MCI (P) 029/11/2013 Ref No: RM2013_0233 1 of 15

Regional Market Focus

Phillip Securities Research Pte Ltd

4 December 2013

Thailand

Amata Corporation – Company Update Recommendation: NEUTRAL Previous close: Bt15.50 Fair value: Bt15.26

Land sales over the first nine months were as low as 647 rais.

CY13 net profit is expected to continue to grow on ample revenue backlog. However, the subdued presales are expected to eat

into the company’s profitability next year that operating profit would decline y-y.

Nevertheless, AMATA continues to sell leased factories to mutual fund and the fruitful results will help boost the bottom-line

growth in CY14.

We have a ‘NEUTRAL’ call for AMATA with a target price of Bt15.26.

MONTHLY SET STRATEGY: Dec 2013

Even though lingering political uncertainty may leave the market vulnerable to sporadic bouts of volatility in line with political

developments, we believe the downside for the SET index appears limited to around 1300 +/- due largely to (1) LTF/RMF

purchases before the end of the year, (2) a likely slowdown in foreign sell-off ahead of long holidays, (3) a likely drop in domestic

political temperature amid more difficulty to mobilize protesters in major political rallies due to several periods of long holidays and

(4) end-of-year institutional window-dressing.

On the other hand, the upside for the market would remain capped by (1) domestic political turmoil, which is unlikely to come to an

end soon though tensions may possibly ease, and (2) uncertainty over the US Federal Reserve’s QE tapering: Although the

chances of QE tapering at the FOMC’s Dec 17-18 policy meeting remain slim with odds in favor of tapering in Jan-Mar 2014,

uncertainty may likely keep the market range-bound.

We expect a trading range of 1320-1470 points for the SET index in the month of Dec.

The strategy is to accumulate on dips around 1360, 1320 points and sell by year-end. If there is any exit to current political crisis,

holding shares into next year is also another option.

Year-end spending would be a major investment theme for the month of Dec with selective trading strategy. Our recommended

picks for the month of Dec include MINT, SCB and THCOM.

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4 December 2013

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Hong Kong

Report Review of November 2013 Rating: Neutral

In November, we updated research report on Fortune REIT (778.HK) and Link REIT (823.HK). Fortune REIT (778.HK): The

acquisition of Kingswood Ginza property was approved in EGM on 16 Sept, 13 and completed on 9 Oct, 13. We like Fortune

REIT's move to add growth driver and consequently create value for shareholders.U.S. Treasury yield surged from 1.63% to

nearly 3% during the 4 months period starting from May, 13. In the same period, Fortune REIT's share price slumped 14.2% to

HK$6.26. We observed that the 10-year U.S. treasury yield has calmed down to ~2.6% after Federal reserve announced the same

bond purchase scale until more evidence to signal U.S. economy recovery. But it didn`t give a positive impact to Fortune REIT's

share price. For October, Fortune REIT's share price declined 2% while MSCI US REIT index climbed 2.7% and Link REIT

(823.HK) gained 2.8%. We believe Fortune REIT is undervalued. Our TP is HKD6.64, representing FY14 dividend yield of 6.0%

(vs. historical average of 5.72%). We gave an “Accumulate” rating and the major downside risk is the faster-than-expected interest

rate hike.

Link REIT (823.HK): 1HFY14 results beat expectation due to margin improvement. The net property income margin improved to

72.1%, up 1.5 ppt YoY/ 0.8 ppt HoH, mainly due to better cost control (utilities expenses dropped 4.4% YoY through energy

management measures, repair and maintenance costs declined 3.9% YoY). We revised up DPU estimates for FY14 and FY15 by

2.4% and 1.1% on higher revenue growth and net property income margin. Our new DDM based target price was HK$37.20. Our

target price implies forecast dividend yield of 4.4%, close to 5-year average of 4.44%, which we think more reasonable for

investors amid the interest rate hike expectation. We gave a “Reduce” rating.

HSI showed the strong growth in November after the adjustment in October and it tried to touch the key point 24000 at the last

trading day of this month. During the period, the large weighted sectors such as banking, and insurance appeared the better

performance. Most of Chinese banks’ prices increased slightly compared with the beginning of this month to varying degrees, this

is mainly because the detailed policies have released in Shanghai FTZ after the Third Plenary Session, especially for some good

news for financial sectors, which stimulated the market to make the good prospects for the future performance of banks and

insurers. Additionally, there were two domestic banks listed in H Shares this month, plus one of the largest AMCs, China Cinda,

promoted investment enthusiasm of the investors in domestic financial sectors.

As at the end of 29 November, 11 domestic listed banks increased by 3.4% approximately in average within one month, among

which CMB’s share price has the best performance with the growth of 7.3% in Nov, and considering two new listed banks, BOCQ

recorded the worst one, decreased by 1.3% compared with its closing price at the first trading day. Overall, we still hold a

cautiously optimistic view for the banks’ future performance development, and maintain Buy rating to the sector.

Overall speaking, the telecom sector has basically taken akin tendency to HSI since November. The early fall can be attributed to

the failing expectation of 4G license issue in October. What’s more, it was also suppressed by the weak market and the first fall of

China Mobile’s performance in 3Q13. Entering into the second half, the sector has risen with the market because of expected

easing monetary environment by new Federal Reserve Chairman candidate and the reform expectation by the Third Plenary

Session of 18th CPC Central Committee.

In our view, investors can become optimistic at the telecom sector after prior pullback. First, the capital expenditure of the three

operators will accelerate in 4Q13, China Mobile and China Telecom have taken collective bidding and purchasing for 4G, which

will help relative companies achieve better performance than the first half in 2013. Second, the award of 4G licenses will still be a

positive catalyst for the sector.

According to Central Government, China National Security Council will be established after the Third Plenary Session of 18th CPC

Central Committee, which will highlight the importance of national security and public security and verify the great attention paid

by high-level leaders. We believe that the market of security and protection will be further supported by policies, and those

security and protection enterprises with advanced technologies will benefit from this. So we recommend Anxin-China Holdings

(1149.hk) and expect its performance can remain a compound growth rate of at least 30% in the next two years.

Strategy

SECTOR/STRATEGY REPORTS: - Sector Reports : Offshore & Marine, 2 Dec / Commodities, 2 Dec / Banking, 9 Sep / Telecommunications, 9 Sep - Country Strategy : S’pore, 20 Sep / China & HK, 4 Dec / Thai, 4 Dec - Macro Trader : Update, 9 Sep

Regional Market Focus

4 December 2013

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Macro Data

Australia Australia’s central bank left its benchmark interest rate unchanged at a record low and said the currency is “still uncomfortably high,” even after a 4.6 percent decline since its previous meeting. RBA kept the overnight cash-rate target at 2.5 percent, the Reserve Bank of Australia said in a statement today in Sydney, as predicted by all 30 economists surveyed. Japan Japan’s salaries extended the longest tumble since 2010, increasing pressure on household finances as inflation begins to take root. Regular wages excluding overtime and bonuses fell 0.4 percent in October from a year earlier, a 17th straight monthly decline, according to labor ministry data released today. Total cash earnings rose 0.1 percent. China The non-manufacturing purchasing managers index (PMI) fell marginally to 56.0 in November from the previous month’s 56.3, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP). The sub-index for employment stood at 51.9, up 0.4 from October, as the construction and information services pick up, absorbing more labor, said Cai Jin, CFLP vice chairman. External demand improved as the sub-index for new export orders rose to 49.9, despite the sub-index for overall new orders slipped to 51 from 51.6 a month ago. Companies in the non-manufacturing sectors are more optimistic in their business in the coming three months, with the business confidence index hitting 61.3, 0.8 higher than the reading in October. Thailand Consumer confidence fell for the eight consecutive month, hitting a 22-month low in November, on escalating political tension and anti-government protests in capital Bangkok. The November’s Thai consumer confidence index skidded to 75.0 from 76.6 in October, according to a survey by the University of Thai Chamber of Commerce. Sentiment was also hurt by lower economic growth and a poor outlook, as well as weakening baht and falling farm product prices, the university added. Singapore The Singapore Institute of Purchasing & Materials Management's Purchasing Managers' index (PMI) stood at 50.8 in November, declined from 51.2 reading in the previous month on weaker production and new orders. The institute's PMI for the electronics sector, however, rose to 51.2 in November from 51.0 in October. Source: Phillip Securities Research Pte Ltd

Morning Commentary

STI: -0.03% to 3,187.67 KLCI: +0.34% to 1,824.29 JCI: -0.77% to 4,288.77 SET: +0.70% to 1,383.89 HSI: -0.53% to 23,910.47 HSCEI: -0.86% to 11,448.35 Nifty: -0.26% to 6,201.85 ASX200: -0.44% to 5,256.07 Nikkei: +0.60% to 15,749.66 S&P500: -0.32% to 1,795.15 MARKET OUTLOOK: This week’s webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research Webinar. In it, we feature our market technical analysis and O&M, Commodities season takeaways. This webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research Webinar.

Regional Market Focus

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Singapore The Straits Times Index (STI) ended 1.09 points lower or -0.03% to 3,187.67,

taking the year-to-date performance to +0.65%. The FTSE ST Mid Cap Index declined -0.50% while the FTSE ST Small Cap

Index gained +0.20%. The top active stocks were SingTel (-0.80%), DBS (unchanged), Noble Group (-0.93%), UOB (+0.19%) and Ezra (+8.99%).

STI has been drifting sideways over the past 2 months due to a lack of catalysts. We peg near term support at the 3150 level. Top Picks are DBS (Accumulate, TP: $17.50), Singtel (Accumulate, TP:$4.06)

and Keppel Corp (Accumulate, TP:$12.07). Deep Value Plays are Amara (Buy, TP $0.74), and Boustead (Buy, TP: $2.05)

Close +/- % +/-FSSTI 3187.67 -1.09 -0.03P/E (x) 13.65P/Bv (x) 1.41

3.27Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

3500

3700

12/3 3/3 6/3 9/3 12/3

Source: Bloomberg

Thailand Thai stocks gained on Tue as no violence occurred after the Metropolitan Police

Bureau (MPB) stopped its resistance against anti-government protesters attempting to breach barricade, allowing them to easily occupy the MPB but gains were later pared as protest leader Suthep Thaugsuban vowed to continue the protests to topple the Thaksin regime.

The Dow industrials extended losses for the third consecutive day on Tue amid mixed economic data with VIX Index, Wall Street’s fear gauge up 2%, reflecting a rise in investor anxiety ahead of the US FOMC’s Dec 17-18 policy meeting.

In Thailand, the market’s focus will remain on domestic political situation though month-long political confrontation has come to a pause as the nation prepares for HM the King’s birthday celebration despite failure to reach compromise between anti-government protesters and the government. Today attention will also turn to the Constitutional Court’s decision whether to accept the Bt2trn infrastructure loan bill petition. If the court accepts the petition, the projects will be further delayed.

In the midst of protest truce in the run-up to HM the King’s birthday and growing external worries with focus shifting to key economic data, we believe Thai stocks will likely remain choppy in a tight range of 1360-1400 points.

Today we peg resistance for the SET index at 1400-1420 points and support at 1375-1360 points.

Close +/- % +/-SET INDEX 1383.89 9.63 0.70P/E (x) 15.53P/Bv (x) 2.16

3.11Dividend Yield

STOCK EXCH OF THAI INDEX

900

1000

1100

1200

1300

1400

1500

1600

1700

12/4 3/4 6/4 9/4

Source: Bloomberg

Indonesia Most Indonesian stocks declined Tuesday (03/12), amid lower closes in Asia

following negative lead from the US markets, and as the Rupiah erased gains from a day earlier. The Jakarta Composite Index (JCI) shed 33.213 points, or 0.77%, to close at 4,288.764. All main stock sectors ended in red on Tuesday. Property, construction and real estate sector performed worst with 1.63%-drop, followed by consumer goods sector with 1.33%-loss, and infrastructure sector with 1.15%-decline. The LQ45 index trimmed 5.665 points, or 0.79%, to 714.084.

The Rupiah pared Monday’s gain, to trade near 11,900 on Tuesday, after the US dollar strengthened to more than 103 against the Japanese Yen. The Rupiah has appreciated to around 11,600 on Monday, after Statistics Indonesia released the data that showed trade surplus of USD 50 million in October.

Decliners outpaced gainers 157 to 84 Tuesday on the Indonesia Stock Exchange, where 3.05 billion shares worth IDR 3.25 trillion changed hands on the regular board. Foreign investors’ transactions accumulated to a net sale of IDR 48.51 billion.

With negative leads from the US markets overnight and downbeat start in Asia today, the Jakarta Composite Index (JCI) looked set for further decline today. The greenback’s weakness, however, may provide support for the Rupiah and Indonesian stocks. We expect the JCI to decline today, with support and resistance at 4,242 and 4,344, respectively.

Close +/- % +/-JCI Index 4288.76 -33.21 -0.77P/E (x) 18.79P/Bv (x) 2.44

2.26Dividend Yield

JAKARTA COMPOSITE INDEX

3400

3900

4400

4900

5400

12/4 3/4 6/4 9/4

Source: Bloomberg

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Sri Lanka The market reached its intraday peak at 5,805.07 gaining 31 points (0.54%)

during the early hours, but towards the latter part of trading day the trend reversed putting the indices into the red space once again, which was mainly due to the selling pressure and the slothful participation of the investors. The benchmark ASPI posted a tiny drop of 0.98 points (-0.02%) to close negative at 5,773.12. The S&P SL20 settled the day at 3,160.94, losing 4.94 points or 0.16%. With regard to the movement in share prices, 77 companies gained whereas 91 companies recorded dips in share price. The turnover for the day amounted to LKR 960.77Mn, charting a gain of 15.05% compared to the previous trading day; But, nearly 60.00% of this was accounted by the three prime contributors for the day. During the day a total of 156.31Mn shares changed hands resulting in a gain of 72.25% against the previous day. Under the sectorial wrap-up, Bank Finance & Insurance (BFI) sector stood on top providing LKR 584.78Mn and Diversified Holdings (DIV) sector emerged second contributing LKR 165.53Mn. Notably, the two sectors BFI & DIV collectively accounted to nearly 80.00% of the daily aggregated turnover. The total market capitalization as at the day’s end stood at LKR 2.40Tn, charting a year to date gain of 10.81%. The market PER & PBV were 14.97x and 1.96x respectively. Foreign participants appeared to be bearish for the 2nd consecutive trading day, resulting in net foreign outflow of LKR 105.30Mn, reducing the year to date net foreign inflow to LKR 22.44Bn. Foreign sales for the day amounted to LKR 213.97Mn and buying were recorded as LKR 108.67Mn. With regard to the local FOREX, the USD is selling at LKR 132.87/- and bought at LKR 129.44/-.

Close +/- % +/-CSEALL Index 5773.12 -0.98 -0.02P/E (x) 12.29P/Bv (x) 1.56

2.86

Dividend Yield

SRI LANKA COLOMBO ALL SH

4500

5000

5500

6000

6500

7000

12/4 3/4 6/4 9/4

Source: Bloomberg

Hong Kong HSI lost 128 points or 0.53% to 23,910. CEI declined 99 points or 0.86% to

11,448. Trading volume was HKD59.025 billion. For the macro-economic front, China’s non-manufacturing PMI fell to 56 in Nov,

from 56.3 in the month before but still indicated expansion. Nuclear power related stocks out-performed on Premier promoting nuclear power

co-operation. DongFang Elec (1072.HK) and SH Electric (2727.HK) surged 11% and 9.1% respectively.

China banking sector under-performed on smaller PboC’s reverse repo scale, Bank of China (3988) and Minsheng Bank (1988.HK) dropped 1.3% and 1.8% respectively.

China Cement sector was firmer on increasing cement prices. Shanshui Cement (691.HK), CNBM (3323.HK) and Chinares Cement (1313.HK) gained 5.6%, 1.6% and 2% respectively.

Hutchison (13.HK) gained 2.4% to HK$102.3, reaching the highest since 2001. Macau gambling stocks out-performed with Macau Legend (1680.HK) and Sand

China (1928.HK) up 6% and 2.5% respectivelyl. Technically, we remain biased HSI will be bounded between 23,500 and 24,000 in

short term. The next resistance and support for HSI are 24,000 and 23,500 respectively.

Close +/- % +/-HSI INDEX 23910.47 -128.08 -0.53P/E (x) 10.83P/Bv (x) 1.48

3.23Dividend Yield

HANG SENG INDEX

17000

18000

19000

20000

21000

22000

23000

24000

25000

12/4 3/4 6/4 9/4

Source: Bloomberg

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Market News

US U.S. regulators will meet on Dec. 10 to adopt the final version of the Volcker rule banning banks from making speculative bets with their

own money, the agencies said in statements today. The Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Commodity Futures Trading Commission will act on that date, according to notices from the regulators. The remaining agency that needs to approve the rule -- the Securities and Exchange Commission -- will probably act at about the same time as the others, said SEC Chairman Mary Jo White. (Source: Bloomberg)

JPMorgan Chase & Co. (JPM) and two other banks rejected a European Union deal to end an antitrust probe into the rigging of Euribor lending rates, risking higher fines and challenging the future of the EU’s settlement process. The EU is seeking to announce two sets of settlements as soon as today with banks accused of colluding to rig the London interbank offered rate and Euribor, according to a person familiar with the EU’s probe who asked not to be identified because the process is private. (Source: Bloomberg)

Online shopping surged about 20 percent to a record on Cyber Monday as many consumers snubbed physical stores and took to the Web to buy holiday gifts. Including shopping on personal computers and mobile devices, Internet retail sales on the Monday after Thanksgiving rose to almost $2 billion, according to researcher ComScore Inc. (SCOR) That made it the heaviest Web-spending day ever for the fourth straight year. More than $23.9 billion has been spent on the Web through PCs alone since Nov. 1, an 8.4 percent gain from the same period in 2012, the company said in a statement. (Source: Bloomberg)

Singapore Flushed with its success in the sphere of international arbitration, Singapore is gunning for the rest of the dispute resolution market. It is

setting its sights on two other areas - international commercial mediation and litigation - in a move that it hopes will bring more work to the local legal sector. Yesterday, these ambitions took on preliminary form as recommendations for the proposed Singapore International Commercial Court (SICC) and a centre of international commercial mediation were revealed. (Source: BT Online)

Singapore's latest purchasing managers' index (PMI) reflects a mixed manufacturing performance in November. While the overall PMI reading fell short of expectations - dipping 0.4 to expand at 50.8 last month - the electronics index continued to strengthen, pointing to a surer-footed recovery for the sector. The electronics PMI - which expanded further to 51.2 from 51 in October - gels well with recent economic indicators; just a week ago, another double- digit jump in electronics output boosted Singapore's manufacturing performance in October. Economists BT spoke to say the collective data underscores how the electronics recovery is "still intact". (BT Online)

Singapore households have been given a clean bill of health as far as their debt is concerned. Despite warnings of an increasing exposure to mortgages, net wealth has grown robustly over the past decade and stands at about four times GDP, according to the Monetary Authority of Singapore Financial Stability Review 2013. While household debt continues to increase, savings are piling up faster and massive cash deposits outweigh total liabilities, the review showed yesterday. Measures to cool the residential property market are having a significant impact, too. "However caution is in order as uncertainties and risks remain," MAS warned. (BT Online)

Thailand Thailand’s consumer confidence index (CCI) fell to a 22-month low at 75.0 in Nov 2013 from 76.6 in Oct, marking the eighth straight

month of declines on domestic political worries and still-high levels of living costs and product prices, according to a survey by the University of the Thai Chamber of Commerce (UTCC). (Source: Post Today)

The Research Center of the Thai Military Bank (TMB) said cash advance loans rose as much as 19% y-y in the first nine months of 2013 against a 5% y-y rise in the same year-ago period as consumers ran short of cash in the wake of rising credit card spending amid slowing economic conditions. Thailand’s economic growth slowed markedly to a mere 2.7% in the third quarter of this year while the retail index during the same period shrank for the first time in four years, down 5.2% y-y. (Source: Thai Post)

The Bank of Thailand said the ongoing political woes have caused delays in the issue of licenses for microfinance to early next year. (Source: Krungthep Tuakij)

Two international credit rating agencies have warned that Thailand's sovereign rating is at risk if the political unrest is prolonged, says finance permanent secretary Rangsan Sriworasart. Credit rating agencies have informed the Finance Ministry that prolonged political chaos will affect the country's credit rating. Moody's Investors Service and Fitch Ratings have informed the ministry they will take political factors into account. (Source: Bangkok Post)

Full-year exports will likely rise by a meager 0.5% on weak global demand, says the Thai National Shippers Council (TNSC). In Oct 2013, exports totaled US$9.4bn. To achieve a 0.5% growth rate, traders must earn another US$9.5bn in Nov and Dec, said vice-chairman Vallop Vitanakorn. The TNSC anticipates a 5% rise next year, citing recoveries in the US and EU that will support global demand. (Source: Bangkok Post)

Hong Kong

China Cinda Asset Management Co. (1359) plans to sell shares in a Hong Kong initial public offering at near the top end of a marketed price range to raise about $2.5 billion, said two people with knowledge of the matter. Strong demand prompted the company to

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stop taking orders for shares today, a day earlier than scheduled, said the people, who asked not to be identified because the information is private. Institutional investors ordered several times the amount of stock available to them at the high end of the price range, they said. Cinda, one of four funds created in 1999 to buy bad debts from the China’s banks, benefited from a resurgent IPO market in Hong Kong as investors bet the Chinese economy will stabilize. The IPO is the city’s biggest in a year and will bring proceeds raised in 2013 to more than $15 billion, data compiled by Bloomberg show. The Hang Seng China Enterprises Index (HSCEI) of Chinese companies traded in Hong Kong has advanced 8.5 percent in the past six months, and Goldman Sachs Group Inc. yesterday forecast the measure will rally 18 percent by the end of 2014. Economic indicators including manufacturing growth for November have spurred optimism that China’s expansion is gaining momentum. Cinda will start trading on Dec. 12, according to its IPO prospectus. The company offered about 5.3 billion shares at HK$3 to HK$3.58 apiece, the prospectus shows. A Hong Kong-based external spokeswoman for Cinda declined to comment on pricing. Companies have raised $12.6 billion through Hong Kong IPOs this year, surpassing the $8 billion for the whole of 2012, according to data compiled by Bloomberg. (Source: Bloomberg)

Tingyi (Cayman Islands) Holding Corp. (322), PepsiCo Inc.’s Chinese partner, is considering buying instant food businesses to boost growth after annual sales expanded at the slowest pace in eight years. The maker of Master Kong brand ready-to-drink teas and snacks is seeking acquisitions, and will likely form a new strategic alliance next year, Chief Financial Officer Frank Lin said in an interview in Taipei on Nov. 29, declining to provide details. It’s considering both domestic and overseas brands for deals and cooperations, he said. Tingyi has formed ventures with PepsiCo, Asahi Group Holdings Ltd. (2502) and others in the past three years to win customers as rising incomes in China boost consumption. The Tianjin-based company can leverage its $1.6 billion of cash for acquisitions to stave off competition from global food companies such as Nestle SA. “For the instant food business, we choose M&A instead of organic growth because it’s faster to expand our presence in the China market,” Lin said. No final decision has been made on the acquisition and alliance plans, and Tingyi will focus on deals in China over the next five years, he said. Tingyi’s Hong Kong-listed company has gained 7.4 percent this year, compared with a 5.5 percent increase in the benchmark Hang Seng Index. The company gets more than half its revenue from beverages, 43 percent from instant noodles and 2.5 percent from instant foods, which include sandwich snacks, muffins and egg rolls. It’s also importing infant formula from Asahi Group’s Wakodo baby nutrition unit to sell in China this year. (Source: Bloomberg)

Hong Kong beefed up surveillance of travelers with fever, activating part of a pandemic preparedness plan, after confirming its first case of a new strain of bird flu that killed 45 people in China. Border control points have implemented disease prevention and control measures and body temperature checks have been enhanced, the city’s Centre for Health Protection said late yesterday in a statement. Seventeen people in contact with a domestic helper thought to have caught the H7N9 flu virus in the neighboring Chinese city of Shenzhen are in quarantine. The novel avian influenza strain is often lethal to humans, though it doesn’t transmit easily from person to person. The initial cases are prompting international concern that the germ may trigger a global contagion if it’s allowed to spread and mutate into a more contagious form. Two of last century’s three flu pandemics are thought to have started in China before spreading in travelers. “The Serious Response Level under the government’s preparedness plan for influenza pandemic has been activated while the CHP’s epidemiological investigation and follow-up actions are currently in full swing,” the agency said. Human cases of H7N9 in China date to February and surged in April, before agriculture authorities temporarily closed live poultry markets and quarantined farms to limit human exposure. The Geneva-based World Health Organization counted 139 laboratory-confirmed cases as of Nov. 6. (Source: Bloomberg)

Indonesia A series of economic policy packages introduced in August has yielded positive results for the economy, according to the coordinating

minister for economy. The August economic package has three stated objectives: containing the current-account deficit and the rupiah, maintaining export growth and purchasing power, while combating inflation and attracting more foreign direct investment. The Coordinating Minister for the Economy said on Friday that in order to address the first concern, the government introduced a policy to increase the use of biodiesel to reduce oil consumption. The program is on track to achieve the intended result of a USD 456-million reduction in imports. It has effectively saved the nation USD 200 million in imports. (Source: The Jakarta Globe)

Finance Minister Mohammed Chatib Basri said the government's regulation related to the Sales Tax on Luxury Goods (Sales Tax) will be issued this month. According to Chatib, the policy to increase income tax to 7.5 percent for all types of imported goods will boost exports. He hopes that the policy will be able to improve the trade balance and crunch the current account deficits. Data from the Central Statistics Agency shows that, in October 2013, the trade balance was at a surplus of USD 42.4 million. Throughout the month, exports value amounted to USD 15.72 billion, while imports value reached USD 15.67 billion. From January to October, the Indonesian export value reached USD 149.66 billion, while the value imports totaled at USD 156.02 billion. (Source: Tempo)

Sri Lanka Foreigners bought into Sri Lankan Government securities in November for a second month, according to Central Bank data, but it was still

down from July’s record levels as some offshore investors withdrew in expectation of the US monetary stimulus tapering. Foreign holdings were Rs. 479.1 billion ($ 3.65 billion) at the end of November, compared with Rs. 475.1 billion by October end. They hit a peak of Rs. 503.1 billion in July and have jumped 20.5% so far this year. Foreign investors find Sri Lankan Government securities attractive because of the more than 10% rate of return. Many have invested in long-term treasury bonds, which have an illiquid market. The rupee currency dropped as much as 6% between 7 June and 28 August, as foreign investors started exiting from government securities after US Federal Reserve Chief Ben Bernanke hinted in May of tapering its bond buying. But foreign buying in short-term treasury bills in July boost offshore holdings to a record high. The rupee has stabilized after hitting a record low of Rs. 135.20 on 28 August. It has gained more than 3% since then. Sri Lanka’s Central Bank has allowed foreigners to buy 12.5% of the total government securities. As at end-November, foreign investors held 12.8% of total outstanding government securities. (ft.lk)

In a fortnight Govt. ups 2014 Budget’s debt ceiling by Rs. 178 b The Government increased the debt ceiling by an additional Rs. 178

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billion from Rs. 1,100 billion mentioned in the Budget speech, to Rs. 1,278 billion, by presenting a List of Proposed Alterations in the Legends of Draft Estimates 2014 yesterday at Parliament when the eighth allotted day of the Appropriation Bill (2014) – ‘Committee Stage Debate’ took off on Ministries and other institutions under the President. (ft.lk)

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80.59 -0.41% 276.34 +0.58%

110.45 -0.26% 2.789 +0.01%

1,223.42 +0.10% 15,914.62 -0.59%

556.53 -0.60% MSCI SEA 827.79 -0.21%

3,013.88 -2.06% 55.5

Dollar Index

Gold (US$/Oz)

ThomReuters/JefferiesCRB

DJI

Crude oil, Brent (US$/bbl) US Treasury 10yr Yield

Euro Stoxx 50

Source: Bloomberg

MSCI Asia x-Japan

JPM Global Composite PMI SA

1.201.401.601.802.002.202.402.602.803.003.20

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

Aug-13

Sep-13

Oct-1

3

Nov-13

Dec-13

700

750

800

850

900

950

1,000

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

Aug-13

Sep-13

Oct-1

3

Nov-13

11,000

12,000

13,000

14,000

15,000

16,000

17,000

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

Aug-13

Sep-13

Oct-1

3

Nov-13

2,0002,1002,2002,3002,4002,5002,6002,7002,800

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

Aug-13

Sep-13

Oct-1

3

Nov-13

48

49

50

51

52

53

54

55

56

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

Aug-13

Sep-13

Oct-1

3

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

Aug-13

Sep-13

Oct-1

3

Nov-13

Dec-13

78

80

82

84

Dec-1

2

Jan-1

3

Feb

-13

Ma

r-13

Apr-1

3

Ma

y-13

Jun-1

3

Jul-1

3

Aug-1

3

Sep-1

3

Oct-1

3

Nov-1

3

260

280

300

320

340

Dec-1

2

Jan-1

3

Feb

-13

Ma

r-13

Apr-1

3

Ma

y-13

Jun-1

3

Jul-1

3

Aug-1

3

Sep-1

3

Oct-1

3

Nov-1

3

90

100

110

120

130

Dec-1

2

Jan-1

3

Feb-1

3

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

Aug

-13

Sep

-13

Oct-1

3

Nov-1

3

440

460

480

500

520

540

560

580

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

Jul-1

3

Aug-13

Sep-13

Oct-1

3

Nov-13

Regional Market Focus

4 December 2013

10 of 15

Valuations of Major Regional Markets

15.0 1.41

14.4 2.16

11.4 1.48

15.0 2.44

15.0 1.99

Source: Bloomberg

Hang Seng Index, P/B (X)

S&P/ASX 200 Index, Forward P/E (X) S&P/ASX 200 Index, P/B (X)

Jakarta Stock Exchange Composite Index, P/B (X)

Straits Times Index, Forward P/E (X)

Hang Seng Index, Forward P/E (X)

Straits Times Index, P/B (X)

Stock Exchange of Thailand, Forward P/E (X) Stock Exchange of Thailand, P/B (X)

Jakarta Stock Exchange Composite Index,

10

12

14

16

18

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.0

1.2

1.4

1.6

1.8

2.0

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.0

1.5

2.0

2.5

3.0

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

8

10

12

14

16

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.01.21.41.61.82.02.2

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

8

10

12

14

16

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

2.22.42.62.83.03.23.43.6

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

10

12

14

16

18

20

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.4

1.6

1.8

2.0

2.2

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

8

10

12

14

16

18

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

Regional Market Focus

4 December 2013

11 of 15

Source: Bloomberg

World Index

JCI -0.77% 4,288.76

HSI -0.53% 23,910.47

KLCI 0.34% 1,824.29

NIKKEI 0.60% 15,749.66

KOSPI -0.44% 2,000.50

SET 0.70% 1,383.89

SHCOMP 0.69% 2,222.67

SENSEX -0.21% 20,854.92

ASX -0.44% 5,256.07

FTSE 100 -0.95% 6,532.43

DOW -0.59% 15,914.62

S&P 500 -0.32% 1,795.15

NASDAQ -0.20% 4,037.20 COLOMBO -0.02% 5,773.12

STI -0.03% 3,187.67

Regional Market Focus

4 December 2013

12 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

12/4/2013 Total Vehicle Sales Nov 15.80M 15.15M 12/4/2013 Automobile COE Open Bid Cat A 4-Dec -- 74991

12/4/2013 Domestic Vehicle Sales Nov 12.10M 11.73M 12/4/2013 Automobile COE Open Bid Cat B 4-Dec -- 79300

12/4/2013 MBA Mortgage Applications 29-Nov -- -0.30% 12/4/2013 Automobile COE Open Bid Cat E 4-Dec -- 83000

12/4/2013 ADP Employment Change Nov 170K 130K 12/6/2013 Foreign Reserves Nov -- $271.78B

12/4/2013 Trade Balance Oct -$40.0B -$41.8B 12/11/2013 Manpow er Survey 1Q -- 21%

12/4/2013 ISM Non-Manf. Composite Nov 55 55.4 12/13/2013 Unemployment rate SA 3Q F -- 1.80%

12/4/2013 Sept./Oct. New Home Sales 12/13/2013 Retail Sales Ex Auto YoY Oct -- 0%

12/4/2013 New Home Sales Oct 430K -- 12/13/2013 Retail Sales YoY Oct -- -5.90%

12/4/2013 New Home Sales MoM Oct -- -- 12/13/2013 Retail Sales SA MoM Oct -- 0.50%

12/5/2013 U.S. Federal Reserve Releases 12/17/2013 Electronic Exports YoY Nov -- -1.40%

12/5/2013 Challenger Job Cuts YoY Nov -- -4.20% 12/17/2013 Non-oil Domestic Exports YoY Nov -- 2.80%

12/5/2013 RBC Consumer Outlook Index Dec -- 47 12/17/2013 Non-oil Domestic Exports SA MoM Nov -- 3.20%

12/5/2013 Initial Jobless Claims 30-Nov 320K 316K 12/18/2013 Automobile COE Open Bid Cat A 18-Dec -- --

12/5/2013 Continuing Claims 23-Nov 2820K 2776K 12/18/2013 Automobile COE Open Bid Cat B 18-Dec -- --

12/5/2013 GDP Annualized QoQ 3Q S 3.10% 2.80% 12/18/2013 Automobile COE Open Bid Cat E 18-Dec -- --

Date Statistic For Survey Prior Date Statistic For Survey Prior

12/6/2013 Foreign Reserves 29-Nov -- $168.8B 12/4/2013 HSBC/Markit PMI Nov -- 50.1

12/6/2013 Forw ard Contracts 29-Nov -- $23.3B 12/6/2013 Foreign Reserves Nov -- $309.6B

12/13/2013 Foreign Reserves 6-Dec -- -- 12/11/2013 Manpow er Survey 1Q -- 15%

12/13/2013 Forw ard Contracts 6-Dec -- -- 12/12/2013 Industrial Production YoY 3Q -- 0.30%

12/17/2013 Car Sales Nov -- 88989 12/12/2013 PPI YoY 3Q -- -2.40%

12/20/2013 Foreign Reserves 13-Dec -- -- 12/17/2013 Unemployment Rate SA Nov -- 3.30%

12/20/2013 Forw ard Contracts 13-Dec -- -- 12/19/2013 Composite Interest Rate Nov -- 0.34%

12/24/2013 Customs Exports YoY Nov -- -0.67% 12/20/2013 BoP Overall 3Q -- $25.43B

12/24/2013 Customs Imports YoY Nov -- -5.37% 12/20/2013 BoP Current Account Balance 3Q -- -$2.48B

12/24/2013 Customs Trade Balance Nov -- -$1770M 12/23/2013 CPI Composite YoY Nov -- 4.30%

12/26/2013 Mfg Production Index ISIC NSA Nov -- -400.00% 12/30/2013 Exports YoY Nov -- 8.80%

12/26/2013 Mfg Production Index ISIC SA Nov -- 170.59 12/30/2013 Imports YoY Nov -- 6.30%

12/26/2013 Capacity Utilization ISIC Nov -- 63.5 12/30/2013 Trade Balance Nov -- -38.1B

12/27/2013 Foreign Reserves 20-Dec -- -- 12/31/2013 Budget Balance HKD Nov -- 20.8B

12/27/2013 Forw ard Contracts 20-Dec -- -- 12/31/2013 Money Supply M1 HKD YoY Nov -- 13.40%

US Singapore

Economic Announcement

Thailand Hong Kong

Source: Bloomberg

Source: BloombergSource: Bloomberg

Source: Bloomberg

Regional Market Focus

4 December 2013

13 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

3-9 DEC Foreign Reserves Nov -- $97.0B 12/4/2013 Exports YoY Oct -- 11.10%

3-9 DEC Net Foreign Assets IDR Nov -- 1051.2T 12/4/2013 Imports YoY Oct -- 22.80%

3-10 DEC Consumer Confidence Index Nov -- 109.5 12/10/2013 CBSL Repurchase Rate 10-Dec -- 6.50%

3-20 DEC Local Auto Sales Nov -- 112038 12/10/2013 CBSL Reverse Repo Rate 10-Dec -- 8.50%

3-20 DEC Motorcycle Sales Nov -- 714264 12/31/2013 CPI Moving Average YoY Dec -- 7.30%

12/12/2013 Bank Indonesia Reference Rate 12-Dec -- 7.50% 12/31/2013 CPI YoY Dec -- 5.60%

12/30/2013 Danareksa Consumer Confidence Dec -- 92.3 1/3/2014 Exports YoY Nov -- --

1/2/2014 CPI NSA MoM Dec -- 0.12% 1/6/2014 CBSL Repurchase Rate 6-Jan -- --

1/2/2014 CPI YoY Dec -- 8.37% 1/6/2014 CBSL Reverse Repo Rate 6-Jan -- --

1/2/2014 Exports YoY Nov -- 2.60% 1/16/2014 Imports YoY Nov -- --

1/2/2014 CPI Core YoY Dec -- 4.80% 1/31/2014 CPI Moving Average YoY Jan -- --

1/2/2014 Trade Balance Nov -- $42M 1/31/2014 CPI YoY Jan -- --

1/2/2014 Imports YoY Nov -- -8.90% 2/5/2014 CBSL Repurchase Rate 5-Feb -- --

1/2/2014 Consumer Confidence Index Dec -- -- 2/5/2014 CBSL Reverse Repo Rate 5-Feb -- --

1/2/2014 Money Supply M1 YoY Nov -- 10.50% 2/5/2014 Exports YoY Dec -- --

Date Statistic For Survey Prior

12/4/2013 AiG Perf of Services Index Nov -- 47.9

12/4/2013 GDP SA QoQ 3Q 0.70% 0.60%

12/4/2013 GDP YoY 3Q 2.60% 2.60%

12/5/2013 Trade Balance Oct -350M -284M

12/6/2013 AiG Perf of Construction Index Nov -- 54.4

12/6/2013 Foreign Reserves Nov -- A$57.2B

12/9/2013 ANZ Job Advertisements MoM Nov -- -0.10%

12/10/2013 Home Loans MoM Oct -- 4.40%

12/10/2013 Investment Lending Oct -- 5.20%

12/10/2013 Ow ner-Occupier Loan Value MoM Oct -- 5.30%

12/10/2013 NAB Business Conditions Nov -- -400.00%

12/10/2013 NAB Business Confidence Nov -- 500.00%

12/11/2013 Westpac Consumer Conf SA MoM Dec -- 1.90%

12/11/2013 Westpac Consumer Conf Index Dec -- 11030.00%

12/11/2013 Manpow er Survey 1Q -- 3%

Source: Bloomberg

Indonesia

Australia

Sri Lanka

Source: BloombergSource: Bloomberg

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Total ReturnTotal ReturnTotal ReturnTotal Return RecommendationRecommendationRecommendationRecommendation RatingRatingRatingRating RemarksRemarksRemarksRemarks >+20%>+20%>+20%>+20% BuyBuyBuyBuy 1111 >20% upside from the current price>20% upside from the current price>20% upside from the current price>20% upside from the current price

+5% to +20%+5% to +20%+5% to +20%+5% to +20% AccumulateAccumulateAccumulateAccumulate 2222 +5% to +20%upside from the curren+5% to +20%upside from the curren+5% to +20%upside from the curren+5% to +20%upside from the current pricet pricet pricet price ----5% to +5%5% to +5%5% to +5%5% to +5% NeutralNeutralNeutralNeutral 3333 Trade within ± 5% from the current priceTrade within ± 5% from the current priceTrade within ± 5% from the current priceTrade within ± 5% from the current price ----5% to 5% to 5% to 5% to ----20%20%20%20% ReduceReduceReduceReduce 4444 ----5% to 5% to 5% to 5% to ----20% downside from the current price20% downside from the current price20% downside from the current price20% downside from the current price

<<<<----20%20%20%20% SellSellSellSell 5555 >20%downside from the current price>20%downside from the current price>20%downside from the current price>20%downside from the current price

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