摩根大通 亚太股市信息一览 2011-3-22.pdfVIP

Asia Pacific Equity Research 22 March 2011 Top Stories Link for full .pdf version Bank Rakyat Indonesia (OW), Indonesia Sunil Garg (852) 2800-8518 We upgrade to OW and raise our PT to Rp6,000 sunil.garg@ (Aditya Srinath, CFA) Send me your feedback! We see management’s response to operating conditions creating hooks to reverse BRI’s 15% underperformance vs. Indonesian banks in the past 18 months. 79% of AM perspective 9MFY10 disbursals were to low NPL and high margin micro/consumer loans, a trend Adrian Mowat, Chief Equity Strategist we expect to persist. Micro lending is likely to be back to 30% by Dec-10. OW Domestic Demand Tingyi (Cayman Islands) Holding Corp (N), China Upgrading to N, but expect short-term weakness; raise PT to HK$18 (Ebru Sener Kurumlu) Given our view of a sequential correction in 2H11 raw material prices, we expect the worst to be over for Tingyi by end-9M11. Despite a 10% cut in our 2011 earnings estimate, assuming 6%/2% decline in palm oil/PET prices, we lower our 2012 earnings estimate only by 5% and expect 27% earnings growth in 2012. AM-OLED, Asia-Pacific AM-OLED 2010-13 revenue CAGR likely to be 122%; we prefer Samsung SDI