摩根士丹利：三个可行建议

Investment Ratings - The report assigns an Overweight (OW) rating to China Resources Land, Sony Group, and Eternal [1][2][17]. Core Insights - China Resources Land is viewed as a transformation story with strong recurring profits justifying a re-rating, leading to its designation as a Top Pick [1]. - Sony Group's Game & Network Services segment is expected to continue driving growth, with a recovery anticipated in television programming production, prompting a price target increase and reiteration as a Top Pick [2]. - Eternal is recognized for its market leadership, superior cost structure, and stronger balance sheet compared to peers, with a favorable risk-reward profile, reaffirming its status as a Top Pick [2]. Summary by Sections Performance Summary - As of June 3, 2025, there are 1,353 ideas with a cumulative outperformance of 6,831 basis points against local benchmarks [3]. - The average holding period total return is 3.0%, while the average 12-month total return is -1.9% [3]. - The hit ratio for positive returns stands at 53% [3]. Market Insights - The report highlights that Hong Kong and China account for the most ideas in the region, followed by Japan [25]. - India generated the best holding period relative return at 5.1%, while Korea had the lowest at 1.9% [25]. Valuation Methodology - For China Resources Land, the estimated NAV is HK$55.43 per share, with a 30% discount applied based on a developers' scorecard [37]. - Sony Group's price target is based on a fair EV/EBITDA of 11.6x on FY3/27 earnings estimates [38]. - Eternal's valuation is based on EV/adjusted EBITDA, with a weighted approach reflecting expectations of continued positive surprises [39].