Regional Morning Notes
Friday, Octobe
CHINA Sector
Ports
Page 2
Headwinds remain despite encouraging September data in Yangtze River
Delta.
Update
Brilliance China Automotive (1114 HK/BUY/HK$8.84/Target: HK$10.00) Page 4
9M12 sales beat expectation; we raise target price to HK$10.00.
Poly Property (119 HK/BUY/HK$4.12/Target: HK$5.75) Page 7
Key takeaways from NDR.
MALAYSIA Results
Top Glove (TOPG MK/BUY/RM5.15/Target: RM6.10) Page 10
FY12: Sustaining a growth trajectory. Positive on sales volume growth amid favourable demand and
supply dynamics with slight margins improvement ahead.
SINGAPORE Sector
Oil Service
Page 13
Key takeaways from marketing trip.
THAILAND Results
TISCO Financial Group (TISCO TB/SELL/Bt48.50/Target: Bt45.00) Page 15
3Q12: Despite strong loan growth, bottom line is flat qoq on the back of a strong jump in OPEX.
Maintain SELL
Key Indices
Prev Close 1D % 1W % 1M % YTD %
DJIA 13326.4 (0.1) (1.8) 0.0 9.1
S&P 500 1432.8 0.0 (2.0) (0.1) 13.9
FTSE 100 5829.8 0.9 0.0 0.6 4.6
AS30 4505.2 (0.1) 0.7 2.8 9.6
CSI 300 2302.5 (0.9) 2.3 (0.8) (1.8) FSSTI
3032.7 (0.0) (1.7) 0.1 14.6
HSCEI 10231.2 1.9 3.9 7.8 3.0
HSI 20999.1 0.4 0.4 4.6 13.9
JCI 4285.0 0.1 0.3 2.7 12.1
KLCI 1655.5 (0.2) (0.4) 2.6 8.1
KOSPI 1933.1 (0.8) (3.0) (0.9) 5.9
Nikkei 225 8546.8 (0.6) (2.3) (4.6) 1.1
SET 1294.9 0.4 (0.9) 2.8 26.3
TWSE 7451.7 (1.8) (3.0) (1.6) 5.4
BDI 903 3.2 6.9 36.4 (48.0) CPO (RM/mt)
2264 1.6 7.0 (18.3) (28.4) Nymex Crude
(US$/bbl) 92 0.3 2.8 (4.8) (6.5)
Source: Bloomberg
Top BUYs/SELLs
Current Target Pot Company Ticker Price Price
+/- (lcy) (lcy) (%)
Top BUYs
China Mobile 941 HK 84.75 100.00 18.0
Kunlun Energy 135 HK 13.82 16.80 21.6
Sinopharm 1099 HK 26.30 28.20 7.2
Multi-Purpose Hldgs MPU MK 3.66 4.20 14.8
DBS DBS SP 14.14 19.50 37.9
Krung Thai Bank KTB TB 18.40 21.75 18.2
PTT PTT TB 315.00 405.00 28.6
Top SELLs
China Merchants Hldgs 144 HK 23.40 19.60 (16.2) Tiger Airways TGR
SP 0.75 0.51 (32.0)
Key Assumptions
GDP (% yoy)
2011 2012F 2013F
US 1.7 1.5 1.5
Euro Zone 1.4 (0.5) 0.4
Japan (0.8) 2.0 1.5
Singapore 4.9 2.0 3.0
Malaysia 5.1 5.0 4.7
Thailand 0.1 6.0 3.4
Indonesia 6.5 6.1 6.3
Hong Kong 5.0 1.5 3.5
China 9.3 7.6 8.0
2011 2012F 2013F
WTI (US$/bbl) 97.5 102 111
Aluminium (US$/mt) 2,420 1,993 1,963
Copper (US$/mt) 8,851 7,865 8,225
Gold Price London (US$/ounce) 1,568 1,645 1,775
Iron Ore (USc/dmtu) 168 126 128
CPO (US$/mt) 1,025 1,030 1,110
BDI 1,548 1,700 1,800
Source: Bloomberg, UOB Kay Hi
Venue Beg Close
Indonesia and Thailand Property Singapore 12 Oct 12 Oct
Analyst Presentation
Greater China Energy Sector Kuala Lumpur 15 Oct 16 Oct
Analyst Presentation Brunei 17 Oct 17 Oct
Luk Fook Holdings International Singapore 16 Oct 17 Oct
Corporate Roadshow
Singapore Oil Service Sector Hong Kong 16 Oct 17 Oct
Analyst Presentation
BW Plantation Toronto 22 Oct 23 Oct
Corporate Roadshow
Hong Leong Industries Kuala Lumpur 25 Oct 25
This message was edited by stand up n wake up on 12-Oct-2012 @ 9:59 AM