1# dustsky
Near-term headwinds exist, but underlying trend remains positive
We see a negative near-term outlook for the coal sector with: (1)
recent power shortages highlighting investor concerns over government
intervention in coal prices; and (2) global oil prices potentially declining
amid scheduled end of QE2 in the US.

2# dustsky
Few signs of meaningful margin recovery
On average, healthcare sector FY2010 earnings
came in 6.5% below the Wind consensus. The
smallest downside surprises were in TCMs, medical
devices, and distribution. Sector pretax profit growth
decelerated to 22.3% yoy in 1Q2011, which was
smaller than revenue growth of 27.7% yoy due to
higher input costs and drug price pressures. We do
not see profitability recovering in the short-term
given that input prices look unlikely to fall this year
and we see price cuts on some drugs.
We see medium-term growth for healthcare

噢。沙发~~好东西，谢了~~

新的4份报告
第一份
Weak low-end GSM and mostly in line high-end EDGE sales in May
As per a UDN article and our channel checks, Mediatek handset IC shipments
declined 20%-25% mom in May due to deteriorating demand in low-end GSM
6253/52 (which we attribute to inventory clearing of 6253), the introduction of
Spreadtrum’s low-end 6610/20 products, the Chinese government’s crackdown
on counterfeit phones, inflationary pressure in emerging countries, and, most
importantly, rapid consolidation of small- to mid-size Chinese handset design
houses and makers. Meanwhile, demand for the higher end EDGE (6235/36) was
less affected and could increase qoq, in our view.
第二份
Asia-Pacific Afternoon Summary
May 23, 2011
Focus Items
India: Energy: Risks of higher FY12 subsidy burden priced in; Buy ONGC, GAIL 1
Asia Pacific: Technology: LED: 2Q11 guidance and recovery remains intact; Buy
Epistar 2
Asia Pacific: Technology: Semiconductors: Weak low-end handset demand in
May; reiterate Buy on MStar
第三份
Asia Pacific: Technology
Equity Research
LED: 2Q11 guidance and recovery remains intact; Buy Epistar
Share price correction reflecting Tekcore’s issues, not changes to
industry fundamentals
Epistar and Everlight share prices declined 8% and 7% during the week of May
16, respectively, which we believe was mainly due to investors’ concerns on the
uncertainty surrounding Tekcore’s board election, rather than any fundamental
changes in the LED industry. Epistar and Everlight (with a combined stake of
around 35% in Tekcore) have been attempting to gain a seat on Tekcore’s Board
of Directors (Economic Daily, May 16). However, Tekcore removed the board
election from the agenda of the shareholders’ meeting, prompting Everlight to
file a complaint with the Dept of Commerce (Taipei Times, May 20). We do not
think this issue will have a material impact on Epistar and Everlight’s profitability.
第四份
China: Banks
Equity Research
Leverage ratio rule: In line with expectations; limited impact
Leverage ratio rule consultation by CBRC
CBRC released a consultation paper on leverage ratio that stipulates: 1) the
minimum leverage ratio, as measured by tier I capital/total assets and adjusted
off-balance sheet should be no less than 4% by 2013 for systemically important
banks and 2016 for other banks; 2) the rule will also apply to rural credit
cooperatives, corporate finance companies, financial leasing companies, auto
finance companies, and consumer finance companies.

最后4份，给个目录吧。至少行业指明吧。