麦格里集团——亚洲精华

秋云飞

ICICI Bank (Outperform) 3
Kiss this frog Suresh Ganapathy
Comfortable with our loss estimates; subsidiaries provide substantial margin of safety—we raise target
price: We are now more comfortable with ICICI's book and our provisioning estimates, which factor in
55% coverage on gross stressed assets.
Hindalco Industries (Outperform) 4
Ends FY17 with record high EBITDA Sumangal Nevatia
HNDL' 4Q17 standalone EBITDA was in line with estimates, with strong aluminium prices and recovery
in copper volumes helping report highest-ever EBITDA.
Lenovo (Outperform) 5
NDR: better profitability ahead Allen Chang
We hosted a two-day Lenovo NDR in Hong Kong. Investors had all eyes on 1) privatization speculation,
2) Motorola goodwill write-off risks, and 3) profitability outlook for Mobile and Enterprise businesses.
Smartphone tracker v.7 6
New product cycle kick off in 2H17 Allen Chang
We have seen new product in 1H including Huawei P10, Xiaomi 6, and Samsung Galaxy S8. Going
forward, Apple's iPhone is expected to be next in the spotlight, and we expect more China smartphones
to follow suit, releasing models with aggressive specifications, kicking off a new product cycle in 2H17.
Hong Kong life insurance 7
Divergence in the broker channel Scott Russell
HKOCI released 1Q17 insurance industry premium data on May 31 afternoon HKT. While the industry
had a significant slowdown in sales growth (in APE terms), AIA achieved very strong growth of 104%
YoY.
Shimao Property (Upgrade to Outperform) 8
Shanghai Shimao (A-Share) (Neutral) 9
Computex 10
CP All PCL (Outperform) 11
Ebara (Outperform) 12
Emperador Inc (Neutral) 13
Fortis Healthcare (Outperform) 14
Housing Development and Infrastructure (Outperform) 15
IRB Infrastructure(Outperform) 16
MacVisit: ALT Telecom 17
Mahindra & Mahindra(Outperform) 18
My E.G. Services Bhd(Neutral) 19
Pos Malaysia(Outperform) 20
Prestige Estates(Outperform) 21
Resona HD(Outperform) 22
SCREEN Holdings(Neutral) 23
Tokyo Electron(Outperform) 24
Yungtay Engineering(Neutral) 25
Korea non-life insurance 26
Macquarie Commodities Comment 27