SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

12 November 2012

Regional

Daily

Top Views Mcap USD15.1b ADTV USD 96.1m TW: Mediatek (2454 TT) Warren Lau P4 Tech | Let it Grow, Let it Grow | BUY | Upside 60% ‐ Varies market research firms confirmed our positive view on the rapid growth

of low‐cost smartphone in emerging countries ‐ China accounted over 30% of global market and domestic vendors controlled 60% of that market and the best‐selling models are priced at USD70‐120 each without contract.

‐ Lenovo is the major winner in 3Q12 as its market share rose 4ppts QoQ to 14.1%, narrowing the gap with Samsung, the leader, to 1.1ppt. Lenovo has used MTK’s various LCSP solutions exclusively for its latest launch of mid‐ and low‐tier models. Lenovo is selling its smartphones through its own distribution channels in China and SE Asia market. This will likely accelerate its sales momentum and facilitate market share gain.

‐ In our initiation report, Think Big and Look Far Ahead (dated 6 Nov 2012), we see this market to double unit sales in 2013F and expand by 60% in 2014F. MTK’s earnings will also grow 2.5x over 2012‐2014F. Maintain BUY.

CN: Modest but broad-based turnaround P.K. Basu 5 August Was this Year’s Trough ‐ Exports accelerated further to 11.6% YoY growth in October, helped by

stronger demand from the US, and a surge in demand from ASEAN. Imports were up just 2.4% YoY, and the trade surplus soared to a 45‐month high. Although imports too should strengthen once de‐stocking ends by early‐2013, the trade surplus will continue to be supported by robust exports in 2013. We expect the Rmb to appreciate faster in response, rising to Rmb6.20/US$ by end‐2012, and 6.05/US$ by end‐2013.

‐ Industrial growth, retail sales and energy output all strengthened in October, albeit to a pace that was well below the average pace of 2010 and 2011. Urban FAI strengthened to 20.7% YoY in the year to September 2012; this was the fastest pace in several months, but the slowest pace of expansion for the first 9 months of any year in at least the past decade. Nonetheless we are revising upward our forecast for 2012 real GDP growth to 7.6% (from 7.4% previously) and for 1Q 2013 to 8% YoY (from 7.7%).

‐ The real economy responds with a 2‐4 quarter lag to any monetary easing. Bank credit was up by Rmb6.7tn in the first 9 months of 2012 (34.5%YoY faster than in 2011, and almost the same as the total increase in bank credit for all of 2011), and the stock of bank credit has more than doubled since end‐2008. President Hu Jintao reiterated that the economy remains “unbalanced, uncoordinated and unsustainable”, and we expect M2 and bank credit to be reined in from 2Q 2013 onward. Consequently, we expect FAI in residential buildings to decline in 2H2013‐2015, and real GDP to consequently decelerate to 7% growth in 2013 and 5.2% growth in 2014. Export growth of 11.4% in 2013 (aided by stronger US demand) will facilitate the structural shift of the economy from investment to consumption‐led growth.

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 (%)

SembMarine SMM SP 4.36 6.20 42.20 Perdana Pet PETR MK 0.93 1.30 40.5 Thai Vegetable Oil TVO TB 24.90 34.75 39.6 Perisai PPT MK 1.03 1.40 35.92 Yinson YNS MK 1.87 2.54 35.83 LICHF LICHF IN 251.95 332.00 31.8 Alam Maritim AMRB MK 0.67 0.85 27.82 Dialog DLG MK 2.43 3.05 25.5 B. Armada BAB MK 3.96 4.88 23.2 Wah Seong WSC MK 1.79 2.20 22.91 Neptune Orient Lines NOL SP 1.14 1.35 18.94 Telekom T MK 5.60 6.61 18.04 MMHE MMHE MK 4.84 5.70 17.77 China State Construction 3311 HK 9.20 10.80 17.4 Genting Malaysia GENM MK 3.50 4.05 15.7

Top Sells… Company Ticker Spot Target Downside(%) Jai Prakash Associates JPA IN 91.60 47.00 48.69 Ajisen China 538 HK 5.76 3.21 44.27 Idea Cellular IDEA IN 93.45 68.00 27.23

Maybank-KE Events Date Event Location 13-14 Nov San Miguel Pure Foods Mgmt roadshow HK 13-14-Nov Analyst roadshow: Thai Strategy | Andrew

Stotz SP 14-Nov Supergroup- Non deal roadshow SP 15-16 Nov San Miguel Pure Foods Mgmt roadshow SP 12-16 Nov Maybank - Non deal roadshow UK

12 November 2012

Regional Daily

BREAKING ALERT | REC UPGRADE McapUS$3.3b ADTV US$51.7m IN: United Spirits (UNSP) Jigar Shah 8 Consumer | Diageo Deal is a Game Changer | BUY | Upside 54% ‐ Diageo is finally the new owner of India’s largest spirits company. On Friday,

Vijay Mallaya ended months of long speculation by offering an ownership of 53% in UNSP to Diageo. Ever since our coverage on UNSP in Aug, we have been upbeat on the radical change this deal might bring for UNSP’s minority shareholders.

‐ We are excited because equity infusion of Rs33bn will pare down UNSP’s debt to 0.4x from 1.4x and increase its net profit by 42% to Rs10.5bn for FY14. For the medium term, upside to UNSP will emerge from Diageo’s premium global brands and opportunity for exports.

‐ With Diageo as its promoter, investor concern on corporate governance and debt of UNSP should dissipate, which should lead to a re‐rating of the stock. While UNSP has doubled since our initiation, the aforementioned catalysts are significant in our view and we upgrade to BUY from HOLD and our target price to Rs2,100/sh.

COMPANY UPDATE | TP UPGRADE Mcap USD1.7b ADTV USD1.6m MY: Multi-Purpose Holdings (MPU MK) Yin Shao Yang 9 Cons. Discr | Place Another Bet | BUY | Upside 22% ‐ MPHB will make up for the lack of ordinary dividends YTD in 2H12. The

listing of MPHB Capital (MPHBC) is slated for Jan 2013 while MPHB’s landbanks are also appreciating rapidly in value.

‐ Revaluing its NFO business, which we expect to re‐rate, and its landbanks returns a higher SOP based TP of MYR4.43 (+17%). With 22% upside potential, we now rate MPHB a BUY.

‐ Current shareholders will hold Magnum, the only Malaysian listed pure NFO operator going forward, and have the right to subscribe to cheap MPHBC shares.

SMID Caps COMPANY UPDATE Mcap USD0.4b ADTV USD1.6m IN: KPIT Cummins (KPIT IN) Urmil Shah 10 Tech | In Better Stead to Pursue Acquisition-led Growth | BUY | Upside 26% ‐ H1 EPS increased 59% YoY. This was driven by strong revenue growth,

led by growth in integrated enterprise solutions and strong demand for software services from the energy and utilities sector. Consolidation of ‘Systime’ also supported growth.

‐ We remain upbeat on KPIT’s growth in H2, underpinned by continued growth in integrated enterprise solutions and traction in the US. KPIT continues to pursue inorganic growth aggressively and plans to raise Rs1.6bn to fund acquisitions. We raise our estimate for FY13 revenue by 12% and recurring net profit by 7%.

‐ Our new TP to Rs150/sh (+7%) is based on PER of 14x FY13F.

12 November 2012

Regional Daily

Company Notes 3Q12 REVIEW McapUSD7.3b ADTV USD11.1m SG: Sembcorp Industries (SCI SP) Yeak Chee Keong 11 Industrials | Utilities Undervalued | Upside 26% ‐ Other than weaker performance from Marine segment, 3Q12 PATMI of

SGD181.2m (‐19% YoY, ‐5% QoQ) was in line with expectations. Utilities continue to lead the growth, contributing 52% of 9M12 net profit.

‐ Strong Utilities performance was driven by higher gas sales in Singapore and contribution from Salalah IWPP in Oman. Execution timelines of ongoing projects are on track to come onstream in 2013‐2014.

‐ We trim FY12‐14F forecasts by about 1‐3%. TP is marginally lowered to SGD6.30. Utilities valuations look extremely attractive at an implied FY13F PER of only 6.3x. Maintain Buy.

3Q12 REVIEW Mcap USD0.7b ADTV USD0.1m PH: GMA Network Inc (GMA7/ GMAP) Lovell Sarreal 12 Media | Higher Expenses Soften 3Q12 Earnings | HOLD | Downside 4.2% ‐ GMAP disclosed its net income increased 9% YoY to PHP573m in 3Q12,

albeit slower than 2Q12’s 20% profit growth. 9M12 net income is flat YoY at PHP1.59b, 76% of our full‐year reported profit forecast of PHP2.09b.

‐ Revenues jumped 13% as airtime revenues grew 14%, indicating the continuing recovery of ad spending which started in 2Q12. We expect GMAP to sustain the positive airtime revenue growth trend in 4Q12, to be boosted by election‐related spending.

‐ Operating costs surged 10% as general and administrative expenses increased 19% on the back of higher headcount and signing bonus related to the collective bargaining agreement with rank‐and‐file employees.

‐ We raise 6% to PHP8.05/sh our DCF‐based target price after we reduced our risk‐free rate assumption from 6% to 5.75% and as we roll over our valuation to 2013. Maintain HOLD.

9M12 REVIEW Mcap USD4,388b ADTV USD2.6m IJ: Indofood CBP (ICBP.IJ) Katarina Setiawan 13 Cons Staples | A Weak Quarter | HOLD | Upside,Downside % ‐ Indofood CBP reported net profit growth of 8% YoY to IDR1,656b in

9M12. The result is in line with our expectations. Since operating expenses increased sharply (22% YoY to IDR2,144b), EBIT margins fell to 13.4% in 9M12 from 13.9% in 9M11. On a quarterly basis, revenue was weak in 3Q12 (down 6% QoQ) despite the Eid festivities. The 6‐8% increase in noodle ASPs in Jul 2012 (to compensate for higher wheat prices) caused sales volumes to slow in 3Q12.

‐ Still depending heavily on noodle and dairy products. In 9M12, noodles and dairy products contributed 87% of ICBP’s revenue and 92% of EBIT. The noodle segment posted EBIT growth of 6% YoY while EBIT at the dairy segment rose a mere 2%. With heavy dependence on noodle and dairy products, growth in the near future will likely be limited owing to pressure on consumer purchasing power due to an increase in electricity tariffs and possible fuel price hikes.

‐ JV with Asahi will be the growth engine. In the longer term, its alliance with the Asahi group to manufacture and market non‐alcoholic beverages in Indonesia will be another source of growth. Operational commencement is expected to take place in 2014. We have not incorporated the alliance with Asahi in our forecasts pending further details. As there is less than 10% potential upside to our TP of IDR7,600 (implying a 18.0x FY13F PER)., we recommend a HOLD on the stock.

12 November 2012

Regional Daily

3Q12 RESULTS REVIEW Mcap USD16.6b ADTV USD31.8m SG: Wilmar (WIL SP) Jigar Shah 14 Commodities | Positive Surprise for Soybean Crushing | SELL | Downside 13% ‐ 3Q12 results were slightly above expectations, with recurring net profit at

USD388m, which was down 14% yoy. ‐ We believe the main variance came from a positive PBT of USD60.3m this

quarter from its oilseeds & grains business, after 2 quarters of losses. ‐ The lull in Wilmar’s profitability may not be over, given that many of its

businesses remain in a situation of industry excess‐capacity. We continue to peg our TP to 1x FY12F P/B (1.5x NTA), which implies a TP of SGD2.75. Maintain SELL.

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Regional Company Update 09 Nov 2012

MediaTek Let It Grow, Let It Grow China’s smartphone market surges in importance. Recent surveys by market research firms Canalys and Sino Market Research, as well as Lenovo’s latest quarterly results (Lenovo is MediaTek’s largest smartphone customer), showed that the smartphone market in China has grown by leaps and bounds. Canalys estimated that the market grew by over 20% QoQ to more than 50m units in 3Q12, representing over 30% of global market share, up from 27% in 2Q12. Domestic vendors now account for over 60% of market share and the figure looks set to rise. The best-selling models are priced at USD70-120 each, without contract, vs CNY4,500 for a iPhone 4S.

Clear winner. Sino singled out Lenovo as the major winner in 3Q12 as its market share rose 4ppts QoQ to 14.1%, narrowing the gap with Samsung, the leader, to 1.1ppt from more than 10ppts a year ago (Figure 1). According to Canalys, low-cost smartphone vendor Coolpad took the third spot (over 10% share), beating bigger and better-known brands ZTE and Huawei. Premium brand Apple is no longer among the top five in China as the market awaits the launch of iPhone5 next month.

Lenovo + MTK a potent partnership. We note that Lenovo has used MTK’s various LCSP solutions exclusively for its latest launch of mid- and low-tier models (S880, A520 and A366t). With the exception of the premium K-series brand (supplied by Samsung, Intel and Qualcomm), MTK’s application processors dominated most of Lenovo’s S- and A-series. From 4Q12 onwards, Lenovo will sell its smartphones through its own distribution channels, in addition to its existing partnership with telecom operators. This will likely accelerate its sales momentum and facilitate market share gain. The company has also started selling low price models in Southeast Asia and India in 2H12.

A high-growth market not to be ignored. We highlighted in our initiation report, Think Big and Look Far Ahead (dated 6 Nov 2012), that the LCSP market is set to double unit sales in 2013F and expand by 60% in 2014F. MTK’s earnings will also grow 2.5x over 2012-2014F. We expect MTK to beat its 4Q guidance even as the Street raises its earnings forecasts to match our aggressive numbers. Maintain BUY.

MediaTek – Summary Earnings Table FYE Dec (TWDm) 2011A 2012A 2013F 2014F Revenue 86,857 102,530 168,162 198,161 EBITDA 15,074 16,812 36,541 45,516 Recurring Net Profit 13,623 16,008 32,288 40,170 Recurring Basic EPS (TWD) 11.87 11.86 20.59 25.62 EPS growth (%) (58) (0) 74 24 DPS (TWD) 9.00 8.99 15.61 19.42 PER (x) 27.4 27.4 15.8 12.7 P/BV(x) 3.21 3.57 3.57 3.31 EV/EBITDA (x) 19.0 21.0 11.3 8.8 Div Yield (%) 2.8% 2.8% 4.8% 6.0% ROE (%) 12% 13% 24% 27% ROA (%) 10% 10% 18% 20% Nat cash/ share (NT$) 75.6 63.3 62.5 68.7 Consensus Net Profit (NT$m) NM 15,913 26,781 30,309 Source: Company data, Bloomberg, Maybank KE

BUY (Unchanged) Share price: TWD325 Target price: TWD520 Warren Lau warrenlau@kimeng.com.hk (852) 2268 0644

Stock Information Description: Mediatek is a world-leading IC design house, specialising in wireless communications and consumer electronics. Though its headquarters are in Taiwan, it operates globally. The company outsources its production to foundries and packagers in order to focus solely on the design and sales/marketing of semiconductor chips. Ticker: 2454.TT Shares Issued (m): 1,349.4 Market Cap (USDm): 15,122 3-mth Avg Daily Turnover (USDm): 96.1 TWSE: 7,293.2 Free Float (%): 94.2% Major Shareholders: % Capital Group 6.65 Management 5.80 Vanguard Group 2.92 Blackrock 1.47 Key Indicators – 2013F ROE – annualised (%) 24.3 Net cash/share (TWD): 62.5 NTA/shr (HKD): 91.1 Interest cover (x): NM Historical Chart

Performance: 52-week High/Low TWD235.0/TWD344.5 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) -2.6 15.2 20.6 3.2 18.8 Relative1 (%) 1.8 15.3 23.0 4.0 25.3 Relative2 (%) -2.5 8.9 17.9 -11.9 -0.3 Note: 1 is to TWSE and 2 is MXAPJIT. All exclusive of cash dividend and in USD

60

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Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12

TAIEX MediaTek Inc. MSCI AxJ IT

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Economics 12 November 2012

China

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

Modest, broad turnaround 3Q was this year’s trough

Exports (+11.6% YoY in October) gain from strength of demand from the US (+9.1%YoY) and ASEAN (+44% YoY), and sluggish imports bolster the trade surplus to a 45-month high. China’s exports grew 11.6% YoY in October, their fastest pace since May – led by a surge in demand from ASEAN (+44% YoY), and a strengthening in demand from the US (+9.1% YoY), which offset the continued decline in exports to the EU (-6.1% YoY) in October. Imports grew just 2.4% YoY in October, reflecting the continued need to reduce domestic stockpiles. Consequently, the trade surplus soared to US$31.99bn in October, the largest since January 2009 – and the 12-month rolling sum of the trade surplus also rose to a 45-month high of US$212.5bn.

Chart 1: Trade surplus soars, as exports accelerate but imports don’t

Source: Maybank KE, CEIC Next year should be better for exports, facilitating structural rebalancing of the economy. China’s exports are clearly past their trough, as the global economy gets past its soft patch induced by the intensification of the European crisis in May-August this year. However, China’s exports have settled into a 10-12% YoY growth phase – still well below the 20%-plus pace of the 2000-2008 period. We expect China’s exports to sustain a similar growth pace in 2013, with the strength of US demand continuing to be partly offset by the stagnation in Europe. The relatively more stable global backdrop – led by a stronger US economy – should, however, enable China to focus on structural reform (including the shift from an investment-led growth model to one focused more on private consumption) after the completion of the leadership transition in March 2013.

Broad-based rebound from the August trough. The broader-based, but modest turnaround in the overall economy was also evident in industrial production (+9.6% YoY in October, from 9.2% in September and August’s trough of 8.9% YoY), urban fixed-asset investment (FAI), retail-sales (+14.5% YoY, vs 14.2% in September) and electricity output (+6.4% YoY, the strongest rise since March 2012). Economic activity

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Sep-98 Sep-00 Sep-02 Sep-04 Sep-06 Sep-08 Sep-10 Sep-12

China: trade surplus resumes soaring as exports outpace imports

Trade balance: 12m rolling sum (LHS) Exports fob: YoY%, 3mma (RHS)

Imports cif: YoY%, 3mma (RHS)

)US$m(

Prasenjit K. Basu pk.basu@maybank-ke.com.sg (65) 6432 1821

12 November 2012 Page 2 of 8

China | Economics

bottomed out in August, and began a mild turnaround in the last two months – but the growth pace remained noticeably slower than in 2010 and 2011 for all indicators (see chart 2). Importantly, however, inflation remained subdued, with CPI inflation easing further to 1.7% YoY in October (from 1.9% in September). Encouragingly, producer prices declined a less-drastic 2.8% YoY in October (from -3.6% YoY in September), reflecting some reduction in excess inventories.

Chart 2: FAI and IP are past their troughs

Source: Maybank KE, CEIC Policy easing has enabled non-residential FAI to accelerate in recent months. Fixed asset investment (FAI) in the first ten months of 2012 grew 20.7% YoY, its slowest growth pace in at least a decade (chart above). By our calculations, the actual growth in FAI troughed in April 2012, at 19.25% YoY, and has since accelerated slightly to about 21% YoY growth (on average) in the subsequent six months, including 22.8% YoY in September-October (chart below). FAI in residential buildings (which accounted for about a fifth of total FAI last year) decelerated much more sharply – to just 3.5% YoY growth in July 2012 – but began re-accelerating in August-September (to 10.1% YoY in September). The disaggregated data for October is not yet available, but any continued strength in residential FAI is unwelcome to policy-makers, given the already-massive inventories of unsold homes across urban China.

Chart 3: Non-residential FAI is beginning to regain momentum

Source: Maybank KE, CEIC

0.004.008.00

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Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12

Mild but clear turnaround in industrial growth and FAI

Industrial Prodction YoY % Fixed asset investment: YTD: YoY %

FAI: residential building: YTD: YoY %

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FAI turnaround has been aided by stronger property investment

Fixed asset investment: YoY % FAI: residential building: YoY %

12 November 2012 Page 3 of 8

China | Economics

Real economy responds to monetary stimulus with a 2-4 quarter lag; but we are revising our real GDP growth forecast for 2012 slightly up. As chart 4 (below) shows, real GDP responds to monetary easing with a 2-4 quarter lag. October’s loan data is not yet available, but net new bank credit in the first 9 months of 2012 was Rmb6.714tn (34.5% YoY larger, and almost equal to the Rmb6.875tn increase in bank credit in the whole of 2011). The acceleration in bank credit since April 2012 is beginning to now have a clear impact on real activity, and we expect real GDP to accelerate in 4Q 2012 to 7.6% YoY (from the cyclical trough of 7.4% YoY in 3Q 2012). Real GDP should accelerate further to 8%YoY growth in 1Q 2013, with the easier monetary policy still in place amid the final stages of the leadership transition.

Chart 4: Real economy responds to monetary easing with 2-4 quarter lag

Source: Maybank KE, CEIC We expect bank credit and M2 growth to be reined in from 2Q 2013 onwards, and so expect slower FAI growth to slow real GDP growth in 2H 2013-2015. After a doubling in the stock of bank credit (to Rmb61.5tn at end-September 2012) since end-2008 (when the stock of credit was Rmb30.3tn), President Hu Jintao reiterated at the 18th national congress of the Chinese Communist Party that the economy remains “unbalanced, uncoordinated and unsustainable”. We expect bank credit to be reined-in (to grow Rmb6-7tn a year) in 2013-15, and consequently expect a decline in urban property prices during the period – and a decline in FAI in residential buildings, especially in 2014-15. We retain our forecast of 5.2% YoY growth in real GDP in 2014, but have revised up our forecast for 2013 to 7% (from 6.8% previously), primarily because of the faster growth now likely in 1Q 2013. However, with exports strong and the trade surplus widening, we expect a faster pace of Rmb appreciation, to Rmb6.05:US$ by end-2013.

6.0007.0008.0009.00010.00011.00012.00013.00014.00015.00016.000

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Financial Institutional Loans, YoY % (LHS) Real GDP, YTD, YoY % (RHS)

China: Key Macroeconomic Indicators 2010 2011 2012E 2013F 2014FReal GDP Grow th (%) 10.4 9.2 7.6 7.0 5.2Private Consumption (%) 10.0 9.5 8.4 8.6 6.8Urban Fixed Asset Investment (%) 24.5 23.8 21.1 13.5 4.5Exports (US$, % yoy) 31.3 20.3 8.3 11.4 9.5Imports (US$, % yoy) 38.7 25.0 5.9 7.8 8.3Inflation Rate (% yoy, avg) 3.3 5.4 2.8 2.9 2.7Unemployment Rate (%) 4.1 4.1 4.2 4.4 4.6Exchange Rate (per USD, end-period) 6.59 6.29 6.20 6.05 5.95Benchmark Interest Rate (% p.a.) 5.81 6.56 6.00 6.00 5.5

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update 12 November 2012

India

Diageo Deal is a Game Changer

Diageo is finally the new owner of India’s largest spirits company. On Friday, Vijay Mallaya ended months long speculation by offering an ownership of 53% in UNSP to Diageo. Ever since our coverage on UNSP in Aug, we have been upbeat on the radical change this deal might bring for UNSP’s minority shareholders. The stock has doubled since then but we now upgrade our TP by 89% to Rs2,100/sh. We are excited because equity infusion of Rs33bn will pare down UNSP’s debt to 0.4x from 1.4x and increase its net profit by 42% to Rs10.5bn for FY14. For the medium term, upside to UNSP will emerge from Diageo’s premium global brands and opportunity for exports. With Diageo as its promoter, investor concern on corporate governance and debt will disappear and re-rate the stock. We upgrade to BUY from HOLD.

Diageo says 20x EV/EBIDTA for UNSP is justified. This is because Diageo believes that UNSP gives it a 55% share in a market wherein alcohol consuming people will rise 5x to 600m by 2025, making it the largest market for the company. Diageo is confident that the deal will be EPS accretive in the year 2 and that its payback period will be 6 years. It believes that the Indian spirits market will increase at 15% compounded rate of growth for several years and has large untapped potential for scotch and vodka products. The emerging affluent and middle class leaves huge growth potential for the premium products of Diageo.

Diageo’s first priority is to deleverage UNSP and accelerate premiumization. Diageo confirmed that it will immediately reduce UNSP’s high cost debt and increase marketin spend to accelerate its premiumization. Currently, the premium products form 20% of UNSP revenue but 50% of its earnings. Diageo is aiming to increase UNSP’s EBIDTA margin by 500bp by premiumization, lowering cost of supply chain etc.

Interest cost reduction, driven by stake sale, to lift FY14 EPS by 22%. For FY13, we are not factoring any benefit from the stake sale because the transaction may take up to 6 months to complete. For FY14, we have not factored in any gross margin improvement but factor in interest cost savings of 54% to Rs3.8bn. We will review our new FY14F earnings after March’13 when the new management announces its strategy for accelerating gross margin.

Debt/Equity to come down by 70% to 0.4x by end of FY13. This will significantly reduce the pressure on UNSP management and enable it to focus on core business. By FY14, we expect the debt/EBIDTA ratio to halve to 1.8x.

Our new TP leaves an upside of 54%. We now value UNSP based on EV/EBIDTA of 16x FY14F as against a sum-of-the-parts valuation earlier. Even though its PER works out to 30x FY14F based on our new TP , we believe this is justified given Diageo’s ownership, a strong B/S and rapid growth.

UNSP – Summary Earnings Table FY Mar 31 (Rs bn) FY10 FY11 FY12 FY13F FY14F Revenue 62.7 73.3 91.9 113.2 134.5 EBITDA 8 14 13.7 18.1 21.4 Recurring Net Profit -0.9 5.3 2 5.1 10.5 Recurring EPS (Rs) -7.7 42.3 15.2 37.8 69.7 EPS growth (%) -80.7 -651.7 -64.1 148.6 84.5 PER (x) -176 31.9 88.8 35.7 19.4 EV/EBITDA (x) 31 17.8 18.1 13.7 11.6 P/BV(x) 4.3 4.1 3.8 3.6 2.1 Net Debt/Equity (%) 134.7 145.4 153.8 139.5 35.5 ROE (%) -0.7 14.4 4.3 10.5 14.3

Source: Company data, Bloomberg, KESI estimates

BUY (Upgraded from HOLD) Share price: Rs1,350/sh Target price: Rs2,100/sh (Upgraded) Jigar Shah jigar@maybank-ke.co.in (91) 22 66232632

Stock Information Description: Largest alcoholic beverage manufacturer with 53% volume share in India Ticker: UNSP IN Shares Issued (m): 130.8 Market Cap (US$ bn): 3.3 6-mth Avg Daily Volume (US$m): 51.7 SENSEX: 18,870 Free float (%): 72.2 Major Shareholders: % UB Group 27.8 HSBC Global Investment Fund A/c 7.5

Key Indicators (FY13F) ROE – annualised (%) 10.5 Net debt (Rs bn): 71.8 NTA (Rs/sh): 393.1 Interest cover (x): 1.9

Historical Chart

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Sep-11 Jan-12 May -12 Sep-12UNSP SENSEX

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Performance: 52-week High/Low Rs1,309/ 450 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 27.0 80.7 104.5 55.5 152.4 Relative (%) 19.0 72.5 96.4 41.1 130.6

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update 12 November 2012

PP16832/01/2013 (031128)

Malaysia

Multi-Purpose Holdings Place Another Bet

A change of heart. MPHB will make up for the lack of ordinary dividends YTD in 2H12. The listing of MPHB Capital (MPHBC) is slated for Jan 2013 while MPHB’s landbanks are also appreciating rapidly in value. Revaluing its NFO business, which we expect to re-rate, and its landbanks returns a higher SOP based TP of MYR4.43 (+17%). With 22% upside potential, we now rate MPHB a BUY. Current shareholders will hold Magnum, the only Malaysian listed pure NFO operator going forward, and have the right to subscribe to cheap MPHBC shares. Reassured on dividends. Recall that MPHB did not announce any ordinary dividends in 1H12 (1H11: 5sen less tax). We understand that this was due to debt repayments and have been reassured that it will pay dividends in 2H12 and maintain 2012 total DPS at 15sen less tax (2011: 15sen less tax). On MPHBC, we understand that the prospectus will be issued by year end and that it will be listed in Jan 2013. Landbanks appreciating. We understand that 2,800 out of MPHB’s c.4,600 acre land bank in Pengerang (Johor) has been compulsorily acquired for the RAPID project at only MYR0.93 psf (vs our earlier assumption of MYR1.68 psf). That said, its 81 acre land bank in Teluk Tempoyak (Penang) can now command at least MYR100 psf or double what we had assumed due to rapid development surrounding it. Two is better than one. Our earnings estimates are little changed on minor housekeeping. We roll forward our valuation basis from end-2012 to end-2013 and rather than value MPHB wholesale as before, we value its gaming and non-gaming assets separately. Revaluing its NFO business under Magnum, which should re-rate as it will be the only Malaysian listed pure NFO operator going forward, and its landbanks returns a valuation of MYR4.43/sh (Table 2). Upgrade MPHB from HOLD to BUY. As the new TP of MYR4.43 yields 22% upside potential, we upgrade our call on MPHB from HOLD to BUY. At current levels, investors who BUY MPHB will get its property assets for free. The same methodology returns a valuation of MYR2.08/sh for MPHBC. As there is >100% upside for MPHBC, we encourage MPHB shareholders to subscribe for the MPHBC shares. Multi-Purpose Holdings – Summary Earnings Table Source: Maybank KE FYE Dec (MYR m) 2010A 2011A 2012F 2013F 2014F Revenue 3,616.4 3,558.1 3,429.6 3,486.2 3,688.9 EBITDA 691.9 647.9 594.3 634.4 725.8 Recurring Net Profit 300.6 297.5 355.3 410.8 487.1 Recurring Basic EPS (cents) 27.9 23.4 24.9 28.8 34.1 EPS growth (%) (19.7) (16.3) 6.4 15.6 18.6 DPS (cents) 6.8 11.3 11.3 11.3 11.3 PER 13.0 15.6 14.6 12.6 10.7 EV/EBITDA (x) 7.8 9.5 9.8 8.8 7.2 Div Yield (%) 1.9 3.1 3.1 3.1 3.1 P/BV(x) 1.5 1.6 1.5 1.4 1.3 Net Gearing (%) 57.8 30.2 17.8 9.9 1.0 ROE (%) 12.6 10.2 10.6 11.4 12.6 ROA (%) 4.7 4.5 5.6 6.8 7.9 Revision In Net Profit (%) N/A N/A 1.4 -0.2 -0.1 Consensus Net Profit (MYR m) N/A N/A 367.4 394.5 442.8

BUY (from Hold) Share price: MYR3.64 Target price: MYR4.43 (from MYR3.77) Yin Shao Yang samuel.y@maybank-ib.com (603) 2297 8916 Stock Information Description: Number forecast operator Ticker: MPU MK Shares Issued (m): 1,437.7 Market Cap (MYR m): 5,233.4 3-mth Avg Daily Turnover (US$ m): 1.55 ST Index: 1,641.08 Free float (%): 51.1 Major Shareholders: % CASI MANAGEMENT SDN 28.2 ASIA 4D HOLDINGS LIM 11.1

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Performance: 52-week High/Low MYR3.89/MYR2.56 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 1.1 3.1 25.1 38.4 36.3 Relative (%) 2.2 3.2 21.5 27.0 29.1

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

COMPANY UPDATE 12 November 2012

India

KPIT Cummins (KPIT) In a Better Position to Pursue Acquisition-Led Growth

H1 EPS increased 59% YoY. This was driven by strong revenue growth, led by growth in integrated enterprise solutions and strong demand for software services from the energy and utilities sector. Consolidation of ‘Systime’ also supported growth. We remain upbeat on KPIT’s growth in H2, underpinned by continued growth in integrated enterprise solutions and traction in the US. KPIT continues to pursue inorganic growth aggressively and plans to raise Rs1.6bn to fund acquisitions. We raise our estimate for FY13 revenue by 12% and recurring net profit by 7%. Our new TP to Rs150/sh (+7%) is based on PER of 14x FY13F. FY13F revenue +51% YoY, twice that of sector. In 1H, KPIT achieved 49% of our FY13 forecast. We believe KPIT can outperform the Indian IT sector for FY13 due to 1) doubling of revenue from software services to energy and utilities sectors (15%, 2) full-year consolidation of ‘Systime’ (to account for 1/3 of the growth), and 3) strong growth in the US (+76% YoY) and for integrated enterprise solutions (+70% YoY), supported by both organic growth as well as the acquisition of ‘Systime’. Increase FY13F recurring net profit growth to 49% vs 39% earlier. H1 recurring net profit of Rs893m forms 44% of our revised forecast for FY13 of Rs2,010m. We expect improvement in H2 because 1) salary increase is complete in H1 and 2) expected reduction in FX losses and tax rate in H2. Our revised FY13F EPS is Rs10.9, +43% YoY. This factors in 7% equity dilution from the planned fund raising in Q3. Fund raising in 3Q to strengthen B/S and drive inorganic growth. KPIT plans to raise Rs1.6bn thru equity at Rs125/sh in Q3, which will strengthen its B/S. We expect net cash of Rs1.2bn by end-FY13. KPIT plans to continue to make strategic acquisitions to strengthen its IT service offerings. FY13F EPS has upside trigger from inorganic growth, raise TP. Given higher earnings growth than its peers, we believe that KPIT deserves a higher PER than its peers. Our new TP of Rs150/sh (+7%) is based on PER of 14x FY13F (13x earlier). We believe that inorganic growth remains a catalyst for upward revision in consensus EPS forecast. KPIT – Summary Earnings Table FY Mar 31 (Rsm) FY10 FY11 FY12 FY13F FY14F Revenue 7,316 9,926 15,000 22,607 25,074 EBITDA 1,362 1,550 2,409 3,522 4,053 Recurring Net Profit 1,106 948 1,353 2,010 2,414 Recurring Basic EPS (Rs) 7.1 5.9 7.6 10.9 13.1 EPS growth (%) 28.9 -17.4 30.4 42.9 20.1 DPS (Rs) 0.7 0.7 0.7 0.7 0.7 PER (x) 21.9 20.3 14.5 10.5 9.1 EV/EBITDA (x) 9.4 8.2 5.3 3.6 3.1 Div Yield (%) 0.6 0.6 0.6 0.6 0.6 P/BV(x) 4.8 3.2 3.0 2.0 1.7 Net Debt/Equity (%) 2.9 -27.0 5.4 -11.3 -24.2 ROE (%) 30.9 15.7 20.4 19.5 18.6 ROA (%) 17.4 10.4 10.2 10.6 11.3 Consensus Net Profit (Rs bn) - - - 1,996 2,433 Source: Company data, Bloomberg, KESI estimates

BUY (Unchanged) Share price: Rs119/sh Target price: Rs150/sh (Upgraded from

Rs140/sh) Urmil Shah urmil@maybank-ke.co.in (91) 22 66232606

Stock Information Description: Specialises in enterprise software and automotive software solutions. Ticker: KPIT IN Shares Issued (m): 177 Market Cap (US$m): 388 6-mth Avg Daily Volume (US$m): 1.6 SENSEX: 18,684 Free float (%): 74 Major Shareholders: % Ravi Pandit & Founders 26

Key Indicators (FY12F) ROE – annualized (%) 19.5 Net cash (Rs bn): 1.2 Operating CF (Rs bn) 3.5 Interest cover (x): 23.2

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SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Results Review 12 November 2012

Singapore

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

Sembcorp Industries Utilities Undervalued

All segments performed except for Marine. Sembcorp Industries (SCI) reported 3Q12 revenue of SGD2,274m (-14% YoY, -15% QoQ) with corresponding PATMI of SGD181.2m (-19% YoY, -5% QoQ). Except for weaker performance from the Marine segment, other business segments were generally in line with expectations. 9M12 net profit made up 69% of our previous FY12F forecasts. Maintain BUY but our SOTP-based TP is reduced marginally to SGD6.30 on lower Marine segment valuations.

Utilities continues to lead. Utilities segment continues to lead the growth with 9M12 net profit coming in higher by 36% YoY, accounting for 52% of group net profit. This was largely driven by higher additional gas sales in Singapore and contribution from the Salalah IWPP. Scheduled plant maintenance for Singapore Cogen plant would most likely take place from end-4Q12 to early-1Q13, resulting in weaker contribution for those periods. We also expect to see some softening in power prices with new capacities coming on-stream in 2013 from several competitors, which include SCI itself.

In the pipeline. The second cogen plant on Jurong Island has achieved 65% completion in Sep 2012 and is on track for commissioning by end 2013 while its India coal-fired power plant is also on track for first phase completion in 2Q14. These would provide the key earnings upside for the Utilities segment for FY14F.

Sowing more seeds. SCI has planted more seeds with recent plan to invest about RMB326.6m to develop centralised utilities facilities in Fushun Hi-tech Industrial Zone in Liaoning province, China. In the Urban Development segment, it has 10,257ha of gross land bank which could be developed, although we expect muted performance in near term for this segment as the global economy remains weak.

Undervalued Utilities segment. We trim FY12-14F net profit figures by 1-3%%. Stripping out other business segments, Utilities valuations still look extremely attractive, trading at implied FY13F PER of about 6.3x. We also believe that Marine segment’s recent underperformance is not structural but due to timing issues. Maintain Buy. Sembcorp Industries – Summary Earnings Table FYE Dec (SGD m) 2010 2011 2012F 2013F 2014F Revenue 8,763.6 9,047.1 10,123.2 11,412.2 13,944.5 EBITDA 1,421.7 1,300.6 1,400.3 1,585.8 1,909.8 Recurring Net Profit 792.9 809.3 785.0 876.2 1,051.9 Recurring Basic EPS (SGD cts) 44.4 45.3 43.9 49.0 58.8 EPS Growth (%) 15.8 2.0 (3.1) 11.6 20.1 DPS (SGD cts) 17.0 17.0 15.0 15.0 15.0 PER (x) 11.2 11.0 11.4 10.2 8.5 EV/EBITDA (x) 6.5 7.1 6.6 5.8 4.8 Div Yield (%) 3.4 3.4 3.0 3.0 3.0 P/BV(x) 2.3 2.2 1.9 1.7 1.4 Net debt/(cash) (SGD m) (1,885.8) (953.0) (487.7) (717.1) (1,941.9) ROE (%) 22.2 20.4 18.0 17.6 18.2 ROA (%) 7.8 7.1 6.4 6.5 6.7 Consensus Net Profit (SGD m) 765.3 861.6 956.4 Source: Company, Maybank KE estimates

BUY (Unchanged) Share price: SGD4.99 Target price: SGD6.30 (from SGD6.40) YEAK Chee Keong, CFA yeakcheekeong@maybank-ke.com.sg (65) 6433 5730 Stock Information Description: A conglomerate with key businesses in utilities, marine and offshore, as well as in urban development. Ticker: SCI SP Shares Issued (m): 1,786.5 Market Cap (USD m): 7,286.9 3-mth Avg Daily Turnover (USD m) 11.1 ST Index: 3,008.7 Free float (%): 51 Major Shareholders: % Temasek Holdings 49 Key Indicators ROE – annualised (%) 17.0 Net gearing (x): 0.09 NAV/shr (SGD): 2.40 Interest cover (x): 11.0

Historical Chart

Performance: 52-week High/Low SGD5.790/SGD3.865 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) -12.1 -8.6 2.7 20.1 23.7 Relative (%) -10.5 -7.3 -1.0 14.1 8.8

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SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Philippines Interim results 12 November 2012

GMA Network Inc Higher expenses soften 3Q12 earnings

Earnings up 9% YoY in 3Q12, flat in 9M12. GMA Network Inc (GMA7/ GMAP) disclosed its net income increased 9% YoY to PHP573m in 3Q12, slower than 2Q12’s 20% profit growth. Gross revenues jumped 13% YoY to PHP3.82b while operating expenses rose 10% to PHP2.42b. 9M12 net income is flat YoY at PHP1.59b and accounted for 76% of our full-year reported profit forecast of PHP2.09b. Airtime revenue growth accelerates, int’l operations remain sluggish. Airtime revenues which accounted for 93% of gross revenues grew 14% YoY to PHP3.54b in 3Q12, indicating the continuing recovery of ad spending, led by multinational companies which started in 2Q12. Note that GMAP’s airtime revenues slumped 17% in 4Q11 and 5% in 1Q12 before regaining momentum in 2Q12 with a 6% YoY growth. GMAP likewise maintained its lead in nationwide audience share over rival ABS-CBN Corp (ABS/ ABSP – HOLD) based on the latest AGB Nielsen survey although this lead has narrowed down to an average of just 1.2% in 3Q12 from 4.2% in 2Q12. We expect GMAP to sustain the positive airtime revenue growth trend in 4Q12, to be boosted by election-related spending. Meanwhile international operations remained weak in 3Q12, with revenues declining 5% to PHP236m mainly due to the appreciating peso and even with subscriber uptake from the flagship international channel GMA Pinoy TV increasing 12% YoY. Higher personnel costs, taxes soften profit growth. Operating costs surged 10% in 3Q12 to PHP2.4b on the back of higher personnel expenses. General and administrative expenses, comprising 45% of 3Q12 operating expenses, increased 19% to PHP1.1b primarily because of higher headcount and signing bonus related to the collective bargaining agreement with rank-and-file employees. Production costs meanwhile grew 4.4% to PHP1.32b. We also received word from GMAP’s executives that the company’s effective income tax rate went up to 29% from 25% in 2011 due to the expiry of the income tax holiday applicable to international revenues beginning March 2012. TP slightly raised, HOLD rating maintained. With 4Q12 earnings expected to get a boost from election-related ads, we are maintaining our PHP2.09b earnings forecast for 2012. However we raise our DCF-based target price 6% to PHP8.05/sh after we reduced our risk-free rate assumption to 5.75% from 6% and as we roll over our valuation to 2013. HOLD rating maintained. GMA Network Inc– Summary Earnings Table YE 31 Dec (PHPm) 2009A 2010A 2011A 2012F 2013FRevenue 13,771 14,300 13,083 14,096 15,590 Reported Net Profit 2,818 2,956 1,715 2,088 2,352 Net Profit to Common 1,949 2,044 1,186 1,444 1,626 EPS (PHP) 0.58 0.61 0.35 0.43 0.48 EPS growth (%) 19.0 4.9 (42.0) 21.8 12.6 PER (x) 14.5 13.8 23.8 19.6 17.4 EV/EBITDA (x) 7.9 8.2 14.6 11.3 9.9 Div Yield (%) 4.2 8.3 5.4 7.9 2.7 Net Gearing (%) (20.4) (12.0) (12.6) (13.4) (13.1) ROE (%) 27.3 27.9 17.0 22.6 25.4 Consensus Net Profit (PHPm) N/A N/A N/A 1,971 2,319 Source: Company, Bloomberg, Maybank ATR Kim Eng Securities, Inc

Hold (unchanged) Share price: PHP8.40 Target price: PHP8.05 (from PHP7.60) Lovell Sarreal Lovell_Sarreal@maybank-atrke.com (632) 849 8841 Jaclyn Jimenez Jaclyn_Jimenez@maybank-atrke.com (632) 849 8842

Stock Information Description: GMA Network, Inc. is a free-to-air broadcasting company principally engaged in television and radio broadcasting, the production of programs for domestic and international audiences, and other related businesses. Ticker: GMAP PM /GMAP.PS Shares Outstanding (m): 3,361 Market Cap (PHPm): 28,569 Market Cap (USDm): 698 3-mth Avg Daily Value Turnover (USDm): 0.1 PSEI: 5,468.79 Free float (%): 25 Major Shareholders: % DUAVIT, JIMENEZ & GOZON FAMILIES 75 Key Indicators

ROE – annualised (%) 22.6 Net debt (PHPm): (1,154.1) NTA/shr (PHP): 1.8 Interest cover (x): 89.3

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SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Results Review 12 November 2012

Indonesia

Indofood CBP A Weak Quarter

Indofood CBP reported net profit growth of 8% YoY to IDR1,656b in 9M12 on the back of 12% YoY revenue growth. The result is in line with our expectations. Gross margins were 26.6% in 9M12 from 26.0% in 9M11. However, since operating expenses increased sharply (22% YoY to IDR2,144b), EBIT margins fell to 13.4% in 9M12 from 13.9% in 9M11. Operating expenses were up due to higher salaries (resulting from the allocation of employee expenses from the parent company) and depreciation of newly installed capacities at the dairy factory. All products, with the exception of baby cereal, showed positive volume growth. On a quarterly basis, revenue was weak in 3Q12 (down 6% QoQ) despite the Eid festivities. The 6-8% increase in noodle ASPs in Jul 2012 (to compensate for higher wheat prices) caused sales volumes to slow in 3Q12.

Still depending heavily on noodle and dairy products. In 9M12, noodles and dairy products contributed 87% of ICBP’s revenue and 92% of EBIT. The noodle segment posted EBIT growth of 6% YoY and the highest EBIT margins at 15.6%, while EBIT at the dairy segment rose a mere 2%. Snack foods is the best performing division with EBIT rising 144% YoY on the back of 28% revenue growth, supported by new products and larger production capacity. However, the division contributed only 5% of ICBP’s total EBIT. We expect higher contribution from the dairy division next year as the capacity expansion installed in 2Q12 and 3Q12 will be in full operation. With heavy dependence on noodle and dairy products, growth in the near future will likely be limited owing to pressure on consumer purchasing power due to an increase in electricity tariffs and possible fuel price hikes.

JV with Asahi will be the growth engine. In the longer term, its alliance with the Asahi group to manufacture and market non-alcoholic beverages in Indonesia will be another source of growth. The initial investment is approximately USD200m and operational commencement is expected to take place in 2014. We have not incorporated the alliance with Asahi in our forecasts pending further details. As there is less than 10% potential upside to our TP of IDR7,600 (implying a 18.0x FY13F PER)., we recommend a HOLD on the stock. Indofood CBP– Summary Earnings Table FYE Dec (IDR b) 2010A 2011A 2012F 2013F 2014F Revenue 17,960 19,367 22,231 24,393 26,784.

EBITDA 2,992 3,213 3,333 3,593 4,035.0 Recurring Net Profit 1,704 1,975 2,329 2,460 2,777.8 Recurring Basic EPS (IDR) 344.0 339.0 399.4 422.0 476.4 EPS growth (%) 58.0 15.9 17.9 5.6 12.9 DPS (IDR) 0.0 137.6 135.6 159.8 168.8 PER (x) 21.1 21.4 18.2 17.2 15.2 EV/EBITDA (x) 15.3 15.2 13.7 12.7 11.3 Div Yield (%) n.a. 1.9 1.9 2.2 2.3 P/BV(x) 4.7 4.1 3.6 3.2 2.8 Net Gearing (%) Net cash Net cash Net cash Net cash Net cash ROE (%) 19.1 19.3 19.6 18.3 18.3 ROA (%) 12.8 13.0 14.1 13.6 13.9 Consensus Net Profit (IDR b) 2,281 2,551 2,781 Source: Kim Eng

HOLD Share price: IDR7,250 Target price: IDR7,600 Katarina Setiawan Katarina.Setiawan@maybank-ke.co.id (62 21) 2557 1188 Stock Information Description: Indofood CBP Sukses Makmur Tbk PT is a total food solutions company involved in all stages of food manufacturing from raw material production and processing through to sale of a wide range of food products on the retailer's shelf. Ticker: ICBP.IJ Shares Issued (m): 5,831 Market Cap (USD m): 4,388 3-mth Avg Daily Turnover (USD m): 2.6 IDX index: 4334 Free float (%): 20.0 Major Shareholders: % Indofood Sukses Makmur 80.0 Key Indicators ROE – annualised (%) 19.3 Net cash (IDR b): Net cash NTA/shr (IDR): 13,167 Interest cover (x): 76.2

Historical Chart

Performance: 52-week High/Low IDR7,750/IDR4,875 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 4.3 12.4 23.9 40.8 40.8 Relative (%) 2.8 6.5 20.3 26.9 27.0

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Results Review 12 November 2012

Singapore

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

Wilmar International Positive Surprise for Soybean Crushing

Slightly above expectations. 3Q12 results were slightly above expectations, though we note the latter has been downgraded dramatically during the course of the year. Recurring net profit came in at USD388m (down 14% yoy), bringing 9M12 recurring net profit to USD766m against FY12E consensus of USD1.05b.

Positive contribution from oilseeds & grains. We believe the main variance came from a positive PBT of USD60.3m this quarter in its oilseeds & grains business, after 2 quarters of losses. However, we are cautious against reading too much into this, given that crush margins in China are still negative (albeit better qoq), implying profit was more likely to be opportunistic in nature.

Benefiting from Malaysian export tax. Palm & Laurics division showed a 6% yoy improvement in PBT, due to better margins. Following the recent tax changes in Malaysia, management shared that its margins in that country has started turning positive in September and will likely remain that way. Management remains confident overall in this segment, with 3m + tonnes of capacity in Indonesia to come in next year, noting that their strong global distribution network will help parlay any industry overcapacity.

Low CPO prices good for consumer division. The depressed prices for CPO helped its consumer production division register a healthy USD48.4m PBT (up >100% against USD14.4m for 3Q11) this quarter. However, PBT for its upstream Plantations & Palm Oil Mills division fell 11% yoy to USD116.6m, also fueled by lower production due to the lingering effects of dry weather. Excess CPO stockpile will likely depress prices going forward, though longer-term the gap with soy prices will likely compress.

Lull may not yet be over. Adjusted net-debt/ equity remains at 0.4x. The lull in Wilmar’s profitability may not be over, given that many of its businesses remain in a situation of industry excess-capacity. Growth would likely have to come from Oilseeds & grains may also dip back into another loss next quarter. We continue to peg our TP to 1x P/B, (1.5x NTA), which implies a TP of SGD2.75, maintain SELL.

Wilmar International – Summary Earnings Table FY DEC (US$m) 2010 2011 2012F 2013F 2014F Revenue 30377.5 44710.0 51302.2 56781.3 61116.0 EBITDA 1666.1 2657.6 2711.3 2984.6 3184.9 Recurring Net Profit 957.5 1442.2 1204.2 1357.6 1445.2 Recurring EPS (US cents) 15.0 22.5 18.8 21.2 22.6 DPS (SG cents) 5.5 6.1 4.7 5.4 5.8 PER (x) 19.6 13.0 13.8 12.2 11.5 EV/EBITDA (x) 18.1 12.3 12.0 11.4 11.0 Div Yield (%) 1.9 2.1 1.8 2.1 2.2 P/BV (x) 1.6 1.4 1.2 1.1 1.0 ROE (%) 11.6 12.7 8.9 9.4 9.4 ROA (%) 4.6 4.3 3.0 3.2 3.2 Consensus Net Profit

Source: Company, Maybank KE estimates

SELL (Unchanged) Share price: SGD3.17 Target price: SGD2.75 (previously $2.60) James KOH jameskoh@maybank-ke.com.sg (65) 6432 1431 Stock Information Description: Agricultural commodities, primarily for Palm & Lauric and Oilseeds & Grains, with primary markets in China, India and Indonesia Ticker: WIL SP Shares Issued (m): 6,396.0 Market Cap (USD m): 16,573.0 3-mth Avg Daily Turnover (USD m): 31.8 ST Index: 3,008.7 Free float (%): 17.4 Major Shareholder: % Wilmar Holdings 48.1 Key Indicators ROE 9.4 Adjusted net gearing (%): 40 NTA/shr (USD): 2.16 Interest cover (x): 3.9

Historical Chart

Performance: 52-week High/Low SGD6.05/SGD2.99 1-mth 3-mth 6-mth 1-yr YTD Absolute (%) 1.6 -1.9 -32.6 -40.9 -36.6 Relative (%) 3.5 -0.4 -35.0 -43.8 -44.2

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12 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 SuhaimiILIAS 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, CAHead 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 MohshinAZIZ (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 HooiHead of Retail chenghooi.lee@maybank-ib.com Technicals

HONG KONG / CHINA Edward FUNGHead 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 WarrenLAU (852) 2268 0644warrenlau@kimeng.com.hk Technology - Regional Karen Kwan (852) 2268 0640 karenkwan@kimeng.com.hk China Property

INDIA JigarSHAHHead of Research (91) 22 6623 2601 jigar@maybank-ke.co.in Oil & Gas Automobile Cement AnubhavGUPTA (91) 22 6623 2605 anubhav@maybank-ke.co.in Metal & Mining Capital goods Property Ganesh RAM (91) 226623 2607 ganeshram@maybank-ke.co.in Telecom Contractor

SINGAPORE Stephanie WONGHead 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) ONGKian 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 SETIAWANHead 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 RahmiMARINA (62) 21 2557 1128 rmarina@maybank-ke.co.id Banking Multifinance PanduANUGRAH (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 ArwaniPRANADJAYA (62) 21 2557 1129 apranadjaya@maybank-ke.co.id Technicals

PHILIPPINES Luz LORENZOHead 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 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 SukitUDOMSIRIKULHead of Research (66) 2658 6300 ext 5090 Sukit.u@maybank-ke.co.th

Maria LAPIZHead of Institutional Research Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 Maria.L@maybank-ke.co.th Consumer/ Big Caps

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

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

SuttatipPEERASUB (66) 2658 6300 ext 1430 suttatip.p@maybank-ke.co.th Media Commerce SutthichaiKUMWORACHAI (66) 2658 6300 ext 1400 sutthichai.k@maybank-ke.co.th Energy Petrochem TermpornTANTIVIVAT (66) 2658 6300 ext 1520 termporn.t@maybank-ke.co.th Property WoraphonWIROONSRI (66) 2658 6300 ext 1560 woraphon.w@maybank-ke.co.th Banking & Finance JaroonpanWATTANAWONG (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 PongratRATANATAVANANANDA (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 ThiNganTuyen (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 TrungHoa +84 844 55 58 88 x 8088 hoa.nguyen@maybank-kimeng.com.vn Steel Sugar Resources

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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.

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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:MaybankATRKES (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 of 12 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 of12 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 investmentandmayreceive compensation for the services provided from the companies coveredin 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

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Malaysia Maybank Investment Bank Berhad (A Participating Organisation of Bursa Malaysia Securities Berhad) 33rd Floor, MenaraMaybank, 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, DataranMaybank, 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

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