MIC (P) 137/11/2012 Ref No: RM2013_0004 1 of 15

Regional Market Focus

Phillip Securities Research Pte Ltd

7 January 2013

Singapore

Wilmar International Ltd - Update Recommendation: Neutral Previous close: S$3.59 Fair value: S$3.70

Appreciated by 13% over the past 2 months

Impact from lower CPO prices limited

Downgrade to Neutral with higher target price of S$3.70 CDL Hospitality Trust - Update Recommendation: Neutral Previous close: S$1.945 Fair value: S$2.060

Acquired Angsana Velavaru, the Maldives at US$71mn with an annualized net property income yield of 9.6%

Defensive lease structure of 10 years with potential upsides

DPU accretive as the purchase was fully funded by debt

Maintain Neutral with revised target price of S$2.060

Thailand

Bangkok Bank – Trade Flash Recommendation: BUY Previous close: Bt194 Fair value: Bt235

We expect the bank to post a 4QCY12 pretax profit of Bt9.60bn, down 8.6% q-q due largely to higher costs of fund, year-end expenses and provisions. However, lower income tax payment will help support net profit to increase 16.7% q-q, 54.0% y-y to Bt9.10bn.

Full year CY12 profit is estimated at Bt33.86bn, up satisfactorily by 23.9% from Bt27.34bn y-y.

The outlook remains positive for the bank in CY13 driven by continued loan demand from public and private investments.

We keep a ‘BUY’ call on BBL shares with a CY13 target price of Bt235/ share based on a P/B of 1.55x.

Hong Kong

China Shenhua (1088 HK) - Stable Growth with Economy Recovery! Rating: Accumulate Previous close: HKD 34.8 Target Price: HKD 37.5

The growth of operation results in the 1FY 2012 is stable, each business show considerable growth to 2011.We estimate that the operation results in 2012 will be grow warmly.

Although affected by the coal industry recession, Shenhua's coal business still finished more 50% of annual plan; it ensures that the operation results in 2012 would be maintained in a stable level.

Besides, benefits from the rebounding of coal and power market, the results of coal business will be stable. With the support and advantage of coal business, the performances of other business are also considerable.

The coal market has been recovering from recession, since the coupled coal-electricity will be implementing, the whole market as well as Shenhua will get better development opportunity.

The EPS of 2011 is CNY 2.3, we estimate that the EPS of 2012 will be CNY 2.49, the target price in next 6 months is HKD 37.5 under 12x PE, the rating is Accumulate.

Regional Market Focus

7 January 2013

2 of 15

Strategy Views

- Country Strategy: S’pore, 26 Dec / China & HK, 19 Dec / Thai, 19 Dec - Global Macro, Asset Strategy: 4 Jan / US, 21 Dec / ASEAN, 5 Dec Morning Commentary

- STI: +0.01% to 3225.22 - MSCI SE Asia: -0.22% to 881.7 - Hang Seng: -0.29% to 23331.1 - MSCI APxJ: -0.51% to 476 - Euro Stoxx 50: +0.30% to 2709.4 - S&P500: +0.49% to 1466.5 MARKET OUTLOOK: By Joshua Tan, Hd of Research Strictly, the technical signals for the STI, HSCEI, HSI suggest a pause after fairly strong run-ups, as price action off Thu and Fri is indecisive after gap-ups (STI), and long candlesticks (HSCEI, HSI). However, the S&P500’s positive close on Fri (on good non-farm payrolls report) ameliorated Thu’s indecisive doji (after the Fed minutes suggested the possible end of QE in 2013), so we suspect the S&P500 could actually make a test of the 1470 resistance tonight. As markets look ahead, we could have a positive Monday today in Asia after all, though we’d like to make clear that short term trading signals are not the cleanest at the moment for the STI, HSCEI, HSI. The HSCEI in particular is at the doorstep of heavy resistance at 12,000. Instead, clients should take heed that macroeconomic data has been turning more positive globally (as we have been saying since late November). Underlying fundamentals are getting better albeit key risk ahead remains the US sequester/debt ceiling debate in Feb. We think the investment climate is cautiously positive, unless the US sequester totally unravels (not our base case). We are Overweight China-HK stocks, with Hd of Research China liking China Merchants Bank (3968 HK) and Central China Real Estate (832 HK); while Hd of Research Hong Kong’s top picks are: Dah Sing Financial Holdings Ltd (440 HK) and HSBC (5 HK). We are also Overweight SG stocks, with SG Equity Strategist favouring SIAEC, Capitaland, and Pan United. MACRO DATA In the US, core capex continued to improve. Specifically, non-defence capital goods order ex aircrafts – a proxy for future business investment – rose 2.6% m-m sa in Nov, following a 3% increase in the preceding month. The ISM non-manufacturing index surged 1.4pts m-m to 56.1 in Dec- highest level since Feb 2012, signalling a faster pace of growth in activity in the services sector. On the labour front, unemployment remain at 7.8% sa in Dec, unchanged from the preceding month. Non-farm payroll employment expanded 155,000 in Dec, lesser than the 161,000 increase in the preceding month. In the EZ, the bloc remains mired in recession. Specifically, the composite PMI gained 0.7pts m-m to 47.2 in Dec but still remain mired in contractionary territory, despite modest improvement in manufacturing as well as services activity. In China, residential property price registered the first increase in 9 months in Dec -albeit at a modest rate (+0.03% on an annual basis), suggesting tepid signs of a housing market recovery. In Philippines, CPI inflation gained 0.1%-pt m-m to 2.9% in Dec, on account of higher food prices. Recall the central bank stood pat in December, maintaining the benchmark rate at a record low of 3.5% (consistent with our expectations). Looking ahead, odds of a rate cut are low at this juncture in view of resilient domestic demand, with benign inflation to boot. But we do not rule out the possibility of the BSP either reducing policy rates or performing RRR cuts to temper the appreciation of the Philippine peso, rather than stimulating growth per se.

Regional Market Focus

7 January 2013

3 of 15

Singapore The benchmark STI was little change at 3,225.22 (+0.01%). Trading volume was

high at 7.1bn shares worth S$1.4bn. Following a 13% appreciation in the stock, our analyst downgraded his

recommendation on Wilmar to Neutral. We expect CPO prices to weaken in 2Q13 due to seasonal effects, strong supply from Malaysia and Indonesia and record high inventories. Furthermore, soybean crushing margin had been in negative region since mid Oct.

Our top picks for the Singapore Market are Pan United, SIAEC & Capitaland. Pan United is a dominant supplier to the construction industry in Singapore and we expect the company to perform well given the strong pipeline of infrastructure work over the next few years. SIAEC is a key beneficiary of the aviation growth story in the region and offers excellent dividend yields. Capitaland would be a beneficiary of the stabilisation of property prices and bottoming out of economic conditions in China.

Close +/- % +/-FSSTI 3225.22 0.42 0.01P/E (x) 12.23P/Bv (x) 1.46

2.88Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

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

Source: Bloomberg

Thailand The composite SET index corrected towards a key 1400 level last Fri before it

bounced back in the afternoon session as buying returned. Volatility reigned supreme.

Investors should be more cautious in trading after Thai stocks suffered wild swings last Fri. Gains in US equities lifted by encouraging US jobs data may set the positive tone for the Thai stock market today but the upside appears limited in the face of several wildcards out there amid negotiations on US budget cuts and debt ceiling limit and timeline for the end of the Federal Reserve’s asset purchases. These uncertainties would leave the market vulnerable to bouts of profit taking. Even though foreign net purchases of Thai shares continued to the tune of over Bt2.8bn last Fri, foreign investors turned net short by 1,259 contracts in derivatives market, reflecting a lack of conviction about foreign accumulation of Thai shares.

In the near term, we advise ‘sell on rise’ strategy in the current market. Today we peg resistance for the SET index at 1420-1430 and support at 1410-

1404.

Close +/- % +/-SET INDEX 1416.66 8.25 0.59P/E (x) 17.67P/Bv (x) 2.40

2.82Dividend Yield

STOCK EXCH OF THAI INDEX

900

1000

1100

1200

1300

1400

1500

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

Source: Bloomberg

Indonesia

Indonesian stocks treaded water Friday (04/01), as markets in Asia closed in a mixed bag after moderate declines on US equities overnight. The Jakarta Composite Index gained a modest 10.762 points, or 0.24%, to close at 4,410.020. The advance included six of the 9 major industry groups, with construction sector rose 1.52%, infrastructure sector gained 0.69%, and financial sector climbed 0.65%. The LQ45 index that measures Indonesia’s blue-chip stocks added 0.742 points, or 0.10%, to 753.876, with 18 of its components ended in positive territory. More than 135 shares climbed, 106 shares fell, and 224 shares stayed unchanged Friday on the Indonesia Stock Exchange. Trading volume in the regular market neared 3.8 billion shares, valued at more than IDR 4.3 trillion. Foreign investors posted net purchases of shares worth IDR 494.71 billion in total.

The Jakarta composite index will likely advance today, as positive closes on US market on Friday may set grounds for Asian markets. We estimate the JCI will trade higher with support at 4,377 and resistance at 4,435.

Close +/- % +/-JCI Index 4410.02 10.76 0.24P/E (x) 17.47P/Bv (x) 2.89

2.05Dividend Yield

JAKARTA COMPOSITE INDEX

3400

3600

3800

4000

4200

4400

4600

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

Source: Bloomberg

Regional Market Focus

7 January 2013

4 of 15

Sri Lanka Rebuilt confidence amongst the market participants upheld the Colombo bourse

to conclude the 1st week of Y2013 on an inspiring optimistic note. The market pursued its positive momentum throughout the week to reach its 12 week high on Friday. Though the retailers’ participation was marginally low, foreign activities were noticeably high and foreign contribution to the weekly turnover consisted with high value. Both indices recorded impressive appreciations throughout the week. All Share Price Index gained 140.58 points (2.51%) to close the week at 5,747.71 and S&P SL20 Index increased by 52.72 points (1.72%) and ended the week at 3,121.71.

Total weekly turnover of LKR 3.72Bn was recorded, was a significant increase of 191.86% in comparison to the prior week. Meanwhile, the Friday’s turnover stood at LKR 1.23Bn largely backed by off-market deals. Total traded volume for the week was 141.8Mn shares, 195.68% increase compared to the previous week. Total market capitalization stood at LKR 2.21Tn. The market’s PER(X) and PBV(X) stood at 16.23 and 2.11 respectively at the weekly closure. The foreigner became net buyers during the week recording a net foreign inflow of LKR 401.8Mn.

Close +/- % +/-CSEALL Index 5747.71 17.26 0.30P/E (x) 12.42P/Bv (x) 1.76

2.62

Dividend Yield

SRI LANKA COLOMBO ALL SH

4500

4700

4900

5100

5300

5500

5700

5900

6100

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

Source: Bloomberg

Australia

S&P/ASX 200 decreased by 0.36% or 16.9 points to close at 4,723.78.

Close +/- % +/-S&P/ASX 200 INDEX 4723.78 -16.90 -0.36P/E (x) 18.19P/Bv (x) 1.88

5.96

STANDARD & POORS/ ASX 200 INDEX

Dividend Yield

3800

4000

4200

4400

4600

4800

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

Source: Bloomberg

Hong Kong

Local stocks dropped. The HSI and HSCEI dropped 67 points and 49 points to 23331 and 11937 respectively. The HSI dropped after rallied to the recorded high in 19 months. Market volume was 77.492. billion, dropped 13.1% dod.

As we expected the market may drop slightly in short term, since most of the stock’s RSI rose above or near 80, and investors are too optimistic to the China market. Investors are suggested to stand on sideline and wait for a clear trading signal.

Technically, the HSI is expected to gain a support from 23000 level, major resistance will be 23500 level.

Close +/- % +/-HSI INDEX 23331.09 -67.51 -0.29P/E (x) 11.98P/Bv (x) 1.56

3.03Dividend Yield

HANG SENG INDEX

17000

18000

19000

20000

21000

22000

23000

24000

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

Source: Bloomberg

Regional Market Focus

7 January 2013

5 of 15

Market News

US Senate Minority Leader Mitch McConnell on Sunday ruled out raising tax revenues on top of the tax hike on the wealthy in the "fiscal cliff"

deal, and said the full focus must now be on spending cuts to curb U.S. deficits. But Democrats said they would push for a "balanced" approach of more tax revenue from the rich as well as spending reductions as Congress headed toward another fiscal battle in March over raising the federal debt ceiling. "The tax issue is finished, over, completed," McConnell, a Kentucky Republican, said on ABC's "This Week With George Stephanopoulos." "That's behind us. Now the question is what are we going to do about the biggest problem confronting our country and our future, and that's our spending addiction." McConnell used the Sunday morning news shows to lay out his position in the upcoming fight over raising the U.S. debt ceiling and funding the government that is expected to come to a head in March, just three months after the struggle to avert the January 1 fiscal cliff of severe tax hikes and spending cuts that economists said could have brought a recession. (Source: Reuters)

Fresh from the long legislative fight to prevent a "fiscal cliff" of tax hikes and spending cuts, President Barack Obama warned on Saturday that the United States could not afford further budget showdowns this year or in the future. Obama, who returned to Hawaii for a family vacation shortly after the House of Representatives passed a compromise bill on Tuesday, said in his weekly radio and Internet address that the new law was just one step toward fixing the country's fiscal and economic problems. "We still need to do more to put Americans back to work while also putting this country on a path to pay down its debt, and our economy can't afford more protracted showdowns or manufactured crises along the way," he said in the address, broadcast on Saturday. "Because even as our businesses created 2 million new jobs last year - including 168,000 new jobs last month - the messy brinkmanship in Congress made business owners more uncertain and consumers less confident." Government data released on Friday showed the U.S. unemployment rate remained at 7.8 percent in December. (Source: Reuters)

Singapore Consumers of luxury seafood may have to fork out more ahead of the upcoming Chinese New Year, even as they contend with smaller

bonuses and a lacklustre economic outlook. Wholesalers and traders of abalone and fish maw - popular during the Lunar New Year season - are projecting higher prices, largely due to limited supply and expectations of stable, if not strong, demand. Supply of abalone, for instance, is clipped by regulations and environmental constraints. "The import of abalone is controlled by the country of origin, like Australia, Mexico," said a spokesman of KYH International, which distributes the Skylight brand of abalone. "In order to protect the environment and the resources in the sea, every year they only allow the divers to catch a certain amount or quantity." KYH has seen an increase in the price of abalone it sources. "Depending on the country, about 6 to 8 per cent increase from last year," said their spokesman. KYH imports wild-harvest abalone, as well as farmed abalone. (Source: BT Online)

Singapore and Turkey will open negotiations on a free trade agreement (FTA) to further the two countries' political and economic relations, Foreign Affairs Minister K Shanmugam said yesterday. Speaking at the annual Turkish Ambassadors' Conference in Ankara, Turkey, he said that such an FTA will overlap with the recently completed EU-Singapore Free Trade Agreement (EUSFTA). Turkey's Deputy Prime Minister Ali Babacan mooted the idea of a Singapore-Turkey bilateral FTA during his visit here in March last year. Trade flows between Singapore and Turkey, which has been on a steady upward tick, hit $2.2 billion in 2011. (Source: BT Online)

Hong Kong

China pledged measures to ease traffic congestion with a goal of public transport accounting for 60 percent of all motor vehicle use in towns and cities. The government will support the development of environmentally friendly urban transport systems and offer tax breaks and fuel subsidies for mass transit vehicles, according to a statement by the State Council, or cabinet, posted on the central government’s website on Jan. 5. It didn’t specify the current percentage of public transport use. As many as 300 million of China’s 1.4 billion people will move from the countryside by 2030 to join the 600 million already living in cities, according to Organization for Economic Cooperation and Development estimates. Traffic congestion and worsening pollution is forcing the government to improve public transport to cope with the influx. (Source: Bloomberg)

Maersk Line, the world’s biggest container-shipping company, threatened to stop using cleaner fuel at Hong Kong port from next year if the government doesn’t mandate higher quality oil for carriers berthing in the city. Without rules, shipping lines that burn polluting fuel benefit from cheaper costs compared with Maersk, which uses a cleaner fuel that is also expensive, said Tim Smith, its North Asia head. The company and 17 other operators have voluntarily used low-sulfur oil for the past two years to help curb Hong Kong’s pollution, the worst among global financial centers. Government incentives for switching to cleaner fuels for shipping lines calling on the world’s third-busiest container port, a key contributor to the island’s pollution, don’t cover additional costs and the payments are often delayed because of processes, Smith said. Reverting to dirtier oil will be a blow to Hong Kong Chief Executive Leung Chun-ying’s plans to clean up the city even as residents choke on smog that causes more than 3,000 deaths a year. (Source: Bloomberg)

Thailand Foreign investors remained net buyers of Thai shares worth Bt2,817.04mn last Fri. (Source: Bisnews)

Economists polled by Reuters had expected the Bank of Thailand’s Monetary Policy Committee to leave its policy interest rate

unchanged at 2.75% at the upcoming meeting on Jan 9, 2013. (Source: Bisnews) Spending on digital media ads is set to surge 50% to Bt4.5bn-Bt5bn as digital media would be the brightest spot in the Thai ad industry

in 2013 with social media, applications, digital commerce as rising stars, said leading media and ad agencies. Growth momentum in cable and satellite TV ad spending would continue to the tune of more than Bt10bn. Overall the Thai ad industry is expected to grow by

Regional Market Focus

7 January 2013

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7% to Bt140bn this year. (Source: Krungthep Turakij) The Revenue Department said it has a plan to cut corporate income tax rate to 15%, the lowest in ASEAN to attract more investments

into Thailand and boost the country’s competitiveness. (Source: Post Today)

Indonesia The government estimates that Indonesia-China trade balance in 2013 will deficit by USD 6 billion. The Deputy Coordinating Minister for

Economic Affairs, Industry and Trade said the deficit would be caused by Indonesia's high value of import from China, in line with China’s rising investment in Indonesia. China is a major trading partner for Indonesia, for both export and import – particularly commodities goods. China's policies of prioritizing its domestic economy will encourage the industries’ growths, resulting in more demands for raw materials. (Source: Indonesia Finance Today)

The markets assessed that changes in trading hours have not been able to significantly increase daily transaction value in IDX. The increase in the average daily transaction value that occurred within the first two days of 2013, was due to positive sentiment from the resolving of the fiscal gap (fiscal cliff) in the United States (US), and not due longer trading duration. Based on data from IDX, the average daily transaction value in the first two days of 2013 stood at IDR 5.53 trillion (US$ 575.12 million), higher than average daily transaction value of IDR 4.54 trillion in 2012. Transaction volume and frequency were also higher. The large accumulated buying was due to positive sentiment boost from the resolving of the fiscal cliff in the US. Positive news also came from China, in which manufacturers in this nation experienced growth in December. Positive sentiment from the two large economy nations became the main catalyst of investor accumulation in the domestic stock market. (Source: Indonesia Finance Today)

Sri Lanka Sri Lanka is planning to discuss a loan of up to a billion US dollars if the International Monetary Fund is willing to provide budget support.

The IMF usually gives a loan to a central bank to boost external monetary reserves with fiscal funding. In the case of Europe where there is one supra national central bank with a floating exchange rate, the IMF has given money for budget support, particularly as they were unable to tap markets. Sri Lanka had adequate foreign reserves but if the IMF willing to give cheaper funds for development spending, Sri Lanka would welcome it. This year Sri Lanka is not expected to sell a sovereign bond in international capital markets. (lbo.lk)

Australia Australia is providing financial aid and sending extra firefighters to the island state of Tasmania after wildfires forced thousands of

residents to flee from their homes amid a record heatwave. The government plans grants of as much as A$8,875 ($9,301) to help people in fire-stricken communities cover living expenses and find new homes, according to a statement from the office of Prime Minister Julia Gillard. The funds will be available in the coming days, Gillard said. The fires in Tasmania, about 240 kilometers (150 miles) off the southeast coast of the Australian mainland, destroyed more than 100 properties and may have caused some deaths, state police said today. Residents in Tasmania sought refuge on boats, beaches and other sites including the former convict settlement of Port Arthur, now a tourist destination. (Source: Bloomberg)

Regional Market Focus

7 January 2013

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80.53 +0.04% 294.13 -0.51%

112.16 -0.18% 1.899 -0.01%

1,655.65 +0.16% 13,435.21 +0.33%

559.40 -0.37% MSCI SEA 881.68 -0.22%

2,709.35 +0.30% 53.7

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

1.20

1.40

1.60

1.80

2.00

2.20

2.40

Jan-1

2

Feb

-12

Mar-1

2

Apr-1

2

May-1

2

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

700720740760780800820840860880

Jan-1

2

Feb

-12

Mar-1

2

Apr-1

2

May-1

2

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

11,000

12,000

13,000

14,000

Jan-1

2

Feb

-12

Mar-1

2

Apr-1

2

May-1

2

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

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

Jan-1

2

Feb

-12

Mar-1

2

Apr-1

2

May-1

2

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

48

49

50

51

52

53

54

55

56

Jan-1

2

Feb

-12

Mar-1

2

Apr-1

2

May-1

2

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

1,500

1,600

1,700

1,800

Jan-1

2

Feb

-12

Mar-1

2

Apr-1

2

May-1

2

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

78

80

82

84

Jan-1

2

Feb

-12

Ma

r-12

Apr-1

2

Ma

y-12

Jun-1

2

Jul-1

2

Aug-1

2

Sep-1

2

Oct-1

2

Nov-1

2

Dec-1

2

260

280

300

320

340

Jan-1

2

Feb

-12

Ma

r-12

Apr-1

2

Ma

y-12

Jun-1

2

Jul-1

2

Aug-1

2

Sep-1

2

Oct-1

2

Nov-1

2

Dec-1

2

90

100

110

120

130

Jan-1

2

Feb-1

2

Mar-1

2

Apr-1

2

May-1

2

Jun-1

2

Jul-1

2

Aug

-12

Sep

-12

Oct-1

2

Nov-1

2

Dec-1

2

420

440

460

480

500

520

540

Jan-1

2

Feb

-12

Mar-1

2

Apr-1

2

May-1

2

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Regional Market Focus

7 January 2013

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Valuations of Major Regional Markets

14.5 1.46

13.1 2.40

11.3 1.56

14.0 2.89

14.3 1.89

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)Jakarta Stock Exchange Composite Index, Forward P/E

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)

5

10

15

20

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

0.5

1.0

1.5

2.0

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

0.5

1.0

1.5

2.0

2.5

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

5

10

15

20

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

0.5

1.0

1.5

2.0

2.5

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

5

10

15

20

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

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Regional Market Focus

7 January 2013

9 of 15

Source: Bloomberg

World Index

JCI 0.24% 4,410.02

HSI -0.29% 23,331.09

KLCI 0.00% 1,692.58

NIKKEI 2.82% 10,688.11

KOSPI -0.37% 2,011.94

SET 0.59% 1,416.66

SHCOMP 0.35% 2,276.99

SENSEX 0.10% 19,784.08

ASX -0.36% 4,723.78

FTSE 100 0.70% 6,089.84

DOW 0.33% 13,435.21

S&P 500 0.49% 1,466.47

NASDAQ 0.04% 3,101.66 COLOMBO 0.30% 5,747.71

STI 0.01% 3,225.22

Regional Market Focus

7 January 2013

10 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

1/8/2013 NFIB Small Business Optimism Dec -- 87.5 1/7/2013 Foreign Reserves Dec -- $255.77B

1/8/2013 IBD/TIPP Economic Optimism Jan -- 45.1 1/9/2013 Automobile COE Open Bid Cat A 2-Jan -- 81889

1/9/2013 Consumer Credit Nov $12.000B $14.158B 1/9/2013 Automobile COE Open Bid Cat B 2-Jan -- 93501

1/9/2013 MBA Mortgage Applications 4-Jan -- -10.40% 1/9/2013 Automobile COE Open Bid Cat E 2-Jan -- 95990

1/10/2013 RBC Consumer Outlook Index Jan -- 46.9 1/15/2013 Retail Sales (MoM) sa Nov -- 0.60%

1/10/2013 Initial Jobless Claims 5-Jan 361K 372K 1/15/2013 Retail Sales (YoY) Nov -- -1.00%

1/10/2013 Continuing Claims 30-Dec -- 3245K 1/15/2013 Retail Sales Ex Auto (YoY) Nov -- 1.30%

1/10/2013 Bloomberg Jan. United States 1/17/2013 Non-oil Domestic Exp SA (MoM) Dec -- -0.30%

1/10/2013 Bloomberg Consumer Comfort 6-Jan -- -31.8 1/17/2013 Electronic Exports (YoY) Dec -- -16.50%

1/10/2013 Wholesale Inventories Nov 0.30% 0.60% 1/17/2013 Non-oil Domestic Exports (YoY) Dec -- -2.50%

1/10/2013 JOLTs Job Openings Nov -- 3675 1/23/2013 CPI (MOM) - NSA Dec -- 0.10%

1/11/2013 Import Price Index (MoM) Dec 0.10% -0.90% 1/23/2013 CPI (YoY) Dec -- 3.60%

1/11/2013 Import Price Index (YoY) Dec -- -1.60% 1/23/2013 Automobile COE Open Bid Cat A 16-Jan -- --

1/11/2013 Trade Balance Nov -$41.2B -$42.2B 1/23/2013 Automobile COE Open Bid Cat B 16-Jan -- --

1/12/2013 Monthly Budget Statement Dec -$22.5B -- 1/23/2013 Automobile COE Open Bid Cat E 16-Jan -- --

Date Statistic For Survey Prior Date Statistic For Survey Prior

1/9/2013 Benchmark Interest Rate 9-Jan -- 2.75% 1/7/2013 Foreign Currency Reserves Dec -- $305.2B

17-18 JAN Total Car Sales Dec -- -- 1/17/2013 Composite Interest Rate Dec -- 0.34%

24-27 JAN Customs Exports (YoY) Dec -- 26.86% 1/17/2013 Unemployment Rate SA Dec -- 3.40%

24-27 JAN Customs Imports (YoY) Dec -- 24.53% 1/21/2013 CPI - Composite Index (YoY) Dec -- 3.70%

24-27 JAN Customs Trade Balance Dec -- -$1454M 1/24/2013 Trade Balance Dec -- -44.1B

25-28 JAN Total Capacity Utilization ISIC Dec -- 68.6 1/24/2013 Exports YoY% Dec -- 10.50%

25-28 JAN Mfg. Production Index ISIC NSA Dec -- 83.3 1/24/2013 Imports YoY% Dec -- 9.00%

25-28 JAN Mfg. Production Index ISIC SA Dec -- 192.53 1/30/2013 Money Supply M3 - in HK$ (YoY) Dec -- 10.90%

1/31/2013 Total Exports in US$ Million Dec -- $19332M 1/30/2013 Money Supply M2 - in HK$ (YoY) Dec -- 11.00%

1/31/2013 Total Exports YOY% Dec -- 27.10% 1/30/2013 Money Supply M1 - in HK$ (YoY) Dec -- 15.30%

1/31/2013 Total Imports in US$ Million Dec -- $18705M 1/31/2013 Govt Mthly Budget Surp/Def HK$ Dec -- 24.8B

1/31/2013 Total Imports YOY% Dec -- 24.10% 1/31/2013 Retail Sales - Value (YoY) Dec -- 9.50%

1/31/2013 Total Trade Balance Dec -- $627M 1/31/2013 Retail Sales - Volume (YoY) Dec -- 8.10%

1/31/2013 Overall Balance in US$ Million Dec -- $1203M 2/5/2013 Purchasing Managers Index Jan -- 51.7

1/31/2013 Current Account Balance (USD) Dec -- $392M 2/7/2013 Foreign Currency Reserves Jan -- --

Source: BloombergSource: Bloomberg

Source: Bloomberg

Thailand Hong Kong

Source: Bloomberg

US Singapore

Economic Announcement

Regional Market Focus

7 January 2013

11 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

07-13 JAN Money Supply - M1 (YoY) Nov -- 17.60% 08-15 JAN Repurchase Rate 8-Jan -- 7.50%

05-07 FEB GDP Constant Price (YoY) 4Q -- 6.17% 08-15 JAN Reverse Repo Rate 8-Jan -- 9.50%

05-07 FEB GDP Constant Price (QoQ) 4Q -- 3.21% 1/31/2013 Bloomberg Jan. Sri Lanka

2/13/2013 Current Account Balance 4Q -- -5336M 1/31/2013 CPI Moving Average (YoY) Jan -- 7.60%

06-07 MAY GDP Constant Price (YoY) 1Q -- -- 1/31/2013 CPI (YoY) Jan -- 9.20%

06-07 MAY GDP Constant Price (QoQ) 1Q -- -- 05-20 FEB Exports YoY% Dec -- -6.60%

05-20 FEB Imports YoY% Dec -- -8.40%

05-15 FEB Repurchase Rate 5-Feb -- --

05-15 FEB Reverse Repo Rate 5-Feb -- --

2/28/2013 CPI Moving Average (YoY) Feb -- --

2/28/2013 CPI (YoY) Feb -- --

05-20 MAR Exports YoY% Jan -- --

05-20 MAR Imports YoY% Jan -- --

05-15 MAR Repurchase Rate 5-Mar -- --

05-15 MAR Reverse Repo Rate 5-Mar -- --

Date Statistic For Survey Prior

1/8/2013 AiG Perf of Construction Index Dec -- 37

1/8/2013 Trade Balance Nov -2300M -2088M

1/8/2013 Foreign Reserves Dec -- A$46.2B

1/9/2013 HIA New Home Sales (MoM) Nov -- 3.40%

1/9/2013 Job vacancies Nov -- 4.20%

1/9/2013 Retail Sales s.a. (MoM) Nov 0.30% 0.00%

1/10/2013 Building Approvals (MoM) Nov 3.00% -7.60%

1/10/2013 Building Approvals (YoY) Nov 11.60% 14.50%

13-20 JAN Westpac Consumer Confidence Jan -- -4.10%

1/14/2013 TD Securities Inflation YoY% Dec -- 2.50%

1/14/2013 TD Securities Inflation MoM% Dec -- -0.10%

1/14/2013 RBA Credit Card Balances Nov -- $A49.0B

1/14/2013 RBA Credit Card Purchases Nov -- $A22.5B

1/14/2013 Home Loans MoM Nov -- 0.10%

1/14/2013 Investment Lending Nov -- 5.50%

Source: Bloomberg

Source: Bloomberg

Indonesia

Australia

Sri Lanka

Source: Bloomberg

Regional Market Focus

7 January 2013

12 of 15

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