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August 11, 2014

Pr eview Group (992 HK)

Share Price: HKD11.04 MCap (USD): 14.8B Hong Kong (Unchanged) Target Price: HKD8.80(-20%) ADTV (USD): 44M Technology HOLD Results Results RevisionTP

Key Data | Fully priced 52w high/low (HKD) 11.04/7.30 . Maintain HOLD and raise TP to HKD8.8 from HK7.8 to reflect the earnings revision (24/14% for FY15/16). 3m avg turnover (USDm) 44.3 . Jun-quarter earnings out 14 Aug, likely to be strong driven Free float (%) 59.7 by solid PC sales and operating leverage. Issued shares (m) 10,408 . Earnings risks remain high on the two acquisitions though the Market capitalization HKD114.9B RESEARCH uncertainties may be less than previous estimates.

Major shareholders: Upgrade target price to reflect high earnings forecast -Legend Holdings Ltd. 32.4% Our revised target price of HKD8.8, based on a similar 12x PER, reflects the material earnings upgrade of 24%/14% for FY15/16. -YANG YUAN QING 6.7% This is driven predominantly by stronger PC shipments, -, Inc. 5.9% Mobility’s (Moto) improved financials and operating leverage. The COMPANY potential later-than-expected merger with Moto also results in a Share Price Performance better earnings outlook for Lenovo in FY15. However, given the 11.5 200 recent share price gain, we think the stock has priced-in the 11.0 190 10.5 180 positivity. At 15x FY15 PER, the stock is richly priced in absolute 10.0 170 and relative (to regional and global peers) terms. Maintain HOLD. 9.5 160 9.0 150 8.5 140 Jun-quarter earnings likely to be solid 8.0 130 7.5 120 We expect net profit of USD212m (EPS: USD0.02), up 26% QoQ and 7.0 110 20% Yo Y, 4% ahead of consensus. We estimate revenue to grow 6.5 100 6.0 90 20%+ YoY or 10%+ QoQ to USD10.5bn+ driven by higher shipments of Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 PCs and . We believe the Street’s USD9.8bn may be too conservative. We estimate Lenovo to generate GM and OPM of Lenovo - (LHS, HKD) Lenovo / Hang Seng Index - (RHS, %) 13.0%/2.6% on better product mix and operating leverage. We think Lenovo should produce a PTI of USD264m, better than its own 1 Mth 3 Mth 12 Mth target of USD250m. Absolute(%) 2.6 32.4 49.0 Earnings and integration risks remain Relative to index (%) (0.7) 18.8 32.6 We now expect the acquisitions of Moto and IBM’s server to both Maybank vs Market complete in Dec-quarter. The Moto acquisition was originally due to complete in Sep-quarter. This should enhance Lenovo’s FY15 Positive Neutral Negative earnings outlook as Moto continues to post operating losses. While Market Recs 19 9 4 Moto has improved its financials by growing its topline on selling Maybank Consensus % +/- low-priced models and narrowing its losses, Lenovo will be challenged with its upcoming high-end model – +1 with the Target Price (HKD) 8.80 10.50 (16.2) new iPhone 6 and ’s Note4 and Alpha in 2H14 in the US. '15 PATMI (USDm) 970 880 10.2 This is when R&D and marketing costs weigh on margins. Meanwhile, sensitive cross broader national security issues could '16 PATM I ( USDm) 1,075 1,083 0.0 be a stumbling block to the IBM deal. Any further delay will Source: FactSet; Maybank negatively impact its earnings outlook.

FYE Mar (USD m) FY12A FY13A FY14 FY15E FY16E Revenue 29,574.4 33,873.2 38,705.5 52,103.0 62,194.4 EBITDA 825.9 969.5 1,283.8 1,520.0 1,669.8 Core net profit 473.0 635.1 821.1 969.8 1,074.9 Core EPS (cts) 4.5 6.1 7.9 9.0 9.6 Core EPS growth (%) (79.4) 33.9 29.6 14.0 6.7 Net DPS (cts) 1.1 1.9 2.4 3.2 3.8 Core P/E (x) 31.3 23.4 18.1 15.8 14.9 P/BV (x) 6.1 5.5 4.7 3.2 3.0 Net dividend yield (%) 0.8 1.3 1.7 2.2 2.7 ROAE (%) 22.1 24.8 28.0 24.5 21.2 ROAA (%) 3.6 3.9 4.3 3.9 3.5 Warren Lau EV/EBITDA (x) 6.3 7.6 9.0 10.2 9.6 (852) 2268-0644 Net debt/equity (%) net cash net cash net cash 4.2 1.1 [email protected]

SEE PAGE 10 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS Co. Reg No: 198700034E MICA (P) : 099/03/2012

Lenovo Group

Earnings revisions

Our earnings revision is driven by the following: 1) 18%/8% YoY PC shipments growth for FY15/16 vs 8%/8% previously; 2) 100%/28% YoY volume growth which consolidate Moto’s shipments compared to the previous estimates of 48%/18%; 3) The merger of Moto will take place in Dec-quarter rather than Sep-quarter which will enhance Lenovo’s FY15 profitability as Moto is likely to sustain operating losses. Table below summarises the changes of key assumptions.

Figure 1: Earnings revision FYE Mar FY15F FY16F Remarks (USD m) Revised Previous Revised Previous PC (m) 62.3 57.9 70.2 60.7 Smartphone (m) 100.1 83.8 128.3 83.9 Higher PC shipments Tablet (m) 11.0 12.5 12.5 15.0 Consolidate Moto in Dec-Q Revenue 52,103 49,430 62,194 57,503 A slower tablet outlook Pre-tax profit 1,211 974 1,345 1,179 Consolidate IBM server in Dec-Q Net profit 971 785 1,075 944 EPS (USD) 0.090 0.071 0.096 0.084 +24%/+14% for FY15/16 \GM 13.92 13.83 14.59 14.52 800m new shares OPM 2.40 2.03 2.23 2.05 PTIM 2.32 1.97 1.73 2.05 Source: Company data, Maybank Kim Eng

Figure 2: Assumptions on Moto and IBM’s X-system server’s contributions FYE Mar FYE Mar (USD m) FY15F* FY16F (USD m) FY15F* FY16F

Units (m) 19.5 40.3 Revenue 2,460 5,106 Revenue 4,323 8,698 GM 15.0% 15.8%

GM 22.8% 22.5% OPEX 339 687 system OPEX 23.4% 23.4% - OP 30 119 server OP -64 -157 OPM 1.2% 2.3% IBM X

Motorola Mobility Motorola OPM -1.5% -1.8%

Note: * Assume both Moto and IBM’s X-system server to be consolidated in Dec-quarter. Source: Company data, Maybank Kim Eng

Even our material upward earnings revision, the stock trades at over 15x Lenovo shares are the most highly FY15/16 PER, a rather rich valuation in absolute and relatively terms and valued among regional and global by any measure. In fact, the valuation of the stock is now ranked the most peers demanding not only among the key Asian key tech stocks but also globally. The same is true for its peers among the PC industry. Notwithstanding the better-than-expected PC outlook and Moto’s improved performance, we believe the current valuation has not factored in the potential M&A risks which could adversely impact its earnings outlook for the next 12-months. In addition, one should also consider the upcoming 7.7% dilution from the issue more than 800m new Lenovo shares for the two acquisitions.

One possible factor affecting our call could be the upcoming “through- The stock may benefit from improved train” program between the HK & Shanghai stock exchanges. This could liquidity of HKEX boost liquidity as investors in China are able to invest in previously prohibited stocks. Given the valuation of A-shares tends to be richer than H-shares, Lenovo’s current valuation could be attractive to investors in Mainland China. However, such liquidity is not under our stock rating consideration.

August 11, 2014 2

Lenovo Group

Figure 3: Valuation matrix of Asian/global peers As of Tickets Rating Mtkcap PER (x) PB (%) EV/EBITDA (x) EPS growth (%) ROE %) Dvd yield (%) 8 Aug ‘14 USD b 14E 15E 14E 15E 14E 15E 14E 15E 14E 15E 14E 15E Apple AAPL.US NA 567.3 13.5 12.1 4.24 3.52 6.7 6.2 11% 11% 33.2% 31.5% 2.1% 2.2% Samsung 005930.KS Hold 201.5 9.0 10.9 1.24 1.11 3.8 3.7 -21% -17% 14.7% 10.7% 1.3% 1.4% TSMC 2330.TW Sell 103.7 12.7 12.6 3.01 2.70 6.7 6.2 30% 1% 25.8% 22.7% 2.5% 2.5% MediaTek 2454.TW Buy 25.7 15.4 13.7 3.64 3.38 11.3 9.7 55% 12% 25.3% 25.6% 4.9% 5.7% Lenovo 992.HK Hold 14.8 15.8 14.8 3.12 2.74 9.8 8.9 13% 7% 24.6% 21.2% 2.2% 2.5% AsusTek 2357.TW NA 7.6 11.3 10.5 1.62 1.53 6.7 6.4 -5% 8% 14.6% 14.8% 6.0% 6.0% Quanta 2382.TW NA 10.6 14.5 12.2 2.36 2.16 10.8 8.9 17% 19% 16.5% 18.3% 4.9% 5.5% HPQ HPQ.US NA 65.8 9.0 8.4 2.00 1.71 5.3 5.1 5% 7% 21.6% 19.3% 1.9% 2.0% Source: Bloomberg, Maybank Kim Eng

Jun-quarter results We think Lenovo is likely to report a solid set of results for Jun-quarter. June-quarter results to be solid Our model predicts a net profit of USD212m (EPS: USD0.02), up 26% QoQ and 20% YoY, 4% ahead of consensus. We estimate revenue to grow 20%+ YoY or 10%+ QoQ to USD10.5bn+ driven by higher shipments of PCs and smartphones. We believe the Street’s USD9.8bn may be too conservative. We estimate Lenovo to generate GM and OPM of 13.0%/2.6% on better product mix and operating leverage. We also think Lenovo should produce a pre-tax profit of USD264m, better than its own target of USD250m.

IDC estimated Lenovo grew its PC shipments by 15% YoY (13% QoQ) in Jun- Lenovo PC market share near- 20% - a quarter and extended its market share lead to 19.6% from 16.7% a year new record high in 2Q14… ago. This is despite the entire PC market shrinking 2% YoY in the period. Like HPQ and , Lenovo benefited from the trail-wind of the corporate

PC upgrade cycle. Such trends may last for the rest of the year as enterprises continue to migrate to newer OS from the outdated XP system. …gained share in developed market on Lenovo gained share in the US (No3 with 11.5% share) with a strong 25% ongoing PC replacement cycle YoY growth vs 7% for the market. Lenovo also posted strong 52% YoY unit growth in EMEA (+11% YoY) with 18% market share (5ppts gain), widening the gap over peers and trailing market leader HPQ by 4ppts. However, Asia/China continued to be challenging with a double-digit YoY volume decline, the ninth conservative quarterly contraction as the market is cannibalized by low-price tablets and larger screen smartphones.

Meanwhile, Lenovo maintained its No4 position globally for smartphones Lenovo’s smartphone outshined by with a 5.4% market share in 2Q14, up marginally from 4.6% in 2Q13 despite peers such as & a strong 39% YoY growth in unit shipments. The major winners during the period were Huawei and Xiaomi, which both doubled shipments. The former grabbed 7% share while the latter (15.1m units) is closing rapidly to Lenovo’s 15.8m. While Lenovo continued to see strong growth in the SE Asia market, we believe it struggled domestically due to 3/4G migration, mounting inventory and keen competition. Our channel checks showed that Lenovo continued to cut back on smartphone components for models (even slashing AP from MediaTek) to manage inventory which has carried on for several quarters.

In addition, Lenovo has also been slow to react to 4G migration in China Likely to lose share to local peers in with limited offering of just two 3-mode 4G models at the moment. This is China. Profitability remains a big probably due to the heavy reliance on MediaTek’s reference design and question mark! availability of 4G chipsets in 2H14. As such, it is highly possible that Lenovo’s market share could be overtaken by , the early adopter

August 11, 2014 3

Lenovo Group of 4G handsets in China, resulting in its market share retreating to No5 in 2H14 behind Huawei, Xiaomi and Coolpad. A year ago, Lenovo had 10% market share ranked second behind Samsung. Importantly, with price- leaders such as Xiaomi and Coolpad continuing to be aggressive, we believe it is even more challenging for Lenovo’s smartphones to break even despite the rapid growth of unit shipments. Its OPM in FY13 was zero even with shipment of 50m smartphones.

Update on

Moto has exhibited financial improvement lately by selling low-to-mid-end Moto’s growth on the back of low-to- smartphones outside of the US market. Its revenue in 2Q14 amounted to mid-end smartphone models USD1.73bn, up 73% YoY following a 43% YoY growth in 1Q14. As such Moto has been able to narrow its operating losses to USD67m in 2Q from USD218m last year. Losses in 1Q14 of USD196m were also better than USD271m for the same period last year. This is the result of Moto launching the lower-price model in 4Q14 at below USD250 in EMEA and EM markets. This was followed by a low-end model at below USD150. This has enabled Moto to sell more volume of the G and E models thus pushing revenue but at the expense of blended ASP as the volume of high- end model X fell sharply.

Figure 4: Moto’s sales and operating losses in USD m Figure 5: Estimates ASP in USD for Moto 2000 0 400 Revenue (LHS) OP (RHS0 1750 350 -100 1500 300

1250 -200 250 1000 200 750 -300 150

500 100 -400 250 50 - 0 -500 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Source: Company data, Maybank Kim Eng Source: Maybank Kim Eng

Figure 6: Product portfolio of Moto

Source: Company data, Maybank Kim Eng

August 11, 2014 4

Lenovo Group

We note that because the E and G models required minimum R&D and Moto to face stiff competitions in the sales/marketing, Moto has been able to lower its OPEX substantially to developed market in 2H14 narrow losses. However, Moto is scheduled to introduce its second generation high-end model - X+1 in the developed market in 2H14 which will occur higher OPEX, especially sales and marketing expenses. Should Moto fail to boost revenue, it is likely that Moto could report larger operating losses when its merger with Lenovo completes in Dec-quarter. More importantly, Moto X+1 will face mounting competition with many new models such as the launch of two larger screen sized iPhone6 (4.7”and 5.5”), Samsung’s Note 4 and Alpha, Google’s , Z3, LG G3 Prime and among many others in Sep-Oct period.

The stiff competition has already impacted Moto’s market share especially Moto’s market share in the US is the in the US. ConScore’s monthly survey shows that Moto is losing market lowest in recent history… share in the US at a rapid pace with July market share amounting to 5.1% - ranked 4 and the lowest in recent years. This compared to 6.9% in July

2013, 6.4% in January 2014 and 5.9% in June 2014. Moto lost its No3 spot …Moto may be breakeven at best! to LG in January 2014 and the gap has since widened by over 1ppts. In addition, HTC with a market share of 4.8% in July 2014, could challenge Moto’s position with more aggressive promotion and marketing. Given its smaller scale, intense competition and high penetration rate, we wonder if Moto will ever be profitable in developed markets. One possible scenario is that the thin margin Moto generates outside US regions could offset the ongoing losses within domestic market.

Figure 7: Smartphone monthly market share in the USA

Others Moto samsung Apple 100%

90%

80%

5.1%

70% 5.9%

6.4% 6.7%

6.8%

6.6%

60% 8.4% 9.0%

29.5% 28.6% 26.7% 50% 26.1% 24.9% 23.7% 21.3% 40% 21.0%

30%

20% 42.8% 42.1% 41.8% 41.6% 40.6% 39.9% 37.8% 10% 36.3%

0% 1/13 3/13 6/13 12/13 1/14 3/14 6/14 7/14

Source: ComScore, Maybank Kim Eng

August 11, 2014 5

Lenovo Group

Figure 8: Earnings model Assumptions 1FQ14 2FQ14 3FQ14 4FQ14 1FQ15E 2FQ15E 3FQ15E 4FQ15E 1FQ16E 2FQ16E 3FQ16E 4FQ16E FY13 FY14 FY15E FY16E (m units) Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-13 Mar-14 Mar-15 Mar-16 Notebook 7.3 8.5 9.0 7.7 8.6 9.9 10.4 8.9 9.9 11.4 12.0 10.2 30.7 32.5 37.9 43.6 Desktop 5.3 5.6 5.9 5.2 5.9 6.2 6.5 5.7 6.3 6.8 7.2 6.3 21.7 22.0 24.4 26.6 Tablet 1.5 2.3 3.4 2.0 2.4 2.9 3.5 2.2 2.7 3.2 3.9 2.7 2.5 9.2 11.0 12.5 Handset 11.4 12.3 13.9 12.6 15.8 27.2 30.3 26.8 29.8 33.3 35.5 29.6 34.5 50.2 100.1 128.3 % to group revenue

Notebook 52 51 55 51 51 53 41 40 40 41 41 40 53 52 44 41 Desktop 28 28 26 29 29 27 21 22 22 22 22 23 31 28 23 22 MIDH 14 15 16 13 14 14 25 25 24 24 24 23 9 15 23 24 Server+Other 6 6 3 6 6 6 13 13 13 13 13 14 7 5 10 13 P&L model (USD m) 1FQ14 2FQ14 3FQ14 4FQ14 1FQ15E 2FQ15E 3FQ15E 4FQ15E 1FQ16E 2FQ16E 3FQ16E 4FQ16E FY13 FY14E FY15E FY16E Revenue 8,787 9,774 10,789 9,355 10,610 11,823 16,011 13,659 14,799 16,292 16,833 14,271 33,873 38,705 52,103 62,194 COGS 7,596 8,509 9,426 8,111 9,227 10,269 13,672 11,683 12,658 13,895 14,366 12,203 29,800 33,642 44,852 53,121 Gross profit 1,191 1,265 1,363 1,244 1,383 1,554 2,339 1,976 2,141 2,397 2,467 2,068 4,073 5,063 7,251 9,073 OPEX 954 984 1,057 1,042 1,109 1,189 1,990 1,714 1,833 2,013 2,065 1,774 3,358 4,037 6,001 7,686 Operating profit 237 281 306 202 274 365 349 262 308 384 402 294 715 1,026 1,250 1,387 Profit befroe tax 215 265 321 212 264 352 341 254 295 371 394 286 801 1,013 1,211 1,345 Net profit 174 220 265 168 212 281 279 199 235 294 322 224 635 827 971 1,075 EPS (US$) 0.017 0.021 0.025 0.016 0.020 0.027 0.025 0.018 0.021 0.026 0.029 0.020 0.061 0.079 0.090 0.096 EPS (HK$) 0.129 0.164 0.197 0.125 0.158 0.209 0.193 0.138 0.163 0.203 0.223 0.155 0.472 0.615 0.698 0.744 Margin (%)

GM 13.55 12.94 12.63 13.30 13.03 13.14 14.61 14.46 14.47 14.71 14.66 14.49 12.02 13.08 13.92 14.59 OPM 2.70 2.87 2.84 2.16 2.58 3.09 2.18 1.92 2.08 2.36 2.39 2.06 2.11 2.65 2.40 2.23 PBT 2.45 2.71 2.98 2.27 2.49 2.98 2.13 1.86 1.99 2.28 2.34 2.00 2.36 2.62 2.32 2.16 NP 1.98 2.25 2.46 1.79 2.00 2.37 1.74 1.46 1.59 1.80 1.91 1.57 1.88 2.14 1.86 1.73 QoQ chg (%)

Revenue 12 11 10 -13 13 11 35 -15 8 10 3 -15 - - - - Gross profit 24 6 8 -9 11 12 51 -16 8 12 3 -16 - - - - Operating profit 63 18 9 -34 36 33 -4 -25 18 25 5 -27 - - - - Net profit 37 26 20 -37 26 33 -1 -29 18 25 10 -30 - - - - EPS 37 27 20 -37 26 33 -8 -29 18 25 10 -30 - - - - YoY chg (%)

Revenue 10 13 15 19 21 21 48 46 39 38 5 4 15 14 35 19 Gross profit 14 11 48 29 16 23 72 59 55 54 5 5 18 24 43 25 Operating profit 29 34 74 39 16 30 14 30 12 5 15 12 22 43 22 11 Pre-tax profit 16 30 31 27 23 33 6 20 12 5 15 13 38 26 20 11 Net profit 23 36 30 32 22 28 5 19 11 5 15 12 34 30 17 11 EPS 23 36 30 32 22 27 -2 10 3 -3 15 12 34 30 13 7 Source: Company data, Maybank Kim Eng

August 11, 2014 6

Lenovo Group

FYE 31 Mar FY12A FY13A FY14E FY15E FY16E Key Metrics P/E (reported) (x) 31.3 23.4 18.1 15.8 14.9 Core P/E (x) 31.3 23.4 18.1 15.8 14.9 P/BV (x) 6.1 5.5 4.7 3.2 3.0 P/NTA (x) 6.1 5.5 4.7 3.1 2.7 Net dividend yield (%) 0.8 1.3 1.7 2.2 2.7 FCF yield (%) 11.0 nm 3.8 0.8 3.4 EV/EBITDA (x) 6.3 7.6 9.0 10.2 9.6 EV/EBIT (x) 8.9 10.3 11.3 12.4 11.6

INCOME STATEMENT (USD m) Revenue 29,574.4 33,873.2 38,705.5 52,103.0 62,194.4 Gross profit 3,446.2 4,073.0 5,063.1 7,251.3 9,073.1 EBITDA 825.9 969.5 1,283.8 1,520.0 1,669.8 Depreciation (77.7) (85.5) (85.5) (94.0) (103.4) Amortisation (164.1) (169.0) (172.4) (175.9) (179.4) EBIT 584.1 715.0 1,025.9 1,250.1 1,387.0 Net interest income /(exp) (0.8) 2.0 (47.0) (69.1) (72.2) Associates & JV (0.9) 84.0 32.0 30.0 30.0 Exceptionals 0.0 0.0 0.0 0.0 0.0 Other pretax income 0.0 0.0 0.0 0.0 0.0 Pretax profit 582.4 801.0 1,010.9 1,211.0 1,344.8 Income tax (107.0) (169.8) (196.6) (245.2) (274.0) Minorities (2.4) 3.8 6.8 4.0 4.0 Discontinued operations 0.0 0.0 0.0 0.0 0.0 Reported net profit 473.0 635.1 821.1 969.8 1,074.9 Core net profit 473.0 635.1 821.1 969.8 1,074.9

BALANCE SHEET (USD m) Cash & Short Term Investments 4,234.2 3,454.1 5,256.2 3,280.2 3,417.5 Accounts receivable 6,297.3 6,694.0 7,945.3 11,202.1 13,682.8 Inventory 1,218.5 1,965.0 3,096.4 4,949.8 6,219.4 Property, Plant & Equip (net) 510.0 701.0 1,015.5 3,496.5 3,743.1 Intangible assets 3,091.2 3,327.0 3,327.0 4,990.5 5,260.0 Investment in Associates & JVs 0.0 0.0 0.0 0.0 0.0 Other assets 509.5 740.8 740.8 740.8 740.8 Total assets 15,860.7 16,881.9 21,381.2 28,659.9 33,063.5 ST interest bearing debt 63.0 176.0 176.0 176.0 176.0 Accounts payable 11,251.8 11,353.5 13,849.5 18,444.5 22,016.8 LT interest bearing debt 0.0 303.0 1,803.0 3,303.0 3,303.0 Other liabilities 2,098.0 2,369.0 2,376.6 1,986.2 2,159.6 Total Liabilities 13,412.8 14,201.5 18,205.1 23,909.7 27,655.4 Shareholders Equity 2,448.0 2,680.2 3,176.1 4,750.2 5,408.1 Minority Interest 0.0 0.0 0.0 0.0 0.0 Total shareholder equity 2,448.0 2,680.2 3,176.1 4,750.2 5,408.1

CASH FLOW (USD m) Pretax profit 582.4 801.0 1,010.9 1,211.0 1,344.8 Depreciation & amortisation 241.8 254.5 257.9 269.9 282.8 Adj net interest (income)/exp (38.5) (33.0) (45.0) (45.0) (44.0) Change in working capital (107.0) (1,041.5) 113.3 (515.2) (177.9) Cash taxes paid (148.3) (169.8) (196.6) (245.2) (274.0) Other operating cash flow 0.0 0.0 0.0 0.0 1.0 Cash flow from operations 1,940.4 20.3 958.5 465.4 888.8 Capex (306.8) (383.0) (400.0) (350.0) (350.0) Free cash flow 1,633.6 (362.7) 558.5 115.4 538.8 Dividends paid (114.7) (195.0) (254.1) (330.6) (396.1) Equity raised / (purchased) 0.0 0.0 0.0 980.0 0.0 Change in Debt (211.7) 229.0 1,500.0 1,500.0 0.0 Other invest/financing cash flow (519.3) 36.0 0.0 (4,230.0) 0.0 Effect of exch rate changes 15.8 (11.0) 0.0 0.0 0.0 Net cash flow 803.6 (303.7) 1,804.5 (1,965.2) 142.7

August 11, 2014 7

Lenovo Group

FYE 31 Mar FY12A FY13A FY14E FY15E FY16E Key Ratios Growth ratios (%) Revenue growth 34.0 14.5 14.3 34.6 19.4 EBITDA growth 558.9 17.4 32.4 18.4 9.9 EBIT growth 93.2 22.4 43.5 21.9 10.9 Pretax growth 62.8 37.5 26.2 19.8 11.1 Reported net profit growth 73.1 34.3 29.3 18.1 10.8 Core net profit growth 73.1 34.3 29.3 18.1 10.8

Profitability ratios (%) EBITDA margin 2.8 2.9 3.3 2.9 2.7 EBIT margin 2.0 2.1 2.7 2.4 2.2 Pretax profit margin 2.0 2.4 2.6 2.3 2.2 Payout ratio 24.3 30.7 30.9 35.3 39.7

DuPont analysis Net profit margin (%) 1.6 1.9 2.1 1.9 1.7 Revenue/Assets (x) 1.9 2.0 1.8 1.8 1.9 Assets/Equity (x) nm nm nm nm nm ROAE (%) 22.1 24.8 28.0 24.5 21.2 ROAA (%) 3.6 3.9 4.3 3.9 3.5

Liquidity & Efficiency Cash conversion cycle (19.1) (48.3) (39.7) (31.2) (27.2) Days receivable outstanding 60.1 69.0 68.1 66.1 72.0 Days inventory outstanding 13.9 19.2 27.1 32.3 37.8 Days payables outstanding 93.2 136.5 134.8 129.6 137.1 Dividend cover (x) 4.1 3.3 3.2 2.8 2.5 Current ratio (x) 1.0 1.0 1.2 1.1 1.1

Leverage & Expense Analysis Asset/Liability (x) 1.2 1.2 1.2 1.2 1.2 Net debt/equity (%) net cash net cash net cash 4.2 1.1 Net interest cover (x) nm na 21.8 18.1 19.2 Debt/EBITDA (x) 0.1 0.5 1.5 2.3 2.1 Capex/revenue (%) 1.0 1.1 1.0 0.7 0.6 Net debt/ (net cash) (4,171.3) (2,975.1) (3,277.2) 198.8 61.5

August 11, 2014 8

Lenovo Group

Research Offices

REGIONAL HONG KONG / CHINA INDONESIA Surachai PRAMUALCHAROENKIT (66) 2658 6300 ext 1470 WONG Chew Hann, CA Howard WONG Head of Research Wilianto IE Head of Research [email protected] Regional Head of Institutional Research (852) 2268 0648 (62) 21 2557 1125 • Auto • Conmat • Contractor • Steel (603) 2297 8686 [email protected] [email protected] [email protected] • Oil & Gas - Regional • Strategy Suttatip PEERASUB ONG Seng Yeow Alexander LATZER Rahmi MARINA (66) 2658 6300 ext 1430 Regional Head of Retail Research (852) 2268 0647 (62) 21 2557 1128 [email protected] • Media • Commerce (65) 6432 1453 [email protected] [email protected] [email protected] • Metals & Mining - Regional • Banking & Finance Sutthichai KUMWORACHAI Alexander GARTHOFF Jacqueline KO, CFA Aurellia SETIABUDI (66) 2658 6300 ext 1400 Institutional Product Manager (852) 2268 0633 [email protected] (62) 21 2953 0785 [email protected] (852) 2268 0638 • Consumer [email protected] • Energy • Petrochem • Property [email protected] Ka Leong LO, CFA Termporn TANTIVIVAT (852) 2268 0630 [email protected] Isnaputra ISKANDAR (66) 2658 6300 ext 1520 ECONOMICS * Consumer Discretionary & Auto (62) 21 2557 1129 [email protected] [email protected] • Property Suhaimi ILIAS Karen KWAN • Metals & Mining • Cement Chief Economist (852) 2268 0640 [email protected] Singapore | Malaysia • Property & REITs Pandu ANUGRAH Woraphon WIROONSRI (603) 2297 8682 (62) 21 2557 1137 (66) 2658 6300 ext 1560 Osbert TANG, CFA [email protected] [email protected] [email protected] (86) 21 5096 8370 • Infrastructure • Construction • Transport • Banking & Finance [email protected] Luz LORENZO • Transport & Industrials Janni ASMAN Jaroonpan WATTANAWONG Philippines (62) 21 2953 0784 (66) 2658 6300 ext 1404 (63) 2 849 8836 Ricky WK NG, CFA [email protected] [email protected] [email protected] (852) 2268 0689 [email protected] • Cigarette • Healthcare • Retail • Utilities & Renewable Energy • Transportation • Small cap Tim LEELAHAPHAN PHILIPPINES Steven ST CHAN Chatchai JINDARAT Thailand (852) 2268 0645 [email protected] Luz LORENZO Head of Research (66) 2658 6300 ext 1401 (662) 658 1420 [email protected] • Banking & Financials (63) 2 849 8836 [email protected] [email protected] • Electronics JUNIMAN Warren LAU • Strategy Chief Economist, BII (852) 2268 0644 • Utilities • Conglomerates • Telcos VIETNAM Indonesia [email protected] LE Hong Lien, ACCA (62) 21 29228888 ext 29682 • Technology – Regional Lovell SARREAL (63) 2 849 8841 Head of Institutional Research [email protected] William YANG [email protected] (84) 844 55 58 88 x 8181 (852) 2268 0675 • Consumer • Media • Cement [email protected] Josua PARDEDE [email protected] • Strategy • Consumer • Diversified • Utilities Economist / Industry Analyst, BII • Technology – Regional Rommel RODRIGO Indonesia (63) 2 849 8839 THAI Quang Trung, CFA, Deputy Manager, (62) 21 29228888 ext 29695 INDIA [email protected] Institutional Research [email protected] • Conglomerates • Property • Gaming (84) 844 55 58 88 x 8180 Jigar SHAH Head of Research • Ports/ Logistics [email protected] (91) 22 6632 2632 MALAYSIA • Real Estate • Construction • Materials [email protected] Katherine TAN WONG Chew Hann, CA Head of Research • Oil & Gas • Automobile • Cement (63) 2 849 8843 Le Nguyen Nhat Chuyen (603) 2297 8686 [email protected] [email protected] (84) 844 55 58 88 x 8082 • Strategy • Construction & Infrastructure Anubhav GUPTA • Banks • Construction [email protected] (91) 22 6623 2605 • Oil & Gas Desmond CH’NG, ACA Ramon ADVIENTO [email protected] (63) 2 849 8845 (603) 2297 8680 NGUYEN Thi Ngan Tuyen, Head of Retail Research • Metal & Mining • Capital Goods • Property [email protected] [email protected] (84) 8 44 555 888 x 8081 • Mining [email protected] • Banking & Finance Urmil SHAH • Food & Beverage • Oil&Gas • Banking (91) 22 6623 2606 [email protected] LIAW Thong Jung THAILAND • Technology • Media (603) 2297 8688 [email protected] Maria LAPIZ Head of Institutional Research TRINH Thi Ngoc Diep • Oil & Gas - Regional • Shipping (84) 4 44 555 888 x 8208 Vishal MODI Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 [email protected] (91) 22 6623 2607 [email protected] [email protected] ONG Chee Ting, CA • Consumer / Materials • Technology • Utilities • Construction (603) 2297 8678 [email protected] • Banking & Financials • Plantations - Regional Jesada TECHAHUSDIN, CFA TRUONG Quang Binh SINGAPORE (84) 4 44 555 888 x 8087 Mohshin AZIZ (66) 2658 6300 ext 1394 [email protected] (603) 2297 8692 [email protected] NG Wee Siang Head of Research [email protected] • Rubber plantation • Tyres and Tubes • Oil&Gas • Aviation - Regional • Petrochem (65) 6432 1467 [email protected] • Financial Services • Banking & Finance YIN Shao Yang, CPA Kittisorn PRUITIPAT, CFA, FRM PHAM Nhat Bich (603) 2297 8916 [email protected] Gregory YAP (66) 2658 6300 ext 1395 (84) 8 44 555 888 x 8083 • Gaming – Regional • Media (65) 6432 1450 [email protected] [email protected] [email protected] • SMID Caps – Regional • Real Estate • Consumer • Manufacturing • Fishery TAN Chi Wei, C FA • Technology & Manufacturing • Tel co s (603) 2297 8690 [email protected] ONG Kian Lin Sittichai DUANGRATTANACHAYA NGUYEN Thi Sony Tra Mi • Power • Tel co s (65) 6432 1470 [email protected] (66) 2658 6300 ext 1393 (84) 8 44 555 888 x 8084 • S-R E I Ts [email protected] [email protected] WONG Wei Sum, C FA • Services Sector • Port operation • Pharmaceutical (603) 2297 8679 [email protected] YEAK Chee Keong, CFA • Food & Beverage • Property & REITs (65) 6432 1460 Sukit UDOMSIRIKUL Head of Retail Research [email protected] (66) 2658 6300 ext 5090 LEE Yen Ling • Offshore & Marine (603) 2297 8691 [email protected] [email protected] • Building Materials • Glove Producers Derrick HENG (65) 6432 1446 [email protected] Mayuree CHOWVIKRAN CHAI Li Shin • Transport (Land, Shipping & Aviation) (66) 2658 6300 ext 1440 (603) 2297 8684 [email protected] [email protected] • Plantation • Construction & Infrastructure WEI Bin • Strategy (65) 6432 1455 [email protected] Ivan YAP • Commodity • Logistics • S-chips (603) 2297 8612 [email protected] Padon VANNARAT • Automotive (66) 2658 6300 ext 1450 John CHEONG [email protected] (65) 6432 1461 [email protected] • Strategy LEE Cheng Hooi Regional Chartist • Small & Mid Caps • Healthcare (603) 2297 8694 [email protected] TRUONG Thanh Hang Tee Sze Chiah Head of Retail Research (65) 6432 1451 [email protected] • Small & Mid Caps (603) 2297 6858 [email protected]

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Lenovo Group

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 research report prepared by MKE is distributed in the (“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 a registered broker-dealer in the US. This report is not directed at you if MKE 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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Lenovo Group

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 11 August 2014, 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 11 August 2014, 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.

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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Lenovo Group

 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) 9 Temasek Boulevard 5th Floor, Aldermary House 777 Third Avenue, 21st Floor 33rd Floor, Menara Maybank, #39-00 Suntec Tower 2 10-15 Queen Street New York, NY 10017, U.S.A. 100 Jalan Tun Perak, Singapore 038989 London EC4N 1TX, UK 50050 Kuala Lumpur Tel: (212) 688 8886 Tel: (603) 2059 1888; Tel: (65) 6336 9090 Tel: (44) 20 7332 0221 Fax: (212) 688 3500 Fax: (603) 2078 4194 Fax: (65) 6339 6003 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, Plaza Bapindo 2nd Floor, The International 16, 59000 Kuala Lumpur th Three Pacific Place, Citibank Tower 17 Floor Maharishi Karve Road, Tel: (603) 2297 8888 1 Queen’s Road East, Jl Jend. Sudirman Kav. 54-55 Churchgate Station, Fax: (603) 2282 5136 Hong Kong Jakarta 12190, 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 Alex Tsun Regional Head Sales Trading [email protected] [email protected] Tel: (852) 2268 0228 Tel: (65) 6336-5157 US Toll Free: 1 877 837 7635 US Toll Free: 1-866-406-7447

Malaysia Thailand Rommel Jacob Tanasak Krishnasreni [email protected] [email protected] Tel: (603) 2717 5152 Tel : (66)2 658 6820

Indonesia London Harianto Liong Simon Lovekin [email protected] [email protected] Tel: (62) 21 2557 1177 Tel : (44)-207-626-2828

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

Vietnam Philippines Tien Nguyen Keith Roy [email protected] [email protected] Tel: (84) 44 555 888 x8079 Tel : (63) 2 848-5288 www.maybank-ke.com | www.maybank-keresearch.com

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