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研究焦點
 
  • 張玄志
    Asian Technologies - Cryptocurrencies: An Unexpected 2H17 Driver
    Cryptocurrencies are the most unexpected driver for advanced node foundries and back-end in 2H17. Despite recent volatilities in their value, our supply chain checks suggest 16nm/14nm foundries’ capacity are filled up and could stay full until year-end. ASICs and GPUs for cryptocurrencies mini are key drivers. High-end packaging FC-BGA capacity is also tight. We list key suppliers in this note.
  • 馬寧
    AIA Group - Deploying Excess Capital For Long-term Growth (BUY, TP HKD70, 1299 HK, Financials)
    Reiterate BUY. AIA announced on 21 Sep that it has agreed to acquire Commonwealth Bank of Australia’s (CBA) life insurance units in Australia and New Zealand. The deal also brings AIA/CBA into a 20-year banca partnership in both markets. We believe this deal could address investors’ concerns on AIA’s excessive capital deployment. While the near-term financial impact is limited, we believe the deal, if executed successfully, could add long-term VNB upside to these markets.
  • 吳煒基
    HK Property Developers - Find land = Farmland | POSITIVE
    New CE Carrie Lam will announce her first Policy Address on 11 Oct. Farmland conversion will be top of the agenda, in our view. We’re positive on HK property developers as (1) we forecast resilient property prices in 2017 and 2018, (2) sector remains cheap as it is trading at ~37% NAV disc, -0.8SD below LT avg and (3) we expect farmland conversion will unlock value of developers’ land bank. Our top pick is SHKP (16 HK) as it owns over 28m sq ft of farmland reserve in HK.