUA SCIE 000733-CN 1,389 59.2 19.7 NA NA 27.7 41.2 40.9 28.9 2.5 6 0.7 NA BEIJING TRS INFORM 300229-CN 1,374 29.4 19.4 NA NA NA NA NA NA NA NA NA NA BEIJING VRV SOFTWA 300352-CN 1,359 58.8 17.6 NA NA NA NA NA NA NA NA NA NA GOHIGH DATA NETWOR 000851-CN 1,352 69.9 15.2 NA NA NA 22.9 84.3 69.0 3.0 3 0.0 NA WUS PRINTED CIRCUI 002463-CN 1,321 34.3 5.2 NA NA NA NA NA NA NA NA NA NA ZHUHAI ORBITA CONT 300053-CN 1,281 66.7 14.7 NA NA NA NA NA NA NA NA NA NA BEIJING EGOVA CO L 300075-CN 1,256 44.4 21.3 NA NA 30.9 28.3 46.6 36.9 5.8 11 0.4 NA SHENZHEN ZHENGTONG 002197-CN 1,221 35.7 19.0 NA NA NA NA NA NA NA NA NA NA SHANGHAI GANGLIAN 300226-CN 1,215 64.9 50.6 NA NA NA 66.3 88.8 52.9 49.4 22 0.1 NA YGSOFT INC 002063-CN 1,210 45.0 13.6 NA NA 35.4 35.2 49.4 36.5 4.4 9 0.4 -56.4 YLZ INFORMATION TE 300096-CN 1,183 44.3 18.3 NA NA NA NA 83.0 49.4 NA NA NA NA SHANDONG NEW BEIYA 002376-CN 1,166 14.8 12.3 NA NA NA NA NA NA NA NA NA NA SHENZHEN LAIBAO HI 002106-CN 1,144 72.6 10.8 NA NA NA NA NA NA NA NA NA NA SHENZHEN COSHIP EL 002052-CN 1,127 NA NA NA NA NA NA NA NA NA NA NA NA SINOSUN TECHNOLOGY 300333-CN 1,051 35.5 20.8 NA NA NA NA NA NA NA NA NA NA GZ KINGTELLER TECH 002177-CN 963 55.1 8.4 NA NA NA NA NA NA NA NA NA NA BEYONDSOFT CORPORA 002649-CN 958 29.2 36.0 NA NA NA NA NA NA NA NA NA NA WUHAN TIANYU INFOR 300205-CN 956 26.7 14.8 NA NA NA NA 134.2 64.2 NA NA NA NA SZ ZHONGQINGBAO IN 300052-CN 866 NA NA NA NA NA NA NA NA NA NA NA NA EVERYDAY NETWORK 300295-CN 861 34.6 29.8 NA NA NA NA 37.2 27.1 NA NA NA NA AVCON INFORMATION 300074-CN 798 30.1 10.0 NA NA NA NA NA NA NA NA NA NA Materials ZHEJIANG TRANSFAR 002010-CN 8,844 11.6 18.0 NA NA -60.1 106.7 300.5 128.8 5.3 2 NA NA KANGDE XIN GROUP C 002450-CN 8,377 110.7 17.3 NA NA 48.9 42.0 26.1 18.4 6.6 37 0.4 -118.4 BEIJING SJ ENVIRON 300072-CN 5,937 54.1 33.1 NA NA 89.3 51.8 25.6 17.3 6.3 25 0.6 NA SICHUAN TIANQI LIT 002466-CN 5,708 344.3 38.1 NA NA 553.1 5.1 24.7 23.7 7.7 32 1.3 14.3 HUBEI BIOCAUSE PH 000627-CN 5,554 28.4 8.7 NA NA NA NA 32.1 27.1 2.7 NA NA NA QINGHAI SALT LAKE 000792-CN 5,479 59.9 19.6 NA NA 73.0 40.5 43.4 33.2 1.5 4 0.3 125.1 JIANGSU SHAGANG GR 002075-CN 5,207 87.0 15.7 NA NA NA 23.3 284.9 223.9 14.3 4 NA NA HESTEEL CO LTD 000709-CN 4,973 32.2 3.1 NA NA 44.3 35.7 38.9 28.3 NA 2 NA NA RONGSHENG PETRO CH 002493-CN 4,918 7.4 12.8 NA NA NA NA NA NA NA NA NA NA ANGANG STEEL CO LT 000898-CN 4,528 9.2 4.3 NA NA NA -21.8 86.4 99.1 0.7 1 0.0 45.3 KINGENTA ECOLOGIC 002470-CN 3,852 21.0 8.2 NA NA 26.8 29.2 18.2 14.2 2.6 21 1.0 -6.8 TONGLING NONFERROU 000630-CN 3,728 46.8 2.6 NA NA NA NA NA NA NA NA NA NA JIANGXI GANFENG LI 002460-CN 3,654 312.4 32.2 NA NA 374.1 36.3 45.6 34.6 10.6 26 0.6 93.3 SHN ZHONGJIN LINNA 000060-CN 3,578 78.7 10.7 NA NA 39.4 10.6 58.1 56.5 3.1 NA 0.4 NA DO-FLUORIDE CHEMIC 002407-CN 3,527 378.8 37.3 NA NA 1,416 28.8 60.2 53.9 8.1 18 1.0 27.5 GEM CO LTD 002340-CN 3,366 200.5 7.7 NA NA 102.6 31.1 73.1 54.9 NA 5 NA NA ZHEJIANG ZHONGCHEN 002522-CN 3,304 59.0 24.8 NA NA NA NA NA NA NA NA NA NA ORG PACKAGING CO L 002701-CN 3,234 26.2 9.1 NA NA 10.1 22.1 17.6 14.3 4.1 20 1.3 NA CEFC ANHUI INTERNA 002018-CN 3,111 80.0 9.1 NA NA NA NA NA NA NA NA NA NA SHANXI TAIGANG ST 000825-CN 3,062 13.1 3.6 NA NA NA 17.3 23.8 19.0 0.9 5 NA NA MYS GROUP CO LTD 002303-CN 2,953 24.4 13.7 NA NA 92.8 44.0 47.3 32.6 7.0 15 0.7 NA CHINA NONFERROUS 000758-CN 2,921 119.5 9.9 NA NA 43.7 32.1 30.6 22.3 3.5 11 0.5 22.1 YUNNAN TIN 000960-CN 2,919 64.3 13.2 NA NA NA 156.4 90.8 35.1 NA 2 0.5 NA CSG HOLDING CO 000012-CN 2,894 30.3 11.4 NA NA NA NA NA NA NA NA NA NA HUAPONT-LIFE SCIEN 002004-CN 2,751 19.2 9.0 NA NA NA NA 23.0 18.0 NA NA NA NA HUBEI XINYANGFENG 000902-CN 2,714 18.2 13.7 NA NA 28.4 28.8 18.4 14.3 3.2 21 1.1 NA XINXING DUCTILE IR 000778-CN 2,677 28.0 4.9 NA NA 15.8 13.1 26.4 24.0 1.0 4 NA NA BEIJING ORIENTAL Y 002271-CN 2,635 26.5 21.1 NA NA 23.2 26.3 19.7 15.8 3.5 18 0.6 NA ZHONGNAN RED CULTU 002445-CN 2,590 30.1 NA NA NA 155.7 18.3 48.7 41.2 NA 14 NA NA XINJ ZHONGTAI CHEM 002092-CN 2,467 68.1 9.3 NA NA NA NA NA NA NA NA NA NA YINTAI RESOURCES 000975-CN 2,443 NA NA NA NA NA NA 52.6 37.0 NA NA NA NA HONGDA XINGYE CO L 002002-CN 2,409 27.0 6.6 NA NA NA NA NA NA NA NA NA NA ZHONGFU STRAITS (P 000592-CN 2,385 46.1 8.2 NA NA NA NA 29.3 NA NA NA NA NA YUNNAN COPPER CO. 000878-CN 2,295 51.7 10.8 NA NA NA NA NA NA NA NA NA NA STANLEY GROUP CO L 002588-CN 2,242 18.0 12.8 NA NA 18.8 23.1 20.4 16.6 4.2 21 0.9 -22.6 HUNAN GOLD CORPORA 002155-CN 2,227 95.6 13.1 NA NA 320.1 26.2 122.1 96.8 4.2 3 NA NA SHANDONG SUN PAPER 002078-CN 2,204 22.7 5.8 NA NA NA NA 22.2 13.7 NA NA NA NA SHANDONG CHENMING 000488-CN 2,183 31.3 8.8 NA NA 77.7 25.7 9.3 7.4 1.0 11 3.4 NA HUAXUN FANGZHOU CO 000687-CN 2,167 31.9 19.0 NA NA NA 43.0 45.2 29.2 11.0 18 0.3 NA ZHEJIANG YONGTAI T 002326-CN 2,109 94.0 17.5 NA NA 70.1 49.0 56.6 38.1 5.7 10 0.5 NA TANGSHAN JIDONG CE 000401-CN 2,094 32.2 10.3 NA NA NA NA NA 48.8 1.4 -3 0.0 135.3 18 August 2016 19 Macquarie Research China Strategy
SHENZHEN JINJIA CO 002191-CN 2,046 44.7 10.3 NA NA 19.9 18.2 15.7 13.2 2.7 17 1.6 NA ADVANCED TECH&MAT 000969-CN 2,039 65.0 13.2 NA NA 47.3 58.9 88.0 55.0 NA 4 NA NA CIWEN MEDIA CO LTD 002343-CN 1,989 21.0 42.0 NA NA 67.0 25.2 39.8 31.8 10.7 27 0.0 NA BEIJING KINGEE CUL 002721-CN 1,959 32.6 20.1 NA NA NA NA NA NA NA NA NA NA COFCO BIOCHEMICAL 000930-CN 1,901 85.8 13.1 NA NA NA NA 654.5 436.3 NA NA NA NA YUNNAN ALUMINIUM 000807-CN 1,895 34.1 6.6 NA NA NA 38.8 17.8 13.9 NA 17 NA NA ZHEJIANG RUNTU CO. 002440-CN 1,840 33.7 15.9 NA NA 14.9 12.4 15.0 13.4 1.9 NA 2.3 NA SHANDONG HUMON SME 002237-CN 1,834 111.1 13.4 NA NA NA NA NA NA NA NA NA NA LIANHE CHEMICAL TE 002250-CN 1,830 18.9 14.6 NA NA 4.8 27.1 19.6 14.9 2.5 14 1.0 1.5 SHAANXI LIGEANCE M 000697-CN 1,738 32.0 20.6 NA NA NA NA 412.4 57.3 NA NA NA NA TIBET MINERAL DEVM 000762-CN 1,632 142.8 20.8 NA NA NA NA NA NA NA NA NA NA JILIN LIYUAN PRECI 002501-CN 1,517 25.5 10.6 NA NA 16.5 23.9 17.9 14.5 NA 13 0.0 NA YUNNAN LINCANG XIN 002428-CN 1,502 60.0 15.3 NA NA -23.0 34.0 218.1 152.7 NA 3 0.1 NA DEHUA TB NEW DECOR 002043-CN 1,489 74.3 11.9 NA NA 142.7 48.4 53.5 38.4 5.8 16 NA NA SHENZHEN NOPOSION 002215-CN 1,460 26.8 10.5 NA NA NA 3.6 30.8 24.9 9.9 26 1.0 NA FSPG HI-TECH C 000973-CN 1,387 100.5 9.5 NA NA NA NA NA NA NA NA NA NA SHENZHEN BATIAN EC 002170-CN 1,368 26.1 10.4 NA NA NA NA NA NA NA NA NA NA ZHEJIANG JIULI HI- 002318-CN 1,351 43.2 10.7 NA NA 21.5 24.2 37.2 32.6 3.5 6 NA NA HULUDAO ZINC INDUS 000751-CN 1,221 47.0 5.8 NA NA NA NA NA NA NA NA NA NA ZHEJIANG JINGXING 002067-CN 1,188 76.3 7.2 NA NA NA NA NA NA NA NA NA NA GUANGDONG GUANGHUA 002741-CN 1,181 35.8 21.8 NA NA NA NA NA NA NA NA NA NA LUXI CHEMICAL GP 000830-CN 1,041 10.9 4.7 NA NA NA NA NA NA NA NA NA NA ANHUI HUILONG AGRI 002556-CN 950 38.6 8.8 NA NA NA NA NA NA NA NA NA NA Telecom NET263 LTD 002467-CN 1,658 55.2 13.8 NA NA 163.1 24.1 69.1 56.0 4.6 6 0.4 NA Utilities HUBEI ENERGY GR CO 000883-CN 4,586 9.0 4.7 NA NA NA NA NA NA NA NA NA NA SHN ENERGY GROUP 000027-CN 3,988 9.4 6.7 NA NA NA NA NA NA NA NA NA NA GUANGDONG ELECTRIC 000539-CN 3,842 5.6 5.2 NA NA -28.9 -2.4 12.7 13.0 1.1 NA 2.3 NA GUANGDONG GOLDEN G 000712-CN 2,647 53.6 19.6 NA NA NA NA 21.6 18.9 5.4 NA NA NA CHENGDU XINGRONG E 000598-CN 2,514 22.1 5.6 NA NA 0.1 13.2 20.0 18.0 1.9 NA 0.7 NA H/JIONTO ENERGY IN 000600-CN 2,506 11.3 9.3 NA NA 0.3 4.8 7.7 7.2 1.4 14 NA NA GUANGDONG BAOLIHUA 000690-CN 2,451 13.0 7.5 NA NA NA NA NA NA NA NA NA NA ZHONGSHAN PUBLIC 000685-CN 2,354 11.0 10.6 NA NA NA NA NA NA NA NA NA NA BEIJING WATER BUSI 300055-CN 2,255 22.6 17.3 NA NA 46.3 42.5 35.3 24.7 NA 7 0.1 -7.8 AN HUI WENERGY CO 000543-CN 2,095 29.0 7.8 NA NA NA NA NA NA NA NA NA NA KAIDI ECOLOGICAL A 000939-CN 1,913 21.4 8.4 NA NA 77.6 49.5 24.8 16.5 1.3 5 0.6 NA GUANGDONG SHAONENG 000601-CN 1,609 29.0 9.9 NA NA 98.7 20.9 20.9 17.4 2.1 9 NA NA JILIN POWER SHARE 000875-CN 1,287 20.7 5.9 NA NA NA NA NA NA NA NA NA NA SHANXI ZHANGZE ELE 000767-CN 1,222 8.5 3.6 NA NA NA NA NA NA NA NA NA NA Note: Numbers for stocks not rated by Macquarie are FactSet consensus. Source: FactSet, Macquarie Research, August 2016, prices as of 12 August 2016
18 August 2016 20 Macquarie Research China Strategy
Fig 11 Shenzhen Small/Mid Cap Innovation Index Company Name Ticker MktCap 3M Daily Current Macquarie % EPSg P/E PB ROE % Net T/O DivYld Gearing (US$m) (US$m) Price Rating TP 2016 2017 2016 2017 2016 2016 2016 2016
Cons. Disc. PERFECT WORLD CO L 002624-CN 7,316 13.8 37.0 NA NA NA NA 44.3 33.0 NA NA NA NA FAWER AUTOMOTIVE P 000030-CN 6,296 7.9 7.6 NA NA NA NA NA NA NA NA NA NA ZHEJIANG SUPOR COO 002032-CN 3,718 13.2 39.1 NA NA 23.1 16.6 22.2 18.6 4.8 21 1.8 NA WUXI LITTLE SWAN 000418-CN 3,101 20.7 36.5 NA NA 35.9 27.7 19.4 15.5 3.9 22 NA NA JIANGLING MOTORS 000550-CN 2,711 8.4 24.9 Outperform 28.00 -12.2 24.5 10.9 8.8 1.6 16 3.7 -71.2 AOTECAR NEW ENERGY 002239-CN 2,664 17.3 16.5 NA NA 95.5 25.0 45.8 35.1 4.2 10 NA NA SOUYUTE GROUP CO 002503-CN 2,564 7.2 12.6 NA NA 157.5 53.6 31.6 23.3 4.8 10 0.9 NA BEIJING JINGXI CUL 000802-CN 2,524 16.1 23.5 NA NA 1,614 21.8 58.8 49.0 9.9 16 NA NA BEIJING UTOUR INT 002707-CN 2,520 19.8 19.8 NA NA 20.2 35.0 72.8 51.2 4.6 9 0.2 -113.4 SHENZHEN NEW NANSH 002314-CN 2,300 30.4 8.1 NA NA NA 23.3 32.6 27.1 2.4 7 NA NA HNA-CAISSA TRAVEL 000796-CN 2,232 29.1 18.5 NA NA 36.3 24.3 57.7 45.6 7.7 13 0.4 NA NANJI E-COMMERCE C 002127-CN 2,228 25.8 NA NA NA 43.4 44.7 59.7 41.0 NA 10 NA NA NINGBO SHUANGLIN A 300100-CN 2,100 35.2 35.1 NA NA 40.3 32.2 38.4 29.6 5.9 14 0.8 NA GUANGZHOU PEARL RI 002678-CN 2,009 8.1 14.0 NA NA 11.6 11.7 82.1 71.6 6.6 8 NA NA ZHONGHE CO LTD 002070-CN 1,856 236.4 19.4 NA NA NA 115.3 24.3 11.2 10.2 42 NA NA ZHEJIANG HUAMEI HO 000607-CN 1,775 19.6 11.6 NA NA 9.8 12.3 37.4 33.3 6.4 17 0.0 NA ZHEJIANG VIE SCIEN 002590-CN 1,756 73.0 24.3 NA NA 29.5 32.3 81.7 53.3 11.0 13 NA NA HUAWEI CULTURE CO 002502-CN 1,747 31.0 27.0 NA NA NA NA 46.6 29.0 NA NA NA NA BEIJING WKW AUTOMO 002662-CN 1,710 18.7 15.2 NA NA 59.7 11.7 15.7 14.0 2.4 15 3.2 NA WUHAN DEPARTMENT 000501-CN 1,689 13.9 19.0 NA NA 13.7 10.1 12.6 11.4 2.2 18 2.4 NA KAISER(CHINA)HLDG 002425-CN 1,684 19.3 22.0 NA NA 166.7 62.0 52.4 31.9 NA NA NA NA CENTRAL CHINA LAND 000719-CN 1,675 8.8 10.9 NA NA NA NA NA NA NA NA NA NA XIN ZHI MOTOR CO L 002664-CN 1,641 62.0 27.3 NA NA 42.9 30.7 37.3 28.7 6.2 17 0.2 NA STEYR MOTROS CORP 000760-CN 1,615 36.5 13.6 NA NA NA NA NA NA NA NA NA NA KONKA GROUP 000016-CN 1,604 27.7 5.3 NA NA NA NA NA NA NA NA NA NA GOSUN HOLDING CO 000971-CN 1,586 19.8 24.5 NA NA 7,621 55.9 52.7 34.5 3.3 7 NA NA RAINBOW DEPARTMENT 002419-CN 1,527 8.9 12.7 NA NA -61.3 9.8 23.4 21.0 1.8 8 2.5 -78.2 XINGMIN INTELLIGEN 002355-CN 1,496 NA NA NA NA NA NA NA NA NA NA NA NA HUBEI BROADCASTING 000665-CN 1,492 16.3 15.6 NA NA NA NA NA NA NA NA NA NA LUOLAI LIFESTYLE T 002293-CN 1,477 7.4 14.0 NA NA -6.7 10.7 25.1 22.7 3.5 14 1.2 -27.8 NX/ZHONGYIN CASHME 000982-CN 1,475 30.7 5.4 NA NA NA NA NA NA NA NA NA NA LUTHAI TEXTILE 000726-CN 1,462 9.0 11.5 NA NA 4.1 13.8 14.8 13.0 1.5 10 2.1 NA YANTAI TAYHO ADVAN 002254-CN 1,382 20.0 15.0 NA NA -14.8 17.4 113.4 96.5 4.6 4 0.0 -16.9 HUNAN FRIENDSHIP&A 002277-CN 1,374 18.2 12.9 NA NA -0.1 20.3 29.3 24.3 2.0 7 NA NA CONTEMPORARY EASTE 000673-CN 1,371 13.9 11.5 NA NA NA NA NA NA NA NA NA NA SHENZHEN TOPWAY VI 002238-CN 1,367 10.1 14.7 NA NA NA NA NA NA NA NA NA NA HUAFU TOP DYED MEL 002042-CN 1,319 12.0 10.5 NA NA 23.3 16.8 21.0 18.1 2.2 11 2.1 NA JIANGSU HUAXICUN 000936-CN 1,304 20.9 9.8 NA NA 197.2 -7.5 33.7 44.5 NA NA NA NA GUANGDONG CHJ INDU 002345-CN 1,284 18.5 10.2 Underperform 8.00 28.8 21.2 35.6 29.4 3.2 9 1.0 7.7 LANCY CO LTD 002612-CN 1,258 45.3 20.9 NA NA 48.6 32.9 82.0 61.6 4.7 5 0.5 NA KUANGDA TECHNOLOGY 002516-CN 1,234 13.0 6.2 NA NA NA NA NA NA NA NA NA NA VATTI CORPORATION 002035-CN 1,230 10.5 22.8 NA NA 33.6 25.4 26.5 19.8 4.9 17 NA NA SHANGHAI YAOJI PLA 002605-CN 1,228 28.3 21.8 NA NA NA NA NA NA NA NA NA NA HUATIAN HOTEL GP 000428-CN 1,179 12.6 7.7 NA NA NA NA NA NA NA NA NA NA CHENGDU HONGQI CHA 002697-CN 1,173 15.4 5.7 NA NA 32.1 20.6 33.0 27.4 3.5 11 0.6 -35.2 TANGEL CULTURE CO. 300148-CN 1,163 21.1 15.3 NA NA -54.8 45.3 31.8 19.6 2.1 NA NA NA SHENZHEN FUANNA BE 002327-CN 1,159 13.0 9.0 NA NA 4.7 12.6 18.3 16.2 2.8 15 1.1 -33.9 ZYNP CORP 002448-CN 1,155 85.1 13.1 NA NA -17.1 75.0 35.3 31.4 3.5 7 NA NA XIAMEN COMFORT SCI 002614-CN 1,134 16.0 13.6 NA NA NA NA NA NA NA NA NA NA XIAN MINSHENG GRP 000564-CN 1,133 14.3 10.0 NA NA NA NA NA NA NA NA NA NA JIANGNAN MOULD 000700-CN 1,064 28.5 9.9 NA NA 24.2 14.8 19.3 16.7 2.6 13 0.8 NA MAOYE COMMUNICATIO 000889-CN 1,059 11.6 11.3 NA NA NA NA NA NA NA NA NA NA GUANGDONG ANJUBAO 300155-CN 1,052 19.3 12.9 NA NA NA NA NA NA NA NA NA NA SONGZ AUTOMOBILE A 002454-CN 1,052 20.5 16.6 NA NA 19.7 20.8 18.6 15.3 2.0 6 1.7 NA SPEARHEAD INTEGR G 300071-CN 1,043 26.0 10.1 NA NA 51.2 22.7 35.5 29.1 5.4 15 NA NA ZHEJIANG MING JEWE 002574-CN 1,036 23.7 13.0 NA NA NA 58.8 144.9 100.3 2.2 2 0.3 NA JIANGSU XIUQIANG G 300160-CN 1,026 26.7 11.4 NA NA NA NA 130.4 77.7 NA NA NA NA DEA GENERAL AVIATI 002260-CN 998 16.9 25.0 NA NA NA NA NA NA NA NA NA NA GOLDLOK TOYS HOLDI 002348-CN 994 16.5 7.0 NA NA NA NA NA NA NA NA NA NA EMEI SHAN TOURISM 000888-CN 980 5.9 12.4 NA NA 8.3 19.8 30.4 25.5 3.1 10 1.0 -12.2 HEFEI DEPT STORE 000417-CN 980 10.9 8.4 NA NA -8.8 4.5 24.2 22.9 1.8 7 0.8 NA ZHEJIANG YINLUN MA 002126-CN 970 30.9 8.9 NA NA 27.5 21.4 25.5 20.6 2.9 11 0.6 NA JIANGSU YOULI INVE 000584-CN 944 13.6 10.2 NA NA NA NA NA NA NA NA NA NA ANHUI DELI HOUSEHO 002571-CN 904 17.9 15.3 NA NA NA NA NA NA NA NA NA NA TIANJIN MOTOR DIES 002510-CN 892 52.0 7.2 NA NA NA NA 28.2 24.0 NA NA NA NA SUNVIM GROUP CO LT 002083-CN 862 8.2 6.3 NA NA -28.3 14.7 19.8 15.9 1.2 9 NA NA LIJIANG YULONG TOU 002033-CN 851 14.6 13.4 NA NA 14.5 14.3 24.8 21.6 2.6 10 1.0 -41.1 ANHUI HUAMAO TEXTI 000850-CN 821 9.1 5.8 NA NA NA NA NA NA NA NA NA NA ZHENJIANG DONGFANG 300217-CN 811 18.3 4.2 NA NA NA NA NA NA NA NA NA NA HUASI HOLDING COMP 002494-CN 763 20.4 14.6 NA NA NA NA NA NA NA NA NA NA XUCHANG YUANDONG D 002406-CN 761 11.8 9.0 NA NA NA NA 50.1 45.1 NA NA NA NA
18 August 2016 21 Macquarie Research China Strategy
GUOGUANG ELECTRIC 002045-CN 750 60.6 12.0 NA NA NA NA NA NA NA NA NA NA SHANGHAI CANATURE 300272-CN 741 7.2 14.8 NA NA NA 20.6 59.4 49.5 7.8 13 NA NA SHANDONG LONGJI MA 002363-CN 724 16.3 12.5 NA NA NA NA NA NA NA NA NA NA QINGDAO DOUBLESTAR 000599-CN 722 15.0 7.1 NA NA NA NA NA NA NA NA NA NA SHANGHAI CHALLENGE 002486-CN 700 26.1 5.6 NA NA NA NA NA NA NA NA NA NA HAILUN PIANO CO LT 300329-CN 670 19.6 17.7 NA NA NA NA NA NA NA NA NA NA MINSHENG HOLDINGS 000416-CN 659 8.9 8.2 NA NA NA NA NA NA NA NA NA NA SHENZHEN QUANXINHA 000007-CN 632 36.9 18.2 NA NA NA NA NA NA NA NA NA NA GUI ZHOU TYRE CO 000589-CN 626 7.2 5.4 NA NA NA NA NA NA NA NA NA NA FUJIAN ZHANGZHOU D 000753-CN 621 8.7 4.7 NA NA NA NA NA NA NA NA NA NA HONGDA HIGH-TECH H 002144-CN 545 12.9 20.5 NA NA NA NA NA NA NA NA NA NA Cons. Stap. ANHUI GUJING DISTL 000596-CN 3,027 30.8 44.4 NA NA 18.8 21.1 26.7 22.3 NA 16 1.2 -32.1 CECEP SOLAR ENERGY 000591-CN 3,026 8.8 14.7 NA NA NA NA NA NA NA NA NA NA JG/ZHENGBANG TECH 002157-CN 2,663 64.3 26.4 NA NA 321.1 4.6 15.3 14.6 3.8 24 NA NA SHAN DONG YISHENG 002458-CN 2,507 21.4 50.0 NA NA NA 41.8 20.1 14.5 11.9 56 0.3 NA YUNNAN HONGXIANG Y 002727-CN 1,826 22.4 23.3 NA NA NA NA 37.6 30.7 NA NA NA NA BETTER LIFE COMMER 002251-CN 1,528 14.9 13.0 NA NA NA NA NA NA NA NA NA NA QINGDAO KINGKING A 002094-CN 1,455 18.9 25.6 NA NA 76.7 43.7 53.4 39.7 9.5 NA 0.5 NA QIAQIA FOOD CO LTD 002557-CN 1,431 15.4 18.8 NA NA 18.3 17.5 19.6 16.1 3.1 14 1.4 NA QINGHAI HUZHU BARL 002646-CN 1,374 24.4 20.3 NA NA 31.2 24.3 30.3 24.2 NA 12 1.2 -16.6 DONLINKS INTERNATI 000893-CN 1,341 34.6 11.8 NA NA NA NA 130.8 16.8 NA NA NA NA XINJIANG TECON ANI 002100-CN 1,299 13.3 9.0 NA NA 57.2 15.3 21.2 17.6 3.2 14 0.5 NA JIAJIA FOODSTUFF G 002650-CN 1,236 19.1 7.1 NA NA 1.9 12.1 50.5 43.1 4.2 8 0.6 4.3 BLACKCOW FOOD CO 002387-CN 1,233 29.9 17.5 NA NA NA NA NA NA NA NA NA NA GUANGZHOU ZHUJIANG 002461-CN 1,229 9.0 12.0 NA NA NA NA NA NA NA NA NA NA SHANDONG LONGLIVE 002604-CN 1,100 37.5 12.2 NA NA 140.7 100.0 64.2 32.1 2.4 4 0.2 NA SANQUAN FOOD CO 002216-CN 1,068 8.2 8.8 NA NA 147.5 72.9 101.8 61.5 3.6 4 0.3 NA DALIAN YI QIAO SEA 002447-CN 1,031 NA NA NA NA NA NA 24.8 22.5 NA NA NA NA TANGRENSHEN GROUP 002567-CN 996 46.0 13.4 NA NA 252.6 30.1 25.2 17.7 2.7 12 NA NA LONKEY INDUSTRIAL 000523-CN 942 14.8 12.0 NA NA NA NA NA NA NA NA NA NA SHANDONG ORIENTAL 002086-CN 904 17.4 8.7 NA NA NA NA 72.8 67.2 NA NA NA NA HENAN HUAYING AGRI 002321-CN 872 16.2 10.9 NA NA 1,220 64.4 24.3 16.4 2.9 10 NA NA HAINAN SHENNONG GE 300189-CN 854 21.3 5.5 NA NA 538.6 82.3 145.8 80.3 4.5 2 NA NA DL TIANBAO GREEN F 002220-CN 849 13.1 10.3 NA NA NA NA NA NA NA NA NA NA HAIXIN FOODS CO LT 002702-CN 810 46.8 19.0 NA NA NA NA NA NA NA NA NA NA GUILIN LAYN NATURA 002166-CN 736 14.9 11.2 NA NA NA NA NA NA NA NA NA NA LONTRUE CO LTD 300175-CN 733 17.7 10.3 NA NA NA NA NA NA NA NA NA NA BAOLINGBAO BIOLOGY 002286-CN 676 13.0 12.2 NA NA NA NA 86.9 67.6 NA NA NA NA TIBET GALAXY SCIEN 000752-CN 654 31.7 16.5 NA NA NA NA NA NA NA NA NA NA Energy GANSU JINGYUAN 000552-CN 1,318 14.9 3.8 NA NA NA NA NA NA NA NA NA NA PETROCHINA JINHONG 000669-CN 1,192 15.4 16.3 NA NA NA 18.0 17.9 18.1 2.0 NA 1.1 NA CHINA OIL HBP SCIE 002554-CN 1,040 16.0 6.5 NA NA 86.4 30.9 19.8 14.3 NA NA NA NA SINOPEC OILFIELD E 000852-CN 1,006 5.9 11.2 NA NA NA NA NA NA NA NA NA NA ZHEJIANG KINGLAND 002443-CN 977 39.1 12.5 NA NA 26.3 27.3 53.6 45.5 3.2 6 NA NA SUNDIRO HOLDING CO 000571-CN 954 37.0 7.8 NA NA NA NA NA NA NA NA NA NA SHENZHEN GUANGJU E 000096-CN 948 6.1 11.9 NA NA NA NA NA NA NA NA NA NA SHANGHAI SK PETROL 002278-CN 823 32.4 15.0 NA NA NA NA NA NA NA NA NA NA XINJIANG ZHUNDONG 002207-CN 771 NA NA NA NA NA 206.5 153.0 51.0 NA 2 NA NA SICHUAN RENZHI OIL 002629-CN 733 19.5 11.8 NA NA NA NA NA NA NA NA NA NA SINOPEC SD TAI PET 000554-CN 624 16.2 8.6 NA NA NA NA NA NA NA NA NA NA Financials CHINA CALXON GROUP 000918-CN 2,694 47.4 9.9 NA NA NA NA NA NA NA NA NA NA RONGAN PROPERTY CO 000517-CN 2,180 18.5 4.6 NA NA NA NA NA NA NA NA NA NA SANXIANG CO LTD 000863-CN 2,088 9.9 10.0 NA NA 297.2 12.9 25.1 20.5 NA NA NA NA YIHUA HEALTHCARE C 000150-CN 2,039 33.1 30.3 NA NA NA NA NA NA NA NA NA NA SHN CENTRALCON INV 000042-CN 1,901 6.4 19.0 NA NA NA NA 10.1 16.7 NA NA NA NA SHUNFA HENGYE CORP 000631-CN 1,860 8.4 5.1 NA NA NA NA NA NA NA NA NA NA SHN SEZ REAL EST 000029-CN 1,597 17.1 11.3 NA NA NA NA NA NA NA NA NA NA LANGOLD REAL ESTAT 002305-CN 1,511 8.4 5.8 NA NA NA NA NA NA NA NA NA NA CHINA UNION HOLD L 000036-CN 1,437 15.3 8.4 NA NA NA NA 6.4 4.0 NA NA NA NA CHINA WUYI 000797-CN 1,196 13.1 15.9 NA NA NA NA NA NA NA NA NA NA SHN FOUNTAIN CORP 000005-CN 1,160 21.1 7.3 NA NA NA NA NA NA NA NA NA NA ZHONGRUN RESOURCES 000506-CN 1,106 24.5 7.9 NA NA NA NA NA NA NA NA NA NA GUANGDONG SHIRONGZ 002016-CN 1,101 15.4 9.0 NA NA NA NA 31.2 25.1 NA NA NA NA CHINA DALIAN INTER 000881-CN 1,063 21.9 22.9 NA NA NA 28.2 64.4 50.3 5.2 8 0.5 NA SHN SEG CO 000058-CN 1,050 22.7 10.9 NA NA NA NA NA NA NA NA NA NA T/TIANBAO INFRASTR 000965-CN 1,046 17.2 6.9 NA NA NA 37.0 26.5 19.4 1.5 6 0.4 NA CHONGQING YUKAIFA 000514-CN 1,045 14.2 8.2 NA NA NA NA NA NA NA NA NA NA DONGGUAN WINNERWAY 000573-CN 929 20.4 9.9 NA NA NA NA 198.2 141.6 NA NA NA NA HAINAN EXPRESSWAY 000886-CN 863 18.5 5.8 NA NA NA NA NA NA NA NA NA NA AVIC REAL ESTATE H 000043-CN 859 15.1 8.6 NA NA NA NA NA NA NA NA NA NA TIANJIN GUANGYU DE 000537-CN 671 24.9 8.7 NA NA NA NA NA NA NA NA NA NA Health Care JIUZHITANG CO.LTD 000989-CN 3,107 8.3 23.8 NA NA NA NA NA NA NA NA NA NA JIANGXI BOYA BIO-P 300294-CN 2,837 42.6 70.5 NA NA NA 24.8 69.9 55.8 8.7 13 NA NA TONGHUA GH PHARMAC 000766-CN 2,813 40.0 19.3 NA NA NA NA NA NA NA NA NA NA
18 August 2016 22 Macquarie Research China Strategy
TIBET CHEEZHENG TI 002287-CN 2,186 12.6 35.8 NA NA NA NA NA NA NA NA NA NA SICHUAN MACCURA BI 300463-CN 2,150 31.6 25.6 NA NA NA 17.3 46.1 37.2 NA NA 0.0 NA NINGBO MEDICALSYST 300439-CN 1,810 23.5 34.6 NA NA 18.6 22.3 58.4 51.3 8.1 13 0.3 NA JIANGSU NHWA PHARM 002262-CN 1,783 13.8 18.8 NA NA 21.5 24.1 36.3 29.2 4.4 12 0.4 -26.9 BEIJING STRONG BIO 300406-CN 1,770 13.3 23.5 NA NA 19.1 27.5 39.4 31.0 15.7 20 NA NA GUILIN SANJIN PHAR 002275-CN 1,758 11.9 19.8 NA NA NA NA NA NA NA NA NA NA YANTAI DONGCHENG B 002675-CN 1,746 40.9 52.6 NA NA NA 29.3 62.6 48.3 5.4 9 0.5 NA SUNFLOWER PHARMACE 002737-CN 1,733 21.9 39.4 NA NA NA NA NA NA NA NA NA NA BEIJING SCIENCE SU 300485-CN 1,618 23.5 44.8 NA NA NA NA NA NA NA NA NA NA JILING ZIXIN PHARM 002118-CN 1,524 16.6 15.8 NA NA NA NA NA NA NA NA NA NA NANTONG JINGHUA PH 002349-CN 1,491 46.1 23.6 NA NA NA 27.0 56.1 43.6 4.5 8 NA NA CACHET PHARMACEUTI 002462-CN 1,437 14.4 38.1 NA NA 40.0 26.9 39.6 30.9 5.3 13 0.7 45.6 PORTON FINE CHEMIC 300363-CN 1,416 13.0 22.1 NA NA NA NA 58.2 44.3 NA NA NA NA APELOA PHARMACEUTI 000739-CN 1,415 13.5 8.2 NA NA NA 54.5 37.3 24.1 3.6 NA 0.9 NA GUANGDONG ZHONGSHE 002317-CN 1,411 17.5 12.7 NA NA 30.0 21.0 23.8 19.6 3.9 16 1.3 15.2 B-SOFT CO LTD 300451-CN 1,405 37.5 NA NA NA NA NA 134.6 104.9 NA NA NA NA HUAREN PHARMACEUTI 300110-CN 1,403 59.0 14.2 NA NA NA NA NA NA NA NA NA NA XIAMEN KINGDOMWAY 002626-CN 1,391 24.6 16.1 NA NA NA NA NA NA NA NA NA NA STAIDSON (BEIJING) 300204-CN 1,285 9.4 17.9 NA NA NA NA NA NA NA NA NA NA SHANDONG SHANDA W 000915-CN 1,178 33.9 43.4 NA NA 45.0 32.5 35.5 26.8 6.0 11 0.8 NA ZHEJIANG XIANJU PH 002332-CN 1,150 14.9 12.5 NA NA 38.3 31.8 52.1 39.1 3.4 7 NA NA ZHEJIANG JINGXIN P 002020-CN 1,144 17.6 11.9 NA NA 65.6 26.4 28.7 22.4 3.0 11 NA NA SINOCARE INC 300298-CN 1,068 48.2 21.0 NA NA NA NA NA NA NA NA NA NA HEBEI CHANGSHAN BI 300255-CN 1,053 6.3 8.3 NA NA NA NA NA NA NA NA NA NA CHONGQING LUMMY PH 300006-CN 1,051 26.6 8.6 NA NA NA NA 104.9 64.5 NA NA NA NA JINLING PHARMACEUT 000919-CN 1,043 13.2 13.8 NA NA 32.2 27.4 26.5 21.4 2.6 10 2.1 -40.2 TIANJIN LISHENG PH 002393-CN 1,043 13.9 38.0 NA NA NA NA NA NA NA NA NA NA NINGBO DAVID MEDIC 300314-CN 997 20.2 23.0 NA NA NA NA NA NA NA NA NA NA BEIJING BEILU PHAR 300016-CN 986 29.2 20.1 NA NA NA NA NA NA NA NA NA NA INNER MONGOLIA FUR 300049-CN 934 16.5 23.6 NA NA NA NA NA NA NA NA NA NA CHENGZHI CO. LTD. 000990-CN 912 29.9 15.6 NA NA NA NA NA NA NA NA NA NA BEIJING LEADMAN BI 300289-CN 860 11.5 13.5 NA NA NA NA NA NA NA NA NA NA SHANDONG WOHUA PHA 002107-CN 856 10.5 15.8 NA NA NA NA NA NA NA NA NA NA ZHEJIANG JOLLY PHA 300181-CN 833 12.3 9.1 NA NA NA NA NA NA NA NA NA NA JIANGSU SKYRAY INS 300165-CN 801 25.9 11.5 NA NA NA NA NA NA NA NA NA NA CHENGDU HUASUN GP 000790-CN 765 15.0 11.8 NA NA NA NA NA NA NA NA NA NA HAINAN HONZ PHARMA 300086-CN 763 14.9 11.3 NA NA NA NA NA NA NA NA NA NA HUBEI GUANGJI PHAR 000952-CN 698 27.2 18.4 NA NA NA NA NA NA NA NA NA NA Z/ZHENYUAN CO. LTD 000705-CN 681 16.3 13.5 NA NA NA 28.6 64.5 50.1 3.4 NA 0.4 NA GUANGZHOU IMPROVE 300030-CN 664 22.0 14.3 NA NA NA NA NA NA NA NA NA NA Industrials APEX TECHNOLOGY CO 002180-CN 4,798 22.8 32.0 NA NA 86.3 34.8 46.9 32.2 13.6 22 NA NA LEYARD OPTOELECTRO 300296-CN 3,616 35.3 31.8 NA NA 72.3 47.5 40.0 26.2 7.8 18 NA NA TIANGUANG ZHONGMAO 002509-CN 2,745 31.8 11.7 NA NA NA NA NA NA NA NA NA NA DER FUTURE SCIENCE 002631-CN 2,602 92.3 26.6 NA NA 56.3 49.1 73.9 50.2 10.1 NA 0.4 NA NANFANG ZHONGJIN E 300145-CN 2,551 11.0 25.4 NA NA 77.9 37.6 33.8 24.4 3.6 13 0.6 NA GENIMOUS INVESTMEN 000676-CN 2,472 19.7 17.0 NA NA NA NA NA NA NA NA NA NA SINO GREAT WALL CO 000018-CN 2,466 34.2 10.7 NA NA 69.0 45.6 32.2 21.2 6.5 21 0.0 NA SHENZHEN FEIMA INT 002210-CN 2,401 21.6 16.4 NA NA NA NA NA NA NA NA NA NA BEIBUWAN PORT 000582-CN 2,352 NA NA NA NA NA NA NA NA NA NA NA NA SUZHOU ANJIE TECHN 002635-CN 2,161 57.1 36.9 NA NA 37.6 32.2 32.7 25.7 NA 16 0.9 NA ZHEJIANG WANLIYANG 002434-CN 2,049 22.1 13.4 NA NA 98.6 27.4 37.9 30.1 3.9 10 1.0 NA CHINA ZHONGHUA GEO 002542-CN 1,975 11.1 7.5 NA NA 50.6 37.3 38.5 27.8 4.6 12 NA NA JSTI GROUP 300284-CN 1,969 25.7 23.6 NA NA 35.4 25.2 33.3 27.2 4.8 14 NA NA JPMF GUANGDONG CO 002600-CN 1,967 96.6 11.1 NA NA NA NA NA NA NA NA NA NA HANGZHOU ZHONGHENG 002364-CN 1,949 40.1 24.8 NA NA 40.8 26.8 61.1 46.3 NA 15 0.5 17.6 ZHONGTONG BUS 000957-CN 1,834 91.2 20.6 NA NA NA NA 21.7 19.6 NA NA NA NA XIAMEN KEHUA HENGS 002335-CN 1,785 28.7 43.8 NA NA 80.9 47.2 46.6 30.6 4.3 10 NA NA CANNY ELEVATOR CO 002367-CN 1,683 16.2 15.1 NA NA 18.6 16.4 19.3 16.6 4.0 20 1.8 -11.1 TONGYU HEAVY INDUS 300185-CN 1,667 48.0 10.2 NA NA 51.6 58.9 61.6 42.4 2.2 3 NA NA TUNGKONG INC 002117-CN 1,654 26.8 30.2 NA NA 20.9 22.4 41.2 33.8 6.7 16 1.0 NA ZHONGLI SCIENCE & 002309-CN 1,644 28.0 17.0 NA NA 27.0 43.6 17.0 11.8 1.7 10 1.8 NA ZHEJIANG YONGGUI E 300351-CN 1,642 39.6 28.4 NA NA 84.2 39.4 51.6 35.2 6.0 16 0.5 NA YANTAI ZHENGHAI 300224-CN 1,598 46.2 21.0 NA NA 9.4 31.5 47.7 36.2 4.7 8 0.3 NA JIANGSU AUCKSUN CO 002245-CN 1,594 70.7 10.9 NA NA 42.7 33.7 31.6 23.1 4.0 14 1.2 NA DONGGUAN DEVELOPME 000828-CN 1,585 9.4 10.1 NA NA NA 21.7 16.9 13.9 2.0 12 NA NA HUNAN JINGFENG PHA 000908-CN 1,573 10.3 11.9 NA NA NA NA NA NA NA NA NA NA SHENZHEN JIESHUN S 002609-CN 1,548 26.3 17.1 NA NA 38.2 33.7 57.1 41.8 6.7 12 0.4 NA NINGBO CIXING CO 300307-CN 1,539 38.2 12.8 NA NA 59.4 34.8 63.8 45.5 2.5 4 NA NA JILIN YONGDA GROUP 002622-CN 1,517 45.7 12.0 NA NA NA NA NA NA NA NA NA NA JIANXIN MINING CO 000688-CN 1,501 27.8 8.8 NA NA NA NA 28.3 28.3 NA NA NA NA SUZHOU ELECTRICAL 300215-CN 1,489 13.7 13.7 NA NA NA NA NA NA NA NA NA NA CHENGDU LEEJUN IND 002651-CN 1,473 17.0 9.8 NA NA NA NA NA NA NA NA NA NA TITAN WIND ENERGY 002531-CN 1,456 8.7 6.5 NA NA NA NA 21.1 15.2 NA NA NA NA TIANRUN CRANKSHAFT 002283-CN 1,444 NA 8.6 NA NA NA NA NA NA NA NA NA NA SHENZHEN KSTAR SCI 002518-CN 1,439 24.3 21.5 NA NA 37.3 30.2 29.8 22.8 5.6 19 1.0 NA NANFANG VENTILATOR 300004-CN 1,412 29.8 18.4 NA NA 138.6 17.1 87.7 76.8 3.0 3 NA NA WEIHAI GUANGTAI AI 002111-CN 1,381 28.4 25.4 NA NA 56.6 31.6 36.4 27.8 3.9 11 0.7 -6.5 CHINA FANGDA GP CO 000055-CN 1,376 22.3 15.6 NA NA NA NA NA NA NA NA NA NA EUROPOL INTELLIGEN 002711-CN 1,361 28.1 13.7 NA NA NA NA 38.1 29.5 NA NA NA NA 18 August 2016 23 Macquarie Research China Strategy
WUXI BOTON TECHNOL 300031-CN 1,346 21.5 22.5 NA NA 211.8 27.4 42.1 33.5 3.4 NA NA NA NORINCO INTL CO 000065-CN 1,336 12.4 32.4 NA NA 82.2 29.6 31.1 24.1 2.5 8 NA NA ZHEJIANG IDC FLUID 002468-CN 1,333 28.9 26.7 NA NA NA 19.7 35.1 29.0 NA NA NA NA YONKER ENVIRONMENT 300187-CN 1,330 15.6 13.7 NA NA 49.5 28.0 37.4 28.3 4.5 10 0.2 NA DARE TECHNOLOGY CO 000910-CN 1,329 11.7 16.6 NA NA NA 27.9 24.3 19.3 3.3 13 0.9 NA BEIJING CISRI-GAON 300034-CN 1,299 40.9 20.6 NA NA 44.6 47.8 47.8 32.5 6.1 13 NA NA SINOSTEEL ENGINEER 000928-CN 1,273 18.5 13.2 NA NA 42.2 20.5 13.5 10.5 2.5 19 NA NA SHENZHEN COMIX GRO 002301-CN 1,264 13.8 22.5 NA NA 505.0 33.9 70.3 52.3 6.7 10 NA NA DONGGUAN KINGSUN O 002638-CN 1,219 21.8 8.7 NA NA 199.1 126.4 139.5 83.2 2.6 3 0.2 NA DH HEAVY IND GP CO 002204-CN 1,215 12.8 4.2 NA NA NA NA NA NA NA NA NA NA ZHONGYEDA ELECTRIC 002441-CN 1,208 24.6 14.8 NA NA 43.1 35.1 30.7 23.0 2.2 7 NA NA SHANDONG HI SPEED 000498-CN 1,204 11.5 7.1 NA NA 25.9 17.6 16.8 14.3 2.7 16 NA NA HICONICS DRIVE TEC 300048-CN 1,169 63.5 9.9 NA NA 193.0 43.9 50.0 34.8 2.7 6 0.5 NA JIANGSU GUOTAI INT 002091-CN 1,145 68.6 14.0 NA NA 61.1 16.6 25.5 22.0 2.4 8 1.2 NA XI'AN TIAN HE DEFE 300397-CN 1,140 30.9 31.6 NA NA NA NA NA NA NA NA NA NA YOUNGY CO LTD 002192-CN 1,140 54.9 29.2 NA NA NA NA 48.1 31.0 NA NA NA NA TIANMA BEARING GP 002122-CN 1,134 5.0 6.3 NA NA NA NA NA NA NA NA NA NA NANTONG JIANGHAI C 002484-CN 1,128 25.3 14.1 NA NA NA NA 33.6 23.7 NA NA NA NA LUOYANG LONGHUA HE 300263-CN 1,112 26.6 8.4 NA NA 23.0 25.9 23.9 27.0 NA NA NA NA HUBEI JINGSHAN LIG 000821-CN 1,103 22.5 15.3 NA NA NA NA NA NA NA NA NA NA GUANGDONG MACRO 000533-CN 1,094 12.6 10.5 NA NA NA NA NA NA NA NA NA NA XIANDAI INVEST CO 000900-CN 1,087 7.2 7.1 NA NA NA NA NA NA NA NA NA NA SHANDONG LAIWU JIN 300443-CN 1,087 29.1 64.2 NA NA NA NA NA NA NA NA NA NA INNER MONGOLIA M-G 300355-CN 1,085 19.9 7.2 NA NA NA NA 34.2 NA NA NA NA NA CHENGDU XINZHU ROA 002480-CN 1,072 12.3 11.0 NA NA NA NA NA NA NA NA NA NA SHENZHEN SELEN SCI 002341-CN 1,057 76.5 18.8 NA NA NA 56.7 78.3 49.5 4.6 6 0.1 NA TOP RESOURCE CONSE 300332-CN 1,055 23.0 9.1 NA NA 37.6 60.3 37.1 23.4 2.3 6 0.7 NA SUNWARD INTELLIGEN 002097-CN 1,037 37.4 9.1 NA NA NA NA NA NA NA NA NA NA KUNMING YUNNEI POW 000903-CN 1,032 17.9 8.6 NA NA NA 22.6 33.0 26.9 1.8 5 0.9 NA ZHEJIANG RECLAIM C 002586-CN 1,021 17.8 9.3 NA NA NA NA 46.6 NA NA NA NA NA HUBEI SANFENG INTE 300276-CN 1,009 24.8 17.9 NA NA NA NA NA NA NA NA NA NA SHENZHEN AUTO ELEC 002227-CN 1,008 26.4 30.4 NA NA NA NA NA NA NA NA NA NA XIAMEN SAVINGS ENV 300056-CN 999 20.0 17.7 NA NA 146.7 33.3 38.8 27.8 5.8 15 0.4 NA SOUTH HUITON CO 000920-CN 996 18.9 15.7 NA NA 86.9 31.0 43.0 33.4 6.9 16 1.7 NA ZHEJIANG S/EAST SP 002135-CN 992 24.9 7.7 NA NA NA NA 192.8 NA NA NA NA NA NINGBO LIGONG ENVI 002322-CN 991 15.1 16.3 NA NA NA 21.5 12.1 27.7 2.2 7 NA NA XIAMEN XINDE CO 000701-CN 980 21.9 16.0 NA NA NA NA NA NA NA NA NA NA EAST CN ENG S&T CO 002140-CN 969 15.8 14.4 NA NA -33.5 -6.7 45.1 57.7 3.1 6 0.2 NA GUANGZHOU ZHIGUANG 002169-CN 963 32.0 20.2 NA NA 64.5 38.7 38.6 27.9 5.4 12 NA NA SHENZHEN C/H TECHN 300151-CN 962 15.7 12.7 NA NA NA NA NA NA NA NA NA NA CHANGCHUN UP OPTOT 002338-CN 939 10.7 52.0 NA NA NA NA NA NA NA NA NA NA WUXI HUADONG HEAVY 002685-CN 939 9.1 NA NA NA NA NA NA NA NA NA NA NA SHENZHEN INVT ELEC 002334-CN 934 16.9 8.3 NA NA -89.3 1,075 36.8 30.1 3.4 1 NA NA HUNAN BOYUN NEW MA 002297-CN 929 30.1 NA NA NA NA NA NA NA NA NA NA NA SHENZHEN ECOBEAUTY 000010-CN 928 10.6 7.5 NA NA NA NA NA NA NA NA NA NA SHANTUI CONSTRUCTI 000680-CN 924 11.3 5.0 NA NA NA NA NA NA NA NA NA NA HAINAN STRAIT SHIP 002320-CN 912 14.0 14.2 NA NA NA NA NA NA NA NA NA NA SHANDONG SHENGLI 000407-CN 891 13.5 6.7 NA NA NA NA NA NA NA NA NA NA GD/NAN YANG CABLE 002212-CN 868 NA NA NA NA NA NA NA NA NA NA NA NA QINCHUAN MACHINE T 000837-CN 866 14.2 8.3 NA NA NA NA NA NA NA NA NA NA ZOJE RESOURCES INV 002021-CN 855 10.6 8.3 NA NA NA NA NA NA NA NA NA NA HUAYI COMPRESSOR 000404-CN 853 20.3 10.1 NA NA -27.4 14.4 23.6 20.5 2.3 10 NA NA MIRACLE AUTOMATION 002009-CN 852 19.2 15.5 NA NA 49.8 27.0 44.3 34.5 3.2 7 NA NA LINZHOU HEAVY MACH 002535-CN 851 26.4 7.1 NA NA NA NA NA NA NA NA NA NA SHENZHEN JASIC TEC 300193-CN 841 34.8 11.0 NA NA NA NA NA NA NA NA NA NA CHINA NAT COMP PLA 000151-CN 833 26.7 18.7 NA NA NA NA NA NA NA NA NA NA XIAMEN PORT DEV 000905-CN 824 8.9 10.3 NA NA NA NA NA NA NA NA NA NA SUZHOU HAILU HEAVY 002255-CN 820 24.7 8.8 NA NA NA NA NA NA NA NA NA NA SUZHOU THVOW TECHN 002564-CN 819 15.4 7.4 NA NA NA NA NA NA NA NA NA NA SHANDONG MINING MA 002526-CN 813 14.6 10.1 NA NA NA NA NA NA NA NA NA NA YANTAI MOON 000811-CN 809 14.8 12.4 NA NA -16.9 39.5 19.3 15.1 2.4 11 NA NA JIANGSU YAWEI MACH 002559-CN 785 13.4 14.0 NA NA NA NA NA NA NA NA NA NA D/F ELECTRONICS CO 000682-CN 782 11.1 5.3 NA NA NA NA NA NA NA NA NA NA SHANGHAI TAISHENG 300129-CN 774 7.3 7.0 NA NA 25.3 20.8 24.2 20.1 2.4 10 NA NA GUANGZHOU SEAGULL 002084-CN 755 19.8 11.0 NA NA NA 127.3 88.0 44.9 4.4 NA 0.3 NA CHENGDU RD & BRIDG 002628-CN 752 10.8 6.8 NA NA NA NA NA NA NA NA NA NA GUANGDONG NO.2 HYD 002060-CN 751 16.6 8.3 NA NA NA NA 37.7 NA NA NA NA NA HEBEI SAILHERO ENV 300137-CN 742 17.1 14.3 NA NA 46.1 46.1 40.5 29.8 3.3 9 0.5 NA HARBIN ELECT CO JI 000922-CN 731 12.5 8.9 NA NA NA 300.0 135.8 34.0 2.1 NA 0.2 NA ANHUI ANKAI AUTOMO 000868-CN 728 18.9 7.0 NA NA NA NA NA NA NA NA NA NA ZHUHAI PORT HOLDIN 000507-CN 718 9.4 6.0 NA NA NA NA NA NA NA NA NA NA G/D GOLDEN GLASS T 300093-CN 705 34.9 21.7 NA NA NA NA NA NA NA NA NA NA CEC ENVIRONMENTAL 300172-CN 704 6.7 9.2 NA NA -87.6 26.2 36.9 29.8 4.2 11 NA NA SHAANXI JINYE SCIE 000812-CN 704 13.9 10.5 NA NA NA NA NA NA NA NA NA NA XINJIANG BEIXIN RO 002307-CN 684 9.3 8.2 NA NA NA NA NA NA NA NA NA NA TIANJIN SAIXIANG 002337-CN 669 9.4 7.5 NA NA NA NA NA NA NA NA NA NA SHANGHAI XINPENG I 002328-CN 658 13.3 9.8 NA NA NA NA NA NA NA NA NA NA JIANGSU SHENTONG V 002438-CN 654 18.2 19.8 NA NA 332.4 51.7 59.1 39.2 3.6 6 NA NA SHENYANG BLUE SIL 300293-CN 653 11.1 16.1 NA NA NA NA NA NA NA NA NA NA YANTAI LONGYUAN PO 300105-CN 626 8.8 8.1 NA NA NA NA NA NA NA NA NA NA 18 August 2016 24 Macquarie Research China Strategy
HUNAN INVESTMENT 000548-CN 600 11.0 8.0 NA NA NA NA NA NA NA NA NA NA IT SKYWORTH DIGITAL C 000810-CN 12,826 58.5 17.7 NA NA 22.8 26.8 26.4 20.8 5.4 20 NA NA DALIAN ZEUS ENTERT 002354-CN 3,178 40.5 72.3 NA NA 72.4 14.3 33.8 29.6 3.6 11 NA NA JIANGSU AKCOME SCI 002610-CN 3,114 156.0 18.4 NA NA 207.9 44.0 59.5 41.0 3.3 6 0.5 NA MLS CO LTD 002745-CN 2,894 10.3 36.5 Outperform 45.20 110.0 29.5 30.0 23.1 4.4 17 1.1 -30.0 BLUEDON INFORMATIO 300297-CN 2,721 38.3 15.4 NA NA NA NA NA NA NA NA NA NA GUANGDONG EASTONE 300310-CN 2,295 47.6 34.4 NA NA 206.7 43.2 72.0 50.5 6.7 12 0.3 NA SHENZHEN LIANTRONI 300269-CN 2,126 24.9 23.0 NA NA NA NA NA NA NA NA NA NA ALL WINNER TECHNOL 300458-CN 2,120 58.5 87.2 NA NA NA NA 75.2 53.8 NA NA NA NA HAKIM UNIQUE INTER 300300-CN 2,013 NA NA NA NA NA NA 69.3 47.0 NA NA NA NA EAST GROUP CO LTD 300376-CN 2,011 31.3 26.7 NA NA 37.3 37.6 39.2 28.4 4.2 11 0.5 NA ORIENTAL TIMES MED 002175-CN 2,011 NA 17.7 NA NA NA NA NA NA NA NA NA NA WUTONG HOLDING GRO 300292-CN 1,989 76.6 41.5 NA NA NA NA 40.7 NA NA NA NA NA BEIJING SEVENSTAR 002371-CN 1,955 78.4 36.9 NA NA 184.7 32.7 141.8 99.7 4.5 3 NA NA KINGSIGNAL TECHNOL 300252-CN 1,939 16.3 31.5 NA NA NA NA NA NA NA NA NA NA SHENZHEN DANBOND 002618-CN 1,917 42.7 34.9 NA NA NA NA NA NA NA NA NA NA G/D SHENGLU TEL TE 002446-CN 1,913 48.6 28.4 NA NA NA NA 47.3 33.0 NA NA NA NA TOYOU FEIJI ELECTR 300302-CN 1,875 37.9 29.6 NA NA 144.1 67.4 81.8 49.0 17.8 23 NA NA JIANG SU YIN HE EL 002519-CN 1,811 20.1 20.9 NA NA 79.2 33.4 32.7 24.2 4.3 13 0.9 NA SHENZHEN FASTPRINT 002436-CN 1,799 22.3 24.1 NA NA NA 47.9 50.2 34.4 5.0 10 0.4 NA SHENZHEN YSSTECH I 300377-CN 1,780 81.5 39.8 NA NA 94.1 56.1 104.8 66.4 1.7 4 NA NA RISEN ENERGY CO LT 300118-CN 1,778 69.4 17.5 NA NA NA NA NA NA NA NA NA NA FEITIAN TECHNOLOGI 300386-CN 1,769 85.9 28.1 NA NA NA NA NA NA NA NA NA NA CPT TECHNOLOGY (G 000536-CN 1,749 41.8 14.9 NA NA NA NA NA NA NA NA NA NA SHENZHEN YITOA INT 300131-CN 1,722 67.5 10.7 NA NA NA 3.4 62.9 59.4 6.1 10 NA NA NANTONG FUJITSU MI 002156-CN 1,716 64.1 11.7 NA NA 64.2 19.9 38.4 39.7 2.6 6 0.3 -16.1 QINGDAO EASTSOFT C 300183-CN 1,691 36.7 24.8 NA NA NA NA NA NA NA NA NA NA BEIJING JOIN-CHEER 002279-CN 1,647 43.9 20.2 NA NA NA 22.3 NA NA NA NA NA NA KYLAND TECHNOLOGY 300353-CN 1,630 25.3 22.1 NA NA 111.4 42.6 74.9 52.6 6.1 8 NA NA BEIJING HONGGAO CR 002504-CN 1,564 46.0 10.1 NA NA NA NA 23.9 NA NA NA NA NA ZHEJIANG JINGSHENG 300316-CN 1,562 40.2 11.7 NA NA 66.1 41.1 58.6 41.9 5.3 9 NA NA GOLDENMAX INTERNAT 002636-CN 1,556 23.1 14.2 NA NA NA NA NA NA NA NA NA NA HUBEI CENTURY NETW 300494-CN 1,516 63.0 42.0 NA NA 28.0 26.0 104.9 83.9 10.2 10 NA NA BEIJING SUPERMAP S 300036-CN 1,449 81.0 21.4 NA NA 113.2 53.1 104.4 75.0 7.9 11 0.1 NA SHENZHEN HUAKONG S 000068-CN 1,439 10.7 9.5 NA NA 1,962 152.1 59.4 23.2 13.0 22 NA NA SICHUAN XUN YOU NE 300467-CN 1,435 41.0 57.4 NA NA NA NA NA NA NA NA NA NA SHENZHEN MINDATA H 002137-CN 1,432 32.6 16.5 NA NA 838.9 -39.3 56.9 91.7 7.2 13 0.1 NA WUHAN FINGU ELECTR 002194-CN 1,431 13.9 17.1 NA NA 181.6 21.1 45.0 37.2 4.3 NA 0.6 NA SURFILTER NETWORK 300311-CN 1,407 28.1 20.9 NA NA NA NA NA NA NA NA NA NA BEIJING TONGTECH C 300379-CN 1,398 39.9 67.3 NA NA 88.1 25.5 55.2 41.0 7.2 10 0.4 NA ZHEJIANG NANYANG T 002389-CN 1,386 NA NA NA NA NA NA NA NA NA NA NA NA HWA CREATE CORPORA 300045-CN 1,385 39.1 16.6 NA NA 68.6 74.3 171.5 97.5 9.5 5 0.0 NA BEIJING TENSYN DIG 300392-CN 1,378 31.4 23.9 NA NA NA NA NA NA NA NA NA NA GUANGDONG CHAOHUA 002288-CN 1,368 48.7 9.8 NA NA NA NA NA NA NA NA NA NA NANJING XINLIAN EL 002546-CN 1,344 25.3 10.7 NA NA 19.9 42.8 47.6 33.5 3.7 8 NA NA YANGZHOU YANGJIE E 300373-CN 1,332 37.5 21.0 NA NA 26.3 59.2 51.1 31.8 8.8 17 NA NA BEIJING HIGHLANDER 300065-CN 1,316 32.4 36.2 NA NA 219.1 43.7 78.1 54.3 6.3 8 0.4 NA SHENZHEN SUNLINE T 300348-CN 1,269 52.0 28.9 NA NA NA NA NA NA NA NA NA NA CASTECH INC 002222-CN 1,242 84.1 19.3 NA NA NA NA NA NA NA NA NA NA SANCHUAN WISDOM TE 300066-CN 1,240 61.8 7.9 NA NA 30.9 26.9 46.6 36.0 5.1 11 0.4 NA CHINA TIANYING INC 000035-CN 1,240 13.7 6.7 NA NA 36.7 32.0 24.6 19.6 3.9 15 NA NA DIGIWIN SOFTWARE C 300378-CN 1,237 20.5 31.2 NA NA 402.1 27.7 120.0 94.5 6.1 5 0.3 NA SHN SDG INFORMA 000070-CN 1,201 20.6 25.5 NA NA NA NA NA NA NA NA NA NA FENGHUA ADV TECH 000636-CN 1,199 52.3 8.9 NA NA NA NA NA NA NA NA NA NA SHENZHEN INFINOVA 002528-CN 1,129 19.0 8.1 NA NA NA NA NA NA NA NA NA NA WISESOFT CO LTD 002253-CN 1,126 60.3 33.2 NA NA NA NA NA NA NA NA NA NA SUZHOU GOOD-ARK EL 002079-CN 1,117 51.2 10.2 NA NA NA NA NA NA NA NA NA NA NEWCAPEC ELECTRONI 300248-CN 1,105 28.9 23.6 NA NA 150.1 22.0 47.1 38.6 7.8 NA 0.6 NA SUZHOU JINFU NEW M 300128-CN 1,103 67.7 15.3 NA NA NA NA NA NA NA NA NA NA FOCUS TECHNOLOGY 002315-CN 1,095 16.2 61.9 NA NA NA NA NA NA NA NA NA NA HUIZHOU SPEED WIRE 300322-CN 1,088 48.1 17.8 NA NA NA NA 71.0 42.3 NA NA NA NA INGENIC SEMICONDUC 300223-CN 1,076 40.3 NA NA NA 56.9 46.2 143.3 97.7 NA 4 NA NA SHENZHEN TIANYUAN 300047-CN 1,071 25.1 19.9 NA NA NA NA 53.8 36.9 NA NA NA NA HENAN HANWEI ELECT 300007-CN 1,067 41.4 24.2 NA NA 84.2 43.6 48.9 34.1 5.3 11 0.5 NA NINGBO GQY VIDEO & 300076-CN 1,034 59.2 16.2 NA NA NA NA 231.4 98.2 NA NA NA NA BEIJING UNISTRONG 002383-CN 1,033 28.6 34.8 NA NA NA NA NA NA NA NA NA NA SHAANXI FENGHUOP 000561-CN 1,015 15.6 11.3 NA NA NA NA NA NA NA NA NA NA LANDOCEAN ENERGY S 300157-CN 1,008 46.0 9.4 NA NA NA NA 72.3 85.5 NA NA NA NA GUANGZHOU HI-TARGE 300177-CN 996 31.6 15.1 NA NA NA NA NA NA NA NA NA NA SUNSEA TELECOMMUNI 002313-CN 995 44.6 21.2 NA NA NA NA NA NA NA NA NA NA HEBEI HENGXIN MOBI 300081-CN 974 71.7 19.3 NA NA 204.5 20.0 193.2 161.0 7.9 NA 0.2 NA SHN TEXTILE HLDGS 000045-CN 967 20.1 13.3 NA NA NA NA NA NA NA NA NA NA BEIJING TRUST AND 300231-CN 956 35.7 18.6 NA NA 50.6 44.0 51.5 35.0 10.1 20 NA NA HENAN SPLENDOR SCI 002296-CN 948 23.6 16.7 NA NA 61.9 25.1 52.3 41.3 4.0 8 0.5 NA SHENZHEN TOPBAND C 002139-CN 947 36.8 13.9 NA NA NA NA NA NA NA NA NA NA XIAMEN 35.COM TECH 300051-CN 935 56.4 16.8 NA NA NA 40.8 78.7 55.4 6.4 8 0.2 NA WISCOM SYSTEM CO 002090-CN 908 15.8 26.1 NA NA 93.3 74.7 29.9 17.1 5.0 NA 1.0 NA FOSHAN NATIONSTAR 002449-CN 902 20.6 12.8 Outperform 16.20 54.1 31.2 23.8 18.1 1.8 8 1.2 -24.9 SHENZHEN JUFEI OPT 300303-CN 861 18.7 8.3 NA NA NA NA NA NA NA NA NA NA 18 August 2016 25 Macquarie Research China Strategy
AVIT LTD 300264-CN 856 39.0 13.8 NA NA 40.2 27.4 619.6 413.1 9.2 2 NA NA LEAGUER STOCK CO L 000532-CN 843 30.9 16.3 NA NA NA 18.2 180.6 147.7 7.9 5 NA NA QIMING INFORMATION 002232-CN 839 21.4 13.6 NA NA NA NA NA NA NA NA NA NA BEIJING CENTURY RE 300150-CN 837 8.6 10.3 NA NA 32.5 22.2 38.1 30.3 3.4 9 NA NA SHANGHAI DRAGONNET 300245-CN 827 33.3 20.0 NA NA NA NA NA NA NA NA NA NA ZHEJIANG DALI TECH 002214-CN 827 14.7 12.0 NA NA 31.3 33.3 133.1 99.8 5.6 4 0.3 NA ZHEJIANG SUNFLOWER 300111-CN 826 9.6 NA NA NA NA NA 32.7 25.8 NA NA NA NA SHANGHAI HI-TECH C 002184-CN 824 16.9 22.9 NA NA 33.7 65.1 53.2 32.2 5.7 NA 0.6 NA YUNNAN NANTIAN ELE 000948-CN 823 26.5 22.2 NA NA NA 147.6 NA NA NA NA NA NA SUNWAVE COMMUNICAT 002115-CN 822 38.2 13.3 NA NA 483.6 18.5 49.3 41.6 5.4 NA 0.6 NA SHENZHEN ZOWEE TEC 002369-CN 819 37.6 11.2 NA NA NA NA NA NA NA NA NA NA XIAMEN CHANGELIGHT 300102-CN 812 21.7 7.7 NA NA NA NA NA NA NA NA NA NA UNITED SCIENCE & T 000925-CN 807 28.2 16.8 NA NA NA NA NA NA NA NA NA NA SHANDONG GETTOP 002655-CN 799 34.3 14.8 NA NA NA 131.6 61.5 26.3 NA NA 0.7 NA EASTCOMPEACE TECH 002017-CN 769 15.9 14.7 NA NA NA NA NA NA NA NA NA NA HANWANG TECHNOLOGY 002362-CN 765 30.5 23.8 NA NA NA NA NA NA NA NA NA NA LIDA OPTICAL & ELE 002189-CN 756 40.8 25.2 NA NA NA NA NA NA NA NA NA NA CHINA SHIPPING NE 002401-CN 751 20.3 16.5 NA NA NA NA NA NA NA NA NA NA ALLWIN TELECOMMUNI 002231-CN 742 20.8 13.8 NA NA NA NA NA NA NA NA NA NA GUANGDONG GOWORLD 000823-CN 729 31.5 9.0 NA NA NA NA NA NA NA NA NA NA ANHUI WANTONG TECH 002331-CN 713 30.2 13.5 NA NA NA NA NA NA NA NA NA NA SHENZHEN SUNWIN IN 300044-CN 655 NA NA NA NA NA NA NA NA NA NA NA NA BEIJING XIAOCHENG 300139-CN 582 13.0 14.1 NA NA NA NA NA NA NA NA NA NA SHENZHEN SUNSHINE 300227-CN 498 20.3 NA NA NA NA NA NA NA NA NA NA NA Materials JIANGSU BICON PHAR 002411-CN 4,813 44.1 20.9 NA NA NA NA NA NA NA NA NA NA BEIJING SHOUGANG 000959-CN 3,383 16.5 4.3 NA NA NA 84.7 212.5 106.3 NA 1 NA NA ZHEJIANG JINKE ENT 300459-CN 2,816 45.9 35.5 NA NA NA NA NA NA NA NA NA NA GUANGZHOU TINCI MA 002709-CN 2,803 188.6 57.2 NA NA 210.2 17.5 106.9 72.9 14.0 21 0.3 -6.5 SHANDONG SINOBIOWA 002581-CN 2,673 11.2 26.9 NA NA NA NA NA NA NA NA NA NA BENGANG STL PLATE 000761-CN 2,511 18.0 5.8 NA NA NA NA 193.0 96.5 NA NA NA NA VALIANT CO LTD 002643-CN 2,415 81.5 47.2 NA NA 63.8 37.4 39.0 28.1 6.2 16 0.7 NA HUNAN VALIN STEEL 000932-CN 2,360 138.9 5.2 NA NA NA 256.9 185.7 57.1 2.1 1 NA NA MCC MEILI CLOUD CO 000815-CN 2,340 15.9 22.4 NA NA NA NA NA NA NA NA NA NA SHINDOO CHEMICAL I 002539-CN 2,288 20.3 15.1 NA NA 44.7 88.7 52.6 27.7 7.1 14 0.5 NA SHENGDA MINING CO 000603-CN 2,239 53.1 20.6 NA NA 40.0 50.6 34.3 24.7 8.0 18 NA NA SINOMA SCIENCE & T 002080-CN 2,203 20.6 18.1 NA NA 90.8 29.9 26.1 20.3 1.1 6 1.5 NA NORTH HUAJIN CHEMI 000059-CN 2,203 39.9 9.2 NA NA NA 2.6 9.6 9.3 1.5 NA 3.2 NA HENGYI PETROCHEMIC 000703-CN 2,147 15.3 10.9 NA NA NA 36.8 20.2 14.1 2.0 11 0.8 NA SZ RAINBOWFINE CH 002256-CN 2,063 111.8 29.1 NA NA NA NA NA NA NA NA NA NA CHENZHOU CITY JING 002716-CN 2,029 133.7 26.8 NA NA NA NA NA NA NA NA NA NA INNER MONGOLIA XIN 000426-CN 1,865 77.2 10.4 NA NA NA 554.1 346.0 49.4 5.5 2 NA NA ZHEJIANG HAILIANG 002203-CN 1,864 19.3 7.4 NA NA NA 22.8 22.5 18.1 NA 12 NA NA ZHEJIANG WEIXING N 002372-CN 1,860 14.8 15.9 NA NA 27.0 20.2 20.7 17.2 3.0 17 2.5 NA HUBEI DINGLONG CHE 300054-CN 1,798 18.2 24.5 NA NA 34.3 23.5 47.2 36.1 12.4 23 0.2 NA CHINA TUNGSTEN & H 000657-CN 1,759 41.2 18.6 NA NA NA 401.4 796.7 164.0 4.3 1 NA NA BEIJING EASPRING M 300073-CN 1,656 122.2 60.1 NA NA 571.8 46.2 121.0 81.2 8.4 7 0.3 NA ZHE JIANG KANGSHEN 002418-CN 1,642 42.7 9.6 NA NA NA 29.8 53.3 41.7 5.2 10 NA NA HAINAN RUIZE NEW B 002596-CN 1,638 17.3 33.6 NA NA NA 52.1 74.6 49.4 5.1 7 0.7 NA SHENGXING GROUP CO 002752-CN 1,606 12.6 16.9 NA NA NA NA NA NA NA NA NA NA HENAN BILLIONS CHE 002601-CN 1,589 78.2 14.9 NA NA 268.5 209.5 45.0 28.0 2.4 3 0.3 NA CHONGYI ZHANGYUAN 002378-CN 1,586 46.7 11.4 NA NA NA 141.0 253.3 108.6 NA 2 NA NA ZIBO QIXIANG TENGD 002408-CN 1,574 19.5 5.9 NA NA NA NA NA NA NA NA NA NA SHENZHEN CAPCHEM T 300037-CN 1,561 98.2 56.4 NA NA 83.0 33.5 41.0 31.0 4.8 11 0.9 NA JIAOZUO WANFANG AL 000612-CN 1,538 38.8 8.6 NA NA NA NA NA NA NA NA NA NA CNNC HUA YUAN TITA 002145-CN 1,530 58.5 6.4 NA NA NA NA NA NA NA NA NA NA SUZHOU CHUNXING PR 002547-CN 1,511 42.8 9.9 NA NA NA NA NA NA NA NA NA NA KEE EVER BRIGHT DE 002464-CN 1,483 19.1 67.7 NA NA NA NA 43.7 31.2 NA NA NA NA INNUOVO TECHNOLOGY 000795-CN 1,425 105.0 8.4 NA NA NA NA NA NA NA NA NA NA BOAI NKY PHARMACEU 300109-CN 1,423 25.1 55.5 NA NA NA NA NA NA NA NA NA NA CHINA WEST CONSTRU 002302-CN 1,302 6.0 8.4 NA NA 28.4 25.2 20.1 16.1 1.7 9 1.0 NA NANJING RED SUN CO 000525-CN 1,282 12.1 14.7 NA NA NA NA NA NA NA NA NA NA YUEYANG XINGCHANG 000819-CN 1,251 17.1 32.2 NA NA NA NA NA NA NA NA NA NA JIANGSU ASIA-PACIF 002540-CN 1,211 12.0 7.7 NA NA NA NA NA NA NA NA NA NA ZHEJIANG HAILIDE N 002206-CN 1,211 14.9 16.5 NA NA 45.5 34.9 27.9 20.7 5.0 19 2.5 NA JIANGSU AOYANG TEC 002172-CN 1,204 22.5 11.5 NA NA 87.5 91.4 31.1 16.4 6.3 20 0.6 NA SHANGHAI PRET COMP 002324-CN 1,194 15.8 29.4 NA NA NA NA NA NA NA NA NA NA IM/YUANXING ENERGY 000683-CN 1,184 8.6 2.7 NA NA NA NA NA NA NA NA NA NA ZHEJIANG HUAFENG S 002064-CN 1,184 9.0 4.7 NA NA NA NA NA NA NA NA NA NA JIANGSU HUIFENG 002496-CN 1,182 35.9 5.2 NA NA NA NA NA NA NA NA NA NA ZHENGZHOU SINO-CRY 300064-CN 1,178 19.4 11.5 NA NA -3.2 349.5 45.3 25.4 NA 4 NA NA ANHUI TRUCHUM ADVA 002171-CN 1,171 22.9 17.5 NA NA NA 50.5 26.9 17.9 4.0 15 NA NA GUANGDONG TAPAI GR 002233-CN 1,144 8.2 8.5 NA NA 16.5 24.9 17.0 13.7 1.7 10 NA NA Z/J GREAT S/E CO L 002263-CN 1,086 53.9 3.8 NA NA NA NA NA NA NA NA NA NA YINBANG CLAD MATER 300337-CN 1,051 13.7 8.5 NA NA NA 253.2 121.8 47.8 4.5 2 0.2 NA ANHUI JIANGNAN CHE 002226-CN 1,044 28.4 8.8 NA NA NA NA NA NA NA NA NA NA NANJING YUNHAI SPE 002182-CN 1,000 51.7 20.6 NA NA 386.7 53.8 45.7 29.6 NA 13 NA NA SICHUAN YAHUA INDU 002497-CN 977 39.4 6.8 NA NA NA NA NA NA NA NA NA NA ANHUI SIERTE FERTI 002538-CN 976 8.9 9.0 NA NA 25.4 26.0 21.0 16.7 3.1 15 1.1 NA SHANTOU WANSHUN PA 300057-CN 948 17.0 14.3 NA NA 64.5 12.7 57.3 51.2 2.7 4 NA NA 18 August 2016 26 Macquarie Research China Strategy
JIANGSU HUACHANG C 002274-CN 932 25.1 9.8 NA NA NA NA NA NA NA NA NA NA BEIJING LIER HIGH- 002392-CN 929 10.8 5.2 NA NA NA NA 51.5 NA NA NA NA NA THE JIANGMEN SUGAR 000576-CN 927 9.0 13.9 NA NA NA NA NA NA NA NA NA NA XINJIANG T/SHAN CE 000877-CN 866 10.2 6.5 NA NA NA 514.5 261.6 50.3 0.9 0 0.2 NA HUBEI YIHUA CHEM 000422-CN 861 7.8 6.4 NA NA NA NA NA NA NA NA NA NA JULI SLING CO LTD 002342-CN 850 8.8 5.9 NA NA NA NA NA NA NA NA NA NA SHENYANG CHEMICAL 000698-CN 849 10.0 6.9 NA NA NA NA 8.2 6.9 NA NA NA NA XIAMEN ANNE CORPOR 002235-CN 848 33.4 19.3 NA NA NA NA NA NA NA NA NA NA SICHUAN SHENGDA FO 002259-CN 838 10.8 7.4 NA NA NA NA NA NA NA NA NA NA GUANGDONG WEIHUA C 002240-CN 826 38.9 11.2 NA NA NA NA NA 111.9 2.8 0 NA NA ZHEJIANG DOUBLE AR 002381-CN 786 11.6 12.2 NA NA 29.7 12.3 38.1 33.9 3.7 10 1.5 NA HUBEI HUITIAN NEW 300041-CN 782 22.2 13.0 NA NA 65.3 26.4 37.3 29.1 5.6 10 0.6 NA SHANDONG POLYMER B 002476-CN 760 13.3 8.3 NA NA NA NA NA NA NA NA NA NA GUIZHOU JIULIAN IN 002037-CN 756 9.4 15.4 NA NA NA NA 54.8 NA NA NA NA NA SHANDONG GEO-MINER 000409-CN 725 NA NA NA NA NA NA NA NA NA NA NA NA QIFENG NEW MATERIA 002521-CN 723 32.0 9.7 NA NA NA NA NA NA NA NA NA NA SHANDONG JINLING M 000655-CN 717 17.3 8.0 NA NA NA NA 200.0 114.3 NA NA NA NA SUZHOU TIANMA SPEC 002453-CN 706 15.1 8.2 NA NA NA NA NA NA NA NA NA NA GREAT WALL INTERNA 000835-CN 703 41.0 14.3 NA NA NA 24.5 47.6 38.6 8.4 18 NA NA GUANGDONG XINHUI M 000782-CN 669 15.0 8.4 NA NA NA NA NA NA NA NA NA NA XIAMEN ACADEMY OF 002398-CN 660 8.6 12.8 NA NA -1.3 15.7 21.2 18.5 2.0 9 0.8 NA XINXIANG CHEMICAL 000949-CN 657 8.5 4.3 NA NA NA NA NA NA NA NA NA NA SICHUAN MEIFENG CH 000731-CN 645 9.2 7.3 NA NA NA NA NA NA NA NA NA NA ZHEJIANG KAN SPECI 002012-CN 607 20.8 8.6 NA NA NA NA NA NA NA NA NA NA GUANGZHENG GROUP C 002524-CN 595 33.4 7.9 NA NA NA NA NA NA NA NA NA NA HENAN YICHENG NEW 300080-CN 587 11.6 NA NA NA NA NA NA NA NA NA NA NA Telecom HANGZHOU HUAXING C 300025-CN 766 38.7 11.9 NA NA 40.8 73.5 40.7 24.0 4.3 10 0.0 NA BEIJING BEWINNER C 002148-CN 727 35.1 18.9 NA NA NA NA NA NA NA NA NA NA Utilities SHANDONG XINNENG T 000720-CN 3,791 NA NA NA NA NA NA NA NA NA NA NA NA SHAANXI PROVINCIAL 002267-CN 1,784 9.0 10.7 NA NA NA NA NA NA NA NA NA NA SHIJIAZHUANG DONGF 000958-CN 1,430 28.3 17.2 NA NA -12.2 12.7 24.3 21.6 3.7 NA 1.2 NA ZHEJIANG FUCHUN.EN 002479-CN 1,282 10.7 10.7 NA NA NA NA NA NA NA NA NA NA GUANGZHOU HENGYUN 000531-CN 1,198 17.9 11.6 NA NA 38.6 16.2 12.8 11.0 2.0 15 NA NA GUODIAN C/EL POWER 000966-CN 1,138 18.4 6.8 NA NA NA NA NA NA NA NA NA NA HUNAN DEVELOPMENT 000722-CN 992 12.4 14.2 NA NA NA NA NA NA NA NA NA NA SHANGHAII SAFBON W 300262-CN 915 14.3 16.3 NA NA 76.6 56.6 NA NA NA NA NA NA GUIZHOU QIANYUAN P 002039-CN 914 17.6 19.9 NA NA 9.0 6.9 15.5 14.5 2.5 8 NA NA JIANGSU WUJIANG CH 000301-CN 821 6.6 4.5 NA NA NA NA NA NA NA NA NA NA Note: Numbers for stocks not rated by Macquarie are FactSet consensus. Source: FactSet, Macquarie Research, August 2016, prices as of 12 August 2016
18 August 2016 27 Macquarie Research China Strategy
Fig 12 Summary of A/H dual-listed stocks A-share H-share A vs. H prices Name Ticker Price Rating Target Ticker Price Rating Target (%) (RMB) price (HKD) price ANHUI CONCH CEMENT 600585-CN 16.79 NA NA 914-HK 21.65 NA NA (9) FUYAO GLASS INDUST 600660-CN 16.58 Outperform 19.00 3606-HK 21.05 Outperform 23.00 (8) JIANGSU EXPRESSWAY 600377-CN 9.32 NA NA 177-HK 11.44 NA NA (5) XINHUA WINSHARE PU 600811-CN 7.14 NA NA 811-HK 8.57 NA NA (2) PING AN INSURANCE 601318-CN 33.92 Outperform 44.00 2318-HK 40.10 Outperform 56.00 (1) CHINA PETROLEUM & 600028-CN 5.02 Outperform 5.60 386-HK 5.68 Outperform 6.60 3 CHINA RAILWAY CONS 601186-CN 9.39 NA NA 1186-HK 10.36 NA NA 6 WEICHAI POWER CO 000338-CN 9.17 Underperform 5.50 2338-HK 10.10 Underperform 6.50 6 CHINA PACIFIC INSU 601601-CN 26.38 Outperform 30.00 2601-HK 28.95 Outperform 36.00 7 IND & COM BK CHINA 601398-CN 4.44 NA NA 1398-HK 4.85 NA NA 7 CHINA CONST BK 601939-CN 5.33 NA NA 939-HK 5.74 NA NA 9 CITIC SECURITIES 600030-CN 17.67 NA NA 6030-HK 18.94 NA NA 9 SHANGHAI PHARMACEU 601607-CN 19.88 NA NA 2607-HK 20.65 NA NA 13 CHINA MERCHANTS BK 600036-CN 18.31 NA NA 3968-HK 18.62 NA NA 15 GF SECURITIES CO 000776-CN 18.14 NA NA 1776-HK 18.38 NA NA 16 BANK OF CHINA LTD 601988-CN 3.45 NA NA 3988-HK 3.47 NA NA 16 CHINA SHENHUA ENER 601088-CN 15.3 NA NA 1088-HK 15.00 Underperform 10.57 19 BANK OF COMMUNICAT 601328-CN 5.88 NA NA 3328-HK 5.69 NA NA 21 AGRICULTURAL BK CH 601288-CN 3.2 NA NA 1288-HK 3.09 NA NA 21 GUANGSHEN RAILWAY 601333-CN 4.22 NA NA 525-HK 3.94 NA NA 25 SHANGHAI FOSUN PHA 600196-CN 21.55 NA NA 2196-HK 20.00 NA NA 26 TSINGTAO BREWERY 600600-CN 30.21 Neutral 25.20 168-HK 28.00 Neutral 29.60 26 CHINA EVERBRIGHT B 601818-CN 4.12 NA NA 6818-HK 3.76 NA NA 28 SHN EXPRESSWAY 600548-CN 8.66 NA NA 548-HK 7.84 NA NA 29 CHINA MINSHENG BAN 600016-CN 9.41 NA NA 1988-HK 8.40 NA NA 31 HAITONG SECURITIES 600837-CN 16.15 NA NA 6837-HK 14.36 NA NA 32 CHINA LIFE INSURAN 601628-CN 21.98 Outperform 26.00 2628-HK 19.34 Outperform 31.00 33 CHINA RAILWAY GROU 601390-CN 7.16 NA NA 390-HK 6.26 NA NA 34 BYD CO 002594-CN 59.92 Underperform 21.70 1211-HK 51.60 Underperform 26.10 36 ANGANG STEEL CO LT 000898-CN 4.6 NA NA 347-HK 3.93 NA NA 37 HUATAI SECURITIES 601688-CN 21.7 NA NA 6886-HK 18.26 NA NA 39 CHINA COMM CONSTR 601800-CN 11.72 NA NA 1800-HK 9.76 NA NA 41 LIVZON PHARMACEUTI 000513-CN 49.59 NA NA 1513-HK 41.10 NA NA 41 ZIJIN MINING GROUP 601899-CN 3.55 NA NA 2899-HK 2.93 NA NA 42 CRRC CORPORATION L 601766-CN 9.39 Underperform 7.00 1766-HK 7.56 Neutral 8.00 45 ZTE CORP 000063-CN 15.16 NA NA 763-HK 12.08 NA NA 47 AIR CHINA LTD 601111-CN 8.04 NA NA 753-HK 6.40 NA NA 47 CHINA CITIC BK COR 601998-CN 6.58 NA NA 998-HK 5.19 NA NA 48 CHINA VANKE CO 000002-CN 27.57 Neutral 17.15 2202-HK 20.95 Neutral 16.78 54 GUANGZHOU BAIYUNSH 600332-CN 26.43 NA NA 874-HK 20.05 NA NA 54 SHANDONG CHENMING 000488-CN 9.31 NA NA 1812-HK 7.04 NA NA 55 GREAT WALL MOTOR 601633-CN 10.82 Outperform 10.40 2333-HK 8.00 Outperform 12.50 58 PETROCHINA CO 601857-CN 7.42 Underperform 6.00 857-HK 5.39 Neutral 5.50 61 XINJIANG GOLDWIND 002202-CN 17.18 Neutral 14.90 2208-HK 12.46 Outperform 13.00 61 CHINA SHIPPING DEV 600026-CN 6.62 NA NA 1138-HK 4.73 NA NA 64 ALUMINUM CORP CHN 601600-CN 4.03 NA NA 2600-HK 2.85 NA NA 65 HUADIAN POWER INTL 600027-CN 5.46 Underperform 4.10 1071-HK 3.86 Outperform 3.97 66 NEW CHINA LIFE INS 601336-CN 45.68 Neutral 35.00 1336-HK 32.05 Outperform 36.00 67 HUANENG POWER INTL 600011-CN 7.37 Underperform 3.70 902-HK 5.12 Neutral 4.20 68 BBMG CORPORATION 601992-CN 4.35 NA NA 2009-HK 3.02 NA NA 69 CHINA STHN AIRLINE 600029-CN 8.1 NA NA 1055-HK 5.50 NA NA 72 MAANSHAN IRON&STL 600808-CN 2.84 NA NA 323-HK 1.91 NA NA 74 CHINA EAST AIRLINE 600115-CN 6.94 NA NA 670-HK 4.58 NA NA 77 CHINA COAL ENERGY 601898-CN 5.92 NA NA 1898-HK 3.90 Outperform 4.86 78 DONGJIANG ENVIRONM 002672-CN 20.85 NA NA 895-HK 13.48 NA NA 81 SINOPEC S/PETROCHE 600688-CN 6.32 NA NA 338-HK 4.05 NA NA 83 CHINA INTL MARINE 000039-CN 14.8 NA NA 2039-HK 9.42 NA NA 84 METALLURGICAL CORP 601618-CN 3.93 NA NA 1618-HK 2.50 NA NA 84 DONGFANG ELECT COR 600875-CN 10.1 NA NA 1072-HK 6.37 NA NA 86 ZOOMLION HVY IND S 000157-CN 4.36 NA NA 1157-HK 2.71 Neutral 2.58 88 DALIAN PORT (PDA) 601880-CN 2.57 NA NA 2880-HK 1.59 NA NA 89 JIANGXI COPPER CO 600362-CN 15.3 NA NA 358-HK 9.42 NA NA 90 ZHENGZHOU COAL MIN 601717-CN 5.9 NA NA 564-HK 3.46 NA NA 100 BEIJING NORTH STAR 601588-CN 4.44 NA NA 588-HK 2.60 NA NA 100 SICHUAN EXPRESSWAY 601107-CN 4.84 NA NA 107-HK 2.83 NA NA 100 CHINA COSCO HLDGS 601919-CN 5.33 NA NA 1919-HK 2.89 NA NA 116 TIANJIN CAP ENVIRO 600874-CN 8.07 NA NA 1065-HK 4.18 NA NA 126 CHINA OILFIELD SER 601808-CN 12.53 Underperform 6.80 2883-HK 6.48 Neutral 5.60 126 DATANG INTL POWER 601991-CN 4.17 Underperform 2.90 991-HK 2.09 Neutral 1.90 134 DFZQ 600958-CN 17.08 NA NA 3958-HK 8.49 NA NA 135 ANHUI EXPRESSWAY 600012-CN 13.79 NA NA 995-HK 6.78 NA NA 138 HISENSE KELON ELEC 000921-CN 12.85 NA NA 921-HK 5.79 NA NA 160 18 August 2016 28 Macquarie Research China Strategy
GUANGZHOU AUTOMOBI 601238-CN 24.06 NA NA 2238-HK 10.74 Outperform 11.40 162 FIRST TRACTOR CO 601038-CN 9.71 NA NA 38-HK 4.31 NA NA 164 NANJING PANDA ELEC 600775-CN 15.76 NA NA 553-HK 6.94 NA NA 166 CHINA MOLYBDENUM C 603993-CN 4.16 NA NA 3993-HK 1.78 NA NA 174 CHINA SHIPPING CON 601866-CN 4.12 NA NA 2866-HK 1.74 NA NA 177 SHANDONG XINHUA PH 000756-CN 14.73 NA NA 719-HK 6.22 NA NA 177 CSSC OFFSHORE & MA 600685-CN 29.79 NA NA 317-HK 12.40 NA NA 181 SHANGHAI ELECTRIC 601727-CN 8.65 NA NA 2727-HK 3.60 NA NA 181 NORTHEAST ELEC DEV 000585-CN 7.17 NA NA 42-HK 2.95 NA NA 184 SINOPEC OILFIELD S 600871-CN 4.03 NA NA 1033-HK 1.57 NA NA 200 SHENJI GP KUNMING 600806-CN 6.87 NA NA 300-HK 2.57 NA NA 213 YANZHOU COAL MININ 600188-CN 13.52 NA NA 1171-HK 4.83 Underperform 4.24 228 SHANDONG MOLONG PE 002490-CN 11.21 NA NA 568-HK 3.77 NA NA 248 BEIJING JINGCHENG 600860-CN 10.48 NA NA 187-HK 3.36 NA NA 265 ZHEJIANG SHIBAO 002703-CN 47.89 NA NA 1057-HK 11.62 NA NA 382 LUOYANG GLASS CO 600876-CN 26.65 NA NA 1108-HK 4.92 NA NA 534 CHONGQING IRON & S 601005-CN NA NA NA 1053-HK 2.16 NA NA NA Source: FactSet, Macquarie Research, August 2016, prices as of 16 August 2016
18 August 2016 29 Macquarie Research China Strategy Important disclosures: Recommendation definitions Volatility index definition* Financial definitions Macquarie - Australia/New Zealand This is calculated from the volatility of historical All "Adjusted" data items have had the following Outperform – return >3% in excess of benchmark return price movements. adjustments made: Neutral – return within 3% of benchmark return Added back: goodwill amortisation, provision for Underperform – return >3% below benchmark return Very high–highest risk – Stock should be catastrophe reserves, IFRS derivatives & hedging, expected to move up or down 60–100% in a year IFRS impairments & IFRS interest expense Benchmark return is determined by long term nominal – investors should be aware this stock is highly Excluded: non recurring items, asset revals, property GDP growth plus 12 month forward market dividend speculative. revals, appraisal value uplift, preference dividends & yield minority interests Macquarie – Asia/Europe High – stock should be expected to move up or Outperform – expected return >+10% down at least 40–60% in a year – investors should EPS = adjusted net profit / efpowa* Neutral – expected return from -10% to +10% be aware this stock could be speculative. ROA = adjusted ebit / average total assets Underperform – expected return <-10% ROA Banks/Insurance = adjusted net profit /average Medium – stock should be expected to move up total assets Macquarie – South Africa or down at least 30–40% in a year. ROE = adjusted net profit / average shareholders funds Outperform – expected return >+10% Gross cashflow = adjusted net profit + depreciation Neutral – expected return from -10% to +10% Low–medium – stock should be expected to *equivalent fully paid ordinary weighted average Underperform – expected return <-10% move up or down at least 25–30% in a year. number of shares Macquarie - Canada Outperform – return >5% in excess of benchmark return Low – stock should be expected to move up or All Reported numbers for Australian/NZ listed stocks Neutral – return within 5% of benchmark return down at least 15–25% in a year. are modelled under IFRS (International Financial Underperform – return >5% below benchmark return * Applicable to Asia/Australian/NZ/Canada stocks Reporting Standards). only Macquarie - USA Outperform (Buy) – return >5% in excess of Russell Recommendations – 12 months 3000 index return Note: Quant recommendations may differ from Neutral (Hold) – return within 5% of Russell 3000 index Fundamental Analyst recommendations return Underperform (Sell)– return >5% below Russell 3000 index return
Recommendation proportions – For quarter ending 30 June 2016 AU/NZ Asia RSA USA CA EUR Outperform 45.17% 56.00% 36.36% 43.16% 63.39% 45.91% (for global coverage by Macquarie, 6.27% of stocks followed are investment banking clients) Neutral 36.21% 28.59% 40.26% 50.38% 29.46% 36.96% (for global coverage by Macquarie, 6.33% of stocks followed are investment banking clients) Underperform 18.62% 15.41% 23.38% 6.46% 7.14% 17.12% (for global coverage by Macquarie, 5.38% of stocks followed are investment banking clients)
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18 August 2016 31
Asia Research Head of Equity Research Industrials Telecoms Peter Redhead (Global – Head) (852) 3922 4836 Janet Lewis (Asia) (852) 3922 5417 Nathan Ramler (Asia, Japan) (813) 3512 7875 Jake Lynch (Asia – Head) (852) 3922 3583 Patrick Dai (China) (8621) 2412 9082 Danny Chu (Greater China) (852) 3922 4762 David Gibson (Japan – Head) (813) 3512 7880 Leo Lin (China) (852) 3922 1098 Soyun Shin (Korea) (822) 3705 8659 Conrad Werner (ASEAN – Head) (65) 6601 0182 Kenjin Hotta (Japan) (813) 3512 7871 Chirag Jain (India) (9122) 6720 4352 James Hong (Korea) (822) 3705 8661 Prem Jearajasingam (ASEAN) (603) 2059 8989 Automobiles/Auto Parts Inderjeetsingh Bhatia (India) (9122) 6720 4087 Kervin Sisayan (Philippines) (632) 857 0893 Lyall Taylor (Indonesia) (6221) 2598 8489 Janet Lewis (China) (852) 3922 5417 Transport & Infrastructure Zhixuan Lin (China) (8621) 2412 9006 Internet, Media and Software Leo Lin (China) (852) 3922 1098 Janet Lewis (Asia) (852) 3922 5417 Takuo Katayama (Japan) (813) 3512 7856 Wendy Huang (Asia, China) (852) 3922 3378 Corinne Jian (Taiwan) (8862) 2734 7522 James Hong (Korea) (822) 3705 8661 David Gibson (Asia, Japan) (813) 3512 7880 Azita Nazrene (ASEAN) (603) 2059 8980 Amit Mishra (India) (9122) 6720 4084 Hillman Chan (China, Hong Kong) (852) 3922 3716 Lyall Taylor (Indonesia) (6221) 2598 8489 Nathan Ramler (Japan) (813) 3512 7875 Utilities & Renewables Soyun Shin (Korea) (822) 3705 8659 Financials Alan Hon (Hong Kong) (852) 3922 3589 Abhishek Bhandari (India) (9122) 6720 4088 Inderjeetsingh Bhatia (India) (9122) 6720 4087 Scott Russell (Asia) (852) 3922 3567 Oil, Gas and Petrochemicals Prem Jearajasingam (Malaysia) (603) 2059 8989 Dexter Hsu (China, Taiwan) (8862) 2734 7530 Karisa Magpayo (Philippines) (632) 857 0899 Elaine Zhou (Hong Kong) (852) 3922 3278 Polina Diyachkina (Asia, Japan) (813) 3512 7886 Keisuke Moriyama (Japan) (813) 3512 7476 Aditya Suresh (Asia, China) (852) 3922 1265 Commodities Leo Nakada (Japan) (813) 3512 6050 Anna Park (Korea) (822) 3705 8669 Colin Hamilton (Global) (44 20) 3037 4061 Chan Hwang (Korea) (822) 3705 8643 Duke Suttikulpanich (ASEAN) (65) 6601 0148 Ian Roper (65) 6601 0698 Suresh Ganapathy (India) (9122) 6720 4078 Isaac Chow (Malaysia) (603) 2059 8982 Jim Lennon (44 20) 3037 4271 Thomas Stoegner (65) 6601 0854 Pharmaceuticals and Healthcare Lynn Zhao (8621) 2412 9035 (Malaysia, Singapore) Matthew Turner (44 20) 3037 4340 Lyall Taylor (Indonesia) (6221) 2598 8489 Abhishek Singhal (India) (9122) 6720 4086 Gilbert Lopez (Philippines) (632) 857 0892 Wei Li (China, Hong Kong) (852) 3922 5494 Economics Passakorn Linmaneechote (Thailand) (662) 694 7728 Property Peter Eadon-Clarke (Global) (813) 3512 7850 Conglomerates Larry Hu (China, Hong Kong) (852) 3922 3778 Tuck Yin Soong (Asia, Singapore) (65) 6601 0838 Tanvee Gupta Jain (India) (9122) 6720 4355 David Ng (China, Hong Kong) (852) 3922 1291 David Ng (China, Hong Kong) (852) 3922 1291 Conrad Werner (Singapore) (65) 6601 0182 Raymond Liu (China, Hong Kong) (852) 3922 3629 Quantitative / CPG Gilbert Lopez (Philippines) (632) 857 0892 Wilson Ho (China) (852) 3922 3248 Gurvinder Brar (Global) (44 20) 3037 4036 Consumer and Gaming William Montgomery (Japan) (813) 3512 7864 Woei Chan (Asia) (852) 3922 1421 Corinne Jian (Taiwan) (8862) 2734 7522 Danny Deng (Asia) (852) 3922 4646 Linda Huang (Asia, China, Hong Kong) (852) 3922 4068 Abhishek Bhandari (India) (9122) 6720 4088 Per Gullberg (Asia) (852) 3922 1478 Zibo Chen (China, Hong Kong) (852) 3922 1130 Aiman Mohamad (Malaysia) (603) 2059 8986 Terence Chang (China, Hong Kong) (852) 3922 3581 Kervin Sisayan (Philippines) (632) 857 0893 Strategy/Country Satsuki Kawasaki (Japan) (813) 3512 7870 Patti Tomaitrichitr (Thailand) (662) 694 7727 Viktor Shvets (Asia, Global) (852) 3922 3883 Kwang Cho (Korea) (822) 3705 4953 Chetan Seth (Asia) (852) 3922 4769 KJ Lee (Korea) (822) 3705 9935 Resources / Metals and Mining David Ng (China, Hong Kong) (852) 3922 1291 Stella Li (Taiwan) (8862) 2734 7514 Polina Diyachkina (Asia, Japan) (813) 3512 7886 Erwin Sanft (China, Hong Kong) (852) 3922 1516 Amit Sinha (India) (9122) 6720 4085 Coria Chow (China) (852) 3922 1181 Peter Eadon-Clarke (Japan) (813) 3512 7850 Fransisca Widjaja (65) 6601 0847 Anna Park (Korea) (822) 3705 8669 Chan Hwang (Korea) (822) 3705 8643 (Indonesia, Singapore) Stanley Liong (Indonesia) (6221) 2598 8381 Jeffrey Ohlweiler (Taiwan) (8862) 2734 7512 Hendy Soegiarto (Indonesia) (6221) 2598 8369 Inderjeetsingh Bhatia (India) (9122) 6720 4087 Karisa Magpayo (Philippines) (632) 857 0899 Technology Lyall Taylor (Indonesia) (6221) 2598 8489 Chalinee Congmuang (Thailand) (662) 694 7993 Damian Thong (Asia, Japan) (813) 3512 7877 Anand Pathmakanthan (Malaysia) (603) 2059 8833 Emerging Leaders George Chang (Japan) (813) 3512 7854 Gilbert Lopez (Philippines) (632) 857 0892 Daniel Kim (Korea) (822) 3705 8641 Conrad Werner (Singapore) (65) 6601 0182 Jake Lynch (Asia) (852) 3922 3583 Allen Chang (Greater China) (852) 3922 1136 Alastair Macdonald (Thailand) (662) 694 7753 Aditya Suresh (Asia) (852) 3922 1265 Jeffrey Ohlweiler (Greater China) (8862) 2734 7512 Timothy Lam (China, Hong Kong) (852) 3922 1086 Patrick Liao (Greater China) (8862) 2734 7515 Find our research at Mike Allen (Japan) (813) 3512 7859 Louis Cheng (Greater China) (8862) 2734 7526 Kwang Cho (Korea) (822) 3705 4953 Kaylin Tsai (Greater China) (8862) 2734 7523 Macquarie: www.macquarie.com.au/research Thomson: www.thomson.com/financial Corinne Jian (Taiwan) (8862) 2734 7522 Marcus Yang (Taiwan) (8862) 2734 7532 Reuters: www.knowledge.reuters.com Conrad Werner (ASEAN) (65) 6601 0182 Bloomberg: MAC GO Factset: http://www.factset.com/home.aspx CapitalIQ www.capitaliq.com Email [email protected] for access
Asia Sales Regional Heads of Sales Regional Heads of Sales cont’d Sales Trading cont’d Miki Edelman (Global) (1 212) 231 6121 Paul Colaco (San Francisco) (1 415) 762 5003 Suhaida Samsudin (Malaysia) (603) 2059 8888 Jeff Evans (Boston) (1 617) 598 2508 Amelia Mehta (Singapore) (65) 6601 0211 Michael Santos (Philippines) (632) 857 0813 Jeffrey Shiu (China, Hong Kong) (852) 3922 2061 Angus Kent (Thailand) (662) 694 7601 Chris Reale (New York) (1 212) 231 2555 Sandeep Bhatia (India) (9122) 6720 4101 Ben Musgrave (UK/Europe) (44 20) 3037 4882 Marc Rosa (New York) (1 212) 231 2555 Thomas Renz (Geneva) (41 22) 818 7712 Christina Lee (UK/Europe) (44 20) 3037 4873 Justin Morrison (Singapore) (65) 6601 0288 Daniel Clarke (Taiwan) (8862) 2734 7580 Riaz Hyder (Indonesia) (6221) 2598 8486 Sales Trading Nick Cant (Japan) (65) 6601 0210 Brendan Rake (Thailand) (662) 694 7707 John Jay Lee (Korea) (822) 3705 9988 Adam Zaki (Asia) (852) 3922 2002 Mike Keen (UK/Europe) (44 20) 3037 4905 Nik Hadi (Malaysia) (603) 2059 8888 Stanley Dunda (Indonesia) (6221) 515 1555 Eric Roles (New York) (1 212) 231 2559 Gino C Rojas (Philippines) (632) 857 0861
This publication was disseminated on 17 August 2016 at 17:13 UTC.