370

July 30, 2018

Yes Bank (YES IN)

BUY
Gaining Loan Momentum Share Price
12m PriceDescription
Company Target
INR 370
INR 415 (+12%)
Previous
Yes BankPrice
is Target INR largest
India's fifth 415 private bank. It
started as a wholsale lender, its now focuses on
building retail franshise.

Strong EPS growth; maintain BUY

Statistics
1Q19 EPS of INR5.4 is in line, at 24% of our FY19E forecast. As expected,
52w high/low (INR) 391/287
NIMs dipped 40bps YoY to 3.3%, but EPS growth was backed by loan
3m avg turnover (USDm) 59.5
growth of 53% YoY and high fee income. YES chose to expand its market
Free float (%) 80.0
share in better-rated AA+ corporate loans at the cost of margins. It
Issued shares (m) 2,306
expects an NIM rebound in the coming quarters as it re-prices its loans
Market capitalisation INR852.9B
upwards. Maintain BUY and TP of INR415 (2.7x FY20E P/BV, 20% ROEs).
USD12.4B
Expect catalysts from continued loan momentum. Major shareholders:
Banks

KAPUR MADHU 9.3%

Robust loan growth, though NIMs dipped Life Insurance Corp. of India 8.3%
KAPOOR RANA 7.6%
YES believes forging relationships with new large corporates, even at the
cost of margins, will open up avenues for product cross-selling in the Price Performance
long run. Reflecting this, its large corporate book grew 52% YoY. We 400 135

believe NIMs will rebound in the next 2-3 quarters as loans get re-priced 380 130

upwards, on the back of rising interest rates. 360 125

340 120
India

320 115
Stable asset quality; deposit growth at 5-year-high 300 110
Asset quality was stable, with gross NPLs still at 1.3%. Management 280 105

shored up provision coverage by 5.3ppts QoQ to 55.3%. Deposit growth of 260 100

42% YoY was led by fixed deposits. With a higher share of term deposits, 240 95
220 90
CASA ratio fell 1.6ppts YoY to 35.1%. Most banks’ CASA ratios have been Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18
falling as their fixed-rate products have become more attractive after
the recent rise in yields. Yes Bank - (LHS, INR) Yes Bank / BSE SENSEX 30 Index - (RHS, %)

-1M -3M -12M

EPS CAGR of 27% for FY19-21E Absolute (%) 10 6 4

Healthy loan growth, stable credit costs and fee income should support Relative to index (%) 4 (1) (10)
Source: FactSet
an EPS CAGR of 27% and medium-term ROEs of 18-22%. Given its fast loan
growth, YES may look to raise USD1b in the next one year. This has not
been factored in our numbers. Risks include continued pressure on NIMs
due to an inability to pass on cost increases from cost of funds to
customers.

FYE Mar (INR m) FY17A FY18A FY19E FY20E FY21E

Operating income 99,540 129,609 163,313 208,901 264,392
Pre-provision profit 58,375 77,481 99,138 128,517 163,868
Core net profit 33,301 42,246 51,963 67,069 86,935
Core EPS (INR) 15 18 23 29 38
Core EPS growth (%) 20.8 25.7 23.0 29.1 29.6
Net DPS (INR) 2 3 4 5 7
Core P/E (x) 16.6 17.7 16.4 12.7 9.8
P/BV (x) 2.5 2.9 2.8 2.4 2.0
Net dividend yield (%) 1.0 1.0 1.1 1.4 1.8
Book value (INR) 97 112 130 153 183
ROAE (%) 18.6 17.7 18.7 20.6 22.4
ROAA (%) 1.8 1.6 1.5 1.5 1.5
Consensus net profit - - 54,628 71,131 89,163
MKE vs. Consensus (%) - - (4.9) (5.7) (2.5)

Vishal Modi Anuja Dighe

vishal@maybank-ke.co.in anuja@maybank-ke.co.in
(91) 22 6623 2607 (91) 22 6623 2612

THIS REPORT HAS BEEN PREPARED BY KIM ENG SECURITIES INDIA PVT LTD
SEE PAGE 10 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Yes Bank

Fig 1: 1QFY19 results

Income Statement (INRm) 1Q18 4Q18 1Q19 YoY (%) QoQ (%)
Net Interest Income 18,089 21,542 22,191 22.7% 3.0%
Fee Income 11,270 14,092 16,921 50.1% 20.1%
Other income 52 118 20 -60.5% -82.7%
Non-Interest income 11,322 14,210 16,941 49.6% 19.2%
Total Income 29,411 35,752 39,133 33.1% 9.5%
Employee Cost 5,461 5,467 5,906 8.2% 8.0%
Other Operating Expenses 6,908 8,931 8,680 25.6% -2.8%
Total Operating Expenses 12,369 14,398 14,586 17.9% 1.3%
Operating Profit 17,042 21,354 24,547 44.0% 15.0%
Total Provisions 2,858 3,996 6,257 118.9% 56.6%
PBT 14,184 17,358 18,291 29.0% 5.4%
Tax 4,529 5,564 5,687 25.6% 2.2%
PAT 9,655 11,794 12,604 30.5% 6.9%
Balance sheet (INRb) 1Q18 4Q18 1Q19 YoY (%) QoQ (%)
Deposits 1,502 2,007 2,134 42.0% 6.3%
Loans 1,400 2,035 2,147 53.4% 5.5%
Total Assets 2,221 3,124 3,325 49.7% 6.4%
Low-cost Deposits 36.8% 36.5% 35.1% -1.6ppts -1.3ppts
Loan-Deposit ratio 93.2% 101.4% 100.6% 7.5ppts -80bps
Key Ratios
Asset quality
Gross NPAs (INRm) 13,644 26,268 28,245 107.0% 7.5%
Net NPAs (INRm) 5,453 13,128 12,626 131.5% -3.8%
Gross NPA (%) 1.0% 1.3% 1.3% 30bps --
Net NPA (%) 0.4% 0.6% 0.6% 20bps --
Coverage Ratio 60.0% 50.0% 55.3% -4.7ppts 5.3ppts
Profitability
NIM 3.7% 3.4% 3.3% -40bps -10bps
Cost-Income Ratio 42.1% 40.3% 37.3% -4.8ppts -3.0ppts
Tax-rate 31.9% 32.1% 31.1% -80bps -1.0ppts
Capital Adequacy
CET 1 11.9% 9.7% 9.5% -2.4ppts -20bps
Tier I 13.8% 13.2% 12.8% -1.0ppts -40bps
CAR 17.6% 18.4% 17.3% -30bps -1.1ppts
Source: Bank

Corporate banking fees helped lift fee income by 50% YoY. Fee income from
corporate trade and cash management increased 60% YoY from a low base.
Fig 2: Fee income
In INR m 1Q18 4Q18 1Q19 YoY (%) QoQ (%)
Corporate Trade & Cash Management 1,352 2,398 2,162 59.9% -9.8%
Forex, Debt Capital Markets & Securities 3,221 1,781 4,603 42.9% 158.5%
Corporate Banking Fees 4,108 6,441 6,827 66.2% 6.0%
Retail Banking Fees 2,589 3,472 3,329 28.6% -4.1%
Total 11,270 14,092 16,921 50.1% 20.1%
Mix (%)
Corporate Trade & Cash Management 12.0% 17.0% 12.8% 80bps -4.2ppts
Forex, Debt Capital Markets & Securities 28.6% 12.6% 27.2% -1.4ppts 14.6ppts
Corporate Banking Fees 36.5% 45.7% 40.3% 3.9ppts -5.4ppts
Retail Banking Fees 23.0% 24.6% 19.7% -3.3ppts -5.0ppts
Total 100% 100% 100%
Source: Bank

July 30, 2018 2

Yes Bank

Loans grew 53% YoY. Retail and business lending was up 56% YoY. Within retail,
mortgage loans made up 30%. These included housing loans, LAP and affordable
housing loans. Exposure to vehicle loans was largest at 40%. Corporate and
institutional banking unit (IBU) loans leapt 52% YoY, to 68% of its loan mix. IBU
loans, which are primarily international wholesale loans, grew 217% YoY from a
low base. We forecast a 28% CAGR for FY19-21E.
Fig 3: Loan growth of 53% YoY
2,500 60

2,000 50

40
1,500
30
1,000
20
500 10

0 0
1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19
Loans (INRb) - LHS Growth YoY (%) - RHS

Source: Bank

Fig 4: Retail loan exposure

4% As of 1Q19
30%

40%

11%

16%

Mortgage Loan Group Business Equipment Loan Group

Consumer Loan Group Vehicle Loan Group
Others

Source: Company

Fig 5: Loan mix tilted to corporate and IBU loans

34.9% 32.5% 32.1% 31.1% 32.3% 31.9% 32.6% 32.3% 32.1% 32.4%

65.1% 67.5% 67.9% 68.9% 67.7% 68.1% 67.4% 67.7% 67.9% 67.6%

4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Corporate & Institutional Banking Retail and Business Banking

Source: Company

July 30, 2018 3

Yes Bank

Term deposits led deposit growth of 42% YoY, with their contribution to deposits
increasing 1.7ppts YoY to 64.9%. As a consequence, CASA ratio declined to 35.1%
from 36.8% last year. Current deposits grew 53% YoY, with savings up a slower
27% YoY.

Fig 6: Deposit composition

In INRb 1Q18 4Q18 1Q19 YoY (%) QoQ (%)
Current 185 288 283 53.1% -1.7%
Savings 367 444 466 26.9% 5.1%
Term 950 1,276 1,385 45.7% 8.5%
Total Deposits 1,502 2,007 2,134 42.0% 6.3%
Current 12.3% 14.4% 13.3% 1.0ppts -1.1ppts
Savings 24.4% 22.1% 21.8% -2.6ppts -30bps
CASA 36.8% 36.5% 35.1% -1.6ppts -1.3ppts
Term 63.2% 63.5% 64.9% 1.7ppts 1.3ppts
Total 100% 100% 100%
Source: Bank

A larger share of low-yielding corporate loans brought overall yields down by

40bps to 10%. And as cost of funds rose 10bps YoY, NIMs were down 40bps YoY to
3.3%.
Fig 7: NIMs were down 40bps YoY to 3.3%

3.9

3.6

3.3

3.0

2.7
1Q19
1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

NIM (%)

Source: Bank

Gross NPLs were flat sequentially at 1.3%. With higher provisions, provision
coverage improved to 55.3% from 50% the last quarter. Management aims to
improve it further to 60% by 1H19.

Exposure to some sensitive sectors was: renewable energy (2.5% of loans), iron &
steel (2.6%), telecom (3.6%) and gems & jewellery (1.5%). YES financed a buy-out
of a steel company in 1Q, which led to a 20bp sequential increase in exposure. It
also extended loans to telcos, which raised its telco exposure by 1.4ppts. But
most of these loans are extended to A-&-above-rated companies with pristine
promotors, where management sees a low probability of default.

July 30, 2018 4

 Yes Bank

Fig 8: Sensitive-sector exposure

Sensitive Sector Exposure (as % of total loans) 1Q18 2Q18 3Q18 4Q18 1Q19
Non-Renewable Electricity Generation 4.1% 3.4% 3.4% 2.7% 2.5%
Exposure to State Electricity Boards Nil Nil Nil Nil Nil
Iron & Steel 1.9% 2.0% 2.0% 2.0% 2.6%
A or above rated 1.4% 1.6% 1.6% 1.5% 2.0%
Telecom 3.9% 3.9% 2.3% 2.2% 3.6%
A and above rated 3.8% 3.7% 2.1% 1.9% 3.3%
Gems and Jewellery 0.0% 0.0% 1.6% 1.4% 1.5%
A or above rated 0.0% 0.0% 1.1% 0.9% 1.0%
Source: Bank

Fig 9: Benign asset quality

2.0 70
1.8 65
1.6
60
1.4
1.2 55

1.0 50
0.8 45
0.6
40
0.4
0.2 35

0.0 30
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19
Gross NPL (%) - LHS Net NPL (%) - LHS Coverage (%) - RHS

Source: Bank

Fig 10: Trading at 2.8x one-year forward P/BV

450
400 3.0x
350 2.6x
300 2.2x
250
INR/Sh

200 1.5x
150
100
50
0
Apr-12

Aug-12

Jan-13
Mar-13

Aug-13
Oct-13
Jan-14
Mar-14

Aug-14
Oct-14
Jan-15
Mar-15
May-15
Aug-15
Oct-15
Dec-15
Mar-16
May-16
Aug-16
Oct-16
Dec-16
Mar-17
May-17

Oct-17
Dec-17
Mar-18
May-18
Jun-12

Jun-13

Jun-14

Jul-17

Jul-18
Nov-12

Source: Bloomberg, Bank, Maybank Kim Eng

July 30, 2018 5

Yes Bank

Value Proposition Price Drivers

 YES Bank, which started as a wholesale lender in 2004, is Historical share price trend
building a retail business, which is less cyclical and has 400
3 4
450
lower earnings volatility. 350 2 400
 Doubled branches in the past three years to 1,100; adding 300 350
the complete suite of retail products and hiring employees 250 1 300
to run this business will aid growth. 200 250
 CASA ratio at 35.1% as of Jun 2018 improved from 18.3% 150 200
Dec 2013. 100 150
50 100

CASA ratio healthy at 35.1% 0 50

Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

40
Yes Bank - (LHS, INR) Yes Bank / MSCI AC Asia ex JP - (RHS, %)
35

30 Source: Company, Factset, Maybank Kim Eng

1. Retail rollout announcement. Steady earnings delivery

25
and low asset challenges led to sustained stock price
20 performance.
15 2. Withdrawal of USD1b QIP after its launch led to sharp fall
in stock price.
1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

3. Divergence in asset quality reporting led to sharp fall in

CASA ratio (%) stock price.
4. Improvement in asset quality in 4Q18 led to stock price
Source: Company run up.

Financial Metrics Swing Factors

 Loan growth to remain strong at 28% p.a. for FY19-21E.
Extending the branch network, digital offerings, and
market share gains to drive growth.
 NIMs to remain healthy at 3.1% by FY20 with help of
reduction in cost of deposits.
 Credit cost forecast of 90bps for FY19-21E higher than
historical average of 60bps.
 Forecast PAT growth of 27% p.a. for FY19-21E with ROEs to
improve to 22.4% from 17.7% in FY18.
Upside
 Faster-than-expected rollout of retail loan products.
Continued benign interest rate environment can lead to
higher-than-expected NIM expansion.
 Focus on productivity, higher cross sell of retail loans;
pick up in fee income can lead to fall in cost-income
ratio.

Earnings to remain healthy over FY19-21E Downside

24% 1.8%  Deterioration in asset quality due to increased corporate
22% loan exposure
1.7%
20%  Delay in rollout of retail business could have a negative
18% 1.6% impact on NIMs.
16%  Dependence on large ticket corporate fee income is a
1.5%
risk. Reduction in new project proposals can impact fee
14%
1.4% income growth.
12%
10% 1.3%
FY16 FY17 FY18 FY19E FY20E FY21E
ROE (LHS) ROA (RHS)

Source: Company

vishal@maybank-ke.co.in

July 30, 2018 6

Yes Bank

FYE 31 Mar FY17A FY18A FY19E FY20E FY21E

Key Metrics
Core P/E (x) 16.6 17.7 16.4 12.7 9.8
Core FD P/E (x) 16.6 17.7 16.4 12.7 9.8
P/BV (x) 2.5 2.9 2.8 2.4 2.0
P/NTA (x) 2.5 2.9 2.8 2.4 2.0
Net dividend yield (%) 1.0 1.0 1.1 1.4 1.8

INCOME STATEMENT (INR m)

Interest income 164,246.4 202,674.2 275,585.7 360,234.8 451,975.6
Interest expense (106,273.4) (125,303.6) (174,056.9) (225,706.5) (279,091.9)
Net interest income 57,973.0 77,370.6 101,528.8 134,528.3 172,883.7
Net insurance income 0.0 0.0 0.0 0.0 0.0
Net fees and commission 31,399.6 41,379.6 50,483.2 61,109.9 73,973.5
Other income 10,167.8 10,858.7 11,300.5 13,262.4 17,534.9
Total non-interest income 41,567.4 52,238.3 61,783.7 74,372.3 91,508.4
Operating income 99,540.4 129,608.9 163,312.5 208,900.6 264,392.1
Staff costs (18,050.4) (21,889.2) (25,221.6) (29,913.7) (35,130.5)
Other operating expenses (23,115.0) (30,238.6) (38,952.8) (50,470.4) (65,393.5)
Operating expenses (41,165.4) (52,127.8) (64,174.4) (80,384.1) (100,524.0)
Pre-provision profit 58,375.0 77,481.1 99,138.2 128,516.5 163,868.1
Loan impairment allowances (6,634.4) (10,788.3) (18,197.3) (23,080.5) (28,100.0)
Other allowances (1,299.6) (4,749.7) (4,749.5) (6,002.0) (6,881.7)
Associates & JV income 0.0 0.0 0.0 0.0 0.0
Pretax profit 50,440.9 61,943.1 76,191.3 99,434.0 128,886.5
Income tax (17,140.2) (19,697.5) (24,228.3) (32,365.1) (41,951.7)
Minorities 0.0 0.0 0.0 0.0 0.0
Discontinued operations 0.0 0.0 0.0 0.0 0.0
Reported net profit 33,300.7 42,245.6 51,963.0 67,068.9 86,934.8
Core net profit 33,300.7 42,245.6 51,963.0 67,068.9 86,934.8

BALANCE SHEET (INR m)

Cash & deposits with banks 131,679.1 139,312.9 195,637.2 249,608.1 314,126.3
Sec. under resale agreements 0.0 0.0 0.0 0.0 0.0
Derivatives financial assets 0.0 0.0 0.0 0.0 0.0
Dealing securities 0.0 0.0 0.0 0.0 0.0
Available-for-sale securities 0.0 0.0 0.0 0.0 0.0
Investment securities 500,143.0 683,814.4 870,212.5 1,106,262.6 1,395,660.9
Loans & advances 1,322,626.8 2,035,338.6 2,628,254.7 3,348,661.0 4,243,520.9
Central bank deposits 63,815.3 108,030.8 131,069.6 167,351.9 211,322.1
Investment in associates/JVs 175.0 175.0 175.0 175.0 175.0
Insurance assets 0.0 0.0 0.0 0.0 0.0
Fixed assets 6,835.4 8,323.9 10,521.6 13,347.3 16,739.3
Intangible assets 0.0 0.0 0.0 0.0 0.0
Other assets 125,324.6 149,460.4 113,520.5 124,614.7 101,727.1
Total assets 2,150,599.2 3,124,456.0 3,949,391.2 5,010,020.7 6,283,271.5
Deposits from customers 1,339,773.5 1,879,808.0 2,447,664.8 3,183,660.5 4,093,183.5
Deposits from banks & FIs 88,965.1 127,573.5 161,931.1 208,814.2 266,146.6
Derivatives financial instruments 0.0 0.0 0.0 0.0 0.0
Subordinated debt 95,797.9 163,511.8 166,511.8 172,511.8 178,511.8
Other securities in issue 37,734.3 91,885.9 91,885.9 91,885.9 91,885.9
Other borrowings 252,534.6 493,538.1 666,276.4 872,822.1 1,091,027.7
Insurance liabilities 0.0 0.0 0.0 0.0 0.0
Other liabilities 115,253.3 110,555.9 116,083.7 127,692.1 140,461.3
Total liabilities 1,930,058.6 2,866,873.2 3,650,353.8 4,657,386.6 5,861,216.7
Share capital 4,564.9 4,605.9 4,605.9 4,605.9 4,605.9
Reserves 215,975.7 252,976.9 294,431.5 348,028.1 417,449.0
Shareholders' funds 220,540.6 257,582.8 299,037.4 352,634.0 422,054.9
Preference shares 0.0 0.0 0.0 0.0 0.0
Minority interest 0.0 0.0 0.0 0.0 0.0
Total equity 220,540.6 257,582.8 299,037.4 352,634.0 422,054.9
Total liabilities & equity 2,150,599.2 3,124,456.0 3,949,391.2 5,010,020.7 6,283,271.5

July 30, 2018 7

Yes Bank

FYE 31 Mar FY17A FY18A FY19E FY20E FY21E

Key Ratios
Growth (%)
Net interest income 26.9 33.5 31.2 32.5 28.5
Non-interest income 53.3 25.7 18.3 20.4 23.0
Operating expenses 38.3 26.6 23.1 25.3 25.1
Pre-provision profit 35.7 32.7 28.0 29.6 27.5
Core net profit 31.1 26.9 23.0 29.1 29.6
Gross loans 35.0 53.8 29.4 27.6 26.8
Customer deposits 19.9 40.3 30.2 30.1 28.6
Total assets 30.1 45.3 26.4 26.9 25.4

Profitability (%)
Non-int. income/Total income 41.8 40.3 37.8 35.6 34.6
Average lending yields 9.20 8.13 8.12 8.28 8.19
Average cost of funds 6.54 5.48 5.53 5.60 5.45
Net interest margin 3.25 3.10 2.99 3.09 3.13
Cost/income 41.4 40.2 39.3 38.5 38.0

Liquidity (%)
Loans/customer deposits 98.7 108.3 107.4 105.2 103.7

Asset quality (%)

Net NPL 0.8 0.6 0.6 0.7 0.7
Gross NPL 1.5 1.3 1.5 1.7 1.7
(SP+GP)/average gross loans 0.6 0.9 0.9 0.9 0.9
Loan loss coverage 46.9 50.0 57.0 58.5 60.0

Capital adequacy (%)

CET1 11.4 9.7 9.3 8.6 8.2
Tier 1 capital 13.3 13.2 11.8 10.6 9.8
Risk-weighted capital 17.0 18.4 16.0 14.1 12.7

Returns (%)
ROAE 18.6 17.7 18.7 20.6 22.4
ROAA 1.8 1.6 1.5 1.5 1.5
Shareholders equity/assets 10.3 8.2 7.6 7.0 6.7
Source: Company; Maybank

July 30, 2018 8

Yes Bank

Research Offices
REGIONAL MALAYSIA HONG KONG / CHINA THAILAND
Sadiq CURRIMBHOY WONG Chew Hann, CA Head of Research Mitchell KIM Head of Research Maria LAPIZ Head of Institutional Research
Regional Head, Research & Economics (603) 2297 8686 wchewh@maybank-ib.com (852) 2268 0634 mitchellkim@kimeng.com.hk Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
(65) 6231 5836 • Strategy • Internet & Telcos Maria.L@maybank-ke.co.th
sadiq@maybank-ke.com.sg • Strategy • Consumer • Materials • Services
Desmond CH’NG, ACA Christopher WONG Amornrat CHEEVAVICHAWALKUL
WONG Chew Hann, CA (603) 2297 8680 (852) 2268 0652 (66) 2658 6300 ext 1393
Regional Head of Institutional Research desmond.chng@maybank-ib.com christopherwong@kimeng.com.hk Amornrat.C@maybank-ke.co.th
(603) 2297 8686 • Banking & Finance • HK & China Properties • Oil & Gas
wchewh@maybank-ib.com Tanawat RUENBANTERNG
LIAW Thong Jung Jacqueline KO, CFA
(603) 2297 8688 tjliaw@maybank-ib.com (852) 2268 0633 jacquelineko@kimeng.com.hk (66) 2658 6300 ext 1394
ONG Seng Yeow
• Oil & Gas Services- Regional • Consumer Staples & Durables Tanawat.R@maybank-ke.co.th
Regional Head of Retail Research • Banks & Diversified Financials
(65) 6231 5839 ONG Chee Ting, CA Ricky NG, CFA Ornmongkol TANTITANATORN
ongsengyeow@maybank-ke.com.sg (603) 2297 8678 ct.ong@maybank-ib.com (852) 2268 0689 rickyng@kimeng.com.hk (66) 2658 6300 ext 1395
• Plantations - Regional • Regional Renewables
ornmongkol.t@maybank-ke.co.th
TAN Sin Mui • HK & China Properties • Power & Utilities • Infrastructure
Director of Research Mohshin AZIZ
(65) 6231 5849 Stefan CHANG, CFA Surachai PRAMUALCHAROENKIT
(603) 2297 8692 mohshin.aziz@maybank-ib.com
(852) 2268 0675 stefanchang@kimeng.com.hk Head of Retail Research
sinmui@kimeng.com.hk • Aviation - Regional • Petrochem
• Technology – Regional (66) 2658 5000 ext 1470
Surachai.p@maybank-ke.co.th
ECONOMICS YIN Shao Yang, CPA Tony REN, CFA • Auto • Conmat • Contractor • Steel
(603) 2297 8916 samuel.y@maybank-ib.com (852) 2268 0640 tonyren@kimeng.com.hk
Suhaimi ILIAS • Gaming – Regional • Media Ekachai TARAPORNTIP Deputy Head
• Healthcare & Pharmaceutical
Chief Economist 66) 2658 5000 ext 1530
Malaysia | Philippines | China TAN Chi Wei, CFA Wendy LI Ekachai.t@maybank-ke.co.th
(603) 2297 8682 (603) 2297 8690 chiwei.t@maybank-ib.com (852) 2268 0647 wendyli@kimeng.com.hk Sutthichai KUMWORACHAI Deputy Head
suhaimi_ilias@maybank-ib.com • Power • Telcos • Consumer & Auto (66) 2658 5000 ext 1400
sutthichai.k@maybank-ke.co.th
CHUA Hak Bin WONG Wei Sum, CFA INDIA • Energy • Petrochem
Regional Thematic Macroeconomist (603) 2297 8679 weisum@maybank-ib.com
Suttatip PEERASUB
(65) 6231 5830 • Property Jigar SHAH Head of Research (66) 2658 5000 ext 1430
chuahb@maybank-ke.com.sg (91) 22 6623 2632 jigar@maybank-ke.co.in suttatip.p@maybank-ke.co.th
LEE Yen Ling • Media • Commerce
• Strategy • Oil & Gas • Automobile • Cement
LEE Ju Ye (603) 2297 8691 lee.yl@maybank-ib.com
Singapore • Building Materials • Glove • Ports • Shipping Termporn TANTIVIVAT
Vishal MODI (66) 2658 5000 ext 1520
(65) 6231 5844
leejuye@maybank-ke.com.sg Ivan YAP (91) 22 6623 2607 vishal@maybank-ke.co.in termporn.t@maybank-ke.co.th
(603) 2297 8612 ivan.yap@maybank-ib.com • Banking & Financials • Property
Dr Zamros DZULKAFLI • Automotive • Semiconductor • Technology Jaroonpan WATTANAWONG
(603) 2082 6818 Neerav DALAL (66) 2658 5000 ext 1404
zamros.d@maybank-ib.com Kevin WONG (91) 22 6623 2606 neerav@maybank-ke.co.in jaroonpan.w@maybank-ke.co.th
(603) 2082 6824 kevin.wong@maybank-ib.com • Software Technology • Telcos • Transportation • Small cap
Ramesh LANKANATHAN • REITs • Consumer Discretionary
Sorrabhol VIRAMETEEKUL
(603) 2297 8685 Vishal PERIWAL
ramesh@maybank-ib.com LIEW Wei Han Head of Digital Research
(91) 22 6623 2605 vishalperiwa@maybank- (66) 2658 5000 ext 1550
(603) 2297 8676 weihan.l@maybank-ib.com ke.co.in sorrabhol.V@maybank-ke.co.th
FX • Consumer Staples • Infrastructure • Food, Transportation
Saktiandi SUPAAT Adrian WONG Wijit ARAYAPISIT
Head, FX Research INDONESIA (66) 2658 5000 ext 1450
(603) 2297 8675 adrian.wkj@maybank-ib.com
(65) 6320 1379 • Constructions • Healthcare Isnaputra ISKANDAR Head of Research wijit.a@maybank-ke.co.th
saktiandi@maybank.com.sg (62) 21 8066 8680 • Strategist
Jade TAM isnaputra.iskandar@maybank-ke.co.id
Christopher WONG VIETNAM
(603) 2297 8687 jade.tam@maybank-ib.com • Strategy • Metals & Mining • Cement
(65) 6320 1347
wongkl@maybank.com.sg • Media • Building Materials Rahmi MARINA LE Hong Lien, ACCA
(62) 21 8066 8689 Head of Institutional Research
Leslie TANG Mohd Hafiz Hassan rahmi.marina@maybank-ke.co.id (84 28) 44 555 888 x 8181
(603) 2082 6819 mohdhafiz.ha@maybank-ib.com
(65) 6320 1378 • Banking & Finance lien.le@maybank-kimeng.com.vn
leslietang@maybank.com.sg • Small & Mid Caps • Strategy • Consumer • Diversified
Aurellia SETIABUDI
TEE Sze Chiah Head of Retail Research (62) 21 8066 8691
Fiona LIM THAI Quang Trung, CFA,
(603) 2082 6858 szechiah.t@maybank-ib.com aurellia.setiabudi@maybank-ke.co.id
(65) 6320 1374 Deputy Head, Institutional Research
• Property
fionalim@maybank.com.sg (84 28) 44 555 888 x 8180
Nik Ihsan Raja Abdullah, MSTA, CFTe
Janni ASMAN trung.thai@maybank-kimeng.com.vn
(603) 2297 8694
STRATEGY nikmohdihsan.ra@maybank-ib.com
(62) 21 8066 8687 • Real Estate • Construction • Materials
janni.asman@maybank-ke.co.id
Sadiq CURRIMBHOY • Cigarette • Healthcare • Retail LE Nguyen Nhat Chuyen
Global Strategist SINGAPORE (84 28) 44 555 888 x 8082
(65) 6231 5836 Neel SINHA Head of Research PHILIPPINES chuyen.le@maybank-kimeng.com.vn
sadiq@maybank-ke.com.sg (65) 6231 5838 neelsinha@maybank-ke.com.sg • Oil & Gas
Minda OLONAN Head of Research
• Strategy • Industrials
Willie CHAN (63) 2 849 8840 NGUYEN Thi Ngan Tuyen,
• SMID Caps – Regional
Hong Kong / Regional minda_olonan@maybank-atrke.com Head of Retail Research
(852) 2268 0631 CHUA Su Tye • Strategy (84 28) 44 555 888 x 8081
williechan@kimeng.com.hk (65) 6231 5842 chuasutye@maybank-ke.com.sg Katherine TAN tuyen.nguyen@maybank-kimeng.com.vn
• REITs (63) 2 849 8843 • Food & Beverage • Oil&Gas • Banking
FIXED INCOME kat_tan@maybank-atrke.com
Derrick HENG, CFA TRUONG Quang Binh,
• Banks • Conglomerates • Ports
Winson Phoon, ACA (65) 6231 5843 derrickheng@maybank-ke.com.sg Deputy Head, Retail Research
(65) 6231 5831 • Property • REITs (Office) Luis HILADO (84 28) 44 555 888 x 8087
winsonphoon@maybank-ke.com.sg (65) 6231 5848 luishilado@maybank-ke.com.sg binh.truong@maybank-kimeng.com.vn
Luis HILADO • Telcos • Rubber Plantation • Tyres & Tubes • Oil & Gas
Se Tho Mun Yi (65) 6231 5848 luishilado@maybank-ke.com.sg
(603) 2074 7606 • Telcos Romel LIBO-ON TRINH Thi Ngoc Diep
munyi.st@maybank-ib.com (63) 2 849 8844 (84 28) 44 555 888 x 8208
LAI Gene Lih romel_libo-on@maybank-atrke.com diep.trinh@maybank-kimeng.com.vn
(65) 6231 5832 laigenelih@maybank-ke.com.sg • Property • Technology • Utilities • Construction
• Technology
Kayzer Llanda NGUYEN Thi Sony Tra Mi
(63) 2 849 8838 (84 28) 44 555 888 x 8084
Kayzer_Llanda@maybank-atrke.com mi.nguyen@maybank-kimeng.com.vn
• Utilities • Port Operation • Pharmaceutical
• Food & Beverage

NGUYEN Thanh Lam

(84 28) 44 555 888 x 8086
thanhlam.nguyen@maybank-kimeng.com.vn
• Technical Analysis

July 30, 2018 9

Yes Bank

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS
This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation
of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions
or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different
methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns
may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does
not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek
financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its
subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such.
Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives” ) shall not be liable for any direct, indirect or consequential
losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior
notice.
This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”,
“forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such
forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to
differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims
any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of
unanticipated events.
MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or
invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or
other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in
the material presented in this report. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report to the extent
permitted by law.
This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or
manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where
such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law.
The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional
disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.
Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations
apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no
obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising
from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore
Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.
Thailand
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Kim Eng Securities (Thailand)
Public Company Limited. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) accepts no liability whatsoever for the actions of third parties in this respect.
Due to different characteristics, objectives and strategies of institutional and retail investors, the research reports of MBKET Institutional and Retail Research Department may differ in
either recommendation or target price, or both. MBKET Retail Research is intended for retail investors (http://kelive.maybank-ke.co.th) while Maybank Kim Eng Institutional Research is
intended only for institutional investors based outside Thailand only.
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 may be changed after that date. MBKET does
not confirm nor certify the accuracy of such survey result.
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the
policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information
received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2),
or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment
of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that
date or when there is any change to the relevant information. Nevertheless, MBKET does not confirm, verify, or certify the accuracy and completeness of the assessment result.
US
This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended)
only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All
responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. This report is not directed at you if MKE is prohibited or restricted by any
legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material
concerning investments to you under relevant legislation and regulations. All U.S. persons receiving and/or accessing this report and wishing to effect transactions in any security mentioned
within must do so with: Maybank Kim Eng Securities USA Inc. 400 Park Avenue, 11th Floor, New York, New York 10022, 1-(212) 688-8886 and not with, the issuer of this report.

July 30, 2018 10

Yes Bank

UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Conduct Authority and is for
Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any
inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the
individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own
independent tax advisers.
DISCLOSURES

Legal Entities Disclosures

Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of
Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This report is distributed in Singapore by Maybank KERPL (Co. Reg No 198700034E) which is
regulated by the Monetary Authority of Singapore. Indonesia: PT Maybank Kim Eng Securities (“PTMKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is
regulated by the Financial Services Authority (Indonesia). Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of
Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities
and Exchange Commission. Vietnam: Maybank Kim Eng Securities Limited (License Number: 117/GP-UBCK) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK
(Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of
India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board of India (“SEBI”) (Reg. No. INZ000010538). KESI is also registered with SEBI as Category 1
Merchant Banker (Reg. No. INM 000011708) and as Research Analyst (Reg No: INH000000057) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID
27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Conduct Authority.

Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may
have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to
those companies.

Singapore: As of 30 July 2018, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore,
Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have
interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: As of 30 July 2018, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

India: As of 30 July 2018, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or their associate / relative does not
hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research
report.
In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or third party in connection with the
research report on any account what so ever except as otherwise disclosed in the research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the
entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned
or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s
compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and
assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and
forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a
structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

July 30, 2018 11

Yes Bank

Historical recommendations and target price: Yes Bank (YES IN)

30 Jan 24 Apr 28 Jul 31 Oct 19 Jan 30 Apr

Buy : INR305.0 Buy : INR360.0 Buy : INR390.0 Buy : INR360.0 Buy : INR400.0 Buy : INR415.0
420.0

390.0

360.0

330.0

300.0

270.0
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18

Yes Bank

Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment
ratings as we do not actively follow developments in these companies.

July 30, 2018 12

Yes Bank

 Malaysia  Singapore  London  New York

Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA
(A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd Inc
Bursa Malaysia Securities Berhad) 50 North Canal Road PNB House 400 Park Avenue, 11th Floor
33rd Floor, Menara Maybank, Singapore 059304 77 Queen Victoria Street New York, New York 10022,
100 Jalan Tun Perak, London EC4V 4AY, UK U.S.A.
50050 Kuala Lumpur Tel: (65) 6336 9090
Tel: (603) 2059 1888; Tel: (44) 20 7332 0221 Tel: (212) 688 8886
Fax: (603) 2078 4194 Fax: (44) 20 7332 0302 Fax: (212) 688 3500

Stockbroking Business:  Hong Kong  Indonesia  India

Level 8, Tower C, Dataran Maybank,
Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd
No.1, Jalan Maarof 28/F, Lee Garden Three, Sentral Senayan III, 22nd Floor 2nd Floor, The International,
59000 Kuala Lumpur
1 Sunning Road, Causeway Bay, Jl. Asia Afrika No. 8 16, Maharishi Karve Road,
Tel: (603) 2297 8888
Hong Kong Gelora Bung Karno, Senayan Churchgate Station,
Fax: (603) 2282 5136
Jakarta 10270, Indonesia Mumbai City - 400 020, India
Tel: (852) 2268 0800
Fax: (852) 2877 0104 Tel: (62) 21 2557 1188 Tel: (91) 22 6623 2600
Fax: (62) 21 2557 1189 Fax: (91) 22 6623 2604

 Philippines  Thailand  Vietnam  Saudi Arabia

Maybank ATR Kim Eng Securities Inc.
17/F, Tower One & Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City, Philippines 1200
Tel: (63) 2 849 8888
Fax: (63) 2 848 5738
Maybank Kim Eng Securities
(Thailand) Public Company Limited
999/9 The Offices at Central World,
20th - 21st Floor,
Rama 1 Road Pathumwan,
Bangkok 10330, Thailand
Tel: (66) 2 658 6817 (sales)
Tel: (66) 2 658 6801 (research)
Maybank Kim Eng Securities Limited In association with
4A-15+16 Floor Vincom Center Dong Anfaal Capital
Khoi, 72 Le Thanh Ton St. District 1 Villa 47, Tujjar Jeddah
Ho Chi Minh City, Vietnam Prince Mohammed bin Abdulaziz
Street P.O. Box 126575
Tel : (84) 844 555 888 Jeddah 21352
Fax : (84) 8 38 271 030
Tel: (966) 2 6068686
Fax: (966) 26068787

 South Asia Sales Trading  North Asia Sales Trading

Kevin Foy Andrew Lee
Regional Head Sales Trading andrewlee@kimeng.com.hk
kevinfoy@maybank-ke.com.sg Tel: (852) 2268 0283
Tel: (65) 6636-3620 US Toll Free: 1 877 837 7635
US Toll Free: 1-866-406-7447

Malaysia Thailand
Joann Lim Tanasak Krishnasreni
joann.lim@maybank-ib.com Tanasak.K@maybank-ke.co.th
Tel: (603) 2717 5166 Tel: (66)2 658 6820

Indonesia London
Harianto Liong Mark Howe
harianto.liong@maybank-ke.co.id mhowe@maybank-ke.co.uk
Tel: (62) 21 2557 1177 Tel: (44) 207-332-0221

New York India

James Lynch Sanjay Makhija
jlynch@maybank-keusa.com sanjaymakhija@maybank-ke.co.in
Tel: (212) 688 8886 Tel: (91)-22-6623-2629

Vietnam Philippines
Patrick Mitchell Keith Roy
patrick.mitchell@maybank-kimeng.com.vn keith_roy@maybank-atrke.com
Tel: (84)-8-44-555-888 x8080 Tel: (63) 2 848-5288
www.maybank-ke.com | www.maybank-keresearch.com

July 30, 2018 13