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DB Indonesia Banking Asia Pan-Asia Strategy 24 March 2011 Periodical Company Company Asia Equities Daily Focus Asian Index Closings EQUITIES Close 1D Chg %Chg SHSZ300 3264.93 1.30 4.37 Today's research headlines HSCEI 12752.61 -0.24 0.47 HSI 22825.40 -0.14 -0.91 Asian Edition TWSE 8545.08 0.44 -4.76 KOSPI 2012.18 -0.07 -1.89 FSSTI 3022.19 0.65 -5.26 Nodita_ KLCI 1511.97 0.19 -0.46 1. 2. TOP STORIES SENSEX 18206.16 1.21 -11.23 NIFTY 5480.25 1.23 -10.67 Taiwanese Airlines Cautious near-term outlook priced in; SET 1027.54 0.82 -0.51 Vincent Ha Page 7 upgrading to Hold JCI 3556.23 1.10 -3.98 PCOMP 3855.52 0.04 -8.23 Genting Singapore PLC ASX200 4652.40 0.19 -1.96 (GENS.SI),SGD1.99 Buy NDR highlights; better value emerges Aun-Ling Chia Page 8 FOREX (vs US$) Close 1D Chg YTD Price Target SGD2.43 %Chg Cosco Pacific Rmb 6.56 -0.06 0.72 FY10 in line, outlook positive HK$ 7.79 0.02 -0.27 (1199.HK),HKD14.54 Buy Michael Lee Page 9 Price Target HKD18.00 NT$ 29.58 -0.14 -0.95 Won 1124.35 -0.30 0.15 Global Markets Research S$ 1.26 -0.06 1.52 ESTIMATE & TARGET PRICE CHANGES M$ 3.03 -0.03 1.12 Belle Int'l Holding 2011 - focus on improving store Anne Ling Rupee 44.85 0.25 -0.33 (1880.HK),HKD14.00 Buy Page 10 Baht 30.26 -0.20 -0.66 Price Target HKD16.70 productivity; Buy Rupiah 8723.00 -0.08 3.13 Peso 43.44 -0.30 0.84 China Dongxiang The "stock" shock; maintaining Hold Rebecca Jiang (3818.HK),HKD2.51 Hold A$ 1.02 0.49 -0.79 Page 11 Source: Bloomberg Finance LP Price Target HKD2.38 Latest Commodity Prices China Life Insurance It has to be more than product mix Bob Leung COMMODITIES Close 1D %Chg YTD (2628.HK),HKD28.60 Buy changes Page 12 Price Target HKD37.50 %Chg West Texas 105.03 0.99 14.94 CNOOC Ltd Strong 2010 results David Hurd Brent 115.25 -0.50 22.22 (0883.HK),HKD18.44 Buy Page 13 CRB 357.03 0.16 7.28 Price Target HKD21.52 Copper 441.85 2.67 -0.47 Dah Sing Banking Lower NIM more than priced in; Gold (Spot) 1440.13 0.87 1.36 Sophia Lee Alum. (LME) 2600.00 1.17 5.26 (2356.HK),HKD11.90 Buy reiterating Buy Page 14 Price Target HKD15.20 Baltic Dry 1543.00 0.78 -12.97 Source: Bloomberg Finance LP Guangzhou Auto Still on track for better future; Vincent Ha DB CORPORATE ACCESS (2238.HK),HKD9.15 Buy maintain Buy Page 15 Price Target HKD11.80 DB Access Indonesia Small Cap Corporate Day - SG 4/5 - 6 Hengdeli Cost control the key despite favorable Chen Feng (3389.HK),HKD4.18 Buy DB Access Asia Conference 2011 - Singapore 5/23 - 26 market Page 16 DB Access Taiwan Conference 2011 - Taipei 11/7 - 8 Price Target HKD4.90 DB Access Korea Conference 2011 - Seoul 11/10 - 11 DB Access Indonesia Conference 2011 - Jakarta 11/29 - Little Sheep Group FY11 outlook; maintaining Buy Anne Ling 12/1 Limited (0968.HK),HKD4.88 Buy Page 17 Price Target HKD6.15 Research Team Carissa Szeto Wumart Stores FY11 outlook; maintaining Buy Anne Ling (8277.HK),HKD15.66 Buy Page 18 Equity Focus Price Target HKD19.60 (+852) 2203 6171 [email protected] OCI Company Ltd Warming up to solar; near-term Peter Lee (010060.KS),KRW455,500. earnings looking solid Ching-Li Teo, CFA 00 Buy Price Target Page 19 Equity Focus KRW540,000.00 (+852) 2203 6206 [email protected] Deutsche Bank AG/Hong Kong All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 007/05/2010 24 March 2011 Strategy Asia Equities Daily Focus STRATEGY/ECONOMICS Asia Economics Daily Kaushik Das CPI inflation eases in Singapore Page 20 US Daily Economic Notes Labor market to buoy housing Joseph A. Page 22 demand LaVorgna Global Commodities Disruptions in the global oil balance Soozhana Choi Daily Page 23 ADDITIONAL RESEARCH China TMT Daily Group buy update; also, 0728.HK, Alan Hellawell Page 25 CTRP III China Shineway Solid year but tough road ahead; Jack Hu (2877.HK),HKD23.75 Hold Page 26 Price Target HKD21.00 maintaining Hold China Telecom CT FY results Alan Hellawell (0728.HK),HKD4.61 Buy III Page 27 Price Target HKD5.40 Dah Sing Financial FY10 result: encouraging update on Sophia Lee (0440.HK),HKD46.40 Hold Page 28 Price Target HKD64.10 insurance business Maanshan Iron and Steel Light at the end of the tunnel James Kan (0323.HK),HKD4.15 Buy Page 29 Price Target HKD5.70 PCCW (0008.HK),HKD3.35 FY10 operationally in-line, maintain William Bratton Buy Price Target HKD3.54 Page 30 Buy The United Laboratories Guiding better-than-expected growth Jack Hu (3933.HK),HKD14.34 Buy Page 31 Price Target HKD18.50 for 2011 Wharf (0004.HK),HKD51.20 War-chest ready; Reiterate Buy Karen Tang Buy Price Target HKD62.00 Page 32 POSCO Company visit takeaways ; upside to Chanwook (005490.KS),KRW499,500.0 Park 0 Buy Price Target sales volume guidance Page 33 KRW600,000.00 Malaysia Telecoms Growing signs of competition risks in Wei-Shi Wu Sector Page 34 broadband Automobiles & Impact of proposed diesel tax in Delhi Srinivas Rao Components Page 35 Automobiles & Delhi tax proposal likely to impact all Srinivas Rao Components Page 36 diesel vehicles Indiabulls Real Estate Scrapping of “car park” FSI in Abhay (INRL.BO),INR113.40 Buy Shanbhag Page 37 Price Target INR290.00 Mumbai may not be negative Agung Podomoro Land FY10 results below consensus Fiky Silvia (APLN.JK),IDR335.00 Buy Page 38 Price Target IDR440.00 Page 2 Deutsche Bank AG/Hong Kong Astra Int'l Rachman DB MIC February YoY sales remain resilient (ASII.JK),IDR55,850.00 Buy Koeswanto Page 39 Price Target IDR79,000.00 Indonesian Politics Guest-Speaker: Mr. Wimar Witoelar, Consultant with DB Indonesia Banking Lending rate dichotomy Raymond InterMatrix Communications/Adjunct Professor at Deakin Sector Kosasih Page 40 University, Australia 24 Mar @5pm HK/SG / 4pm Jakarta / 9pm UK United Tractors Komatsu resumes its production Rachman (UNTR.JK),IDR23,200.00 Koeswanto Page 41 DB CONFERENCE/CORPORATE DAY Buy Price Target IDR30,000.00 DB Access Indonesia Small Cap Corporate Day - SG 4/5 - 6 DB Access Asia Conference 2011 - Singapore 5/23 - 26 GLOBAL RESEARCH DB Access Taiwan Conference 2011 - Taipei 11/7 - 8 Nippon Electric Glass DB Access Korea Conference 2011 - Seoul 11/10 - 11 Company lowers guidance Katsuhiko DB Access Indonesia Conference 2011 - Jakarta 11/29 - (5214.T),¥1,145 Buy Price Ishibashi Page 42 12/1 Target ¥1,400 Eisai (4523.T),¥3,010 Hold NDRs Upgrading to Hold: Plans cost cuts to Kenji Masuzoe Price Target ¥2,900 Page 43 address patent cliff Little Sheep Group (968 HK) - HK 3/24 Winsway Coking Coal Holdings (1733 HK) - HK 3/224, SG 3/25 Geely Auto (175 HK) - HK 3/25 The notes and reports contained in this Daily are all excerpts of previously NEW: Renhe Commercial Holdings (1387 HK) - SG 3/28 published documents. Please refer to the published notes on our web site for China SCE Property Holdings (1966 HK) - HK 3/28, SG 3/30 details on risks, valuations and earnings changes China High Speed Transmission Equipment (658 HK) -HK 3/28 - 29 Greentown China Holdings (3900 HK) - HK 3/30 Shenzhen Expressway Co (548 HK) - HK 3/31 Industrial and Commercial Bank of China (1398 HK) - HK 3/30 NEW: Jack Hu - SG 3/30 - 31 China Shipping Container Liner (2866 HK) - HK 3/31 - 4/1 Nan Ya Printed Circuit Board Corp (8046 TT) - HK 3/30 - 31, Shenzhen 4/1 NEW: Hengan International Group (1044 HK) - HK 3/31 NEW: C C Land Holdings (1224 HK) - HK 3/31 PT Nippon Indosari Corpindo (ROTI IJ) - HK 4/4 Evergrande Real Estate Group (3333 HK) - SG 4/5, SZX 4/6, PEK 4/8 PT Gajah Tunggal Tbk (GJTL IJ) - HK 4/7 - 8 HTC Corporation (2498 TT) - SG 6/21 - 22, HK 6/23 - 24 DB ANALYST/SALES ROADSHOWS Sanghi Han: Korea Construction and LS Corp./Utilities - HK 3/28 - 29, SG 3/30 - 31 Wei-Shi Wu: Singapore/Malaysia Telecoms - Wiring up the Nation: the Telecoms Transformation - HK 3/30 - 31 Srinivas Rao: Telecom & Automotive - SG 3/28 - 29, HK 3/30 & 4/1 Phyllis Wang: China Expressway & Rail - HK 4/1 Christopher Wane: CROCI Global - HK 3/31 & 4/1, SEL 4/4, SG 4/5 - 6, PEK 4/7 John Kim: Korea Telecom - HK 4/1 Worawat Saisuphatphol: Thai Banking - SG 4/4 - 5, HK 4/6 - 7 Tony Tsang: China & HK Property - PEK 4/7, HK 4/11 - 12, SG 4/14 - 15 Jihyun Song: Korea Consumer - HK 4/11 - 12, SG 4/13 - 14 DB INTERNATIONAL PRODUCT ROADSHOWS CIGNA Corp (CI US) - HK 3/25 Brett Feldman: US Telecommunications - SEL 3/28, PEK 3/29, HK 3/30, SG 4/1 Rizwan Ali: Telecom - SG 3/29, HK 3/30 Continental AG (CON GR) - HK 4/8 Lloyds Banking Group (LLOY LN) - PEK 4/11, HK 4/12, SG 4/13 Rod Lache: US Auto Industry - PEK 4/11, HK 4/14, SG 4/15 Torsten Slok, Chief International Economist: Global Economics - SEL 4/12, PEK 4/13, SG 4/14 China Shipping Container Liner (2866 HK): Metals & Mining - SG 4/12, HK 4/13, PEK 4/14 Diageo (DGE LN) - HK 5/9, SG 5/10, PEK 5/11 24 March 2011 Strategy Asia Equities Daily Focus DAILY REVISIONS: RATING CHANGES Company Ticker Date New Previous China Airlines 2610.TW 23-Mar ▲ Hold Sell China SCE Property 1966.HK 22-Mar Buy NR EVA Airways 2618.TW 23-Mar ▲ Hold Sell TARGET PRICE CHANGES Company Ticker Date New Previous Chg (%) Belle Int'l Holding [Buy] 1880.HK 23-Mar ▲ 16.70 15.70 6.4 CNOOC Ltd [Buy] 0883.HK 23-Mar ▲ 21.52 21.10 2.0 China Airlines [Hold] 2610.TW 23-Mar ▼
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