/ Hong Kong Market Focus DBS Equity Picks

(Information in this document has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Therefore, investment products mentioned in this document may not be suitable for all investors) Refer to important disclosures at the end of this report

DBS Group Research . Equity 6 Aug 2019

ANALYST Continued trade war tensions and rising Dennis LAM +852 36684177 [email protected] social unrest Byron LAM +852 36684169 [email protected] DBS Equity Picks at a glance Add Ke y fa c ts China Mengniu (2319 HK) into "Blue Chip"; Link REIT (823 HK) Inception Date 22 Jun 2018 T WRR (%) 0.97% into "Dividend"; and Xiabuxiabu (520 HK) and China Gas (384 Start Value (HK$) 1,000,000 TWRR Ann (%) 0.87% HK) into "Growth" Current Value (HK$) 1,009,717 Total Div. Recd' (HK$) 37,319 Cash lev el 5,691 Remove Ca te gorie s CNOOC (883 HK) and Sino Land (83 HK) from "Blue Chip"; BLUE CHIP DIVIDEND GROWTH Brilliance China (1114 HK), Tingyi (322 HK), Shimao Property (813 HK) from the "Growth" Provides steady growth over a Provides steady income stream Provides capital growth over 12 longer time period months The rising unrest in Hong Kong has further diminished the already DBS Equity Picks Constituents low risk appetite in the market. The Fed’s less dovish stance, Entry Last UGL* Div coupled with recent hiccups in trade negotiations, means risk # of Price Price No. of (CD) paid appetite will continue to stay low. Stock Entry Date shares (HK$) (HK$) day s % (HK$) 28-May-19 1,180 70.5 63.15 70 -10.4% 0.00 As such, we continue to focus on sectors which are least impacted MENGNIU 2-Aug-19 2,900 31 30.15 4 -2.7% 0.00 by the trade war, HK unrest, and sectors which offer secular HKEX 8-Jul-19 330 274.2 247.8 29 -9.6% 0.00 22-Mar-19 230 365 340.6 137 -6.7% 1.00 growth. We keep our telco picks within defensive names like HKBN LTD 28-May-19 6,580 12.62 14.4 70 14.1% 0.00 China Mobile (941 HK), SUNeVision (1686 HK), HKBN (1310 HK) FORTUNE REIT 28-May-19 8,120 10.44 9.91 70 -5.1% 0.00 as well as Fortune REIT (778 HK) and Link REIT (823 HK). For LINK REIT 5-Aug-19 930 90.65 90.65 1 0.0% 0.00 sectors with secular growth that are not impacted by the trade XIABUXIABU 2-Aug-19 8,230 10.9 10.5 4 -3.7% 0.00 war, we maintain our preference on China Education Group (839 S 2-May-19 5,730 14.94 17.5 96 17.1% 0.08 CHINA EDUCATION 28-May-19 6,660 12.48 11.18 70 -10.4% 0.00 HK), Country Garden Services (6098 HK) and Tencent (700 HK). SUNEVISION HLDGS 28-May-19 12,640 6.57 5.21 70 -20.7% 0.00 CHINA GAS HOLDIN 2-Aug-19 2,820 31.8 31.4 4 -1.3% 0.00 We maintain our preference on HKEx (388 HK) for the potential A v erage 52 -3.3% secondary listing of US-listed Chinese names, as well as increasing *Unrealized gain/loss northbound trading. The China-US tensions will undoubtedly help Cha nge s ove r the pa st month HKEx gain future listing market share. Return CD Stock Date # of shares Price ($) (%) We have added China Gas (384 HK) for its good gas volume A ddition growth from new customers and rural coal-to-gas initiative. LINK REIT 5 Aug 930 90.65 0.0% Xiabuxiabu (520 HK) has been included for its steady growth MENGNIU DAIRY 2 Aug 2,900 31 -2.7% through its store expansion and product optimisation. We XIABUXIABU 2 Aug 8,230 10.9 -3.7% replaced our F&B pick Tingyi (322 HK) with Mengniu (2319 HK) CHINA GAS HOLDIN 2 Aug 2,820 31.8 -1.3% for its stable volume growth and potential margin enhancement. Remov al CNOOC 2 Aug 6,730 12.68 5.2% SINO LAND 2 Aug 6,400 12.34 -4.9% BRILLIANCE CHINA 2 Aug 10,140 8.23 -7.1% TINGYI 2 Aug 6,540 11.48 -9.1% SHIMAO PROPERTY 2 Aug 4,300 19.64 -5.8% DBS Equity Picks Performance Since Inception One Year

sa - CS / AH China/Hong Kong Market Focus DBS Equity Picks

Blue Chips

Tencent (700 HK) Mobile games to rekindle momentum in FY19F, driven by strong gross billings of Price Chart key game, Honour of Kings, and its new games such as Prefect World; Positive on HK$ Relative Index Sector: Technology online advertising, with ramp up of ad fill rate of WeChat’s Moments and ad 500.0 350 loads of Mini Program 450.0 300 400.0 350.0 250 300.0 200 Risk Factor : Lack of new hit monetisable games 250.0 200.0 150 Price: HK$340.60 12-mth TP: HK$466.00 Upside: 36.8% 150.0 100 100.0 Date added to list: 22-Mar-19 Price when added HK$365.00 50.0 50 Days passed 137 Dividend received HK$1.00 0.0 0 % gain/(loss) -6.7% % chg relative to HSI: 3.5% Aug-15Apr-16Dec-16Aug-17Apr-18Dec-18Aug-19 Tencent Holdings (LHS) Relative HSI (RHS)

China Mengniu (2319 HK) Solid outlook driven by core SKUs and margin enhancement from better product- Price Chart mix and lower A&P spending; We expect UHT and UHT yogurt to remain the HK$ Relative Index Sector: Food & Beverage key drivers, while the company will continue to invest in milk powder and ice- 35.0 200 cream; Delivering 24% y-o-y earnings growth in FY19F, and another 20% growth 30.0 180 in FY20F. 160 25.0 140 20.0 120 Risk Factor : Demand slowdown, raw material cost fluctuation 100 Price: HK$30.15 12-mth TP: HK$34.30 Upside: 13.8% 15.0 80 10.0 60 Date added to list: 2-Aug-19 Price when added HK$31.00 40 Days passed 4 Dividend received HK$0.00 5.0 20 % gain/(loss) -2.7% % chg relative to HSI: 0.1% 0.0 0 Aug-15Apr-16 Dec-16Aug-17Apr-18 Dec-18Aug-19 China Mengniu Dairy (LHS)

China Mobile Anticipate the company to adopt SOE reform or employee incentive scheme. Price Chart (941 HK) Mobile service revenue growth to be driven by sub growth partly offset by ARPU HK$ Relative Index Sector: China Telecom pressure. BUY for its attractive valuation and potential upside from adopting 120.0 120 reform or employee incentive scheme 100.0 100 80.0 80 Risk Factor : Industry restructuring & policy risks 60.0 60 Price: HK$63.15 12-mth TP: HK$94.70 Upside: 50.0% 40.0 40 Date added to list: 28-May-19 Price when added HK$70.50 20.0 20 Days passed 70 Dividend received HK$0.00 0.0 0 Aug-15Apr-16Dec-16Aug-17Apr-18Dec-18Aug-19 % gain/(loss) -10.4% % chg relative to HSI: -5.9% China Mobile (LHS) Relative HSI (RHS)

HK Exchange & Clearing We believe trend of US-listed Chinese companies to secondary list in HK, due to Price Chart (388 HK) the recent new listing regime and the escalation of the Sino-US trade war; We HK$ Relative Index Sector: Financials expect Northbound trading to benefit substantially from MSCI China A-share 350.0 140 inclusion; The increasing number of derivative products would also boost HKEx’s 300.0 120 earnings 250.0 100 200.0 80 Risk Factor : Lower than expected market sentiment 150.0 60 Price: HK$247.80 12-mth TP: HK$329.00 Upside: 32.8% 100.0 40 Date added to list: 8-Jul-19 Price when added HK$274.20 50.0 20 Days passed 29 Dividend received HK$0.00 0.0 0 Aug-15Apr-16Dec-16Aug-17Apr-18Dec-18Aug-19 % gain/(loss) -9.6% % chg relative to HSI: -1.9% HONG KONG EXS.& CLEAR. (LHS) Relative HSI (RHS)

Page 2 China/Hong Kong Market Focus DBS Equity Picks

Dividend

Fortune REIT (778 HK) With > 60% of rental income derived from tenants selling consumer staples, Price Chart Fortune REIT’s income should be resilient across economic cycles; A higher HK$ Relative Index Sector: Real Estate valuation can be justified given healthy reversionary growth and rental uplift 12.0 140 Investment Trust following the asset enhancement at Fortune Kingswood; Fortune REIT offers 10.0 120 distribution yield of 4.9-5.1% for FY19-20. 8.0 100 80 6.0 Risk Factor : Faster-than-expected interest rate hike 60 Price: HK$9.91 12-mth TP: HK$11.80 Upside: 19.1% 4.0 40 Date added to list: 8-Jul-19 Price when added HK$11.06 2.0 20 Days passed 29 Dividend received HK$0.00 0.0 0 Aug-15Apr-16 Dec-16Aug-17Apr-18 Dec-18Aug-19 % gain/(loss) -10.4% % chg relative to HSI: -2.7% Fortune Rlst.Inv. (Hkg) Tst. (LHS) Relative HSI (RHS)

HKBN The company is the second largest residential broadband operator in Hong Kong Price Chart (1310 HK) and will be the second largest fixed-line operator in the enterprise market after HK$ Relative Index Sector: HK Telecoms the acquisition of WTT. Currently offers c.6% dividend yield for FY8/19 with a 16.0 180 dividend CAGR of 20% for FY8/19-FY8/21. 14.0 160 12.0 140 10.0 120 100 8.0 Risk Factor : Price war 80 6.0 Price: HK$14.40 12-mth TP: HK$16.00 Upside: 11.1% 60 4.0 40 Date added to list: 28-May-19 Price when added HK$12.62 2.0 20 Days passed 70 Dividend received HK$0.00 0.0 0 Aug-15Apr-16 Dec-16Aug-17Apr-18 Dec-18Aug-19 % gain/(loss) 14.1% % chg relative to HSI: 18.6% Hkbn (LHS) Relative HSI (RHS)

Link REIT (823 HK) With the majority of retail rental income in Hong Kong derived from tenants Price Chart selling consumer staples, its earnings should be very resilient across economic HK$ Relative Index Sector: Real Estate cycles. Moreover, it plans to repurchase 60m units from the market in FY20, 120.0 250 subject to market conditions and regulation. It is now trading at distribution yield Investment Trust 100.0 of 3.2-3.4% for FY20-21 200 80.0 150 Risk Factor : Any faster-than expected interest rate hike 60.0 100 Price: HK$90.65 12-mth TP: HK$96.80 Upside: 6.8% 40.0 Date added to list: 5-Aug-19 Price when added HK$90.65 20.0 50 Days passed 1 Dividend received HK$0.00 0.0 0 % gain/(loss) 0.0% % chg relative to HSI: 0.0% Aug-15Apr-16Dec-16Aug-17Apr-18Dec-18Aug-19 Link Rl.Est.Inv.Tst. (LHS) Relative HSI (RHS)

Growth

Xiabuxiabu (520 HK) A leading hotpot chain in China with a dual-brand strategy of Xiabuxiabu and Price Chart Coucou; We expect steady improvement driven by store expansion and product HK$ Relative Index Sector: Restaurants mix enhancement 20.0 450 18.0 400 16.0 350 14.0 300 12.0 250 Risk Factor : Food safety incidents, raw material cost volatility 10.0 8.0 200 Price: HK$10.50 12-mth TP: HK$14.85 Upside: 41.4% 6.0 150 Date added to list: 2-Aug-19 Price when added HK$10.90 4.0 100 2.0 50 Days passed 4 Dividend received HK$0.00 0.0 0 % gain/(loss) -3.7% % chg relative to HSI: -0.8% Aug-15Apr-16 Dec-16Aug-17Apr-18 Dec-18Aug-19 Xiabuxiabu Cater.Man. (China) Hdg. (LHS) Relative HSI (RHS)

Page 3 China/Hong Kong Market Focus DBS Equity Picks

Country Garden Services We expect CGS to deliver 44%/33% 2-year CAGR in revenue/net earnings by Price Chart (6098 HK) 2020; Newly delivered projects that will be converted to revenue-bearing GFA HK$ Relative Index Sector: China property represent c.29% of CGS’s total GFA under management for FY19F and FY20F 20.0 200 management 18.0 180 16.0 160 14.0 140 12.0 120 Risk Factor : Slower than expected completion pace 10.0 100 8.0 80 Price: HK$17.50 12-mth TP: HK$20.18 Upside: 15.3% 6.0 60 4.0 40 Date added to list: 2-May-19 Price when added HK$14.94 2.0 20 Days passed 96 Dividend received HK$0.08 0.0 0 Jun-18 Feb-19 % gain/(loss) 17.1% % chg relative to HSI: 29.8% Country Garden Services Holdings (LHS) Relative HSI (RHS)

China Gas (384 HK) CGH is the first mover in rural coal-to-gas conversion with the largest customer Price Chart base in rural areas; Given the high gas consumption per household, continued HK$ Relative Index Sector: Utilities expansion in rural areas will support growth in connection fee revenues and gas 40.0 250 volume; expect CGH to maintain earnings growth at 19-23% p.a. in the next few 35.0 200 years. 30.0 25.0 150 Risk Factor : Increasing competition or lack of government support 20.0 15.0 100 Price: HK$31.40 12-mth TP: HK$35.20 Upside: 12.1% 10.0 50 Date added to list: 2-Aug-19 Price when added HK$31.80 5.0 Days passed 4 Dividend received HK$0.00 0.0 0 Aug-15Apr-16 Dec-16Aug-17Apr-18 Dec-18Aug-19 % gain/(loss) -1.3% % chg relative to HSI: 1.6% China Gas Holdings (LHS) Relative HSI (RHS)

China Education Group Confident for a better margin for 2H19 without considering potential acquisitions. Price Chart (839 HK) CEG could gradually improve the margins of new schools, supported by the HK$ Relative Index Sector: Education higher operating leverage. Expect the sale expense ratio to drop ahead with 18.0 300 16.0 higher portion of undergraduate programs. 250 14.0 12.0 200 10.0 150 Risk Factor : Future M&As do not meet market expectations 8.0 Price: HK$11.18 12-mth TP: HK$14.50 Upside: 29.7% 6.0 100 4.0 50 Date added to list: 28-May-19 Price when added HK$12.48 2.0 Days passed 70 Dividend received HK$0.00 0.0 0 Dec-17 Aug-18 Apr-19 % gain/(loss) -10.4% % chg relative to HSI: -5.9% China Education Group Holdings (LHS) Relative HSI (RHS)

SUNeVision SUNeVision will be the biggest beneficiary with 90% capacity expansion pipeline Price Chart (1686 HK) to meet the increasing data centre demand amid supply shortage in Hong Kong, HK$ Relative Index Sector: Technology which is one of the leading carrier-neutral data centre operators in Hong Kong 8.0 300 with a c.20% market share. 7.0 250 6.0 5.0 200 Risk Factor : Excessive data centre supply in Hong Kong 4.0 150 3.0 100 Price: HK$5.21 12-mth TP: HK$10.40 Upside: 99.6% 2.0 Date added to list: 28-May-19 Price when added HK$6.57 1.0 50 0.0 0 Days passed 70 Dividend received HK$0.00 Aug-15 Apr-16 Dec-16Aug-17 Apr-18 Dec-18Aug-19 % gain/(loss) -20.7% % chg relative to HSI: -16.2% Sunevision Holdings (LHS) Relative HSI (RHS)

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DBS Equity Picks

Notes 1.Adopt an inception value of HK$1,000,000 on 22 June 2018 2.Assume commission cost of 0.2% and fees of 0.11% 3.At inclusion point, each stock takes up 5 to 20% of total picks value 4.The market dollar value of a stock must not exceed 20% of total picks value during a weight increase 5.The market dollar value of a stock must not fall below 5% of total picks value during a weight decrease 6.‘First-in, First-Out’ methodology is adopted during a weight decrease 7.Assume $1,000,000 is equally distributed for each stock inclusion between the inception date on 22 Jul 2018 till up to now.

Completed Date: 6 Aug 2019 12:29:38 (HKT) Dissemination Date: 6 Aug 2019 15:57:09 (HKT) DBS Equity Picks product is oriented towards readers with a short-term trading horizon. It aims to highlight topical themes, which may move stock prices on a daily basis. Readers should be aware that “DBS Equity Picks” relies more on assessments of technical factors, likely sentiment responses and short-term money flows, rather than on fundamental analysis. As such the “DBS Equity Picks” may from time to time conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12-month basis), which are maintained by DBS HK analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on an ongoing basis. Sources for all charts and tables are DBS HK unless otherwise specified.

GENERAL DISCLOSURE/DISCLAIMER

This report is prepared by DBS Bank (Hong Kong) Limited (“DBS HK”). This report is solely intended for the clients of DBS Bank Ltd., DBS HK, DBS Vickers (Hong Kong) Limited (“DBSV HK”), and DBS Vickers Securities (Singapore) Pte Ltd. (“DBSVS”), its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS HK.

The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., DBS HK, DBSV HK, DBSVS, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”) have not conducted due diligence on any of the companies, verified any information or sources or taken into account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we do not make any representation or warranty as to the accuracy, completeness or correctness of the research set out in this report. Opinions expressed are subject to change without notice. This research is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group, may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies.

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ANALYST CERTIFICATION The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst (s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate1 does not serve as an officer of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report or his associate does not have financial interests2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of the DBS Group.

COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1. DBS Bank Ltd, DBS HK, DBSVS or their subsidiaries and/or other affiliates have proprietary positions in China Gas Holdings Ltd (384 HK), China Mengniu Dairy Co Ltd (2319 HK), China Mobile Ltd (941 HK), Country Garden Services Holdings Co Ltd (6098 HK), Fortune Real Estate Investment Trust (778 HK), HKBN Ltd (1310 HK), Hong Kong Exchanges & Clearing Ltd (388 HK), Link REIT (823 HK) and Tencent Holdings Ltd (700 HK) recommended in this report as of 02 Aug 2019.

2. Neither DBS Bank Ltd nor DBS HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report.

3. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates have a net long position exceeding 0.5% of the total issued share capital in Fortune Real Estate Investment Trust (778 HK) recommended in this report as of 02 Aug 2019.

4. Compensation for investment banking services: DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months for investment banking services from China Mengniu Dairy Co Ltd (2319 HK) as of 30 Jun 2019.

5. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of securities for China Mengniu Dairy Co Ltd (2319 HK) in the past 12 months, as of 30 Jun 2019.

DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

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1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst. 2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.

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China/Hong Kong Market Focus

DBS Equity Picks

United Arab This report is provided by DBS Bank Ltd (Company Regn. No. 196800306E) which is an Exempt Financial Adviser as defined Emirates in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. This report is for information purposes only and should not be relied upon or acted on by the recipient or considered as a solicitation or inducement to buy or sell any financial product. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situation, or needs of individual clients. You should contact your relationship manager or investment adviser if you need advice on the merits of buying, selling or holding a particular investment. You should note that the information in this report may be out of date and it is not represented or warranted to be accurate, timely or complete. This report or any portion thereof may not be reprinted, sold or redistributed without our written consent. United States This report was prepared by DBS HK. DBSVUSA did not participate in its preparation. The research analyst(s) named on this report are not registered as research analysts with FINRA and are not associated persons of DBSVUSA. The research analyst(s) are not subject to FINRA Rule 2241 restrictions on analyst compensation, communications with a subject company, public appearances and trading securities held by a research analyst. This report is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. This report may only be distributed to Major U.S. Institutional Investors (as defined in SEC Rule 15a-6) and to such other institutional investors and qualified persons as DBSVUSA may authorize. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate. Other In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, jurisdictions professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Bank (Hong Kong) Limited 13 th Floor One Island East, 18 Westlands Road, Quarry Bay, Hong Kong Tel: (852) 3668-4181, Fax: (852) 2521-1812

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China/Hong Kong Market Focus

DBS Equity Picks

DBS Regional Research Offices

HONG KONG MALAYSIA SINGAPORE DBS Bank (Hong Kong) Ltd AllianceDBS Research Sdn Bhd DBS Bank Ltd Contact: Carol Wu Contact: Wong Ming Tek (128540 U) Contact: Janice Chua 13th Floor One Island East, 19th Floor, Menara Multi-Purpose, 12 Marina Boulevard, 18 Westlands Road, Capital Square, Marina Bay Financial Centre Tower 3 Quarry Bay, Hong Kong 8 Jalan Munshi Abdullah 50100 Singapore 018982 Tel: 852 3668 4181 Kuala Lumpur, Malaysia. Tel: 65 6878 8888 Fax: 852 2521 1812 Tel.: 603 2604 3333 Fax: 65 65353 418 e-mail: [email protected] Fax: 603 2604 3921 e-mail: [email protected] e-mail: [email protected] Company Regn. No. 196800306E

INDONESIA THAILAND PT DBS Vickers Sekuritas (Indonesia) DBS Vickers Securities (Thailand) Co Ltd Contact: Maynard Priajaya Arif Contact: Chanpen Sirithanarattanakul DBS Bank Tower 989 Siam Piwat Tower Building, Ciputra World 1, 32/F 9th, 14th-15th Floor Jl. Prof. Dr. Satrio Kav. 3-5 Rama 1 Road, Pathumwan, Jakarta 12940, Indonesia Bangkok Thailand 10330 Tel: 62 21 3003 4900 Tel. 66 2 857 7831 Fax: 6221 3003 4943 Fax: 66 2 658 1269 e-mail: [email protected] e-mail: [email protected] Company Regn. No 0105539127012 Securities and Exchange Commission, Thailand

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