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December 2012 / January 2013

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December 2012 / January 2013 December 2012 / January 2013 December 2012 / January 2013 Contents Daiwa Asia Research Team by discipline and sector .................................................................................................... p.3 Highlighted disciplines/sectors Economics | Asia-Pacific ex-Japan ............................................................................................................................. p.4 Small & Medium Caps | Asia-Pacific ex-Japan .......................................................................................................... p.5 Technology – Semiconductors | Asia-Pacific ex-Japan ........................................................................................... p.6 Power — Utilities/ Power Equipment/ Renewables | Asia-Pacific ex-Japan ........................................................... p.7 Autos & Auto Parts | Asia-Pacific ex Japan .............................................................................................................. p.8 Property | Hong Kong/China and Singapore ............................................................................................................ p.10 Transportation and Infrastructure | Asia-Pacific ex Japan ..................................................................................... p.11 Other sectors/disciplines Technology – Hardware | Asia-Pacific ex-Japan ..................................................................................................... p.13 Banks | Asia-Pacific ex-Japan ................................................................................................................................... p.15 Gaming & Lodging | Hong Kong and China ............................................................................................................. p.17 Consumer | Korea and India ...................................................................................................................................... p.17 Internet / Telecommunications | Asia-Pacific ex-Japan .......................................................................................... p.18 Metals & Mining | Greater China and India ............................................................................................................... p.19 Conglomerates | Philippines ...................................................................................................................................... p.19 Industrials | Hong Kong/China and Korea ................................................................................................................ p.20 Oil and Gas | Asia-Pacific ex Japan .......................................................................................................................... p.21 Strategy and Quantitative | Asia-Pacific ex Japan .................................................................................................. p.22 Corporate Access ............................................................................................................................................................ p.23 Major events in 2012 ................................................................................................................................................... p.24 Daiwa Asia Research Team by market .......................................................................................................................... p.25 Daiwa Asia Sales Team by market ................................................................................................................................. p.27 December 2012 / January 2013 Daiwa Asia Research Team by discipline and sector Regional Research Head Nagahisa MIYABE Regional Research Co-Head Hiroaki KATO Discipline Economics Chief Economist (Asia-Pacific ex-Japan) Mingchun SUN Economics (Asia-Pacific ex-Japan) Kevin LAI Economics (China) Chi SUN Economics (Asia-Pacific ex-Japan) Christie CHIEN Equity Strategy Equity Strategy (Asia-Pacific ex-Japan) John HETHERINGTON Equity Strategy (Korea) Chang H LEE Equity Strategy (Taiwan) Mark CHANG Equity Strategy (India) Punit SRIVASTAVA Quantitative Research Quantitative Research (Asia-Pacific ex-Japan) Jibo MA Small & Medium Caps Small & Medium Caps (Asia-Pacific ex-Japan) Mark CHANG Small & Medium Caps (Asia-Pacific ex-Japan) John CHOI Small & Medium Caps (Taiwan) Rita HSU Sector Autos & Auto Parts Autos & Auto Parts (Asia-Pacific ex-Japan, Korea) Sung Yop CHUNG Autos & Auto Parts (Korea) Jun Yong BANG Autos & Auto Parts (China) Jeff CHUNG Autos & Auto Parts (India) Navin MATTA Banks Banks (Hong Kong, China) Grace WU Banks (China) Leon QI Banks (Korea) Anderson CHA Banks (Taiwan) Jerry YANG Banks (India) Punit SRIVASTAVA Banks (ASEAN) Srikanth VADLAMANI Banks (Philippines) Danielo PICACHE Conglomerates Conglomerates (Philippines) Rommel RODRIGO Consumer Consumer (Korea) Sang Hee PARK Consumer (India) Mihir SHAH Gaming & Lodging Gaming and Leisure (Hong Kong, China) Bing ZHOU Gaming and Leisure (Korea) Francis KIM Industrials Industrials, Infrastructure (Korea) Mike OH Industrials (Hong Kong, China) Joseph HO Internet Internet (Asia-Pacific ex-Japan, Korea) Thomas Y KWON Metals & Mining Metals & Mining (China) Felix LAM Metals & Mining (China) Joey CHEN Metals & Mining (India) Deepak PODDAR 1 December 2012 / January 2013 Oil and Gas Oil and Gas (China, ASEAN) Adrian LOH Oil and Gas (India) Nirmal RAGHAVAN Power Power (Hong Kong, China) Dave DAI Power (India) Saurabh MEHTA Property Property, REITs (Hong Kong, China) Jonas KAN Property, REITs (Singapore) David LUM Technology — Semiconductors Technology – Semiconductors (Asia-Pacific ex-Japan) Eric CHEN Technology – Semiconductors (Korea) Jae H LEE Technology — Hardware Technology – Hardware (Regional) Pranab Kumar SARMAH Technology – Hardware (Greater China) Birdy LU Technology – Hardware (Greater China) Christine WANG Technology – Hardware (Taiwan) Chris LIN Telecommunications Telecommunications (ASEAN & India) Ramakrishna MARUVADA Transportation and Infrastructure Transportation and Infrastructure (Asia-Pacific ex-Japan) Kelvin LAU Transportation and Infrastructure (Korea) SoYoung WANG 2 December 2012 / January 2013 Highlighted disciplines/sectors Economics Small & Medium Caps Technology – Semiconductors Power — Utilities/ Power Equipment/ Renewables Autos & Auto Parts Property Transportation and Infrastructure 3 December 2012 / January 2013 Economics | Asia-Pacific ex-Japan Mingchun SUN Key coverage Asia ex-Japan economies, with Head of China Research; Chief Economist (Regional) a particular focus on China and Dr. Mingchun Sun has 6 years’ experience as an economist in the ASEAN brokerage industry and 6 years’ experience as a central banker. He joined Daiwa in 2010. He was ranked No. 3 Asia Economist in the 2012 II Asia Research Survey. In 2012, he was the first to identify a nascent recovery in China, though he maintains his long-term cautious view. : (852) 2773 8751 | : [email protected] Kevin LAI Key coverage Asia ex-Japan economies, with Deputy Head of Regional Economics; Economist (Regional) a particular focus on Hong Kevin has 16 years’ experience as an economist at brokerages and Kong, Korea and India banks. In the latest polls, he and his team were 5th in Asiamoney (Asia, 2011) and 11th in II (Economics & HK, 2012). In 1Q12, he argued intra- Asia demand weakness would form another leg down for regional growth. In July, he warned about the US fiscal cliff and expected more risk aversion. But he is not negative all round – he expected ASEAN to be resilient and policy stimulus to protect growth there. : (852) 2848 4926 | : [email protected] Chi SUN Key coverage China economy Economist (China) Dr. Chi Sun has 3 years’ experience as a China economist in the brokerage industry. She joined Daiwa in June 2012. Her recent publications include reports on China’s export outlook, inflation outlook and the renminbi exchange rate. : (852) 2848 4427 | : [email protected] Christie CHIEN Key coverage Asia ex-Japan economies, with Economist (Taiwan) a particular focus on Taiwan Christie Chien joined Daiwa in 2010. Her recent publications include and ASEAN reports on the growing influence of Mainland tourists and their impact on Asian economies, and a series of reports on the rise of ASEAN economies. : (852) 2848 4482 : [email protected] | 2012 reports: highlights 26 June 2012: China Economy: Mini stimulus under way 9 August 2012: China Economy: Hidden recovery 25 September 2012: Regional Economy: QE3: friend or foe? 16 July 2012: The power of Mainland tourists 6 November 2012: The rise of ASEAN economies 2013 Outlook . As the G3 continues to limp along, we expect Asia to hold up better on the back of China’s cyclical recovery and a pick-up in domestic demand. Economic headwinds will start from the middle of 2013 as China’s policy tightening kicks in and a slew of European problems resurface. While we expect less excitement on the policy front, there should also be less scope for GDP growth disappointment than in 2012. 4 December 2012 / January 2013 Small & Medium Caps | Asia-Pacific ex-Japan Mark CHANG, CFA Key stock coverage Ginko (8406 TT) Regional Head of Small and Medium Caps Also covers Strategy (Taiwan) China Outfitters (1146 HK) Xingda (1899 HK) Mark has 12 years’ experience covering Asian small caps, and has been consistently ranked in the small-cap category of II polls. He joined Daiwa in Hong Kong in 2010, returned to Taiwan two years later as head of research there. His conviction
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