MCI (P) 194/11/2012 Ref No: RM2013_0189 1 of 15

Regional Market Focus

Phillip Securities Research Pte Ltd

2 October 2013

Singapore

Keppel Corporation Ltd - Wins 2 repeat jack-ups orders from Clearwater Previous close: S$10.37 Fair value: S$12.25

2 repeat jack-up orders from Clearwater worth US$440mn (~S$550mn)

Positive impact – more orders flowing in

Maintain Accumulate and TP of S$12.25

Thailand

Kasikornbank - Company Preview Recommendation: BUY Previous close: Bt175 Fair value: Bt213

KBANK is expected to book Bt9.8bn net profit in 3QCY13, down q-q but up y-y.

SME loan appears to short of target, but total loan seems to meet the target.

NPL would increase slightly and KBANK plans to set higher provision in 3QCY13.

We cut down our CY13-CY14 earnings projection to reflect higher provision outlook.

Our price target is revised down to Bt213/share, but the stock price still offers a significant upside and thus we rate a ‘BUY’ call for KBANK.

Total Access Communication – Trade Flash Recommendation: ACCUMULATE Previous close: Bt107 Fair value: Bt116

Rising data demand kept strong growth momentum in non-voice revenue growing in 3QCY13. On this basis, we expect DTAC to report 3QCY13 profit from core business operations of Bt2,719mn, up q-q but down y-y as a result of mounting expenses and costs.

DTAC launched its 2.1GHz 3G services on Jul 23, 2013. It expects to have 8-10mn 3G subscribers this year.

To reflect additional expenses for 2.1GHz 3G network investment, we slightly cut our CY13 net profit outlook for DTAC to Bt11,659mn but the new profit target still represents a growth of 36.48% y-y.

Following earnings cut, we trim our CY13 target price for DTAC to Bt116/share from Bt119/share. As the new target still offers some upside from current trading levels, we rate DTAC shares an ‘ACCUMULATE.’

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Hong Kong

China Eastern Airlines – Still facing headwind Rating: Accumulate Closing price: HKD2.54 Target price: HKD2.71

In 1H2013, CEA’s revenue increased slightly by 2.9% y-y to RMB42.276 billion with net profit of RMB622 million, down 28.2% y-y. The main reason of the decrease of the performance is because of the slow-down of profit growth and slight increase of costs. The EPS recorded RMB0.054, compared with RMB0.077 during the same period of last year. The Company purchased 20 passenger aircraft, and operated a total of 433 aircrafts.

Due to the changes of customer structure (business passengers reduced and the traveling passengers increased), the weak demand of Japan routes and the passenger load factor was affected by the avian influenza in April and May, together with the passengers’ preference for High-speed railway over airline transportation becoming more common and the continued downturn of the freight transport market, the level of the prosperity of airline industry was lower than the expectation in 1H2013, but the transport capability still experienced larger increase relatively, which caused the ticket price maintained on the bottom in the long term because of the more intense industry competition, and the Company’s profitability declined seriously due to the large pressure of yield, although the passenger load factor stayed at the stable level. Based on the year-on-year growth rates of 12.2% and 9.2% in passenger turnover and the amount of passengers, passenger revenues only increase by 3.3%. The yield of passenger/k recorded RMB0.6, down 9% from RMB0.65 during the same period of last year. Due to the strategy of “Decreased price to protect the volume”, the passenger load factor increased slightly by 0.24ppts to 79.3%.

Due to the continued downturn of global air freight market, CEA’s freight carried and revenues decreased by 3% and 11.8% y-y in 1H2013. Freight load factor dropped 1.9ppts y-y to 59.9%. Freight tone/km yield amounted to RMB1.54, down 13% largely y-y from RMB1.77 in 1H2012.

Operating expenses of the Company increased by 7.4% y-y to RMB42.14 billion in total, especially for the significantly growth of indirect operating and other costs with the total amount of RMB5.19 billion, up 27.7% y-y to RMB1.13 billion, mainly caused by the increase of costs due to the business expansion of the Company’s subsidiaries. Additionally, the costs of D&A and fuel increased by RMB330 million (+9.1%) and RMB310 million (+2.1%) respectively compared with the same period of last year. The Company’s fuel cost amounted to RMB14.978 billion, around 35.5% of total operating expenses, and the consumption of fuel increased by 11%m and average oil price dropped 9.2% y-y.

Benefited from the RMB appreciation, the Company’s foreign exchange gains amounted to RMB1.174 billion, up RMB1.4 billion y-y, and eased the pressure of its main business ( the Company’s main businesses only gained the profits of RMB135 million, much lower than RMB1.85 billion of last year), which became the main profit resource. However, the appreciation of RMB has slowed down after 1H, and we expect exchange gains will decrease obviously in 2H compared with that of 1H

Outlook: The industry will face the boom season in 2H, although the demand of traveling passengers abroad maintained two-digit growth, the supply and demand of the industry and the price level did not improved obviously because of the weather in July and Aug and non-efficient recovery of the industry demand/supply and ticker price, we expect the boom season of aircraft demand will be delayed to the late September. Additionally, the ex factory price of aviation fuel increased continually to RMB400/ton accumulatively since July. In all, the Company’s profits would be improved in 2H compared with 1H, but face the downturn pressure compared with the same period of last year

Valuation: We adjust the EPS of the Company to RMB0.22/0.31/0.43 in 2013/2014/2015 respectively. We cut the 12-month target price to HK$2.71, equivalent to 9.0/6.5/4.7xP/E and 0.9/0.8/0.7xP/B in 2013/2014/2015 respectively. Located in Shanghai, the Company would be benefited from the establishment and promotion of Shanghai Disney and Shanghai Free Trade Zone (FTZ) in future, so recommend cautiously Accumulate rating.

Regional Market Focus

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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 5 July / Thai, 17 Jun - Global Macro, Asset Strategy: 9 Sep, Update

Morning Commentary

STI: +0.43% to 3181.5 KLCI: +0.02% to 1769 JCI: +0.69% to 4345.9 SET: +1.81% to 1408.2 HSI: -1.50% to 22859 HSCEI: -1.70% to 10316 Nifty: +0.78% to 5780.1 ASX200: -0.23% to 5206.8 Nikkei: +0.20% to 14484.7 S&P500: +0.66% to 1692.6 MARKET OUTLOOK: In this week’s webinar we gave guidance on the US debt ceiling, our usual outlook for markets as well as featured two stocks in the US Oil Service Sector – NOV and OIS. The webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research Webinar. (PhillipCFDs and ETFs for trading the market outlook can be found in the webinar slides or the Global Macro report below. PhillipUT Wrap Account offers tactical asset allocation of unit trusts without front loading sales charge.)

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Macro Data

USA: The Institute for Supply Management’s index rose to 56.2, the strongest since April 2011, from 55.7 a month earlier. Readings above 50 indicate growth. The median forecast in a Bloomberg survey of economists was 55. Eurozone: Market’s Manufacturing Purchasing Managers' Index (PMI) dipped to 51.1 last month from August's 26-month high of 51.4, in line with an earlier flash estimate. The Eurozone unemployment rate was 12 per cent in August, unchanged from the previous month and down modestly from the 12.1 per cent peak recorded in the summer. In total, the number of unemployed dipped by 5,000 to 19.18 million. Japan's 3Q Tankan Large All Industry Capex declines to 5.1% vs 5.5%. Japan's August Job-to-applicant ratio was 0.95 (vs. expected 0.95) Australia: The Reserve Bank of Australia has left the cash rate unchanged at a record low of 2.5%, saying the current setting of monetary policy remains appropriate. The decision was widely expected, with all 13 economists surveyed by AAP last week forecasting that the RBA would leave the cash rate on hold. Retail sales climbed 0.4 percent to A$21.9 billion ($20.4 billion) from a month earlier, when they rose 0.1 percent. The result compares with the median forecast in a Bloomberg News survey of 22 economists for a 0.3 percent gain. South Korea: Korea National Statistical Office said that South Korean CPI rose to 0.2%, from 0.3% in the preceding month. Analysts had expected South Korean CPI to rise 0.5% last month. China: The official manufacturing PMI edged up marginally to 51.1 in September as compared to 51 in the previous month. Despite the stabilization of overall manufacturing, development is deemed as imbalance as the official PMI is weighted towards larger, state-owned companies than the HSBC’s. “The trend towards improvement for large and medium companies is consolidating, but small companies face difficulties,” said Zhao Qinghe, senior statistician at the National Bureau of Statistics. The statement acknowledged that small firms are struggling in the face of overcapacity and weak demand, which fanned concerns that the green shoots of recovery may be at risk. India: The HSBC Manufacturing PMI inches up to 49.6 in September from 48.5 in August. Manufacturing activity continues to shrink for a second month, albeit not as sharply as in August. “Orders flows remain weak, especially export orders, and employment fell,” said Leif Eskesen, chief economist for India at survey sponsor HSBC. Indonesia: Annual inflation rate eased to 8.40% in September from August’s 8.79%, as Bank Indonesia tighten monetary policy by raising its key rate to 7.0% in August and later to 7.25% in September. Consumer price index declined 0.35% on monthly term as food price and transportation costs dropped. Central Statistics Agency reported a trade surplus of $132.4 million in August, a huge jump from a record $2.31 billion deficit in July. However, exports and imports were weaker on y-o-y basis, logging a decline of 6.31% and 5.69% respectively. Thailand: Inflation rate continues to slow for the two consecutive months as food prices fell in September. The consumer price index rose 1.42% in September after marking an annual inflation rate of 1.59% in August. Inflation target for 2013 is revised downward to a range of 2.1-2.6% from the earlier 2.8%, as government expects of a slight fall in oil prices, a stronger baht, and the its efforts to reduce the cost of living, Commerce Ministry Permanent Secretary Srirat Rastapana said. Source: Phillip Securities Research Pte Ltd

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Singapore The benchmark STI closed higher at 3,181.50 (+0.43%). The 3.7bn shares

traded were worth S$1.1n in value. The FTSE ST Mid Cap Index gained +0.78% while the FTSE ST Small Cap

Index declined -0.13%. The top active stocks were SingTel (+1.34%), GLP (+2.08%), Keppel Corp (-0.48%), Blumont (-0.41%), and UOB (+0.73%).

The STI may end higher today, as markets expect economic effects from the partial US government shutdown to be limited. The global economy growth remains relatively positive. Key risk event ahead would be talks on raising the US debt ceiling.

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

S$3.99) and Keppel Corp (Accumulate, TP: S$12.25). Deep Value Plays are Amara (Buy, TP: S$0.74), Boustead (Buy, TP: S$1.94) and Courts (Buy, TP: S$1.14).

Close +/- % +/-FSSTI 3181.50 13.63 0.43P/E (x) 13.09P/Bv (x) 1.40

3.26Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

3500

3700

10/1 1/1 4/1 7/1 10/1

Source: Bloomberg

Thailand Thai stocks gained as much as 1.81% on Tue as expectations held that US

lawmakers would finally pass spending bill though US Congress missed an Oct 1 deadline to agree on a bill that funds government operations, causing US federal agencies to be ordered to shut down.

The SET index looks set to extend its gains today but the upside may be more limited as the US government shutdown is unlikely to deal a heavy blow to the Thai economy. If the shutdown lasts for a few days, it is expected to shave only 0.1% off US fourth-quarter GDP. However, investors are still keeping an eye on the looming US debt ceiling deadline during the middle of this month

Investors should watch out for the rising bouts of volatility throughout the month as US debt ceiling deadline looms and QE speculation may return to the market ahead of the US FOMC policy meeting by the end of this month. For short-term trading ideas, we advise investors to look for laggards with strong fundamentals. Today we expect a trading range of 1390-1420 points for the SET index.

Resistance for the SET index is pegged at 1420-1440 points and support at 1380-1400 points.

Close +/- % +/-SET INDEX 1408.19 25.03 1.81P/E (x) 15.45P/Bv (x) 2.22

3.10Dividend Yield

STOCK EXCH OF THAI INDEX

900

1000

1100

1200

1300

1400

1500

1600

1700

10/2 1/2 4/2 7/2

Source: Bloomberg

Indonesia

The Jakarta Composite Index (JCI) climbed Tuesday (01/10), after a row of economic data showed better-than-expected trade balance and inflation. The composite index of Indonesian stocks rose 29.723 points, or 0.69%, to 4,345.899. Seven of the 9 major industry sectors advanced Tuesday, led by basic industry sector with 2.01%-rise, followed by infrastructure sector with 1.52%-gain, and consumer goods sector with 1.37%-advance. From the economic front, Indonesia posted a surprise trade surplus for August, its first in 5 months, giving some relief to the weakening Rupiah, but current account deficit will likely keep weighing on the currency this year. Trade surplus in August was USD 130 million, compared with a record USD 2.3 billion deficit the previous month. Inflation slowed last month as prices for food, transportation, communications and financial services declined, giving Bank Indonesia (BI) room to keep key interest rates steady. Consumer Price Index (CPI) climbed 8.40% in September year-on-year, down from the 8.79% increase in August. 132 shares rose and 105 shares declined Tuesday on the Indonesia Stock Exchange, where volume on the regular board totaled 3.09 billion shares worth IDR 3.63 trillion. Foreign investors’ transactions accumulated to a net sale of IDR 257.25 billion.

Indonesian stocks will likely move higher today, as sentiments improved on optimism that the partial government shutdown in the US would be short-lived, and after a row of better-than-expected economic data released Tuesday (01/10) in Indonesia. We estimate that the Jakarta Composite Index (JCI) will trade higher today, with support and resistance at 4,281 and 4,412.

Close +/- % +/-JCI Index 4345.90 29.72 0.69P/E (x) 18.06P/Bv (x) 2.56

2.29Dividend Yield

JAKARTA COMPOSITE INDEX

3400

3900

4400

4900

5400

10/2 1/2 4/2 7/2

Source: Bloomberg

Regional Market Focus

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Sri Lanka The First trading day of October concluded on an adverse sentiment and the

bourse witnessed yet another inactive trading session directing the benchmark ASPI to drown into the negative terrain. The bourse trended downwards falling to an intraday low of 5,777.50, however as at the closure the ASPI settled slightly higher at 5,780.83 losing 22.49 points or 0.39%. Following a similar pattern the S&P SL20 also closed within the negative territory at 3,210.89, losing 3.48 points or 0.11%. The turnover for the day was recorded as LKR 1.28Bn, indicating a gain of 70.76% against the previous trading day. Under the sectorial round-up, Bank Finance & Insurance (BFI) sector topped the list providing LKR 616.10Mn, accounting to nearly half of the day’s total turnover. Diversified Holdings (DIV) sector provided LKR 242.28Mn and stood next in line under the top subscriber list for the day. Additionally, the two sectors BFI and DIV collectively made account to nearly 70% of the aggregated turnover for the day. During the day, a total of 73.32Mn shares changed hands resulting in a dip of 2.27% against the previous trading day. Foreign investors appeared to be bullish during the day once again recording net foreign inflow of LKR 389.83Mn resulted by foreign buying of LKR 439.08Mn and selling of LKR 49.25Mn. This assisted the year to date net foreign inflow (LKR 20.33Bn) to surpass the LKR 20Bn mark for the first time during the year. The local FOREX market for the day closed with the USD selling at LKR 133.65/- and buying at LKR 130.30/-.

Close +/- % +/-CSEALL Index 5780.83 -22.49 -0.39P/E (x) 11.69P/Bv (x) 1.56

2.80

Dividend Yield

SRI LANKA COLOMBO ALL SH

4500

5000

5500

6000

6500

7000

10/2 1/2 4/2 7/2

Source: Bloomberg

Australia The Australian share market on Tuesday fell in choppy trading, after the United

States government partially closed down because Congress failed to agree upon a new budget. The benchmark S&P/ASX200 index dropped 12.1 points, or 0.23 per cent, to 5,206.8 points.

Today (02/10/2013), the Australian market looks set to open higher following gains on international markets amid hopes the partial US government shutdown will not seriously harm the economy and of a settlement to Italy's political crisis.

In economic news on Wednesday, the Australian Bureau of Statistics is due to release international trade in goods and services, and building approvals figures, both for August.

No major equities news is expected.

Close +/- % +/-S&P/ASX 200 INDEX 5206.80 -12.08 -0.23P/E (x) 22.64P/Bv (x) 2.01

5.70

STANDARD & POORS/ ASX 200 INDEX

Dividend Yield

3800

4000

4200

4400

4600

4800

5000

5200

5400

10/2 1/2 4/2 7/2

Source: Bloomberg

Hong Kong HSI declined 347 points or 1.5% to 22,859 and CEI lost 178 points or 1.7% to

10,316 in the last trading day of 3Q13. Trading volume remained low at HKD53.24 billion.

HK market was weak weighed by weakness in U.S. market due to concern of fiscal cliff. HSI opened low at 22,946 (-260 points). On the macro economic front, HSBC China manufacturing PMI (Sep) came in at 50.2, much lower than the preliminary reading of 51.2, followed by deeper drop of HSI. For 3Q13, HSI climbed 2056 points or 9.9% on the back of positive China economic data.

Financial sector led the indexes down; HSBC (5.HK) and AIA (1299.HK) lost 1.2% and 2% respectively. ICBC (1398.HK), China Life (2628.HK) and PICC P&C (2328.HK) dropped 2.3%, 2.2% and 2.6% respectively.

Solar energy sector outperformed after State Bureau of Taxation introduced lower added-value tax to support the related firms. Hanergy Solar (566.HK), GCL-Poly Energy (3800.HK) and Comtec Solar (712.HK) gained 12%, 3.7% and 4.5% respectively.

Power Assets (6.HK), the best-performed blue chip, climbed 2.6% after slip off of HK electricity arm announced.

Technically, HSI dropped below 10-MA and 20-MA and refilled the bull gap spanning down to 22,957. We still expect near-term consolidation, but remain bullish in mid-term. The next resistance and support for HSI are 23,000 and 22,500 respectively.

Close +/- % +/-HSI INDEX 22859.86 -347.18 -1.50P/E (x) 10.59P/Bv (x) 1.44

3.36Dividend Yield

HANG SENG INDEX

17000

18000

19000

20000

21000

22000

23000

24000

25000

10/3 1/3 4/3 7/3

Source: Bloomberg

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Market News

US The first U.S. government shutdown in 17 years has done little to dent confidence in markets on speculation that the work stoppage will

end in time for lawmakers to tackle the nation’s debt limit. The Bloomberg U.S. Financial Conditions Index rose for the first time in seven days, increasing 0.17 to 1.34. The gauge measures stress in the markets by combining everything from money-market rates to yields on government and corporate bonds to volatility in equities. During the debt-ceiling debate of August 2011, the index fell as low as negative 1.631. While congressional leaders have scheduled no further negotiations on spending legislation that idled as many as 800,000 federal employees, they have more than two weeks left before the nation’s borrowing capacity reaches its limit. (Source: Bloomberg)

Manufacturing unexpectedly picked up in September, showing American factories were a source of strength for the world’s largest

economy before the federal government shut down. The Institute for Supply Management’s factory index rose to 56.2, the strongest since April 2011, from 55.7 a month earlier, the Tempe, Arizona-based group’s report showed today. Readings greater than 50 indicate growth. Assembly lines hummed at companies from appliance and furniture makers to metals and transportation industries as the rebounds in housing and autos spurred growth. To sustain the expansion, manufacturing must now overcome the budget gridlock in Washington that has led to the first partial government shutdown in 17 years, idling about 800,000 federal employees. (Source: Bloomberg)

Singapore The Total Debt Servicing Ratio (TDSR) framework has made its presence felt, crimping prices and volumes in pocket segments of the

private and public residential markets. Prices of Singapore's private homes rose a marginal 0.4 per cent in Q3, according to the Urban Redevelopment Authority's (URA) flash estimate, compared with the one per cent gain seen in the previous quarter. Specifically, prices of non-landed homes in the Core Central Region (CCR) slipped 0.5 per cent in Q3, compared with a 0.2 per cent dip the previous quarter. In a similar vein, prices of city-fringe homes dropped 1.1 per cent, reversing a 0.2 per cent rise in Q2. This is the first decrease since the first quarter of last year. (Source: Business Times)

Some analysts have put further price declines for resale Housing and Development Board (HDB) flats on the table, after the resale price

index (RPI) fell for the first time in more than four years in the third quarter of the year. Flash estimates from HDB yesterday put the index at 205.1 in Q3, a 0.7 per cent drop from the previous quarter. This is the first time that the RPI has fallen since the first quarter of 2009, at the outset of the global financial crisis, when it lost 0.8 per cent. Consultants were not surprised by the drop, as a combination of cooling measures, and new or tweaked government regulations over the year took their toll. (Source: Business Times)

Thailand The cabinet on Tue approved the extension of limited free ride on city buses and third-class trains for another six months until Mar 31,

2014 to help offset the rising cost of living and soaring product prices. (Source: Bangkok Post) Rising food and beverage prices pushed Thailand’s headline inflation in Sep 2013 to 105.58, up 1.42% on year, permanent secretary for

commerce Srirat Ratthapana said on Tue. In m-m terms, consumer price index (CPI) rose 0.16% on month. Sep core inflation, which excludes food and energy prices, rose 0.61% on year and 0.09% on month to 103.23. In the first nine months of 2013, CPI was up 2.36% y-y. The ministry also slashed its full-year inflation target from 2.8%-3.4% to 2.1%-2.6% due to easing crude oil prices and the strong baht. (Sources: Bisnews, Bangkok Post)

The Real Estate Information Center (REIC) said 33% of condo buyers in the first half of 2013 purchased condos for investment purposes

and 15% for speculation. The condo market was likely to see a slowdown in second half of the year as developers were concerned about domestic economic and political conditions, labor shortages, huge supply and tighter loan rules. (Source: Post Today)

The potential buyers of about 130,000 cars who filed for tax refunds under the government's first-time car buyer scheme have not yet

exercised their rights, while another 20,000 prospective buyers have decided to forsake rights. The 130,000 potential buyers might be awaiting car delivery or delaying delivery until they are financially ready. Some of this group could change their minds by cancelling orders. The Excise Department has paid Bt30bn in tax refunds to 500,000 car owners under the scheme. It has set a budget to pay Bt30bn in tax refunds for this fiscal year and the next one. (Source: Bangkok Post)

Indonesia The Indonesian Palm Oil Board (“DMSI”) said that this year's crude palm oil production have missed the set target. DMSI targeted to

produce 28 million tons at the beginning of this year, but the target will now be lowered to 27 million tons. The CPO production decline was caused by seasonal influences, causing a number of companies to fail to meet their production targets. Additionally, there is a downtrend in exports to Europe as a number of CPO importing countries have lower CPO consumption, following the availability of other vegetable oils for their market. (Source: Tempo)

Indonesia recorded a surprise trade surplus for August, its first in five months, offering some relief to the ailing rupiah, but the country’s

current account deficit will likely keep weighing on Asia’s weakest currency this year. The Southeast Asia’s largest economy had a trade surplus of USD 130 million in August, compared with a record USD 2.3 billion deficit the previous month. (Source: The Jakarta Globe)

Indonesia’s inflation slowed last month as prices for food, transportation, communications and financial services declined, giving the

central bank room to keep key interest rates steady. The consumer price index rose 8.40% in September year on year the Central

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Statistics Agency (BPS) reported on Tuesday. That was down from the 8.79% increase in August. Based on groups, prices for food fell for 2.88% in September and were down 0.79% for transportation, communication and financial services. (Source: The Jakarta Globe)

Sri Lanka Sri Lankan power users have adopted energy saving lighting in a big way conserving an estimated 312 Mega Watts of load a day and

keeping a night peak from rising faster. Deputy Director General of Sri Lanka's Sustainable Energy Authority (SEA), which promotes renewable energy and conservation, has said that penetration of compact fluorescent lights (CFL) had exceeded 50 percent of lighting in the country. (Source: lankabusinessonline.com)

Australia LINC Energy will look to de-list from the Australian market and seek a new home on the Singapore Exchange to reposition the company in

an “emerging oil and gas hub''. The junior oil and gas company said today that it believed a Singapore listing would help to unlock the value of its conventional and unconventional oil, gas and coal assets and its underground coal gasification technology (UCG). Linc will consider offering shares to new investors as part of the move to the new listing. “Singapore is a hub for the international capital market and an emerging regional oil and gas hub and the company believes that the SGX is an ideal trading platform to broaden its investor base and improve access to international oil and gas and energy investors,'' it said in a statement to the Australian market. Linc added that the transition would improve access to capital markets and reposition the business to deliver its long-term growth strategy, enabling the company to benefit from increasing demand for oil and gas in Asian markets. (Source: The Australian)

ROLLING out income quarantining across the country would be "radically" cheaper per person than the current cost, according to the

head of the new Department of Social Services. At a Senate estimates hearing in which he was cross-examined on the Labor government's scheme by the Greens, department secretary

Finn Pratt declared the cost was not expensive as had been assumed by its opponents. (Source: The Australian) BUSINESS is finally taking note of far north Queensland, with a listed Singapore hotelier about to swoop on the landmark Novotel Palm

Cove, Chinese interests expected to pour $50 million redeveloping the dowager Sheraton Mirage Resort in Port Douglas, and Vaughan Bullivant's Daydream Island finally selling.They are no doubt buoyed by the $50m South African billionaire Sol Kerzner recently flagged he would spend redeveloping Hayman Island, which will open as Australia's first exclusive One&Only resort in April. (Source: The Australian)

Hong Kong The official Purchasing Managers' Index (PMI) stood at 51.1 last month from August's 51.0, below expectations in a Reuters poll for a rise

to 51.5, which would have been the highest in 17 months. Chinese factories have sent mixed signals on the extent of their latest rebound. A separate manufacturing PMI issued by HSBC on Monday showed manufacturing grew less than expected last month on soft domestic demand. The official PMI is more weighted towards larger, state-owned companies than the HSBC version. The data showed the sub-index for small firms at 48.4, down from 48.8 the previous month, while that for large companies rose to 52.1 from 51.8. The overall new orders sub-index rose to 52.8 from the previous month's 52.4, with export orders at 50.7 from 50.2. Analysts have warned that China's economic rebound could be short-lived due to its feeble foundation, and the government's promise to avoid knee-jerk policy action that lifts growth in the short run but hurts the economy in the long run. (Source: Reuters)

The new "lemon law" gives Chinese consumers nearly as much protection as enjoyed by their counterparts in the United States to obtain

free repair of faults or replacement of defective vehicles. Big global manufacturers such as General Motors Corp (GM.N) or Toyota Motor Corp (7203.T) are well-equipped to take the regulations, which are no more stringent than those they already face in their home or international markets, in their strides. But for some indigenous players, especially smaller, little-known car makers with less rigorous quality control, the tougher requirements could sharply increase warranty-related costs. China has more than 70 registered automakers, most competing for just a thin sliver of the world's biggest car market. Many are already feeling the pressure from a slowing economy and tougher fuel economy requirements due to be implemented. As in other manufacturing industries, such as steelmaking and shipbuilding, policymakers in Beijing are trying to encourage automakers to merge and combine operations to create bigger and more globally competitive homegrown firms. (Source: Reuters)

Underpinned by its strong rule of law and freedoms under the "one country, two systems" formula since it was handed over to China 16

years ago, Hong Kong is a long-time beneficiary of preferential economic policies. It is China's designated global offshore yuan center and is seen as a gateway to the world's second-largest economy. While the launch of the 29 sq km Shanghai zone has stoked debate from tycoons to taxi drivers as to whether this could be a turning point for the fortunes of the former British territory, market watchers expect little impact for now. Officials at the launch of the zone on Sunday promised a far more open and streamlined environment for foreign firms to do business in China, along with the relaxation of policies for a raft of service sectors, including banking. However, the absence of senior Beijing leaders at the launch and few specifics on bolder reforms such as a more convertible yuan and liberalised interest rates left some disappointed, while officials stressed the zone remains a work in progress. (Source: Reuters)

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80.18 +0.05% 284.02 -0.53%

108.01 -0.87% 2.656 +0.01%

1,287.65 -0.03% 15,191.70 +0.41%

536.36 +0.43% MSCI SEA 828.38 +1.22%

2,933.02 +1.38% 55.2

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

Oct-1

2

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

700

750

800

850

900

950

1,000

Oct-1

2

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

11,000

12,000

13,000

14,000

15,000

16,000

Oct-1

2

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

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

Oct-1

2

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

48

49

50

51

52

53

54

55

56

Oct-1

2

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

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

Oct-1

2

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

78

80

82

84

Oct-1

2

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

Oct-1

2

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

90

100

110

120

130

Oct-1

2

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

440

460

480

500

520

540

560

580

Oct-1

2

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

Regional Market Focus

2 October 2013

10 of 15

Valuations of Major Regional Markets

14.8 1.40

14.0 2.22

11.0 1.44

14.8 2.56

15.1 2.01

Source: Bloomberg

Hang Seng Index, P/B (X)

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

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

Straits Times Index, Forward P/E (X)

Hang Seng Index, Forward P/E (X)

Straits Times Index, P/B (X)

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

Jakarta Stock Exchange Composite Index,

10

12

14

16

18

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.0

1.2

1.4

1.6

1.8

2.0

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.0

1.5

2.0

2.5

3.0

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

8

10

12

14

16

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.01.21.41.61.82.02.2

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

8

10

12

14

16

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

2.22.42.62.83.03.23.43.6

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

10

12

14

16

18

20

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

1.4

1.6

1.8

2.0

2.2

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

8

10

12

14

16

18

Dec-0

9

Ma

r-10

Ju

n-1

0

Se

p-1

0

Dec-1

0

Ma

r-11

Ju

n-1

1

Se

p-1

1

Dec-1

1

Ma

r-12

Ju

n-1

2

Se

p-1

2

Dec-1

2

Ma

r-13

Ju

n-1

3

Se

p-1

3

Regional Market Focus

2 October 2013

11 of 15

Source: Bloomberg

World Index

JCI 0.69% 4,345.90

HSI -1.50% 22,859.86

KLCI 0.02% 1,769.03

NIKKEI 0.20% 14,484.72

KOSPI 0.57% 2,010.24

SET 1.81% 1,408.19

SHCOMP 0.68% 2,174.67

SENSEX 0.71% 19,517.15

ASX -0.23% 5,206.80

FTSE 100 -0.03% 6,460.01

DOW 0.41% 15,191.70

S&P 500 0.80% 1,695.00

NASDAQ 1.23% 3,817.98 COLOMBO -0.39% 5,780.83

STI 0.43% 3,181.50

Regional Market Focus

2 October 2013

12 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

10/2/2013 Total Vehicle Sales Sep 15.60M 16.02M 10/2/2013 Electronics Sector Index Sep 51.2 51.3

10/2/2013 Domestic Vehicle Sales Sep 12.10M 12.44M 10/2/2013 Purchasing Managers Index Sep 50.7 50.5

10/2/2013 MBA Mortgage Applications 27-Sep -- 5.50% 10/7/2013 Foreign Reserves Sep -- $261.87B

10/2/2013 ADP Employment Change Sep 180K 176K 10/8/2013 GDP SAAR QoQ 3Q A -- 15.50%

10/2/2013 ISM New York Sep -- 60.5 10/8/2013 GDP YoY 3Q A -- 3.80%

10/3/2013 Challenger Job Cuts YoY Sep -- 56.50% 10/9/2013 Automobile COE Open Bid Cat A 9-Oct -- 83751

10/3/2013 RBC Consumer Outlook Index Oct -- 51.1 10/9/2013 Automobile COE Open Bid Cat B 9-Oct -- 86239

10/3/2013 Initial Jobless Claims 28-Sep 313K 305K 10/9/2013 Automobile COE Open Bid Cat E 9-Oct -- 87001

10/3/2013 Continuing Claims 21-Sep 2800K 2823K 10/14/2013 Retail Sales Ex Auto YoY Aug -- 2.50%

10/3/2013 Bloomberg Consumer Comfort 29-Sep -- -28.1 10/14/2013 Retail Sales YoY Aug -- -7.80%

10/3/2013 Factory Orders Aug 0.30% -2.40% 10/14/2013 Retail Sales SA MoM Aug -- -5.30%

10/3/2013 ISM Non-Manf. Composite Sep 57 58.6 10/17/2013 Electronic Exports YoY Sep -- -9.20%

10/4/2013 Change in Nonfarm Payrolls Sep 180K 169K 10/17/2013 Non-oil Domestic Exports YoY Sep -- -6.20%

10/4/2013 Tw o-Month Payroll Net Revision Sep -- -- 10/17/2013 Non-oil Domestic Exports SA MoM Sep -- -6.00%

10/4/2013 Change in Private Payrolls Sep 182K 152K 10/23/2013 CPI NSA MoM Sep -- 0.80%

Date Statistic For Survey Prior Date Statistic For Survey Prior

10/3/2013 Consumer Confidence Economic Sep -- 6950.00% 10/3/2013 Retail Sales Value YoY Aug 10.20% 9.50%

10/3/2013 Consumer Confidence Sep -- 7930.00% 10/3/2013 Retail Sales Volume YoY Aug 9.60% 8.90%

10/4/2013 Foreign Reserves 27-Sep -- $171.1B 10/4/2013 HSBC/Markit PMI Sep -- 4970.00%

10/4/2013 Forw ard Contracts 27-Sep -- $22.3B 10/7/2013 Foreign Reserves Sep -- $303.9B

10/11/2013 Foreign Reserves 4-Oct -- -- 10/17/2013 Unemployment Rate SA Sep -- 3.30%

10/11/2013 Forw ard Contracts 4-Oct -- -- 10/18/2013 Composite Interest Rate Sep -- 0.32%

10/16/2013 BoT Benchmark Interest Rate 16-Oct -- 2.50% 10/21/2013 CPI Composite YoY Sep -- 4.50%

10/17/2013 Car Sales Sep -- 100289 10/24/2013 Exports YoY Sep -- -1.30%

10/18/2013 Foreign Reserves 11-Oct -- -- 10/24/2013 Imports YoY Sep -- -0.20%

10/18/2013 Forw ard Contracts 11-Oct -- -- 10/24/2013 Trade Balance Sep -- -39.6B

10/24/2013 Customs Exports YoY Sep -- 3.90% 10/31/2013 Budget Balance HKD Sep -- --

10/24/2013 Customs Imports YoY Sep -- -2.10% 10/31/2013 Retail Sales Value YoY Sep -- --

10/24/2013 Customs Trade Balance Sep -- -$95M 10/31/2013 Retail Sales Volume YoY Sep -- --

10/25/2013 Foreign Reserves 18-Oct -- -- 10/31/2013 Money Supply M1 HKD YoY Sep -- --

10/25/2013 Forw ard Contracts 18-Oct -- -- 10/31/2013 Money Supply M2 HKD YoY Sep -- --

Source: BloombergSource: Bloomberg

Source: Bloomberg

Thailand Hong Kong

Source: Bloomberg

US Singapore

Economic Announcement

Regional Market Focus

2 October 2013

13 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

10/1/2013 Danareksa Consumer Confidence Sep -- 88.8 10/7/2013 Exports YoY Aug -- 8.00%

10/1/2013 Consumer Confidence Index Sep -- 10780.00% 10/7/2013 Imports YoY Aug -- 20.80%

10/3/2013 Foreign Reserves Sep -- $93.0B 10/15/2013 CBSL Repurchase Rate 15-Oct -- 7.00%

10/3/2013 Net Foreign Assets IDR Sep -- 978.6T 10/15/2013 CBSL Reverse Repo Rate 15-Oct -- 9.00%

10/8/2013 Bank Indonesia Reference Rate 8-Oct -- 7.25% 10/31/2013 CPI Moving Average YoY Oct -- --

10/10/2013 Local Auto Sales Sep -- 7796100.00% 10/31/2013 CPI YoY Oct -- --

10/10/2013 Motorcycle Sales Sep -- 488983 11/5/2013 Exports YoY Sep -- --

11/1/2013 HSBC/Markit Manufacturing PMI Oct -- 50.2 11/5/2013 Imports YoY Sep -- --

11/1/2013 CPI YoY Oct -- 8.40% 11/12/2013 CBSL Repurchase Rate 12-Nov -- --

11/1/2013 CPI NSA MoM Oct -- -0.35% 11/12/2013 CBSL Reverse Repo Rate 12-Nov -- --

11/1/2013 CPI Core YoY Oct -- 4.72% 11/29/2013 CPI Moving Average YoY Nov -- --

11/1/2013 Exports YoY Sep -- -6.30% 11/29/2013 CPI YoY Nov -- --

11/1/2013 Imports YoY Sep -- -5.70% 12/5/2013 Exports YoY Oct -- --

11/1/2013 Trade Balance Sep -- $132M 12/5/2013 Imports YoY Oct -- --

11/1/2013 Danareksa Consumer Confidence Oct -- -- 12/10/2013 CBSL Repurchase Rate 10-Dec -- --

Date Statistic For Survey Prior

10/2/2013 Trade Balance Aug -400M -765M

10/2/2013 Building Approvals MoM Aug -0.50% 10.80%

10/2/2013 Building Approvals YoY Aug 12.80% 28.30%

10/3/2013 AiG Perf of Services Index Sep -- 3900.00%

10/7/2013 AiG Perf of Construction Index Sep -- 43.7

10/7/2013 Foreign Reserves Sep -- A$55.7B

10/8/2013 NAB Business Conditions Sep -- -600.00%

10/8/2013 NAB Business Confidence Sep -- 600.00%

10/8/2013 ANZ Job Advertisements MoM Sep -- -2.00%

10/9/2013 Westpac Consumer Conf SA MoM Oct -- 4.70%

10/9/2013 Westpac Consumer Conf Index Oct -- 11060.00%

10/10/2013 Consumer Inflation Expectation Oct -- 1.50%

10/10/2013 Employment Change Sep -- -10.8K

10/10/2013 Unemployment Rate Sep -- 5.80%

10/10/2013 Full Time Employment Change Sep -- -2.6K

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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