文档介绍：Asia Pacific Equity Research
12 July 2012
Asia Pacific Transport Logistics
Strategy
Focus on Asian demand
Industries with a larger share of demand originating from Asia are likely Transportation
to outperform. Asia’s economic development and transport ration have AC
greater upside potential and are less affected by Europe/US. Logistics costs are Corrine Png
generally higher in Asia, providing opportunities for improved efficiency. (65) 6882-1514
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Domestic road transport demand looks the most resilient. Dividend yields . Morgan Securities (Asia Pacific) Limited
are also the highest in this segment. Chinese tollroad operators have the best
longer-term growth potential in Asia. Jiangsu Exy, Transurban are top picks.
Passenger rail demand is brisk and also less cyclical – we like JR East. A Table 1: Top Picks
key risk is the launch of low-cost carriers in Japan which could take away
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market share and drive prices lower. Conversely, the expanding hi-speed rail
services in China could hurt road transport and affect airlines’ short-haul routes. Airlines AirAsia Air China
Airports BCIA -
International air travel demand likely to lead growth as economic Aerospace & MRO KAI SIA Engg
development continues and ration remains low with limited risk of long- Travel Agencies Cox & Kings Flight Centre
term structural oversupply. Airlines, especially low-cost carriers, are the most Logistics Brambles -
leveraged plays with upside from falling fuel prices. Air China and AirAsia offer Shipping OOIL Pac Bas
the best long-term growth, in our view. Private jets could gain popularity. We Ports HPHT Adani Ports
see aerospace & MRO, airports, airline service providers and travel agencies as Shipbuilding &
safer alternatives with higher long-term profitability. We like Korea Aerospace, Repair/Containerb Hyundai
BCIA, Cox and Kings. ox Manufacturers Heavy Keppel
Ship Services Miclyn Exp -
Slow