Great Wall Motor Company 2333 HK Outperform Margins Rebound Price (At 12:51, 26 Aug 2016 GMT) HK$7.44

HONG KONG Great Wall Motor Company 2333 HK Outperform Margins rebound Price (at 12:51, 26 Aug 2016 GMT) HK$7.44

Valuation HK$ 12.50 Event - PER 12-month target HK$ 12.50 . Great Wall Motor (GWM) reported 1H16 results after the market close and Upside/Downside % +68.0 hosted a conference call for investors Friday evening. As previewed in its 12-month TSR % +72.8 release of headline numbers on 28 July, NPAT rose 5% YoY to Rmb4,825m Volatility Index High on a 12.1% gain in revenues to Rmb41,672m. The OPM recovered to 14.0% GICS sector Automobiles & from 9.4% in 2H15. NPAT represents 59% of consensus and 56% of our own Components NPAT estimate, suggesting there should be upward revisions ahead. Market cap HK$m 67,905 Impact Market cap US$m 8,757 Free float % 33 . Volume target of 950k achievable backed by new models: GWM launched 30-day avg turnover US$m 42.6 the new Haval H7 in April equipped with a 2.0T double current direct injection Number shares on issue m 9,127 engine, and sales continue to ramp by 1-2k per month. Demand exceeds

supply, and feedback from consumers has been positive due to the lack of Investment fundamentals Year end 31 Dec 2015A 2016E 2017E 2018E competing models in this price range. It will launch the H7 Red Label model Revenue bn 76.0 86.3 103.1 112.0 and a 7-seat version in the future to complement this. It also launched a new EBIT bn 9.4 10.0 12.4 13.1 Haval H6 Coupe with a 1.5T engine and new trims of the H6 and H2 in 1H. EBIT growth % 3.4 6.4 24.2 5.6 Reported profit bn 8.1 8.5 10.5 11.1 . New model pipeline: In addition to expanding the line-up of the H7, in 2H it EPS rep Rmb 0.88 0.94 1.15 1.22 EPS rep growth % 0.2 6.0 23.1 5.9 will introduce a blue label H2 and H6 (sporty version). In 4Q it will launch the PER rep x 7.2 6.8 5.5 5.2 Concept B, which will be positioned between the H1 and H2 in terms of size Total DPS Rmb 0.26 0.28 0.35 0.37 Total div yield % 4.2 4.4 5.4 5.7 and price. Sales volume should be comparable to the H2 in the future. The ROA % 14.1 13.4 14.7 13.6 Concept B will be assembled at the sedan factory in Baoding, boosting its ROE % 22.5 21.5 23.4 21.2 EV/EBITDA x 4.9 4.6 3.7 3.5 utilisation. It will begin sales of its first pure electric sedan in 2H, the C30 EV, Net debt/equity % -8.6 -6.2 -11.6 -17.9 and a PHEV version of the H7 in 2017. P/BV x 1.5 1.4 1.2 1.0

2333 HK rel HSI performance, & rec . Margins improving: The gross profit margin improved in 1H to 25.9% in history 1H16 from 23.5% in 2H15 and was up QoQ. Management attributed the recovery to improved capacity utilisation at Xushui following the relocation of H2 production to Xushui (which freed up capacity for the H6 in Tianjin) and higher volumes of the H6 Coupe; the rising proportion of SUVs in total sales, especially high priced models like the H7 and H6 Coupe; and lower parts costs. The impact of the price cuts was less than the market expected. The H7 and H6 Coupe should have margins above the company average in 2H. . SGA up YoY but down HoH: GWM noted that a key factor behind the rising administrative costs is higher R&D. R&D expenses rose 10% YoY to Note: Recommendation timeline - if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Rmb1,257bn, representing 3.0% of revenues. R&D is likely to trend from Source: FactSet, Macquarie Research, August 2016 3-3.5% of sales. Selling expenses have been boosted by higher transportation (all figures in Rmb unless noted, TP in HKD) expenses (+10.8% YoY) and a rise in after-sales service expenses (+27.2% YoY). Advertising and media, mainly on-line, increased 10.7% YoY. Earnings and target price revision . No change. We will review after discussing the results with management. Analyst(s) Price catalyst Janet Lewis, CFA +852 3922 5417 [email protected] . 12-month price target: HK$12.50 based on a PER methodology. Zhixuan Lin +86 21 2412 9006 [email protected] . Catalyst: Monthly sales; 9M results in late October 2016. Allen Yuan +86 21 2412 9009 [email protected] Action and recommendation 26 August 2016 . GWM is one of our top picks in the China auto sector due to its high exposure Macquarie Capital Limited to the fast growing SUV segment, low PER valuations relative to peers and

high yield. We reiterate our Outperform and TP of HK$12.50.

Please refer to page 4 for important disclosures and analyst certification, or on our website www.macquarie.com/research/disclosures.

Macquarie Research Great Wall Motor Company Macquarie Quant View

The quant model currently holds a reasonably positive view on Great Wall Attractive Displays where the Motor Company. The strongest style exposure is Earnings Momentum, company’s ranked based on

indicating this stock has received earnings upgrades and is well liked by s l the fundamental consensus

a sell side analysts. The weakest style exposure is Price Momentum, t

n Price Target and indicating this stock has had weak medium to long term returns which often e Macquarie’s Quantitative persist into the future. m

a Alpha model.

159/389 u Two rankings: Local market F (Hong Kong) and Global Global rank in sector (Automobiles & Automobiles & Components Quant Components) % of BUY recommendations 56% (14/25) Local market rank Global sector rank Number of Price Target downgrades 0 Number of Price Target upgrades 13

Macquarie Alpha Model ranking Factors driving the Alpha Model A list of comparable companies and their Macquarie Alpha model score For the comparable firms this chart shows the key underlying styles and their (higher is better). contribution to the current overall Alpha score.

Chongqing Changan Auto 2.2 Chongqing Changan Auto

Geely Automobile 1.4 Geely Automobile

Guangzhou Automobile Grou… 1.1 Guangzhou Automobile Grou…

Dongfeng Motor Group 0.9 Dongfeng Motor Group

Great Wall Motor Company 0.6 Great Wall Motor Company

Brilliance China Automoti… -0.8 Brilliance China Automoti…

-100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 Valuations Growth Profitability Earnings Price Quality Momentum Momentum

Macquarie Earnings Sentiment Indicator Drivers of Stock Return The Macquarie Sentiment Indicator is an enhanced earnings revisions Breakdown of 1 year total return (local currency) into returns from dividends, changes signal that favours analysts who have more timely and higher conviction in forward earnings estimates and the resulting change in earnings multiple. revisions. Current score shown below.

Chongqing Changan Auto Chongqing Changan Auto -1.1 Geely Automobile Geely Automobile 1.3 Guangzhou Automobile Grou… Guangzhou Automobile Grou… 1.0 Dongfeng Motor Group Dongfeng Motor Group 0.0 Great Wall Motor Company Great Wall Motor Company 0.7

Brilliance China Automoti… -0.3 Brilliance China Automoti…

-3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 -100% -50% 0% 50% 100% Dividend Return Multiple Return Earnings Outlook 1Yr Total Return

What drove this Company in the last 5 years How it looks on the Alpha model Which factor score has had the greatest correlation with the company’s A more granular view of the underlying style scores that drive the alpha (higher is returns over the last 5 years. better) and the percentile rank relative to the sector and market. ⇐ Negatives Positives ⇒ Normalized Percentile relative Percentile relative EV/EBITDA FY0 39% Score to sector(/389) to market(/714) Alpha Model Score 0.56 Sales to EV FY0 35% Valuation 0.18 Net Buybacks to Mkt Cap 29% Growth 0.36 EV/EBITDA (NTM) 24% Profitability NaN Earnings Momentum 0.45 DPS Growth FY1 -28% Price Momentum -0.12 Return on Assets NTM -28% Quality NaN Capital & Funding 0.08 Turnover (USD) 20 Day -30% Liquidity -1.30 Turnover(USD) 125 Day -32% Risk -0.94 Technicals & Trading -0.40 -40% -20% 0% 20% 40% 0 50 100 0 50 100 0 0 1 1

Source (all charts): FactSet, Thomson Reuters, and Macquarie Research. For more details on the Macquarie Alpha model or for more customised analysis and screens, please contact the Macquarie Global Quantitative/Custom Products Group ([email protected])

26 August 2016 2 Macquarie Research Great Wall Motor Company

Great Wall Motor Company (2333 HK, Outperform, Target Price: HK$12.50) Interim Results 1H/16A 2H/16E 1H/17E 2H/17E Profit & Loss 2015A 2016E 2017E 2018E

Revenue m 41,672 44,630 50,617 52,475 Revenue m 76,033 86,303 103,092 111,964 Gross Profit m 10,775 10,262 13,039 12,621 Gross Profit m 19,169 21,036 25,660 27,949 Cost of Goods Sold m 30,898 34,368 37,577 39,855 Cost of Goods Sold m 56,864 65,266 77,432 84,016 EBITDA m 7,048 4,966 7,808 6,953 EBITDA m 11,217 12,014 14,761 15,720 Depreciation m 1,167 749 1,072 1,161 Depreciation m 1,727 1,916 2,233 2,486 Amortisation of Goodwill m 0 0 0 0 Amortisation of Goodwill m 0 0 0 0 Other Amortisation m 42 36 40 44 Other Amortisation m 70 78 84 90 EBIT m 5,839 4,181 6,696 5,748 EBIT m 9,420 10,020 12,444 13,145 Net Interest Income m -24 90 25 27 Net Interest Income m -139 66 52 113 Associates m 0 0 0 0 Associates m 0 0 0 0 Exceptionals m 0 0 0 0 Exceptionals m 0 0 0 0 Forex Gains / Losses m 0 0 0 0 Forex Gains / Losses m 0 0 0 0 Other Pre-Tax Income m 106 229 158 171 Other Pre-Tax Income m 408 335 328 321 Pre-Tax Profit m 5,920 4,500 6,878 5,946 Pre-Tax Profit m 9,689 10,421 12,824 13,579 Tax Expense m -992 -884 -1,108 -1,200 Tax Expense m -1,628 -1,876 -2,308 -2,444 Net Profit m 4,928 3,617 5,770 4,746 Net Profit m 8,060 8,545 10,516 11,135 Minority Interests m -3 2 -1 -1 Minority Interests m -1 -1 -1 -1

Reported Earnings m 4,926 3,618 5,770 4,745 Reported Earnings m 8,059 8,544 10,515 11,134 Adjusted Earnings m 4,926 3,618 5,770 4,745 Adjusted Earnings m 8,059 8,544 10,515 11,134

EPS (rep) 0.54 0.40 0.63 0.52 EPS (rep) 0.88 0.94 1.15 1.22 EPS (adj) 0.54 0.40 0.63 0.52 EPS (adj) 0.88 0.94 1.15 1.22 EPS Growth yoy (adj) % 4.4 8.3 17.1 31.1 EPS Growth (adj) % 0.2 6.0 23.1 5.9 PE (rep) x 7.2 6.8 5.5 5.2 PE (adj) x 7.2 6.8 5.5 5.2

EBITDA Margin % 16.9 11.1 15.4 13.3 Total DPS 0.26 0.28 0.35 0.37 EBIT Margin % 14.0 9.4 13.2 11.0 Total Div Yield % 4.2 4.4 5.4 5.7 Earnings Split % 57.7 42.3 54.9 45.1 Basic Shares Outstanding m 9,127 9,127 9,127 9,127 Revenue Growth % 12.2 14.8 21.5 17.6 Diluted Shares Outstanding m 9,128 9,127 9,127 9,127 EBIT Growth % 0.1 16.6 14.7 37.5

Profit and Loss Ratios 2015A 2016E 2017E 2018E Cashflow Analysis 2015A 2016E 2017E 2018E

Revenue Growth % 21.5 13.5 19.5 8.6 EBITDA m 11,217 12,014 14,761 15,720 EBITDA Growth % 4.0 7.1 22.9 6.5 Tax Paid m -7,915 -5,861 -7,075 -7,615 EBIT Growth % 3.4 6.4 24.2 5.6 Chgs in Working Cap m -443 1,765 0 0 Gross Profit Margin % 25.2 24.4 24.9 25.0 Net Interest Paid m -139 66 52 113 EBITDA Margin % 14.8 13.9 14.3 14.0 Other m 7,314 1,491 4,429 5,853 EBIT Margin % 12.4 11.6 12.1 11.7 Operating Cashflow m 10,034 9,475 12,166 14,071 Net Profit Margin % 10.6 9.9 10.2 9.9 Acquisitions m -23 -23 -23 -23 Payout Ratio % 30.0 30.0 30.0 30.0 Capex m -5,857 -7,000 -7,000 -7,000 EV/EBITDA x 4.9 4.6 3.7 3.5 Asset Sales m 403 463 533 613 EV/EBIT x 5.8 5.5 4.4 4.2 Other m -1,040 0 -0 -0 Investing Cashflow m -6,517 -6,560 -6,490 -6,410 Balance Sheet Ratios Dividend (Ordinary) m -3,199 -2,418 -2,563 -3,154 ROE % 22.5 21.5 23.4 21.2 Equity Raised m 0 0 0 0 ROA % 14.1 13.4 14.7 13.6 Debt Movements m 743 200 500 500 ROIC % 26.0 23.4 26.3 25.0 Other m -1,656 0 -0 -0 Net Debt/Equity % -8.6 -6.2 -11.6 -17.9 Financing Cashflow m -4,112 -2,218 -2,063 -2,654 Interest Cover x 67.6 nmf nmf nmf Price/Book x 1.5 1.4 1.2 1.0 Net Chg in Cash/Debt m -623 669 3,585 4,979 Book Value per Share 4.2 4.5 5.3 6.2 Free Cashflow m 4,177 2,475 5,166 7,071

Balance Sheet 2015A 2016E 2017E 2018E

Cash m 3,642 3,128 6,713 11,692 Receivables m 31,439 35,121 41,421 44,826 Inventories m 4,120 5,020 5,956 6,463 Investments m 0 0 0 0 Fixed Assets m 25,418 26,715 28,376 29,705 Intangibles m 3,138 3,357 3,592 3,844 Other Assets m 4,153 4,552 5,066 5,660 Total Assets m 71,911 77,894 91,126 102,189 Payables m 30,207 32,829 37,993 40,602 Short Term Debt m 300 500 1,000 1,500 Long Term Debt m 50 50 50 50 Provisions m 1,196 1,375 1,582 1,740 Other Liabilities m 1,771 1,772 1,774 1,776 Total Liabilities m 33,524 36,527 42,398 45,668 Shareholders' Funds m 38,331 41,311 48,672 56,465 Minority Interests m 56 56 56 56 Other m 0 0 0 0 Total S/H Equity m 38,387 41,368 48,728 56,521 Total Liab & S/H Funds m 71,911 77,894 91,126 102,189

All figures in Rmb unless noted. Source: Company data, Macquarie Research, August 2016

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

Recommendation proportions – For quarter ending 30 June 2016 AU/NZ Asia RSA USA CA EUR Outperform 45.17% 56.00% 36.36% 43.16% 63.39% 45.91% (for global coverage by Macquarie, 6.27% of stocks followed are investment banking clients) Neutral 36.21% 28.59% 40.26% 50.38% 29.46% 36.96% (for global coverage by Macquarie, 6.33% of stocks followed are investment banking clients) Underperform 18.62% 15.41% 23.38% 6.46% 7.14% 17.12% (for global coverage by Macquarie, 5.38% of stocks followed are investment banking clients)

2333 HK vs HSI, & rec history

(all figures in HKD currency unless noted)

Note: Recommendation timeline – if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, August 2016

12-month target price methodology 2333 HK: HK$12.50 based on a PER methodology

Company-specific disclosures: 2333 HK: Macquarie Capital Limited makes a market in the securities of Great Wall Motor Company Ltd. Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures.

Date Stock Code (BBG code) Recommendation Target Price 07-Apr-2016 2333 HK Outperform HK$12.50 01-Feb-2016 2333 HK Outperform HK$11.70 30-Oct-2015 2333 HK Outperform HK$15.00 08-Oct-2015 2333 HK Outperform HK$20.67 28-Jul-2015 2333 HK Outperform HK$20.66 19-Jun-2015 2333 HK Outperform HK$23.33 14-Apr-2015 2333 HK Outperform HK$23.00 05-Mar-2015 2333 HK Outperform HK$20.00 17-Nov-2014 2333 HK Outperform HK$17.00 11-Jul-2014 2333 HK Outperform HK$17.33 09-May-2014 2333 HK Outperform HK$16.67 11-Apr-2014 2333 HK Outperform HK$18.00 22-Jan-2014 2333 HK Outperform HK$17.66 18-Oct-2013 2333 HK Outperform HK$20.10

Target price risk disclosures: 2333 HK: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures.

Analyst certification:

26 August 2016 4 Macquarie Research Great Wall Motor Company We hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. The Analysts responsible for preparing this report receive compensation from Macquarie that is based upon various factors including Macquarie Group Ltd total revenues, a portion of which are generated by Macquarie Group’s Investment Banking activities. 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26 August 2016 5 Macquarie Research Great Wall Motor Company regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures, or contact your registered representative at 1-888-MAC-STOCK, or write to the Supervisory Analysts, Research Department, Macquarie Securities, 125 W.55th Street, New York, NY 10019. © Macquarie Group

26 August 2016 6

Asia Research Head of Equity Research Industrials Telecoms Peter Redhead (Global – Head) (852) 3922 4836 Janet Lewis (Asia) (852) 3922 5417 Nathan Ramler (Asia, Japan) (813) 3512 7875 Jake Lynch (Asia – Head) (852) 3922 3583 Patrick Dai (China) (8621) 2412 9082 Danny Chu (Greater China) (852) 3922 4762 David Gibson (Japan – Head) (813) 3512 7880 Leo Lin (China) (852) 3922 1098 Soyun Shin (Korea) (822) 3705 8659 Conrad Werner (ASEAN – Head) (65) 6601 0182 Kunio Sakaida (Japan) (813) 3512 7873 Chirag Jain (India) (9122) 6720 4352 Kenjin Hotta (Japan) (813) 3512 7871 Prem Jearajasingam (ASEAN) (603) 2059 8989 Automobiles/Auto Parts James Hong (Korea) (822) 3705 8661 Kervin Sisayan (Philippines) (632) 857 0893 Inderjeetsingh Bhatia (India) (9122) 6720 4087 Janet Lewis (China) (852) 3922 5417 Transport & Infrastructure Zhixuan Lin (China) (8621) 2412 9006 Internet, Media and Software Leo Lin (China) (852) 3922 1098 Janet Lewis (Asia) (852) 3922 5417 Takuo Katayama (Japan) (813) 3512 7856 Wendy Huang (Asia, China) (852) 3922 3378 Corinne Jian (Taiwan) (8862) 2734 7522 James Hong (Korea) (822) 3705 8661 David Gibson (Asia, Japan) (813) 3512 7880 Azita Nazrene (ASEAN) (603) 2059 8980 Amit Mishra (India) (9122) 6720 4084 Hillman Chan (China, Hong Kong) (852) 3922 3716 Nathan Ramler (Japan) (813) 3512 7875 Utilities & Renewables Financials Soyun Shin (Korea) (822) 3705 8659 Alan Hon (Hong Kong) (852) 3922 3589 Scott Russell (Asia) (852) 3922 3567 Abhishek Bhandari (India) (9122) 6720 4088 Inderjeetsingh Bhatia (India) (9122) 6720 4087 Dexter Hsu (China, Taiwan) (8862) 2734 7530 Oil, Gas and Petrochemicals Prem Jearajasingam (Malaysia) (603) 2059 8989 Elaine Zhou (Hong Kong) (852) 3922 3278 Karisa Magpayo (Philippines) (632) 857 0899 Keisuke Moriyama (Japan) (813) 3512 7476 Polina Diyachkina (Asia, Japan) (813) 3512 7886 Chan Hwang (Korea) (822) 3705 8643 Aditya Suresh (Asia, China) (852) 3922 1265 Commodities Suresh Ganapathy (India) (9122) 6720 4078 Anna Park (Korea) (822) 3705 8669 Colin Hamilton (Global) (44 20) 3037 4061 Thomas Stoegner (65) 6601 0854 Duke Suttikulpanich (ASEAN) (65) 6601 0148 Ian Roper (65) 6601 0698 (Malaysia, Singapore) Isaac Chow (Malaysia) (603) 2059 8982 Jim Lennon (44 20) 3037 4271 Gilbert Lopez (Philippines) (632) 857 0892 Pharmaceuticals and Healthcare Lynn Zhao (8621) 2412 9035 Passakorn Linmaneechote (Thailand) (662) 694 7728 Matthew Turner (44 20) 3037 4340 Conglomerates Abhishek Singhal (India) (9122) 6720 4086 Wei Li (China, Hong Kong) (852) 3922 5494 Economics David Ng (China, Hong Kong) (852) 3922 1291 Property Peter Eadon-Clarke (Global) (813) 3512 7850 Conrad Werner (Singapore) (65) 6601 0182 Larry Hu (China, Hong Kong) (852) 3922 3778 Gilbert Lopez (Philippines) (632) 857 0892 Tuck Yin Soong (Asia, Singapore) (65) 6601 0838 Tanvee Gupta Jain (India) (9122) 6720 4355 Consumer and Gaming David Ng (China, Hong Kong) (852) 3922 1291 Raymond Liu (China, Hong Kong) (852) 3922 3629 Quantitative / CPG Linda Huang (Asia, China, Hong Kong) (852) 3922 4068 Wilson Ho (China) (852) 3922 3248 Gurvinder Brar (Global) (44 20) 3037 4036 Zibo Chen (China, Hong Kong) (852) 3922 1130 William Montgomery (Japan) (813) 3512 7864 Woei Chan (Asia) (852) 3922 1421 Terence Chang (China, Hong Kong) (852) 3922 3581 Corinne Jian (Taiwan) (8862) 2734 7522 Danny Deng (Asia) (852) 3922 4646 Satsuki Kawasaki (Japan) (813) 3512 7870 Abhishek Bhandari (India) (9122) 6720 4088 Per Gullberg (Asia) (852) 3922 1478 Mike Allen (Japan) (813) 3512 7859 Aiman Mohamad (Malaysia) (603) 2059 8986 Kwang Cho (Korea) (822) 3705 4953 Kervin Sisayan (Philippines) (632) 857 0893 Strategy/Country KJ Lee (Korea) (822) 3705 9935 Patti Tomaitrichitr (Thailand) (662) 694 7727 Viktor Shvets (Asia, Global) (852) 3922 3883 Stella Li (Taiwan) (8862) 2734 7514 Chetan Seth (Asia) (852) 3922 4769 Amit Sinha (India) (9122) 6720 4085 Resources / Metals and Mining David Ng (China, Hong Kong) (852) 3922 1291 Fransisca Widjaja (65) 6601 0847 Polina Diyachkina (Asia, Japan) (813) 3512 7886 Erwin Sanft (China, Hong Kong) (852) 3922 1516 (Indonesia, Singapore) Coria Chow (China) (852) 3922 1181 Peter Eadon-Clarke (Japan) (813) 3512 7850 Karisa Magpayo (Philippines) (632) 857 0899 Anna Park (Korea) (822) 3705 8669 Chan Hwang (Korea) (822) 3705 8643 Chalinee Congmuang (Thailand) (662) 694 7993 Technology Jeffrey Ohlweiler (Taiwan) (8862) 2734 7512 Emerging Leaders Inderjeetsingh Bhatia (India) (9122) 6720 4087 Damian Thong (Asia, Japan) (813) 3512 7877 Jayden Vantarakis (Indonesia) (6221) 2598 8310 Jake Lynch (Asia) (852) 3922 3583 George Chang (Japan) (813) 3512 7854 Anand Pathmakanthan (Malaysia) (603) 2059 8833 Aditya Suresh (Asia) (852) 3922 1265 Daniel Kim (Korea) (822) 3705 8641 Gilbert Lopez (Philippines) (632) 857 0892 Timothy Lam (China, Hong Kong) (852) 3922 1086 Allen Chang (Greater China) (852) 3922 1136 Conrad Werner (Singapore) (65) 6601 0182 Mike Allen (Japan) (813) 3512 7859 Jeffrey Ohlweiler (Greater China) (8862) 2734 7512 Alastair Macdonald (Thailand) (662) 694 7753 Kwang Cho (Korea) (822) 3705 4953 Patrick Liao (Greater China) (8862) 2734 7515 Corinne Jian (Taiwan) (8862) 2734 7522 Louis Cheng (Greater China) (8862) 2734 7526 Find our research at Marcus Yang (Taiwan) (8862) 2734 7532 Kaylin Tsai (Greater China) (8862) 2734 7523 Conrad Werner (ASEAN) (65) 6601 0182 Macquarie: www.macquarie.com.au/research Thomson: www.thomson.com/financial Reuters: www.knowledge.reuters.com Bloomberg: MAC GO Factset: http://www.factset.com/home.aspx CapitalIQ www.capitaliq.com Email [email protected] for access

Asia Sales Regional Heads of Sales Regional Heads of Sales cont’d Sales Trading cont’d Miki Edelman (Global) (1 212) 231 6121 Paul Colaco (San Francisco) (1 415) 762 5003 Suhaida Samsudin (Malaysia) (603) 2059 8888 Jeff Evans (Boston) (1 617) 598 2508 Amelia Mehta (Singapore) (65) 6601 0211 Michael Santos (Philippines) (632) 857 0813 Jeffrey Shiu (China, Hong Kong) (852) 3922 2061 Angus Kent (Thailand) (662) 694 7601 Chris Reale (New York) (1 212) 231 2555 Sandeep Bhatia (India) (9122) 6720 4101 Ben Musgrave (UK/Europe) (44 20) 3037 4882 Marc Rosa (New York) (1 212) 231 2555 Thomas Renz (Geneva) (41 22) 818 7712 Christina Lee (UK/Europe) (44 20) 3037 4873 Justin Morrison (Singapore) (65) 6601 0288 Daniel Clarke (Taiwan) (8862) 2734 7580 Riaz Hyder (Indonesia) (6221) 2598 8486 Sales Trading Nick Cant (Japan) (65) 6601 0210 Brendan Rake (Thailand) (662) 694 7707 John Jay Lee (Korea) (822) 3705 9988 Adam Zaki (Asia) (852) 3922 2002 Mike Keen (UK/Europe) (44 20) 3037 4905 Nik Hadi (Malaysia) (603) 2059 8888 Stanley Dunda (Indonesia) (6221) 515 1555 Eric Roles (New York) (1 212) 231 2559 Gino C Rojas (Philippines) (632) 857 0861

This publication was disseminated on 26 August 2016 at 14:19 UTC.