SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

23 Jul 2012

Regional

Daily

Top Views 1Q13 REVIEW Mcap USD8.3b ADTV USD16.6m IN: Bajaj Auto Ltd (BJAUT) Jigar Shah 3 Consumer Disc. | New Launches, Margin Increase, are the Triggers| BUY | Upside 15% - Positive YoY EPS growth for Q1 was a surprise. We had expected

earnings to decline because of temporary export problems in Sri Lanka and Egypt.

- However, the company’s ability to raise ASP in May and improve sales mix (YoY selling price + 10% per vehicle) in the local and export markets, could offset the volume decline. Gross margin increased 120bp YoY to 24.1%.

- We maintain our FY13F EPS of Rs122 (+13%) because problems in the export market have been resolved and the worst of the pressure on volume seems to be over. We maintain BUY on BJAUT with TP of Rs1,829/sh based on PER of 15x FY13F.

INITIATION | SMID CAPs Mcap USD386m ADTV USD0.6m VN: Hoa Phat Group (HPG VN) Hoa Nguyen 4 Industrials | Vietnam’s Most Profitable Steel Maker | BUY | Upside 26% - We initiate coverage of Vietnam’s number two construction steel maker

Hoa Phat with a buy rating. HPG is the industry’s low cost producer and the likely beneficiary of an imminent wave of industry consolidation.

- Valuation is reasonable at 8x 2012 versus our forecast earnings CAGR of 22% over the next four years. The company’s growth profile will be largely driven by capacity expansion and favorable long term prospects for steel consumption in Vietnam driven by the ongoing build-out of the country’s infrastructure, industry and housing stock.

- HPG’s margins have been compressed by over 5ppts in the current cycle due to weak demand and high commodity costs. We believe that cyclical margin pressures have now abated and the company’s profitability is set to improve.

VISIT NOTE Mcap USD37.5b ADTV USD0.6m PH: Nickel Asia Corp (NIKL) Ramon Adviento 5 Materials | Production Bonus | BUY | Upside 36.0% - The drier weather this year moved NIKL’s shipping window up by one

month, such that 1H12 production of 5.02m WMT is 19.0% higher YoY. We expect 2012 production to breach 11m tonnes, beating 2011 by more than 19%, and 12m not a far possibility.

- Chinese importers of laterite ores have shifted to the Philippines as a result of Indonesia’s mining policies. 2.5m tonnes of ore were shipped out in May from the country and this surged to more than 4m tonnes in June. Philippine ores are also getting more expensive as latest trades are now at USD48/WMT, higher than USD41-42 for Indonesian ores.

- China’s demand seems to be shifting fast among different ore types, but stockpilers such as NIKL, which has the financial muscle to carry inventory and cash in on any jump in shipments, are less exposed. Maintain BUY based on TP of PHP38.08/sh.

P K BASU pk.basu@maybank-ke.com.sg (65) 6432 1821 ONG Seng Yeow ongsengyeow@maybank-ke.com (852) 2268 0644 Jeremy TAN jeremytan@kimeng.com.hk (852) 2268 0635

Today’s Content… Country India Bajaj Auto Ltd Vietnam Hoa Phat Group Philippines Nickel Asia Corp Hong Kong Ebbs and Flows Singapore CapitaCommercial Trust Malaysia CapitaMalls Malaysia Trust Regional Stubs Monitor

Top Buys… Company Ticker Spot Target Upside (%) Philex Mining Corp PX PM 21.40 30.61 43.0 Siam Makro MAKRO TB 345.00 478.00 38.6 Vinamilk VNM VN 87500 118000 34.9 KLCC Property KLCC MK 4.90 6.38 30.2 LICHF LICHF IN 259.00 332.00 28.2 First Philippine Holdings FPH PM 76.50 97.80 27.8 SembMarine SMM SP 4.910 6.200 26.3 Venture Corp VMS SP 7.710 9.650 25.2 Kiatnakin Bank KK TB 39.250 49.000 24.8 Yes Bank YES IN 353.95 434.00 22.6 China State Construction 3311 HK 7.71 9.45 22.6 B. Armada BAB MK 4.03 4.88 21.1

Top Sells… Company Ticker Spot Target Downside (%) Jai Prakash Associates JPA IN 77.75 47.00 39.5 GMA Network Inc GMAP PM 10 6.90 31.5 Uni-President 220 HK 7.72 5.60 27.5 Ayala Land ALI PM 20.45 15.00 26.7

Maybank-KE Events Date Event Location 23-24 Jul Regional Economic & Equity Outlook &

Strategy Marketing SG

24 Jul Axis REIT KL 24-25, 27 Jul

Malaysia Oil & Gas, and Petrochem analysts marketing

SG

26 Jul Malaysia Oil & Gas, and Petrochem analysts marketing

HK

23 July 2012

Regional Daily

Company Notes Ebbs and Flows Tham Mun Hon 6 Betting on Helicopter Ben - USD6b of inflows into global equities for the week ending 18 July with

selling from non-ETF investors slowing to USD409m. - For Asia ex-Japan, the latest week saw an outflow of USD222m, driven

by selling in the healthcare, IT, materials and consumer staples sectors, whilst financials and energy saw the smallest outflows.

- The latest funds flow points to an incremental shift towards higher-beta sectors to improve investment returns

Mcap USD3.0b ADTV USD5.7m SG: CapitaCommercial Trust (CCT SP) Wilson Liew 7 REITS | Boost From Property Tax Savings | HOLD | Downside 6% - CCT enjoyed a better-than-expected 7.8% YoY increase in its 2Q12 net

property income to SGD75.2m, while distributable income also rose by 7.5% YoY to SGD58.5m. DPUs for 2Q12 and 1H12 are 2.06 cents and 3.96 cents respectively.

- Despite the challenging leasing market, CCT benefited from property tax savings amounting to SGD4.2m in 1H12. CCT signed new leases and renewals of 180,500 sq ft in 1H12, but demand has been mainly restricted to small and medium-sized office space. With not much space up for renewal for the rest of the year, the impact of negative rental reversion is likely to be limited.

- At current levels, we expect CCT’s forward yields to maintain at around the 5.7% range. We raise our DDM target price to SGD1.24 on the back of lower property tax estimates and slight upward revision in forward rental assumptions. Upgrade to HOLD.

2Q12 REVIEW Mcap USD0.9b ADTV USD0.6m MK: CapitaMalls Malaysia Trust (CMMT MK) Wong Wei Sum 8 REIT | Earnings Uptrend Continues | HOLD | Upside 3.2% - CMMT’s 1H12 core net profit of MYR68.9m (+30% YoY) came in as

expected, accounting for 49-50% of our and consensus full-year estimates. CMMT’s proposed 4.2sen DPU for 1H12 was also in line.

- Potential upside surprise could come from new asset injection. CMMT currently trades at 5.5% yield (gross) vs. PavREIT’s 4.6% and SunREIT’s 5.5%.

- We tweak our earnings forecasts by -1% to -5% but raise DCF-based TP to MYR1.62. We maintain HOLD on CMMT.

QUANTS RESEARCH | Stubs Monitor Anita Hwang 9 Short Sembcorp Industries Stub (SCI SP – 0.708 * SMM SP) - Sembcorp Industries is trading at its three-year narrowest NAV discount

of 13.7% compared with the one-year average of 24%. The stub is trading at about 3 S.D. above its one-year average of 1.43.

- Sembcorp Marine accounts for about 55% of Sembcorp Industries’ NAV. - We suggest investors to short one share of SCI and long 0.708 share of

SMM as we believe SCI would mean-revert to a lower NAV discount.

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

RESULT REVIEW 23 July 2012

India

Bajaj Auto (BJAUT) New launches, margin increase, are the triggers

Positive YoY EPS growth for Q1 was surprising. We expected a decline in YoY EPS for BJAUT due to temporary export problems in Sri Lanka and Egypt and marginal fall in volume YoY. However, the company’s ability to make a price increase in May and improve sales mix (YoY selling price + 10% per vehicle) in the local and export markets, could offset the volume decline. Gross margin increased 120bp YoY to 24.1%. We maintain our FY13F EPS of Rs122 (+13%) because problems in the export market have been resolved and the worst of the pressure on volume seems to be over. We maintain BUY on BJAUT with TP of Rs1,829/sh based on PER of 15x FY13F.

Q1 forms 20% of our FY13F EPS of Rs122. We are confident that BJAUT will be able to increase its earnings QoQ to recover the deficit in Q1. We expect, Q2 EPS to increase 5% QoQ due to restoration of exports volume and successful launch of new models (Pulsar NS200, Discover ST 125) in the local market. We expect FY13F EPS to be skewed towards H2 (58% vs 42% in H1) due to 1) festive season in Q3, 2) national roll-out of new products by end-Q2 and 3) strong demand for diesel 3 wheelers.

Q1 gross margin of 24.9% is +120bp due to product mix, price increase. BJAUT increased prices in May in export and local markets. Further, its margin expansion is due to rising sales of diesel 3 wheelers (selling price double than 2 wheelers). This month, BJAUT increased prices again by Rs500 to Rs1k per vehicle and is upbeat about improving margin further in coming quarters. We maintain our FY13F gross margin at 23.8%. Export restrictions in Sri Lanka, Egypt market resolved. In Q1, BJAUT lost between 15–20k units of volume because of import duty changes in Sri Lanka and adverse law and order situation in Egypt. The company confirmed that it resumed normal sales in Sri Lanka and Egypt, the effect of which would be visible in its July/Aug sales. The company stated that price reduction in Sri Lanka was not steep and allayed concerns that that this will hurt margin.

Good response to new launches in Q1. BJAUT hopes to increase domestic sales by 12% this year due to national roll out of new products by Q2 and one more product launch in the entry segment by Sep/Oct. We think it is optimistic and pencil in only 6% growth to 3.3m units in India. We maintain sales volume of 4.8m for BJAUT for FY13 even as the company maintains volume of 5m.

Trading at an undemanding PER of 12x FY13F. BJAUT’s PER discount of 30% to Hero Motocorp is unjustified given its superior margin. Success of new products and margin improvement in H2 would be the triggers for the stock. BJAUT – Summary Earnings Table FY Mar 31 (Rs bn) FY10 FY11 FY12 FY13F FY14F Revenue 119.2 165.6 197.5 222.3 249.7 EBITDA 25.4 33.2 38.5 43.4 48.8 Recurring Net Profit 17.6 26.3 31.7 35.2 39.8 Recurring Basic EPS (Rs) 60.8 90.8 109.7 121.7 137.4 EPS growth (%) 136.8 49.4 20.7 10.9 12.9 DPS (Rs) 20.0 40.0 47.9 60.1 72.3 PER (x) 26.1 17.5 14.5 13.1 11.6 EV/EBITDA (x) 17.4 12.7 10.5 9.0 7.7 Div Yield (%) 1.3 2.5 3.0 3.8 4.5 P/BV(x) 16.9 9.6 7.4 6.0 5.0 Net Debt/Equity (%) NA NA NA NA NA ROE (%) 70.4 91.8 54.8 50.5 46.8 ROA (%) 22.4 39.5 30.3 29.8 28.5 Consensus Net Profit (Rs bn) - - - 34.7 38.6

Source: Company data, Bloomberg, KESI estimates

BUY (Unchanged) Share price: Rs1,590/sh Target price: Rs1,829/sh (Unchanged) Jigar Shah jigar@maybank-ke.co.in (91) 22 66232632

Stock Information Description: 2nd largest motorbike manufacturer in India with market share of 27% Ticker: BJAUT IN Shares Issued (m): 289 Market Cap (US$ bn): 8.3 6-mth Avg Daily Turnover (US$m): 16.6 SENSEX: 17,158 Free float (%): 50 Major Shareholders: % Bajaj Family 50

Key Indicators (FY13F) ROE – annualized (%) 50.5 ROA – annualized (%): 29.8 NTA Rs/sh 265.5

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Performance: 52-week High/Low Rs1,839/ 1,351 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 3.7 -6.8 2.0 11.8 0.0 Relative (%) 2.2 -5.6 -0.5 19.0 -11.0

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Initial Coverage 23 July 2012

Vietnam

Hoa Phat Group (HPG) Vietnam’s Most Profitable Steel Maker

Cost advantages from fully-integrated production. HPG’s new steel factory uses Basic Oxygen Furnace (BOF) blast furnace technology. That gives Hoa Phat an estimated 5–10% cost advantage over its domestic peers that rely on Electric Arc Furnace (EAF) technology to recycle steel scrap. Phase 1 of the new plant began operating in 2010 which boosted HPG’s gross margin by 6 ppts in 2011 and increased HPG’s gross margin advantage over its main competitor, POM.

Growth from increased capacity. HPG plans to operate Phase 2 of its new factory from 2013, which will increase its capacity by 77% and shift the proportion of its steel made in the new plant from 50% at present to 74% in 2013. (HPG’s remaining steel is manufactured with costly EAF technology and imported steel scrap.)

Growth from industry consolidation. The supply of construction steel in Vietnam, which HPG specializes in, exceeds demand by more than 50%. However, over half of the local steelmakers have obsolete factories and much higher production costs than HPG. Consolidation is inevitable and HPG is well-placed to grow by grabbing market share from inefficient domestic peers.

Steel sector growth driven by economic recovery. Steel demand contracted by 2% in 2011 because of a government-engineered economic slowdown. GDP growth is set to return to its long-run average rate of 7% in 2013. This, combined with substantial infrastructure development requirements, a 3.4% annual urbanisation rate (which will drive high-rise housing construction), and the continued build-out of Vietnam’s industrial base, means annual steel consumption growth is likely to average 9% over 2012–2020.

Reasonable valuation. HPG’s forward PE of 8.1x is attractive on a PEG basis: we expect profits to grow at a CAGR of 22% for FY2012–2016. The stock’s PE ratio is also at a moderate discount to regional peers. Also, our DCF-derived target price of VND29,200/share offers 26% upside. However, there are caveats including: real estate development, potential diversification into agriculture businesses, and an ill-advised expansion into the coke coal exporting business.

Hoa Phat Group – Summary Earnings Table FYE 31 Dec(VND b) 2009 2010 2011 2012F 2013F Revenue 8,123 14,267 17,852 18,876 23,039 EBITDA 1,849 2,364 2,796 2,854 3,708 Recurring Net Profit 1,272 1,349 1,236 1,004 1,874 Recurring Basic EPS (VND) 3,638 3,859 3,536 2,871 5,361 EPS growth (%) 48.9 6.1 -8.4 -18.8 86.7 DPS (VND) 2,000 2,000 2,000 2,000 2,000 PER 6.4 6.0 6.6 8.1 4.3 EV/EBITDA (x) 7.5 5.9 5.0 4.8 3.7 Div Yield (%) 8.6 8.6 8.6 8.6 8.6 P/BV(x) 0.9 1.2 1.0 1.0 0.9 Net Gearing (%) 55.4 70.6 72.3 85.0 82.3 ROE (%) 26.4 21.1 16.7 12.0 19.9 ROA (%) 12.4 9.1 7.1 5.3 8.9 Source: Kim Eng

Buy Share price: 23,200 VND Target price: 29,200 VND Hoa Nguyen Trung hoa.nguyen@kimeng.com.vn (84) 8 4455.5888 Michael Kokalari, CFA michael.kokalari@kimeng.com.vn

(84) 8 3838 6647 Stock Information Description: Vietnam’s number two construction steel manufacturer with 14% market share for long steel (ie rebar, etc). Also has a 20% market share of welded tubes used in industrial applications. Ticker: HPG VN Shares Issued (m): 344.9 Market Cap (US$ m): 386.0 3-mth Avg Daily Vol. (US$ m): 0.6 VN Index: 417.5 Free float (%): 39.0 Major Shareholders: DINH LONG TRAN 22.2 VU THI HIEN 6.8 DEUTSCHE BANK AG 5.1 Key Indicators

ROE – annualised (%) 16.7 Net cash (VND b): 1,064 NTA/shr (VND): 12,561 Interest cover (x): 2.9

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Performance: 52-week High/Low VND31,909 / VND13,818 1-mth 3-mth 6-mth 1-yr YTD Absolute(%) -6.5 -13.2 51.3 -11.8 45.2 Relative(%) -3 0 -1 7 30 0 -12 4 22 2

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Philippines Company update 23 July 2012

Nickel Asia Corp Production bonus

El Niño prolongs shipping window. When La Niña hit in 2011, Nickel Asia Corp (NIKL) produced 10.4m tonnes of nickel ore during the shipping months of April-October. This year, drier weather moved the shipping window up such that 1H12 production of 5.02m WMT is higher 19.0% YoY. NIKL thrives on dry weather as nickel laterite deposits are hydrophilic so high precipitation levels create havoc in the mining fields. With the equatorial Pacific Ocean warming up, the El Niño phenomenon is expected to kick in later in the year and prolong the dry weather. Weather permitting, the shipping window will extend to November. With the extra month, we expect NIKL 2012 production to breach 11m tonnes, beating 2011 by more than 19%, and 12m not a far possibility.

Indonesia’s ban an opportunity. In June, China only imported 500k tonnes of ore from Indonesia compared with 4.05m tonnes in May as the ban and higher tax on direct shipping ore exports took effect. But 2.5m tonnes were shipped out in May from the Philippines and this surged to more than 4m tonnes in June. Chinese importers of laterite ores have shifted to the Philippines as a result of Indonesia’s mining policies. NIKL, the largest Philippine producer, is benefiting.

Premium on consistency of supply. Philippine ores are also getting more expensive as latest trades are now at USD48/WMT, higher than USD41-42 for Indonesian ores. NIKL reported price upticks in their 1H12 report. Consistency of supply now seems to be at a premium. NIKL, being the largest producer and the one with the longest track record, is again expected to benefit from this trend in the short term.

2H12 will be challenging. China’s shift to more stimulative economic policies likely will push consumption and benefit commodities. Most Chinese smelters are bullish, but nickel pig iron producers suddenly cut production in July. Demand seems to be shifting fast among different ore types and this turbulent behavior will be challenging. However, stockpilers such as NIKL, which has the financial muscle to carry inventory and cash in on any jump in shipments, are less exposed. BUY for a potential 36% upside based on our TP of PHP38.08/sh.

Nickel Asia Corp – Summary Earnings Table FYE 31 Dec (PHPm) 2009A 2010A 2011A 2012F 2013FRevenue 4,687 8,336 12,695 13,529 13,529 EBITDA 1,103 3,839 7,141 7,763 7,763 Net Profit to Common 303 1,547 3,536 4,210 4,468 EPS (PHP) 0.32 1.15 2.64 3.14 3.33 EPS growth (%) 69.0 265.0 128.6 19.0 6.1 DPS (PHP) 0.60 2.81 1.07 - 1.56

PER (x) 88.5 24.3 10.6 8.9 8.4 EV/EBITDA (x) 18.5 8.4 4.1 3.9 4.4 Div Yield (%) 2.1 10.0 3.8 - 5.6 P/BV(x) 2 .4 2.5 2.1 1.7 1.5

Net Gearing (%) (44.8) (29.0) (38.5) (25.3) (11.5) ROE (%) 2.1 9.5 17.5 16.9 15.4 ROA (%) 3.7 8.2 14.7 14.3 13.1 Consensus Net Profit (PHPm) na na na 2,777 2,976 Source: NIKL, Maybank ATR Kim Eng Securities, Inc

Buy (unchanged) Share price: PHP28.00 Target price: PHP38.08 Ramon Adviento Ramon_Adviento@maybank-atrke.com (632) 849 8842 Stock Information Description: NIKL is a global supplier of lateritic nickel ore, and operates as a nickel mining company. It owns four operating mines, all of which are located in the southern half of the country. Ticker: NIKL PM / NIKL.PS Shares Issued (m): 1,341 Market Cap (PHP m): 37,548 Market Cap (USD m): 897 3-mth Avg Daily Value (USDm): 0.583 PSEI: 5,210.89 Free float (%): 27 Major Shareholders: % Mantra Resources Corp 25.66 Sumitomo Metal Mining 19.16 Key Indicators

ROE – annualised (%) 16.9 Net debt (PHP m): (6,926.9) NTA/shr (PHP): 16.5 Interest cover (x): 72.0

Historical Chart

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SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Regional Market Strategy 23 July 2012

Ebbs & Flows Betting On Helicopter Ben After a quiet week, investors turned net buyers of global equities for

the week ending 18 July with an inflow of USD6b. The US market captured most of the inflows (USD6.2b), ahead of the Fed Chairman’s testimony to Congress, as a slew of weaker US macro data has raised hopes that Bernanke may provide additional monetary support.

Whilst ETF buying accounted for inflows of USD6.4b, it is important to note that selling from non-ETF investors has slowed and for the latest week, it was only USD409m; probably a sign that most of the bad news has been priced in.

For Asia ex-Japan, the latest week saw an outflow of USD222m, driven by selling in the healthcare, IT, materials and consumer staples sectors, whilst financials and energy saw the smallest outflows. At the country level, only five out of the 11 markets we cover recorded net selling. All in all, the latest funds flow points to an incremental shift towards higher-beta sectors, likely reflecting a greater willingness to take on higher risk, to improve investment returns.

Weekly sector flows

% of assets Weekly flow (USD m) YTD flows Country 18-Jul-12 18-Jul-12 11-Jul-12 4-Jul-12 27-Jun-12 USD m % YoY Consumer Discretionary (0.10) (20.6) 17.6 17.6 (27.4) (444) (5.2) Consumer Staples (0.18) (20.1) 4.7 4.7 (9.3) (199) 43.2 Energy (0.06) (9.1) 11.6 11.6 (16.0) (98) 85.5 Financials (0.06) (32.2) 61.3 61.3 (39.8) (775) 56.0 Health Care (0.30) (10.4) 1.6 1.6 (5.2) (61) 65.5 Industrials (0.13) (22.8) 15.7 15.7 (6.1) (511) (26.6) Information Technology (0.23) (67.0) 31.1 31.1 33.1 (743) (194.1) Materials (0.17) (22.9) 10.2 10.2 (2.2) (373) (207.2) Telecom Services (0.09) (8.6) 9.6 9.6 0.4 (58) 70.9 Utilities (0.08) (2.9) 4.3 4.3 (2.5) (20) 86.5 Source: EPFR, Maybank-KE

THAM Mun Hon, CFA thammunhon@kimeng.com.hk (852) 2268 0630

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Results Review 23 July 2012

Singapore

Co. Reg No: 198700034E MICA (P) : 099/03/2012

CapitaCommercial Trust Boost From Property Tax Savings

1H12 earnings stronger than expected. CCT’s 2Q12 net property income rose by a better-than-expected 7.8% YoY to SGD75.2m, while the distributable income increased by 7.5% YoY to SGD58.5m, mainly attributable to lower property tax and the addition of Twenty Anson. DPUs for 2Q12 and 1H12 grew by 7% and 5% to 2.06 cents and 3.96 cents respectively. We think this is a creditable showing despite the challenging leasing market. We upgrade our recommendation to HOLD.

Retrospective tax savings. Property tax in 2Q12 was SGD1.7m (or 23.6%) lower than a year before, due to vacancy refund and successful appeal of annual value assessment. For 1H12, the tax savings amounted to SGD4.2m, or about 0.15 cents/unit. Management said that they will continue to work with the tax authorities to ensure the annual value assessment remains fair.

Positive leasing activity in 1H12. In 1H12, CCT signed new office and retail leases and renewals of ~180,500 sq ft, with demand still mainly from financial services companies, although demand is still restricted to small and mid-sized office space. New tenants and existing ones seeking additional space for expansion accounted for approximately half of those spaces. Compared with 1Q12, the average office portfolio rent slid marginally from SGD7.45 to SGD7.39 psf. With another 5.7% of its office NLA up for renewal for the rest of this year, the impact from any potential negative rental reversion is likely to be limited.

Balance sheet’s sound as a pound. On the back of a marginal 1% growth in its portfolio valuation, CCT’s gearing edged down to 30.1% this quarter from 30.5%. There are no refinancing needs for the rest of this year, and the debt maturing in FY13 is a very manageable SGD197m. CCT’s average cost of debt stayed low at 3.1%.

Upgrade to HOLD. We raise our forward DPU forecasts by an average of 4% per annum, mainly due to lower property tax estimates, as well as a slight upward revision in our rental assumptions. We have also raised our terminal growth rate assumption to 1.5%, resulting in a new DDM-derived target price of SGD1.24. We expect the forward average DPU yields to remain fairly stable at 5.7% based on the current share price, but CCT is fairly valued now, in our view. Upgrade to HOLD. CapitaCommercial Trust – Summary Earnings Table

FYE Dec (SGD m) 2010A 2011A 2012F 2013F 2014F Revenue 391.9 361.2 378.0 378.5 376.9 Net property income 299.0 277.3 299.1 292.6 291.2 Distributable income 221.0 212.8 219.7 218.1 216.3 DPU (SG cents) 7.8 7.5 7.7 7.7 7.6 DPU growth (%) 11.0 -3.9 2.9 -1.0 -1.1 DPU Yield (%) 5.9 5.7 5.8 5.8 5.7 P/BV(x) 0.8 0.8 0.8 0.8 0.8 Gearing (Debt to deposited assets) (%)

25.2 29.9 30.3 30.3 29.9

ROE (%) 4.5 4.3 4.3 4.3 4.2 ROA (%) 3.1 2.9 2.9 2.9 2.9 Consensus DPU (SG cents) 7.5 7.5 7.8

Source: Maybank KE

Hold (from Sell) Share price: SGD1.325 Target price: SGD1.24 (previously SGD1.06) Wilson LIEW wilsonliew@maybank-ke.com.sg (65) 6432 1454 Stock Information Description: Managed by CapitaLand, CCT is the largest non-retail commercial REIT in Singapore by asset size, with a pure Singapore portfolio and an AUM of more than S$6b. Ticker: CCT SP Shares Issued (m): 2,838.30 Market Cap (USD m): 3,009.4 3-mth Avg Daily Turnover (USD m): 5.7 ST Index: 3,015.53 Free float (%): 67.9 Major Shareholders: % CapitaLand 32.1 Key Indicators ROE (%) 4.3 Debt to deposited assets (%): 30.1 NAV/shr as at June 2012 (S$): 1.58 Interest cover (x): 3.5

Historical Chart

Performance: 52-week High/Low SGD1.48/SGD0.94 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 5.6 6.4 16.2 -9.5 26.1 Relative (%) 0.0 5.7 9.8 -6.2 10.6

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SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

17 October 2011

PP16832/01/2012 (029059)

Company Update 22 July 2012

PP16832/01/2013 (031128)

Page 1 of 2

Malaysia

CapitaMalls Malaysia Trust Earnings Uptrend Continues

Maintain Hold. CMMT’s 1H12 realised net profit of MYR68.9m (+30% YoY) came in as expected, accounted for 49-50% of our and consensus full-year estimates. CMMT’s proposed 4.2sen DPU for 1H12 was also in line. We tweak our earnings forecasts by -1% to -5% but raise DCF-based TP to MYR1.62. Potential upside surprise could come from new asset injection. It currently trades at 5.5% yield (gross) vs. PavREIT’s 4.6% and SunREIT’s 5.5%.

Asset enhancement works borne fruits. Exc. MYR98.4m revaluation gains (mostly from Gurney Plaza; CMMT’s portfolio cap rates of 6.5-7%), CMMT’s 2Q12 core net profit grew by 27% YOY to MYR34.4m. The underlying earnings strength was mainly driven by: 1) East Coast Mall (ECM) which was acquired in Nov 2011, 2) additional NLA (+22,961 sq.ft.) in Gurney Plaza post-asset enhancement works/space reconfiguration at 5th-6th floors and basement in end-2011.

Positive rental reversions. High occupancy rate of 99% (+70bps QoQ) is not at the expense of rental rates. CMMT’s malls have reported commendable +7.3% growth in average rental rate in 1H12 (+2.6% in Sungei Wang Plaza, +10.5% in Gurney Plaza, +7.5% in The Mines and +12.7% in ECM). Higher rental growth could come from ECM as most of its leases is due for renewal next year, we understand.

Traffic remains strong in its portfolio. Shopper and vehicular traffic (excluding ECM) remain steady at 12.5m (+2% YoY) and 1.4m (-0.6% YoY). Meanwhile, CMMT’s portfolio tenancy expiry profile is well spread out with 7.2% (by gross rental income), 29.2% and 39.8% of the tenancies due for renewal in 2012, 2013 and 2014 respectively, hence reducing earnings volatility.

Earnings adjustment. We tweak our 2012-2014 earnings forecasts by -1% to -5% after factoring in higher dividend payout of 97% (from 90% previously) and management fees paid in units of 70% (from 0-50%). The 6 sen increment in our TP is also due to the change in beta assumption to 0.6x, from 0.65x previously. CMMT – Summary Earnings Table Source: Maybank IB FYE Dec (MYR m) 2010A 2011A 2012F 2013F 2014F Revenue 94.6 230.9 282.8 292.5 303.6 EBITDA 66.8 162.4 198.4 205.5 214.0 Recurring Net Profit 28.0 110.9 135.8 142.2 149.9 Recurring Basic EPS (cents) 2.1 7.3 7.6 7.9 8.3 EPS growth (%) 0.0 0.0 0.0 0.0 0.0 DPS (cents) 3.4 7.9 8.6 8.7 9.1 PER 75.7 21.5 20.5 19.8 18.9 EV/EBITDA (x) 41.0 21.4 17.4 16.6 15.7 Div Yield (%) 2.2 5.0 5.5 5.5 5.8 P/BV(x) 1.5 1.4 1.4 1.3 1.3 Net Gearing (%) 32.7 28.4 27.4 26.7 26.0 ROE (%) 7.6 9.2 6.7 6.7 6.8 ROA (%) 4.8 6.2 4.5 4.6 4.7 Consensus Net Profit (MYR m) - - 139.7 146.4 147.4 Earnings Revision (%) - - (1.0) (2.8) (4.7)

Hold (unchanged)

Share price: MYR1.57 Target price: MYR1.62 (from MYR1.56)

Wong Wei Sum, CFA weisum@maybank-ib.com (03) 2297 8679

Stock Information

Description: REIT specializing in retail properties. CMMT’s MYR2.9b worth of retail properties including Gurney Plaza in Penang, The Mines in Selangor, Sungai Wang Plaza in Kuala Lumpur and East Coast Mall in Pahang. Ticker: CMMT MK Shares Issued (m): 1,765.5 Market Cap (MYR m): 2,771.8 3-mth Avg Daily Turnover (USD m): 0.64 KLCI: 1,643.00 Free float (%): 43.2 Major Shareholders: % Capitamalls Asia 35.3 EPF 9.5 Skim Amanah Saham 6.2 GIC 5.7 Key Indicators Net cash / (debt) (MYR m): (668.5) NTA/shr (MYR): 1.15 Gearing (x): 0.27

Historical Chart

0.0

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Jul-10 Oct-10Jan-11Apr-11 Jul-11 Oct-11Jan-12Apr-12

CMMT MK Equity

Performance:

52-week High/Low MYR1.75/MYR1.18

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

Absolute (%) (2.5) 15.4 18.9 19.8 9.0

Relative (%) (4.9) 11.3 2.5 14.9 1.7

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Hong Kong Quantitative Research 23 July 2012

Stubs Monitor • Short Sembcorp Industries stub (SCI SP – 0.708 * SMM SP). Sembcorp

Industries is trading at its three-year narrowest NAV discount of 13.7% compared with the one-year average of 24%. The stub is trading at about 3 S.D. above its one-year average of 1.43. Sembcorp Marine accounts for about 55% of Sembcorp Industries’ NAV. We suggest investors to short one share of SCI and long 0.708 share of SMM as we believe SCI would mean-revert to a lower NAV discount.

Figure 1: SCI’s discount to NAV

Source: Company data, Kim Eng Securities

Figure 2: SCI stub

Source: Company data, Kim Eng Securities

Stub Alerts – stubs trading near its +/- 2.0 standard deviations (30-day):

Nil

-45%

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-5%

0%

Jul 09 Nov 09 Mar 10 Jul 10 Nov 10 Mar 11 Jul 11 Nov 11 Mar 12 Jul 12

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Stub Mvg avg +3sd -3sd

Anita HWANG, CFA anitahwang@kimeng.com.hk (852) 2268 0142 Jacky WONG, CFA jackywong@kimeng.com.hk (852) 2268 0107

23 July 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

THAM Mun Hon Regional Strategist (852) 2268 0630 thammunhon@kimeng.com.hk

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 (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 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 (852) 2268 0634 ivancheung@kimeng.com.hk Property Industrial Ivan LI (852) 2268 0641 ivanli@kimeng.com.hk Banking & Finance Jacqueline KO (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 Jacky WONG, CFA (852) 2268 0107 jackywong@kimeng.com.hk Special Situations Quants Anita HWANG, CFA (852) 2268 0142 anitahwang@kimeng.com.hk Consumer Discretionaries Special Situations

INDIA Jigar SHAH Head of Research (91) 22 6623 2601 jigar@kimeng.co.in Oil & Gas Automobile Cement Anubhav GUPTA (91) 22 6623 2605 anubhav@kimeng.co.in Metal & Mining Capital goods Property Haripreet BATRA (91) 226623 2606 haripreet@kimeng.co.in Software Media Ganesh RAM (91) 226623 2607 ganeshram@kimeng.co.in Telecom Contractor Darpin SHAH (91) 226623 2610 darpin@kimeng.co.in Banking & Financial Services Gagan KWATRA (91 )226623 2612 gagan@kimeng.co.in Small Cap

SINGAPORE Stephanie WONG Head of Research (65) 6432 1451 swong@maybank-ke.com.sg Strategy Small & Mid Caps Gregory YAP (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 WeiBin (65) 6432 1455 weibin@maybank-ke.com.sg S-chips Small & Mid Caps

INDONESIA Katarina SETIAWAN Head of Research (62) 21 2557 1125 ksetiawan@kimeng.co.id Consumer Strategy Telcos Lucky ARIESANDI, CFA (62) 21 2557 1127 lariesandi@kimeng.co.id Base metals Coal Oil & Gas Rahmi MARINA (62) 21 2557 1128 rmarina@kimeng.co.id Banking Multifinance Pandu ANUGRAH (62) 21 2557 1137 panugrah@kimeng.co.id Auto Heavy equipment Plantation Toll road Adi N. WICAKSONO (62) 21 2557 1130 anwicaksono@kimeng.co.id Generalist Anthony YUNUS (62) 21 2557 1134 ayunus@kimeng.co.id Cement Infrastructure Property Arwani PRANADJAYA (62) 21 2557 1129 apranadjaya@kimeng.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 Consumer Media Cement Mining Kenneth NERECINA (63) 2 849 8839 kenneth_nerecina@maybank-atrke.com Conglomerates Property Ports/ Logistics Katherine TAN (63) 2 849 8843 kat_tan@maybank-atrke.com Banks Construction Ramon ADVIENTO (63) 2 849 8842 ramon_adviento@maybank-atrke.com Mining

THAILAND Mayuree CHOWVIKRAN Head of Research (66) 2658 6300 ext 1440 mayuree.c@maybank-ke.co.th Strategy

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

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

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. Suchot THIRAWANNARAT (66) 2658 6300 ext 1550 suchot.t@maybank-ke.co.th Automotive Construction Materials Soft commodity

VIETNAM Michael KOKALARI, CFA Head of Research +84 838 38 66 47 michael.kokalari@kimeng.com.vn Strategy Nguyen Thi Ngan Tuyen +84 844 55 58 88 x 8081 tuyen.nguyen@kimeng.com.vn Food and Beverage Oil and Gas Ngo Bich Van +84 844 55 58 88 x 8084 van.ngo@kimeng.com.vn Banking Nguyen Quang Duy +84 844 55 58 88 x 8082 duy.nguyenquang@kimeng.com.vn Rubber Dang Thi Kim Thoa +84 844 55 58 88 x 8083 thoa.dang@kimeng.com.vn Consumer Nguyen Trung Hoa +84 844 55 58 88 x 8088 hoa.nguyen@kimeng.com.vn Steel Sugar Macro

23 July 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.

23 July 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: MATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Kim Eng Vietnam Securities Company (“KEVS”) (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (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 of 23 July 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 of 23 July 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. 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 Total return is expected to be above 15% in the next 12 months HOLD Total return is expected to be between -15% to +15% in the next 12 months SELL Total return is expected to be below -15% in the next 12 months

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

23 July 2012

Regional Daily

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

Singapore Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Research 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, Jalan Maarof 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 Kim Eng Vietnam Securities Company 1st Floor, 255 Tran Hung Dao St. District 1 Ho Chi Minh City, Vietnam Tel : (84) 838 38 66 36 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 Connie TAN connie@maybank-ke.com.sg Tel: (65) 6333 5775 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

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