PHILIPPINES

Philippines Strategy

Philippine sectoral valuation 2016E 2016E 2016E 2016E 2016E When in doubt on politics, best to EPS gr PER PBV ROE Div Yld (%) (x) (x) (%) (%) focus on corporate earnings Banks 12.3 13.3 1.5 11.3 1.6 Consumer 14.2 28.6 5.1 18.9 1.5 Conglos 14.6 19.6 2.4 13.0 1.3 Event Property 20.1 21.3 2.6 12.5 1.9 Telco -6.5 15.3 3.9 25.8 5.4 . With just 20 days remaining before the 2016 presidential elections this May 9, Utilities 6.8 17.9 3.6 20.6 4.1 we find the race to be as unclear as ever. Aspirants have been switching PH 10.9 17.9 2.2 14.9 2.0 Source: FactSet, Macquarie Research, April 2016. Prices places at the top spot, which ultimately leads to a strong likelihood of a very as of 18 April 2016 closely contested election.

. With this political uncertainty still lingering, we thus think it is best to focus on corporate earnings. The long drawn-out Philippine market results season for Philippine top picks 4Q15 has finally concluded (reporting deadline of April 15) on a generally Mkt positive note, and our expectation is for this to continue improvement into Price PT cap TSR Volatility Rec (Php) (Php) US$ bn (%) 1Q16 results season. MEG OP 4.01 5.60 2.8 40.9 Low RRHI OP 78.15 90.00 2.3 16.0 Low Impact PGOLD OP 40.30 48.00 2.4 19.9 Low MER OP 326.80 370.00 8.0 17.9 Low/Med . Inexorable path towards a very close presidential race. With three of the MBT OP 84.00 97.00 5.8 16.7 Low four leading candidates gaining possession of the top rank since the start of SMPH OP 22.00 25.00 13.7 15.8 Low MPI OP 5.94 6.90 3.6 17.7 Low/Med 2015, the one conclusion that can be made with just 20 days to go until May 9 AC OP 780.00 918.00 10.5 18.3 Med is that the election is set to be a very tight race. This was best exemplified Source: FactSet, Macquarie Research, April 2016. Prices as of 18 April 2016 when the most recent front runner Duterte is now poised to take a hit in his popularity after derogatory comments he made related to a 1989 abduction and rape at a campaign rally over the weekend. All told, this sets the stage for a very closely contested election and brings back scenarios similar to Philippine top picks valuation previous elections of 1992 and 2004. These were years with very close 2016E 2016E 2016E 2016E 2016E election winners, but the preferred outcome would be1992, where overall EPS gr PER P/B ROE Div Yld (%) (x) (x) (%) (%) presidential execution was at its best despite the narrow winning margin. MEG 19.8 9.7 1.0 10.6 1.3 RRHI 15.9 22.0 2.3 10.9 0.8 . Presidential election a non-event from a macro and earnings PGOLD 0.2 19.6 4.5 23.1 4.6 perspective. With the great uncertainty on the winner of the elections, it is MER 17.0 19.2 2.6 14.2 0.7 MBT 11.6 13.5 1.2 9.7 1.2 quite fortunate that this in itself would likely not have a great bearing on the SMPH 21.3 25.1 2.7 11.0 2.2 macro and earnings situation of the Philippines. Aside from each candidate MPI (3.7) 17.0 1.3 7.8 1.5 AC 13.6 20.0 2.3 11.7 0.6 offering little differentiation in term of their respective platforms, country macro Source: FactSet, Macquarie Research, April 2016. Prices has made great strides through the years and thus is now considered as very as of 18 April 2016 resilient with steady remittances and a very strong fiscal position standing out. . Focus on earnings instead. We thus believe that it is best looking at a country feature offering a more definitive and exact measure: corporate earnings. After a good end to 2015, we expect improvement this coming 1Q16 results season. We regard this quarter to set the tone on the achievability of our 2016 Philippines market EPS growth of 11%, which is quite broad-based and not heavily dependent on particular sector. Outlook

Analyst(s) . Our view on the Philippines continues to be optimistic, premised on corporate Gilbert Lopez +63 2 857 0892 [email protected] earnings growth staying intact and an election exercise proving to be a net Abigail Palomo positive despite having limited macro and earnings impact. We are overweight +63 2 754 0087 [email protected] on the country from a regional strategy perspective and our preferred picks are MEG, RRHI, PGOLD, MER, MBT, SMPH, MPI, and AC, in that order. 20 April 2016 Macquarie Capital Securities (Philippines) Inc.

Please refer to page 7 for important disclosures and analyst certification, or on our website www.macquarie.com/research/disclosures.

Macquarie Research Philippines Strategy

Analysis . Inexorable path towards a very close presidential race... The 2016 presidential race continues to be a very close fight, with three of the leading presidential candidates tasting leadership since the start of the election campaign (Binay, Poe, and Duterte). Further highlighting the race staying too close to call is the most recent controversy surrounding the latest front runner Duterte, whose derogatory comments related to a 1989 abduction and rape at a campaign rally over the weekend may well make his leadership short-lived.

Fig 1 SWS presidential survey Fig 2 Pulse presidential survey

45 35 40 30 35 25 30 20 25 15 20 10 15 5 10

5 0

15

15

15 16 16 15

15 15 14 16

14 14 14 15 15 15 15

15 15 16

-

-

- - - -

- - - -

------

- -

0 -

Jul

Apr Apr

Oct Oct

Jan Jun Jan

Mar Feb Mar Feb

Sep Aug Sep

Nov Dec Nov Dec May

Jejomar Binay

Jejomar Binay Grace Poe Miriam Defensor Grace Poe

Manuel Roxas II Miriam Santiago Rodrigo Duterte

Source: Social Weather Stations, Macquarie Research, April 2016 Source: Pulse Asia, Macquarie Research, April 2016

. …foreshadowing a reprise of the 1992 and 2004 presidential elections. The instances of a very tight election occurred twice, in 1992 and 20014. In 1992, Fidel Ramos beat seven candidates and narrowly defeated Miriam Defensor-Santiago for the presidency. Despite the narrow victory, Ramos executed well throughout much of his term between 1992-1998. This is the outcome that the market would like to see, which would differ drastically with 2004, which saw Arroyo win by a similar margin but was immediately doubted in terms of legitimacy. This was due to her sheer unpopularity for the years just prior to the elections. The current state of the leading candidates with none as rated as poorly as Arroyo back then, as well as the computerisation of the elections, drastically reduce the chances of a 2004 scenario of elevated political risk materialising once again. Furthermore, each leading candidate possesses the tools to improve on government execution to approach the fairly lofty level of Ramos in 1992.

20 April 2016 2 Macquarie Research Philippines Strategy

Fig 3 Past Philippine Elections Results 1992 2004

Candidate Votes % Candidate Votes % Fidel V. Ramos 23.58% Gloria Macapagal-Arroyo 39.99% Miriam Defensor-Santiago 19.72% Fernando Poe Jr 36.51% Eduardo Cojuangco Jr 18.17% Panfilo Lacson 10.88% Ramon Mitra Jr 14.64% 6.45% 10.32% Eduardo Villanueva 6.16% 10.16% 3.40%

1998 2010 Candidate Votes % Candidate Votes % 39.86% Benigno S. Aquino III 42.08% Jose De Venecia 15.87% Joseph Estrada 26.25% Raul Roco 13.83% Manuel Villar 15.42% Emilio Osmena 12.44% Gilbert Teodoro 11.33% 8.71% 3.12% Renato de Villa 4.86% Richard Gordon 1.39% Miriam Defensor-Santiago 2.96% 1.28% Source: Company data, Macquarie Research, April 2016

Fig 4 Net satisfaction rating of Philippine presidents

C.Aquino Ramos Estrada Arroyo B. Aquino +80

+60

+40

+20 +27

+0

-+20

-+40

-+60 1986 1992 1998 2004 2010 Source: SWS, Macquarie Research, April 2016

20 April 2016 3 Macquarie Research Philippines Strategy

. Presidential election a non-event from a macro and earnings perspective. We think that the presidential election should largely be a non-factor with regards to the impact on the economy as well as corporate earnings. The reason is that each of the leading candidates respective platforms offer very little differentiation. Furthermore, all are better equipped due to various reasons to execute better than the current incumbent as president. . We expect GDP growth of 6.2% in 2016 and 6.3% in 2017, buoyed by strong domestic consumption. The country continues to benefit from income from business process outsourcing (BPO), subdued inflationary pressure, healthy current account surplus, and falling debt burden. OFW remittances have also held up despite fears of slowdown in the Middle East, and foreign reserves remain at comfortable levels, covering over ten months of imports. Furthermore, the Bangko Sentral ng Pilipinas (BSP) has plenty of room for policy maneuvers to support growth in the event that a slowdown materializes. . Best to look more closely on corporate earnings. Amid the uncertainty surrounding politics, we believe it is best to focus more on corporate earnings. The recent 4Q15 results season finally ended last week (April 15 deadline), with our coverage universe overall generating a marginally positive result that led to ending the year on a relatively high note. Relative to the previous quarter, 4Q15 was better and the best results in terms of positive surprises came from the conglomerate and banking sectors.

20 April 2016 4 Macquarie Research Philippines Strategy

Fig 5 Philippines 4Q15 and 2015 earnings round up Stock 2015 4Q15 4Q15 Vs Macquarie Drivers YoY% YoY% QoQ% Banks AUB -10% 271% -24% behind Decline in non-interest income and NIM contraction BDO 10% 22% 26% ahead Lower than expected provision BPI 1% 16% -2% behind Non-interest income biggest disappointment CHIB 10% 11% 64% ahead Strong NII growth and cost control EW -3% 63% 134% in-line Lower trading gains, higher credit provisions, and higher tax expense. MBT -7% -58% -75% ahead Lower than expected opex and a much lower provisions PBB -6% -45% -83% behind Increase in funding cost PNB 14% -2% 109% ahead Strong growth in fees RCB 16% 132% 35% in-line Strong NII growth and some non interest income recovery SECB 7% 100% 14% ahead Net interest income and non-interest income UBP -28% -3% 255% behind Income weighed down by trading losses 1% 13% 14% Consumer DNL 12% 12% 7% in-line Growth was primarily driven by the food and oleochemical segment EMP 12% 38% 57% in-line Lower-than-expected tax expense JFC 5% 7% 47% in-line Sustained SSSG recovery and GPM improvement PGOLD 11% 19% 49% ahead Beat largely came from S&R on the back of better margins. RRHI 18% 10% 37% in-line Accelerating SSSG and store rationalization and expansion URC 6% 9% 24% in-line Unexciting topline growth domestically and overseas 9% 15% 37% Conglos AC 24% 27% 41% behind Weak banking and telco segments, in line property AEV 2% 42% 25% In line Power strength negated by banking and property AGI 5% 58% 8% behind Property, quick service, and gaming segments were below forecast COSCO 12% 0% 29% ahead Retail business ahead of expectation GTCAP 32% 177% -52% ahead Strong performance of most subsidiaries led by Toyota JGS 38% 35% 12% ahead Above estimate contribution from Meralco and robust petrochems LTG 50% -1% 66% ahead Turnaround in tobacco business SM 13% 29% 51% behind Weaker performance of smaller businesses 19% 46% 22% Oil & Gas PCOR 108% -687% 26% behind Higher sales volume offset by inventory losses Property ALI 19% 20% 8% in-line Growth driven by office and rental and margin improvement CPG -30% -60% -22% behind Decline in real estate sales due to lack of project launches FLI 10% 8% 103% behind Slow reservation sales growth MEG 11% 3% -30% behind lower than expected rental and other revenues and higher costs SMPH 14% 12% 26% in-line rental revenues from malls and commercial properties RLC 17% 18% 23% in-line driven by the mall and office segments VLL 14% 5% 6% in-line Additional contribution from StarMalls 13% 10% 12% Telco GLO 4% -17% -41% behind Higher than expected depreciation due to high capex spend TEL -6% -153% -150% in-line Market share loss -3% -109% -108% Transport CEB 414% -168% -151% behind Higher-than-expected hedging and forex losses Utilities AP 9% 56% 12% ahead better-than-expected earnings from AP’s hydro plants EDC -1% 56% -2% ahead Higher-than expected revenue contribution from its wind plant MPI 22% 3% -11% in-line Healthy volume growth in water, power, toll roads MER 4% -31% -37% ahead Lower effective tax rate 8% 15% -10% coverage 10% 15% 4% Source: Company data, Macquarie Research, April 2016

. 1Q16 trends will be crucial. The upcoming 1Q16 results season will be quite crucial and should set the tone on whether or not our 11% EPS growth for 2016E is reasonable (we are similar to consensus expectations). With a growth in EPS more broad-based than usual this year, the Philippines is not dependent on any particular sector drive such growth. We believe there is more upside rather than downside risks to our profit forecasts, potentially coming from better top-line growth from sectors such as consumer and banks.

20 April 2016 5 Macquarie Research Philippines Strategy

Fig 6 Philippines - sector EPS growth (2016E)

25.0

20.0

15.0

10.0

5.0

-

(5.0)

(10.0) Banks Consumer Conglomerates Property Telecoms Utilities

Series1

Source: Macquarie Research, April 2016

20 April 2016 6 Macquarie Research Philippines Strategy Important disclosures: Recommendation definitions Volatility index definition* Financial definitions Macquarie - Australia/New Zealand This is calculated from the volatility of historical All "Adjusted" data items have had the following Outperform – return >3% in excess of benchmark return price movements. adjustments made: Neutral – return within 3% of benchmark return Added back: goodwill amortisation, provision for Underperform – return >3% below benchmark return Very high–highest risk – Stock should be catastrophe reserves, IFRS derivatives & hedging, expected to move up or down 60–100% in a year IFRS impairments & IFRS interest expense Benchmark return is determined by long term nominal – investors should be aware this stock is highly Excluded: non recurring items, asset revals, property GDP growth plus 12 month forward market dividend speculative. revals, appraisal value uplift, preference dividends & yield minority interests Macquarie – Asia/Europe High – stock should be expected to move up or Outperform – expected return >+10% down at least 40–60% in a year – investors should EPS = adjusted net profit / efpowa* Neutral – expected return from -10% to +10% be aware this stock could be speculative. ROA = adjusted ebit / average total assets Underperform – expected return <-10% ROA Banks/Insurance = adjusted net profit /average Medium – stock should be expected to move up total assets Macquarie – South Africa or down at least 30–40% in a year. ROE = adjusted net profit / average shareholders funds Outperform – expected return >+10% Gross cashflow = adjusted net profit + depreciation Neutral – expected return from -10% to +10% Low–medium – stock should be expected to *equivalent fully paid ordinary weighted average Underperform – expected return <-10% move up or down at least 25–30% in a year. number of shares Macquarie - Canada Outperform – return >5% in excess of benchmark return Low – stock should be expected to move up or All Reported numbers for Australian/NZ listed stocks Neutral – return within 5% of benchmark return down at least 15–25% in a year. are modelled under IFRS (International Financial Underperform – return >5% below benchmark return * Applicable to Asia/Australian/NZ/Canada stocks Reporting Standards). only Macquarie - USA Outperform (Buy) – return >5% in excess of Russell Recommendations – 12 months 3000 index return Note: Quant recommendations may differ from Neutral (Hold) – return within 5% of Russell 3000 index Fundamental Analyst recommendations return Underperform (Sell)– return >5% below Russell 3000 index return

Recommendation proportions – For quarter ending 31 March 2016 AU/NZ Asia RSA USA CA EUR Outperform 50.34% 59.09% 46.67% 44.76% 60.66% 46.12% (for global coverage by Macquarie, 3.72% of stocks followed are investment banking clients) Neutral 34.14% 25.66% 32.00% 49.90% 30.33% 35.10% (for global coverage by Macquarie, 4.79% of stocks followed are investment banking clients) Underperform 15.52% 15.26% 21.33% 5.33% 9.02% 18.78% (for global coverage by Macquarie, 2.31% of stocks followed are investment banking clients)

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20 April 2016 8

Asia Research Head of Equity Research Software and Internet Transport & Infrastructure Peter Redhead (Global – Head) (852) 3922 4836 Wendy Huang (Asia) (852) 3922 3378 Janet Lewis (Asia) (852) 3922 5417 Matt Nacard (Asia – Head) (852) 3922 1362 David Gibson (Asia) (813) 3512 7880 Azita Nazrene (ASEAN) (603) 2059 8980 Hillman Chan (China, Hong Kong) (852) 3922 3716 Corinne Jian (Taiwan) (8862) 2734 7522 Automobiles/Auto Parts Nitin Mohta (India) (9122) 6720 4090 Utilities & Renewables Janet Lewis (China) (852) 3922 5417 Nathan Ramler (Japan) (813) 3512 7875 Zhixuan Lin (China) (8621) 2412 9006 Prem Jearajasingam (Malaysia) (603) 2059 8989 Alan Hon (Hong Kong) (852) 3922 3589 Amit Mishra (India) (9122) 6720 4084 Oil, Gas and Petrochemicals Inderjeetsingh Bhatia (India) (9122) 6720 4087 Lyall Taylor () (6221) 2598 8489 Prem Jearajasingam (Malaysia) (603) 2059 8989 Takuo Katayama (Japan) (813) 3512 7856 James Hubbard (Asia) (852) 3922 1226 Karisa Magpayo (Philippines) (632) 857 0899 James Hong (Korea) (822) 3705 8661 Aditya Suresh (Asia) (852) 3922 1265 Duke Suttikulpanich (ASEAN) (65) 6601 0148 Commodities Banks and Non-Bank Financials Abhishek Agarwal (India) (9122) 6720 4079 Colin Hamilton (Global) (4420) 3037 4061 Matthew Smith (China) (8621) 2412 9022 Polina Diyachkina (Japan) (813) 3512 7886 Ian Roper (65) 6601 0698 Suresh Ganapathy (India) (9122) 6720 4078 Anna Park (Korea) (822) 3705 8669 Jim Lennon (4420) 3037 4271 Lyall Taylor (Indonesia) (6221) 2598 8489 Isaac Chow (Malaysia) (603) 2059 8982 Lynn Zhao (8621) 2412 9035 Keisuke Moriyama (Japan) (813) 3512 7476 Pharmaceuticals and Healthcare Matthew Turner (4420) 3037 4340 Leo Nakada (Japan) (813) 3512 6050 Rakesh Arora (9122) 6720 4093 Chan Hwang (Korea) (822) 3705 8643 Abhishek Singhal (India) (9122) 6720 4086 Gilbert Lopez (Philippines) (632) 857 0892 David Lee (Korea) (822) 3705 8686 Economics Thomas Stoegner (Singapore) (65) 6601 0854 Property Peter Eadon-Clarke (Global) (813) 3512 7850 Dexter Hsu (Taiwan) (8862) 2734 7530 Larry Hu (China, Hong Kong) (852) 3922 3778 Passakorn Linmaneechote (Thailand) (662) 694 7728 Tuck Yin Soong (Asia, Singapore) (65) 6601 0838 Tanvee Gupta Jain (India) (9122) 6720 4355 Conglomerates David Ng (China, Hong Kong) (852) 3922 1291 Kai Tan (China, Hong Kong) (852) 3922 3720 Quantitative / CPG Gilbert Lopez (Philippines) (632) 857 0892 Raymond Liu (China, Hong Kong) (852) 3922 3629 Gurvinder Brar (Global) (4420) 3037 4036 Wilson Ho (China) (852) 3922 3248 Consumer and Gaming Woei Chan (Asia) (852) 3922 1421 Abhishek Bhandari (India) (9122) 6720 4088 Anthony Ng (Asia) (852) 3922 1561 Linda Huang (China, Hong Kong) (852) 3922 4068 William Montgomery (Japan) (813) 3512 7864 Danny Deng (Asia) (852) 3922 4646 Kai Tan (China) (852) 3922 3720 Aiman Mohamad (Malaysia) (603) 2059 8986 Per Gullberg (Asia) (852) 3922 1478 Zibo Chen (Hong Kong) (852) 3922 1130 Kervin Sisayan (Philippines) (632) 857 0893 Amit Mishra (India) (9122) 6720 4084 Corinne Jian (Taiwan) (8862) 2734 7522 Strategy/Country Fransisca Widjaja (Singapore) (65) 6601 0847 Patti Tomaitrichitr (Thailand) (662) 694 7727 Viktor Shvets (Asia, Global) (852) 3922 3883 Hendy Soegiarto (Indonesia) (6221) 2598 8369 Resources / Metals and Mining Chetan Seth (Asia) (852) 3922 4769 Toby Williams (Japan) (813) 3512 7392 Peter Eadon-Clarke (Japan) (813) 3512 7850 HongSuk Na (Korea) (822) 3705 8678 Rakesh Arora (India) (9122) 6720 4093 David Ng (China, Hong Kong) (852) 3922 1291 Karisa Magpayo (Philippines) (632) 857 0899 Stanley Liong (Indonesia) (6221) 2598 8381 Erwin Sanft (China, Hong Kong) (852) 3922 1516 Polina Diyachkina (Japan) (813) 3512 7886 Emerging Leaders Rakesh Arora (India) (9122) 6720 4093 Anna Park (Korea) (822) 3705 8669 Lyall Taylor (Indonesia) (6221) 2598 8489 Jake Lynch (China, Asia) (852) 3922 3583 Technology Chan Hwang (Korea) (822) 3705 8643 Aditya Suresh (Asia) (852) 3922 1265 Gilbert Lopez (Philippines) (632) 857 0892 Neel Sinha (ASEAN) (65) 6601 0562 Damian Thong (Asia, Japan) (813) 3512 7877 Conrad Werner (Singapore) (65) 6601 0182 Timothy Lam (Hong Kong) (852) 3922 1086 Allen Chang (852) 3922 1136 Jeffrey Ohlweiler (Taiwan) (8862) 2734 7512 Mike Allen (Japan) (813) 3512 7859 (China, Hong Kong, Taiwan) Alastair Macdonald (Thailand) (662) 694 7753 Kwang Cho (Korea) (822) 3705 4953 Nitin Mohta (India) (9122) 6720 4090

David Gibson (Japan) (813) 3512 7880 Industrials George Chang (Japan) (813) 3512 7854 Find our research at Janet Lewis (Asia) (852) 3922 5417 Daniel Kim (Korea) (822) 3705 8641 Macquarie: www.macquarie.com.au/research Patrick Dai (China) (8621) 2412 9082 Soyun Shin (Korea) (822) 3705 8659 Thomson: www.thomson.com/financial Inderjeetsingh Bhatia (India) (9122) 6720 4087 Patrick Liao (Taiwan) (8862) 2734 7515 Reuters: www.knowledge.reuters.com Louis Cheng (Taiwan) (8862) 2734 7526 Bloomberg: MAC GO Lyall Taylor (Indonesia) (6221) 2598 8489 Factset: http://www.factset.com/home.aspx Kenjin Hotta (Japan) (813) 3512 7871 Telecoms CapitalIQ www.capitaliq.com James Hong (Korea) (822) 3705 8661 Email [email protected] for access Nathan Ramler (Asia, Japan) (813) 3512 7875 Insurance Danny Chu (852) 3922 4762 Scott Russell (Asia, Japan) (852) 3922 3567 (China, Hong Kong, Taiwan) Leo Nakada (Japan) (813) 3512 6050 Abhishek Agarwal (India) (9122) 6720 4079 Chan Hwang (Korea) (822) 3705 8643 David Lee (Korea) (822) 3705 8686 Prem Jearajasingam (Malaysia, Singapore) (603) 2059 8989 Kervin Sisayan (Philippines) (632) 857 0893

Asia Sales Regional Heads of Sales Regional Heads of Sales cont’d Sales Trading cont’d Miki Edelman (Global) (1 212) 231 6121 Paul Colaco (San Francisco) (1 415) 762 5003 Suhaida Samsudin (Malaysia) (603) 2059 8888 Jeffrey Chung (Asia) (852) 3922 2074 Ruben Boopalan (Singapore) (603) 2059 8888 Michael Santos (Philippines) (632) 857 0813 Jeff Evans (Boston) (1 617) 598 2508 Erica Wang (Taiwan) (8862) 2734 7586 Chris Reale (New York) (1 212) 231 2555 Jeffrey Shiu (China, Hong Kong) (852) 3922 2061 Angus Kent (Thailand) (662) 694 7601 Marc Rosa (New York) (1 212) 231 2555 Thomas Renz (Geneva) (41) 22 818 7712 Ben Musgrave (UK/Europe) (44) 20 3037 4882 Justin Morrison (Singapore) (65) 6601 0288 Riaz Hyder (Indonesia) (6221) 2598 8486 Julien Roux (UK/Europe) (44) 20 3037 4867 Isaac Huang (Taiwan) (8862) 2734 7582 Brendan Rake (Thailand) (662) 694 7707 Nick Cant (Japan) (65) 6601 0210 Sales Trading John Jay Lee (Korea) (822) 3705 9988 Mike Keen (UK/Europe) (44) 20 3037 4905 Nik Hadi (Malaysia) (603) 2059 8888 Adam Zaki (Asia) (852) 3922 2002 Eric Roles (New York) (1 212) 231 2559 Stanley Dunda (Indonesia) (6221) 515 1555 Gino C Rojas (Philippines) (632) 857 0861