摩根大通-Top Stories-101018.pdf

Asia Pacific Equity Research 18 October 2010 Top Stories Quanta Computer Inc (OW), Taiwan Sunil Garg Less (revenue growth) is more (share price return)? (852) 2800-8518 sunil.garg@ (Alvin Kwock) Send me your feedback! We believe the market is awarding a higher multiple for right management decision to allocate capital to maximize shareholder value, but not to maximize market share. AM perspective The market should appreciate that Quanta now allocates more resources from the Adrian Mowat, Chief Equity Strategist low-return HP business to high-value Apple/Sony or cloud computing business. UW Commodities Golden Eagle Retail Group (OW), China Lifestyle International Holdings (N), Hong Kong Upgrading Golden Eagle to OW; Downgrading Lifestyle to Neutral Golden Eagle Retail Group; Lifestyle International Holdings (Ebru Sener Kurumlu) We believe the recent share price weakness in Golden Eagle offers a buying opportunity. We raise our EPS estimates upgrade the stock to OW (from N) with a new PT of HK$23.5. We downgrade Lifestyle to N (from OW), as we believe the strong performance is priced in at current levels Source: Bloomberg, 30 September 2010. Note: Chart shows S