HSBC Global Research - Asia Industrials
Language: English
Date: 27 Feb 2012
Page: 72

Investment summary 3
Likely to outperform in 1H12 3
Valuation 6
Themes for 2012 9
1. Capex (new order) growth 9
2. China’s monetary easing 11
3. Franchise value and structural growth 12
4. Self-help and earnings resilience 13
Growth outlook back on track 15
Oil price fits growth story 15
Resumption in regional growth to outweigh Eurozone woes 17
China easing to speed up 18
Top-line growth to outweigh margin woes 20
Raw material price likely to hit the bottom and stabilise 20
Crude steel price stabilising 21
Plunge in steel price unlikely due to capacity cuts 22
Decline in raw material price to offset margin contraction 23
Korean E&C 24
Samsung Engineering (028050 KS) 26
Daelim (000210 KS) 29
Asia Shipbuilding 32
Samsung Heavy (010140 KS) 35
O&M: Rig demand firm 38
SMM (SMM SP) 41
Keppel (KEP SP) 44
China Industrials 47
Zhuzhou CSR Times Electric (3898 HK) 50
China Communications Construction (1800 HK) 53
Hyosung Corp (004800 KS) 56
Indian Capital Goods 59
L&T (LT IN) 62
Disclosure appendix 68
Disclaimer 71


HSBC Global Research - China Power
Language: English
Date: 28 Feb 2012
Page: 32

HSBC Global Research - Huaneng Power Intl 902

HSBC Global Research - China Resources Power 836

20120228 Huaneng Power Intl 902.pdf
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