MCI (P) 194/11/2012 Ref No: RM2013_0165 1 of 16

Regional Market Focus

Phillip Securities Research Pte Ltd

29 August 2013

Hong Kong

Geely (175HK175-20130829.pdf.HK) – JVs with Volvo become a new vision Closing price: HKD3.97 Target price: HKD4.65 Better-than-expected profit growth with a large y-y increase of 37%: Geely announced the interim results that net profit increased by

37% y-y to RMB1.4 billion in 1H2013, around 10% higher than the market expectation. The diluted EPS was RMB 0.1616, up 29% y-y. The incomes raised largely by 33% y-y to RMB14.9 billion benefited from the increase of the sales of vehicles with the amount of 0.264 million units, up 19% y-y. The higher net profit growth represents the strengthen of the profitability, and the income growth was higher than the sales growth that showed the significant increase of the selling price of a vehicle, the product structure has further been improved.

The consistent upgrading of the product structure helps the gross profit margin to increase: The Company’s high-end product, Emgrand EC7 maintained the strong demand, and the sales increased strongly by 41% to 86,103 units in 1H, with the proportion of 35% in Geely’s total sales for Emgrand, up 3ppts from 32% in 2012. Benefited from the promotion strategy, the rebound of the sales of New Vision, Panda and GC7 offset the decrease of the sales of other low-end products, such as old Free Cruiser and Kingkong. Combined sales of its higher selling price models, SUV GX7 and SX7 amounted to 5,000 units per month approximately in 1H. The gross profit margin increased by 1.8ppts y-y to 19.2% in 1H2013 benefited from the consistent upgrading of the product structure, and the average ex-factory price achieved to RMB50, 000, up 11% y-y..

The proportion of the export achieved to 23% in the first seven months: Due to the successful expansion of overseas markets in Russia and Ukraine and so on, the exports of Geely increased by 37% y-y in the first seven months, much higher than the domestic average growth as 14%, and the proportion increased from 19% in 1H2013 to 23%. We estimate the proportion of the export will increase continually under the KD factories go into operation in Egypt, Byelorussia and Uruguay.

The accomplishment of the annual sales target is quite sure: New models that plan to be introduced in 2H are: Version 1.3T of EC7, New SC7, New Panda and first medium-sized SUV EX8, and 3-5 upgrading models. Under the increase of the capacity for its gearbox, Emgrand and SUV models in 2H, we believe there is no doubt that the Company can achieve the annual sales target of 560,000 units.

The formal operation of the localization of Volvo becomes a new vision: After more than three years, the project of the JV with Volvo finally has been approved recently. Volvo’s S60L sedan will be produced in Chengdu plant by the end of Aug. The vehicle factory will also start to trail production in Daqing by the end of this year, and the engine manufacturing plants in Zhang Jiakou will go into operation in 4Q. We estimate Geely will start to launch the new models in 2015, including the new energy vehicle, under the collaboration with Volvo to compete with other JV brands. We believe the formal operation of the localization of Volvo opens the imaginary room for the Company’s future development, and will become a new vision for the future.

Valuation and Rating. Based on the latest estimation, we give the Company’s 12-month target price to HK$4.65, equivalent to 11/9.3xP/E in 2013/2014 respectively, with the potential growth of 17%, maintain Accumulative rating.

Regional Market Focus

29 August 2013

2 of 16

Thailand

Hana Microelectronics - Company Update Recommendation: BUY Previous close: Bt19.70 Fair value: Bt22.40

On a normalized basis, HANA staged a strong earnings recovery in 2QCY13 compared to 1QCY13 on the back of a pickup in PCBA and IC sales.

The prospects remain bright for its operations in Thailand and China in 2HCY13. We raise our CY13 net profit outlook for HANA by 15%. The new plants in Lamphun and Cambodia are scheduled to start commercial production in 2QCY14. A large client will relocate

production to Thailand’s new Lamphun plant but the impact on the bottom-line seems insignificant in the first year of operation. We rate HANA shares a ‘BUY’ with a Bt22.40/share target price. SC Asset - Company Update Recommendation: BUY Previous close: Bt3.40 Fair value: Bt5.30

SC would speed up new project launches to put 2HCY13 presales on course to meet the target. In view of ample backlog to be realized as revenue in CY14 and strong revenue growth prospects for CY14, we expect SC to deliver

CY14 profit growth of as much as 65% y-y. Based on cheap valuation and rosy growth outlook for CY14, we reiterate a ‘BUY’ call on SC with a target price of Bt5.30/share.

Strategy

SECTOR/STRATEGY REPORTS: - Sector Reports: Offshore & Marine, 26 Aug / Banking, 8 Jul / Telecommunications, 5 June / Commodities, 29 May - Country Strategy: China & HK 5 July / S’pore, 18 Jun / Thai, 17 Jun - Global Macro, Asset Strategy: 8 Jul, Update

Morning Commentary

STI: -0.98% to 3004.2 KLCI: -0.89% to 11686.2 JCI: +1.48% to 4026.5 SET: -1.41% to 1275.8 HSI: -1.60% to 21524 HSCEI: -2.23% to 9765 Nikkei: -1.51% to 13338 ASX200: -1.05% to 5087. Nifty: -0.05% to 5285 S&P500: +0.27% to 1634.9 MARKET OUTLOOK: For the market outlook for the week, please go to www.uniphillip.com > education programs > Phillip Securities Research webinar. Apart from giving the market strategy, this week’s webinar also gives an update on the Offshore & Marine sector. (PhillipCFDs and ETFs for trading the market outlook can be found in the webinar slides above or the Global Macro report below. PhillipUT Wrap Account offers tactical asset allocation of unit trusts without front loading sales charge.) SECTOR/STRATEGY REPORTS: - Sector Reports: Offshore & Marine, 26 Aug / Banking, 8 Jul / Telecommunications, 5 June / Commodities, 29 May - Country Strategy: China & HK 5 July / S’pore, 18 Jun / Thai, 17 Jun - Global Macro, Asset Strategy: 8 Jul, Update

Regional Market Focus

29 August 2013

3 of 16

Macro Data

Thailand’s Manufacturing Production Index shrinks 4.5% y/y in July for the fourth consecutive month. The contraction is due to a slower output in several key industries, namely the production of hard disk drives, canned foods, autos, processed chicken and electrical appliances, said the Office of Industrial Economics in an email statement on Wednesday. U.S. mortgage applications fell last week to the lowest level since February 2011 as a jump in interest rates led to another drop in home financing. The MBA index decreased 2.5% in the period ended Aug 23. Eurozone M3 Money Supply increased 2.2% yoy in the period ending July. This exceeded expectations of 2.0%. Source: Phillip Securities Research Pte Ltd

Regional Market Focus

29 August 2013

4 of 16

Singapore The Straits Times Index (STI) ended 29.84 points lower or -0.98% to 3,004.18,

taking the year-to-date performance to -5.14%. The FTSE ST Mid Cap Index declined -0.68% while the FTSE ST Small Cap

Index declined -0.92%. The top active stocks were Mirach Energy (-8.33%), DBS (-0.94%), SingTel (-0.57%), Capitaland (-2.33%) and UOB (-0.05%).

STI is held at support of 3050 and the next major support is at 2930 which is our in-house probable downside target if the selloff continues. We are in the midst of confirmation if the support can hold. Though a rebound in the Jakarta markets is encouraging. Caution is still advised till market weakness has fully run it’s course.

Top picks for the year to consider after the market has absorbed the shorter term cycle sell off are Pan United (Accumulate, TP: S$1.27), SGX (Buy, TP: S$8.30) & Keppel Corp (Accumulate, TP: S$12.25).

Close +/- % +/-FSSTI 3004.18 -29.84 -0.98P/E (x) 12.36P/Bv (x) 1.32

3.46Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

3500

3700

8/28 11/28 2/28 5/31

Source: Bloomberg

Thailand Thai stocks whipsawed between positive and negative territory within a trading

range of 34 points on Wed before the SET index finished the session down 18.21 points at 1,275.76 points. Only energy counters gained on soaring oil prices amid Syria jitters.

Wall Street rebounded slightly after two consecutive sessions of losses but thin trading volume below 30-day average reflected concerns about Syria after the US and UK might possibly take military action against Syria without a UN mandate amid opposition from Russia and China.

Thai stocks also came under pressure from foreign capital outflows, which put a cap on the market’s upside after foreign selling spree continued unabated in the Thai stock market. Eyes will also remain on key US economic data, especially GDP, which may provide more clues on the US Federal Reserve’s QE tapering plan.

Following ten straight sessions of losses, which took the SET index into oversold territory, we believe Thai stocks may be poised for a rebound but the upside would continue to be limited in the face of ongoing risks. We expect a trading range of 1260-1290 points for the SET index today.

Resistance for the SET index is pegged at 1280-1300 points and support at 1260-1250 points today.

Close +/- % +/-SET INDEX 1275.76 -18.21 -1.41P/E (x) 14.05P/Bv (x) 2.02

3.37Dividend Yield

STOCK EXCH OF THAI INDEX

900

1000

1100

1200

1300

1400

1500

1600

1700

8/29 11/29 2/28 5/31

Source: Bloomberg

Regional Market Focus

29 August 2013

5 of 16

Indonesia

The Jakarta Composite Index (JCI) rebounded on Wednesday (28/08), supported by domestic investors’ purchases and as shares buyback plans announced by a number of constituents lifted stock prices. The JCI advanced 58.633 points, or 1.48%, to 4,026.475. The gain on Wednesday included eight of the nine major industry groups, led by miscellaneous industry sector that surged 4.40%, followed by property, construction and real estate sector with 2.74%-advance, and finance sector with 1.53%-rise. Blue-chip stocks rose on Wednesday, with the LQ45 index gained 13.109 points, or 2.01%, to end at 664.981. A number of shares buyback plans were announced by listed-companies in Jakarta on Wednesday, among others MNC Group, an Indonesian media conglomerate, that said the group is ready to buy-back shares of Media Nusantara Citra (MNCN) and Global Mediacom (BMTR), two of its subsidiaries listed on the Jakarta Stock Exchange. Similar interests in shares buybacks came from a number of listed state-own enterprises, according to the Financial Services Authority (“OJK”), citing strong fundamentals of these companies, without giving further details. Gainers outpaced decliners 153 to 126 Wednesday on the Indonesia Stock Exchange, where 4.98 billion shares worth IDR 6.39 trillion traded on the regular board. Foreign investors’ transactions accumulated to a total net sale of IDR 1.19 trillion.

The Jakarta Composite Index (JCI) looked set for another gain today, following a rebound yesterday and higher close on Wall Street overnight. Stock purchases by domestic investors and share buyback plans by a number of constituents may help lift sentiments in Indonesia's market today. We expect the benchmark index to advance, with support and resistance at 3,769 and 4,162, respectively.

Close +/- % +/-JCI Index 4026.48 58.63 1.48P/E (x) 17.64P/Bv (x) 2.45

2.48Dividend Yield

JAKARTA COMPOSITE INDEX

3400

3900

4400

4900

5400

8/29 11/29 2/28 5/31

Source: Bloomberg

Sri Lanka The Colombo Bourse depicted an unexpected plunge during the day, dragging

the indices further into the risky negative territory. The market trended downwards from its early hours falling to an intraday low of 5,753.20 losing a gigantic 170.14 points or 2.87%, suffering the worst loss post to 14th February 2012 (loss of 190 points). Following a similar trading pattern the S&P SL20 lost a substantial 109.40 points or 3.30%, to close the day at 3,209.35 just 9 points above the 3,200 mark. With regard to the movement in share prices, price losers slammed the price gainers by 187:30. The turnover for the day amounted to LKR 694.31Mn, indicating a gain of 37.95% compared to the previous trading day. A total of 25.83Mn shares changed hands during the day resulting in a gain of 26.61% against the previous trading day. Under the sectorial round-up, Motors (MTR) sector stood on top providing LKR 231.71Mn and Diversified Holdings (DIV) sector emerged second contributing LKR 174.30Mn. As at the daily closure the total market capitalization dropped to LKR 2.37Tn, reducing the year to date gain to 9.32%. The market PER and PBV stood at 16.36x and 2.19x respectively. Foreign participants appeared to be bullish for the first time during the week, recording a net foreign inflow of LKR 202.59Mn, adding further to the year to date net foreign inflow of LKR 18.36Bn.With regard to the local FOREX market, the Rupee (LKR) depreciated further against the U.S. Dollar (USD), falling to a lowest level in 13 months; currently the selling rate is at LKR 134.66/- and buying rate stands at LKR 131.44/-.

Close +/- % +/-CSEALL Index 5753.20 -170.14 -2.87P/E (x) 11.58P/Bv (x) 1.55

2.78

Dividend Yield

SRI LANKA COLOMBO ALL SH

4500

5000

5500

6000

6500

7000

8/29 11/29 2/28 5/31

Source: Bloomberg

Regional Market Focus

29 August 2013

6 of 16

Australia The Australian share market on Wednesday suffered its steepest one-day fall in

three weeks as speculation about a US military strike on Syria hits the big miners. The benchmark S&P/ASX200 index was down 54 points, or 1.05 per cent to 5,087.2 points.

Today (29/08/13), the Australian market looks set to open flat after Wall Street made modest gains but European bourses fell amid nervousness over possible action against Syria.

In economic news on Thursday, the Australian Bureau of Statistics releases private new capital expenditure and expected expenditure data for the June quarter while the HIA posts new home sales figures for July.

In equities news, Qantas Airways, Ramsay Health Care, Paladin Energy and Perpetual are expected to release full year results, while Westfield Group posts first half results and David Jones announces its fourth quarter sales figures. Meanwhile, Tabcorp chief executive David Attenborough is slated to give a speech to an AMCHAM lunch.

Close +/- % +/-S&P/ASX 200 INDEX 5087.16 -54.05 -1.05P/E (x) 22.05P/Bv (x) 1.96

5.77

STANDARD & POORS/ ASX 200 INDEX

Dividend Yield

3800

4000

4200

4400

4600

4800

5000

5200

5400

8/29 11/29 2/28 5/31

Source: Bloomberg

Hong Kong

HSI lost 130 points or 0.59% to 21,874 and CEI dropped 86 points or 0.86% to 9,988. Trading volume was HKD47.972 billion.

Dragged down by emerging markets, especially Indonesia market, HSI dropped sharply in afternoon, day low was 21,771 (-234).

PICC P&C (2328.HK) gained 6.8% yesterday as sell-side report said its earnings would be driven by rural insurance business. Comtec Solar (712.HK) reported interim results with loss narrowed to RMB12.12 million but its share price dropped 18.1%. Want Want China (151.HK)’s 1H13 net profit climbed 33.2% due to significant gross margin improvement.

Technically, HSI dropped below both 100-MA and 250-MA yesterday, sending a negative signal. The next resistance and support will be at 22,000 and 21,423 respectively.

Close +/- % +/-HSI INDEX 21524.65 -350.12 -1.60P/E (x) 9.96P/Bv (x) 1.36

3.51Dividend Yield

HANG SENG INDEX

17000

18000

19000

20000

21000

22000

23000

24000

25000

8/29 11/29 2/28 5/31

Source: Bloomberg

Regional Market Focus

29 August 2013

7 of 16

Market News

US A probe of JPMorgan Chase & Co.’s (JPM) hiring practices in China has uncovered red flags across Asia, including an internal

spreadsheet that linked appointments to specific deals pursued by the bank, people with knowledge of the matter said. The Justice Department has joined the Securities and Exchange Commission in examining whether JPMorgan hired people so that their family members in government and elsewhere would steer business to the firm, possibly violating bribery laws, said one of the people, all of whom asked to not be named because the inquiry isn’t public. The bank has opened an internal investigation that has flagged more than 200 hires for review, said two people with knowledge of the examination, results of which JPMorgan is sharing with regulators. (Source: Bloomberg)

The U.S. and Switzerland agreed to resolve a long-running dispute over offshore tax evasion by letting some banks voluntarily disclose wrongdoing and turn over account information on American clients, a senior Justice Department official familiar with the matter said. The accord divides Swiss banks into four tiers: 14 banks under criminal investigation; those allowed to avoid prosecution by disclosing wrongdoing; those without wrongdoing to disclose; and those complying with U.S. anti-tax evasion law, according to the person, who isn’t authorized to discuss the matter publicly and asked not to be named. Total penalties by banks making voluntary disclosures could exceed $1 billion, the person said. The pact lets Switzerland, the world’s largest offshore financial center with about $2.2 trillion of assets, resolve negotiations spanning two years after U.S. criminal prosecutions eroded Swiss bank secrecy. Those under investigation include Credit Suisse Group AG (CSGN), the second-largest Swiss bank. (Source: Bloomberg)

General Motors Co. (GM), updating the Chevrolet Malibu after disappointing sales, said the 2014 model’s estimated fuel economy for city and highway driving will increase 12 percent, beating the Toyota Camry. The base 2014 Malibu, which reaches U.S. showrooms later this year, will get 29 miles (47 kilometers) per gallon in combined city and highway use, Detroit-based GM said today in a statement. The 2013 base model was rated at 26 mpg, according to the U.S. Environmental Protection Agency’s website. Toyota Motor Corp. (7203)’s 2014 base Camry gets a combined 28 mpg, according to the EPA. (Source: Bloomberg)

Singapore CHINA Minzhong Food Corporation Ltd on Thursday refuted allegations in the report by short seller Glaucus Research Group and

extends its trading halt. The China company listed in Singapore said it has done a preliminary review of the report and noted that most of the issues raised by Glaucus with regard to its financials were "nothing new and arose out of a complete lack of understanding of the company's business model as well as the operating environment in China". "They have also failed to analyse the company's growth path over the years and have chosen to take snapshots of the company's results at specific times,'' China Minzhong said. On Monday, China Minzhong lost half its market value in less than two hours after Glaucus questioned its accounts, and valued the company shares at zero. (Source: BT Online)

Prime Minister Lee Hsien Loong is making several Cabinet changes as well as other political appointments, including that of two new office holders. The changes will kick in from Sept 1, according to a statement from the Prime Minister's Office released on Wednesday. Chan Chun Sing, currently Acting Minister for Social and Family Development and Senior Minister of State for Defence, is being promoted to full minister. In addition to heading the Ministry of Social and Family Development, he will also be Second Minister for Defence. Tan Chuan-Jin will step down as Senior Minister of State in the Ministry of National Development (MND) but will continue as Acting Minister for Manpower. (Source: BT Online)

Thailand The Office of Industrial Economics (OIE) plans to cut its 2013 industrial GDP growth forecast for the country from a current estimate of

3%-4% this Oct in the face of economic woes and slowing consumption. Thailand’s industrial GDP stood at 1.9% in the first seven months of 2013. The OIE also plans to slash its 2013 MPI forecast from a current estimate of 0.5%-1% after MPI in the first seven months of 2013 shrank 1.5%. (Sources: Thai Post, Matichon)

The Ministry of Commerce said food venders may likely take advantage of the cooking gas price hike on Sep 1, 2013 to raise Thai fast food prices by Bt5-Bt10/dish though costs would edge modestly higher. (Source: Post Today)

Indonesia The coordinating minister for the economy stated that the ministerial regulations related to economic rescue policy package have been

completed. The regulations have been signed by relevant ministers. One of the regulations is about the use of biodiesel in the corporate world. The government had declared that Indonesia has enough biodiesel production capacity. Through the policy, the government will require the use of a 10-percent biodiesel mixture in the production of subsidized and non-subsidized diesel. This policy aims to reduce fuel imports. Further, the minister said Indonesia is capable of producing 4.6 million kiloliters of biodiesel and 35 million liters of diesel. The policy package will increase the use of biodiesel by up to three million kiloliters. (Source: Tempo)

Bank Indonesia Governor stated that the import of luxury goods must be limited to reduce the pressures on the current account. The national payment balance has been increasing for seven consecutive quarters. Based on a report from the Trade Ministry, the import of luxury goods such as airplanes and luxury cars often burden the state's current accounts. In its four economic rescue policies announced last week, the government plans to increase luxury goods tax from 75 percent to around 125 to 150 percent in order to reduce import rate. The rescue policy package is aimed to lower the current accounts deficit and help the rupiah exchange value from depreciating further. (Source: Tempo)

Regional Market Focus

29 August 2013

8 of 16

Sri Lanka Sri Lanka's tourist arrivals rose 9.5 percent to 98,944 in July 2013 from a year earlier, helped by India, Germany and China. In the seven

months to July visitors were up 12.5 percent to 611,222. South Asian arrivals rose 24.6 percent to 20,974 with Indian visitors surging 30 percent to 15,032, bucking weak trend so far this year. Up to July visitors from India were up only 2.2 percent to 99,013. Visitors from Western Europe rose 10.5 percent to 45,930 with arrivals from Germany up 40 percent to 8,203. Britain Sri Lanka's second largest generating market after India send 14,005 visitors up 2.7 percent. (Source: lankabusinessonline.com)

Sri Lanka's rupee hit a new low of near 135.00 to the US dollar in the spot next market Wednesday, while bond yields rose. The rupee opened at 133.20/30 to the US dollar and weakened rapidly, in mid-morning trade in one of the sharpest single day falls seen in recent months. In bond markets a 5-year bond was quoted at a yield of 11.95/12.00 percent. During mid-2012 Sri Lanka's rupee fell as much as 134.70 to the US dollars in the spot market. (Source: lankabusinessonline.com)

Australia New private capital expenditure rose against expectations of a flat result in the June quarter, according to data from the Australian

Bureau of Statistics (ABS). According to the ABS, capex lifted 4 per cent, seasonally adjusted, to $40 billion in the quarter. (Source: The Australian)

Westfield Group, one of the world's biggest owners of shopping malls, has said first-half net profit fell by 36 per cent as sales of less-profitable malls reduced overall revenue. Net profit for the six months through to June fell to $514.8 million from $800.1m a year earlier after the company sold assets worth a combined $4.9 billion. Funds from operations--a measure the company says more accurately represents its underlying performance--rose 3 per cent to $729m. (Source: The Australian)

Qantas swung to a modest annual profit after Australia's biggest airline squeezed costs at its longhaul unit and received compensation from Boeing for a series of late plane deliveries. The carrier flipped a $245 million net loss into profit of $5 million in the year through June even as Qantas, like other global airlines, battled a year of fragile consumer confidence, soaring jet-fuel costs and stiffening rivalry on international routes. (Source: The Australian)

Regional Market Focus

29 August 2013

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Hong Kong The Chinese increasingly eat, shop and play in ways their Western counterparts would instantly recognize. They’re aging like them too,

living longer lives that are often limited by debilitating illnesses. As the almost 200 million population of over-60s more than doubles in the next 40 years, China faces a deluge of infirm elderly who can’t live alone. Nor can they rely on Confucian tradition of children caring for their parents: the country’s one-child policy has left fewer offspring to share the load, while more Chinese are moving away from home to study or work. While China spent 1.1 trillion yuan ($179.7 billion) over the past four years to cut the cost of drugs and provide basic medical coverage for more than 90 percent of its 1.3 billion people, services for the elderly have fallen behind. To plug the gap, Premier Li Keqiang said Aug. 16 the government will cut red tape and costs to spur foreign investment into the type of privately funded care that is common in the West. “They’re going to be struggling with an enormous burden in terms of caring for their elderly,” said Benjamin Shobert, managing director of Rubicon Strategy Group in Seattle, which advises companies on how to enter Asian health-care markets. “They don’t really have two bites of the apple. Purely from a time-frame point of view, the next 10 years are critical.” More than two decades of record economic growth turned the Chinese into the world’s top consumers of cars and smartphones. At the same time, China's people can expect to live 76 years on average, seven years longer than in 1990, World Health Organization data show. They can also look forward to 16 years of life after retirement, according to Bloomberg data. Those gains came at a cost. Uneven growth lured hundreds of millions of people from rural areas into cities, separating families and removing a key source of support for the elderly. The social upheaval eroding China’s multi-generational family structure is accompanied by changes in health, a study published in June’s edition of the Lancet shows. China’s health profile in 1990 looked like that of other developing countries such as Vietnam and Iraq, according to the paper by the Chinese Center for Disease Control and Preventionand Peking Union Medical College. By 2010, it resembled rich nations such as the U.S., withheart disease, strokes, high blood pressure and diabetes among ailments gaining prominence. A “shift to chronic disability” poses a major challenge for China’s health system, the report said. (Source: Bloomberg)

China Rongsheng Heavy Industries Group Holdings Ltd. (1101), seeking government assistance after a slump in vessel orders, is pursuing alternative sources of funding after burning through cash and posting a second straight loss. The biggest Chinese private shipbuilder is in talks with banks for loan refinancing as it seeks to control costs and capital expenditure. Shanghai-based Rongsheng said it’s also working with customers to accelerate payment collection.The shipyard will have sufficient funds to meet obligations over the next one year, based on a review of its cash-flow projections, the company said yesterday. Rongsheng’s ability to raise funds and meet payments will determine how much China needs to intervene in the sector after the government earlier this month issued a three-year package to support the troubled shipbuilding industry, the world’s biggest. “Since the management has plans to address the key liquidity issue, we can’t continue to cast doubts on the company,” said Lawrence Li, a Shanghai-based analyst with UOB Kay-Hian Holdings Ltd. Still, the lack of new orders is a cause of concern, he said. Some customers sought to postpone delivery of vessels amid a sluggish global shipping market and that delayed collection of receivables, Rongsheng said in a statement yesterday. At the same time, the company continued to make payments to its suppliers and workers, crimping cash flows. With sales plunging 71 percent and few new orders coming, Rongsheng’s cash and cash-equivalents decreased by 1.27 billion yuan ($208 million) to 871 million yuan as of the end of June. Total borrowings were 24.85 billion yuan, the company said. (Source: Bloomberg)

China Mengniu Dairy Co. (2319), the country's largest dairy producer, said first-half earnings rose 16 percent as efforts by the country’s largest dairy producer to improve its product mix boosted sales. Net income climbed to 749.5 million yuan ($122 million) from 644.7 million yuan a year earlier, Mengniu said in a filing to Hong Kong’s stock exchange yesterday. That compared with the 753.6 million yuan average of seven analyst estimates compiled by Bloomberg. Sales increased 13 percent to 20.67 billion yuan from 18.24 billion yuan. Mengniu is seeking foreign partnerships and enhancing raw material security to win back the confidence of Chinese consumers as a series of food safety scandals drove buyers away from domestic dairy products. It announced three major deals in two months, including a tie-up with Paris-based Danone SA (BN) and an investment in baby milk company Yashili International Holdings Ltd. (1230), amid a government push to improve product standards and consolidate the industry. “The overall industry is seeing decent growth in volumes,” Emma Liu, a Hong Kong-based analyst at Nomura Holdings Inc., said before the earnings announcement. “As consumers grow increasingly aware of food safety, they will stick to the big brands.” Mengniu will have more room to grow as China’s per capita consumption of dairy remains low, said Liu, who has a buy rating on the stock. Mengniu shares fell 1 percent to HK$29.85 at the close of Hong Kong trading yesterday. The company’s stock has gained 36 percent this year, compared with a 5 percent decline in the benchmark Hang Seng Index. (Source: Bloomberg)

Regional Market Focus

29 August 2013

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81.45 +0.03% 295.69 +0.33%

113.24 +2.04% 2.778 +0.01%

1,417.51 -0.03% 14,824.51 +0.33%

494.66 -0.98% MSCI SEA 762.83 -0.70%

2,742.61 -0.24% 54.1

Dollar Index

Gold (US$/Oz)

ThomReuters/JefferiesCRB

DJI

Crude oil, Brent (US$/bbl) US Treasury 10yr Yield

Euro Stoxx 50

Source: Bloomberg

MSCI Asia x-Japan

JPM Global Composite PMI SA

1.201.401.601.802.002.202.402.602.803.00

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

700

750

800

850

900

950

1,000

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

11,000

12,000

13,000

14,000

15,000

16,000

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

2,0002,1002,2002,3002,4002,5002,6002,7002,800

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

48

49

50

51

52

53

54

55

56

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

78

80

82

84

Aug-1

2

Sep-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Ma

r-13

Apr-1

3

Ma

y-13

Jun-1

3

Jul-1

3

260

280

300

320

340

Aug-1

2

Sep-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Ma

r-13

Apr-1

3

Ma

y-13

Jun-1

3

Jul-1

3

90

100

110

120

130

Aug

-12

Sep

-12

Oct-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

440

460

480

500

520

540

560

580

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

Regional Market Focus

29 August 2013

11 of 16

Valuations of Major Regional Markets

13.9 1.32

12.4 2.02

10.3 1.36

14.1 2.45

14.7 1.96

Source: Bloomberg

Jakarta Stock Exchange Composite Index, P/B (X)

Straits Times Index, Forward P/E (X)

Hang Seng Index, Forward P/E (X)

Straits Times Index, P/B (X)

Stock Exchange of Thailand, Forward P/E (X) Stock Exchange of Thailand, P/B (X)

Jakarta Stock Exchange Composite Index,

Hang Seng Index, P/B (X)

S&P/ASX 200 Index, Forward P/E (X) S&P/ASX 200 Index, P/B (X)

10

12

14

16

18

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

1.0

1.2

1.4

1.6

1.8

2.0

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

1.0

1.5

2.0

2.5

3.0

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

8

10

12

14

16

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

1.01.21.41.61.82.02.2

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

8

10

12

14

16

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

2.22.42.62.83.03.23.43.6

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

10

12

14

16

18

20

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

1.4

1.6

1.8

2.0

2.2

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

8

10

12

14

16

18

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Regional Market Focus

29 August 2013

12 of 16

Source: Bloomberg

World Index

JCI 1.48% 4,026.48

HSI -1.60% 21,524.65

KLCI -0.89% 1,686.17

NIKKEI -1.51% 13,338.46

KOSPI 0.69% 1,897.48

SET -1.41% 1,275.76

SHCOMP -0.11% 2,101.30

SENSEX 0.16% 17,996.15

ASX -1.05% 5,087.16

FTSE 100 -0.17% 6,430.06

DOW 0.33% 14,824.51

S&P 500 0.27% 1,634.96

NASDAQ 0.41% 3,593.35 COLOMBO -2.87% 5,753.20

STI -0.98% 3,004.18

Regional Market Focus

29 August 2013

13 of 16

Date Statistic For Survey Prior Date Statistic For Survey Prior

8/29/2013 Initial Jobless Claims 24-Aug 331K 336K 8/30/2013 Credit Card Bad Debts Jul -- 21.1M

8/29/2013 Continuing Claims 17-Aug 2988K 2999K 8/30/2013 Credit Card Billings Jul -- 3475.9M

8/29/2013 GDP Annualized QoQ 2Q S 2.20% 1.70% 8/30/2013 Money Supply M1 YoY Jul -- 0.183

8/29/2013 Personal Consumption 2Q S 1.70% 1.80% 8/30/2013 Money Supply M2 YoY Jul -- 0.091

8/29/2013 GDP Price Index 2Q S 0.70% 0.70% 8/30/2013 Bank Loans and Advances YoY Jul -- 17.70%

8/29/2013 Core PCE QoQ 2Q S 0.80% 0.80% 9/3/2013 Electronics Sector Index Aug -- 5030.00%

8/29/2013 Bloomberg Consumer Comfort 25-Aug -- -28.8 9/3/2013 Purchasing Managers Index Aug -- 5180.00%

8/30/2013 Personal Income Jul 0.20% 0.30% 9/4/2013 Automobile COE Open Bid Cat A 41521 -- 7622300.00%

8/30/2013 Personal Spending Jul 0.30% 0.50% 9/4/2013 Automobile COE Open Bid Cat B 41521 -- 7660700.00%

8/30/2013 PCE Deflator MoM Jul 0.20% 0.40% 9/4/2013 Automobile COE Open Bid Cat E 41521 -- 79223

8/30/2013 PCE Deflator YoY Jul 1.40% 1.30% 09-13 SEP Foreign Reserves Aug -- $261.10B

8/30/2013 PCE Core MoM Jul 0.20% 0.20% 11-16 SEP Manpow er Survey 4Q -- 15%

8/30/2013 PCE Core YoY Jul 1.30% 1.20% 9/13/2013 Unemployment rate SA 2Q F -- 2.10%

8/30/2013 ISM Milw aukee Aug 53 52.43 9/13/2013 Retail Sales Ex Auto YoY Jul -- 2.60%

8/30/2013 Chicago Purchasing Manager Aug 53 52.3 9/13/2013 Retail Sales YoY Jul -- -4.00%

Date Statistic For Survey Prior Date Statistic For Survey Prior

8/30/2013

Bloomberg Aug. Thailand

Economic Survey 8/30/2013 Budget Balance HKD Jul -- -16.7B

8/30/2013 Foreign Reserves 23-Aug -- $172.0B 8/30/2013 Money Supply M1 HKD YoY Jul -- 18.10%

8/30/2013 Forw ard Contracts 23-Aug -- $23.6B 8/30/2013 Money Supply M2 HKD YoY Jul -- 9.60%

8/30/2013 Exports YoY Jul -- -3.50% 8/30/2013 Money Supply M3 HKD YoY Jul -- 9.70%

8/30/2013 Exports Jul -- $18818M 9/2/2013 Retail Sales Value YoY Jul -- 14.70%

8/30/2013 Imports YoY Jul -- 0.90% 9/2/2013 Retail Sales Volume YoY Jul -- 13.40%

8/30/2013 Imports Jul -- $18230M 9/4/2013 HSBC/Markit PMI Aug -- 49.7

8/30/2013 Trade Balance Jul -- $588M 9/6/2013 Foreign Reserves Aug -- $299.9B

8/30/2013 BoP Current Account Balance Jul -$475M -$664M 11-16 SEP Manpow er Survey 4Q -- 14%

8/30/2013 Overall Balance Jul -- -$3101M 9/12/2013 Industrial Production YoY 2Q -- 0.50%

8/30/2013 Business Sentiment Index Jul -- 49.9 9/12/2013 PPI YoY 2Q -- 0.60%

9/2/2013 CPI NSA MoM Aug -- 0.10% 9/17/2013 Unemployment Rate SA Aug -- 3.30%

9/2/2013 CPI YoY Aug -- 2.00% 9/19/2013 Composite Interest Rate Aug -- 0.32%

9/2/2013 CPI Core YoY Aug -- 0.85% 9/23/2013 CPI Composite YoY Aug -- 6.90%

9/5/2013 Consumer Confidence Economic Aug -- 70.6 9/24/2013 BoP Overall 2Q -- $16.40B

US Singapore

Economic Announcement

Thailand Hong Kong

Source: Bloomberg

Source: BloombergSource: Bloomberg

Source: Bloomberg

Regional Market Focus

29 August 2013

14 of 16

Date Statistic For Survey Prior Date Statistic For Survey Prior

8/30/2013

Bloomberg Aug. Indonesia

Economic Survey 8/30/2013 CPI Moving Average YoY Aug -- 8.30%

9/2/2013 HSBC/Markit Manufacturing PMI Aug -- 50.7 8/30/2013 CPI YoY Aug -- 6.10%

9/2/2013 CPI YoY Aug -- 0.0861 10-28 SEP Exports YoY Jul -- 6.80%

9/2/2013 CPI NSA MoM Aug -- 0.0329 10-28 SEP Imports YoY Jul -- 15.30%

9/2/2013 CPI Core YoY Aug -- 4.44% 16-30 SEP GDP YoY 2Q -- 6.00%

9/2/2013 Exports YoY Jul -- -4.50% 9/17/2013 CBSL Repurchase Rate 41534 -- 7.00%

9/2/2013 Imports YoY Jul -- -6.80% 9/17/2013 CBSL Reverse Repo Rate 41534 -- 0.09

9/2/2013 Trade Balance Jul -- -$847M 9/30/2013 CPI Moving Average YoY Sep -- --

02-05 SEP Danareksa Consumer Confidence Aug -- 8200.00% 9/30/2013 CPI YoY Sep -- --

02-10 SEP Consumer Confidence Index Aug -- 108.4 07-28 OCT Exports YoY Aug -- --

02-10 SEP Money Supply M1 YoY Jul -- 0.102 07-28 OCT Imports YoY Aug -- --

02-10 SEP Money Supply M2 YoY Aug -- 0.119 10/15/2013 CBSL Repurchase Rate 41562 -- --

03-09 SEP Foreign Reserves Aug -- $92.67B 10/15/2013 CBSL Reverse Repo Rate 41562 -- --

03-09 SEP Net Foreign Assets IDR Aug -- 917.35T 10/31/2013 CPI Moving Average YoY Oct -- --

10-20 SEP Local Auto Sales Aug -- 112184 10/31/2013 CPI YoY Oct -- --

Date Statistic For Survey Prior

8/29/2013 HIA New Home Sales MoM Jul -- 3.40%

8/29/2013 Private Capital Expenditure 2Q 0.00% -4.70%

8/30/2013 Private Sector Credit MoM Jul 0.40% 0.40%

8/30/2013 Private Sector Credit YoY Jul 3.10% 3.10%

9/2/2013 AiG Perf of Mfg Index Aug -- 42

9/2/2013 RPData/Rismark House Px MoM Aug -- 1.60%

9/2/2013 TD Securities Inflation MoM Aug -- 0.50%

9/2/2013 TD Securities Inflation YoY Aug -- 2.70%

9/2/2013 Building Approvals YoY Jul -- -13.00%

9/2/2013 Building Approvals MoM Jul -- -6.90%

9/2/2013 Company Operating Profit QoQ 2Q -- 3.00%

9/2/2013 Inventories SA QoQ 2Q -- -0.60%

9/2/2013 Commodity Index AUD Aug -- 89.6

9/2/2013 Commodity Index YoY Aug -- -11.80%

9/3/2013 BoP Current Account Balance 2Q -- -8.5B

Source: Bloomberg

Indonesia

Australia

Sri Lanka

Source: BloombergSource: Bloomberg

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Total ReturnTotal ReturnTotal ReturnTotal Return RecommendationRecommendationRecommendationRecommendation RatingRatingRatingRating RemarksRemarksRemarksRemarks >+20%>+20%>+20%>+20% BuyBuyBuyBuy 1111 >20% upside from the current price>20% upside from the current price>20% upside from the current price>20% upside from the current price

+5% to +20%+5% to +20%+5% to +20%+5% to +20% AccumulateAccumulateAccumulateAccumulate 2222 +5% to +20%upside from the curren+5% to +20%upside from the curren+5% to +20%upside from the curren+5% to +20%upside from the current pricet pricet pricet price ----5% to +5%5% to +5%5% to +5%5% to +5% NeutralNeutralNeutralNeutral 3333 Trade within ± 5% from the current priceTrade within ± 5% from the current priceTrade within ± 5% from the current priceTrade within ± 5% from the current price ----5% to 5% to 5% to 5% to ----20%20%20%20% ReduceReduceReduceReduce 4444 ----5% to 5% to 5% to 5% to ----20% downside from the current price20% downside from the current price20% downside from the current price20% downside from the current price

<<<<----20%20%20%20% SellSellSellSell 5555 >20%downside from the current price>20%downside from the current price>20%downside from the current price>20%downside from the current price

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