【出版时间及名称】：2010年4月澳大利亚新兴上市公司研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：147
        【目录或简介】：
Australia Emerging
Companies
Initiation of Coverage:
Introducing the First 10
Conclusion: We commence inaugural coverage of
Australian Emerging Companies. We focus on
high-quality industrial stocks that we think offer
meaningful upside on medium-term investment
horizons, assuming growth strategies are successfully
executed.
10 new ideas: In phase 1 of our coverage launch, we
initiate on 10 stocks exposed to a range of industries,
including consumer, mining services, media and IT
services. This takes Morgan Stanley’s coverage of
stocks outside the ASX 100 to 46.
Top 3 upside to base-case valuation: On a
risk-reward basis, the 3 stocks with most implied upside
to our base-case valuations are MIN (+69%), AHE
(+28%) and MCU (+26%).
Top 3 upside to bull-case valuation: Taking into
account our bull-case scenarios, the 3 stocks with most
upside potential are MIN (+141%), NVT (+65%) and
AHE (+61%).
In-line industry view: We view the prospective relative
performance for the Australian Emerging Companies
universe as being in line with that of broader
benchmarks. This view takes into account the call by
Gerard Minack, Morgan Stanley’s head of global
developed market strategy, to be cautious towards
developed equity markets against a performance
backdrop that sees range-bound returns for equities,
combined with the defensive bias of the model portfolio
of Morgan Stanley’s Australia strategist, Toby Walker.

Contents
Australian Emerging Companies: Initiation Summary 3
Valuation Comparisons 4
Morgan Stanley ex ASX 100 Coverage Universe 5
Company Analysis
Automotive Holdings Group (AHE.AX): Drive On with Not Much to Pay; Overweight
InvoCare Ltd (IVC.AX): Defensive Growth Appeal: Overweight
Mermaid Marine Australia Ltd. (MRM.AX): On the Crest of a Wave: Initiating at OW
Mineral Resources Limited (MIN.AX): Growth Speaks Volumes: Initiating at Overweight
Mitchell Communication Group Limited (MCU.AX): Growth on Display: Initiating at Overweight
Navitas Limited (NVT.AX): It's Educational; Overweight
Oakton Limited (OKN.AX): Transitioning to a Growth Stance: Initiate with EW
The Reject Shop Limited (TRS.AX): A Variety of Options to Grow: Overweight
SMS Management & Technology Ltd (SMX.AX): Growth Back on the Agenda: Initiating at Overweight
Super Cheap Auto Group Limited (SUL.AX): Bikes, Boats and Automobiles: OW