Phillip Securities Research Pte Ltd

Regional Market Focus 20 November 2012

- STI: +0.18% to 2950.9 - MSCI SE Asia: -0.05% to 824.1 - Hang Seng: +0.49% to 21262.1 - MSCI APxJ: +0.68% to 434.7 - Euro Stoxx 50: +2.80% to 2495.2 - S&P500: +1.99% to 1386.9

MARKET OUTLOOK: By Ng Weiwen, Macro Analyst

US equities rallied on the back of constructive comments of a possible compromise between President Obama and the Republican-dominated House on tax positions which might defuse the stalemate on the fiscal budget. This provides comfort to markets in view of partisan tensions post-election.

However, markets might be watching what politicians actually do, rather than solely listening to what the lawmakers are saying. If there are no concrete details of a deal trickling out of the market, it will likely be a dead cat bounce. But once a definite compromise (with concrete details) is reached, we will likely see a bullish reversal.

The S&P 500 and DJIA formed a bullish marubozu, closing at the high of the trading session. While the DJIA and Nasdaq-100 Index (NDX) remained below their 200dma, the SPX managed to close -albeit not convincingly- above the 200dma resistance level.

1. For investors who are bullish about the SPX and yet worry about the downside if US is unable to avert the fiscal cliff, we suggest a "put- spread collar" strategy to hedge against downside risks. The put-spread part of the trade entails buying a put (at current SPX levels) and selling another put (with a lower strike price). This will hedge against a sharp decline with the downside capped at the difference between the two strike prices. After hedging your downside, you could still enjoy further upside by selling a call option that is above current SPX levels, though gains will be capped. But please be advised on the risks associated with trading options.

2. In view of higher odds of a near-term bounce in equities over the next few days, investors might want to consider long positions (with tight stops) on phillipCFDs.

3. NDX and Apple (AAPL: Nasdaq) gapped up from oversold levels. Long US Tech 100 Index USD5 CFD and Apple (AAPL: Nasdaq) if the “breakaway gap”(to the upside) -formed at yesterday’s close- does not get filled over the next couple of days. In such a scenario, odds of a valid breakout (to the upside) in the short-term are high.

4. We expect the positive sentiment in the US markets overnight to spill over to Asian trading session today. For the STI to climb higher, it will need to clear its 200dma resistance level and close the breakaway gap (to the downside) formed at last Thursday’s close.

SECTOR/STRATEGY REPORTS: - Singapore Sectors: Transport, 19 Nov / Property, 15 Nov / Banks, 1 Nov / REITS, 5 Sept - Country Strategy: US, 24 Oct / China, 22 Oct / HK, 8 Oct / Thai, 5 Oct / Indon, 27 Sept / S'pore, 3 Sept / Malaysia, 31 Aug - Global Macro, Asset Strategy: 9 Oct/ Update, 25 Oct

MICA (P) 081/12/2011 Ref No: RM2012_0224 1 of 18 Regional Market Focus 20 November 2012

MACRO DATA: In the US, the housing market continues to be a bright spot notwithstanding the adverse impact of Hurricane Sandy. Existing home sales surged 2.1% m-m to 4.79mn seas adj ann rate in Oct. Furthermore, the NAHB homebuilder confidence index rose 5pts m-m to 46 pts in Nov - a multi-year high.

In Thailand, GDP moderated from 4.4% in 2Q12 to 3.0% in 3Q as exports slumped owing to sluggish external demand. Looking ahead, we expect domestic demand to remain firm. Looking ahead, in view of the benign inflation as well as the pre-emptive Oct 25bps rate cut, we expect Bank of Thailand to stand pat - with the one-day bond repurchase rate at 2.75%- unless economic activity substantially slows down.

In China, 35 out of 70 major cities saw monthly gain in new apartment prices in Oct, compared to 31 in September. 17 saw monthly price decreases compared to 22 in Sept. On yearly basis, 55 saw price drop over a year ago and 12 saw increases and the numbers held the same from Sept. With strength in the rest of the economic data, the government is likely to maintain its curbs in housing market going forward. The current mild gain in price is exactly what the government wishes to see. Too much tightening will damp a tentative recovery in the Chinese economy.

In Japan, machine tool order fell by 6.7% y-y in Oct, compared to a 2.8% y-y contraction in September. Domestic order fell by 13.2% y-y, after a 12.7% y-y drop in Sept. Foreign order fell by 3.8% y-y, after a 1.9% y-y gain in Sept. The BOJ has so far pledged to buy 39 trillion yen in government debt before 2014, close to the 44 trillion yen of new bonds to be issued this fiscal year. Japan’s debt rose to 983.3 trillion yen at the end of September, the Finance Ministry said on Nov. 9. The opposition Liberal Democratic Party, leading in polls to win an election next month, has called for “unlimited” easing to end deflation and revive an economy that shrank last quarter at the fastest pace since 2011’s earthquake.

2 of 18 Regional Market Focus 20 November 2012

STRAITS TIMES INDEX Singapore 3300 . The benchmark STI was marginally up to 2,950.9 (+0.18%). The 1.5bn shares traded were worth S$1.0bn. 3100 . Eltek ASA, NeraTel’s majority shareholder (50.05%), agreed to sell its stake to Northstar for S$0.49 a share. This triggers a mandatory offer for the shares of 2900 NeraTel at a discount (-5.8%) to its last trading price of S$0.52. . Trading on the stock of Olam International was halted today, after the stock crashed 21% in OTC trading in New York yesterday. According to a Bloomberg 2700 news report, Muddy Waters told an investment conference about how Olam is heavily indebted and aggressive in booking biological gains on investments. 2500 Furthermore, he mentioned that Olam will fail and recoveries for investors will be 11/19 2/19 5/19 8/19 11/19 negligible. Close +/- % +/- . In the near term, we believe there could be a positive reversal in the Singapore FSSTI 2950.93 5.30 0.18 Market on hopes of a resolution over the fiscal cliff in the US (see MMC) P/E (x) 11.25 P/Bv (x) 1.34 Dividend Yield 3.15

Source: Bloomberg STOCK EXCH OF THAI INDEX Thailand 1400 . Thai stocks traded in a tight band but spent most of the session in the green on Mon on optimism for a deal in Washington to avert the US fiscal cliff. Trading 1300 volume was however markedly light. 1200 . Progress in talks to stave off the US ‘fiscal cliff’ would continue to be a key 1100 influence on the market’s direction. Overnight gains in US and European equities were also due partly to growing optimism that US lawmakers could reach a deal 1000 to avoid the looming US fiscal crunch and hopes that Greece would receive next 900 installment of its EU/IMF bailout package. However, we believe any gains in the 800 Thai stock market will remain limited by persistent uncertainty over the US ‘fiscal 11/19 2/19 5/19 8/19 11/19 cliff’ talks as it is too early to conclude at the meantime whether the deal would be reached and a deal on Greek debt reduction may also require further talks. In the Close +/- % +/- latest developments, Moody’s stripped France of its prized triple-A badge, cutting SET INDEX 1283.65 3.52 0.27 its sovereign credit rating by one notch to Aa1 from Aaa, citing an uncertain fiscal P/E (x) 15.99 outlook and deteriorating economy. Domestic political worries may also add P/Bv (x) 2.17 further nervousness to the market before the end of this week ahead of the Dividend Yield 3.54 planned political rallies and no-confidence debate. Overall we think any gains are likely to remain capped at 1290-1295 today. Source: Bloomberg . The short-term strategy is to be selective in stocks. . Resistance on the main index is pegged at 1290-1300 and support at 1272-1260 today. JAKARTA COMPOSITE INDEX

Indonesia 4600 . Most Indonesian stocks fell Monday (19/11), as profit takings took place, despite 4400 higher closes on Asian markets. The Jakarta Composite Index lost 37.845 points, 4200 or 0.87%, to close at 4,313.439. The decline included six of the 9 major industry 4000 groups, with financial sector dropped 1.92%, infrastructure slipped 1.46%, and 3800 consumer goods fell 1.24%. LQ45, the index that tracks Indonesia’s blue-chip 3600 shares, trimmed 8.631 points, or 1.15%, to close at 739.647, with 31 of its 45 3400 components ended in negative territory. More than 145 shares declined, 86 3200 shares advanced, and 236 shares remained unchanged Monday on the Indonesia 3000 Stock Exchange, where 3.529 billion shares worth IDR 4.134 trillion changed 11/19 2/19 5/19 8/19 11/19 hands on the regular board. Foreign investors posted net sales of shares worth IDR 203.72 billion. Close +/- % +/- . The Jakarta composite index will likely trade higher today, as hope for US budget JCI Index 4313.44 -37.85 -0.87 deal lifted markets in Asia this morning. We expect the JCI to trade within 4,270 – P/E (x) 16.95 4,366 range today. P/Bv (x) 2.86 Dividend Yield 2.07

Source: Bloomberg

3 of 18 Regional Market Focus 20 November 2012

SRI LANKA COLOMBO ALL SH Sri Lanka 6500 . The market appeared to be optimistic during the early hours; however at the end of the trading day negative closures were recorded on all three indices to close 6000 amidst the heavy selling pressure. The benchmark index (ASPI) fell 0.94% (with a recorded loss of 52.39 points) and closed the day at 5,503.93, the liquid MPI 5500 closed the day at 5,086.55 after a loss of 57.77 points. The S&P SL20 Price Index lost 22.21 points and closed at 3,006.47. During the day a total of 230 5000 counters traded & the market capitalization stood at LKR 2.1Tn. . The turnover for the day was LKR 3.86Bn; this was a 7 weeks high. Diversified 4500 Holdings and Investment trust became the top contributors of the day under the 11/19 2/19 5/19 8/19 11/19 sectorial review by contributing LKR 1.99Bn & LKR 1.7Bn respectively. A total of 471.2Mn shares changed hands during the trading day. Price losers Close +/- % +/- outnumbered the price gainers by 156:38. The day recorded a net foreign CSEALL Index 5503.93 -52.39 -0.94 Outflow of LKR 1.66Bn which extended the year to date inflow to LKR 34.01Bn. P/E (x) 11.46 P/Bv (x) 1.68 Dividend Yield 2.52

Source: Bloomberg STANDARD & POORS/ ASX 200 INDEX Australia 4800 . The Australian share market on Monday closed higher after investors received a glimmer of hope that US politicians may be able to negotiate to avoid falling off 4600 the "fiscal cliff". The benchmark S&P/ASX200 index was up 24.6 points or 0.57 per cent to 4,361.4. 4400 . Today, local markets are set to open higher following strong gains on 4200 international bourses amid hopes US political leaders will agree on a debt reduction plan to avoid the looming fiscal cliff of spending cuts and tax hikes 4000 which could send America back into recession. The SFE Futures 200 index is pointing upwards 17 points or 0.38 per cent to 4,396. 3800 . On the local economic news front for Tuesday, the Reserve Bank of Australia 11/19 2/19 5/19 8/19 11/19 (RBA) is due to release the minutes of its November board meeting, RBA Close +/- % +/- governor Glenn Stevens is scheduled to deliver a speech at the Committee for S&P/ASX 200 INDEX 4361.45 24.60 0.57 Economic Development of Australia (CEDA) Annual Dinner in Melbourne, and P/E (x) 16.88 the Australian Bureau of Statistics (ABS) releases its international merchandise P/Bv (x) 1.73 imports for October. Dividend Yield

Source: Bloomberg HANG SENG INDEX Hong Kong 23000 . Chinese stocks open mixed with the benchmark Shanghai Composite Index gained 0.11%. The Shanghai Composite Index was once dipped below the 22000 critical 2,000 level. A strong support was shown below the 2,000 level and the 21000 index rebounded. 20000 . The Hong Kong market remained lackluster. The HSI gained 103 points to 19000 21,262. Trading range was between 21,303 and 21,136. Trade volume shrank further to HK$46.24 billion. Currently, the market lacks catalyst for a direction. 18000 We expect the near term catalyst would be the fiscal cliff of U.S. and stimulus 17000 measure from the Chinese government. 16000 . HSBC (5.HK) is in talks to sell its US$9 billion stake in Ping An (2318.HK), 11/19 2/19 5/19 8/19 11/19 China's second-largest insurer, as the UK bank sheds assets to revive profit Close +/- % +/- growth. HSBC stated that the company is in discussions which may or may not HSI INDEX 21262.06 103.05 0.49 lead to the sale of the share. Ping An shares fell as much as 3.5 per cent in Hong P/E (x) 10.88 Kong trading, valuing the holding at about HK$71 billion. P/Bv (x) 1.41 . Technically, the HSI is expected to consolidate at around 21,000 with near term Dividend Yield 3.34 support and resistance at 21,000 and 21,500 respectively. Source: Bloomberg

4 of 18 Regional Market Focus 20 November 2012

Hong Kong KAISA GROUP(1638.HK) Recommendation：Buy Previous close：HKD1.71 Fair value：HKD2.10

 For the first ten months of 2012, Kaisa realized contractual sales of RMB12.8 billion, which increased by 5% year-on-year. According to the Company’s RMB16.5 billion sale goal, Kaisa has completed 78%.  Compared with peers, Kaisa sale accomplishment rate was too low. Since mid-2012, Kaisa sales growth has slowed down substantially. Its properties on sales since H2 below the plan were the direct cause for the slow-down. The Company had 600,000m2 new supply in July-October, which accounted for 40% of the planned 1.5 million m2. We predict Kaisa will step up supply, provide sold-out rate and reach the predicted sale goal in the next two months.  With sale size rise, Kaisa sale distribution is increasingly rational. As shown in the above figure, sales proportion in the five business areas for the first ten months of 2012 was relatively even, the western region, Pearl Delta and Bohai Rim were the largest sale sources, with sales proportion standing at 26%, 22% and 20% respectively.  Commercial properties and tourist properties are two of Kaisa’s five product lines. We believe the two types involve big investment and slow effect, and they can only act as supplement to main business due to their limited overall income and expenditure percentage. We view with caution Kaisa exploration in commercial properties and tourist properties.  The development model of urban renewal has become Kaisa’s unique competitive advantage in exploring tier-1 cities including Shenzhen and it is also a powerful engine for Kaisa business development. According to the corporate development plan, renewal projects in five cities such as Shenzhen, Zhuhai and Dongguan will enter into sales from H2 2012 to H1 2013, with salable area expected to outnumber 280,000 m2. We believe the Company’s urban renewal project has entered the output stage and it is expected to generate sufficient cash flow, which is of significance to improving the Company’s financial status.  By the end of June 2012, Kaisa total loans had amounted to RMB13.2 billion, leveling off with the end of 2011. However, the debt mixture did not undergo change relative to end-last year. The Company net debt-equity ratio was kept at the 73.4% level, slightly higher than the industry average. The Company needs more robust cash flow to improve its debt level and avoid large capital expenditure in slow-turnover projects.  Kaisa share price has taken horizontal price movement since 2011, far behind its peers. The share price did not enjoy the since-Q2 sale recovery. We believe the Company input in several sectors such as housing development, urban renewal, commercial properties and tourist properties dispersed its core advantage of housing development. Additionally, the fairly high debt size was also a major factor hindering the Company valuation rise.

Thailand Bangkok Dusit Medical Services – Company Update Recommendation: ACCUMULATE Previous close: Bt108.50 Fair value: Bt128

 In 9MCY12, profit from core business operations jumped 34.93% y-y to Bt4,473.03mn, thanks to record-high 3QCY12 profit from core business of Bt1,747.66mn.  We revise upwardly net profit to Bt7,728.77mn for CY12 with core earnings estimate of Bt5,934mn and further to Bt6,620mn for CY13 to reflect strong bullish profit growth.  Our CY13 target price is raised to Bt128/share. We rate BGH an ‘ACCUMULATE’.

Siam City Cement – Company Results Recommendation: TRADING SELL Previous close: Bt412 Fair value: Bt340  SCCC posted a 3QCY12 profit drop of 8% y-y due chiefly to margin contraction.  Margin and revenue expansion would be a key profit driver for SCCC in CY13.  At current levels, SCCC is still trading at a significant premium to its 12-year trailing P/E average. We maintain ‘TRADING SELL’ with a target price of Bt340/share.

Sri Trang Agro-Industry – Company Update Recommendation: ACCUMULATE Previous close: Bt15 Fair value: Bt16.70

 Earnings are likely to remain strong in 4QCY12 thanks to the bottoming out of rubber prices and a q-q rise in sales volume.  Rubber prices appear to have already bottomed out. Global economic improvement could be a key catalyst for a recovery in rubber prices.  Earnings are expected to return to positive growth in CY13.  We upgrade STA shares to ‘ACCUMULATE’ with an upwardly revised target price of Bt16.70/share.

5 of 18 Regional Market Focus 20 November 2012

Market News US . Sales of previously owned U.S. homes unexpectedly climbed in October, showing record-low mortgage rates are helping spur the world’s largest economy. Purchases of existing houses increased 2.1 percent to a 4.79 million annual rate, exceeding the median forecast of economists surveyed by Bloomberg, figures from the National Association of Realtors showed today in Washington. Property values rose over the past 12 months by the most in seven years as inventories dropped to the lowest level in almost a decade. Gains in home prices are boosting consumer finances andsentiment, which in turn are underpinning the household spending that accounts for about 70 percent of the economy. Companies such as Lowe’s Cos. (LOW) are among those saying the outlook is improving as the market recovers from its worst slump since the Great Depression and foreclosures are whittled down. (Source: Bloomberg)

. The U.S. economy looks set to weather the headwinds from Hurricane Sandy and the budget battles in Washington after picking up speed in the third quarter. Gross domestic product probably increased at about a 2.9 percent annual rate in July-September, according to economists from Goldman Sachs Group Inc. and Barclays Plc. That would be the fastest quarterly growth this year, beating the Commerce Department’s initial estimate of 2 percent. “The economy’s momentum has picked up a bit” as the fundamentals of the private sector “are improving,” said Jan Hatzius, chief economist at Goldman Sachs in New York. He projects third-quarter expansion will be revised up to 2.8 percent, and the fourth quarter may come in at 1.7 percent. (Source: Bloomberg)

Singapore . Singapore is determined to restructure its labour market, raise productivity and tighten the foreign labour tap. The government does not deny that this could mean less investment, job losses and slower growth. The big question is whether these costs will occur at the margins - an accepted policy risk - or undermine Singapore's economic future, as some in the business community warn. Over the weekend, Trade and Industry Minister Lim Hng Kiang acknowledged that Singapore will have to forgo some investments as it transforms its economy to rely less on foreign workers. But he said Singapore remains attractive to investors and has to be more stringent about which investments it accepts. (Source: BT Online)

. Foreign business chambers and companies are chiming in with concerns over the tightening inflow of foreign workers, some of which are specific to firms reporting to headquarters abroad. For most, the challenges lie with higher costs - whether from increased levies, or the higher salaries needed to attract local workers for certain roles. Tim Phillipi, executive director of the Singaporean- German Chamber of Industry and Commerce, points out that German companies, typically already very productive, are likely to find that the changes to the labour framework have little impact on productivity but could add to costs. (Source: BT Online)

. AN estimated 7.2 million square feet of net lettable area (NLA) is expected to come onstream in Singapore's central business district (CBD) over the next five years amid softer economic conditions, exerting further pressure on rental rates. Core projects include the Duo and Marina One, two mega mixed-used developments which will add nearly 2.5 million of prime commercial space when completed in 2017 by a joint venture involving Singapore's Temasek Holdings and Malaysia's Khazanah Nasional. Work on the Duo in Ophir and Marina One in Marina South is scheduled to start next year. (Source: BT Online)

Hong Kong . Chinese commodity futures fell broadly again last week as concerns about the European and US economies took a toll on sentiment. Soybean derivatives were last week's biggest loser, as the most traded soybean meal and soybean oil contracts on the Dalian Commodity Exchange plunged 6.31 percent and 2.83 percent respectively. The May soybean contract fell 0.67 percent for the week to close at 4,748 yuan ($760.88) per ton. Soybeans futures fell on news that China, the world's largest buyer of the oilseed, cancelled orders of 600,000 tons of US soybeans, Reuters reported. The China National Grain and Oils Information Center said the deals were cancelled due to a drop in domestic prices that made the imports unprofitable. (Source: peopledaily.com.)

. The annual advertising auction of China Central Television, a barometer of the country's economy, drew record bids on Sunday despite slowing economic growth, highlighting the strong business confidence in the consumer market next year. The auction of airtime on China's only national television network drew bids totaling 15.8 billion yuan ($2.5 billion) for 2013, up 11.4 percent from the previous year. Jiannanchun, a famour liquor producer, was the top bidder with an expenditure of 608 million yuan. (Source: peopledaily.com.)

. When the People's Bank of China (PBC) released official data earlier this month showing that the medium- and long-term debts held by enterprises in the country stacked up to 168.5 billion yuan ($26.98 billion) in October, when aggregate market financing hit 1.29 trillion yuan, many took this as a sign that the credit squeeze which has long been dogging the domestic business community was coming to an end. Taking a closer look at PBC numbers though, one can also see that new yuan-denominated loans sank to 505.2 billion yuan during the same month, a 13-month low and a sure sign that the government is still keeping a tight grip on monetary policy. (Source: peopledaily.com.)

6 of 18 Regional Market Focus 20 November 2012

Thailand . Foreign investors remained net sellers of Thai shares worth Bt1,179.14mn on Mon. (Source: Bisnews)

. The United Front for Democracy against Dictatorship (UDD) will hold two big rallies on Nov 23-24 in opposition to anti-government protest led by the Pitak Siam group, the movement’s core leader announced on Monday. (Source: Bangkok Post)

. Thailand's economic growth slowed to 3% in the third quarter from a revised 4.4% in the previous quarter as cooling global demand hurt the country's exports, even as signs of a recovery in China and the United States signal the economy may have bottomed, the National Economic and Social Development Board said on Mon. Thailand’s economy was expected to grow by 5.5% this year, the lowest end of its 5.5-6% forecast and expand in the range of 4.5%-5.5% next year amid a number of external challenges including capital inflows which could strengthen the baht as well as measures to deal with the US fiscal cliff and the euro zone debt. (Sources: Bangkok Post, The Nation)

. Asean leaders decided to delay the launch of the ASEAN Economic Community (AEC) for 12 months from Jan 1 to Dec 31, 2015 to prepare the necessary regulations. (Source: Bangkok Post)

Indonesia . Enterprises in the upstream oil and gas sector were estimated to delay their large scale investment while waiting on the certainty and permanent changes of the Executive Agency for Upstream Oil and Gas (BP Migas), which was temporarily changed to Upstream Oil and Gas Executive Unit of the Ministry of Energy and Mineral Resources. To reduce investors’ concerns on the upstream oil and gas sector, the government needs to provide full certainty for partnerships contracts with contractors and daily operating of upstream oil and gas activities. KADIN also asked the government to guarantee and protect the contracts already established and signed together. The government should also proved guarantee on daily oil and gas operating activities by providing permits for drilling and others. Thus, the daily operations of contractors would not be hampered. The Indonesian Petroleum Association (IPA) also asked the government to immediately provide certainty on the future of oil and gas contracts with partnership contractors. Executive Director of IPA, said certainty was required to secure the sustainability of oil and gas operating and producing activities, energy supply and state revenue. (Source: Indonesia Finance Today)

. A number of economists estimate that the increase in regional minimum wages (UMR) in 2013 will raise inflation by over five percent, higher than the government’s target of 4.9 percent. The increase in labor cost also coincides with the rise in salaries, so it is likely to increase the prices of both food and transportation fee. Minister of Manpower and Transmigration, previously stated that as of November 4, 2012, six provinces has sets the 2013 provincial minimum wage (UMP). Papua set its at IDR 1.7 million, Bengkulu at IDR 1.2 million, Banka at IDR 1.27 million, North Sumatra IDR 1.31 million, South Kalimantan IDR 1,34 million, West Kalimantan a IDR 1.06 million and Jakarta at IDR 2.216 million. Meanwhile, the Jakarta Wage Council meeting last week set the 2013 UMP at around 112 percent from the standard cost of living (KHL) which is IDR 1.978 million. UMP in Jakarta rose 44 percent to IDR 2.216 million compared to 2012. The figure is still lower than the labors’ demand of IDR 2.7 million, yet higher than the employers’ expectation of IDR 2.1 million. (Source: Indonesia Finance Today)

Sri Lanka . Sri Lanka's tourist arrivals rose 15.5 percent to 80,379 in October 2012 from a year earlier, with total visitors up 16.0 percent to 774,151 during the first ten months. Arrivals from Western Europe were hardly changed growing 1.9 percent to 24,303 in October with steep falls in some markets though Britain grew 18.3 percent to 8,767 and Germany grew 6.9 percent to 5,385. Arrivals from France fell 17.7 percent to 3,475, Netherlands fell 36 percent to 1,201 and Belgium fell 54.3 percent to 505. Up to October arrivals from Western Europe was up 51.6 percent. Visitors from Eastern Europe rose 49.6 percent to 7,048 with Russian arrivals up 18.9 percent to 2,559 and Ukrainian arrivals up 79.9 percent to 2,600. Visitors from the Middle East were up 30.7 percent to 5,234 during the month, from a year earlier. Up to October arrivals were down 1.3 percent. East Asian arrivals were up 35.2 percent to 11,168 with visitors up to October up 31.1. Percent to 110,678. Chinese arrivals were up 100.2 percent to 2,200 and year to date numbers were up 35.5 percent to 18,823. Visitors from Malaysia were up 88.9 percent to 2,462 and from Japan up 14.5 percent to 1,738. Taiwanese tourists increased 110 percent to 1,902. Visitors from Singapore fell 23.7 percent to 1,032. South Asia, the region in which Sri Lanka is located grew only 3.7 percent to 23,538. During the 10 months, visitors grew 3.2 percent to 193,465. Arrivals from India fell 1.5 percent to 17,654 from a year earlier. Year to date arrivals were up just 1.0 percent to 139,774. Sri Lanka tightened immigration requirement with India ending visa on arrival from 2012. India became Sri Lanka's largest generating market after visa free facilities were given about a decade ago. Visitors from Maldives rose 20.9 percent to 3,509 and from Pakistan by 47.3 percent to 1,482. (Source: lbo.lk)

. Sri Lanka's central bank kept the rate at which money is injected into the market at unchanged at 9.76 percent at its November monetary policy meeting, though money has been injected at below market rates on longer tenures in recent weeks. September new credit to private businesses from banks was less than 10 billion rupees compared to around 55 billion rupees in February and March. Net credit to the government and credit to public corporations also increased modestly in September, but on a cumulative basis credit obtained by the public sector was higher than the projected levels. The Government’s commitment to continued fiscal consolidation, as expressed in the 2013 Budget speech, is likely to provide comfort to the conduct of monetary policy in the years ahead. (Source: lbo.lk)

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Australia . Australians are winding back their health insurance in response to frequent premium increases and changes to government subsidies and surcharges, threatening the balance between the public and private systems. The dramatic trend, revealed in the first report of a new industry intelligence unit established by the Gillard government, comes as consumers brace for further price hikes as a result of inevitable premium increases in April and the reduced scope of the 30 per cent health insurance rebate. (Source: The Australian)

. Unskilled Indonesian workers who speak little English would be used to fill labour shortages in Australia under a trade, investment and economic co-operation agreement negotiated between business groups from the two countries. The plan, which Trade Minister Craig Emerson will discuss at the East Asian Summit in Phnom Penh this week, says short-term migrant workers with limited English skills should be allowed to enter Australia if they are accompanied by a skilled Indonesian supervisor. The approach is modelled on a scheme used in New Zealand to recruit farm workers from the Pacific Islands. The agreement says that labour shortages in parts of Australia are undermining economic growth and Indonesia’s youthful population could provide a “dynamic workforce”. The proposal for a guest worker program is likely to be highly controversial, especially among unions, and illustrates the practical difficulty of establishing the closer economic integration with Asia advocated by the government’s Australia in the Asian Century white paper. (Source: Financial Review)

. Property commentator Louis Christopher will shortly release a new measure of housing market strength which will chart how optimistic home sellers are with their asking prices. The vendor asking price index by SQM Research will monitor real estate classifieds websites and chart the confidence levels of home owners by comparing their asking prices over time, regardless of whether homes are selling. “It’s all about measuring where vendors are at with the market,” Mr Christopher told The Australian Financial Review. “It’s going to tell us whether vendors are lifting market prices in response to stronger market conditions or lowering them in response to weaker market conditions.” The figures will be evened out with statistical methods known as stratification and hedonics which will ensure comparison only takes place between similar houses. They will be provided free on his website with the data extending down to individual postcodes. Mr Christopher expects the series to be available before Christmas. (Source: Financial Review)

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Dollar Index -0.47% Gold 1,731.70 -0.05% 85 2000

80 1800

1600 75 1400

70

Jan-12 May-12 Sep-12 Mar-12 Jul-12

Nov-11 1200

Jul-12 Sep-12 Nov-11 Jan-12 Mar-12 May-12

Crude oil +2.67% US Treasury 10yr Yield 1.613 +0.03% 120 2.6

110 2.4 2.2 100 2 90 1.8 80 1.6

1.4

Jan-12 Mar-12 Jul-12 May-12 Sep-12

70 Nov-11

Nov-11 May-12 Sep-12 Jan-12 Mar-12 Jul-12

DJI +1.65% S&P 500 INDEX 1,386.89 +1.99% 14000 1500 1400 13000 1300 12000 1200

11000 1100

1000

Jan-12 Jul-12 Mar-12 May-12 Sep-12

10000 Nov-11

Mar-12 May-12 Jul-12 Sep-12 Nov-11 Jan-12

SHCOMP +0.11% 2650

2400

2150

1900

Nov-11 Jan-12 Feb-12 Dec-11 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12

Source: Bloomberg

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World Index

FTSE 100 2.36% 5,737.66 DOW 1.65% 12,795.96 SHCOMP 0.11% 2,016.98 KOSPI 0.93% 1,878.10 S&P 500 1.99% 1,386.89 SENSEX 0.16% 18,339.00NIKKEI 1.43% 9,153.20 NASDAQ 2.21% 2,916.07 HSI 0.49% 21,262.06 COLOMBO -0.94% 5,503.93 SET 0.27% 1,283.65 KLCI -0.37% 1,623.31 STI 0.18% 2,950.93 JCI -0.87% 4,313.44

ASX 0.57% 4,391.45

Source: Bloomberg

10 of 18 Regional Market Focus 20 November 2012

Singapore Top 10 Value Last % Chg Chg Value ('k) Top 10 Volume Last % Chg Chg Volume ('k) NOBLE GROUP LTD 1.08 +1.89 +0.020 96,376 YHM GROUP LTD 0.03 +17.24 +0.005 399,027 KEPPEL CORP LTD 10.01 +0.10 +0.010 64,481 NOBLE GROUP LTD 1.08 +1.89 +0.020 89,238 SINGAP TELECOMM 3.15 +0.64 +0.020 63,118 GSH CORP LTD 0.09 +16.67 +0.013 53,667 FRASER AND NEAVE 9.35 +0.75 +0.070 43,489 GEO ENERGY RESOURCES LTD 0.38 +0.00 +0.000 47,625 SEMBCORP MARINE 4.13 +0.49 +0.020 41,449 WE HOLDINGS LTD 0.03 +11.54 +0.003 45,603 GENTING SINGAPOR 1.23 +0.82 +0.010 41,132 TRANSCU GROUP LTD 0.01 +7.69 +0.001 36,140 WILMAR INTERNATI 3.18 +0.63 +0.020 35,623 GENTING SINGAPORE PLC 1.23 NA NA 33,231 OLAM INTERNATION 1.74 -0.85 -0.015 31,929 VALLIANZ HOLDINGS LTD 0.04 +18.75 +0.006 31,241 DBS GROUP HLDGS 13.71 +0.15 +0.020 29,723 OCEANUS GROUP LTD 0.03 +0.00 +0.000 27,750 UNITED OVERSEAS 17.91 -0.33 -0.060 25,155 GOLDEN AGRI-RESOURCES LTD 0.60 +0.00 +0.000 25,344

Hong Kong Top 10 Value Last % Chg Chg Value ('k) Top 10 Volume Last % Chg Chg Volume ('k) TENCENT HOLDINGS 246.00 -0.89 -2.20 1,334,627 CHINA CONST BA-H 5.70 +0.18 +0.01 220,799 CHINA CONST BA-H 5.70 +0.18 +0.01 1,258,148 INTERCHINA HLDGS 0.42 -8.79 -0.04 206,715 CHINA MOBILE 85.20 +0.41 +0.35 1,183,307 BANK OF CHINA-H 3.15 +0.32 +0.01 191,854 PING AN INSURA-H 58.45 -1.93 -1.15 1,128,978 IND & COMM BK-H 5.06 +0.80 +0.04 154,648 HSBC HLDGS PLC 74.65 +0.95 +0.70 897,940 GCL-POLY ENERGY 1.32 -2.22 -0.03 134,410 IND & COMM BK-H 5.06 +0.80 +0.04 783,070 CHINA PETROLEU-H 7.98 +1.66 +0.13 96,745 CHINA PETROLEU-H 7.98 +1.66 +0.13 776,227 CHINA GOGREEN AS 0.08 +7.14 +0.01 93,792 CHINA PACIFIC-H 24.30 +1.89 +0.45 747,694 CHINA TELECOM-H 4.21 +1.45 +0.06 69,396 SUN HUNG KAI PRO 110.90 -2.80 -3.20 734,798 AGRICULTURAL-H 3.30 +0.00 +0.00 65,757 KUNLUN ENERGY CO 15.38 +3.08 +0.46 686,444 CHINA FORTUNE IN 0.03 +0.00 +0.00 65,190

Thailand Top 10 Value Last % Chg Chg Value ('k) Top 10 Volume Last % Chg Chg Volume ('k) BTS GROUP HOLDIN 6.30 +2.44 +0.15 874,764 KRISDA MAHANAKOR 0.39 -2.50 -0.01 525,355 PTT PCL 312.00 -0.64 -2.00 781,882 SUPERBLOCK PCL 1.33 +3.10 +0.04 377,070 PTT GLOBAL CHEM 61.75 +2.92 +1.75 706,061 BANGKOK LAND PCL 1.26 +4.13 +0.05 189,188 JASMINE INTL PCL 4.98 +0.00 +0.00 659,271 INTL ENGINEERING 0.01 +0.00 +0.00 173,584 SIAM COMM BK PCL 156.50 -0.63 -1.00 635,674 NATURAL PARK PCL 0.03 +0.00 +0.00 161,801 KASIKORNBANK PCL 177.50 -0.28 -0.50 546,369 PAE THAI PUB CO 1.22 +4.27 +0.05 148,152 BANK AYUDHYA PCL 30.50 +3.39 +1.00 543,246 BTS GROUP HOLDIN 6.30 +2.44 +0.15 139,295 SUPERBLOCK PCL 1.33 +3.10 +0.04 528,258 JASMINE INTL PCL 4.98 +0.00 +0.00 133,486 VGI GLOBAL MEDIA 78.75 +9.76 +7.00 480,786 THAI-GERMAN PRO 0.58 +0.00 +0.00 80,558 ADVANCED INFO 198.00 +0.51 +1.00 469,701 G STEEL PCL 0.32 -3.03 -0.01 76,248

Indonesia Top 10 Value Last % Chg Chg Value ('mn) Top 10 Volume Last % Chg Chg Volume ('k) BANK RAKYAT INDO 7,200 -0.69 -50.0 263,303 BHAKTI INVESTAMA 550 5.77 30.0 200,810 ASTRA INTERNATIO 7,800 0.65 50.0 254,413 BAKRIELAND DEV 56 -3.45 -2.0 146,691 PERUSAHAAN GAS N 4,500 -1.64 -75.0 216,519 TRADA MARITIME 1,010 -0.98 -10.0 144,797 MEDIA NUSANTARA 2,500 6.38 150.0 198,562 NUSA KONSTRUKSI 125 10.62 12.0 142,781 BANK MANDIRI 8,500 -2.30 -200.0 171,441 SUGIH ENERGY 191 0.00 0.0 135,839 TELEKOMUNIKASI 9,250 -2.12 -200.0 167,438 ALAM SUTERA REAL 610 3.39 20.0 124,221 TRADA MARITIME 1,010 -0.98 -10.0 145,859 INDONESIA AIR TR 210 -2.33 -5.0 114,374 GLOBAL MEDIACOM 2,275 3.41 75.0 128,102 HANSON INTERNATI 265 20.45 45.0 109,620 JASA MARGA 5,750 -1.71 -100.0 126,506 EXPRESS TRANSIND 710 0.00 0.0 94,680 SEMEN GRESIK TBK 15,000 0.67 100.0 125,379 LAGUNA CIPTA GRI 130 2.36 3.0 93,128

Sri Lanka Top 10 Value Last % Chg Chg Value ('k) Top 10 Volume Last % Chg Chg Volume ('k) JOHN KEELLS HLDG 216.00 -0.37 -0.80 17,053 ASIRI HOSPITALS 11.10 -2.63 -0.30 5 COLOMBO DOCKYARD 220.00 0.46 1.00 1,637 BROWNS INVESTMEN 4.00 -4.76 -0.20 354,795 ASIRI HOSPITALS 11.10 -2.63 -0.30 56 PIRAMAL GLASS CE 6.20 -1.59 -0.10 547 SOFTLOGIC HOLDIN 11.00 0.00 0.00 9,960 SOFTLOGIC HOLDIN 11.00 0.00 0.00 906 COMMERCIAL BK 103.50 -1.43 -1.50 2,074 MULLER & PHIPPS 1.80 0.00 0.00 47 SEYLAN BNK-NON V 34.70 -0.86 -0.30 9,585 JOHN KEELLS HLDG 216.00 -0.37 -0.80 79 COLOMBO FORT LAN 33.50 -4.29 -1.50 578 EXPOLANKA HOLDIN 7.00 0.00 0.00 138 PIRAMAL GLASS CE 6.20 -1.59 -0.10 3,393 VIDULLANKA PLC 3.70 -2.63 -0.10 14 AITKEN SPENCE PL 124.60 -0.32 -0.40 511 NATION LANKA FIN 9.70 -3.00 -0.30 81 NATIONS TRUST BK 55.50 -1.25 -0.70 1,396 RICHARD PIERIS 8.00 -1.23 -0.10 47 Source: Bloomberg

11 of 18 Regional Market Focus 20 November 2012

Australia Top 10 Value Last % Chg Chg Value ('mn) Top 10 Volume Last % Chg Chg Volume ('mn) BHP BILLITON LTD 33.210 0.85 0.28 220.75 HYDROTECH INTERNATIONAL 0.002 0.00 0.00 10.25 NATIONAL AUSTRALIA BANK 23.360 0.69 0.16 248.88 BIOPROSPECT LTD 0.001 0.00 0.00 0.40 LTD RIO TINTO LTD 56.710 -0.33 -0.19 109.68 LYNAS CORP LTD 0.635 14.41 0.08 65.72 TELSTRA CORP LTD 4.170 1.21 0.05 112.87 TELSTRA CORP LTD 4.170 1.21 0.05 27.16 COMMONWEALTH BANK OF 58.150 -0.22 -0.13 189.49 MURCHISON METALS LTD 0.039 -2.50 0.00 9.90 WESTPAC BANKING CORP 24.400 -0.08 -0.02 128.88 GOLDEN GATE PETROLEUM LTD 0.007 16.67 0.00 3.10 AUST AND NZ BANKING GROUP 23.650 -0.04 -0.01 146.86 SFG AUSTRALIA LTD 0.490 1.03 0.01 1.35 ILUKA RESOURCES LTD 7.510 -3.59 -0.28 54.02 FAIRFAX MEDIA LTD 0.405 -2.41 -0.01 23.65 FORTESCUE METALS GROUP 3.850 -1.28 -0.05 33.99 NEPTUNE MARINE SERVICES 0.031 0.00 0.00 3.08 ORIGIN ENERGY LTD 10.250 4.17 0.41 51.92 PALADIN ENERGY LTD 0.830 8.50 0.07 17.42 Source: Bloomberg

Commodities & Currencies Commodities % Chg Chg Last Currencies Price of S$1 Price of US$1 GOLD SPOT (US$/OZ) -0.05 -0.85 1,731.70 AUSTRALIAN DOLLAR 0.7856 1.0401 SILVER SPOT (US$/OZ) -0.11 -0.04 33.12 CANADIAN DOLLAR 0.8147 0.9970 WTI Cushing Crude Oil Spot Price (US$/bbl) +2.67 +2.31 88.98 EURO 0.6383 1.2802 BRITISH POUND 0.5136 1.5910 US DOLLAR 0.8171 1.0000 Commodities % Chg Chg Last CHINA RENMINBI 5.0950 6.2345 Malaysian Rubber Board Standard (MYR/kg) +0.59 +5.00 850.75 HONG KONG DOLLAR 6.3335 7.7520 PALM OIL (MYR/Metric Tonne) +1.05 +22.50 2,168.00 JAPANESE YEN 66.3200 81.1700 KOREAN WON 887.6051 1086.3400 Index % Chg Chg Last MALAYSIAN RINGGIT 2.4986 3.0565 DOLLAR INDEX SPOT -0.47 -0.38 80.87 THAI BAHT 25.0592 30.6700 Source: Bloomberg

US Treasury Yields Maturity Today Yesterday Last Week Last Month 3 Months 0.05 0.05 0.07 0.07 6 Months 0.11 0.11 0.12 0.12 2 Years 0.24 0.23 0.25 0.29 3 Years 0.33 0.31 0.34 0.40 5 Years 0.63 0.61 0.64 0.74 10 Years 1.61 1.58 1.61 1.76 30 Years 2.76 2.73 2.73 2.93

Yield Spread (10 yrs - 3 mths) 1.56 Yield Spread (10 yrs - 2 yrs) 1.37 Source: Data provided by ValuBond – http://w w w .valubond.com

12 of 18 Regional Market Focus 20 November 2012

Economic Announcement US Singapore Date Statistic For Survey Prior Date Statistic For Survey Prior 11/20/2012 Housing Starts Oct 840K 872K 11/21/2012 Automobile COE Open Bid Cat A 21-Nov -- 77201 11/20/2012 Housing Starts MOM% Oct -3.70% 15.00% 11/21/2012 Automobile COE Open Bid Cat B 21-Nov -- 92400 11/20/2012 Building Permits Oct 865K 894K 11/21/2012 Automobile COE Open Bid Cat E 21-Nov -- 92100 11/20/2012 Building Permits MOM% Oct -2.80% 11.60% 11/23/2012 CPI (MOM) - NSA Oct -- 0.60% 11/21/2012 MBA Mortgage Applications 16-Nov -- 12.60% 11/23/2012 CPI (YoY) Oct -- 4.70% 11/21/2012 Initial Jobless Claims 17-Nov 400K 439K 11/26/2012 Industrial Production MoM SA Oct -- -1.80% 11/21/2012 Continuing Claims 10-Nov 3345K 3334K 11/26/2012 Industrial Production YoY Oct -- -2.50% 11/21/2012 Markit US PMI Preliminary Nov 51 51.3 11/30/2012 Bank Loans & Advances (YoY) Oct -- 16.50% 11/21/2012 Bloomberg Consumer Comfort 18-Nov -- -33.1 11/30/2012 Credit Card Bad Debts Oct -- 20.1M 11/21/2012 Bloomberg Economic Expectations Nov -- -7 11/30/2012 Credit Card Billings Oct -- 3096.2M 11/21/2012 U. of Michigan Confidence Nov F 84.5 84.9 11/30/2012 M1 Money Supply (YoY) Oct -- 3.20% 11/21/2012 Leading Indicators Oct 0.10% 0.60% 11/30/2012 M2 Money Supply (YoY) Oct -- 6.10% 11/26/2012 Chicago Fed Nat Activity Index Oct -- 0 12/4/2012 Electronics Sector Index Nov -- 47.5 11/26/2012 Dallas Fed Manf. Activity Nov -- 1.8 12/4/2012 Purchasing Managers Index Nov -- 48.3 11/27/2012 Durable Goods Orders Oct -0.50% 9.90% 12/5/2012 Automobile COE Open Bid Cat A 5-Dec -- -- Source: Bloomberg Source: Bloomberg

Thailand Hong Kong Date Statistic For Survey Prior Date Statistic For Survey Prior 19-20 NOV Total Car Sales Oct -- 132874 11/22/2012 CPI - Composite Index (YoY) Oct 3.60% 3.80% 11/23/2012 Foreign Reserves 16-Nov -- $180.5B 11/27/2012 Exports YoY% Oct -- 15.20% 11/23/2012 Forw ard Contracts 16-Nov -- $25.9B 11/27/2012 Imports YoY% Oct -- 14.90% 23-28 NOV Customs Exports (YoY) Oct 20.00% 0.20% 11/27/2012 Trade Balance Oct -- -45.2B 23-28 NOV Customs Imports (YoY) Oct 10.10% -7.70% 11/29/2012 Retail Sales - Value (YoY) Oct -- 9.40% 23-28 NOV Customs Trade Balance Oct $388M $1153M 11/29/2012 Retail Sales - Volume (YoY) Oct -- 8.50% Bloomberg Thailand Economic 11/28/2012 11/30/2012 Money Supply M1 - in HK$ (YoY) Oct -- 10.30% Survey for November 11/28/2012 Benchmark Interest Rate 28-Nov -- 2.75% 11/30/2012 Money Supply M2 - in HK$ (YoY) Oct -- 11.00% 11/28/2012 Total Capacity Utilization ISIC Oct -- 64.5 11/30/2012 Money Supply M3 - in HK$ (YoY) Oct -- 10.90% Mfg. Production Index ISIC NSA 11/28/2012 Oct -- -13.68 11/30/2012 Govt Mthly Budget Surp/Def HK$ Oct -- -22.0B (YoY) 11/28/2012 Mfg. Production Index ISIC SA Oct -- 165.9 12/5/2012 Purchasing Managers Index Nov -- 50.5 11/30/2012 Foreign Reserves 23-Nov -- -- 12/7/2012 Foreign Currency Reserves Nov -- $301.7B 11/30/2012 Forw ard Contracts 23-Nov -- -- 12/11/2012 Hong Kong Manpow er Survey 1Q -- 12% 11/30/2012 Total Exports YOY% Oct -- -0.10% 12/13/2012 Industrial Production (YoY) 3Q -- -2.90% 11/30/2012 Total Exports in US$ Million Oct -- $20477M 12/13/2012 Producer Price (YoY) 3Q -- -0.70% Source: Bloomberg Source: Bloomberg

13 of 18 Regional Market Focus 20 November 2012

Indonesia Sri Lanka Date Statistic For Survey Prior Date Statistic For Survey Prior 12-20 NOV Total Local Auto Sales Oct -- 102111 11/30/2012 CPI Moving Average (YoY) Nov -- 6.80% 12-20 NOV Total Motorcycle Sales Oct -- 620499 11/30/2012 CPI (YoY) Nov -- 8.90% Bloomberg Indonesia Economic 11/29/2012 12/6/2012 Repurchase Rate 6-Dec -- -- Survey for November 12/3/2012 Inflation (YoY) Nov -- 4.61% 12/6/2012 Reverse Repo Rate 6-Dec -- -- 12/3/2012 Inflation NSA (MoM) Nov -- 0.16% 10-12 DEC Exports YoY% Oct -- -6.60% 12/3/2012 Core Inflation (YoY) Nov -- 4.59% 10-12 DEC Imports YoY% Oct -- -25.40% 12/3/2012 Exports (YoY) Oct -- -9.40% 14-31 DEC GDP (YoY) 3Q -- 6.40% 12/3/2012 Total Imports (YoY) Oct -- 1.20% 12/31/2012 CPI Moving Average (YoY) Dec -- -- 12/3/2012 Total Trade Balance Oct -- $553M 12/31/2012 CPI (YoY) Dec -- -- 03-07 DEC Danareksa Consumer Confidence Nov -- 93.2 03-06 DEC Foreign Reserves Nov -- $110.30B 03-06 DEC Net Foreign Assets (IDR Tln) Nov -- 1025.91T 03-04 DEC Consumer Confidence Index Nov -- 119.5 07-13 DEC Money Supply - M1 (YoY) Oct -- 21.30% 07-13 DEC Money Supply - M2 (YoY) Oct -- 18.20% Source: Bloomberg Source: Bloomberg

Australia Date Statistic For Survey Prior 11/20/2012 Conference Board Leading Index Sep -- -0.80% Reserve Bank Board - November 11/20/2012 Minutes 11/21/2012 Westpac Leading Index (MoM) Sep -- 0.50% 11/21/2012 CBAHIA House Affordability 3Q -- 62.5 DEWR Internet Skilled Vacancies 11/21/2012 Oct -- -3.70% MoM 11/28/2012 Construction Work Done 3Q -- -0.20% 11/29/2012 HIA New Home Sales (MoM) Oct -- -3.70% 11/29/2012 Private Capital Expenditure 3Q -- 3.40% 11/30/2012 Private Sector Credit MoM% Oct -- 0.30% 11/30/2012 Private Sector Credit YoY% Oct -- 4.00% 12/3/2012 AiG Performance of Mfg Index Nov -- 45.2 12/3/2012 TD Securities Inflation MoM% Nov -- 0.10% 12/3/2012 TD Securities Inflation YoY% Nov -- 2.40% 12/3/2012 RPData-Rismark House PX Actual Nov -- -- 12/3/2012 Retail Sales s.a. (MoM) Oct -- 0.50% Source: Bloomberg

14 of 18 PHILLIP RESEARCH STOCK SELECTION SYSTEMS

BUY >15% upside from the current price

HOLD Trade within ± 15% from the current price

SELL >15% downside from the current price

We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation

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