Deutsche Bank Wealth Management
EMEA Equity List
June 4th 2018
Important note: please refer to important notices at the end of this document This document reflects the producers’ opinion as of June 4th 2018 – time 08:00 CET Capital Markets Europe
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
KERING KER FP FR0000121485 Consumer Discretionary EUR 491.80 269.24 495.70 471.01 25.08 22.01 1.22 14.87 12/2018 17:50:00 LUXOTTICA GROUP LUX IM IT0001479374 Consumer Discretionary EUR 53.56 45.32 55.60 54.73 27.06 25.07 1.89 11.73 12/2018 17:50:00 BAYER MOTOREN WK BMW GY DE0005190003 Consumer Discretionary EUR 85.88 77.07 97.50 97.96 7.47 7.32 4.65 9.86 12/2018 17:40:00 D AIM LER AG DAI GY DE0007100000 Consumer Discretionary EUR 62.03 59.01 76.48 77.00 6.59 6.52 5.89 10.66 12/2018 17:40:00 INDITEX ITX SM ES0148396007 Consumer Discretionary EUR 27.44 23.00 36.69 30.26 24.07 21.74 1.97 12.32 01/2019 17:36:00 UNILEVER NV-CVA* UNA NA NL0000009355 Consumer Staples EUR 47.84 42.13 52.31 50.91 20.55 18.92 3.06 7.95 12/2018 17:50:00 ESSITY AKTIEBO-B ESSITYB SS SE0009922164 Consumer Staples SEK 224.30 212.70 253.60 258.31 17.16 15.24 2.57 - 12/2018 17:35:00 L' O R EAL OR FP FR0000120321 Consumer Staples EUR 206.80 170.30 210.20 195.50 29.75 27.89 1.72 9.07 12/2018 17:50:00 BEIERSDORF AG BEI GY DE0005200000 Consumer Staples EUR 98.04 85.12 102.00 96.53 28.53 26.63 0.71 0.00 12/2018 17:40:00 MERCK KGAA MRK GY DE0006599905 Health Care EUR 88.36 74.54 112.65 95.92 16.37 15.31 1.41 8.02 12/2018 17:40:00 FRESENIUS SE & C* FRE GY DE0005785604 Health Care EUR 66.22 58.96 80.07 76.49 19.31 17.27 1.14 15.39 12/2018 17:40:00 ESSILOR INTL EI FP FR0000121667 Health Care EUR 117.35 100.60 122.15 120.83 29.55 26.98 1.30 11.70 12/2018 17:50:00 SAP SE SAP GY DE0007164600 Information Technology EUR 97.33 82.05 100.70 107.08 22.20 19.99 1.44 13.30 12/2018 17:40:00 AXA CS FP FR0000120628 Financials EUR 21.83 20.94 27.69 26.71 8.39 7.89 5.77 11.84 12/2018 17:50:00 KBC GROUP KBC BB BE0003565737 Financials EUR 67.42 62.94 78.80 80.17 11.07 11.22 5.93 24.57 12/2018 17:50:00 BNP PARIBAS BNP FP FR0000131104 Financials EUR 53.89 52.74 69.17 71.43 8.58 7.80 5.60 15.02 12/2018 17:50:00 ING GROEP NV INGA NA NL0011821202 Financials EUR 12.84 12.32 16.69 16.34 9.63 9.13 5.22 - 12/2018 17:50:00 DANSKE BANK A/S DANSKE DC DK0010274414 Financials DKK 216.10 204.00 259.50 267.44 9.91 9.13 4.63 - 12/2018 17:35:00 SAIN T G O B AIN SGO FP FR0000125007 Industrials EUR 43.53 41.80 51.40 52.79 12.76 11.15 2.99 0.32 12/2018 17:50:00 ASSA AB LO Y AB -B ASSAB SS SE0007100581 Industrials SEK 191.95 164.05 197.00 190.25 22.56 20.81 1.72 14.19 12/2018 17:35:00 BASF SE BAS GY DE000BASF111 Materials EUR 84.93 78.97 98.80 101.50 12.90 12.05 3.66 3.58 12/2018 17:40:00 SYMRISE AG SY1 GY DE000SYM9999 Materials EUR 70.36 56.91 73.70 68.48 30.55 27.07 1.25 6.25 12/2018 17:40:00 LINDE AG LIN GY DE0006483001 Materials EUR 179.00 154.77 195.94 196.22 21.30 19.70 2.18 20.99 12/2018 17:40:00 LINDE AG-TENDER LINU GY DE000A2E4L75 Materials EUR 198.30 148.52 214.17 - 23.24 21.33 1.97 - 12/2018 17:40:00 LAFARGEHOLCIM-RE LHN FP CH0012214059 Materials EUR 44.52 41.71 51.01 49.57 15.07 12.83 3.76 - 12/2018 17:50:00 VONOVIA SE VNA GY DE000A1ML7J1 Real Estate EUR 39.90 33.74 42.68 44.66 19.80 18.69 3.31 - 12/2018 17:40:00
Deutsche Bank Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.Past performance is no guarantee of future results;nothing contained herein shall constitute any representation or warranty as Wealth Management to future performance. Important note: please refer to important notices at the end of this document.*Denotes where recommendation has previously differed within the last 12 months, see recommendation history at the end of this document Source and data: Bloomberg June 1st 2018 2 Capital Markets UK
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
COMPASS GROUP CPG LN GB00BD6K4575 Consumer Discretionary GBp 1'596.50 1'396.50 1'701.57 1'714.86 20.79 19.35 2.17 34.71 09/2018 18:00:00 UNILEVER PLC* ULVR LN GB00B10RZP78 Consumer Staples GBp 4'146.00 3'678.50 4'557.50 4'386.36 20.37 18.76 3.11 9.45 12/2018 18:00:00 ASTRAZENECA PLC AZN LN GB0009895292 Health Care GBp 5'421.00 4'260.00 5'523.00 5'769.79 21.19 18.75 3.77 2.65 12/2018 18:00:00 PRUDENTIAL PLC PRU LN GB0007099541 Financials GBp 1'840.50 1'712.50 1'992.50 2'116.94 12.58 11.35 2.55 9.99 12/2018 18:00:00 LLOYDS BANKING LLOY LN GB0008706128 Financials GBp 63.35 62.20 72.68 74.74 8.56 8.56 4.81 - 12/2018 18:00:00 HSBC HOLDINGS PL HSBA LN GB0005405286 Financials GBp 724.80 650.60 798.60 770.68 13.38 12.71 5.19 4.69 12/2018 18:00:00 ROYAL DUTCH SH-A RDSA LN GB00B03MLX29 Energy GBp 2'616.50 2'013.50 2'755.00 2'855.65 12.94 11.99 5.35 4.70 12/2018 18:00:00
Switzerland
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
CIE FINANCI-REG CFR SE CH0210483332 Consumer Discretionary CHF 91.26 76.95 99.02 97.78 22.85 21.15 2.08 26.76 03/2019 17:35:00 SWATCH GROUP-BR UHR SE CH0012255151 Consumer Discretionary CHF 487.90 344.20 496.00 470.30 25.64 22.03 1.54 2.13 12/2018 17:35:00 CHOCOLADEFABR-PC LISP SE CH0010570767 Consumer Staples CHF 6'265.00 5'021.33 6'555.00 5'850.00 31.21 28.73 1.48 10.09 12/2018 17:35:00 LONZA GROUP -REG LONN SE CH0013841017 Health Care CHF 266.50 187.84 275.52 281.29 22.88 20.01 1.03 6.67 12/2018 17:35:00 LAFARGEHOLCIM-RE LHN SE CH0012214059 Materials CHF 51.40 48.57 57.82 58.38 15.07 12.83 3.89 12.80 12/2018 17:35:00 GIVAUDAN-REG GIVN SE CH0010645932 Materials CHF 2'224.00 1'880.00 2'327.00 2'137.84 26.75 23.91 2.61 10.01 12/2018 17:35:00 SIK A AG -B R SIK SE CH0000587979 Materials CHF 7'980.00 6'125.00 8'405.00 9'209.86 25.65 22.08 1.39 16.83 12/2018 17:35:00 GEBERIT AG-REG GEBN SE CH0030170408 Industrials CHF 434.80 405.60 486.90 452.45 24.71 23.15 2.39 9.52 12/2018 17:35:00
Deutsche Bank Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.Past performance is no guarantee of future results;nothing contained herein shall constitute any representation or warranty as Wealth Management to future performance. Important note: please refer to important notices at the end of this document.*Denotes where recommendation has previously differed within the last 12 months, see recommendation history at the end of this document Source and data: Bloomberg June 1st 2018 3 Capital Markets Europe High Dividend
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
D AIM LER AG DAI GY DE0007100000 Consumer Discretionary EUR 62.03 59.01 76.48 77.00 6.59 6.52 5.89 10.66 12/2018 17:40:00 UNILEVER NV-CVA* UNA NA NL0000009355 Consumer Staples EUR 47.84 42.13 52.31 50.91 20.55 18.92 3.06 7.95 12/2018 17:50:00 NOVARTIS AG-REG NOVN SE CH0012005267 Health Care CHF 74.70 72.96 88.30 87.35 14.41 13.59 3.75 4.01 12/2018 17:35:00 ROCHE HLDG-GENUS ROG SE CH0012032048 Health Care CHF 215.95 210.30 256.40 253.71 12.93 12.54 3.84 2.46 12/2018 17:35:00 ASTRAZENECA PLC AZN LN GB0009895292 Health Care GBp 5'421.00 4'260.00 5'523.00 5'769.79 21.19 18.75 3.77 2.65 12/2018 18:00:00 ALLIANZ SE-VINK ALV GY DE0008404005 Financials EUR 179.66 170.35 206.85 209.88 10.40 9.87 4.46 12.20 12/2018 17:40:00 AXA CS FP FR0000120628 Financials EUR 21.83 20.94 27.69 26.71 8.39 7.89 5.77 11.84 12/2018 17:50:00 BNP PARIBAS BNP FP FR0000131104 Financials EUR 53.89 52.74 69.17 71.43 8.58 7.80 5.60 15.02 12/2018 17:50:00 KBC GROUP KBC BB BE0003565737 Financials EUR 67.42 62.94 78.80 80.17 11.07 11.22 5.93 24.57 12/2018 17:50:00 ING GROEP NV INGA NA NL0011821202 Financials EUR 12.84 12.32 16.69 16.34 9.63 9.13 5.22 - 12/2018 17:50:00 LEGAL & GEN GRP LGEN LN GB0005603997 Financials GBp 271.60 248.80 287.60 292.88 9.81 9.18 5.65 14.94 12/2018 18:00:00 HSBC HOLDINGS PL HSBA LN GB0005405286 Financials GBp 724.80 650.60 798.60 770.68 13.38 12.71 5.19 4.69 12/2018 18:00:00 LLOYDS BANKING LLOY LN GB0008706128 Financials GBp 63.35 62.20 72.68 74.74 8.56 8.56 4.81 - 12/2018 18:00:00 DANSKE BANK A/S DANSKE DC DK0010274414 Financials DKK 216.10 204.00 259.50 267.44 9.91 9.13 4.63 - 12/2018 17:35:00 VONOVIA SE VNA GY DE000A1ML7J1 Real Estate EUR 39.90 33.74 42.68 44.66 19.80 18.69 3.31 - 12/2018 17:40:00 SWISSCOM AG-REG SCMN SE CH0008742519 Telecommunication Services CHF 443.30 438.60 530.60 480.72 15.21 15.22 4.96 0.00 12/2018 17:35:00 BP PLC BP/ LN GB0007980591 Energy GBp 576.70 436.95 593.30 595.23 15.06 14.35 5.14 5.72 12/2018 18:00:00 ROYAL DUTCH SH-A RDSA LN GB00B03MLX29 Energy GBp 2'616.50 2'013.50 2'755.00 2'855.65 12.94 11.99 5.35 4.70 12/2018 18:00:00 BASF SE BAS GY DE000BASF111 Materials EUR 84.93 78.97 98.80 101.50 12.90 12.05 3.66 3.58 12/2018 17:40:00 LAFARGEHOLCIM-RE LHN SE CH0012214059 Materials CHF 51.40 48.57 57.82 58.38 15.07 12.83 3.89 12.80 12/2018 17:35:00 GIVAUDAN-REG GIVN SE CH0010645932 Materials CHF 2'224.00 1'880.00 2'327.00 2'137.84 26.75 23.91 2.61 10.01 12/2018 17:35:00
Deutsche Bank Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.Past performance is no guarantee of future results;nothing contained herein shall constitute any representation or warranty as Wealth Management to future performance. Important note: please refer to important notices at the end of this document.*Denotes where recommendation has previously differed within the last 12 months, see recommendation history at the end of this document Source and data: Bloomberg June 1st 2018 4 Capital Markets US
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
AMAZON.COM INC AMZN US US0231351067 Consumer Discretionary USD 1'641.54 927.00 1'646.73 1'881.40 80.24 57.64 - - 12/2018 22:30:00 TJX COS INC TJX US US8725401090 Consumer Discretionary USD 90.42 66.44 91.24 95.18 18.64 16.95 1.72 22.06 01/2019 22:30:00 VF CORP VFC US US9182041080 Consumer Discretionary USD 81.33 53.27 84.38 84.21 22.71 20.36 2.26 17.23 03/2019 22:30:00 APTIV PLC APTV US JE00B783TY65 Consumer Discretionary USD 99.08 - - 103.43 18.42 16.72 0.89 24.57 12/2018 22:30:00 PROCTER & GAMBLE PG US US7427181091 Consumer Staples USD 73.45 70.73 94.67 81.97 17.53 16.47 3.91 4.02 06/2018 22:30:00 ESTEE LAUDER EL US US5184391044 Consumer Staples USD 148.40 93.45 153.88 153.62 33.30 29.49 1.02 15.50 06/2018 22:30:00 KIMBERLY-CLARK KMB US US4943681035 Consumer Staples USD 100.87 97.10 134.30 109.50 14.57 13.86 3.97 5.23 12/2018 22:30:00 ELI LILLY & CO LLY US US5324571083 Health Care USD 84.85 73.69 89.09 91.53 16.47 15.35 2.65 2.01 12/2018 22:30:00 MEDTRONIC PLC MDT US IE00BTN1Y115 Health Care USD 87.83 76.41 89.72 94.71 17.13 15.73 2.10 12.09 04/2019 22:30:00 THERMO FISHER TMO US US8835561023 Health Care USD 211.83 170.07 226.44 241.31 19.43 17.50 0.32 2.06 12/2018 22:30:00 BECTON DICKINSON BDX US US0758871091 Health Care USD 224.94 187.27 248.39 249.88 20.42 17.80 1.33 9.39 09/2018 22:30:00 HCA HEALTHCARE I HCA US US40412C1018 Health Care USD 104.32 71.18 106.84 113.89 11.84 11.01 1.34 -31.07 12/2018 22:30:00 ZOETIS INC ZTS US US98978V1035 Health Care USD 85.42 59.50 86.38 88.71 27.92 25.01 0.59 48.03 12/2018 22:30:00 PERRIGO CO PLC PRGO US IE00BGH1M568 Health Care USD 74.08 63.68 95.93 91.56 14.08 13.10 1.03 14.87 12/2018 22:30:00 ADOBE SYS INC ADBE US US00724F1012 Information Technology USD 251.31 131.20 251.83 249.44 38.93 34.38 - - 11/2018 22:30:00 ALPHABET INC-C GOOG US US02079K1079 Information Technology USD 1'119.50 894.79 1'186.89 1'236.11 21.75 19.30 - - 12/2018 22:30:00 FACEBOOK INC-A FB US US30303M1027 Information Technology USD 193.99 144.56 195.32 222.18 22.73 18.88 - - 12/2018 22:30:00 MICROSOFT CORP MSFT US US5949181045 Information Technology USD 100.79 68.02 100.86 110.68 26.36 25.03 1.67 13.14 06/2018 22:30:00 IBM IBM US US4592001014 Information Technology USD 141.95 139.13 171.13 170.61 10.27 10.07 4.42 11.64 12/2018 22:30:00 VISA INC-CLASS A V US US92826C8394 Information Technology USD 130.85 92.80 132.51 144.09 29.09 24.83 0.64 20.86 09/2018 22:30:00 MASTERCARD INC-A MA US US57636Q1040 Information Technology USD 195.37 119.89 195.37 207.09 30.96 26.48 0.51 44.35 12/2018 22:30:00 TE CONNECTIVITY TEL US CH0102993182 Information Technology USD 94.59 77.15 108.23 113.80 16.99 15.65 1.86 13.26 09/2018 22:30:00 AMPHENOL CORP-A APH US US0320951017 Information Technology USD 88.37 72.35 93.62 96.92 25.01 22.81 1.04 28.30 12/2018 22:30:00 LINCOLN NATL CRP LNC US US5341871094 Financials USD 67.38 63.32 86.68 83.21 7.98 7.29 1.96 25.39 12/2018 22:30:00 VOYA FINANCIAL I VOYA US US9290891004 Financials USD 52.45 34.06 55.27 61.70 12.46 9.96 0.08 - 12/2018 22:30:00 US BANCORP USB US US9029733048 Financials USD 50.76 48.49 58.50 57.74 12.53 11.62 2.36 8.63 12/2018 22:30:00 JPMORGAN CHASE JPM US US46625H1005 Financials USD 108.40 82.13 119.33 121.52 12.08 11.07 2.07 12.68 12/2018 22:30:00 BANK NY MELLON BK US US0640581007 Financials USD 55.35 46.77 58.99 61.17 13.03 12.02 1.73 12.20 12/2018 22:30:00 SCHWAB (CHARLES) SCHW US US8085131055 Financials USD 56.73 38.06 60.22 60.97 23.33 19.72 0.71 8.45 12/2018 22:30:00
Deutsche Bank Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.Past performance is no guarantee of future results;nothing contained herein shall constitute any representation or warranty as Wealth Management to future performance. Important note: please refer to important notices at the end of this document.*Denotes where recommendation has previously differed within the last 12 months, see recommendation history at the end of this document Source and data: Bloomberg June 1st 2018 5 Capital Markets US
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
HONEYWELL INTL HON US US4385161066 Industrials USD 150.09 131.42 165.13 173.94 18.68 17.17 1.99 12.60 12/2018 22:30:00 SOUTHWEST AIR LUV US US8447411088 Industrials USD 50.96 49.76 66.99 66.88 11.40 9.77 1.26 48.17 12/2018 22:30:00 MONSANTO CO MON US US61166W1018 Materials USD 127.56 114.19 127.68 126.90 22.33 20.75 1.69 8.67 08/2018 22:30:00 AIR PRODS & CHEM APD US US0091581068 Materials USD 163.54 140.78 175.17 186.22 22.23 20.18 2.69 8.47 09/2018 22:30:00 DOWDUPONT INC DWDP US US26078J1007 Materials USD 66.17 61.27 77.08 81.77 - - 2.30 4.56 12/2018 22:30:00 ECOLAB INC ECL US US2788651006 Materials USD 143.60 125.74 150.46 151.89 26.67 23.88 1.14 12.65 12/2018 22:30:00 INTL FLVR & FRAG IFF US US4595061015 Materials USD 124.02 122.11 157.40 143.65 19.68 18.14 2.23 15.30 12/2018 22:30:00 CHEVRON CORP CVX US US1667641005 Energy USD 123.85 102.55 133.88 142.25 16.21 15.66 3.62 3.53 12/2018 22:30:00 SCHLUMBERGER LTD SLB US AN8068571086 Energy USD 68.96 61.02 80.35 80.61 33.39 22.70 2.90 11.22 12/2018 22:30:00
US High Dividend
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
GENERAL MILLS IN GIS US US3703341046 Consumer Staples USD 42.60 41.01 60.69 50.06 13.86 13.30 4.60 8.23 05/2018 22:30:00 KIMBERLY-CLARK KMB US US4943681035 Consumer Staples USD 100.87 97.10 134.30 109.50 14.57 13.86 3.97 5.23 12/2018 22:30:00 PROCTER & GAMBLE PG US US7427181091 Consumer Staples USD 73.45 70.73 94.67 81.97 17.53 16.47 3.91 4.02 06/2018 22:30:00 DUKE ENERGY CORP DUK US US26441C2044 Utilities USD 76.08 72.93 91.80 82.00 16.09 15.38 4.68 3.07 12/2018 22:30:00 PUB SERV ENTERP PEG US US7445731067 Utilities USD 52.55 41.67 53.33 55.62 16.91 16.06 3.43 4.08 12/2018 22:30:00 CHEVRON CORP CVX US US1667641005 Energy USD 123.85 102.55 133.88 142.25 16.21 15.66 3.62 3.53 12/2018 22:30:00 IBM IBM US US4592001014 Information Technology USD 141.95 139.13 171.13 170.61 10.27 10.07 4.42 11.64 12/2018 22:30:00
Deutsche Bank Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.Past performance is no guarantee of future results;nothing contained herein shall constitute any representation or warranty as Wealth Management to future performance. Important note: please refer to important notices at the end of this document.*Denotes where recommendation has previously differed within the last 12 months, see recommendation history at the end of this document Source and data: Bloomberg June 1st 2018 6 Capital Markets Japan
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
TOYOTA MOTOR 7203 JP JP3633400001 Consumer Discretionary JPY 7'122.00 5'738.00 7'806.00 8'212.50 9.66 8.94 2.98 19.57 03/2019 08:45:00 RYOHIN KEIKAKU 7453 JP JP3976300008 Consumer Discretionary JPY 36'500.00 26'960.00 39'700.00 38'010.00 28.04 25.36 1.04 25.69 02/2019 08:45:00 FAST RETAILING 9983 JP JP3802300008 Consumer Discretionary JPY 46'910.00 30'000.00 51'580.00 52'000.00 34.75 30.32 0.85 6.79 08/2018 08:45:00 MITSUBISHI UFJ F 8306 JP JP3902900004 Financials JPY 666.20 645.20 894.40 907.73 9.36 9.17 2.93 7.89 03/2019 08:45:00 SMFG 8316 JP JP3890350006 Financials JPY 4'523.00 3'973.00 5'333.00 5'448.33 9.15 8.86 3.69 7.21 03/2019 08:45:00 DAI-ICHI LIFE HO 8750 JP JP3476480003 Financials JPY 2'036.00 1'693.00 2'514.50 2'521.43 11.00 10.37 2.54 25.59 03/2019 08:45:00 THK CO LTD 6481 JP JP3539250005 Industrials JPY 3'850.00 3'065.00 4'830.00 5'001.43 13.86 12.75 1.56 28.06 12/2017 08:45:00 KEYENCE CORP 6861 JP JP3236200006 Information Technology JPY 67'830.00 47'880.00 72'400.00 73'583.34 33.54 29.77 0.15 27.23 03/2019 08:45:00
Australia
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
HARVEY NORMAN HVN AU AU000000HVN7 Consumer Discretionary AUD 3.61 3.32 4.62 3.58 10.65 10.65 9.75 23.38 06/2018 08:16:00 STAR ENTERTAINME SGR AU AU000000SGR6 Consumer Discretionary AUD 4.89 4.84 6.40 5.86 16.96 16.01 4.71 31.95 06/2018 08:16:00 ARISTOCRAT LEISU ALL AU AU000000ALL7 Consumer Discretionary AUD 29.87 19.61 31.70 32.54 25.35 21.59 1.83 43.99 09/2018 08:16:00 NATL AUST BANK NAB AU AU000000NAB4 Financials AUD 26.65 26.48 32.98 31.86 12.22 11.00 10.54 1.83 09/2018 08:16:00 WESTPAC BANKING WBC AU AU000000WBC1 Financials AUD 27.74 27.55 33.68 33.05 11.18 11.18 9.67 0.98 09/2018 08:16:00 APA G R O U P APA AU AU000000APA1 Utilities AUD 8.71 7.59 9.90 8.95 39.59 34.74 5.50 7.55 06/2018 08:16:00
Deutsche Bank Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.Past performance is no guarantee of future results;nothing contained herein shall constitute any representation or warranty as Wealth Management to future performance. Important note: please refer to important notices at the end of this document.*Denotes where recommendation has previously differed within the last 12 months, see recommendation history at the end of this document Source and data: Bloomberg June 1st 2018 7 Capital Markets HK/China
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
GALAXY ENTERTAIN 27 HK HK0027032686 Consumer Discretionary HKD 66.85 43.38 73.85 79.57 22.10 19.65 - - 12/2018 10:15:00 BYD CO LTD-H 1211 HK CNE100000296 Consumer Discretionary HKD 50.55 45.25 83.70 63.47 23.30 17.98 0.34 - 12/2018 10:15:00 SANDS CHINA LTD 1928 HK KYG7800X1079 Consumer Discretionary HKD 45.00 33.80 49.35 50.79 22.02 18.93 4.38 9.75 12/2018 10:15:00 TENCENT 700 HK KYG875721634 Information Technology HKD 404.00 260.40 476.60 521.83 38.11 28.87 0.21 34.49 12/2018 10:15:00 AAC TECHNOLOGIES 2018 HK KYG2953R1149 Information Technology HKD 116.20 81.43 185.00 146.03 18.36 14.85 1.77 17.27 12/2018 10:15:00 HSBC HOLDINGS PL 5 HK GB0005405286 Financials HKD 75.95 67.55 86.00 82.56 13.46 12.79 5.22 2.26 12/2018 10:15:00 PIN G AN 2318 HK CNE1000003X6 Financials HKD 77.35 49.75 98.85 102.32 11.63 9.89 2.32 34.32 12/2018 10:15:00 CCB-H 939 HK CNE1000002H1 Financials HKD 7.96 5.91 9.39 10.56 6.34 5.78 4.38 2.00 12/2018 10:15:00 CHINA RES LAND 1109 HK KYG2108Y1052 Real Estate HKD 29.50 21.05 34.45 34.96 8.68 7.37 3.17 25.47 12/2018 10:15:00 SHK PPT 16 HK HK0016000132 Real Estate HKD 125.80 113.50 139.60 153.56 12.17 11.35 3.32 4.63 06/2018 10:15:00 CHINA MOBILE 941 HK HK0941009539 Telecommunication Services HKD 70.55 69.60 86.29 90.99 10.41 10.14 4.46 13.43 12/2018 10:15:00 HKT-SS 6823 HK HK0000093390 Telecommunication Services HKD 9.80 9.36 10.52 12.00 14.54 14.20 6.55 9.98 12/2018 10:15:00 POWER ASSETS 6 HK HK0006000050 Utilities HKD 54.75 54.00 67.61 66.30 14.93 15.03 5.11 46.08 12/2018 10:15:00 PETROCHINA-H 857 HK CNE1000003W8 Energy HKD 6.48 4.68 6.66 7.29 17.11 15.27 1.05 -18.45 12/2018 10:15:00 Singapore
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
DBS GROUP HLDGS DBS SP SG1L01001701 Financials SGD 28.30 19.68 30.76 33.07 12.52 11.19 3.23 20.62 12/2018 11:10:00 C APIT ALAN D LT D CAPL SP SG1J27887962 Real Estate SGD 3.51 3.42 3.88 4.28 16.00 15.51 3.41 11.38 12/2018 11:10:00 C APIT ALAN D M ALL CT SP SG1M51904654 Real Estate SGD 2.08 1.92 2.17 2.23 18.16 18.65 5.37 9.14 12/2018 11:10:00 SINGAPORE TELECO ST SP SG1T75931496 Telecommunication Services SGD 3.25 3.25 3.97 3.93 14.45 13.44 5.34 5.35 03/2019 11:10:00 SATS LTD SATS SP SG1I52882764 Industrials SGD 5.25 4.55 5.85 5.65 22.35 20.59 3.44 -8.15 03/2019 11:10:00 COMFORTDELGRO CO CD SP SG1N31909426 Industrials SGD 2.50 1.89 2.50 2.58 17.64 16.69 4.21 10.20 12/2018 11:10:00 SINGAP TECH ENG STE SP SG1F60858221 Industrials SGD 3.45 3.16 3.85 4.00 19.55 18.12 4.34 -2.24 12/2018 11:10:00
Deutsche Bank Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.Past performance is no guarantee of future results;nothing contained herein shall constitute any representation or warranty as Wealth Management to future performance. Important note: please refer to important notices at the end of this document.*Denotes where recommendation has previously differed within the last 12 months, see recommendation history at the end of this document Source and data: Bloomberg June 1st 2018 8 Capital Markets High Dividend HK/China
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
CCB-H 939 HK CNE1000002H1 Financials HKD 7.96 5.91 9.39 10.56 6.34 5.78 4.38 2.00 12/2018 10:15:00 CLP HOLDINGS 2 HK HK0002007356 Utilities HKD 81.50 75.05 85.00 83.29 14.76 16.39 3.56 2.66 12/2018 10:15:00 Singapore
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
C APIT ALAN D M ALL CT SP SG1M51904654 Real Estate SGD 2.08 1.92 2.17 2.23 18.16 18.65 5.37 9.14 12/2018 11:10:00 DBS GROUP HLDGS DBS SP SG1L01001701 Financials SGD 28.30 19.68 30.76 33.07 12.52 11.19 3.23 20.62 12/2018 11:10:00 SINGAPORE TELECO ST SP SG1T75931496 Telecommunication Services SGD 3.25 3.25 3.97 3.93 14.45 13.44 5.34 5.35 03/2019 11:10:00 Australia
52 week 52 week Cons. Current Next Dividend Div. Growth Fiscal Closing Company Name Ticker ISIN Sector Currency Price Low High Target Year P/E Year P/E Yield % last 5 years % Year End Time CET
HARVEY NORMAN HVN AU AU000000HVN7 Consumer Discretionary AUD 3.61 3.32 4.62 3.58 10.65 10.65 9.75 23.38 06/2018 08:16:00 TABCORP HLDGS TAH AU AU000000TAH8 Consumer Discretionary AUD 4.38 3.91 5.74 5.16 26.39 20.84 7.53 1.53 06/2018 08:16:00 WESTPAC BANKING WBC AU AU000000WBC1 Financials AUD 27.74 27.55 33.68 33.05 11.18 11.18 9.67 0.98 09/2018 08:16:00 MACQUARIE GROUP MQG AU AU000000MQG1 Financials AUD 112.84 82.28 117.07 115.28 14.36 13.73 5.53 23.11 03/2019 08:16:00 TELSTRA CORP TLS AU AU000000TLS2 Telecommunication Services AUD 2.78 2.72 4.45 3.48 9.45 8.93 11.90 -1.10 06/2018 08:16:00 APA G R O U P APA AU AU000000APA1 Utilities AUD 8.71 7.59 9.90 8.95 39.59 34.74 5.50 7.55 06/2018 08:16:00
Deutsche Bank Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.Past performance is no guarantee of future results;nothing contained herein shall constitute any representation or warranty as Wealth Management to future performance. Important note: please refer to important notices at the end of this document.*Denotes where recommendation has previously differed within the last 12 months, see recommendation history at the end of this document Source and data: Bloomberg June 1st 2018 9 Important Notices: Disclosure according to Art.20 MAR and further requirements Producer(s): The information provided herein was produced by employees of 1) DB (Suisse) SA, which is a bank licensed in Switzerland, regulated by Swiss Financial Market Supervisory Authority FINMA, in cooperation with 2) DB AG Hong Kong branch, regulated by HK Monetary Authority, and 3) DB AG Singapore branch, regulated by Monetary Authority of Singapore (MAS). This document has been prepared jointly by: Equity: Philippe Montant (PM) and Rolf Winkelmann (RW) Directors, regulated by FINMA, Dickie Wong (DW) Director, Chris Zee (CZ) Director, regulated by HK Monetary Authority, and Calin Toh (CT) Director, Bobby Lu (BL) Vice President, regulated by Monetary Authority of Singapore (MAS) Fixed Income: Aneta Brzozowska and Olga Dubko Vice Presidents, reporting to Martin Hirlemann Head of Capital Market Advisory EMEA, within Global Products & Solutions function, in Deutsche Bank Wealth Management. Nooman Fazai Assistant Vice President, reporting to Martin Hirlemann Head of Capital Market Advisory EMEA, within Global Products & Solutions function, in Deutsche Bank Wealth Management. Methodology and assumptions: The ISINs in the lists are selected using a qualitative approach taking into account criteria such as, and assumptions with regard to, balance sheet strength, market positioning, and strategic positioning. Companies from emerging markets are excluded. Small cap companies are also excluded. In this methodology no quantitative analysis is applied. Qualitative views on companies are established using information and research obtained from providers on an open architecture basis. ISINs are selected with an approach which strives for a wealth preservation and a mid- to long- term holding period. The selection is not based on an algorithm but represents the personal view and preferences of the person producing this document. Meaning of adding or removing ISINs from the list: If ISINs are added to this list the persons producing this document have a positive view on it compared to other ISINs and with respect to the selection criteria and assumptions mentioned above. It does not represent a specific price target. ISINs can be removed from this list if this view changes or for other reasons. For example, changes in the assumptions and underlying facts, may result in a removal from the list without notice. For the ISINs no specific price targets are provided. The recommendations are valid for the date the documents are produced. No sensitive information is used for the selection process. More information on the recommendations given in this document can be found in the rationales of the “Equity Summary” slide for each ISIN which can be obtained from your Client Advisors. The lists are updated at least on a monthly basis or more frequently depending on markets, companies' development or DB group restricted list changes. Internal organization and remuneration: The roles and responsibilities in the production and governance process of Investment Ideas are outlined in internal policies which describe the process and criteria applied when adding an investment idea to the list. Apart from the qualitative review or market capitalization, it must be ensured the company or security is not on the internal Sanction and Restricted List. An approval panel composed of several functions ensures an objective and independent selection. Product Specialists only have access to public available information and are physically separated from the Investment Bank (information barrier). All personal transactions which could lead to potential conflicts of interest require a pre-trade approval by the line manager and compliance. The remuneration of the persons involved in the production of any recommendation is not tied to investment services provided to the issuers. Glossary for the Equity Lists: Cons. Target: average of analysts’ target price, this exclude old or extraordinary estimate (compiled by Bloomberg). Current Year P/E: current price divided by average of analysts’ estimate earnings per share, for the fiscal year of the company, this exclude old or extraordinary estimate (compiled by Bloomberg). Next Year P/E: current price divided by average of analysts’ estimate earnings per share, for the next fiscal year of the company, this exclude old or extraordinary estimate (compiled by Bloomberg). Dividend Yield: annualized dividend yield, calculated by the most recent dividend announcement (compiled by Bloomberg). Dividend growth last 5 years: annualized dividend yield growth, calculated by the most recent dividend announcement over last 5 years (compiled by Bloomberg). Fiscal year end: next projected fiscal year end date (compiled by Bloomberg). Addition: if an ISIN is added on the Equity list, this means the authors have rather a positive view with respect to this ISIN. Removal: if an ISIN is removed from the Equity list, this means that the previously rather positive view with respect to this ISIN has changed. Closing Time: is the time when the ISIN price was taken Glossary for the Fixed Income List YTM: The percentage rate of return paid if the security is held to its maturity date. The calculation is based on the coupon rate, length of time to maturity, and market price. It assumes that coupon interest paid over the life of the security is reinvested at the same rate (compiled by Bloomberg). YTC: The percentage rate of a bond or note if you were to buy and hold the security until the call date. This yield is valid only if the security is called prior to maturity. Generally, bonds are callable over several years and normally are called at a slight premium. The calculation of yield to call is based on the coupon rate, length of time to the call, and market price. (compiled by Bloomberg). Ask: The price a seller is willing to accept for a security, also known as the offer price. Along with the price, the ask quote will generally also stipulate the amount of the security willing to be sold at that price. Sometimes called "the ask." (compiled by Bloomberg). Mod. Dur: The percentage price change of a security for a given change in yield. The higher the modified duration of a security, the higher its risk. Ad/ModDuration = [duration / {1 + (IRR/M)}]; where IRR is the internal rate of return and M is the number of compounding periods per year. (compiled by Bloomberg). Outstanding: The amount still required to be repaid. Amounts do not reflect mandatory prepayment (compiled by Bloomberg). Min Piece / increment: The smallest denomination of the bond that you can purchase / increments tradable above and in addition to the minimum piece (compiled by Bloomberg).
Deutsche Bank Wealth Management © 2018 Deutsche Bank AG 10 Important Notices: Disclosure according to Art.20 MAR and further requirements Further important notices: The information provided herein was produced by Deutsche Bank Wealth Management (DB WM), the brand name of the Wealth Management business unit of Deutsche Bank Group, with the greatest of care and to the best of its knowledge and belief. The information and views expressed herein are those of DB WM at the time of writing and are subject to change at any time without notice. The information are no investment advice or otherwise based on a consideration of the personal circumstances of the addressee nor is it the result of independent research. The information provided herein is not legally binding and it does not constitute an offer or invitation to enter into any type of financial transaction. The information provided herein is for the exclusive use of the recipient. It may not be reproduced, neither in part nor in full, without the written permission of DB WM. Neither this information nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation “S” under the US Sec. Act of 1933, as amended). Glossary for potential conflicts of interest: Certain circumstances could potentially impair the objectivity of the views presented in this document. They will be disclosed as applicable for every ISIN on the list in the following order: 1. Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public or private offering for this company, for which it received fees. 2. Deutsche Bank and/or its affiliate(s) makes a market in equity securities issued by this company. 3. Deutsche Bank and/or its affiliate(s) acts as a corporate broker or sponsor to this company. 4. The research analyst(s) or an individual who assisted in the preparation of this report (or a member of his/her household) has a financial interest in the securities, or derivatives thereof, issued by this company or sovereign. Please contact us if you are interested in further information. 5. The research analyst(s) or an individual who assisted in the preparation of this report (or a member of his/her household) is [an officer, director or advisory board member] of this company. 6. Deutsche Bank and/or its affiliate(s) owns one percent or more of any class of common equity securities of this company calculated under computational methods required by US law. 7. Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investment banking or financial advisory services within the past year. 8. Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment banking services from this company in the next three months. 9. Deutsche Bank and/or its affiliate(s) owns one percent or more of any class of common equity securities of this company calculated under computational methods required by India law. 10. Deutsche Bank and/or its affiliate(s) holds more than five per cent of the share capital of the company whose securities are subject of the research, calculated under computational methods required by German law (data as of the last trading day of the past month). 11. Please see special disclosure text. 12. Deutsche Bank and/or its affiliate(s) owns more than half a percent long or short of the total issued share capital of the issuer, calculated in accordance with the EU Short Selling Regulation (SSR). 13. As of the end of the preceding week, Deutsche Bank and/or its affiliate(s) owns one percent or more of a class of common equity securities of this company. 14. Deutsche Bank and/or its affiliate(s) has received non-investment banking related compensation from this company within the past year. 15. This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it received non-investment banking securities- related services. 16. A draft of this report was previously shown to the issuer (for fact checking purposes) and changes were made to the report before publication. 17. The Issuer holds more than 5% of Deutsche Bank shares. 18. An agreement has been concluded with the issuer in relation to the production of this recommendation.
Deutsche Bank Wealth Management © 2018 Deutsche Bank AG 11 Important Notices: Disclosure according to Art.20 MAR and further requirements History of recommendations In the preceding 12 months, the following ISIN’s have been added to or removed from the List, valid for the date the documents are produced
Price when added/ Recomm. Date of Price when added/ Recomm. Date of Company name ISIN Producer(s) Disclosure(s) Company name ISIN Producer(s) Disclosure(s) removed (closing price) change recomm. change removed (closing price) change recomm. change BAYER AG DE000BAY0017 PM/RW EUR 103.84 Removed 6/4/2018 BRENNTAG DE000A1DAHH0 PM/RW EUR 44.37 Removed 8/31/2017 AMPHENOL US0320951017 PM/RW USD 87.60 Added 5/23/2018 14,15 SAP DE0007164600 PM/RW EUR 87.85 Added 8/29/2017 6,9,14,15 BASF* DE000BASF111 PM/RW EUR 86.88 Added 5/7/2018 7,8,11,14,15 PROSEIBEN DE000PSM7770 PM/RW EUR 32.685 Removed 8/29/2017 BASF* DE000BASF111 PM/RW EUR 85.79 Removed 5/4/2018 FOOTLOCKER US3448491049 PM/RW USD 34.38 Removed 8/21/2017 SIKA CH0000587979 PM/RW CHF 7,230.00 Added 5/2/2018 ASTRAZENECA GB0009895292 PM/RW GBp 4,426.5 Added 8/9/2017 14,15 DAI-ICHI LIFE HOLDINGS JP3476480003 CZ/CT/DW/BL JPY 2,002.00 Added 4/17/2018 14 RAFFLES MEDICAL SG1CH4000003 CZ/CT/DW SGD 1.53 Removed 8/2/2017 FAST RETAILING JP3802300008 CZ/CT/DW/BL JPY 46,440.00 Added 4/17/2018 14,15 MASTERCARD US57636Q1040 PM/RW USD 129.52 Added 7/24/2017 1,7,14,15 KUBOTA CORP JP3266400005 CZ/CT/DW/BL JPY 1,799.00 Removed 4/17/2018 MAPLE TREE SG1S03926213 CZ/CT/DW SGD 1.19 Removed 7/10/2017 MITSUBISHI CORP JP3898400001 CZ/CT/DW/BL JPY 2,898.50 Removed 4/17/2018 KEPPEL DC REIT SG1AF6000009 CZ/CT/DW SGD 1.285 Removed 7/10/2017 HANG SENG BANK HK0011000095 CZ/CT/DW HKD 192.5 Removed 2/22/2018 SINGAP TECH ENG SG1F60858221 CZ/CT/DW SGD 3.65 Added 7/10/2017 14 SONY CORP JP3435000009 CZ/CT/DW JPY 5,349 Removed 2/22/2018 CAPITALAND MALL SG1M51904654 CZ/CT/DW SGD 1.97 Added 7/10/2017 BANK OF NEW YORK MELLON US0640581007 PM/RW USD 57.50 Added 2/2/2018 1,7,8,14,15 MITSUI FUDOSAN JP3893200000 CZ/CT/DW JPY 2,608.5 Removed 7/10/2017 BASF* DE000BASF111 PM/RW EUR 94.21 Added 12/13/2017 7,8,11,14,15 SEVEN & I JP3422950000 CZ/CT/DW JPY 4,535 Removed 7/10/2017 UNIBAIL* FR0000124711 PM/RW EUR 224.10 Removed 12/12/2017 THK JP3539250005 CZ/CT/DW JPY 3,245 Added 7/10/2017 6,9,14,15 Lincoln National US5341871094 PM/RW USD 77.50 Added 12/5/2017 1,2,7,14,15 KEYENCE JP3236200006 CZ/CT/DW JPY 49,020 Added 7/10/2017 TE Connectivity CH0102993182 PM/RW USD 92.87 Added 12/5/2017 8,14,15 SOFTBANK* JP3436100006 CZ/CT/DW JPY 8,928 Added 7/10/2017 1,7,8,14,15 BASF SE* DE000BASF111 PM/RW EUR 95.10 Removed 11/27/2017 BRILLIANCE CHINA BMG1368B1028 CZ/CT/DW HKD 14.46 Removed 7/10/2017 IBM US4592001014 PM/RW USD 151.77 Added 11/24/2017 6,7,8,9,14,15 ROCHE CH0012032048 PM/RW CHF 241.20 Removed 7/10/2017 VONOVIA DE000A1ML7J1 PM/RW EUR 39.36 Added 11/24/2017 1,6,7,8,9,14 LONZA CH0013841017 PM/RW CHF 209.80 Added 7/10/2017 6,9,14,15 LINDE AG-TENDER DE000A2E4L75 PM/RW EUR 189.15 Added 11/9/2017 6,7,9,11,14,15 SYMRISE* DE000SYM9999 PM/RW EUR 64.00 Added 6/14/2017 1,6,7,9,14,15 SOFTBANK* JP3436100006 CZ/CT/DW JPY 10,135 Removed 10/25/2017 SYMRISE* DE000SYM9999 PM/RW EUR 63.69 Removed 6/13/2017 DOWDUPONT US26078J1007 PM/RW USD 67.18 Added (merger) 9/1/2017 2,7,8,14,15 ESSITY AB SE0009922164 PM/RW SEK 248.50 Added 6/12/2017 7,14,15 DUPONT US2635341090 PM/RW USD 83.93 Removed (merger) 9/1/2017 SVENSKA CELL-B SE0000112724 PM/RW SEK 62.60 Removed 6/12/2017 UNIBAIL* FR0000124711 PM/RW EUR 212.30 Added 8/31/2017 1,6,7,9,14,15
Disclosures AAC Technologies 13,14,15; Adobe Sys Inc 2; Air Prods & Chem 7,14,15; Allianz SE 1,6,7,8,9,14,15; Alphabet 2,8,14,15; Amazon 2,8,14,15; APA Group 1,7,14; Aptiv 14,15; Aristocrat Leisure 6,7,9,14,15; Assa Abloy 14,15; Axa 1,6,7,8,9,11 - Deutsche Bank AG and/or affiliate(s) is acting as bookrunner on the announced/filed IPO of AXA Equitable Holdings, Inc which is owned by AllianceBernstein Holdings and Axa SA,14,15; BASF SE 7,8,11 - Deutsche Bank AG and/or affiliate(s) is acting as advisor in respect of the possible merger of the oil and gas operations BASF SE and Letter 1 into a newly formed entity. Deutsche Bank and/or its affiliates is acting as advisor and providing financing to Solenis on the combination with BASF’s paper wet-end and water chemicals business,14,15; Bayer AG 2,6,7,9,11 - A director or office of this company is a member of Deutsche Bank's Management or Supervisory Board,14,15; Bayer Motoren Wk 1,6,7,9,14,15; Becton Dickinson 1,7,14,15; Beiersdorf 6,9; BNP Paribas 1,6,7,9,14,15; BP 1,7,8,14; BYD Co 13,14,15; Capitaland 6,7,9,14; CCB-H 14,15; Chevron 8,14,15; China Mobile; China Res Land; Chocoladefabr 6,9,14; Cie Financi-Reg 14,15; CLP Holdings 14,15; Comfortdelgro Co; Compass Group 6,9,14,15; Daimler 1,6,7,8,9,11 - A director of this company is a member of Deutsche Bank's Supervisory Board,14,15; Danske Bank 7,14,15; DBS Group Hldgs 1,7,14,15; Duke Energy 7,14,15; Ecolab 6,9,14,15; Eli Lilly 7,8,14,15; Essilor 6,9,14,15; Estee Lauder; Facebook 2; Fresenius 6,7,9,14,15; Galaxy Entertainment 1,7; Geberit AG-Reg 6,9,14; General Mills 1,7,8,14,15; Givaudan 1,7,14,15; Harvey Norman; HCA Holdings 1,6,7,8,9,14,15; HKT Trust 14,15; Honeywell Int'l 1,7,8,14,15; HSBC Holdings 7,8,14,15; HSBC Holdings Plc 7,14; International Flavors & Fragrances 14; Inditex 14; ING Groep 1,6,7,9,14,15; JPMorgan Chase 1,7,8,14,15; KBC Groep 1,7,14,15; Kering 6,7,9,14,15; Kimberly-Clark 1,7,8,14,15; Kubota Corp 14; Lafargeholcim 11 - PT Deutsche Verdhana Sekuritas Indonesia Analyst(s) do not receive any direct compensation for their recommendation or views but may receive compensation based on the profitability of PT Deutsche Verdhana Sekuritas Indonesia,14,15; Legal & Gen Grp 14,15; Linde 6,7,9,11 - Mathias Otto is a member of this company's board of governors,14,15; Lloyds Banking 1,7,14; L'oreal 14; Luxottica Group 14,15; Macquarie Group 7,8,14,15; Medtronic 1,7,8,14,15; Merck KGAA 6,9; Microsoft 2,8,14,15; Mitsubishi Corp 7,14; Mitsubishi UFJF 1,7,8,14,15; Nat'l Aust Bank 1,7,14,15; Novartis AG 1,6,7,9,14,15; PetroChina 7,8,13,14; Perrigo 2,8; Ping An-H 7,13,14,15; Power Assets; Procter & Gamble 1,7,8,14,15; Prudential 1,6,7,9,14,15; Pub Serv Enterp 6,9; Royal Dutch Sh-A 1,7,14,15; Ryohin Keikaku; Saint Gobain 1,6,7,9,12,14,15; Sands China; SATS Ltd 14; Schlumberger 1,4,6,7,8,9; Schwab (Charles) 14,15; SHK PPT; Singapore Teleco 1,7,14; SMFG 1,7,14,15; Southwest Air 14; Star Entertainment 6,9; Swatch Group 6,9,14,15; Swisscom AG 1,7,14; Tabcorp Hldgs 14,15; Telstra Corp 7,14,15; Tencent 1,7,14,15; Thermo Fisher 1,6,7,8,9,14,15; TJX 6,8,9,14,15; Toyota Motor 1,7,8,14; Unilever NV 1,6,7,8,9,11 - Deutsche Bank AG and/or affiliate(s) is acting as Corporate Broker and Financial Adviser to Unilever on the unification of its two legal entities, N.V. and PLC, into a single legal entity incorporated in the Netherlands,14; Unilever PLC 3,7,14,15; US Bancorp 14,15; VF Corp 8,14; Visa 1,4,7,8,14,15; Voya Financial 1,2,6,7,8,9,14,15; Westpac Banking 1,7,14,15; Zoetis 7,8,11 - A director or office of this company is a member of Deutsche Bank's Management or Supervisory Board,14,15
Deutsche Bank and/or its affiliate(s) has received compensation from Deutsche Bank and/or its affiliate(s) owns one percent or more this company for the provision of investment banking or financial of a class of common equity securities of the company Equity List Recommendation advisory services within the past year. calculated under computational methods required by US law. change summary
100% Deutsche Bank 21% 80% has not 20% 60% received Deutsche Bank and/or its 19% 40% compensation afilliates ownership 18% 20% Deutsche Bank No ownership 17% 0% has received 16% Names Names compensation % Added % Removed Added Removed
Deutsche Bank Wealth Management © 2018 Deutsche Bank AG 12