August 06, 2014 HK/China Consumer /HK Staples UNDERWEIGHT ... · Outside of our coverage, Tenwow,...

August 06, 2014

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SEE PAGE 11 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

HK/China Consumer Staples

Marketing feedback; 1H14 preview We met w/ 100+ investors and note the growing interest in

revisiting the space given better sales/earnings growth

expectations for 2H14 and sector’s underperformance YTD.

We forecast names under our coverage to report ave.3% NPAT

growth YoY. EBIT margin upside should be capped by fierce

competition despite better product mix and soft input cost.

Our Top Pick is Tingyi followed by Hengan and Want Want. We

like Ajisen and China Foods among smaller caps. Reiterate

SELL on Mengniu given imminent threat to its Milk Deluxe.

Biostime’s risk-to-reward profile doesn’t yet justify a BUY.

What’s New From our recent global marketing, we found most investors are still

underweight the sector but are contemplating in getting back in,

while some die-hard bears view this as a structural de-rating story

given the unexciting earnings growth outlook.

Key topics include: i) market-share war between Tingyi/UPC; ii)

Biostime’s potential strong comeback in 2H14; iii) SCA/Vinda’s

combined threat to Hengan; and iv) Want Want’s growth

bottleneck. Our SELL call on Mengniu and BUY on Tingyi received

plenty of interest.

Outside of our coverage, Tenwow, Tsingtao and upstream dairy

names received the most interest. We reckon worries over a

potential raw milk oversupply in the near future are building up.

What’s Our View We believe the market has been overly bearish on the instant

noodles space and foresee years of irrational market behaviour

ahead. Nonetheless, we see sector inflection point should appear

in 2015F as UPC will eventually just focus on its core products.

We also note overly positive expectations have been built in to

Mengniu on the apparent structural mix upgrade trend and industry

consolidation. Yet poor execution, sharp slowdown in growth and

margin pressure on its Milk Deluxe don’t seem to be a concern yet.

Analysts

YTD share price return

Security Name 1M

%Chg 3M

%Chg 6M

%Chg 12M

%Chg YTD

%Chg

Ajisen 6.52 (5.07) (24.30) (11.19) (21.26)

Biostime (10.77) (27.19) (43.29) (12.97) (45.47)

China Foods 0.70 10.42 9.58 (0.35) (12.80)

China Mengniu 7.25 (5.28) 6.95 17.63 3.29

CRE 9.95 8.45 3.49 (0.84) (7.77)

Goodbaby 1.58 (9.60) (0.77) 9.66 (8.75)

Hengan 0.79 2.77 0.36 (5.18) (8.86)

Tingyi 1.35 5.40 14.42 15.25 (0.22)

UPC 9.34 9.19 (3.35) (5.90) (14.40)

Vinda 13.31 13.51 8.19 51.17 0.78

Want Want (2.21) (10.89) 4.11 4.72 (4.66)

MSCI China Con. staples

2.71 (1.96) 2.28 (0.71) (7.62)

Source: Bloomberg, Maybank KE

(Unchanged)UNDERWEIGHT

Jacqueline Ko, CFA

(852) 2268-0633

[email protected]

Benjamin Ho

(852) 2268-0632

[email protected]

Stock Mkt cap Rating Price TP Upside

(USD'm) (LC) (LC) (%) 14E 15E 14E 15E 14E 15E

Want Want China 18,154.8 Buy 10.64 13.18 24 23.8 19.9 8.3 7.3 2.9 3.4

Tingyi 16,221.0 Buy 22.45 29.60 32 25.7 20.6 3.7 3.3 1.9 2.4

Hengan Int'l 13,194.0 Buy 83.35 102.60 23 23.5 19.1 5.5 4.8 2.5 3.0

China Mengniu 9,526.5 Sell 37.70 29.35 (22) 33.7 27.4 2.6 2.5 0.7 0.8

CRE 7,365.2 Sell 23.75 18.70 (21) 37.5 26.0 1.3 1.3 1.1 1.5

Uni-President China 3,589.2 Hold 6.44 5.77 (10) 50.2 30.7 1.9 1.8 0.4 0.7

Biostime 2,908.5 Sell 37.30 33.10 (11) 18.5 16.1 6.2 5.5 3.8 4.4

Vinda Int'l 1,667.0 Hold 12.94 11.84 (9) 24.4 19.9 2.4 2.2 1.1 1.3

China Foods 1,032.3 Buy 2.86 3.80 33 866.7 22.5 1.3 1.3 0.0 1.8

Ajisen (China) 896.6 Buy 6.37 8.75 37 20.2 16.6 2.0 1.9 3.2 3.9

Goodbaby 500.7 Sell 3.86 3.54 (8) 22.9 18.9 1.8 1.7 1.3 1.6

P/E (x) P/B (x) Dividend yld (%)

August 6, 2014 2

China/HK Consumer Staples

Three FAQs during our marketing trip

In general, investors are puzzled by the slow volume growth across the

board, despite upgrades in product mixes; they are also keen to

understand what would trigger an up-tick in consumption and for industry

players to be more rational in competition

#1 Contrarian SELL on well-loved Biostime & Mengniu Our SELL on Mengniu is built on the thesis over 50% of its sales come from a

shrinking consumption category (i.e. UHT milk) while competition in high-

end UHT milk is coming from both new domestic brands and from

importers (imports are expected to account for 15-20% of high-end UHT

milk sales by end-FY14F). We believe margin pressure on Mengniu’s Milk

Deluxe (30% of its UHT milk sales, 30-40% GPM) and a sharp slowdown in its

sales growth in the near term will raise concerns over its EBIT and ROE

enhancement (FY14 deluxe milk sales growth at 20%+ vs ~40% YoY growth

in FY13).

For Biostime, we are still hesitant to bottom-fish at the current level as

the 2H14 earnings outlook remains uncertain amid the company’s

restructuring, while some worrying industry trends have also emerged, ie,

infant milk formula(“IMF”) industry prices and margins may fall, keen

competition in 100% imported products and shift in growth to cities below

tier three and online, which may structurally be negative for the company.

In addition, according to AC Nielson, 6M14 IMF sales volume/value were

both down 7%/4% YoY in China. Meanwhile, the number of applicants for

the second child in 5M14 was less than originally expected. In contrast,

investors believe Mengniu will be the biggest winner amid the government-

led industry consolidation, while Biostime’s good track record and smart

management warrant a higher premium.

#2 Tingyi/UPC- zero-sum game never ends? We learned that the majority of investors are bearish on Tingyi/UPC with

the perception of stagnant sales growth and irrational competitive

behaviours. We note the market has assumed ongoing free sausage

offerings for 2014-2015F, as UPC has a bigger war-chest post rights issues.

Our BUY on Tingyi and recent upgrade of UPC to HOLD are based on the

assumption UPC will eventually re-direct its focus and limited resources on

its core products, amid its widening market share gap with Tingyi.

Therefore, industry wide profitability should reach an inflection point and

reverse upward in FY15F.

Meanwhile, we believe diversifying consumer preference in the beverage

sector implies more room for growth for different companies. For Tingyi,

we are even more positive on its prospects, as UPC is no longer a threat

amid slower product innovation and widening market share gap. Our

positive call on Tingyi is based on: i) incremental earnings contribution

from Pepsi (from breakeven in FY13 to 6% EBIT margin in FY16F, which is

benchmarked to China Foods’ Coke bottling business); and ii) SG&A to

trend down YoY over FY14-16F on enhanced scale.

August 6, 2014 3


#3 Want Want & Hengan- how long can star products grow?

We believe market concerns over Want Want China (WWC)’s growth

bottleneck were amplified by the disappointing Hot-Kid milk sales growth

YTD. Meanwhile, substitution risk for the rice crackers is also among the

most popular discussion topics. Investors are keen to gauge how long WWC

can maintain its superior ROE and sector-high NPM.

As for Hengan, we noted investors are cautious on how long it can maintain

its leadership position in the sanitary napkin area as Unicharm and Kotex

are becoming more aggressive. Investors are also concerned about

Hengan’s so-called ‘stuck-in-the-middle’ disposable diaper market

positioning. On top of that, investors believe consumers have rather low

brand loyalty in the tissue segment and therefore Hengan’s leading market

share may not translate into above-sector profitability and sales growth.

.

1H14 results preview: uninspiring

Strong results in sight: Mengniu, Tingyi Unsurprisingly, we believe Mengniu’s interim NPAT growth will be strong at

20%+ YoY on both an organic growth perspective as well as contributions

from Yashili (1H13: Nil). For Tingyi, we project core profit growth at ~40%

YoY thanks to beverage margin expansion and flat SG&A ratio YoY. Keys to

watch are: i) the growth trend & margins for Mengniu’s high-end products;

progress of its JV with Danone; ii) Tingyi’s SG&A operating leverage to be

more recurring and reverse the trend of the past several years; and further

integration of its Pepsi bottling business.

Lacklustre growth: Ajisen, Hengan, Want Want China We project 5-7% NPAT growth YoY for Ajisen and Want Want China (WWC)

given lacklustre sales (we expect WWC to be further affected by high NZ

milk powder cost on timing mismatch). For Hengan, we expect profit (ex-

forex loss) to grow 5% YoY on strong sanitary napkin sales and largely

disciplined A&P (tissue segment’s A&P largely stable HoH in 1H14); its

NPAT however fell YoY due to forex loss, which is not yet in our forecast.

Keys to watch: i) Ajisen’s new strategies in the pipeline and its execution

progress; ii) WWC’s recent Hot-Kid milk sales trend post larger marketing

effort in May; and iii) Hengan and industry capacity plan post-2015.

1H14 NPAT growth estimates (YoY,%)

Source: Maybank Kim Eng estimates

(40) (20) 0 20 40 60

WWC

Tingyi

UPC(ex-disposal)

Hengan(ex-FX loss)

Mengniu

CRE

Biostime

Goodbaby

Ajisen

August 6, 2014 4


-ve growth: Biostime, China Foods, CRE, Goodbaby; UPC China Food (CF)’s loss is likely to be widely anticipated given struggling

wine sales and sector-specific trade down. For Biostime, the consensus

base-case scenario is a 15% YoY drop in earnings on weak sales, GPM

erosion and surging opex, while we believe risk is tilted to the downside.

For UPC, we forecast ~30% YoY drop in core profit (ex-disposal gain in

1H13) as losses of the noodles unit widen. For CRE, we expect 10% YoY

NPAT decline given negative SSSG-led retail operating deleveraging and

food unit loss despite solid beer and beverage sales/margins. For

Goodbaby, we foresee merely 5% profit growth as it’s losing market share

in China. Keys to watch: i) the latest progress of Biostime’s internal

restructuring; ii) possibility of turnaround for CF in 2015F; iii) UPC’s new

product pipeline and competitive stance; iv) CRE’s integration effort for

Tesco and ways to combat e-commerce threat; v) and Goodbaby’s strategy

to resume sector growth in China and mitigate potential loss of Dorel’s

orders.

1H14 earnings preview summary

Company Reporting

Date Expectation(NPAT growth, YoY) Comments

Ajisen TBC 5% (46% of FY14F KE est.) SSSG bottomed out in April and consistently picked up; has a number of new products/cost-savings strategies in the pipeline.

Goodbaby TBC 5% (55% of FY14F KE est) Strong exports, but weak domestic sales due to market-share loss; major client Dorel may pull orders from Goodbaby after acquiring Lerado’s manufacturing capacity in China.

Biostime 19th Aug -20% (38% of FY14F KE est) 1H14 sales growth mostly from new products launched in 2H13; flagship IMF brand may see flat/ negative sales growth YoY; Co. hired additional 20-30% headcounts in 6M14. Keys to watch: i) low-end IMF product launch in 2H14F; ii) sales functions restructuring progress.

CRE TBC -11% (60% of FY14F KE est) Tesco’s integration kicked in since early June. Low earnings visibility on its turnaround. 2Q14 SSSG should remain in negative territory based on our channel checks. Strong beer sales volume (+high single to low teens YoY) in 1H14 with ongoing ‘premiumization’ trend. Good beverage (bottled water) sales. Food unit remains loss-making amid restructuring.

Mengniu TBC 22% (53% of FY14F KE est) Low teens sales volume growth for organic business. GPM (ex-Yashili) expanded moderately by 30bps YoY on mix upgrade. Largely flat SG&A YoY. Margin pressure for its Milk Deluxe has emerged from 2Q14 onwards amid intensified competition.

Hengan TBC 5%(ex-FX loss)((45% of FY14F KE est)

Strong sanitary napkins sales. Tissue A&P HoH stabilized. GPM enhanced on mix upgrade across the board but EBIT margin slightly contracted as tissue A&P YoY still increased given low base.

UPC 8th Aug -30% (60% of FY14F KE est) Sluggish top-line growth. Enlarging noodles segment loss.

Tingyi 18th Aug 45% (45% of FY14F KE est) Sluggish top-line growth in 2Q14. Beverage margin expansion observed in 1Q14 will continue. Control on SG&A should surprise on the upside and reverse previous years’ trend.

WWC 26th Aug 7% (43% of FY14F KE est) Flattish/negative volume growth in Hot-Kid milk in 1H14. Destocking and larger sales effort in 2Q14. Timing mismatch on using high-cost inventory dragged GPM.

Source: Company data, Maybank Kim Eng

KE vs. consensus FY14F NPAT (%)

Source: Maybank Kim Eng estimates, Bloomberg

(30) (20) (10) 0 10 20 30

WWC

Tingyi

UPC

Hengan

Mengniu

CRE

Biostime

Goodbaby

Ajisen

August 6, 2014 5


Figure 1: Our FY14-16 EPS forecasts vs. consensus

FY14F EPS FY15F EPS FY16F EPS

Company

KE Mkt Devi % KE Mkt Devi % KE Mkt Devi %

Want Want 151 HK USD 0.058 0.06 (3.33) 0.069 0.07 (1.43) 0.079 0.07 12.86

Tingyi 322 HK USD 0.113 0.094 20.21 0.141 0.11 28.18 0.191 0.12 59.17

UPC 220 HK CNY 0.102 0.13 (21.54) 0.167 0.145 15.17 0.190 0.165 15.15

Hengan 1044 HK HKD 3.54 3.18 11.32 4.35 3.93 10.69 5.32 4.6 15.65

Mengniu 2319 HK CNY 0.89 1.08 (17.59) 1.10 1.38 (20.29) 1.23 1.66 (25.90)

China Foods 506 HK HKD 0.00 (0.07) (100.00) 0.13 0.07 85.71 0.18 0.12 50.00

CRE 291 HK HKD 0.63 0.65 (3.08) 0.91 0.80 13.75 1.08 1.03 4.85

Biostime 1112 HK CNY 1.66 1.60 3.75 2.05 2.00 2.50 2.42 2.38 1.68

Goodbaby 1086 HK HKD 0.17 0.20 (15.00) 0.20 0.27 (25.93) 0.24 0.32 (25.00)

Vinda 3331 HK HKD 0.53 0.50 6.00 0.65 0.62 4.84 0.89 0.71 25.35

Ajisen 538 HK HKD 0.32 0.30 6.67 0.38 0.36 5.56 0.49 0.44 11.36

Source: Company data, Maybank Kim Eng estimates

Figure 2: YTD relative performance of MSCI Staples vs. MSCI China

Source: Bloomberg, Maybank Kim Eng

Figure 3: YTD relative performance of MSCI China Sta. vs. MSCI China Dis.


0

20

40

60

80

100

120

140

160

Jan 08 Oct 08 Jul 09 Apr 10 Jan 11 Oct 11 Jul 12 Apr 13 Jan 14

(Jan 2008 = 100pts)

MSCI China MSCI China Cons. Staples

0

20

40

60

80

100

120

140

160


(Jan 2008 = 100pts)

MSCI China Cons. Staples MSCI China Cons. Discr

MSCI Cons. Staples 12m rolling fwd PER


MSCI Con. Stap 12m rolling fwd EV/EBITDA


5

15

25

35

Jan 08Feb 09Mar 10Apr 11May 12Jun 13Jul 14

(x) PE Mean

+1SD -1SD

5

10

15

20

Jan 08Feb 09Mar 10Apr 11May 12Jun 13Jul 14

(x) EV/EBITDA Mean

+1SD -1SD

August 6, 2014 6


Figure 4: 12m rolling forward PER- MSCI China Staples & Discretionary


Figure 5: 12m rolling forward EV/EBITDA- MSCI China Staples & Discretionary


5

10

15

20

25

30

35


(x) MSCI China Cons. Disc. MSCI China Cons. Sta.

5

7

9

11

13

15

17


(x) MSCI China Cons. Disc. MSCI China Cons. Sta.

August 6, 2014 7


Appendix 1: 12m rolling forward PER Want Want China Tingyi Hengan

Source: Factset, Maybank Kim Eng Source: Factset, Maybank Kim Eng Source: Factset, Maybank Kim Eng

China Mengniu CRE UPC


Biostime Vinda China Foods

N/A


Ajisen Goodbaby

Source: Factset, Maybank Kim Eng Source: Factset, Maybank Kim Eng

-

2

4

6

8

10

12

14

16

18

Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14

15.4x

20.1x

24.8x

28.6x

32.3x

-

5

10

15

20

25

30

35

40


4.6x

14.6x

24.7x

33.4x

42.2x

40

60

80

100

120

140

160

Jan 10 Jan 11 Jan 12 Jan 13 Jan 14

22.2x

24.4x

26.6x

31.5x

36.4x

-

5

10

15

20

25

30

35

40

45

50

Dec 04 Jan 07 Feb 09 Mar 11 Apr 13

9x

11x

14x

24x

34x

-

5

10

15

20

25

30

35

40

45

50


15.7x

25.4x

35.1x

41.7x

48.4x

-

2

4

6

8

10

12

14

16

18

20

Jan 08 Apr 09 Jul 10 Oct 11 Jan 13 Apr 14

7.1x

15.7x

24.4x

38.5x

52.7x

-

10

20

30

40

50

60

70

80

90

Dec 10 Feb 12 Apr 13 Jun 14

7.3x

12.9x

18.5x

31.4x

44.3x

-

2

4

6

8

10

12

14

16

18

Jan 08 Aug 09 Mar 11 Oct 12 May 14

4.0x

10.1x

16.1x

22.3x

28.6x

-

5

10

15

20

25

30

Jan 08 Aug 09 Mar 11 Oct 12 May 14

8.8x

16.8x

24.7x

46.1x

67.6x

-

1

2

3

4

5

6

7

Dec 10 Oct 11 Aug 12 Jun 13 Apr 14

9.7x

14.2x

18.7x

24.8x

30.8x

August 6, 2014 8


Appendix 2: 12m rolling forward PBR Want Want China Tingyi Hengan


China Mengniu CRE UPC


Biostime Vinda China Foods


Ajisen Goodbaby

Source: Factset, Maybank Kim Eng Source: Factset, Maybank Kim Eng

-

2

4

6

8

10

12

14

16


4.9x

6.6x

8.4x

9.4x

10.4x

-

5

10

15

20

25

30

35


1.2x

2.6x

4.1x

5.4x

6.6x

40

60

80

100

120

140

160

Jan 10 Jan 11 Jan 12 Jan 13 Jan 14

4.5x

5.3x

6.1x

7.0x

8.0x

-

10

20

30

40

50

60

70

80

90

Dec 04 Jan 07 Feb 09 Mar 11 Apr 13

1.9x

2.4x

2.8x

4.1x

5.4x

-

5

10

15

20

25

30

35

40

45

50


1.0x

1.4x

1.8x

2.1x

2.3x

-

2

4

6

8

10

12

Jan 08Jan 09Jan 10Jan 11Jan 12Jan 13Jan 14

.7x

1.4x

2.0x

2.7x

3.4x

-

10

20

30

40

50

60

70

80

90

Dec 10 Aug 11 Apr 12 Dec 12 Aug 13 Apr 14

2.3x

4.0x

5.7x

10.3x

14.9x

-

5

10

15

20

25

Jan 08Feb 09Mar 10Apr 11May 12Jun 13 Jul 14

.7x

1.4x

2.0x

2.7x

3.4x

-

5

10

15

20

25

Dec 05 Dec 07 Dec 09 Dec 11 Dec 13

.9x

1.7x 2.4x

4.0x

5.5x

-

5

10

15

20

25

Jan 08Feb 09Mar 10Apr 11May 12Jun 13 Jul 14

1.2x

2.2x

3.1x

5.0x

6.8x

-

1

2

3

4

5

6

7

8

Dec 10 Jan 12 Feb 13 Mar 14

.9x

1.3x

1.7x

2.5x

3.2x

C

hin

a/H

K C

onsu

mer S

taple

s

A

ugust 6

, 2014

9

Figure 6: China consumer staples sector valuation comparison

Market 3m Px Performance PE P/B ROE ROA EV/EBITDA Dividend Yield EPS FY14-16F

CAGR PEG GPM NPM Net

Gearing

Price Cap ADTV 1m 3m FY14F FY15F FY14F FY15F FY14F FY15F FY14F FY15F FY14F FY15F FY14F FY15F 3m chg EPS

FY14F FY14F 2013

Company Ticker (lcy) (USDm) (USD) (%) (%) (x) (x) (x) (x) (%) (%) (%) (%) (x) (x) (%) (%) (%) (%) (x) (%) (%) (%)

Food Retailers

Sun Art Retail Group 6808 HK 9.48 11,669.01 8.64 5.57 (6.69) 23.84 20.94 3.56 3.24 15.59 16.27 15.59 16.27 9.71 8.53 2.05 2.33 (1.55) 8.86 2.69 21.63 3.15 Net cash

China Res Ent 291 HK 23.35 7,268.13 5.68 8.10 5.18 33.07 27.37 1.19 1.15 3.87 4.62 3.87 4.62 8.31 7.21 1.08 1.31 (10.86) 13.09 2.53 25.16 1.00 2.52

Wumart Stores Inc 1025 HK 6.99 1,155.61 3.43 12.74 (4.12) 13.30 11.88 1.78 1.66 13.22 13.97 13.22 13.97 4.62 4.19 3.64 4.02 (3.90) 4.27 3.12 17.23 2.55 Net cash

Lianhua Supermarket 980 HK 4.19 605.30 0.62 (4.99) (1.64) 20.88 16.54 1.12 1.08 4.37 5.85 4.37 5.85 n.a. n.a. 2.13 2.61 (5.88) 10.86 1.92 13.75 0.48 Net cash

Average 26.41 22.56 2.56 2.36 11.01 11.75 11.01 11.75 8.65 7.57 1.80 2.08 (5.08) 10.15 2.63 22.39 2.28

F&B Manufacturers

Tingyi 322 HK 22.25 16,076.32 9.76 0.45 2.77 30.54 25.18 5.07 4.54 16.93 18.52 16.93 18.52 11.89 10.12 1.60 1.95 (1.05) 11.98 2.55 30.80 4.31 11.13

Want Want China 151 HK 10.72 18,252.76 23.52 (1.47) (11.99) 23.85 20.64 8.18 6.95 36.38 36.02 36.38 36.02 15.95 13.66 2.75 3.11 (1.69) 8.95 2.67 41.40 17.53 Net cash

China Yurun Food 1068 HK 3.78 889.02 2.53 2.72 1.89 (16.95) 118.13 0.43 0.43 (0.82) 1.55 (0.82) 1.55 11.42 7.39 0.61 1.15 32.74 (191.89) 0.09 6.43 (0.92) 37.59

China Mengniu Dairy 2319 HK 38.00 9,601.95 28.26 8.11 (7.09) 28.21 22.68 2.88 2.59 11.84 12.15 11.84 12.15 16.30 13.70 0.81 1.03 (2.81) 14.21 1.99 28.38 4.04 16.57

China Modern Dairy 1117 HK 3.58 2,229.88 6.57 7.19 4.37 14.94 11.80 2.12 1.81 14.88 16.29 14.88 16.29 12.59 10.47 0.63 0.97 3.24 16.63 0.90 41.11 19.82 78.14

Yashili International 1230 HK 2.74 1,258.32 1.28 (8.05) (28.83) 21.01 17.62 2.36 2.22 10.41 11.85 10.41 11.85 13.49 10.41 2.08 2.66 (27.78) 12.48 1.68 52.03 8.97 Net cash

China Foods Ltd 506 HK 2.89 1,043.08 1.30 1.76 9.47 (222.31) 33.22 1.32 1.27 (0.80) 3.92 (0.80) 3.92 14.16 9.39 0.14 0.63 (128.26) (312.08) 0.71 21.36 (0.28) 20.32

Tsingtao Brewery Co 168 HK 64.00 10,172.47 6.57 5.00 12.08 32.44 27.66 4.32 3.90 14.35 15.05 14.35 15.05 16.49 14.08 0.95 1.14 (5.07) 7.86 4.13 35.80 6.57 Net cash

China Huiyuan Juice 1886 HK 3.48 979.89 2.50 (6.95) (34.09) 19.14 12.44 0.56 0.65 3.74 5.25 3.74 5.25 12.71 9.22 0.36 1.28 (22.46) 21.95 0.87 35.10 6.82 34.37

Biostime Int’l 1112 HK 37.20 2,900.62 8.74 (11.00) (26.82) 17.12 13.76 6.24 5.19 38.90 41.34 38.90 41.34 11.19 8.89 3.81 4.79 (9.97) 13.67 1.25 64.20 19.16 Net cash

Uni-President China 220 HK 6.42 3,578.02 4.66 9.00 7.97 32.40 26.12 2.08 1.96 6.96 7.48 6.96 7.48 13.72 11.51 0.64 0.81 (10.23) 12.00 2.70 33.52 2.49 56.37

China Huishan Dairy 6863 HK 1.79 3,327.68 11.06 (1.65) (2.72) 11.89 8.92 1.43 1.29 12.83 15.08 12.83 15.08 8.99 6.85 1.76 2.33 (9.09) 17.37 0.68 59.60 35.13 42.63

Tenwow In’l 1219 HK 2.90 775.92 0.60 1.05 (9.09) 12.64 10.42 1.89 1.67 15.61 17.31 15.61 17.31 8.52 7.04 2.68 3.29 (0.54) 16.59 0.76 16.25 6.98 10.02

Yuanshengtai Dairy 1431 HK 1.33 670.78 1.86 0.76 0.76 9.22 7.02 0.91 0.80 10.08 12.01 10.08 12.01 4.27 3.21 0.00 0.00 (0.86) 17.80 0.52 43.03 37.57 Net cash

Changshouhua Food 1006 HK 7.16 529.89 0.35 (3.89) (7.61) 10.05 7.84 1.41 1.21 15.43 17.13 15.43 17.13 5.52 4.32 2.11 2.64 (1.73) 20.75 0.48 21.80 9.64 Net cash

Honworld Group 2226 HK 6.70 448.46 1.24 19.01 30.10 12.63 10.33 2.19 1.89 20.80 18.60 20.80 18.60 10.85 8.96 1.68 2.01 (7.03) 6.08 2.08 55.73 34.11 n.a.

Average 21.87 22.90 4.77 4.17 20.08 20.93 20.08 20.93 13.99 11.72 1.67 2.03 (5.25) 4.53 2.39 36.98 10.84

Household & Personal Care

Hengan Int’l 1044 HK 83.75 13,257.11 17.69 1.27 2.57 24.93 20.92 5.50 4.93 23.83 25.42 23.83 25.42 16.14 13.67 2.46 2.91 (4.03) 12.02 2.07 45.35 17.29 Net cash

Vinda Int’l Holdings 3331 HK 13.04 1,679.80 0.73 14.19 13.00 26.83 21.41 2.63 2.42 10.32 11.76 10.32 11.76 15.14 12.99 1.07 1.33 (16.06) 14.84 1.81 29.44 6.49 43.98

China Child Care 1259 HK 2.25 293.36 0.90 11.94 1.81 6.19 5.13 1.11 0.92 20.23 20.20 20.23 20.20 2.32 1.97 3.46 4.14 (6.45) 7.47 0.83 48.31 14.67 Net cash

Goodbaby Int’l 1086 HK 3.85 546.92 1.36 1.32 (9.20) 18.78 15.04 1.78 1.57 10.23 10.97 10.23 10.97 9.96 7.44 1.64 2.00 (5.53) 14.41 1.30 24.05 4.00 Net cash

Average 24.57 20.48 4.98 4.47 21.85 23.36 18.16 19.47 15.56 13.16 2.30 2.73 (5.41) 12.32 2.00 42.97 15.63

Restaurants

Ajisen China 538 HK 6.30 886.78 1.11 5.35 (4.57) 21.58 17.80 2.00 1.86 9.91 10.81 9.91 10.81 9.15 7.69 2.72 3.00 (7.01) 14.38 1.50 67.21 9.30 Net cash

Cafe De Coral 341 HK 27.45 2,050.70 1.02 2.62 12.50 23.40 20.86 4.04 3.81 18.22 19.52 18.22 19.52 13.29 11.89 3.10 3.49 (2.41) 8.30 2.82 14.95 8.80 Net cash

Fairwood Holdings 52 HK 16.66 271.01 0.21 2.59 4.65 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Net cash

Tsui Wah Holdings 1314 HK 3.16 572.79 1.51 (16.62) (19.59) 17.36 14.50 3.29 2.99 18.12 19.54 18.12 19.54 12.00 8.65 2.55 3.26 (14.55) 11.60 1.50 69.35 11.25 Net cash

Xiao Nan Guo Rest. 3666 HK 0.94 179.36 0.14 (17.54) (21.67) 74.95 14.99 1.39 1.30 1.66 8.59 1.66 8.59 7.50 4.48 0.40 2.25 25.00 104.88 0.71 66.60 1.06 Net cash

Future Bright 703 HK 4.06 363.72 0.89 9.14 10.03 16.05 12.30 2.34 1.95 17.17 17.67 17.17 17.67 11.01 8.90 1.39 1.82 0.00 16.20 0.99 35.67 18.88 Net cash

Tang Palace China 1181 HK 1.52 82.29 0.05 21.60 20.63 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Net cash

Average 21.86 16.80 2.96 2.75 14.31 15.61 20.20 21.67 10.80 9.12 2.45 2.89 (3.41) 13.87 1.92 35.15 9.03

Source: Bloomberg consensus, Maybank Kim Eng

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Research Offices

REGIONAL

WONG Chew Hann, CA

Regional Head of Institutional Research

(603) 2297 8686 [email protected]

ONG Seng Yeow

Regional Head of Retail Research

(65) 6432 1453

[email protected]

Alexander GARTHOFF

Institutional Product Manager

(852) 2268 0638

[email protected]

ECONOMICS

Suhaimi ILIAS

Chief Economist

Singapore | Malaysia

(603) 2297 8682

[email protected]

Luz LORENZO

Philippines

(63) 2 849 8836

[email protected]

Tim LEELAHAPHAN

Thailand


JUNIMAN

Chief Economist, BII

Indonesia

(62) 21 29228888 ext 29682

[email protected]

Josua PARDEDE

Economist / Industry Analyst, BII

Indonesia

(62) 21 29228888 ext 29695

[email protected]

MALAYSIA

WONG Chew Hann, CA Head of Research (603) 2297 8686 [email protected] • Strategy • Construction & Infrastructure

Desmond CH’NG, ACA (603) 2297 8680 [email protected] • Banking & Finance

LIAW Thong Jung (603) 2297 8688 [email protected] • Oil & Gas - Regional • Shipping

ONG Chee Ting, CA (603) 2297 8678 [email protected] • Plantations - Regional

Mohshin AZIZ (603) 2297 8692 [email protected] • Aviation - Regional • Petrochem

YIN Shao Yang, CPA (603) 2297 8916 [email protected] • Gaming – Regional • Media

TAN Chi Wei, CFA (603) 2297 8690 [email protected] • Power • Telcos

WONG Wei Sum, CFA (603) 2297 8679 [email protected] • Property & REITs

LEE Yen Ling (603) 2297 8691 [email protected] • Building Materials • Glove Producers

CHAI Li Shin (603) 2297 8684 [email protected] • Plantation • Construction & Infrastructure

Ivan YAP (603) 2297 8612 [email protected] • Automotive

LEE Cheng Hooi Regional Chartist (603) 2297 8694 [email protected]

Tee Sze Chiah Head of Retail Research


HONG KONG / CHINA

Howard WONG Head of Research (852) 2268 0648 [email protected] • Oil & Gas - Regional

Alexander LATZER (852) 2268 0647 [email protected] • Metals & Mining - Regional

Jacqueline KO, CFA (852) 2268 0633 [email protected] • Consumer

Ka Leong LO, CFA (852) 2268 0630 [email protected] * Consumer Discretionary & Auto

Karen KWAN (852) 2268 0640 [email protected] • Property & REITs

Osbert TANG, CFA (86) 21 5096 8370 [email protected] • Transport & Industrials

Ricky WK NG, CFA (852) 2268 0689 [email protected] • Utilities & Renewable Energy

Steven ST CHAN (852) 2268 0645 [email protected] • Banking & Financials

Warren LAU (852) 2268 0644 [email protected] • Technology – Regional

William YANG (852) 2268 0675 [email protected] • Technology – Regional

INDIA

Jigar SHAH Head of Research

(91) 22 6632 2632

[email protected]

• Oil & Gas • Automobile • Cement

Anubhav GUPTA

(91) 22 6623 2605

[email protected]

• Metal & Mining • Capital Goods • Property

Urmil SHAH

(91) 22 6623 2606 [email protected]

• Technology • Media

SINGAPORE

NG Wee Siang Head of Research (65) 6432 1467 [email protected] • Banking & Finance

Gregory YAP (65) 6432 1450 [email protected] • SMID Caps – Regional • Technology & Manufacturing • Telcos

ONG Kian Lin (65) 6432 1470 [email protected] • S-REITs

YEAK Chee Keong, CFA (65) 6432 1460 [email protected] • Offshore & Marine

Derrick HENG (65) 6432 1446 [email protected] • Transport (Land, Shipping & Aviation)

WEI Bin (65) 6432 1455 [email protected] • Commodity • Logistics • S-chips

John CHEONG (65) 6432 1461 [email protected] • Small & Mid Caps • Healthcare

TRUONG Thanh Hang (65) 6432 1451 [email protected] • Small & Mid Caps

INDONESIA

Wilianto IE Head of Research (62) 21 2557 1125 [email protected] • Strategy

Rahmi MARINA (62) 21 2557 1128 [email protected] • Banking & Finance

Aurellia SETIABUDI (62) 21 2953 0785 [email protected] • Property

Anthony YUNUS (62) 21 2557 1136 [email protected] • Consumer • Poultry

Isnaputra ISKANDAR (62) 21 2557 1129 [email protected] • Metals & Mining • Cement

Pandu ANUGRAH (62) 21 2557 1137 [email protected] • Infrastructure • Construction • Transport

Janni ASMAN (62) 21 2953 0784 [email protected] • Cigarette • Healthcare • Retail

PHILIPPINES

Luz LORENZO Head of Research (63) 2 849 8836 [email protected] • Strategy • Utilities • Conglomerates • Telcos

Lovell SARREAL (63) 2 849 8841 [email protected] • Consumer • Media • Cement

Rommel RODRIGO (63) 2 849 8839 [email protected] • Conglomerates • Property • Gaming • Ports/ Logistics

Katherine TAN (63) 2 849 8843 [email protected] • Banks • Construction

Ramon ADVIENTO (63) 2 849 8845 [email protected] • Mining

THAILAND

Maria LAPIZ Head of Institutional Research Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 [email protected] • Consumer / Materials

Jesada TECHAHUSDIN, CFA (66) 2658 6300 ext 1394 [email protected] • Financial Services

Kittisorn PRUITIPAT, CFA, FRM (66) 2658 6300 ext 1395 [email protected] • Real Estate

Sittichai DUANGRATTANACHAYA (66) 2658 6300 ext 1393 [email protected] • Services Sector

Sukit UDOMSIRIKUL Head of Retail Research (66) 2658 6300 ext 5090 [email protected]

Mayuree CHOWVIKRAN (66) 2658 6300 ext 1440 [email protected] • Strategy

Padon VANNARAT (66) 2658 6300 ext 1450 [email protected] • Strategy

Surachai PRAMUALCHAROENKIT (66) 2658 6300 ext 1470 [email protected] • Auto • Conmat • Contractor • Steel

Suttatip PEERASUB (66) 2658 6300 ext 1430 [email protected] • Media • Commerce

Sutthichai KUMWORACHAI (66) 2658 6300 ext 1400 [email protected] • Energy • Petrochem

Termporn TANTIVIVAT (66) 2658 6300 ext 1520 [email protected] • Property

Woraphon WIROONSRI (66) 2658 6300 ext 1560

[email protected] • Banking & Finance

Jaroonpan WATTANAWONG (66) 2658 6300 ext 1404 [email protected] • Transportation • Small cap

Chatchai JINDARAT (66) 2658 6300 ext 1401 [email protected] • Electronics

VIETNAM

LE Hong Lien, ACCA Head of Institutional Research (84) 844 55 58 88 x 8181 [email protected] • Strategy • Consumer • Diversified • Utilities

THAI Quang Trung, CFA, Deputy Manager, Institutional Research (84) 844 55 58 88 x 8180 [email protected] • Real Estate • Construction • Materials

Le Nguyen Nhat Chuyen (84) 844 55 58 88 x 8082 [email protected] • Oil & Gas NGUYEN Thi Ngan Tuyen, Head of Retail Research (84) 8 44 555 888 x 8081 [email protected] • Food & Beverage • Oil&Gas • Banking

TRINH Thi Ngoc Diep (84) 4 44 555 888 x 8208 [email protected] • Technology • Utilities • Construction

TRUONG Quang Binh (84) 4 44 555 888 x 8087 [email protected] • Rubber plantation • Tyres and Tubes • Oil&Gas

PHAM Nhat Bich (84) 8 44 555 888 x 8083 [email protected] • Consumer • Manufacturing • Fishery

NGUYEN Thi Sony Tra Mi (84) 8 44 555 888 x 8084 [email protected] • Port operation • Pharmaceutical • Food & Beverage

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APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS

This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.

The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.

This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events.

MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report.

This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect.

This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.

Malaysia

Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.

Singapore

This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.

Thailand

The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result.

Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect.

US

This research report prepared by MKE is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations.

UK

This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

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Disclosure of Interest

Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.

Singapore: As of 6 August 2014, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 6 August 2014, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS

Analyst Certification of Independence

The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Definition of Ratings

Maybank Kim Eng Research uses the following rating system

BUY Return is expected to be above 10% in the next 12 months (excluding dividends)

HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)

SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings

The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

DISCLOSURES

Legal Entities Disclosures

Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities JSC (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

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Malaysia Maybank Investment Bank Berhad

(A Participating Organisation of

Bursa Malaysia Securities Berhad)

33rd Floor, Menara Maybank,

100 Jalan Tun Perak,

50050 Kuala Lumpur

Tel: (603) 2059 1888;

Fax: (603) 2078 4194

Singapore Maybank Kim Eng Securities Pte Ltd

Maybank Kim Eng Research Pte Ltd

9 Temasek Boulevard

#39-00 Suntec Tower 2

Singapore 038989

Tel: (65) 6336 9090

Fax: (65) 6339 6003

London Maybank Kim Eng Securities

(London) Ltd

5th Floor, Aldermary House

10-15 Queen Street

London EC4N 1TX, UK

Tel: (44) 20 7332 0221

Fax: (44) 20 7332 0302

New York Maybank Kim Eng Securities USA

Inc

777 Third Avenue, 21st Floor

New York, NY 10017, U.S.A.

Tel: (212) 688 8886

Fax: (212) 688 3500

Stockbroking Business:

Level 8, Tower C, Dataran Maybank,

No.1, Jalan Maarof

59000 Kuala Lumpur

Tel: (603) 2297 8888

Fax: (603) 2282 5136

Hong Kong Kim Eng Securities (HK) Ltd

Level 30,

Three Pacific Place,

1 Queen’s Road East,

Hong Kong

Tel: (852) 2268 0800

Fax: (852) 2877 0104

Indonesia PT Maybank Kim Eng Securities

Plaza Bapindo

Citibank Tower 17th Floor

Jl Jend. Sudirman Kav. 54-55

Jakarta 12190, Indonesia

Tel: (62) 21 2557 1188

Fax: (62) 21 2557 1189

India Kim Eng Securities India Pvt Ltd

2nd Floor, The International 16,

Maharishi Karve Road,

Churchgate Station,

Mumbai City - 400 020, India

Tel: (91) 22 6623 2600

Fax: (91) 22 6623 2604

Philippines Maybank ATR Kim Eng Securities Inc.

17/F, Tower One & Exchange Plaza

Ayala Triangle, Ayala Avenue

Makati City, Philippines 1200

Tel: (63) 2 849 8888

Fax: (63) 2 848 5738

Thailand Maybank Kim Eng Securities

(Thailand) Public Company Limited

999/9 The Offices at Central World,

20th - 21st Floor,

Rama 1 Road Pathumwan,

Bangkok 10330, Thailand

Tel: (66) 2 658 6817 (sales)

Tel: (66) 2 658 6801 (research)

Vietnam Maybank Kim Eng Securities Limited

4A-15+16 Floor Vincom Center Dong

Khoi, 72 Le Thanh Ton St. District 1

Ho Chi Minh City, Vietnam

Tel : (84) 844 555 888

Fax : (84) 8 38 271 030

Saudi Arabia In association with

Anfaal Capital

Villa 47, Tujjar Jeddah

Prince Mohammed bin Abdulaziz

Street P.O. Box 126575

Jeddah 21352

Tel: (966) 2 6068686

Fax: (966) 26068787

South Asia Sales Trading Kevin Foy

Regional Head Sales Trading

[email protected]

Tel: (65) 6336-5157

US Toll Free: 1-866-406-7447

North Asia Sales Trading Alex Tsun

[email protected]

Tel: (852) 2268 0228

US Toll Free: 1 877 837 7635

Malaysia Rommel Jacob [email protected] Tel: (603) 2717 5152

Thailand Tanasak Krishnasreni [email protected] Tel: (66)2 658 6820

Indonesia Harianto Liong [email protected] Tel: (62) 21 2557 1177

London Simon Lovekin [email protected] Tel: (44)-207-626-2828

New York Andrew Dacey [email protected] Tel: (212) 688 2956

India Manish Modi [email protected] Tel: (91)-22-6623-2601

Vietnam Tien Nguyen [email protected]

Tel: (84) 44 555 888 x8079

Philippines Keith Roy [email protected] Tel: (63) 2 848-5288

www.maybank-ke.com | www.maybank-keresearch.com

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