2014.08.01 - MEDC - An Oil-Short 1H14 by CIMB

REGIONAL DAILY
August 4, 2014

ASIA PACIFIC

Asia Pacific Daily | 4 August 2014

Equity Research Reports

IDEA OF THE DAY | South Korea
Strategy Flash Note - Quest for income in Korea | P5
We believe Korean governments new economic policies should bode well for a market re-rating as
they address the age-old issue of Korea Inc. -the lack of dividends. While corporate inertia and
resistance are expected in the near-term, follow-up measures by the government should be tailwind
for investors quest for income in Korea. We maintain our CY14 KOSPI target of 2,100 based on
1.04x 2015F P/BV against an ROE of 9.4%, with the main concerns still being a negative earnings
revision cycle. However, we may see further upside to our target, if 1) corporate response to the
governments policy changes comes through earlier than expected; and/or 2) we see higher
visibility on the effectiveness of policies that will force the companies to improve their capital
management.

Regional/Asia Pacific
Alpha Edge - A gloomy season in the horizon? | P6
Monthly Market Review - Jul 14: Asia-Pacific markets | P7

Australia
CSL Ltd (HD, TP:A$67.50) - HyQvia- US Advisors thumbs up | P8
Pact Group (AD, TP:A$4.19) - The Aus & NZ roll-up continues | P9
ResMed Inc (AD, TP:A$5.92) - 4Q softness -- it's due to timing | P10
Rio Tinto (AD, TP:A$84.00) - Aluminium earnings in focus | P11
Smallcap-pedia (NA) - Weekly Informer #24, 2014 | P12
Strategy Note - Monthly Market Review July 2014 | P13
Strategy Note - Index Monthly July 2014 | P14
Strategy Flash Note - Post-reporting comments | P15

China/Hong Kong
China Overseas Grand Oceans (HD, TP:HK$6.85) - Growth expectations brought back to earth
for third-tier cities | P16
China Overseas Land (AD, TP:HK$28.80) - Asset injection is a catalyst in 2H | P17
Hutchison Whampoa (AD, TP:HK$122.00) - Europe is now a helping hand | P18
Gaming (OW) - More GGR downside likely | P19
Economic Update - Better-than-expected PMI shows stabilisation in Chinas economy | P20

India
DLF Ltd (RD, TP:Rs170.00) - Waiting for demand recovery | P21
HCL Technologies (AD, TP:Rs1,800.00) - Outlook remains robust | P22
Hindustan Construction (AD, TP:Rs53.90) - Focused on balance sheet correction | P23
Indian Bank (HD, TP:Rs156.00) - Weakness persists | P24
IPCA Labs (HD, TP:Rs815.00) - Margin pressure ahead? | P25
Jagran Prakashan Ltd (AD, TP:Rs146.00) - Focussing on profitable growth | P26
NTPC Ltd (RD, TP:Rs130.00) - New norms-led decline begins | P27
Titan Co Ltd (AD, TP:Rs370.00) - Superior execution continues | P28
Auto & Parts - Overall (UW) - Seasonally weak July month | P29
Consumer Staples - Overall (UW) - Consumer pulse: input cost continues to ease | P30

Indonesia
Indocement (AD, TP:Rp27,500.00) - RMX business setback | P31
London Sumatra (AD, TP:Rp2,500.00) - Higher 2H contribution | P32
Malindo Feedmill (AD, TP:Rp3,300.00) - Gathering strength | P33
Medco Energi Internasional (AD, TP:Rp4,100.00) - An oil-short 1H14 | P34

South Korea
DGB Financial Group (AD, TP:W21,000.00) - Stable outlook intact | P35
SK Telecom (AD, TP:W313,000.00) - Strengthening its pole position | P36
Woori Finance Holdings (HD, TP:W15,000.00) - Lower earnings volatility | P37
Autos (OW) - July 2014: a festive carnival | P38

Malaysia
Perdana Petroleum (AD, TP:RM2.40) - No cold fleet | P39
Sime Darby Bhd (HD, TP:RM9.85) - Preferred candidate for NBPOL | P40

Philippines
Bank of the Philippine Islands (RD, TP:PHP70.00) - Tracking behind | P41
Economic Update - BSP: At long last, a rate hike | P42

Singapore
Dairy Farm Int'l (HD, TP:US$10.60) - Southeast Asia continues to drag | P43
DBS Group (HD, TP:S$19.44) - Trade and loan fees slow, WM doing well | P44

Showcasing CIMB Research

Research Ideas
CHN: Banks 30/07

Mortgage channel checks: significant >PDF

KR: Banks 29/07
Another STX or Dongbu risk? >PDF

TW: Poya Co Ltd 28/07
Winning the fight for the retail $ >PDF

APAC: Consumer Staples - Overall 21/07
Shop for strong franchises >PDF

KR: Strategy 20/07
2QFY14 earnings preview >PDF

Country Recommendations
Australia Underweight
China / HK Overweight
India Overweight
Indonesia Neutral
South Korea Overweight
Malaysia Neutral
Philippines Overweight
Singapore Neutral
Taiwan Neutral
Thailand Underweight
Vietnam Overweight

Reg. Equity Research Contacts
Jim McCAFFERTY
Head of Regional Research
T: (852) 25391315
E: jim.mccafferty@cimb.com

Kelvin GOH, CFA
Deputy Head of Regional Research
T: (60) 3 2261 9099
E: kelvin.goh@cimb.com

Show Style "ViewDocMap"

IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.

Compiled as @: 8/4/2014 12:04:36 AM Page 1
REGIONAL DAILY

August 4, 2014

DBS Group (HD, TP:S$19.44) - Shedding light on its China book | P45

Sri Lanka
John Keells Hotels PLC (AD) - KHL 1Q Profit Up 226% | P46

Taiwan
St. Shine Optical (AD, TP:NT$815.00) - Look beyond the weak 2Q14 | P47
WPG Holdings (HD, TP:NT$41.00) - Defensive with high yield | P48

Thailand
Banks (N) - Lulled by blue skies? | P49
Economic Update - Inflation on the back burner | P50


Compiled as @: 8/4/2014 12:04:36 AM Page 2
Asia Pacific DailyEquity Research Reports

August 4, 2014

Key Metrics
Market Indices MSCI Asia Pacific XJ
LastClose 1D 1M YTD
Australia ASX 200 5,556 -1.4% 1.2% 3.8%
China 'A' Shanghai A 2,288 -0.7% 5.9% 3.3%
China 'H' HSCEI 10,983 -1.3% 5.1% 1.5%
Hong Kong HSI 24,532 -0.9% 5.8% 5.3%
India Sensex 25,481 -1.6% -1.3% 20.4%
Indonesia JCI 5,089 4.2% 19.1%
Japan Nikkei 15,523 -0.6% 1.1% -4.7%
Korea Korea Comp 2,073 -0.1% 3.1% 3.1%
Malaysia FBMKLCI 1,863 -0.4% -0.8% -0.2%
Philippines PSEi 6,894 0.4% -0.1% 17.1%
Singapore STI 3,344 -0.9% 3.1% 5.6%
Taiwan Taiwan Wgtd 9,267 -0.5% -2.7% 7.6%
Thailand SET 1,500 -0.1% 1.0% 15.5%
AsiaPac ex Japan MSCI 504 -1.1% 0.8% 7.6%

410
430
450
470
490
510
530
Aug-13 Nov-13 Feb-14 May-14 Aug-14

SOURCE: CIMB, BLOOMBERG, DATASTREAM, MSCI SOURCE: CIMB, BLOOMBERG, DATASTREAM, MSCI

IBES/MSCI Market Valuations Regional Currenci es
12m Forward 12m Forward 12m Forward 12m Forward
P/E (x) EPS DY (%) ROE
Australia 14.71 5.06 4.72 13.30
China 9.04 10.37 3.51 14.10
Hong Kong 15.01 9.15 3.10 8.46
India 16.28 15.59 1.63 15.50
Indonesia 14.71 12.82 2.66 20.30
Korea 9.78 14.15 1.32 10.50
Malaysia 15.50 9.70 3.14 12.80
New Zealand 19.67 9.98 4.11 11.00
Philippines 18.37 14.69 2.16 14.30
Singapore 13.82 9.13 3.62 9.87
Taiwan 14.24 9.54 3.20 12.80
Thailand 12.82 12.42 3.41 15.30
Asia ex-Japan 11.75 11.44 2.75 12.10
Asia Pac ex-Japan 12.39 10.13 3.25 12.30

(to US$1) CY14 forecast LastClose 1D YTD
Australian Dollar 1.12 0.93 0.3% 4.3%
China Renminbi 6.20 6.18 -0.1% -2.0%
Hong Kong Dollar 7.85 7.75 0.0% 0.0%
Indian Rupee 64.0 61.19 -1.0% 1.0%
Indonesian Rupiah 12,000 11,803 -1.9% 3.1%
Japanese Yen 105.0 102.69 0.2% 2.2%
Korean Won 1,090 1,037.10 -0.9% 1.2%
Malaysian Ringgit 3.28 3.21 -0.5% 2.0%
New Zealand Dollar 1.25 0.85 0.5% 3.7%
Philippine Peso 45.0 43.82 -0.8% 1.3%
Singapore Dollar 1.27 1.25 0.1% 1.4%
Taiwan Dollar 30.0 30.05 -0.1% -0.8%
Thai Baht 32.5 32.17 0.0% 1.9%


Upcoming Major Data Releases Commodities
Event/data Country Date
Jul external trade Indonesia 4-Aug
Jul CPI Indonesia 4-Aug
Jul CPI Taiwan 5-Aug
Central bank announce interest rate India 5-Aug
2Q GDP Indonesia 5-Aug
Jun external trade Malaysia 6-Aug
Central bank announce interest rate Thailand 6-Aug
Jul external trade Taiwan 7-Aug
Central bank announce interest rate Eurozone 7-Aug
Jul external trade Japan 8-Aug
Jul external trade China 8-Aug
Central bank announce interest rate Japan 8-Aug
Jul external trade India 8-Aug

LastClose % chg YTD
WTI spot (US$/bbl) 104 0.0% 6.2%
Gold (US$/oz) 1,295 0.7% 7.2%
Baltic Dry Index 751 -0.5% -67.0%


Page 3

August 4, 2014

CIMB Dail y Revisions | as at 4 August 2014

CIMB Daily Revisions

Reuters/ Mkt Cap Year EPS Forecasts
Market BBG Date Company (USD M) Lead Anal yst Curr Prev Curr Prev End Chg%
Recommendati on Pri ce Target

Australia RIO AU 1-Aug-14 Rio Tinto $107,722.30 Michael EVANS Add Add A$ 84.00 80.70 2014 1.6
RIO.AX +4.1% 2015 2.0
2016 1.7
Hong Kong 688 HK 3-Aug-14 China Overseas Land $24,521.93 J ohnson HU, CFA Add Add HK$ 28.80 27.60 2014 -0.5
0688.HK +4.3% 2015 -5.6
2016 -7.8
India DLFU IN 2-Aug-14 DLF Ltd $5,845.56 Prakash AGARWAL Reduce Reduce Rs 170.0 140.0 2015 n.c.
DLF.BO +21.4% 2016 n.c.
2017 n.c.
India HCLT IN 1-Aug-14 HCL Technologies $17,337.18 Sandeep SHAH Add Add Rs 1,800.0 1,680.0 2015 1.4
HCLT.BO +7.1% 2016 2.5
2017
India HCC IN 1-Aug-14 Hindustan Construction $415.35 Pramod AMTHE Add Add Rs 53.9 53.5 2015 n.c.
HCNS.BO +0.7% 2016 n.c.
2017 n.c.
India J AGP IN 2-Aug-14 J agran Prakashan Ltd $622.99 Srinivas SESHADRI Add Add Rs 146.0 142.0 2015 -8.4
J AGP.BO +2.8% 2016 -7.4
2017 9.2
India NTPC IN 2-Aug-14 NTPC Ltd $18,967.87 Harish BIHANI Reduce Reduce Rs 130.0 115.0 2015 0.7
NTPC.BO +13.0% 2016 -1.3
2017 -0.6
India TTAN IN 1-Aug-14 Titan Co Ltd $4,739.65 Varun LOHCHAB Add Add Rs 370.0 300.0 2015 1.7
TITN.NS +23.3% 2016 -0.2
2017
India UNBK IN 1-Aug-14 Union Bank of India $2,026.33 J atinder AGARWAL Reduce Hold Rs 143.0 139.0 2015 3.3
UNBK.BO +2.9% 2016 0.4
2017 0.9
Indonesia INTP IJ 1-Aug-14 Indocement $7,781.64 J ovent GIOVANNY Add Add Rp 27,500 27,500 2014 -7.8
INTP.J K n.c. 2015 -7.6
2016 -8.0
Indonesia LSIP IJ 1-Aug-14 London Sumatra $1,213.93 Maureen NATASHA Add Hold Rp 2,500 2,530 2014 -9.0
LSIP.J K -1.2% 2015 -1.5
2016 -5.5
Indonesia MAIN IJ 1-Aug-14 Malindo Feedmill $432.46 Dewinta SUMARTONO Add Add Rp 3,300 3,500 2014 -19.4
MAIN.J K -5.7% 2015 -4.5
2016 -5.0
Indonesia MEDC IJ 1-Aug-14 Medco Energi Internasional $986.78 Erindra KRISNAWAN, CFA Add Add Rp 4,100 4,330 2014 -58.3
MEDC.J K -5.3% 2015 -41.7
2016 -43.3
Philippines BPI PM 1-Aug-14 Bank of the Philippine Islands $8,590.63 Edser TRINIDAD Reduce Reduce P 70.0 70.0 2014 n.c.
BPI..PS n.c. 2015 n.c.
2016
Singapore OSIM SP 1-Aug-14 OSIM International $1,781.82 Kenneth NG, CFA Add Add S$ 4.60 4.60 2014 3.8
OSIL.SI n.c. 2015 4.9
2016 6.4
South Korea 139130 KS 3-Aug-14 DGB Financial Group $2,177.99 Daehyun KIM Add Add W 21,000 21,000 2014 -3.9
139130.KS n.c. 2015 -2.8
2016 -2.7
South Korea 017670 KS 3-Aug-14 SK Telecom $20,048.23 Youngwoo CHUNG Add Add W 313,000 272,000 2014 12.4
017670.KS +15.1% 2015 13.6
2016 17.2
Taiwan 1565 TT 3-Aug-14 St. Shine Optical $1,075.58 J ack LIN Add Add NT$ 815.00 905.00 2014 -4.6
1565.TWO -9.9% 2015 -1.6
2016 1.9

SOURCES: CIMB, COMPANY REPORTS

Page 4

August 3, 2014

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SOUTH KOREA

STRATEGY FLASH NOTE

Quest for income in Korea
We believe Korean governments new economic policies should bode
well for a market re-rating as they address the age-old issue of Korea
Inc. -the lack of dividends. While corporate inertia and resistance are
expected in the near-term, follow-up measures by the government
should be tailwind for investors quest for income in Korea.

Figure 1: List of companies that have potential for higher dividend payout
Potential upside to dividend Dividend yield Change in dividend yield
30/60% basis 40/70% basis Current 30/60% basis 40/70% basis 30/60% basis 40/70% basis
Company Ticker 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016
Hyundai Motor 005380 KS 374% 400% 534% 565% 1.0% 1.1% 5.0% 5.4% 6.7% 7.2% 3.9% 4.3% 5.6% 6.1%
Hyundai Mobis 012330 KS 948% 1038% 1160% 1265% 0.7% 0.7% 6.8% 7.6% 8.2% 9.1% 6.2% 6.9% 7.6% 8.5%
KIA Motors 000270 KS 239% 278% 373% 419% 1.2% 1.3% 4.1% 4.7% 5.8% 6.5% 2.9% 3.5% 4.5% 5.3%
Hankook Tire 161390 KS 309% 443% 471% 628% 0.7% 0.7% 2.9% 3.8% 4.0% 5.1% 2.2% 3.1% 3.3% 4.4%
Hyundai E&C 000720 KS 250% 313% 399% 481% 0.8% 0.8% 2.7% 3.2% 3.9% 4.5% 1.9% 2.4% 3.1% 3.7%
Samsung Engineering 028050 KS 138% 119% 205% 175% 1.3% 1.9% 3.1% 4.1% 4.0% 5.1% 1.8% 2.2% 2.7% 3.2%
2015 2016
KB Financial Group 105560 KS 2.5% 3.0%
Shinhan Financial Group 055550 KS 2.0% 2.4%
2015 2016
47% 35%
54% 42%
2015 2016 2016
4.0%
3.4%
2015
1.2% 1.0%
1.1% 1.0%
3.6%
3.0%

SOURCES: CIMB

We maintain our CY14 KOSPI target of 2,100 based on 1.04x 2015F P/BV
against an ROE of 9.4%, with the main concerns still being a negative earnings
revision cycle. However, we may see further upside to our target, if 1) corporate
response to the governments policy changes comes through earlier than
expected; and/or 2) we see higher visibility on the effectiveness of policies that
will force the companies to improve their capital management.
What Happened
The Korean government is introducing policy measures encouraging corporates
to have more efficient balance sheets. The new policies offer incentives, as well
as penalties, guiding companies to: 1) pay out more dividends (to increase
income); 2) increase salaries (more direct help with higher household income);
or 3) increase domestic investments (circulate cash within the local economy),
which could ultimately lead to the income flow from corporates to households.
What We Think
The economic stimulus packages and corporate governance reform plans point
towards a shared objective to break Koreas vicious cycle that began following
the Asian crisis., in our view. We believe that the recent measures are a
prelude to more policies that is likely to be implemented to bolster household
income and circulate money within the domestic economy.
We expect KOSPI could reach over 2,500 by end-2015 if Koreas payout ratio is
doubled by 2016 to 30%, in-line with the MSCI Asia ex Japan index. We think
that higher dividend yields alone can lead to significant upside to KOSPIs
P/BV that could raise the valuation multiple by 11%. MSCI Korea trades at a
17% discount to MSCI Asia ex Japan, and we expect the Korea discount could
be largely resolved if the Korean firms act in favour of shareholders returns.
What You Should Do
In the near term, play the potential for dividends via companies with high
owner stakes that are already paying out decent yields (Figure 44) as we expect
the governments tax benefit on dividend income to bode well for higher
dividend payout for these companies. We need evidence on the effectiveness of
the corporate tax law revisions in the longer term but we expect dividend
upsides in the banking, auto, construction and telco sectors (Figure 35).

CIMB Analyst(s)

Dohoon Lee
T (82) 2 6730 6121
E dohoon.lee@cimb.com
Daehyun Kim
T (82) 2 6730 6128
E daehyun.kim@cimb.com
TJ Ok
T (82) 2 6730 6134
E tj.ok@cimb.com

Page 5
Alpha Edge Regional

August 1, 2014

1

S&P500 Dollar Index MAxJ DJIA 16,563

1,937 81.5 598
DAX 9,407
(+4.4% yoy) (+1.6% yoy) (+8.6% yoy) Shanghai 2,202
ST Direction
Oil US$98
LT Direction
VIX 16.9

A gloomy season in the horizon?
We see signs of some technical damage on the US DJIA but Asia
continues to look strong for now. The DJIA continues to face a major
long-term resistance trendline since 2000, currently at 16,800pts.
Seasonally, Aug and Sep are usually difficult months for global equity
markets. It might not be any different this year. The US S&P500 VIX
and the US dollar are showing signs of breaking out of their
consolidation phase since the start of the year.

Technical damage on US DJIA
Last month was mixed for the US and regional equity markets. While the MSCI
Asia ex-Japan Index (MAxJ) was up 3.2% mom, the US S&P500 was down 1.5%.
What is of concern is the technical damage on the US Dow Jones Industrial
Average (DJIA), which broke below its major support trendline for the first
time since end-2012. In addition, the DJIA also failed to overcome its major
long-term resistance trendline since 2000. The current long-term resistance
trendline for the DJIA is at 16,800.
Asia is still up
Asias equity market has been resilient in the past month. Our wave count for
the MSCI Asia ex-Japan Index (MAxJ) show the Index taking a little longer
than expected to complete its uptrend leg since the Feb 2014 low. If we are right,
the MAxJ would soon complete the minor wave 5 up leg first before we see
some signs of correction for this market. We could see a top for the MAXJ
sometime this month.
Difficult months ahead?
The next 1-2 months could be difficult for global equity markets. Seasonally,
Aug and Sep are generally negative months for both the US and regional equity
markets. Other negative months include May and Jun. Jul is a seasonally
positive month for equity markets but it was not so for US equity markets last
month.

US DJIA, weekly chart (16,563)

SOURCE: BLOOMBERG, CIMB RESEARCH

Sources: CIMB. COMPANY REPORTS

CIMB Analyst(s)

Nigel FOO Chek Keng

T (60) 3 2261 9069
E nigel.foo@cimb.com

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Page 6

August 1, 2014


ASIA PACIFIC

MONTHLY MARKET REVIEW

Jul 14: Asia-Pacific markets
Our Monthly Market Review is your guide to Asia-Pacific market
movements over the past month. It provides performance attribution
analysis for local markets and puts Asia-Pacific markets in the context
of the rest of the world.

Figure 1: MSCI Asia-Pacific ex-Japan index vs MSCI World index
Title:
Source:
Please fill in the values above to have them entered in your report
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
30Jun14 05Jul14 10Jul14 15Jul14 20Jul14 25Jul14 30Jul14
MSCI AsiaPac xJapan (+3.6%) MSCI World (-1.6%)

SOURCES: DataStream, MSCI

In common currency, the MSCI Asia
Pacific ex Japan index (up 3.6%)
outperformed the MSCI World index
(down 1.6%) as well as the US S&P
500 Composite (down 1.4%) during
Jul 2014.
Best- and worst-performing
sectors
The best-performing sectors for the
month were Telecommunication
services (up 7.0%), Financials (up
5.9%) and Materials (up 4.6%). The
weakest sectors were Information
Technology (down 0.3%), Utilities (up
0.7%) and Energy (up 0.8%).
Best- and worst-performing
countries
The best-performing countries for the
month were Indonesia (up 8.2%),
China (up 8.2%) and Hong Kong (up
6.0%). The weakest countries were
New Zealand (down 1.7%), Malaysia
(up 0.1%) and Taiwan (up 0.4%).
FX and commodity
movements
Currencies in Asia were mixed against
the US$ in Jul, with NZ$ down by
2.9%. The largest gain against the
US$ was posted by the rupiah (IDR),
up 2.3%. Gold fell 3.4% while oil
dropped 6.8% to close at
US$98.2/barrel.


CIMB Analyst(s)

Janice TAI
T (852) 2532 1127
E janice.tai@cimb.com

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Page 7
Health ProductsAustralia

August 1, 2014

The CIMB Stock Selection Tools (SST) are designed to complement and enhance the investment decision making process. The SST i ncorporate a range of analytical tools, providing ready access to key
company and market data, valuation tools and charts. If you are interested in subscribing to the 'Stock Selection Tools', please contact your CIMB account manager.

HyQvia- US Advisors thumbs up
A US panel of FDA advisors has voted unanimously that the benefits of
Baxters subcutaneous immunoglobulin product HyQvia outweigh its risks.
While we find the outcome somewhat surprising, given the FDAs cautious
stance, and note the agency will have the final say if the product is
greenlighted or not, the panels favourable vote increasing the likelihood for
approval and with it, sees downside risk for CSLs market dominance in the
space. We make no changes to our estimates or SOP-based price target of
A$67.50 at this time pending further insights into HyQvias future.
What Happened
The FDAs Blood Products Advisory Committee (BPAC) has voted 15-1 in
favour of a positive risk/benefit profile of HyQvia, Baxters subcutaneous
(sub-Q) immunoglobulin (Ig) product that incorporates recombinant human
hyaluronidase (rHuPH20), which facilitates dispersion and absorption
allowing for once-monthly dosing. The advisors viewed FDA main concerns
over the potential impact of anti-rHuPH20 antibodies on reproduction,
development and fertility as theoretical and voted against requiring monitoring
of antibody levels and saw no need to restrict the availability of the product to
patient subgroups (ie pregnant women, male children and those with
inflammatory disorders). The FDA will take the BPAC recommendation under
consideration and make a final ruling on whether HyQvia should be
commercialised in 3Q14.
What We Think
We view the BPAC ruling as somewhat of a surprise, given the cautious nature
of FDA panel briefing documents outlining the unknown, long-term risk
associated with antibodies to rHuPR20. Nevertheless, with a unanimous vote
in favour of approval and with no need to monitor patients for antibody levels
or restrict the label to patient subgroups, we view a high likelihood of approval.
While it is difficult to determine the impact on CSLs sub-Q product Hizentra at
this early stage and we believe HyQvias label may be the most important
determinant of uptake and patient switching if the product is approved, our
prior DCF-based scenario analysis points to downside risk of between 5-10%.
What You Should Do
With CSLs dominance in the sub-Q space under threat, the risk appears to the
downside with little buffer seen in current trading levels (forward PE of 20.4x).

CIMB Analyst(s)

Dr Derek JELLINEK
T (61) 2 9694 6074
E derek.jellinek@cimb.com

Share price info
Share price perf. (%) 1M 3M 12M
Relative -2.5 -3.5 -8.9
Absolute 1.9 -0.9 2.6
Major shareholders % held
CBA 6.5
Blackrock 6.2
Vanguard 2.9


CSL Ltd
FLASH NOTE
CSL AU / CSL.AX

Current A$67.80

Market Cap Avg Daily Turnover Free Float Target A$67.50
US$29,971m US$73.63m 95.0%
Prev. Target A$67.50
A$32,262m A$78.67m 471.0 m shares
Up/Downside -0.4%
Conviction| |


88.0
91.0
94.0
97.0
100.0
103.0
106.0
62.0
64.0
66.0
68.0
70.0
72.0
74.0
Price Close Relative to S&P/ASX 200 (RHS)
Source: Bloomberg
1
2
3
4
Aug-13 Nov-13 Feb-14 May-14
V
o
l
m

Financial Summary
Jun-12A Jun-13A Jun-14F Jun-15F Jun-16F
Revenue (US$m) 4,616 4,950 5,330 5,769 6,256
Operating EBITDA (US$m) 1,446 1,687 1,879 2,046 2,224
Net Profit (US$m) 956 1,157 1,299 1,452 1,596
Normalised EPS (US$) 1.97 2.44 2.77 3.10 3.46
Normalised EPS Growth 16.0% 23.7% 13.4% 12.0% 11.7%
FD Normalised P/E (x) 32.01 25.91 22.83 20.39 18.26
DPS (US$) 0.83 1.02 1.13 1.27 1.42
Dividend Yield 1.32% 1.62% 1.79% 2.02% 2.25%
EV/EBITDA (x) 22.70 19.16 16.64 14.74 12.99
P/FCFE (x) 18.70 25.08 26.45 23.33 20.50
Net Gearing 3.4% 30.5% 25.6% 18.5% (3.2%)
P/BV (x) 9.26 10.28 9.31 8.21 6.48
ROE 27.7% 37.5% 43.0% 43.0% 39.8%
Normalised EPS/consensus EPS (x) 1.00 1.00 1.00

67.80
67.50
63.35 72.50
Target
52-week share price range
Current

SOURCE: CIMB, COMPANY REPORTS
Page 8
PackagingAustralia

August 1, 2014

The Aus & NZ roll-up continues
PGH has agreed to acquire of Sulo Group, a manufacturer of recycling
and waste bins in Australia and New Zealand, for A$35m. While Asia has
been identified as a growth opportunity for the group, the transaction
demonstrates to us further opportunities in the core Australian and New
Zealand markets. Importantly, management anticipates an ROI of >20%
by year three. In our view, this highlights PGHs disciplined acquisition
and execution approach. Add rating retained.

We believe the transaction will be EPS
neutral in FY15, the first year of
acquisition. However, with scope for
synergies and PGHs record with
integrations, we believe profitability
should improve. We have upgraded our
FY16 and FY17 earnings forecasts by 1%
and 2%, respectively. As a result of this,
we have increased our blended
valuation by 2% to A$4.19 per share.
Further opportunities in ANZ
Sulo Group is a manufacturer of plastic
waste and recycling bins in Australia
and New Zealand, servicing local
government and waste collection
companies. In FY14, the business
generated turnover of ~A$48m. As
indicated by PGH, the acquired
businesses are complementary to its
existing sustainability, materials
handling and infrastructure divisions.
While synergy expectations were not
specifically disclosed, we believe this
should provide scope for synergy
benefits. We believe the transaction will
be EPS neutral in FY15 and accretive
thereafter as profitability converges to
that of existing businesses. Importantly,
the transaction also demonstrates
further acquisition opportunities in
ANZ, which has been a key part of
PGHs growth strategy for over a
decade.
Discipline evident
The targeted return of 20% by year
three is consistent with hurdles set by
domestic listed packaging peers.
While delivery is critical, the target
provides further evidence of discipline
ahead of any potential acquisition of
Dynapack a key milestone for
potential investors.
Add retained
We retain our Add rating, highlighting
13% potential upside to our valuation
and an attractive FY15F dividend yield
of 6%. We acknowledge concerns about
related-party arrangements and
acquisition risk, coupled with the likely
need for an equity issue. However, we
believe a Dynapack transaction would
likely address these concerns, removing
a material overhang and providing a
re-rating towards our fundamental
valuation.
Pact Group
COMPANY NOTE
PGH AU / PGH.AX

Current A$3.71

Market Cap Avg Dail y Turnover Free Float Target A$4.19
US$1,014m US$2.42m 60.0%
Prev. Target A$4.10
A$1,091m A$2.59m 294.1 m shares
Up/Downside 12.9%
Convi ction| |

Notes from the Field

Niraj SHAH
T (61) 2 9694 6083
E niraj.shah@cimb.com
Andrew SCOTT
T (61) 2 9694 6081
E andrew.scott@cimb.com

Company Visit Expert Opinion
Channel Check Customer Views


The acquisition of Sulo is
expected to be EPS accretive and
generate an ROI in excess of 30%
within three years.
Company reports

73.0
79.7
86.3
93.0
99.7
3.00
3.20
3.40
3.60
3.80
Source: Bloomberg
10
20
30
40
Dec-13 Feb-14 Apr-14 J un-14
V
o
l
m

Financial Summary
Jun-14F Jun-15F Jun-16F Jun-17F Jun-18F
Revenue (A$m) 1,188 1,275 1,324 1,373 1,435
Operating EBITDA (A$m) 201.4 211.8 220.2 228.7 238.1
Net Profit (A$m) 24.7 88.8 94.9 101.2 108.1
Normalised EPS (A$) 0.28 0.30 0.32 0.34 0.37
DPS (A$) 0.10 0.21 0.23 0.24 0.26
Dividend Yield 2.56% 5.70% 6.09% 6.49% 6.94%
EV/EBITDA (x) 8.29 7.88 7.43 7.02 6.61
P/FCFE (x) 11.45 18.34 17.08 15.90 14.88
Net Gearing 209% 189% 162% 139% 119%
P/BV (x) 3.95 3.57 3.24 2.96 2.70
ROE 30.5% 29.6% 28.7% 28.0%
% Change In Normalised EPS Estimates 0.00% 0.18% 1.13% 2.43% 2.45%
Normalised EPS/consensus EPS (x) 1.00 0.99 0.99 0.98

3.71
4.19
3.12 3.80
Target
Current

The CIMB Stock Selection Tools (SST) are designed to complement and enhance the investment decision making process. The SST incorporate a range of analytical tools, providing ready access to key

Page 9
Medical Equipment & SvsAustralia

August 1, 2014

4Q softness - its due to timing
Financial results were below expectations as volumes were negatively impacted
by changing order patterns for certain US customers and recent price
adjustments. While the operating environment remains challenging, the main
issues appear to be more about timing than underlying fundamentals, with
offsets and a robust product pipeline helping to steady our confidence in the
restoration of sales growth and earnings momentum. We lower our FY15-16
profit estimates by up to 2%, with our DCF/PE/SOP-based target price declining
to A$5.92. We maintain our Add rating.

US buying patterns distort the true picture
Adjusted net profit of US$92m (+1%; ex-US$6.3m restructuring charge) was
weaker than expected on modest sales growth (-1% in cc; US$415.2m), impacted
mainly by changing US customer ordering patterns and the new 3Q pricing
structure, seeing sales declines in Americas of US$214.9m (-7% yoy), for flow
generators (US$99.3m, -5%) and masks (US$115.6m, -8%), partially offset by
ROW sales (US$200.3m, +5% in cc; masks, US$64m, 4% in cc; flow generators,
US$136m, +6% in cc). Higher opex (US$154m,+5.2%; including cUS$4m in legal
expenses) limited EBIT gains (US$104.8m, +9.1% yoy; +0.1% qoq) and margin
uplift (-150bp yoy; -110bp qoq to 25.2%). OCF and cash conversion improved qoq
(14.3% to US$115.6m; 91%, +8pts), supporting a dividend of 28cps (+12%).
Its timingnot fundamentals
While 3Q14 price adjustments continue to flow through, we note gross margins
held up fairly well (62.9%, -40bp qoq vs 3Q14 -140bp, 63.3%), at the top of
managements guidance range (61-63%). While acknowledging support via
product mix shift, manufacturing efficiencies and FX, we view the modest
margin decline as reflecting a stable pricing environment and take comfort
with management acknowledging that the bulk of price adjustments has likely
occurred and the product portfolio is stronger than ever, with sales weakness
more a function of purchase timing as opposed to a more concerning
fundamental issue in the volume/pricing dynamic.
Market reaction is overdone
With the shares trading at a forward PE of 17.2x (five-year average 19.4x) and a
strong net cash position of US$605m, we believe the risk/return is favourable.

CIMB Analyst(s)

Dr Derek JELLINEK
T (61) 2 9694 6074
E derek.jellinek@cimb.com

Share price info
Relative -4.7 -5.2 -11.5
Absolute -1.3 -3.2 -1.7
Blackrock 6.2
Vanguard 6.0
Capital 5.4


ResMed Inc
4QFY14 RESULTS NOTE
RMD AU / RMD.AX

Current A$5.23

Market Cap Avg Dail y Turnover Free Float Target A$5.92
US$6,818m US$23.64m 98.5%
Prev. Target A$6.03
A$7,339m A$26.35m 149.3 m shares
Up/Downside 13.2%
Convi ction| |

Results comparison
FYE June (A$m) 4QFY14
(actual)
4QFY13
(actual)
% chg
yoy
3QFY14
(actual)
% chg
yoy
FY14
(actual)
FY13
(actual)
% chg
yoy
Comments
Revenue 415.2 414.6 0.1% 397.8 4.4% 1,555.0 1514.5 2.7% Impacted by buying patterns, price adjustments
Operating costs -134.2 -129.2 3.9% -129.9 3.3% -497.6 -475.0 4.8% Includes ~US$4m in legal expenses
EBITDA 127.0 130.6 -2.7% 121.9 4.2% 492.1 465.7 5.7%
margin (%) 30.6% 31.5% 30.6% 31.6% 30.7%
D&A -22.2 -19.7 12.7% -17.2 29.1% -80.8 -86.1 -6.2% Lower than expected
EBIT 104.8 110.9 -5.5% 104.7 0.1% 411.4 379.6 8.4%
margin (%) 25.2% 26.7% 26.3% 26.5% 25.1%
Net interest/other 8.1 1.7 390.3% 8.2 -0.8% 25.1 32.5 -22.7% Lower than expected
PBT 113.0 112.6 0.4% 112.9 0.1% 437.4 409.9 6.7%
Tax -21.0 -21.8 -3.9% -22.9 -8.5% -87.9 -85.0 3.4%
rate (%) 18.6% 19.4% 20.3% 20.1% 20.7% Growing exposure to lower tax jurisdictions
Adj NPAT 92.0 90.7 1.4% 89.9 2.3% 349.5 324.9 7.6%
Significant items -4.2 0.0 0.0 0.0 -17.7 US$6.3m pre-tax restructuring charge
Reported NPAT 87.8 73.0 20.2% 89.9 -2.4% 349.5 324.9 7.6%
EPS (cts) 64.3 62.1 3.5% 62.7 2.5% 242.1 222.3 8.9% 800k shares repurchaseed (18.3m remain)
DPS (cts) 28 25 12.0% 25 12.0% 103.0 76 35.5% 44% payout ratio


Page 10
MiningAustralia

August 1, 2014


Aluminium earnings in focus
In RIOs 1H14 result, we expect the aluminium division to demonstrate
further margin expansion driven by both higher ASPs and lower unit
costs, while earnings growth may be muted due to lower sales volumes
than in previous periods. The blight on the division remains the capital
cost overrun at the Canadian Kitimat aluminium smelter, the extent of
which we expect the company to update at the 1H14 results. While an
allowance for a capital overrun has been made in the companys 2014
US$12bn capex estimate, we expect the market to react negatively if
this allowance is revealed as inadequate. We reiterate our Add
recommendation with a target price of US$84.00.

While average spot LME aluminium
prices have fallen in 1H14 to
US$1,795/t compared to an average of
US$1,887/t in 2013, premiums in key
regions have risen by 27-68%. On
balance, we expect RIOs aluminium
ASP to increase 2% in 1H14 compared
to 2013, while we estimate costs will
fall 4-5% in its Primary Metals
division to around US$1,650/t
following an 11% fall in unit costs in
2013 compared to 2012.
Aluminium looking brighter
With stronger bauxite and aluminium
prices going into 2H14, the full-year
earnings and outlook for the
aluminium division looks increasingly
attractive after a multi-year period of
write-downs post the 2007 Alcan
acquisition. In 2015, we forecast an
aluminium division EBITDA of
US$3.2bn compared to RIO-compiled
consensus of US$2.2m in May 2014.
Kitimat capex blowout
A blow out in the original Kitimat
capex of US$3.3bn was first revealed
in the 2013 results, when a US$750m
pre-tax impairment was made. The
company expects to update the
market on the extent of the final cost
overrun at the 1H14 results.
Write-downs at OT?
While the recently announced sale of
its Mozambique assets for US$50m
will crystallise this cash loss for the
group in 2014, we believe the real
concern with regard to write-downs in
1H14 remains the Mongolian Oyu
Tolgoi project, which is capitalised on
RIOs balance sheet at US$8.4bn at 31
December 2013 and has been plagued
by ongoing delays over the past six
months.

Rio Tinto
COMPANY NOTE
RIO AU / RIO.AX

Current A$65.40

Market Cap Avg Daily Turnover Free Float Target A$84.00
US$107,399m US$132.5m 100.0%
Prev. Target A$80.70
A$115,607m A$141.2m 1,847 m shares
Up/Downside 28.4%
Conviction| |



Michael EVANS
T (61) 2 9694 6090
E michael.evans@cimb.com
Amber MacKINNON
T (61) 2 9694 6091
E amber.mackinnon@cimb.com

Company Visit Expert Opinion
Channel Check Customer Views


90.0
99.4
108.8
118.1
56.0
61.0
66.0
71.0
Source: Bloomberg
2
4
6
8
10
V
o
l
m

Financial Summary
Dec-12A Dec-13A Dec-14F Dec-15F Dec-16F
Revenue (US$m) 50,967 51,171 42,001 47,659 50,684
Operating EBITDA (US$m) 16,645 18,772 19,011 21,950 23,675
Net Profit (US$m) (2,990) 3,665 10,039 11,499 12,262
Normalised EPS (US$) 5.04 5.53 5.43 6.22 6.64
Normalised EPS Growth (39.4%) 9.8% (1.7%) 14.5% 6.6%
DPS (US$) 1.67 1.92 2.02 2.27 2.38
Dividend Yield 2.75% 3.16% 3.32% 3.73% 3.92%
EV/EBITDA (x) 8.28 7.16 7.08 5.94 5.35
P/FCFE (x) 967.3 18.5 46.6 13.5 14.2
Net Gearing 34.0% 34.6% 31.0% 21.2% 13.8%
P/BV (x) 2.39 2.45 2.14 1.84 1.61
ROE 18.7% 22.0% 20.4% 20.3% 18.7%
% Change In Normalised EPS Estimates 1.62% 2.06% 1.69%

65.40
84.00
57.45 70.88
Target
Current

Page 11

August 1, 2014


AUSTRALIA

AUSTRALIA SMALL/MID
CAPS

Weekly Informer #24, 2014
The Small Ords (0.3%) underperformed the All Ords (0.8%) by 52bp
for the week, with the Small Resources down 0.7%. Since the start of
the year, the Small Ords (1.9%) has underperformed the S&P/ASX100
(5.4%) by 3.52%. The Small Ords is at a premium to the S&P/ASX100
at a PE relative of 101.8%, above the 99.8% eight-year average.

Figure 1: Index performance - rolling 12 months
40
50
60
70
80
90
100
110
120
130
140
Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14
All Ords Small Ords Small Industrials Small Resources

SOURCE: IRESS

Research summary
Key research pieces this week
include GUD (When a beat is really a
beat - Add), NVT (Operating leverage
pushed out - Hold), TAH (What
about online? - Reduce), REC (Time
to take some profits Hold), GMA
(Claim outcome drive upgrades -
Hold), REA (REA buys 17% of IPP -
Reduce), PDN (Weathering the
storm Add), AMM (A great way to
start FY15 Add).
Sector performance
The Small Ords (0.3%)
underperformed the All Ords (0.8%)
by 52bp for the week. The Small
Industrials (0.6%) outperformed the
Small Resources (-0.7%) by 124bp.
YTD, the Small Industrials (0.5%)
has underperformed the Small
Resources (7.6%) by 712bp. That said,
ytd, the Small Ords (1.9%) has
underperformed the S&P/ASX 100
(5.4%) by 352bp.
P/E performance
In terms of PE relative, the Small
Ords is at a small premium to the
S&P/ASX 100, at 101.8% (based on
one-year forward earnings). The
eight-year average is 99.8%.
Stocks best and worst
performers
The best-performing Small
Industrials over the week were Acrux
Limited (58.9%), Iproperty Group
Ltd (19.7%), and Silex Systems
(12.3%), while the worst performers
were Newsat Limited (-24.1%), Boart
Longyear (-15.9%), and Starpharma
Holdings (-7.9%). The
best-performing Small Resources
over the week were Atlas Iron
Limited (8.5%), ROC Oil Company
(6.9%), and Mount Gibson Iron
(6.5%). The worst performers were
Troy Resources Ltd (-31.2%), Red
Fork Energy (-10.9%), and Beadell
Resource Ltd (-8.8%). The top-three
weekly contributors in the Small
Ords Index were Sirius Resources NL
(2.19bp), Veda Group (1.9bp), and
Acrux (1.69bp), while the worst three
were OceanaGold Corporation
(-2.04bp), Telecom Corporation of
New Zealand (-1.28bp), and Nufarm
(-1.23bp).


Julian Guido
T (61) 2 9694 6085
E julian.guido@cimb.com
Tim Plumbe
T (61) 2 9694 6086
E tim.plumbe@cimb.com
Matthew Nicholas
T (61) 2 9694 6087
E matthew.nicholas@cimb.com
Shawn Lee
T (61) 2 9694 6088
E shawn.lee@cimb.com

Page 12

August 1, 2014


AUSTRALIA

STRATEGY

Monthly Market Review July
2014
Analysts earnings expectations have taken a step down into the FY14
reporting season following the hit to confidence after the Federal
budget, the resiliently high AUD and declining commodity prices.
Despite this the Australian market continued to be buoyed by
improving global growth in the US and China, with growth in the two
major economies surprising positively in July. Geopolitical risks have
so far taken a back seat but further escalation in the growing number
of conflict areas may quickly reverse the positive trend.

Figure 1: Sector performance July 2014
Sector Price Price
curr -12m 1m 3m 6m 12m 1m 3m 6m 12m
S&P/ASX 200 5632.9 5052.0 4.4 2.6 8.5 11.5
Consumer Discretionary 1853.2 1659.6 4.0 0.8 6.0 11.7 -0.4 -1.8 -2.5 0.2
Energy 14656.8 13251.9 2.2 3.8 11.7 10.6 -2.2 1.2 3.2 -0.9
Healthcare 14569.1 13628.4 2.7 1.9 1.1 6.9 -1.7 -0.8 -7.4 -4.6
Information Technology 837.6 679.3 6.3 6.3 16.0 23.3 1.9 3.7 7.4 11.8
Materials 10445.5 9269.2 7.7 2.8 4.4 12.7 3.3 0.2 -4.1 1.2
Industrials 4183.6 3637.9 3.8 2.9 7.6 15.0 -0.5 0.3 -0.9 3.5
Property 1122.8 1021.4 5.0 5.7 13.5 9.9 0.6 3.0 5.0 -1.6
Consumer Staples 10218.7 9741.7 4.6 1.7 5.3 4.9 0.2 -0.9 -3.3 -6.6
Telecommunication Services 1908.2 1722.3 5.2 4.9 6.8 10.8 0.8 2.3 -1.7 -0.7
Utilities 5940.6 5414.8 0.5 2.8 9.4 9.7 -3.9 0.2 0.9 -1.8
Financials ex Property 7412.6 6571.6 3.6 1.9 11.4 12.8 -0.8 -0.7 2.8 1.3
Absolute performance (%) Relative performance (%)

Priced at close of business, 31 July 2014.
SOURCE: IRESS

Australias performance versus the world
In local currency, the All Ordinaries (+4.5%) outperformed the US S&P 500
(-1.5%), the MSCI Asia Pacific ex Japan Index (+3.8%) and the MSCI World ex
Australia Index (-0.9%) during the month.
The best- and worst-performing sectors
The best performers for the month were Materials (+7.7%), Information
Technology (+6.3%) and Telecommunication Services (+5.2%). The worst
performers were Utilities (+0.5%), Energy (+2.2%) and Health Care (+2.7%).
The top five and bottom five performing S&P/ASX 200 stocks
The top five performers from the S&P/ASX 200 (price) Index for the month
were Wotif.Com Holdings (37.4%), Northern Star (36.1%), Lynas Corporation
(30.8%), Paladin Energy (27.1%) and Transfield Services (25.3%). The bottom
five performers were Navitas (-30.4%), Buru Energy (-24.8%), Beadell
Resources (-14.8%), ALS (-11.9%) and Medusa Mining (-9.8%).
Consensus earnings revisions
The top five upgrades were Scentre Group (7.4%), Aristocrat Leisure (6.0%),
Newcrest Mining (5.7%), Mirvac Group (3.7%) and Leighton Holdings (3.7%).
The top five downgrades were Arrium (-37.8%), Iluka Resources (-34.6%),
Qantas Airways (-22.7%), Fortescue Metals Group (-19.6%) and Mineral
Resources (-15.1%).



Thiva NAGARATNAM, CFA
T (61) 2 9694 6056
E thiva.nagaratnam@cimb.com
Shane LEE
T (61) 2 9694 6054
E shane.lee@cimb.com
Muditha WEERATUNGA, CFA
T (61) 2 9694 6057
E muditha.weeratunga@cimb.com


Page 13

August 1, 2014


AUSTRALIA

STRATEGY

Index Monthly July 2014
Improving consumer sentiment and stabilising iron ore prices helped the
S&P/ASX 200 index outperform most of the global indices during the
month. With investors focusing on high-beta sectors, Utilities and
Healthcare underperformed the broader market.

Figure 1: Sector performance July 2014
Sector Ticker Price
current 1m 3m 6m 12m 1m 3m 6m 12m
S&P/ASX 200 XJO 5632.9 4.4 3.5 10.9 16.5 4.4 2.6 8.5 11.5
Consumer Discretionary XDJ 1853.2 4.0 0.9 7.8 15.3 4.0 0.8 6.0 11.7
Energy XEJ 14656.8 2.2 3.8 13.6 14.1 2.2 3.8 11.7 10.6
Healthcare XHJ 14569.1 2.7 1.9 2.2 9.3 2.7 1.9 1.1 6.9
Information Technology XIJ 837.6 6.3 6.3 17.4 26.7 6.3 6.3 16.0 23.3
Materials XMJ 10445.5 7.7 3.0 6.1 16.4 7.7 2.8 4.4 12.7
Industrials XNJ 4183.6 3.8 3.7 9.7 19.6 3.8 2.9 7.6 15.0
Property XPJ 1122.8 5.0 8.6 17.8 17.5 5.0 5.7 13.5 9.9
Consumer Staples XSJ 10218.7 4.6 1.8 7.3 9.5 4.6 1.7 5.3 4.9
Telecommunication Services XTJ 1908.2 5.2 4.9 9.7 17.0 5.2 4.9 6.8 10.8
Utilities XUJ 5940.6 0.7 4.4 12.4 15.9 0.5 2.8 9.4 9.7
Financials ex property XXJ 7412.6 3.6 3.5 14.2 18.7 3.6 1.9 11.4 12.8
Total return (%) Absolute return (%)

Priced at close of business 31 July 2014.
SOURCE: IRESS

The top- and bottom-performing sectors in July
The best performers for the month in terms of total return were Materials
(+7.7%), Information Technology (+6.3%) and Telecommunication Services
(+5.2%). The worst performers were Utilities (+0.7%), Energy (+2.2%) and
Healthcare (+2.7%).
S&P/ASX 200 top- and bottom-performing stocks in July
The top five performers in July were Wotif.com (+37.4%), Northern Star
(+36.1%), Lynas (+30.8%), Paladin Energy (+27.1%) and Transfield Services
(+25.3%). The bottom five performers were Navitas (-30.4%), Buru Energy
(-24.8%), Beadell Resource (-14.8%), ALS (-11.9%) and Medusa Mining
(-9.8%).
S&P/ASX 200 top- and bottom-performing sectors for the past
12 months
The Information Technology sector finished the past 12 months as the
best-performing sector with a rise of 26.7%. Other positive contributors were
Industrials (+19.6%) and Financials ex property (+18.7%). The worst
performers were Healthcare (+9.3%) and Consumer Staples (+9.5%).
S&P/ASX 100 performance
The S&P/ASX 100 Index was up 4.4% in July. The top-performing stocks in
terms of total return were Sims Metal Management (+23.2%), Alumina
(+18.9%), BlueScope (+15.9%), Mineral Resources (+15.7%) and Caltex
Australia (+14.6%). The bottom-performing stocks were Navitas (-30.4%), ALS
(-11.9%), Fairfax Media (-5.0%), AGL Energy (-4.5%) and Ansell (-4.0%).



Thiva NAGARATNAM, CFA
T (61) 2 9694 6056
E thiva.nagaratnam@cimb.com
Muditha WEERATUNGA, CFA
T (61) 2 9694 6057
E muditha.weeratunga@cimb.com


Page 14

August 1, 2014


AUSTRALIA

STRATEGY NOTE

Post-reporting comments
As at 1 August 2014

Figure 1: Result vs CIMB forecast * Figure 2: Reporting day price reaction * Figure 3: Post-result changes to forecasts *
17%
17%
33%
17% 17%
0
0.5
1
1.5
2
2.5
Miss
(<-5%)
Miss
(<-2.5%)
Inline Beat
(>+2.5%)
Beat
(>+5%)
Count

33%
17%
50%
0% 0%
0
0.5
1
1.5
2
2.5
3
3.5
<-5% <-2.5% -2.5% &
+2.5%
>+2.5% >+5%
Count

33%
17%
33%
0%
17%
0
0.5
1
1.5
2
2.5
Down
(<-5%)
Down
(<-2.5%)
Maintain Up
(>+2.5%)
Up
(>+5%)
Count

* NPAT deviation of CIMB forecast vs FY14A; Otherwise
1HFY14A for Dec Y/E
* Price reaction relative to the S&P/ASX200
* Change to FY15 NPAT forecast (FY14 for Dec Y/E)

Figure 4: Post-reporting comments
Resul t CIMB Rel . Price Post-resul t comment
Code Y/E Date Beat/Miss Reaction Forecast Actual FY1 FY2 FY15 FY16
RMD J un 01-Aug Miss (<-2.5%) -5.3% 355.3 345.3 tbc tbc tbc tbc
First take on 4Q results--- softer than expected, with adj NPAT of US$92m
(+1%), EPS of US$0.64 vs cons at US$94m (CIMB US$96m) and EPS of
US$0.66 (CIMB US$0.68). Sales were weak, coming in at US$415.2m (-
1% yoy in cc) vs cons US$436m (CIMB US$428m) as the sales in the
Americas continue to be impacted by the challenging operational
environment, US$214.9m (-7% yoy) while ROW sales were S$200.3m
(+9% yoy; +5% in cc). Given the sales weakness, GMs seem to hold up
fairly well, coming in at 62.9%(+20bp yoy; -40bp qoq), toward the top end
of guidance (61-63%) vs cons 62.2%.
ERA Dec 31-J ul Inline +0.5% -126.6 -127.2 tbc tbc tbc tbc
ERA reported 1H14 NPAT of a loss of A$127.2m, within its guidance range
of A$120m-140m. Uranium oxide sales were well above our expectation at
1,524t versus our estimate of 1,000t, while the average realised price was
below at US$46.65/lb versus our estimate of US$52/lb. FY14 production
guidance of 1-1.5kt of uranium oxide was maintained. The company also
guided to second-half sales broadly similar to those in 1HCY14. The key
value driver remains Ranger 3 Deeps project, for which the exploration
decline and related studies remain on schedule (as confirmed by the
company), with completion due in late 2014.
OGC Dec 30-J ul Miss (<-5%) -2.5% 77.6 56.8 -10.3% +8.9% 11.0x 11.9x
After a strong first quarter, OceanaGold has delivered a J une quarter that,
although guided lower, has probably surprised to the downside. In our view,
the company remains on track for 2014, as we expect increased
throughput and higher grades at Didipio to offset a weaker performance
from the NZ operations. OceanaGold reported a net profit for 1H14 of
US$56.8m vs our US$77.5m forecast, the difference attributable to lower
production and higher costs during the J une quarter.
Post-resul t PE Post-result NPAT revision NPAT ($m)

SOURCES: CIMB FORECASTS, COMPANY REPORTS

Shane LEE
T (61) 2 9694 6054
E shane.lee@cimb.com
Andrew TANG
T (61) 2 9694 6076
E andrew.tang@cimb.com
Page 15
Property DevelopmentHong Kong

August 1, 2014


Growth expectations brought
back to earth for third-tier cities
COGOs 22% decline in 1H14 core earnings to 41% of our FY14 estimate is in
line with our results preview estimate. However, COGO has guided down the
outlook by lowering its sales target from HK$23bn to HK$18bn, which is only
marginally higher yoy. Management also thinks that the long-term GPM in
third-tier cities could normalise from 30%+ to 20%+. The slower sales pace
and gradually falling GPM prompt us to cut FY14-16 EPS by 12-21%. Amid the
sector rally, the stock has rebounded 50%+ from the bottom in May 2014. We
downgrade it from Add to Hold while widening the target RNAV discount
from 40% to 50%. We see upside risk from potential stake increases by its
parent from 38% to 50%+ amid stock price dip or any potential benefit from
asset injections.
Normalised expectations for third-tier cities
The slow sales in 1H14 were attributed to the lacklustre sales in third-tier cities
in Yangtze River Delta and Hohhot this year. The company has withdrawn its
previous guidance of 30% sales and earnings CAGR. We think that it is more
realistic to expect steady growth in the longer term, i.e. more than 10%, for
COGO in third-tier cities. We expect sales to improve in 2H with more launches
and better market sentiment on the back of HPR easing in third-tier cities such
as Hohhot and Nanning where COGO has exposure.
Margin trending down, particularly in third-tier cities
COGOs GPM declined from 33% in FY13 to 29% in 1H14, lower than our
previous estimate of 30.5% for FY14. Management expects general downward
pressure on margins in the sector and thinks that a reasonable margin in
third-tier cities is 20%+ rather than 30%. We expect GPM to be 28% in FY14.
Our GPM estimates of 27.9% for FY15 and 31.7% for FY16 are partially
supported by bookings for the high-end Beijing Tonghui River Project.
Control over net gearing
We expect its net gearing to improve from 67% in 1H14 to 63% at end-2014
with slowdown of land purchases and construction and the ramp-up of sales.

CIMB Analyst(s)

Johnson HU, CFA
T (852) 2532 1117
E johnson.hu@cimb.com
Linda LIN
T (852) 2539 1321
E linda.lin@cimb.com

Share price info
Relative 24.2 24.8 -44.8
Absolute 31 36.7 -31.7
China Overseas Land 37.9
Yung Kwok Kee 18.4


China Overseas Grand Oceans
1HFY14 RESULTS NOTE
81 HK / 0081.HK

Current HK$6.29

Market Cap Avg Daily Turnover Free Float Target HK$6.85
US$1,852m US$3.58m 30.9%
Prev. Target HK$8.55
HK$14,355m HK$27.75m 2,282 m shares
Up/Downside 8.9%
Conviction| |

Results comparison
FYE Dec (HK$ m) 1HFY14 1HFY13 yoy % hoh % Prev.
chg chg FY14F Comments
Rev enue 7,893.9 8,008.8 (1.4) (0.0) 17,156.6 Below, 46% of our full-y ear estimate
Operating costs (5,970.8) (5,746.6) 3.9 7.5 (12,978.5)
EBITDA 1,923.2 2,262.2 (15.0) (17.9) 4,178.1
EBITDA margin (%) 24.4 28.2 (3.9) (5.3) 24.4 Below, GPM of 29% is lower than our estimate of abov e 30%
Depn & amort. (8.9) (8.5) 5.3 8.9 (54.6) Below
EBIT 1,914.3 2,253.7 (15.1) (18.0) 4,123.5
Interest ex pense (8.5) (5.7) 49.9 (38.7) (43.2) Below
Interest & inv t inc 40.9 32.6 25.4 (15.6) 91.3 In line
Associates' contrib 2.1 2.0 5.4 (86.4) 22.9 Below
Ex ceptionals 29.9 296.8 (89.9) (83.3) -
Pretax profit 1,978.7 2,579.4 (23.3) (22.8) 4,194.5
Tax (760.2) (864.9) (12.1) (15.2) (1,428.9)
Tax rate (%) 38.4 33.5 4.9 3.5 34.1 Abov e, effectiv e income tax rate at about 30%
Minority interests (144.3) (150.8) (4.3) 50.6 (186.5)
Net profit 1,074.2 1,563.7 (31.3) (31.7) 2,579.1
Core net profit 1,051.8 1,341.1 (21.6) (26.9) 2,579.1 In line, 41% of our full-y ear estimate
EPS 47.1 68.5 (31.3) (31.7) 113.0
Core EPS 46.1 58.8 (21.6) (26.9) 113.0

Page 16
Property DevelopmentHong Kong

August 3, 2014


Asset injection is a catalyst in 2H
1H14s core profit was largely in line at 46% of our full-year forecast as we
expect stronger 2H earnings to be backed by its high sales revenue lock-in. But
we trim our FY15-16 GPM estimates by about 1-2% and, accordingly, revise
down our FY15-16 earnings by 6-8%. COLI will speed up its contracted sales
in 2H in light of its abundant saleable resources. We also think it is one of the
major beneficiaries from the HPR easing given its heavy exposure in these
areas. We foresee the parents asset injections happening in 2H. We maintain
our Add call with a higher target price as we narrow the target discount to
RNAV from 10% to 5% to reflect the potential catalyst from asset injections.
Cant exclude the likelihood of asset injections in near future
It has been one year since Aug 2013 when COLI said it would acquire its parent
companys real estate assets. Part of the parents real estate projects have
already been entrusted to COLIs management since Jan 2014. COLIs cash on
hand increased by 20% to HK$50bn in 1H14, so it is financially well prepared
for the asset injection. According to CSCECLs operation report in 1H14, the
parent companys other landbank (excluding COLI) could be up to 22.5m sq m
Currently, CSCECL is trading at 4.6x FY13 P/E and 0.8x FY13 P/BV, much
lower than COLIs current 10x FY13 P/E and 1.8 FY13 P/BV. We think that
potential asset injections are likely to be RNAV-accretive for COLI.
Expect 2H contracted sales to improve
COLI is still keeping its full-year saleable resources unchanged at HK$220bn.
We project contracted sales increasing by more than 10% to HK$155bn-160bn
in 2014, implying a sell-through rate of slightly above 70%, vs. over 75% in
2013. COLI is one of major beneficiaries of the HPR easing in China given its
heavy exposure in these areas (68% of RNAV, excluding tier-1 cities).
GPM should stay decent
COLI reported a 1H14 GPM of 33.6%. However, excluding the impact of sales
recognition from social housing and repurchase of three JCE projects, GPM for
its regular projects should have been 35.8%. As bookings for the low-margin
projects were almost at the tail end in 1H14, we expect GPM to improve slightly
in 2H, and full-year GPM to reach 34.2% in FY14 We conservatively estimate a
mild decline for margins to 32.7% in FY15, and 33.3% in FY16.

CIMB Analyst(s)

Johnson HU, CFA

T (852) 2532 1117
E johnson.hu@cimb.com
Linda LIN
T (852) 2539 1321
E linda.lin@cimb.com

Share price info
Relative 17.9 11.4 -7.5
Absolute 23.7 22.2 3.6
China Overseas Holdings 53.1


China Overseas Land
1HFY14 RESULTS NOTE
688 HK / 0688.HK

Current HK$23.25

US$24,522m US$71.90m 46.5%
HK$190,045m HK$557.3m 8,175 m shares
Up/Downside 23.9%
Conviction| |

Results comparison
FYE Dec (HK$m) 1HFY14 1HFY13 yoy % hoh % Prev.
chg chg FY14F Comments
Rev enue 49,575.0 32,188.5 54.0 (1.4) 103,456.2 48% of our FY14 forecast
Operating costs (34,281.2) (21,714.9) 57.9 (6.7) (71,318.5)
EBITDA 15,293.7 10,473.6 46.0 13.0 32,192.2
EBITDA margin (%) 30.8 32.5 31.1 Slightly below
Depn & amort. - - - - (54.6)
EBIT 15,293.7 10,473.6 46.0 13.0 32,137.6
Interest ex pense (185.0) (151.3) 22.3 33.0 (442.4) In line
Interest & inv t inc 554.0 375.9 47.4 4.8 754.5 Abov e
Associates' contrib 975.1 1,628.7 (40.1) (54.5) 3,798.1 Below
Ex ceptionals 2,956.1 3,782.2 165.3 -
Pretax profit 19,593.9 16,109.1 21.6 14.1 36,247.8
Tax (6,537.6) (5,008.8) 30.5 28.2 (12,529.0)
Tax rate (%) 33.4 31.1 34.6 Below, LAT is equiv alent to 5% of property dev elopment rev enue and effectiv e income tax rate is 23%
Minority interests (34.2) (67.8) (49.5) (49.2) (260.8)
Net profit 13,022.1 11,032.5 18.0 8.4 23,458.0
Core net profit 10,805.0 8,195.9 31.8 (3.3) 23,458.0 In line, 46% of our FY14 forecast
EPS (cents) 159.33 135.0 18.0 8.4 287.02
Core EPS (cents) 132.20 100.3 31.8 (3.3) 287.02

Page 17
ConglomerateHong Kong

August 1, 2014


Europe is now a helping hand
HWLs 1H14 core net profit of HK$13.5bn represented 40% of our previous
FY14 forecast, and was broadly in line with expectations as this is consistent
with trends in previous years. Earnings were powered by better retail profit,
while property development was a large drag. Growth of 13% yoy in 1H14
was slower than that observed in FY13. We believe that HWLs European
operations will help to drive continued growth in the near term, especially as
the continents growth accelerates. Maintain Add. We value HWL at a 15%
discount to NAV. Our earnings forecasts are reduced by 2-9% for FY14/15,
largely due to weaker property assumptions for sales in the Mainland.
European operations now more resilient
HWL disclosed that 1H14 EBIT growth of 3% was heavily driven by its
European businesses. HWLs EBIT in Europe improved by 18% yoy, whereas
non-Europe EBIT fell by 4% yoy. Admittedly, this difference was distorted by
the strength of the euro and pound in the half, but underlying trends remain
positive as well. Growth in the European operations stemmed from a continued
improvement in 3G Europe, where EBIT jumped 23% yoy. The groups retail
businesses in Europe also observed EBIT growth of 18% yoy due to continued
store growth and further margin improvement.
Property dragging down the group
Property earnings were significantly weaker than we had expected, with both
EBITDA and EBIT for the overall property segment falling 35% yoy. The large
fall was attributable to slower property sales in the Mainland, particularly in
Tier 1 and 2 cities which had been affected by local purchase and pricing
restrictions. Management has now reduced its 2014 residential properties sales
target from 10,700 to 7,200 units.
Still more upside, in our view
We believe that investors are waiting for catalysts in the form of M&A activity,
with consolidation in Italy likely being considered at the moment. While usage
of its cash from recent divestments is rightfully important, we believe that
organic growth drivers are largely pointing in the right direction as well, and
this could drive a narrowing of HWLs discount to NAV from its current 28%.

CIMB Analyst(s)

Andrew ORCHARD
T (852) 2539 1331
E andrew.orchard@cimb.com
Stella XING
T (852) 2539 1314
E stella.xing@cimb.com

Share price info
Relative -6.8 -11.9 8
Absolute 0 0 21.1
Cheung Kong Holdings 52.5


Hutchison Whampoa
1HFY14 RESULTS NOTE
13 HK / 0013.HK

Current HK$106.0

US$58,312m US$63.61m 47.5%
HK$451,917m HK$493.1m 4,263 m shares
Up/Downside 15.1%
Conviction| |

1H14 results summary
Year end 31 Dec (HK$ m) 1HFY14 1HFY13
yoy %
chg 2HFY13
hoh %
chg 6MFY14 6MFY13
yoy %
chg
Prev
FY14F Comments
Revenue 130,734 123,262 6.1 132,972 (0.0) 130,734 123,262 6.1 279,044
Operating costs (108,044) (103,096) 4.8 (107,986) 0.0 (108,044) (103,096) 4.8 (218,079)
EBITDA 22,690 20,166 12.5 24,986 (0.1) 22,690 20,166 12.5 60,965
EBITDA margin (%) 17.4 16.4 18.8 17.4 16.4 21.8
Depre & amort 8,348 7,699 8.4 8,151 0.0 8,348 7,699 8.4 15,958
Operating profit 27,436 26,961 1.8 31,868 (0.1) 27,436 26,961 1.8 64,906
Net interest income (3,904) (4,335) (9.9) (4,056) (0.0) (3,904) (4,335) (9.9) (8,436)
Exceptionals 14,921 388 3,746 (304) (50.1) 14,921 388 3,746 13,150
Profit before tax 38,453 23,014 67.1 27,508 0.4 38,453 23,014 67.1 69,620
Tax (5,689) (7,017) (18.9) (4,725) 0.2 (5,689) (7,017) (18.9) (12,314)
Tax rate (%) 14.8 30.5 17.2 14.8 30.5 17.7
Minority interests (4,321) (3,599) 20.1 (4,069) 0.1 (4,321) (3,599) 20.1 (10,046)
Net profit 28,443 12,398 129.4 18,714 0.5 28,443 12,398 129.4 47,260
Core net profit 13,522 12,010 12.6 19,018 (0.3) 13,522 12,010 12.6 34,110
EPS (HK$) 6.67 2.91 129.4 4.39 0.5 6.67 2.91 129.4 11.09
Core EPS (HK$) 3.17 2.82 12.6 4.46 (0.3) 3.17 2.82 12.6 8.00
EBITDA growth mainly fueled by Europe 3G business
and Finance & Investments and Others
Tax rate significantly drop due to the one-off gain
from HK electricity listing
Gain of HK$16bn recognized due to listing of Power
Assets

Page 18
Travel and LeisureGaming

August 1, 2014

CIMB Securities Limited has had an investment banking relationship with Macau Legend Development Ltd within the preceding 12 months. Designed by Eight, Powered by EFA

HONG KONG

GAMING

SECTOR FLASH NOTE
|

More GGR downside likely
Gross gaming revenue (GGR) reached MOP28.4bn in Jul (-4% yoy), in line
with market expectations. We expect GGR to see, on average, low single-digit
yoy growth for the remainder of the year due to last years high base along
with muted VIP growth. We keep our long-term Overweight rating on the
Macau gaming sector, based on our FY15 sector growth estimate, where we
expect GGR to return to double-digit growth on the back of new capacity. Our
top pick is Galaxy as it will have the earliest new capacity opening in 2015.

Figure 1: Macau monthly GGR
Title:
Source:
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
GGR MOPbn yoy growth %

SOURCES: CIMB, DICJ

What Happened
Jul GGR reached MOP28.4bn (-4% yoy, +4% mom) and YTD GGR has risen by
10% yoy to MOP221.5bn.
What We Think
We attribute the weakness in Jul to a combination of a persistently soft VIP
gaming market and some negative impact from World Cup gambling. Based on
our conversations with sources in the gaming industry, we believe VIP revenue
is likely to gradually improve over the next few months but growth is unlikely
to rebound significantly. We forecast Aug GGR to reach MOP30.6bn (-0.4% yoy,
+7.7% mom) and maintain our view that GGR growth will finish the year at
6.6% yoy (vs. consensus estimates of 10-12%). We are forecasting 28%/-3%/5%
growth for mass/VIP/slots. GGR over the past 19 months during non-China
holiday months has averaged MOP29.3bn. To reach our 6.6% GGR growth
forecast, assuming a record MOP39.5bn in Oct, GGR for the remaining four
non-holiday months of the year has to average MOP30.9bn. For GGR to reach
10% consensus growth while taking into account our Oct forecast, GGR would
have to jump to an average of MOP34bn per non-holiday month. This could be
challenging given that Sept and Nov are seasonally weaker months.
What You Should Do
The sector is trading at 13x forward consensus EV/EBITDA (vs. 3-year average
of 12x), which is an undemanding valuation. However, given the high
probability of consensus GGR downgrades to around 5-7% GGR growth, we
believe the sector could remain volatile in the short term. While we remain
long-term positive on the Macau gaming sector, we advocate waiting for better
entry points until the market is factoring in mid-single digit GGR growth for
this year.

CIMB Analyst(s)

Michael TING
T (852) 2532 1121
E michael.ting@cimb.com
Stella XING
T (852) 2539 1314
E stella.xing@cimb.com


Page 19

August 1, 2014


CHINA

ECONOMIC UPDATE

Better-than-expected PMI shows
stabilisation in Chinas economy
Chinas manufacturing PMI reached a 27-month high, signaling
improved economic conditions in China. Targeted monetary loosening
and rising government expenditure were the main support for the
recovery in the manufacturing sector. We believe the government will
stay with targeted easing and proactive fiscal policy in the coming
months to ensure steady economic growth. Meanwhile, the
government is likely to speed up the pace of reforms from 2H14
onwards to sustain economic growth over the long run.
News
Chinas official manufacturing PMI surprised the market on the upside in Jul
14. The index climbed to 51.7 in the month from 51.0 in Jun 14 (consensus: 51.4,
CIMB: 51.2), recording a 27-month high.
Analysis
We observed that the output index gained 1.2pts to 54.2 in Jul 14 as orders
were boosted by the government. The leading indicator, new orders, also hit a
27-month high of 53.6, implying that demand conditions are improving.
In Jul 14, new export orders reached 50.8, up 0.5pt compared with Jun 14s
50.3, and the imports sub-index edged up by 0.1pt to 49.3, indicating that
growth momentum for trade conditions is likely to continue in Jul 14.
The quantity of purchases accelerated by 1.0pt to 53.0 in Jul 14, reflecting
enterprises recovering confidence. As a result, input prices rose 0.4pt to 50.5
in the month.
Implications
The improvement in the manufacturing PMI in Jul 14 remained the result of
recent targeted easing and the governments supportive measures. However,
given a mild recovery in endogenous growth (see our note on 29 Jul 2014) as
well as overhangs from softened property investment, we still believe the
government will stick with proactive fiscal policy and targeted monetary easing
in the near term to ensure steady economic growth.
Both the State Council and the central bank have recently urged commercial
banks to lower borrowing cost for corporates. We believe this will be the major
focus area for the authority in 2H14 given financing difficulties and limited
access to credit for small-sized enterprises. In the money market, the central
bank lowered the rate of its 14-day repurchase agreement in end-Jul 14 to guide
down borrowing cost. We also project more relending and PSL (pledged
supplementary loans) from the central bank to qualified banks and policy
banks while the proportion of direct financing is also likely to increase given
the development of the bond and equity markets in the coming months.
Given the better-than-expected PMI readings and statement by the government
that the current pace of economic growth is acceptable, we believe policy
makers will speed up the pace for a series of reforms from 2H14 onwards. The
State Council announced a detailed plan for household registration reform in
end-Jul 14 and we believe more announcements will be made in 2H14 and 2015,
such as reforms for SOEs, fiscal policy, land regulations and the financial sector
as well as guidelines for changes in the governments function.

CIMB Analyst(s)

Fan ZHANG
T (86) 21 5047 1771 x110
E zhang.fan@cimb.com

Show Style "View Doc Map" "View Doc Map"

Page 20
Property DevelopmentIndia

August 2, 2014


Waiting for demand recovery
While EBITDA margins improved in 1QFY3/15, presales of Rs3.1bn were the
lowest in last five years. 1QFY15 EPS formed only 10% of our FY15 forecast,
but we consider it as above as we expect a significant pick-up in 2HFY15. DLF
guided for muted FY15 presales of Rs30bn-35bn (vs. Rs40bn in FY14) as it
remains uncertain about demand recovery. DLF plans to launch relatively
lower ticket sized residential projects in 2HFY15, and success in such projects
would be critical for sales volumes and cashflow. We maintain Reduce, with a
higher SOP-based target price as we roll forward our DCF-based gross asset
value (GAV) from FY15 to FY16 and reduce the discount to 10% (from 20%).
Slower demand and launch delays are potential de-rating catalysts.

Weak operating performance continues
1QFY15 revenue fell 25% yoy to Rs17.3bn (Rs5.25bn annuity income). EBITDA
came in at Rs7.4bn with margins of 42.7% (+315bp yoy) due to revenue
recognition in its higher-margin Gurgaon project (Camellias) and lower costs
(due to the sale of Aman hotel and Pramerica). Finance costs remained high at
Rs5.6bn despite the significant asset sales as gross debt remained high. Net
profit fell 29% yoy to Rs1.3bn. DLF generated positive operating cashflow of
Rs3.8bn vs. interest outflow of Rs7.6bn. Sales booking remained weak, at
Rs3.1bn from the sale of 0.4m sq ft in 1Q (Rs40.7bn from 3.8m sq ft in FY14).
Higher leasing (largely in Gurgaon) of 0.71msf (FY15 guidance: 1.5msf) was
positive. Gross/net debt rose to Rs240bn/Rs191bn in 1Q15 from
Rs223bn/Rs185bn in FY14 due to operational capex (land/government
charges), and maintain higher liquidity (given the near-term liabilities).
Muted guidance: still waiting for demand recovery
Despite the recent change in government and improving business sentiment,
economy and policies, DLF maintained its muted outlook and guided for
conservative presales of Rs30bn-35bn in FY15 (vs. Rs40bn in FY14) as it is still
uncertain about the recovery timeline. Apart from its plans to monetise its
mature inventory (Rs40bn of finished stock and Rs130bn of launched/
under-construction projects), DLF plans to launch relatively lower ticket sized
residential projects (Shivaji Marg in Delhi: 1msf @Rs17,000/sf; Sector 70 in
New Gurgaon: 1msf @ Rs 9000/sf) in 2HFY15 as the market improves.

CIMB Analyst(s)

Prakash AGARWAL
T (91) 22 6602 5153
E prakash.agarwal@cimb.com
Nishith SANGHVI
T (91) 22 6602 5152
E nishith.sanghvi@cimb.com

Share price info
Relative -7.2 29.5 13.7
Absolute -7.3 43.2 45.6
Promoters - Singh Family 75.0
Janus Overseas Fund 2.2
Govt. of Singapore 1.6


DLF Ltd
1QFY15 RESULTS NOTE
DLFU IN / DLF.BO

Current Rs200.8

Market Cap Avg Daily Turnover Free Float Target Rs170.0
US$5,846m US$46.62m 25.0%
Prev. Target Rs140.0
Rs357,661m Rs2,778m 10,777 m shares
Up/Downside -15.3%
Conviction| |

Results Comparison
YE Mar (Rs m) 1Q FY15 1Q FY14
yoy %
chg
4Q FY14
qoq %
chg
Prev. FY15F Comments
Revenue 17,252 23,141 -25 19,695 -12 91,916 22% below estimates
Gross profits 10,123 12,936 -22 9,370 8 55,150
Gross margins 58.7 55.9 60.0
Staff 740.8 1,451 -49 1,030 -28 6,047
Other expenses 2,013 2,329 -14 4,711 -57 14,379
EBITDA 7,369 9,156 -20 3,629 103 34,723 20% higher than estimates due to revenue recognition of high margin projects
EBITDA margin (%) 42.7 39.6 18.4 37.8
Depn & amort. 1,345 1,782 -25 1,627 -17 -6,722
Interest expense 5,581 5,914 -6 6,297 -11 17,362
Exceptional item 295 - -
Pretax profit 1,413 2,909 -51 1,193 18 -17,901
Tax 302 913 5,585
Tax rate (%) N.A 31 31
Net profit 1,278 1,812 -29 2,197 -42 13,018
EPS (Rs/ share) 0.7 N.A N.A 1 -42 7.3
175% higher than estimates

Page 21
IT ServicesIndia

August 1, 2014


Outlook remains robust
At 103% of our full-year estimate, HCLTs FY14 EPS was above estimates due
to higher other income and lower tax. Although IMS/software services growth
slowed down qoq in 4Q14, we expect it to pick up in the coming quarters,
driven by a strong order book and healthy continued deal win momentum
(US$5bn+ in total contract value (TCV) in FY14, including three mega wins).
We raise our FY15-16 EPS by 1-3% (for higher margins) and our target price,
which is based on 14.9x 1-year forward P/E, an unchanged ~20-25% discount
to the industry benchmark, TCS. We maintain Add with sustained growth
beyond IMS and improving cash flow distribution the key catalysts.
4QFY14: Operationally better, revenue growth tad lower
HCLTs 4Q US$ revenue growth of 3.4% qoq (below our +3.7% estimate) was
driven by IMS (+3.7%) and BPO (+17.1%) while software services growth of
2.1% was muted. The EBIT margin decline of 46bp qoq (+333bp yoy) to 24.2%
was ahead vs. our forecast of a 96bp decline as G&A optimisation, an 80bp
increase in fixed price projects and a 30bp utilisation improvement partially
offset headwinds from currency appreciation, wage inflation and large deal
transition cost. Besides higher-than-expected operational profits, higher other
income and lower tax led to a PAT of Rs18.3bn, ~12% ahead of our estimate.
Record quarterly TCV win drives strong revenue visibility
Although the 2.7% qoq growth in non-BPO services in 4Q14 was disappointing,
a quarterly record order intake (we estimate TCV of US$1.5bn+ in 4Q, with
total wins worth US$5bn+ in FY14) indicates that the growth momentum
should improve in the coming quarters not only in IMS but also in software
services (healthy order book in FY14 for non-IMS services). Considering
HCLTs consistent strong execution for driving productivity gains, we expect its
earnings momentum to remain healthy in the near-medium term.
Improved cash flow resulting in higher dividend pay-out
In line with our earlier expectation, HCLT increased its dividend pay-out ratio
to 28% in FY14 vs. 24% in FY13, with a Rs12/share dividend announced in
4QFY14. We believe our 14.9x target P/E is justified given HCLTs strong cash
generation (FCF/PAT of 93% for FY14, which is one of the best amongst peers),
30%+ ROE and 14% EPS CAGR over FY14-17.

CIMB Analyst(s)

Sandeep SHAH
T (91) 22 6602 5159
E sandeep.shah@cimb.com
Srinivas SESHADRI
T (91) 22 6602 5160
E srinivas.seshadri@cimb.com
Anubhav JAIN
T (91) 22 6602 5161
E anubhav.jain@cimb.com

Share price info
Relative 1.8 -4.7 32
Absolute 3.7 10.8 65.9
Shiv Nadar and related parties 61.6
LIC 1.2
Warhol Ltd 1.1


HCL Technologies
4QFY14 RESULTS NOTE
HCLT IN / HCLT.BO

Current Rs1,555

Market Cap Avg Daily Turnover Free Float Target Rs1,800
US$17,977m US$26.34m 38.4%
Prev. Target Rs1,680
Rs1,088,673m Rs1,573m 700.0 m shares
Up/Downside 15.7%
Conviction| |

Results Comparison
FYE June (Rs m)
4QFY14 4QFY13 yoy %
chg
qoq %
chg
FY14 FY13
yoy %
chg
Prev.
FY14F
Comments
Revenue (US$m) 1,407 1,228 14.60 3.36 5,360 4,686 14.37 5,359
Revenue 84,239 69,442 21.31 0.90 329,183 257,337 27.92 329,322
Operating costs 62,070 53,281 16.50 1.47 242,505 199,769 21.39 243,003
EBITDA 22,169 16,161 37.17 -0.68 86,678 57,568 50.57 86,318
EBITDA margin (%) 26.32 23.27 26.33 22.37 26.21
Depn & amort. 1,771 1,677 5.60 2.96 7,321 6,725 8.87 7,335
EBIT 20,398 14,484 40.83 -0.98 79,357 50,844 56.08 78,984
Interest expense -135 -188 nm nm -485 -1,001 nm -485
Interest & invt inc 2,245 665 237.6 52.46 6,215 2,770 124.4 5,443
Others -550 305 nm nm -5,910 -198 nm -6,011
Pretax profit 21,958 15,267 43.82 6.96 79,177 52,416 51.06 77,930
Tax -3,620 -3,290 10.04 -15.62 -15,480 -12,161 27.29 -16,209
Tax rate (%) 16.49 21.55 19.55 23.20 20.80 Tax rate of 16.5% was significantly lower than our estimate of 21%
Minority interests 0.00 0.00 nm nm 0.00 0.00 nm 0.00
Net profit 18,338 11,978 53.10 12.92 63,697 40,255 58.23 61,721
EPS (Rs) 25.95 16.97 52.94 12.91 90.14 57.06 57.97 87.35
HCLT reported a forex loss of Rs550m (0.7% of revenue) vs loss of
Rs1,420 (1.7% of revenue) in 3Q14
US$ revenue growth of 3.4% qoq (constant currency growth of 2.8%
qoq) was below our expectation of 3.7% growth
EBIT margin was down ~50bp qoq vs our expectation of 96 bp decline
as headwinds were partially offset by G&A optimisation and operational
efficiency. Headwinds for the quarter were currency appreciation, wage
inflation and large deal transition cost
HCLT declared a interim/special dividend of Rs12/share resulting in
Rs22/share dividend for FY14

Page 22
ConstructionIndia

August 1, 2014


Focused on balance sheet
correction
HCC recorded a 39% yoy improvement in 1Q EBITDA to Rs1.41bn, just 2.8%
below our estimate. But higher depreciation and interest expenses led to a 1Q
core net loss of Rs203m, as compared to our profit estimate of Rs21mn.
Management focused on a long overdue claim settlement to the benefit of
Rs600m in the quarter, leading to reported PAT of Rs271m. Its plans to reduce
debt by 20% in FY3/15 with the help of aggressive claims follow-up, equity
fund raising and the sale of subsidiaries impress us. This should place it well
to participate in the next wave of infrastructure building in the country. We
maintain our numbers as we expect the management to improve its balance
sheet. We increase our target price by 0.7% as we roll forward. Maintain Add,
with potential triggers to come from equity raising and better valuations.

Marginal miss in 1Q EBITDA
HCC recorded 39% yoy growth in 1Q EBITDA to Rs1.41bn despite a weak sales
performance (-5.5% yoy). Managements focus on claiming its receivables from
clients helped it gain Rs600m to benefit EBITDA, leading to reported PAT of
Rs271m. Higher interest expenses were due to interest bearing advances
received from new client orders, whereas gross debt remained flat qoq.
Management guides for 20% debt reduction in FY15
In the analyst meeting, management reiterated its strategy of 20% debt
reduction in FY15, with help from aggressive receivables collection through
court arbitrations, road asset sale proceeds and equity fund raising. We
maintain our FY15 estimate of returning to profitability.
Subsidiary value unlocking possibility
We reiterate an Add rating and maintain our SOP-based target price.
Favourable equity markets provide scope for unlocking subsidiary value, such
as the recent filing to list Lavasa at a valuation upwards of Rs40bn, i.e. 33%
higher than our estimated valuation, leading to an 18% upside to our
SOP-based target price.

CIMB Analyst(s)

Pramod AMTHE
T (91) 22 6602 5167
E pramod.amthe@cimb.com
Jay KALE, CFA
T (91) 22 6602 5168
E jay.kale@cimb.com

Share price info
Relative -17 92.4 365.5
Absolute -15.1 107.9 399.4
HINCON Holdings 43.5
SIWA Holding Ltd 5.6
HSBC Global 3.0


Hindustan Construction
1QFY15 RESULTS NOTE
HCC IN / HCNS.BO

Current Rs39.70

US$423.4m US$4.92m 56.5%
Rs25,639m Rs292.5m 645.8 m shares
Up/Downside 35.8%
Conviction| |

Results Comparison
FYE Mar (Rs m)
1Q
FY15
1Q
FY14
yoy %
chg
qoq %
chg
Prev.
FY15F
Comments
Revenue 9,853 10,429 (5.5) (14.7) 44,123
Operating costs 8,442 9,412 (10.3) (14.2) 38,211
EBITDA 1,411 1,017 38.7 (17.5) 5,913
EBITDA margin (%) 14.32 9.76 456.2 (48.2) 13.40
Depn & amort. 369 371 (0.6) 20.5 1,466
EBIT 1,042 646 61.2 (25.7) 4,497
Interest expense 1,562 1,489 4.9 3.9 5,824 Interest expense 11.5% above estimates
Other Income 316 148 113.9 (30.9) 1,450
Pretax profit (203) (694) (70.7) (156.7) 123
Tax - 113 (100.0) (100.0) 42
Tax rate (%) - (16) nm nm 35
Net profit 271 192 40.8 10.9 81
Exceptionals 474 1,000 nm nm -
Core net profit (203) (808) (74.8) (194.3) 81
EPS (Rs) 0.4 0.3 40.8 10.9 0.1
Core EPS (Rs) (0.3) (1.3) (74.8) (194.3) 0.1
11.7% below estimates
2.8% below estimates as due to revenue miss partially offset by
EBITDA margin beat of 130bp

Page 23
BanksIndia

August 1, 2014

Weakness persists
Indian Banks 1QFY3/15 net interest margin was stable qoq; however, asset
quality stress remained elevated, resulting in higher loan loss provisions.
1QFY3/15 net profit was below our expectations, forming 15% of our FY15
estimate due to higher provisioning costs. We cut our FY15-16 EPS by an
average of 27% to adjust for the higher provisions. However, we raise our
Gordon Growth Model-based target price to Rs156 as we roll over valuation
and lower our cost of equity assumption from 15% to 13%. Indian Banks FY15
P/BV appears attractive but we think that the valuation is demanding after
adjusting for post-tax net NPLs and 35% of the restructured loans. We
downgrade the stock from Add to Hold.
1QFY15 key highlights
1) Reported net interest margin was stable qoq at 2.44% (-30bp yoy). 2) Other
income (ex-treasury) fell 16% yoy. Treasury profit was Rs340m (11% of PTP),
with a provision writeback for investment depreciation of Rs1bn (32% PTP). 3)
Operating expenses fell 15% yoy, with employee expenses down by 27% yoy,
below the trend in the past six quarters. 4) Annualised loan loss charges came
in at 104bp of loans (FY14: 101bp). 5) Incremental delinquencies amounted to
Rs9.4bn or annualised 3.5% of one-year lagged loans (FY14: 2.5%). At
end-1QFY15, gross NPLs stood at Rs47.2bn (4% of loans) and net NPLs were
Rs28.5bn (2.48% of loans). Provision coverage (including technical write-offs)
was flat qoq at 57.5% (40% ex-technical write-offs). 6) Standard restructured
loans expanded 14% qoq to Rs93bn (or 7.9% of loans). Standard restructured
loans, excluding the State Electricity Board and state-owned aviation company,
stood at Rs51.4bn (4.4% of loans). 7) Asset reconstruction company (ARC)
sales came to Rs5.2bn (0.4% of loans) in 1QFY15. Outstanding security receipts
stood at around Rs14bn (1.2% of loans). 8) Loans rose 7% yoy (-4% qoq) and
deposits increased 4% yoy (-4% qoq). 9) CASA ratio improved 1% pt yoy to 28%.
10) It has tier I ratio of 10.7% (CET-1: 10.7%).
Outlook and Valuations
Indian Banks 0.6x FY15 P/BV is attractive. However, after adjusting for book
value for post-tax net NPLs and 35% of the restructured loans, the stock trades
at 1x FY15 P/BV. We think that the current valuations are fair and downgrade
Indian Bank from Add to Hold.

CIMB Analyst(s)

Vivek VERMA
T (91) 22 6602 5162
E vivek.verma@cimb.com
Jatinder AGARWAL
T (91) 22 6602 5158
E jatinder.agarwal@cimb.com
Umang SHAH
T (91) 22 6602 5163
E umang.shah@cimb.com

Share price info
Relative -18 -0.4 61.3
Absolute -18.1 13.3 93.2
GOI 81.5
LIC 2.2
HSBC Global Investment Mauritius 2.1


Indian Bank
1QFY15 RESULTS NOTE
INBK IN / INBA.BO

Current Rs146.5

Market Cap Avg Dail y Turnover Free Float Target Rs156.0
US$1,113m US$1.74m 1.3%
Rs68,077m Rs103.6m 464.8 m shares
Up/Downside 6.5%
Convi ction| |

FYE Mar (Rs m) 1QFY15 1QFY14 yoy % chg 4QFY14 qoq % chg Prev. FY15F Comments
Net interest income 10,720 10,968 -2.3% 10,777 -0.5% 47,487 NII was below estimate
Non-interest income 2,152 5,297 -59.4% 3,241 -33.6% 14,544 Core fee income was in line
Other income
Total income 12,872 16,265 -20.9% 14,018 -8.2% 62,031
Overhead expenses -6,502 -7,672 -15.2% -6,984 -6.9% 31,523 Opex was below estimate
Pre-provision profit 6,370 8,593 -25.9% 7,034 -9.4% 30,508 PPOP was ahead of estimate
Provisions -3,256 -3,681 -11.5% -5,939 -45.2% -12,634 Provision cost higher than estimate
Associates' contrib
Pretax profit 3,114 4,912 -36.6% 1,095 184.4% 17,874
Tax
-1,042 -1,738
-40.0%
1,618
-164.4%
5,541
Tax rate (%) 33.5 35.4 -147.8 31.0
Minority interests
Net profi t 2,072 3,174 -34.7% 2,713 -23.6% 12,333 Earni ngs were bel ow esti mate
Core net profit 2,072 3,174 -34.7% 2,713 -23.6% 19,559
EPS (Rs) 4.5 7.4 -39.7% 5.8 -23.6% 28.7
Core EPS (Rs) 4.5 7.4 -39.7% 5.8 -23.6% 28.7
Resul ts Compari son


Page 24
PharmaceuticalsIndia

August 2, 2014


Margin pressure ahead?
While IPCAs 1QFY3/15 EBITDA margins increased 344bp yoy (led by a better
revenue mix and lower R&D expenses), higher depreciation/tax led to lower
earnings, at 29% of our FY15 EPS. While it is optimistic about resuming
supply from its Ratlam API facility in six months, uncertainty prevails given
the data integrity issues cited in Form 483. We expect margin pressure in
FY15/16 given IPCAs increased participation in the institutional malaria
tender business, temporary stoppage of sales along with USFDA resolution
costs in the US and higher R&D expenses, hence we cut our FY15-17 EPS by
5-10% Our target price rises as we roll it over (based on 15x Sept-16EPS, a
10% discount to the sector, prev. basis). Maintain Hold.

Steady 1Q
IPCAs 16% yoy revenue growth was led by strong growth in its key businesses -
domestic formulations (17%), ROW branded generics (52%) and institutional
generics (35%). The UK business (8% of 1Q15 revenues) declined 9% yoy due to
a temporary production stoppage at Athal (Silvassa facility). While the US
business reported 14% growth in rupee terms, it was only 7% yoy in US$ terms
(it has yet to see scaling-up from its Indore facility). A better revenue mix and
currency benefits (on a yoy basis) led to 395bp/344bp yoy improvements in
gross margins/EBITDA margins. Core net profit (adjusted for forex loss) was
Rs1.4bn (+34% yoy). While R&D expense was lower at 2.9% of sales, it is
expected to increase to 4-4.25% of sales in FY15 as clinical trials for its 505b(2)
product is expected to begin in Feb 15. IPCA made three ANDA filings in the US,
taking the total to 43 filings (18 approvals and eight commercialised).
Margin pressure ahead?
IPCAs revenue growth guidance of 12% for FY15 (17% in 1Q15) implies 10%
growth for the remaining 9M15 (our estimate: 8%). While it seemed well
positioned to address the margin pressure in its institutional malaria tender
business given its backward integration model (as management expects volume
growth of 20% and value growth of 10% for FY15), the recent temporary halt in
its US business (28-29%) could restrict margins/growth. While we expect
strong growth in India and branded generic markets to continue, we believe
managements guidance for EBITDA margins at 24% for FY15 is optimistic (we
estimate 22%)

CIMB Analyst(s)

Prakash AGARWAL
T (91) 22 6602 5153
E prakash.agarwal@cimb.com
Nishith SANGHVI
T (91) 22 6602 5152
E nishith.sanghvi@cimb.com

Share price info
Relative -16.3 -27 -23
Absolute -16.4 -13.3 8.9
Promoters - Godha Family 45.9
HDFC Trustee Co. Ltd. 3.1
Government Pension Fund Global 2.9


IPCA Labs
1QFY15 RESULTS NOTE
IPCA IN / IPCA.BO

Current Rs724.8

US$1,495m US$2.94m 54.1%
Rs91,448m Rs176.3m 124.5 m shares
Up/Downside 12.4%
Conviction| |

Results Comparison
YE Mar (Rs m)
1QFY15 1QFY14 yoy %
chg
4QFY14
qoq %
chg
Prev.
FY15F
Comments
Revenue 9,359 8,056 16.2 7,496.1 24.9 36,092 4% higher than estimates
Gross margins (%) 63.1 59.1 63.5
Operating costs -7,050 -6,345 11.1 -5,672.7 24.3 -28,195
EBITDA 2,309 1,710 35.0 1,823.4 26.6 7,897 2% higher than estimates
EBITDA margin (%) 24.7 21.2 24.32 21.9
Depn & amort. -379 -241 57.2 -259.8 45.9 -1,316
Interest expense -57 -71 -19.8 -62.8 -8.9 -279
Exceptionals gain/(loss) 23 -480 N.A 177.1 N.A N.A
Pretax profit 1,936 1,442 34.2 1,563.1 23.8 6,636
Tax -504 -245 105.5 -374.7 34.4 -1,593
Tax rate (%) 26.0 17.0 24.0 24.0
Net profit 1,455 718 102.7 1,365.5 6.5 5,044
Core net profit 1,438 1,075 33.7 1,226.5 17.2 5,044 2% lower than estimates
Core EPS (Rs/ share) 11.55 8.64 33.7 9.9 17.2 40.51

Page 25
NewspaperIndia

August 2, 2014


Focussing on profitable growth
Despite strong FMCG spending, a slowdown in local markets, lower
government spend and prudence in avoiding difficult-to-collect accounts
impacted ad revenue growth. But we expect the resumption in government
spending, the upcoming festive season, and a gradual economic recovery to
drive a better 2HFY15. 1QFY15s EPS at 21.5% of our full-year was higher than
expected due to better margins. However, we cut our FY15-16 EPS by 7-8%
building in lower treasury income and higher depreciation tax rates, which
are recouped to a large extent in FY17 (9% upgrade). We roll over our
DCF-based target price (WACC: 14%) to Rs146, and keep our Add rating. An
acceleration in advertising revenue in 2HFY15 is a potential catalyst.
Mixed bag in 1QFY15: Ad revenue miss, EBITDA better
1Q15s consolidated revenue grew just 6.6% yoy given sluggish ad revenue
growth of 6.6% on lower government spend (not fully offset by higher political
spend) and local segment slowdown, while FMCG continued to outperform.
Nai Dunias Ad revenue was flat yoy while Mid-day tabloid declined ~2% yoy as
management refrained from barter deals. Circulation revenue growth of 10.8%
yoy was healthy driven by a realisation increase. The consolidated EBITDA
margin at 24.3% was down just 37bp yoy despite a 15% yoy increase in direct
cost due to lower other expenses (down 3.5%) as SG&A was tightly controlled.
Longer-term picture remains intact
Despite a slow start, Jagran has guided for a double-digit ad revenue growth for
FY15. We pencil in a more conservative forecast (+10.2% yoy) given the slow
start and focus on higher yields. However, given softening newsprint prices and
tight cost control, we think the guidance of Rs4.4bn EBITDA is conservative
(CIMBe Rs4.56bn). With Jagran opting for treasury instruments with 3 year+
maturities, our revised treasury yields and tax rates impact PAT adversely in
FY15-16 but this should be a tailwind from FY17 as these instruments mature.
Regional print plays remain in a sweet spot
Given Jagrans focus on profitable growth and limited capex outlay, we expect
strong cash generation to continue, which may surprise the street on dividend
payouts going forward. Notwithstanding 1Qs mixed bag, we stay structurally
positive on the pure play regional print media stocks like Jagran and DB Corp.

CIMB Analyst(s)

Srinivas SESHADRI
T (91) 22 6602 5160
E srinivas.seshadri@cimb.com
Anubhav JAIN
T (91) 22 6602 5161
E anubhav.jain@cimb.com

Share price info
Relative -10.1 -2.9 -4.5
Absolute -10.2 10.8 27.4
Mahendra Gupta and related parties 62.6
ICICI Prudential 5.0
Franklin Templeton 3.8


Jagran Prakashan Ltd
1QFY15 RESULTS NOTE
JAGP IN / JAGP.BO

Current Rs116.6

US$623.0m US$0.65m 37.4%
Rs38,118m Rs38.96m 311.3 m shares
Up/Downside 25.2%
Conviction| |

Results Comparison - Consolidated
FYE Mar (Rs m)
1Q
FY15
1Q
FY14
yoy %
chg
4Q
FY14
qoq %
chg
Prev.
FY15F
Comments
Revenue 4,403 4,131 6.59 4,207 4.65 19,255
Operating costs 3,333 3,111 7.11 3,418 -2.49 14,688
EBITDA 1,070 1,019 5.01 790 35.55 4,567
EBITDA margin (%) 24.31 24.68 18.77 23.72
Depn & amort. 238 181 31.55 220 8.13 900
EBIT 832 838 -0.71 570 46.15 3,667
Interest expense net -84 -71 nm -101 nm -306
Interest & invt inc 69 -12 687.5 110 -36.95 348
Exceptional items pre-tax 0 0 nm 248 nm 0
Pretax profit 818 755 8.28 826 -0.99 3,709
Tax -267 -177 nm -274 nm -1,150
Tax rate (%) 32.65 23.50 33.19 31.00
Exceptional items 0 0 nm 0 nm 0
Net profit 551 578 -4.63 552 -0.24 2,559
EPS (Rs) 1.77 1.83 -3.28 1.77 0.00 8.22
Net profit of Rs551m was better than our estimate on higher than expected margins
1QFY15 consolidated revenues growth was muted at 6.6% yoy vs our estimate of
9.9% growth driven by lower advertising revenue growth of 6.6% yoy
EBITDA margin of 24.3% was down just 37bp yoy despite 270bp gross margin
decline (on 15% yoy increase in direct cost) driven by savings on SG&A spends
Depreciation includes an additional charge of Rs49.5m on account of change in
estimated useful life of assets

Page 26
PowerIndia

August 1, 2014


New norms-led decline begins
1Q earnings were 8% below our estimate as NTPC started reporting financials
based on new norms, which led to negative changes for the company and
complexities for us. In a fresh twist to the coal calorific saga, NTPC revealed
that post the clarification submitted by CERC to the high court, there is no cost
under-recovery on this account, which we think is a big positive. We
accordingly factor in the resolution of this into our higher SOP-based target
price. Despite this, we maintain Reduce as the risk-reward seems
unfavourable at the current price given issues like recurring delays in
capacity addition/captive mining and the likelihood of additional negatives on
new norms that could emerge in subsequent quarters.

Results below estimate
1QFY3/15 adjusted net profit of Rs19.5bn (down 15% yoy) was 8% below our
estimate and 15% below consensus. It has started booking its financials based
on the new CERC norms, which led to a decline in financials. CERC recently
rejected NTPCs plea for a revision of the new norms. However, on the
contentious GCV issue, NTPC clarified in the concall that post the clarification
submitted by CERC to the high court, there is no cost under-recovery on this
account, which we think is a big positive. It also conceded that a) PLF-led
incentive in the quarter was Rs1.3bn (vs. Rs2.78bn PAF incentives in 1QFY14)
and the full-year incentive could be Rs5bn-6bn; b) the company is making an
under-recovery on the fuel cost post the tightening of the heat rate and
auxiliary norms. It is working to improve efficiencies and stem the gap; c) the
status on any under-recovery in O&M costs, or the lack of it, will be known in
the coming quarters; d) it is currently evaluating acquisition offers by 34
private companies with a total of 55GW capacity and e) it expects mining in
Pakri Barwadih to start in FY16 (new MDO yet to be appointed), Chatti-Bariatu
in FY15 and Talaipalli in FY17; which seems difficult, in our view.
Several challenges remain
Delays in NTPCs planned capacity addition and captive coal mining are likely
to continue due to contractor-led delays, geological surprises/local protests and
inadequate coal/railway linkage. Delays in commissioning could lower growth
in its core equity, earnings and fair value.

CIMB Analyst(s)

Harish BIHANI
T (91) 22 6602 5166
E harish.bihani@cimb.com
Dheeraj AGARWAL
T (91) 22 6602 5157
E dheeraj.agarwal@cimb.com

Share price info
Relative -8.9 7.3 -24.9
Absolute -9 21 7
Government of India 75.0
Life Insurance Corporation of India 8.8
Prudential PLC 0.7


NTPC Ltd
1QFY15 RESULTS NOTE
NTPC IN / NTPC.BO

Current Rs140.8

US$18,968m US$30.89m 25.0%
Rs1,160,549m Rs1,836m 8,245 m shares
Up/Downside -7.6%
Conviction| |

Result Comparison
FYE Mar (Rs m) 1QFY15 1QFY14 yoy % chg 4QFY14 qoq % chg Prev. FY15F Comments
Revenue 180,865 156,129 15.8 209,381 (13.6) 722,832
Operating costs 148,181 113,476 30.6 164,963 (10.2) 563,623
EBITDA 32,684 42,653 (23.4) 44,418 (26.4) 159,210
EBITDA margin (%) 18.1 27.3 21.2 22.0
Depn & amort. 11,155 9,423 18.4 12,076 (7.6) 44,292
EBIT 21,529 33,230 (35.2) 32,342 (33.4) 114,918
Interest expense 6,679 6,174 8.2 5,677 17.7 28,870
Interest & invt inc 7,987 7,459 7.1 6,998 14.1 27,323
Pretax profit 22,836 34,514 (33.8) 33,663 (32.2) 113,371
Tax 824.4 9,244 (91.1) 4,693 (82.4) 27,754
Tax rate (%) 3.6 26.8 13.9 24.5
Net profit 22,012 25,270 (12.9) 30,935 (28.8) 85,617
Core net profit 19,470 22,910 (15.0) 29,193 (33.3) 85,617
EPS (sen) 2.67 3.06 (12.9) 3.75 (28.8) 10.38
Core EPS (sen) 2.36 2.78 (15.0) 3.54 (33.3) 10.38
Company has started booking financials based on the new
CERC norms which has led to decline in net profit

Page 27
RetailIndia

August 1, 2014


Superior execution continues
1Q EPS was ~10% below our estimate, mainly due to a one-time interest
provision and higher depreciation. Sales declined 7.6% yoy due to a ~10% fall
in jewellery sales given an unusually high base, while watches grew 10.4%
yoy. We expect the sales momentum to pick up in FY15-16, along with a
moderate margin expansion given its operating leverage. We believe it has
shown remarkable resilience in its competitive positioning, innovation and
balance sheet/ROCE despite challenges in FY14, and is well positioned to
capture the demand upturn. We have marginally adjusted our FY15-16 EPS
estimates by -0.2% to 1.7%. Maintain Add rating with a higher target price as
we roll it over, now based on 30x Sep 16 EPS (10% premium over its 5-yr avg).
Signs of consumer demand stabilising with an upward bias
1Q net sales declined by 7.6% yoy, impacted by a ~10% decline in jewellery
sales due to an unusually high base last year. Jewellery volume declined by 24%.
Excluding coin, jewellery sales declined 4% yoy. The share of studded jewellery
increased to 25% (vs. 17% in 1Q14), with yoy sales growth at a healthy 30% yoy.
Watch sales grew by 10.4% yoy to Rs4.4bn as an adverse product mix negated a
healthy 9% volume growth. Other businesses declined by 5.6% yoy even as the
eyewear sales momentum was sustained with sales growth of 25% and buyer
growth of ~20% without any promotion schemes. Helios format had an SSSG
of 20% while Fastrack delivered 9% SSSG, which shows improving sentiment.
EBITDA margin expanded 160bp yoy to 9.5%
Overall EBITDA margin expanded 160bp yoy to 9.5%, aided by a 325bp
expansion in gross margin to 25.3%. Employee costs and other operating costs
increased 85bp and 75bp yoy, respectively, due to negative operating leverage.
Jewellery EBIT margin expanded 150bp yoy to 9.4%, helped by a better
product mix. Watch margin expanded 130bp yoy to 11% due to improved sales
and cost efficiencies.
Maintain Add with a higher target price of Rs370
We advise investors to add Titan as we believe it is well positioned to capture
the demand upturn given its superior execution, improving balance sheet and
the receding regulatory headwinds. We raise our target P/E to 30x (from 27x)
given its improving growth visibility.

CIMB Analyst(s)

Varun LOHCHAB
T (91) 22 6602 5181
E varun.lohchab@cimb.com
Nitin GUPTA
T (91) 22 6602 5154
E nitin.gupta@cimb.com

Share price info
Relative -8.1 14.5 -6
Absolute -8.2 28.2 25.9
TIDC and Tata group 53.1
Rakesh Jhunjhunwala 7.0
Matthews Pacific Tiger Fund 3.1


Titan Co Ltd
1QFY15 RESULTS NOTE
TTAN IN / TITN.NS

Current Rs326.7

US$4,740m US$9.16m 47.0%
Rs289,995m Rs545.9m 88.78 m shares
Up/Downside 13.3%
Conviction| |

Results Comparison
FYE Mar (Rs m) 1QFY15 1QFY14 yoy % chg qoq % chg Prev. FY15F Comments
Revenue 28,914 31,077 -6.96 3.14 120,183
Operating costs (26,171) (28,627) -8.58 4.40 (108,388)
EBITDA 2,744 2,449 12.02 -7.48 12,110
EBITDA margin (%) 9.49 7.88 10.05
Depn & amort. (243) (146) 66.60 19.14 (839)
EBIT 2,500 2,303 8.56 -9.45 11,280
Interest expense (350) (170) 105.3 53.78 (950)
Interest & invt inc 254 382 -33.58 -0.39 1,383
Pretax profit 2,405 2,515 -4.40 -13.78 11,573
Tax (632) (691) -8.47 -12.79 (3,240)
Tax rate (%) 26.28 27.45 28.00
Net profit 1,773 1,825 -2.86 -14.12 8,433
Core net profit 1,773 1,825 -2.86 -14.12 8,332 Effective tax rate decreased 120bp yoy to 26.3%.
EPS (Rs) 1.86 2.29 -18.78 -11.43 9.39
Core EPS (Rs) 2.00 2.06 -2.91 -14.16 9.39
Net sales decreased 7.6% yoy, driven by 10.1% yoy decrease in Jewellery sales (to
Rs23.2bn). Jewellery sales decline was at a higher base last year when sales grew
46% yoy (in 1Q14). Watches sales grew 10.4% yoy to Rs4.4bn.
EBITDA margin expanded 160bp yoy to 9.5%. Gross margin expanded 325bp yoy to
25.3%. Employee costs increased 85bp yoy to 5.1%. A&P spending increase 10bp yoy
to 3.4%. Other operating costs increased 70bp yoy to 7.3%.
Jewellery EBIT margin expanded 150bp yoy to 9.4%. Watches EBIT
margin expanded 130bp yoy to 11%.
Other operating income increased 90% yoy to Rs378m, driven from higher sales of
unnecessary diamonds and stones.

Page 28
Automobiles and PartsAuto & Parts - overall

August 3, 2014


INDIA

AUTO & PARTS -
OVERALL

SECTOR FLASH NOTE
|

Seasonally weak July month
July is seasonally weak month, as full blown progress of rains impacts
customer foot falls and sales conversion. Hence except for truck makers Tata
Motors (2.8%) and Ashok(5.3%), rest all companies under our coverage
universe record sharp mom dip. With festival season ahead, we expect
wholesales to improve and inventory to rise in coming months. Interms of yoy
growth, our top picks Maruti (21.7%) and Hero lead the universe. Sustained
mom uptrend in domestic MHCV, assists our ADD rating on Ashok. We
maintain Underweight on the sector, as demand recovery is progressing
gradually and below normal rainfall YTD can impact rural demand. We
reiterate REDUCE on Tata Motors, Mahindra and Eicher.

[ Sidenotes Type/Pasteover ]
Figure 1: Monthly auto wholesale dispatches
Company Jul 14 Gth % yoy
Gth %
mom Apr-Jul 14 Gth % yoy
Maruti Suzuki 101,380 21.7 (10.1) 401,274 14.7
Mahindra & Mahindra 52,974 (4.7) (22.5) 243,806 (5.2)
Hero Motocorp 529,862 8.8 (8.6) 2,244,991 9.7
Tata Motors 39,623 (23.0) 2.8 109,974 (28.2)
Volvo-Eicher CV 3,341 6.1 (20.2) 24,461 (7.5)
Ashok Leyland 7,847 (9.9) 5.3 27,828 (8.6)
Two thirds Half page One third

SOURCE: CIMB RESEARCH, COMPANY

What Happened
With onset of monsoon impacting customer enquiries, all companies under our
coverage universe record mom dip except for truck makers Tata Motor (2.8%)
and Ashok (2.3%). Mahindra records sharp 22.5% mom dip followed by Volvo
Eicher (20.2%). The YTD rain shortfall of more than 20% seems to be
impacting Mahindra volumes the worst as it derives nearly 65% of sales volume
from rural/semi urban markets, as per our estimates. Interms of yoy
performance, Maruti (21.7%) and Hero (8.8%) continue to lead in growth.
What We Think
The mom dip in sales volume has been sharper than our expectation across
companies, as heavy rains in the last week of July month led to poor customer
footfalls and conversion into sales. The seasonal variation shouldnt concern, as
the improvement in rains should be good for vehicle demand in rest of the year.
With onset of festival demand in August in few states, we expect retail demand
environment to improve soon.
What You Should Do
We reiterate ADD rating on Maruti, Hero as they lead the auto sector volumes
to growth path. Ashok we recommend ADD, as it is beneficiary of mom uptrend
in truck demand. We have REUDCE on Tata Motors, Mahindra and Eicher
Motors. We have HOLD rating on Bajaj Auto, which is yet to declare July
month sales volume.


CIMB Analyst(s)

Pramod AMTHE
T (91) 22 6602 5167
E pramod.amthe@cimb.com
Jay Kale, CFA
T (91) 22 6602 5168
E jay.kale@cimb.com


Page 29
Consumer StaplesConsumer Staples - overall

August 1, 2014


INDIA

CONSUMER STAPLES -
OVERALL

SECTOR FLASH NOTE
|

Consumer pulse: input cost
continues to ease
Input cost continues to ease in Jun 14, leading to a 1.8% mom dip in the input
cost index. However, amid the sustained input cost inflation over the past few
months, companies have responded with selective price hikes (recent hikes
seen in soaps, laundry, biscuits, tea, HFD, hair oils). Weak demand (notably
rural), along with inflated input prices and heightened competition, would
keep earnings growth muted in the near term for staples, in our view. With
growth unlikely to improve in FY15 and valuations still rich, we maintain our
Underweight call on staples and prefer discretionary consumer stocks (JUBI
and TTAN are our top picks). Among staples, we prefer ITC and Marico.

Figure 1: Valuation snapshot of our coverage universe
Price Target Upside /
Company Recco (Rs) Price (Rs) downside (%) FY15F FY16F FY15F FY16F
ITC Ltd Add 356 385 8.1% 27.3 23.7 18.5 15.5
Hindustan Unilever Hold 684 700 2.3% 36.5 31.5 30.8 26.2
Nestle India Reduce 5,101 4,460 -12.6% 40.0 34.7 23.0 20.4
Asian Paints Hold 629 615 -2.2% 40.6 32.6 25.4 20.4
United Spirits Reduce 2,356 2,550 8.2% 79.4 42.2 29.0 21.9
Godrej Consumer Reduce 841 840 -0.1% 32.7 26.7 21.9 18.1
Dabur India Reduce 207 195 -5.9% 34.4 28.7 27.7 23.2
Colgate Palmolive India Hold 1,566 1,660 6.0% 38.0 30.8 26.9 21.9
Marico Add 256 250 -2.2% 29.5 24.6 19.3 16.0
Emami Ltd Hold 543 510 -6.0% 29.4 24.6 25.0 21.4
Britannia Industries Hold 1,148 950 -17.3% 32.1 27.6 23.7 20.2
Titan Co Ltd Add 341 300 -12.0% 36.3 30.6 24.1 20.3
Jubilant Foodworks Add 1,258 1,400 11.3% 43.2 31.4 21.8 15.4
Bata India Hold 1,247 1,120 -10.2% 35.5 29.4 20.8 16.9
P/E (x) EV/EBITDA (x)


What Happened
Sustained easing in mentha oil prices (aided Emami) and the much-needed
relief in copra costs (aided Marico) resulted in bringing down the overall input
cost index by 1.81% mom in Jun 14. During that month, food raw material costs
eased 1.59% mom while non-food raw material costs decreased 2.46% mom.
Amid sustained inflationary pressure in the past month, most of the categories
saw price hikes, while price cuts/promotions were limited to a few brands. In
terms of stock performance, Britannia Industries (+13% mom) and Dabur India
(+10.8% mom) were the key leaders, rising more than 10% in absolute terms,
while Titan was the key laggard (-4.1% mom, absolute).
What We Think
We continue to believe that volume and topline growth are unlikely to be
significant in FY15 for staples, in view of the lag impact from the GDP
slowdown. Rural demand growth also appears to be soft still (our survey,
Rural India- All is not well), posing a risk for staples.
What You Should Do
We believe that valuations are rich and that the risk-reward is still not
attractive enough for the staples sector despite its underperformance (~28% in
one year) to Sensex. We are positively biased towards discretionary names, viz.
JUBI and TTAN, which are well-positioned to benefit from a recovery in urban
demand. Among staples stocks, we prefer ITC and Marico.

CIMB Analyst(s)

Varun LOHCHAB
T (91) 22 6602 5181
E varun.lohchab@cimb.com
Nitin GUPTA
T (91) 22 6602 5154
E nitin.gupta@cimb.com


Page 30
CementIndonesia

August 1, 2014


RMX business setback
1H14 core profit came in slightly below at 44% of our FY14 forecast but
broadly in line with consensus (46%) as revenue came in below (44.5%). The
miss in revenue was largely due to the lacklustre RMX sales (33% of our
FY14F). We cut our FY14-16 EPS by 8% to reflect weaker RMX sales. However,
as a stronger 2H recovery in cement sales is imminent, we reiterate our Add
call with an unchanged TP of Rp27,500, based on 17x FY15 P/E (up from 15x)
on the back of lower bond yield and higher dividend payout ratio
assumptions.
1H14 result highlights
1H14 net profit grew 3.7% yoy to Rp2.5tr from Rp2.4tr in 1H13 despite a 6.5%
yoy top-line growth. The weakness in net profit could be attributed to cost
pressure as COGS rose 13% yoy. The jump in COGS was largely due to the
increase in raw material and fuel & power costs (11% and 12% yoy, respectively).
The increases largely attributed to rupiah depreciation in 2H13 and fuel price
hikes in Jun 13 as most of the raw material costs such as heavy equipment
contracting, freight for the import of raw materials and energies are
denominated in US$. As a result, gross margin contracted by 3% pts yoy to 44%
in 1H14 from 47% in 1H13. On the balance sheet, Indocement remained in a net
cash position with its cash balance rising by 10% qoq to Rp13.7tr in 2Q14.
RMX setback
Revenue grew by 6.5% yoy to Rp9.5tr in 1H14 as cement and RMX revenue
grew by 6.9% and 4.4% yoy, respectively. RMX revenue growth of 4.4% yoy in
1H14 was the slowest, as it dropped significantly from its 5y average of 45% yoy
growth. The RMX business also posted a loss at the EBIT level, which may have
been due to the competition and cost pressure, in our view. As a result, RMX
1H14 revenue only accounted for 33% of our FY14 forecast, despite broadly
in-line cement revenues (46% of our FY14 forecasts).
Recovery in 2H
INTPs weak cement volume growth in 1H14 was due to operational disruption,
natural disaster and political uncertainty. As these factors wane, we think a
volume recovery in 2H is imminent. Its higher exposure in Java will also give
them better pricing power against its peers amidst higher electricity costs.

CIMB Analyst(s)

Jovent GIOVANNY
T (62) 21 3006 1727
E jovent.muliadi@cimb.com

Share price info
Relative 5.3 6.5 5
Absolute 10.5 10.4 13.9
Heidelberger 51.0
Mekar Perkasa 6.0


Indocement
2QFY14 RESULTS NOTE
INTP IJ / INTP.JK

Current Rp24,950

Market Cap Avg Daily Turnover Free Float Target Rp27,500
US$7,931m US$6.46m 35.7%
Prev. Target Rp27,500
Rp91,846,728m Rp75,284m 3,681 m shares
Up/Downside 10.2%
Conviction| |

Result comparison 2Q14 2Q13 yoy 1Q14 qoq 2Q14 2Q13 yoy Prev. Comments
FYE Dec (Rp bn) Cum Cum FY14F
Revenue 4,999 4,699 6.4% 4,500 11.1% 9,499 8,918 6.5% 21,289 Below, forming 45% of our and consensus est
COGS (2,764) (2,443) 13.1% (2,531) 9.2% (5,295) (4,694) 12.8% (11,391) In-line, forming 47% and 48% of our and consensus est
Gross profit 2,235 2,255 -0.9% 1,969 13.5% 4,204 4,224 -0.5% 9,898 Below, forming 42% and 43% of our and consensus est
Gross profit margin (%) 45% 48% 44% 44% 47% 46%
Opex 683 622 9.8% 753 -9.3% 1,436 1,226 17.2% 2,911
EBITDA 1,775 1,850 -4.0% 1,427 24.4% 3,202 3,399 -5.8% 7,850 Below, forming 40% and 42% of our and cons est
EBITDA margin (%) 36% 39% -9.8% 32% 11.9% 34% 38% -11.6% 37%
Depn & amort. (223) (217) 3.1% (211) 5.7% (435) (401) 8.5% 863
EBIT 1,551 1,633 -5.0% 1,216 27.6% 2,767 2,998 -7.7% 6,987
Interest expense (4) (8) -46.1% (6) -33.8% (11) (13) -20.6% (31)
Interest & invt inc 220 125 75.6% 224 -2.0% 444 250 77.8% 571
Forex gain (loss) - - - - - -
Others 6 4 46.7% 4 33.3% 10 7 39.1% -
Pretax profit 1,773 1,754 1.0% 1,438 23.3% 3,211 3,242 -1.0% 7,527
Tax (390) (479) -18.5% (307) 27.0% (698) (820) -14.9% (1,806)
Net profit 1,380 1,276 8.2% 1,132 22.0% 2,510 2,421 3.7% 5,720 Below our est (44%) but broadly in-line with consensus (46%)
Core net profit 1,376 1,273 8.0% 1,128 21.9% 2,502 2,416 3.6% 5,720 Below our est (44%) but broadly in-line with consensus (46%)
EPS (Rp) 375 347 8.2% 307 22.0% 682 658 3.7% 1,554
Core EPS (Rp) 374 346 8.0% 307 21.9% 680 656 3.6% 1,554

Page 31
PlantationsIndonesia

August 1, 2014


Higher 2H contribution
LSIPs 1H14 core earnings more than doubled yoy to Rp514bn, driven mainly
by stronger CPO prices (+37% yoy). Adjusted for past seasonality, earnings
was in line with our full-year forecast but 9% above consensus. Management
raised its FY14 production growth on the back of the stronger-than-expected
1H14 output. We cut our FY14-16 EPS forecasts by 1-9%, mostly adjusting for
some operational figures. This reduces our target price to Rp2,500 based on a
12.8x CY15 (25% discount to our target for industry leader AALI). Nonetheless,
we raise our rating from Hold to Add. Stronger earnings from nucleus
production rebound are a potential re-rating catalyst.
Prices as the main driver
LSIPs 1H14 revenue (+23% yoy) met expectations at 46% of our full-year
estimate, mainly supported by strong CPO ASP of Rp8,759/kg (+37% yoy; 99%
of our FY14 forecast). Sales of palm-related products made up 92% of 1H14
revenue, while rubber formed 6% and others 2%. Rubber ASP was lower at
Rp25.4k/kg (-11% yoy; 75% of our FY14 estimate) though sales volume was in
line at 5.6k tonnes (-2% yoy). Seed sales plunged 79% yoy in 1H14 to 2.2m
seeds due land compensation issues and expansion halts by most plantations
on license. LSIP expects FY14 seed sales volume to decline to 7-8m seeds.
Higher production target on stronger 1H output
FFB production from nucleus estates was up 22% yoy in 1H14, thanks to higher
production from South Sumatra (better weather conditions) and Kalimantan
(newly mature areas). Both areas increased LSIPs FFB yields to 8.6tonne/ha.
Consequently, management raised its FY14 production growth guidance from
5-10% to 15%. The increased production should lower LSIPs costs of
production and boost its earnings.
Healthy balance sheet
LSIP had net cash of Rp1.6tr at end-Jun 14. Capex spent in 1H14 was Rp530bn,
53% of its full-year budget. New plantings were still low at 1.1k ha in 1H14 due
to seasonality. We remain optimistic on LSIPs earnings prospects in view of
improving FFB yield, strong prices and more manageable costs. Post earnings
adjustment, LSIP is trading at 10.8x forward P/E, or 7% discount to the sectors
average and 19% discount to AALI.

CIMB Analyst(s)

Maureen NATASHA
T (62) 21 3006 1721
E maureen.natasha@cimb.com
Laura TASLIM
T (62) 21 3006 1723
E laura@cimb.com

Share price info
Relative -15.5 -16.8 57.8
Absolute -10.3 -12.9 66.7
Salim Ivomas Pratama 59.5


London Sumatra
2QFY14 RESULTS NOTE
LSIP IJ / LSIP.JK

Current Rp2,100

US$1,237m US$4.39m 40.5%
Rp14,328,014m Rp51,283m 6,823 m shares
Up/Downside 19.0%
Conviction| |

Results Comparison
FYE Dec (Rp bn) 2Q14 2Q13 yoy % chg qoq % chg 6M14 6M13 yoy % chg FY14F Comments
Revenue 1,092 1,015 8 (15) 2,372 1,928 23.1 5,172 In line, 46% / 49% of CIMBe / Consensus
Operating costs (748) (856) (13) (12) (1,594) (1,588) 0.4 (3,234)
EBITDA 344 159 116 (21) 778 339 129.3 1,939 Formed 40% / 48% of CIMBe / Consensus
EBITDA margin (%) 32 16 33 18 37
Depn & amort. 56 74 (25) (32) 137 142 (3.2) 348
EBIT 289 85 239 (18) 641 198 224.3 1,591 Formed 40% / 51% of CIMBe / Consensus
Interest expense (1) (1) 23 15 (2) (1) 7.6 0
Interest & invt inc 15 13 17 8 29 30 (1.0) 74
Associates' contrib (21) (21) (1) (25) (48) (31) 55.6 0
Pretax profit 325 114 184 13 613 237 158.8 1,765 Formed 35% / 45% of CIMBe / Consensus
Tax (78) (36) 115 22 (142) (58) 143.8 (404) Below
Tax rate (%) 24 32 23 25 23
Minority interests 0 (1) (100) (200) 0 (1) (100.0) 0
Net profit 247 79 214 10 471 179 162.7 1,360 Formed 35% / 45% of CIMBe / Consensus
Core profit 229 64 257 (19) 514 170 202.9 1,283 Formed 40% / 49% of CIMBe / Consensus
EPS (Rp) 36 12 214 10 69 26 162.7 199
Core EPS (Rp) 34 9 257 (19) 75 25 202.9 188

Page 32
Food & BeveragesIndonesia

August 1, 2014


Gathering strength
At 23-24% of our and consensus full-year forecasts, 1H14 core profit missed
expectations though sales were broadly in line. The culprit was a
lower-than-expected feed operating margin as a weaker rupiah led to forex
losses despite ASP increase to offset higher raw material costs. Incorporating
lower margins, we slash our FY14 core profit forecast by 20% and reduce
FY15-16 by 4-5%, resulting in a lower DCF target price of Rp3,200 (WACC
13.8%). We reiterate our Add rating as we expect feed margins to turn around
in 2H14, thanks to a firming rupiah, pullback in corn/soybean prices and
recent ASP hike. These factors and stronger DOC prices are potential
re-rating catalysts.
Revenue growth met expectation...
2Q14 consolidated revenue growth picked up to 15.6% yoy (vs. our FY14
forecast of 15.7%), despite some capacity constraints at both its feed and DOC
divisions, both of which are already running at 95-99% of the optimum
utilisation level. 2Q feed revenue rose 16.7% yoy, of which 11.4% came from a
yoy ASP hike. DOC revenue went up 5.5% yoy even though average DOC ASP
was 10% lower than in 2Q13. However, on qoq basis, DOC sales volume fell 5%
as Malindo cut production, as instructed by the Ministry of Trade (MOT).
...but margins missed the mark
2Q gross margin widened 160bp qoq to 13.6% as raw material costs as a
percentage of sales dropped from 74.3% in 1Q to 69.3% in 2Q. However, the
pace of margin improvement was slower than expected due to the weak rupiah.
Operating margin (ex-forex loss) rose 70bp qoq to 6.7%. The feed segment
reported a fall in operating margin though it was mainly due to Rp27bn forex
loss. Stripping out 1Qs forex gain and 2Qs forex loss, feed operating margin
was 60bp higher qoq at 11.2% in 2Q. Meanwhile, DOC margin fell from 3.9% in
1Q to 0.9% in 2Q, feeling the brunt of MOT's DOC price cap in April.
Stronger in 2H
Management raised its feed prices by 1-4% in late June/early July and its
Semarang (C Java) plant recently commenced operations. Barring any price
cuts, the new capacity should boost feed revenue growth in 2H14 while the
downtrend in corn and soybean prices should help margins.

CIMB Analyst(s)

Dewinta SUMARTONO
T (62) 21 3006 1738
E dewinta.sumartono@cimb.com
Irenne ACHMAD
T (62) 21 3006 1728
E irenne.achmad@cimb.com

Share price info
Relative 0 -11.5 -24.5
Absolute 5.2 -7.6 -15.6
Dragon Amity Ltd 59.1


Malindo Feedmill
2QFY14 RESULTS NOTE
MAIN IJ / MAIN.JK

Current Rp2,850

US$440.8m US$0.80m 40.9%
Rp5,104,350m Rp9,336m 1,791 m shares
Up/Downside 15.8%
Conviction| |

Results Comparison
FYE Dec (Rpbn)
2Q
FY13
2Q
FY12
yoy %
chg
1Q
FY13
qoq %
chg
2QFY13
cum
2QFY12
cum
yoy %
chg
Prev.
FY13F
Comments
Revenue 1,217 1,053 15.6 1,084 12.3 2,300 1,995 15.3 4,852 Broadly in line
Operating costs (1,106) (883) 25.3 (992) 11.6 (2,098) (1,681) 24.8 (4,201) Gross margin below on raw material cost pressure
EBITDA 110 170 -35.0 92.12 19.6 202 313 -35.4 652 Below
EBITDA margin (%) 9.1 16.1 -43.7 8.5 6.6 8.8 15.7 -44.0 13.4
Depn & amort. (est) (28) (23) 25.9 (27) 5.1 (55) (45) 22.7 (118) In line
EBIT 82 147 -44.3 65 25.6 147 268 -45.2 534 Below
Interest expense (23) (15) 53.4 (20) 17.6 (43) (33) 29.7 (68) Ahead
Interest & invt inc 2 0 1,004 0 1,395 2 1 108 5 Slightly below
Forex (27) (8) 240 27 -198.6 0 (13) -103.0 (15)
Others 1 1 33.7 1 nm 3 2 74.6 3
Pretax profit 35 125 -71.7 75 -52.5 110 225 -51.1 459 Below
Tax (6) (27) -76.7 (16) -61.4 (23) (48) -53.1 (102) Below on lower pre-tax profit
Tax rate (%) 17.9 21.7 -17.6 22.0 -18.7 20.7 21.6 -4.1 22.3 Slightly below
Minority interests & Adj (0) (0) 0 (0) (0) 1
Net profit 29 98 -70.4 58 -50.3 87 176 -50.5 357 Below forming 24% our and consensus forecast
Core net profit 49 104 -52.7 38 30.6 87 186 -53.4 369 Below forming 23-24% our and consensus forecast
EPS 17 58 -70.4 34 -50.3 51 104 -50.5 211
Core EPS 29 61 -52.7 22 30.6 51 110 -53.4 217

Page 33
Oil & Gas Exp & ProdnIndonesia

August 1, 2014


An oil-short 1H14
Despite surging 122% yoy, MEDCs 1H14 core net profit of US$8m came in
below expectations, at only 22%/34% of our/consensus FY14 estimates. The
earnings miss was largely due to a shortfall in oil production that offset the
higher gas output. We chop our FY14-16 EPS by 40-55% to incorporate the
lower oil production, leading to a drop in our DCF-based target price to
Rp4,100. However, we maintain our Add rating given the cheap EV/reserve
valuation and the intact monetisation plan for its key Senoro gas assets.
1H14: oil shortfall caused revenue miss
Though MEDCs 1H14 total oil & gas production of 49.3mboepd (-8% yoy) was
4% above our forecast, the 22.4mbopd oil production was 5% below our
forecast. This reflected the decline in the production of MEDCs domestic assets
(1H14: 21.5mboepd, -15% yoy), especially the Rimau field (-13% yoy). The
declining oil production trend for its domestic oil fields was within the
companys expectations (10-15% decline p.a.) but the higher contribution from
domestic gas which has a lower price per oil equivalent exacerbated the
revenue underperformance in 1H14.
Cost reduction to support earnings
On a positive note, MEDCs 1H14 results showed a reduction in total cost to
US$11.6/bbl (-11% yoy). This was largely due to the decline in 1H14 lifting cost
(down 7% yoy to US$7.1/bbl) and SG&A cost (down 7% yoy to US$2.3/bbl). We
expect the cost reduction in 1H14 to be reflected in a higher revenue split for
MEDC in the coming quarters.
Monetisation plans on track
MEDCs 1H14 capex of US$120m was in line with our forecast. Overall progress
on the Senoro upstream EPC is currently at 81% although only 50% of the
construction has been completed. Nevertheless, MEDC claims that the
upstream facility will be able to supply the 5mmscfd of gas needed to support
the downstream facilitys commissioning by Sep 2014. As a result, commercial
production is still expected to start by Apr 2015. Management also stated that it
is on track to obtain approval for the commercialisation of the remaining
resources in the Libya Area-47 oil block, which should lead to the development
stage for the asset.

CIMB Analyst(s)

Erindra KRISNAWAN, CFA
T (62) 21 3006 1732
E erindra.krisnawan@cimb.com
Maureen NATASHA
T (62) 21 3006 1726
E maureen.natasha@cimb.com

Share price info
Relative -3.9 30.5 75
Absolute 1.3 34.4 83.9
Encore Energy 50.7


Medco Energi Internasional
2QFY14 RESULTS NOTE
MEDC IJ / MEDC.JK

Current Rp3,495

US$1,006m US$0.52m 49.3%
Rp11,646,918m Rp6,033m 0.10 m shares
Up/Downside 17.3%
Conviction| |

Results comparison
FYE Dec (Rp bn) 2Q14 2Q13 yoy % qoq % 6M14 6M13 yoy % Prev
chg chg cum cum chg FY14F Comments
Revenue 158 205 (23) (22) 360 427 (16) 803 In line, 45% of our estimate / 44% of consensus
Operating costs 34 25 35 (128) (87) (117) (26) (433)
EBITDA 72 89 (19) (12) 153 168 (9) 371 In line, 41% of our estimate / 44% of consensus
EBITDA margin (%) 45 43 42 39 46
Depn & amort. 22 21 3 9 42 45 (6) 104
EBIT 50 67 (26) (19) 111 123 (10) 267 In line, 41% of our estimate / 46% of consensus
Interest expense (21) (20) 6 28 (37) (39) (5) (69)
Net interest & invt inc 3 (0) (1,530) 9 6 5 27 6
Exceptionals 6 10 (43) (293) 3 7 (61) 13
Pretax profit 37 57 (34) (16) 82 95 (14) 217 Below, 38% of our estimate / 46% of consensus
Tax (31) (42) (25) (16) (69) (76) (10) (172)
Tax rate (%) 84 73 84 80 79
Minority interests (1) (1) 23 (47) (3) (2) 10 (3)
Net profit 5 3 57 43 9 5 71 41 Below, 21% of our estimate / 35% of consensus
Core net profit 4 2 155 4 8 4 122 38 Below, 22% of our estimate / 34% of consensus
EPS (c US$) 0.2 0.1 57 43 0.3 0.2 71 1.2
Core EPS (c US$) 0.1 0.0 155 4 0.2 0.1 122 1.2

Page 34
BanksSouth Korea

August 3, 2014


Stable outlook intact
The first half was tough for DFG due to unexpected credit events and
impairment losses on investment securities. However, we believe that its
fundamental operations remain intact, and expect its earnings to normalise
with stable margins, loan growth and credit costs. In fact, stability is its
greatest strength and we expect it to hold good. Reflecting the one-off losses,
we lower our FY14-15 EPS forecasts by 3-4% but maintain our Add rating and
DDM-based P/BV target price of W21,000.
2Q14 results review
DGB Financial Group (DFG) reported a net profit of W72bn in 2Q14 which was
largely in line with consensus estimates. There were impairment losses on
investment securities amounting to W7bn. However, in terms of underlying
earnings quality, margins improved by 1bp after an 8bp expansion in 1Q14, and
total KRW loans rose 4.4% qoq, resulting in a net interest income expansion of
4.2% qoq at the bank. Provision charges normalised; it had set aside W25bn
worth of additional provisions in 1Q14.
Consistent delivery
We think that DFGs asset quality is one of the best in the sector, thanks to its
conservative asset clean-up efforts since the global financial crisis. In terms of
topline growth, its highly loyal customers in the region enable it to sustain
consistently high growth, in tandem with a solid regional economy. In terms of
strategic direction, we expect DFG to continue to focus on organic growth,
especially further expanding into the neighbouring Gyeongbuk province to
strengthen its presence in its broad regional base.
Valuation
We think that the weaker-than-expected earnings in 1H14 are largely reflected
in the share price, and expect its normalising earnings in 2H14 to lead a share
price recovery. In the long term, we believe that DFG deserves to maintain its
valuation premium over large-cap banks due to its high sustainable ROEs and
muted regulatory overhang, if any at all.

CIMB Analyst(s)

Daehyun KIM
T (82) 2 6730 6128

Share price info
Relative 7.5 2 -9.1
Absolute 11.2 7.7 -1.2
Aberdeen Asset 8.4
Samsung Life 7.3
Invesco 7.1


DGB Financial Group
2Q14 RESULTS NOTE
139130 KS / 139130.KS

Current W16,850

Market Cap Avg Daily Turnover Free Float Target W21,000
US$2,178m US$3.02m 90.8%
Prev. Target W21,000
W2,258,796m W3,087m 134.1 m shares
Up/Downside 24.6%
Conviction| |

Results comparison
FYE Dec (W bn) 2Q14 2Q13 yoy (%) 1Q14 qoq (%) Prev. FY14F Comments
Net interest income 258 232 11.2 247 4.5 1,044 NIM improv ed by 1bp qoq to 2.61% in 2Q14 (up 8bp in 1Q14)
Non-interest income 5 -2 n/a -5 n/a 49 Weak non-interest income due to impairment losses on securities
Operating income 263 230 14.5 241 9.0 1,094
SG&A ex pense 127 116 9.0 114 10.7 521 Seasonal increase in SG&A ex pense in ev ery 2Q
Pre-provision profit 136 113 20.2 127 7.4 573
Prov isions 36 38 (6.4) 51 (30.1) 179 Well-managed credit costs
Operating profit 100 75 33.7 76 32.9 394
Non-operating income -1 -2 nmf 0 nmf 1
Pre-tax profit 99 73 36.7 75 32.2 395
Tax 24 19 26.2 18 30.6 95
Minority interests 4 1 nmf 3 1.3 13
Net profit 72 53 35.9 54 34.8 286 Large in-line with consensus estimates

Page 35
Telco - MobileSouth Korea

August 3, 2014


Strengthening its pole position
SKTs 2Q14 net profit came in 10% below our forecast (1H14 net profit
accounted for 40% of our FY14 estimate), mainly due to higher-than-expected
marketing cost for the quarter. We believe todays results and KT/LGUs
performance imply that SKT is the best positioned among its peers to benefit
from a steady stream of LTE migration and on-going penetration of unlimited
LTE monthly plans. Factoring in stronger ARPU outlook for FY14-15 and
better marketing discipline, we revise up FY14-15 EPS by 12%-14% to raise our
SOP-derived target price to W313,000 and maintain Add. The potential
downside risks are lower-than-expected ARPU growth, more-than-expected
marketing spending and lack of improved shareholder returns.
2Q14 results below expectation
SKT reported weaker than expected 2Q14 results, delivering W546bn in net
profit that was 10% and 8% lower than our and consensus estimates
respectively. The main reason for the weaker earnings was
higher-than-expected marketing expense for the quarter despite the
operational ban levied against the company in Apr-May.
All signs pointing in the right direction, as we wait for the
improved shareholder return policy
The results confirmed that all three telcos in Korea are 1) making solid
improvements in wireless ARPU on steady LTE subscriber gains and increasing
traction of unlimited LTE service plans rolled out during 2Q14, 2) showing
gradual decline in churn rate, which may have coincided with the deceleration
of LTE subscriber additions as overall migration for the industry has reached
the 59% level in 2Q14 (vs. 42% a year ago). SKTs management confirmed that
overall growth of unlimited LTE plan subscribers has been impressive
reaching 1.5m subs by end-2Q14, 10% of SKTs total LTE sub base. Based on
this trend, management confidently expects FY14 ARPU growth to outperform
FY13 levels (+4.6% yoy) and we agree with this view, thus raising our FY14-15
ARPU growth assumption to 5.6%-4.6% vs. previous estimate of 4.2%-2.5%.
We also believe overall marketing spending will show improved discipline from
2H14 as the revised handset distribution reform bill (though details are still
being ironed out) will become fully effective from Oct 14 (hence adjusting down
our marketing cost-to-sales assumption for FY14-15 to 29%-28% from
31%-30%.
One relative disappointment was managements lack of clarity on an improved
shareholder return policy for FY14 and beyond. For now, management will
adhere to its original policy of W9,400 DPS in FY14, but left room for a
potential revision in FY15, subject to an improved balance sheet. We maintain
our view that management will improve its shareholder return policy via an
increased pay-out or share buybacks on improved profitability in FY15-16.
SKT is our preferred name in the Korean telecom space
SKT remains our top pick in the Korean telecom sector for its 1) strongest
fundamentals among peers, 2) relatively more attractive valuation, and 3)
stable cash flow/dividends.

CIMB Analyst(s)

Youngwoo CHUNG
T (82) 2 6730 6124
E youngwoo.chung@cimb.com
Jaekyung KIM
T (82) 2 6730 6131
E jaekyung.kim@cimb.com

Share price info
Relative 2 14.9 8.1
Absolute 5.7 20.6 16
SK 25.2


SK Telecom
2QFY14 RESULTS NOTE
017670 KS / 017670.KS

Current W257,500

US$20,048m US$32.71m 62.5%
W20,792,020m W33,420m 89.20 m shares
Up/Downside 21.6%
Conviction| |

FYE Dec (W bn) 2Q14P 2Q13 yoy % 1Q14 qoq% CIMB Diff (%) Consensus Diff (%) Comment
Revenue 4,305.4 4,164.2 3.4% 4,201.9 2.5% 4,398.1 -2.1% 4,383.7 -1.8% Billing ARPU grew 2% qoq
Operating profit 546.1 553.4 -1.3% 252.4 116.4% 607.2 -10.1% 592.0 -7.8% Higher than expected marketing costs
Operating profit margin 12.7% 13.3% 6.0% 13.8%
Net profit 497.6 467.7 6.4% 267.3 86.2% 555.5 -10.4% 518.7 -4.1%

Page 36
BanksSouth Korea

August 3, 2014


Lower earnings volatility
Overall, we remain conservative about the companys fundamentals, but we
also see its earnings volatility decreasing, mainly driven by credit costs. In
our view, a key re-rating catalyst for Woori would be the successful
completion of its privatisation and better earnings visibility. We change our
FY14-15 EPS forecasts by 34% and -30%, respectively, mainly for one-off
gains/losses related to the sale of its regional banks and non-banking
subsidiaries. We increase our DDM-based P/BV target price to W15,000 to
reflect its better-than-expected credit cost trend, but keep our Hold rating.
2Q14 results review
Woori reported a net profit of W870bn in 2Q14 which was largely in line with
consensus. Of note, there was W676bn in net profit from discontinued
operations (i.e. the sale of its regional bank and non-bank subsidiaries), and its
net profit from continuing operations stood at W194bn in 2Q14. Overall, its
earnings still remain volatile, but it appears that the magnitude of volatility has
dropped significantly. This quarter, credit costs look better than expected due
to write-backs, but the quality of topline growth was relatively weaker than its
peers with a 2bp margin decline and tepid 1.1% qoq loan growth (household
loan growth of 2.5% qoq and SME loan contraction of 1.2% qoq).
More progress on privatisation
After the sale of its regional banks and non-bank subsidiaries, there seems to
be rising expectations of Woori's privatisation. We also concede that the
possibility of its successful privatisation is high given the governments strong
will, and more specific and feasible plan vs. previous attempts. Our long-term
view is that a successful privatisation, followed by proactive asset clean-ups,
can enhance overall its balance sheet quality and act as a re-rating catalyst.
Valuation
Wooris share price has surged in recent weeks and now trades even at a slight
premium over some of its peers. We believe that expectations of privatisation
are already baked in the share price and in order for it to go higher, Woori
needs to show more visible progress going forward. We maintain our Hold call.

CIMB Analyst(s)

Daehyun KIM
T (82) 2 6730 6128

Share price info
Relative 16.9 17.5 16.9
Absolute 20.6 23.2 24.8
KDIC 57.0
National Pension Fund 8.0


Woori Finance Holdings
2Q14 RESULTS NOTE
053000 KS / 053000.KS

Current W14,350

US$9,357m US$16.03m 43.0%
W9,704,595m W16,387m 806.0 m shares
Up/Downside 4.5%
Conviction| |

Results comparison
FYE Dec (W bn) 2Q14 2Q13 yoy (%) 1Q14 qoq (%) Prev. FY14F Comments
Net interest income 1,122 1,123 (0.1) 1,088 3.1 6,647 Weak margin trend with a 2bp decline
Non-interest income 155 248 (37.5) 79 96.2 1,702
Operating income 1,277 1,371 (6.9) 1,167 9.4 8,349
SG&A ex pense 760 758 0.3 685 10.9 4,146 Early retirement ex pense of W68bn in 2Q
Pre-provision profit 517 613 (15.7) 482 7.3 4,203
Loan loss prov isions 260 499 (47.9) 55 372.7 2,303 Well-managed credit costs due to write-backs
Operating profit 257 114 125.4 427 (39.8) 1,900
Non-operating income 51 27 88.9 (86) nmf 35
Pre-tax profit 308 141 118.4 341 (9.7) 1,936
Tax 84 (22) nmf 80 5.0 468
Minority interests (646) 45 nmf (62) nmf 154 W676bn from sale of its regional banks and non-bank affiliates
Net profit 870 148 487.8 323 169.3 1,313 Largely in line with our and consensus estimates

Page 37
Automobiles and PartsAutos

August 3, 2014

1

SOUTH KOREA

AUTOS

SECTOR FLASH NOTE
|

July 2014: a festive carnival
HMC/KIAs Jul sales of 642k units brought their combined 7M14 sales to 60% of
their 2014 target. We continue to see the model refreshment rate to improve to
21%, US incentives to down 2-5% mom, and the W/US$ rate to stabilise at
W1,021 in Jul, foreshadowing better margin prospects in 3Q14. We remain
Overweight on the Korean auto sector, with KIA and Mobis as our top picks.

Figure 1: HMC/KIAs global ex-factory sales summary
(Units, %) Jul-14 yoy mom % to target Jul-13 Jun-14
Total 641,586 11.4% -2.5% 59.6% 575,792 658,322
HMC 379,820 4.4% -8.0% 58.6% 363,642 412,835
KIA 261,766 23.4% 6.6% 61.1% 212,150 245,487
Domestic 101,945 1.1% 6.8% 57.4% 100,802 95,417
HMC 59,640 0.6% -0.5% 59.5% 59,302 59,915
KIA 42,305 1.9% 19.2% 54.4% 41,500 35,502
Overseas 539,641 13.6% -4.1% 59.9% 474,990 562,905
HMC 320,180 5.2% -9.3% 58.5% 304,340 352,920
KIA 219,461 28.6% 4.5% 62.4% 170,650 209,985

SOURCES: CIMB RESEARCH, COMPANY

What Happened
HMC posted ex-factory sales of 380k units in Jul (meeting 59% of its 2014 target).
The domestic sales momentum (+0.6% yoy, -0.5% mom) was supported by the
positive diesel model effects from Grandeur (+10% yoy, +33% mom), however,
Genesis (+194% yoy, -16% mom), LF Sonata (+29% yoy, -7% mom) and RV/SUV
(-27% yoy, -10% mom) sales were slower than our expectations. Overseas factory
sales were up 6% yoy but down 11% mom due to the summer vacation (e.g.
HMMA +11% yoy, -5% mom and BHMC +7% yoy, -8% mom). HMCs US market
share reached 4.7% (-0.07%pt mom).
KIAs 262k ex-factory sales in Jul (61% of its 2014 target) were supported by its
strong domestic and export sales growth, thanks to the successful launch of the
new Carnival (+118% yoy, +119% mom). RV/SUV sales mix improved (+42% yoy,
+54% mom) to 39% of domestic sales). Exports from Korea soared 43% yoy due
to the low-base effect (summer vacation in Jul-Aug 2013, union dispute on
overtime and two shifts) and 17% mom. Global retail sales edged up 3% yoy but
declined 3% mom due to the summer vacation (overseas retail sales were +4%
yoy, -7% mom). KIAs US market share reached 3.6% (+0.08%pt mom).
What We Think
We expect KIA to enjoy solid ASP improvement in 3Q14, thanks to the Carnival
effect, followed by the new Sorento launch in Sep 2014 (US launches for both
scheduled in 4Q14). With its US incentive burden narrowing to US$2,277 at end-
Jul, we think that the commencement of the full model change cycle in 2H14 will
offer stronger overseas margin upside and the market share growth potential. On
the other hand, we have mixed views on HMCs Jul sales as its US incentives
(US$1,744) and model refreshment rate are improving (e.g. Genesis and Sonata
sold 56-73% of domestic target) but its overall volume growth and RV/SUV sales
mix appear static, which would be an impediment if it continues in 3Q14.
What You Should Do
HMC/KIAs valuations may face near-term headwinds from the potential labour
strike in Aug (source: MK news). However, HMC/KIAs volumes YTD appear to
be on the right track, with the stronger pricing momentum in 2H14 backed by the
new models and improving sales mix (e.g. proportion of D/E segment sales
expected to rise to 69% in 2014-15 vs. 33% in 2013). At the current juncture, we
foresee a limited risk to our earnings forecasts and perceive any correction from
the current 1.1x FY14 P/BV as a good entry point. Top picks are KIA and Mobis.

CIMB Analyst(s)

KJ HWANG
T (82) 2 6730 6123
E kj.hwang@cimb.com
Matt JIN
T (82) 2 6730 6126
E matt.jin@cimb.com


Page 38
Oil & Gas - Equipment & SvsMalaysia

August 3, 2014


No cold fleet
Perdana's management remains active on the bidding circuit as it rides on the
high demand for various vessels and the favourable charter rate movement. It
now eyes Shells St. Joseph EOR contract for the under-construction
workbarge Perdana Emerald, according to The Edge this weekend. We
continue to value the stock at CY15 P/E of 16.4x, still at a 30% discount to the
average P/E of the oil & gas big caps. The stronger earnings uptick expected
in FY14 is the potential re-rating catalyst that supports our Add rating.
What Happened
The Edge featured an interview with Perdana's executive director Datuk Henry
Kho. The main focus of the interview was Shell's St. Joseph enhanced oil
recovery (EOR) contract that the company is bidding for its workbarge Emerald,
which is now under construction in Miri and slated for completion in Nov. The
St. Joseph field is located northeast of Labuan.
What We Think
We highlighted Perdana's interest in the St. Joseph contract in our 27 Apr note,
following the company's participation in our Asia-Pacific Small/Mid-Cap
Conference in Hong Kong. Perdana proposes Emerald as a key asset in its bid
to win the 30-month contract, which is expected to start on 1 Mar 2015.
Emerald is one of Perdana's three vessels that are under construction. The
other two vessels are also workbarges and will be ready in FY16, expanding the
company's fleet to 20 vessels (Figure 1). We are encouraged by Perdanas swift
fleet expansion, clearly taking advantage of the increase in charter and
utilisation rates. The company's average utilisation rate rose from 74% in 1Q13
to 89% in 1Q14. Meanwhile, the daily charter rate for a workbarge has shot up
from around US$16,000 three to five years ago to about US$25,000 currently.
Assuming a daily charter rate of US$25,000, the contract, if secured, could
improve Perdana's bottomline by around RM5m p.a., which would translate
into potential EPS boosts of 3.5% in FY15 and 3.9% in FY16. Emerald also has a
regional job lined up should it miss out on the St. Joseph contract.
What You Should Do
Investors should accumulate the stock and ride the wave of improvement in
Perdana's operating environment. After the strong earnings turnaround in
FY13, we expect the positive momentum to continue in FY14 as the company
expands its fleet.

CIMB Analyst(s)

Norziana MOHD INON

T (60) 3 2261 9075
E norziana.inon@cimb.com

Share price info
Relative 1.3 -0.7 35.2
Absolute 0.5 -1.1 40
Dayang Enterprise 24.9
Shamsul Saad & Koh brothers 10.0
Lembaga Tabung Haji 8.6


Perdana Petroleum
FLASH NOTE
PETR MK / PTRD.KL

Current RM1.87

Market Cap Avg Daily Turnover Free Float Target RM2.40
US$429.9m US$1.26m 56.5%
Prev. Target RM2.40
RM1,381m RM4.05m 727.2 m shares
Up/Downside 28.3%
Conviction| |


88.0
102.0
116.0
130.0
144.0
158.0
1.10
1.30
1.50
1.70
1.90
2.10
Price Close Relative to FBMKLCI (RHS)
Source: Bloomberg
5
10
15
20
25
V
o
l m

Financial Summary
Revenue (RMm) 259.5 274.7 629.8 640.1 682.1
Operating EBITDA (RMm) 97.7 87.8 166.0 182.7 212.1
Net Profit (RMm) (2.7) 56.8 95.1 106.0 129.0
Core EPS (RM) 0.03 0.08 0.13 0.15 0.18
Core EPS Growth NA 127% 67% 11% 22%
FD Core P/E (x) 51.87 23.93 14.30 12.83 10.54
DPS (RM) - - - - -
Dividend Yield 0% 0% 0% 0% 0%
EV/EBITDA (x) 18.36 21.31 10.59 9.63 8.31
P/FCFE (x) 2.93 3.23 2.70 2.60 2.46
Net Gearing 58.6% 91.1% 40.0% 39.6% 38.9%
P/BV (x) 2.82 2.42 2.18 2.19 2.19
ROE 5.4% 10.9% 16.0% 17.0% 20.8%
% Change In Core EPS Estimates 0% 0% 0%
CIMB/consensus EPS (x) 1.01 0.94 1.11

1.87
2.40
1.22 2.00
Target
Current

Page 39
ConglomerateMalaysia

August 1, 2014


Preferred candidate for NBPOL
Sime Darby has been selected as the preferred party to negotiate for the
acquisition of Kulim's 48.97% stake in NBPOL. We are not surprised by this as
Sime has the best financial resources among the bidders to acquire the assets.
We estimate the acquisition will be a long-term positive for Sime as it will
allow the group to expand its planted area by 15% and grow its UK customer
base. However, our scenario analysis based on various acquisition prices for
NBPOL suggests the acquisition will only marginally enhance earnings for
Sime. We maintain our Hold call and SOP-based target price of RM9.85.
What Happened
After two months of intense bidding, Sime Darby has been selected as the
preferred party to negotiate for the acquisition of Kulim's 48.97% stake in
PNG-based New Britain Palm Oil Ltd (NBPOL). Sime has entered into
exclusive discussions with Kulim to finalise the terms of the transaction. Kulim
has sent a letter to NBPOL and the relevant authorities in Papua New Guinea to
inform them of its intention to sell its entire equity stake in NBPOL to Sime
Darby. Kulim has also said the discussions will see the terms of transaction
mutually agreed upon and finalised within a period of 60 days or longer.
What We Think
We are not surprised by this outcome as Sime Darby has the best financial
resources among the potential bidders reported in the media, which included
FGV and Wilmar, to acquire the assets. The terms of the transaction are still
being ironed out. We believe the offer price is likely to be at a premium over
5.50 per share, which is based on Kulim's previous partial offer for NBPOL. As
such, we estimate the cost to acquire 100% of NBPOL could be RM4.9bn-5.8bn.
We estimate the acquisition will allow Sime Darby to expand its planted area by
15% to 607,218ha. It will also allow Sime to expand its palm oil business into
PNG and marginally lower the age profile of its overall palm oil estates. In
addition, Sime can expand its access to UK consumer markets, which will
complement its existing downstream business in Europe.
What You Should Do
We are neutral on this news. The acquisition will be long-term positive for Sime
but is likely to be only slightly earnings accretive in the near term, depending
on the final pricing for NBPOL. We maintain our Hold rating and SOP-based
target price of RM9.85 for Sime Darby.

CIMB Analyst(s)

Ivy NG Lee Fang, CFA
T (60) 3 2261 9073
E ivy.ng@cimb.com

Share price info
Relative -1.2 0.6 -5.4
Absolute -1.8 0.6 0.2
Permodalan Nasional Berhad 52.8
Employees Provident Fund 13.4


Sime Darby Bhd
FLASH NOTE
SIME MK / SIME.KL

Current RM9.50

Market Cap Avg Daily Turnover Free Float Target RM9.85
US$18,027m US$20.02m 33.8%
Prev. Target RM9.85
RM57,609m RM64.34m 6,009 m shares
Up/Downside 3.7%
Conviction| |


90.0
92.7
95.3
98.0
100.7
103.3
106.0
8.70
9.20
9.70
Price Close Relative to FBMKLCI (RHS)
Source: Bloomberg
5
10
15
20
25
30
V
o
l
m

Financial Summary
Jun-12A Jun-13A Jun-14F Jun-15F Jun-16F
Revenue (RMm) 48,318 47,186 45,443 49,629 52,074
Operating EBITDA (RMm) 6,786 5,840 5,556 6,910 7,419
Net Profit (RMm) 4,150 3,701 2,976 3,547 3,734
Core EPS (RM) 0.68 0.56 0.48 0.59 0.62
Core EPS Growth 12.3% (18.4%) (14.2%) 23.2% 5.3%
FD Core P/E (x) 13.88 17.01 19.82 16.09 15.29
DPS (RM) 0.35 0.34 0.25 0.30 0.31
Dividend Yield 3.63% 3.58% 2.61% 3.11% 3.27%
EV/EBITDA (x) 9.01 10.59 11.26 9.24 8.69
P/FCFE (x) 36.14 35.20 67.14 99.68 44.15
Net Gearing 17.5% 19.4% 19.8% 22.4% 22.7%
P/BV (x) 2.19 2.11 1.96 1.85 1.74
ROE 16.4% 12.6% 10.2% 11.8% 11.7%

9.50
9.85
8.82 9.75
Target
Current

Page 40
BanksPhilippines

August 1, 2014


Tracking behind
At only 40% of our FY14 estimate, BPI's 1H14 net profit of Php8bn (-33% yoy)
was below our expectation. Its 2Q net profit sequential growth was largely
driven by sustained growth in its lending business on the back of 21% growth
in its loan portfolio and a corresponding 15% growth in net interest income.
We maintain our Reduce rating and GGM-based target price of Php70/share.
Potential re-rating catalysts include widening of interest spreads, M&A
activity, strong trading gains and better-than-expected loan growth.
Buoyed by core lending business
BPI's 1H14 net profit came in at Php8bn (-33% yoy), comprising only 40% of
our FY14 forecast. Its 2Q net profit sequential growth was largely driven by the
strong performance of its lending business, with loans growing 23% and net
interest income growing 15% as a result. Non-interest income came in at
Php9.2bn, which represents a decline of 32% yoy, due to soft trading gains. The
bank's capital adequacy ratio (CAR) currently stands at a healthy 15.4%,
following its successful fundraising in 1Q14.
Pressures remain
BPIs 1H14 net profit trailed our FY14 forecast of Php19.9bn as net interest
margins (NIMs) continue to remain under pressure in spite of the slight
improvement to 3.1% in 2Q14. We expect NIMs to remain at these levels as the
bank continues to aggressively build up its loan portfolio, and we estimate its
1H14 loan-to-deposit ratio to stay in the vicinity of 65-70%. One thing going for
the BPI is that it has decreased its positions in held-for-trading (HFT) and
available-for-sale (AFS) securities by 51% for 2Q14, compared to the same
period last year. This move should reduce earnings volatility arising from
trading gains. In addition, this implies that BPI is looking to focus more on its
core lending business for the rest of FY14.
Reduce rating is intact
Maintain Reduce. In spite of its earnings coming in below expectations, BPI
continues to trade at a premium valuation of 2.5x 2014 P/BV. Given the current
environment, our view remains that BPI should trade at our GGM-based target
price of Php70/share, which translates into 1.9x 2014 P/BV.

SB Equities Analyst(s)

Edser TRINIDAD
T (63) 2 836 3933
E etrinidad@securitybank.com.ph
Brian Jonathan DY
T (63) 2 888 7191
E bdy@securitybank.com.ph

Share price info
Relative 3.4 2.7 -2.8
Absolute 4.4 5.5 0.7
Ayala Group 53.0


Bank of the Philippine Islands
2QFY14 RESULTS NOTE
BPI PM / BPI..PS

Current PHP95.80

Market Cap Avg Daily Turnover Free Float Target PHP70.00
US$8,661m US$3.32m 47.0%
Prev. Target PHP70.00
PHP376,407m PHP144.8m 3,927 m shares
Up/Downside -26.9%
Conviction| |


Figure 1: BPI 1H14 Earnings Summary
1H14 1H13 % yoy 2Q14 1Q14 % qoq % yoy
1H14 as
% of FY14
forecast
net interest income 16,837 14,641 15% 8,691 8,146 7% 15% 43%
non-interest income 9,200 13,484 -32% 5,018 4,182 20% 23% 47%
net income 8,030 12,024 -33% 4,427 3,603 23% 21% 40%
ROE 12.9% 23.7% 12.9% 12.4%
loan growth 23.0% 17.0% 23.0% 25.0%
NPL 1.9% 2.2% 1.9% 1.9%
NPL Cover 103.0% 117.0% 103.0% 104.0%
CAR 15.4% 14.3% 15.4% 15.7%
NIMs 3.1% 3.5% 3.1% 3.0%

SOURCES: SB EQUITIES, COMPANY REPORTS

Page 41

August 1, 2014


PHILIPPINES

ECONOMIC UPDATE

BSP: At long last, a rate hike
As expected by the market, the key policy rates were hiked up 25bp, the
first move since May 2011, though all other policy levers were
untouched (we also expected a +25bp hike in the SDA rate at this
meeting). We still expect another +25bp hike in both the overnight
rates and SDA rates for the remainder of the year, but the timing
remains fluid at this point.

Key rates on the move
As we expected, the Bangko Sentral ng Pilipinas (BSP) has raised the overnight
rates by 25bp, but kept the SDA rates unchanged (we expected a +25bp hike as
well). The reserve requirement rates (RRR) remained on hold at 20%. This is
the first time that the overnight rates have been adjusted since May 2011. This
move now sees overnight borrowing at 3.75% and overnight lending at 5.75%.
We are seeing an acceleration of a further tightening in monetary policy in
relation to the past few years, which is consistent with our view that the BSP is
now focusing on the inflationary impact of the price developments of the past
few months (at least since late-4Q13). Indeed, the BSP cited the need to be
preemptive on the inflation front so as to arrest any possible second-round
effects.
While we still see the need to further cut down liquidity by another hike in the
SDA, the BSP was correct in moving on the policy rates this month as the next
policy meeting of the Monetary Board is scheduled for Sep. Hence, there will be
two inflation reports between the Jul and Sep meetings which are likely to be
on the high side (i.e., around the 5% range), with no recourse to adjust the
policy rates. If the BSP calls an emergency meeting just to hike rates, it would
send the wrong signals to the market. Therefore, the preemptive +25bp hike in
the overnight policy rates is warranted.
For the remainder of the year, we still expect another +25bp for both the SDA
and overnight rates, but the timing is hinged on the pace of inflation as well as
capital flows, and the expected appreciation in the peso given the policy rate
hike.


SB Equities Analyst(s)

Edser Trinidad
T (63) 2 8363933
E etrinidad@securitybank.com.ph
Patrick Ella
T (63) 2 8887293
E pella@securitybank.com.ph


Page 42
RetailSingapore

August 1, 2014


Southeast Asia continues to drag
At 43% of our FY14, 1H core net profit of US$223.3m (-2% yoy) was 11% below
our and consensus expectations due to continued margin pressure, especially
in Singapore and Indonesia. An interim DPS of 6.5UScts (flat yoy) was
declared. 1H14 marked the slowest yoy sales growth since 2009, while the
group experienced its first earnings contraction in eight years (barring 2013
due to comparability issues). We trim our FY14-15 core EPS by 1-3% on lower
margins, though our residual income-based target price is left intact. With the
recent climb in share price, we believe the market has similarly priced in a
modest growth trajectory. Hence, we downgrade the stock to Hold from Add.
We would re-visit the stock upon stronger-than-expected earnings.

1H14 results: continued margin pressure
Dairy Farm grew its turnover by 4% yoy to US$5,299m. In line with recent
trends, there was healthy sales growth in all formats, except Food. In our view,
the main negative from the results was the continued margin pressure across
all formats as Diary Farm experienced increased cost pressures, particularly in
Singapore and Indonesia. The group achieved a core EBIT margin of 4.6%,
down 0.4%pts yoy. On a brighter note, Dairy Farm showed strong cash
generation of US$313m (+31% yoy or 1.3x of headline profits) as it tightened its
working capital management. The group is in a net cash position of US$568m.
Singapore and Indonesia, the black marks
Worryingly, the groups Singapore grocery retail operations is conceding
market share to competition, while management is struggling to cope with the
restrictions in foreign labour hires in the country. Further, 7-Eleven and
Guardian Singapore are also impacted by cost pressures. In Indonesia, its
81%-owned PT Hero achieved a robust 17% yoy sales growth in Rp terms.
However, the strong growth was eroded when translated into US$. Its margins
dived to 0.8% from 3.6% in 1H13 on the back of increases in minimum wages,
electricity charges and an expanded store base.
Downgrade to Hold
Following the recent climb in its share price, we believe that the market has
similarly priced in a moderate turnaround for the group. We downgrade the
stock to Hold from Add.

CIMB Analyst(s)

YEO Zhi Bin

T (65) 6210 8669
E zhibin.yeo@cimb.com

Share price info
Relative -3.3 1.4 -14.9
Absolute 0.3 4.7 -10.2
Jardine Strategic Holdings 77.6
Franklin Resources 7.4
Aberdeen Asset Management 2.1


Dairy Farm Int'l
1HFY14 RESULTS NOTE
DFI SP / DAIR.SI

Current US$10.69

Market Cap Avg Daily Turnover Free Float Target US$10.60
US$14,454m US$2.38m 22.0%
Prev. Target US$10.60
US$14,454m US$2.38m 1,350 m shares
Up/Downside -0.8%
Conviction| |


Results Comparison
FYE Dec (US$m) 1H 1H yoy % Prev.
FY14 FY13 chg FY14F Comments
Revenue 5,299.0 5,101.7 3.9 11,216.8 In line
Operating costs (4,957.8) (4,748.3) 4.4 (10,429.9) Above
EBITDA 341.2 353.4 (3.5) 787.0 Below, affected by cost pressures in Singapore and Indonesia
EBITDA margin (%) 6.4 6.9 7.0 Below
Depn & amort. (95.9) (96.5) (0.6) (213.1) In line
Core EBIT 245.3 256.9 (4.5) 573.9 Below, in line with lower EBITDA
Interest expense (3.2) (6.9) (53.6) (18.0) Below
Interest & invt inc 4.7 1.7 176.5 4.0 Above
Associates' contrib 21.6 22.1 (2.3) 75.6 Below
Exceptionals (net of tax) 10.4 0.8 1,200.0 0.0 Owing to profit on sale of properties
Pretax profit 278.8 274.6 1.5 635.4 Below, in line with lower core EBIT
Tax (43.9) (43.3) 1.4 (108.0) Below
Tax rate (%) 15.7 15.8 17.0
Minority interests (1.2) (2.2) (45.5) (7.0) Below
Net profit 233.7 229.1 2.0 520.4 Broadly in line, lower PBT offset by lower MI
EPS (UScts) 17.3 17.0 2.0 38.5 Broadly in line
Core profit 223.3 228.3 (2.2) 520.4 Below, in line with lower core EBIT. 1H forms 43% of our FY14
Core EPS (UScts) 16.5 16.9 (2.2) 38.5 Below

Page 43
BanksSingapore

August 1, 2014


Trade and loan fees slow, WM
doing well
2Q net profit (S$969m) was within our expectations but above consensus
(S$938m). 2Q was 26% of our full-year core net profit estimate, while 1H
formed 53%. The positives were strong NII and wealth management (WM)
fees compensating for a broad slowdown in trade and loan fees. Compared to
UOB, DBSs margins showed no strain and its NPLs and credit costs did not
rise. We maintain a Hold rating on DBS, with an unchanged target price of
S$19.44 (GGM, 1.31x CY14 P/BV). Our worries for DBS centre on its China
exposure, which we expect management to address today.

Positives from net interest income and WM fees
The positives from the 2Q14 results were slight margin expansion, healthy WM
fees, no credit quality issues and controlled costs. NII growth helped to offset
the decline in non-NII so earnings do look sustainable. The NII qoq growth
came from both volume (+1.6% qoq) and margin expansion (+1bp). Loan
growth was mostly S$ loans. The lack of China loan growth reflects the bank
being selective in the trade loans exposure that it takes and we think the
caution is justified. Group LDRs climbed to 86% (1Q: 84%) as deposits shrank
0.7% while loans grew. We believe tighter liquidity is common among all three
banks. On the fee income side, wealth management fees did well (+18% qoq) in
a quarter where overall fee growth did not (-1% qoq for both DBS and UOB).
Trade fees, loan fees and treasury income came down
The weakness in the topline all came from transactional fees. Trade fees (-6%
qoq), loan fees (-21% qoq) and net trading income (-51% qoq) all declined. We
believe this can be attributed to the decline in China trade finance volumes as
well as the banks heightened caution about its China trade exposure.
Credit costs look relatively subdued
The difference between DBS and UOB is that DBSs NPLs are still improving.
Total NPAs were -11% qoq. The NPL ratio improved to 0.9% (1Q: 1.0%) as
recoveries set in. Specific provisioning (14bp of loans) was similar to 1Q but
total provisions were 15% lower. Expenses were stable in 2Q, although the cost
ratio rose to 46% (1Q: 42%) as non-interest income fell. Overall, the results
reflect a decent core performance where NII made up for slowing non-NII.

CIMB Analyst(s)

Kenneth NG, CFA
T (65) 6210 8610
E kenneth.ng@cimb.com
Jessalynn CHEN
T (65) 6210 8672
E jessalynn.chen@cimb.com

Share price info
Relative 5.2 4.3 4.4
Temasek Holdings 29.7


DBS Group
2QFY14 RESULTS NOTE
DBS SP / DBSM.SI

Current S$18.22

Market Cap Avg Daily Turnover Free Float Target S$19.44
US$35,918m US$47.67m 70.3%
Prev. Target S$19.44
S$44,822m S$59.51m 2,442 m shares
Up/Downside 6.7%
Conviction| |

Results comparison
FYE Dec (S$ m) 2QFY14 2QFY13 yoy %
chg
qoq %
chg
2QFY14
Cum
2QFY13
Cum
yoy %
chg
Prev.
2Q14F
Comments
Net interest income 1,557 1,382 12.7 4.6 3,045 2,709 12.4 1,511 Above. NIM 1.67% (+1bp qoq); loans grew 1.6% qoq, driven by S$ loans.
Non-interest income 756 883 (14.4) (21.5) 1,719 1,873 (8.2) 858 Below. Trade and loan related fees retreated, partly countered by higher WM.
Total income 2,313 2,265 2.1 (5.6) 4,764 4,582 4.0 2,369 Broadly in line.
Overhead expenses (1,054) (987) 6.8 1.2 (2,095) (1,939) 8.0 (1,054) In line. Staff costs -0.5% qoq. Cost ratio 45.6% (1Q14: 42.5%)
Pre-provision profit 1,259 1,278 (1.5) (10.7) 2,669 2,643 1.0 1,314 Broadly in line.
Loan loss provisions (128) (245) (47.8) (15.2) (279) (468) (40.4) (165) Below. 2Q SP:14bp (1Q SP:15bp); GP: 4bp (1Q:10bp); NPL: 0.9% (1Q:1.0%)
Exceptionals - - 198 - -
Associates' contrib 51 22 131.8 292.3 64 49 30.6 27
Pretax profit 1,182 1,055 12.0 (19.6) 2,652 2,224 19.2 1,176 In line.
Tax (180) (162) 11.1 (9.5) (379) (329) 15.2 (171) In line.
Tax rate (%) 15 15 14 15 (3.4) 15
Minority interests (33) (50) (34.0) (17.5) (73) (102) (28.4) (50)
Net profit 969 843 14.9 (21.3) 2,200 1,793 22.7 955 In line. 2Q core net profit (S$969m) met our expectations (S$955m) and
Core net profit 969 843 14.9 (6.2) 2,002 1,793 11.7 955 consensus (S$938m). Positives were slight NIM expansion, strong WM fees
EPS (cts) 134 136 (1.3) (32.5) 177 144 22.8 134 and strong loan growth for S$ loans. Negatives were flattish growth in trade loans,
Core EPS (cts) 134 137 (1.9) (19.9) 162 145 11.6 134 while trade and loan related fees fell short of expectations.

Page 44
BanksSingapore

August 1, 2014


Shedding light on its China book
DBS's 2Q14 results were within ours but above consensus expectations. Strong
NII and wealth management (WM) fees made up for lower trade, loan fees
and treasury contributions. Our recent downgrade on DBS was premised on
concerns over its China exposure. Our previous view was that even if credit
losses do not show up, associated slowdown in trade and treasury fees will
emerge. Weakness in associated trade activities fee income did show up in
2Q14. Management took pains to quantify its China trade exposure and has
also guided that the slowdown in customer treasury flows has returned in Jul
as the Rmb appreciated. We maintain our Hold recommendation, with an
unchanged target price of S$19.44, based on GGM and 1.31x P/BV.

What Happened
2Q14 results were in-line. The topics that warranted discussion were: 1) Does
the decline in system deposits suggest more funding pressures? 2) Is DBS
exposed to any China fraud? 3) Will the associated trade fees, loan fees and
customer hedging activity rebound from 2Q14s level? DBS offered insightful
details on its China exposure. It has S$50bn loan exposure to China (19% of
group loans), of which S$36bn is trade-related. The bulk of the China
non-trade related loan book (S$14bn) is to large corporates while most of its
China trade-related loans (S$33bn) are to fund the imports of goods into China,
an avenue that is tough to commit fraud. While there is counterparty onshore
bank exposure, DBS reiterated that there are age-old trade finance rules that
have been in place to ensure that the business of trade loans have a negligible
default rate. It also views Qingdao as an isolated case of a single-customer
fraud where the consequences are currently being worked out of the system.
What We Think
We applaud the detailed disclosure. We concede that credit quality concerns
from its China trade book might have been overblown. Still, we point to the fact
that 2Q14 reflects slowing trade, loan fees and treasury income as the Qingdao
port incident happened and the RMB depreciated. DBS attributed lower
treasury income to moves to slow its trade book growth and the dearth of
customer hedging activities as the RMB depreciated. It has guided that hedging
volumes are coming back in Jul. Such fees have been an important driver of
DBSs profitability and they need to rebound to make DBS attractive again.
What You Should Do
We maintain our Hold rating on DBS for now.

CIMB Analyst(s)

Kenneth NG, CFA
T (65) 6210 8610
E kenneth.ng@cimb.com
Jessalynn CHEN
T (65) 6210 8672
E jessalynn.chen@cimb.com

Share price info
Relative 5.2 4.3 4.4
Temasek Holdings 29.7


DBS Group
FLASH NOTE
DBS SP / DBSM.SI

Current S$18.22

Market Cap Avg Daily Turnover Free Float Target S$19.44
US$35,918m US$47.67m 70.3%
Prev. Target S$19.44
S$44,822m S$59.51m 2,442 m shares
Up/Downside 6.7%
Conviction| |


94.0
95.7
97.4
99.1
100.9
102.6
104.3
106.0
15.00
15.50
16.00
16.50
17.00
17.50
18.00
18.50
Price Close Relative to FSSTI (RHS)
Source: Bloomberg
5
10
15
V
o
l
m

Financial Summary
Net Interest Income (S$m) 5,285 5,569 6,107 6,727 7,360
Total Non-Interest Income (S$m) 3,229 3,358 3,357 3,565 3,704
Operating Revenue (S$m) 8,514 8,927 9,465 10,292 11,064
Total Provision Charges (S$m) (417.0) (770.0) (672.7) (740.1) (659.0)
Net Profit (S$m) 3,359 3,672 3,949 4,102 4,516
Core EPS (S$) 1.59 1.54 1.62 1.65 1.80
Core EPS Growth 22.2% (3.2%) 4.9% 1.9% 8.8%
FD Core P/E (x) 11.38 11.70 11.12 10.98 10.09
DPS (S$) 0.56 0.58 0.60 0.68 0.74
Dividend Yield 3.07% 3.18% 3.29% 3.73% 4.06%
BVPS (S$) 13.50 14.02 14.85 15.63 16.49
P/BV (x) 1.35 1.30 1.23 1.17 1.10
ROE 12.4% 11.2% 11.2% 10.8% 11.2%

18.22
19.44
15.66 18.22
Target
Current

Page 45
Sri Lanka Equities
QUARTERLY HIGHLIGHTS
July 2014
John Keells Stock Brokers (Pvt) Ltd.
A JKSB Research Publication
Lourdeena Kudaliyanage lourdeena@jkstock.keells.com
John Keells Hotels PLC (KHL)
This document is published by John Keells Stockbrokers (Pvt.) Limited for the exclusive use of their clients. All information has been compiled from available documentation and JKSBs own research material. Whilst
all reasonable care has been taken to ensure the accuracy of the contents of this issue, neither JKSB nor its employees can accept responsibility for any decisions made by investors based on information contained herein.
Rs. 16.00 KHL 1Q PROFIT 226%
KHL reported a profit of Rs. 128.6mn for 1QFY15 (vs. a loss of Rs. 102.4mn in 1QFY14),
supported by 1) robust topline growth (+16% YoY); 2) a sharp reduction in finance costs (-
45% YoY), following a conversion of rupee denominated borrowings to dollar debt in 2QFY14;
and 3) a healthy expansion in operating margin (+7.6ppt YoY), stemming from lower
distribution expenses (-21% YoY) and stringent cost control measures. The SL sector reported
a significant narrowing of losses on a YoY basis, while Maldives segment profits rose 50%
YoY. The company announced an interim dividend of Rs. 0.25 per share, payable on 20th
August 2014.
Tourist arrivals to SL rose 24% YoY in 1QFY15 - the off peak season in the country - helped
by healthy growth in visitors from traditional source markets such as Western Europe (+26%
YoY) and India (+31% YoY), coupled with strong contribution from new growth markets
including China (+150% YoY) and Russia (+40% YoY). Despite a recent increase in 3-5 star
hotel capacity in proximity to KHLs properties, the company reported a 12ppt YoY increase
in average SL occupancy for the quarter (66% in 1QFY15 vs. 54% in 1QFY14). This,
coupled with a slight increase in ARRs (helped by effective yield management), resulted in a
19% YoY increase in segment revenues. While occupancy at the companys Maldives
properties dipped slightly, this was offset by a relatively strong increase in ARRs, resulting in
topline growth of 13% YoY for the quarter.
Outlook
The government has set a target of 1.5mn tourists (+18% YoY) and US$1.8bn in tourism
earnings (+29% YoY) for CY14, with a longer term target of 2.5mn tourists and US$3.5bn in
tourism receipts by end 2016. Given that tourist arrivals have risen 24.6% YoY in YTD June
CY14, we believe the country should comfortably achieve the governments full year target
for 2014. The tourism promotion bureau has also ramped up promotional efforts over the last
year, on international media (e.g. CNN) and in collaboration with local media in key growth
markets such as Russia and China. However, supply side constraints in the form of labour
shortages and hotel capacity shortfall could challenge the governments 2016 target.
Looking ahead, we believe the growing dominance of the internet as a booking tool should
drive longer term margin improvement for local hotel operators, due to lower promotional
expenses associated with the direct sales channel. High end FITs (Foreign Independent
Tourists) still account for a relatively small share of visitor arrivals to SL (vs. packaged tours/
travel agency bookings).
KHL is well on track to achieve our full year earnings projection of Rs. 1.8bn for FY15, which
translates to an EPS of Rs. 1.21 (+13% YoY). While BBH is slated for an upgrade, we do not
anticipate any major capex commitments in the current year, and have factored in an operational
capex in the range of Rs. 900mn - Rs. 1bn for the year (~8% of revenues).
At its current price of Rs. 16.00, KHL trades at a FY15E P/E of 13.2x, broadly in-line with
the sector and the market (investors should note that leisure sector counters have historically
traded at a premium to the market). The share price has appreciated by 29% since publication
of our BUY report dated March 2014, outperforming the ASPI over the period.
This quarter 1Q FY2015 2,344 1,468 201 129 0.09
Previous 1Q FY2014 2,026 1,263 20 (102) (0.07)
Change (%) 16 16 925 226 226
Revenue
(Rs. Mn)
Gross
Profit
(Rs. Mn)
Operating
Profit
(Rs. Mn)
Earnings
to equity
(Rs. Mn)
EPS
(Rs.)
12.50
1,456
23,298
1,768
1.21
13.18
Market Capitalisation Rs. 'mn
Forecast earnings to equityFY15ERs. 'mn
FY15EEPSRs.
FY15EPER (x)
KHL 1Q FY2015
NBVPS(Rs.)
Issued Capital (Shares 'mn) Voting
95
100
105
110
115
120
125
3
1
-
M
a
r
-
2
0
1
4
0
8
-
A
p
r
-
2
0
1
4
1
6
-
A
p
r
-
2
0
1
4
2
4
-
A
p
r
-
2
0
1
4
0
2
-
M
a
y
-
2
0
1
4
1
0
-
M
a
y
-
2
0
1
4
1
8
-
M
a
y
-
2
0
1
4
2
6
-
M
a
y
-
2
0
1
4
0
3
-
J
u
n
-
2
0
1
4
1
1
-
J
u
n
-
2
0
1
4
1
9
-
J
u
n
-
2
0
1
4
2
7
-
J
u
n
-
2
0
1
4
Indexed performance of KHL against ASPI for 1QFY15
ASPI - Indexed KHL - Indexed
Page 46
Medical Equipment & SvsTaiwan

August 3, 2014


Look beyond the weak 2Q14
While St. Shines weak 2Q14 results, plagued by slower demand from Japan
post the consumption tax and an FX loss from the stronger TWD, was not a
complete surprise, 2Q net profit still missed our forecast by 13%. Factoring in
the results, we lower our FY14-15 EPS by 2-5%, and cut our DCF-based target
price to NT$815 on lower capex growth over the next three years and higher
tax rate. Nevertheless, we are long-term positive on St. Shine and believe new
orders and client acquisitions in 2H14 are catalysts supporting our Add call.
What Happened
St. Shine reported a 2Q14 net profit of NT$372m (EPS: NT$7.38), down 1% yoy
and 26% qoq, missing our forecast by 13% and consensus by 14%. The earnings
miss was mainly due to 1) a lower-than-expected gross margin of 44.1% from a
weakening USD against TWD, 2) an FX loss of NT$30m, and 3) a higher tax
rate of 18% on retained earnings. However, its operating profit was in line with
our forecast, helped by better opex control due to lower promotion activities.
What We Think
In our last report in June, we highlighted that St. Shine could experience 1-2
quarters of softer earnings growth led by the demand slowdown in Japan and
higher comp base in FY13. However, we remain long-term positive on its
growth opportunities. We noted that St. Shines largest customer - SEEDs
(25% of revenue) latest guidance for FY14-15 suggests the company still expects
~15% growth for its contact lens business. We also believe the growing demand
for short-term disposable lenses and colour lenses in China will continue to
favour companies like St. Shine, which has better capacity and cost advantages
than its rivals. In addition to the OEM for Bausch & Lombs (B&L) colour lens
products in China, we believe St. Shine has good chance in scoring potential
OEM deals for B&L in other parts of Asia. We expect the increasing penetration
rate of SiHy contact lenses to drive the next product cycle for St. Shine, where
we expect to see shipments as early as FY15. As the patent for SiHy will expire
in FY16, we expect the current 50-70% price gap between SiHy and hydrogel to
narrow as more companies began to design and develop this type of product,
thus, driving trade-up demand for contact lens users.
What You Should Do
St. Shine has corrected by another 12% since Jun on concerns over a weak 2Q14,
and is trading at 15x FY15 EPS. With the stock at trough valuations, we believe
it is now a good time to accumulate for the growth opportunities ahead.

CIMB Analyst(s)

Jack LIN
T (886) 2 8729 8387
E jack.lin@cimb.com

Share price info
Relative -10.2 -5.1 -38.5
Absolute -12.1 0.3 -23.5
Matthews International Capital 6.4
Columbia Wanger Asset 4.3
Wasatch Advisor 3.3


St. Shine Optical
FLASH NOTE
1565 TT / 1565.TWO

Current NT$641.0

Market Cap Avg Daily Turnover Free Float Target NT$815.0
US$1,076m US$9.45m 82.5%
Prev. Target NT$905.0
NT$32,317m NT$284.0m 50.42 m shares
Up/Downside 27.1%
Conviction| |


53.0
61.6
70.1
78.7
87.3
95.9
104.4
113.0
580
630
680
730
780
830
880
930
Price Close Relative to TAIEX (RHS)
Source: Bloomberg
1
1
2
2
V
o
l
m

Financial Summary
Revenue (NT$m) 4,169 5,222 5,737 6,701 7,685
Operating EBITDA (NT$m) 1,603 2,026 2,385 2,765 3,166
Net Profit (NT$m) 1,204 1,598 1,771 2,093 2,439
Normalised EPS (NT$) 23.88 31.70 35.12 41.51 48.38
DPS (NT$) 15.50 17.50 22.51 28.10 33.21
Dividend Yield 2.42% 2.73% 3.51% 4.38% 5.18%
EV/EBITDA (x) 19.82 15.57 13.13 11.18 9.56
P/FCFE (x) 26.75 35.16 25.25 17.78 13.89
Net Gearing (16.5%) (19.6%) (22.2%) (27.0%) (34.5%)
P/BV (x) 9.98 8.32 7.15 6.22 5.42
ROE 39.8% 44.9% 42.1% 43.1% 43.7%
% Change In Normalised EPS Estimates (4.57%) (1.57%) 1.94%

641.0
815.0
615.0 899.0
Target
Current

Page 47
SemiconductorTaiwan

August 1, 2014


Defensive with high yield
WPG posted strong 2Q14 EPS (NT$0.91). 1H14 EPS accounted for 55% of our
full-year forecast. Managements 3Q14 revenues guidance looks healthy, with
stable margins. Operating expense control, WPGs key mission since last year,
has been executed well so far. We raise our FY14 EPS forecast by 17% to reflect
results and guidance, and lift our FY15 EPS estimate by 3% on higher gross
margin assumption. We raise our target price to NT$41, based on 11x FY15
P/E, 10% above its 5-year average. Stocks current valuation is fair given the
companys muted 2015 earnings growth. WPG should be a defensive stock
given its 8% yield. We maintain our Hold rating.
Strong 2Q14 results on good execution
WPG reported 2Q14 EPS of NT$0.91 (+8% qoq, +9% yoy) on revenues of
NT$113.7bn (+11% qoq, +13% yoy), beating our expectation by 20% and
consensus by 4%. 2Q14 gross margin (4.67%) held up better than we thought
due to product mix. WPGs execution in controlling operating expense beats
our expectation. Operating expense fell from 2.83% of revenues in 1Q14 to
2.77% in 2Q14, lower than our forecast of 2.8%.
Healthy 3Q14 outlook
WPG guides for 3Q14 revenues to increase 4-8% qoq. It expects the split of 1H
and 2H revenues to be 48% and 52%. WPGs revenue growth guidance is
similar to the guidance given by most semiconductor companies. This makes
sense to us since WPG is a diversified chip distributor and therefore should
rarely outgrow the industry. Guidance for 3Q14 gross margin 4.4-4.7%) and
operating gross margins (1.75-1.95%) should both be stable. Within its product
portfolio, WPG thinks industrial and automotive product lines will be the next
drivers. In 2Q14, its revenues from both industrial and automotive expanded by
13% yoy. However, their combined revenue contribution was only 9% and
hence they are not meaningful enough to drive the whole company, in our view.
Moderate growth; a high yield stock
We expect WPGs revenues and earnings to both expand by 5% yoy in 2015.
This is not an exciting number, in our view. The stock currently trades at 11x
FY15 P/E, vs. the 5-year average of 10x. Given the companys slow growth, we
see the stocks current valuation as fair. We see limited upside to the stock but
we like its 8% dividend yield.

CIMB Analyst(s)

Jack LU
T (886) 2 8729 8377
E jack.lu@cimb.com
Mike YANG
T (886) 2 8729 8383
E mike.yang@cimb.com

Share price info
Relative -2 1.7 -7.9
Absolute -2.8 7.7 7
Fullerton Technology Co., Ltd. 3.7
Nan Shan Life Insurance Co., Ltd. 3.5
Huang Wei Hsiang 2.5


WPG Holdings
2QFY14 RESULTS NOTE
3702 TT / 3702.TW

Current NT$39.95

Market Cap Avg Daily Turnover Free Float Target NT$41.00
US$2,203m US$8.87m 81.4%
Prev. Target NT$35.00
NT$66,146m NT$266.7m 1,656 m shares
Up/Downside 2.6%
Conviction| |

2Q14 result comparison
2Q14 % qoq % yoy CIMB % diff Bberg % diff YTD % of Comments:
NT$bn consensus CIMB FY14 Guidance
Net revenue 113.7 11.1 13.0 109.5 3.8 111.5 2.0 48.4 Revenue: NT$118-123b, +4-8% qoq
Gross profit 5.3 10.4 10.3 4.8 11.1 5.1 4.6 52.2 GM: 4.4-4.7%
Gross margin (%) 4.67% 4.36% 4.55% OPM: 1.75-1.95%
Operating profit 2.2 12.7 27.4 1.7 26.0 2.0 9.1 56.9
Operating margin (%) 1.89% 1.56% 1.77%
Net profit 1.5 8.4 9.9 1.3 20.6 1.4 7.5 55.0
EPS (NT$) 0.91 7.9 9.4 0.76 20.0 0.88 4.0 54.9

Page 48

August 1, 2014


THAILAND

BANKS

Lulled by blue skies?
Thai banks share prices have performed remarkably well YTD and
appeared to have fairly reflected a widely-expected macro and loan
demand recovery. We prefer not to chase the sector from here on as its
forward P/E has overshot the five-year mean despite its likely inability
to match earnings growth rates in the corresponding past.

Figure 1: Thai banking sector's forward P/E
Avg
+2 s.d.
+1 s.d.
-1 s.d.
-2 s.d.
7
8
9
10
11
12
13
Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14
x


We downgrade the sector from
Overweight to Neutral, the rating
which aligns with our bottom-up
stock calls. Having downgraded
KBANK and SCB post their 2Q results,
we are left with only three Add-rated
names, of which KTB is our favourite.
Time to draw breath
Here is our line of thought in reducing
our bullishness on banks: 1) the
margin of the sectors outperformance
YTD is already the second-best in the
past decade, 2) a V-shaped economic
recovery has become a consensus and
is reflected by our sector earnings
growth forecast of 15% in 2015 vs. 5%
in 2014, 3) nevertheless, such growth
will still come below its past five-year
earnings growth pace of 20% p.a., 4)
already trading north of its historical
mean P/E, the sector no longer
appears a compelling buy, 5) elevated
household debt and the fading of tax
cuts as a catalyst for earnings suggest
that the best days of the sectors
earnings growth are behind us, and 6)
it will not be at least until 2016 before
consumers regain room to
re-leverage.
Areas for surprises
Our conservative line of thought could
be wrong if credit demand recovers
not only on the back of private and
public investments, but also with the
extra push from the household
(consumption) and external (export)
sectors. If this scenario materialises,
the market will also be caught by
surprise as its sector earnings
estimate is currently at parity with
ours for next year.
Value no longer abounds
Our Add calls are now restricted to
three names: KTB, TISCO and KKP, in
that order of preference. KTB appears
cheap, both of itself and in relation to
peers. Its operating trend is a positive
one, which has been disguised by the
still-volatile loan loss provisions. Yet,
there remains ample room for it to
improve, particularly in the area of fee
income. TISCO has underperformed
the sector for the past three
consecutive years. That could change
as it rides out the ongoing auto credit
malaise. While auto loans still weigh
on its asset quality and earnings, we
project gradual improvements from
2H14 onwards before a potential full
exit from the downturn next year. We
prioritise TISCO over KKP given the
formers firmer asset quality and
potentially earlier earnings
turnaround.


Monchai JATURANPINYO, CFA
T (66) 2 657 9224
E monchai.ja@cimb.com


If there is any investment,
particularly from the public sector,
the private sector will follow, and
this will help propel the economy
in a sustainable fashion.
Prasarn Trairatvorakul,
Bank of Thailand Governor

Highlighted Companies
Krung Thai Bank
KTBs operating trend is a positive one. Over the past
four quarters, its loans have grown at twice the pace
of peers. Such growth has been from private sector
businesses, which should be conducive for fee
opportunities.

Tisco Financial Group
We are relaxed about TISCOs revenue outlook,
expecting both loan demand and the capital market
business to gather momentum. Its asset quality has
been under pressure but we expect such downward
pressure to ease from 2H14 onwards.

Kiatnakin Bank
KKPs earnings have disappointed on the back of its
weaker auto and real estate loan quality. However,
we see room for sequential improvements in its
earnings and believe that the share price has yet to
reflect its medium-term earnings potential.

Page 49

August 1, 2014


THAILAND

ECONOMIC UPDATE

Inflation on the back burner
Thailands headline inflation eased to 2.16% yoy in Jul (2.35% in Jun),
below our (2.5%) and market estimates (2.4%). The moderation reflects
the NCPOs efforts to reduce the cost of living by curbing cooking gas
and diesel prices as well as controlling the prices of selected goods. This
will help to contain inflationary pressures and allow the Bank of
Thailand (BOT) to keep policy rates on hold for a longer time. We
maintain our average inflation estimate of 2.4% for this year (official
MOC estimate: +2.0-2.8%, BOT: +2.6%) and 3.2% in 2015.

News
Headline inflation moderated to 2.16% yoy in Jul (2.35% in Jun), lower than
our (2.5%) and market estimates (2.4%). On a mom basis, the CPI fell 0.1%
(-0.1% in Jun). In 7M14, headline CPI was 2.2% higher yoy (7M13: 2.6%).
Meanwhile, core inflation edged up to 1.81% yoy in Jul (1.71% in Jun).
Analysis
The primary factors driving the easing of inflation in Jul were the downticks in
food and energy prices. The energy subcomponent increased by 3.1% yoy (4.8%
in Jun), and the raw food subcomponent eased to 3.1% yoy (+3.4% in Jun). The
transportation subcomponent rose at a slower rate of 0.4% yoy (1.3% in Jun)
while the food subcomponent edged up 4.2% yoy (4.1% in Jun).
Implications
The military government has approved an extension of tax cuts for diesel for
another month and extended free bus and train services for low-income earners
by six months. The National Council for Peace and Order (NCPO) has also
frozen the cooking gas price at THB22.63 per kg and cut the retail diesel price
by 14 satang on 13 Jun pending further discussions to revise the energy price
structure. This will help to cap rising cost pressures and keep inflation at
modest levels. Key upside risks to note include potential food supply disruption
and escalating global oil prices due to geopolitical risks.

Figure 1: Headline inflation slows in Jul
Title:
Source:
-5
-4
-3
-2
-1
0
1
2
3
4
5
Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12 Mar-13 Aug-13 Jan-14 Jun-14
% yoy, % p.a.
Inflation rate Core inflation Policy rate

SOURCES: BUREAU OF TRADE AND ECONOMIC INDICES, BLOOMBERG, CIMB RESEARCH


CIMB Analyst(s)

Julia GOH
T (60) 3 2261 9097
E julia.goh@cimb.com


On the domestic side, the
central bank remains adamant
the main concern of the moment is
swelling household debt, not
inflation.
Don Nakornthab,
Bank of Thailand
Director for Economic Policy

Page 50

August 4, 2014

Asia Pacific stock coverage universe
Valuation summary by country
Up/ Yield ROAE P/Bk EV/EBITDA Gearing
MktCap Price Target down (%) (%) (x) (x) (%)
Company Bloomberg Analyst Industry Rec (US$bn) Curr 31-Jul Price (%) Curr 2013 2014 2015 2014 2015 2014 2015 2014 2014 2014 2014 2014
AUSTRALIA
Automobiles and Parts 0.12 15.9 10.7
Fleetwood Corporation FWD AU Alexandra CLARKE Autos Hold 0.12 A$ 2.18 2.38 9.2 A$ 0.177 0.136 0.202 -22.8 47.9 16.0 10.8 2.3 3.8 0.6 5.4 25.1
Chemicals 13.27 13.7 11.8
Incitec Pivot IPL AU Andrew SCOTT Chemicals - Others Hold 4.58 A$ 2.98 2.92 -2.0 A$ 0.186 0.206 0.242 10.4 17.7 14.5 12.3 3.4 7.7 1.1 8.9 39.4
Nufarm NUF AU Andrew SCOTT Chemicals - Others Add 1.07 A$ 4.35 5.60 28.7 A$ 0.246 0.311 0.426 26.5 36.9 14.0 10.2 2.4 4.8 0.7 5.8 29.5
Orica ORI AU Andrew SCOTT Chemicals - Others Add 7.62 A$ 22.00 25.68 16.7 A$ 1.651 1.694 1.879 2.6 10.9 13.0 11.7 4.4 15.4 1.9 8.4 54.6
Commodities 340.03 12.2 11.3
Cokal CKAAU Michael EVANS Coal Mining Add 0.06 A$ 0.14 0.42 200.0 A$ -0.015 -0.008 0.033 49.0 529.7 -18.1 4.2 0.0 -4.8 1.0 -9.4 -33.7
New Hope Corporation NHC AU Michael EVANS Coal Mining Hold 2.32 A$ 3.00 2.70 -10.0 A$ 0.096 0.068 0.086 -28.5 25.4 43.9 35.0 4.0 2.9 1.3 22.8 -49.6
Whitehaven Coal WHC AU Michael EVANS Coal Mining Add 1.62 A$ 1.71 2.10 22.8 A$ -0.069 -0.052 -0.004 25.2 91.9 -32.9 -405.5 0.0 -1.7 0.6 42.2 25.2
Yancoal Australia YAL AU Tom SARTOR Coal Mining Reduce 0.30 A$ 0.32 0.50 56.3 A$ -0.375 -0.118 0.073 68.5 161.7 -2.7 4.4 0.0 -12.8 0.4 18.5 603.9
Crusader Resources CAS AU James WILSON Commodities - overall Add 0.05 A$ 0.41 0.51 24.4 A$ 0.001 0.051 0.048 4,124.9 -5.3 8.1 8.5 0.0 22.3 1.6 6.1 -24.9
Altura Mining AJMAU Tom SARTOR Mining Add 0.07 A$ 0.16 0.31 93.8 A$ -0.001 0.014 0.064 1,200.7 357.5 11.5 2.5 0.0 10.4 1.1 4.6 20.1
Alumina AWC AU Michael EVANS Mining Add 4.18 A$ 1.61 1.90 18.0 US$ 0.006 0.042 0.067 594.1 59.1 35.5 22.3 2.7 4.2 1.5 33.7 0.7
Atlas Iron AGOAU Michael EVANS Mining Reduce 0.54 A$ 0.64 0.46 -28.1 A$ 0.017 0.045 0.067 163.0 48.1 14.1 9.5 4.7 2.5 0.4 2.3 0.1
Beadell Resources BDR AU James WILSON Mining Add 0.39 A$ 0.52 0.89 71.2 A$ 0.147 0.124 0.125 -15.2 0.6 4.2 4.2 0.0 31.4 1.1 2.4 -14.6
BHP Billiton BHP AU Michael EVANS Mining Add 188.29 A$ 38.68 43.30 11.9 US$ 2.393 2.625 2.697 9.7 2.8 13.7 13.3 3.4 17.4 2.2 6.6 25.8
Energy Resources of Australia ERAAU Amit RAMDEV Mining Hold 0.64 A$ 1.34 1.19 -11.2 A$ -0.222 -0.359 -0.241 -61.7 32.8 -3.7 -5.6 0.0 -22.3 1.0 -8.8 -61.6
Evolution Mining EVN AU James WILSON Mining Add 0.52 A$ 0.78 1.16 48.7 A$ 0.107 0.099 0.082 -7.7 -17.5 7.9 9.6 0.0 8.5 0.6 1.9 -5.8
Finders Resources FND AU Chris BROWN Mining Add 0.13 A$ 0.21 0.28 33.3 A$ -0.011 -0.008 -0.017 28.6 -123.1 -27.3 -12.2 0.0 -7.4 1.4 -44.4 120.6
Fortescue Metals Group FMGAU Michael EVANS Mining Hold 14.23 A$ 4.92 4.35 -11.6 US$ 0.716 0.919 0.876 28.4 -4.7 5.0 5.2 5.1 37.6 1.6 4.0 85.1
Gryphon Minerals GRYAU James WILSON Mining Add 0.07 A$ 0.20 0.33 65.0 A$ -0.022 -0.007 0.039 68.9 671.2 -28.9 5.1 0.0 -1.3 0.3 2.0 -15.1
Iluka Resources ILU AU Michael EVANS Mining Add 3.43 A$ 8.83 13.00 47.2 A$ 0.046 -0.037 0.385 -180.9 1,131.0 -236.3 22.9 2.3 -1.0 2.5 31.9 5.5
Mount Gibson Iron MGXAU Michael EVANS Mining Add 0.74 A$ 0.74 1.10 48.6 A$ 0.095 0.077 0.040 -18.8 -48.5 9.6 18.6 4.1 6.7 0.6 1.1 -39.2
Newcrest Mining NCMAU David COATES Mining Add 7.76 A$ 10.90 13.70 25.7 A$ 1.209 0.859 0.798 -28.9 -7.2 12.7 13.7 0.2 4.8 0.9 7.9 47.7
OceanaGold OGC AU David COATES Mining Reduce 0.87 A$ 3.11 2.70 -13.2 US$ 0.497 0.404 0.259 -18.7 -35.9 7.1 11.1 0.0 18.3 1.2 3.4 6.9
OZ Minerals OZL AU David COATES Mining Add 1.31 A$ 4.65 5.50 18.3 A$ 0.122 0.205 0.258 68.3 25.9 22.7 18.0 0.0 2.6 0.6 4.0 -7.2
Paladin Energy PDN AU Amit RAMDEV Mining Add 0.34 A$ 0.38 0.55 44.7 US$ -0.020 0.003 -0.032 113.8 -1,256.5 127.3 -11.0 0.0 -10.3 0.8 254.4 105.1
Papillon Resources PIR AU James WILSON Mining Add 0.60 A$ 1.84 1.69 -8.2 A$ -0.010 -0.021 0.153 -114.8 839.7 -89.0 12.0 0.0 -6.5 6.0 -91.3 15.6
Perseus Mining PRU AU David COATES Mining Add 0.21 A$ 0.44 0.53 20.5 A$ 0.046 0.010 0.001 -78.7 -85.5 44.5 307.6 0.0 1.1 0.4 4.2 -7.9
Regis Resources RRL AU James WILSON Mining Add 0.82 A$ 1.76 2.06 17.0 A$ 0.226 0.190 0.265 -15.8 39.7 9.3 6.6 0.0 14.2 1.2 3.8 -27.4
Rio Tinto RIOAU Michael EVANS Mining Add 108.68 A$ 66.38 80.70 21.6 US$ 5.530 5.347 6.098 -3.3 14.1 11.5 10.1 3.3 20.1 2.2 7.2 32.4
Sandfire Resources SFR AU David COATES Mining Reduce 0.93 A$ 6.46 5.50 -14.9 A$ 0.509 0.572 0.808 12.2 41.3 11.3 8.0 0.0 30.5 3.0 4.3 14.7
Saracen Mineral Holdings SAR AU James WILSON Mining Hold 0.32 A$ 0.44 0.37 -15.9 A$ 0.008 0.049 0.065 506.7 33.2 9.1 6.8 0.0 14.8 1.2 2.4 -37.6
Silver Lake Resources SLR AU James WILSON Mining Add 0.22 A$ 0.46 0.63 37.0 A$ 0.073 0.105 0.122 43.3 16.9 4.4 3.8 0.0 13.8 0.6 2.6 -4.8
Toro Energy TOE AU Tom SARTOR Mining Hold 0.09 A$ 0.06 0.08 33.3 A$ -0.006 -0.007 -0.004 -24.3 49.4 -8.7 -17.3 0.0 -6.2 0.5 -10.8 5.0
Select Harvests SHVAU Belinda MOORE Plantations Add 0.28 A$ 5.28 6.20 17.4 A$ 0.440 0.548 0.584 24.6 6.5 9.6 9.0 3.6 17.6 1.6 6.9 35.8
Construction and Materials 33.31 15.3 13.4
Boral BLD AU Andrew SCOTT Building Materials Reduce 3.90 A$ 5.36 5.31 -0.9 A$ 0.176 0.230 0.303 30.3 32.0 23.3 17.7 2.9 5.3 1.2 9.1 27.7
CSR Ltd CSR AU Andrew SCOTT Building Materials Hold 1.78 A$ 3.78 3.02 -20.1 A$ 0.126 0.195 0.229 54.2 17.4 19.4 16.5 3.0 9.1 1.7 8.7 0.7
DuluxGroup DLXAU Julian GUIDO Building Materials Hold 1.97 A$ 5.52 5.76 4.3 A$ 0.263 0.304 0.339 15.6 11.6 18.2 16.3 3.9 43.4 7.2 10.9 108.0
James Hardie Industries JHXAU Andrew SCOTT Building Materials Reduce 5.66 A$ 13.68 10.64 -22.2 US$ 0.414 0.521 0.673 25.7 29.2 24.4 18.9 6.3 -89.4 -15.2 15.6 -46.9
Adelaide Brighton ABC AU Andrew SCOTT Cement Hold 2.18 A$ 3.66 3.51 -4.1 A$ 0.237 0.224 0.254 -5.4 13.2 16.3 14.4 5.6 13.4 2.2 9.7 21.6
Brickworks BKWAU Alexandra CLARKE Cement Hold 1.97 A$ 14.30 15.08 5.5 A$ 0.681 0.726 0.825 6.6 13.6 19.7 17.3 2.9 6.1 1.2 21.0 16.9
Ausenco AAXAU Roger LEANING Construction Add 0.09 A$ 0.60 1.49 148.3 A$ -0.018 0.074 0.128 516.0 73.4 8.1 4.7 6.7 4.7 0.4 3.6 -0.5
BOOMLogistics BOL AU Matthew NICHOLAS Construction Add 0.07 A$ 0.15 0.26 73.3 A$ 0.019 0.010 0.017 -46.0 61.8 14.4 8.9 0.0 1.6 0.2 3.7 27.0
Bradken BKN AU Matthew NICHOLAS Construction Hold 0.72 A$ 4.52 3.90 -13.7 A$ 0.512 0.464 0.449 -9.2 -3.2 9.7 10.1 6.2 9.6 1.0 6.4 47.3
EPS PER
EPS Growth (%) (x)

SOURCES: CIMB FORECASTS, BLOOMBERG


August 4, 2014

Valuation summary by country (contd)
AUSTRALIA
Cardno CDD AU Roger LEANING Construction Add 0.96 A$ 6.30 7.50 19.0 A$ 0.508 0.507 0.555 -0.1 9.4 12.4 11.4 5.9 11.2 1.3 7.6 20.1
Decmil Group DCGAU Alexandra CLARKE Construction Add 0.31 A$ 2.00 2.57 28.5 A$ 0.292 0.310 0.295 6.2 -5.1 6.4 6.8 6.8 17.3 1.1 3.4 -19.5
GWAGroup GWAAU Julian GUIDO Construction Add 0.84 A$ 2.95 3.00 1.7 A$ 0.115 0.142 0.186 23.2 31.5 20.8 15.9 3.6 11.2 2.1 10.6 29.3
Hills HIL AU Matthew NICHOLAS Construction Add 0.40 A$ 1.83 2.10 14.8 A$ 0.177 0.118 0.137 -32.9 15.5 15.4 13.3 4.2 10.8 1.7 8.7 6.6
Leighton Holdings LEI AU Andrew HODGE Construction Reduce 6.95 A$ 22.10 18.35 -17.0 A$ 1.731 1.636 1.758 -5.5 7.5 13.5 12.6 4.7 16.7 2.2 4.2 17.7
Monadelphous Group MND AU Andrew HODGE Construction Hold 1.38 A$ 16.00 17.06 6.6 A$ 1.633 1.511 1.521 -7.5 0.7 10.6 10.5 8.0 42.1 4.3 6.0 -67.5
RCR Tomlinson RCR AU Alexandra CLARKE Construction Add 0.37 A$ 2.94 3.74 27.2 A$ 0.310 0.357 0.399 15.2 11.9 8.2 7.4 4.3 17.1 1.3 4.9 9.8
Sedgman SDMAU Roger LEANING Construction Hold 0.11 A$ 0.53 0.55 3.8 A$ 0.040 0.038 0.070 -4.8 82.7 13.8 7.6 7.5 5.6 0.7 1.2 -49.2
Seven Group Holdings SVWAU Matthew NICHOLAS Construction Add 2.17 A$ 7.72 8.71 12.8 A$ 1.085 0.847 0.949 -22.0 12.0 9.1 8.1 5.2 7.4 0.7 8.0 21.6
Seymour Whyte SWL AU Alexandra CLARKE Construction Add 0.18 A$ 2.15 2.29 6.5 A$ 0.130 0.161 0.195 23.9 20.9 13.3 11.0 3.7 22.8 2.8 6.3 -58.2
Southern Cross Electrical SXE AU Alexandra CLARKE Construction Hold 0.08 A$ 0.56 0.54 -3.6 A$ 0.078 0.050 0.052 -36.0 4.5 11.2 10.8 1.8 7.7 0.8 3.0 -35.1
UGL Ltd UGL AU Andrew HODGE Construction Reduce 1.08 A$ 6.96 5.80 -16.7 A$ 0.670 0.645 0.691 -3.8 7.2 10.8 10.1 0.0 8.8 0.9 6.8 34.9
Watpac WTP AU Scott MURDOCH Construction Hold 0.15 A$ 0.87 1.15 32.2 A$ 0.094 0.096 0.100 1.5 4.6 9.1 8.7 7.1 7.2 0.6 0.5 -49.5
Consumer Discretionary 113.31 19.1 17.0
Gale Pacific GAP AU Alexandra CLARKE Consumer Discretionary - overall Add 0.07 A$ 0.27 0.37 37.0 A$ 0.032 0.035 0.038 10.4 10.3 7.6 6.9 11.4 12.3 0.9 3.7 -1.1
Mantra Group MTR AU Belinda MOORE Consumer Discretionary - overall Add 0.45 A$ 1.96 2.07 5.6 A$ 0.104 0.120 0.140 15.5 16.6 16.3 14.0 2.6 14.8 1.9 8.6 30.7
Reef Casino RCT AU Josephine LITTLE Consumer Discretionary - overall Hold 0.17 A$ 3.70 4.35 17.6 A$ 0.280 0.325 0.345 16.2 6.1 11.4 10.7 8.8 54.9 6.1 4.4 -16.4
Shine Corporation SHJ AU Alexandra CLARKE Consumer Discretionary - overall Add 0.37 A$ 2.30 2.60 13.0 A$ 0.128 0.154 0.173 20.7 12.2 14.9 13.3 1.4 19.7 2.6 9.6 1.4
AP Eagers APE AU Josephine LITTLE Retail Hold 0.96 A$ 5.81 5.77 -0.7 A$ 0.352 0.381 0.414 8.0 8.7 15.3 14.0 4.1 12.1 1.8 9.8 90.1
ARB Corporation ARP AU Matthew NICHOLAS Retail Reduce 0.82 A$ 12.24 11.20 -8.5 A$ 0.574 0.578 0.626 0.8 8.2 21.2 19.6 2.3 21.0 4.2 13.1 -25.6
Automotive Holdings AHE AU Tim PLUMBE Retail Add 1.11 A$ 3.91 4.65 18.9 A$ 0.281 0.302 0.339 7.4 12.2 13.0 11.5 5.6 15.8 2.0 9.7 140.6
Beacon Lighting BLXAU Josephine LITTLE Retail Hold 0.22 A$ 1.13 1.04 -8.0 A$ 0.048 0.056 0.061 16.1 10.0 20.2 18.4 1.9 33.2 6.4 11.5 -30.0
Burson Group BAP AU Josephine LITTLE Retail Hold 0.34 A$ 2.24 2.00 -10.7 A$ 0.106 0.124 0.140 17.1 13.0 18.0 16.0 1.6 22.0 3.8 11.7 73.3
David Jones DJS AU Daniel BROEREN Retail Hold 1.99 A$ 3.99 4.00 0.3 A$ 0.184 0.180 0.192 -2.3 6.5 22.2 20.8 4.1 11.9 2.6 10.9 13.6
Dick Smith DSH AU Daniel BROEREN Retail Add 0.44 A$ 2.02 2.70 33.7 A$ 0.104 0.200 0.226 91.7 13.1 10.1 8.9 5.7 30.7 2.8 5.3 -35.0
Flight Centre Travel FLT AU Tim PLUMBE Retail Add 4.44 A$ 47.50 58.45 23.1 A$ 2.507 2.780 3.073 10.9 10.5 17.1 15.5 3.3 24.7 4.0 7.4 -120.0
Funtastic FUN AU Scott MURDOCH Retail Hold 0.05 A$ 0.08 0.18 125.0 A$ 0.024 0.023 0.023 -4.4 -1.6 3.4 3.4 15.0 13.6 0.4 3.9 32.2
Harvey Norman Holdings HVN AU Daniel BROEREN Retail Add 3.05 A$ 3.09 3.60 16.5 A$ 0.182 0.200 0.215 9.6 7.2 15.4 14.4 3.6 8.7 1.3 9.0 27.0
JB Hi-Fi JBH AU Daniel BROEREN Retail Add 1.83 A$ 19.92 22.90 15.0 A$ 1.239 1.344 1.427 8.5 6.2 14.8 14.0 4.2 47.6 6.5 8.5 3.9
Jumbo Interactive JIN AU Scott MURDOCH Retail Hold 0.05 A$ 1.30 1.95 50.0 A$ 0.073 0.069 0.065 -5.2 -6.0 18.9 20.0 2.3 13.5 2.5 4.4 -119.9
Kathmandu Holdings KMD AU Josephine LITTLE Retail Add 0.56 A$ 3.02 3.33 10.3 NZ$ 0.195 0.198 0.236 1.8 19.3 16.7 14.0 3.3 12.9 2.1 9.6 13.7
McPherson's MCP AU Josephine LITTLE Retail Hold 0.11 A$ 1.24 1.14 -8.1 A$ 0.182 0.160 0.170 -12.3 6.8 7.7 7.3 7.8 13.9 1.3 6.2 96.6
Metcash MTS AU Daniel BROEREN Retail Add 2.44 A$ 2.91 3.30 13.4 A$ 0.277 0.246 0.254 -11.1 3.0 11.8 11.5 5.6 13.6 1.6 7.6 51.1
Myer MYR AU Daniel BROEREN Retail Add 1.24 A$ 2.28 2.40 5.3 A$ 0.206 0.187 0.194 -9.2 3.9 12.2 11.7 7.2 12.5 1.5 6.2 41.3
OrotonGroup ORL AU Josephine LITTLE Retail Hold 0.18 A$ 4.75 4.27 -10.1 A$ 0.486 0.249 0.296 -48.8 19.1 19.1 16.0 4.4 23.1 4.5 8.7 -38.3
Ruralco Holdings RHL AU Belinda MOORE Retail Hold 0.25 A$ 3.44 3.70 7.6 A$ 0.178 0.246 0.262 38.5 6.4 14.0 13.1 5.3 9.2 1.1 6.9 25.6
Super Retail Group (CIMB) SUL AU Josephine LITTLE Retail Hold 1.73 A$ 9.44 9.55 1.2 A$ 0.564 0.571 0.643 1.1 12.8 16.5 14.7 4.0 14.8 2.4 9.0 38.6
Thorn Group TGAAU Scott MURDOCH Retail Add 0.32 A$ 2.28 2.50 9.6 A$ 0.190 0.200 0.220 5.5 9.6 11.4 10.4 5.0 17.1 1.9 7.8 32.0
Vita Group VTGAU Scott MURDOCH Retail Add 0.11 A$ 0.82 0.86 4.9 A$ 0.065 0.099 0.101 51.1 2.5 8.3 8.1 5.3 41.7 3.5 3.7 17.8
Wesfarmers WES AU Daniel BROEREN Retail Add 46.75 A$ 44.02 46.30 5.2 A$ 1.820 1.877 2.220 3.1 18.3 23.4 19.8 4.9 8.8 1.9 10.9 6.9
Woolworths WOWAU Daniel BROEREN Retail Hold 43.25 A$ 36.95 35.60 -3.7 A$ 1.899 2.018 2.166 6.3 7.3 18.3 17.1 3.9 26.6 4.7 10.3 52.4
Consumer Staples 15.90 18.0 15.8
Slater & Gordon SGH AU Alexandra CLARKE Consumer Staples - overall Add 0.95 A$ 4.98 4.91 -1.4 A$ 0.260 0.317 0.371 22.0 16.7 15.7 13.4 1.5 15.9 2.3 10.8 25.6
Tassal Group TGR AU Matthew NICHOLAS Consumer Staples - overall Hold 0.55 A$ 4.01 3.40 -15.2 A$ 0.197 0.226 0.248 14.6 10.0 17.8 16.2 2.9 10.0 1.7 9.3 13.1
Bega Cheese BGAAU Belinda MOORE Food & Beverages Hold 0.69 A$ 4.88 5.20 6.6 A$ 0.198 0.248 0.278 25.2 12.1 19.7 17.6 2.0 11.8 2.2 9.8 -1.4
Coca-Cola Amatil CCL AU Daniel BROEREN Food & Beverages Add 6.60 A$ 9.31 11.70 25.7 A$ 0.729 0.571 0.661 -21.7 15.8 16.3 14.1 5.4 24.8 4.0 9.2 106.4
Freedom Foods Group FNP AU Belinda MOORE Food & Beverages Add 0.43 A$ 3.05 3.27 7.2 A$ 0.056 0.081 0.114 44.3 40.8 37.6 26.7 1.1 11.3 3.9 23.5 -4.3
Goodman Fielder GFF AU Daniel BROEREN Food & Beverages Hold 1.16 A$ 0.64 0.63 -1.6 A$ 0.040 0.043 0.048 6.8 12.0 14.9 13.3 3.9 4.9 0.9 7.4 30.1
EPS PER
EPS Growth (%) (x)



August 4, 2014

AUSTRALIA
GrainCorp GNC AU Belinda MOORE Food & Beverages Hold 1.85 A$ 8.71 8.58 -1.5 A$ 0.674 0.431 0.512 -36.0 18.6 20.2 17.0 3.0 5.6 1.1 8.8 41.2
Ridley Corporation RIC AU Belinda MOORE Food & Beverages Hold 0.23 A$ 0.82 0.88 7.3 A$ 0.047 0.058 0.063 22.7 8.7 14.2 13.1 4.5 8.1 1.1 6.8 15.5
Treasury Wine Estates TWE AU Daniel BROEREN Food & Beverages Reduce 3.04 A$ 5.04 4.25 -15.7 A$ 0.203 0.216 0.229 6.3 6.2 23.4 22.0 3.0 4.4 1.0 13.1 9.9
Warrnambool Cheese WCB AU Belinda MOORE Food & Beverages Hold 0.40 A$ 7.66 9.40 22.7 A$ 0.277 0.438 0.473 58.1 7.9 17.5 16.2 2.6 14.0 2.4 9.4 30.9
Financial Services 441.23 14.2 13.4
ANZ Banking Group ANZ AU John BUONACCORSI Banks Add 86.99 A$ 33.97 35.36 4.1 A$ 2.377 2.653 2.791 11.6 5.2 12.8 12.2 5.4 15.5 2.0 n/a n/a
Bank of Queensland BOQAU John BUONACCORSI Banks Hold 4.22 A$ 12.54 13.17 5.0 A$ 0.828 0.956 1.046 15.5 9.5 13.1 12.0 5.5 10.5 1.3 n/a n/a
Bendigo & Adelaide Bank BEN AU John BUONACCORSI Banks Hold 5.36 A$ 12.75 11.54 -9.5 A$ 0.893 0.937 0.980 4.9 4.6 13.6 13.0 5.1 8.4 1.2 n/a n/a
Commonwealth Bank CBAAU John BUONACCORSI Banks Reduce 126.14 A$ 83.75 73.94 -11.7 A$ 5.038 5.347 5.536 6.1 3.5 15.7 15.1 4.8 18.1 2.8 n/a n/a
National Australia Bank NAB AU John BUONACCORSI Banks Add 77.63 A$ 35.32 37.08 5.0 A$ 2.474 2.768 2.956 11.9 6.8 12.8 11.9 5.8 15.1 1.9 n/a n/a
Westpac Banking Corp WBC AU John BUONACCORSI Banks Hold 99.96 A$ 34.61 34.33 -0.8 A$ 2.327 2.476 2.532 6.4 2.3 14.0 13.7 5.6 16.4 2.2 n/a n/a
Blue Sky Alternative Investments BLAAU Scott MURDOCH Finance Companies Add 0.15 A$ 2.91 3.30 13.4 A$ 0.107 0.125 0.164 16.2 31.2 23.3 17.8 2.6 14.1 2.8 14.5 -16.3
Mortgage Choice MOC AU Ashley DALZIELL, CFA Finance Companies Hold 0.36 A$ 3.15 3.01 -4.4 A$ 0.139 0.155 0.163 11.6 5.7 20.4 19.3 4.9 18.2 3.6 13.1 -13.7
Silver Chef SIVAU Scott MURDOCH Finance Companies Add 0.17 A$ 6.17 7.03 13.9 A$ 0.422 0.460 0.521 8.9 13.3 13.4 11.8 5.0 20.8 2.6 3.2 168.2
Aust Securities Exchange ASXAU Richard COLES Financial Services - Others Reduce 6.51 A$ 36.19 33.30 -8.0 A$ 2.012 2.120 2.260 5.4 6.6 17.1 16.0 5.2 11.1 1.8 n/a -32.9
Challenger Financial Svcs CGF AU Richard COLES Financial Services - Others Hold 3.98 A$ 8.08 6.20 -23.3 A$ 0.629 0.654 0.691 4.0 5.7 12.4 11.7 3.4 15.7 1.8 n/a -25.2
Computershare CPU AU Richard COLES Financial Services - Others Hold 6.79 A$ 13.15 12.70 -3.4 US$ 0.564 0.612 0.660 8.6 7.8 19.9 18.5 2.6 29.8 5.5 n/a 82.9
WH Soul Pattinson & Co SOL AU Roger LEANING Financial Services - Others Hold 3.36 A$ 15.13 14.95 -1.2 A$ 0.635 0.599 0.688 -5.6 14.7 25.2 22.0 3.2 4.9 1.2 15.5 -45.1
Macquarie Group MQGAU Michael LEONARD Stockbroking & Exchanges Hold 17.47 A$ 58.52 57.00 -2.6 A$ 3.781 4.240 4.696 12.1 10.7 13.8 12.5 5.1 10.9 1.6 n/a n/a
Perpetual PPT AU Richard COLES Stockbroking & Exchanges Hold 2.11 A$ 48.82 48.00 -1.7 A$ 2.206 2.772 3.067 25.7 10.6 17.6 15.9 4.4 26.3 4.2 n/a -34.9
Healthcare 64.68 21.9 19.3
Acrux ACR AU Scott POWER Biotechnology Reduce 0.28 A$ 1.84 1.21 -34.2 A$ 0.121 0.155 0.126 28.1 -18.7 11.8 14.5 7.6 42.5 4.9 6.8 -63.4
Admedus AHZ AU Scott POWER Biotechnology Add 0.17 A$ 0.13 0.23 76.9 A$ -0.005 -0.001 0.005 74.0 434.5 -87.6 26.2 0.0 -8.8 7.8 -90.8 -40.6
Alchemia ACL AU Scott POWER Biotechnology Add 0.17 A$ 0.57 0.88 54.4 A$ -0.013 0.068 0.109 617.2 61.1 8.3 5.2 0.0 53.1 3.5 6.6 -62.5
Phosphagenics POH AU Scott POWER Biotechnology Hold 0.08 A$ 0.09 0.10 11.1 A$ -0.013 -0.012 0.002 2.7 117.8 -7.3 41.0 0.0 -35.8 3.2 -9.6 -14.5
QRxPharma QRXAU Scott POWER Biotechnology Hold 0.01 A$ 0.08 0.08 0.0 A$ -0.076 -0.058 -0.038 24.1 35.2 -1.3 -2.0 0.0 -205.2 6.8 -0.9 -174.5
Starpharma Holdings SPL AU Dr Derek JELLINEK Biotechnology Add 0.20 A$ 0.76 1.40 84.2 A$ -0.026 -0.029 -0.011 -11.7 63.2 -26.3 -71.4 0.0 -21.8 6.4 -24.4 -48.5
Tissue Therapies TIS AU Scott POWER Biotechnology Add 0.07 A$ 0.29 0.44 51.7 A$ -0.041 -0.040 -0.014 0.9 65.1 -7.1 -20.3 0.0 -88.9 7.8 -6.3 -61.5
Virtus Health VRT AU Scott POWER Health Care Providers & Svs Add 0.58 A$ 7.85 8.96 14.1 A$ 0.282 0.435 0.492 54.5 13.2 18.0 15.9 3.2 14.9 2.6 11.2 43.9
CSL Ltd CSL AU Dr Derek JELLINEK Health Products Hold 29.97 A$ 67.80 67.50 -0.4 US$ 2.545 2.935 3.277 15.3 11.7 21.5 19.2 1.9 43.0 8.7 15.6 21.8
GI Dynamics Inc GID AU Dr Derek JELLINEK Health Products Add 0.19 A$ 0.43 1.17 172.1 US$ -0.782 -0.627 -0.449 19.7 28.5 -0.1 -0.2 0.0 -72.4 0.1 1.1 -100.0
Reva Medical RVAAU Dr Derek JELLINEK Health Products Add 0.05 A$ 0.16 0.28 75.0 US$ -0.844 -0.361 -0.319 57.2 11.5 -0.4 -0.5 0.0 -59.7 0.3 1.5 -99.7
Ramsay Health Care RHC AU Dr Derek JELLINEK Hospitals Add 9.08 A$ 48.39 52.52 8.5 A$ 1.564 1.771 1.936 13.2 9.3 27.3 25.0 1.8 20.0 5.5 14.0 60.6
Ansell ANN AU Dr Derek JELLINEK Medical Equipment & Svs Hold 2.70 A$ 19.03 20.71 8.8 US$ 0.933 1.061 1.404 13.7 32.3 16.7 12.6 2.3 14.4 1.9 11.3 24.9
Cochlear COH AU Dr Derek JELLINEK Medical Equipment & Svs Reduce 3.37 A$ 63.65 45.33 -28.8 A$ 2.043 1.994 2.390 -2.4 19.9 31.9 26.6 4.0 36.8 12.5 20.8 79.6
ImpediMed IPD AU Scott POWER Medical Equipment & Svs Add 0.07 A$ 0.30 0.48 60.0 A$ -0.039 -0.029 -0.013 25.1 55.9 -10.3 -23.4 0.0 -56.2 6.1 -9.0 -77.4
Primary Health Care PRYAU Dr Derek JELLINEK Medical Equipment & Svs Add 2.28 A$ 4.86 5.68 16.9 A$ 0.312 0.344 0.374 10.0 8.9 14.1 13.0 4.5 6.3 0.9 8.2 35.6
ResMed Inc RMD AU Dr Derek JELLINEK Medical Equipment & Svs Add 7.18 A$ 5.51 6.03 9.4 US$ 2.402 2.756 3.148 14.8 14.2 18.6 16.3 2.1 20.8 3.6 11.8 -45.7
Sonic Healthcare SHL AU Dr Derek JELLINEK Medical Equipment & Svs Add 6.77 A$ 18.17 19.10 5.1 A$ 0.923 1.052 1.165 13.9 10.8 17.3 15.6 4.0 13.7 2.3 11.3 47.7
Blackmores BKL AU Scott POWER Pharmaceuticals Hold 0.45 A$ 28.39 26.01 -8.4 A$ 1.495 1.605 1.753 7.3 9.2 17.7 16.2 4.8 26.4 4.6 11.1 59.2
Sirtex Medical SRXAU Dr Derek JELLINEK Pharmaceuticals Reduce 0.99 A$ 18.88 12.52 -33.7 A$ 0.377 0.460 0.614 22.0 33.4 41.0 30.7 0.7 24.2 9.1 30.3 -48.2
Industrial Goods and Services 28.30 16.2 14.8
ALS Limited ALQAU Roger LEANING Environmental Add 2.89 A$ 7.81 8.42 7.8 A$ 0.488 0.407 0.452 -16.7 11.0 19.2 17.3 5.0 11.7 2.2 11.2 51.7
Coffey International COF AU Roger LEANING Environmental Hold 0.06 A$ 0.26 0.28 7.7 A$ 0.032 0.033 0.041 1.3 26.6 7.8 6.2 5.9 5.8 0.4 4.5 43.5
Tox Free Solutions TOXAU Tim PLUMBE Environmental Hold 0.40 A$ 3.25 3.35 3.1 A$ 0.186 0.204 0.230 9.9 12.5 15.9 14.1 1.5 11.7 1.7 7.3 32.7
Transpacific Industries TPI AU Tim PLUMBE Environmental Add 1.59 A$ 1.09 1.25 14.7 A$ 0.063 0.056 0.064 -11.7 14.5 19.4 17.0 0.0 4.7 0.8 5.2 -4.0
GUD Holdings GUD AU Matthew NICHOLAS Ind Goods & Services Add 0.49 A$ 7.46 7.15 -4.2 A$ 0.483 0.485 0.557 0.4 14.8 15.4 13.4 5.3 15.6 2.5 9.4 48.1
Legend Corporation LGD AU Scott POWER Ind Goods & Services Add 0.06 A$ 0.30 0.37 23.3 A$ 0.035 0.038 0.041 10.8 8.3 7.8 7.2 6.8 18.9 1.0 4.7 16.0
EPS PER
EPS Growth (%) (x)



August 4, 2014

AUSTRALIA
AMAGroup AMAAU Alexandra CLARKE Industrial - overall Hold 0.09 A$ 0.30 0.29 -3.3 A$ 0.021 0.021 0.025 -1.0 21.6 14.5 12.0 3.5 15.2 2.1 9.5 -4.5
Breville Group BRGAU Matthew NICHOLAS Industrial - overall Add 1.01 A$ 8.35 9.84 17.8 A$ 0.381 0.397 0.435 4.1 9.6 21.0 19.2 3.3 23.8 4.8 12.5 -15.8
Korvest KOVAU Roger LEANING Industrial - overall Add 0.06 A$ 6.56 7.48 14.0 A$ 0.518 0.600 0.616 15.9 2.7 10.9 10.6 8.0 14.3 1.5 6.1 -3.2
Logicamms LCMAU Roger LEANING Industrial - overall Add 0.06 A$ 0.98 1.47 50.0 A$ 0.142 0.143 0.173 0.2 21.0 6.8 5.6 7.2 12.6 0.8 4.4 -13.8
Ausdrill ASL AU Matthew NICHOLAS Industrial Machinery Hold 0.32 A$ 1.09 0.80 -26.6 A$ 0.218 0.103 0.129 -52.8 25.3 10.6 8.5 4.1 3.8 0.4 3.9 46.6
Emeco Holdings EHL AU Matthew NICHOLAS Industrial Machinery Hold 0.12 A$ 0.22 0.19 -13.6 A$ -0.009 -0.053 -0.057 -515.3 -7.6 -4.1 -3.8 0.0 -7.9 0.4 6.1 91.5
Imdex IMD AU Matthew NICHOLAS Industrial Machinery Hold 0.13 A$ 0.65 0.74 13.8 A$ 0.043 0.005 0.027 -89.2 491.5 140.2 23.7 0.0 0.8 0.6 11.2 15.4
Redflow RFXAU Nick HARRIS Industrial Machinery Add 0.04 A$ 0.19 0.20 5.3 A$ -0.021 -0.014 -0.024 29.9 -65.7 -13.2 -8.0 0.0 -52.6 9.0 -12.2 -53.5
Resource Equipment RQL AU Alexandra CLARKE Industrial Machinery Hold 0.04 A$ 0.13 0.15 15.4 A$ 0.008 0.004 0.014 -52.0 259.6 33.7 9.4 0.0 0.9 0.3 3.6 16.1
Amcor AMC AU Andrew SCOTT Packaging Hold 11.69 A$ 10.43 10.36 -0.7 A$ 0.594 0.645 0.690 8.7 6.9 16.2 15.1 3.8 33.1 6.5 9.7 156.7
Orora ORAAU Niraj SHAH Packaging Add 1.65 A$ 1.47 1.54 4.8 A$ 0.071 0.091 0.107 28.3 16.9 16.1 13.8 4.1 8.1 1.3 7.6 37.8
Pact Group PGH AU Niraj SHAH Packaging Add 1.01 A$ 3.71 4.10 10.5 A$ n/a 0.292 0.310 n/a 6.2 12.7 12.0 4.1 n/a 3.8 8.0 192.4
Arrium ARI AU Andrew HODGE Steel Reduce 1.05 A$ 0.83 0.74 -10.8 A$ 0.185 0.176 0.112 -4.9 -36.4 4.7 7.4 9.8 5.8 0.3 3.7 43.9
BlueScope Steel BSL AU Andrew HODGE Steel Reduce 3.26 A$ 6.28 5.53 -11.9 A$ 0.141 0.300 0.457 112.5 52.2 20.9 13.7 1.6 4.0 0.8 6.6 6.1
Sims Metal Management SGMAU Andrew HODGE Steel Reduce 2.27 A$ 11.93 10.00 -16.2 A$ 0.264 0.555 0.799 109.9 44.0 21.5 14.9 1.4 5.1 1.0 8.5 4.8
Insurance 61.01 14.8 12.6
Suncorp Group SUN AU Richard COLES Insurance - Composite Add 17.08 A$ 14.29 14.21 -0.6 A$ 0.460 0.774 1.053 68.1 36.1 18.5 13.6 6.2 7.9 1.4 n/a 219.4
Genworth Mortgage GMAAU Ashley DALZIELL, CFA Insurance - General Hold 2.08 A$ 3.45 3.44 -0.3 A$ 0.276 0.380 0.396 37.9 4.2 9.1 8.7 3.9 10.8 0.9 n/a -164.3
Insurance Australia Group IAGAU Richard COLES Insurance - General Hold 13.70 A$ 6.30 5.70 -9.5 A$ 0.546 0.486 0.453 -10.9 -6.9 13.0 13.9 5.2 18.3 2.3 n/a -216.6
QBE Insurance Group QBE AU Richard COLES Insurance - General Hold 13.06 A$ 11.00 11.50 4.5 US$ 0.819 0.798 1.072 -2.5 34.3 12.8 9.5 3.4 9.5 1.2 n/a -243.6
AMP Ltd AMP AU Richard COLES Insurance - Life Hold 15.09 A$ 5.49 5.23 -4.7 A$ 0.300 0.345 0.362 14.9 5.0 15.9 15.1 4.5 12.5 2.0 n/a 152.0
Media 20.32 23.9 19.7
Carsales.com CRZ AU Daniel BLAIR Media - Integrated Add 2.54 A$ 11.51 12.17 5.7 A$ 0.375 0.433 0.514 15.3 18.9 26.6 22.4 3.0 37.0 8.5 18.0 41.9
Nine Entertainment NEC AU Daniel BLAIR Media - Integrated Add 1.88 A$ 2.15 2.66 23.7 A$ 0.160 0.162 0.180 0.9 11.5 13.3 11.9 3.1 8.2 1.1 7.8 21.2
REAGroup REAAU Daniel BLAIR Media - Integrated Reduce 5.82 A$ 47.58 37.62 -20.9 A$ 0.976 1.251 1.501 28.1 20.0 38.0 31.7 1.3 40.8 13.9 23.6 -87.4
SEEK SEK AU Daniel BLAIR Media - Integrated Hold 5.25 A$ 16.59 17.02 2.6 A$ 0.477 0.599 0.765 25.7 27.7 27.7 21.7 2.0 22.1 5.6 18.0 21.4
Seven West Media SWMAU Daniel BLAIR Media - Integrated Add 1.90 A$ 2.05 2.30 12.2 A$ 0.232 0.227 0.228 -2.1 0.2 9.0 9.0 4.9 7.6 0.7 6.6 37.0
Southern Cross Media SXL AU Daniel BLAIR Media - Integrated Add 0.79 A$ 1.21 1.62 33.9 A$ 0.122 0.119 0.131 -2.8 10.2 10.2 9.3 6.7 5.3 0.5 7.5 36.5
STWGroup SGN AU Matthew NICHOLAS Media - Integrated Add 0.56 A$ 1.49 1.55 4.0 A$ 0.124 0.132 0.147 6.4 11.8 11.3 10.1 5.3 11.8 1.3 8.0 32.0
Ten Network Holdings TEN AU Daniel BLAIR Media - Integrated Reduce 0.70 A$ 0.29 0.16 -44.8 A$ -0.013 -0.023 -0.007 -82.9 70.4 -12.2 -41.2 0.0 -7.3 0.9 -18.1 13.8
Icar Asia ICQAU Ivor RIES Media - overall Reduce 0.28 A$ 1.55 1.35 -12.9 A$ -0.031 -0.067 -0.058 -115.3 14.5 -23.0 -26.9 0.0 -88.6 25.3 -22.5 -73.8
Iproperty Group IPP AU Ivor RIES Media - overall Add 0.61 A$ 3.59 3.60 0.3 A$ -0.015 0.011 0.047 172.8 333.4 329.2 75.9 0.0 6.2 19.7 315.4 -47.3
Oil and Gas 18.77 15.8 14.3
Origin Energy ORGAU Michael NEWBOLD, CFA Oil & Gas - Integrated Hold 14.69 A$ 14.33 14.97 4.5 A$ 0.594 0.782 0.906 31.8 15.8 18.3 15.8 3.5 5.9 1.2 11.5 58.4
Red Fork Energy RFE AU Krista WALTER Oil & Gas - overall Hold 0.05 A$ 0.10 0.08 -20.0 US$ -0.047 0.000 0.007 99.9 22,230.3 -2,927.4 13.2 0.0 0.0 0.3 3.7 45.5
Beach Energy BPT AU Krista WALTER Oil & Gas Exp & Prodn Hold 2.04 A$ 1.70 1.67 -1.8 A$ 0.165 0.196 0.169 18.4 -13.5 8.7 10.0 2.0 12.7 1.1 4.0 -9.8
Horizon Oil HZN AU Krista WALTER Oil & Gas Exp & Prodn Add 0.45 A$ 0.38 0.47 23.7 US$ 0.011 0.026 0.031 133.1 20.0 13.6 11.4 0.0 12.5 1.5 4.8 28.7
Maverick Drilling & Exploration MAD AU Krista WALTER Oil & Gas Exp & Prodn Hold 0.08 A$ 0.16 0.19 18.8 US$ 0.004 0.006 0.016 48.6 180.6 26.1 9.3 0.0 2.3 0.5 2.3 -27.9
Senex Energy SXYAU Krista WALTER Oil & Gas Exp & Prodn Add 0.73 A$ 0.68 1.15 69.1 A$ 0.045 0.055 0.055 22.7 -1.4 12.3 12.5 0.0 12.5 1.4 6.7 -16.6
Sundance Energy SEAAU Krista WALTER Oil & Gas Exp & Prodn Add 0.70 A$ 1.37 1.38 0.7 US$ 0.025 0.098 0.102 288.7 4.0 13.0 12.5 0.0 12.2 1.5 4.6 -14.9
Tlou Energy TOU AU Krista WALTER Oil & Gas Exp & Prodn Add 0.04 A$ 0.31 0.62 100.0 A$ -0.042 -0.022 0.017 47.1 175.9 -14.0 18.4 0.0 -22.8 0.6 -1.0 -52.6
Oil Equipment and Services 4.91 13.4 11.9
Mermaid Marine Aust MRMAU Tim PLUMBE Offshore & Marine Hold 0.69 A$ 2.03 2.05 1.0 A$ 0.247 0.221 0.226 -10.3 2.3 9.2 9.0 6.2 11.0 1.0 5.4 31.8
WorleyParsons WOR AU Andrew HODGE Oil & Gas - Equipment & Svs Hold 4.13 A$ 18.00 17.30 -3.9 A$ 1.248 1.245 1.378 -0.3 10.7 14.5 13.1 4.2 13.8 2.0 8.2 27.4
Titan Energy Services TTN AU Alexandra CLARKE Oil Equipment & Svs - overall Add 0.09 A$ 2.02 2.57 27.2 A$ 0.230 0.274 0.344 19.1 25.6 7.4 5.9 4.0 21.4 1.4 3.9 10.6
Property 13.03 12.5 11.9
Folkestone FLK AU Fiona BUCHANAN Property - overall Hold 0.11 A$ 0.23 0.19 -17.4 A$ 0.005 0.009 0.013 71.5 46.9 25.9 17.6 0.0 6.1 1.5 24.1 -35.4
Aspen Group APZ AU Matthew NICHOLAS Property Development Hold 0.14 A$ 1.22 1.25 2.5 A$ 0.013 0.056 0.114 323.0 102.5 21.7 10.7 8.0 4.9 0.5 25.8 -8.6
EPS PER
EPS Growth (%) (x)



August 4, 2014

AUSTRALIA
Property 13.03 12.5 11.9
Aveo Group AOGAU Josephine LITTLE Property Development Add 1.00 A$ 2.16 2.47 14.4 A$ 0.110 0.109 0.142 -1.4 30.6 19.9 15.2 2.4 5.8 1.0 21.0 12.9
Cedar Woods Properties CWP AU Scott MURDOCH Property Development Add 0.55 A$ 7.54 7.72 2.4 A$ 0.522 0.561 0.617 7.5 10.0 13.4 12.2 3.8 16.9 2.2 10.3 21.5
Devine DVN AU Scott MURDOCH Property Development Hold 0.17 A$ 1.14 0.96 -15.8 A$ -0.043 0.058 0.055 235.3 -4.3 19.7 20.6 2.0 3.7 0.7 12.2 24.0
Lend Lease Corporation LLC AU Andrew HODGE Property Development Add 7.29 A$ 13.58 14.55 7.1 A$ 1.219 1.237 1.172 1.5 -5.3 11.0 11.6 4.4 16.0 1.7 8.5 5.4
Sunland Group SDGAU Fiona BUCHANAN Property Development Hold 0.28 A$ 1.65 1.67 1.2 A$ 0.086 0.095 0.124 11.6 29.7 17.3 13.3 2.6 4.9 0.8 12.8 35.5
360 Capital Industrial Fund TIXAU Fiona BUCHANAN REIT Add 0.24 A$ 2.25 2.31 2.7 A$ 0.224 0.211 0.228 -5.7 7.9 10.7 9.9 8.5 9.6 1.0 12.8 70.8
360 Capital Office Fund TOF AU Matthew NICHOLAS REIT Add 0.14 A$ 1.99 2.11 6.0 A$ n/a 0.162 0.253 n/a 56.6 12.3 7.9 5.4 n/a 1.0 20.8 53.7
Asia Pacific Data Centre Group AJD AU Fiona BUCHANAN REIT Add 0.11 A$ 1.07 1.15 7.5 A$ 0.067 0.094 0.094 40.5 -1.0 11.3 11.4 8.5 9.2 1.0 13.0 17.5
Cromwell Property Group CMWAU Fiona BUCHANAN REIT Add 1.64 A$ 1.02 1.07 4.9 A$ 0.080 0.086 0.090 7.3 4.1 11.8 11.4 7.6 12.1 1.4 13.8 88.2
Generation Healthcare REIT GHC AU Fiona Buchanan REIT Hold 0.22 A$ 1.33 1.29 -3.0 A$ 0.071 0.081 0.092 13.9 13.5 16.5 14.5 6.2 7.9 1.3 17.6 65.1
Industria REIT IDR AU Fiona BUCHANAN REIT Add 0.23 A$ 1.98 2.08 5.1 A$ n/a 0.164 0.191 n/a 16.6 12.1 10.4 8.4 n/a 1.0 13.3 52.7
Lifestyle Communities LIC AU Josephine LITTLE REIT Hold 0.15 A$ 1.65 1.50 -9.1 A$ 0.100 0.129 0.141 29.4 8.9 12.7 11.7 0.3 40.9 1.7 11.1 36.9
National Storage REIT NSR AU Fiona BUCHANAN REIT Add 0.32 A$ 1.43 1.37 -4.2 A$ n/a 0.053 0.098 n/a 85.6 26.9 14.5 4.3 n/a 1.4 18.9 40.6
US Masters Residential Property Fund URF AU Fiona BUCHANAN REIT Hold 0.45 A$ 1.82 1.73 -4.9 A$ 0.039 0.080 0.103 102.5 28.9 22.8 17.7 5.5 5.3 1.1 -120.1 10.2
Services 8.85 13.4 11.6
Affinity Education (CIMB) AFJ AU Alexandra CLARKE Education Add 0.19 A$ 1.24 1.87 50.8 A$ 0.005 0.148 0.142 2,746.5 -4.3 8.4 8.7 0.0 16.2 0.9 9.4 -4.0
G8 Education GEMAU Julian GUIDO Education Add 1.54 A$ 4.99 5.50 10.2 A$ 0.112 0.204 0.259 82.1 27.1 24.5 19.3 2.8 17.2 3.7 16.4 44.3
Navitas NVT AU Tim PLUMBE Education Hold 1.73 A$ 4.96 4.55 -8.3 A$ 0.193 0.226 0.287 17.5 26.8 21.9 17.3 4.1 40.5 8.3 12.3 23.5
Cabcharge Australia CAB AU Tim PLUMBE Services - Infrastructure Add 0.52 A$ 4.62 5.15 11.5 A$ 0.545 0.540 0.544 -0.9 0.8 8.6 8.5 5.8 17.5 1.4 7.9 29.3
Collection House CLH AU Scott MURDOCH Services - Infrastructure Hold 0.24 A$ 1.96 1.92 -2.0 A$ 0.141 0.153 0.168 8.3 10.0 12.8 11.6 4.2 13.4 1.6 4.3 66.1
Downer EDI DOWAU Andrew HODGE Services - Infrastructure Add 1.97 A$ 4.87 5.99 23.0 A$ 0.482 0.551 0.630 14.4 14.3 8.8 7.7 5.7 12.5 1.1 3.1 -7.9
Programmed Group PRGAU Julian GUIDO Services - Infrastructure Hold 0.31 A$ 2.82 2.90 2.8 A$ 0.266 0.265 0.285 0.0 7.3 10.6 9.9 6.6 7.6 0.8 5.9 10.3
RungePincockMinarco RUL AU Roger LEANING Services - Infrastructure Add 0.09 A$ 0.65 0.73 12.3 A$ -0.027 -0.001 0.042 95.7 3,735.2 -561.5 15.4 0.8 -0.4 2.0 18.5 -28.1
SAI Global SAI AU Julian GUIDO Services - Infrastructure Reduce 0.95 A$ 4.87 4.89 0.4 A$ 0.231 0.245 0.262 6.0 7.2 19.9 18.6 3.3 15.1 3.0 10.8 48.9
Transfield Services TSE AU Andrew HODGE Services - Infrastructure Reduce 0.65 A$ 1.36 0.80 -41.2 A$ 0.129 0.147 0.169 14.3 14.6 9.2 8.1 0.0 8.8 0.8 5.3 66.2
Wellcom Group WLL AU Josephine LITTLE Services - Infrastructure Hold 0.11 A$ 3.04 2.67 -12.2 A$ 0.210 0.226 0.238 7.6 5.1 13.4 12.8 5.6 15.1 2.0 7.3 -33.3
Skilled Group SKE AU Julian GUIDO Services - overall Hold 0.56 A$ 2.56 3.05 19.1 A$ 0.226 0.217 0.234 -4.3 7.9 11.8 11.0 6.8 11.2 1.2 7.6 31.1
Technology 3.57 18.3 15.4
Codan CDAAU Tim PLUMBE IT Services Hold 0.12 A$ 0.75 0.78 4.0 A$ 0.152 0.064 0.091 -58.0 42.8 11.7 8.2 4.3 8.9 1.0 6.7 41.4
Data#3 DTL AU Nick HARRIS IT Services Hold 0.12 A$ 0.82 0.72 -12.2 A$ 0.064 0.051 0.056 -20.1 9.0 15.9 14.6 5.8 23.5 3.7 3.1 -250.1
DWS Ltd DWS AU Julian GUIDO IT Services Hold 0.16 A$ 1.29 1.39 7.8 A$ 0.116 0.109 0.120 -6.1 11.0 11.8 10.7 7.4 22.9 2.7 7.7 -23.1
GBST Holdings GBT AU Ivor RIES IT Services Add 0.22 A$ 3.62 4.19 15.7 A$ 0.191 0.233 0.269 22.2 15.2 15.5 13.5 2.6 22.8 4.9 11.0 6.2
Nearmap NEAAU Ivor RIES IT Services Add 0.14 A$ 0.44 0.62 40.9 A$ 0.000 0.015 0.023 3,565.4 51.2 28.7 19.0 0.0 37.1 9.2 18.9 -142.2
Oakton OKN AU Julian GUIDO IT Services Hold 0.12 A$ 1.41 1.74 23.4 A$ 0.100 0.104 0.117 4.3 11.9 13.5 12.1 6.4 9.0 1.2 7.6 -7.9
Reckon RKN AU Julian GUIDO IT Services Hold 0.24 A$ 2.06 2.08 1.0 A$ 0.131 0.147 0.154 12.3 4.9 14.0 13.4 4.5 32.4 4.8 7.0 18.7
SMS Mgt & Technology SMXAU Julian GUIDO IT Services Hold 0.27 A$ 4.11 3.98 -3.2 A$ 0.255 0.235 0.269 -7.9 14.4 17.5 15.3 3.9 12.8 2.2 10.8 -8.6
Technology One TNE AU Nick HARRIS IT Services Hold 0.81 A$ 2.82 2.20 -22.0 A$ 0.091 0.103 0.115 13.6 11.7 27.4 24.5 2.4 33.2 8.6 18.1 -73.1
UXC UXC AU Nick HARRIS IT Services Hold 0.23 A$ 0.78 0.83 6.4 A$ 0.064 0.061 0.072 -3.9 18.0 12.6 10.7 4.9 9.0 1.1 7.4 9.9
Silex Systems SLXAU Scott POWER Semiconductor Hold 0.10 A$ 0.64 0.68 6.3 A$ -0.038 -0.051 -0.009 -33.9 82.7 -12.6 -72.6 0.0 -7.3 1.0 -5.2 -53.2
Objective Corporation OCL AU Nick HARRIS Technology - Others Hold 0.13 A$ 1.54 1.07 -30.5 A$ 0.044 0.051 0.058 16.6 13.2 30.0 26.5 1.7 36.8 11.3 22.3 -144.3
Wotif.com Holdings WTF AU Tim PLUMBE Technology - Others Hold 0.66 A$ 3.34 3.25 -2.7 A$ 0.225 0.215 0.237 -4.6 10.4 15.5 14.1 5.8 44.1 6.7 8.5 -84.1
Onthehouse Holdings OTH AU Belinda MOORE Technology - overall Add 0.05 A$ 0.60 0.80 33.3 A$ 0.011 0.009 0.020 -21.2 127.5 66.2 29.1 0.0 1.2 0.8 8.2 -1.9
Webjet WEB AU Belinda MOORE Technology - overall Hold 0.22 A$ 2.94 2.94 0.0 A$ 0.174 0.210 0.237 20.5 12.9 14.0 12.4 4.8 25.2 3.3 8.4 -31.4
Telecommunications 70.75 17.3 16.4
Amcom Telecommunications AMMAU Ian MARTIN Telco - Fixed Line Add 0.50 A$ 2.05 2.25 9.8 A$ 0.091 0.102 0.115 12.8 12.0 20.0 17.9 3.4 19.7 3.8 10.6 20.7
NEXTDC NXT AU Nick HARRIS Telco - Fixed Line Add 0.28 A$ 1.57 2.39 52.2 A$ -0.053 -0.074 -0.037 -39.4 50.5 -21.0 -42.4 0.0 -7.1 1.5 -269.5 5.8
iiNet IIN AU Ian MARTIN Telco - Integrated Reduce 1.14 A$ 7.63 6.60 -13.5 A$ 0.388 0.436 0.502 12.3 15.0 17.5 15.2 3.0 19.6 3.3 6.9 45.7
Macquarie Telecom Group MAQAU Nick HARRIS Telco - Integrated Hold 0.11 A$ 5.80 7.31 26.0 A$ 0.269 0.148 0.403 -45.1 172.9 39.3 14.4 2.1 3.2 1.3 4.1 11.0
EPS PER
EPS Growth (%) (x)



August 4, 2014

AUSTRALIA
Telstra Corporation TLS AU Ian MARTIN Telco - Integrated Add 63.46 A$ 5.49 5.73 4.4 A$ 0.314 0.325 0.339 3.6 4.4 16.9 16.2 5.4 30.4 5.0 7.6 86.8
TPGTelecom TPMAU Ian MARTIN Telco - Integrated Reduce 4.07 A$ 5.52 3.90 -29.3 A$ 0.209 0.248 0.268 18.4 8.0 22.3 20.6 1.8 23.7 4.9 12.0 29.7
BigAir Group BGL AU Nick HARRIS Telco - Mobile Add 0.15 A$ 0.96 1.04 8.3 A$ 0.037 0.049 0.065 34.9 30.4 19.4 14.9 1.6 21.6 3.6 9.2 3.1
M2 Group MTU AU Ian MARTIN Telco - Others Reduce 1.02 A$ 6.08 5.42 -10.9 A$ 0.343 0.387 0.446 12.8 15.0 15.7 13.6 4.3 21.1 3.2 8.3 61.9
Transport (General) 40.73 25.6 18.8
Asciano Group AIOAU Mark WILLIAMS Transport Add 5.48 A$ 6.05 6.34 4.8 A$ 0.354 0.387 0.433 9.3 12.0 15.7 14.0 2.7 10.1 1.5 8.4 86.8
Aurizon Holdings AZJ AU Mark WILLIAMS Transport Hold 9.97 A$ 5.02 5.13 2.2 A$ 0.232 0.268 0.295 15.5 10.0 18.8 17.0 3.6 8.8 1.6 9.2 43.4
Brambles BXB AU Mark WILLIAMS Transport Add 13.70 A$ 9.43 10.32 9.4 US$ 0.404 0.408 0.471 1.0 15.4 21.5 18.6 3.3 21.0 4.3 9.9 61.0
Lindsay Australia LAU AU Alexandra CLARKE Transport Add 0.09 A$ 0.38 0.40 5.3 A$ 0.030 0.027 0.028 -9.5 4.1 14.0 13.4 4.6 10.4 1.4 4.3 84.2
Qantas Airways QAN AU Mark WILLIAMS Transport Hold 2.72 A$ 1.34 1.39 3.7 A$ -0.063 -0.134 -0.006 -112.5 95.4 -9.9 -217.4 0.0 -7.1 0.6 5.2 80.6
QUBE Holdings QUB AU Mark WILLIAMS Transport Hold 2.22 A$ 2.27 2.04 -10.1 A$ 0.085 0.093 0.103 9.3 9.8 24.3 22.1 2.4 7.3 1.7 12.7 26.6
Recall REC AU Mark WILLIAMS Transport Hold 1.50 A$ 5.16 5.20 0.8 US$ 0.244 0.268 0.294 9.8 9.4 17.9 16.3 2.7 15.9 2.8 9.7 93.9
Regional Express REXAU Michael NEWBOLD, CFA Transport Add 0.09 A$ 0.89 1.00 12.4 A$ 0.115 0.140 0.188 22.0 33.9 6.3 4.7 6.2 8.0 0.5 2.5 3.1
Toll Holdings TOL AU Mark WILLIAMS Transport Hold 3.64 A$ 5.46 5.31 -2.7 A$ 0.389 0.403 0.425 3.8 5.4 13.5 12.8 5.4 9.3 1.2 6.2 24.7
Virgin Australia Holdings VAH AU Mark WILLIAMS Transport Reduce 1.32 A$ 0.41 0.26 -36.6 A$ -0.037 -0.036 -0.010 3.7 72.8 -11.4 -41.8 0.0 -10.8 1.3 14.5 113.4
Transport Infrastructure 24.14 67.2 52.8
Sydney Airport SYD AU Michael NEWBOLD, CFA Airports Hold 8.85 A$ 4.30 4.30 0.0 A$ 0.031 0.081 0.093 161.7 14.0 52.8 46.4 5.5 4.8 2.5 16.7 165.9
Macquarie Atlas Roads MQAAU Michael NEWBOLD, CFA Toll Roads Hold 1.58 A$ 3.37 3.12 -7.4 A$ 0.061 0.135 0.265 120.9 96.0 24.9 12.7 3.9 5.8 1.8 -20.6 -3.4
Transurban Group TCL AU Michael NEWBOLD, CFA Toll Roads Add 13.71 A$ 7.78 7.97 2.4 A$ 0.100 0.078 0.079 -21.9 1.8 99.7 98.0 4.8 2.2 2.1 22.6 114.8
Travel and Leisure 28.07 19.9 18.2
Aristocrat Leisure ALL AU Killian MURPHY Gaming Add 3.30 A$ 5.70 5.85 2.6 A$ 0.207 0.252 0.290 21.7 15.1 22.7 19.7 3.3 32.7 7.0 13.4 39.0
Crown CWN AU Killian MURPHY Gaming Add 11.01 A$ 16.27 18.19 11.8 A$ 0.761 0.938 1.045 23.2 11.4 17.3 15.6 2.3 19.2 3.3 15.3 44.6
Echo Entertainment Group EGP AU Killian MURPHY Gaming Reduce 2.56 A$ 3.34 2.07 -38.0 A$ 0.153 0.194 0.202 26.4 4.1 17.2 16.6 1.2 5.1 0.9 7.8 20.2
Tabcorp Holdings TAH AU Killian MURPHY Gaming Reduce 2.48 A$ 3.50 2.70 -22.9 A$ 0.175 0.170 0.162 -3.1 -4.8 20.6 21.6 3.9 8.8 1.8 8.4 70.6
Tatts Group TTS AU Killian MURPHY Gaming Reduce 4.74 A$ 3.56 2.65 -25.6 A$ 0.177 0.163 0.170 -7.7 4.2 21.8 20.9 3.8 9.5 2.1 12.1 64.5
Ardent Leisure Group AAD AU Tim PLUMBE Hospitality Add 0.97 A$ 2.58 2.90 12.4 A$ 0.141 0.155 0.184 10.0 18.1 16.6 14.1 5.4 12.6 2.0 11.6 44.6
Corporate Travel Management CTD AU Belinda MOORE Hospitality Hold 0.55 A$ 6.55 6.55 0.0 A$ 0.190 0.245 0.305 28.4 24.9 26.8 21.4 2.1 17.7 4.2 16.6 -2.5
Retail Food Group RFGAU Scott MURDOCH Hospitality Hold 0.63 A$ 4.68 4.58 -2.1 A$ 0.264 0.286 0.322 8.3 12.6 16.4 14.5 5.1 13.5 2.1 11.2 15.8
Domino's Pizza DMP AU Josephine LITTLE Travel & Leisure - overall Add 1.72 A$ 21.58 22.94 6.3 A$ 0.493 0.606 0.719 23.0 18.6 35.6 30.0 1.9 21.1 6.2 18.3 43.8
Helloworld HLOAU Belinda MOORE Travel & Leisure - overall Hold 0.10 A$ 0.26 0.30 15.4 A$ 0.050 0.031 0.026 -37.1 -15.2 8.2 9.7 1.5 3.2 0.3 2.9 -1.8
Utilities 26.80 17.7 17.5
DUET Group DUE AU Michael NEWBOLD, CFA Energy Infrastructure Hold 2.95 A$ 2.41 2.07 -14.1 A$ 0.053 0.074 0.086 40.6 17.1 32.6 27.9 7.2 6.5 2.1 11.0 319.5
SP AusNet (CIMB) SPN AU Nathan LEAD Energy Infrastructure Hold 4.30 A$ 1.35 1.36 0.7 A$ 0.077 0.083 0.074 7.7 -10.3 16.3 18.2 6.2 8.0 1.3 9.9 171.7
Spark Infrastructure SKI AU Michael NEWBOLD, CFA Energy Infrastructure Hold 2.57 A$ 1.89 1.90 0.5 A$ 0.097 0.119 0.108 23.2 -9.0 15.8 17.4 6.1 9.3 1.4 11.0 49.0
APAGroup APAAU Michael NEWBOLD, CFA Gas Transmission & Dist Add 5.80 A$ 7.47 7.46 -0.1 A$ 0.355 0.368 0.316 3.5 -14.1 20.3 23.7 5.0 9.3 2.6 13.4 188.8
Envestra ENVAU Michael NEWBOLD, CFA Gas Transmission & Dist Reduce 2.19 A$ 1.31 1.32 0.8 A$ 0.074 0.083 0.086 12.1 4.0 15.8 15.2 5.0 15.9 2.4 11.2 219.9
AGL Energy AGK AU Michael NEWBOLD, CFA IPP Hold 7.69 A$ 14.78 14.98 1.4 A$ 1.037 1.000 1.088 -3.5 8.8 14.8 13.6 4.3 7.3 1.1 8.4 35.8
Energy Developments ENE AU Nathan LEAD IPP Add 0.79 A$ 5.00 5.90 18.0 A$ 0.322 0.308 0.330 -4.3 6.9 16.2 15.2 5.4 14.3 2.2 6.9 117.6
ERMPower EPWAU Michael NEWBOLD, CFA Power Add 0.45 A$ 2.03 2.43 19.7 A$ 0.092 0.111 0.133 20.9 20.0 18.3 15.2 6.2 10.3 1.9 6.4 24.3
Ethane Pipeline Income Fund EPXAU Nathan LEAD Utilities - overall Reduce 0.07 A$ 1.14 0.76 -33.3 A$ 0.094 0.064 0.054 -31.2 -15.5 17.6 20.9 10.9 6.0 1.1 5.6 -7.5
AUSTRALIA 1371.11 15.0 13.8
CHINA
Aviation 16.34 13.6 10.5
Air China 753 HK Andrew ORCHARD Airlines Hold 7.78 HK$ 4.75 4.70 -1.1 Rmb 0.140 0.340 0.417 143.3 22.9 11.1 9.1 1.8 6.7 0.8 7.3 148.9
China Eastern Airlines 670 HK Andrew ORCHARD Airlines Reduce 4.78 HK$ 2.47 1.85 -25.1 Rmb 0.037 0.138 0.177 271.5 27.5 14.2 11.1 0.0 4.5 0.9 10.7 222.6
China Southern Airlines 1055 HK Andrew ORCHARD Airlines Reduce 3.77 HK$ 2.64 1.90 -28.0 Rmb 0.012 0.150 0.232 1,153.5 54.5 14.0 9.1 1.4 2.1 0.6 9.7 155.9
Commodities 8.47 15.1 12.6
CWT Limited CWT SP Jessalynn CHEN Supply Chain Managers Add 0.81 S$ 1.69 1.92 13.6 S$ 0.158 0.199 0.211 26.3 5.7 8.5 8.0 1.8 16.8 1.3 12.4 127.6
Noble Group NOBL SP YEOZhi Bin Supply Chain Managers Reduce 7.65 S$ 1.42 1.12 -21.1 US$ 0.054 0.070 0.086 30.2 22.2 16.2 13.2 1.7 8.4 1.3 9.1 84.3
EPS PER
EPS Growth (%) (x)



August 4, 2014

CHINA
Conglomerates 18.16 15.4 13.1
Beijing Enterprises 392 HK Keith LI Conglomerate Add 11.22 HK$ 67.70 82.30 21.6 HK$ 3.679 4.307 5.361 17.1 24.5 15.7 12.6 1.6 8.8 1.3 13.5 29.3
NWS Holdings 659 HK Keith LI Conglomerate Add 6.94 HK$ 14.38 14.33 -0.3 HK$ 1.046 1.114 1.192 6.5 7.0 12.9 12.1 4.2 9.5 1.2 7.5 17.4
Anhui Conch Cement 914 HK Kevin YOU Cement Add 16.56 HK$ 29.35 40.00 36.3 Rmb 1.772 2.334 2.505 31.7 7.3 10.0 9.3 2.0 20.4 1.9 6.1 14.3
China Resources Cement 1313 HK Kevin YOU Cement Add 4.75 HK$ 5.64 7.70 36.5 HK$ 0.512 0.671 0.764 31.1 13.8 8.4 7.4 2.4 16.4 1.3 6.1 52.4
China Shanshui Cement 691 HK Kevin YOU Cement Reduce 1.02 HK$ 2.81 2.60 -7.5 Rmb 0.361 0.356 0.440 -1.3 23.5 6.3 5.1 4.1 11.1 0.6 5.9 147.7
CNBM 3323 HK Kevin YOU Cement Add 5.43 HK$ 7.80 10.00 28.2 Rmb 1.067 1.287 1.416 20.6 10.0 4.8 4.4 3.1 18.8 0.8 7.4 264.6
Sinoma 1893 HK Kevin YOU Cement Hold 0.83 HK$ 1.80 2.00 11.1 Rmb 0.128 0.194 0.207 52.0 6.7 7.4 6.9 1.9 6.1 0.4 5.4 72.1
West China Cement 2233 HK Kevin YOU Cement Hold 0.56 HK$ 0.96 0.87 -9.4 Rmb 0.083 0.091 0.106 9.7 16.3 8.4 7.2 3.0 8.4 0.6 5.6 57.1
China Communications Construction 1800 HK Kevin YOU Construction Add 10.89 HK$ 5.91 7.70 30.3 Rmb 0.777 0.850 0.906 9.4 6.6 5.5 5.2 4.4 13.7 0.7 6.2 99.8
China Machinery Engineering 1829 HK Keith LI Construction Add 2.52 HK$ 4.74 8.00 68.8 Rmb 0.500 0.656 0.712 31.3 8.5 5.8 5.3 5.2 22.0 1.2 -0.4 -127.4
China Railway Construction 1186 HK Kevin YOU Construction Add 10.45 HK$ 7.49 9.30 24.2 Rmb 0.838 0.917 1.018 9.4 11.0 6.5 5.9 2.4 13.2 0.8 3.6 37.0
China Railway Group 390 HK Kevin YOU Construction Add 10.31 HK$ 4.20 4.90 16.7 Rmb 0.440 0.485 0.533 10.3 9.7 6.9 6.3 2.2 11.4 0.7 6.7 114.8
Man Wah Holdings Ltd 1999 HK Ray KWOK Durable Products Add 1.42 HK$ 11.52 18.50 60.6 HK$ 0.947 1.182 1.355 24.9 14.6 9.7 8.5 4.5 26.3 2.4 6.6 -31.8
Goodbaby International 1086 HK Katie CHAN Personal Products Add 0.55 HK$ 3.90 5.20 33.3 HK$ 0.171 0.241 0.289 41.2 19.8 16.2 13.5 2.0 11.5 1.7 9.9 11.3
Hengan Intl Group 1044 HK Lei YANG, CFA Personal Products Add 13.18 HK$ 83.25 93.00 11.7 HK$ 3.024 3.070 4.099 1.5 33.5 27.1 20.3 2.2 29.3 5.7 16.6 0.6
Vinda International Holdings 3331 HK Lei YANG, CFA Personal Products Add 1.68 HK$ 13.08 13.10 0.2 HK$ 0.546 0.483 0.631 -11.5 30.6 27.1 20.7 1.0 12.7 2.6 15.2 50.1
GOME Electrical Appliances 493 HK Lei YANG, CFA Retail Add 2.89 HK$ 1.32 1.75 32.6 Rmb 0.053 0.065 0.082 22.9 26.0 16.2 12.8 2.5 7.0 1.0 3.4 -65.3
Prince Frog International 1259 HK Katie CHAN Retail Add 0.30 HK$ 2.29 4.30 87.8 Rmb 0.254 0.314 0.388 23.8 23.5 5.8 4.7 3.4 21.2 1.1 1.9 -60.7
Luen Thai 311 HK Katie CHAN Textile Add 0.28 HK$ 2.10 4.70 123.8 US$ 0.052 0.060 0.068 16.7 12.1 4.5 4.0 6.7 15.3 0.6 2.3 -7.8
Texhong 2678 HK Katie CHAN Textile Add 0.67 HK$ 5.89 10.50 78.3 Rmb 1.001 1.062 1.436 6.1 35.2 4.4 3.3 8.6 25.5 1.0 3.6 48.1
Tsingtao Brewery 168 HK Lei YANG, CFA Brewers Reduce 10.13 HK$ 63.55 50.60 -20.4 Rmb 1.461 1.689 1.993 15.6 18.0 30.0 25.4 1.0 20.5 4.4 18.1 -62.7
China Agri-Industries 606 HK Lei YANG, CFA Food & Beverages Hold 2.30 HK$ 3.40 2.90 -14.7 HK$ 0.290 0.108 0.219 -62.8 103.2 31.5 15.5 0.8 2.1 0.6 21.9 70.0
China Huishan Dairy Holdings 6863 HK Lei YANG, CFA Food & Beverages Add 3.29 HK$ 1.77 2.80 58.2 Rmb 0.082 0.106 0.136 30.1 28.7 13.3 10.3 1.9 11.9 1.4 11.2 20.4
China Mengniu Dairy 2319 HK Lei YANG, CFA Food & Beverages Add 9.53 HK$ 37.70 42.40 12.5 Rmb 0.883 1.077 1.380 22.0 28.1 27.9 21.8 0.8 15.8 3.4 14.0 18.8
China Modern Dairy Holdings Ltd 1117 HK Lei YANG, CFA Food & Beverages Add 2.25 HK$ 3.62 4.10 13.3 Rmb 0.119 0.209 0.291 76.0 39.6 13.8 9.9 0.0 16.4 2.1 11.3 58.7
China Yurun Food Group 1068 HK Lei YANG, CFA Food & Beverages Reduce 0.87 HK$ 3.72 4.10 10.2 HK$ -0.217 -0.452 -0.323 -107.9 28.6 -8.2 -11.5 0.0 -4.9 0.4 -341.1 41.4
Dynasty Fine Wines Group 828 HK Lei YANG, CFA Food & Beverages Reduce 0.23 HK$ 1.44 1.22 -15.3 HK$ 0.018 0.048 0.084 167.6 75.1 30.0 17.2 1.5 4.6 0.9 6.0 -44.1
Fufeng Group 546 HK Lei YANG, CFA Food & Beverages Add 0.81 HK$ 3.01 3.90 29.6 Rmb 0.251 0.330 0.433 31.2 31.4 7.3 5.5 0.0 16.5 0.9 3.9 48.6
Shenguan Holdings 829 HK Lei YANG, CFA Food & Beverages Hold 1.27 HK$ 2.95 3.50 18.6 Rmb 0.232 0.234 0.260 1.0 10.8 10.0 9.0 6.5 34.5 2.7 7.5 -31.1
Tingyi (Cayman Islands) 322 HK Lei YANG, CFA Food & Beverages Hold 15.93 HK$ 22.05 22.50 2.0 US$ 0.071 0.091 0.112 27.2 24.0 31.4 25.3 1.6 25.5 5.0 10.2 1.8
Uni-President China 220 HK Lei YANG, CFA Food & Beverages Reduce 3.54 HK$ 6.36 6.50 2.2 Rmb 0.109 0.177 0.227 61.4 28.3 28.7 22.4 0.9 9.5 2.1 12.1 75.2
Want Want China 151 HK Lei YANG, CFA Food & Beverages Add 18.12 HK$ 10.64 12.20 14.7 US$ 0.052 0.055 0.066 6.8 19.0 24.7 20.8 2.7 46.8 8.1 16.9 -33.6
Yashili International 1230 HK Lei YANG, CFA Food & Beverages Hold 1.27 HK$ 2.76 3.00 8.7 Rmb 0.123 0.103 0.136 -16.4 31.5 21.3 16.2 2.8 11.3 2.3 12.0 -45.0
Lianhua Supermarket 980 HK Lei YANG, CFA Food Retail Reduce 0.62 HK$ 4.28 3.80 -11.2 Rmb 0.047 0.147 0.190 210.2 29.5 23.2 17.9 1.3 11.3 1.1 14.1 71.6
Sun Art Retail Group 6808 HK Lei YANG, CFA Food Retail Reduce 11.90 HK$ 9.67 8.80 -9.0 Rmb 0.291 0.325 0.370 11.6 13.9 23.7 20.8 2.1 22.7 3.6 10.0 -16.9
Agricultural Bank of China 1288 HK Trevor KALCIC, CFA Banks Add 135.06 HK$ 3.79 4.41 16.4 Rmb 0.512 0.579 0.666 13.1 15.0 5.2 4.5 6.6 20.7 1.0 n/a n/a
Bank of China 3988 HK Trevor KALCIC, CFA Banks Add 126.06 HK$ 3.72 4.49 20.7 Rmb 0.562 0.614 0.720 9.3 17.1 4.8 4.1 7.2 17.5 0.8 n/a n/a
Bank of Communications 3328 HK Trevor KALCIC, CFA Banks Reduce 56.17 HK$ 5.96 4.31 -27.7 Rmb 0.839 0.880 0.892 4.9 1.4 5.4 5.3 4.6 14.8 0.8 n/a n/a
China CITIC Bank 998 HK Trevor KALCIC, CFA Banks Add 33.39 HK$ 5.17 5.89 13.9 Rmb 0.849 0.860 0.946 1.3 10.1 4.8 4.4 5.2 16.8 0.8 n/a n/a
China Construction Bank 939 HK Trevor KALCIC, CFA Banks Add 191.96 HK$ 5.98 9.01 50.7 Rmb 0.859 0.962 1.092 12.0 13.5 5.0 4.4 7.1 20.9 1.0 n/a n/a
China Merchants Bank 3968 HK Trevor KALCIC, CFA Banks Hold 46.36 HK$ 15.82 14.40 -9.0 Rmb 2.301 2.421 2.638 5.2 9.0 5.2 4.8 3.7 20.4 1.0 n/a n/a
China Minsheng Bank 1988 HK Trevor KALCIC, CFA Banks Reduce 36.42 HK$ 8.07 6.44 -20.2 Rmb 1.490 1.283 1.336 -13.9 4.1 5.0 4.8 1.8 17.9 0.9 n/a n/a
Chongqing Rural Comm Bank 3618 HK Trevor KALCIC, CFA Banks Hold 4.63 HK$ 3.86 3.41 -11.658 Rmb 0.644 0.692 0.845 7.4 22.0 4.4 3.6 6.8 16.7 0.7 n/a n/a
ICBC 1398 HK Trevor KALCIC, CFA Banks Add 213.99 HK$ 5.33 7.36 38.1 Rmb 0.750 0.813 0.897 8.5 10.3 5.2 4.7 6.7 20.8 1.0 n/a n/a
EPS PER
EPS Growth (%) (x)



August 4, 2014

CHINA
Healthcare 2.55 27.4 23.4
Fu Shou Yuan International 1448 HK Lei YANG, CFA Health Care Providers & Svs Hold 1.07 HK$ 4.01 5.30 32.2 Rmb 0.105 0.115 0.137 9.7 19.3 27.8 23.3 0.9 13.3 3.6 13.6 -73.5
Tianjin Zhongxin Pharmaceutical TIAN SP Roy CHEN Pharmaceuticals Add 1.47 S$ 1.00 1.46 46.0 Rmb 0.410 0.404 0.466 -1.5 15.5 15.3 13.2 2.4 10.7 1.3 8.1 -22.2
GCL-Poly 3800 HK Keith LI Environmental Reduce 5.06 HK$ 2.53 2.12 -16.2 HK$ -0.072 0.106 0.068 247.0 -35.8 23.9 37.3 0.8 10.3 2.3 14.0 175.8
HanKore Environment Tech Group HANKORE SP Roy CHEN Environmental Reduce 0.36 S$ 0.88 0.91 3.4 Rmb 0.187 0.251 0.284 34.2 13.4 17.3 15.2 0.0 7.0 1.1 16.4 40.5
Jiangnan Group Limited 1366 HK Ray KWOK Ind Goods & Services Add 0.83 HK$ 2.10 3.53 68.1 Rmb 0.152 0.203 0.270 33.5 32.8 8.2 6.2 3.0 24.5 1.8 5.4 12.2
Midas Holdings MIDAS SP Jessalynn CHEN Ind Goods & Services Hold 0.42 S$ 0.44 0.49 11.4 Rmb 0.039 0.074 0.104 87.9 40.9 29.2 20.7 0.2 3.0 0.9 28.0 68.6
Insurance 200.67 12.3 10.5
PICC Property & Casualty 2328 HK Mark KELLOCK Insurance - General Add 22.12 HK$ 12.60 14.88 18.1 Rmb 0.995 1.045 1.274 5.0 21.9 9.6 7.9 2.8 20.5 1.8 n/a -80.8
China Life Insurance 2628 HK Mark KELLOCK Insurance - Life Add 73.52 HK$ 23.35 23.60 1.1 Rmb 0.876 1.127 1.329 28.7 17.9 16.5 14.0 1.2 13.5 2.1 n/a -280.7
China Pacific Insurance 2601 HK Mark KELLOCK Insurance - Life Add 31.45 HK$ 30.75 35.60 15.8 Rmb 1.022 1.330 1.700 30.1 27.8 18.4 14.4 1.8 11.5 2.0 n/a -151.2
New China Life Insurance 1336 HK Mark KELLOCK Insurance - Life Hold 12.14 HK$ 28.20 24.80 -12.1 Rmb 1.420 1.970 2.668 38.7 35.4 11.4 8.4 0.6 14.0 1.5 n/a -480.0
Ping An Insurance 2318 HK Mark KELLOCK Insurance - Life Add 61.45 HK$ 66.50 81.60 22.7 Rmb 3.557 4.557 5.038 28.1 10.6 11.6 10.5 1.2 18.2 2.0 n/a -90.8
Termbray Petro-king Oilfield Services 2178 HK Toby SHEK Oil & Gas - Equipment & Svs Add 0.37 HK$ 2.62 4.00 52.7 HK$ 0.230 0.243 0.293 5.4 20.7 10.8 8.9 1.7 11.0 1.2 7.3 1.9
Property 90.45 6.9 5.9
Agile Property 3383 HK Johnson HU, CFA Property Development Add 2.97 HK$ 6.62 7.95 20.1 Rmb 1.298 1.336 1.580 2.9 18.3 3.9 3.3 7.1 12.9 0.5 5.2 79.7
China Overseas Grand Oceans 81 HK Johnson HU, CFA Property Development Hold 1.85 HK$ 6.29 6.85 8.9 HK$ 1.207 1.130 1.303 -6.3 15.3 5.6 4.8 1.6 20.7 1.1 6.0 62.9
China Overseas Land 688 HK Johnson HU, CFA Property Development Add 25.10 HK$ 23.80 27.60 16.0 HK$ 2.321 2.882 3.492 24.2 21.2 8.3 6.8 2.2 19.7 1.5 6.8 33.1
China Resources Land 1109 HK Johnson HU, CFA Property Development Add 13.69 HK$ 18.20 24.20 33.0 HK$ 1.597 2.067 2.389 29.4 15.6 8.8 7.6 3.2 13.3 1.1 7.2 40.9
Evergrande Real Estate 3333 HK Johnson HU, CFA Property Development Hold 6.43 HK$ 3.38 3.45 2.1 Rmb 0.516 0.574 0.628 11.2 9.5 4.7 4.3 8.9 11.0 0.6 5.6 82.8
Franshion Properties 817 HK Johnson HU, CFA Property Development Add 2.72 HK$ 2.30 2.60 13.0 HK$ 0.320 0.383 0.447 19.6 16.6 6.0 5.1 3.5 10.1 0.6 7.1 54.2
Guangzhou R&F 2777 HK Johnson HU, CFA Property Development Add 4.76 HK$ 11.44 13.55 18.4 Rmb 1.818 2.176 2.494 19.7 14.6 4.2 3.7 6.2 19.8 0.8 4.9 123.0
KWGProperty Holding 1813 HK Johnson HU, CFA Property Development Add 2.17 HK$ 5.72 7.00 22.4 Rmb 0.810 0.956 1.114 18.0 16.5 4.8 4.1 6.4 14.7 0.7 7.0 54.0
Longfor Properties 960 HK Johnson HU, CFA Property Development Add 7.86 HK$ 11.20 12.80 14.3 Rmb 1.121 1.168 1.359 4.3 16.3 7.6 6.6 2.6 16.0 1.2 7.6 65.0
Poly Property 119 HK Johnson HU, CFA Property Development Hold 1.78 HK$ 3.79 3.60 -5.0 HK$ 0.547 0.630 0.705 15.2 12.0 6.0 5.4 6.3 7.5 0.4 9.3 88.9
Shimao Property 813 HK Johnson HU, CFA Property Development Add 8.07 HK$ 18.00 22.80 26.7 Rmb 2.112 2.610 3.064 23.5 17.4 5.5 4.7 5.5 20.2 1.0 6.6 55.7
Shui On Land 272 HK Johnson HU, CFA Property Development Reduce 2.16 HK$ 2.09 1.66 -20.6 Rmb 0.075 0.126 0.141 69.6 11.6 13.2 11.8 3.0 2.6 0.3 21.6 71.0
Sino-Ocean Land 3377 HK Johnson HU, CFA Property Development Hold 4.38 HK$ 4.55 4.00 -12.1 Rmb 0.577 0.508 0.592 -11.9 16.6 7.1 6.1 5.3 8.9 0.5 8.4 61.2
SOHOChina 410 HK Johnson HU, CFA Property Development Hold 4.40 HK$ 6.54 6.40 -2.1 Rmb 0.853 0.414 0.244 -51.5 -41.0 12.6 21.3 4.9 7.7 0.7 9.9 22.0
Yuexiu Property 123 HK Johnson HU, CFA Property Devt & Invt Hold 2.11 HK$ 1.75 1.65 -5.7 Rmb 0.150 0.182 0.219 21.1 20.6 7.7 6.4 5.2 6.9 0.5 8.9 62.0
Services 6.04 25.9 20.9
China Everbright 257 HK Keith LI Services - Infrastructure Add 6.04 HK$ 10.44 12.40 18.8 HK$ 0.325 0.403 0.500 24.0 24.1 25.9 20.9 1.0 12.9 3.2 18.9 23.2
Comba Telecom Systems 2342 HK Bertram LAI Technology - Others Add 0.50 HK$ 2.52 2.47 -2.0 HK$ -0.143 0.074 0.132 151.4 79.5 34.2 19.0 0.0 2.9 1.0 16.0 1.3
CITIC Telecom 1883 HK Ray KWOK Telco - Integrated Add 1.20 HK$ 2.79 3.40 21.9 HK$ 0.206 0.232 0.286 12.4 23.0 12.0 9.8 4.5 12.0 1.4 8.1 99.4
Utilities 39.41 17.9 14.2
China Gas 384 HK Keith LI Gas Transmission & Dist Add 9.70 HK$ 15.02 17.80 18.5 HK$ 0.501 0.601 0.722 20.1 20.1 25.0 20.8 0.9 18.3 4.2 18.0 66.3
Kunlun Energy 135 HK Keith LI Gas Transmission & Dist Reduce 13.79 HK$ 13.24 11.34 -14.4 HK$ 0.853 0.848 1.048 -0.6 23.6 15.6 12.6 2.6 12.9 1.9 7.7 24.6
China Datang Renewable 1798 HK Keith LI IPP Hold 1.09 HK$ 1.16 1.50 29.3 Rmb 0.033 0.053 0.084 61.9 60.5 17.6 10.9 0.6 4.0 0.7 9.6 329.2
China Longyuan Power 916 HK Keith LI IPP Add 8.19 HK$ 7.90 9.63 21.9 Rmb 0.254 0.444 0.554 75.0 24.8 14.2 11.4 1.3 11.1 1.5 8.8 140.0
Beijing Enterprises Water 371 HK Keith LI Water Treatment & Services Add 5.65 HK$ 5.06 6.10 20.6 HK$ 0.139 0.228 0.300 63.6 32.0 22.2 16.8 1.7 14.2 3.0 22.8 105.6
CT Environmental Group 1363 HK Keith LI Water Treatment & Services Add 0.98 HK$ 5.51 7.30 32.5 HK$ 0.163 0.232 0.354 42.7 52.5 23.7 15.6 0.8 22.2 4.3 17.1 76.2
CHINA 1401.24 6.2 5.4
EPS PER
EPS Growth (%) (x)



August 4, 2014

HONGKONG
Aviation 7.47 15.0 11.7
Cathay Pacific Airways 293 HK Andrew ORCHARD Airlines Hold 7.47 HK$ 14.72 15.50 5.3 HK$ 0.666 0.984 1.263 47.7 28.3 15.0 11.7 1.4 6.0 0.9 8.6 55.0
Hutchison Whampoa 13 HK Andrew ORCHARD Conglomerate Add 58.31 HK$ 106.00 122.00 15.1 HK$ 7.278 7.282 8.747 0.1 20.1 14.6 12.1 9.0 8.0 1.0 10.2 21.3
Perfect Shape (PRC) Holdings Ltd 1830 HK Katie CHAN Lifestyles Hold 0.26 HK$ 1.80 2.20 22.2 HK$ 0.078 0.090 0.119 16.5 31.1 19.9 15.2 5.1 30.2 4.7 10.0 -67.3
Belle International 1880 HK Katherine CHAN Retail Reduce 10.55 HK$ 9.69 7.80 -19.5 Rmb 1.138 1.134 0.659 -0.4 -41.8 6.8 11.7 4.8 34.6 2.2 4.1 -13.6
China Lilang 1234 HK Katherine CHAN Retail Add 0.79 HK$ 5.10 6.50 27.5 Rmb 0.429 0.473 0.517 10.3 9.3 8.6 7.9 7.9 20.3 1.6 4.8 -51.9
Chow Tai Fook Jewellery 1929 HK Katherine CHAN Retail Add 14.58 HK$ 11.30 13.80 22.1 HK$ 0.663 0.796 0.939 20.1 17.9 14.2 12.0 2.8 20.4 2.7 9.8 -8.4
Dairy Farm Int'l DFI SP YEOZhi Bin Retail Add 14.45 S$ 10.69 10.60 -0.8 US$ 0.348 0.385 0.425 10.8 10.2 27.7 25.2 2.3 37.6 9.7 17.4 -29.0
Giordano International 709 HK Ray KWOK Retail Reduce 0.92 HK$ 4.55 2.35 -48.4 HK$ 0.426 0.208 0.235 -51.3 13.2 21.9 19.4 4.4 10.9 2.5 12.9 -29.0
Golden Eagle Retail Group 3308 HK Katherine CHAN Retail Add 2.33 HK$ 10.04 11.00 9.6 Rmb 0.656 0.667 0.763 1.8 14.3 12.0 10.5 2.3 23.4 2.7 8.2 1.9
Intime Retail 1833 HK Katherine CHAN Retail Add 2.08 HK$ 7.24 9.00 24.3 Rmb 0.428 0.419 0.447 -2.3 6.9 13.8 12.9 3.4 13.1 1.4 5.5 -11.6
Koradior Holdings Limited 3709 HK Katherine CHAN Retail Add 0.33 HK$ 5.05 5.70 12.9 Rmb 0.217 0.335 0.401 54.4 19.8 12.0 10.0 2.1 31.0 2.6 5.5 -79.5
Luk Fook Holdings 590 HK Katherine CHAN Retail Hold 1.84 HK$ 24.15 32.00 32.5 HK$ 2.777 3.204 3.600 15.4 12.4 7.5 6.7 5.3 23.9 1.7 5.2 -22.2
Oriental Watch Holdings 398 HK Katherine CHAN Retail Hold 0.14 HK$ 1.90 2.30 21.1 HK$ 0.085 0.070 0.086 -17.6 24.0 27.2 22.0 0.9 1.8 0.5 9.3 2.6
Parkson Retail Group 3368 HK Katherine CHAN Retail Reduce 0.84 HK$ 2.33 2.00 -14.2 Rmb 0.126 0.122 0.135 -2.9 10.2 15.2 13.8 3.0 6.1 0.9 5.2 -13.1
Prada S.p.A. 1913 HK Katherine CHAN Retail Reduce 18.26 HK$ 55.30 55.00 -0.5 0.247 0.239 0.284 -3.0 18.7 22.3 18.8 1.4 21.4 4.4 11.6 -20.2
Sa Sa International Holdings 178 HK Katherine CHAN Retail Add 2.27 HK$ 6.19 6.20 0.2 HK$ 0.320 0.352 0.399 10.0 13.1 17.6 15.5 4.1 42.0 7.0 11.8 -40.1
Samsonite Int'l S.A. 1910 HK Katherine CHAN Retail Add 4.39 HK$ 24.15 28.50 18.0 US$ 0.116 0.149 0.174 28.9 16.3 20.9 17.9 2.3 17.2 3.3 10.7 -22.4
Stelux Holdings Intl Ltd 84 HK Ray KWOK Retail Add 0.27 HK$ 2.01 3.50 74.1 HK$ 0.206 0.267 0.349 29.7 31.0 7.5 5.8 4.6 17.4 1.2 4.4 12.0
Trinity 891 HK Katherine CHAN Retail Add 0.44 HK$ 1.96 2.00 2.0 HK$ 0.178 0.172 0.200 -3.3 16.0 11.4 9.8 6.4 8.6 1.0 5.7 -10.3
Ajisen (China) Holdings Ltd 538 HK Lei YANG, CFA Food Retail Add 0.91 HK$ 6.43 7.20 12.0 HK$ 0.250 0.299 0.356 19.4 19.2 21.5 18.1 2.6 12.6 2.1 9.7 -44.2
Future Bright 703 HK Katie CHAN Food Retail Hold 0.36 HK$ 4.03 4.60 14.1 HK$ 0.245 0.265 0.364 8.1 37.1 15.2 11.1 1.9 17.8 2.3 8.7 -39.0
Skyworth Digital Hldgs 751 HK Bertram LAI Ind Goods & Services Add 1.41 HK$ 3.85 4.16 8.1 HK$ 0.509 0.551 0.583 8.3 5.9 7.0 6.6 4.4 14.2 0.9 6.8 8.5
Techtronic Industries Co 669 HK Bertram LAI Ind Goods & Services Add 5.53 HK$ 23.40 28.89 23.5 US$ 0.154 0.189 0.235 22.6 24.6 16.0 12.8 1.4 18.5 2.8 11.5 -2.0
Insurance 70.37 18.8 15.6
AIAGroup 1299 HK Mark KELLOCK Insurance - Life Add 65.04 HK$ 41.85 43.90 4.9 US$ 0.234 0.285 0.341 21.7 19.8 18.9 15.8 1.1 12.6 2.2 n/a -7.8
China Taiping Insurance 966 HK Mark KELLOCK Insurance - Life Add 5.32 HK$ 16.98 23.90 40.754 HK$ 0.775 1.042 1.275 34.4 22.4 16.3 13.3 0.0 10.9 1.8 n/a -251.7
Oil and Gas 420.55 9.8 8.9
PetroChina Co Ltd 857 HK Jimmy WONG Oil & Gas - Integrated Add 238.06 HK$ 10.18 10.00 -1.8 Rmb 0.708 0.716 0.786 1.1 9.8 11.3 10.3 4.0 11.2 1.2 5.3 40.9
Sinopec Corp 386 HK Jimmy WONG Oil & Gas - Integrated Add 102.53 HK$ 7.70 8.40 9.1 Rmb 0.576 0.627 0.680 8.7 8.6 9.8 9.0 4.1 12.4 1.2 5.3 48.5
CNOOC Limited 883 HK Jimmy WONG Oil & Gas Exp & Prodn Hold 79.96 HK$ 13.88 13.60 -2.0 Rmb 1.265 1.374 1.519 8.7 10.5 8.0 7.3 3.4 16.9 1.3 3.8 14.0
Anton Oilfield Services Group 3337 HK Toby SHEK Oil & Gas - Equipment & Svs Reduce 1.25 HK$ 4.39 3.40 -22.6 Rmb 0.177 0.182 0.230 2.7 26.5 19.3 15.2 1.8 16.5 3.0 10.3 39.3
Hilong Holding Limited 1623 HK Toby SHEK Oil & Gas - Equipment & Svs Add 0.96 HK$ 4.38 5.60 27.9 Rmb 0.259 0.283 0.351 9.3 24.2 12.3 9.9 2.4 17.0 2.0 9.4 51.4
Honghua Group Limited 196 HK Toby SHEK Oil & Gas - Equipment & Svs Hold 0.79 HK$ 1.90 2.00 5.3 Rmb 0.166 0.193 0.216 16.0 11.9 7.9 7.0 3.6 12.5 0.9 6.7 69.5
SPT Energy Group 1251 HK Toby SHEK Oil & Gas - Equipment & Svs Add 0.82 HK$ 4.13 5.00 21.1 Rmb 0.197 0.231 0.316 17.3 37.1 14.3 10.4 1.8 18.4 2.5 7.7 -17.9
Property 170.12 15.7 16.3
Cheung Kong (Holdings) 1 HK Andrew LAWRENCE Property Development Hold 45.04 HK$ 150.70 118.00 -21.7 HK$ 11.776 12.365 12.427 5.0 0.5 12.2 12.1 2.1 7.7 0.9 8.0 1.4
Henderson Land Development 12 HK Andrew LAWRENCE Property Development Reduce 19.14 HK$ 49.45 40.93 -17.2 HK$ 3.441 3.572 3.187 3.8 -10.8 13.8 15.5 2.1 3.9 0.6 13.4 18.3
New World Development 17 HK Andrew LAWRENCE Property Development Reduce 10.99 HK$ 9.83 8.85 -10.0 HK$ 1.092 1.255 1.273 14.9 1.5 7.8 7.7 3.7 5.4 0.4 9.2 37.7
Sino Land Co 83 HK Andrew LAWRENCE Property Development Reduce 10.40 HK$ 13.40 9.16 -31.6 HK$ 0.922 0.743 0.633 -19.5 -14.9 18.0 21.2 3.1 4.1 0.7 11.5 -9.8
Sun Hung Kai Properties 16 HK Andrew LAWRENCE Property Development Hold 41.46 HK$ 117.90 93.00 -21.1 HK$ 7.556 7.076 6.314 -6.3 -10.8 16.7 18.7 2.8 4.8 0.8 15.3 13.7
Hongkong Land HKL SP Andrew LAWRENCE Property Investment Reduce 16.12 S$ 6.85 5.54 -19.1 US$ 0.361 0.335 0.318 -7.2 -5.0 20.4 21.5 2.4 2.9 0.6 15.0 6.8
Hysan Development 14 HK Andrew LAWRENCE Property Investment Reduce 5.13 HK$ 37.40 30.20 -19.3 HK$ 1.801 1.908 1.971 5.9 3.3 19.6 19.0 3.1 3.4 0.7 14.8 2.5
Swire Properties 1972 HK Andrew LAWRENCE Property Investment Reduce 19.17 HK$ 25.40 18.76 -26.1 HK$ 1.081 1.071 1.188 -0.9 10.9 23.7 21.4 2.3 3.2 0.7 20.0 15.3
Champion REIT 2778 HK Andrew LAWRENCE REIT Reduce 2.67 HK$ 3.61 3.00 -16.9 HK$ 0.252 0.172 0.174 -31.6 1.0 21.0 20.8 5.0 n/a 0.5 n/a 29.9
EPS PER
EPS Growth (%) (x)



August 4, 2014

HONGKONG
Services 2.77 21.9 19.3
Kerry Logistics Network 636 HK Andrew ORCHARD Logistics Add 2.77 HK$ 12.72 15.50 21.9 HK$ 0.291 0.580 0.658 99.6 13.4 21.9 19.3 1.1 7.0 1.5 11.8 2.2
Shipping 9.99 131.2 33.6
China Shipping Container 2866 HK Raymond YAP, CFA Container Shipping Hold 4.33 HK$ 2.26 1.87 -17.3 Rmb -0.257 -0.120 -0.072 53.2 40.3 -15.0 -25.1 0.0 -5.8 0.9 74.0 65.7
Orient Overseas Intl Ltd 316 HK Raymond YAP, CFA Container Shipping Add 3.34 HK$ 41.40 52.40 26.6 US$ 0.104 0.372 0.450 258.8 21.0 14.3 11.9 1.7 5.7 0.7 8.0 37.9
SITC International 1308 HK Raymond YAP, CFA Container Shipping Hold 1.14 HK$ 3.41 3.79 11.1 US$ 0.035 0.039 0.043 9.1 11.7 11.4 10.2 3.1 13.6 1.4 7.2 -14.2
Pacific Basin Shipping 2343 HK Raymond YAP, CFA Dry Bulk Shipping Add 1.18 HK$ 4.71 5.97 26.8 US$ 0.009 -0.015 0.020 -264.0 232.2 -39.5 29.9 0.0 -2.5 1.0 20.9 51.0
Technology 27.04 20.7 16.9
Baioo Family Interactive Ltd 2100 HK Eric CHEN IT Services Add 0.45 HK$ 1.23 1.90 54.5 Rmb 0.139 0.099 0.129 -28.8 30.6 9.9 7.6 0.0 32.8 1.6 1.5 -136.0
SMIC 981 HK Jim MCCAFFERTY Semiconductor Hold 3.24 HK$ 0.72 0.67 -6.9 US$ 0.005 0.002 0.005 -56.7 113.2 39.9 18.7 0.0 3.0 1.2 5.9 10.3
Kingdee Int'l Software 268 HK Bertram LAI Technology - Others Reduce 0.90 HK$ 2.72 1.30 -52.2 Rmb 0.022 0.035 -0.009 57.9 -126.4 61.3 -232.4 0.0 5.2 3.1 -202.8 68.6
Lenovo Group 992 HK Wanli WANG Technology - PC hardware Hold 14.32 HK$ 10.66 10.50 -1.5 US$ 0.077 0.065 0.076 -15.7 18.0 21.3 18.1 2.0 20.2 4.1 12.7 -26.1
AAC Technologies 2018 HK Ray KWOK Technology Components Hold 7.35 HK$ 46.40 49.20 6.0 Rmb 1.884 2.227 2.616 18.2 17.5 16.6 14.1 2.5 31.9 4.9 12.6 -13.0
Tongda Group Holdings Ltd 698 HK Ray KWOK Technology Components Add 0.79 HK$ 1.12 1.38 23.2 HK$ 0.075 0.097 0.126 29.2 30.4 11.6 8.9 2.9 17.9 1.9 7.7 18.2
China Mobile Limited 941 HK Bertram LAI Telco - Integrated Reduce 225.14 HK$ 85.90 57.45 -33.1 Rmb 6.054 5.067 4.921 -16.3 -2.9 13.5 13.9 3.2 12.6 1.6 4.2 -45.2
China Telecom 728 HK Bertram LAI Telco - Integrated Hold 45.84 HK$ 4.39 3.73 -15.0 Rmb 0.210 0.250 0.309 18.8 23.8 14.0 11.3 2.2 7.1 1.0 3.7 31.0
China Unicom 762 HK Bertram LAI Telco - Integrated Add 41.84 HK$ 13.60 17.07 25.5 Rmb 0.440 0.557 0.747 26.5 34.3 19.5 14.5 1.9 5.9 1.1 3.7 43.1
Coolpad Group Ltd 2369 HK Ray KWOK Telco - Others Add 1.01 HK$ 1.83 3.00 63.9 HK$ 0.097 0.208 0.252 114.0 21.0 8.8 7.3 1.4 27.8 2.2 4.5 -52.2
TCL Communication 2618 HK Ray KWOK Telco - Others Add 1.52 HK$ 9.75 10.90 11.8 HK$ 0.274 0.771 1.024 181.2 32.8 12.6 9.5 2.8 27.2 3.1 9.4 20.5
Galaxy Entertainment 27 HK Michael TING Gaming Add 36.10 HK$ 65.95 78.88 19.6 HK$ 2.383 2.924 3.393 22.7 16.0 22.6 19.4 1.3 34.0 6.9 18.1 -40.6
Macau Legend Development Ltd 1680 HK Michael TING Gaming Reduce 3.85 HK$ 4.64 5.38 15.9 HK$ 0.082 0.122 0.227 48.8 86.3 38.1 20.5 0.0 14.2 5.7 31.3 33.3
MGMChina Holdings 2282 HK Michael TING Gaming Add 14.02 HK$ 28.60 30.96 8.3 HK$ 1.404 1.390 1.489 -1.0 7.2 20.6 19.2 3.9 77.1 15.1 16.3 2.9
NagaCorp Ltd 3918 HK Michael TING Gaming Add 2.02 HK$ 6.85 8.92 30.2 US$ 0.065 0.072 0.086 10.4 19.9 12.3 10.3 5.6 25.8 3.1 8.8 -45.6
Sands China 1928 HK Michael TING Gaming Add 60.00 HK$ 57.65 66.08 14.6 US$ 0.275 0.349 0.419 27.0 19.9 21.3 17.8 4.8 45.4 10.1 18.1 8.8
SJMHoldings 880 HK Michael TING Gaming Add 15.25 HK$ 20.90 23.24 11.2 HK$ 1.388 1.440 1.506 3.7 4.6 14.5 13.9 5.2 34.1 4.9 11.6 -53.5
Wynn Macau 1128 HK Michael TING Gaming Hold 22.29 HK$ 33.25 31.39 -5.6 HK$ 1.484 1.383 1.311 -6.8 -5.2 24.0 25.4 3.5 73.2 16.6 20.3 16.6
Utilities 7.03 21.9 18.3
China Resources Gas 1193 HK Keith LI Gas Transmission & Dist Reduce 7.03 HK$ 24.50 23.80 -2.9 HK$ 0.974 1.121 1.335 15.1 19.1 21.9 18.3 1.1 16.5 3.4 13.3 26.8
HONGKONG 1329.31 13.4 12.3
INDIA
Apollo Tyres Ltd APTYIN Pramod AMTHE Auto Parts Add 1.45 Rs 174.8 229.4 31.2 Rs 16.21 18.86 21.52 16.3 14.1 9.3 8.1 0.5 19.9 1.7 5.0 16.9
Bharat Forge BHFC IN Pramod AMTHE Auto Parts Hold 2.78 Rs 723.8 731.0 1.0 Rs 16.66 24.08 28.97 44.5 20.3 30.1 25.0 0.7 18.7 5.0 14.4 40.7
Bosch Ltd BOS IN Pramod AMTHE Auto Parts Add 6.95 Rs 13,405.3 12,047.0 -10.1 Rs 281.75 348.73 456.58 23.8 30.9 38.4 29.4 0.4 16.3 5.9 24.0 -57.3
Exide Industries Ltd EXID IN Pramod AMTHE Auto Parts Reduce 2.31 Rs 164.5 139.0 -15.5 Rs 5.89 6.73 7.65 14.2 13.7 24.4 21.5 1.2 14.9 3.5 12.7 -3.1
Ashok Leyland AL IN Pramod AMTHE Autos Add 1.60 Rs 34.2 43.1 26.0 Rs -1.14 0.21 2.04 118.8 854.6 159.8 16.7 0.4 1.7 2.5 13.2 96.9
Bajaj Auto BJAUT IN Pramod AMTHE Autos Hold 9.92 Rs 2,075.9 2,095.0 0.9 Rs 110.46 114.03 125.99 3.2 10.5 18.2 16.5 2.5 33.1 5.6 11.8 -82.4
Eicher Motors Ltd EIMIN Pramod AMTHE Autos Reduce 3.80 Rs 8,499.0 4,102.0 -51.7 Rs 130.79 217.70 294.03 66.4 35.1 39.0 28.9 0.5 25.8 9.2 21.0 -36.7
Hero Motocorp HMCL IN Pramod AMTHE Autos Add 8.56 Rs 2,597.2 2,820.0 8.6 Rs 105.72 148.28 191.95 40.3 29.4 17.5 13.5 2.3 48.0 7.5 10.3 -91.0
Mahindra & Mahindra MMIN Pramod AMTHE Autos Reduce 12.22 Rs 1,201.7 1,043.0 -13.2 Rs 62.07 59.20 64.55 -4.6 9.0 20.3 18.6 1.2 20.1 3.8 12.1 -5.1
Maruti Suzuki MSIL IN Pramod AMTHE Autos Add 12.59 Rs 2,524.1 2,919.0 15.6 Rs 92.94 121.67 160.97 30.9 32.3 20.7 15.7 0.6 16.7 3.2 10.1 -40.9
Tata Motors TTMT IN Pramod AMTHE Autos Reduce 22.21 Rs 446.8 370.5 -17.1 Rs 43.09 47.75 53.80 10.8 12.7 9.4 8.3 0.6 22.7 1.9 4.2 34.4
Chemicals 18.33 24.4 19.9
Asian Paints APNT IN Varun LOHCHAB Chemicals - Others Hold 9.96 Rs 628.7 615.0 -2.2 Rs 12.49 14.82 18.32 18.7 23.6 42.4 34.3 0.9 33.4 13.0 26.6 -12.3
Castrol India CSTRL IN Avadhoot SABNIS Chemicals - Others Reduce 2.74 Rs 336.1 255.0 -24.1 Rs 10.30 9.71 11.47 -5.6 18.1 34.6 29.3 2.1 74.3 30.8 23.5 -83.9
Coromandel International CRIN IN Atul RASTOGI Chemicals - Others Add 1.14 Rs 241.6 280.0 15.9 Rs 13.45 17.45 23.79 29.8 36.4 13.8 10.2 1.9 20.8 2.7 8.7 46.3
Rallis India RALI IN Atul RASTOGI Chemicals - Others Hold 0.70 Rs 217.4 183.0 -15.8 Rs 7.39 9.07 10.70 22.6 18.0 24.0 20.3 1.3 23.5 5.3 14.2 -5.2
Tata Chemicals TTCH IN Atul RASTOGI Chemicals - Others Add 1.46 Rs 347.2 365.0 5.1 Rs 22.61 34.32 43.98 51.8 28.1 10.1 7.9 4.0 14.9 1.5 7.2 89.5
UPL Limited UPLL IN Atul RASTOGI Chemicals - Others Reduce 2.33 Rs 328.9 210.0 -36.2 Rs 22.21 25.32 28.63 14.0 13.1 13.0 11.5 1.3 19.9 2.4 7.7 43.2
EPS PER
EPS Growth (%) (x)



August 4, 2014

INDIA
Coal India COAL IN Rahul JAIN Coal Mining Reduce 38.35 Rs 367.7 310.8 -15.5 Rs 24.80 25.46 28.05 2.7 10.2 14.4 13.1 4.8 33.9 4.7 7.9 -120.0
Hindalco Industries HNDL IN Rahul JAIN Mining Add 6.54 Rs 191.7 195.8 2.1 Rs 13.63 12.30 17.10 -9.8 39.1 15.6 11.2 0.5 6.4 1.0 9.8 127.7
Hindustan Zinc HZ IN Rahul JAIN Mining Reduce 11.25 Rs 161.2 131.7 -18.3 Rs 16.43 15.74 15.58 -4.2 -1.1 10.2 10.3 2.1 17.5 1.7 5.9 -67.7
National Aluminium Co NACL IN Rahul JAIN Mining Add 2.47 Rs 58.0 57.2 -1.4 Rs 2.55 3.15 3.50 23.6 11.2 18.4 16.6 2.2 6.5 1.2 9.0 -32.8
NMDC NMDC IN Rahul JAIN Mining Add 11.13 Rs 170.1 160.0 -5.9 Rs 15.20 15.31 15.73 0.7 2.7 11.1 10.8 4.1 19.7 2.1 6.2 -62.0
Larsen & Toubro Ltd LT IN Harish BIHANI Conglomerate Hold 23.02 Rs 1,502.9 1,610.0 7.1 Rs 51.33 48.73 62.16 -5.1 27.6 30.8 24.2 1.0 11.6 3.4 18.4 182.6
SESASterlite SSLT IN Rahul JAIN Conglomerate Reduce 14.21 Rs 290.3 227.8 -21.5 Rs 18.50 19.89 19.87 7.5 -0.1 14.6 14.6 1.1 8.5 1.1 6.3 24.2
ACC Limited ACC IN Rahul JAIN Cement Hold 4.33 Rs 1,395.9 1,500.0 7.5 Rs 58.30 62.82 88.50 7.7 40.9 22.2 15.8 2.3 14.6 3.2 12.6 -20.4
Ambuja Cements ACEMIN Rahul JAIN Cement Add 5.28 Rs 206.4 249.0 20.6 Rs 8.26 9.47 13.06 14.7 38.0 21.8 15.8 2.0 14.8 3.1 11.3 -49.5
Grasim Industries GRASIMIN Rahul JAIN Cement Add 4.87 Rs 3,214.8 2,824.0 -12.2 Rs 234.90 238.76 272.88 1.6 14.3 13.5 11.8 0.6 9.9 1.3 7.2 24.7
Ramco Cement TRCL IN Rahul JAIN Cement Reduce 1.12 Rs 285.6 224.0 -21.6 Rs 7.92 11.52 16.51 45.5 43.3 24.8 17.3 0.7 10.7 2.5 10.6 97.6
Shree Cement SRCMIN Rahul JAIN Cement Reduce 4.23 Rs 7,360.0 4,283.0 -41.8 Rs 263.48 282.23 357.86 7.1 26.8 26.1 20.6 0.4 21.2 5.0 15.3 -13.3
The India Cements ICEMIN Rahul JAIN Cement Add 0.52 Rs 103.4 113.0 9.3 Rs 0.43 5.52 10.45 1,173.6 89.3 18.7 9.9 1.1 4.1 0.8 6.7 84.8
Ultratech Cement UTCEMIN Rahul JAIN Cement Reduce 10.97 Rs 2,420.9 2,063.0 -14.8 Rs 82.84 85.63 106.40 3.4 24.3 28.3 22.8 0.4 13.3 3.5 15.3 12.5
Hindustan Construction HCC IN Pramod AMTHE Construction Add 0.42 Rs 39.7 53.5 34.8 Rs -2.54 -0.51 0.78 79.9 252.6 -77.9 51.0 0.2 -2.4 1.9 9.7 290.4
NCC Limited NJCC IN Pramod AMTHE Construction Add 0.31 Rs 73.2 120.6 64.8 Rs 0.96 3.67 7.50 281.7 104.1 19.9 9.8 0.7 3.7 0.7 4.7 74.3
Colgate Palmolive India CLGT IN Varun LOHCHAB Personal Products Hold 3.52 Rs 1,566.2 1,660.0 6.0 Rs 35.35 39.65 48.32 12.2 21.9 39.5 32.4 2.0 123.8 33.4 28.0 -33.0
Dabur India DABUR IN Varun LOHCHAB Personal Products Reduce 6.01 Rs 207.3 195.0 -5.9 Rs 5.04 5.83 6.91 15.7 18.4 35.5 30.0 0.9 35.9 11.5 28.5 -5.6
Emami Ltd HMN IN Varun LOHCHAB Personal Products Hold 2.03 Rs 542.8 510.0 -6.0 Rs 16.82 18.30 21.14 8.8 15.5 29.7 25.7 1.3 41.6 11.2 25.5 -37.1
Godrej Consumer GCPL IN Varun LOHCHAB Personal Products Reduce 4.73 Rs 840.7 840.0 -0.1 Rs 21.72 24.84 29.95 14.4 20.6 33.8 28.1 1.0 21.6 6.9 23.0 21.0
Hindustan Unilever HUVR IN Varun LOHCHAB Personal Products Hold 24.44 Rs 684.2 700.0 2.3 Rs 16.64 18.37 20.92 10.4 13.9 37.3 32.7 2.0 109.1 37.8 31.9 -94.3
Marico MRCOIN Varun LOHCHAB Personal Products Add 2.72 Rs 255.7 250.0 -2.2 Rs 7.12 8.38 9.96 17.8 18.8 30.5 25.7 0.8 33.7 9.7 20.0 -5.1
Bata India BATAIN Varun LOHCHAB Retail Hold 1.32 Rs 1,247.1 1,120.0 -10.2 Rs 30.74 35.09 42.41 14.1 20.9 35.5 29.4 0.6 24.4 7.9 20.8 -45.6
Titan Co Ltd TTAN IN Varun LOHCHAB Retail Add 5.00 Rs 341.1 300.0 -12.0 Rs 8.25 9.11 10.69 10.5 17.3 37.4 31.9 0.7 30.2 10.2 25.1 -37.5
Arvind Ltd ARVND IN Atul RASTOGI Textile Add 0.98 Rs 230.7 253.0 9.7 Rs 13.13 17.54 20.44 33.6 16.5 13.1 11.3 1.3 16.9 2.1 8.4 101.2
Britannia Industries BRIT IN Varun LOHCHAB Food & Beverages Hold 2.27 Rs 1,148.4 950.0 -17.3 Rs 30.24 35.07 40.09 16.0 14.3 32.7 28.6 1.1 48.9 14.0 24.1 -13.3
Nestle India NEST IN Varun LOHCHAB Food & Beverages Reduce 8.12 Rs 5,101.0 4,460.0 -12.6 Rs 115.60 127.56 146.91 10.3 15.2 40.0 34.7 1.2 48.2 18.0 23.0 -17.6
United Spirits UNSP IN Varun LOHCHAB Food & Beverages Reduce 5.65 Rs 2,355.9 2,550.0 8.2 Rs 3.26 24.18 49.28 641.0 103.8 97.4 47.8 0.2 4.7 4.3 30.9 65.0
Jubilant Foodworks JUBI IN Varun LOHCHAB Food Retail Add 1.36 Rs 1,258.1 1,400.0 11.3 Rs 19.58 26.70 37.32 36.4 39.7 47.1 33.7 0.0 28.2 11.6 23.3 -5.5
ITC Ltd ITC IN Varun LOHCHAB Tobacco Add 46.81 Rs 356.1 385.0 8.1 Rs 10.84 12.59 14.50 16.1 15.2 28.3 24.6 2.0 35.9 9.6 19.4 -19.2
Axis Bank AXSB IN Jatinder AGARWAL Banks Reduce 15.25 Rs 391.7 356.0 -9.1 Rs 25.78 27.96 31.08 8.5 11.2 14.0 12.6 5.5 16.6 2.2 n/a n/a
Bank of Baroda BOB IN Jatinder AGARWAL Banks Reduce 6.18 Rs 871.9 781.0 -10.4 Rs 106.67 119.81 132.10 12.3 10.3 7.3 6.6 2.5 14.3 1.0 n/a n/a
Bank of India BOI IN Jatinder AGARWAL Banks Reduce 2.91 Rs 274.5 241.0 -12.2 Rs 44.75 47.38 53.17 5.9 12.2 5.8 5.2 2.9 11.4 0.6 n/a n/a
Canara Bank CBK IN Jatinder AGARWAL Banks Reduce 3.04 Rs 399.7 328.0 -17.9 Rs 56.62 72.52 82.93 28.1 14.4 5.5 4.8 3.3 13.3 0.7 n/a n/a
Corporation Bank CRPBK IN Vivek VERMA Banks Reduce 0.98 Rs 355.1 200.0 -43.7 Rs 49.91 40.28 49.43 -19.3 22.7 8.8 7.2 3.9 6.6 0.6 n/a n/a
Federal Bank FB IN Vivek VERMA Banks Add 1.69 Rs 120.0 139.0 15.8 Rs 9.80 10.94 12.76 11.5 16.7 11.0 9.4 1.7 13.1 1.4 n/a n/a
HDFC Bank HDFCB IN Jatinder AGARWAL Banks Hold 33.17 Rs 834.0 830.0 -0.5 Rs 32.69 40.02 46.64 22.4 16.5 20.8 17.9 0.9 21.1 4.1 n/a n/a
ICICI Bank ICICIBC IN Jatinder AGARWAL Banks Add 28.09 Rs 1,471.3 1,793.0 21.9 Rs 81.83 93.27 105.47 14.0 13.1 15.8 13.9 1.6 14.3 2.1 n/a n/a
Indian Bank INBK IN Vivek VERMA Banks Add 1.14 Rs 148.6 134.0 -9.8 Rs 28.27 32.30 40.66 14.2 25.9 4.6 3.7 3.9 11.9 0.5 n/a n/a
Indusind Bank IIB IN Vivek VERMA Banks Hold 4.87 Rs 559.5 545.0 -2.6 Rs 25.55 32.03 38.41 25.4 19.9 17.5 14.6 0.7 18.6 3.0 n/a n/a
INGVysya Bank VYSB IN Vivek VERMA Banks Add 1.93 Rs 614.0 660.0 7.5 Rs 38.77 36.43 44.17 -6.0 21.2 16.9 13.9 1.0 9.8 1.6 n/a n/a
J&K Bank JKBK IN Vivek VERMA Banks Add 1.28 Rs 1,598.3 1,743.0 9.1 Rs 237.38 237.94 254.87 0.2 7.1 6.7 6.3 3.1 19.4 1.2 n/a n/a
Oriental Bank of Commerce OBC IN Vivek VERMA Banks Reduce 1.38 Rs 278.3 225.0 -19.2 Rs 40.24 45.49 53.67 13.0 18.0 6.1 5.2 3.4 10.4 0.6 n/a n/a
Punjab National Bank PNB IN Jatinder AGARWAL Banks Reduce 5.72 Rs 956.8 760.0 -20.6 Rs 104.26 139.50 168.54 33.8 20.8 6.9 5.7 2.2 14.1 0.9 n/a n/a
State Bank of India SBIN IN Jatinder AGARWAL Banks Reduce 30.07 Rs 2,439.3 2,131.0 -12.6 Rs 166.05 199.79 244.35 20.3 22.3 12.2 10.0 1.4 12.2 1.4 n/a n/a
EPS PER
EPS Growth (%) (x)



August 4, 2014

INDIA
Union Bank of India UNBK IN Jatinder AGARWAL Banks Hold 1.99 Rs 191.3 139.0 -27.3 Rs 30.10 36.02 40.45 19.7 12.3 5.3 4.7 4.6 12.9 0.7 n/a n/a
Yes Bank YES IN Vivek VERMA Banks Reduce 3.71 Rs 541.1 505.0 -6.7 Rs 42.90 47.60 50.44 10.9 6.0 11.4 10.7 1.5 21.1 2.1 n/a n/a
Bajaj Finance Ltd BAF IN Umang SHAH Finance Companies Reduce 1.83 Rs 2,210.0 1,998.0 -9.6 Rs 140.44 162.09 194.31 15.4 19.9 13.6 11.4 0.9 19.4 2.4 n/a n/a
Housing Development Fin. HDFC IN Jatinder AGARWAL Finance Companies Hold 27.64 Rs 1,068.4 1,039.0 -2.8 Rs 31.87 36.58 42.41 14.8 15.9 29.2 25.2 1.4 19.8 5.5 n/a n/a
IDFC Limited IDFC IN Jatinder AGARWAL Finance Companies Hold 3.81 Rs 152.3 117.0 -23.2 Rs 12.96 14.14 15.90 9.1 12.4 10.8 9.6 2.1 14.6 1.5 n/a n/a
LIC Housing Finance LICHF IN Umang SHAH Finance Companies Hold 2.41 Rs 289.7 306.0 5.6 Rs 24.65 27.43 32.47 11.3 18.4 10.6 8.9 1.7 17.7 1.7 n/a n/a
Mahindra & Mahindra Finance MMFS IN Umang SHAH Finance Companies Reduce 2.21 Rs 235.3 223.0 -5.2 Rs 15.91 16.13 20.12 1.4 24.7 14.6 11.7 1.7 17.3 2.4 n/a n/a
Shriram Transport Finance SHTF IN Umang SHAH Finance Companies Reduce 3.37 Rs 900.1 650.0 -27.8 Rs 56.78 62.01 73.58 9.2 18.6 14.5 12.2 0.9 16.3 2.2 n/a n/a
Healthcare 70.63 24.6 20.9
Apollo Hospitals Enterprise Ltd APHS IN Atul RASTOGI Hospitals Add 2.33 Rs 1,013.2 1,055.0 4.1 Rs 22.56 26.78 32.26 18.7 20.4 37.8 31.4 0.6 12.2 4.4 19.7 38.6
Alembic Pharmaceuticals Ltd ALPMIN Nishith SANGHVI Pharmaceuticals Add 1.08 Rs 348.1 368.0 5.7 Rs 11.57 14.37 18.72 24.2 30.3 24.2 18.6 1.0 36.9 7.8 16.2 13.0
Aurobindo Pharma ARBP IN Prakash AGARWAL Pharmaceuticals Hold 3.43 Rs 712.2 700.0 -1.7 Rs 37.90 41.07 50.21 8.4 22.3 17.3 14.2 0.3 39.0 4.6 11.9 73.7
Cadila Healthcare CDH IN Prakash AGARWAL Pharmaceuticals Add 3.77 Rs 1,116.2 1,330.0 19.2 Rs 39.76 49.76 65.42 25.1 31.5 22.4 17.1 1.0 26.9 5.4 16.6 35.4
Cipla Ltd CIPLAIN Prakash AGARWAL Pharmaceuticals Add 6.05 Rs 456.5 440.0 -3.6 Rs 16.53 19.08 23.28 15.4 22.0 23.9 19.6 0.4 14.6 3.3 15.9 8.0
Dr Reddys Laboratories DRRD IN Prakash AGARWAL Pharmaceuticals Add 7.90 Rs 2,808.7 3,395.0 20.9 Rs 116.89 134.85 156.02 15.4 15.7 20.8 18.0 0.5 23.8 4.5 14.2 4.9
Glenmark Pharmaceuticals GNP IN Prakash AGARWAL Pharmaceuticals Add 2.95 Rs 659.3 730.0 10.7 Rs 26.00 29.59 36.12 13.8 22.1 22.3 18.3 0.3 23.0 4.7 13.2 45.2
IPCALabs IPCAIN Prakash AGARWAL Pharmaceuticals Hold 1.47 Rs 706.5 800.0 13.2 Rs 40.97 41.42 49.11 1.1 18.6 17.1 14.4 0.7 33.2 3.8 11.6 17.5
Lupin Ltd LPC IN Prakash AGARWAL Pharmaceuticals Add 8.75 Rs 1,181.8 1,365.0 15.5 Rs 38.70 50.11 58.45 29.5 16.6 23.6 20.2 0.5 29.9 6.2 14.2 -7.1
Mega Lifesciences PCL MEGATB Prakash AGARWAL Pharmaceuticals Add 0.57 B 21.1 25.0 18.5 B 0.72 0.81 1.06 11.7 31.6 26.2 19.9 1.0 17.6 4.3 18.6 -14.1
Ranbaxy Laboratories RBXYIN Prakash AGARWAL Pharmaceuticals Hold 4.05 Rs 578.9 495.0 -14.5 Rs 6.72 14.36 21.57 113.8 50.2 40.3 26.8 0.4 31.2 6.1 14.3 93.3
Sun Pharmaceuticals Ind. SUNP IN Prakash AGARWAL Pharmaceuticals Hold 27.05 Rs 791.0 650.0 -17.8 Rs 24.88 28.76 31.54 15.6 9.6 27.5 25.1 0.2 29.2 7.2 19.8 -30.7
Wockhardt Ltd WPL IN Prakash AGARWAL Pharmaceuticals Hold 1.22 Rs 672.0 680.0 1.2 Rs 87.56 40.58 50.22 -53.7 23.7 16.6 13.4 0.7 14.1 2.1 12.3 10.5
Jain Irrigation JI IN Atul RASTOGI Ind Goods & Services Hold 0.77 Rs 102.4 130.0 27.0 Rs 2.37 5.37 8.27 126.1 54.1 19.1 12.4 0.8 9.3 2.0 8.9 134.8
ABB Ltd ABB IN Harish BIHANI Industrial Machinery Reduce 3.64 Rs 1,040.2 570.0 -45.2 Rs 8.35 15.47 20.26 85.3 31.0 67.3 51.4 0.3 11.7 7.5 33.3 2.8
Bharat Heavy Electricals BHEL IN Harish BIHANI Industrial Machinery Reduce 9.23 Rs 228.4 170.0 -25.6 Rs 17.33 13.56 12.12 -21.7 -10.6 16.8 18.8 1.2 9.9 1.6 9.9 -29.0
Crompton Greaves Ltd CRGIN Harish BIHANI Industrial Machinery Hold 2.01 Rs 194.5 180.0 -7.5 Rs 3.23 7.59 10.91 135.2 43.6 25.6 17.8 0.7 12.5 3.1 15.4 33.5
Cummins India Ltd KKC IN Harish BIHANI Industrial Machinery Hold 2.87 Rs 626.7 615.0 -1.9 Rs 21.41 22.84 26.47 6.7 15.9 27.4 23.7 2.2 24.0 6.4 22.0 -7.6
Siemens Ltd SIEMIN Harish BIHANI Industrial Machinery Reduce 5.16 Rs 876.7 450.0 -48.7 Rs 6.73 14.18 19.50 110.8 37.6 61.8 44.9 0.8 12.0 7.2 32.5 -24.0
Thermax Ltd TMXIN Harish BIHANI Industrial Machinery Reduce 1.72 Rs 874.5 800.0 -8.5 Rs 22.18 30.40 37.26 37.1 22.6 28.8 23.5 0.9 17.0 4.6 18.8 9.8
Voltas Ltd VOLT IN Harish BIHANI Industrial Machinery Reduce 1.05 Rs 192.3 160.0 -16.8 Rs 6.69 8.59 10.39 28.3 21.0 22.4 18.5 1.0 15.0 3.2 18.0 -4.5
Jindal Steel and Power JSP IN Rahul JAIN Steel Add 4.15 Rs 274.8 287.9 4.8 Rs 25.42 26.53 27.33 4.4 3.0 10.4 10.1 0.6 10.9 1.1 8.0 119.5
JSWSteel JSTL IN Rahul JAIN Steel Reduce 4.71 Rs 1,180.4 804.4 -31.9 Rs 89.81 105.72 87.15 17.7 -17.6 11.2 13.5 0.8 12.0 1.3 6.2 127.2
Steel Authority of India SAIL IN Rahul JAIN Steel Hold 5.99 Rs 87.9 70.2 -20.1 Rs 3.93 4.98 3.68 26.8 -26.3 17.6 23.9 0.3 4.9 0.8 13.3 63.1
Tata Steel TATAIN Rahul JAIN Steel Add 8.88 Rs 553.4 592.0 7.0 Rs 28.85 40.74 35.32 41.2 -13.3 13.6 15.7 2.2 10.7 1.4 7.3 182.8
Insurance 3.83 71.5 57.3
Bajaj Finserv BJFIN IN Vivek VERMA Insurance - Composite Add 2.48 Rs 944.3 1,050.0 11.2 Rs 5.22 5.49 6.02 5.2 9.7 172.0 156.8 0.0 3.5 5.9 137.8 -0.3
Max India MAXIN Vivek VERMA Insurance - Composite Add 1.35 Rs 306.9 348.0 13.4 Rs 10.47 8.89 11.53 -15.1 29.8 34.5 26.6 2.0 7.4 2.5 156.1 -1.1
Media 10.78 24.4 19.9
Eros International Media EROS IN Srinivas SESHADRI Media - Integrated Add 0.33 Rs 219.6 200.0 -8.9 Rs 20.51 23.39 27.12 14.0 16.0 9.4 8.1 0.3 17.1 1.5 6.5 8.2
DB Corp Ltd DBCL IN Srinivas SESHADRI Newspaper Add 0.99 Rs 325.5 360.0 10.6 Rs 14.92 18.49 21.65 23.9 17.1 17.6 15.0 2.5 28.4 4.7 10.0 -10.2
HT Media Ltd HTML IN Srinivas SESHADRI Newspaper Add 0.41 Rs 106.0 127.0 19.8 Rs 7.36 8.21 9.18 11.5 11.8 12.9 11.5 0.4 16.1 1.3 5.8 -30.7
Jagran Prakashan Ltd JAGP IN Srinivas SESHADRI Newspaper Add 0.65 Rs 119.7 142.0 18.6 Rs 5.93 7.77 9.53 30.9 22.7 15.4 12.6 3.7 24.2 3.6 8.9 12.0
Dish TVIndia DITVIN Srinivas SESHADRI TV- Satellite Reduce 1.03 Rs 58.7 50.0 -14.821 Rs -0.58 0.26 1.64 145.4 522.1 222.0 35.7 0.6 -9.5 -19.5 10.7 -382.8
Sun TVNetwork SUNTVIN Srinivas SESHADRI TV- Satellite Add 2.76 Rs 424.8 485.0 14.2 Rs 18.36 21.08 24.81 14.8 17.7 20.2 17.1 2.4 25.8 4.9 9.1 -30.7
Zee Entertainment Z IN Srinivas SESHADRI TV- Satellite Reduce 4.61 Rs 290.7 259.0 -10.9 Rs 8.80 8.58 10.06 -2.5 17.3 33.9 28.9 0.9 24.9 5.2 21.7 -31.8
EPS PER
EPS Growth (%) (x)



August 4, 2014

INDIA
Oil and Gas 147.40 11.2 10.9
Reliance Industries RIL IN Avadhoot SABNIS Oil & Gas - Integrated Reduce 53.74 Rs 1,006.5 870.0 -13.6 Rs 73.68 76.77 77.13 4.2 0.5 13.1 13.0 1.0 12.2 1.5 7.6 10.1
Cairn India CAIR IN Avadhoot SABNIS Oil & Gas Exp & Prodn Add 9.76 Rs 315.3 400.0 26.9 Rs 65.68 55.88 51.21 -14.9 -8.4 5.6 6.2 3.5 18.0 1.0 2.9 -38.9
Oil & Natural Gas ONGC IN Avadhoot SABNIS Oil & Gas Exp & Prodn Reduce 55.85 Rs 395.4 310.0 -21.6 Rs 29.93 34.10 35.04 13.9 2.7 11.6 11.3 2.9 16.9 1.9 5.9 -5.6
Oil India OINL IN Vinod BANSAL Oil & Gas Exp & Prodn Reduce 5.61 Rs 565.0 510.0 -9.7 Rs 52.50 51.92 50.95 -1.1 -1.9 10.9 11.1 4.3 14.8 1.6 5.0 -14.1
Bharat Petroleum BPCL IN Vinod BANSAL Oil & Gas Refinery Reduce 6.93 Rs 580.2 500.0 -13.8 Rs 39.09 44.61 50.12 14.1 12.4 13.0 11.6 2.1 14.6 1.8 8.8 142.7
Hindustan Petroleum HPCL IN Vinod BANSAL Oil & Gas Refinery Reduce 2.23 Rs 399.3 330.0 -17.4 Rs 34.62 47.84 56.05 38.2 17.2 8.3 7.1 2.1 11.5 0.9 6.5 186.3
Indian Oil Corp IOCL IN Vinod BANSAL Oil & Gas Refinery Reduce 13.28 Rs 331.3 320.0 -3.4 Rs 29.23 39.36 47.29 34.7 20.1 8.4 7.0 3.9 18.1 1.1 6.9 86.3
Property 9.07 25.2 18.4
DLF Ltd DLFU IN Prakash AGARWAL Property Development Reduce 5.83 Rs 198.3 140.0 -29.4 Rs 3.84 6.40 9.03 66.7 41.0 31.0 22.0 1.0 3.9 1.2 16.1 55.1
Oberoi Realty Ltd OBER IN Prakash AGARWAL Property Development Add 1.41 Rs 260.0 300.0 15.4 Rs 10.94 13.91 17.35 27.2 24.7 18.7 15.0 1.2 14.7 1.8 13.9 8.7
Sobha Developers Ltd SOBHAIN Prakash AGARWAL Property Development Add 0.73 Rs 452.0 500.0 10.6 Rs 23.52 30.37 37.96 29.2 25.0 14.9 11.9 1.0 18.6 1.7 7.8 31.6
Unitech Ltd UT IN Prakash AGARWAL Property Development Reduce 1.10 Rs 25.5 20.0 -21.6 Rs 0.40 1.10 1.65 175.4 50.8 23.2 15.4 0.0 2.5 0.6 34.7 42.2
Services 4.63 24.9 23.2
Container Corporation of India CCRI IN Atul RASTOGI Logistics Reduce 4.21 Rs 1,306.2 800.0 -38.8 Rs 48.47 49.68 52.00 2.5 4.7 26.3 25.1 1.0 13.7 3.4 19.9 -32.3
Gateway Distriparks Limited GDPL IN Atul RASTOGI Logistics Add 0.42 Rs 234.2 200.0 -14.6 Rs 12.54 14.34 18.06 14.3 26.0 16.3 13.0 3.1 17.1 2.0 9.7 4.2
Technology 172.32 19.3 17.1
HCL Technologies HCLT IN Sandeep SHAH IT Services Add 17.98 Rs 1,555.1 1,680.0 8.0 Rs 73.27 96.74 111.33 32.0 15.1 16.1 14.0 1.3 32.5 4.5 11.0 -43.9
Hexaware Technologies HEXWIN Sandeep SHAH IT Services Reduce 0.70 Rs 142.2 132.0 -7.2 Rs 12.69 10.35 12.35 -18.4 19.3 13.7 11.5 5.5 24.4 3.2 8.8 -30.4
Info Edge India INFOE IN Srinivas SESHADRI IT Services Add 1.25 Rs 690.2 782.0 13.3 Rs 12.02 14.63 19.04 21.7 30.2 47.2 36.2 0.4 19.9 8.7 31.4 -63.8
Infosys INFOIN Sandeep SHAH IT Services Hold 31.93 Rs 3,367.7 3,575.0 6.2 Rs 183.94 208.88 229.37 13.6 9.8 16.1 14.7 2.1 24.2 3.6 10.9 -64.2
Just Dial Ltd JUST IN Srinivas SESHADRI IT Services Hold 1.94 Rs 1,672.6 1,600.0 -4.3 Rs 15.38 19.71 28.94 28.1 46.9 84.9 57.8 0.2 24.6 18.8 67.1 -99.4
Mindtree Ltd MTCL IN Sandeep SHAH IT Services Reduce 1.45 Rs 1,050.0 830.0 -21.0 Rs 50.61 61.14 68.17 20.8 11.5 17.2 15.4 1.3 29.3 4.5 11.9 -34.6
MphasiS MPHL IN Sandeep SHAH IT Services Reduce 1.59 Rs 457.4 370.0 -19.1 Rs 35.42 37.21 40.52 5.0 8.9 12.3 11.3 3.7 14.9 1.8 6.7 -44.2
NIIT Technologies NITEC IN Srinivas SESHADRI IT Services Hold 0.38 Rs 376.8 397.0 5.4 Rs 37.49 36.35 41.14 -3.0 13.2 10.4 9.2 2.4 16.4 1.6 5.6 -21.6
Polaris Financial Tech POL IN Srinivas SESHADRI IT Services Reduce 0.35 Rs 212.6 200.0 -5.9 Rs 20.06 18.67 29.21 -6.9 56.4 11.4 7.3 3.4 11.8 1.3 5.3 -42.3
Tata Consultancy Services TCS IN Sandeep SHAH IT Services Hold 83.45 Rs 2,580.1 2,500.0 -3.1 Rs 91.10 108.26 121.69 18.8 12.4 23.8 21.2 2.6 38.6 8.7 17.9 -34.2
Tech Mahindra TECHMIN Sandeep SHAH IT Services Add 8.34 Rs 2,150.6 2,200.0 2.3 Rs 109.04 125.92 143.54 15.5 14.0 17.1 15.0 1.1 30.0 4.6 10.2 -36.1
Wipro WPROIN Sandeep SHAH IT Services Add 22.18 Rs 544.4 640.0 17.6 Rs 30.65 35.50 40.07 15.8 12.9 15.3 13.6 1.7 24.2 3.4 10.9 -41.7
Sarine Tech SARIN SP William TNG, CFA Tech Manufacturing Services Hold 0.79 S$ 2.84 2.59 -8.8 US$ 0.067 0.091 0.111 37.0 21.9 24.9 20.4 2.5 45.1 10.4 16.7 -64.5
Bharti Airtel BHARTI IN Piyush CHOUDHARY, CFA Telco - Integrated Add 24.61 Rs 372.9 375.0 0.6 Rs 6.60 11.41 13.44 72.8 17.8 32.7 27.7 0.3 7.6 2.4 7.2 95.5
Idea Cellular IDEAIN Piyush CHOUDHARY, CFA Telco - Integrated Hold 9.31 Rs 156.9 135.0 -14.0 Rs 5.23 7.46 6.18 42.7 -17.1 21.0 25.4 0.2 14.4 2.8 7.2 86.3
Reliance Communications RCOMIN Piyush CHOUDHARY, CFA Telco - Integrated Reduce 5.36 Rs 135.1 71.0 -47.4 Rs 2.84 3.79 5.38 33.3 41.9 35.6 25.1 0.1 2.3 0.8 8.3 101.5
Tata Communications TCOMIN Piyush CHOUDHARY, CFA Telco - Others Add 1.75 Rs 371.4 427.0 15.0 Rs -4.15 3.68 9.02 188.8 144.9 100.9 41.2 1.2 6.2 7.9 6.8 776.8
Bharti Infratel Ltd BHIN IN Piyush CHOUDHARY, CFA Telco - Tower Hold 7.99 Rs 256.0 264.0 3.1 Rs 7.36 9.64 11.28 30.9 17.1 26.6 22.7 2.9 10.2 2.7 9.0 -28.6
Transport Infrastructure 3.09 -53.4 39.6
GMR Infra GMRI IN Pramod AMTHE Airports Add 1.93 Rs 26.8 41.0 53.0 Rs -3.92 -1.49 0.47 62.0 131.8 -17.9 56.5 0.0 -6.3 1.0 13.1 269.5
Gujarat Pipavav Port Limited GPPVIN Atul RASTOGI Ports Reduce 1.16 Rs 145.9 67.0 -54.1 Rs 3.63 4.85 5.71 33.8 17.6 30.1 25.6 0.0 15.4 4.3 23.1 0.5
Utilities 58.91 14.4 12.7
GAIL India GAIL IN Avadhoot SABNIS Gas Transmission & Dist Hold 9.13 Rs 436.0 380.0 -12.8 Rs 36.93 39.89 39.31 8.0 -1.5 10.9 11.1 2.4 14.9 1.5 7.6 29.0
Petronet LNG PLNGIN Vinod BANSAL Gas Transmission & Dist Add 2.26 Rs 182.7 180.0 -1.5 Rs 10.93 10.91 16.40 -0.2 50.3 16.7 11.1 1.6 16.0 2.5 8.2 29.5
Adani Power Ltd ADANI IN Harish BIHANI Power Reduce 2.68 Rs 56.6 44.0 -22.3 Rs -10.74 -4.02 -0.78 62.5 80.6 -14.1 -72.6 0.0 -7.4 2.6 9.1 642.3
Jaiprakash Power Ventures JPVL IN Harish BIHANI Power Reduce 0.92 Rs 19.0 19.0 0.0 Rs 0.40 0.71 1.51 79.6 112.9 26.7 12.5 0.0 3.2 0.9 11.4 391.7
JSWEnergy Ltd JSWIN Harish BIHANI Power Reduce 2.04 Rs 75.3 46.0 -38.9 Rs 7.61 5.50 4.52 -27.8 -17.8 13.7 16.7 1.7 13.2 1.8 6.9 110.4
NHPC Ltd NHPC IN Harish BIHANI Power Reduce 4.18 Rs 22.9 22.0 -3.9 Rs 1.66 2.22 2.47 33.9 11.2 10.3 9.3 3.0 7.8 0.8 9.0 39.8
NTPC Ltd NTPC IN Harish BIHANI Power Reduce 19.75 Rs 145.1 115.0 -20.7 Rs 12.51 10.98 11.33 -12.2 3.2 13.2 12.8 3.1 10.5 1.3 10.6 62.6
Power Grid Corpn of India PWGR IN Harish BIHANI Power Add 11.50 Rs 133.1 130.0 -2.3 Rs 9.09 9.76 11.52 7.4 18.0 13.6 11.5 2.2 14.5 1.9 10.6 241.5
PTC India Ltd PTCIN IN Harish BIHANI Power Hold 0.41 Rs 83.9 95.0 13.2 Rs 7.39 6.55 6.86 -11.4 4.8 12.8 12.2 2.7 7.7 1.0 8.7 -24.5
SJVN Ltd SJVN IN Harish BIHANI Power Hold 1.67 Rs 24.5 26.0 6.1 Rs 2.66 2.75 2.98 3.5 8.6 8.9 8.2 4.0 12.3 1.1 5.7 7.0
Tata Power Company Ltd TPWR IN Harish BIHANI Power Add 4.37 Rs 97.8 100.0 2.2 Rs 2.78 4.09 5.92 47.1 44.5 23.9 16.5 1.8 8.4 2.0 7.1 227.4
INDIA 1121.29 16.9 15.1
EPS PER
EPS Growth (%) (x)


August 4, 2014

INDONESIA
Selamat Sempurna SMSMIJ Erindra KRISNAWAN, CFA Auto Parts Hold 0.57 Rp 4,550 3,850 -15.4 Rp 187 231 253 23.6 9.3 19.7 18.0 2.7 35.8 6.8 12.9 -1.7
Astra International ASII IJ Erindra KRISNAWAN, CFA Autos Hold 27.01 Rp 7,725 8,300 7.4 Rp 495 508 564 2.7 10.9 15.2 13.7 2.8 22.9 3.3 11.8 25.9
Chemicals 1.48 20.1 15.6
AKR Corporindo AKRAIJ Erindra KRISNAWAN, CFA Chemicals - Others Hold 1.48 Rp 4,400 4,700 6.8 Rp 182 224 288 23.2 28.7 19.7 15.3 1.3 14.6 3.5 12.5 62.6
Adaro Energy ADROIJ Erindra KRISNAWAN, CFA Coal Mining Add 3.27 Rp 1,185 1,300 9.7 US$ 0.007 0.008 0.009 10.8 10.2 12.8 11.6 1.4 9.2 1.1 4.2 19.0
Bukit Asam PTBAIJ Erindra KRISNAWAN, CFA Coal Mining Add 2.32 Rp 11,650 13,200 13.3 Rp 671 700 841 4.3 20.1 16.6 13.9 3.4 19.7 2.7 9.8 -49.7
Harum Energy HRUMIJ Erindra KRISNAWAN, CFA Coal Mining Hold 0.49 Rp 2,110 2,400 13.7 Rp 165 159 157 -3.4 -1.1 13.3 13.4 5.5 10.7 1.4 4.8 -46.3
Indo Tambangraya Megah ITMGIJ Erindra KRISNAWAN, CFA Coal Mining Hold 2.55 Rp 26,150 26,800 2.5 US$ 0.204 0.158 0.197 -22.5 25.0 14.3 11.4 7.7 18.7 2.7 7.8 -31.9
Aneka Tambang - Indonesia ANTMIJ Maureen NATASHA Mining Hold 1.05 Rp 1,270 1,210 -4.7 Rp 31 71 84 130.1 17.3 17.8 15.2 1.3 5.3 0.9 8.5 37.8
Timah TINS IJ Maureen NATASHA Mining Add 0.91 Rp 1,420 1,850 30.3 Rp 102 112 95 10.5 -15.5 12.6 15.0 4.0 11.3 1.4 6.7 24.6
Vale Indonesia INCOIJ Maureen NATASHA Mining Add 3.45 Rp 4,025 4,520 12.3 US$ 0.008 0.027 0.043 238.2 60.8 13.1 8.1 4.2 12.7 1.9 7.1 -3.4
Astra Agro Lestari AALI IJ Maureen NATASHA Plantations Add 3.63 Rp 26,700 32,300 21.0 Rp 1,304 2,093 2,019 60.5 -3.5 12.8 13.2 1.4 29.6 3.4 7.7 1.4
BWPlantation BWPT IJ Maureen NATASHA Plantations Add 0.45 Rp 1,155 1,520 31.6 Rp 39 89 121 129.1 37.0 13.0 9.5 0.1 17.0 2.0 10.5 140.9
London Sumatra LSIP IJ Maureen NATASHA Plantations Hold 1.24 Rp 2,100 2,530 20.5 Rp 98 188 198 92.8 5.1 11.2 10.6 2.2 19.1 1.9 6.2 -24.5
Salim Invomas Pratama SIMP IJ Ivy NGLee Fang, CFA Plantations Add 1.22 Rp 895 1,180 31.8 Rp 49 60 61 21.8 1.2 14.9 14.7 1.0 6.8 1.0 6.8 46.6
Sampoerna Agro SGROIJ Maureen NATASHA Plantations Add 0.35 Rp 2,130 2,900 36.2 Rp 50 184 225 267.4 22.2 11.6 9.5 0.5 13.1 1.3 6.6 45.3
Holcim Indonesia SMCB IJ Jovent GIOVANNY Cement Add 2.01 Rp 3,030 3,000 -1.0 Rp 141 172 211 21.5 22.9 17.7 14.4 1.8 14.2 2.4 9.1 27.0
Indocement INTP IJ Jovent GIOVANNY Cement Add 7.93 Rp 24,950 27,500 10.2 Rp 1,362 1,554 1,767 14.1 13.7 16.1 14.1 3.6 23.7 3.6 10.3 -42.5
Semen Indonesia SMGR IJ Jovent GIOVANNY Cement Hold 8.49 Rp 16,575 17,400 5.0 Rp 905 986 1,084 9.0 9.9 16.8 15.3 2.5 25.9 4.0 11.2 -3.9
Adhi Karya ADHI IJ Linda LAUWIRA Construction Add 0.48 Rp 3,110 3,450 10.9 Rp 179 188 254 5.3 35.1 16.5 12.2 1.7 20.4 3.1 5.4 -8.3
Pembangunan Perumahan PTPP IJ Linda LAUWIRA Construction Add 0.95 Rp 2,260 2,750 21.7 Rp 88 114 148 29.3 29.7 19.8 15.3 1.2 25.2 4.5 7.7 -1.8
Total Bangun Persada TOTL IJ Linda LAUWIRA Construction Hold 0.24 Rp 800 850 6.3 Rp 57 47 57 -17.9 20.7 17.1 14.1 4.3 20.7 3.4 10.5 -76.6
Waskita Karya WSKT IJ Linda LAUWIRA Construction Add 0.68 Rp 810 1,000 23.5 Rp 38 45 58 17.1 28.9 18.1 14.0 1.4 16.0 2.6 8.3 -4.1
Wijaya Karya WIKAIJ Linda LAUWIRA Construction Hold 1.41 Rp 2,650 2,700 1.9 Rp 94 116 145 23.7 25.2 22.9 18.3 1.1 19.2 3.6 10.6 18.8
Unilever Indonesia UNVR IJ Irenne ACHMAD Personal Products Reduce 20.26 Rp 30,750 29,100 -5.4 Rp 702 754 832 7.5 10.4 40.8 36.9 2.3 129.1 50.4 28.5 11.3
Ace Hardware Indonesia ACES IJ Linda LAUWIRA Retail Add 1.37 Rp 925 1,100 18.9 Rp 29 35 43 20.1 24.0 26.8 21.6 0.5 27.4 6.6 19.8 -18.1
Matahari Department Store LPPF IJ Linda LAUWIRA Retail Add 3.65 Rp 14,500 16,400 13.1 Rp 394 567 734 43.8 29.4 25.6 19.8 1.1 -898.0 102.4 17.4 -93.1
Matahari Putra Prima MPPAIJ Linda LAUWIRA Retail Add 1.37 Rp 2,945 3,100 5.3 Rp 54 80 110 46.8 37.5 36.8 26.8 6.3 15.2 4.1 14.9 -36.4
Mitra Adi Perkasa MAPI IJ Linda LAUWIRA Retail Hold 0.75 Rp 5,200 4,800 -7.6923 Rp 197 158 229 -19.9 45.0 32.9 22.7 0.6 10.4 3.3 9.2 108.4
Modern Internasional MDRN IJ Linda LAUWIRA Retail Add 0.24 Rp 665 950 42.9 Rp 14 17 28 20.3 63.3 39.1 23.9 0.5 6.7 2.6 13.6 85.4
Ramayana Lestari RALS IJ Linda LAUWIRA Retail Add 0.66 Rp 1,080 1,500 38.9 Rp 55 67 82 21.9 22.7 16.1 13.1 2.6 14.2 2.2 7.8 -45.0
Indofood CBP ICBP IJ Irenne ACHMAD Food & Beverages Hold 5.26 Rp 10,450 10,300 -1.4 Rp 369 450 538 22.0 19.7 23.2 19.4 1.8 19.9 4.3 13.6 -30.0
Indofood Sukses Makmur INDF IJ Irenne ACHMAD Food & Beverages Add 5.36 Rp 7,075 8,000 13.1 Rp 380 456 532 20.2 16.5 15.5 13.3 2.0 16.0 2.4 8.9 35.1
Malindo Feedmill MAIN IJ Dewinta SUMARTONO Food & Beverages Add 0.44 Rp 2,850 3,500 22.8 Rp 191 217 312 14.0 43.4 13.1 9.1 1.0 30.1 3.2 8.3 37.0
Mayora Indah MYOR IJ Irenne ACHMAD Food & Beverages Add 2.31 Rp 29,850 33,500 12.2 Rp 871 893 1,235 2.5 38.3 33.4 24.2 0.9 18.7 6.2 16.9 63.6
Nippon Indosari Corpindo ROTI IJ Irenne ACHMAD Food & Beverages Add 0.57 Rp 1,310 1,600 22.1 Rp 31 41 53 29.3 31.4 32.2 24.5 0.2 23.3 6.8 18.4 74.7
Petra Foods PETRASP Kenneth NG, CFA Food & Beverages Add 1.93 S$ 3.94 4.04 2.5 US$ 0.095 0.113 0.129 18.7 14.5 28.0 24.4 2.1 22.6 6.0 17.5 -45.7
Gudang Garam GGRMIJ Irenne ACHMAD Tobacco Add 9.01 Rp 54,200 67,000 23.6 Rp 2,255 2,783 3,093 23.4 11.1 19.5 17.5 2.1 17.3 3.2 12.0 39.1
Bank Central Asia BBCAIJ Hadi SOEGIARTO, FRM Banks Hold 24.70 Rp 11,600 12,500 7.8 Rp 564 637 768 13.0 20.5 18.2 15.1 1.0 22.8 3.7 n/a n/a
Bank Danamon BDMN IJ Hadi SOEGIARTO, FRM Banks Reduce 3.19 Rp 3,855 3,500 -9.2 Rp 410 338 397 -17.4 17.3 11.4 9.7 3.0 10.0 1.1 n/a n/a
Bank Mandiri BMRI IJ Hadi SOEGIARTO, FRM Banks Add 20.65 Rp 10,250 11,750 14.6 Rp 724 819 946 13.1 15.4 12.5 10.8 1.5 21.4 2.3 n/a n/a
Bank Negara Indonesia BBNI IJ Hadi SOEGIARTO, FRM Banks Add 8.21 Rp 5,100 5,600 9.8 Rp 461 517 570 12.2 10.2 9.9 8.9 2.9 19.2 1.7 n/a n/a
EPS PER
EPS Growth (%) (x)



August 4, 2014

INDONESIA
Bank Panin PNBN IJ Hadi SOEGIARTO, FRM Banks Reduce 1.84 Rp 885 780 -11.9 Rp 98 100 116 1.3 16.1 8.9 7.7 0.0 12.3 1.0 n/a n/a
Bank Rakyat Indonesia BBRI IJ Hadi SOEGIARTO, FRM Banks Add 23.86 Rp 11,200 12,450 11.2 Rp 793 884 1,025 11.6 15.9 12.7 10.9 2.3 26.5 2.9 n/a n/a
Bank Tabungan Negara BBTN IJ Hadi SOEGIARTO, FRM Banks Add 0.99 Rp 1,080 1,300 20.4 Rp 156 97 116 -37.6 19.9 11.1 9.3 4.1 8.7 0.9 n/a n/a
Bank Tabungan Pensiunan BTPN IJ Hadi SOEGIARTO, FRM Banks Hold 2.09 Rp 4,150 4,250 2.4 Rp 358 343 400 -4.1 16.4 12.1 10.4 0.0 18.7 2.0 n/a n/a
Kalbe Farma KLBF IJ Irenne ACHMAD Pharmaceuticals Hold 7.00 Rp 1,730 1,750 1.2 Rp 41 47 57 15.8 20.8 36.8 30.5 1.4 25.2 8.7 24.7 -13.5
Astra Graphia ASGR IJ Erindra KRISNAWAN, CFA Ind Goods & Services Hold 0.27 Rp 2,280 2,400 5.3 Rp 157 166 201 5.2 21.4 13.8 11.3 3.4 28.1 3.6 6.9 -36.6
Hexindo Adiperkasa HEXAIJ Erindra KRISNAWAN, CFA Industrial Machinery Hold 0.26 Rp 3,600 3,650 1.4 US$ 0.038 0.029 0.036 -25.1 26.1 10.8 8.6 4.9 10.8 1.1 6.5 0.7
United Tractors UNTR IJ Erindra KRISNAWAN, CFA Industrial Machinery Hold 7.38 Rp 22,900 24,700 7.9 Rp 1,289 1,640 1,746 27.2 6.5 14.0 13.1 1.6 18.3 2.4 6.9 -14.3
Media 8.00 24.0 20.3
Media Nusantara Citra MNCN IJ Irenne ACHMAD Media - Integrated Add 3.20 Rp 2,615 3,400 30.0 Rp 129 149 172 15.8 15.3 17.5 15.2 2.3 26.1 4.2 10.8 -26.7
Surya Citra Media SCMAIJ Irenne ACHMAD Media - Integrated Add 4.80 Rp 3,800 4,200 10.5 Rp 89 121 147 36.2 21.3 31.3 25.8 1.6 55.8 15.4 22.6 -51.5
Oil and Gas 1.01 26.1 12.6
Medco Energi Internasional MEDC IJ Erindra KRISNAWAN, CFA Oil & Gas Exp & Prodn Add 1.01 Rp 3,495 4,330 23.9 US$ 0.011 0.012 0.024 6.9 106.9 26.1 12.6 0.5 4.6 1.1 4.7 76.7
Wintermar Offshore Marine WINS IJ YEOZhi Bin Offshore & Marine Add 0.49 Rp 1,410 1,580 12.1 US$ 0.008 0.008 0.009 4.7 18.5 15.3 12.9 0.6 15.4 2.2 7.5 38.8
Elnusa ELSAIJ Erindra KRISNAWAN, CFA Oil & Gas - Equipment & Svs Hold 0.42 Rp 670 740 10.4 Rp 25 33 44 30.7 34.1 20.3 15.2 2.4 15.1 2.0 6.7 -5.2
Property 10.25 11.8 10.1
Alam Sutera ASRI IJ Jovent GIOVANNY Property Devt & Invt Add 0.89 Rp 525 595 13.3 Rp 30 72 72 135.7 1.2 7.3 7.2 1.8 21.1 1.7 8.3 78.4
Bekasi Fajar BEST IJ Jovent GIOVANNY Property Devt & Invt Reduce 0.49 Rp 590 375 -36.4 Rp 94 77 103 -18.8 34.2 7.7 5.7 6.6 26.6 1.9 6.6 -11.4
Bumi Serpong Damai BSDE IJ Jovent GIOVANNY Property Devt & Invt Add 2.51 Rp 1,585 1,880 18.6 Rp 153 115 128 -25.1 12.2 13.8 12.3 0.9 30.3 2.1 11.0 -0.8
Ciputra Development CTRAIJ Jovent GIOVANNY Property Devt & Invt Add 1.51 Rp 1,155 1,400 21.2 Rp 65 75 90 15.6 19.9 15.3 12.8 1.6 16.8 2.4 9.5 -11.4
Ciputra Property CTRP IJ Jovent GIOVANNY Property Devt & Invt Hold 0.40 Rp 760 670 -11.8 Rp 72 69 119 -4.4 72.9 11.1 6.4 2.8 9.7 1.0 6.8 9.5
Lippo Karawaci LPKR IJ Jovent GIOVANNY Property Devt & Invt Hold 2.19 Rp 1,100 920 -16.4 Rp 59 92 96 56.8 4.1 11.9 11.4 2.4 17.5 1.9 6.6 -48.9
Metropolitan Land MTLAIJ Jovent GIOVANNY Property Devt & Invt Add 0.26 Rp 403 550 36.5 Rp 31 33 41 7.1 25.9 12.3 9.7 1.6 13.5 1.6 9.0 24.8
Summarecon Agung SMRAIJ Jovent GIOVANNY Property Devt & Invt Add 1.68 Rp 1,350 1,650 22.2 Rp 76 74 86 -3.8 16.3 18.4 15.8 1.7 22.1 3.8 12.1 22.8
Surya Semesta Internusa SSIAIJ Jovent GIOVANNY Property Devt & Invt Add 0.30 Rp 740 980 32.4 Rp 164 191 239 16.7 25.0 3.9 3.1 4.7 34.4 1.2 3.3 13.1
Telekomunikasi Indonesia TLKMIJ Kelvin GOH, CFA Telco - Integrated Add 23.07 Rp 2,650 3,000 13.2 Rp 151 162 183 7.0 13.2 16.4 14.5 4.4 24.6 3.8 6.0 -1.6
Indosat ISAT IJ Kelvin GOH, CFA Telco - Mobile Reduce 1.88 Rp 4,010 3,600 -10.2 Rp 158 99 142 -37.5 44.2 40.7 28.2 1.0 0.1 1.2 4.1 113.5
XL Axiata EXCL IJ Kelvin GOH, CFA Telco - Mobile Add 3.98 Rp 5,400 5,600 3.7 Rp 242 301 357 24.0 18.8 18.0 15.1 2.2 14.9 2.6 5.8 72.2
Solusi Tunas Pratama SUPR IJ Kelvin GOH, CFA Telco - Tower Add 0.57 Rp 8,250 10,200 23.6 Rp 297 406 515 36.5 26.9 20.3 16.0 0.0 11.3 2.4 11.2 150.5
Tower Bersama Infrastructure TBIGIJ Kelvin GOH, CFA Telco - Tower Hold 3.44 Rp 8,300 6,300 -24.1 Rp 231 312 401 35.1 28.4 26.6 20.7 0.0 22.5 5.2 18.6 106.0
Transport (General) 0.07 8.3 6.8
Adi Sarana Armada ASSAIJ Hadi SOEGIARTO, FRM Transport Add 0.07 Rp 253 360 42.3 Rp 27 30 37 12.0 22.7 8.3 6.8 2.1 11.9 0.9 4.1 155.8
Jasa Marga JSMR IJ Erindra KRISNAWAN, CFA Toll Roads Add 3.77 Rp 6,425 7,200 12.1 Rp 164 247 331 50.9 34.0 26.0 19.4 1.0 16.9 4.1 15.5 86.2
Utilities 12.35 16.4 15.5
Perusahaan Gas Negara PGAS IJ Erindra KRISNAWAN, CFA Gas Transmission & Dist Add 12.35 Rp 5,900 6,000 1.7 US$ 0.029 0.031 0.033 5.8 5.8 16.4 15.5 3.5 27.8 4.3 9.8 19.0
INDONESIA 295.08 16.4 14.2
MALAYSIA
Tan Chong Motor Holdings TCMMK Lucius CHONG Autos Add 1.08 RM 5.30 6.29 18.7 RM 0.632 0.394 0.533 -37.8 35.4 13.5 9.9 3.6 12.3 1.2 7.7 24.5
UMWHoldings UMWH MK Lucius CHONG Autos Hold 4.28 RM 11.70 11.81 0.9 RM 0.591 0.793 0.885 34.3 11.5 14.8 13.2 5.1 21.3 2.1 8.6 3.9
Aviation 3.86 -8.4 -12.5
AirAsia Bhd AIRAMK Raymond YAP, CFA Airlines Add 2.12 RM 2.44 2.88 18.0 RM 0.170 0.102 0.146 -40.3 43.3 24.0 16.8 1.2 9.6 1.2 9.4 155.8
AirAsia XBhd AAXMK Raymond YAP, CFA Airlines Hold 0.59 RM 0.80 0.75 -6.3 RM -0.016 -0.069 -0.044 -329.1 36.3 -11.5 -18.1 0.0 -13.5 1.6 36.6 146.1
Malaysian Airline System MAS MK Raymond YAP, CFA Airlines Reduce 1.15 RM 0.22 0.14 -36.4 RM -0.088 -0.095 -0.077 -7.5 18.9 -2.3 -2.9 0.0 -54.0 1.6 -24.1 461.4
EPS PER
EPS Growth (%) (x)



August 4, 2014

MALAYSIA
Chemicals 16.62 13.2 11.7
Petronas Chemical Group PCHEMMK Suwat SINSADOK, CFA, FRM Petrochemical Add 16.62 RM 6.64 7.70 16.0 RM 0.393 0.502 0.567 27.7 13.0 13.2 11.7 3.8 17.0 2.1 7.9 -34.7
Felda Global Ventures FGVMK Ivy NGLee Fang, CFA Plantations Hold 4.59 RM 4.02 4.72 17.4 RM 0.169 0.189 0.225 11.5 19.4 21.3 17.8 2.3 10.2 2.1 10.2 -12.3
Genting Plantations GENP MK Ivy NGLee Fang, CFA Plantations Hold 2.64 RM 11.02 11.10 0.7 RM 0.382 0.505 0.565 32.1 12.0 21.8 19.5 1.0 10.5 2.1 16.0 -2.1
Hap Seng Plantations HAPL MK Ivy NGLee Fang, CFA Plantations Hold 0.67 RM 2.67 2.85 6.7 RM 0.124 0.196 0.212 58.7 8.1 13.6 12.6 4.4 7.9 1.1 8.2 -11.2
IOI Corporation IOI MK Ivy NGLee Fang, CFA Plantations Reduce 9.95 RM 5.00 4.49 -10.2 RM 0.255 0.234 0.225 -8.2 -3.8 21.4 22.2 2.3 18.0 4.8 15.8 51.7
Jaya Tiasa Holdings JT MK SAWXiao Jun Plantations Reduce 0.74 RM 2.45 2.40 -2.0 RM 0.061 0.148 0.210 142.5 41.5 16.5 11.7 1.2 7.9 1.3 9.5 29.9
Kuala Lumpur Kepong KLK MK Ivy NGLee Fang, CFA Plantations Reduce 7.90 RM 23.70 22.50 -5.1 RM 0.886 1.082 1.227 22.1 13.4 21.9 19.3 3.1 14.8 3.2 13.6 8.7
Mewah International MII SP Ivy NGLee Fang, CFA Plantations Reduce 0.51 S$ 0.43 0.46 7.0 US$ 0.015 0.018 0.019 24.7 4.8 18.5 17.6 1.1 4.7 0.9 11.5 58.7
Ta Ann TAH MK SAWXiao Jun Plantations Add 0.50 RM 4.27 4.68 9.6 RM 0.113 0.304 0.376 168.6 23.5 14.0 11.4 3.8 9.8 1.4 7.1 15.0
DRB-Hicom DRB MK Lucius CHONG Conglomerate Hold 1.36 RM 2.24 2.56 14.3 RM 0.238 0.175 0.166 -26.4 -5.2 12.8 13.5 1.8 5.7 0.5 -2.7 -9.7
Oriental Holdings ORH MK Lucius CHONG Conglomerate Hold 1.52 RM 7.82 7.60 -2.8 RM 0.302 0.347 0.392 14.7 13.1 22.6 20.0 0.5 6.6 1.1 7.6 -32.3
Sime Darby Bhd SIME MK Ivy NGLee Fang, CFA Conglomerate Hold 18.03 RM 9.50 9.85 3.7 RM 0.518 0.535 0.605 3.2 13.1 17.8 15.7 2.9 11.0 1.9 10.1 21.2
YTL Corporation YTL MK Lucius CHONG Conglomerate Add 5.09 RM 1.57 2.29 45.9 RM 0.124 0.139 0.144 11.6 3.8 11.3 10.9 2.2 10.3 1.1 7.5 86.2
Lafarge Malayan Bhd LMC MK Sharizan ROSELY Cement Hold 2.59 RM 9.75 9.68 -0.7 RM 0.454 0.463 0.476 2.0 2.7 21.1 20.5 3.5 11.9 2.5 11.6 -17.3
Tasek Corporation TC MK Sharizan ROSELY Cement Hold 0.57 RM 14.92 16.44 10.2 RM 0.760 0.812 0.824 6.9 1.5 18.4 18.1 4.0 9.8 1.8 7.3 -69.9
Benalec Holdings BHB MK Sharizan ROSELY Construction Reduce 0.27 RM 1.06 1.08 1.9 RM 0.063 0.069 0.088 10.1 26.5 15.3 12.1 1.6 7.8 1.1 18.2 -4.2
Gamuda GAMMK Sharizan ROSELY Construction Add 3.48 RM 4.78 5.65 18.2 RM 0.319 0.333 0.365 4.4 9.4 14.3 13.1 2.4 13.6 1.9 13.9 33.3
IJMCorp Bhd IJMMK Sharizan ROSELY Construction Add 3.07 RM 6.69 7.99 19.4 RM 0.358 0.420 0.482 17.4 14.6 15.9 13.9 2.7 10.8 1.5 14.4 40.1
Malaysian Resources Corp MRC MK Sharizan ROSELY Construction Add 0.95 RM 1.73 2.00 15.6 RM -0.081 0.036 0.064 145.1 75.8 47.6 27.1 1.6 2.7 1.2 30.8 129.5
Mudajaya Group MDJ MK Sharizan ROSELY Construction Hold 0.43 RM 2.52 2.52 0.0 RM 0.286 0.180 0.305 -36.9 69.4 14.0 8.3 4.0 6.2 0.7 1.7 -18.1
Muhibbah Engineering MUHI MK Sharizan ROSELY Construction Add 0.42 RM 3.14 3.66 16.6 RM 0.212 0.237 0.264 11.9 11.4 13.3 11.9 1.6 14.1 1.8 11.0 80.9
Signature International SIGN MK Nigel FOO Construction Add 0.06 RM 1.66 2.63 58.4 RM 0.068 0.135 0.186 98.3 38.0 12.3 8.9 2.6 14.4 1.7 7.3 -21.9
Sunway Bhd SWB MK Sharizan ROSELY Construction Add 1.73 RM 3.21 3.63 13.1 RM 0.252 0.289 0.300 15.0 3.7 11.1 10.7 3.1 11.7 1.2 8.7 25.9
WCT Holdings WCTHGMK Sharizan ROSELY Construction Hold 0.73 RM 2.16 2.26 4.6 RM 0.237 0.164 0.187 -30.9 14.3 13.2 11.5 4.2 9.0 1.2 9.3 26.6
7-Eleven Malaysia Holdings Berhad SEMMK EINGKar Mei, CFA Retail Hold 0.74 RM 1.92 1.85 -3.6 RM 0.042 0.054 0.071 28.1 31.7 35.7 27.1 0.8 50.7 12.6 16.8 -71.8
Asia File Corporation AF MK Nigel FOO Retail Hold 0.27 RM 7.38 7.44 0.8 RM 0.516 0.618 0.689 19.9 11.4 11.9 10.7 3.4 20.1 1.8 8.4 -15.4
Bonia Corporation BON MK Nigel FOO Retail Add 0.36 RM 1.43 2.03 42.0 RM 0.064 0.086 0.105 33.6 22.5 16.7 13.6 1.1 19.4 3.0 8.2 -8.5
Carlsberg Brewery (M) CAB MK EINGKar Mei, CFA Brewers Reduce 1.15 RM 11.96 10.64 -11.0 RM 0.602 0.625 0.642 3.8 2.7 19.2 18.6 5.2 88.6 13.4 13.7 -11.1
Guinness Anchor GUIN MK EINGKar Mei, CFA Brewers Reduce 1.28 RM 13.52 11.50 -14.9 RM 0.666 0.623 0.642 -6.4 3.0 21.7 21.1 4.4 66.9 10.8 14.0 15.2
Fraser & Neave Holdings FNH MK EINGKar Mei, CFA Food & Beverages Hold 2.03 RM 17.78 19.16 7.8 RM 0.597 0.637 0.670 6.8 5.2 27.9 26.5 2.5 13.3 3.7 17.2 -3.6
MSMMalaysia Holdings MSMMK Ivy NGLee Fang, CFA Food & Beverages Hold 1.08 RM 4.90 5.22 6.5 RM 0.363 0.341 0.357 -6.0 4.9 14.4 13.7 3.5 12.5 1.7 8.4 -14.5
Nestle (Malaysia) NESZ MK EINGKar Mei, CFA Food & Beverages Add 4.92 RM 67.10 75.83 13.0 RM 2.395 2.526 2.664 5.5 5.5 26.6 25.2 3.7 90.6 18.3 17.6 16.9
QL Resources QLGMK EINGKar Mei, CFA Food & Beverages Add 1.34 RM 3.42 3.94 15.2 RM 0.123 0.146 0.171 18.8 17.5 23.5 20.0 1.2 14.1 3.1 14.8 29.8
British American Tobacco ROTH MK EINGKar Mei, CFA Tobacco Reduce 6.30 RM 70.50 58.10 -17.6 RM 2.884 3.198 3.120 10.9 -2.4 22.0 22.6 4.5 239.9 39.7 15.9 85.3
JT International RJR MK EINGKar Mei, CFA Tobacco Hold 0.67 RM 8.17 8.20 0.4 RM 0.461 0.480 0.499 4.1 3.9 17.0 16.4 2.9 44.8 5.1 10.6 -20.8
Affin Holdings AHB MK Winson NG, CFA Banks Reduce 2.14 RM 3.52 3.31 -6.0 RM 0.435 0.378 0.377 -13.0 -0.3 9.3 9.3 3.8 9.8 1.0 n/a n/a
Alliance Financial Group AFGMK Winson NG, CFA Banks Hold 2.37 RM 4.89 4.88 -0.2 RM 0.360 0.400 0.449 11.2 12.3 12.2 10.9 5.3 14.4 1.7 n/a n/a
AMMB Holdings AMMMK Winson NG, CFA Banks Hold 6.55 RM 6.94 7.50 8.1 RM 0.578 0.641 0.702 10.9 9.4 10.8 9.9 4.0 14.2 1.5 n/a n/a
BIMB Holdings BIMB MK Winson NG, CFA Banks Hold 2.03 RM 4.34 4.50 3.7 RM 0.235 0.417 0.386 77.4 -7.5 10.4 11.2 2.9 14.9 1.5 n/a n/a
Hong Leong Bank HLBK MK Winson NG, CFA Banks Reduce 7.95 RM 14.12 13.00 -7.9 RM 1.056 1.211 1.368 14.7 13.0 11.7 10.3 2.8 15.6 1.7 n/a n/a
Malayan Banking Bhd MAYMK Winson NG, CFA Banks Add 28.23 RM 9.88 12.50 26.5 RM 0.757 0.775 0.842 2.3 8.7 12.8 11.7 5.5 14.0 1.7 n/a n/a
Public Bank Bhd PBK MK Winson NG, CFA Banks Reduce 23.84 RM 19.78 17.50 -11.5 RM 1.151 1.192 1.282 3.6 7.6 16.6 15.4 2.6 18.5 2.8 n/a n/a
RHB Capital Bhd RHBC MK Winson NG, CFA Banks Add 7.29 RM 9.06 11.60 28.0 RM 0.727 0.799 0.904 10.0 13.2 11.3 10.0 2.5 15.7 1.3 n/a n/a
Bursa Malaysia BURSAMK Winson NG, CFA Stockbroking & Exchanges Add 1.39 RM 8.32 10.00 20.2 RM 0.325 0.358 0.373 9.9 4.3 23.3 22.3 6.5 24.9 6.2 11.4 -137.3
EPS PER
EPS Growth (%) (x)


August 4, 2014

MALAYSIA
Forestry and Paper 0.07 9.4 8.0
Eksons Corporation EKSON MK Nigel FOO Timber Hold 0.07 RM 1.42 1.34 -5.6 RM 0.122 0.151 0.177 23.7 17.2 9.4 8.0 2.8 7.0 0.5 4.4 -15.3
KPJ Healthcare KPJ MK SAWXiao Jun Hospitals Hold 1.12 RM 3.53 3.48 -1.4 RM 0.101 0.115 0.128 14.8 10.5 30.6 27.7 1.7 10.0 2.9 14.3 51.9
Hovid Bhd HOVMK SAWXiao Jun Pharmaceuticals Add 0.11 RM 0.47 0.43 -8.5 RM 0.026 0.028 0.033 6.9 17.7 16.8 14.3 2.0 12.5 2.0 9.9 -6.4
Pharmaniaga Bhd PHRMMK SAWXiao Jun Pharmaceuticals Add 0.39 RM 4.80 6.50 35.4 RM 0.225 0.305 0.337 35.4 10.7 15.8 14.2 3.8 15.7 2.4 8.7 49.2
Wellcall Holdings WELL MK Nigel FOO Ind Goods & Services Hold 0.16 RM 1.53 1.49 -2.6 RM 0.161 0.085 0.098 -46.8 15.0 17.9 15.6 5.1 43.7 5.8 11.4 -24.8
Daibochi Plastic & Packaging DPP MK Nigel FOO Packaging Hold 0.16 RM 4.44 4.38 -1.4 RM 0.245 0.269 0.324 9.7 20.7 16.5 13.7 4.5 24.4 2.9 10.8 24.8
Tomypak Holdings TOMYMK Nigel FOO Packaging Reduce 0.05 RM 1.34 1.17 -12.7 RM 0.132 0.094 0.149 -28.5 57.5 14.2 9.0 6.3 12.2 1.2 5.7 6.2
Hartalega Holdings HART MK EINGKar Mei, CFA Rubber Gloves Hold 1.57 RM 6.61 6.46 -2.3 RM 0.320 0.330 0.404 3.3 22.4 20.0 16.4 2.3 24.7 4.6 12.7 -11.3
Karex Berhad KAREXMK EINGKar Mei, CFA Rubber Gloves Hold 0.38 RM 3.00 3.38 12.7 RM 0.091 0.135 0.178 47.6 32.0 22.3 16.9 1.1 26.3 4.9 14.9 -21.0
Kossan Rubber Industries KRI MK EINGKar Mei, CFA Rubber Gloves Add 0.80 RM 4.01 4.92 22.693 RM 0.220 0.271 0.307 23.1 13.6 14.8 13.0 1.9 22.4 3.1 8.9 5.5
Riverstone Holdings RSTON SP Roy CHEN Rubber Gloves Hold 0.28 S$ 0.94 0.90 -4.3 RM 0.153 0.170 0.195 10.7 14.9 14.2 12.4 2.9 18.1 2.5 7.8 -32.5
Supermax Corp SUCB MK EINGKar Mei, CFA Rubber Gloves Add 0.46 RM 2.17 2.90 33.6 RM 0.176 0.203 0.234 15.0 15.3 10.7 9.3 2.7 14.4 1.5 7.9 17.5
Top Glove Corporation TOPGMK EINGKar Mei, CFA Rubber Gloves Hold 0.90 RM 4.63 4.48 -3.2 RM 0.308 0.300 0.309 -2.9 3.0 15.5 15.0 3.2 13.2 2.0 8.9 -2.9
Ann Joo Resources AJR MK Sharizan ROSELY Steel Hold 0.20 RM 1.29 1.24 -3.9 RM 0.023 0.107 0.118 353.9 11.2 12.1 10.9 1.6 5.3 0.6 8.5 42.5
Insurance 0.55 21.8 19.2
Tune Ins Holdings Bhd TIH MK Winson NG, CFA Insurance - Composite Add 0.55 RM 2.33 2.71 16.3 RM 0.100 0.107 0.121 7.0 13.5 21.8 19.2 1.7 20.8 4.2 n/a -150.7
Media 7.42 22.6 18.8
Media Chinese Int'l MCIL MK Mohd Shanaz NOOR AZAM Media - Integrated Hold 0.49 RM 0.93 0.96 3.2 RM 0.097 0.092 0.091 -5.0 -1.6 10.0 10.2 6.4 21.5 2.1 6.1 14.3
Media Prima Bhd MPR MK Mohd Shanaz NOOR AZAM Media - Integrated Add 0.86 RM 2.48 3.05 23.0 RM 0.196 0.199 0.213 1.2 7.1 12.5 11.6 6.4 13.0 1.6 3.9 -10.4
Star Publications STAR MK Mohd Shanaz NOOR AZAM Newspaper Hold 0.61 RM 2.63 2.65 0.8 RM 0.192 0.179 0.195 -6.9 9.2 14.7 13.5 5.7 10.8 1.5 7.0 -21.8
Astro Malaysia ASTROMK Mohd Shanaz NOOR AZAM TV- Satellite Add 5.47 RM 3.36 3.90 16.1 RM 0.086 0.104 0.140 21.2 35.1 32.3 23.9 3.1 126.0 33.5 10.5 439.1
Oil and Gas 5.78 22.7 16.7
Petronas Dagangan PETD MK Norziana MOHD INON Oil & Gas - Retail Hold 5.78 RM 18.60 26.00 39.8 RM 0.817 0.820 1.112 0.3 35.7 22.7 16.7 2.6 9.1 2.0 12.7 -11.7
Bumi Armada BAB MK Norziana MOHD INON Offshore & Marine Add 3.08 RM 3.36 4.56 35.7 RM 0.147 0.186 0.202 26.7 8.4 18.0 16.6 1.2 18.0 3.0 8.9 175.8
Dialog Group DLGMK Norziana MOHD INON Oil & Gas - Equipment & Svs Add 2.98 RM 1.86 4.16 123.7 RM 0.087 0.126 0.159 44.5 26.2 14.8 11.7 1.9 24.6 3.4 8.2 -50.2
Malaysia Marine & Heavy Eng MMHE MK Norziana MOHD INON Oil & Gas - Equipment & Svs Hold 1.74 RM 3.48 3.98 14.4 RM 0.117 0.163 0.176 40.1 8.0 21.3 19.7 1.7 10.7 2.3 14.4 -71.8
Perdana Petroleum PETR MK Norziana MOHD INON Oil & Gas - Equipment & Svs Add 0.43 RM 1.86 2.40 29.0 RM 0.078 0.131 0.146 67.4 11.4 14.2 12.8 0.0 16.0 2.2 10.5 40.0
Perisai Petroleum PPT MK Norziana MOHD INON Oil & Gas - Equipment & Svs Add 0.57 RM 1.53 2.37 54.902 RM 0.072 0.046 0.144 -35.9 214.6 33.3 10.6 0.0 6.4 2.3 12.0 89.9
SapuraKencana Petroleum SAKP MK Norziana MOHD INON Oil & Gas - Equipment & Svs Add 8.08 RM 4.31 7.00 62.4 RM 0.157 0.268 0.299 70.8 11.7 16.1 14.4 0.6 19.5 4.2 15.7 132.9
TH Heavy Engineering RH MK Norziana MOHD INON Oil & Gas - Equipment & Svs Add 0.29 RM 0.92 1.20 30.4 RM 0.011 0.025 0.073 129.7 189.8 36.1 12.5 0.0 6.5 2.3 34.1 44.4
UMWOil & Gas UMWOGMK Norziana MOHD INON Oil & Gas - Equipment & Svs Add 2.75 RM 4.07 5.18 27.3 RM 0.087 0.148 0.222 70.5 49.5 27.5 18.4 0.5 15.9 7.4 19.1 50.6
Uzma UZMAMK Nigel FOO Oil & Gas - Equipment & Svs Add 0.31 RM 3.76 4.68 24.5 RM 0.250 0.250 0.285 0.0 13.9 15.0 13.2 0.0 24.5 3.6 8.9 -42.3
Wah Seong Corp WSC MK Norziana MOHD INON Oil & Gas - Equipment & Svs Add 0.45 RM 1.86 2.72 46.2 RM 0.056 0.174 0.180 211.2 3.1 10.7 10.3 3.8 16.6 2.4 4.7 -39.2
Property 18.26 15.6 13.4
Eastern & Oriental EAST MK Terence WONG, CFA Property Devt & Invt Add 1.01 RM 2.92 3.06 4.8 RM 0.100 0.111 0.173 11.8 54.9 26.2 16.9 1.6 8.4 2.2 17.5 13.9
Eco World Development Group Bhd ECWMK Terence WONG, CFA Property Devt & Invt Add 0.41 RM 5.21 8.15 56.4 RM 0.082 0.041 0.048 -49.9 16.9 127.3 108.9 0.2 3.3 4.0 84.4 63.4
Mah Sing Group MSGB MK Terence WONG, CFA Property Devt & Invt Add 1.09 RM 2.39 3.03 26.8 RM 0.199 0.245 0.288 23.3 17.5 9.8 8.3 3.8 16.8 1.6 8.8 37.3
SBC Corp SBC MK Nigel FOO Property Devt & Invt Add 0.11 RM 2.22 3.96 78.4 RM 0.231 0.260 0.332 12.5 27.9 8.6 6.7 2.1 15.0 0.9 6.9 24.9
SP Setia SPSB MK Terence WONG, CFA Property Devt & Invt Hold 2.76 RM 3.50 3.09 -11.7 RM 0.183 0.232 0.350 26.8 50.9 15.1 10.0 3.2 10.2 1.5 11.5 17.3
UEMSunrise Bhd UEMS MK Terence WONG, CFA Property Devt & Invt Add 3.00 RM 2.11 2.93 38.9 RM 0.131 0.139 0.141 6.2 2.0 15.2 14.9 2.4 10.1 1.5 11.8 10.2
UOADevelopment UOAD MK Terence WONG, CFA Property Devt & Invt Add 0.93 RM 2.07 2.45 18.4 RM 0.263 0.262 0.285 -0.2 8.7 7.9 7.3 6.8 13.9 1.1 4.8 -24.1
KLCC Property Holdings KLCCSS MK Faisal SYED AHMAD Property Investment Hold 3.62 RM 6.41 6.50 1.4 RM 0.442 0.391 0.410 -11.7 5.0 16.4 15.6 5.7 10.8 1.6 16.7 12.8
Axis REIT AXRB MK Faisal SYED AHMAD REIT Add 0.49 RM 3.37 3.67 8.9 RM 0.185 0.189 0.198 1.9 5.0 17.9 17.0 6.3 n/a 1.5 n/a 52.3
CapitaMalls Malaysia Trust CMMT MK Faisal SYED AHMAD REIT Hold 0.83 RM 1.50 1.49 -0.7 RM 0.083 0.088 0.093 6.6 5.1 17.0 16.2 6.3 n/a 1.4 n/a 41.8
IGB REIT IGBREIT MK Faisal SYED AHMAD REIT Hold 1.39 RM 1.29 1.25 -3.1 RM 0.060 0.067 0.069 11.8 4.2 19.3 18.6 5.9 n/a 1.3 n/a 34.7
Pavilion REIT PREIT MK Faisal SYED AHMAD REIT Hold 1.31 RM 1.39 1.45 4.3 RM 0.070 0.074 0.075 6.0 1.0 18.8 18.6 5.6 n/a 1.4 n/a 20.3
Sunway REIT SREIT MK Faisal SYED AHMAD REIT Hold 1.31 RM 1.43 1.40 -2.0979 RM 0.082 0.088 0.095 6.6 8.3 16.3 15.0 6.0 n/a 1.3 n/a 54.1
EPS PER
EPS Growth (%) (x)



August 4, 2014

MALAYSIA
Services 0.35 26.2 17.8
Prestariang PRES MK Nigel FOO Education Add 0.35 RM 2.34 2.53 8.1 RM 0.096 0.094 0.132 -2.0 40.6 25.0 17.8 2.8 30.7 6.0 20.6 -83.5
Shipping 9.66 17.1 15.4
Malaysian Bulk Carriers MBC MK GAN Jian Bo Dry Bulk Shipping Add 0.55 RM 1.76 2.48 40.9 RM 0.032 0.053 0.084 65.0 58.8 33.4 21.0 2.3 2.9 0.9 57.6 0.8
MISC Bhd MISC MK GAN Jian Bo Tanker Shipping Add 9.11 RM 6.52 7.66 17.5 US$ 0.100 0.123 0.135 22.4 9.8 16.6 15.1 2.2 7.4 1.2 10.6 22.1
Silverlake Axis Ltd SILVSP William TNG, CFA IT Services Add 2.05 S$ 1.14 0.95 -16.7 RM 0.098 0.109 0.122 11.5 11.9 26.8 24.0 3.4 39.9 10.5 21.5 -55.1
Malaysian Pacific Industries MPI MK Mohd Shanaz NOOR AZAM Semiconductor Add 0.38 RM 6.08 7.00 15.1 RM 0.148 0.319 0.429 116.2 34.2 19.0 14.2 3.7 9.2 1.7 5.0 -3.3
Unisem UNI MK Mohd Shanaz NOOR AZAM Semiconductor Add 0.37 RM 1.75 2.09 19.4 RM -0.025 0.053 0.103 310.6 93.6 32.8 16.9 3.1 3.7 1.2 6.3 24.3
Cuscapi CUSC MK Nigel FOO Technology - Others Add 0.05 RM 0.39 0.70 79.5 RM -0.008 0.030 0.041 458.3 35.7 13.0 9.6 1.5 17.9 2.2 7.9 -35.0
JobStreet Corp JOBS MK Mohd Shanaz NOOR AZAM Technology - Others Hold 0.53 RM 2.38 2.12 -10.9 RM 0.096 0.111 0.128 15.7 14.7 21.4 18.6 0.0 29.7 6.1 14.4 -38.9
MYE.G. Services MYEGMK Nigel FOO Technology - Others Add 0.53 RM 2.88 3.05 5.9 RM 0.073 0.110 0.145 51.4 31.4 26.1 19.9 1.2 37.8 8.9 23.2 -12.5
Uchi Technologies UCHI MK Mohd Shanaz NOOR AZAM Technology - Others Hold 0.17 RM 1.42 1.38 -2.8 RM 0.107 0.115 0.123 7.5 6.8 12.4 11.6 8.0 22.2 2.7 8.5 -61.0
Telekom Malaysia T MK Kelvin GOH, CFA Telco - Integrated Reduce 7.16 RM 6.24 5.40 -13.5 RM 0.290 0.236 0.258 -18.8 9.5 26.5 24.2 3.4 12.0 3.2 7.1 36.8
DiGi.com DIGI MK Kelvin GOH, CFA Telco - Mobile Add 13.84 RM 5.69 6.00 5.4 RM 0.233 0.254 0.263 9.4 3.5 22.4 21.6 4.5 299.2 66.9 13.4 -83.1
Maxis Berhad MAXIS MK Kelvin GOH, CFA Telco - Mobile Reduce 15.88 RM 6.76 6.20 -8.3 RM 0.267 0.240 0.250 -9.9 4.2 28.1 27.0 5.9 33.4 10.6 14.0 163.7
Malaysia Airports Holdings MAHB MK GAN Jian Bo Airports Hold 3.22 RM 7.50 7.50 0.0 RM 0.247 0.034 0.016 -86.1 -53.5 217.6 467.7 1.3 3.7 1.8 16.0 63.8
Bintulu Port BPH MK GAN Jian Bo Ports Reduce 1.02 RM 7.10 7.10 0.0 RM 0.343 0.350 0.364 1.9 3.9 20.3 19.5 4.2 18.0 3.0 8.1 -40.3
Berjaya Sports Toto BST MK Lucius CHONG Gaming Add 1.62 RM 3.85 4.57 18.7 RM 0.278 0.282 0.279 1.1 -0.7 13.7 13.8 7.8 52.4 6.8 8.5 -14.6
Genting Bhd GENT MK Lucius CHONG Gaming Add 11.48 RM 9.87 13.10 32.7 RM 0.530 0.619 0.764 16.8 23.3 15.9 12.9 0.9 14.3 1.4 6.4 -28.3
Genting Malaysia GENMMK Lucius CHONG Gaming Add 7.81 RM 4.40 5.70 29.5 RM 0.212 0.295 0.385 39.7 30.3 14.9 11.4 2.2 15.0 1.6 7.7 -26.2
Magnum Bhd MAGMK Lucius CHONG Gaming Add 1.37 RM 3.06 3.65 19.3 RM 0.229 0.204 0.215 -10.9 5.5 15.0 14.2 6.5 16.2 1.8 10.2 19.7
Utilities 41.57 17.0 15.4
Gas Malaysia Berhad GMB MK Faisal SYED AHMAD Gas Transmission & Dist Add 1.37 RM 3.40 3.96 16.5 RM 0.134 0.151 0.165 12.7 9.4 22.5 20.6 4.0 18.7 4.2 13.8 -28.6
Petronas Gas PTGMK Faisal SYED AHMAD Gas Transmission & Dist Hold 14.54 RM 23.48 24.65 5.0 RM 0.725 0.768 0.793 5.9 3.1 30.6 29.6 2.3 15.5 4.6 17.0 -6.3
YTL Power International YTLP MK Faisal SYED AHMAD IPP Add 3.15 RM 1.48 2.39 61.5 RM 0.116 0.135 0.135 16.0 0.5 11.0 10.9 2.7 10.8 1.1 9.5 129.3
Cypark Resources Bhd CYP MK Faisal SYED AHMAD Power Add 0.16 RM 2.74 3.09 12.8 RM 0.247 0.301 0.334 21.6 11.0 9.1 8.2 4.1 19.2 1.7 8.0 118.6
Tenaga Nasional TNB MK Faisal SYED AHMAD Power Hold 21.93 RM 12.42 12.56 1.1 RM 0.809 0.887 1.005 9.6 13.3 14.0 12.4 3.7 13.3 1.8 6.7 29.9
Puncak Niaga Holdings PNH MK Sharizan ROSELY Water Treatment & Services Add 0.43 RM 3.33 4.28 28.5 RM 0.489 0.593 0.827 21.3 39.4 5.6 4.0 0.0 11.8 0.6 1.9 33.5
MALAYSIA 373.97 17.5 15.4
NEW ZEALAND
Fletcher Building FBU NZ Andrew SCOTT Building Materials Add 5.27 NZ$ 9.03 10.19 12.8 NZ$ 0.495 0.575 0.689 16.2 19.9 15.7 13.1 4.0 10.7 1.7 9.0 41.4
Media 1.15 16.7 15.9
Trade Me Group TME NZ Daniel BLAIR Media - Integrated Add 1.15 NZ$ 3.43 4.55 32.7 NZ$ 0.200 0.206 0.216 2.7 4.9 16.7 15.9 5.6 12.2 2.0 11.2 18.9
Chorus CNU NZ Ian MARTIN Telco - Fixed Line Hold 0.79 NZ$ 1.72 2.00 16.3 NZ$ 0.429 0.399 0.365 -6.9 -8.6 4.3 4.7 4.4 21.7 0.9 4.6 298.8
Telecom Corporation TEL NZ Ian MARTIN Telco - Integrated Hold 4.30 NZ$ 2.78 2.31 -16.9 NZ$ 0.170 0.174 0.182 2.5 4.6 16.0 15.3 5.8 20.2 3.1 6.1 35.7
Auckland Int'l Airport AIANZ Michael NEWBOLD, CFA Airports Hold 3.84 NZ$ 3.81 3.49 -8.4 NZ$ 0.130 0.145 0.151 11.2 4.4 26.2 25.1 4.9 7.5 2.0 15.9 62.3
NEW ZEALAND 15.35 16.1 14.8
EPS PER
EPS Growth (%) (x)



August 4, 2014

PHILIPPINES
Aviation 0.80 22.5 19.8
Cebu Air CEB PM Raymond YAP, CFA Airlines Reduce 0.80 P 57.3 40.0 -30.2 P 3.08 2.52 2.86 -18.1 13.4 22.7 20.0 0.0 5.8 1.6 9.8 106.6
Nickel Asia Corp NIKL PM Edser TRINIDAD Mining Hold 2.09 P 36.0 31.0 -13.9 P 0.82 2.96 3.61 263.1 22.0 12.2 10.0 0.8 31.3 3.3 4.6 -50.6
Alliance Global Group AGI PM Edser TRINIDAD Conglomerate Add 6.23 P 26.4 33.8 28.0 P 1.36 1.78 2.12 31.1 19.3 14.8 12.4 1.0 15.8 2.2 9.1 -16.4
Metro Pacific Investments Co MPI PM Edser TRINIDAD Conglomerate Add 3.01 P 5.0 5.9 18.0 P 0.30 0.35 0.40 16.4 14.9 14.5 12.6 0.7 9.2 1.3 7.7 30.1
Puregold Price Club Inc PGOLD PM Edser TRINIDAD Retail Add 2.68 P 42.2 50.0 18.5 P 1.45 1.84 2.21 26.7 20.1 22.9 19.1 0.8 15.3 3.3 13.0 -24.7
Del Monte Pacific DELMSP William TNG, CFA Food & Beverages Add 0.55 S$ 0.53 0.63 18.9 US$ 0.013 0.026 0.017 101.4 -33.9 16.3 24.7 0.0 7.3 1.3 10.2 158.3
Jollibee Foods Corp JFC PM Edser TRINIDAD Food & Beverages Add 4.30 P 176.8 196.0 10.9 P 4.41 5.36 6.17 21.4 15.2 33.0 28.6 2.0 24.2 7.7 17.9 -24.4
Bank of the Philippine Islands BPI PM Edser TRINIDAD Banks Reduce 8.59 P 95.0 70.0 -26.3 P 5.12 5.31 5.80 3.7 9.3 17.9 16.4 1.9 15.5 2.5 n/a n/a
BDOUnibank Inc BDOPM Edser TRINIDAD Banks Add 7.47 P 90.7 100.0 10.3 P 6.22 6.19 6.46 -0.5 4.4 14.7 14.0 1.3 15.2 1.8 n/a n/a
Metropolitan Bank and Trust MBT PM Edser TRINIDAD Banks Add 5.43 P 86.0 102.0 18.6 P 5.23 5.95 6.52 13.8 9.6 14.5 13.2 0.9 11.4 1.6 n/a n/a
Philippine Business Bank PBB PM Edser TRINIDAD Banks Add 0.23 P 23.2 30.0 29.3 P 3.01 2.40 2.98 -20.4 24.4 9.7 7.8 2.5 16.2 1.3 n/a n/a
Property 14.31 21.8 18.0
Ayala Land Inc. ALI PM Edser TRINIDAD Property Development Add 10.17 P 31.2 39.2 25.6 P 0.83 1.09 1.25 31.9 14.3 28.5 24.9 1.3 15.0 4.1 20.0 66.6
Megaworld Corporation MEGPM Edser TRINIDAD Property Development Add 3.14 P 4.3 5.2 20.9 P 0.29 0.29 0.34 1.3 17.1 14.5 12.4 0.7 9.8 1.4 14.2 0.5
8990 Holdings Inc. HOUSE PM Edser TRINIDAD Property Devt & Invt Add 1.00 P 7.9 11.2 41.8 P 0.47 0.73 1.05 54.8 44.7 10.9 7.5 0.0 33.1 2.8 13.1 19.9
Philippine Long Distance Tel TEL PM Edser TRINIDAD Telco - Integrated Add 15.16 P 3,050.0 3,420.0 12.1 P 176.22 188.99 194.97 7.2 3.2 16.1 15.6 5.8 27.4 4.4 9.1 105.6
Travellers International RWMPM Lucius CHONG Gaming Add 3.10 P 8.6 12.4 44.2 P 0.27 0.63 0.78 135.9 23.9 13.6 11.0 1.5 27.7 3.4 9.6 -18.2
Utilities 5.61 13.2 9.2
Energy Development Corp EDC PM Edser TRINIDAD IPP Add 2.65 P 6.1 7.6 24.6 P 0.54 0.40 0.62 -27.2 56.0 15.5 10.0 1.3 19.3 2.9 13.3 106.7
First Gen Corp FGEN PM Edser TRINIDAD IPP Add 1.72 P 22.3 26.1 17.0 US$ 0.038 0.036 0.060 -6.1 67.1 14.4 8.6 2.2 7.8 1.1 3.2 49.1
Manila Water Co MWC PM Edser TRINIDAD Water Add 1.24 P 26.8 31.5 17.5 P 2.65 2.88 3.09 8.7 7.4 9.3 8.7 3.0 18.3 1.6 5.8 50.3
PHILIPPINES 79.57 16.8 14.5
SINGAPORE
Aviation 14.23 30.7 23.6
Singapore Airlines SIASP Andrew ORCHARD Airlines Hold 9.72 S$ 10.33 9.85 -4.6 S$ 0.317 0.381 0.476 20.2 24.9 27.1 21.7 3.1 3.5 0.9 5.8 -33.5
Tiger Airways TGR SP Raymond YAP, CFA Airlines Reduce 0.34 S$ 0.43 0.21 -51.2 S$ -0.118 -0.125 -0.066 -6.1 47.5 -3.4 -6.5 0.0 -35.8 1.9 -84.4 105.7
SIAEngineering SIE SP LIMSiew Khee Airport Services Reduce 4.18 S$ 4.65 4.50 -3.2 S$ 0.241 0.220 0.222 -9.0 0.8 21.2 21.0 4.4 18.2 3.9 27.5 -31.5
First Resources Ltd FR SP Ivy NGLee Fang, CFA Plantations Add 2.87 S$ 2.26 2.75 21.7 US$ 0.137 0.129 0.179 -6.2 39.0 14.1 10.1 2.1 19.1 2.5 9.6 14.7
Golden Agri-Resources GGR SP Ivy NGLee Fang, CFA Plantations Hold 5.50 S$ 0.54 0.60 11.1 US$ 0.023 0.029 0.034 25.3 16.7 14.7 12.6 2.1 4.4 0.6 9.4 21.9
Indofood Agri Resources IFAR SP Ivy NGLee Fang, CFA Plantations Hold 1.10 S$ 0.97 1.02 5.2 Rp 449 632 645 40.9 2.0 14.2 14.0 0.0 6.3 0.9 7.8 22.9
Wilmar International WIL SP Ivy NGLee Fang, CFA Plantations Hold 16.77 S$ 3.27 3.47 6.1 US$ 0.203 0.172 0.198 -15.3 15.0 15.2 13.2 1.3 7.1 1.1 13.8 85.1
Olam International OLAMSP YEOZhi Bin Supply Chain Managers Add 4.83 S$ 2.47 1.76 -28.7 S$ 0.139 0.184 0.217 32.8 18.2 13.4 11.4 1.6 11.0 1.4 9.9 172.2
Boustead Singapore Ltd BOCS SP Roy CHEN Conglomerate Add 0.78 S$ 1.84 2.06 12.0 S$ 0.117 0.121 0.128 3.5 5.8 15.2 14.4 3.0 18.8 2.5 8.6 -33.0
Guocoleisure GLL SP Roy CHEN Conglomerate Add 1.19 S$ 1.09 1.22 11.9 US$ 0.031 0.033 0.036 6.1 9.9 26.4 24.0 1.8 3.7 0.9 13.5 26.6
Keppel Corporation KEP SP LIMSiew Khee Conglomerate Add 15.96 S$ 10.96 13.20 20.4 S$ 1.031 0.868 0.919 -15.8 5.9 12.6 11.9 3.5 15.4 1.9 12.6 11.3
Sembcorp Industries SCI SP LIMSiew Khee Conglomerate Add 7.85 S$ 5.48 5.99 9.3 S$ 0.427 0.444 0.477 3.9 7.4 12.4 11.5 3.3 14.4 1.7 5.5 -4.8
ST Engineering STE SP LIMSiew Khee Conglomerate Add 9.50 S$ 3.80 4.40 15.8 S$ 0.190 0.204 0.217 7.3 6.5 18.7 17.5 4.9 28.4 5.1 11.1 -39.3
Yoma Strategic Holdings YOMASP Roy CHEN Conglomerate Hold 0.71 S$ 0.69 0.81 17.4 S$ 0.012 0.011 0.018 -10.1 63.4 63.3 38.7 0.0 2.9 1.9 34.8 -20.5
EPS PER
EPS Growth (%) (x)



August 4, 2014

SINGAPORE
Pan-United Corp PAN SP Gary NG Building Materials Add 0.48 S$ 1.07 1.12 4.7 S$ 0.080 0.078 0.086 -2.2 10.0 13.6 12.4 4.5 15.6 2.1 6.7 45.2
UE E & C UEEC SP Roy CHEN Construction Hold 0.26 S$ 1.19 1.29 8.4 S$ 0.223 0.258 0.275 15.6 6.8 4.6 4.3 5.9 25.8 1.1 1.6 -59.4
Yongnam Holdings YNH SP Gary NG Construction Reduce 0.24 S$ 0.24 0.18 -25.0 S$ 0.004 0.013 0.023 204.7 69.0 17.6 10.4 3.0 5.3 0.9 8.7 32.7
Eu Yan Sang Int'l Ltd EYSAN SP William TNG, CFA Lifestyles Reduce 0.29 S$ 0.82 0.79 -3.7 S$ 0.037 0.042 0.048 15.4 13.7 19.3 17.0 2.4 11.9 2.2 10.2 41.7
OSIMInternational OSIMSP Kenneth NG, CFA Lifestyles Add 1.79 S$ 2.87 4.60 60.3 S$ 0.134 0.160 0.182 18.8 13.9 18.0 15.8 2.4 34.1 5.0 11.4 -60.2
Straco Corporation STCOSP Jessalynn CHEN Lifestyles Add 0.55 S$ 0.81 0.76 -6.2 S$ 0.040 0.042 0.046 2.9 11.6 19.5 17.4 2.2 20.3 3.7 10.6 -71.5
Courts Asia COURTS SP Kenneth NG, CFA Retail Add 0.25 S$ 0.56 0.69 23.2 S$ 0.057 0.055 0.063 -3.3 15.6 10.2 8.8 2.9 9.7 1.0 6.9 43.9
Parkson Retail Asia PRASP Kenneth NG, CFA Retail Add 0.41 S$ 0.76 1.28 68.4 S$ 0.056 0.060 0.066 7.0 10.0 12.6 11.4 7.3 15.8 2.0 5.2 -67.8
Sheng Siong Group SSGSP Kenneth NG, CFA Retail Add 0.79 S$ 0.71 0.79 11.3 S$ 0.028 0.035 0.037 22.9 5.9 20.5 19.4 4.4 31.9 6.5 13.7 -61.4
Fraser & Neave FNN SP Kenneth NG, CFA Brewers Reduce 3.46 S$ 2.99 2.66 -11.0 S$ 0.481 0.092 0.110 -80.8 19.2 32.4 27.2 1.5 7.0 1.8 11.2 -32.4
Thai Beverage THBEVSP Kenneth NG, CFA Brewers Add 12.37 S$ 0.62 0.74 19.4 B 0.76 0.89 0.96 18.2 7.3 17.7 16.5 2.6 23.1 3.9 13.6 45.8
Super Group SUPER SP Kenneth NG, CFA Food & Beverages Reduce 1.32 S$ 1.48 1.63 10.1 S$ 0.152 0.100 0.082 -33.9 -18.7 14.7 18.1 3.1 17.3 3.3 10.1 -24.1
DBS Group DBS SP Kenneth NG, CFA Banks Hold 35.92 S$ 18.22 19.44 6.7 S$ 1.542 1.618 1.650 4.9 1.9 11.3 11.0 3.3 10.6 1.2 n/a n/a
OCBC OCBC SP Kenneth NG, CFA Banks Add 27.93 S$ 9.98 11.01 10.321 S$ 0.805 0.959 1.006 19.2 4.9 10.4 9.9 4.2 12.8 1.3 n/a n/a
United Overseas Bank UOB SP Kenneth NG, CFA Banks Reduce 31.00 S$ 24.16 23.55 -2.5 S$ 1.909 1.979 2.141 3.6 8.2 12.2 11.3 3.5 12.3 1.4 n/a n/a
Singapore Exchange SGXSP Kenneth NG, CFA Stockbroking & Exchanges Hold 6.05 S$ 7.06 7.29 3.3 S$ 0.312 0.314 0.340 0.8 8.2 22.5 20.8 4.1 36.7 8.1 15.4 -86.9
Healthcare 15.64 48.8 36.1
Talkmed Group Ltd TKMED SP William TNG, CFA Health Care Providers & Svs Add 0.57 S$ 1.08 1.20 11.1 S$ 0.055 0.054 0.056 -1.6 3.8 19.9 19.2 3.7 129.3 17.1 15.6 -103.0
IHH Healthcare IHH SP Gary NG Hospitals Add 11.86 S$ 1.81 1.85 2.2 RM 0.052 0.077 0.107 49.4 38.0 60.0 43.4 0.4 5.2 2.1 22.1 6.8
Raffles Medical Group RFMD SP Gary NG Hospitals Add 1.76 S$ 3.91 4.57 16.9 S$ 0.112 0.130 0.154 16.1 18.8 30.1 25.3 1.3 14.5 4.2 23.8 5.7
Biosensors Int'l BIGSP Gary NG Medical Equipment & Svs Hold 1.16 S$ 0.85 1.01 18.8 US$ 0.035 0.031 0.037 -14.0 21.5 22.3 18.4 0.0 4.2 0.9 11.9 -19.0
QT Vascular QTVC SP Gary NG Medical Equipment & Svs Add 0.29 S$ 0.48 0.73 52.1 US$ -0.031 -0.017 0.002 44.5 110.1 -22.2 219.8 0.0 -583.2 17.6 -23.0 -94.1
Tat Hong Holdings TAT SP Gary NG Industrial Machinery Reduce 0.44 S$ 0.88 0.72 -18.2 S$ 0.081 0.086 0.102 5.6 19.6 10.3 8.6 2.8 8.4 0.8 5.0 28.1
Land Transport 6.36 22.7 20.5
ComfortDelGro CD SP Gary NG Public Transportation Add 4.43 S$ 2.59 2.59 0.0 S$ 0.126 0.133 0.142 5.4 6.9 19.5 18.2 2.9 12.5 2.4 7.4 -2.4
SMRT Corporation MRT SP Gary NG Public Transportation Add 1.93 S$ 1.58 1.78 12.7 S$ 0.044 0.048 0.059 7.8 24.1 33.2 26.7 1.4 8.9 2.9 9.4 58.8
Media 5.32 22.8 21.9
Singapore Press Holdings SPH SP Jessalynn CHEN Newspaper Reduce 5.32 S$ 4.15 4.09 -1.4 S$ 0.236 0.180 0.187 -23.9 4.2 23.1 22.2 5.3 8.8 2.1 17.9 16.0
ASL Marine ASL SP YEOZhi Bin Offshore & Marine Hold 0.23 S$ 0.68 0.69 1.5 S$ 0.083 0.072 0.072 -13.8 0.8 9.5 9.4 2.9 7.1 0.7 7.8 95.5
Cosco Corporation COS SP LIMSiew Khee Offshore & Marine Reduce 1.28 S$ 0.72 0.47 -34.7 S$ 0.017 0.018 0.022 11.9 16.5 38.7 33.2 1.2 3.2 1.2 10.8 58.1
Ezion Holdings EZI SP YEOZhi Bin Offshore & Marine Add 2.27 S$ 2.15 2.41 12.1 US$ 0.127 0.163 0.229 28.3 40.4 10.6 7.5 0.1 21.1 1.9 11.8 114.1
Ezra Holdings EZRASP LIMSiew Khee Offshore & Marine Add 0.92 S$ 1.18 1.47 24.6 US$ 0.005 0.048 0.079 933.7 65.9 19.7 11.9 1.2 3.8 0.8 13.9 124.2
Jaya Holdings JAYASP YEOZhi Bin Offshore & Marine Hold 0.04 S$ 0.06 0.82 1,266.7 US$ 0.053 0.050 0.060 -4.9 19.6 1.0 0.8 64.4 7.0 0.1 -0.1 -8.1
Nam Cheong NCL SP YEOZhi Bin Offshore & Marine Add 0.77 S$ 0.46 0.44 -4.3 RM 0.098 0.121 0.136 24.0 11.6 9.7 8.7 2.1 24.5 2.2 10.0 38.3
Sembcorp Marine SMMSP LIMSiew Khee Offshore & Marine Hold 6.93 S$ 4.14 4.30 3.9 S$ 0.269 0.277 0.310 3.2 11.7 14.9 13.4 4.0 20.6 2.9 9.3 -22.4
Swiber Holdings SWIB SP LIMSiew Khee Offshore & Marine Reduce 0.26 S$ 0.53 0.58 9.4 US$ 0.103 -0.023 0.003 -122.1 114.7 -18.6 126.3 0.0 -1.4 0.5 13.6 106.7
Vard Holdings Ltd VARD SP YEOZhi Bin Offshore & Marine Hold 1.03 S$ 1.09 1.14 4.6 NKr 0.360 0.446 0.597 23.7 33.9 12.3 9.2 2.6 14.1 1.7 10.3 71.1
Yangzijiang Shipbuilding YZJSGD SP LIMSiew Khee Offshore & Marine Add 3.35 S$ 1.09 1.53 40.4 Rmb 0.808 0.710 0.656 -12.1 -7.6 7.6 8.2 3.9 14.5 1.0 7.0 32.0
CSE Global CSE SP YEOZhi Bin Oil & Gas - Equipment & Svs Hold 0.30 S$ 0.73 0.61 -16.4 S$ 0.211 0.070 0.077 -66.9 10.0 10.4 9.4 4.1 17.9 1.8 6.7 -23.4
EPS PER
EPS Growth (%) (x)



August 4, 2014

SINGAPORE
Property 93.41 17.9 16.0
Bukit Sembawang Estates BS SP TAN Xuan Property Development Add 1.30 S$ 6.27 7.41 18.2 S$ 0.828 0.944 0.999 14 5.8 6.6 6.3 2.7 17.3 1.1 4.2 -26.3
United Engineers UEMSP TAN Xuan Property Development Hold 1.22 S$ 2.40 1.81 -24.6 S$ 0.175 0.304 0.365 73.3 20.0 7.9 6.6 2.9 10.6 0.8 10.9 65.8
Wheelock Properties (S) WP SP TAN Xuan Property Development Add 1.82 S$ 1.90 1.98 4.2 S$ 0.051 0.102 0.139 101.6 36.0 18.5 13.6 3.2 4.0 0.7 15.0 5.5
CapitaLand CAPL SP PANGTi Wee Property Devt & Invt Add 11.77 S$ 3.45 3.83 11.0 S$ 0.133 0.156 0.198 17.4 27.1 22.2 17.4 1.8 4.1 0.9 29.6 43.5
City Developments CIT SP PANGTi Wee Property Devt & Invt Reduce 7.71 S$ 10.58 9.66 -8.7 S$ 0.462 0.566 0.647 23 14.3 18.7 16.4 1.6 6.4 1.2 14.7 23.3
Frasers Centrepoint Ltd FCL SP TAN Xuan Property Devt & Invt Add 4.03 S$ 1.74 2.09 20.1 S$ 0.157 0.176 0.183 12.1 4.3 9.9 9.5 2.3 7.8 0.8 12.9 41.6
Global Logistic Properties GLP SP TAN Xuan Property Devt & Invt Add 10.82 S$ 2.79 3.29 17.9 US$ 0.061 0.066 0.071 7.3 7.0 33.9 31.7 2.0 3.2 1.2 29.2 11.1
Ho Bee Land HOBEE SP TAN Xuan Property Devt & Invt Add 1.20 S$ 2.25 2.63 16.9 S$ 0.026 0.086 0.105 230.1 22.8 26.3 21.4 2.8 2.5 0.6 29.2 33.4
Keppel Land KPLD SP TAN Xuan Property Devt & Invt Hold 4.51 S$ 3.64 3.55 -2.5 S$ 0.275 0.255 0.278 -7.3 9.0 14.3 13.1 3.8 5.5 0.8 33.3 40.5
Overseas Union Enterprise OUE SP PANGTi Wee Property Devt & Invt Add 1.79 S$ 2.45 3.32 35.5 S$ 0.047 0.096 0.130 106.3 35.0 25.5 18.9 2.0 2.1 0.5 31.5 34.0
UOL Group UOL SP TAN Xuan Property Devt & Invt Add 4.18 S$ 6.63 8.41 26.8 S$ 0.451 0.483 0.548 7.1 13.5 13.7 12.1 2.2 5.4 0.7 21.3 33.3
Wing Tai Holdings WINGT SP TAN Xuan Property Devt & Invt Hold 1.24 S$ 1.98 2.00 1.0 S$ 0.408 0.213 0.229 -47.7 7.2 9.3 8.6 3.2 5.7 0.5 10.6 17.5
Ascendas REIT AREIT SP PANGTi Wee REIT Hold 4.49 S$ 2.33 2.40 3.0 S$ 0.141 0.151 0.156 7.5 2.7 15.4 15.0 6.3 n/a 1.2 n/a 54.4
Ascott Residence Trust ART SP PANGTi Wee REIT Hold 1.51 S$ 1.24 1.30 4.8 S$ 0.058 0.059 0.061 1.8 2.9 20.9 20.3 6.8 n/a 0.9 n/a 62.5
Cache Logistics Trust CACHE SP PANGTi Wee REIT Add 0.75 S$ 1.21 1.34 10.7 S$ 0.077 0.080 0.085 3 6.3 15.1 14.2 7.2 n/a 1.2 n/a 42.3
Cambridge Industrial Trust CREIT SP PANGTi Wee REIT Hold 0.72 S$ 0.72 0.77 6.9 S$ 0.028 0.042 0.043 50.6 3.0 17.2 16.7 7.1 n/a 1.0 n/a 43.1
Capitacommercial Trust CCT SP TAN Xuan REIT Hold 3.92 S$ 1.67 1.63 -2.4 S$ 0.074 0.078 0.084 4.8 8.3 21.4 19.8 5.0 n/a 1.0 n/a 42.4
CapitaMall Trust CT SP TAN Xuan REIT Hold 5.46 S$ 1.97 2.11 7.1 S$ 0.105 0.117 0.111 11.5 -5.0 16.9 17.7 5.5 n/a 1.1 n/a 31.0
CDL Hospitality Trust CDREIT SP PANGTi Wee REIT Add 1.37 S$ 1.75 1.88 7.4 S$ 0.107 0.106 0.118 -1 10.8 16.5 14.9 6.2 n/a 1.1 n/a 37.9
Far East Hospitality Trust FEHT SP PANGTi Wee REIT Reduce 1.24 S$ 0.88 0.80 -9.1 S$ 0.050 0.050 0.051 -1.9 3.9 17.7 17.0 6.3 n/a 0.9 n/a 43.5
Frasers Centrepoint Trust FCT SP TAN Xuan REIT Add 1.42 S$ 1.94 2.18 12.4 S$ 0.108 0.113 0.121 4.5 7.9 17.2 16.0 5.7 n/a 1.1 n/a 44.2
Frasers Commercial Trust FCOT SP PANGTi Wee REIT Add 0.76 S$ 1.41 1.54 9.2 S$ 0.072 0.084 0.088 16.3 5.5 16.8 15.9 6.2 n/a 0.9 n/a 59.0
Keppel REIT KREIT SP TAN Xuan REIT Hold 2.85 S$ 1.27 1.25 -1.6 S$ 0.058 0.062 0.066 6.4 6.6 20.6 19.3 6.1 n/a 0.9 n/a 54.5
Mapletree Commercial Trust MCT SP PANGTi Wee REIT Hold 2.35 S$ 1.40 1.37 -2.1 S$ 0.066 0.072 0.074 9.5 3.7 19.5 18.8 5.5 n/a 1.2 n/a 62.5
Mapletree Industrial Trust MINT SP PANGTi Wee REIT Add 1.92 S$ 1.41 1.64 16.3 S$ 0.096 0.095 0.097 -0.7 1.6 14.8 14.5 7.2 n/a 1.2 n/a 54.3
Mapletree Logistics Trust MLT SP PANGTi Wee REIT Hold 2.31 S$ 1.18 1.20 1.7 S$ 0.075 0.077 0.079 2.0 3.3 15.4 14.9 6.4 n/a 1.2 n/a 52.0
OUE Hospitality Trust OUEHT SP PANGTi Wee REIT Add 0.95 S$ 0.91 0.96 5.5 S$ n/a 0.060 0.061 n/a 1.6 15.0 14.8 7.7 n/a 1.0 n/a 43.5
Parkway Life REIT PREIT SP TAN Xuan REIT Hold 1.16 S$ 2.39 2.41 0.8 S$ 0.105 0.118 0.124 12.8 5.1 20.2 19.2 4.9 n/a 1.5 n/a 52.2
Perennial China Retail Trust PCRT SP TAN Xuan REIT Reduce 0.50 S$ 0.55 0.50 -9.1 S$ -0.080 -0.035 0.027 56.7 176.6 -15.6 20.4 6.8 n/a 0.7 n/a 70.4
Religare Health Trust RHT SP TAN Xuan REIT Add 0.58 S$ 0.92 0.91 -1.1 S$ -0.023 0.062 0.068 369.5 10.4 14.9 13.5 8.7 n/a 1.0 n/a 15.4
SPH REIT SPHREIT SP PANGTi Wee REIT Add 2.14 S$ 1.06 1.09 2.8 S$ 0.049 0.051 0.053 4.0 5.3 20.9 19.8 5.4 n/a 1.1 n/a 40.6
Starhill Global REIT SGREIT SP PANGTi Wee REIT Hold 1.42 S$ 0.83 0.82 -1.2 S$ 0.054 0.051 0.052 -4.3 2.0 16.1 15.8 6.2 n/a 0.9 n/a 38.0
Suntec REIT SUN SP PANGTi Wee REIT Hold 3.58 S$ 1.79 1.89 5.6 S$ 0.100 0.064 0.078 -35.9 22.3 28.0 22.9 5.1 n/a 0.9 n/a 49.6
Viva Industrial Trust VIT SP TAN Xuan REIT Add 0.39 S$ 0.82 0.87 6.1 S$ 0.008 0.051 0.053 519.0 4.2 16.1 15.5 8.4 n/a 1.1 n/a 63.9
Services 4.90 19.3 17.0
Overseas Education Ltd OEL SP William TNG, CFA Education Add 0.33 S$ 0.99 1.08 9.1 S$ 0.058 0.063 0.068 7.6 8.6 15.7 14.4 3.2 17.0 2.6 12.5 18.4
Goodpack GPACK SP Jessalynn CHEN Logistics Add 1.10 S$ 2.46 2.50 1.6 US$ 0.099 0.111 0.126 11.3 13.7 17.8 15.7 2.0 15.6 2.6 11.7 21.9
Keppel T&T KPTT SP Jessalynn CHEN Logistics Hold 0.76 S$ 1.71 1.87 9.4 S$ 0.114 0.110 0.134 -3.6 21.9 15.5 12.7 2.0 12.4 1.8 15.6 89.1
Singapore Post Ltd SPOST SP Jessalynn CHEN Logistics Add 2.71 S$ 1.76 1.86 5.7 S$ 0.074 0.075 0.082 0.7 9.2 23.5 21.5 3.6 22.2 5.1 14.6 -24.3
Shipping 1.97 -10.1 75.1
Neptune Orient Lines NOL SP Raymond YAP, CFA Container Shipping Hold 1.97 S$ 0.95 1.00 5.3 US$ -0.118 -0.076 0.010 35.8 113.4 -10.1 75.0 0.0 -6.9 1.0 24.4 224.2
UMS Holdings Ltd UMSH SP William TNG, CFA Semiconductor Reduce 0.21 S$ 0.63 0.56 -11.111 S$ 0.067 0.072 0.077 7.0 6.8 8.7 8.1 8.0 15.8 1.3 5.2 -23.8
Venture Corporation VMS SP William TNG, CFA Tech Manufacturing Services Add 1.79 S$ 8.11 8.10 -0.1 S$ 0.465 0.526 0.579 13.2 10.0 15.4 14.0 6.2 8.3 1.2 8.9 -23.8
SingTel ST SP Kelvin GOH, CFA Telco - Integrated Add 52.00 S$ 4.07 4.10 0.7 S$ 0.226 0.244 0.261 7.7 7.1 16.7 15.6 4.5 15.9 2.6 13.9 24.0
Starhub STH SP Kelvin GOH, CFA Telco - Integrated Hold 5.89 S$ 4.26 4.10 -3.8 S$ 0.215 0.212 0.228 -1.6 7.8 20.1 18.7 4.7 355.7 61.4 10.2 401.0
M1 Limited M1 SP Kelvin GOH, CFA Telco - Mobile Hold 2.79 S$ 3.75 3.80 1.3 S$ 0.173 0.189 0.197 8.9 4.4 19.9 19.0 4.0 42.7 8.1 10.9 45.4
EPS PER
EPS Growth (%) (x)



August 4, 2014

SINGAPORE
SATS Ltd SATS SP LIMSiew Khee Airports Reduce 2.71 S$ 3.01 2.95 -2.0 S$ 0.163 0.172 0.187 5.4 9.2 17.5 16.1 4.6 13.4 2.3 11.8 -17.7
China Merchants Holdings Pacific CMH SP Roy CHEN Toll Roads Add 0.57 S$ 0.97 1.06 9.3 HK$ 0.721 0.774 0.809 7.3 4.6 7.7 7.4 7.2 11.7 0.8 8.6 13.5
Genting Hong Kong GENHK SP Lucius CHONG Gaming Add 3.21 S$ 0.40 0.48 20.0 US$ -0.005 0.031 0.037 737.3 19.5 13.1 10.9 0.0 8.5 1.0 7.6 -20.5
Genting Singapore GENS SP Lucius CHONG Gaming Add 13.10 S$ 1.34 1.72 28.4 S$ 0.042 0.061 0.072 43.9 18.5 21.9 18.5 0.7 12.2 1.6 12.7 -18.2
SINGAPORE 432.09 15.9 14.3
SOUTHKOREA
Hankook Tire 161390 KS KJ HWANG Auto Parts Add 6.86 W 56,900 76,000 33.6 W 5,957 6,478 6,789 8.7 4.8 8.8 8.4 0.7 18.7 1.5 5.9 36.1
Hyundai Glovis Co Ltd 086280 KS KJ HWANG Auto Parts Hold 9.63 W 264,000 270,000 2.3 W 12,834 13,799 15,065 7.5 9.2 19.1 17.5 0.6 20.2 3.5 13.8 29.9
Hyundai Mobis 012330 KS KJ HWANG Auto Parts Add 29.27 W 309,000 370,000 19.7 W 31,001 33,845 37,692 9.2 11.4 9.1 8.2 0.6 15.1 1.3 5.4 1.4
Hyundai Wia 011210 KS KJ HWANG Auto Parts Hold 4.72 W 188,500 195,000 3.4 W 16,224 16,840 19,106 3.8 13.5 11.2 9.9 0.3 17.6 1.8 6.5 0.0
Mando Corporation 060980 KS KJ HWANG Auto Parts Hold 2.22 W 127,000 136,000 7.1 W 9,833 13,354 15,203 35.8 13.8 9.5 8.4 0.9 13.6 1.2 5.8 60.1
Hyundai Motor Company 005380 KS KJ HWANG Autos Add 52.62 W 245,500 310,000 26.3 W 29,921 28,968 31,520 -3.2 8.8 8.5 7.8 0.8 14.8 1.2 9.2 64.2
KIAMotors 000270 KS KJ HWANG Autos Add 24.02 W 60,900 71,000 16.6 W 9,416 9,013 9,975 -4.3 10.7 6.8 6.1 1.1 16.7 1.0 3.5 5.8
Aviation 2.94 -41.2 14.0
Asiana Airlines 020560 KS Andrew ORCHARD Airlines Hold 0.89 W 4,685 5,200 11.0 W -702 62 986 108.8 1,494.2 75.8 4.8 0.0 1.5 0.9 20.0 408.2
Korean Air 003490 KS Andrew ORCHARD Airlines Add 2.06 W 36,000 40,000 11.1 W -4,314 -1,435 742 66.7 151.7 -25.1 48.5 0.0 -3.5 0.8 9.3 520.2
Chemicals 37.57 16.9 10.8
Cheil Industries 001300 KS Youngwoo CHUNG Chemicals - Others Add 3.58 W 70,200 91,000 29.6 W 2,903 4,012 4,897 38.2 22.1 17.5 14.3 1.1 6.6 1.1 5.7 2.5
OCI 010060 KS Peter K. LEE Chemicals - Others Add 3.79 W 163,500 220,000 34.6 W -13,939 1,952 7,105 114.0 264.0 83.8 23.0 0.3 1.6 1.4 9.4 57.1
Hanwha Chemical Corp 009830 KS Peter K. LEE Petrochemical Hold 2.85 W 18,100 20,000 10.5 W 59 1,515 2,123 2,476.4 40.1 11.9 8.5 2.8 5.2 0.6 7.6 86.2
Kumho Petrochemical 011780 KS Peter K. LEE Petrochemical Hold 2.69 W 90,800 92,000 1.3 W -405 4,011 10,977 1,090.3 173.7 22.6 8.3 1.1 8.0 1.8 10.8 111.6
LGChem 051910 KS Peter K. LEE Petrochemical Add 18.76 W 291,000 360,000 23.7 W 19,103 19,146 25,109 0.2 31.1 15.2 11.6 1.4 10.5 1.5 7.3 7.0
Lotte Chemical 011170 KS Peter K. LEE Petrochemical Add 5.89 W 176,500 220,000 24.6 W 8,400 12,176 23,597 45.0 93.8 14.5 7.5 0.8 6.5 0.9 5.2 8.9
Daelim Industrial 000210 KS Peter K. LEE Construction Hold 3.15 W 93,000 85,000 -8.6 W -714 7,031 10,964 1,085.2 55.9 13.2 8.5 0.5 5.1 0.7 6.8 -0.7
GS Engineering & Constr 006360 KS Peter K. LEE Construction Hold 2.71 W 39,300 41,000 4.3 W -16,239 1,337 4,213 108.2 215.1 29.4 9.3 0.0 2.4 0.7 16.6 44.1
Hyundai Development 012630 KS Peter K. LEE Construction Hold 2.84 W 38,700 34,200 -11.6 W -2,768 1,764 3,085 163.7 74.9 21.9 12.5 0.8 6.1 1.3 18.2 106.5
Hyundai Engineering & Constr 000720 KS Peter K. LEE Construction Add 6.87 W 63,400 76,000 19.9 W 4,523 5,361 7,456 18.5 39.1 11.8 8.5 0.8 10.8 1.1 5.4 -13.2
Samsung C&T Corp 000830 KS Peter K. LEE Construction Add 11.20 W 73,700 93,000 26.2 W 1,552 3,122 4,031 101.1 29.1 23.6 18.3 0.7 4.4 1.0 15.7 20.3
Samsung Engineering 028050 KS Peter K. LEE Construction Reduce 2.71 W 69,600 60,000 -13.8 W -17,677 2,330 5,968 113.2 156.2 29.9 11.7 0.0 9.8 2.8 16.2 111.1
CJ Oshopping 035760 KS Dohoon LEE Retail Add 2.39 W 395,000 475,000 20.3 W 19,880 22,707 26,723 14.2 17.7 17.4 14.8 0.6 22.4 3.5 12.3 -8.1
E-Mart 139480 KS Dohoon LEE Retail Hold 6.31 W 232,500 240,000 3.2 W 16,152 18,469 20,149 14.3 9.1 12.6 11.5 0.6 7.8 1.0 8.6 46.5
Hyundai Department Store 069960 KS Dohoon LEE Retail Hold 3.36 W 147,500 160,000 8.5 W 14,167 15,711 16,885 10.9 7.5 9.4 8.7 0.5 11.0 1.0 7.7 16.9
Interpark 035080 KS TJ OK Retail Add 0.66 W 11,250 14,000 24.4 W 125 528 685 321.8 29.6 21.3 16.4 0.4 7.7 1.5 8.7 -13.0
KCP 060250 KS Dohoon LEE Retail Add 0.11 W 8,400 16,000 90.5 W 793 970 1,148 22.3 18.4 8.7 7.3 0.9 26.5 2.0 4.8 -67.7
Lotte Shopping 023530 KS Dohoon LEE Retail Hold 9.76 W 318,500 360,000 13.0 W 35,299 38,427 41,660 8.9 8.4 8.3 7.6 0.5 6.7 0.5 8.0 65.9
Shinsegae 004170 KS Dohoon LEE Retail Hold 2.25 W 234,500 270,000 15.1 W 17,867 20,247 22,586 13.3 11.6 11.6 10.4 0.4 8.0 0.9 11.3 64.7
BS Financial Group 138930 KS Daehyun KIM Banks Add 3.77 W 16,550 19,000 14.8 W 1,575 2,083 2,290 32.3 9.9 7.9 7.2 2.7 11.0 0.8 n/a n/a
DGB Financial Group 139130 KS Daehyun KIM Banks Add 2.19 W 16,800 21,000 25.0 W 1,778 2,137 2,474 20.2 15.8 7.9 6.8 2.7 10.2 0.8 n/a n/a
Hana Financial Group 086790 KS Daehyun KIM Banks Add 11.82 W 41,900 47,000 12.2 W 3,435 4,285 4,970 24.7 16.0 9.8 8.4 1.4 6.0 0.6 n/a n/a
Industrial Bank of Korea 024110 KS Daehyun KIM Banks Hold 8.28 W 15,400 15,000 -2.6 W 1,455 1,895 2,071 30.3 9.3 8.1 7.4 2.6 7.1 0.6 n/a n/a
KB Financial Group 105560 KS Daehyun KIM Banks Add 15.11 W 40,200 50,000 24.4 W 3,263 4,264 4,857 30.7 13.9 9.4 8.3 2.0 6.3 0.6 n/a n/a
Shinhan Financial Group 055550 KS Daehyun KIM Banks Add 23.62 W 51,200 60,000 17.2 W 3,819 4,577 5,122 19.8 11.9 11.2 10.0 1.7 7.9 0.9 n/a n/a
Woori Finance Holdings 053000 KS Daehyun KIM Banks Hold 9.24 W 14,050 13,000 -7.5 W 322 1,575 1,810 389.0 14.9 9 7.8 1.8 6.6 0.6 n/a n/a
Samsung Card 029780 KS Daehyun KIM Finance Companies Add 5.42 W 48,050 53,000 10.3 W 2,368 3,999 2,951 68.9 -26.2 12.0 16.3 2.1 7.3 0.9 n/a n/a
EPS PER
EPS Growth (%) (x)



August 4, 2014

SOUTHKOREA
Insurance 26.23 17.6 16.3
Hanwha Life 088350 KS Daehyun KIM Insurance - Life Hold 5.80 W 6,860 7,400 7.9 W 462 618 658 33.9 6.5 11.1 10.4 2.6 7.2 0.8 n/a -7.4
Samsung Life 032830 KS Daehyun KIM Insurance - Life Add 20.43 W 105,000 125,000 19.0 W 3,045 5,291 5,746 73.8 8.6 19.8 18.3 1.5 5.2 1.0 n/a -21.9
Oil and Gas 19.62 15.4 8.0
GS Holdings Corp 078930 KS Peter K. LEE Oil & Gas Refinery Add 4.26 W 47,150 54,000 14.5 W 3,851 4,378 5,545 13.7 26.7 10.8 8.5 3.0 6.0 0.6 3.3 42.4
SK Innovation 096770 KS Peter K. LEE Oil & Gas Refinery Add 9.31 W 103,500 130,000 25.6 W 7,894 6,965 13,872 -11.8 99.2 14.9 7.5 3.1 4.0 0.6 10.2 46.1
S-Oil Corp 010950 KS Peter K. LEE Oil & Gas Refinery Add 6.05 W 55,200 68,000 23.2 W 2,573 2,268 6,499 -11.8 186.5 24.3 8.5 1.6 4.7 1.1 14.4 43.2
Shipping 26.04 -23.0 13.4
Pan Ocean 028670 KS Raymond YAP, CFA Dry Bulk Shipping Reduce 0.63 W 3,980 1,020 -74.4 US$ -1.746 -0.777 -0.012 55.5 98.5 -5.0 -325.2 0.0 -12.6 0.7 23.8 427.3
Daewoo Shipbuilding & Marine 042660 KS KJ HWANG Shipbuilding Add 4.63 W 24,850 37,000 48.9 W 1,406 1,520 2,461 8.1 61.9 16.4 10.1 1.2 5.8 0.9 17.2 131.1
Hyundai Heavy Industries 009540 KS KJ HWANG Shipbuilding Add 11.13 W 150,500 270,000 79.4 W 3,667 -15,689 8,877 -527.8 156.6 -9.6 17.0 0.0 -7.2 0.7 305.1 85.6
Hyundai Mipo Dockyard 010620 KS KJ HWANG Shipbuilding Add 2.41 W 124,000 193,000 55.6 W -11,889 -19,370 2,557 -62.9 113.2 -6.4 48.5 0.0 -13.5 0.9 -16.9 111.1
Samsung Heavy Industries 010140 KS KJ HWANG Shipbuilding Hold 6.30 W 28,050 30,000 7.0 W 2,737 680 2,802 -75.2 312.1 41.2 10.0 1.8 2.7 1.1 18.7 52.8
Sung Kwang Bend 014620 KQ KJ HWANG Shipbuilding Add 0.56 W 20,000 30,000 50.0 W 2,386 2,046 2,318 -14.2 13.3 9.8 8.6 0.8 13.0 1.2 7.2 1.1
TK Corp 023160 KQ KJ HWANG Shipbuilding Add 0.38 W 15,200 30,000 97.4 W 2,397 3,186 3,680 32.9 15.5 4.8 4.1 0.1 15.6 0.7 3.4 -2.8
COM2US 078340 KS Dohoon LEE IT Services Add 0.95 W 96,500 33,000 -65.8 W 1,918 1,552 2,390 -19.1 53.9 62.2 40.4 0.0 13.2 7.7 52.3 -27.1
Daum 035720 KS Dohoon LEE IT Services Reduce 1.74 W 131,700 76,000 -42.3 W 4,759 5,070 5,835 6.5 15.1 26.0 22.6 2.3 14.5 3.7 13.0 -48.4
Gamevil 063080 KS Dohoon LEE IT Services Add 0.67 W 105,100 70,000 -33.4 W 2,317 2,820 4,960 21.7 75.9 37.3 21.2 0.0 16.1 5.6 32.3 -60.0
NAVER 035420 KS Dohoon LEE IT Services Hold 24.02 W 749,000 770,000 2.8 W 46,745 18,647 25,197 -60.1 35.1 40.2 29.7 0.1 24.7 8.9 25.4 -46.7
NCSOFT 036570 KS Dohoon LEE IT Services Add 3.33 W 156,000 280,000 79.5 W 7,163 13,794 17,261 92.6 25.1 11.3 9.0 0.7 23.8 2.4 6.4 -42.7
Neowiz Games 095660 KS Dohoon LEE IT Services Hold 0.39 W 18,200 18,000 -1.1 W 2,999 2,090 2,264 -30.3 8.3 8.7 8.0 0.0 13.3 1.1 3.2 -34.4
Wemade 112040 KS Dohoon LEE IT Services Hold 0.62 W 37,700 37,000 -1.9 W 1,952 2,842 3,366 45.6 18.4 13.3 11.2 0.4 14.4 1.8 9.0 -22.4
SK Hynix 000660 KS Dohoon LEE Semiconductor Reduce 31.93 W 45,450 44,000 -3.2 W 4,155 4,612 3,419 11.0 -25.9 9.9 13.3 0.0 21.9 1.9 4.0 -0.4
LGElectronics 066570 KS Dohoon LEE Tech Manufacturing Services Add 12.23 W 76,800 93,000 21.1 W 978 5,911 8,837 504.5 49.5 13.0 8.7 0.5 8.1 1.0 4.1 53.5
Hancom 030520 KS TJ OK Technology - Others Add 0.57 W 25,200 32,000 27.0 W 826 1,410 1,952 70.7 38.4 17.9 12.9 1.2 21.1 3.5 12.4 -31.7
Samsung Electronics 005930 KS Dohoon LEE Technology - Others Add 192.48 W 1,343,000 1,550,000 15.413 W 175,282 151,434 149,210 -13.6 -1.5 8.9 9.0 1.5 16.0 1.3 3.4 -34.3
LGDisplay 034220 KS Eric LIN Technology Components Add 11.85 W 34,050 37,400 9.8 W 1,171 2,461 2,033 110.2 -17.4 13.8 16.7 0.0 8.0 1.1 2.8 3.0
LGInnotek 011070 KS Youngwoo CHUNG Technology Components Add 2.90 W 126,000 168,000 33.3 W 770 7,133 10,157 825.8 42.4 17.7 12.4 0.0 10.8 1.6 4.9 50.4
Lumens 038060 KS Youngwoo CHUNG Technology Components Add 0.38 W 8,330 13,400 60.9 W 760 494 994 -35.0 101.1 16.9 8.4 1.2 10.3 1.7 4.5 -42.2
Partron 091700 KS Youngwoo CHUNG Technology Components Add 0.54 W 10,250 29,000 182.9 W 1,938 2,396 3,161 23.6 31.9 4.3 3.2 3.9 37.7 1.4 3.2 -2.2
Samsung Electro-Mechanics 009150 KS Youngwoo CHUNG Technology Components Add 4.60 W 63,300 73,000 15.3 W 4,628 1,120 2,703 -75.8 141.3 56.5 23.4 0.3 2.0 1.1 6.3 15.6
Samsung SDI 006400 KS Youngwoo CHUNG Technology Components Add 10.74 W 160,500 202,000 25.9 W 2,867 4,022 7,795 40.3 93.8 39.9 20.6 0.9 2.4 0.9 5.8 1.1
Seoul Semiconductor 046890 KS Youngwoo CHUNG Technology Components Add 1.64 W 28,900 39,000 34.9 W 619 688 1,061 11.1 54.1 42.0 27.2 0.6 6.8 2.8 12.5 12.0
Silicon Works 108320 KS Youngwoo CHUNG Technology Components Add 0.34 W 21,600 34,000 57.4 W 1,902 2,767 2,946 45.4 6.5 7.8 7.3 3.7 16.0 1.2 2.6 -74.9
KT Corp 030200 KS Youngwoo CHUNG Telco - Integrated Hold 8.46 W 33,300 33,000 -0.9 W -98 -2,941 2,889 -2,900.2 198.2 -11.3 11.5 2.4 -6.7 0.8 6.2 90.9
LGUplus 032640 KS Youngwoo CHUNG Telco - Integrated Add 4.04 W 9,520 11,300 18.7 W 613 435 956 -29.0 119.7 21.9 10.0 1.6 4.7 1.0 4.3 103.7
SK Telecom 017670 KS Youngwoo CHUNG Telco - Mobile Add 20.74 W 264,000 272,000 3.0 W 19,933 22,714 25,633 14.0 12.9 11.6 10.3 3.6 13.1 1.5 5.6 32.6
Hana Tour Service 039130 KS TJ OK Hospitality Add 0.74 W 65,700 79,000 20.2 W 2,923 3,227 4,273 10.4 32.4 20.4 15.4 1.7 18.6 3.5 10.6 -111.1
Modetour Network 080160 KS TJ OK Hospitality Add 0.30 W 24,800 33,000 33.1 W 1,277 1,615 1,998 26.4 23.7 15.4 12.4 2.4 21.0 3.0 9.9 -97.4
Hotel Shilla 008770 KS TJ OK Hotels Add 4.20 W 110,000 130,000 18.2 W 275 2,650 4,802 862.0 81.2 41.5 22.9 0.3 14.3 5.5 21.4 38.0
SOUTHKOREA 715.90 10.8 9.2
TAIWAN
Chemicals 73.86 20.4 18.4
Formosa Chems & Fibre 1326 TT Jack LIN Petrochemical Add 14.31 NT$ 73.30 92.00 25.5 NT$ 4.455 4.810 4.464 8.0 -7.2 15.2 16.4 3.9 11.5 1.7 11.7 17.4
Formosa Petrochemical 6505 TT Jack LIN Petrochemical Reduce 24.34 NT$ 76.70 72.00 -6.1 NT$ 2.634 2.932 3.411 11.3 16.3 26.2 22.5 2.3 11.6 3.0 15.1 51.7
Formosa Plastics 1301 TT Jack LIN Petrochemical Hold 16.39 NT$ 77.30 81.00 4.8 NT$ 3.281 4.016 4.779 22.4 19.0 19.2 16.2 3.1 12.1 2.4 30.0 20.0
Nan Ya Plastics 1303 TT Jack LIN Petrochemical Hold 18.52 NT$ 70.10 68.00 -3.0 NT$ 2.970 3.280 3.773 10.4 15.0 21.4 18.6 2.8 10.6 2.3 18.0 30.8
Taiwan Styrene Monomer 1310 TT Jack LIN Petrochemical Add 0.30 NT$ 17.65 25.00 41.6 NT$ 1.873 2.352 2.973 25.6 26.4 7.5 5.9 6.7 20.9 1.5 6.1 26.0
EPS PER
EPS Growth (%) (x)



August 4, 2014

TAIWAN
Far Eastern New Century 1402 TT Jack LIN Conglomerate Hold 5.78 NT$ 33.70 34.00 0.9 NT$ 1.441 1.665 1.999 15.6 20.0 20.2 16.9 3.9 7.4 1.5 8.3 41.0
Taiwan Fertilizer 1722 TT Jack LIN Conglomerate Reduce 2.00 NT$ 61.20 63.00 2.9 NT$ 2.962 3.887 4.159 31.2 7.0 15.7 14.7 5.1 7.1 1.1 20.6 3.7
Asia Cement 1102 TT Jack LIN Cement Add 4.59 NT$ 41.80 44.00 5.3 NT$ 2.213 2.918 3.125 31.9 7.1 14.3 13.4 5.3 10.9 1.5 14.2 50.4
Taiwan Cement 1101 TT Jack LIN Cement Add 5.52 NT$ 44.85 53.00 18.2 NT$ 2.837 3.503 4.319 23.5 23.3 12.8 10.4 6.0 12.5 1.6 9.5 47.3
Giant Manufacturing 9921 TT Jack LIN Lifestyles Hold 3.10 NT$ 248.50 245.00 -1.4 NT$ 9.344 10.541 12.041 12.8 14.2 23.6 20.6 2.4 21.6 4.9 15.9 -5.4
Merida Industry 9914 TT Jack LIN Lifestyles Add 2.24 NT$ 236.50 256.00 8.2 NT$ 10.211 11.313 12.658 10.8 11.9 20.9 18.7 2.8 31.3 6.4 19.9 -21.9
Uni-President 1216 TT Jack LIN Food & Beverages Hold 9.86 NT$ 57.40 56.00 -2.4 NT$ 2.549 2.592 2.838 1.7 9.5 22.1 20.2 2.6 14.6 3.1 10.3 45.2
Gourmet Master 2723 TT Jack LIN Food Retail Reduce 1.20 NT$ 255.50 210.00 -17.8 NT$ 4.067 7.248 11.203 78.2 54.6 35.3 22.8 0.5 17.2 6.3 15.4 -56.5
Poya Co Ltd 5904 TT Jack LIN Food Retail Add 0.55 NT$ 175.00 230.00 31.4 NT$ 6.029 7.477 9.192 24.0 22.9 23.4 19.0 2.7 32.7 7.2 15.6 -12.3
President Chain Store 2912 TT Jack LIN Food Retail Hold 8.29 NT$ 239.50 213.00 -11.1 NT$ 7.730 8.734 9.061 13.0 3.7 27.4 26.4 2.5 35.5 9.1 14.1 -84.3
Wowprime Corp 2727 TT Jack LIN Food Retail Add 1.07 NT$ 416.00 530.00 27.4 NT$ 13.644 17.535 23.777 28.5 35.6 23.7 17.5 2.9 27.0 5.6 10.5 -69.6
Chang Hwa Bank 2801 TT Nora HOU Banks Reduce 5.09 NT$ 19.70 13.40 -32.0 NT$ 1.176 1.141 1.184 -3.0 3.7 17.3 16.6 0.5 7.6 1.3 n/a n/a
China Development Financial 2883 TT Grace WANG Banks Hold 5.00 NT$ 9.98 9.20 -7.8 NT$ 0.563 0.693 0.766 23.1 10.6 14.4 13.0 3.4 6.3 0.9 n/a n/a
CTBC Financial 2891 TT Nora HOU Banks Add 10.34 NT$ 21.10 25.50 20.9 NT$ 1.598 2.770 2.630 73.4 -5.1 7.6 8.0 3.4 19.2 1.3 n/a n/a
E.Sun Financial 2884 TT Nora HOU Banks Add 4.32 NT$ 20.05 23.00 14.7 NT$ 1.625 1.830 1.873 12.6 2.3 11.0 10.7 1.7 11.8 1.3 n/a n/a
First Financial 2892 TT Nora HOU Banks Hold 5.89 NT$ 20.45 19.10 -6.6 NT$ 1.298 1.543 1.691 18.9 9.6 13.3 12.1 3.0 9.2 1.2 n/a n/a
Hua Nan Financial 2880 TT Nora HOU Banks Hold 5.84 NT$ 19.35 18.30 -5.4 NT$ 1.137 1.338 1.448 17.7 8.2 14.5 13.4 3.5 8.7 1.2 n/a n/a
Mega Financial 2886 TT Nora HOU Banks Add 10.97 NT$ 26.45 28.00 5.9 NT$ 1.928 2.299 2.510 19.3 9.1 11.5 10.5 4.4 11.2 1.2 n/a n/a
SinoPac Financial 2890 TT Nora HOU Banks Hold 3.87 NT$ 14.15 14.31 1.1 NT$ 1.370 1.301 1.401 -5.0 7.6 10.9 10.1 2.3 9.5 1.0 n/a n/a
Taishin Financial 2887 TT Nora HOU Banks Reduce 4.70 NT$ 16.10 12.95 -19.6 NT$ 1.721 1.442 1.386 -16.2 -3.9 11.2 11.6 1.5 10.3 1.1 n/a n/a
Chailease Holding 5871 TT Nora HOU Finance Companies Add 2.89 NT$ 79.30 87.20 10.0 NT$ 5.908 6.674 7.544 13.0 13.0 11.9 10.5 3.0 21.5 2.4 n/a n/a
Yuanta Financial 2885 TT Nora HOU Financial Services - Others Hold 5.54 NT$ 16.80 16.90 0.6 NT$ 0.774 0.996 0.962 28.6 -3.5 16.9 17.5 4.2 6.2 1.0 n/a n/a
Grape King Inc. 1707 TT Jack LIN Health Products Add 0.63 NT$ 144.50 175.00 21.1 NT$ 6.417 7.398 8.687 15.3 17.4 19.5 16.6 3.5 31.0 5.5 9.9 -40.8
Ginko International 8406 TT Jack LIN Medical Equipment & Svs Hold 1.35 NT$ 437.00 580.00 32.7 NT$ 15.991 18.267 22.918 14.2 25.5 23.9 19.1 1.5 19.4 4.4 17.7 10.1
St. Shine Optical 1565 TT Jack LIN Medical Equipment & Svs Add 1.06 NT$ 631.00 905.00 43.4 NT$ 31.700 36.809 42.174 16.1 14.6 17.1 15.0 3.6 43.7 6.9 12.8 -28.7
Green Seal Holding 1262 TT Jack LIN Packaging Add 0.87 NT$ 176.50 300.00 70.0 NT$ 8.719 10.794 14.700 23.8 36.2 16.4 12.0 1.4 20.4 2.8 10.9 -21.6
Insurance 43.05 15.4 14.7
Cathay Financial 2882 TT Nora HOU Insurance - Life Hold 21.09 NT$ 50.40 47.70 -5.4 NT$ 2.524 2.542 2.505 0.7 -1.4 19.8 20.1 2.3 10.5 2.0 n/a n/a
China Life Insurance (Taiwan) 2823 TT Grace WANG Insurance - Life Hold 2.66 NT$ 28.90 29.00 0.3 NT$ 1.949 1.959 2.064 0.5 5.4 14.8 14.0 1.3 9.1 1.3 n/a -170.8
Fubon Financial 2881 TT Nora HOU Insurance - Life Add 16.19 NT$ 47.50 52.00 9.5 NT$ 3.311 3.998 4.348 20.8 8.7 11.9 10.9 2.9 12.3 1.4 n/a n/a
Shin Kong Financial 2888 TT Nora HOU Insurance - Life Reduce 3.11 NT$ 10.00 8.60 -14.0 NT$ 1.124 0.770 0.840 -31.5 9.1 13.0 11.9 0.4 6.9 0.9 n/a n/a
Property 2.56 6.6 5.5
Farglory Land 5522 TT Jack LIN Property Development Reduce 1.18 NT$ 42.30 47.00 11.1 NT$ 7.320 7.665 9.183 4.7 19.8 5.5 4.6 10.9 15.8 0.8 7.4 42.9
Huaku Construction Corp 2548 TT Nora HOU Property Development Reduce 0.66 NT$ 71.60 80.00 11.7 NT$ 11.719 8.807 7.893 -24.8 -10.4 8.1 9.1 6.8 17.1 1.3 7.8 -1.2
Prince Housing 2511 TT Jack LIN Property Development Add 0.73 NT$ 13.50 23.00 70.4 NT$ 0.959 2.258 3.279 135.4 45.3 6.0 4.1 6.7 15.8 0.9 10.7 108.1
Technology 303.42 13.7 12.2
Elan Microelectronics 2458 TT Jack LU Semiconductor Add 0.72 NT$ 49.10 58.00 18.1 NT$ 3.803 3.662 4.046 -3.7 10.5 13.4 12.1 7.6 20.2 2.8 10.5 -17.0
MediaTek Inc 2454 TT Jack LU Semiconductor Reduce 24.54 NT$ 469.00 371.00 -20.9 NT$ 20.496 30.620 26.583 49.4 -13.2 15.3 17.6 5.0 21.9 3.0 10.3 -70.1
Novatek Microelectronics Corp 3034 TT Eric LIN Semiconductor Add 3.12 NT$ 154.00 161.00 4.5 NT$ 7.803 10.094 10.882 29.4 7.8 15.3 14.2 3.9 23.9 3.5 11.2 -36.7
Realtek Semiconductor 2379 TT Jack LU Semiconductor Add 1.61 NT$ 95.90 110.00 14.7 NT$ 5.473 7.322 7.881 33.8 7.6 13.1 12.2 5.4 17.9 2.2 6.7 -65.1
TSMC 2330 TT Eric LIN Semiconductor Add 104.51 NT$ 121.00 152.00 25.6 NT$ 7.251 9.614 10.509 32.6 9.3 12.6 11.5 2.5 26.7 3.1 5.0 -3.9
EPS PER
EPS Growth (%) (x)



August 4, 2014

TAIWAN
Technology 303.42 13.7 12.2
UMC 2303 TT Eric LIN Semiconductor Hold 5.95 NT$ 14.05 16.10 14.6 NT$ 1.011 0.862 0.948 -14.7 9.9 16.3 14.8 2.1 5.0 0.8 3.5 -0.8
WPGHoldings 3702 TT Jack LU Semiconductor Hold 2.20 NT$ 39.95 35.00 -12.4 NT$ 2.877 3.193 3.788 11.0 18.6 12.5 10.5 6.5 13.0 1.6 15.1 117.1
Compal Electronics 2324 TT Wanli WANG Tech Manufacturing Services Add 4.09 NT$ 27.80 34.00 22.3 NT$ 0.559 1.399 2.839 150.2 103.0 19.9 9.8 3.6 6.4 1.3 7.5 31.8
Hon Hai Precision 2317 TT Wanli WANG Tech Manufacturing Services Add 45.26 NT$ 103.50 118.00 14.0 NT$ 8.127 9.432 10.720 16.1 13.7 11.0 9.7 1.7 15.2 1.6 5.9 -18.1
Inventec 2356 TT Wanli WANG Tech Manufacturing Services Hold 3.22 NT$ 26.95 28.00 3.9 NT$ 1.972 2.341 2.796 18.7 19.4 11.5 9.6 5.9 15.1 1.7 5.1 -29.2
Pegatron 4938 TT Wanli WANG Tech Manufacturing Services Add 4.45 NT$ 57.50 60.00 4.3 NT$ 4.143 5.482 6.595 32.3 20.3 10.5 8.7 4.9 12.1 1.2 3.8 -25.0
Quanta Computer 2382 TT Wanli WANG Tech Manufacturing Services Hold 10.86 NT$ 84.40 84.00 -0.5 NT$ 4.829 5.235 5.546 8.4 5.9 16.1 15.2 4.5 15.6 2.5 16.8 9.7
Wistron Corp 3231 TT Wanli WANG Tech Manufacturing Services Hold 2.36 NT$ 28.90 25.00 -13.5 NT$ 2.418 2.413 2.589 -0.2 7.3 12.0 11.2 6.2 8.8 1.0 9.0 72.9
HTC Corporation 2498 TT Wanli WANG Technology - Handsets Reduce 3.71 NT$ 132.50 97.00 -26.8 NT$ -1.588 -2.234 -0.477 -40.7 78.7 -59.3 -278.0 0.0 -2.5 1.5 -53.0 -51.9
Acer Inc 2353 TT Wanli WANG Technology - PC hardware Reduce 2.22 NT$ 24.00 12.00 -50.0 NT$ -7.259 -1.862 0.381 74.4 120.5 -12.9 62.9 0.0 -10.2 1.4 -12.0 -1.5
Asustek Computer 2357 TT Wanli WANG Technology - PC hardware Add 7.92 NT$ 320.00 380.00 18.8 NT$ 28.495 29.101 34.514 2.1 18.6 11.0 9.3 6.1 15.8 1.7 5.2 -50.4
Synnex Technology 2347 TT Felix PAN Technology - PC hardware Add 2.50 NT$ 47.20 60.00 27.1 NT$ 3.330 3.704 4.339 11.2 17.1 12.7 10.9 5.9 13.4 1.7 17.2 70.6
AU Optronics 2409 TT Eric LIN Technology Components Hold 4.38 NT$ 13.65 14.50 6.2 NT$ 0.447 1.103 0.690 146.6 -37.5 12.4 19.8 1.1 6.2 0.8 2.9 37.3
Catcher Technology 2474 TT Felix PAN Technology Components Add 6.21 NT$ 248.00 355.00 43.1 NT$ 18.433 19.231 23.736 4.3 23.4 12.9 10.4 2.0 18.3 2.2 6.7 -29.7
Delta Electronics Inc 2308 TT Felix PAN Technology Components Hold 16.73 NT$ 206.00 194.00 -5.8 NT$ 7.731 8.491 9.695 9.8 14.2 24.3 21.2 2.8 21.4 5.0 15.9 -22.2
Foxconn Technology 2354 TT Felix PAN Technology Components Reduce 3.26 NT$ 74.80 54.00 -27.8 NT$ 5.364 5.409 6.019 0.8 11.3 13.8 12.4 1.8 10.2 1.4 5.2 -63.4
Innolux 3481 TT Eric LIN Technology Components Hold 4.74 NT$ 14.30 16.60 16.1 NT$ 0.574 1.130 0.838 97.0 -25.8 12.7 17.1 1.0 5.4 0.7 3.0 45.6
Kinsus Interconnect Tech 3189 TT Jack LU Technology Components Add 1.86 NT$ 125.00 130.00 4.0 NT$ 7.229 10.340 11.782 43.0 14.0 12.1 10.6 4.1 17.9 2.1 5.4 -44.6
Largan Precision 3008 TT Felix PAN Technology Components Add 10.41 NT$ 2,330.00 2,860.00 22.7 NT$ 71.640 131.890 158.880 84.1 20.5 17.7 14.7 1.2 47.3 7.1 12.1 -61.4
Liteon Tech 2301 TT Felix PAN Technology Components Add 3.96 NT$ 50.80 54.00 6.3 NT$ 3.761 4.106 4.904 9.2 19.4 12.4 10.4 5.3 12.8 1.5 5.1 -41.5
Shin Zu Shing 3376 TT Felix PAN Technology Components Reduce 0.46 NT$ 77.00 76.00 -1.3 NT$ 4.963 6.008 6.232 21.1 3.7 12.8 12.4 3.9 10.9 1.4 7.0 -20.4
Simplo Technology 6121 TT Felix PAN Technology Components Hold 1.68 NT$ 164.00 190.00 15.9 NT$ 10.496 12.315 13.410 17.3 8.9 13.3 12.2 4.1 19.3 2.5 8.8 -37.4
TPK Holding Co 3673 TT Eric LIN Technology Components Reduce 2.10 NT$ 191.00 160.00 -16.2 NT$ 20.400 6.189 13.449 -69.7 117.3 30.9 14.2 2.6 4.8 1.5 9.3 50.2
Tripod Technology 3044 TT Jack LU Technology Components Hold 1.00 NT$ 57.40 59.00 2.8 NT$ 4.518 4.867 5.505 7.7 13.1 11.8 10.4 4.2 9.6 1.1 4.0 -17.6
Unimicron 3037 TT Jack LU Technology Components Reduce 1.30 NT$ 25.35 17.00 -32.9 NT$ 0.762 -0.275 0.755 -136.0 374.9 -92.3 33.6 0.0 -0.9 0.9 5.5 20.6
Advanced Semiconductor 2311 TT Jack LU Test & Assembly Hold 9.36 NT$ 35.90 37.00 3.1 NT$ 1.944 2.727 3.163 40.3 16.0 13.2 11.4 4.8 17.3 2.3 6.4 46.9
Chipbond Technology 6147 TT Jack LU Test & Assembly Add 1.06 NT$ 48.95 63.00 28.7 NT$ 4.139 3.385 4.987 -18.2 47.3 14.5 9.8 4.3 9.8 1.4 6.3 18.1
Powertech Technology 6239 TT Jack LU Test & Assembly Reduce 1.31 NT$ 50.50 48.00 -5.0 NT$ -5.269 4.269 4.787 181.0 12.1 11.8 10.5 5.1 10.7 1.3 3.3 0.6
Siliconware Precision 2325 TT Jack LU Test & Assembly Hold 4.35 NT$ 41.90 46.00 9.8 NT$ 1.852 3.436 3.706 85.5 7.9 12.2 11.3 6.7 16.4 1.9 5.3 9.0
Asian Pay Television Trust APTT SP Bertram LAI Telco - Others Add 0.98 S$ 0.85 1.03 21.2 S$ 0.068 0.049 0.052 -27.5 6.6 17.3 16.2 9.7 5.5 1.0 11.0 73.8
TAIWAN 536.41 14.6 13.2
THAILAND
Aviation 1.73 -10.4 14.0
Asia Aviation PCL AAVTB Raymond YAP, CFA Airlines Reduce 0.67 B 4.4 2.0 -54.5 B 0.28 0.10 0.14 -65.5 49.8 45.9 30.7 0.0 3.1 1.1 32.1 46.2
Thai Airways International THAI TB Monchai JATURANPINYO, CFA Airlines Reduce 1.07 B 15.7 10.5 -33.1 B -2.54 -2.66 1.50 -5.1 156.3 -5.9 10.5 0.0 -10.8 0.7 11.2 327.8
Chemicals 13.14 9.9 8.7
Indorama Ventures IVL TB Suwat SINSADOK, CFA, FRM Petrochemical Add 3.93 B 26.3 35.0 33.1 B -0.32 1.02 1.92 417.5 88.4 25.8 13.7 1.0 7.9 2.0 13.9 129.7
PTT Global Chemical PTTGC TB Suwat SINSADOK, CFA, FRM Petrochemical Add 9.21 B 65.8 96.0 45.9 B 7.29 8.36 8.75 14.8 4.6 7.9 7.5 5.7 15.3 1.2 5.8 23.8
Banpu BANPU TB Suwat SINSADOK, CFA, FRM Coal Mining Add 2.49 B 31.0 33.0 6.5 B 0.89 2.14 2.89 139.3 34.9 14.5 10.7 4.4 7.9 1.1 7.4 102.1
Siam Cement SCC TB Suwat SINSADOK, CFA, FRM Cement Add 16.19 B 434.0 553.0 27.4 B 30.60 30.89 35.74 0.9 15.7 14.1 12.1 2.8 22.4 3.1 10.7 69.7
CH. Karnchang CK TB Kasem PRUNRATANAMALA, CFA Construction Reduce 1.32 B 25.0 11.3 -54.8 B 0.57 0.83 1.08 44.5 30.6 30.2 23.1 1.0 10.2 2.4 19.2 195.4
Italian-Thai Development ITD TB Kasem PRUNRATANAMALA, CFA Construction Add 0.79 B 5.2 4.4 -15.385 B 0.16 0.19 0.23 20.1 16.9 26.9 23.0 1.0 10.1 2.1 13.7 310.7
Sino-Thai Eng & Construction STEC TB Kasem PRUNRATANAMALA, CFA Construction Reduce 1.13 B 23.8 12.7 -46.639 B 1.11 0.99 1.15 -10.3 15.8 24.0 20.7 2.1 23.8 4.4 14.1 -111.9
EPS PER
EPS Growth (%) (x)



August 4, 2014

THAILAND
Big C Supercentre BIGC TB Kasem PRUNRATANAMALA, CFA Retail Reduce 5.92 B 231.0 203.0 -12.121 B 8.46 8.63 9.89 2.1 14.5 26.8 23.4 1.1 18.0 4.5 14.9 38.7
Robinson Department Store ROBINS TB Kasem PRUNRATANAMALA, CFA Retail Hold 2.04 B 59.0 59.0 0 B 1.79 1.78 2.38 -0.6 34.1 33.2 24.8 1.5 16.7 5.3 14.9 -0.3
Bangkok Bank BBL TB Monchai JATURANPINYO, CFA Banks Hold 11.57 B 195.0 200.0 2.5641 B 18.81 19.03 21.05 1.2 10.6 10.2 9.3 3.9 14.8 1.2 n/a n/a
Bank of Ayudhya BAYTB Monchai JATURANPINYO, CFA Banks Reduce 9.67 B 51.3 30.0 -41.52 B 1.95 2.34 2.59 20.0 10.5 21.9 19.8 1.6 14.2 2.4 n/a n/a
Kasikornbank KBANK TB Monchai JATURANPINYO, CFA Banks Hold 15.54 B 209.0 230.0 10.048 B 17.27 18.77 21.42 8.7 14.1 11.1 9.8 2.2 24.2 2.0 n/a n/a
Kiatnakin Bank KKP TB Monchai JATURANPINYO, CFA Banks Add 1.05 B 40.3 57.0 41.439 B 5.29 3.51 4.98 -33.5 41.8 11.5 8.1 4.3 10.2 0.9 n/a n/a
Krung Thai Bank KTB TB Monchai JATURANPINYO, CFA Banks Add 9.34 B 21.5 28.0 30.233 B 2.43 2.46 2.85 1.2 15.9 8.8 7.6 4.6 19.8 1.3 n/a n/a
Siam Commercial Bank SCB TB Monchai JATURANPINYO, CFA Banks Hold 18.78 B 178.0 197.0 10.674 B 14.78 15.61 17.80 5.6 14.1 11.4 10.0 3.5 25.3 2.2 n/a n/a
Thanachart Capital TCAP TB Monchai JATURANPINYO, CFA Banks Hold 1.33 B 35.5 38.0 7.0423 B 5.25 4.82 5.29 -8.1 9.8 7.4 6.7 3.9 17.4 0.8 n/a n/a
Tisco Financial Group TISCOTB Monchai JATURANPINYO, CFA Banks Add 1.03 B 41.5 51.0 22.892 B 5.55 5.19 5.91 -6.6 13.9 8.0 7.0 4.8 21.5 1.3 n/a n/a
TMB Bank TMB TB Monchai JATURANPINYO, CFA Banks Reduce 3.86 B 2.8 2.1 -25 B 0.13 0.18 0.19 35.1 9.0 16.0 14.7 2.2 15.1 1.9 n/a n/a
Healthcare 11.62 33.3 27.9
Bangkok Chain Hospital BCH TB Kasem PRUNRATANAMALA, CFA Hospitals Reduce 0.71 B 9.2 6.6 -28.261 B 0.26 0.25 0.30 -3.9 20.0 36.5 30.4 1.6 20.0 5.4 23.8 61.8
Bangkok Dusit Med Service BGH TB Kasem PRUNRATANAMALA, CFA Hospitals Add 8.18 B 17.0 19.5 14.706 B 0.40 0.50 0.59 23.3 18.8 34.1 28.7 1.2 21.2 5.8 24.4 44.3
Bumrungrad Hospital BH TB Kasem PRUNRATANAMALA, CFA Hospitals Hold 2.73 B 120.5 114.0 -5.3942 B 3.45 3.92 4.75 13.5 21.3 30.8 25.4 1.6 33.8 8.0 20.8 1.1
Land Transport 3.17 40.4 36.5
BTS Group BTS TB Praphan YUKHUNTHORNTHAM Public Transportation Add 3.17 B 8.6 9.7 12.791 B 0.16 0.21 0.23 33.3 10.7 40.4 36.5 6.7 12.4 1.7 31.7 -49.5
Media 5.58 17.7 16.8
Major Cineplex Group MAJOR TB Pisut NGAMVIJITVONG Media - Integrated Hold 0.55 B 19.8 18.6 -6.0606 B 1.07 1.21 1.44 13.2 19.0 16.4 13.8 5.8 17.9 2.9 10.3 51.9
VGI Global Media PCL VGI TB Praphan YUKHUNTHORNTHAM Media - Integrated Reduce 1.38 B 12.9 11.0 -14.729 B 0.34 0.35 0.41 3.5 15.6 36.4 31.5 2.5 60.2 21.5 25.3 -55.9
BEC World BEC TB Pisut NGAMVIJITVONG TV- FTA Hold 3.11 B 50.0 55.0 10 B 2.80 3.07 2.99 9.6 -2.6 16.3 16.7 6.3 95.4 15.9 9.6 -47.6
MCOT MCOT TB Pisut NGAMVIJITVONG TV- FTA Add 0.55 B 25.8 41.8 62.016 B 2.53 2.54 2.96 0.5 16.5 10.1 8.7 8.4 21.2 2.1 4.9 -41.2
Oil and Gas 51.65 8.9 8.7
PTT PTT TB Suwat SINSADOK, CFA, FRM Oil & Gas - Integrated Hold 28.32 B 319.0 321.0 0.627 B 33.12 37.01 38.77 11.7 4.7 8.6 8.2 4.6 14.7 1.2 4.9 31.8
PTT Exploration & Production PTTEP TB Suwat SINSADOK, CFA, FRM Oil & Gas Exp & Prodn Add 20.05 B 162.5 183.0 12.615 B 14.54 17.46 17.03 20.0 -2.4 9.3 9.5 4.3 17.0 1.5 3.5 0.2
Thai Oil TOP TB Suwat SINSADOK, CFA, FRM Oil & Gas Refinery Add 3.28 B 51.8 71.0 37.066 B 6.62 5.64 6.09 -14.9 8.0 9.2 8.5 4.9 12.2 1.1 6.6 31.3
Mermaid Maritime MMT SP YEOZhi Bin Offshore & Marine Add 0.50 S$ 0.44 0.58 31.818 US$ 0.018 0.040 0.040 116.7 0.3 8.8 8.8 0.0 9.9 0.8 4.6 -1.8
Property 12.50 12.1 9.9
Amata Corporation AMATATB Wattaipun EKATAKSIN Property Development Reduce 0.56 B 16.9 10.5 -37.87 B 1.42 1.08 1.40 -24.1 30.0 15.7 12.1 2.6 9.8 2.0 10.4 58.7
Ananda Development ANAN TB Wattaipun EKATAKSIN Property Development Reduce 0.28 B 2.7 1.5 -44.444 B 0.18 0.25 0.36 35.1 48.0 11.0 7.4 0.0 13.1 1.4 7.7 60.4
AP (Thailand) PCL AP TB Wattaipun EKATAKSIN Property Development Reduce 0.60 B 6.8 4.7 -30.882 B 0.70 0.73 0.85 3.4 17.3 9.4 8.0 4.3 39.3 1.2 11.1 80.9
Hemaraj HEMRAJ TB Wattaipun EKATAKSIN Property Development Add 1.11 B 3.7 4.1 10.811 B 0.30 0.28 0.34 -7.4 20.7 13.1 10.9 3.1 17.2 2.4 13.0 64.8
Land And Houses LH TB Wattaipun EKATAKSIN Property Development Reduce 3.17 B 9.5 8.7 -8.4211 B 0.65 0.64 0.70 -0.3 8.2 14.7 13.6 5.5 28.8 2.8 17.8 74.1
LPN Development LPN TB Wattaipun EKATAKSIN Property Development Add 1.01 B 22.0 26.9 22.273 B 1.58 1.63 2.24 3.5 37.5 13.5 9.8 3.7 20.2 3.0 12.0 34.2
Pruksa Real Estate PS TB Wattaipun EKATAKSIN Property Development Add 2.32 B 33.5 43.5 29.851 B 2.61 2.77 3.34 6.3 20.6 12.1 10.0 2.3 45.2 2.5 11.2 64.7
Quality Houses QH TB Wattaipun EKATAKSIN Property Development Add 1.12 B 3.9 3.9 0 B 0.36 0.36 0.43 0.0 20.1 10.9 9.1 4.6 37.2 1.9 16.7 110.8
Sansiri Public Co SIRI TB Wattaipun EKATAKSIN Property Development Hold 0.61 B 2.0 2.1 5 B 0.21 0.21 0.26 -2.3 27.8 9.8 7.6 4.5 17.0 1.3 11.7 120.2
SC Asset Corporation SC TB Wattaipun EKATAKSIN Property Development Hold 0.44 B 3.8 3.0 -21.053 B 0.29 0.30 0.38 3.9 25.5 12.6 10.0 3.2 32.1 1.2 17.6 102.0
Supalai PCL SPALI TB Wattaipun EKATAKSIN Property Development Add 1.28 B 24.0 31.9 32.917 B 1.68 2.59 3.19 54.1 23.4 9.3 7.5 4.3 29.1 2.4 8.6 44.4
Shipping 0.77 73.3 32.4
Precious Shipping PSL TB Raymond YAP, CFA Dry Bulk Shipping Reduce 0.77 B 23.9 20.2 -15.481 B -0.40 0.33 0.74 180.9 125.9 73.3 32.4 1.5 2.2 1.6 16.4 76.7
Jasmine International JAS TB Pisut NGAMVIJITVONG Telco - Fixed Line Add 1.66 B 7.5 9.0 20 B 0.42 0.53 0.65 26.1 23.6 14.3 11.5 4.2 30.3 4.0 7.3 -12.1
True Corporation TRUE TB Pisut NGAMVIJITVONG Telco - Integrated Reduce 7.27 B 9.5 6.0 -36.842 B -0.90 -0.40 -0.27 56.1 30.6 -24.0 -34.6 0.0 -104.4 19.9 14.5 899.3
Advanced Info Service ADVANC TB Pisut NGAMVIJITVONG Telco - Mobile Add 19.22 B 208.0 246.0 18.269 B 12.04 12.67 14.79 5.2 16.7 16.4 14.1 6.2 81.2 12.8 9.6 58.1
Total Access Communication DTAC TB Pisut NGAMVIJITVONG Telco - Mobile Add 7.62 B 103.5 127.0 22.705 B 4.49 5.41 6.16 20.4 13.9 19.1 16.8 6.4 38.5 7.0 7.9 54.0
Intouch Holdings INTUCH TB Pisut NGAMVIJITVONG Telco - Others Add 6.83 B 68.5 93.0 35.766 B 4.23 4.87 5.77 15.0 18.5 14.1 11.9 7.1 109.3 15.4 13.2 -14.9
Thaicom THCOMTB Pisut NGAMVIJITVONG Telco - Others Add 1.21 B 35.5 46.0 29.577 B 1.14 1.70 2.30 49.2 35.7 20.9 15.4 2.4 11.5 2.3 7.5 7.0
EPS PER
EPS Growth (%) (x)



August 4, 2014

THAILAND
Airports of Thailand AOT TB Monchai JATURANPINYO, CFA Airports Add 9.50 B 214.0 218.0 1.8692 B 8.10 9.00 11.01 11.1 22.3 23.8 19.4 1.6 16.7 3.1 14.7 9.5
Central Plaza Hotel CENTEL TB Kasem PRUNRATANAMALA, CFA Hotels Hold 1.60 B 38.3 38.5 0.5222 B 0.98 1.16 1.40 18.5 20.8 33.0 27.3 1.3 14.5 4.6 16.2 84.2
Minor International MINT TB Kasem PRUNRATANAMALA, CFA Hotels Reduce 4.01 B 32.3 24.0 -25.697 B 1.07 1.10 1.33 3.3 21.0 29.3 24.2 1.1 19.3 4.6 21.0 54.9
Utilities 8.85 16.4 14.4
Glow Energy GLOWTB Suwat SINSADOK, CFA, FRM IPP Hold 3.86 B 85.0 97.0 14.118 B 5.61 6.36 6.76 13.4 6.2 13.4 12.6 4.9 21.6 2.7 8.8 87.4
Ratchaburi Electricity RATCH TB Suwat SINSADOK, CFA, FRM IPP Add 2.44 B 54.3 65.0 19.705 B 3.50 4.44 4.86 27.1 9.4 12.2 11.2 4.2 11.4 1.4 7.9 10.7
Energy Absolute EATB Suwat SINSADOK, CFA, FRM Power Add 2.54 B 21.9 25.0 14.155 B 0.07 0.42 0.76 486.9 79.6 51.6 28.7 0.3 31.0 13.9 38.1 110.0
THAILAND 270.46 13.5 11.8
VIETNAM
Da Nang Rubber DRC VN NGUYEN Xuan Huy Auto Parts Hold 0.20 VND 51,000 40,333 -20.916 VND 4,359 4,481 5,769 2.8 28.7 11.4 8.8 0.0 23.6 2.4 7.0 63.2
Southern Rubber CSMVN NGUYEN Xuan Huy Auto Parts Add 0.13 VND 42,000 44,518 5.9952 VND 4,977 5,565 7,026 11.8 26.3 7.5 6.0 0.0 26.7 1.8 5.1 64.1
Dong Phu Rubber DPR VN NGUYEN Xuan Huy Plantations Hold 0.08 VND 38,800 39,495 1.7912 VND 8,599 5,085 6,064 -40.9 19.2 7.6 6.4 7.7 9.3 0.7 5.0 -27.1
Phuoc Hoa Rubber PHR VN NGUYEN Xuan Huy Plantations Add 0.10 VND 28,000 38,106 36.093 VND 3,702 3,847 4,752 3.9 23.5 7.3 5.9 11.1 14.4 1.0 4.6 -11.8
REE Corp REE VN NGUYEN Xuan Huy Conglomerate Add 0.34 VND 27,400 32,257 17.726 VND 3,701 3,151 3,263 -14.8 3.5 8.7 8.4 5.8 15.4 1.3 7.7 -9.0
Petrosetco PET VN Michael KOKALARI, CFA Durable Products Hold 0.06 VND 17,900 18,312 2.3017 VND 2,720 2,225 2,043 -18.2 -8.2 8.0 8.8 9.5 12.4 1.0 7.4 75.9
Phu Nhuan Jewelry JSC PNJ VN Anh NGUYEN Lifestyles Hold 0.11 VND 30,500 29,698 -2.6295 VND 2,496 2,859 3,104 14.5 8.6 10.7 9.8 4.9 15.4 1.6 7.5 32.0
Hung Vuong Corp HVGVN Michael KOKALARI, CFA Food & Beverages Hold 0.14 VND 23,900 26,022 8.8787 VND 3,253 3,308 4,093 1.7 23.7 7.2 5.8 6.3 16.2 1.1 7.7 92.6
Kinh Do Corporation KDC VN Anh NGUYEN Food & Beverages Hold 0.58 VND 57,500 53,452 -7.04 VND 2,867 3,350 4,109 16.9 22.6 17.2 14.0 4.2 12.8 2.2 10.5 -6.1
Vietnam Dairy Products JSC VNMVN Anh NGUYEN Food & Beverages Add 5.34 VND 136,000 145,000 6.6176 VND 7,053 7,211 8,441 2.2 17.0 18.9 16.1 2.6 31.6 5.5 12.5 -33.1
Vinacafe' Bien Hoa JSC VCF VN Michael KOKALARI, CFA Food & Beverages Add 0.21 VND 166,000 167,491 0.8982 VND 10,243 11,245 13,810 9.8 22.8 14.8 12.0 1.2 23.1 3.1 11.7 -20.2
Vinh Hoan Corporation VHC VN Michael KOKALARI, CFA Food & Beverages Hold 0.13 VND 44,800 25,551 -42.967 VND 4,317 4,224 6,013 -2.1 42.4 10.6 7.4 2.2 12.3 1.3 7.5 41.4
Asia Commercial Bank ACB VN QUAN Trong Thanh Banks Hold 0.66 VND 15,400 16,918 9.8571 VND 890 899 1,048 1.0 16.5 17.1 14.7 4.5 6.8 1.2 n/a n/a
Military Bank MBB VN QUAN Trong Thanh Banks Add 0.72 VND 13,600 18,200 33.824 VND 1,732 1,882 2,400 8.7 27.5 7.2 5.7 8.8 15.4 0.9 n/a n/a
Vietcombank VCB VN QUAN Trong Thanh Banks Hold 3.21 VND 25,600 26,371 3.0117 VND 1,108 1,236 1,502 11.5 21.6 20.7 17.0 3.9 8.5 1.6 n/a n/a
Vietinbank CTGVN QUAN Trong Thanh Banks Hold 2.58 VND 14,700 15,642 6.4082 VND 1,530 1,182 978 -22.8 -17.2 12.4 15.0 6.8 8.1 1.0 n/a n/a
Hau Giang Pharma DHGVN Anh NGUYEN Pharmaceuticals Hold 0.39 VND 94,500 96,000 1.5873 VND 5,001 5,697 7,464 13.9 31.0 16.6 12.7 3.2 23.3 3.6 10.0 -27.6
Hoa Phat Group HPGVN NGUYEN Xuan Huy Steel Add 1.31 VND 57,500 63,003 9.5704 VND 4,534 5,326 5,364 17.5 0.7 10.8 10.7 3.0 25.5 2.5 6.8 24.7
Hoa Sen Group HSGVN NGUYEN Xuan Huy Steel Add 0.20 VND 43,400 54,026 24.484 VND 6,146 7,085 8,554 15.3 20.7 6.1 5.1 4.6 26.9 1.5 5.6 123.6
PetroVietnam Drilling PVD VN Michael KOKALARI, CFA Oil & Gas - Equipment & Svs Add 1.23 VND 95,000 101,630 6.9789 US$ 0.361 0.367 0.440 1.8 19.8 12.2 10.2 4.1 20.4 2.4 8.2 50.2
Services 0.12 10.5 10.6
Vietnam Sun Corporation VNS VN Anh NGUYEN Logistics Add 0.12 VND 45,800 60,200 31.441 VND 3,359 4,351 4,334 29.5 -0.4 10.5 10.6 4.4 20.2 2.0 4.1 47.3
FPT Corp FPT VN Michael KOKALARI, CFA IT Services Add 0.82 VND 50,500 85,000 68.317 VND 5,398 6,775 7,915 25.5 16.8 7.5 6.4 4.0 24.9 1.7 4.9 4.5
Utilities 10.55 16.5 12.6
PetroVietnam Gas GAS VN Michael KOKALARI, CFA Gas Transmission & Dist Add 10.09 VND 113,000 124,753 10.401 VND 6,484 6,527 8,675 0.7 32.9 17.3 13.0 2.7 36.0 6.1 11.1 -27.9
Pha Lai Thermal Power PPC VN NGUYEN Xuan Huy Power Reduce 0.33 VND 21,900 17,869 -18.406 VND 5,374 2,833 2,959 -47.3 4.4 7.7 7.4 2.3 15.9 1.2 3.5 -15.2
Vinh Son-Song Hinh Hydropower VSH VN NGUYEN Xuan Huy Power Add 0.14 VND 14,600 19,725 35.103 VND 969 1,644 1,725 69.6 4.9 8.9 8.5 3.4 12.4 1.1 9.9 26.9
VIETNAM 29.20 14.7 12.5
CIMBACTIVECOVERAGE 7,970.99 11.7 10.4
EPS PER
EPS Growth (%) (x)



August 4, 2014

RESEARCH MANAGEMENT

Jim McCAFFERTY Kelvin GOH, CFA
Head of Regional Research Deputy Head of Regional Research
(852) 2539 1315 (60) 3 2261 9099
jim.mccafferty@cimb.com kelvin.goh@cimb.com

REGIONAL SECTOR HEADS

Jason TODD, CFA Arup RAHA Thiva NAGARATNAM, CFA Eben van WYK, CFA Trevor KALCIC, CFA
Strategy Economics Accounting and Database Quant Research Banks
(852) 2532 1123 (65) 6210 8412 (61) 2 9694 6056 (61) 2 9694 6058 (852) 2539 1323
jason.todd@cimb.com arup.raha@cimb.com thiva.nagaratnam@cimb.com eben.van.wyk@cimb.com trevor.kalcic@cimb.com

Varun LOHCHAB Lucius CHONG Michael EVANS KJ KWANG Ivy NG, CFA
Consumer Gaming Metals & Mining Offshore & Marine Plantations
(91) 22 6602 5181 (60) 3 2261 9070 (61) 2 9694 6090 (82) 2 6730 6123 (60) 3 2261 9073
varun.lohchab@cimb.com lucius.chong@cimb.com michael.evans@cimb.com kj.hwang@cimb.com ivy.ng@cimb.com

Ian MARTIN Raymond YAP, CFA
Telecom Transportation
(61) 2063 1018 (60) 3 2261 9072
Ian.martin@cimb.com raymond.yap@cimb.com

COUNTRY HEADS OF RESEARCH

Andrew SCOTT Bertram LAI Avadhoot SABNIS Erwan TEGUH Dohoon LEE
Australia Hong Kong/China India Indonesia South Korea
(61) 2 9694 6081 (852) 2532 1111 (91) 22 6602 5151 (62) 21 3006 1720 (82) 2 6730 6121
andrew.scott@cimb.com bertram.lai@cimb.com avadhoot.sabnis@cimb.com erwan.teguh@cimb.com dohoon.lee@cimb.com

Terence WONG, CFA Kenneth NG, CFA Eric LIN Kasem PRUNRATANAMALA, CFA Michael KOKALARI, CFA
Malaysia Singapore Taiwan Thailand Vietnam
(60) 3 2261 9088 (65) 6210 8610 (886) 2 8729 8380 (66) 2 657 9221 (84) 907 974408
terence.wong@cimb.com kenneth.ng@cimb.com eric.lin @cimb.com kasem.prunratanamala@cimb.com michael.kokalari@cimb.com

Edser TRINIDAD Yolan SEIMON
Philippines Sri Lanka
(63) 2 836 3933 (94) 11 2306273
etrinidad@securitybank.com.ph yolan@jkstock.keells.com
Coverage via partnership Coverage via partnership
arrangement with SB Equities arrangement with John Keells Stock Brokers


August 4, 2014

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the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBS has no
obligation to update its opinion or the information in this research report.
This publication is strictly confidential and is for private circulation only to clients of CIMBS. This publication is being supplied to you strictly on the
consent of CIMBS.
Corporate Governance Report:
The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding corporate governance is made pursuant to the
policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the
Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public
investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may
be changed after that date. CIMBS does not confirm nor certify the accuracy of such survey result.

Score Range: 90 - 100 80 - 89 70 - 79 Below 70 or No Survey Result
Description: Excellent Very Good Good N/A

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authorities or governmental agencies in the United Arab Emirates. This report is strictly private and confidential and has not been reviewed by,
deposited or registered with UAE Central Bank or any other licensing authority or governmental agencies in the United Arab Emirates. This report
is being issued outside the United Arab Emirates to a limited number of institutional investors and must not be provided to any person other than
the original recipient and may not be reproduced or used for any other purpose. Further, the information contained in this report is not intended to
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United Kingdom and Europe: In the United Kingdom and European Economic Area, this report is being disseminated by CIMB Securities (UK)
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London, SW1X 7YB. This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are
persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments
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United Kingdom; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be


August 4, 2014

communicated or caused to be communicated (all such persons together being referred to as relevant persons). This report is directed only at
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Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does
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such non-independent report will not have been prepared in accordance with legal requirements designed to promote the independence of
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United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer
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for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative
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Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a
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Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to
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CIMB Recommendation Framework
Stock Ratings Definition
ADD The stocks total return is expected to exceed 10% over the next 12 months.
HOLD The stocks total return is expected to be between 0% and positive 10% over the next 12 months.
REDUCE The stocks total return is expected to fall below 0% or more over the next 12 months.
The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward
net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.
*Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand,
Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange were
based on a stocks total return relative to the relevant benchmarks total return. Outperform: expected to exceed by 5% or more over the next 12 months.
Neutral: expected to be within +/-5% over the next 12 months. Underperform: expected to be below by 5% or more over the next 12 months. Trading Buy:
expected to exceed by 3% or more over the next 3 months. Trading Sell: expected to be below by 3% or more over the next 3 months. For stocks listed on
Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or
more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative total
returns of 10% or more over the next 12 months. Trading Buy: Expected positive total returns of 10% or more over the next 3 months. Trading Sell: Expected
negative total returns of 10% or more over the next 3 months.

2014.08.01 - MEDC - An Oil-Short 1H14 by CIMB

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2014.08.01 - MEDC - An Oil-Short 1H14 by CIMB

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CHN: Banks 30/07

Nigel FOO Chek Keng

Johnson HU, CFA

Norziana MOHD INON

YEO Zhi Bin

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