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Macquarie MarQuee Ideas
Adding Wistron NeWeb,
removing Lotte Shopping
Exposure to all the right pockets of demand
We are adding Wistron NeWeb to the Emerging Leaders section of the Asia
MarQuee list as we see the market re-rating the stock higher on the basis of its
exposure to all the right “pockets of demand” – 4G, smartphones, tablets and the
digital home.
Our analyst Joseph Quinn says the company‟s expanding ROE should see the
stock trade at a 2011E PER multiple of 16x, with the company seeking a peak of
18x on an ROE of 25%. In addition to its fourth-quarter results due within the
next two weeks, Joe says a key catalyst will be the continued market growth of
fellow MarQuee Buy idea HTC and especially its 4G smartphones. More details
are on page two.
To access the initiation report on Wistron NeWeb from 15 February, click here.
Wistron NeWeb (6285 TT, NT$101.50, Outperform, TP: NT$130.00,
Joseph Quinn)
About Wistron Neweb
Wistron NeWeb Corp. provides ODM/JDM services for wireless communication
products. The company provides complete capabilities in RF antenna design as
well as software and hardware design. Its major products include DBS outdoor
units, satellite or HD radio, networking devices, IPTV set-top boxes, digital home
applications, mobile phones, automotive electronics and antennas. The company
is based in Hsinchu, Taiwan.
Removing Lotte Shopping
Our head of strategy in Korea Chan Hwang is today reviewing his model portfolio
for the country and going underweight on the consumer sector due to lack of
momentum at a time when investors show concerns over continuous inflationary
pressures. As a result, he is removing Lotte Shopping from the Korea model
portfolio and we are mirroring this change in the pan Asia MarQuee list as well.
While our analyst HongSuk Na believes Lotte Shopping‟s fundamentals are
strong, he says investors‟ concerns on inflation and potential impacts on
consumption appear to be weighing on the share price. As these pressures will
likely linger over the next few months, we think any substantial rebound in Lotte
shares will be difficult in the short term.
Since 17 December, the stock has fallen 12% vs the KOSPI, which has fallen
2.7% in the same period.
Lotte Shopping (023530 KS, Won382,500, Outperform, TP: Won600,000,
HongSuk Na)
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Macquarie MarQuee Ideas
Adding Wistron NeWeb,
removing Lotte Shopping
Exposure to all the right pockets of demand
We are adding Wistron NeWeb to the Emerging Leaders section of the Asia
MarQuee list as we see the market re-rating the stock higher on the basis of its
exposure to all the right “pockets of demand” – 4G, smartphones, tablets and the
digital home.
Our analyst Joseph Quinn says the company‟s expanding ROE should see the
stock trade at a 2011E PER multiple of 16x, with the company seeking a peak of
18x on an ROE of 25%. In addition to its fourth-quarter results due within the
next two weeks, Joe says a key catalyst will be the continued market growth of
fellow MarQuee Buy idea HTC and especially its 4G smartphones. More details
are on page two.
To access the initiation report on Wistron NeWeb from 15 February, click here.
Wistron NeWeb (6285 TT, NT$101.50, Outperform, TP: NT$130.00,
Joseph Quinn)
About Wistron Neweb
Wistron NeWeb Corp. provides ODM/JDM services for wireless communication
products. The company provides complete capabilities in RF antenna design as
well as software and hardware design. Its major products include DBS outdoor
units, satellite or HD radio, networking devices, IPTV set-top boxes, digital home
applications, mobile phones, automotive electronics and antennas. The company
is based in Hsinchu, Taiwan.
Removing Lotte Shopping
Our head of strategy in Korea Chan Hwang is today reviewing his model portfolio
for the country and going underweight on the consumer sector due to lack of
momentum at a time when investors show concerns over continuous inflationary
pressures. As a result, he is removing Lotte Shopping from the Korea model
portfolio and we are mirroring this change in the pan Asia MarQuee list as well.
While our analyst HongSuk Na believes Lotte Shopping‟s fundamentals are
strong, he says investors‟ concerns on inflation and potential impacts on
consumption appear to be weighing on the share price. As these pressures will
likely linger over the next few months, we think any substantial rebound in Lotte
shares will be difficult in the short term.
Since 17 December, the stock has fallen 12% vs the KOSPI, which has fallen
2.7% in the same period.
Lotte Shopping (023530 KS, Won382,500, Outperform, TP: Won600,000,
HongSuk Na)
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