SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

19 November 2012

Regional

Daily

Top Views SG: Singapore Office Sector Wilson LIEW The Dynamic “Duo”

- The design for DUO, one of two mixed-developments jointly developed by Singapore and Malaysia following the historic land swap arrangement involving Malayan railway land, was unveiled recently. Together, they are on track to deliver 3.2m sq ft of Grade A office space.

- However, office players are in for a tough time as they face stiff competition from other Grade A developments completing from now till 2017, which may exert more downward pressure on rents in the near term.

- Expecting office rents to slide by another 10% in 2013, we maintain our HOLD recommendations on Keppel REIT (TP:SGD1.09) and Singapore Land (TP:SGD6.75), and our SELL recommendation on CapitaCommercial Trust (TP:SGD1.35).

TH: Market Strategy Maria Lapiz 3Q12 Earnings Wrap: Catch up in 3Q12 = Earnings Upgrade Potential in 4Q | NEUTRAL - The SET Index now has just 6% upside to YE12 1350 by YE12, and a 14%

upside to the FY14 target of 1450 by YE13. Considering that it is now at 13.2x PE, +1.5 SD>LTM and at premium to the MSCI x J, it appears fully-valued. At this point earnings disappointment could have a disproportionately high impact on share prices

- The earnings run rate of companies under MBKET’s coverage universe pulled up significantly from <50% of the FY12 earnings forecast in 2Q12 to 77% in 3Q12 (ex ENERGY/PETCHEM), thanks to the strong recovery in earnings in 3Q12. With expectations of strong growth in 4Q12, there is now a positive earnings bias to the market.

- Earnings upgrade potential will support sustained SET performance. Top 3 companies under coverage with high earnings upside are CPN, RATCH and TOP while Top 3 SET 50 stocks under coverage that has the highest upside to price target are HEMRAJ, MAKRO and TOP.

SMID Caps 9M12 REVIEW Mcap USD353.1m ADTV USD0.3m VN: PV Drilling (PVD VN) Tuyen Nguyen Commodities | An Undervalued Oil Driller | BUY | Upside 42% - PVD’s 9M12 revenue and net profit increased 24.3% and 28.5% YoY to

USD400m and USD53m, respectively. - All five of PVD’s oil rigs are contracted out through 2013. As parent

company PetroVietnam will double its annual E&P spending, PVD bought an additional rig for delivery in 1H13 and ordered the construction of yet another rig for delivery in 2014.

- PVD is trading at a FY13 PER of 4.4x, which is a trading at a 60% discount to peers and close to historical trough levels. We expect EPS to grow 34% this year and 11% next year. Maintain BUY.

P K Basu pk.basu@maybank-ke.com.sg (65) 6432 1821 ONG Seng Yeow ongsengyeow@maybank-ke.com.sg (65) 6432 1832 Benjamin Ho benjaminho@kimeng.com.hk (852)22680643

Top Buys… Company Ticker Spot Target Upside (%) Thai Vegetable Oil TVO TB 23.60 34.75 47.25 SembMarine SMM SP 4.11 5.90 43.55 SapuraKencana SAKP MK 2.88 4.10 42.36 LICHF LICHF IN 252.90 332.00 31.28 B. Armada BAB MK 3.87 4.88 26.10 Neptune Orient Lines NOL SP 1.08 1.35 25.00 Telekom T MK 5.51 6.61 19.96 Genting Malaysia GENM MK 3.42 4.05 18.42 China State Construction 3311 HK 9.25 10.80 16.76

Top Sells… Company Ticker Spot Target Downside (%) Jai Prakash Associates JPA IN 92.65 47.00 49.27 Ajisen China 538 HK 5.82 3.21 44.85 Idea Cellular IDEA IN 96.10 68.00 29.24 Aeon Co (M) AEON MK 12.02 9.30 22.63

Maybank-KE Events Date Event Location 19-20 Nov D & L Industries roadshow HK 20-21 Nov Sports Toto Malaysia roadshow HK 21 Nov D & L Industries roadshow SP 28 Nov Neptune Group roadshow SP 29 Nov & 3 Dec

STM Trust roadshow SP

19 November 2012

Regional Daily

Company Notes COMPANY UPDATE McapUS$3.5b ADTV US$25.0m IN: Jaiprakash Associates (JPA IN) Anubhav Gupta Industrials | No Reprieve From The Debt Scenario | SELL | Downside 20% - In the past 3 months, the JPA stock outperformed the SENSEX by 17% on

hopes of fund raising from the cement plant sale. - However, the company’s negotiations with 3 buyers fell through due to

valuations given the sector is suffering from over supply. - The stock looks expensive at P/BV of 1.5x FY14F vs. the stocks of peers

that are trading below book. We maintain our negative view and expect the stock to correct on disappointing asset sales.

3Q12 REVIEW Mcap USD6.1b ADTV USD3.8m PH: SM Prime Holdings Inc Kenneth Nerecina Property | Results as expected; 4Q12 potentially stronger | HOLD | Upside 3.6% - SM Prime Holdings Inc’s (SMPH) 46 malls in the Philippines and four in

China generated revenues (mostly rent) of PHP7.2b in 3Q12, up 14.5% YoY and bringing 9M12 revenues to PHP21.2b, reflecting a 14.4% YoY increase.

- Net profit grew almost 16% to PHP2.5b in 3Q12 and 15% to PHP7.4b in 9M12. Both revenues are earnings are roughly 72% of our full-year estimates and on track given the seasonally strong fourth quarter. For instance, revenues and earnings in the fourth quarter accounted for about 28% of full-year figures in 2010 and 2011.

- We have upgraded our DCF-based target price to PHP15/sh from PHP14.44 previously. The higher intrinsic value is mainly on account of a lower risk-free rate of 5.75% from 6% previously. Maintain HOLD on the back of 3.6% upside potential on the stock price

TP DOWNGRADE Mcap USD12.5b ADTV USD12.9m MY: Tenaga Nasional (TNB MK) Tan Chi Wei Utilities | The Downside To Financial Health | HOLD | Upside 8% - We believe a fuel cost pass-through mechanism is unlikely to be

implemented in the next six months, at least - Near term upside hinges on the market further lowering coal price

expectations, and this is not likely to be significant in our view. - With the stock already up 18% YTD (22% since our upgrade in December

2011), we think TNB’s risk-reward is no longer compelling. TP DOWNGRADE Mcap USD361m ADTV USD0.1m IJ: Asahimas Flat Glass (AMFG IJ) Adi Wicaksono Materials | A More Challenging Year Ahead | HOLD | Upside 1% - Management indicated the company would experience more cost

pressures next year. Beside a 15% increase gas price, it will also face higher electricity, raw material, and wages costs.

- Management plans to conduct an overhaul of its A2 furnace in Sidoardjo, East Java, early next year, for four months. Given scenario, we do not think that sales volume will grow next year, as the company’s production is already fully utilised.

- We lower our TP to IDR8,050 from IDR8,500 as we lower our sales volume assumptions and raise FY13 capital expenditure to USD22m (from USD9m). As potential upside is now less than 10% from the current price, we also downgrade our recommendation to a HOLD.

19 November 2012

Regional Daily

Economics MY: 3Q 2012 Real GDP Suhaimi Ilias Local flavour - The Malaysian economy expanded by a better-than-expected +5.2%

YoY in 3Q 2012 versus our and consensus expectations of +4.8% YoY. 1Q 2012 and 2Q 2012 numbers were revised upwards to 5.6% YoY and 5.1% YoY respectively from 5.4% YoY and +4.9% YoY reported earlier. Growth in Jan-Sep 2012 was +5.3% (Jan-Sep 2011: +5.0%; 2011: +5.1%).

- Domestic demand sustained the positive momentum (3Q 2012: +11.4% YoY; 2Q 2012: +14.0% YoY) on the back of consumer spending (3Q 2012: +8.5% YoY; 2Q 2012: +8.8% YoY) and gross fixed capital formation (3Q 2012: +22.7% YoY; 2Q 2012: +26.1% YoY), as net external demand shrank further (3Q 2012: -50.5% YoY; 2Q 2012: -36.2% YoY), dragged by the drop in exports of goods and services (3Q 2012: -3.0% YoY; 2Q 2012: +2.1% YoY) and slower imports of goods and services (3Q 2012: +4.4% YoY; 2Q 2012: +8.1% YoY).

- 2012 growth looks set to come in at slightly above our +5.0% and the official +4.5% to +5.0% forecasts as the index of leading indicators is not signaling a sharp deceleration in 4Q 2012 growth. The higher base this year supports our projection of slower 2013 growth of 4.8%. The growth narrative and dynamics for Malaysia will remain the same i.e. domestic demand will continue to be especially supported by macroeconomic and targeted policies as well as the Economic Transformation Programme (ETP) that sustain consumer spending and spur investments in infrastructure and specific industries (e.g. MRT; oil, gas & energy; real estate / property developments in Government lands).

SG: NODX, Oct 2012 Suhaimi Ilias Rebound - NODX growth in Oct 2012 rebounded for the first time in two months to

+7.9% YoY (Consensus: +3.1% YoY; Sep 2012: -3.6% YoY). Compared to the previous month, the seasonally adjusted growth contracted by -1.2% (Sep 2012: +1.3%). For the first ten months of this year, NODX was up by +2.7% YoY (Jan-Oct 2011: +1.6% YoY).

- Official NODX growth forecasts lowered to 2%-3% from the previous 4%-5% on the back of weaker numbers during 3Q 2012. For 2013, growth is expected to come in at 2%-4%.

- Our 2012 and 2013 forecasts for NODX growth are also at low single-digit levels i.e. 3.8% and 5% respectively.

Additional Reports TH: THAI AIRWAYS (THAI TB) 3Q12 In line with Forecast| BUY Jaroonpan Wattanawong TH: SANSIRI (SIRI TB) Earnings Weaken without Condo Support | HOLD Termporn Tantivivat TH: BANGCHAK (BCP TB) Value added from Solar Farm Phase 3 | BUY Sutthichai Kumworachai TH: MCOT PCL (MCOT TB) A Rosy Outlook, Upgrade to BUY | BUY Suttatip Peerasub

19 November 2012

Regional Daily

MY: ETP 11th Progress Update Building Blocks For The Future| NEUTRAL Wong Chew Hann MY: Fraser & Neave Holdings (FNH MK) Clash Of The Titans | HOLD Kang Chun Ee MY: WCT BHD (WCT MK) Rising To The Occasion | BUY Wong Chew Hann MY: TSH Resources (TSH MK) 3Q Earnings To Remain Under Pressure | HOLD Ong Chee Ting PH: SM PRIME HLDGS (SIRI TB) Results as expected; 4Q12 potentially stronger | HOLD Kenneth Nerecina

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Sector Update 19 November 2012

Singapore Co. Reg No: 198700034E

MICA (P) : 099/03/2012

Singapore Office Sector The Dynamic “Duo”

Mega projects underway. The design for DUO, one of two mixed-use projects to be jointly developed by Singapore and Malaysia following the historic land swap for Malayan Railway land, was recently unveiled by world-renowned architect Ole Scheeren. The development at Ophir Road is expected to be completed in 2017, along with its sister site Marina One at Marina South. Together, these two mega projects will add nearly 2.5m sq ft of prime Grade A office space in that year.

Redefining the Bugis skyline. M+S Pte Ltd, a 60:40 JV between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings, will begin construction of DUO next year. The SGD3b development will comprise 660 prime residential units, 580,000 sq ft of Grade A offices, a five-star hotel and 80,000 sq ft of retail space. The residential units may be launched as early as 1H13, but we expect pre-leasing of the commercial elements to begin only in late 2016. DUO will offer prospective tenants a brand new option as the existing schemes in the Bugis area tend to be older, Grade B buildings. With the support of Khazanah, potential tenants are likely to also include Malaysia-based companies.

Launch of Marina One to follow. DUO’s sister site at Marina South, the SGD7b Marina One, has already broken ground even before an official unveiling of the full design. With a total GFA of 3.7m sq ft, the development consists of two office blocks with ~1.9m sq ft of prime office space, two residential blocks with 1,042 units and a retail podium of around 85,000 sq ft in NLA. When completed in 2017, Marina One will join the likes of Marina Bay Financial Centre and Asia Square Towers 1 and 2 in the heart of Singapore’s New Downtown.

Competition for tenants will be keen. Marina One and DUO may only come on-stream five years down the road, but from now till then, there are other prime Grade A completions in the Central Business District amounting to 3.2m sq ft of space. Landlords will continue to face competition from completed but not yet fully-leased developments (eg, MBFC Tower 3, One Raffles Place Tower 2 and Asia Square Tower 1), as well as secondary supply from returned space and also shadow space, which has been estimated at around 500,000 sq ft. In addition, developments at decentralised locations will be actively soliciting for tenants looking for affordable high-quality space, but do not need a Raffles Place or Marina Bay address.

Near-term demand set to remain weak. With the Singapore economy experiencing a QoQ contraction in 3Q12 and the government guiding for subdued growth of between 1% and 3% next year, we expect office leasing demand to remain soft going into 2013. We maintain our HOLD calls on Keppel REIT (KREIT SP; TP: SGD1.09) and Singapore Land (SL SP; TP: SGD6.75) and our SELL call on CapitaCommercial Trust (CCT SP; TP: SGD1.35), based on our expectation that office spot rents will undergo another 10% correction in 2013.

Wilson LIEW wilsonliew@maybank-ke.com.sg (65) 6432 1454

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

19 November 2012

Thailand Market Strategy

Catch up in 3Q12 = earnings upgrade potential in 4Q12 3Q12 rebound was commodities-linked driven: The SET100 posted a very strong rebound in profits growing 88%YoY, 33%QoQ reflecting the positive base effect due to flood-related disruption last year and strong earnings recovery in the Commodities-linked sector due to the absence of inventory/stock losses. Excluding the Energy & Petrochem sectors, the SET100 posted a 56%YoY growth but flat QoQ, still reflecting the positive base effect as well as the benefit from reduced tax rate. The flat QoQ was mainly due the full quarter effect of the wage adjustments and rise in utilities costs. For the 9M12, SET100 posted 3%YoY growth; 11% if we exclude the Energy/Petrochem sectors Growth in SET100 Property, Electronics (ETRON) and Autos appears more sustainable: Banks, Commerce & ICT that were performers in 2Q12 posted flat YoY growth in 3Q12. Among the big sectors, the Property, Petrochem and Energy/Utilities reported stellar growth ranging 59%-579%YoY and positive momentum as earnings rose 42-98%QoQ. However, we think that the earnings trend in the Property Sector is more sustainable as the earnings in the other two sectors could be distorted by inventory & stock losses. In the smaller sectors the AUTOS excelled, posting 60%YoY, 26%QoQ along with the ETRON whose aggregate earnings rose 99%YoY, 116%QoQ. The base effect in the ETRON Sector is stronger than in the Autos because the 2H11 flooding hit the former earlier. The Auto sector continues to benefit from the Thai government’s First Car Policy program. The worst performing sector was the F&B, posting 10%YoY drop in earnings and 27%QoQ mainly because of very poor earnings of CPF’s (livestock) and KBS (sugar). SMID-biased coverage underperformed in 3Q12 but still ahead on 9M12 basis: The MBKET/KELIVE universe (“the Portfolio”), which has preponderance of medium & small capitalization stocks (SMIDs) posted growth of 64%YoY, 44%QoQ, outperforming the SET100’ growth. However, excluding Energy/Petrochem sectors the Portfolio’s earnings posted a 5% decline YoY but 12% growth QoQ. Companies in the Services-Related Sectors were the main drag. For the 9M12, the Portfolio posted a 16%YoY growth; excluding the Energy & Petrochem sectors growth was 20%YoY - overall still better than SET100’s. Earnings upgrade likely in the short term: The favorable base effect heightening the 4Q12 will provide a strong finish for 2012. While this would likely be in the forecast already there is now a scope for an earnings upgrade, in our view. The <50% run rate for the Portfolio earnings in 2Q12 was pulled up by the strong catch up in 3Q bringing 9M12 earnings to 76% of the FY12 forecast; 77% if we exclude the Energy & Petrochem Sectors. KELIVE expects the SET Index to close at 1350 by YE12, a narrow 6% from here and at 1450 by YE13, +14% from here. Considering that the SET is now at 13.2x PE, +1.5 SD>LTM and at premium to the MSCI x J, it appears fully-valued. A positive earnings bias will support the market ST - the theme remains Consumption Driven. The sector faves are PROPERTY, AUTOS and COMMERCE; refer to side tables for Top 10 with upgrade potentials and Top 10 Stocks (SET50 based only) with upside to price. SAT is a SET100 stock and it has nearly 25% upside to our price target.

 Foreign/Institutional Research Unit Maria Lapiz Maria.L@maybank-ke.co.th (66 2) 257 0250 Pongrat Ratanatavanananda Pongrat.R@maybank-ke.co.th (662) 658 6300 ext 1398 Nalinee Praman (Database) Nalinee.P@maybank-ke.co.th KELIVE Research Team Sukit.U@maybank-ke.co.th Suttatip.P@maybank-ke.co.th Sutthichai.W@maybank-ke.co.th Woraphon.W@maybank-ke.co.th Termporn.T@maybank-ke.co.th Jaroonpan.W@maybank-ke.co.th Chatchai.J@maybank-ke.co.th

Sectors Performers Rel to SET Index

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Jan-

12

Jan-

12

Jan-

12

Feb

-12

Feb

-12

Mar

-12

Mar

-12

Ap

r-12

Ap

r-12

Ma y

-12

Ma y

-12

Jun-

12

Jun-

12

Jul-1

2

Jul-1

2

Jul-1

2

Au g

-12

Au g

-12

Se p

-12

Se p

-12

Oct

-12

Oct

-12

No

v-12

Property Commerce Banking Auto

Source: Bloomberg Top 10 Stocks - High Earnings Upgrade Potential Stock 9M12 FY12E % of FY12ECPN 5,079 4,088 124.25 RATCH 6,875 7,225 95.16 TOP 10,395 11,339 91.67 CPF 18,552 20,352 91.16 KTB 22,660 25,473 88.96 PTTGC 23,613 28,175 83.81 THAI 3,868 4,680 82.65 BCP 3,126 3,816 81.91 CPALL 8,261 10,391 79.50 PTTEP 43,548 54,830 79.42

Source: MBKET and KELIVE estimates Top 10 BUY-Rated Stocks in SET50 with Upside to PT Stock Rating Price (Bt) Target (Bt) Upside (%)HEMRAJ BUY 3.12 4.00 28.2MAKRO BUY 434.00 478.00 10.1TOP HOLD 62.25 67.75 8.8BJC HOLD 58.50 63.50 8.5BIGC HOLD 179.00 193.00 7.8CPF BUY 33.50 36.00 7.5BBL BUY 176.00 188.50 7.1TCAP BUY 35.25 37.75 7.1SCB BUY 157.50 168.50 7.0BTS BUY 6.15 6.55 6.5

Source: MBKET and KELIVE estimates

3Q12 Earnings Round Up

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update 19 November 2012

Vietnam

PV Drilling Cheap Oil Driller

Solid 9M12 results. PVD’s 9M12 revenue increased 24.3% YoY to USD400m thanks to its new deep water TAD rig, which started operating in Feb 2012, and thanks to its PVD11 land rig, which was contracted to Groupment Bir Seba in Nov 2011 (Groupment Bir Seba is a joint venture between PVD’s sister company PVEP, Algerian E&P firm SONATRACH, and Thai E&P firm PTTEP). PVD’s 9M12 net profit rose 28.5% YoY to USD53m.

Secure pipeline of business. PVD owns five rigs, all of which are contracted through 2013. In addition to leasing out its own rigs, the company sub-leases oil rigs, partially because of the ancillary services business that generates (staffing, tubing, mud-logging, minor spill cleanup, etc). The company recently secured two additional sub-leased rigs (bringing its total sub-leased rigs to three), which were contracted to Idemitsu and Thang Long JOC in Aug 2012.

Vertical integration in tubular services. PVD is partnering with Oil States Industries to build a tube factory and recently set up a 51:49 joint venture with Vietubes for the same purpose. These two JV’s should help PVD to reduce the proportion of tubes it imports for use in its oil rigs and should help it to strengthen its tubular running services business. Tubular running services include all activities related to the insertion of tubes into the oil well (such as supplying equipment and providing inspection & maintenance services).

New rig operational in 3Q13. PVD postponed its USD150m tender barge project to 2014 because its client, Chevron, delayed its E&P plans to 2016. Instead, PVD plans to buy a USD230m newly built jack-up rig through a JV established outside of Vietnam. The rig is expected to be delivered in 1H13 and operational by 3Q13. The company also plans to have a new USD230m oil rig constructed, which is expected to be delivered in 2014.

Attractive valuation. PVD is trading at a FY13 PER of 4.4x, which is a 60% discount to its peers and close to its historical trough. We expect its EPS to grow 34% this year and 11% next year. Maintain BUY.

PV Drilling– Summary Earnings TableFYE Dec 31 (USD m) 2009 2010 2011 2012E 2013F Revenue 240.1 406.6 449.6 564.3 742.5 EBITDA 71.6 102.9 106.3 139.3 163.8 Recurring Net Profit 47.7 47.4 52.1 70.2 81.5 Recurring Basic EPS (US cts) 25.1 22.6 24.9 33.4 38.7 EPS Growth (%) (15.2) (10.2) 10.5 33.8 15.9 DPS (US cts) 9.6 7.2 10.0 11.6

PER (x) 6.6 7.3 6.7 5.1 4.4 EV/EBITDA (x) 9.1 6.4 6.5 4.0 3.5 Div Yield (%) 5.8 4.3 5.9 6.9 P/BV(x) 1.5 1.3 1.2 1.0 0.8

Net gearing (%) 128.0 111.7 116.6 56.7 46.9 ROE (%) 25.9 18.5 18.2 21.1 20.0 ROA (%) 8.4 8.8 7.8 9.4 9.9 Source: Maybank IB

Buy (unchanged) Share price: VND 35,500 Target price: VND 50,500 (unchanged) Tuyen Nguyen Tuyen.nguyen@kimeng.com.vn (84) 8 44 555 888 - 8081 Stock Information Description: PetroVietnam Drilling is a subsidiary of PetroVietnam (PVN) that owns 5 oil rigs and derives about 80% of its business with PVN. Ticker: PVD VN Shares Issued (m): 210.2 Market Cap (USD m): 353.1 3-mth Avg Daily Turnover (USD m): 0.3 VNIndex: 385.2 Free float (%): 40,0 Major Shareholders: PetroVietnam 50.4 Deutsche Bank 6.0 PVFC 3.7 Key Indicators

ROE – annualised (%) 21.1 Net cash (USD m): n/a NTA/shr (UScts): 139 Interest cover (x): 6.0

Historical Chart

0

10

20

30

40

50

60

70

05-J

an-1

0

05-A

pr-1

0

05-J

ul-1

0

05-O

ct-1

0

05-J

an-1

1

05-A

pr-1

1

05-J

ul-1

1

05-O

ct-1

1

05-J

an-1

2

05-A

pr-1

2

05-J

ul-1

2

05-O

ct-1

2

VND '000

0

200

400

600

800

1000

1200Vol ('000)

Performance: 52-week High/Low VND45,900 / VND29,300 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) -3.6 3.5 -16.8 -4.1 6.0 Relative (%) -1.7 14.5 3.7 -1.3 -3.2

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update 19 November 2012

India

Jaiprakash Associates (JPA) No reprieve from the debt scenario

Recent stock outperformance to reverse soon. In the past 3 months, the JPA stock outperformed the SENSEX by 17% on hopes of fund raising from the cement plant sale. However, the company’s negotiations with 3 buyers fell through due to valuations given the sector is suffering from over supply. The stock looks expensive at P/BV of 1.5x FY14F vs. the stocks of peers that are trading below book. We maintain our negative view and expect the stock to correct on disappointing asset sales. JPA is desperate to sell its cement plants. This is because 85% of JPA’s EBITDA goes into meeting interest costs. It requires Rs62bn to fund ongoing capex by March. After negotiations with Italcimati, CRH and Aditya Birla Group fell through, it is again talking to Aditya Birla Group. If it is unable to raise funds from the sale of cement plants, D/E would rise to 4.2x by end-FY13 from 3.8x now. JPA’s new coal-fired power plant still struggling. Although sweeping reforms were announced for the power sector, concrete measures to kick-start the development of the stalled power plants have not yet been initiated. So, coal shortages continue to haunt the JPA’s new power plant. Interest rate cut offers no respite. In September, JPA raised Rs8bn thru new FCCBs. The proceeds was used to part fund repayment of previous FCCBs worth Rs30bn. The balance Rs20bn was funded from new local debt that entails higher interest rates (+400bp). Q2 earnings declined 10% YoY. The consolidated quarterly profit of Rs1.6bn was down 10% YoY. The earnings in the property and contracting businesses declined due to lack of fresh presales and new orders. H1 accounts for 40% of our full-year profit forecast of Rs6.8bn (+8%). H2 profit will be supported by earnings contribution from the new power plant and expressway project. We maintain our SELL recommendation on JPA. JPA’s overleveraged B/S and large CF shortfalls underpin our negative outlook on the stock. We will revisit our rating on the stock if the company is successful in raising significant funds from sale of cement plants. JPA – Summary Earnings Table FY Mar 31 (Rsm) FY10 FY11 FY12 FY13F FY14F Revenue 67,727 116,124 148,736 177,599 211,996 EBITDA 27,685 51,102 57,118 61,875 67,483 Recurring Net Profit 4,745 14,636 6,337 6,856 7,146 Recurring Basic EPS (Rs) 2.2 6.9 3.0 3.2 3.4 EPS growth (%) 12 208 -57 8 4 DPS (Rs) 1.1 1.0 0.5 0.5 0.5 PER (x) 40.8 13.2 30.5 28.2 27.1 EV/EBITDA (x) 16.7 11.1 11.1 11.2 10.8 Div Yield (%) 1.2 1.1 0.5 0.5 0.5 P/BV(x) 2.3 1.8 1.7 1.6 1.5 Net Debt/Equity (%) 313.6 349.1 382.1 416.3 422.0 ROE (%) 5.6 13.6 5.5 5.7 5.7 ROA (%) 0.9 2.2 0.8 0.8 0.8 Consensus Net Profit (Rsm) - - - 10,420 13,759

Source: Company data, Bloomberg, KESI estimates

SELL (unchanged) Share price: Rs91/sh Target price: Rs72/sh (unchanged) Anubhav Gupta anubhav@maybank-ke.co.in (91) 22 66232605

Stock Information Description: Conglomerate with interest in cement, power, property and expressways businesses. Ticker: JPA IN Shares Issued (m): 2,127 Market Cap (US$ bn): 3.5 6-mth Avg Daily Volume (US$m): 25.0 SENSEX: 18,309 Free float (%): 53.2 Major Shareholders: % Gaur family 46.8 Life Insurance Corporation of India 5.1

Key Indicators (FY13F) ROE – annualised (%) 5.7 Net debt (Rs bn): 501.2 NTA (Rs/sh): 56.6 Interest cover (x): 1.2

Historical Chart

-25

0

25

50

Nov -11 Mar-12 Jul-12 Nov -12

(%)

JPA SENSEX

  

Performance: 52-week High/Low Rs96/50 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 1.0 20.7 50.1 35.9 73.6 Relative (%) 2.4 17.0 35.9 26.8 55.1

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Philippines Interim results 19 November 2012

SM Prime Holdings Inc Results as expected; 4Q12 potentially stronger

Revenue and earnings at 72% of full-year estimates. SMPH reported 15.7% YoY growth in 3Q12 earnings to almost PHP2.5b on revenues of PHP7.2b (up 14.5% YoY). In 9M12, net profit grew 15.4% to PHP7.4b on revenues of PHP21.2b (up 14.4%). Both revenues and earnings are roughly 72% of our full-year estimates. Meanwhile, operating expenses grew faster than revenues in 3Q12 at 18.4% and almost the same level of revenue growth in 9M12 at 14.5%, but margins remained high with EBITDA margin of 66% and net profit margin of 33% in 9M12. China still showing robust growth. Apart from SMPH’s 46 malls nationwide, SMPH’s malls in Xiamen, Jinjiang, Chengdu and Suzhou in China with GFA of 645k sqm continued to perform very well in 3Q12, raking in PHP628m in revenues (+22% YoY) and PHP163m in earnings (+64% YoY). Revenues in 9M12 rose 27% YoY to PHP1.9b, or 9% of consolidated revenues. Net profit went up by 56% to PHP484m, or 7% of total consolidated net income. SMPH expects to open another mall in Chongqing this year and two more in Zibo and Tianjin in 2H14. These openings will increase the number of malls in China to seven, adding 844k sqm GFA and resulting in total GFA of 1.5m sqm. Financial projections maintained. SMPH’s interim results are line with our financial projections. We expect the seasonally 4Q12 to contribute about 28% of our revenue and earnings estimates. Historically, this has been the case. After opening five malls this year (additional 429k sqm) with an estimated capex of PHP14b, SMPH plans to open two new malls and expand one of its major malls with an estimated capex of PHP17b, which could potentially bring GFA to 5.9m. The said potential expansion has been factored into our forecast; thus we are also maintaining our 2013F earnings estimate of PHP11.6b and the implied 12.6% growth for next year. Despite higher target price, still a HOLD. We have also upgraded our DCF-based target price to PHP15/sh from PHP14.44 previously. The higher intrinsic value is mainly on account of a lower risk-free rate of 5.75% from 6% previously. However, note that PER and PBV multiples of 24.4x and 3.6x, respectively, while seemingly demanding are likely warranted given earnings stability and high margins. Maintain HOLD. SM Prime Holdings Inc – Summary Earnings Table FYE 31 Dec (PHPm) 2009A 2010A 2011A 2012F 2013FRevenues 19,757 22,758 25,811 29,476 32,969 EBITDA 13,282 14,988 17,364 19,496 21,960 Recurring Net Profit to Common 7,023 7,856 9,056 10,307 11,602 Recurring Basic EPS (PHP) 0.42 0.47 0.52 0.59 0.67 EPS growth (%) 9.5 10.9 11.5 13.8 12.6 DPS (PHP) 0.21 0.21 0.23 0.23 0.30

PER 34.4 31.0 27.8 24.4 21.7 Div Yield (%) 1.4 1.5 1.6 1.6 2.0 P/BV(x) 5.1 4.2 3.9 3.6 3.3 Net Gearing (%) 61.8 49.2 49.8 63.3 49.6 ROE (%) 14.9 14.9 14.9 15.4 15.8 ROA (%) 7.3 7.3 7.4 7.5 7.7 Consensus Net Profit (PHPm) n.a. n.a. n.a. 10,439 11,837 Source: Maybank ATR Kim Eng estimates

HOLD (unchanged) Share price: PHP14.48 Target price: PHP15.00 (upgraded from

PHP14.44) Kenneth Nerecina Kenneth_Nerecina@maybank-atrke.com (632) 849 8839

Stock Information Description: SMPH engages in the development, operations and maintenance of modern commercial shopping centers. Ticker: SMPH PM / SMPH.PS

Shares Issued (m): 17,374 Market Cap (PHPm): 251,575.5 Market Cap (USD m): 6,087 3-mth Avg Daily Value (USDm): 3.8 PSEi: 5,439.28 Free float (%): 30.5 Major Shareholders: % SM Land Inc 40.96 Key Indicators

ROE (%) 15.4 Net debt (PHPm) 44,378 NTA/share (PHP) 4.0 Interest cover (x) 6.9

Historical Chart

6

10

14

18

Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12

SMPH PM

Source: Bloomberg Performance: 52-week High/Low PHP14.76/PHP9.90 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 1.40 4.02 16.32 40.97 31.35 Relative (%) 0.67 (0.19) 4.50 15.68 7.65

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update 19 November 2012

PP16832/01/2013 (031128)

Malaysia

Tenaga Nasional The downside to financial health

Downgrade to HOLD. We believe a fuel cost pass-through mechanism is unlikely to be implemented in the next six months, at least. Near term upside hinges on the market further lowering coal price expectations, and this is not likely to be significant in our view. With the stock already up 18% YTD (22% since our upgrade in December 2011), we think TNB’s risk-reward is no longer compelling.

The coal conundrum. Coal prices have corrected by USD33/t (or 29%) YTD and we believe this has been a major driver of TNB’s rally. We estimate a 42bps accretion to TNB’s FY13 ROIC from a USD5/t fall in coal price. However, the biggest catalyst for TNB remains the implementation of a fuel cost pass-through mechanism. Unfortunately in this instance, TNB’s case weakens as its financials improve.

Raising FY13-14 earnings by 13% and 3% respectively. We now assume 1) 4% p.a. demand growth (from 4.5%), 2) USD95/t average coal prices (from USD100/t), 3) c.MYR0.6b lower capacity payments (accounting-induced). In the absence of a tariff revision, we expect TNB to bear a third of the costs of oil, distillates and LNG-sourced gas. This implies ROIC’s of 7.7% - 7.9%, signifying EVA breakeven.

Further ROIC accretion if management has it their way. Using the assumptions behind the 2011 tariff hike (coal price of USD85/t and 1,250 mmscfd of subsidised gas at MYR13.70/mmbtu), we estimate TNB would generate ROIC’s of between 8.8 - 8.9%, about 1pps higher than our present forecasts. We estimate a DCF-derived valuation of RM9.40/share under these assumptions.

Target price shaved to MYR7.50. We switch to a DCF methodology (from PER) in order to price in various long term operating scenarios. We assume 8.0% WACC, 1% growth and 8% long term incremental ROIC. Our target price implies 1.0x FY13 P/B and 10.9x FY13 PER. Current valuations may appear attractive, but we note valuations have historically not been major share price drivers. A rerating opportunity could present post the 13th general election.

TNB– Summary Earnings TableFYE Aug (MYR m) 2011A 2012A 2013F 2014F 2015FRevenue 32,206.9 35,848.4 37,197.8 38,663.6 40,187.8 EBITDA 5,003.0 10,412.8 10,626.4 11,024.7 11,516.2 Recurring Net Profit 693.6 4,450.0 3,778.8 3,948.4 4,204.6 Recurring Basic EPS (cents) 9.8 82.2 73.5 76.8 81.8 EPS growth (%) (84.5)% 738.3% (10.6)% 4.5% 6.5% DPS (cents) 3.4 20.0 16.0 17.8 20.3

PER 75.7 9.0 10.1 9.7 9.1 EV/EBITDA (x) 10.6 5.0 4.9 4.7 4.4 Div Yield (%) 0.5 2.9 2.3 2.6 2.9 P/BV(x) 1.3 1.0 1.0 0.9 0.8

Net Gearing (%) 50.0 40.1 36.8 33.2 26.5 ROE (%) 1.7% 12.7% 10.1% 9.7% 9.7% ROA (%) 0.7% 5.1% 4.2% 4.3% 4.4% Consensus Net Profit (MYR m) na na 3,228.0 3,531.0 3,854.0 Source: Maybank KE

Hold (from Buy) Share price: MYR6.94 Target price: MYR7.50 (from MYR7.70) Tan Chi Wei, CFA chiwei.t@maybank-ib.com (03) 2297 8690

Stock Information Description: National power utility involved in the generation, transmission and distribution of electricity Ticker: TNB MK Shares Issued (m): 5,523.8 Market Cap (MYR m): 38,334.9 3-mth Avg Daily Turnover (US$ m): 12.88 ST Index: 1,629.28 Free float (%): 35.3 Major Shareholders: % KHAZANAH 35.1 EPF 14.0 SKIM AMANAH SAHAM 10.6 KWAP 5.0 Key Indicators

Net cash / (debt) (MYR m): (15,830.3) NTA/shr (MYR): 6.57 Net gearing (x): 0.4

Historical Chart

0.01.02.03.04.05.06.07.08.0

Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12

TNB MK Equity

Performance: 52-week High/Low MYR7.22/MYR5.34 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) - 0.7 9.6 22.8 17.6 Relative (%) 1.9 2.0 3.3 11.7 11.2

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

17 October 2011

PP16832/01/2012 (029059)

Company Update 16 November 2012

Thailand

Bangchak Petroleum (BCP) Value added from Solar Farm Phase 3 We maintain our BUY call on BCP with a new target price of THB33 (up from THB27) after incorporating into our projections the value added from its solar farm project as Phase 3 gets underway. By 2014, we estimate the project’s EBITDA will rise to 25% of our forecast vs 6% in 2012, thereby reducing earnings volatility due to its refinery business. Valuations are undemanding vis-à-vis the sector, with the stock trading at FY13F PER of 8.0x and P/BV of 1.1x and offering a higher dividend yield of 4.2% in FY12F and 5.0% in FY13F.

Raise FY12F earnings by 11.2%. We raise our FY12F earnings estimate by 11.2% to THB3.8b to reflect an increase in our GRM assumption to USD7/bbl, from USD5.9/bbl, as the average for 9M12 was USD7.4/bbl. However, we cut the utilisation rate to 62% from 67% due to the delay to the operation of CDU 3.

Stronger than peers in 4Q12. While we expect 4Q12 earnings to soften QoQ on the back of a weaker GRM (down 16% QoQ to date) and zero stock price gain, things could change with CDU 3 resuming operations this month. The subsequent increase in crude runs from 38,700bbl/d in 3Q12 to 90,000bbl/d in 4Q12 would enable BCP to outshine peers in terms of earnings. Based on our current forecast, 4Q12 net profit will top THB690m (-36% QoQ). This excludes the potential upside from an insurance claim of THB800m (negotiations ongoing) for property damage.

Incorporating new phase of solar farm. Phase 3 of the solar farm project with a total installed capacity of 75MW will be spread across three locations, each with a capacity of 25MW. The first plant in Prachinburi is expected to start operations in December 2013, while the other two will be located in northeastern Thailand (likely in Buriram) and should commence operations in 1H14. Based on an IRR of 15.7% and a debt/equity of 1:1, we expect the added value to be THB2/share. The incremental value from this project will increase our FY13F earnings by a mere 0.5% to THB4.6b. For FY14F, we have raised our estimate by 10.5% to THB4.9b. In FY13F, we estimate the EBITDA of the solar farm project will rise to 17% of our full-year forecast of THB9.5b. When the project is completed, we forecast EBITDA to reach THB2.8b.

Maintain BUY with a new TP of THB33. We maintain our BUY rating with a new target price of THB33 (from THB27). Together the three phases of the solar farm project will add THB5/share, while a rerating of the refining and marketing units, based on a P/BV of 1.1x (from 0.95x), gives a strong ROE of 13.7%. BCP also offers one of the best dividend yields among the downstream oil and gas plays. Its FY12F dividend of THB1.11 (THB0.76 in 2H12) implies 4.2% yield, rising to 5.0% in FY13F.

BCP – Summary Earnings Table

FYE: Dec 31 (Btmn) 2010 2011 2012F 2013F 2014F Revenue 136,369 158,610 119,643 169,884 175,892 EBITDA 5,531 10,380 8,025 9,504 10,435 Recurring Net Profit 1,711 6,888 3,816 4,575 4,940 Recurring Basic EPS (Bt) 1.30 5.25 2.77 3.32 3.59 EPS growth (%) (62.8) 100.6 (35.1) 19.9 8.0 DPS (Bt) 1.05 1.65 1.11 1.33 1.43

PER 12.44 6.20 9.56 7.98 7.39 EV/EBITDA (x) 8.19 4.75 5.96 5.30 4.87 Div Yield (%) 3.96 6.23 4.18 5.02 5.41 P/BV(x) 1.54 1.17 1.14 1.05 0.96

Net Gearing (%) 46.42 48.95 35.52 39.76 37.49 ROE (%) 11.54 21.44 12.38 13.70 13.52 ROA (%) 4.79 9.11 6.38 6.85 7.14

Consensus Net Profit (Btmn) - - 3,920 4,891 5,067

Source: Company reports and KeLive Research estimates.

Buy (unchanged)

Share price: Bt26.50 Target price: Bt33.00 (from Bt27.00)

Sutthichai Kumworachai Sutthichai.k@maybank-ke.co.th (02) 658 6300

Stock Information

Description : The Company operates crude oil refinery complex and marketing the finished products through its service stations under the trademark Bangchak. The corporate oil market includes consumers in various sectors, such as transportation, aviation, shipping, construction, industrial and agriculture. The sale of oil is also made through the major and the minor oil traders. BCP was listed on the SET in August 1994. Ticker : BCP Shares Issued (mn) : 1,377 Market Cap (US$mn): 1,190 3-mth Avg. Daily Turnover (US$mn): 4.5 SET Index: 1,274.02 Free float (%): 62.74 Major Shareholders : % PTT 27.22 BNP PARIBAS SECURITIES SERVICES LUXEMBOURG 9.98

Key Indicators

ROE – annualised (%) 13.70 Net cash (Btmn): 39.76 NTA/shr (Bt): 25.3 Interest cover (x): 5.95

Historical Chart

-20

0

20

40

60

Nov

-11

Jan-

12

Mar

-12

May

-12

Jun-

12

Aug

-12

Oct

-12

BCP SET

Performance

52-week High / Low Bt14.50 / Bt7.61 1-mth 3-mth 1-yrs Ytd Absolute (%) 11.2 12.1 79.6 26.4 Relative (%) 5.1 2.4 17.5 -0.9

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Economics & Market Update 19 November 2012

PP16832/01/2013 (031128)

Malaysia

ETP 11th Progress Update Building Blocks For The Future

Market-neutral. We believe the 20 new high-impact projects announced by PM Najib last Friday, which have a total investment value of MYR10.08b and projected GNI contribution of MYR26.09b into 2020, will help build a stronger economic base. Apart from this, the latest Economic Transformation Programme (ETP) progress update is market-neutral. The new projects mainly involve the participation of non-PLCs except for the MYR1.02b O&G-related Tanjung Bin venture in which MMC Corp (and, we believe, MISC) are involved.

Lifts total ETP investments to MYR212m. PM Najib delivered the 11th ETP update since its Oct 2010 launch last Friday, the last update for the year. Of the 20 new projects, 11, with a total investment value of MYR6.68b, are ETP/NKEA-specific, while the rest (with an investment value of MYR3.4b) are corridor-specific, i.e. to the Sabah, Northern and Iskandar Malaysia corridors. Of the total investment value of MYR10.08b, 10%/52% are oil & gas/real estate-related. The latest announcement lifts the total number of ETP high-impact projects announced to date to 149 with MYR211.9b in total committed investments, meeting 27% of its MYR794.5b target into 2020.

MYR1.02b Tanjung Bin project. The Tanjung Bin Petrochemical and Maritime Industrial Centre will be developed by privately-owned Seaport Worldwide, a 100%-owned indirect subsidiary of MMC Corp (MMC MK; Not Rated). Although reported in major news outlets since August 2012, confirmation of this project last Friday strengthens the government’s plan to make Johor a petroleum storage and trading hub following major investments into tank farms and PETRONAS’ RAPID project in the last two years. We believe MISC (MISC MK; HOLD; TP: MYR4.80) could feature as a tenant in this project, in a JV with Vitol Group.

MYR5.23b PJ Sentral project. The project, with an estimated MYR11b GDV) will be developed by Nusa Gapurna (60% owned by Gapurna and 40% by the EPF), and have office space, hotel, service apartment and even a mall component. This project reinstates our concerns on the likely over-capacity of office space in the Klang Valley alongside upcoming major developments like the Tun Razak Exchange (estd. 9.6m sq ft of office space) and Menara Warisan Merdeka (2.2m sq ft). The current supply of office space in the city centre and fringes is about 64m sq ft with an average occupancy rate of 86%, according to Knight Frank Malaysia (source: Edge Weekly, 19-25 Nov 2012).

Nusa Gapurna is presently in early stages of discussing a share swap deal with Malaysian Resources Corp Bhd (MRC MK; Not Rated), which could see its MD Datuk Mohamad Salim Fateh Din gaining a 20% stake in the latter (source: today’s Malaysia Reserve).

Neutral (unchanged) Current KLCI: 1,629 (16 Nov 2012) YE KLCI target: 1,620 (unchanged) Wong Chew Hann wchewh@maybank-ib.com (03) 2297 8686

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update 19 November 2012

PP16832/01/2013 (031128)

Malaysia

Fraser & Neave Holdings Clash Of The Titans

OUE-led group shows interest in FNN SP. A consortium led by property player Overseas Union Enterprise Ltd (OUE SP) has made a SGD13.1b (SGD9.08/share) takeover offer for all outstanding shares of Fraser and Neave Ltd (FNN SP), intercepting TCC’s SGD8.8b (SGD8.88/share) offer for the group. We estimate that the revised M&A terms value F&N Holdings (FNH) at a higher MYR21.20/shr to which our TP is pegged but our Hold call is maintained.

Support by Kirin Holdings. FNN’s (the listed Singapore entity) second largest shareholder Kirin Holdings has provided irrevocable undertakings that it will tender all of its FNN shares to OUE and it will not accept any competing proposal for the shares. Besides, it will buy FNN’s food and beverage business for SGD2.7b (MYR6.8b) if OUE wins the deal. At the offer price of SGD9.08/share, Kirin’s 14.8% stake in FNN is worth SGD1.9b, hence we think the acquisition of the F&B business should materialize if OUE succeeds.

SGD2.7b for Food & Beverage business. After selling its brewery business held under Asia Pacific Breweries to Heneiken NV, FNN’s F&B business stable is left with (i) a 55% stake in Myanmar Brewery Ltd (ii) a 9.5% stake in Vietnam Dairy Products, and (iii) its soft drinks and dairy businesses where the bulk of the revenue is derived from the 56%-owned FNH. Excluding beer, its overall F&B business contributed 32.4% and 13% of group revenue and EBIT respectively in FY9/12. At SGD2.7b, our calculation shows that FNH is worth MYR21.20/share, which translates to 25.5x 2013 PER.

Potential counter bid? Should TCC intend to defend its position in FNN, it would have to counter with a higher offer price. As at 8 Nov, TCC owns a 33.6% stake in FNN. OUE, however, is keen on Fraser Centrepoint Ltd’s strong global foothold in property development and investment. FNN’s share price reacted positively to the announcement and breached the offer price to close at SGD9.28/share.

Fraser & Neave Holdings– Summary Earnings Table FYE Sep (MYR m) 2010A 2011A 2012A 2013F 2014FRevenue 3,637.7 3,915.4 3,238.8 4,062.7 4,487.0 EBITDA 517.1 542.5 305.8 474.4 520.1 Recurring Net Profit 307.0 337.7 168.0 286.5 346.8 Recurring Basic EPS (cents) 84.7 93.0 46.3 79.0 95.6 EPS growth (%) 56.7% 9.9% (50.2)% 70.5% 21.0% DPS (cents) 164.5 97.0 58.0 63.2 76.5

PER 22.8 20.7 41.7 24.4 20.2 EV/EBITDA (x) 12.1 12.6 23.4 14.3 13.1 Div Yield (%) 8.5 5.0 3.0 3.3 4.0 P/BV(x) 3.8 4.5 4.5 4.2 4.0

Net Gearing (%) NA NA 12.6 NA NA ROE (%) 19.9% 22.8% 17.6% 17.9% 20.5% ROA (%) 10.7% 14.1% 10.8% 10.9% 12.7% Consensus Net Profit (MYR m) na na na 266.6 297.4 Source: Maybank KE

Hold (unchanged) Share price: MYR19.30 Target price: MYR21.20 (from MYR20.80) Kang Chun Ee chunee@maybank-ib.com (03) 2297 8675

Stock Information Description: Diversified group with businesses in soft drinks, dairy products and property. Ticker: FNH MK Shares Issued (m): 363.3 Market Cap (MYR m): 7,012.6 3-mth Avg Daily Turnover (USD m): 0.70 KLCI: 1,629.28 Free float (%): 18.0 Major Shareholders: % Fraser and Neave Ltd 56.0 Skim Amanah Saham 17.4 EPF 7.9 Key Indicators

Net cash / (debt) (MYR m): (195.8) NTA/shr (MYR): 4.28 Net Gearing (x): 0.1

Historical Chart

0.0

5.0

10.0

15.0

20.0

25.0

Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12

FNH MK Equity

Performance: 52-week High/Low MYR21.5/MYR16.6 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 4.3 (3.5) 7.2 11.2 6.9 Relative (%) 6.2 (2.2) 0.9 0.0 0.5

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

17 October 2011

PP16832/01/2012 (029059)

Company Update 16 November 2012

Thailand

MCOT PCL (MCOT) A Rosy Outlook, Upgrade to BUY

MCOT’s impressive 3Q12 results, which were buoyed by growing TV and new media revenues as well as enhanced ad income from increased in-house productions, have reinforced our positive view on the company. We believe it would also benefit from producing more programmes for the government. We have raised our FY12F-13F earnings and our target price goes up to THB38. MCOT offers an attractive dividend yield of 6-7% with limited downside risk. Trading on 13.2x FY13F PER, it has the cheapest valuation in the media sector. Upgrade to BUY from HOLD.

Better-than-expected 3Q12 net profit. MCOT’s net profit increased 8% QoQ and 33% YoY to THB480m in 3Q12, beating our expectations. Growth was mainly driven by a stronger-than-expected revenue increase (+8% QoQ and +24% YoY) due to a higher proportion of in-house productions. Utilisation rate surged from 75% in 3Q11 to 92% in 3Q12, underpinned by a hike in ad rates and revenue from both private and government projects. New media revenue also posted decent growth. Gross margin improved to 57.2% from 56.4% in 3Q11 on lower SG&A/sales and a cut in effective tax rate.

Growth to continue into 4Q12. We expect ad revenue to expand further and utilisation rate to increase as MCOT enters its traditional peak season in 4Q12. However, expenses will tend to spike from higher staffing costs. We therefore expect 4Q12 earnings to see a slight drop QoQ but to show a sharp YoY jump due to the low base of last year.

Raise earnings projections. MCOT’s 9M12 net profit has met 76% of our full-year projection. With new programmes set to enjoy ratings increase and a reshuffle that will raise in-house productions from 47% to 51% of total programming by 2013, the outlook seems bright. MCOT also has MOU contracts for public relations activities for many state enterprises and government units, such as the Government Savings Bank, the Ministry of Public Health and the National Housing Authority. It expects these projects to bring in revenue of at least THB200m. We have raised our earnings projections for FY12F by 3% and FY13F by 4%. We now estimate FY12F profit to be THB1.73b (+28% YoY) with 12% growth to THB1.939b in FY13F.

TP up to THB38, upgrade to BUY. MCOT is in net cash position and offers a steady dividend payout of 6-7%. Following our earnings revisions, our target price goes up to THB38, from THB34, and we upgrade our rating to BUY from HOLD.

MCOT – Summary Earnings Table

FYE: Dec 31 (Btmn) 2010 2011 2012F 2013F 2014F Revenue 5,263 5,142 5,802 6,356 6,886 EBITDA 2,556 2,598 2,842 3,061 3,301 Recurring Net Profit 1,423 1,356 1,730 1,939 2,111 Recurring Basic EPS (Bt) 2.07 1.97 2.52 2.82 3.07 EPS growth (%) 2.4 (4.7) 27.6 12.1 8.9 DPS (Bt) 1.90 2.00 2.20 2.35 2.50

PER 16.1 16.8 13.2 11.8 10.8 EV/EBITDA (x) 7.6 7.2 6.6 5.9 5.4 Div Yield (%) 5.7 6.0 6.6 7.1 7.5 P/BV(x) 3.0 3.0 2.9 2.7 2.6

Net Gearing (%) Net cash Net cash Net cash Net cash Net cash ROE (%) 18.7 17.6 22.1 23.6 24.5 ROA (%) 14.1 12.8 15.9 17.0 17.5

Consensus Net Profit (Btmn) - - 1,612 1,727 1,844

Source: Company reports and KELIVE Research estimates.

Buy (from Hold)

Share price: Bt33.25 Target price: Bt38.00 (from Bt34.00)

Suttatip Peerasub Suttatip.P@maybank-ke.co.th (02) 658 6300

Stock Information

Description : The Company operates various mass media businesses such as Modernine TV Station, MCOT radio stations and The Thai News Agency with subsidiaries involving in the business of television program, documentary production and all types of entertainment business. MCOT was listed on SET in November 2004. Ticker : MCOT

Shares Issued (mn) : 687

Market Cap (US$mn): 743.20 3-mth Avg. Daily Turnover (Btmn): 1.14 SET Index: 1,274.02 Free float (%): 22.72 Major Shareholders : %

The Ministry of Finance 65.80

Government Savings Bank 11.48

Key Indicators

ROE – annualised (%) 23.6 Net cash (Btmn): Net cash NTA/shr (Bt): 12.1 Interest cover (x): 178.6

Historical Chart

-10

10

30

50

Nov

-11

Jan-

12

Mar

-12

May

-12

Jun-

12

Aug

-12

Oct

-12

MCOT SET

Performance

52-week High/Low Bt35.25/Bt25.00 1-mth 3-mth 1-yrs YTD Absolute (%) 3.1 15.7 27.9 24.3 Relative (%) 4.2 11.1 0.1 0.0

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

17 October 2011

PP16832/01/2012 (029059)

Earnings Results 16 November 2012

Thailand

Sansiri (SIRI) Earnings Weaken without Condo Support

3Q12 earnings dropped by 0.8% YoY and 8.8% QoQ. SIRI’s reported 3Q12 revenue was THB5.209b (+6.2% YoY, -4.9% QoQ); the ratios of SDH:townhouse:condo:rental revenue were 47:24:24:5. After an adjustment in low-rise prices and the inclusion of the higher gross margin condos of D Condo, overall gross margin increased to 34.6%. SG&A/revenue remained high at 26% and net profit was THB411m (-0.8% YoY and -8.8% QoQ), in line with market estimates. 9M12 revenue and net profit reached THB15.795b (+23.5% YoY) and THB1.201b (+26.4% YoY), respectively. Maintained FY12 presales at THB40b (+89% YoY). As of 12 November, SIRI’s presales amounted to THB31.011b; the presales ratios of SDH:townhouse:condo were 30:11:59. In 4Q12, SIRI will launch 16 more new projects, worth THB18.886b, with two low-rise projects valued at THB2.1b and 14 other condo projects at THB16.7b). Condos will mainly be launched in the following provinces: Phuket, Khon Kaen, Hua Hin, Pattaya, and Kao Yai. We believe that condos will generate a positive response and SIRI would achieve its targets. THB41.935b backlog to be recognised until 2015. At the end of 3Q12, the SIRI backlog was THB41.935b, with THB11.902b to be recognised in 4Q12, THB19.645b in 2013, THB9.602b in 2014, and THB786m in 2015. We have maintained our FY12 revenue and net profit forecasts at THB28.194b (+37.2% YoY) and THB2.764b (+37.2% YoY), respectively. In 2013, we estimate revenue to grow by 19% YoY, with 59% secured (from delayed backlog recognition); our FY13 net profit forecast stands at THB3.617b (+17% YoY). Hold with FY13 TP of THB3.40/share. We have a more positive view on SIRI due to the faster transfers, improved performance, and the lack of delays in revenue recognition in 2012, even though our target is lower than the consensus. We have raised our PER of 6.5x to 8.8x; our new 2013 target price is THB3.40/share, up from THB2.58/share. However, with a limited upside, a weak financial status, and the upcoming dilution effect from the SIRI-W1 and ESOP 5-7, we recommend Hold. SIRI- Summary Earnings Table

FYE: Dec 31 (Btmn) 2010 2011 2012F 2013F 2014F Revenue 18,596 20,542 28,197 33,575 37,140 EBITDA 2,996 3,127 4,019 5,163 5,790

Recurring Net Profit 1,974 2,004 2,747 3,617 4,094 Recurring Basic EPS (Bt) 0.31 0.27 0.33 0.39 0.40 EPS growth (%) 95.67 (10.22) 24.96 17.00 2.34

DPS (Bt) 0.03 0.14 0.15 0.18 0.18 PER 10.62 11.83 9.47 8.10 7.91

EV/EBITDA (x) 10.52 12.46 10.80 9.21 8.98 Div Yield (%) 0.89 4.39 4.75 5.56 5.69 P/BV(x) 2.13 2.10 1.97 1.76 1.61 Net Gearing (%) 120.1 132.7 129.5 109.6 97.3 ROE (%) 20.1 17.7 20.8 21.7 20.4 ROA (%) 7.2 6.2 7.6 9.2 9.2

Consensus Net Profit (Btmn) - - 2,814 3,849 4,619

Source: Company reports and KELIVE Research estimates.

HOLD (unchanged)

Share price: Bt3.16 Target price: Bt3.40 (from Bt2.58)

Termporn Tantivivat Termporn.t@maybank-ke.co.th (02) 658 6300

Stock Information

Description: Core businesses are: 1. Property development consists of: 1.1. Properties for sale include landed property (single detached house, detached house, and townhouse) and and high-rise properties (condominium projects). 1.2. Properties for rent include office buildings and leasehold commercial buildings. 2. Property services: Provide property and asset management, property brokerage services, property sales management, property development consultancy, and property management. SIRI was listed on the SET in1996. Ticker : SIRI Shares Issued (mn) : 7,874 Market Cap (US$mn): 809.54 3-mth Avg. Daily Turnover (US$mn): 7.9 SET Index: 1,274.02 Free float (%): 49.32 Major Shareholders : %

TS Star Co.,Ltd 17.80 Thai NVDR 13.57 Key Indicators

ROE – annualised (%) 21.7 Net cash (Btmn): 109.6 NTA/shr (Btmn): 2.1 Interest cover (x): 15.6

Historical Chart

020406080

100120140160180200

Nov

-11

Jan-

12

Mar

-12

May

-12

Jun-

12

Aug

-12

Oct

-12

SIRI SET

Performance

52-week High / Low Bt3.26 / Bt1.11 1-mth 3-mth 1-yrs Ytd Absolute (%) -6.3 -2.7 41.7 25.9 Relative (%) -6.1 -7.4 8.2 0.1

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

17 October 2011

PP16832/01/2012 (029059)

Earnings Results 16 November 2012

Thailand

Thai Airways Intl. (THAI) 3Q12 In line with Forecast

3Q12 earnings summary. THAI reported a normalised profit at THB1.1b, in 3Q12 vs a normalised loss of THB2.8b in 2Q12 and a THB837m loss in 3Q11.The driver to the improved performance was the 4.4% YoY drop in fuel costs, thanks to a better hedging plan offsetting the rise in jet fuel prices of 0.5% YoY, 3.5% QoQ. Higher load factor, up to 76.7% from 74% in 3Q11, and higher number of passengers carried, +6.9% YoY to 5.1m, also helped profitability. Including the reversal of a THB554m provision for a lawsuit, THAI reported a 3Q12 net profit of THB1.7b, 0.3% above our estimate. What's next. We expect 4Q12F earnings to improve as we enter the high season for the tourist visits in Thailand. The THAI management has disclosed that forward bookings for Oct-Dec 2012 are at a satisfactory level of 60-70% and the fuel prices have remained flat from 3Q12 at USD127/bbl. Thus, we believe that THAI’s hedging strategy is again successful and will be one of the profit drivers for 4Q12. Recommendation. We remain positive on THAI and the high season in tourism activity for Thailand will be positive for the carrier. THAI’s valuation remains cheap; trading at a PBV of 0.68x and 50% discount to regional peers. We thus recommend a Speculative BUY on THAI with a TP of THB25.50/share, based on a PBV of 0.77x.

THAI – Summary Earnings Table

FYE: Dec 31 (Btmn) 2010 2011 2012F 2013F 2014F Revenue 180,589 190,997 228,798 228,139 255,213 EBITDA 35,559 24,899 38,330 40,082 47,078 Recurring Net Profit 5,637 (7,767) 4,680 4,708 7,805 Recurring Basic EPS (Bt) 8.06 (4.67) 2.14 2.16 3.58 EPS growth (%) 86.6 n.a. n.a. 0.6 65.8 DPS (Bt) 1.25 - 0.32 0.32 0.54

PER 2.6 (4.6) 9.9 9.9 6.0 EV/EBITDA (x) 4.2 6.9 5.1 5.4 4.8 Div Yield (%) 5.9 - 1.5 1.5 2.5 P/BV(x) 0.51 0.73 0.68 0.64 0.59

Net Gearing (%) 141.5 197.4 220.3 234.0 223.0 ROE (%) 19.3 (16.1) 6.9 6.5 9.9 ROA (%) 5.0 (3.7) 1.7 1.7 2.9

Consensus Net Profit (Btmn) - - 4,829 5,313 8,017

Source: Company reports and KELIVE Research estimates.

Buy (unchanged)

Share price: Bt21.50 Target price: Bt25.50 (unchanged)

Jaroonpan Wattanawong Jaroonpan.W@maybank-ke.co.th (02) 658 6300

Stock Information

Description: THAI operates the Thai Airways the national flag carrier serving domestic and international routes. It is a state enterprise. THAI was listed on the SET in 1991. Ticker : THAI Shares Issued (mn) : 2,183

Market Cap (US$mn): 1,510

3-mth Avg. Daily Turnover (US$mn): 6.33

SET Index: 1,274.0

Free float (%): 48.96

Major Shareholders : %

Ministry of Finance 51.03

VAYU 1 BY MFC 7.75

Key Indicators

ROE – annualised (%) 6.5 Net debt (THB bn): 134.0 NTA/shr (THB): 32.9 Interest cover (x): 2.6

Historical Chart

-30

-20

-10

0

10

20

30

40

50

Sep

-11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep

-12

THAI SET

Performance

52-week High/Low Bt27.75/Bt18.80 1-mth 3-mth 1-yrs YTD Absolute (%) -3.6 7.0 12.0 7.5 Relative (%) -2.3 2.9 -12.6 -13.4

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

17 October 2011

PP16832/01/2012 (029059)

Company Update 19 November 2012

PP16832/01/2013 (031128)

Page 1 of 2

Malaysia

TSH Resources 3Q Earnings To Remain Under Pressure

3Q12 earnings to disappoint? TSH could miss our 3Q12 earnings

forecasts as we understand its QoQ FFB output growth has been

disappointing, on top of lower CPO ASPs. We cut our FY12F-14F EPS

forecasts by -26%/-7%/-7%, on a lower CPO ASP for 2012 and lower

FFB production. Our revised FY13F-14F EPS estimates also equity-

account contributions from its newly acquired 20% associate stake in

Pontian United Plantations. Maintain HOLD at a lower TP of MYR2.18

(-7%) on an unchanged FY13 PER target of 15x.

Slow 2H12 FFB output recovery. We understand TSH registered a

low-teens FFB output growth QoQ (and a contraction YoY) in 3Q12.

The recovery has been poorer than expected due to prolonged tree

stress. For 9M12, it is expected to register a YoY contraction in the

production of its own FFB output (1H12 output: -4% YoY). Coupled with

weak 3Q12 MPOB spot CPO ASPs of ~MYR2,851/t (-11% QoQ, -8%

YoY), 3Q12 results are most likely to disappoint. We now also cut our

2012 FFB growth estimate to -3% (vs +4% earlier).

Pontian now an associate. TSH will equity account Pontian’s earnings

from FY13 after raising its stake in the company to 20% (from 8%). We

estimate the new associate will enhance TSH’s FY13-14 EPS by 3-4%

after accounting for the dilution effect from the newly listed shares. The

acquisition will cost MYR95.4m, funded via MYR47.8m in borrowings

and the issuance of 22.2m new TSH shares at MYR2.14/share.

Reducing CPO ASP and output estimates. We forecast TSH’s 3Q12

net profit at around MYR26-31m, bringing cumulative 9M12 net profit to

just 57-62% of our previous FY12F estimates. 4Q12 would be even

more challenging as CPO ASPs have weakened further thus far to

~MYR2,300/t. We cut our FY12F-14F EPS forecasts mainly due to: i) a

lower 2012 CPO ASP expectation of MYR2,950/t (from MYR3,150/t)

and ii) lower FFB production volumes, as we also shave our FY12-14

output assumptions by -6%/-7%/-6% respectively. These are however

mitigated by contributions from Pontian.

TSH Resources– Summary Earnings Table Source: Maybank KE

FYE Dec (MYR m) 2010A 2011A 2012F 2013F 2014F Revenue 908.4 1,134.2 1,105.6 1,179.9 1,241.0

EBITDA 150.9 204.6 152.8 209.4 262.1

Recurring Net Profit 84.3 118.5 74.0 122.9 161.9

Recurring Basic EPS (cents) 10.0 14.0 8.7 14.5 19.1

EPS growth (%) 16.6% 40.5% (37.5)% 66.0% 31.8%

DPS (cents) 6.0 3.5 2.6 4.4 5.7

PER 23.1 16.4 26.3 15.8 12.0

EV/EBITDA (x) 17.1 12.8 17.3 12.7 10.1

Div Yield (%) 2.6 1.5 1.1 1.9 2.5

P/BV(x) 2.6 2.3 2.2 2.0 1.8

Net Gearing (%) 75.6 70.9 70.2 66.2 58.6

ROE (%) 11.4% 14.8% 8.5% 13.1% 15.7%

ROA (%) 4.7% 6.1% 3.6% 5.6% 7.1%

Changes in EPS (%) - - (25.6) (6.6) (7.3)

Consensus Net Profit (MYR m) - - 100.9 138.6 154.8

Hold (unchanged)

Share price: MYR2.30 Target price: MYR2.18 (from MYR2.35)

Ong Chee Ting, CA ct.ong@maybank-ib.com (603) 2297 8678 Chai Li Shin lishin.c@maybank-ib.com (603) 2297 8684

Stock Information

Description: Operates palm oil plantations and mills

together with the manufacturing of cocoa and wood products. (Planted land in 2011 = ~30,000 ha) Ticker: TSH MK

Shares Issued (m): 841.2 Market Cap (MYR m): 1,934.9 3-mth Avg Daily Turnover (USD m): 0.61 KLCI: 1,629.28

Free float (%): 60.3 Major Shareholders: % AIK PEN TAN 11.4

TUNAS LESTARI SDN BH 8.2 EMBUN YAKIN SDN BHD 6.0

Key Indicators

Net cash / (debt) (MYR m): (776.6)

NTA/shr (MYR): 1.06 Net gearing (x): 0.8

Historical Chart

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12

TSH MK Equity

Performance:

52-week High/Low MYR2.87/MYR1.78

1-mth 3-mth 6-mth 1-yr YTD

Absolute (%) (3.8) (11.5) 9.5 27.8 21.1

Relative (%) (1.9) (10.3) 3.2 16.6 14.6

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update 19 November 2012

PP16832/01/2013 (031128)

Malaysia

WCT Rising To The Occasion

BUY maintained; TP raised. We expect 3Q12 results, to be released on 21 Nov, to be at least flattish QoQ. With expectations of a stronger 4Q12, WCT should be on track to meet our net profit forecast for the year. Its construction order book is expected to pick up further by year-end, while property development is on track to meet its MYR700m sales target for the year. There is no change to our earnings forecasts. Our revised target price pegs the stock to 13x FY13 earnings (rolled forward) plus a 20sen increment for its KLIA2-IC concession.

Flattish results? We expect net profit of at least MYR40m in 3Q12, which would lift 9M12 profit to MYR120m, meeting 70% of our FY12 forecast. This year’s profits are expected to peak in 4Q12 as a revaluation surplus for Paradigm kicks in. The street, meanwhile, is expecting an FY12 net profit of MYR182m. Our FY12 net profit growth projection of 6% is driven by the property development division, with sales of a record MYR457m in FY11 and a further MYR500m in 9M12.

Property business to grow. Property development and investment contributed 36% to group EBIT in 9M12, and the target is to raise this to 55% by FY16. The group has added 75 acres to its property landbank this year, with undeveloped GDV for its Malaysian projects estimated at MYR9.5b. Meanwhile, the property investment business will grow as more assets are added: KLIA2-IC (2013), JB mall & Paradigm hotel (2014), OUG mall & JB hotel (2015) and OUG hotel (2016). The total value of its investment assets would top MYR2.4b by 2016, comprising MYR2b for the five retail malls (BBT, Paradigm, KLIA2-IC, JB, OUG) and MYR400m for the four hotels (BBT, Paradigm, JB, OUG).

Two more jobs by year-end? WCT is awaiting the award of two construction jobs: a MYR700m hospital project in East Malaysia and MYR2b worth of earthworks at the upcoming Tun Razak Exchange property project by 1MDB. Having secured MYR1.89b in new jobs YTD (vs. MYR187m in FY11), we think that WCT is fairly comfortable for now as far as its construction business is concerned. Additional job wins will strengthen its construction earnings visibility beyond FY13.

WCT – Summary Earnings Table FYE Dec (MYR m) 2010A 2011A 2012F 2013F 2014FRevenue 1,708.5 1,538.6 1,561.5 1,806.0 1,873.6 EBITDA 280.1 242.7 261.4 345.3 373.1 Recurring Net Profit 124.7 162.4 171.6 218.2 226.3 FD EPS (Sen) 17.8 19.6 20.1 24.1 24.9 FD EPS growth (%) (5.0) 10.3 2.5 20.4 3.0 DPS (Sen) – net 7.5 7.5 7.5 7.5 7.5 PER 15.3 13.8 13.5 11.2 10.9 EV/EBITDA (x) 13.3 15.4 14.3 10.8 10.0 Div Yield (%) 2.8 2.8 2.8 2.8 2.8 P/BV(x) 1.7 1.5 1.4 1.2 1.1 Net Gearing (x) 36.6 39.9 24.8 19.6 12.5 ROE (%) 12.0 11.0 10.5 12.2 11.6 Book value (MYR) 1.60 1.83 1.98 2.17 2.37 Consensus Net Profit (MYR m) n.a n.a 181.1 222.4 250.5 Source: Maybank KE

Buy (unchanged) Share price: MYR2.71 Target price: MYR3.30 (from MYR3.15) Wong Chew Hann wchewh@maybank-ib.com (03) 2297 8686

Stock Information Description: Construction group with interests in property development. Ticker: WCT MK Shares Issued (m): 823.3 Market Cap (MYR m): 2,231.1 3-mth Avg Daily Turnover (US$ m): 1.61 ST Index: 1,629.28 Free float (%): 52.9 Major Shareholders: % WCT Capital Sdn Bhd 19.6 EPF 12.9 LTH 6.5 KWAP 6.1 OCBC 5.0 Key Indicators

Net cash / (debt) (MYR m): (690.5) NTA/shr (MYR): 1.89 Net gearing (x): 0.4

Historical Chart

0.00.51.01.52.02.53.03.54.0

Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12

WCT MK Equity

Performance: 52-week High/Low MYR2.8/MYR2.06 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) - 8.8 19.9 13.9 13.9 Relative (%) 1.9 10.1 13.6 2.7 7.4

19 November 2012

Regional Daily

RESEARCH OFFICES

REGIONAL P K BASU Regional Head, Research & Economics (65) 6432 1821 pk.basu@maybank-ke.com.sg

WONG Chew Hann, CA Acting Regional Head of Institutional Research (603) 2297 8686 wchewh@maybank-ib.com

ONG Seng Yeow Regional Products & Planning (852) 2268 0644 ongsengyeow@maybank-ke.com.sg

ECONOMICS Suhaimi ILIAS Chief Economist

Singapore | Malaysia (603) 2297 8682 suhaimi_ilias@maybank-ib.com

Luz LORENZO Economist

Philippines | Indonesia (63) 2 849 8836 luz_lorenzo@maybank-atrke.com

 

MALAYSIA WONG Chew Hann, CA Head of Research (603) 2297 8686 wchewh@maybank-ib.com

Strategy

Construction & Infrastructure Desmond CH’NG, ACA (603) 2297 8680 desmond.chng@maybank-ib.com

Banking - Regional LIAW Thong Jung (603) 2297 8688 tjliaw@maybank-ib.com

Oil & Gas

Automotive

Shipping ONG Chee Ting, CA (603) 2297 8678 ct.ong@maybank-ib.com

Plantations Mohshin AZIZ (603) 2297 8692 mohshin.aziz@maybank-ib.com

Aviation

Petrochem

Power YIN Shao Yang, CPA (603) 2297 8916 samuel.y@maybank-ib.com

Gaming – Regional

Media

Power TAN CHI WEI, CFA (603) 2297 8690 chiwei.t@maybank-ib.com

Construction & Infrastructure

Power WONG Wei Sum, CFA (603) 2297 8679 weisum@maybank-ib.com

Property & REITs LEE Yen Ling (603) 2297 8691 lee.yl@maybank-ib.com

Building Materials

Manufacturing

Technology

LEE Cheng Hooi Head of Retail chenghooi.lee@maybank-ib.com

Technicals

HONG KONG / CHINA Edward FUNG Head of Research (852) 2268 0632 edwardfung@kimeng.com.hk

Construction Ivan CHEUNG, CFA (852) 2268 0634 ivancheung@kimeng.com.hk

Property

Industrial Ivan LI, CFA (852) 2268 0641 ivanli@kimeng.com.hk

Banking & Finance Jacqueline KO, CFA (852) 2268 0633 jacquelineko@kimeng.com.hk

Consumer Staples Andy POON (852) 2268 0645 andypoon@kimeng.com.hk

Telecom & equipment Alex YEUNG (852) 2268 0636 alexyeung@kimeng.com.hk

Industrial Warren LAU (852) 2268 0644 warrenlau@kimeng.com.hk

Technology - Regional Karen Kwan (852) 2268 0640 karenkwan@kimeng.com.hk

China Property

INDIA Jigar SHAH Head of Research (91) 22 6623 2601 jigar@maybank-ke.co.in

Oil & Gas

Automobile

Cement Anubhav GUPTA (91) 22 6623 2605 anubhav@maybank-ke.co.in

Metal & Mining

Capital goods

SINGAPORE Gregory YAP Head of Research (65) 6432 1450 gyap@maybank-ke.com.sg

Technology & Manufacturing

Telcos - Regional Wilson LIEW (65) 6432 1454 wilsonliew@maybank-ke.com.sg

Hotel & Resort

Property & Construction James KOH (65) 6432 1431 jameskoh@maybank-ke.com.sg

Logistics

Resources

Consumer

Small & Mid Caps YEAK Chee Keong, CFA (65) 6433 5730 yeakcheekeong@maybank-ke.com.sg

Healthcare

Offshore & Marine Alison FOK (65) 6433 5745 alisonfok@maybank-ke.com.sg

Services

S-chips Bernard CHIN (65) 6433 5726 bernardchin@maybank-ke.com.sg

Transport (Land, Shipping & Aviation) ONG Kian Lin (65) 6432 1470 ongkianlin@maybank-ke.com.sg

REITs / Property Wei Bin (65) 6432 1455 weibin@maybank-ke.com.sg

S-chips

Small & Mid Caps

INDONESIA Katarina SETIAWAN Head of Research (62) 21 2557 1125 ksetiawan@maybank-ke.co.id

Consumer

Strategy

Telcos Lucky ARIESANDI, CFA (62) 21 2557 1127 lariesandi@maybank-ke.co.id

Base metals

Coal

Oil & Gas Rahmi MARINA (62) 21 2557 1128 rmarina@maybank-ke.co.id

Banking

Multifinance Pandu ANUGRAH (62) 21 2557 1137 panugrah@maybank-ke.co.id

Auto

Heavy equipment

Plantation

Toll road Adi N. WICAKSONO (62) 21 2557 1130 anwicaksono@maybank-ke.co.id

Generalist Anthony YUNUS (62) 21 2557 1134 ayunus@maybank-ke.co.id

Cement

Infrastructure

Property Arwani PRANADJAYA (62) 21 2557 1129 apranadjaya@maybank-ke.co.id

Technicals

PHILIPPINES Luz LORENZO Head of Research (63) 2 849 8836 luz_lorenzo@maybank-atrke.com

Strategy Laura DY-LIACCO (63) 2 849 8840 laura_dyliacco@maybank-atrke.com

Utilities

Conglomerates

Telcos Lovell SARREAL (63) 2 849 8841 lovell_sarreal@maybank-atrke.com

THAILAND Sukit UDOMSIRIKUL Head of Research (66) 2658 6300 ext 5090 Sukit.u@maybank-ke.co.th

Maria LAPIZ Head of Institutional Research Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 Maria.L@maybank-ke.co.th

Consumer/ Big Caps

Andrew STOTZ Strategist (66) 2658 6300 ext 5091 Andrew@maybank-ke.co.th

Mayuree CHOWVIKRAN (66) 2658 6300 ext 1440 mayuree.c@maybank-ke.co.th

Strategy

Suttatip PEERASUB (66) 2658 6300 ext 1430 suttatip.p@maybank-ke.co.th

Media

Commerce Sutthichai KUMWORACHAI (66) 2658 6300 ext 1400 sutthichai.k@maybank-ke.co.th

Energy

Petrochem Termporn TANTIVIVAT (66) 2658 6300 ext 1520 termporn.t@maybank-ke.co.th

Property Woraphon WIROONSRI (66) 2658 6300 ext 1560 woraphon.w@maybank-ke.co.th

Banking & Finance Jaroonpan WATTANAWONG (66) 2658 6300 ext 1404 jaroonpan.w@maybank-ke.co.th Transportation Small cap. Chatchai JINDARAT (66) 2658 6300 ext 1401 chatchai.j@maybank-ke.co.th Electronics Pongrat RATANATAVANANANDA (66) 2658 6300 ext 1398 pongrat.R@maybank-ke.co.th

Services/ Small Caps

VIETNAM Michael KOKALARI, CFA Head of Research (84) 838 38 66 47 michael.kokalari@maybank-kimeng.com.vn

Strategy Nguyen Thi Ngan Tuyen (84) 844 55 58 88 x 8081 tuyen.nguyen@maybank-kimeng.com.vn

Food and Beverage

Oil and Gas Ngo Bich Van (84) 844 55 58 88 x 8084 van.ngo@maybank-kimeng.com.vn

Banking Trinh Thi Ngoc Diep (84) 844 55 58 88 x 8242 diep.trinh@maybank-kimeng.com.vn

Technology

Utilities

Construction Dang Thi Kim Thoa (84) 844 55 58 88 x 8083 thoa.dang@maybank-kimeng.com.vn

Consumer Nguyen Trung Hoa +84 844 55 58 88 x 8088 hoa.nguyen@maybank-kimeng.com.vn

Steel

Sugar

Resources

19 November 2012

Regional Daily

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. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report.

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 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. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result.

Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect.

US

This research report prepared by MKE 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. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. 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.

UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services 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.

19 November 2012

Regional Daily

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 material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. 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 JSC (License Number: 71/UBCK-GP) is licensed under the StateSecuritiesCommission 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 (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) 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 Services 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 of19 November 2012, 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: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. As of19 November 2012, KESHK and the authoring analyst do not have any interest in any companies recommended in this 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. 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.

Some common terms abbreviated in this report (where they appear): Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings BV = Book Value FV = Fair Value PEG = PE Ratio To Growth CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter CY = Calendar Year MoM = Month-On-Month ROA = Return On Asset DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity DPS = Dividend Per Share NTA = Net Tangible Asset ROSF = Return On Shareholders’ Funds EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date EV = Enterprise Value PBT = Profit Before Tax

19 November 2012

Regional Daily

Malaysia Maybank Investment Bank Berhad (A Participating Organisation of Bursa Malaysia Securities Berhad) 33rd Floor, Menara Maybank, 100 JalanTun Perak, 50050 Kuala Lumpur Tel: (603) 2059 1888; Fax: (603) 2078 4194

Singapore Maybank Kim EngSecurities Pte Ltd Maybank Kim EngResearch Pte Ltd 9 Temasek Boulevard #39-00 Suntec Tower 2 Singapore 038989 Tel: (65) 6336 9090 Fax: (65) 6339 6003

London Maybank Kim Eng Securities (London) Ltd 6/F, 20 St. Dunstan’s Hill London EC3R 8HY, UK Tel: (44) 20 7621 9298 Dealers’ Tel: (44) 20 7626 2828 Fax: (44) 20 7283 6674

New York Maybank Kim Eng Securities USA Inc 777 Third Avenue, 21st Floor New York, NY 10017, U.S.A. Tel: (212) 688 8886 Fax: (212) 688 3500

Stockbroking Business: Level 8, Tower C, Dataran Maybank, No.1, JalanMaarof 59000 Kuala Lumpur Tel: (603) 2297 8888 Fax: (603) 2282 5136

Hong Kong Kim Eng Securities (HK) Ltd Level 30, Three Pacific Place, 1 Queen’s Road East, Hong Kong Tel: (852) 2268 0800 Fax: (852) 2877 0104

Indonesia PT Kim Eng Securities Plaza Bapindo Citibank Tower 17th Floor Jl Jend. Sudirman Kav. 54-55 Jakarta 12190, Indonesia

Tel: (62) 21 2557 1188 Fax: (62) 21 2557 1189

India Kim Eng Securities India Pvt Ltd 2nd Floor, The International 16, Maharishi Karve Road, Churchgate Station, Mumbai City - 400 020, India Tel: (91).22.6623.2600 Fax: (91).22.6623.2604

Philippines 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

Thailand 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)

Vietnam In association with

Maybank Kim Eng Securities JSC 1st Floor, 255 Tran Hung Dao St. District 1 Ho Chi Minh City, Vietnam Tel : (84) 844 555 888 Fax : (84) 838 38 66 39

Saudi Arabia In association with

Anfaal Capital Villa 47, Tujjar Jeddah Prince Mohammed bin Abdulaziz Street P.O. Box 126575 Jeddah 21352 Tel: (966) 2 6068686 Fax: (966) 26068787

South Asia Sales Trading Kevin FOY kevinfoy@maybank-ke.com.sg Tel: (65) 6336-5157 US Toll Free: 1-866-406-7447

North Asia Sales Trading Eddie LAU eddielau@kimeng.com.hk Tel: (852) 2268 0800 US Toll Free: 1 866 598 2267

www.maybank-ke.com | www.maybank-keresearch.com