Best Days Ahead; BUY 12M Price Target HKD 9.30 (+34%) Previous Price Target HKD 7.40

October 3, 2016

Geely Automobile (175 HK) BUY Share Price HKD 6.92 Best days ahead; BUY 12m Price Target HKD 9.30 (+34%) Previous Price Target HKD 7.40

Demand much stronger than expected; EPS/TP lifted Company Description Our channel checks indicate that the wait time for Geely’s two new Geely is one of the largest privately owned SUVs, Boyue and Emgrand GS have reached 3 to 4 months. We forecast automakers in China which has tech. collaboration with Volvo as both share the same parent-Zhejiang strong sales momentum in 2016-17 amid its capacity ramp up. The next Geely. driver for 2018-19 is a series of new models based on the CMA platform.

Geely, along with Volvo, will announce more details of the technology Statistics this month in Europe, which will be the next catalyst. Maintain BUY and 52w high/low (HKD) 7.19/2.79 raise TP 26% to HKD9.3 on upwards revision to 2017/18 earnings and 3m avg turnover (USDm) 51.6 target PER multiple. Free float (%) 57.0 Capacity to reach 1.15m units next year Issued shares (m) 8,801 Market capitalisation HKD60.9B

Automotive We maintain our view that Geely sales will surge 33% YoY this year to 678k units (vs. guidance of 660k units). Our channel checks and USD7.9B discussions with management have reaffirmed that the demand of the Major shareholders: Zhejiang Geely Holdings Group Co. Ltd. 42.6% new models exceeds capacity. The wait time for Boyue and Emgrand GS JPMorgan Asset Management (UK) Ltd. 3.0% have reached 3-4 months, while the pre-orders for the Emgrand GL has JPMorgan Investment Management, Inc. 2.3% reached 20k units. We project Geely’s annual capacity will reach over Price Performance 1.15m units next year, and the constraint will ease gradually after the production ramp up of the Baoji (宝鸡), Linhai (臨海) & Jinzhong (晋中) 7.50 280 China 7.00 260 plants. 6.50 240 L-brand & CMA platform – the next catalyst 6.00 220 5.50 200 Geely, Volvo and China Euro Vehicle Technology AB, (CEVT) will hold one 5.00 180 of the most important events this year in Gothenburg & Berlin this 4.50 160 4.00 140 month. We expect them to release the details of their Compact Modular 3.50 120 Architecture (CMA) platform and the models based on this technology. 3.00 100 We expect to see more details about the product specifications, the plan 2.50 80 2.00 60 on the new distribution network, and the L-brand positioning (i.e. Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Geely’s premium brand targeting JV market). In our view, this is the key Geely Automobile - (LHS, HKD) Geely Automobile / Hang Seng Index - (RHS, %) milestone for Geely’s 2020 sales target to reach 2 million units. TP lifted 26% on accelerating earnings growth -1M -3M -12M We raise our 2016/17 earnings forecasts by 6-7% (2016 unchanged) to Absolute (%) 11 65 88 reflect stronger sales volume assumptions. The demand of the four new Relative to index (%) 10 47 68 Source: FactSet models remains very strong, with the full year contribution in 2017. We expect Boyue monthly sales to reach 18k, while the combined monthly shipments of Engrand GS/GL will reach 26k units. Our TP of HKD9.3 is based on a 2017 PER of 13x (prior 11x), which is 1SD above the 4-yr avg. supported by our forecast 42% earnings CAGR in 2016-18E. FYE Dec (CNY m) FY14A FY15A FY16E FY17E FY18E Revenue 21,738 30,138 43,814 67,222 100,523 EBITDA 1,753 2,808 4,781 7,157 10,039 Core net profit 1,431 2,261 3,594 5,455 7,758 Core FDEPS (CNY) 0.16 0.26 0.41 0.62 0.88 Core FDEPS growth(%) (46.3) 57.9 59.0 51.8 42.2 Net DPS (CNY) 0.02 0.03 0.05 0.07 0.11 Core FD P/E (x) 36.6 23.2 14.6 9.6 6.8 P/BV (x) 3.0 2.7 2.3 1.9 1.5 Net dividend yield (%) 0.3 0.5 0.8 1.2 1.8 ROAE (%) 8.6 12.3 17.0 21.7 25.1 ROAA (%) 4.0 5.7 7.5 8.7 9.2 EV/EBITDA (x) 7.3 8.3 9.3 5.9 3.6 Net gearing (%) (incl perps) net cash net cash net cash net cash net cash Consensus net profit - - 3,835 5,413 6,516 MKE vs. Consensus (%) - - (6.3) 0.8 19.1

Ka Leong Lo Benjamin Ho [email protected] [email protected] (852) 2268 0630 (852) 2268 0632

THIS REPORT HAS BEEN PREPARED BY KIM ENG SECURITIES (HK) LTD SEE PAGE 13 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS Geely Automobile

1. Strong orders

Strong demand After the success of Borui (or GC9) last year, Geely has launched four new models in the past 9 months, including the Vision SUV, Boyue SUV, Emgrand GS SUV, and Emgrand GL. Our channel checks reaffirm strong end-use market demand. Management expects monthly sales of two new SUVs, Boyue and Emgrand GS, to reach 20k and 10k units by the end of this year amid the capacity ramp up. In addition, our channel check also indicates positive feedback from dealers about the new A-segment sedan Emgrand GL, which was launched in Sep. Management targets this model to become a top 10 best-selling sedan in China, pre-orders for which reached over 20k units in Sep. We noted that the current top-10 best-selling sedan models are dominated by foreign brands, with monthly sales of at least 18k units vs. our assumption of 13k units for Emgrand GL.

Fig 1: China’s top 10 best-selling sedans Shipment MRSP Rank Manufacturer Brand-model (‘000 units) (‘000 CNY) 1 SAIC VW VW Lavida 316.3 101-160 2 FAW VW VW Jetta 237.8 80-121 3 SAIC GM Buick Excelle 232.1 101-160 4 FAW VW VW Sagitar 217.5 132-220 5 FAW Toyota Toyota Corolla 204.2 108-176 6 Dongfeng Nissan Nissan Sylphy 200.6 99-160 7 SAIC VW VW Santana 196.6 85-140 8 Changan Ford Ford Escort 174.8 97-120 9 BAIC Hyundai Elantra Langdong 145.8 106-128 10 SAIC GM Chevrolet Cruze 143.1 90-170 Total 2,068.8

Geely Emgrand GL n.a. 79-114

Source: CAAM, Autohome and Maybank Kim Eng

Capacity ramping up A capacity constraint is one of the key challenges that Geely is facing this year. For instance, The Linhai (臨海) production plant now only has around 20k units of capacity per month to produce both the Emgrand GS (7.5k units shipped in Aug 16) and Emgrand GL. Also, the demand for the Boyue is much stronger than its current supply. This model is produced in the Baoji (宝鸡) plant, which has an annual design capacity of 200k units, but is now only producing 10k units a month because it is in the process of ramping up. Management targets the monthly production to reach 20k units by the end of this year. Overall, we estimate that Geely’s total capacity will reach 1.1m units in 2017 after the production ramp up of Baoji (宝鸡), Linhai (臨海) and Jinzhong (晋中).

Fig 2: Geely annual production capacity will reach over 1 million units next year 2017 capacity 2017 Sales Production plant Platform Models Utilization rate (‘000 units) (‘000 units) Chunxiao 春曉 KC Borui (or GC9) 150 60 48.0% Baoji 宝鸡 KC Boyue 200 216 108.0% Linhai臨海 FE Emgrand GS/GL 200 156 78.0% Shanxi Jinzhong山西晋中 FE Emgrand GL/GS 200 156 78.0% Cixi 慈溪 FE EC7, Xindihao 200 160 90.0% Xiangtan 湘潭 FE New Vision 100 112 112.0% Chengdu 成都 Old SUV Vision SUV 100 78 78.0% Geey brand total 1,150 970 84.3%

Luqiao路橋 / Zhangjiakou张家口(parent) CMA 1 sedan and 2 SUVs 400 32* NA L-brand total 400 32 NA

Source: Maybank Kim Eng. * L brand production only; the plants will also produce Volvo vehicles

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Geely Automobile

Fig 3: Geely Emgrand GS SUV (ASP: CNY78k-109k) Fig 4: Geely Emgrand GL sedan (ASP: CNY76k-114k)

Source: Bitauto Source: Bitauto

Fig 5: Geely Boyue SUV (ASP:CNY99k – 158k) Fig 6: Geely Borui (or GC9) sedan (ASP: CNY120k-230k)

Source: Bitauto Source: Bitauto

Fig 7: We expect Geely monthly shipment to reach 80k units Fig 8: We project shipment this year will increase by 33% by the end of this year. YoY to 678k units (vs. target of 660k units)

(000's units) 2013 2014 2015 2016 (% yoy) Sales Vol. (RHS) YoY Growth (000's units)

90 100% 70 Geely's Aug shipment up 80% 80 60 69% YoY 60% 70 50 40%

40 Thousands 60 20% 30 50 0% 40 -20% 20 30 -40% 10 20 -60% 0 10 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: Company and Maybank Kim Eng Source: Company and Maybank Kim Eng

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Geely Automobile

2. L brand debut – next catalyst

CMA and L brand debut this month

Geely, Volvo and China Euro Vehicle Technology AB, (CEVT) will hold events in Gothenburg and Berlin on 19-20 Oct 2016 to release the details of the Compact Modular Architecture (CMA) platform. Volvo will release the details of its 40 series afterward, while Geely will announce its new model pipeline (1 sedan and 2 SUVs to launch in 2017) based on the new platform under the L brand. We believe this will be another catalyst for the stock. CEVT is an R&D design center founded in 2013 by Geely’s parent, with staff of 1,900 in Gothenburg and Hangzhou.

Geely will introduce a new brand – L brand, which will target the JV segment (i.e. ~50% of China’s market). Geely will continue to focus on the domestic brand segment (~40%), while the Volvo brand (not in the listco) will target luxury buyers (~10%). This strategy is similar to Volkswagen’s MQB (Modularer QuerBaukasten / Modular Transverse Matrix), which is a platform to support various segments, including Audi (luxury), VW (mass) and Skoda (entry level). VW intends to reduce the overall time normally taken to construct a car by 30%.

Compact Modular Architecture (CMA)

The common modular platform is a scalable architecture for C and B segment Geely and Volvo models, which was created by CEVT. This platform is also capable of embodying an automobile with a conventional ICE powertrain, a hybrid or PHEV, and even a BEV. In addition, we also note three key CMA features: 1) The common platform technology significantly reduces the product design time that would enable Geely to launch models much faster than peers; 2) The platform would also enable Geely to produce both traditional and NEV models on the same production line, which offers a strong cost advantage vs. other NEV rivals; and 3) Cost saving synergies are anticipated given components sharing and lower R&D expenses.

Fig 9: CMA is a scalable architecture in length and height Fig 10: This is developed by CEVT, owned by Geely’s parent

Source: Company data, Maybank Kim Eng Source: Bloomberg, Company data, Maybank Kim Eng

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Geely Automobile

Financial arrangement between Geely and CEVT

Investors are concerned about the financial arrangement for the technology transfer (i.e. the CMA platform) between the parent and Geely. The Company reaffirmed that the principle is to balance the interests of Geely’s investors and the parent. The arrangement will minimize the impact to the listco, enable the product to have a competitive selling pricing, and also ensure the L-brand product achieves reasonable profitability. For example, the assets of the CMA production plant (i.e. Luqiao plant 路橋廠房) will be held by the parent, which will be managed by Volvo engineers. Geely’s L-brand and Volvo models will be produced under the same platform, and Geely will pay a service charge to the parent.

At present, CEVT’s budget is over USD350m annually. The details of the financial arrangement between Geely and CEVT have not been disclosed, so we assume a service fee per vehicle of around ~CNY4.2k, which is comparable to other automakers that also have a common platform, but is lower than that for Volkswagen and Toyota. We believe this is a fair assumption as the platform will be shared between Geely and Volvo.

Our assumption also implies that CEVT will break even if the shipments under the CMA platform reach ~560k units, which represents only 19% of the Geely and Volvo 2020 sales targets of two million and one million, respectively. We project that Geely’s sales will reach 678k units this year, while Volvo shipments in 2015 were 500k units. Fig 11: We expect more margin upside for Geely Fig 12:.We assume the service fee for CMA will be booked in SG&A

EBIT per vehicle (CNY) R&D per vehicle (CNY) We assume the service fee per vehicle is around CNY4.2k, which is 12,000 Geely's profitability 10,000 comparable to the R&D expenses of has more room to 10,000 8,000 other global peers improve by 2018E 8,000 6,000 4,000 6,000 2,000 4,000 0 2,000 VW Toyota PSA GM Geely CMA platform 0 service per GWM Hyundai Trumpchi Geely Geely vehicle) 2016 2018

Source: Company data, Maybank Kim Eng Source: Bloomberg; Company data, Maybank Kim Eng

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Geely Automobile

3. Earnings revision

We maintain our 2016 earnings forecast largely unchanged, but have revised up that for 2017-18 by 6-7% to reflect stronger than expect sales volumes due to:

. Strong momentum of new models, including Boyue, Emgrand GS and GL;

. Annual capacity to reach 1.15m units next year, helping ease the capacity bottleneck;

. Higher gross margin assumption to reflect a strong capacity ramp up with rising scale benefit;

. Operating margin assumption largely unchanged to reflect rising A&P expenses for the new L-brand promotion.

Fig 13: We have raised our earnings mainly due to a higher sales volume assumption Dec Yr End Old NEW Chg

CNYm 2016E 2017E 2018E 2015A 2016E 2017E 2018E 2016E 2017E 2018E Total sales vol. ('000 units) 678,178 877,662 1,116,026 509,818 678,178 970,654 1,319,744 0.0% 10.6% 18.3% YoY 33.0% 29.4% 27.2% 22.7% 33.0% 43.1% 36.0% blended ASP (RMB) 65,898 71,855 77,717 56,595 62,431 67,658 74,696 -5.3% -5.8% -3.9% YoY 16.4% 9.0% 8.2% 9.6% 10.3% 8.4% 10.4%

Vehicles sales 44,690 63,064 86,734 28,853 42,340 65,672 98,580 -5.3% 4.1% 13.7% YoY 54.9% 41.1% 37.5% 34.5% 46.7% 55.1% 50.1%

Net sales 46,263 64,775 88,938 30,138 43,814 67,222 100,523 -5.3% 3.8% 13.0% YoY 53.5% 40.0% 37.3% 38.6% 45.4% 53.4% 49.5% GROSS PROFIT 8,333 11,879 17,523 5,471 8,083 12,735 19,954 -3.0% 7.2% 13.9% YoY 52.3% 42.6% 47.5% 38.1% 47.7% 57.6% 56.7% % margin 18.0% 18.3% 19.7% 18.2% 18.4% 18.9% 19.9% 0.4%-pt 0.6%-pt 0.1%-pt OPERATING INCOME 3,501 5,114 7,728 1,665 3,386 5,504 8,138 -3.3% 7.6% 5.3% YoY 110.2% 46.1% 51.1% 89.3% 103.3% 62.6% 47.9% % margin 7.6% 7.9% 8.7% 5.5% 7.7% 8.2% 8.1% 0.2%-pt 0.3%-pt -0.6%-pt Net Income 3,700 5,130 7,365 2,261 3,594 5,455 7,758 -2.9% 6.3% 5.3% YoY 63.7% 38.7% 43.6% 58.0% 59.0% 51.8% 42.2% % margin 8.0% 7.9% 8.3% 7.5% 8.2% 8.1% 7.7% 0.2%-pt 0.2%-pt -0.6%-pt Net profit per car (RMB) 5,850 6,963 9,766 4,585 5,683 7,400 10,264 -2.9% 6.3% 5.1% YoY 27.6% 19.0% 40.3% 32.2% 24.0% 30.2% 38.7%

Source: Company historical, Maybank Kim Eng forecasts

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Geely Automobile

4. Valuation

Our new TP of HKD9.3 is based on a 2017 PER of 13.0x (prior 11x) to reflect the better than expected sales volume and higher earnings growth outlook. We believe a higher PER is justified for the following reasons:

. This is around one standard deviation above its average supported by a high earnings CAGR at 42% over 2016-18E;

. Earnings momentum will remain strong in 2017-19, which is similar to Great Wall’s performance during the period of 2009-13 whose earnings increased by 8x in four years with the forward PER rising to 13.4x during the period.

Fig 14: We believe Geely should trade at premium to its historical average given strong earnings momentum

PEx 20

14 +1 std = 12.7

12 Avg = 9.9 10

6 -1 std = 7.1

4 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16

Source: Maybank Kim Eng

Fig 15: Great Wall significantly outperformed Geely during 2011-13

PER (x) Great Wall Geely

0 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Maybank Kim Eng

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Geely Automobile

5. Geely vs. Great Wall

Fig 16: We expect Geely’s unit sales to exceed Great Wall’s Fig 17:.But Geely’s revenue will not exceed Great Wall’s in 2018E until 2019E due to the latter’s premium SUV ASP

Unit sales Revenue (CNYm) Great Wall Geely Great Wall Geely 2,000,000 140,000 120,000 1,500,000 100,000 80,000 1,000,000 60,000

500,000 40,000 20,000 0 0 2008 2010 2012 2014 2016E 2018E 2008 2010 2012 2014 2016E 2018E

Source: Company data, Maybank Kim Eng Source: Company data, Maybank Kim Eng

Fig 18: Great Wall’s earnings have significantly outperformed Fig 19:.But we expect Geely to catch up in 2016-18E the past 5 years

Net earnings Net profit per Great Wall Geely Great Wall Geely (CNYm) vehicle (CNY) 12,000 12,000 10,000 10,000 8,000 8,000 6,000 6,000 4,000 4,000 2,000 2,000 0 0 2008 2010 2012 2014 2016E 2018E 2008 2010 2012 2014 2016E 2018E

Source: Company data, Maybank Kim Eng Source: Company data, Maybank Kim Eng

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Geely Automobile

Company Proposition Price Drivers

. Geely is the second largest privately owned automaker in Historical share price trend

China. It has technology collaboration with Volvo Cars as 7.00 350 both share the same parent, Zhejiang Geely. 2 6.00 300 . To continue to focus on upgrading and expanding its small 1 3 4 car portfolio and will introduce a new production platform 5.00 250 (Compact Modular Architecture) with Volvo in 2016-17. 4.00 200 . As part of the Geely Blue initiatives, the company targets 3.00 150 to achieve 90% of sales from EVs by 2020. 2.00 100 . Capex will remain at around CNY4.3b in 2016-17 (vs. 1.00 50 CNY4.8bn in 2015) mainly due to rising capitalized R&D Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 expenses. Geely Automobile - (LHS, HKD)

Geely Automobile / MSCI AC Asia ex JP - (RHS, %) Geely is the 2rd largest privately owned automaker in China China passenger vehicle marketshare breakdown in 2015 Source: Bloomberg, Maybank Kim Eng Others, SAIC, 22.7% 1. Geely’s FY12 unit sales beat guidance by 5%. 13.8% 2. Unit sales fell 29% in 1H14 due to company restructuring. FAW, 3.7% Also, exports slumped due to political and social JAC, 4.0% instability in the Middle East and Eastern Europe. BYD, 5.1% 3. One-off FX loss of CNY648m (45% of FY14 net profit) due Changan, to abrupt depreciation of Russian rouble. Chery, 5.7% 13.5% 4. Geely’s sales rebounded in 3Q15 on strong sales of new model GC9 and purchase tax cut on small cars. Geely, 6.4% Dongfeng, 8.9% BAIC, 7.5% Great Wall, 8.6% Source: CAAM and Company

Financial Metrics Swing Factors

. Sales recovered in 2015 after brand and network Upside consolidation in 2014. Forecast sales will grow 33% in 2016 following the cut in purchase tax for small cars. . Continues to upgrade portfolio including the introduction . Strong vehicle line-up ahead. of more SUVs. This would continue to drive sales. . High utilization rate and steady ASP improvement (via . A significant technology upgrade on its production and product mix shift) kept gross margin at 18%+ amid fierce model pipeline after introduction of the CMA platform in competition. 2016-17. . Geely has a healthy balance sheet. It consistently . Geely targets 90% of sales from NEVs by 2020. Strong NEV generates FCF with net cash on hand since 2012. sales would be another key catalyst for the stock.

Geely’s unit sales to grow at a 32.7% CAGR over 2014-17E Downside Units ('000) Unit sales utilization Utilization . FX losses due to a depreciation of the Russian rouble are 114.0% 109.7% 1,000 120% the key risk. 84.9% 85.7% 100% . Failure to roll out the CMA platform (jointly developed 800 78.9% 64.4% 80% with Volvo) in 2017 would delay the product pipeline. 600 . Sales contract more than expected in 2017 after the 60% 400 expiration of purchase tax cut at end-2017. 40% . Margins may face short-term pressure in 2016 amid new 200 20% models and CMA platform being ramped up. 483 549 416 510 678 971 0 0% 2012 2013 2014 2015 2016E 2017E Source: Company historical, Maybank Kim Eng forecasts

[email protected]

October 3, 2016 9

Geely Automobile

FYE 31 Dec FY14A FY15A FY16E FY17E FY18E Key Metrics P/E (reported) (x) 36.6 23.2 14.6 9.6 6.8 Core P/E (x) 36.6 23.2 14.6 9.6 6.8 Core FD P/E (x) 36.6 23.2 14.6 9.6 6.8 P/BV (x) 3.0 2.7 2.3 1.9 1.5 P/NTA (x) 3.0 2.7 2.3 1.9 1.5 Net dividend yield (%) 0.3 0.5 0.8 1.2 1.8 FCF yield (%) 1.1 5.0 1.9 5.3 13.7 EV/EBITDA (x) 7.3 8.3 9.3 5.9 3.6 EV/EBIT (x) 14.6 14.1 13.2 7.7 4.4

INCOME STATEMENT (CNY m) Revenue 21,738 30,138 43,814 67,222 100,523 Gross profit 3,963 5,471 8,083 12,735 19,954 EBITDA 1,753 2,808 4,781 7,157 10,039 Depreciation (554) (589) (719) (854) (980) Amortisation (319) (554) (676) (798) (921) EBIT 880 1,665 3,386 5,504 8,138 Net interest income /(exp) (24) (6) (14) 17 65 Associates & JV 32 150 (40) 10 10 Exceptionals 0 0 0 0 0 Other pretax income 1,055 1,066 1,108 1,208 1,371 Pretax profit 1,943 2,875 4,440 6,739 9,584 Income tax (494) (586) (799) (1,213) (1,725) Minorities (19) (28) (47) (71) (101) Perpetual securities 0 0 0 0 0 Discontinued operations 0 0 0 0 0 Reported net profit 1,431 2,261 3,594 5,455 7,758 Core net profit 1,431 2,261 3,594 5,455 7,758 Preferred Dividends 0 0 0 0 0

BALANCE SHEET (CNY m) Cash & Short Term Investments 7,251 9,207 9,982 11,263 17,192 Accounts receivable 16,385 14,836 21,607 33,151 49,573 Inventory 1,620 1,226 2,447 4,478 6,622 Property, Plant & Equip (net) 5,861 8,034 9,915 11,761 13,281 Intangible assets 4,214 5,263 6,225 7,066 7,784 Investment in Associates & JVs 691 1,994 1,954 1,964 1,974 Other assets 1,259 1,731 1,577 1,568 1,558 Total assets 37,280 42,292 53,707 71,250 97,984 ST interest bearing debt 692 0 0 0 0 Accounts payable 17,017 20,114 28,390 41,799 61,806 LT interest bearing debt 1,820 1,929 1,929 964 482 Other liabilities 285 510 440 667 949 Total Liabilities 19,814 22,553 30,758 43,430 63,237 Shareholders Equity 17,288 19,524 22,687 27,487 34,314 Minority Interest 178 216 262 333 434 Total shareholder equity 17,466 19,740 22,949 27,820 34,748 Perpetual securities 0 0 0 0 0 Total liabilities and equity 37,280 42,292 53,707 71,250 97,984

CASH FLOW (CNY m) Pretax profit 1,943 2,875 4,440 6,739 9,584 Depreciation & amortisation 874 1,143 1,395 1,653 1,900 Adj net interest (income)/exp (24) (6) (14) 17 65 Change in working capital (444) 5,018 314 (165) 1,441 Cash taxes paid (554) (388) (974) (1,130) (1,623) Other operating cash flow 1,301 (23) 1,108 1,208 1,371 Cash flow from operations 2,033 7,409 5,215 7,086 11,293 Capex (1,478) (4,779) (4,230) (4,330) (4,130) Free cash flow 555 2,629 985 2,756 7,163 Dividends paid (172) (281) (431) (655) (931) Equity raised / (purchased) 0 0 0 0 0 Change in Debt 1,546 (583) 0 (964) (482) Other invest/financing cash flow (192) 178 217 140 174 Effect of exch rate changes (12) 20 0 0 0 Net cash flow 1,725 1,964 770 1,277 5,924

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FYE 31 Dec FY14A FY15A FY16E FY17E FY18E Key Ratios Growth ratios (%) Revenue growth (24.3) 38.6 45.4 53.4 49.5 EBITDA growth (40.3) 60.1 70.3 49.7 40.3 EBIT growth (61.6) 89.3 103.3 62.6 47.9 Pretax growth (41.2) 47.9 54.4 51.8 42.2 Reported net profit growth (46.3) 58.0 59.0 51.8 42.2 Core net profit growth (46.3) 58.0 59.0 51.8 42.2

Profitability ratios (%) EBITDA margin 8.1 9.3 10.9 10.6 10.0 EBIT margin 4.0 5.5 7.7 8.2 8.1 Pretax profit margin 8.9 9.5 10.1 10.0 9.5 Payout ratio 12.0 12.4 12.0 12.0 12.0

DuPont analysis Net profit margin (%) 6.6 7.5 8.2 8.1 7.7 Revenue/Assets (x) 0.6 0.7 0.8 0.9 1.0 Assets/Equity (x) 2.2 2.2 2.4 2.6 2.9 ROAE (%) 8.6 12.3 17.0 21.7 25.1 ROAA (%) 4.0 5.7 7.5 8.7 9.2

Liquidity & Efficiency Cash conversion cycle (42.5) (63.7) (76.1) (62.4) (58.5) Days receivable outstanding 258.1 186.5 149.7 146.6 148.1 Days inventory outstanding 34.5 20.8 18.5 22.9 24.8 Days payables outstanding 335.1 270.9 244.3 231.9 231.5 Dividend cover (x) 8.3 8.0 8.3 8.3 8.3 Current ratio (x) 1.4 1.2 1.2 1.2 1.2

Leverage & Expense Analysis Asset/Liability (x) 1.9 1.9 1.7 1.6 1.5 Net gearing (%) (incl perps) net cash net cash net cash net cash net cash Net gearing (%) (excl. perps) net cash net cash net cash net cash net cash Net interest cover (x) 37.1 nm nm na na Debt/EBITDA (x) 1.4 0.7 0.4 0.1 0.0 Capex/revenue (%) 6.8 15.9 9.7 6.4 4.1 Net debt/ (net cash) (4,738.9) (7,278.6) (8,052.8) (10,298.9) (16,709.8) Source: Company; Maybank

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Geely Automobile

Research Offices

REGIONAL HONG KONG / CHINA INDONESIA Surachai PRAMUALCHAROENKIT (66) 2658 6300 ext 1470 Sadiq CURRIMBHOY Howard WONG Head of Research Isnaputra ISKANDAR Head of Research [email protected] Regional Head, Research & Economics (852) 2268 0648 (62) 21 8066 8680 • Auto • Conmat • Contractor • Steel (65) 6231 5836 [email protected] [email protected] [email protected] • Strategy • Strategy • Metals & Mining • Cement WONG Chew Hann, CA Suttatip PEERASUB • Oil & Gas - Regional (66) 2658 6300 ext 1430 Regional Head of Institutional Research Rahmi MARINA Benjamin HO (62) 21 8066 8689 [email protected] (603) 2297 8686 [email protected] • Media • Commerce (852) 2268 0632 [email protected] [email protected] ONG Seng Yeow • Consumer & Auto • Banking & Finance Regional Head of Retail Research Sutthichai KUMWORACHAI (65) 6231 5839 Jacqueline KO, CFA Aurellia SETIABUDI (66) 2658 6300 ext 1400 [email protected] (852) 2268 0633 [email protected] (62) 21 8066 8691 [email protected] • Consumer Staples & Durables [email protected] • Energy • Petrochem TAN Sin Mui • Property Ka Leong LO, CFA Director of Research Termporn TANTIVIVAT (852) 2268 0630 [email protected] Pandu ANUGRAH (65) 6231 5849 [email protected] (66) 2658 6300 ext 1520 • Consumer Discretionary & Auto (62) 21 8066 8688 [email protected] [email protected] ECONOMICS • Property Mitchell KIM • Infra • Construction • Transport• Telcos Suhaimi ILIAS (852) 2268 0634 [email protected] Chief Economist • Internet & Telcos Janni ASMAN Jaroonpan WATTANAWONG (62) 21 8066 8687 (66) 2658 6300 ext 1404 Singapore | Malaysia Ning MA (603) 2297 8682 [email protected] [email protected] [email protected] (852) 2268 0672 [email protected] • Cigarette • Healthcare • Retail • Transportation • Small cap Luz LORENZO • Insurance Philippines Adhi TASMIN (63) 2 849 8836 Sonija LI, CFA, FRM (62) 21 8066 8694 VIETNAM (852) 2268 0641 [email protected] [email protected] [email protected] LE Hong Lien, ACCA • Gaming • Plantations Tim LEELAHAPHAN Head of Institutional Research (84) 8 44 555 888 x 8181 Thailand Stefan CHANG, CFA Anthony LUKMAWIJAYA [email protected] (66) 2658 6300 ext 1420 (852) 2268 0675 [email protected] (62) 21 8066 8690 • Strategy • Consumer • Diversified • Utilities [email protected] • Technology – Regional [email protected] • Aviation JUNIMAN INDIA THAI Quang Trung, CFA, Deputy Manager, Chief Economist, BII PHILIPPINES Institutional Research Indonesia Jigar SHAH Head of Research (84) 8 44 555 888 x 8180 (62) 21 29228888 ext 29682 (91) 22 6623 2632 [email protected] Michael BENGSON Head of Research [email protected] (63) 2 849 8840 [email protected] • Strategy • Oil & Gas • Automobile • Cement • Real Estate • Construction • Materials [email protected] • Strategy • Utilities • Conglomerates • Telcos STRATEGY Vishal MODI Le Nguyen Nhat Chuyen

(91) 22 6623 2607 [email protected] (84) 8 44 555 888 x 8082 Sadiq CURRIMBHOY Lovell SARREAL [email protected] • Banking & Financials Global Strategist (63) 2 849 8841 • Oil & Gas (65) 6231 5836 [email protected] [email protected] Abhijeet KUNDU • Consumer • Media • Cement NGUYEN Thi Ngan Tuyen, Head of Retail Research Willie CHAN (91) 22 6623 2628 [email protected] (84) 8 44 555 888 x 8081 Hong Kong / Regional • Consumer Rommel RODRIGO [email protected] (63) 2 849 8839 (852) 2268 0631 [email protected] • Food & Beverage • Oil&Gas • Banking Neerav DALAL [email protected] (91) 22 6623 2606 [email protected] • Conglomerates • Property • Gaming MALAYSIA • Ports/ Logistics TRINH Thi Ngoc Diep • Software Technology • Telcos (84) 4 44 555 888 x 8208 WONG Chew Hann, CA Head of Research Katherine TAN [email protected] (603) 2297 8686 [email protected] SINGAPORE (63) 2 849 8843 • Technology • Utilities • Construction • Strategy [email protected] Neel SINHA Head of Research Desmond CH’NG, ACA • Banks • Construction PHAM Nhat Bich (65) 6231 5838 [email protected] (603) 2297 8680 (84) 8 44 555 888 x 8083 • Strategy [email protected] THAILAND [email protected] • SMID Caps – Regional • Banking & Finance • Consumer • Manufacturing • Fishery Gregory YAP Maria LAPIZ Head of Institutional Research LIAW Thong Jung Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 (603) 2297 8688 [email protected] (65) 6231 5848 [email protected] NGUYEN Thi Sony Tra Mi • SMID Caps [email protected] • Oil & Gas Services- Regional • Strategy • Consumer • Materials • Ind. Estates (84) 8 44 555 888 x 8084 • Technology & Manufacturing • Telcos [email protected] ONG Chee Ting, CA • Port operation • Pharmaceutical (603) 2297 8678 [email protected] YEAK Chee Keong, CFA Sittichai DUANGRATTANACHAYA • Food & Beverage • Plantations - Regional (65) 6231 5842 (66) 2658 6300 ext 1393 [email protected] [email protected] Mohshin AZIZ • Offshore & Marine • Services Sector • Transport TRUONG Quang Binh (603) 2297 8692 [email protected] (84) 4 44 555 888 x 8087 • Aviation - Regional • Petrochem Derrick HENG, CFA Yupapan POLPORNPRASERT [email protected] YIN Shao Yang, CPA (65) 6231 5843 [email protected] (66) 2658 6300 ext 1394 • Rubber plantation • Tyres and Tubes • Oil&Gas (603) 2297 8916 [email protected] • Transport • Property • REITs (Office) [email protected] • Gaming – Regional • Media • Oil & Gas John CHEONG, CFA TAN Chi Wei, CFA (65) 6231 5845 [email protected] Tanawat RUENBANTERNG (603) 2297 8690 [email protected] • Small & Mid Caps • Healthcare (66) 2658 6300 ext 1395 • Power • Telcos [email protected] Ng Li Hiang • Banks & Diversified Financials WONG Wei Sum, CFA (65) 6231 5840 [email protected] (603) 2297 8679 [email protected] • Banks • Property Vorapoj Hongpinyo (66) 2658 6300 ext 1392 LEE Yen Ling [email protected] (603) 2297 8691 [email protected] • Real Estate & Contractors • Building Materials • Glove • Ports • Shipping CHAI Li Shin, CFA Sukit UDOMSIRIKUL Head of Retail Research (603) 2297 8684 [email protected] (66) 2658 6300 ext 5090 • Plantation • Construction & Infrastructure [email protected] Ivan YAP Mayuree CHOWVIKRAN (603) 2297 8612 [email protected] (66) 2658 6300 ext 1440 • Automotive • Semiconductor • Technology [email protected] Kevin WONG • Strategy (603) 2082 6824 [email protected] • REITs • Consumer Discretionary Padon VANNARAT (66) 2658 6300 ext 1450 LIEW Wei Han [email protected] (603) 2297 8676 [email protected] • Strategy • Consumer Staples Tee Sze Chiah Head of Retail Research (603) 2297 6858 [email protected]

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Geely Automobile

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report. This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect. This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report. Malaysia Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis. Singapore This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law. Thailand The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect. US This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through Maybank Kim Eng Securities USA Inc. This report is not directed at you if it is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations. UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

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Geely Automobile

DISCLOSURES Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities JSC (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.

Singapore: As of 3 October 2016, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 3 October 2016, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

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Geely Automobile

Historical recommendations and target price: Geely Automobile (175 HK)

8 Apr 20 Aug 2 Oct 23 Mar 7 Jul 19 Aug 30 Sep Buy : HK$4.2 Buy : HK$4.0 Buy : HK$4.3 Buy : HK$4.1 Buy : HK$5.9 Buy : HK$7.4 Buy : HK$9.3 8.0

7.0

6.0

5.0

4.0

3.0

2.0 Mar-15 Jun-15 Sep-15 Dec-15 Apr-16 Jul-16 Oct-16

Geely Automobile

Definition of Ratings Maybank Kim Eng Research uses the following rating system BUY Return is expected to be above 10% in the next 12 months (excluding dividends) HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends) SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

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Geely Automobile

 Malaysia  Singapore  London  New York Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA (A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd Inc Bursa Malaysia Securities Berhad) 50 North Canal Road PNB House 777 Third Avenue, 21st Floor 33rd Floor, Menara Maybank, Singapore 059304 77 Queen Victoria Street New York, NY 10017, U.S.A. 100 Jalan Tun Perak, London EC4V 4AY, UK 50050 Kuala Lumpur Tel: (65) 6336 9090 Tel: (212) 688 8886 Tel: (603) 2059 1888; Tel: (44) 20 7332 0221 Fax: (212) 688 3500 Fax: (603) 2078 4194 Fax: (44) 20 7332 0302

Stockbroking Business:  Hong Kong  Indonesia  India Level 8, Tower C, Dataran Maybank, Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd No.1, Jalan Maarof Level 30, Sentral Senayan III, 22nd Floor 2nd Floor, The International, 59000 Kuala Lumpur Three Pacific Place, Jl. Asia Afrika No. 8 16, Maharishi Karve Road, Tel: (603) 2297 8888 1 Queen’s Road East, Gelora Bung Karno, Senayan Churchgate Station, Fax: (603) 2282 5136 Hong Kong Jakarta 10270, Indonesia Mumbai City - 400 020, India

Tel: (852) 2268 0800 Tel: (62) 21 2557 1188 Tel: (91) 22 6623 2600 Fax: (852) 2877 0104 Fax: (62) 21 2557 1189 Fax: (91) 22 6623 2604

 Philippines  Thailand  Vietnam  Saudi Arabia Maybank ATR Kim Eng Securities Inc. Maybank Kim Eng Securities Maybank Kim Eng Securities Limited In association with 17/F, Tower One & Exchange Plaza (Thailand) Public Company Limited 4A-15+16 Floor Vincom Center Dong Anfaal Capital Ayala Triangle, Ayala Avenue 999/9 The Offices at Central World, Khoi, 72 Le Thanh Ton St. District 1 Villa 47, Tujjar Jeddah Makati City, Philippines 1200 20th - 21st Floor, Ho Chi Minh City, Vietnam Prince Mohammed bin Abdulaziz Rama 1 Road Pathumwan, Street P.O. Box 126575 Tel: (63) 2 849 8888 Bangkok 10330, Thailand Tel : (84) 844 555 888 Jeddah 21352 Fax: (63) 2 848 5738 Fax : (84) 8 38 271 030 Tel: (66) 2 658 6817 (sales) Tel: (966) 2 6068686 Tel: (66) 2 658 6801 (research) Fax: (966) 26068787

 South Asia Sales Trading  North Asia Sales Trading Kevin Foy Andrew Lee Regional Head Sales Trading [email protected] [email protected] Tel: (852) 2268 0283 Tel: (65) 6336-5157 US Toll Free: 1 877 837 7635 US Toll Free: 1-866-406-7447

Malaysia Thailand Joann Lim Tanasak Krishnasreni [email protected] [email protected] Tel: (603) 2717 5166 Tel: (66)2 658 6820

Indonesia London Harianto Liong Scott Kinnear-Nock [email protected] [email protected] Tel: (62) 21 2557 1177 Tel: (44) 207-332-0221

New York India Andrew Dacey Manish Modi [email protected] [email protected] Tel: (212) 688 2956 Tel: (91)-22-6623-2601

Vietnam Philippines Patrick Mitchell Keith Roy [email protected] [email protected] Tel: (84)-8-44-555-888 x8080 Tel: (63) 2 848-5288 www.maybank-ke.com | www.maybank-keresearch.com

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