1 0

REGIONAL DAILY
April 6, 2015
ASIA PACIFIC
Asia Pacific Daily
6 April 2015 | AM Edition
Equity Research Reports

Showcasing CIMB Research
Research Ideas
CHN: Banks 31/03
Trade lower earnings for a cleaner bal. sheet >PDF
TW: Pegatron 23/03

Dont rush to sell >PDF
THB: Bangkok Dusit Med Service

A grand vision >PDF
16/03
HKG: Environmental
Bright future >PDF
Regional/ASEAN/Asia Pacific
Plantations (NEUTRAL) - Funding for biodiesel subsidies | P2
15/03
China/Hong Kong
China Mengniu Dairy (ADD, tp:HK$44.30) - NDR takeaways | P3
Malaysia
Hartalega Holdings (HOLD, tp:RM8.23) - Higher expenses ahead | P4
RHB Capital Bhd (ADD, tp:RM10.50) - Restructuring for tax efficiency | P5
Banks (UNDERWEIGHT) - A rush for liquidity | P6
Singapore
Nam Cheong (HOLD, tp:S$0.32) - Reality bites II | P7
HKG: Bank of China 11/03

Closing the valuation gap >PDF
Reg. Equity Research Contacts
Chris HUNT
Regional Head of Research
T: (852) 2539 1315
E: chris.hunt@cimb.com
Show Style "View Doc Map"
IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.
Page 1
Compiled as @: 4/6/2015 1:18:58 AM
CommoditiesPlantations
April 5, 2015
ASEAN
PLANTATIONS
SECTOR FLASH NOTE
CIMB Analyst(s)
Ivy NG Lee Fang, CFA

T (60) 3 2261 9073
E ivy.ng@cimb.com
Funding for biodiesel subsidies

Indonesia is reportedly planning to impose levies of US$50/tonne and
US$30/tonne on exports of CPO and processed palm oil, respectively, to fund
the biodiesel mandates, as early as this month. We estimate this will provide
the government with around US$885m in revenue and could potentially
subsidise 2.5m tonnes of biodiesel at Rp4,000 per litre. Our assessment is that
such a move would be slightly positive for downstream producers due to the
tax gap between refined and CPO products in the short-term, but it would be
negative for upstream producers as it could lower the current CPO price in
Indonesia. However, this could be offset by medium-term gains from higher
CPO prices for planters if the move boosts biodiesel usage significantly.
Maintain Neutral. First Res, AALI and SIMP are our top picks.
What Happened
According to a Bloomberg report, Indonesia will impose export levies to fund
biodiesel subsidies, replanting, research and development. Shippers will pay a
levy of US$50 per tonne for crude palm oil and US$30 per tonne for processed
palm oil starting this month, coordinating minister for economic affairs Sofyan
Djalil was quoted as saying. The government will keep the threshold for
applications of a separate export tax at US$750 per tonne, he added (see Fig 1).
He also said that the fund will be used to compensate the price difference
between regular diesel and biodiesel. On top of this, it will also be used to help
replanting, research and development and human resources development,
related to palm oil industry. The levy will be paid even when the export tax is
zero and will be taken from export tax proceeds when prices are above US$750
per tonne.
What We Think
The news is not a surprise as we flagged this potential move in our earlier note.
We gather from sources that this will be implemented soon and the proceeds
from this tax will be used partially to fund a biodiesel subsidy. We believe this
proposed tax levy, which will be applied when CPO export tax is zero, will
ensure the Indonesian government receives a more stable tax revenue from the
planters to fund the biodiesel mandates. Our rough calculation suggests the
Indonesian government could potentially collect US$885m from the tax levy
per annum. This is based on the assumptions that (1) Indonesia exports around
72% of its 2015 projected palm output of 32.5m tonnes; and (2) 40% of its palm
exports are CPO and 60% processed palm products. We estimate this will be
able to fund around 2.5m tonnes of biodiesel at Rp4,000 per litre. (Fig 3) We
view this move to be short-term negative for the pure upstream palm oil players
(CPO price in Indonesia could trade at as much as US$50 per tonne or 8%
below the current CPO price of US$625 per tonne) and slight positive for
downstream players (enjoy a wider processing margin due to the tax levy
differential between processed palm products and CPO of US$20 per tonne).
We maintain our view that if this move is successful in boosting biodiesel
demand and palm oil usage in Indonesia due to the more attractive feedstock
prices, the palm oil producers could, in time, benefit from stronger CPO prices.
What You Should Do

Our current CPO price assumptions for Indonesian planters, which already
include relevant export tax rates for Indonesia, are unlikely to be affected by
this move. However, the potential tax levy may negatively impact current CPO
prices in Indonesia, which is currently at zero export tax. We plan to review our
CPO price assumptions to incorporate this development soon.
Page 2
Designed by Eight, Powered by EFA
Food & BeveragesHong Kong

April 3, 2015
FLASH NOTE
China Mengniu Dairy

2319 HK / 2319.HK
Market Cap
Avg Daily Turnover
US$10,136m
US$23.69m
HK$78,581m
HK$183.7m
Free Float
68.7%
1,957 m shares
Current
HK$40.10
Target
HK$44.30
Prev. Target
Up/Downside
HK$44.30
10.5%
Conviction|
NDR takeaways
CIMB Analyst(s)
Lei YANG, CFA
T (86) 21 5047 1771 x108

E lei.yang@cimb.com
Nora MIN
T (86) 21 5047 1771 x109

E nora.min@cimb.com
Share price info

Share price perf. (%)
1M
3M
12M
Relative
13.5
19.2
-10.9
Absolute
15.1
25.1
Major shareholders
1.3
% held
COFCO
Danone
Arla
16.3
9.9
5.3
Early in the week, we took Mengnius management on a non-deal roadshow

(NDR) in Singapore. We expect Mengnius volume growth to improve in FY15,
and that it will continue to benefit from margin expansion. We maintain our
DCF-based target price of HKD44.3 and Add rating in view of its new product
launches and the reducing raw milk costs.
What Happened
During Mengnius NDR, management revealed that increasing promotions for
its basic UHT milk and new products are drivers for volume growth in FY15. It
expects volume growth to recover back to 5% yoy in FY15, and that a mix
upgrade will lead to 4-5% ASP improvement. Mengniu launched its own brand
of imported UHT milk (from Denmark and New Zealand) and cereal UHT milk
in Nov 2014, and room temperature kids yoghurt early this year. It plans to
launch more chilled yoghurt products this year, leveraging on Danones R&D
capability. Its yoghurt segment achieved 36.7% yoy sales growth in FY14.
Excluding the Rmb200m sales contribution from Danone yoghurt (only
consolidated for 2H14), the yoghurt segment achieved organic sales growth of
33%. Management targets 20-25% yoy yoghurt sales growth in FY15. UHT sales
rose 7.5% yoy in FY14, and management expects mid to high single-digit
growth in FY15. Milk beverage sales growth slowed to 7.0% yoy in 2H14, from
23.1% yoy in 1H14, mainly due to the maturity of Suan Suan Ru. Mengniu has
upgraded the packing of Suan Suan Ru and expects milk beverage sales growth
to be in a high single-digit in FY15. It had cut 80 underperforming ice cream
SKUs in FY14, leading to 10.2% sales drop in that segment. In FY15, it will
launch new ice cream products and targets positive growth for the year.
What We Think
Mengniu will use up imported milk powder in 1Q15, but domestic milk powder
made from extra raw milk will only be used up by 3Q/4Q15. Management
expects raw milk cost reduction of 2-3% yoy in FY15. We expect overall GPM
(incl. Yashili) to expand by 0.7% pts yoy to 30.3% in FY15, driven by the 3% raw
milk price reduction and 4.2% ASP increase. Star and opportunity brands with
higher GPM contributed 39.7% to total sales in FY14, and Mengniu targets to
drive this ratio up to 45% over the next three years.
What You Should Do

Mengniu posted low single-digit volume growth in 1Q15. Management has yet
to see a strong dairy demand recovery. As the company will continue its
promotions to drive up volume growth, we now expect distribution expenses
ratio to rise by 0.3% pts to 21.4% in FY15, and OPM to rise by 0.6% pts to 5.9%.
Vol m
Price Close
Financial Summary
Relative to HSI (RHS)
41.0
99.5
36.0
87.0
31.0
74.5
26.0
25
20
15
10
5
62.0
Apr-14
Jul-14
Oct-14
Jan-15
Source: Bloomberg
52-week share price range

40.10
42.75
27.60
Current
Target
44.30
Revenue (Rmbm)
Operating EBITDA (Rmbm)
Net Profit (Rmbm)
Core EPS (Rmb)
Core EPS Growth
FD Core P/E (x)
DPS (Rmb)
Dividend Yield
EV/EBITDA (x)
P/FCFE (x)
Net Gearing
P/BV (x)
ROE
CIMB/consensus EPS (x)
Dec-13A
43,357
3,054
1,631
0.88
19.8%
36.32
0.20
0.62%
20.58
28.08
26.0%
3.77
11.5%
Dec-14A
50,049
4,566
2,351
1.20
36.3%
26.65
0.28
0.87%
14.70
NA
21.6%
2.90
12.8%
Dec-15F
54,560
5,837
2,804
1.43
19.1%
22.37
0.33
1.04%
10.96
45.35
7.1%
2.64
12.4%
1.03
Dec-16F
60,132
6,723
3,322
1.70
18.5%
18.89
0.40
1.24%
9.00
14.58
(5.7%)
2.38
13.2%
1.04
Dec-17F
64,985
7,497
3,859
1.97
16.2%
16.26
0.46
1.43%
7.51
11.90
(18.5%)
2.13
13.8%
0.99
SOURCE: CIMB, COMPANY REPORTS

Page 3
Rubber GlovesMalaysia
April 3, 2015
FLASH NOTE
Hartalega Holdings
HART MK / HTHB.KL
Market Cap
Avg Daily Turnover
US$1,853m
US$1.13m
RM6,798m
RM4.11m
Free Float
30.2%
820.0 m shares
Current
RM8.50
Target
RM8.23
Prev. Target
Up/Downside
RM8.42
-3.2%
Conviction|
Higher expenses ahead
CIMB Analyst(s)
EING Kar Mei, CFA
T (60) 3 2261 9085

E karmei.eing@cimb.com
From our recent meeting with Hartalegas management, we felt that the
operating environment in the next two years will be tougher due to increasing
competition. To protect market share, the group aims to complete its new NGC
two years earlier, which will raise capex/year. To fund the accelerated
expansion, Hartalega will draw down some of its credit facilities. The higher
interest expense and depreciation cost are expected to weigh on its bottomline
in the near term. We cut FY15-16 EPS to factor in mainly (i) stronger US$
against RM (ii) higher interest expense and (iii) higher depreciation cost. This
reduces our target price which is based on 2-year historical P/E of 21x CY16.
We downgrade the stock to Hold. We prefer Kossan.
What Happened
Share price info

1M
3M
12M
Relative
5.5
16.9
30.1
Absolute
6.3
21.4
29.0
Major shareholders
% held
Kuan family
EPF
BNP Paribas
55.1
7.9
6.8
During our meeting recently, we gather that (i) The group is on track to
complete its first two new plants in NGC by 1QCY16 and most of the capacity is
gradually been taken up. (ii) It is converting its Plant One to warehouse and
will be decommissioning Plant Two in the near future as the lines are old and
inefficient. (iii) It is also expanding into specialty glove manufacturing which
commands higher margins. (iv) It expanded its OBM business into China and
India to tap into the growing markets although margins are low. (v) ASP is
likely to continue to decline due to increasing competition. (vi) It is likely to
incur the bulk of the ESOS expense in FY16 for its proposed ESOS programme.
What We Think
We think that Hartalega is unlikely to achieve our previous earnings forecast
due to the (i) delay of the commencement of its new production lines; (ii)
competitive environment and (iii) higher capex and borrowings to fund its
accelerated expansion plan. Management is of the view that ASP is likely to
drop by 2-3% more while FY16 and FY17 net profit margin could come in at
between 18% to 20% respectively, which concurs with our view that margin
pressure is inevitable given its premium pricing. Aside from competition, its
expansion into natural rubber gloves segment and emerging countries will also
weigh on its margins. Fortunately, Hartalega has huge room to sustain the
margin despite pressure given its superior margin as compared to its peers.
Stronger US$ against RM will also help to buffer the impact of pricing pressure.
What You Should Do

Investors should stay on the sidelines. The share price has appreciated by 17%
since our upgrade on 23 Jan 2015 and we believe the current share price has
factored in the strong earnings growth in FY16.
Price Close
Relative to FBMKLCI (RHS)
8.90
8.40
7.90
7.40
6.90
6.40
5.90
5.40
4
141.0
132.4
123.9
115.3
106.7
98.1
89.6
81.0
Vol m
2
1
Apr-14
Jul-14
Oct-14
Jan-15
Source: Bloomberg

8.50
8.69
5.74
Current
Target
8.23
Financial Summary
Revenue (RMm)
Operating EBITDA (RMm)
Net Profit (RMm)
Core EPS (RM)
Core EPS Growth
FD Core P/E (x)
DPS (RM)
Dividend Yield
EV/EBITDA (x)
P/FCFE (x)
Net Gearing
P/BV (x)
ROE
% Change In Core EPS Estimates
Mar-13A
1,032
335.9
233.3
0.28
15.5%
29.89
0.13
1.53%
20.25
62.8
(22.2%)
9.13
33.7%
Mar-14A
1,107
351.3
232.8
0.28
(0.7%)
30.10
0.13
1.53%
19.37
189.4
(17.6%)
7.40
27.1%
Mar-15F
1,124
342.5
213.1
0.26
(8.0%)
32.71
0.13
1.53%
19.82
NA
(14.4%)
5.52
19.3%
(3.33%)
0.92
Mar-16F
1,458
460.0
282.2
0.34
32.4%
24.70
0.17
2.02%
15.25
525.8
3.1%
4.96
21.2%
(5.35%)
0.97
Mar-17F
1,853
551.7
334.4
0.41
18.5%
20.84
0.20
2.40%
12.88
54.9
8.5%
4.43
22.5%
(1.31%)
1.01

Page 4
BanksMalaysia
April 5, 2015
FLASH NOTE
RHB Capital Bhd

RHBC MK / RHBC.KL
Market Cap
Avg Daily Turnover
US$5,609m
US$3.04m
RM20,580m
RM10.99m
Free Float
37.1%
2,573 m shares
Current
RM8.00
Target
RM10.50
Prev. Target
Up/Downside
RM10.50
31.3%
Conviction|
Restructuring for tax efficiency
CIMB Analyst(s)
Winson NG, CFA
T (60) 3 2261 9071

E winson.ng@cimb.com
Share price info

1M
3M
12M
Relative
0.3
1.5
-3.9
Absolute
1.0
6.2
Major shareholders
-5.0
% held
EPF
Aabar Investments
OSK Holdings
41.0
21.9
9.8
According an article in The Edge, RHBCap plans for internal reorganisation

to enable RHB Bank to take over the listing status of RHBCap and house all
the entities of the group. This does not come as a surprise to us as the
management has guided for possible corporate restructuring. This would be
marginally positive for the group as it could lead to tax savings. However, the
overall impact of the deal would be negative if it includes an EPS-dilutive
rights issue. Our DDM-based target price (COE of 11.8%; LT growth of 4%) is
intact. Despite the possible rights issue, RHBCap remains an Add and our top
pick for the sector due to the potential re-rating catalysts of: 1) robust loan
growth, and 2) benefits from the IGNITE 17 transformation programme.
What Happened
Over the weekend, The Edge published an article stating that RHBCapital
(RHBCap) is considering internal reorganisation that would make RHB Bank
the listed entity, taking over RHBCap, and the holding company for all the
entities in the group. The purpose of this move is to improve the groups tax
efficiency, as it would enable RHB Bank to use its income to reduce some of its
tax expenses. The deal may involve a rights issue that could lower its
double-leverage ratio from above 130% now to 120%.
What We Think
The news was not a surprise to us because the management has been guiding
that it plans for corporate restructuring (please refer to our reports on 1 Mar 15
and 17 Mar 13). However, The Edge article provided more clarity on the
restructuring, including managements rationale and the possible deal
structure. The proposed new structure is akin to those of Maybank and Public
Bank, whereby the commercial banks house all the entities in the group.
The internal reorganisation per se would be slightly positive for the group as it
would lead to some tax savings. However, the overall impact of the deal would
be negative if it involves a rights issue due to its dilutive effect on EPS. The
management was not able to provide us with guidance on the quantum of the
rights issue as the group is still in discussions with the central bank.
What You Should Do

Stay invested in RHBCap for its bright earnings outlook, emanating from: 1)
robust loan growth, and 2) the benefits from its IGNITE 17 transformation
programme. We would revise our target price and recommendation upon the
announcement of the internal reorganisation exercise.
Price Close
Relative to FBMKLCI (RHS)
9.80
116.0
9.30
111.8
8.80
107.7
8.30
103.5
7.80
99.3
7.30
95.2
6.80
15
91.0
Vol m
10
5
Apr-14
Jul-14
Oct-14
Jan-15
Source: Bloomberg

8.00
9.50
7.06
Current
Target
10.50
Financial Summary
Net Interest Income (RMm)
Total Non-Interest Income (RMm)
Operating Revenue (RMm)
Total Provision Charges (RMm)
Net Profit (RMm)
Core EPS (RM)
Core EPS Growth
FD Core P/E (x)
DPS (RM)
Dividend Yield
BVPS (RM)
P/BV (x)
ROE
Dec-13A
3,275
2,676
5,951
(448.0)
1,831
0.73
(4.36%)
11.01
0.16
2.04%
6.57
1.22
11.5%
Dec-14A
3,291
2,944
6,235
(206.3)
2,038
0.80
9.59%
10.05
0.06
0.75%
7.31
1.10
11.5%
Dec-15F
3,401
3,533
6,934
(467.1)
2,244
0.87
9.58%
9.17
0.26
3.27%
7.63
1.05
11.7%
0%
1.07
Dec-16F
3,587
3,861
7,448
(448.9)
2,450
0.95
9.16%
8.40
0.29
3.57%
8.32
0.96
11.9%
0%
1.09
Dec-17F
3,814
4,218
8,033
(503.3)
2,679
1.04
9.34%
7.68
0.31
3.90%
9.08
0.88
12.0%
0%
1.12

Page 5
Financial ServicesBanks
April 3, 2015
MALAYSIA
BANKS
SECTOR FLASH NOTE
CIMB Analyst(s)
Winson NG Gia Yann, CFA

T (60) 3 2261 9071
E winson.ng@cimb.com
A rush for liquidity

Bank Negara recently issued guidelines for the liquidity coverage ratio (LCR),
which state that banks need to reach a minimum LCR of 60% by 1 Jun 15. This
has stirred up competition for retail (and fixed) deposits as these carry lower
run-off rates for the calculation of LCR and will help banks to increase their
LCR. The consequence is an increase in banks cost of funds, aggravating the
margin contraction when lending yields are still falling. Overall, we remain
Underweight on the sector, predicated on margin contraction, weaker loan
growth and an upturn in credit cost. Our preferred stock for the sector is RHB
Capital.
What Happened
Our channel checks revealed that Bank Negara Malaysia released official
guidelines for the liquidity coverage ratio (LCR) on 31 Mar 15. The new
guidelines state that banks need to maintain a minimum LCR of 60% starting 1
Jun 15, to be stepped up gradually to 100% by 1 Jan 19. The LCR is defined as
stock of high-quality assets divided by total net cash outflows over the next 30
calendar days. The guidelines encourage banks to increase their retail deposits,
which are relatively stickier in nature. The rationale for the new ruling is to
protect banks from any liquidity stress, as was experienced by some
US/European banks during the 2009 financial crisis. At the moment, banks do
not officially disclose their LCRs but a few banks, i.e. Maybank, Public Bank,
RHB Capital and Alliance, have said that they are able to meet the
requirements.
What We Think
Deposit competition has been heating up since 3Q14 due to (1) the new LCR
ruling, and (2) tighter industry liquidity. The root of the problem was the slow
expansion of the industrys deposits. Total deposits for the banking system only
grew by 8.3% in 2013 and 7.6% in 2014, not adequate to fund loan growth of
10.6% and 9.3% in the respective years. The growth of retail deposits, which are
at the heart of deposit competition, was even weaker at only 6.7-6.9% in
2013-14. We do not see any factors that will significantly drive deposit
momentum in 2015 and, hence, competition will remain intense for banks.
We think that the new guidelines pose long-term problems for banks. Even if
they can achieve the minimum requirements, banks will have to compete on
deposits to keep their ratios above these levels. Banks with weaker deposit
franchises, like AMMB, will have to offer better rates to attract deposits and,
hence, rate competition will not subside. The only reprieves will be (1)
relaxation of the requirements, and (2) faster expansion in the industrys
deposits but we do not expect these to materialise any time soon.
What You Should Do

We continue to advise investors to cut their exposure to the sector as banks
have to grapple with slower loan growth and higher deposit costs in 2015, not
to mention the continuous thinning of average yields of their mortgage books.
Another concern is the expected rise in credit costs.
Page 6
Offshore & MarineSingapore

April 5, 2015
FLASH NOTE
Nam Cheong
NCL SP / NMCG.SI
Market Cap
Avg Daily Turnover
US$474.8m
US$1.04m
S$639.4m
S$1.41m
Free Float
48.8%
2,096 m shares
Current
S$0.31
Target
S$0.32
Prev. Target
Up/Downside
S$0.39
4.1%
Conviction|
Reality bites II
CIMB Analyst(s)
YEO Zhi Bin
T (65) 6210 8669

E zhibin.yeo@cimb.com
Taking our cue from its lacklustre sales in 1Q15, we downgrade Nam Cheong
from Add to Hold. We concede that we were over-bullish in expecting Nam
Cheong to sustain its 2014 sales momentum. We previously expected it to sell
around 30 vessels p.a. in 2015-17. We now expect Nam Cheong to sell 19-22
vessels in 2015-17, which would bring sales to 2012 levels (the year of recovery
for the OSV sector). This, coupled with the scaling back of shipbuilding gross
margins from 17.7% to 17%, leads us to cut FY15-17 EPS by 7-23%. Our target
price, still based on 7.5x CY16 P/E (1 s.d. below the 5-year mean of
small/mid-cap oil services companies), drops accordingly. We would revisit
the stock upon stronger-than-expected vessel sales and earnings.
What Happened
Share price info

1M
3M
12M
Relative
-1.5
-10.1
-22.3
Absolute
0.0
-7.6
Major shareholders
-14.1
% held
SK Tiong Enterprise SDN

Hung Yung Enterprise SDN
Tiong Su Kouk
27.4
15.3
8.6
Taking cue from its lacklustre sales in 1Q15, we downgrade Nam Cheong from
Add to Hold. Since our initiation on the stock in mid-2013, we maintained our
Add rating for two years. The companys performance justified a positive call,
as it recorded two consecutive years of record-breaking earnings and vessel
sales. In fact, it was the top performer in our O&M coverage universe in 2014,
as the only stock that did not lose money. However, we concede that we were
over-bullish to expect Nam Cheong to sustain its 2014 sales momentum.
What We Think
Nam Cheong sold two vessels (one accommodation work vessel at estimated
US$30m to Marco Polo and one 12,000 bhp AHTS at estimated US$28m to
Topaz Energy) in 1Q15. 1Q15 represented the lowest number of sales in a
quarter since 2012 and is on par with the weakness in 4Q14 subsequent to the
oil price tumble. On average, Nam Cheong has sold six vessels/quarter since
2012. On average, 1Q makes up 22% of the total number of vessels sold in a
year. Hence, the fact that merely two vessels were sold in 1Q15 puts a question
mark on our 30-vessel sales target for 2015. However, we note that 1Q12 made
up 14% of the number of vessels sold that year, as 2012 was a backend-loaded
year. We expect a similar scenario in 2015. In addition, the market prices for
the accommodation work vessel and 12,000 bhp AHTS in 2014 were
US$30m-32m/vessel. The ~10% discount indicates narrowing gross margins,
leading us to temper our expectations (FY14: 19.3% vs. FY15: 17%). In fairness,
the delivery lead time for the 12,000 bhp AHTS is long and thus, it is priced
more as a build-to-order vessel.
What You Should Do
Given its RM1.7bn order book, we expect Nam Cheong to achieve decent 1Q15
net profit of RM50m. We recommend that investors sell into strength and
downgrade Nam Cheong from Add to Hold. We advise investors to switch to
our top small/mid-cap O&M pick, Swissco (SWCH SP, Add).
Price Close
Relative to FSSTI (RHS)

142.0
0.470
128.0
0.420
114.0
0.370
100.0
0.320
86.0
0.270
50
40
30
20
10
72.0
Vol m
0.520
Apr-14
Jul-14
Oct-14
Jan-15
Source: Bloomberg
EFAPChartPriceVolRelDaily|

0.31
0.50
0.30
0.32
Current
Target
Financial Summary
Revenue (RMm)
Operating EBITDA (RMm)
Net Profit (RMm)
Core EPS (RM)
Core EPS Growth
FD Core P/E (x)
DPS (RM)
Dividend Yield
EV/EBITDA (x)
P/FCFE (x)
Net Gearing
P/BV (x)
ROE
Dec-13A
1,257
219.9
205.6
0.10
43.6%
8.50
0.025
3.03%
10.35
38.06
56.4%
1.86
26.9%
Dec-14A
1,929
322.9
301.8
0.14
46.5%
5.80
0.039
4.67%
6.66
3.53
42.8%
1.43
27.9%
Dec-15F
1,978
292.0
267.0
0.13
(11.1%)
6.53
0.040
4.78%
6.84
NA
27.5%
1.24
20.4%
(7.1%)
0.94
Dec-16F
1,718
256.5
235.2
0.11
(11.9%)
7.41
0.040
4.78%
6.56
4.80
5.6%
1.12
15.9%
(17.1%)
0.76
Dec-17F
1,606
240.9
221.2
0.11
(6.0%)
7.88
0.040
4.78%
6.13
87.24
(6.2%)
1.03
13.6%
(22.9%)
0.82

Page 7
Asia Pacific DailyEquity Research Reports

April 6, 2015
RESEARCH MANAGEMENT
Chris HUNT
Regional Head of Research
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chris.hunt@cimb.com
Mark KELLOCK
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SB Equities
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Coverage via partnership arrangement with
John Keells Stock Brokers
Page 8

April 6, 2015
#05
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AAV, ADVANC, AIT, AMATA, ANAN, AOT, AP, ASP, BANPU, BAY, BBL, BCH, BCP, BEC, BECL, BGH, BH, BIGC, BJC, BJCHI, BLAND, BMCL,
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TRUE.
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Page 11

April 6, 2015
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Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (Thai IOD) in 2014.
AAV Very Good, ADVANC Very Good, AEONTS not available, AMATA - Good, ANAN Very Good, AOT Very Good, AP - Good, ASK Very Good,
ASP Very Good, BANPU Very Good , BAY Very Good , BBL Very Good, BCH not available, BCP - Excellent, BEAUTY Good, BEC - Good, BECL
Very Good, BGH - not available, BH - Good, BIGC - Very Good, BJC Good, BLA Very Good, BMCL - Very Good, BTS - Excellent, CCET Good,
CENTEL Very Good, CHG not available, CK Very Good, CPALL not available, CPF Very Good, CPN - Excellent, DELTA - Very Good, DEMCO Good,
DTAC Very Good, EA - Good, ECL not available, EGCO - Excellent, GFPT - Very Good, GLOBAL - Good, GLOW - Good, GRAMMY - Excellent, HANA Excellent, HEMRAJ Very Good, HMPRO - Very Good, ICHI - not available, INTUCH - Excellent, ITD Good, IVL - Excellent, JAS not available, JUBILE
not available, KAMART not available, KBANK - Excellent, KCE - Very Good, KGI Good, KKP Excellent, KTB - Excellent, KTC Good, LH - Very Good,
LPN Very Good, M - not available, MAJOR - Good, MAKRO Good, MBKET Good, MC Very Good, MCOT Very Good, MEGA Good, MINT Excellent, OFM Very Good, OISHI Good, PS Very Good, PSL - Excellent, PTT - Excellent, PTTEP - Excellent, PTTGC - Excellent, QH Very Good,
RATCH Very Good, ROBINS Very Good, RS Very Good, SAMART - Excellent, SAPPE - not available, SAT Excellent, SAWAD not available, SC
Excellent, SCB - Excellent, SCBLIF Good, SCC Very Good, SCCC - Good, SIM - Excellent, SIRI - Good, SPALI - Excellent, STA Very Good, STEC - Good,
SVI Very Good, TASCO Good, TCAP Very Good, THAI Very Good, THANI Very Good, THCOM Very Good, THRE not available, THREL Good,
TICON Good, TISCO - Excellent, TK Very Good, TMB - Excellent, TOP - Excellent, TRUE Very Good, TTW Very Good, TUF - Good, VGI Very Good,
WORK not available.
Page 12

April 6, 2015
CIMB Recommendation Framework

Stock Ratings
Definition:
Add
The stocks total return is expected to exceed 10% over the next 12 months.
Hold
The stocks total return is expected to be between 0% and positive 10% over the next 12 months.
Reduce
The stocks total return is expected to fall below 0% or more over the next 12 months.
The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward
net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.
Sector Ratings
Overweight
Neutral
Underweight
Definition:
An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.
A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.
An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.
Country Ratings
Overweight
Neutral
Underweight
Definition:
An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.
A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.
An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.
*Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand,
Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange were
based on a stocks total return relative to the relevant benchmarks total return. Outperform: expected to exceed by 5% or more over the next 12 months.
Neutral: expected to be within +/-5% over the next 12 months. Underperform: expected to be below by 5% or more over the next 12 months. Trading Buy:
expected to exceed by 3% or more over the next 3 months. Trading Sell: expected to be below by 3% or more over the next 3 months. For stocks listed on
Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or
more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative total
returns of 10% or more over the next 12 months. Trading Buy: Expected positive total returns of 10% or more over the next 3 months. Trading Sell: Expected
negative total returns of 10% or more over the next 3 months.
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REGIONAL DAILY

Asia Pacific Daily

6 April 2015 | AM Edition

Equity Research Reports

TW: Pegatron 23/03

THB: Bangkok Dusit Med Service

HKG: Bank of China 11/03

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Compiled as @: 4/6/2015 1:18:58 AM

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