Tuesday, 14 May 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 Mirvac Group 0 1 0 10 O (O) Korea Semiconductor Sector Keon Han (4) Agile Property (2) (1) (9) (5) U (U) Expect further price squeeze-up Glodon Software Co (4) (10) (2) (19) U (U) Ashok Leyland Ltd 14 (5) (4) 9 N (N) Shin Corporation (INTUCH.BK) – Maintain O Colin McCallum, CA (5) Cummins India 1 (7) (9) (6) N (N) An attractive way to gain access to AIS's strong cash flows Nestle India 0 (1) 6 (4) U (U) Pola Orbis Holdings 3 0 27 12 O (O) Shiseido 6 0 14 2 N (N) Japan Equity Strategy Tomohiro Okawa (6) Gamuda 1 (7) 29 23 O (O) New 'ABE' index to gauge asset bubble Hanwha Chemical n.m (56) 0 (13) U (U) Nan Ya Printed Circuit (37) (27) (3) 14 N (N) ... and the whole pack Board Silitech Tech. Corp (11) (11) (8) 11 N (O) Regional Wistron (7) (7) (6) 13 N (N) Asia Pacific Strategy Kin Nang Chik (7) Young Fast 5 5 0 22 N (N) Credit Suisse GEM valuation snapshot Optoelectronics Minor International (4) (3) 0 20 O (O) Asia Pacific Strategy Kin Nang Chik (8) CIB 18 27 17 N (N) Credit Suisse valuation snapshot BOB 4 (1) 20 O (O) Australia NJCB 8 (1) 3 N (N) NBCB 9 31 12 N (N) Mirvac Group (MGR.AX) – Maintain O John A.J Richmond (9) Analysing the deal, reiterate OUTPERFORM Connecting clients to corporates Primary Health Care (PRY.AX) – Maintain N Saul Hadassin (10) Hong Kong / China Pathology strength drives modest upgrade Teco (1504.TW) China Date 13-14 May, Hong Kong Coverage Analyst Jerry Su China Economics Dong Tao (11) China Coal and Power Corporate Days Weak growth momentum continued in April Date 30-31 May, Mission Hills China Small and Medium Banks – Maintain OW Vincent Chan (12) Coverage Analyst Trina Chen Divergence in operating results enlarged China/Hong Kong Emerging Corporate Day China Property Sector Duo Chen (13) Date 19 June, Hong Kong Coverage Analyst Kenny Lau Weekly update: Primary market volume +17% WoW but -5% YoY, +43% YTD APAC Transport Corporate Day China Airlines Sector – Maintain OW Davin Wu (14) Date 26 June, Hong Kong April's traffic impacted by multiple one-off factors Coverage Analyst Timothy Ross AAC Technologies (2018.HK) – Maintain O Yan Taw Boon (15) Singapore Meeting with CEO: Technology innovation is the key growth driver PT Sumberdaya Sewatama Agile Property (3383.HK) – Maintain U Jinsong Du (16) Date 14 May, Singapore April sales -27% MoM but +11% YoY; YTD only +16% underperforming peers Coverage Analyst Ami Tantri China Medical System Holdings Ltd. (0867.HK) – Maintain O Iris Wang (17) US Fundamentals intact, buy on share price weakness Jaypee Infratech Ltd (JYPE.BO) China Mobile Limited (0941.HK) – Maintain O Colin McCallum, CA (18) Date 13-15 May, US Moving to bundled tariffs to mitigate cannibalisation (positive) Coverage Analyst Amish Shah Glodon Software Co Ltd (002410.SZ) – Maintain U Vincent Chan (19) Acer Group (2353.TW) Date 13-17 May, US It is indeed cyclical rather than growth Coverage Analyst Thompson Wu Lonking Holdings Ltd. (3339.HK) – Maintain U Yang Y. Song (20) SMIC Shanghai (SMI.N) Comment on April sales: Weak wheel loader sales, market share loss in excavator Date 16-24 May, US Hong Kong Coverage Analyst Randy Abrams Cheung Kong Holdings (0001.HK) – Maintain O Focus list stock Cusson Leung (21) Europe Minimal impact from the cancellation of Apex Horizon Hotel deal ING Vysya Bank (VYSA.BO) Date 13-15 May, London Standard Chartered Plc (2888.HK) – Maintain U Sanjay Jain (22) Coverage Analyst Ashish Gupta Muddy Waters: We would not read too much into it Contact [email protected] or Your usual sales India representative. India Consumer Price Inflation and Trade (Apr) Robert Prior-Wandesforde (23) Inflation down; 130% rise in gold imports! 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. 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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, 14 May 2013 Asian Daily Asian indices - performance India Market Strategy Neelkanth Mishra (24) (% change) Latest 1D 1W 3M YTD FII preference for large caps continues, insurance portfolio at odds with that of FIIs ASX300 5169 0.1 1.1 3.1 11.7 CSEALL 6239 (0.2) 1.9 7.1 10.6 Ashok Leyland Ltd (ASOK.BO) – Maintain N Jatin Chawla (25) Hang Seng 22990 (1.4) 0.3 (1.8) 1.5 No sign of recovery yet H-SHARE 11109 (2.1) 1.0 (6.0) (2.9) Cummins India (CUMM.BO) – Maintain N Amish Shah, CFA (26) JCI 5055 (1.0) 2.6 10.2 17.1 4Q13: Weak operating profitability led by sharp margin contraction KLSE 1788 0.9 2.0 9.6 5.9 KOSPI 1949 0.2 (0.7) (1.6) (2.4) Nestle India (NEST.BO) – Maintain U Arnab Mitra (27) KSE100 20245 1.6 5.1 14.4 19.8 No revival in volume growth NIFTY 5980 (2.1) 0.2 0.8 1.3 Reliance Power Ltd (RPOL.BO) – Maintain U Amish Shah, CFA (28) NIKKEI 14782.2 1.2 7.9 30.7 42.2 TOPIX 1232.2 1.8 6.8 29.0 43.3 4Q13 ahead of estimates led by strong performance at Rosa project PCOMP 7262 0.9 0.7 11.2 24.9 Japan RED CHIP 4425 (1.7) (1.1) (4.6) (2.3) SET 1618 (0.3) 2.5 6.0 16.2 Japan Equity Strategy Tomohiro Okawa (6) STI 3429 (0.4) 1.4 4.2 8.3 New 'ABE' index to gauge asset bubble TWSE 8248 (0.4) 1.0 4.3 7.1 Pola Orbis Holdings (4927) – Maintain O Satsuki Kawasaki (29) VNINDEX 489 0.6 0.1 (1.0) 18.2 Earnings stable; valuation compelling Asian currencies (vs US$) Shiseido (4911) – Maintain N Satsuki Kawasaki (30) (% change) Latest 1D 1W 3M YTD Conservative guidance; fundamentals suggest too early to buy A$ 1.0 (0.8) (2.2) (3.8) (4.2) Bt 29.7 (0.3) (0.3) 0.4 3.0 Malaysia D 20939.0 (0.0) (0.0) (0.5) (0.5) Gamuda (GAMU.KL) – Maintain O Danny Goh (31) JPY 101.9 (0.3) (2.8) (8.7) (15.0) NT$ 29.8 0.7 (0.9) (0.4) (2.6) Poised for sharp construction orderbook growth and possible dividend upside P 41.2 0.7 (0.6) (1.2) (0.4) Singapore PRs 98.4 0.0 (0.1) (0.4) (1.3) Rp 9741.0 0.2 (0.1) (1.1) 0.5 Biosensors International Group Ltd. (BIOS.SI) – Maintain O Iris Wang (32) Rs 54.7 1.0 (1.0) (1.7) 0.5 Biosensors to acquire Spectrum Dynamics - it is just a start S$ 1.2 0.3 (0.7) (0.5) (1.6) City Developments (CTDM.SI) – Maintain O Yvonne Voon (33) SLRs 126.3 0.0 0.1 0.3 1.1 W 1111.8 1.4 (1.6) (2.2) (4.3) 1Q13 missed; however, strong sales momentum to underpin future earnings growth Global indices South Korea (% change) Latest 1D 1W 3M YTD Korea Semiconductor Sector Keon Han (4) DJIA 15087.2 (0.2) 0.8 7.9 15.1 Expect further price squeeze-up S&P 500 1632.6 (0.1) 0.9 7.4 14.5 NASDAQ 3438.6 0.1 1.3 7.6 13.9 Hanwha Chemical (009830.KS) – Maintain U A-Hyung Cho (34) SOX 461.7 (0.9) 1.8 8.0 20.2 1Q13 disappoints EU-STOX 2786.4 (0.3) 0.9 5.8 8.1 FTSE 6631.8 0.1 1.7 4.3 12.4 Taiwan DAX 8279.3 0.0 2.1 7.4 8.8 Taiwan Market Strategy Jeremy Chen (35) CAC-40 3945.2 (0.2) 1.0 6.7 8.4 Cash-for-clunkers program could be the first of many upcoming stimulus plans 10 YR LB 14782.2 1.2 7.9 30.7 42.2 2 YR LB 1232.2 1.8 6.8 29.0 43.3 Asia Semiconductor Sector Randy Abrams, CFA (36) US$:E 1.9 1.1 9.1 (5.4) 9.2 Taiwan April sales wrap: Strong month puts upstream on track to guidance US$:Y 0.2 0.0 11.7 (13.6) (4.1) Cheng Shin Rubber (2105.TW) – Maintain O Jeremy Chen (37) BRENT 1.3 (0.0) (0.8) (2.8) (1.7) 1Q13 results in line with forecasts as margin expansion offset weak top line GOLD 101.9 (0.0) (2.8) (8.7) (15.0) VIX 102.3 (1.0) (3.0) (14.2) (8.6) Chinatrust Financial Holding (2891.TW) – Maintain O Chung Hsu, CFA (38) Thomson Financial Datastream New report: Strong 1Q13 results MSCI Asian indices – valuation & perf. Nan Ya Printed Circuit Board (8046.TW) – Maintain N Pauline Chen (39) EPS grth.