MCI (P) 029/11/2013 Ref No: RM2013_0240 1 of 15

Regional Market Focus

Phillip Securities Research Pte Ltd

13 December 2013

Thailand

Tisco Financial Group – Trade Flash Recommendation: BUY Previous close: Bt38.75 Fair value: Bt48

TISCO’s loan grew at faster pace by 0.96% m-m in November.

The big event ‘Motor Expo’ is expected to accelerate loan growth pace in December.

The fourth-quarter earnings are expected to stay flat q-q.

We rate TISCO a ‘BUY’ with a target price of Bt48, given an attractive dividend.

Thoresen Thai Agencies – Company Update Recommendation: NEUTRAL Previous close: Bt17.60 Fair value: Bt2.34

TTA’s dry bulk shipping business is expected to generate profit in the first quarter of fiscal year 2014 (Oct-Dec) given an increase in average T/C rate and lower cost on the declines in amortization charge and operating expense.

Looking into TTA’s three subsidiaries, operating performance in both MML and Baconco appears to be upbeat as (i) MML has provided long-term drilling services for Saudi Aramco and plans to build two tender rigs to replace the aging assets which will put into retirement; and (ii) Baconco plans to increase its production capacity. For UMS, operating performance is expected to remain in the red.

To reflect upbeat earnings performance, we compute TTA’s price target based on FY14 P/BV of 1x arriving at Bt19.70/share. As stock price moved upward in response to higher daily T/C rate, we downgrade rating on TTA to ‘ACCUMULATE’ stance.

Regional Market Focus

13 December 2013

2 of 15

Hong Kong

Air China – No surprise for performance Rating: Accumulate Closing price: 5.68 Target price: 6.00

The growth of traffic increased slightly in October: Air China’s RPK in increased by 12.2% y-y in October, up 0.7ppts m-m, and the

growth rate increased compared with the same period of last year, which was mainly caused by the impact of the low base. However, Air China’s capacities measured in ASK increased by 11% y-y. The passenger load factor increased by 0.9ppts y-y to 80.2%.

The growth rate rebounded for domestic routes: Among the Big-3, Air China holds more prudent view in capacity in domestic market. In October, the capacity increased by 7.8% y-y in domestic routes, 0.5ppts higher than that of September. RPK increased by 10.4% y-y, up 3ppts m-m. The passenger load factor in domestic routes increased by 1.9ppts y-y and 1.6ppts m-m respectively to 83%, better than that of China Eastern Airlines and China Southern Airlines.

The growth rate narrowed for international routes while still maintained high level: Benefited from the bad performance in 2012, AC’s international routes maintained a double-digit growth ratio in 2013 2H. The demand and supply of Air China’s international routes increased by 17.4% and 18.7% y-y respectively in October, and 20.6% and 18.7% in September, the higher growth in supply than demand caused the passenger load factor to decrease slightly by 0.8ppts to 75.8%, still remain the highest one among the Big-3, but the previous leading advantage has reduced. The capacity and RPK of regional routes increased by 9% and 7.8% y-y respectively, and the passenger load factor down 0.8ppts.

Cargo load factor dropped continually: In terms of air cargo, Air China’s RTKs for international routes went up y-y in October, and the rest decreased continually. Compared with last month, all routes maintained increase m-m, except domestic routes. The overall AFTKs of Cargo increased by 3.9% y-y, and RTKS in cargo and postal increased by 2.2% y-y in Oct. Cargo load factor was 58.4%, down 1ppts y-y. According to the update of the aircrafts, the Company continued to import aircraft B757 for short -haul, and use aircraft B777 instead of B747 for long-haul in order to reduce the AFTKs and improve the fuel efficiency.

Better performance for 2013Q1-3: In the first three quarters of this year, Air China’s revenue dropped 3.3% y-y to RMB73.79 billion, and net profit attributed to the shareholders down 3.7% y-y to RMB4.06 billion (better than China Southern Airlines’ -7.7%, China Eastern Airlines is flat). But if excluding the exchange gains due to the appreciation of RMB, the profits of main businesses of Air China, China Southern Airlines, and China Eastern Airlines declined 40%, 70% and 60% y-y respectively. Affected by the shortage of money event in 2013 July and increase of aircrafts capacity in the boom 3Q, Air China’s revenue and net profit dropped 2.9% and 7.3% y-y respectively. The EPS in the first three quarters and 3Q were RMB0.33 and 0.24 respectively, slightly lower than our expectation.

The import of aircrafts supply is still fast in 2014, especially the international routes: According to the Company’s plan, the growth of capacity will be 15-16% in 2014, among which domestic routes increase by 8-9%, and international routes increase by 18-19%, and it will be accelerated in European routes.

Estimation and valuation: It is a traditional off-season for airline industry in 2013 4Q, and we estimate there is no big surprise for the airlines’ performance. There are the largest positive impacts for Air China because it owns the most international routes due to the economic recovery in the EZ and the US. We adjust the EPS to RMB0.334/0.428/0.561 in 2013/2014/2015 respectively, and lift slightly 12-m TP to HK$6, equivalent to 14/11/8xP/E and 1.1/1.1/1.0xP/B in 2013/2014/2015 respectively, recommend causally Accumulate rating.

Regional Market Focus

13 December 2013

3 of 15

Macro Data

USA: Foreclosure filings in the U.S. plunged last month to the lowest level in almost eight years as investor purchases and an improving economy brought the end of the housing crisis within sight. Default, auction and repossession notices in November were sent to 113,454 properties, a 15 percent drop from October and the biggest monthly decline in almost three years. The Bloomberg Consumer Comfort Index advanced to minus 30.9 in the period ended Dec. 8, the best reading since the first week of October, from minus 31.3. The gauge is making progress after sinking to a one-year low in early November in the aftermath if the partial federal shutdown the prior month. Applications for U.S. unemployment benefits jumped last week from an almost three-month low, reflecting volatility that typically occurs around the year-end holidays. Jobless claims surged by 68,000 to a two-month high of 368,000 in the period ended Dec. 7, exceeding the highest forecast in a Bloomberg survey of economists. The 300,000 applications filed in the prior week, which included Thanksgiving, were the fewest since Sept. 7. India: Consumer prices rose a more-than-estimated 11.24 percent in November from a year earlier, official data today showed. Most economists in a Bloomberg News survey predict Rajan will hold the benchmark interest rate at 7.75 percent in a policy decision due Dec. 18, after increasing it 50 basis points since becoming head of the Reserve Bank of India in September. Indonesia: Bank Indonesia held the reference rate at 7.5 percent, it said in Jakarta today, as predicted by 16 out of 19 economists surveyed by Bloomberg News. It also kept the deposit facility rate at 5.75 percent and unveiled plans to deepen the rupiah and foreign-exchange market. South Korea: The Bank of Korea kept its benchmark interest rate unchanged, with near 14-year-low inflation giving it room to support a rebound in Asia’s fourth-biggest economy as a declining yen threatens exports. Governor Kim Choong Soo and his board held the seven-day repurchase rate at 2.5 percent, the same level since a cut in May, the central bank said in a statement in Seoul today. All 15 economists surveyed by Bloomberg News predicted the outcome. Australia: Australia’s unemployment rate climbed to 5.8 percent last month from 5.7 percent in October, the statistics bureau said in Sydney today. The nation’s employers added 21,000 jobs in November, beating the median forecast of 10,000 in a Bloomberg News survey. Source: Phillip Securities Research Pte Ltd

Strategy

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

Morning Commentary

STI: -0.06% to 3059.0 KLCI: -0.49% to 1833.9 JCI: -1.39% to 4212.2 SET: -0.96% to 1356.2 HSI: -0.51% to 23218 HSCEI: -1.01% to 10962 Nifty: -1.12% to 15341 ASX200: -0.82% to 5062.5 Nikkei: -1.12% to 15341 S&P500: -0.38% to 1775.5 MARKET OUTLOOK: This week’s webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research Webinar. In the webinar we give an outlook on the markets and review the Telco sector.

Regional Market Focus

13 December 2013

4 of 15

Singapore The Straits Times Index (STI) ended 1.70 points lower or -1.70% to 3,059.04,

taking the year-to-date performance to -3.41%. The FTSE ST Mid Cap Index declined -0.09% while the FTSE ST Small Cap

Index gained +0.00%. The top active stocks were DBS (+0.24%), SingTel (+0.28%), OCBC (-0.31%), UOB (+0.99%) and Hutchison Port Trust Holdings (+4.07%).

STI has been selling over the past week due to a lack of catalysts with recent weakness.

We had pegged near term support at the key technical 3050 level and said the probability of a short term bounce is likely at that level. This was accomplished yesterday.

We expect a possible short term cycle up. However, if price breaks below this level, it may signal a shift in investor psychology in the longer term.

Next support is at 3000. Top Picks are DBS (Accumulate, TP: $17.50), M1 (Accumulate, TP:$3.55),

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

Close +/- % +/-FSSTI 3059.04 -1.70 -0.06P/E (x) 13.09P/Bv (x) 1.35

3.40Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

3500

3700

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

Source: Bloomberg

Thailand Thai stocks fell 13.14 points to 1,356.21 points on Tue amid a lack of political

clarity and fears of an earlier-than-expected QE tapering by the US Federal Reserve at its policy meeting next week.

The Dow industrials extended its slide on Thu as better-than-expected US retail sales in Nov and easing concerns of US government shutdown after the House of Representatives’ passage of a two-year, bipartisan budget accord fanned fears that the Federal Reserve would start unwinding its massive stimulus program this month.

Internal uncertainty persisted after street protests continued while Supreme Commander Tanasak Patimapragorn agreed to meet with Suthep Thaugsuban, secretary general of the People’s Democratic Reform Committee (PDRC) to hear the proposal for national reform and establishment of the unelected ‘People’s Council’ tomorrow.

Heavy foreign selling of Thai shares continued. Our initial forecast shows there remain around Bt104bn worth of Thai shares held by foreign investors since 2009, which is close to the lowest level that foreign holdings of Thai shares hit in Sep 2011. On this basis, we think foreign selling of Thai shares is about to run its course. Buying interest from funds should also lend support to the market. For today’s strategy, any dips could present an opportunity to accumulate stocks. Today we expect a trading range of 1340-1370 points for the SET index.

Resistance for the SET index is seen at 1365-1378 points and support at 1345-1335 points today.

Close +/- % +/-SET INDEX 1356.21 -13.14 -0.96P/E (x) 15.19P/Bv (x) 2.12

3.15Dividend Yield

STOCK EXCH OF THAI INDEX

900

1000

1100

1200

1300

1400

1500

1600

1700

12/13 3/13 6/13 9/13

Source: Bloomberg

Regional Market Focus

13 December 2013

5 of 15

Indonesia Most Indonesian stocks fell Thursday (12/12), as Bank Indonesia decided to keep

its key rate at the record high 7.50% at its board of governors’ meeting, as estimated by most economists. Shares in mining sector dropped on Thursday, as deadline for the ore exports ban drew nearer. The Jakarta Composite Index (JCI) dropped 59.525 points, or 1.39%, to 4,212.218. All major industry groups ended in red Thursday, with miscellaneous industry sector fell 1.97%, finance sector lost 1.71%, and basic industry sector slid 1.56%. The LQ45 index shed 13.785 points, or 1.93%, to close at 700.241.

Bank Indonesia on Thursday (12/12) maintained its benchmark rate at 7.5%, as expected by most economists and analysts. The central bank is expected to keep tight monetary policy next year to reduce Indonesia’s current account deficit and restore investor confidence. On separate account, law no. 4 / 2009, or the “Mining Law”, which will be effective on Jan 12 next year, is widely seen to deepen Indonesia’s current account deficit in near future, as exports of raw minerals will be banned unless miners process their raw products in-country. The ban is expected to hurt Indonesia’s export value.

153 shares declined as opposed to 83 that advanced Thursday on the Indonesia Stock Exchange, where 3.24 billion shares worth IDR 3.54 trillion changed hands on the regular board. Foreign investors posted net sale of stocks worth IDR 390.54 billion.

The Jakarta Composite Index (JCI) will likely to take a pause after recent declines, as global markets provided mixed leads and amid mixed signal from US economic data. We expect the JCI to consolidate today, and trade within 4,188 – 4,260 range.

Close +/- % +/-JCI Index 4212.22 -59.53 -1.39P/E (x) 18.49P/Bv (x) 2.40

2.29Dividend Yield

JAKARTA COMPOSITE INDEX

3400

3900

4400

4900

5400

12/13 3/13 6/13 9/13

Source: Bloomberg

Sri Lanka The Colombo bourse managed to close with a modest gain, resulting in the

indices to close within the green terrain. The ASPI settled the day at 5,793.19 with a tiny gain of 5.38 points or 0.09% and the S&P SL20 gained 7.17 points or 0.23% to settle at 3,189.44. With regard to movements in share price, a total of 77 companies gained during the day whereas 70 companies posted drops in share prices. As at the daily closure the total market capitalization stood at LKR 2.41Tn extending the year to date gain to 11.19%. The market PER and PBV were 14.82x & 1.95x respectively. The turnover for the day amounted to record LKR 247.71Mn, indicating a gain of 37.56% from its previously recorded. Under the sectorial round-up, Health Care (HLT) sector topped the list providing LKR 67.17Mn and Bank Finance & Insurance (BFI) sector stood next in line providing LKR 62.31Mn to the daily aggregate turnover. A total of 15.59Mn shares changed hands during the day resulting in a gain of 57.03% compared to the previous trading day. Foreign participants appeared to be bullish for the 3rd consecutive day resulting in a net foreign inflow of LKR 12.86Mn, resulted by foreign buying of LKR 65.04Mn and selling of LKR 52.18Mn. This assisted the year to date net foreign inflow to reach LKR 23.19Bn. Looking at the local FOREX markets, the USD is selling at 132.40/-.

Close +/- % +/-CSEALL Index 5793.19 5.38 0.09P/E (x) 12.33P/Bv (x) 1.57

2.86

Dividend Yield

SRI LANKA COLOMBO ALL SH

4500

5000

5500

6000

6500

7000

12/13 3/13 6/13 9/13

Source: Bloomberg

Australia The Australian share market on Thursday fell for a sixth straight day with investors

appearing to book profits after a good year and recent negative economic news. The benchmark S&P/ASX200 index was down 41.7 points, or 0.82 per cent, at 5,062.5 points.

Today (13/12/13), the Australian market looks set to open lower after falls on international bourses amid growing speculation the Federal Reserve may start cutting its stimulus program this month.

In economic news on Friday, the Australian Bureau of Statistics releases October lending finance data.

In equities news, Westpac has its annual general meeting scheduled. Close +/- % +/-

S&P/ASX 200 INDEX 5062.52 -41.73 -0.82P/E (x) 21.15P/Bv (x) 1.91

6.03

STANDARD & POORS/ ASX 200 INDEX

Dividend Yield

3800

4000

4200

4400

4600

4800

5000

5200

5400

5600

12/13 3/13 6/13 9/13

Source: Bloomberg

Regional Market Focus

13 December 2013

6 of 15

Hong Kong HSI dropped 120 points or 0.51% to 23,218. CEI lost 111 points or 1.01% to

10,962. Trading volume was HKD71.504 billion. HK market was weaker, tracking overnight weakness in US market. HSI opened

at 23,265 (-73), and further dropped, led by China financial stocks. China financial sector led the index down, Ping An (2318.HK) and China Life

(2628.HK) lost 4%, 3.3% respectively. Macau gambling stocks out-performed. Galaxy Ent (27.HK) gained 2.8% to record

high. Wynn Macau (1128.HK) and MGM China (2282.HK) climbed 6.5% and 3.3% respectivelly.

China banking sector led the indexes down, even new loans exceeded estimates last month. CCB (939.HK), ICBC (1398.HK) and Bankcomm (3328.HK) dropped 1.5%, 1.3% and 1.3% respectively.

China property sector under-performed on rumor that Banks in Shenzhen cancel the first mortgage preferential. China Res Land (1109.HK), KWG Property (1813.HK) and Shimao Property (813) slipped 3.3%, 3.4% and 3.2% respecctively.

Technically, HSI further dropped below 50-MA of 23,296, sending a negative signal. HSI is vulnerable to further consolidation. The next resistance and support for HSI are 23,671 and 23,000 respectively.

Close +/- % +/-HSI INDEX 23218.12 -120.12 -0.51P/E (x) 10.53P/Bv (x) 1.44

3.34Dividend Yield

HANG SENG INDEX

17000

18000

19000

20000

21000

22000

23000

24000

25000

12/13 3/13 6/13 9/13

Source: Bloomberg

Regional Market Focus

13 December 2013

7 of 15

Market News

US Treasuries were the cheapest since September as investors prepared to bid for $112 billion of notes next week amid speculation the

Federal Reserve will use its meeting Dec. 17-18 to start cutting debt purchases. The 10-year term premium, a model that includes expectations for interest rates, growth and inflation, climbed to 0.44 percent yesterday, the highest level since Sept. 17. The average for the past year is negative 3 basis points. The U.S. House passed a federal budget plan, raising expectations the measure will support the economy and make it easier for the Fed to start tapering. Ten-year yields were little changed at 2.87 percent as of 10:13 a.m. in Tokyo, according to Bloomberg Bond Trader data. The price of the 2.75 percent note due in November 2023 was 98 31/32. “Yields are rising because of the possibility that the Fed will start to taper as early as next week,” said Hitoshi Asaoka, a Tokyo-based senior strategist at Mizuho Trust & Banking Co. The Treasury said yesterday it will sell $96 billion in notes next week: $32 billion in two-year debt on Dec. 17, $35 billion in five-year securities Dec. 18 and $29 billion of seven-year notes Dec. 19. It will also auction $16 billion in five-year inflation-indexed debt on Dec. 19. (Source: Bloomberg)

Gold fluctuated after dropping toward a five-month low amid concern that the Federal Reserve will reduce stimulus as soon as next week.

Silver declined. Bullion for immediate delivery traded at $1,226.47 an ounce at 9:19 a.m. in Singapore from $1,225.53 yesterday, when prices sank 2.1 percent, the most since Dec. 2. Gold, little changed this week, rose and fell at least 0.1 percent. The metal touched $1,210.61 on Dec. 6, the lowest since July 5, after data last week showed U.S. payrolls gained more than forecast in November. Gold lost 27 percent this year, heading for its first annual loss in 13 years, on speculation the Fed will pare monetary stimulus as the economy improves. The central bank may begin reducing its $85 billion of monthly bond purchases at its Dec. 17-18 meeting, according to 34 percent of economists in a Dec. 6 Bloomberg survey, up from 17 percent in a Nov. 8 poll. Gold for February delivery was little changed at $1,225 an ounce on the Comex in New York after tumbling the most in 10 weeks yesterday. Trading volume was 22 percent below the 100-day average for this time. (Source: Bloomberg)

Singapore Coming on the heels of a dramatic year peppered with policies aimed at cooling the property market and a number of firsts in public

housing, 2014 appears poised to be a more subdued year by comparison. Consultants say it is unlikely that the government will roll out any new policies next year, even though they do not rule out some tweaking of existing measures. "Policy changes, if any, may most likely be of the 'unwinding' kind - that is, rolling back earlier policies," said Chua Yang Liang, head of research, South-east Asia, at Jones Lang LaSalle. "The timing will depend very much on the pace of economic growth and the response from the property market during the period. We reckon a healthy long-term growth rate of 1-2 per cent a quarter on the Property Price Index is what the state is comfortable with." (Source: BT Online)

Thailand The Asian Development Bank (ADB) on Thu slashed its 2013 economic growth forecast for Thailand from 3.8% to only 2.9%, citing

sluggish exports and a lackluster growth in consumption and investment. The bank also cut its 2014 GDP forecast for the country from 4.9% to 4.7% to reflect a delay in public investments. (Source: Krungthep Turakij)

Kasikorn Research Center (KRC) forecast economic growth of 4.5% for the country in 2014 based on assumptions of 7% export growth,

flat consumption and political situation returning to stability. If Thailand fails to install a new government within the first half of 2014 and export growth does not materialize, GDP growth would fall sharply to a mere 0.5% in 2014. (Source: Krungthep Turakij)

The Bank of Thailand said delays in government disbursements as a result of ongoing domestic political crisis may hurt the economy,

adding that the central bank has already used all limited tools available to boost the economy. (Source: Daily News)

Regional Market Focus

13 December 2013

8 of 15

Hong Kong

China’s southern province of Guangdong won’t allow companies to trade emission permits they receive free of charge from the

government unless they participate in auctions starting next week, an official said. The 242 participating companies won’t be able to buy

or sell permits accounting for 97 percent of their emission quotas until they purchase the balance at auctions. Guangdong, the largest of seven carbon markets planned in China, will start auctioning 3 million metric tons of carbon permits on Dec. 16 at a minimum price of

60 yuan ($9.90) each ton, the provincial Development and Reform Commission said Dec. 10. That’s the highest debut price in the

nation. China, the world’s biggest emitter of greenhouse gases linked to climate change, started markets in three cities earlier this year

as the nation tries to reduce the intensity of its emissions. The Guangdong floor price is more than the minimum of 28 yuan a ton in Shenzhen, 25 yuan in Shanghai and 50 yuan in Beijing. Guangdong will allocate quotas for 388 million tons of carbon emissions to 242 companies by mid-December, the commission said Nov. 26. Quotas for the auction next week are part of 29 million-ton charged quotas planned this year. (Source: Bloomberg)

China’ s growing assertiveness with Japan and the U.S. is helping bring a level of attention to Southeast Asia unseen since

the Vietnam War, ushering billions of dollars of investment, wider access to trade and stepped-up military assistance. A summit starting

today between Southeast Asian leaders and Japanese Prime Minister Shinzo Abe, coupled with U.S. Secretary of State John Kerry’s

visit to Vietnam and the Philippines from tomorrow, underscore the strategic and increasingly economic attraction of an area poised to

benefit as the world’s top three economies -- the U.S., Japan and China -- vie for economic and political influence. As Abe hosts the

Asean summit, he will seek support for a united front against China’s new air defense zone in the East China Sea, which covers islands

controlled by Japan. While calling for freedom of the sky and seas, Southeast Asian leaders reaping the benefits of China’s bid for

closer ties may avoid taking Japan’s side in the dispute. “Engagement by China and Japan in Southeast Asia is certainly at high

levels,” said Malcolm Cook, dean of the School of International Studies at Flinders University in Adelaide. “When great powers are

interested in you, that can create opportunities. Southeast Asian nations are worried about the risk of having to make a choice between

China and the Japan-U.S. alliance.”(Source: Bloomberg)

Indonesia Bank Indonesia (BI) held the reference rate at 7.5%, as predicted by most analyts. It also kept the deposit facility rate at 5.75%. BI

Governor Agus Martowardojo has increased the benchmark rate five times since early June as he grapples with a current-account deficit that helped make the rupiah Asia’s worst-performing currency this year. The currency is “undervalued” and the central bank will keep its policy stance tight in 2014 to restore investor confidence, Senior Deputy Governor Mirza Adityaswara said. Indonesia had a record current-account deficit of 4.4% of GDP in the second quarter and the gap in the broadest measure of trade narrowed to 3.8% in the following three months. Bank Indonesia is targeting a shortfall of less than 3% in 2014. (Source: The Jakarta Globe)

Fitch Ratings says in a special report that Indonesian residential-property developers will face a more challenging operating environment

in 2014 due to stricter mortgage rules, a higher-than-average average selling price (ASP) base and buyers delaying their purchases ahead of the general election in 2014. Fitch's rated developers are sufficiently buffered against the expectation of lower property transactions and limited flexibility from presales cash flows. The demand slowdown will be more evident in the high and medium-end segment, where buyers are typically upgraders or investors, and for whom home purchases can be postponed. (Source: The Jakarta Post)

Australia The Australian Bureau of Statistics says the jobless rate rose to 5.8 per cent last month, meeting expectations. 21 thousand new jobs

were added to the economy, comprising 15,500 full time and 5,500 part time positions. The participation rate remained stable at 64.8 per cent. (Source: Finnewsnetwork.com.au)

A $US2 billion ($2.2bn) blowout at the Chevron-led Gorgon liquefied natural gas project in Western Australia is a reminder that the LNG

sector is still susceptible to cost pressures, despite the easing Australian dollar and increased labour market capacity. Chevron announced early yesterday that Gorgon would now cost $US54bn to build, up from the previous estimate of $US52bn made just over a year ago. The project was initially budgeted to cost $US37bn when it was approved by Chevron and its partners in 2009. (Source: The Australian)

Sri Lanka The Sri Lankan rupee traded at its lowest level in more than a week on Thursday on importer dollar demand, but the market was sluggish

as most investors were in a holiday mood, dealers said. The spot rupee was at 130.90/95 per dollar at 0550 GMT, its lowest point since Dec. 3, and weaker from Wednesday's close of 130.80/90. (Source: reuters.com)

Regional Market Focus

13 December 2013

9 of 15

80.21 +0.39% 280.16 -0.31%

109.33 -0.26% 2.869 -0.01%

1,225.53 +0.16% 15,739.43 -0.66%

547.03 -0.75% MSCI SEA 804.52 -0.98%

2,928.12 -0.65% 54.3

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

Nov-13

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

13 December 2013

10 of 15

Valuations of Major Regional Markets

14.5 1.35

14.0 2.12

11.1 1.44

14.6 2.40

14.5 1.91

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

13 December 2013

11 of 15

Source: Bloomberg

World Index

JCI -1.39% 4,212.22

HSI -0.51% 23,218.12

KLCI -0.49% 1,833.87

NIKKEI -1.12% 15,341.82

KOSPI -0.51% 1,967.93

SET -0.96% 1,356.21

SHCOMP -0.06% 2,202.80

SENSEX -1.16% 20,925.61

ASX -0.82% 5,062.52

FTSE 100 -0.96% 6,445.25

DOW -0.66% 15,739.43

S&P 500 -0.38% 1,775.50

NASDAQ -0.14% 3,998.40 COLOMBO 0.09% 5,793.19

STI -0.06% 3,059.04

Regional Market Focus

13 December 2013

12 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

12/13/2013 PPI MoM Nov 0.00% -0.20% 12/13/2013 Unemployment rate SA 3Q F -- 1.80%

12/13/2013 PPI Ex Food and Energy MoM Nov 0.10% 0.20% 12/13/2013 Retail Sales Ex Auto YoY Oct -- -0.30%

12/13/2013 PPI YoY Nov 0.80% 0.30% 12/13/2013 Retail Sales YoY Oct -5.70% -5.90%

12/13/2013 PPI Ex Food and Energy YoY Nov 1.40% 1.40% 12/13/2013 Retail Sales SA MoM Oct 1.00% 0.50%

12/16/2013 Empire Manufacturing Dec 4.75 -2.21 12/17/2013 Electronic Exports YoY Nov -- -1.40%

12/16/2013 Nonfarm Productivity 3Q F 2.80% 1.90% 12/17/2013 Non-oil Domestic Exports YoY Nov -- 2.80%

12/16/2013 Unit Labor Costs 3Q F -1.40% -0.60% 12/17/2013 Non-oil Domestic Exports SA MoM Nov -- 3.20%

12/16/2013 Markit US PMI Preliminary Dec -- 54.3 12/18/2013 Automobile COE Open Bid Cat A 18-Dec -- 73160

12/16/2013 Total Net TIC Flow s Oct -- -$106.8B 12/18/2013 Automobile COE Open Bid Cat B 18-Dec -- 73010

12/16/2013 Net Long-term TIC Flow s Oct -- $25.5B 12/18/2013 Automobile COE Open Bid Cat E 18-Dec -- 76901

12/16/2013 Industrial Production MoM Nov 0.50% -0.10% 12/18/2013 Bloomberg Dec. Singapore

12/16/2013 Capacity Utilization Nov 78.40% 78.10% 12/23/2013 CPI NSA MoM Nov -- 0.20%

12/16/2013 Manufacturing (SIC) Production Nov 0.40% 0.30% 12/23/2013 CPI YoY Nov -- 2.00%

12/17/2013 CPI MoM Nov 0.10% -0.10% 12/26/2013 Industrial Production SA MoM Nov -- 0.00%

12/17/2013 CPI Ex Food and Energy MoM Nov 0.10% 0.10% 12/26/2013 Industrial Production YoY Nov -- 8.00%

Date Statistic For Survey Prior Date Statistic For Survey Prior

12/13/2013 Foreign Reserves 6-Dec -- $167.5B 12/17/2013 Unemployment Rate SA Nov 3.30% 3.30%

12/13/2013 Forw ard Contracts 6-Dec -- $23.9B 12/18/2013

Bloomberg Dec. Hong Kong

Economic Survey

12/17/2013 Car Sales Nov -- 88989 12/19/2013 Composite Interest Rate Nov -- 0.34%

12/20/2013 Foreign Reserves 13-Dec -- -- 12/20/2013 BoP Overall 3Q -- $25.43B

12/20/2013 Forw ard Contracts 13-Dec -- -- 12/20/2013 BoP Current Account Balance 3Q -- -$2.48B

12/24/2013 Customs Exports YoY Nov -- -0.67% 12/23/2013 CPI Composite YoY Nov -- 4.30%

12/24/2013 Customs Imports YoY Nov -- -5.37% 12/30/2013 Exports YoY Nov -- 8.80%

12/24/2013 Customs Trade Balance Nov -- -$1770M 12/30/2013 Imports YoY Nov -- 6.30%

12/26/2013 Mfg Production Index ISIC NSA Nov -- -4 12/30/2013 Trade Balance Nov -- -38.1B

12/26/2013 Mfg Production Index ISIC SA Nov -- 170.59 12/31/2013 Budget Balance HKD Nov -- 20.8B

12/26/2013 Capacity Utilization ISIC Nov -- 63.5 12/31/2013 Money Supply M1 HKD YoY Nov -- 13.40%

12/27/2013 Foreign Reserves 20-Dec -- -- 12/31/2013 Money Supply M2 HKD YoY Nov -- 8.00%

12/27/2013 Forw ard Contracts 20-Dec -- -- 12/31/2013 Money Supply M3 HKD YoY Nov -- 8.00%

12/30/2013 Exports YoY Nov -- -0.50% 1/2/2014 Retail Sales Value YoY Nov -- 6.30%

12/30/2013 Exports Nov -- $19038M 1/2/2014 Retail Sales Volume YoY Nov -- 5.80%

US Singapore

Economic Announcement

Thailand Hong Kong

Source: Bloomberg

Source: BloombergSource: Bloomberg

Source: Bloomberg

Regional Market Focus

13 December 2013

13 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

12-20 DEC Local Auto Sales Nov -- 112038 12/31/2013 CPI Moving Average YoY Dec -- 7.30%

12-20 DEC Motorcycle Sales Nov -- 714264 12/31/2013 CPI YoY Dec -- 5.60%

12/30/2013 Danareksa Consumer Confidence Dec -- 92.3 1/3/2014 Exports YoY Nov -- 35.10%

1/2/2014 CPI NSA MoM Dec -- 0.12% 1/6/2014 CBSL Repurchase Rate 6-Jan -- 6.50%

1/2/2014 CPI YoY Dec -- 8.37% 1/6/2014 CBSL Reverse Repo Rate 6-Jan -- 8.50%

1/2/2014 Exports YoY Nov -- 2.60% 1/16/2014 Imports YoY Nov -- -2.80%

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 -- 114.3 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 -- --

1/2/2014 Money Supply M2 YoY Nov -- 13.00% 2/17/2014 Imports YoY Dec -- --

1/3/2014 Foreign Reserves Dec -- $97.0B 2/28/2014 CPI Moving Average YoY Feb -- --

1/6/2014 Net Foreign Assets IDR Dec -- 1119.8T 2/28/2014 CPI YoY Feb -- --

1/10/2014 Local Auto Sales Dec -- -- 3/5/2014 CBSL Repurchase Rate 5-Mar -- --

Date Statistic For Survey Prior

12/17/2013 Conf. Board Leading Index MoM Oct -- 0.30%

12/17/2013

RBA Policy Meeting - December

Minutes

12/18/2013 Westpac Leading Index MoM Nov -- 0.10%

12/18/2013 Skilled Vacancies MoM Nov -- -0.10%

12/18/2013

Bloomberg Dec. Australia

Economic Survey

12/19/2013 RBA FX Transactions Market Nov -- 648M

12/19/2013 RBA FX Transactions Government Nov -- -318M

12/19/2013 RBA FX Transactions Other Nov -- 39M

12/31/2013 Private Sector Credit MoM Nov -- 0.30%

12/31/2013 Private Sector Credit YoY Nov -- 3.50%

1/2/2014 AiG Perf of Mfg Index Dec -- 47.7

1/2/2014 Commodity Index AUD Dec -- 89.9

1/2/2014 Commodity Index YoY Dec -- -1.90%

1/6/2014 AiG Perf of Services Index Dec -- 48.9

1/7/2014 Trade Balance Nov -- -529M

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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