Tuesday, 23 April 2013 (Asia Edition) Asian Daily EPS, TP and Rating changes Top of the pack ... EPS TP (% change) T+1 T+2 Chg Up/Dn Rating ALS Limited (4) (10) (2) (8) U (U) Asia Equity Strategy Sakthi Siva (3) Crown (0.8) (2.1) 0 3 U (N) New report: Reporting season scorecard–so far an upgrade of 0.8% Santos Ltd (10) (4) 0 14 N (N) China Medical System (4) (1) 3 16 O (O) Korean Auto Sector – Maintain OW Henry Kwon (4) Holdings Ltd. “The Sky is Falling!” The case of GM Korea and the Chicken Little media reports Shanxi Xinghuacun (4) (4) (28) 0 N (O) Fen Wine Samsonite 1 4 6 15 O (O) LG Display (034220.KS) – Maintain O John Sung (5) International S.A. 1Q13 OP in line with our above-consensus forecast and a further cyclical pick-up ahead Mindtree Ltd 0 1 15 6 N (N) Gamuda (17) 0 0 10 O (O) ... and the whole pack Mapletree Commercial Trust Regional LG Display 0 (10) 0 48 O (O) Asia Equity Strategy Sakthi Siva (3) New report: Reporting season scorecard–so far an upgrade of 0.8% Connecting clients to corporates Asia Pacific Strategy Kin Nang Chik (6) Hong Kong / China Credit Suisse GEM valuation snapshot M1 Limited (MONE.SI) Post results Date 22-24 April, Hong Kong Asia Pacific Strategy Kin Nang Chik (7) Coverage Analyst Chate Benchavitvilai Credit Suisse valuation snapshot Sinopac Holdings (2890.TW) Australia Date 29-30 April, Hong Kong Coverage Analyst Chung Hsu ALS Limited (ALQ.AX) – Maintain U Bradley Clibborn (8) PT Sumberdaya Sewatama Downgrade on weak exploration activity Date 13 May, Hong Kong Crown (CWN.AX) – Downgrade to U Larry Gandler (9) Coverage Analyst Ami Tantri Time for a pause in the rally China Coal and Power Corporate Days Santos Ltd (STO.AX) – Maintain N Paul McTaggart (10) Date 30-31 May, Shenzhen 1Q production not setting up FY13 as well as we'd like Coverage Analyst Trina Chen China/Hong Kong Emerging Corporate Day China Date 19 June, Hong Kong China Economics Dong Tao (11) Coverage Analyst Kenny Lau The Canton Trade Fair does not show that times are easy for China's exporters APAC Transport Corporate Day Date 26 June, Hong Kong China Property Sector Duo Chen (12) Coverage Analyst Timothy Ross Weekly update: Primary market volume down 21% WoW but up 9% YoY; up 53% YTD Singapore AAC Technologies (2018.HK) – Maintain O Yan Taw Boon (13) Read-across from acoustic peers provides some confidence Changi Airports International Date 23 April, Singapore Anhui Conch Cement Co. Ltd. (0914.HK) – Maintain N Trina Chen (14) Coverage Analyst Timothy Ross 1Q13 results summary: strong volume, lower unit GP, YTD on track Europe China Medical System Holdings Ltd. (0867.HK) – Maintain O Iris Wang (15) ICBC (1398.HK) Management meeting takeaway: sales network expansion well on track Date 29 April, Zurich China Mobile Limited (0941.HK) – Maintain O Colin McCallum, CA (16) Coverage Analyst Sanjay Jain 1Q13: slight reacceleration in revenues, slight beat on the bottom line E-House China Holdings Ltd (EJ.N) Chongqing Rural Commercial Bank (3618.HK) – Maintain N Sanjay Jain (17) Date 08 May, London Coverage Analyst Jinsong Du 1Q13 resultsalmost exactly in line; core tier 1 ratio closer to large banks' under new regime Others RiseSun Real Estate Development (002146.SZ) – Maintain O Vincent Chan (18) Daelim Industrial (000210.KS) 1Q13 result in line, maintain OUTPERFORM Date 07 May, Seoul Shanxi Xinghuacun Fen Wine (600809.SS) – Downgrade to N Vincent Chan (19) Coverage Analyst Minseok Sinn 1Q13 results disappoint consensus Credit Suisse Asian Technology Conference Hong Kong Date 11-13 September, Taiwan Coverage Analyst Manish Nigam Hong Kong Economics Christiaan Tuntono (20) Contact [email protected] or Your usual sales CPI inflation was at 3.6% YoY in March, and is expected to trend up representative. Samsonite International S.A. (1910.HK) – Maintain O Karim P. Salamatian, CFA (21) 1Q13 trading update: Positive momentum continues DISCLOSURE APPENDIX CONTAINS ANALYST CERTIFICATIONS AND THE STATUS OF NON-US ANALYSTS. FOR OTHER IMPORTANT DISCLOSURES, visit www.credit-suisse.com/ researchdisclosures or call +1 (877) 291-2683. U.S. Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, 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 CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION TM Client-Driven Solutions, Insights, and Access Tuesday, 23 April 2013 Asian Daily Asian indices - performance (% change) Latest 1D 1W 3M YTD India ASX300 4928 0.7 (0.1) 3.4 6.5 Today is a public holiday in this market CSEALL 5872 (0.2) 0.6 (0.2) 4.1 India Oil & Gas Sector Sanjay Mookim (22) Hang Seng 22044 0.1 1.2 (6.7) (2.7) Lower oil benefits government first; companies should see reduced overhang, but not much EBITDA H-SHARE 10591 0.0 1.4 (13.0) (7.4) upgrades JCI 4997 (0.0) 2.1 13.1 15.8 KLSE 1707 0.0 0.5 4.4 1.0 Cairn India Ltd (CAIL.BO) – Maintain O Sanjay Mookim (23) KOSPI 1926 1.0 0.3 (2.7) (3.5) PAT miss on exploration costs; CAIR now suggests Mangala may produce 150 kbopd through FY14 KSE100 18606 (0.1) 0.4 10.1 10.1 Mindtree Ltd (MINT.BO) – Maintain N Anantha Narayan (24) NIFTY 5834 0.9 5.5 (3.8) (1.2) NIKKEI 13568.4 1.9 2.2 29.4 30.5 Pick-up in revenue growth, but margin expansion story may be over PCOMP 7120 2.3 4.1 16.9 22.5 Indonesia RED CHIP 4383 0.8 3.5 (6.9) (3.3) SET 1559 0.9 2.8 8.3 12.0 PT Indomobil Sukses Internasional (IMAS.JK) – Maintain U Dian Haryokusumo (25) STI 3309 0.5 0.7 2.4 4.5 Nissan 1Q13 sales volume: down 4% YoY, up 9% QoQ TOPIX 1145.6 1.7 1.0 29.0 33.2 PT Telkom (Telekomunikasi Indo.) (TLKM.JK) – Maintain O Colin McCallum, CA (26) TWSE 7970 0.5 2.7 2.9 3.5 VNINDEX 468 (1.0) (5.2) 5.7 13.2 AGM resolutions no surprise: 65% payout, a stock split, treasury stock sale Asian currencies (vs US$) Malaysia (% change) Latest 1D 1W 3M YTD Malaysia Market Strategy Tan Ting Min (27) A$ 1.0 (0.2) (1.1) (2.8) (1.2) Bt 28.7 0.2 1.0 3.9 6.7 Face-offs D 20925.0 - (0.3) (0.4) (0.4) Gamuda (GAMU.KL) – Maintain O Danny Goh (28) JPY 99.4 0.2 (1.8) (10.9) (12.8) One-off arbitration costs do not de-rail our positive investment thesis NT$ 29.8 (0.2) 0.2 (2.8) (2.7) P 41.3 (0.3) (0.0) (1.6) (0.7) Singapore PRs 98.4 0.0 (0.0) (0.6) (1.2) Mapletree Commercial Trust (MACT.SI) – Downgrade to N Yvonne Voon (29) Rp 9716.0 (0.1) (0.0) (1.0) 0.8 FY13 beat expectations on strong reversions at PSAB, VivoCity, but growth now appears priced in Rs 54.1 - 0.9 (0.6) 1.6 S$ 1.2 0.3 (0.4) (1.1) (1.5) South Korea SLRs 126.7 0.2 (1.0) 0.0 0.8 W 1119.1 (0.7) 0.1 (5.1) (4.9) Korean Auto Sector – Maintain OW Henry Kwon (4) Global indices “The Sky is Falling!” The case of GM Korea and the Chicken Little media reports (% change) Latest 1D 1W 3M YTD E-MART CO. LTD (139480.KS) – Maintain U Sonia Kim (30) DJIA 14531.2 (0.1) (0.5) 6.0 10.9 Weak as expected; consensus forecasts should fall S&P 500 1557.6 0.2 0.3 4.4 9.2 NASDAQ 3222.8 0.5 0.2 2.5 6.7 LG Display (034220.KS) – Maintain O John Sung (5) SOX 419.7 0.7 (0.7) 2.5 9.3 1Q13 OP in line with our above-consensus forecast and a further cyclical pick-up ahead EU-STOX 2627.7 0.1 (1.6) (0.3) 1.9 Taiwan FTSE 6280.6 (0.1) (1.0) 1.6 6.5 DAX 7478.1 0.2 (3.0) (2.8) (1.8) Taiwan Economics Christiaan Tuntono (31) CAC-40 3652.1 0.0 (1.6) (2.4) 0.3 March export orders disappointed, downside risk to growth looms 10 YR LB 1.7 (0.5) 1.0 (7.9) (3.5) 2 YR LB 0.2 (1.8) 3.5 (6.9) (8.5) Thailand US$:E 1.3 0.0 (0.9) (1.9) (1.1) Thailand Banks Sector Dan Fineman (32) US$:Y 99.4 (0.0) (1.8) (10.9) (12.8) 1Q13 results review: Surprise on fee income BRENT 99.8 0.7 1.1 (12.4) (10.9) GOLD 1422.4 1.3 5.5 (16.0) (15.1) C.P. All PCL (CPALL.BK) – Maintain O Karim P. Salamatian, CFA (33) VIX 14.8 (0.9) (14.1) 19.4 (17.6) Could acquiring Makro really work? Thomson Financial Datastream MSCI Asian indices – valuation & perf. EPS grth. P/E (x) Performance MSCI Index 11E 12E 11E 12E 1D 1M YTD Asia F X Japan 18 12 11.6 10.3 0.0 0.9 (1.9) Asia Pac F X J.