MCI (P) 029/11/2013 Ref No: RM2013_0227 1 of 13

Regional Market Focus

Phillip Securities Research Pte Ltd

26 November 2013

Thailand

Thai Union Frozen Products – TradeFlash Recommendation: ACCUMULATE Previous close: Bt61.75 Fair value: Bt63

TUH engages in shrimp breeding and hatchery, while TMK operates shrimp farming. Both are JV projects with Mitsubishi to operate a

fully-integrated shrimp investigation operation.

Operations are still small, accounting to only around 2% of total raw material production. However, this is expected to increase to around 10% within the next 5 years.

The benefit of our TUF trip is to confirm the progress in solving EMS diseases.

We upgrade TUF stock to ‘ACCUMULATE’ with our price target at Bt63/share. Airports of Thailand – Company Preview Recommendation: NEUTRAL Previous close: Bt192 Fair value: Bt196

We expect AOT to post 4QFY13 net profit growth of 21.8% y-y to Bt1,880mn. Net profit may probably rise to Bt5,080mn if a Bt3,200mn reversal

of impairment for Don Muang Airport is recorded in 4QFY13.

The Tourism Authority of Thailand (TAT) expects international tourist arrivals to Thailand to reach 28mn in CY14 from an estimate of 26mn in CY13 though domestic political tensions and Chinese government’s measures to crack down on ‘zero dollar’ tour rackets may be a cause for some concern.

We upgrade AOT shares to ‘NEUTRAL’ with a FY14 DCF-based target price of Bt196/share. Nok Airlines – Company Update Recommendation: NEUTRAL Previous close: Bt22.50 Fair value: Bt34.50

NOK reported a 16.2% y-y net profit growth in 3QCY13 on higher revenue which was in line with expanded capacity.

NOK will benefit from seasonally stronger demand in the fourth quarter up to the first quarter, meaning rising passenger traffic. Average passenger fare, in contrast, appears to be subdued. This, coupled with weakening baht, is likely to become a key drag on 4QCY13 earnings growth.

In CY14, NOK will gradually add six aircrafts to its fleet. The weakness in the baht will likely to pressure NOK’s profitability, nonetheless. At current share price, we rate the stock a ‘BUY’ with CY14 target price of Bt34.50/share, based on 14x P/E.

Hong Kong

Xinjiang Goldwind – Continue to lead in the wind power industry of China Recommendation: Accumulate Previous close: HKD 7.23 Fair value: HKD 8.27

The revenue of the first three quarters of the company amounts to 7,119 million RMB, a year-on- year rise of 19.72%. The total net

profit is 188 million RMB, a sharp year-on-year rise of 388%. The reason for the increase of the revenue is the growth in sales caused by the warming of the wing power industry and the profit margin improved by the control of costs.

Considering that the company is a leader in the wind power industry and at the front of national and global research and development, and wind power industry is in the stage of reviving, we anticipate that the target price of the next 12 months will be 8.37 HKD, which is equal 25 times of the price earnings ratio of the earnings per share in 2014. The target price is 14.38% higher than current share price. We grant ‘accumulate’ rating to "Xinjiang Goldwind".

Regional Market Focus

26 November 2013

2 of 13

Macro Data

Singapore Annual inflation gained momentum in October as consumer price index (CPI) rose to 2.0 percent compared to 1.6 percent in the preceding month. The higher CPI was mainly due to the increase in private road transport cost, which climbed 2.7 percent as a result of the pickup in COE premiums. Commenting on the COE premiums, the Trade and Industry Ministry and the central bank expect COE premiums to continue to be volatile in the near term as market adjusts to the pending re-categorisation of COEs. Source: Phillip Securities Research Pte Ltd

Strategy

SECTOR/STRATEGY REPORTS: - Sector Reports : Commodities,18 Sep / Banking, 9 Sep / Telecommunications, 9 Sep / Offshore & Marine, 26 Aug - Country Strategy : S’pore, 20 Sep / China & HK 1 Nov / Thai, 6 Nov - Macro Trader : 9 Sep, Update

Morning Commentary

STI: +0.25%% to 3180.65 KLCI: +0.19% to 1797.97 JCI: +0.39%% to 4334.81 SET: -0.46%% to 1352.86 HSI: -0.05%% to 23684 HSCEI: -0.54% to 11387.21 Nifty: +2.00% to 6115.35 ASX200: +0.32% to 5352.84 Nikkei: +1.54% to 15619 S&P500: -0.13% to 1802.48 MARKET OUTLOOK: This week’s webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research Webinar. In it, we feature the macro-economic outlook, as well as an update on our US covered companies. This webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research Webinar.

Regional Market Focus

26 November 2013

3 of 13

Singapore The benchmark STI closed 7.80 points higher at 3.180.65 (+0.25%). The 1.3bn

shares traded were worth S$0.7bn in value. The FTSE ST Mid Cap Index declined -0.10% while the FTSE ST Small Cap

Index declined -0.36%. The top active stocks were SingTel (-0.54%), DBS (-0.23%), Global Logistic Properties (-1.01%), Keppel Corporation (+0.18%) and Noble Group (+1.40%).

We peg key near term support at 3,100 levels. Top Picks are DBS (Accumulate, TP: S$17.50), SingTel (Accumulate, TP:

S$4.06) and Keppel Corp (Accumulate, TP: S$12.07). Deep Value Plays are Amara (Buy, TP: S$0.74), and Boustead (Buy, TP: S$2.05).

Close +/- % +/-FSSTI 3180.65 7.80 0.25P/E (x) 13.62P/Bv (x) 1.41

3.28Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

3500

3700

11/26 2/26 5/26 8/26

Source: Bloomberg

Thailand Thai stocks extended a losing streak for a fifth day on Mon amid persistent

domestic political worries after anti-government protesters laid seize to the Ministry of Finance and Public Relations Department.

Domestic political tensions heightened after some anti-government protesters seized two state ministries, prompting PM Yingluck Shinawatra last night to impose the Internal Security Act (ISA) in Bangkok, Bang Phli district of Samut Prakan Province and Lat Lum Kaeo district of Pathum Thani Province. Growing political jitters sent the Thai baht further lower to a new low of 32.04 to the US dollar in today’s early trade. In our view, political anxiety would continue to weigh on sentiment in the Thai stock market.

Political heat looks set to rise further both inside and outside parliament as the censure debate against PM Yingluck Shinawatra and Interior Minister Charupong Ruangsuwan starts today. A close watch will also be kept on the National Anti-Corruption Commission (NACC)’s decision on petitions seeking to remove PM and 312 MPs and senators from office.

Today we expect a trading range of between 1330-1365 points for the SET index. We also advise investors to limit equity holdings to around 25% of the short-term trading portfolio and take advantage of any market dips towards 1320 +/- to accumulate positions.

Resistance for the main index is expected at 1370-1390 points and support at 1340-1320 points today.

Close +/- % +/-SET INDEX 1352.86 -6.21 -0.46P/E (x) 15.18P/Bv (x) 2.13

3.16Dividend Yield

STOCK EXCH OF THAI INDEX

900

1000

1100

1200

1300

1400

1500

1600

1700

11/26 2/26 5/26 8/26

Source: Bloomberg

Indonesia Indonesian stocks ticked higher Monday (25/11), taking lead from upbeat session

on Wall Street on Friday, and as investors expected deal between Iran and six major countries to ease prices of oil. But strength in US dollar put cap on stock gains Monday, with the Rupiah remained above 11,700 against the greenback. The Jakarta Composite Index (JCI) climbed 16.843 points, or 0.39%, to close at 4,334.803. Gains on Monday included four of the 9 main sectors, led by mining sector that advanced 1.77%, followed by finance sector with 1.34%-gain, and trade, services and investment sector with 0.95%-rise. The LQ45 index added 2.708 points, or 0.38%, at 723.595.

Oil imports have been the major contributing part to Indonesia’s current account deficit. With oil prices declining amid speculations that easing tension in the Middle East would drive world oil supplies higher, investors saw an unexpected remedy to Indonesia’s widening current account deficit. Gainers outpaced decliners 152 to 94 Monday on the Indonesia Stock Exchange, where 2.57 billion shares worth IDR 3.08 trillion traded on the regular board. Foreign investors posted net sale of IDR 2.34 billion.

The Jakarta Composite Index (JCI) will likely trade in sideways channel today, as limited movements on Wall Street overnight provide little cues. We expect the JCI to edge modestly higher, with support and resistance at 4,294 and 4,350, respectively.

Close +/- % +/-JCI Index 4334.80 16.84 0.39P/E (x) 18.98P/Bv (x) 2.46

2.28Dividend Yield

JAKARTA COMPOSITE INDEX

3400

3900

4400

4900

5400

11/26 2/26 5/26 8/26

Source: Bloomberg

Regional Market Focus

26 November 2013

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Sri Lanka The trading day concluded on an adverse sentiment again, leading the indices to

drown further and extended its losses. The market exhibited a downward trend mainly on the latter part of the day to close at 5,775.67, experiencing a loss of 17.05 points or 0.29% while falling to a lowest level after 18 September 2013. The S&P SL20 index dropped by 14.94 points or 0.47% to settle the day at 3,182.94. Furthermore, the lazy participation of the investors and the prevailed selling pressure resulted in the second lowest turnover being logged for the year; the daily turnover amounted to LKR 193.49Mn (drop of 36.89% compared to the previous trading day), indicating its lowest post to 17th July. As at the daily closure the total market capitalization stood at LKR 2.40Tn, reducing the YTD gain to 10.86%. The market PER and PBV were 14.98x and 1.96x respectively. The total number of shares traded amounted to 27.36Mn, resulting in a drop of 24.81% as against its previously recorded. Under the sectorial round-up, TLE & BFI collectively accounted to more than half of the day’s total turnover. Telecommunications sector (TLE) stood on top providing LKR 53.21Mn (28.00% of the turnover) and Bank Finance & Insurance sector (BFI) made a contribution of LKR 47.53Mn. With regard to the movement in share prices, 54 companied gained whereas 117 companies witnessed drops in shares prices. Foreign participants commenced the week on a bearish note recording a net foreign outflow of LKR 11.98Mn, resulting in the year to date net foreign inflow to fall to LKR 22.65Bn. Foreign selling for the day amounted to LKR 45.12Mn and buying was recorded as LKR 33.14Mn. The local FOREX markets for the day closed with the USD selling at LKR 132.76/- and buying at LKR 129.50/-.

Close +/- % +/-CSEALL Index 5775.67 -17.05 -0.29P/E (x) 12.24P/Bv (x) 1.56

2.88

Dividend Yield

SRI LANKA COLOMBO ALL SH

4500

5000

5500

6000

6500

7000

11/26 2/26 5/26 8/26

Source: Bloomberg

Australia The Australian share market on Monday gained thanks to continued positive

momentum on Wall Street. The benchmark S&P/ASX200 index rose 15.8 points, or 0.3 per cent, to 5,346.1.

Today (26/11/13), the Australian market looks set to open flat despite gains on international markets after Iran struck a landmark deal on its nuclear program that will see sanctions eased on the key oil exporter. The accord reached over the weekend in Geneva sent crude futures lower in Monday trading, weighing on share prices in energy groups but considered a boost to business, especially fuel-hungry airlines, on anticipation of lower costs.

In economic news on Tuesday, Reserve Bank of Australia deputy governor Philip Lowe is scheduled to deliver the keynote address at an International Association for Research on Income and Wealth (IARIW) and University of New South Wales (UNSW) Conference.

In equities news, Aristocrat Leisure is expected to post full year results while Woolworths, Harvey Norman, Brickworks, IOOF, Ridley Corporation, Challenger and Kingsgate Consolidated have annual general meetings scheduled.

Close +/- % +/-S&P/ASX 200 INDEX 5352.83 16.92 0.32P/E (x) 22.41P/Bv (x) 2.03

5.73

STANDARD & POORS/ ASX 200 INDEX

Dividend Yield

3800

4000

4200

4400

4600

4800

5000

5200

5400

5600

11/26 2/26 5/26 8/26

Source: Bloomberg

Hong Kong HSI dropped 11 points to 23,684. CEI slipped 61 points or 0.54% to 11,387.

Trading volume decreased to HKD57.561 billion. HK market swung between gain and loss yesterday. Tencent (700.HK) gained

3.2% but Sinopec (386.HK) led declines after a deadly pipeline explosion. The rumor that mainland property developers accumulated unpaid land value-

added tax of RMB3.8 trillion sent R&F Properties (2777.HK), Hopson Dev Hold (754.HK) and Agile Property (3383.HK) down 1.4%, 1.6% and 2.6% respectively.

China Airline sector under-performed with Air China (753.HK), China East Air (670.HK) and China South Air (1055.HK) slipped 2.3-4.7%.

Bauhaus Int’t (483.HK) slumped 14.4% after interim results with net profit climbed 55.3% YoY but still missed analysts’ estimate.

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 23,945 and 23,500 respectively.

Close +/- % +/-HSI INDEX 23684.45 -11.83 -0.05P/E (x) 10.73P/Bv (x) 1.47

3.26Dividend Yield

HANG SENG INDEX

17000

18000

19000

20000

21000

22000

23000

24000

25000

11/26 2/26 5/26 8/26

Source: Bloomberg

Regional Market Focus

26 November 2013

5 of 13

Market News

US While the Standard & Poor’s 500 Index is poised for its biggest annual rally in 15 years, indicators from transportation stocks to the

number of companies reaching 52-week highs to the rally’s breadth are at levels that signaled further gains in the past. Even price-earnings ratios, up about 20 percent this year, remain below valuations that preceded the end to previous bull markets. Since 2009, skeptics have said equities would decline, first because the credit crisis had killed the economy, and now because investors have become too enthusiastic for their own good. BlackRock Inc.’s Laurence Fink and Doug Kass at Seabreeze Partners Management Inc. said this month that stocks were headed for losses after an almost uninterrupted rally that lifted the S&P 500 in one of its broadest advances on record. (Source: Bloomberg)

Singapore The residential leasing market is gradually turning to favour tenants, even as there is likely to be strong demand over the next half a year,

a report by Savills cautioned. "The rental market is hitting turbulence as more completions stack up and tighter controls on the overseas labour workforce are implemented," said Alan Cheong, head of research at Savills Singapore. The rental market was buoyant in the third quarter of the year. There were 15,083 rental transactions - a record number and an 11.6 per cent increase from the previous quarter. This was attributed to factors such as the 5.1 per cent growth in GDP for Singapore year-on-year, lower unemployment rates, and foreign nationals bringing forward plans to relocate here in light of the Fair Consideration Framework (FCF) which will take effect next August. Savills expects leasing demand to stay strong in Q4 in the range of 11,000 transactions, a number similar to last year. (Source: Business Times)

Thailand The employment rate in Thailand dropped 1.2% in the third quarter of this year on falling farm and non-farm payrolls and unemployment

edged higher to 0.77% during the same period as a result of slowing economic conditions and shrinking labor forces, according to the National Economic and Social Development Board (NESDB). Potential risks included economic slowdown, political uncertainty and labor shortages in the construction industry. (Source: Krungthep Turakij)

A joint parliament session may be held after a no-confidence vote on Nov 28 to discuss the Constitutional Court’s ruling on charter

amendment to make the Senate fully elected but it has not yet put on the parliament’s agenda for the meantime. (Source: Krungthep Turakij)

The US Department of State on Mon issued a statement urging all sides in Thailand to refrain from violence and respect the rule of law.

The US government was concerned about the rising political tension in Thailand and was following the ongoing demonstrations in Bangkok closely. It also called upon all sides to uphold international norms that guarantee freedom of the press and the safety of journalists. (Source: The Nation)

The Asian Development Bank urged Asian countries and Thailand to learn the lesson of capital outflows from Indonesia and India,

strengthen economic fundamentals and infrastructure, and use local currency bonds as a buffer against the potential QE tapering in the US next year. (Source: Krungthep Turakij)

Hong Kong

Investors are betting China’s brokerages will gain more than commercial banks and other companies from a plan unveiled this month to make market forces the “decisive factor” in the world’s second-largest economy. The CHART OF THE DAY shows the average price-to-book ratio for the three Chinese brokerages whose shares are traded in Hong Kong -- China Galaxy Securities Co., Citic Securities Co. and Haitong Securities Co. -- compared with a similar measure for the five largest banks and the Hang Seng China Enterprises Index, which tracks 40 mainland companies. Since the Communist Party announced a package of 60 reforms on Nov. 15, the brokers’ ratio surged to 1.76, while banks lagged behind at 1.08. “Brokerages will benefit more from China’s reform because the nation is pledging to develop a multilayer capital-markets system, meaning more new listings, bond issuance and other market activities,” said Edmond Law, an analyst at UOB Kay Hian Holdings Ltd. in Hong Kong. “The opening of the banking market, interest-rate liberalization and the introduction of competition will hurt banks’ profitability.” Brokers’ earnings have been held back by a government freeze on initial share sales that’s in its 14th month. Authorities are drawing up new rules for share sales, under which regulators will be responsible only for ensuring companies’ disclosures meet requirements, rather than approving the sale itself, regulator Xiao Gang said last week. Banks may face a squeeze on margins as the government’s pledge to ease restrictions on interest rates paid on deposits leads to tougher competition. (Source: Bloomberg)

China traded barbs with the U.S. and Japan over its newly announced air defense zone in the East China Sea as escalating tensions

between Asia’s largest economies risked damaging a resurgence in trade. China’s Defense Ministry filed protests to both nations’ embassies, calling Japan’s remarks “unreasonable” and the U.S. comments “wrong,” according to a statement posted on the ministry’s website today. Japan and South Korea said the zone, announced Nov. 23, wasn’t binding on them while the U.S. called its creation a destabilizing move. The war of words further strained ties days after China announced the defensive zone and said aircraft entering the area must report flight plans and identify themselves. The territorial dispute in the East China Sea contrast with a nascent recovery in business, with exports to China rising 21.3 percent in October from a year ago, and add to pressure on Japanese Prime Minister Shinzo Abe as his government prepares to unveil its first postwar national security strategy next month. “The risks of a major conflict stemming from an incident in the air or in the maritime domain ticked higher this weekend,” Scott Harold, who specializes in Chinese diplomacy at

Regional Market Focus

26 November 2013

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Rand Corp., a policy institute, said in an e-mail. “The step is highly provocative, a new development, and undoubtedly raises the prospect of conflict.” While the U.S. doesn’t take sides in the territorial dispute, it recognizes Japan’s administration of islands in the area that are the center of the tensions. The U.S. is a treaty ally of Japan and in October the two set up a road map for defense cooperation during the next 20 years. (Source: Bloomberg)

Indonesia The government is optimistic actual investment in the fourth quarter of 2013 to exceed the third quarter of 2013’s investment realization of

IDR 100.5 trillion (USD 8.59 billion). The Deputy of Investment Control at investment Coordinating Board (BKPM) said the realization is sustained by capital expenditure of manufacturing sector which is disbursed by year-end. If investment in the fourth quarter exceeds or is similar to previous quarter, it will boost this year’s investment target to surpass IDR 390.3 trillion or reaching IDR 393.8 trillion. (Source: Indonesia Finance Today)

Indonesian government will not add standby loan to anticipate global economic uncertainties. Chatib Basri, the Finance Minister, said the

government is optimistic existing standby loan and issued policies are quite sufficient to anticipate crisis. Basri said economic uncertainties next year remains high. To anticipate this, the government has prepared several anticipative measures in terms of fiscal and State Budget (“APBN”) policies. (Source: Indonesia Finance Today)

Australia Mining giant Rio Tinto is expected to decide as early as this week to wind down its Gove alumina refinery in Arnhem Land, potentially

devastating a 1500-strong workforce that includes many indigenous employees, after telling Australian governments there is no point in further negotiations. Rio Tinto has drawn a line under years of negotiations with the Northern Territory and commonwealth governments over subsidised gas supplies to keep the loss-making refinery open, and will now decide how to scale back the refinery and instead export bauxite. (Source: The Australian)

Sri Lanka The Sri Lankan rupee traded slightly weaker on Monday due to thin importer dollar demand, after the government stressed the importance

of maintaining a flexible exchange rate regime. Banks' reluctance to trade the rupee above 131.10 per dollar level limited the fall. The spot rupee was quoted at 131.10/25 per dollar at 0540 GMT, compared with Friday's close of 131.10/20. (Source: FT.LK)

Regional Market Focus

26 November 2013

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80.92 +0.26% 275.08 -0.05%

110.72 +1.75% 2.713 -0.01%

1,251.30 +0.07% 16,072.54 +0.05%

551.06 +0.34% MSCI SEA 824.53 -0.11%

3,072.75 +0.55% 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

Nov-12

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

700

750

800

850

900

950

1,000

Nov-12

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

11,000

12,000

13,000

14,000

15,000

16,000

17,000

Nov-12

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

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

Nov-12

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

48

49

50

51

52

53

54

55

56

Nov-12

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

Nov-12

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

78

80

82

84

Nov-1

2

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

260

280

300

320

340

Nov-1

2

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

90

100

110

120

130

Nov-1

2

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

440

460

480

500

520

540

560

580

Nov-12

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

Regional Market Focus

26 November 2013

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Valuations of Major Regional Markets

15.0 1.41

14.0 2.13

11.4 1.47

15.1 2.47

15.3 2.02

Source: Bloomberg

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,

Hang Seng Index, P/B (X)

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

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

26 November 2013

9 of 13

Source: Bloomberg

World Index

JCI 0.39% 4,334.80

HSI -0.05% 23,684.45

KLCI 0.19% 1,797.97

NIKKEI 1.54% 15,619.13

KOSPI -0.80% 1,999.81

SET -0.46% 1,352.86

SHCOMP -0.47% 2,186.12

SENSEX 1.92% 20,605.08

ASX 0.32% 5,352.83

FTSE 100 0.30% 6,694.62

DOW 0.05% 16,072.54

S&P 500 -0.13% 1,802.48

NASDAQ 0.07% 3,994.57 COLOMBO -0.29% 5,775.67

STI 0.25% 3,180.65

Regional Market Focus

26 November 2013

10 of 13

Date Statistic For Survey Prior Date Statistic For Survey Prior

11/26/2013 Housing Starts Release Delayed to 11/26/2013 Industrial Production SA MoM Oct 1.40% 3.70%

11/26/2013 Building Permits Oct 930K -- 11/26/2013 Industrial Production YoY Oct 9.30% 9.30%

11/26/2013 Building Permits MoM Oct -- -- 11/29/2013 Credit Card Bad Debts Oct -- 19.8M

11/26/2013 S&P/CS 20 City MoM SA Sep 0.90% 0.93% 11/29/2013 Credit Card Billings Oct -- 3393.6M

11/26/2013 S&P/CS Composite-20 YoY Sep 13.00% 12.82% 11/29/2013 Money Supply M1 YoY Oct -- 15.30%

11/26/2013 S&P/CaseShiller Home Price Index Sep 165 164.53 11/29/2013 Money Supply M2 YoY Oct -- 7.50%

11/26/2013 S&P/Case-Shiller US HPI YoY 3Q -- 10.08% 11/29/2013 Bank Loans and Advances YoY Oct -- 15.70%

11/26/2013 S&P/Case-Shiller US HPI NSA 3Q -- 146.32 12/2/2013 Foreign Reserves Nov -- $271.78B

11/26/2013 House Price Index MoM Sep 0.40% 0.30% 12/3/2013 Electronics Sector Index Nov -- 5100.00%

11/26/2013 House Price Purchase Index QoQ 3Q 2.00% 2.10% 12/3/2013 Purchasing Managers Index Nov -- 51.2

11/26/2013 Consumer Confidence Index Nov 7260.00% 7120.00% 12/4/2013 Automobile COE Open Bid Cat A 4-Dec -- 74991

11/26/2013 Richmond Fed Manufact. Index Nov 400.00% 100.00% 12/4/2013 Automobile COE Open Bid Cat B 4-Dec -- 79300

11/27/2013 MBA Mortgage Applications 22-Nov -- -2.30% 12/4/2013 Automobile COE Open Bid Cat E 4-Dec -- 83000

11/27/2013 Initial Jobless Claims 23-Nov 330K 323K 12/11/2013 Manpow er Survey 1Q -- 21%

11/27/2013 Continuing Claims 16-Nov 2850K 2876K 12/13/2013 Unemployment rate SA 3Q F -- 1.80%

Date Statistic For Survey Prior Date Statistic For Survey Prior

22-28 NOV Car Sales Oct -- 94945 11/26/2013 Exports YoY Oct 6.50% 1.50%

11/27/2013 BoT Benchmark Interest Rate 27-Nov 2.50% 2.50% 11/26/2013 Imports YoY Oct 5.10% 0.40%

11/27/2013 Customs Exports YoY Oct 0.40% -7.10% 11/26/2013 Trade Balance Oct -40.0B -42.0B

11/27/2013 Customs Imports YoY Oct -9.75% -5.20% 11/28/2013 Retail Sales Value YoY Oct -- 5.10%

11/27/2013 Customs Trade Balance Oct -$1100M $473M 11/28/2013 Retail Sales Volume YoY Oct -- 4.90%

11/28/2013 Mfg Production Index ISIC NSA Oct -2.7 -2.9 11/29/2013 Budget Balance HKD Oct -- -16.1B

11/28/2013 Mfg Production Index ISIC SA Oct -- 17118.00% 11/29/2013 Money Supply M1 HKD YoY Oct -- 14.50%

11/28/2013 Capacity Utilization ISIC Oct -- 64 11/29/2013 Money Supply M2 HKD YoY Oct -- 9.60%

11/29/2013 Foreign Reserves 22-Nov -- $169.8B 11/29/2013 Money Supply M3 HKD YoY Oct -- 9.60%

11/29/2013 Forw ard Contracts 22-Nov -- $22.9B 12/4/2013 HSBC/Markit PMI Nov -- 5010.00%

11/29/2013 Exports YoY Oct -- -6.30% 12/6/2013 Foreign Reserves Nov -- $309.6B

11/29/2013 Exports Oct -- $19169M 12/11/2013 Manpow er Survey 1Q -- 15.00%

11/29/2013 Imports YoY Oct -- -6.10% 12/12/2013 Industrial Production YoY 3Q -- 0.30%

11/29/2013 Imports Oct -- $16608M 12/12/2013 PPI YoY 3Q -- -2.40%

11/29/2013 Trade Balance Oct -- $2561M 12/17/2013 Unemployment Rate SA Nov -- 3.30%

Source: BloombergSource: Bloomberg

Source: Bloomberg

Thailand Hong Kong

Source: Bloomberg

US Singapore

Economic Announcement

Regional Market Focus

26 November 2013

11 of 13

Date Statistic For Survey Prior Date Statistic For Survey Prior

12/2/2013 HSBC/Markit Manufacturing PMI Nov -- 50.9 11/29/2013 CPI Moving Average YoY Nov -- --

12/2/2013 CPI YoY Nov -- 8.32% 11/29/2013 CPI YoY Nov -- --

12/2/2013 CPI NSA MoM Nov -- 0.09% 12/5/2013 Exports YoY Oct -- --

12/2/2013 CPI Core YoY Nov -- 4.73% 12/5/2013 Imports YoY Oct -- --

12/2/2013 Exports YoY Oct -- -6.90% 12/10/2013 CBSL Repurchase Rate 10-Dec -- --

12/2/2013 Imports YoY Oct -- 0.80% 12/10/2013 CBSL Reverse Repo Rate 10-Dec -- --

12/2/2013 Trade Balance Oct -- -$657M 12/13/2013 GDP YoY 3Q -- 6.80%

12/2/2013 Danareksa Consumer Confidence Nov -- 91.2 12/31/2013 CPI Moving Average YoY Dec -- --

12/2/2013 Consumer Confidence Index Nov -- 109.5 12/31/2013 CPI YoY Dec -- --

12/2/2013 Money Supply M1 YoY Oct -- 8.70%

12/2/2013 Money Supply M2 YoY Oct -- 14.50%

12/3/2013 Foreign Reserves Nov -- $97.0B

12/3/2013 Net Foreign Assets IDR Nov -- 1051.2T

12/10/2013 Local Auto Sales Nov -- 112038

12/10/2013 Motorcycle Sales Nov -- 714264

Date Statistic For Survey Prior

11/27/2013 CBA/HIA House Affordability 3Q -- 72.8

11/27/2013 Construction Work Done 3Q -- -0.30%

11/28/2013 Private Capital Expenditure 3Q -- 4.00%

11/29/2013 Private Sector Credit MoM Oct -- 0.30%

11/29/2013 Private Sector Credit YoY Oct -- 3.30%

12/2/2013 AiG Perf of Mfg Index Nov -- 53.2

12/2/2013 RPData/Rismark House Px MoM Nov -- 1.30%

12/2/2013 TD Securities Inflation MoM Nov -- 0.10%

12/2/2013 TD Securities Inflation YoY Nov -- 2.10%

12/2/2013 HIA New Home Sales MoM Oct -- 6.40%

12/2/2013 Building Approvals MoM Oct -- 14.40%

12/2/2013 Building Approvals YoY Oct -- 18.60%

12/2/2013 Company Operating Profit QoQ 3Q -- -0.80%

12/2/2013 Inventories SA QoQ 3Q -- 0.20%

12/2/2013 Commodity Index AUD Nov -- 88.1

Source: Bloomberg

Indonesia

Australia

Sri Lanka

Source: BloombergSource: Bloomberg

PHILLIP RESEARCH STOPHILLIP RESEARCH STOPHILLIP RESEARCH STOPHILLIP RESEARCH STOCK SELECTION SYSTEMSCK SELECTION SYSTEMSCK SELECTION SYSTEMSCK SELECTION SYSTEMS

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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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