内部有很多公司的首次覆盖报告如港股的China LotSynergy, ERA Mining Machinery, Tiangong and Magnificent Estates。
报告出处：里昂
页数：136页
语言：英文

主要内容：
Contents
Executive summary  ............................................................................ 3
State of play: Stronger but cheaper  .................................................... 4
Screening for VMOS  .......................................................................... 10
Leaders and thematic drivers  ........................................................... 21
Top smallcap picks by country  .......................................................... 27
Company profiles ............................................................................. 31
Appendices
1: Franchise P-score  ...........................................................................  123
2: Quantitative attributes  ....................................................................  130

摘要：
If the significant outperformance of small caps from the depth of the 2008-09 crisis is any guide, investors should be prepared for buying opportunities in the current crisis. After applying both qualitative and quantitative screens, we highlight our top ‘value with a margin of safety’ (VMOS) stocks in Asia. There are plenty of cheap, high-quality ideas in a universe well represented by industry leaders, moat franchises and firms levered to the spending power of the region’s burgeoning middle class.
State of play: Stronger but cheaper
  Asian small caps have outperformed large caps in eight of the past 10 years - and most significantly by 36% in the year after the global financial crisis.
  Current valuations are not expensive at 8.7x PE versus the six-year average of 11.7x, with most having strengthened their balance sheets in the past four years. Screening for VMOS Using quantitative tools and our qualitative franchise P-score, we created a value with a margin of safety (VMOS) screen to score the top-45 small caps.
  Stocks that stand out are Ports Design, Yingde Gases, EVA Precision, Cardno, Vista Land, Jain Irrigation, Grand Korea Leisure and Holcim Indonesia.   Deep-value (higher risk/reward) stocks are Hollysys, China Automation, Rexlot,
ERA Mining Machinery, Shenzhen Expressway, Tiangong and China LotSynergy.
Leaders and thematic drivers  Our 45 top picks are strongly positioned: 19 are industry leaders, 12 have top-
three market shares and 14 are moat franchises. Most (28) are plays on Asia’s booming middle class, with strong companies levered to urbanisation in Indonesia, the Philippines and Thailand.
  Demand from the ‘Chinese wallet’ drives revenue in 53% of our picks, with few directly exposed to the troubled Western economies.
Top smallcap picks by country
  HK and Chinese stocks feature strongly in the deep-value basket in our VMOS screen and offer plenty of choices.
  We initiate coverage on value plays China LotSynergy, ERA Mining Machinery, Tiangong and Magnificent Estates with BUY ratings.
  Indonesian and Thai firms impress on most qualitative attributes, including management and growth expectations, but are not cheap except for Holcim.
  Taiwanese and Korean companies score well on growth: Grand Korea Leisure, Seegene, Hiwin and PC Home stand out.