Regional

Morning Pack

REGIONAL MORNING PACK 5 Feb 2020

Top idea of the day

Malaysia Strategy

Fragile sentiment

QUAH He Wei / Malaysia Research Team

• Rising death toll from coronavirus outbreak in China has dampened market sentiment

• Potential downside risk to 2020 earnings growth of 6.1% after 4Q19 earnings season

• End-2020 FBM KLCI target of 1,620 based on 16x CY20 earnings

• Reiterate defensive strategy to focus on quality names with resilient earnings and yields

• Top picks: RHBBANK, WPRTS, MAHB, GAM, SWB, TDC and BAUTO

Read more…

Summary

The Big Picture

DBS Economics & Strategy: Singapore Budget 2020: Robust response needed

DBS Economics & Strategy: China focus - 2019-nCoV outbreak: Policy implication and revised outlook for China

Industry Focus

China Property Sector: Marketing takeaways: Stronger investment interests

Stocks

Thailand

CP ALL: Growth to sustain despite challenges

Muangthai Capital: Strong growth to continue

Indonesia

Unilever Indonesia: Lofty valuation may not be justified

Refer to important disclosures at the end of each report

Regional

Morning Pack

The Big Picture

DBS Economics & Strategy

Singapore Budget 2020: Robust response needed

Irvin Seah

• Budget 2020 will feature a robust fiscal response to fast rising near-term risks.

• Given a strong accumulated surplus position, immediate concerns will be addressed without neglecting

longer term issues

• An overall deficit of about SGD 7.9bn (1.6% of nominal GDP) is expected, the biggest in a decade

Read more…

DBS Economics & Strategy

China focus - 2019-nCoV outbreak: Policy implication and revised outlook for China

Chris Leung

• The shock to China’s economy from the coronavirus will likely be 2 to 3 times larger than SARS in 2003.

• Growth may fall to 4.7% in 1Q before recovering to 5% in 2Q. We are lowering China’s full-year growth

forecast to 5.3% (from 5.8%).

• The authorities will have to rely on fiscal and monetary policy easing to cushion the economy.

• Lower borrowing costs will help finance a proactive fiscal policy via bond issuances.

• A typical pandemic can also pave the way for a V-shaped recovery for both the economy and the markets

Read more…

Industry Focus

China Property Sector

Marketing takeaways: Stronger investment interests

Danielle WANG/ Ken HE/Jason LAM

• Better-than-expected sentiments with investors already looking to bottom-fishing

• Share placements, policy direction and 2020 land acquisitions were frequently asked questions

• More interests were shed on small- and mid-cap stocks versus large-cap names

• Yuzhou and Times continue to be our sector top picks; sell-offs created good entry point for CIFI

Read more…

Regional

Morning Pack

Stocks to watch

Thailand

CP ALL (CPALL TB): BUY

Market Cap: US$20,228m | Average Daily Value: US$60.42m

Last Traded Price: Bt69.75; Price Target: Bt83.50 (Upside 19.7%) (Prev Bt88.50)

Nantika WIANGPHOEM

Growth to sustain despite challenges

• 4Q19E core earnings to grow 7.7% driven by store expansion and wider gross margin

• SSSG of CVS business remained flat y-o-y; SSSG of cash-and-carry business remained solid at 4.2% y-o-y

• Positive earnings growth y-o-y expected in 1Q20 despite challenges

• BUY with new DCF-based TP of Bt83.50

Read more…

Muangthai Capital (MTC TB): BUY

Market Cap: US$4,483m | Average Daily Value: US$9.2m

Last Traded Price: Bt65.50; Price Target: Bt78.00 (Upside 19.1%)

Thaninee SATIRAREUNGCHAI

Strong growth to continue

• To post record-high profits of Bt1,108m (+10.5% y-o-y; +2.6% q-o-q) in 4Q19F and Bt4.2bn (+13.5%) in FY19F

• Loan portfolio to reach Bt60bn (+5.0% q-o-q; +26.0% y-o-y) at end-2019

• Strong interest income to be weighed down by high operating costs; asset quality to remain strong

• Maintain BUY and TP of Bt78.00

Read more…

Regional

Morning Pack

Indonesia

Unilever Indonesia (UNVR IJ): FULLY VALUED

Market Cap: US$4,364m | Average Daily Value: US$5.90m

Last Traded Price: Rp7,850; Price Target: Rp7,000 (Downside 10.8%) (Prev Rp7,980)

Cheria Christi Widjaja / Andy SIM

Lofty valuation may not be justified

• 4Q19 results in line with our and consensus estimates

• Cut FY20/FY21 net profit forecast by 7%/8%

• Valuation is too high amid slowing growth

• Maintain FULLY VALUED call with lower TP

Read more…

Regional

Morning Pack

Market Data

Source: DBS Bank, DBS Vickers, Bloomberg Finance L.P.

Key Indices

Closed % chg

as of Vs YTD MTD

(%)

Indices 4 Feb Previous (%) (%)

BSE Sensex 40,789 2.3 (1.1) (1.1)

KOSPI 2,158 1.8 (1.8) (1.8)

STI 3,157 1.3 (2.1) (2.1)

Nikkei 225 23,085 0.5 (2.4) (2.4)

MXFEJ index 630 2.4 (2.9) (2.9)

KLCI 1,536 0.9 (3.3) (3.3)

Taiex 11,556 1.8 (3.7) (3.7)

SET 1,519 1.6 (3.8) (3.8)

Hang Seng 26,676 1.2 (5.4) (5.4)

JCI Index 5,922 0.6 (6.0) (6.0)

HSCEI Index 10,435 1.6 (6.6) (6.6)

HSCCI Index 4,197 2.1 (7.5) (7.5)

PCOMP 7,227 1.3 (7.5) (7.5)

Shanghai A 2,783 1.3 (8.7) (8.7)

U.S./Others

Dow Jones 28,808 1.4 0.9 0.9

S&P 3,298 1.5 2.1 2.1

NASDAQ 9,468 2.1 5.5 5.5

FTSE 100 7,440 1.5 (1.4) (1.4)

DAX Index 13,282 1.8 0.2 0.2

BSE Sensex 40,789 2.3 (1.1) (1.1)

Commodity Indicators

Source: Bloomberg Finance L.P., DBS Bank

-9.4% 8.3%

-5.6%

3.1%

-10.5%

2.4%

-10.1%

-7.9%9.6%

2.3%

3.5%

-5.8%

-12.1%-20.1%

-1.3%

-25%-20%-15%-10% -5% 0% 5% 10% 15%

Nickel Spot

Coal Spot

Tin

Steel (weekly)

Copper

Gold Spot

Soybean Oil Spot

Soybean Spot

Sugar #11

Rice

Wheat Spot

TSL Crude Palm Oil

Palm Oil Spot (FOB Msia)

Crude Oil Brent Spot

Corn Spot

YTD % chng

16%

0% 5% 10% 15% 20%

US IG CDS

YTD % chng

Earnings Gth (%) PE (x)

20F 21F 20F 21F

Singapore 8.3 7.9 13.6 12.6

HK HSI 8.2 14.9 9.4 8.2

HK HSCCI (Red) 10.6 (0.6) 7.7 7.7

HK HSCEI (H) 9.2 (1.6) 7.3 7.4

CSI300 12.4 (0.1) 9.8 9.8

SH Comp 11.8 0.2 9.0 9.0

SZ Comp 15.5 0.6 13.8 13.7

Thailand 9.0 6.0 15.1 14.3

Indonesia 7.2 6.2 16.3 15.3

Commodities Latest Closing Previous

Closing

Nickel Spot USD/mt 12,640 12,772

Coal Spot USD/mt 70 75

Tin USD/mt 16,205 16,375

Steel (weekly) RMB/mt 500 500

Copper USD/lb 5,525 5,567

Gold Spot USD/t. oz 1,553 1,553

Soybean Oil Spot USD/pound 31 30

Soybean Spot USD/bushel 9 9

Sugar #11 USD/lb 15 15

Rice USD/cwt 14 14

Wheat Spot USD/bushel 6 6

TSL Crude Palm Oil USD/mt 768 758

Palm Oil Spot (FOB

Msia)

RM/mt 2,659 2,680

Crude Oil Brent Spot USD/barrel 53 53

Corn Spot USD/bushel 4 4

Credit Spreads

US IG CDS 16 18

Regional

Morning Pack

Regional Equity Picks

Blue Chips (Provides steady growth over a longer time period)

Company Exch Sector

Price

4 Feb 20

(LCY)

12-mth

Target

Price

(LCY)

Total

Return

(%)

% Chg

-1w

% Chg

since

Entry

Date

Date of

Entry

to List

Mcap

US$m

3mths

Avg

Daily T/O

US$m

CapitaLand CAPL SP SP Real Estate 3.64 4.50 27 (1.6) -2.9 2-Jan-20 13,384 20.8

UOB UOB SP SP Financial 25.79 29.20 18 (0.7) -1.1 29-Oct-19 31,374 42.2

Yangzijiang YZJSGD SP SP Industrials 0.98 1.68 77 (1.0) -12.9 2-Jan-20 2,786 28.7

Bank of China (Hong

Kong) 2388 HK HK Financial 26.00 33.00 33 (4.9) -7.5 7-Nov-19 35,395 33.2

HK Ex & Clearing 388 HK HK Financial 264.00 316.00 22 (2.7) 5.1 7-Nov-19 42,871 142.1

Ping An Insurance 2318 HK HK Financial 89.40 115.00 32 (5.7) -4.9 7-Nov-19 210,423 301.0

Tencent Holdings Ltd 700 HK HK Communication Services 393.00 466.00 19 1.9 2.8 3-Jan-20 483,381 844.7

Malaysia Airports MAHB MK MK Industrials 6.80 10.25 54 6.8 -20.6 18-Jul-19 2,745 5.2

RHB Bank RHBBANK MK MK Financial 5.71 6.40 16 (0.5) 0.2 1-Apr-19 5,570 4.7

Central Pattana CPN TB TB Real Estate 59.500 74.00 26 3.5 -7.4 17-Jan-20 8,616 13.4

CP ALL CPALL TB TB Consumer Staples 69.750 92.50 34 (2.1) -6.1 17-Jan-20 20,217 61.1

United Tractors UNTR IJ IJ Energy 18,775 26,900 48 (5.5) -13.5 13-Aug-19 5,106 5.3

Dividend (Provides steady income stream)

Company Exch Sector

Price

4 Feb 20

(LCY)

12-mth

Target

Price

(LCY)

Total

Return

(%)

% Chg

-1w

% Chg

since

Entry

Date

Date of

Entry

to List

Mcap

US$m

3mths

Avg

Daily T/O

US$m

CDL Hopsitality

Trusts CDREIT SP SP REITs 1.550 1.75 19 (3.7) -2.5 30-Aug-19 1,371 3.4

Koufu Group Ltd KOUFU SP SP Consumer Discretionary 0.740 0.88 22 (0.7) 2.1 14-Oct-19 299 0.5

SIA Engineering SIE SP SP Industrials 2.600 3.30 31 (1.1) -1.9 4-Nov-19 2,124 1.0

Link REIT 823 HK HK REITs 78.200 96.60 27 (4.2) -13.7 6-Aug-19 20,857 66.4

Berjaya Sports Toto BST MK MK Consumer Discretionary 2.540 3.10 28 0.4 17.1 17-Dec-18 832 0.3

Bermaz Auto BAUTO MK MK Consumer Discretionary 1.820 2.65 57 (3.2) -30.8 18-Jul-19 515 1.3

Matrix Concepts

Holdings MCH MK MK Real Estate 1.900 2.40 33 (0.5) -2.9 7-Mar-19 380 0.2

Sunway REIT SREIT MK MK REITs 1.780 2.10 23 (2.2) 2.9 9-Jun-17 1,275 1.2

AIM Industrial

Growth Freehold

and Leasehold AIMIRT TB TB REITs 13.200 15.60 24 0.8 9.1 22-Apr-19 66 0.2

Digital Telecom

Infrastructure Fund DIF TB TB Communication Services 17.300 18.50 13 1.2 -1.7 19-Aug-19 5,934 7.3

Sarana Menara

Nusantara TOWR IJ IJ Communication Services 850 950 15 0.0 26.9 18-Nov-19 3,162 3.2

Regional

Morning Pack

Growth (Provides capital growth over 12 months)

Company Exch Sector

Price

4 Feb 20

(LCY)

12-mth

Target

Price

(LCY)

Total

Return

(%)

% Chg

-1w

% Chg

since

Entry

Date

Date of

Entry

to List

Mcap

US$m

3mths Avg

Daily T/O

US$m

CapitaLand CAPL SP SP Real Estate 3.640 4.50 27 (1.6) -2.9 2-Jan-20 13,384 20.8

Air China 753 HK HK Industrials 6.430 10.00 58 (4.3) -8.8 6-Dec-19 12,025 15.8

China CITIC Bank Corp Ltd 998 HK HK Financial 4.130 6.30 59 (5.7) -12.7 3-Jan-20 26,022 16.9

China Railway Construction

Corp 1186 HK HK Industrials 7.580 12.50 68 (7.0) -14.8 3-Jan-20 13,253 10.4

China Tower 788 HK HK Communication Services 1.740 3.10 79 (0.6) 10.1 6-Dec-19 39,433 77.3

China Yuhua Education 6169 HK HK Consumer Discretionary 5.750 6.20 10 (0.2) 6.9 6-Dec-19 2,447 9.2

Gamuda GAM MK MK Industrials 3.960 5.00 29 (1.5) 0.8 18-Jul-19 2,391 2.8

OCK Group OCK MK MK Communication Services 0.600 0.75 25 3.4 0.8 20-Jan-20 140 0.5

Sunway Bhd SWB MK MK Real Estate 1.780 2.30 33 1.7 7.7 18-Jul-19 2,123 1.2

Chularat Hospital CHG TB TB Health Care 2.640 3.00 15 (2.9) 1.5 20-Nov-19 937 3.8

Ratchaphruek Hospital RPH TB TB Health Care 6.500 8.60 34 (0.8) -12.8 22-Oct-19 115 0.1

Refer to important disclosures at the end of this report

Regional

Morning Pack

DBS Bank Ltd recommendations are based on an Absolute Total Return* Rating system, defined as follows:

STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)

BUY (>15% total return over the next 12 months for small caps, >10% for large caps)

HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)

FULLY VALUED (negative total return, i.e., > -10% over the next 12 months)

SELL (negative total return of > -20% over the next 3 months, with identifiable share price catalysts within this time frame)

*Share price appreciation + dividends

Completed Date: 5 Feb 2020 07:53:33 (SGT)

Dissemination Date: 5 Feb 2020 08:33:02 (SGT)

Sources for all charts and tables are DBS Bank unless otherwise specified

GENERAL DISCLOSURE/DISCLAIMER

This report is prepared by DBS Bank. This report is solely intended for the clients of DBS Bank Ltd, its respective connected and associated

corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii)

redistributed without the prior written consent of DBS Bank.

The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to

DBS Bank Ltd, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents

(collectively, the “DBS Group”) have not conducted due diligence on any of the companies, verified any information or sources or taken into

account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we do not make any

representation or warranty as to the accuracy, completeness or correctness of the research set out in this report. Opinions expressed are

subject to change without notice. This research is prepared for general circulation. Any recommendation contained in this document does not

have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the

information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate

independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including

any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this

document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along

with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this

document. The DBS Group, may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to

perform broking, investment banking and other banking services for these companies.

Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there

can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk

assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or

condensed, it may not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is

under no obligation to update the information in this report.

This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned

schedule or frequency for updating research publication relating to any issuer.

The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and

assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on

which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from

actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO

BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that:

(a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and

(b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk

assessments stated therein.

Regional

Morning Pack

Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets.

Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies)

mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to

the commodity referred to in this report.

DBSVUSA, a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public

offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not

engage in market-making.

ANALYST CERTIFICATION

The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the

companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her

compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst

(s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate 0F

1 does not serve as an officer

of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of

the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for

the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report

or his associate does not have financial interests1F

2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has

procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of

research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment

banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment

banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of

the DBS Group.

COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1. DBS Bank Ltd, DBS HK, DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”) or their subsidiaries and/or other affiliates have proprietary

positions in CapitaLand, UOB, Yangzijiang Shipbuilding, Bank of China Hong Kong, HK Exchanges & Clearing, Ping An Insurance, Tencent,

CDL Hospitality Trusts, Link REIT, Air China, China Citic Bank Corp Ltd, China Railway Construction, China Tower Corp Ltd, CP ALL, Central

Pattana, recommended in this report as of 31 Dec 2019.

2. Neither DBS Bank Ltd nor DBS HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report.

3. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates have a net long position exceeding 0.5% of the total issued share

capital in CDL Hospitality Trusts, recommended in this report as of 31 Dec 2019.

4. DBS Bank Ltd, DBS HK, DBSVS, DBSVUSA, their subsidiaries and/or other affiliates beneficially own a total of 1% of any class of common

securities of CDL Hospitality Trusts, as of 31 Dec 2019

1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of

which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person

accustomed or obliged to act in accordance with the directions or instructions of the analyst.

2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or

a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This

term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or

new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.

Regional

Morning Pack

Compensation for investment banking services:

5. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12

months for investment banking services from CapitaLand, Bank of China Hong Kong, Koufu Group Limited, China Railway Construction, as

of 31 Dec 2019

6. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA, within the next 3 months, will receive or intend to seek

compensation for investment banking services from Bank of China Hong Kong, as of 31 Dec 2019.

7. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of

securities for CapitaLand, China Railway Construction, in the past 12 months, as of 31 Dec 2019.

8. DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a

manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain

further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this

document should contact DBSVUSA exclusively.

Disclosure of previous investment recommendation produced:

9. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates may have published other

investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12

months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published by

DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates in the preceding 12 months.

RESTRICTIONS ON DISTRIBUTION

General 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.

Australia This report is being distributed in Australia by DBS Bank Ltd, DBSVS or DBSV HK. DBS Bank Ltd holds Australian Financial

Services Licence no. 475946.

DBSVS and DBSV HK are exempted from the requirement to hold an Australian Financial Services Licence under the

Corporation Act 2001 (“CA”) in respect of financial services provided to the recipients. Both DBS Bank Ltd and DBSVS are

regulated by the Monetary Authority of Singapore under the laws of Singapore, and DBSV HK is regulated by the Hong

Kong Securities and Futures Commission under the laws of Hong Kong, which differ from Australian laws.

Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.

Hong Kong This report has been prepared by a person(s) who is not licensed by the Hong Kong Securities and Futures Commission to

carry on the regulated activity of advising on securities in Hong Kong pursuant to the Securities and Futures Ordinance

(Chapter 571 of the Laws of Hong Kong). This report is being distributed in Hong Kong and is attributable to DBS Bank

(Hong Kong) Limited, a registered institution registered with the Hong Kong Securities and Futures Commission to carry

on the regulated activity of advising on securities pursuant to the Securities and Futures Ordinance (Chapter 571 of the

Laws of Hong Kong). DBS Bank Ltd., Hong Kong Branch is a limited liability company incorporated in Singapore.

For any query regarding the materials herein, please contact Carol Wu (Reg No. 8283) at dbsvhk@dbs.com

Indonesia This report is being distributed in Indonesia by PT DBS Vickers Sekuritas Indonesia.

Regional

Morning Pack

Malaysia This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR"). Recipients of this report, received from

ADBSR are to contact the undersigned at 603-2604 3333 in respect of any matters arising from or in connection with this

report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised

that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective

connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or

associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and

may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject

companies. They may also have received compensation and/or seek to obtain compensation for broking, investment

banking/corporate advisory and other services from the subject companies.

Wong Ming Tek, Executive Director, ADBSR

Singapore This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No.

198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the

Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign

entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial

Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert

Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such

persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6327 2288 for matters

arising from, or in connection with the report.

Thailand This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd.

United

Kingdom

This report is produced by DBS Bank Ltd which is regulated by the Monetary Authority of Singapore.

This report is disseminated in the United Kingdom by DBS Vickers Securities (UK) Ltd, ("DBSVUK"). DBSVUK is authorised

and regulated by the Financial Conduct Authority in the United Kingdom.

In respect of the United Kingdom, this report is solely intended for the clients of DBSVUK, its respective connected and

associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in

any form or by any means or (ii) redistributed without the prior written consent of DBSVUK. This communication is

directed at persons having professional experience in matters relating to investments. Any investment activity following

from this communication will only be engaged in with such persons. Persons who do not have professional experience in

matters relating to investments should not rely on this communication.

Dubai

International

Financial

Centre

This research report is being distributed by DBS Bank Ltd., (DIFC Branch) having its office at units 608 - 610, 6th Floor,

Gate Precinct Building 5, PO Box 506538, DIFC, Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated

by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the

DFSA rulebook) and no other person may act upon it.

United Arab

Emirates

This report is provided by DBS Bank Ltd (Company Regn. No. 196800306E) which is an Exempt Financial Adviser as

defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. This report is for information

purposes only and should not be relied upon or acted on by the recipient or considered as a solicitation or inducement to

buy or sell any financial product. It does not constitute a personal recommendation or take into account the particular

investment objectives, financial situation, or needs of individual clients. You should contact your relationship manager or

investment adviser if you need advice on the merits of buying, selling or holding a particular investment. You should note

that the information in this report may be out of date and it is not represented or warranted to be accurate, timely or

complete. This report or any portion thereof may not be reprinted, sold or redistributed without our written consent.

Regional

Morning Pack

United States This report was prepared by DBS Bank Ltd. DBSVUSA did not participate in its preparation. The research analyst(s)

named on this report are not registered as research analysts with FINRA and are not associated persons of DBSVUSA. The

research analyst(s) are not subject to FINRA Rule 2241 restrictions on analyst compensation, communications with a

subject company, public appearances and trading securities held by a research analyst. This report is being distributed in

the United States by DBSVUSA, which accepts responsibility for its contents. This report may only be distributed to Major

U.S. Institutional Investors (as defined in SEC Rule 15a-6) and to such other institutional investors and qualified persons as

DBSVUSA may authorize. Any U.S. person receiving this report who wishes to effect transactions in any securities

referred to herein should contact DBSVUSA directly and not its affiliate.

Other

jurisdictions

In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified,

professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

DBS Regional Research Offices

HONG KONG

DBS (Hong Kong) Ltd

Contact: Carol Wu

13th Floor One Island East,

18 Westlands Road,

Quarry Bay, Hong Kong

Tel: 852 3668 4181

Fax: 852 2521 1812

e-mail: dbsvhk@dbs.com

MALAYSIA

AllianceDBS Research Sdn Bhd

Contact: Wong Ming Tek (128540 U)

19th Floor, Menara Multi-Purpose,

Capital Square,

8 Jalan Munshi Abdullah 50100

Kuala Lumpur, Malaysia.

Tel.: 603 2604 3333

Fax: 603 2604 3921

e-mail: general@alliancedbs.com

SINGAPORE

DBS Bank Ltd

Contact: Janice Chua

12 Marina Boulevard,

Marina Bay Financial Centre Tower 3

Singapore 018982

Tel: 65 6878 8888

Fax: 65 65353 418

e-mail: equityresearch@dbs.com

Company Regn. No. 196800306E

INDONESIA

PT DBS Vickers Sekuritas (Indonesia)

Contact: Maynard Priajaya Arif

DBS Bank Tower

Ciputra World 1, 32/F

Jl. Prof. Dr. Satrio Kav. 3-5

Jakarta 12940, Indonesia

Tel: 62 21 3003 4900

Fax: 6221 3003 4943

e-mail: indonesiaresearch@dbs.com

THAILAND

DBS Vickers Securities (Thailand) Co Ltd

Contact: Chanpen Sirithanarattanakul

989 Siam Piwat Tower Building,

9th, 14th-15th Floor

Rama 1 Road, Pathumwan,

Bangkok Thailand 10330

Tel. 66 2 857 7831

Fax: 66 2 658 1269

e-mail: research@th.dbs.com

Company Regn. No 0105539127012

Securities and Exchange Commission, Thailand