20 July 2017

Asia Pacific
Equity Research
Strategy

Jump-Start
Research Analysts STRATEGY
Manish Nigam
852 2101 7067 Jump-Start aims to provide you with a summary of the week that was and helps you prepare
manish.nigam@credit-suisse.com for the week ahead with a results calendar, economic forecasts and valuation summaries.

Connecting clients to corporates Tata Group – Back to business. The Group, with more than 100 companies,
is India's largest conglomerate.The companies present a mixed bag—only four
Thematic Trip
of the top ten have a 15%+ ROE, and about 60% of companies for which we
India Financials Trip have data have an ROE of less than 10%. With the new CEO and his team, we
Date 07-09 August, , New Delhi
expect renewed energy at the top with five key elements of strategy—
China Tech Tour
improvement of return ratios, focus on domestic consumption and leveraging
Date 04 September, Shenzhen
brands better, simplicity in structure and holding, ensuring relevance in all
Taiwan Tech and Non-Tech Tours
Date 05 September, Taiwan sectors it is present in, and digital initiatives. (Link)
China All-in-One Financial Tour Thailand Property Sector – Demographics damaging for property. Ailing
Date 14-15 September, Beijing demographics have numerous implications for residential property, almost all
negative. A shrinking work force and fewer adults entering their prime
Corporate Days / Conferences
mortgage borrowing years will surely have a negative impact on demand. We
Indonesia Conference
expect lower interest rates to improve affordability, but do not imagine this will
Date 7-8 August, Singapore
Analyst Jahanzeb Naseer offset the blow from an aging population. Old age housing presents a potential
5th China Internet C-Level Conference opportunity for developers. Senior housing preferences will likely favour living
Date 31-August - 01-September, Hong Kong in condos over landed property, softening the blow for developers with higher
2nd Annual Japan Kyoto Conference condo exposure. (Link)
Date 31-August - 01-September, Kyoto
Asia Pacific Equity Strategy – With MSCI Asia ex-Japan hitting our 640
Korea TMT Corporate Day year-end target, here are some blue sky scenarios. Having written about
Date 04 September, Seoul
trough valuations over the past few years, we admit that we are anxious about
Macau Gaming Corporate Day
Date 06 September, Hong Kong
writing on potential blue sky scenarios. The three blue sky scenarios suggest
Analyst Kenneth Fong potential upside ranging from 6% to 15%. In our first blue sky scenario, which
18th Annual Technology Conference assumes 2017-18E consensus EPS growth is fully priced in, we get 6% to 8%
Date 06-08 September, Taiwan upside. On this metric, Korea continues to offer the largest potential upside of
Analyst Manish Nigam 20%. (Link)
SGX-CS Real Estate Corporate Day
Must-read recently published reports
Date 03 October, Singapore
Analyst Gerald Wong 1) Global Equity Eugène Klerk Tech themes have dominated our high quality &
Themes: momentum theme and stock selection process to date.
8th Annual China Investment Conference Technology our This has resulted in strong outperformance. We review the
Date 01-03 November, Shenzhen impact of the recent pullback in tech stocks.
preferred growth
Analyst Edmond Huang theme (23/6)
Hong Kong / China (Non-deal roadshow) 2) Global Equity Andrew We reduce luxury from overweight to benchmark, partially
Strategy: Luxury Garthwaite reversing our upgrade from underweight in May 2016. Its
CK Infrastructure (1038.HK) Post Results performance has disconnected from the euro. We also
down, banks & autos
Date 21 July, Hong Kong believe Chinese demand will be less supportive from here
up (22/6)
Analyst Dave Dai
3) Global Equity Richard Leveraging CS’s proprietary supply chain tool, PEERs, the
Singapore (Non-deal roadshow) Themes: CS PEERs: Kersley analysts have focused on the fundamental drivers of relative
Risks in the momentum/valuation across the supply chain, and broken
New World Development (0017.HK) commodity supply industries down into their end-customers and respective
Date 26 July, Singapore chain (8/6) multi-industry suppliers to look for “supply-chain anomalies”.
Analyst Susanna Leung
4) iPhone and its Manish Nigam The upcoming iPhone 8 model should revive medium-term
Europe (Non-deal roadshow) supply chain: unit growth, given pent-up demand and meaningful new
Identifying winners specs/features in the new offering. We have looked at the
Karex Bhd (KARE.KL) Post results implications of the iPhone 8 cycle for Apple and its global
through the chain
Date 31 July, London supply chain, and listed the major parts suppliers, their
(23/5) exposure to this product, and their valuations.
Analyst Joanna Cheah
5) Global Equity Andrew We remain modestly cautious on bonds, but nevertheless
Contact cseq.events@credit-suisse.com or your believe that on balance equities can continue to rally. Our
usual sales representative. Strategy: Stick with Garthwaite
equities (14/7) S&P 500 mid- and end-2017 targets were 2,400 and 2,500
respectively. We modestly raise the end-2017 target to
2,550, introduce a mid-2018 target of 2,600.

DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST
CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US 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.
Jump-Start

Weekly revision review

Company rating/earnings/target price changes
New EPS Old EPS
Last New Old forecasts forecasts % change
New Old closing target target % Curr Curr Curr Curr Curr Curr
Country Date RIC Company rating rating price price price change year yr + 1 year yr + 1 year yr + 1 Analyst
Upgrade
China 17 Jul 1114.HK Brilliance China O N HK$ 14.542 HK$ 20 HK$ 12.8 56.3 Rmb 1.1816 Rmb 1.5713 Rmb 1.0993 Rmb 1.399 7.48 12.31 Bin Wang
China 17 Jul 600521.SS Huahai Pharma O N Rmb 20.26 Rmb 28 Rmb 23.846 17.4 Rmb 0.6019 Rmb 0.7815 Rmb 0.7356 Rmb 0.8951 -18.18 -12.69 Iris Wang
Taiwan 17 Jul 2881.TW Fubon FHC O N NT$ 47.5 NT$ 58 NT$ 54 7.4 NT$ 4.3504 NT$ 5.005 NT$ 4.2045 NT$ 4.8021 3.47 4.23 Chung Hsu
Thailand 17 Jul CHG.BK Chularat Hospital O N Bt 2.48 Bt 2.9 Bt 2.7 7.4 Bt 0.0575 Bt 0.0703 Bt 0.0575 Bt 0.0703 0.00 0.00 Thaniya Kevalee
Upward revision
China 12 Jul 1193.HK CR Gas O O HK$ 29.35 HK$ 36 HK$ 31 16.1 HK$ 1.9786 HK$ 2.5124 HK$ 1.9786 HK$ 2.4609 0.00 2.09 Dave Dai
China 12 Jul 002456.SZ Ofilm N N Rmb 19.34 Rmb 18.8 Rmb 15.7 19.7 Rmb 0.5118 Rmb 0.7667 Rmb 0.4592 Rmb 0.6407 11.45 19.68 Sam Li
China 12 Jul 2382.HK Sunny Optical O O HK$ 80.023 HK$ 89.8 HK$ 71.2 26.1 Rmb 1.9874 Rmb 2.7623 Rmb 1.965 Rmb 2.6693 1.14 3.48 Sam Li
China 13 Jul 2338.HK Weichai Power (H) N N HK$ 6.743 HK$ 7 HK$ 6.3 11.1 Rmb 0.4425 Rmb 0.4066 Rmb 0.3941 Rmb 0.3926 12.28 3.57 Bin Wang
China 14 Jul 0966.HK China Taiping O O HK$ 22.05 HK$ 28 HK$ 26.5 5.7 HK$ 1.4803 HK$ 1.7789 HK$ 1.4105 HK$ 1.7376 4.95 2.38 Charles Zhou
China 14 Jul 3669.HK Yongda O O HK$ 7.747 HK$ 10.7 HK$ 8.3 28.9 Rmb 0.7009 Rmb 0.8608 Rmb 0.6956 Rmb 0.7876 0.76 9.29 Bin Wang
China 14 Jul 1728.HK Zhengtong Auto O O HK$ 6.752 HK$ 9.4 HK$ 5.3 77.4 Rmb 0.455 Rmb 0.5841 Rmb 0.391 Rmb 0.539 16.38 8.38 Bin Wang
China 17 Jul 601628.SS China Life (A) U U Rmb 29.21 Rmb 26.5 Rmb 25.6 3.5 Rmb 0.7761 Rmb 0.9737 Rmb 0.7371 Rmb 0.8983 5.29 8.39 Charles Zhou
China 17 Jul 2628.HK China Life (H) O O HK$ 22.159 HK$ 30.5 HK$ 29.5 3.4 Rmb 0.7761 Rmb 0.9737 Rmb 0.7371 Rmb 0.8983 5.29 8.39 Charles Zhou
China 17 Jul 2208.HK Goldwind (H) O O HK$ 7.349 HK$ 14.08 HK$ 14.077 0.0 Rmb 0.9629 Rmb 1.072 Rmb 0.9629 Rmb 1.072 0.00 0.00 Edmond Huang
China 17 Jul 601318.SS Ping An (A) O O Rmb 53.47 Rmb 59 Rmb 54.9 7.5 Rmb 3.9723 Rmb 4.4881 Rmb 3.8818 Rmb 4.3417 2.33 3.37 Charles Zhou
China 17 Jul 2318.HK Ping An (H) O O HK$ 50.853 HK$ 68 HK$ 63 7.9 Rmb 3.9723 Rmb 4.4881 Rmb 3.8818 Rmb 4.3417 2.33 3.37 Charles Zhou
China 18 Jul 2601.HK China Pacific (H) O O HK$ 29.43 HK$ 43 HK$ 41.5 3.6 Rmb 1.5247 Rmb 1.7516 Rmb 1.4487 Rmb 1.6622 5.25 5.38 Charles Zhou
Hong Kong 12 Jul 1299.HK AIA Group O O HK$ 7.527 HK$ 67.2 HK$ 60 12.0 US$ 0.4307 US$ 0.4322 US$ 0.4116 US$ 0.4323 4.63 -0.01 Charles Zhou
Hong Kong 12 Jul 3918.HK NagaCorp N N HK$ 0.602 HK$ 4.9 HK$ 4.7 4.3 US$ 0.0424 US$ 0.0524 US$ 0.0404 US$ 0.0479 4.95 9.35 Lok Kan Chan
Hong Kong 18 Jul 2638.HK HKE U U HK$ 7.32 HK$ 5.3 HK$ 5.1 3.9 HK$ 0.3691 HK$ 0.3586 HK$ 0.3554 HK$ 0.3473 3.86 3.27 Dave Dai
India 13 Jul TISC.BO Tata Steel O O Rs 562.8 Rs 650 Rs 600 8.3 Rs -42.3889 Rs 99.6945 Rs -42.3889 Rs 65.2068 n.m. 52.89 Ravi Shankar
India 14 Jul INFY.BO Infosys Ltd N N Rs 985.4 Rs 1025 Rs 1000 2.5 Rs 63.3445 Rs 70.1044 Rs 63.0986 Rs 69.7334 0.39 0.53 Anantha Narayan
India 17 Jul JUBI.BO Jubilant Foodworks O O Rs 1326.15 Rs 1500 Rs 1100 36.4 Rs 12.1625 Rs 17.5081 Rs 12.1625 Rs 17.2124 0.00 1.72 Arnab Mitra
India 19 Jul HLL.BO Hindustan Unilever N N Rs 1158.2 Rs 1200.023 Rs 1100 9.1 Rs 23.8393 Rs 28.3308 Rs 23.1741 Rs 27.3266 2.87 3.67 Arnab Mitra
Singapore 12 Jul DBSM.SI DBS Group O O S$ 21.8 S$ 22.7 S$ 22.6 0.4 S$ 1.8532 S$ 2.1476 S$ 1.9451 S$ 2.1431 -4.72 0.21 Danny Goh
Singapore 12 Jul UOBH.SI UOB O O S$ 24.08 S$ 25.6 S$ 24.3 5.3 S$ 2.1832 S$ 2.4129 S$ 2.1282 S$ 2.3019 2.58 4.82 Danny Goh
Singapore 13 Jul CACT.SI CCT N N S$ 1.69 S$ 1.54 S$ 1.51 2.0 S$ 0.0839 S$ 0.0812 S$ 0.0857 S$ 0.0859 -2.16 -5.43 Nicholas Teh
Singapore 17 Jul GLPL.SI GLP N N S$ 2.435 S$ 3.38 S$ 2.78 21.6 US$ 0.044 US$ 0.0588 US$ 0.044 US$ 0.0588 0.00 0.00 Louis Chua
Singapore 18 Jul KEPE.SI Keppel DC REIT O O S$ 1.33 S$ 1.474 S$ 1.31 12.5 S$ 0.0747 S$ 0.0752 S$ 0.0753 S$ 0.0762 -0.75 -1.31 Nicholas Teh
South Korea 13 Jul 011070.KS LG Innotek O O W 160000 W 185000 W 165000 12.1 W 11211 W 11679 W 9710 W 10340 15.47 12.95 Sang Uk Kim
South Korea 13 Jul 009150.KS SEMCO O O W 102000 W 130000 W 120000 8.3 W 2288 W 4742 W 2250 W 4390 1.71 8.02 Sang Uk Kim
Taiwan 12 Jul 2454.TW MediaTek N N NT$ 261 NT$ 225 NT$ 200 12.5 NT$ 7.505 NT$ 15.0004 NT$ 12.2506 NT$ 16.25 -38.74 -7.69 Randy Abrams
Taiwan 12 Jul 3702.TW WPG N N NT$ 41.95 NT$ 40 NT$ 40 0.0 NT$ 3.9972 NT$ 4.2993 NT$ 3.997 NT$ 4.2991 0.01 0.00 Randy Abrams
Taiwan 13 Jul 2330.TW TSMC N N NT$ 214.5 NT$ 210 NT$ 202 4.0 NT$ 12.9034 NT$ 13.9959 NT$ 12.899 NT$ 13.9985 0.03 -0.02 Randy Abrams
Taiwan 14 Jul HIMX.OQ Himax N N US$ 8.16 US$ 8.7 US$ 6.7 29.9 US$ 0.0991 US$ 0.3261 US$ 0.0747 US$ 0.3011 32.78 8.29 Jerry Su
Taiwan 14 Jul 3008.TW Largan O O NT$ 5580 NT$ 5800 NT$ 5500 5.5 NT$ 210.0853 NT$ 299.0915 NT$ 220.8458 NT$ 298.1504 -4.87 0.32 Pauline Chen
Thailand 13 Jul MAKRO.BK Siam Makro N N Bt 35.75 Bt 38 Bt 37 2.7 Bt 1.2868 Bt 1.4488 Bt 1.3027 Bt 1.4671 -1.22 -1.25 Warayut Luangmettakul
Thailand 17 Jul CPALL.BK C.P. ALL O O Bt 61 Bt 75 Bt 72 4.2 Bt 2.2079 Bt 2.702 Bt 2.2613 Bt 2.7367 -2.36 -1.27 Warayut Luangmettakul

20 July 2017
2
Jump-Start

Company rating/earnings/target price changes (continued)

New EPS Old EPS
Last New Old forecasts forecasts % change
New Old closing target target % Curr Curr Curr Curr Curr Curr
Country Date RIC Company rating rating price price price change year yr + 1 year yr + 1 year yr + 1 Analyst
Downgrade
China 18 Jul 601601.SS China Pacific (A) N O Rmb 35.98 Rmb 37.5 Rmb 36.2 3.6 Rmb 1.5247 Rmb 1.7516 Rmb 1.4487 Rmb 1.6622 5.25 5.38 Charles Zhou
India 18 Jul ITC.BO ITC N O Rs 284.6 Rs 310 Rs 400 -22.5 Rs 9.0182 Rs 10.409 Rs 10.0162 Rs 11.6709 -9.96 -10.81 Arnab Mitra
Singapore 18 Jul KEPL.SI Keppel Infrastructure Trust N O S$ 0.565 S$ 0.57 S$ 0.57 0.0 S$ 0.0132 S$ 0.0145 S$ 0.0132 S$ 0.0145 0.00 0.00 Shih Haur Hwang
Singapore 18 Jul KASA.SI K-REIT U N S$ 1.17 S$ 0.971 S$ 1 -2.9 S$ 0.0373 S$ 0.0375 S$ 0.0373 S$ 0.0369 0.07 1.72 Nicholas Teh
Taiwan 12 Jul 2409.TW AUO N O NT$ 12.55 NT$ 12 NT$ 17.5 -31.4 NT$ 3.5876 NT$ 1.2954 NT$ 3.655 NT$ 1.4623 -1.84 -11.41 Jerry Su
Taiwan 12 Jul 3481.TW Innolux N O NT$ 15.55 NT$ 15 NT$ 17.5 -14.3 NT$ 4.2785 NT$ 1.2937 NT$ 4.0903 NT$ 1.3174 4.60 -1.80 Jerry Su
Taiwan 13 Jul 9910.TW Feng Tay U N NT$ 137.5 NT$ 104 NT$ 110 -5.5 NT$ 6.7711 NT$ 7.6216 NT$ 7.1577 NT$ 8.4913 -5.40 -10.24 Sophia Chang
Taiwan 17 Jul 2886.TW Mega Financial N O NT$ 25.6 NT$ 26.4 NT$ 26 1.5 NT$ 2.1504 NT$ 2.2818 NT$ 2.1535 NT$ 2.2824 -0.14 -0.03 Chung Hsu
Downward revision
China 13 Jul 000050.SZ Tianma U U Rmb 22.02 Rmb 15.9 Rmb 15.9 0.0 Rmb 0.5007 Rmb 0.5787 Rmb 0.5222 Rmb 0.5882 -4.11 -1.61 Kyna Wong
China 13 Jul 000338.SZ Weichai Power (A) N N Rmb 14.32 Rmb 6.118 Rmb 11.012 -44.4 Rmb 0.4425 Rmb 0.4066 Rmb 0.7882 Rmb 0.7853 -43.86 -48.22 Bin Wang
China 14 Jul 000725.SZ BOE N N Rmb 4.03 Rmb 4.1 Rmb 4.1 0.0 Rmb 0.1512 Rmb 0.1194 Rmb 0.1572 Rmb 0.1226 -3.82 -2.57 Kyna Wong
China 14 Jul 300433.SZ LensTech O O Rmb 31.91 Rmb 34.4 Rmb 35.3 -2.5 Rmb 0.8284 Rmb 1.2729 Rmb 0.8714 Rmb 1.3072 -4.94 -2.63 Sam Li
China 17 Jul 002202.SZ Goldwind (A) N N Rmb 14.79 Rmb 12.4 Rmb 16.1 -23.0 Rmb 0.9629 Rmb 1.072 Rmb 1.2518 Rmb 1.3937 -23.08 -23.08 Edmond Huang
India 13 Jul CYIE.BO Cyient O O Rs 516.15 Rs 600 Rs 625 -4.0 Rs 35.9959 Rs 40.0544 Rs 38.4273 Rs 42.6772 -6.33 -6.15 Nitin Jain
India 13 Jul ONGC.BO ONGC O O Rs 161.75 Rs 195 Rs 220 -11.4 Rs 15.9578 Rs 17.8496 Rs 15.0041 Rs 20.9557 6.36 -14.82 Badrinath Srinivasan
Singapore 12 Jul SPHR.SI SPH REIT N N S$ 0.99 S$ 1.01 S$ 1.04 -2.9 S$ 0.0485 S$ 0.0487 S$ 0.0486 S$ 0.0494 -0.32 -1.37 Nicholas Teh
Singapore 18 Jul MONE.SI M1 U U S$ 2.1 S$ 1.45 S$ 1.45 0.0 S$ 0.1392 S$ 0.1063 S$ 0.1404 S$ 0.1065 -0.85 -0.22 Varun Ahuja
South Korea 13 Jul 130960.KQ CJ E&M N N W 77000 W 77000 W 77000 0.0 W 3720 W 3970 W 3731 W 3989 -0.29 -0.47 Ray Kim
South Korea 14 Jul 114090.KS GKL N N W 22550 W 23000 W 24000 -4.2 W 1235 W 1284 W 1287 W 1285 -4.04 -0.09 Ray Kim
South Korea 14 Jul 035250.KS Kangwon Land O O W 35100 W 41000 W 44000 -6.8 W 2275 W 2746 W 2380 W 2782 -4.40 -1.26 Ray Kim
South Korea 14 Jul 034230.KQ Paradise U U W 13800 W 10000 W 10000 0.0 W 88 W 296 W 356 W 496 -75.21 -40.41 Ray Kim
South Korea 17 Jul 009240.KS Hanssem O O W 170000 W 210000 W 230000 -8.7 W 7951 W 9421 W 8432 W 9856 -5.71 -4.41 Minseok Sinn
South Korea 17 Jul 012330.KS Mobis O O W 247500 W 285000 W 300000 -5.0 W 27810 W 32649 W 31769 W 36375 -12.46 -10.24 Michael Sohn
South Korea 18 Jul 079160.KS CJ CGV O O W 69200 W 100000 W 112000 -10.7 W 2151 W 4508 W 2253 W 4392 -4.54 2.64 Ray Kim
Thailand 18 Jul SCC.BK Siam Cement O O Bt 510 Bt 591 Bt 602 -1.8 Bt 42.6499 Bt 40.4877 Bt 44.2554 Bt 41.369 -3.63 -2.13 Poom Suvarnatemee
Initiation
China 12 Jul 1478.HK Q Tech O - HK$ 7.73 HK$ 10 - n.a. Rmb 0.408 Rmb 0.5891 - - n.a. n.a. Sam Li
Others
India 13 Jul TCS.BO Tata Consultancy N N Rs 2405.25 Rs 2250 Rs 2250 0.0 Rs 133.9604 Rs 148.7747 Rs 134.7227 Rs 147.3505 -0.57 0.97 Anantha Narayan
Taiwan 12 Jul 2303.TW UMC N N NT$ 14.8 NT$ 12 NT$ 12 0.0 NT$ 0.6474 NT$ 0.7033 NT$ 0.6474 NT$ 0.7033 0.00 0.00 Randy Abrams
Note: Prices are as of 19 July 2017, US$. Entries are organised by changes in rating first, followed by that in target price and earnings.
Source: Credit Suisse estimates

20 July 2017
3
 20 July 2017

Regional valuation snapshot

Forecast valuations (IBES estimates) Index performance

EPS 3-mth chg. in 18 July 17 1W 1M 3M YTD 12M

growth (%) EPS est. (%) P/E (x) MSCI Australia 3.5 2.6 1.3 9.8 10.3
18 July 17 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E MSCI China 3.6 6.2 14.7 29.5 31.1
Australia -16.6 16.1 5.8 -2.2 -2.0 18.9 16.3 15.4 MSCI Hong Kong 1.6 1.5 6.8 21.1 16.1
China 0.2 17.1 14.1 0.4 0.8 16.7 14.3 12.5 MSCI India 1.4 3.5 7.9 25.1 17.9
Hong Kong 3.4 9.8 7.1 1.8 1.9 18.7 17.0 15.9 MSCI Indonesia 1.7 2.0 7.2 14.4 10.8
India 4.6 13.5 19.5 -4.3 -2.7 22.0 19.4 16.3 MSCI Japan 1.9 0.4 6.2 9.9 14.8
Indonesia 3.0 16.6 14.4 -1.3 0.0 20.4 17.5 15.3 MSCI Korea 4.4 5.4 18.5 34.1 32.6
Japan -3.5 16.1 12.4 0.4 -0.5 19.1 16.5 14.7 MSCI Malaysia 0.4 -2.1 3.5 11.9 -3.0
Korea 7.3 45.7 6.6 10.3 10.2 14.5 9.9 9.3 MSCI Philippines 0.7 -1.2 2.3 13.5 -9.6
Malaysia -0.5 1.9 6.6 0.5 0.8 18.1 16.5 15.5 MSCI Singapore 4.5 4.3 9.4 21.9 11.7
Philippines 8.4 3.7 10.9 -0.2 -1.5 20.4 19.7 17.7 MSCI Taiwan 1.0 3.8 9.8 22.2 24.2
Singapore -8.4 7.2 7.6 0.9 1.3 15.9 14.8 13.8 MSCI Thailand 2.0 1.7 2.2 10.6 10.7
Taiwan -0.1 11.0 8.4 -0.7 0.5 16.3 14.7 13.5 Asia Pac ex-JP Sectors
Thailand 16.2 7.1 8.9 0.9 -1.1 15.9 14.8 13.6 Cons. Discretionary 2.5 0.9 11.2 25.3 22.9
Consumer Staples 1.9 -0.3 4.0 12.8 3.6
Cons. Discretionary -2.9 19.1 16.2 -0.4 0.9 19.9 16.7 14.4 Energy 3.5 2.6 -0.9 10.0 12.8
Consumer Staples 1.1 7.9 10.2 -2.5 -1.6 23.7 22.0 19.9 Financials 2.7 4.1 6.9 17.0 19.6
Energy 0.1 32.2 12.4 -1.2 -3.0 17.8 13.5 12.0 Health Care 1.7 0.5 5.9 19.8 4.9
Financials -4.4 8.6 6.8 0.6 -0.1 12.7 11.7 10.9 Industrials 2.2 0.6 4.9 17.1 9.0
Health Care 3.0 15.2 20.1 -3.9 -3.1 32.4 28.1 23.4 Information Tech 3.6 8.0 21.4 41.6 46.8
Industrials -3.6 18.8 8.7 0.0 -0.8 18.5 15.6 14.3 Materials 4.0 8.0 8.7 16.3 23.4
Information Tech 12.3 44.1 12.3 8.1 9.3 23.1 16.0 14.2 Real Estate 3.6 0.8 4.4 21.2 n/a
Materials -0.8 56.9 -1.4 -1.4 0.3 21.0 13.4 13.6 Telecom Services 1.6 0.7 3.5 8.1 -8.2
Real Estate 8.7 7.4 10.5 0.7 2.7 15.6 14.6 13.2 Utilities 1.6 1.5 2.8 13.2 3.7
Telecom Services -5.1 4.6 8.3 -0.5 -1.3 17.4 16.6 15.3
Utilities -22.0 0.2 11.7 -5.1 -0.9 14.9 14.4 12.9 MSCI AC Asia Pacific 2.5 2.5 8.2 17.2 18.2
MSCI AC Asia ex JP 2.7 4.2 11.6 25.6 23.1
Asia Pacific 5.2 17.2 8.5 1.1 1.0 17.2 14.7 13.5 MSCI AC Asia Pacific ex JP 2.9 3.9 9.5 22.2 20.3
Asia F X Japan 2.3 20.0 10.6 2.3 2.6 17.0 14.2 12.8
Asia Pac F X Japan -0.6 20.1 9.3 1.5 1.9 17.5 14.6 13.3

Note: PE and EPS growth numbers for Australia and Japan corresponds to Jun 16-18 and Note: All sectoral data refer to Asia Pacific ex-Japan.
Mar 16-18; and EPS change numbers correspond to Jun 17-18 and Mar 18-19, respectively Source for all figures: MSCI, FactSet, Thomson Financial Datastream, Credit Suisse research

Historical valuations Country—DDM-based valuations

12M forward Trailing Trailing dividend
P/E (x) P/B (x) yield (%) Implied discount Equity risk
5-yr 5-yr 5-yr rate (IDR) (%) premium (ERP) (%)
18 July 17 Current avg. Current avg. Current avg. 14 July 17 Current 5Y avg. Std Dev. Current 5Y avg. Std Dev.
Australia 15.3 14.8 1.9 1.9 4.3 4.5
Australia 10.1 11.7 0.4 7.5 7.6 0.4
China 13.3 10.0 1.9 1.5 1.8 2.9
China 7.7 8.8 0.5 4.1 5.2 0.8
Hong Kong 16.3 14.9 1.4 1.3 2.7 2.8
India 18.2 15.9 3.0 2.9 1.4 1.4 Hong Kong 7.6 8.0 0.2 6.1 6.4 0.5
Indonesia 16.2 14.5 3.0 3.3 2.3 2.4 India 11.2 11.9 0.5 4.7 4.1 0.6
Japan 14.3 13.9 1.4 1.3 2.0 2.0 Indonesia 10.9 12.5 0.8 3.9 4.9 1.4
Korea 9.6 9.4 1.2 1.0 1.5 1.4 Korea 11.0 11.6 0.7 8.7 9.0 1.2
Malaysia 15.8 15.3 1.7 1.9 2.8 3.0 Malaysia 10.0 10.5 0.3 6.0 6.6 0.5
Philippines 18.5 18.2 2.5 2.9 1.5 1.7 Philippines 9.3 9.5 0.3 4.2 5.2 0.5
Singapore 14.2 13.2 1.3 1.3 3.5 3.6 Singapore 9.5 10.2 0.3 7.4 8.1 0.4
Taiwan 14.0 13.3 1.9 1.8 3.6 3.4 Taiwan 11.0 11.1 0.4 9.8 9.8 0.6
Thailand 14.1 12.9 2.0 2.2 3.0 3.0 Thailand 11.0 12.2 0.7 8.6 9.1 0.4
Asia ex Japan 10.4 11.4 0.4 8.1 8.7 1.0
Cons. Discretionary 15.4 11.7 2.0 1.8 1.7 1.9
Consumer Staples 20.6 19.5 3.1 2.9 2.4 2.6
Energy 12.5 11.9 1.2 1.2 2.9 3.5 Sector—DDM-based valuations
Financials 11.2 10.6 1.4 1.3 3.6 3.9 Market implied growth rate (MIGR) (%)
Health Care 24.8 22.5 5.1 4.9 1.1 1.4 14 July 17 Current 5-year average Std Dev.
Industrials 14.8 14.1 1.5 1.4 2.3 2.4 Cons. Discretionary 4.3 0.2 2.2
Information Tech 15.0 12.6 3.1 2.1 1.5 1.8 Consumer Staples 4.8 0.2 2.2
Materials 13.7 13.6 1.6 1.5 2.6 3.1 Energy -2.1 -4.5 2.0
Real Estate 13.7 12.4 1.0 0.9 3.4 3.6 Financials 0.9 -0.6 1.6
Telecom Services 15.9 15.1 2.0 2.2 3.7 3.9 Health Care 6.4 4.2 2.0
Utilities 13.4 12.8 1.5 1.5 3.4 3.1 Industrials 4.6 2.8 1.9
Information Tech 10.2 7.1 1.9
Asia Pacific 14.1 12.9 1.6 1.5 2.3 2.6
Materials 4.3 2.3 2.2
Asia ex Japan 13.4 11.7 1.7 1.5 2.2 2.5
Telecom Services 5.9 4.4 1.7
Asia Pac ex Japan 13.8 12.3 1.8 1.6 2.6 3.0
Utilities -0.5 -1.8 1.9

Source: Credit Suisse research Source: Credit Suisse research

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GEM valuation snapshot

Historical valuations Forecast valuations (IBES estimates) (continued)
18 July 17 12M P/E (x) Trailing P/B (x) Trailing DY (%) 18 July 17 EPS growth 3M chg. in P/E
5-yr 5-yr 5-yr (%) est. (%) (x)
Current avg. Current avg. Current avg. 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E
Brazil 11.2 10.9 1.6 1.4 3.2 4.1 Con Discretionary -1.8 20.0 18.5 -1.1 0.0 21.6 17.9 15.1
Chile 18.0 15.3 1.8 1.8 2.2 2.7
Con Staples 0.1 13.1 15.9 -4.7 -3.1 27.4 24.2 20.9
China 13.3 10.0 1.9 1.5 1.8 2.9
Colombia 12.6 14.0 1.4 1.5 2.4 3.2 Energy -8.3 24.6 8.7 -4.3 -7.3 11.2 9.0 8.3
Czech Republic 14.1 12.6 1.3 1.4 7.3 7.1 Financials 1.2 9.3 9.3 0.4 -0.1 11.0 10.1 9.2
Egypt 12.9 9.6 3.6 2.1 1.6 2.1 Health Care 5.6 19.1 20.7 -6.0 -4.8 29.1 24.4 20.2
Greece 15.2 14.4 0.6 1.0 1.4 2.3 Industrials -3.9 28.7 10.3 0.6 -0.8 19.2 14.8 13.4
Hungary 11.2 10.2 1.7 1.1 2.1 2.8 Info Technology 12.5 43.8 12.3 8.0 9.2 23.0 16.0 14.2
India 18.2 15.9 3.0 2.9 1.4 1.4 Materials 345.6 21.0 3.5 3.4 2.8 14.8 12.3 11.8
Indonesia 16.2 14.5 3.0 3.3 2.3 2.4 Real Estate 11.5 7.0 18.5 0.2 3.2 13.0 12.4 10.4
Korea 9.6 9.4 1.2 1.0 1.5 1.4
Telecos -9.8 15.5 10.6 -1.5 -2.2 19.7 17.1 15.5
Malaysia 15.8 15.3 1.7 1.9 2.8 3.0
Mexico 17.3 17.7 2.7 2.8 2.1 1.5 Utilities -6.5 -5.0 14.1 -4.7 -3.0 10.8 11.3 9.8
Pakistan 9.4 8.3 1.7 2.1 5.2 6.0
Peru 12.9 12.5 2.3 2.2 1.6 2.2 EM 7.8 20.0 11.1 1.2 1.1 16.2 13.5 12.1
Philippines 18.5 18.2 2.5 2.9 1.5 1.7 EM Asia 2.8 21.9 11.1 2.5 2.8 16.8 13.8 12.4
Poland 12.4 12.4 1.4 1.3 2.3 4.1 EM Europe 10.1 8.6 11.8 -2.6 -5.0 8.8 8.1 7.2
Qatar 11.8 n/a 1.6 1.9 3.8 4.1 EM Latin America 59.9 21.7 7.7 -0.1 -0.3 17.4 14.3 13.3
Russia 5.5 5.0 0.7 0.7 5.6 4.3
South Africa 15.2 14.3 2.3 2.5 2.9 3.0
Taiwan 14.0 13.3 1.9 1.8 3.6 3.4
Thailand 14.1 12.9 2.0 2.2 3.0 3.0 Index USD performance
Turkey 8.8 9.4 1.5 1.5 3.1 2.6 18 July 17 1W 1M 3M YTD 12M
UAE 11.0 n/a 1.7 1.5 3.9 3.2 Brazil 5.2 9.8 -0.8 10.4 14.9
Chile 4.5 4.8 0.7 20.0 15.6
Con Discretionary 16.3 12.5 2.2 2.1 1.3 1.5
China 3.6 6.2 14.7 29.5 31.1
Con Staples 22.1 21.1 3.9 3.8 2.0 1.9
Energy 8.6 7.5 0.9 0.8 3.5 3.8 Colombia 1.8 -0.6 1.7 10.2 7.9
Financials 9.6 8.9 1.3 1.3 3.2 3.3 Czech Republic 3.9 2.5 7.7 14.0 3.7
Health Care 21.9 21.5 3.8 4.0 1.0 1.0 Egypt 0.5 5.4 8.9 11.1 -6.6
Industrials 14.0 13.7 1.5 1.5 1.7 1.8 Greece 2.0 7.8 38.7 34.9 49.3
Info Technology 15.0 12.6 3.1 2.2 1.5 1.9 Hungary 2.6 5.4 21.9 22.9 44.9
Materials 12.0 12.3 1.4 1.3 2.7 3.2 India 1.4 3.5 7.9 25.1 17.9
Real Estate 11.1 9.7 1.4 1.3 3.1 3.3 Indonesia 1.7 2.0 7.2 14.4 10.8
Telecos 16.1 14.0 2.0 2.2 3.5 3.8
Korea 4.4 5.4 18.5 34.1 32.6
Utilities 10.4 10.5 1.1 1.1 3.4 3.5
Malaysia 0.4 -2.1 3.5 11.9 -3.0
EM 12.7 11.1 1.7 1.5 2.3 2.7 Mexico 3.5 6.2 10.1 30.0 13.7
EM Asia 13.0 11.3 1.8 1.6 2.0 2.4 Pakistan 4.7 -1.9 -4.3 -9.9 3.8
EM Europe 7.6 6.8 0.9 0.9 4.1 3.8 Peru 2.1 5.7 15.0 16.6 17.3
EM Latin America 13.7 12.8 1.9 1.7 2.6 3.1 Philippines 0.7 -1.2 2.3 13.5 -9.6
Poland 5.5 6.4 15.2 39.5 43.4
Qatar 4.3 2.5 -7.4 -7.9 -7.9
Forecast valuations (IBES estimates) Russia 3.1 4.2 -4.6 -12.5 4.6
11 July 17 EPS growth (%) 3M chg. in est. (%) P/E (x) South Africa 8.0 4.2 4.3 12.0 7.5
2016 2017E 2018E 2017E 2018E 2016 2017E 2018E
Taiwan 1.0 3.8 9.8 22.2 24.2
Brazil 99.4 26.5 4.5 1.1 0.9 14.5 11.5 11.0
Thailand 2.0 1.7 2.2 10.6 10.7
Chile -1.9 12.3 12.3 -3.4 -3.9 21.6 19.3 17.2
China 0.2 17.1 14.1 0.4 0.8 16.7 14.3 12.5 Turkey 5.2 6.9 19.9 35.4 13.5
Colombia 25.8 -6.7 22.5 -9.1 -4.7 13.8 14.8 11.7 UAE 4.9 4.3 5.2 5.4 4.2
Czech Republic -7.3 -9.1 -6.6 6.5 -0.4 12.3 13.5 14.5
Egypt 70.3 20.4 11.4 -9.5 -17.8 16.5 13.7 12.3 Con Discretionary 4.3 3.3 11.7 26.6 19.7
Greece 11.4 -1.4 18.3 -0.8 1.4 16.7 17.0 14.3 Con Staples 2.5 0.8 4.2 13.6 0.5
Hungary 65.3 -1.9 6.5 7.3 2.4 11.4 11.6 10.9 Energy 3.0 3.1 -1.7 1.9 11.7
India 4.6 13.5 19.5 -4.3 -2.7 22.0 19.4 16.3 Financials 3.7 4.8 7.9 17.8 21.1
Indonesia 3.0 16.6 14.4 -1.3 0.0 20.4 17.5 15.3
Health Care 1.7 1.9 5.5 10.8 -1.4
Korea 7.3 45.7 6.6 10.3 10.2 14.5 9.9 9.3
Malaysia -0.5 1.9 6.6 0.5 0.8 18.1 16.5 15.5 Industrials 2.8 2.6 6.3 20.1 13.4
Mexico 28.6 17.3 12.3 -0.7 -1.7 21.8 18.6 16.5 Info Technology 3.6 8.0 21.3 41.4 45.8
Pakistan -6.9 1.8 13.0 -4.3 -3.0 11.3 11.1 9.1 Materials 3.8 7.9 5.9 16.7 23.2
Peru 22.1 22.7 14.5 0.4 -0.4 32.1 26.2 22.9 Real Estate 3.9 6.0 11.9 27.3 n/a
Philippines 8.4 3.7 10.9 -0.2 -1.5 20.4 19.7 17.7 Telecos 2.7 2.1 3.3 10.5 -0.2
Poland 3.4 13.7 4.6 5.2 3.6 14.5 12.7 12.2 Utilities 2.8 4.5 2.0 11.6 0.5
Qatar -11.0 10.0 10.2 -2.5 -3.0 13.4 12.5 11.3
Russia 9.5 4.8 14.1 -7.6 -9.7 10.1 9.6 8.4
EM 3.4 5.0 10.0 22.1 21.0
South Africa 0.5 19.4 18.5 -4.7 -3.7 20.5 17.0 14.3
EM Asia 2.8 4.6 12.5 26.5 24.8
Taiwan -0.1 11.0 8.4 -0.7 0.5 16.3 14.7 13.5
Thailand 16.2 7.1 8.9 0.9 -1.1 15.9 14.8 13.6 EM Europe 3.9 5.3 6.5 6.6 16.4
Turkey 10.5 27.2 12.2 8.6 6.3 12.0 9.4 8.4 EM Latin America 4.4 7.7 2.8 16.6 14.5
UAE 2.2 2.4 11.0 0.7 0.8 12.0 11.7 10.5
Note: Sectors are EMF sectors.
Source for all figures: MSCI, IBES Aggregates

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Operational and valuation data showing top ten

VALUATION
Top 10 P/E (x) Top 10 P/B (x) Top 10 dividend yield (%)
FY1 FY1 FY1
1 2409.TW AUO 3.5 1 0272.HK SOL 0.34 1 DIBL.BO Dilip Buildcon 26.4
2 3481.TW Innolux 3.6 2 001800.KS Orion 0.34 2 2409.TW AUO 17.1
3 001800.KS Orion 4.1 3 1133.HK Harbin Electric 0.35 3 3481.TW Innolux 13.8
4 0182.HK CNE 4.4 4 015760.KS KEPCO 0.35 4 ITMG.JK ITM 10.6
5 2799.HK Huarong 4.4 5 0182.HK CNE 0.44 5 NBPK.KA NBP 10.4
6 6138.HK Harbin Bank 4.7 6 0683.HK Kerry Properties 0.44 6 5371.TWO Coretronic 10.1
7 1963.HK BOCQ 4.8 7 6818.HK CEB (H) 0.47 7 FAUF.KA Fauji Fertiliser 10.0
8 015760.KS KEPCO 5.0 8 0123.HK Yuexiu Prop 0.48 8 0410.HK SOHO 9.8
9 3618.HK CRCB 5.2 9 024110.KS IBK 0.49 9 8150.TW ChipMOS 8.1
10 0998.HK CITIC (H) 5.2 10 8046.TW NYPCB 0.49 10 1786.HK CRCCHT 7.9

OPERATIONAL
Top 10 sales growth (%) Top 10 gross margin (%) Top 10 EPS growth (%)
FY1 FY1 FY1
1 6462.TWO Egis Technology 232 1 8046.TW NYPCB 278 1 6462.TWO Egis Technology 824
2 1357.HK Meitu 163 2 2883.HK COSL (H) 183 2 000759.SZ ZBJT 816
3 0683.HK Kerry Properties 158 3 2448.TW Epistar 159 3 1200.HK Midland 742
4 COE.N 51Talk 120 4 3481.TW Innolux 149 4 0135.HK Kunlun Energy 485
5 OEBO.BO Oberoi Realty 119 5 1033.HK Sinopec SSC (H) 123 5 0762.HK China Unicom (H) 452
6 BUAB.KL Bumi Armada 119 6 SFUN.N SouFun 117 6 JD.OQ JD 387
7 MOMO.OQ Momo 119 7 3673.TW TPK 114 7 2888.HK STAN 378
8 600406.SS Guodian Nari 102 8 1038.HK CKI 107 8 WUBA.N 58.com 369
9 1478.HK Q Tech 77 9 0005.HK HSBC 96 9 028260.KS Cheil Ind 354
10 251270.KS Netmarble Games 77 10 2409.TW AUO 85 10 2409.TW AUO 342

Top 10 ROE (%) Top 10 Free Cashflow Yield (%) Top 10 Net cash/ equity (%)
FY1 FY1 FY1
1 TISC.BO Tata Steel 35.1 1 0267.HK CITIC 106.3 1 000651.SZ Gree 175
2 CEB.PS Cebu Air 24.1 2 0272.HK SOL 60.5 2 MRTI.BO Maruti Suzuki 149
3 078340.KQ Com2uS 22.9 3 MALA.KL Malakoff 51.5 3 8044.TWO PChome online 134
4 BUMI.SI Bumitama 22.5 4 066570.KS LG Electronics 39.6 4 HATC.KA HCAR 122
5 2238.HK GAC (H) 22.4 5 VDAN.BO Vedanta 37.6 5 COAL.BO Coal India 113
6 VDAN.BO Vedanta 21.6 6 3481.TW Innolux 36.9 6 600835.SS SMEIC 111
7 ITMG.JK ITM 21.3 7 BUAB.KL Bumi Armada 33.9 7 DL.N CDEL 109
8 8150.TW ChipMOS 21.2 8 JSWE.BO JSW Energy 33.7 8 4162.TWO PharmaEngine 104
9 SPALI.BK Supalai 20.4 9 001800.KS Orion 33.1 9 1072.HK Dongfang Electric (H) 104
10 IOC.BO IOCL 20.3 10 6176.TW Radiant 32.8 10 INED.NS InfoEdge 102

RELATIVE PERFORMANCE
Top 10 performers Bottom 10 performers
1M% 1M%
1 1478.HK Q Tech 43.8 1 LEJU.N Leju -38.9
2 JUBI.BO Jubilant Foodworks 39.4 2 001800.KS Orion -30.7
3 0384.HK China Gas 38.4 3 600008.SS Beijing Capital -25.5
4 2382.HK Sunny Optical 37.1 4 002007.SZ Hualan Bio -25.4
5 BZUN.OQ Baozun 37.0 5 DL.N CDEL -24.9
6 3918.HK NagaCorp 34.3 6 300017.SZ Wangsu -23.5
7 1728.HK Zhengtong Auto 30.3 7 1786.HK CRCCHT -22.5
8 0817.HK Jinmao 28.6 8 066570.KS LG Electronics -21.4
9 006400.KS SDI 25.4 9 HATC.KA HCAR -21.2
10 INAR.KL Inari 22.8 10 SCMA.JK SCMA -21.0
Note: Ratios based on Credit Suisse FY1 estimates (2017). Source: Credit Suisse estimates

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Credit Suisse macroeconomic

forecasts

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Credit Suisse global economic forecasts

2016E 2017E 2018E Annual average
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 15 16E 17E 18E
Global Real GDP (q/q ann) 2.4 2.5 2.9 3.1 3.0 3.2 2.7 2.8 3.1 2.9 2.9 2.9 2.9 2.5 3.0 3.0
Inflation (y/y) 2.9 3.1 3.4 3.8 4.1 5.1 5.1 5.0 5.4 5.5 5.5 5.5 2.3 3.9 5.1 5.3
DM Real GDP (q/q ann) 1.6 1.4 2.4 2.1 1.7 2.4 1.7 1.8 2.0 1.9 1.8 1.8 2.1 1.6 2.0 1.9
Inflation (y/y) 0.6 0.5 0.7 1.3 2.0 1.7 1.7 1.5 1.5 1.7 1.7 1.7 0.2 0.8 1.7 1.4
US Real GDP (q/q ann) 0.8 1.4 3.5 2.1 1.4 3.0 2.3 2.4 2.3 2.0 2.0 2.2 2.6 1.6 2.3 2.3
Inflation (y/y) 1.1 1.0 1.1 1.8 2.5 1.9 2.0 1.9 1.9 2.2 2.1 2.1 0.1 1.3 2.0 1.6
Japan Real GDP (q/q ann) 2.5 1.6 1.0 1.4 1.0 0.9 -1.5 -1.0 1.8 1.4 0.9 0.4 1.1 1.0 0.8 0.5
Inflation ex. fresh food (y/y) 0.1 -0.3 -0.5 0.3 0.3 0.4 0.5 0.5 0.2 0.2 0.1 0.1 0.6 -0.3 0.4 0.1
Euro Area Real GDP (q/q ann) 2.1 1.4 1.8 2.1 2.3 2.2 2.0 2.0 1.6 1.7 1.6 1.7 1.9 1.7 2.1 1.8
Inflation (y/y) 0.0 -0.1 0.3 0.7 1.8 1.5 1.3 0.9 1.0 1.2 1.4 1.4 0.0 0.2 1.5 1.2
UK Real GDP (q/q ann) 0.6 2.4 2.0 2.7 0.9 1.2 0.8 0.8 1.6 2.0 2.0 2.0 2.2 1.8 1.5 1.6
Inflation (y/y) 0.4 0.3 0.7 1.2 2.1 2.8 2.8 3.1 3.0 2.7 2.8 3.0 0.0 0.7 2.7 2.9
EM Real GDP (q/q ann) 3.8 4.2 3.9 4.6 5.1 4.4 4.4 4.5 4.8 4.7 4.7 4.7 4.1 4.0 4.6 4.7
Inflation (y/y) 6.4 7.2 7.8 7.9 7.5 10.5 10.5 10.5 11.6 11.6 11.6 11.6 5.7 8.8 10.4 11.5
NJA Real GDP (q/q ann) 6.8 6.8 6.3 6.3 7.1 6.4 6.4 6.5 6.3 6.4 6.4 6.4 6.0 6.0 6.0 5.8
Inflation (y/y) 2.7 2.6 2.3 2.5 2.0 2.7 2.7 2.7 3.1 3.1 3.1 3.1 1.7 2.0 2.5 2.8
China Real GDP (q/q ann) 6.6 7.1 6.8 6.6 7.3 6.7 6.7 6.7 6.5 6.5 6.5 6.5 6.9 6.7 6.8 6.5
Inflation (y/y) 2.2 2.2 1.8 2.3 1.4 2.1 2.1 2.1 2.6 2.6 2.6 2.6 1.3 1.8 2.1 2.6
India Real GDP (q/q ann) 12.0 6.2 6.3 4.8 7.2 7.1 7.1 7.1 7.5 7.5 7.5 7.5 7.6 7.9 7.1 7.5
Inflation (y/y) 5.3 5.7 5.2 3.7 3.6 4.9 4.9 4.9 4.7 4.7 4.7 4.7 4.8 3.4 4.9 4.7
EEMEA Real GDP (q/q ann) -0.3 1.5 -0.3 3.8 2.0 2.1 2.1 2.1 2.0 2.0 2.0 2.0 1.0 1.1 2.4 2.4
Inflation (y/y) 5.7 5.1 5.3 5.4 5.7 5.1 5.1 5.1 5.0 5.0 5.0 5.0 1.9 1.4 1.4 1.4
Russia Real GDP (q/q ann) 0.8 -1.3 0.4 1.2 1.5 1.6 1.6 1.6 1.7 1.7 1.7 1.7 -3.7 -0.2 1.5 1.7
Inflation (y/y) 8.3 7.3 6.8 5.7 4.6 3.8 3.8 3.8 4.0 4.0 4.0 4.0 12.9 5.4 3.8 4.0
Turkey Real GDP (q/q ann) -0.8 4.0 -5.8 16.8 5.5 4.0 4.0 4.0 3.1 3.1 3.1 3.1 6.1 2.9 4.2 3.1
Inflation (y/y) 8.6 6.9 8.0 7.6 10.2 9.2 9.2 9.2 8.0 8.0 8.0 8.0 8.8 8.5 9.2 8.0
Lat. America Real GDP (q/q ann) -1.7 -1.6 0.1 0.0 2.2 0.4 0.4 0.4 2.6 1.8 1.8 1.8 -0.4 -1.4 0.9 2.0
Inflation (y/y) 19.1 23.7 27.8 27.2 26.8 40.3 40.3 40.3 45.0 45.0 45.0 45.0 18.8 37.6 45.1 50.4
Brazil Real GDP (q/q ann) -4.0 -1.3 -2.3 -2.2 4.3 -1.0 -1.0 -1.0 2.0 2.0 2.0 2.0 -3.8 -3.6 0.2 2.0
Inflation (y/y) 10.1 9.1 8.7 7.0 4.9 3.2 3.2 3.2 4.5 4.5 4.5 4.5 10.7 6.3 3.2 4.5
Mexico Real GDP (q/q ann) 1.8 0.2 4.4 2.9 2.7 2.4 2.4 2.4 3.0 2.5 2.5 2.5 2.6 2.3 2.4 2.4
Inflation (y/y) 2.7 2.6 2.8 3.2 5.0 6.0 6.0 6.0 4.2 4.2 4.2 4.2 2.1 3.4 6.0 4.2
Note: IMF PPP weights are used to compute regional and global aggregate figures. Ten-year bond yield figures are averages for the last month of each quarter;
* Annual figures are on fiscal year basis.
Source: Credit Suisse estimates

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Credit Suisse Asian economic forecasts

Consensus
2013 2014 2015E 2016F 2015F 2016F 2017F
China Real GDP 7.7 7.3 6.9 6.7 6.9 6.5 6.6
CPI inflation (year-avg) 2.6 2.0 1.4 2.0 1.4 2.0 1.9
3-month interbank rate (end-year, %) 5.6 4.7 3.1 3.3 … … …
12m
Currency, per USD 6.78 6.20 6.43 6.93 … … …
Hong Kong Real GDP 3.1 2.5 2.4 1.9 2.4 1.1 2.6
CPI inflation (year-avg) 4.3 4.4 3.0 2.4 3.0 2.5 1.8
3-month HIBOR (end-year, %) 0.4 0.4 0.6 1.0 … … …
12m
Currency, per USD 7.80 7.76 7.75 7.76 … … …
India Real GDP 6.4 7.5 8.0 7.1 7.4 7.6 7.3
CPI inflation (year avg) 9.4 5.9 4.9 4.6 5.0 5.2 4.4
Repo rate (end-year, %) 8.00 7.50 6.75 6.25 … … …
12m
Currency, per USD 71.00 62.48 66.89 65.00 … … …
Indonesia Real GDP 5.6 5.0 4.9 5.0 4.8 5.0 5.2
CPI inflation (year-avg) 6.4 6.4 6.4 3.5 6.4 3.9 4.3
Overnight SBI yield (end-year,%) 5.90 5.86 6.25 4.75 … … …
12m
Currency, per USD 14,200 12,440 13,795 13,436 … … …
Korea Real GDP 2.9 3.3 2.8 2.8 2.6 2.5 2.7
CPI inflation (year-avg) 1.3 1.3 0.7 1.0 0.7 1.1 2.0
Overnight call rate (end-year, %) 2.50 2.00 1.50 1.25 … … …
12m
Currency, per USD 1,245 1,091 1,175 1,206 … … …
Malaysia Real GDP 4.7 6.0 5.0 4.2 4.8 4.1 4.9
CPI inflation (year-avg) 2.1 3.1 2.1 2.1 2.1 2.3 3.9
Overnight Policy rate (end-year, %) 3.00 3.25 3.25 3.00 … … …
12m
Currency, per USD 4.25 3.50 4.29 4.49 … … …
Philippines Real GDP 7.1 6.1 6.1 6.9 5.8 6.1 6.4
CPI inflation (year-avg) 2.9 4.2 1.4 1.8 1.4 1.9 3.3
Overnight borrowing rate (end-year, %) 3.50 4.00 4.00 3.00 … … …
12m
Currency, per USD 47.50 44.62 47.17 49.81 … … …
Singapore Real GDP 5.0 3.6 1.9 2.0 2.0 1.6 2.4
CPI inflation (year-avg) 0.6 2.8 -0.5 -0.5 -0.5 -0.5 1.0
3m SIBOR (end-year, %) 0.4 0.5 1.2 1.0 … … …
12m
Currency, per USD 1.50 1.32 1.41 1.45 … … …
Taiwan Real GDP 2.2 3.9 0.7 1.5 0.9 1.1 2.2
CPI inflation (year-avg) 1.0 1.2 -0.3 1.4 -0.3 1.1 1.1
Overnight call rate (end-year, %) 0.4 0.4 0.3 0.2 … … …
12m
Currency, per USD 34.40 31.45 32.80 32.00 … … …
Thailand Real GDP 2.7 0.9 2.9 3.2 2.7 2.9 3.4
CPI inflation (year-avg) 2.2 1.9 -0.9 0.2 -0.9 0.5 1.0
Overnight Repo rate (end-year, %) 1.3 2.0 1.5 1.5 … … …
12m
Currency, per USD 36.50 32.90 35.99 35.80 … … …
* Through 2006, Thailand's policy rate was the 14-day repo rate
Source: CEIC, Asia Pacific Consensus Forecasts, Credit Suisse estimates

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Real interest rates

Real policy rates1
Annual forecast
Current 2016 2017(F) 2018(F)
China 2.85 1.07 1.25 1.79
Hong Kong -1.23 -0.15 -0.48 -0.34
India 4.71 1.25 0.55 0.45
Indonesia 0.38 1.73 0.04 0.60
Korea -0.65 -0.15 -0.25 -0.65
Malaysia -0.60 1.40 -0.40 0.60
Philippines 0.20 1.30 0.65 -0.20
Singapore -0.29 0.77 1.85 2.05
Taiwan 0.38 -1.52 -2.62 -0.62
Thailand 1.55 0.37 -0.18 -0.29
1
NJA Policy Rates: China=End Year Lending Rate, Hong kong-3 month interbank rate, India- Repo rate, Indonesia-7-Day Reverse repo rate,
Korea- Base rate, Malaysia-overnight Rate, Philippines-Reverse repo rate, Singapore-3 month interbank rate, Taiwan: Discount rate, Thailand-
Overnight repo rate. India fiscal year is from Apr-Mar.
2
NJA stands for Non-Japan Asia
Source: Central banks, CEIC, Statistical agencies, Credit Suisse

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Top stories from Credit Suisse

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Tata Group --------------------------------------------------------------------------------------------------------

New report: Back to business
Anantha Narayan / Research Analyst / 91 22 6777 3730 / anantha.narayan@credit-suisse.com
Nitin Jain / Research Analyst / 91 22 6777 3851 / nitin.jain.2@credit-suisse.com

● Largest Indian conglomerate but areas to improve—The Tata
Group with over 100 companies is India's largest conglomerate.
But the companies present a mixed bag—only four of the top-ten
have 15%+ ROE, TCS contributes 85-90% of group dividend, and
there is a long tail with 94% of revenue from ten companies.
● New energy at the top—with the new CEO, N Chandrasekaran,
and his team, we expect renewed energy at the top, with five key
elements of strategy—improvement of return ratios (especially for
Tata Motors, Tata Power, Tata Steel & Tata Teleservices), focus
on domestic consumption, simplicity in structure and holding,
relevance in all sectors it is present in and digital initiatives.
● Shift in focus will raise return—Tata Motors, Tata Steel, Voltas
and Titan can benefit from the above. We estimate that if some of
the changes succeed, there could be incremental value creation
of US$10 bn+ in the above covered names and 20-40% gain for
We believe new management's strategy will hinge on five key
objectives: (1) Improvement of return ratios, especially for larger
companies; (2) Focus on domestic consumption. This would likely be
for consumer businesses (Global, Chemicals, Voltas) and financial
services (Capital, insurance); (3) Simplification of the structure and
holding, including consolidating similar businesses in different entities
and simplification of intra-group holdings; (4) Relevance—the Group
has sub-optimal presence in some large segments such as financial
services, retail/consumer and aviation. It would either want to scale up
or exit some of these. It also has presence in small segments through
companies whose sizes are not significant; and (5) Given the Group's
presence in technology and Chandra's background, it may step up its
digital initiatives across its various businesses.
Figure 2: Tata Group's India B2C exposure is low, this should be a key
focus area going forward
Tata Group's India B2C revenue share
18%
16%
17%

such stocks. Additionally, any debt reduction in other companies 14%

12%
13%
10%
could help the enterprise value of the Group. 10%
8%
7% 8%
6%
6%
● We rate Tata Motors, Tata Steel, Titan, Voltas OUTPERFORM; we 4%
2%
0%
are NEUTRAL on TCS. FY06 FY11 FY16

India B2C revenue India B2C revenue (excl. Telco)

Figure 1: The largest Indian conglomerate with a significant international
presence Source: Company data, Credit Suisse estimates. Note: The above proportions exclude
150 80%
financial services.
70%
100 60%
Shift in focus will raise return
50% Execution is where the new team can differentiate itself. Tata Motors
50 40%
30%
could gain from better execution in the domestic business, Tata Steel
0 20% from better returns in the European operations. Voltas can leverage its
Tata Group Reliance
Group (RIL)
Aditya Birla
Group
Bharti Group Mahindra
Group consumer brand for new consumer products (outside AC and air coolers),
Revenue (US$ bn)
Combined Mcap of listed companies (US$ bn)
and demerger of its projects business can also make it a pure consumer
Share of domestic revenue [RHS] play. Titan may benefit from the Group's focus on domestic consumption.
Source: Company data, Thomson Reuters, Credit Suisse research. Among others, media reports (Business Today, Live Mint) have talked of
Largest Indian conglomerate but areas to improve how domestic focus and brand leverage could impact Tata Global while
The Tata Group with over 100 companies is India's largest new consumer offerings and non-core divestiture may impact Tata
Chemicals. We estimate that if some of the changes succeed, there could
conglomerate with US$100 bn+ of revenue and 660k employees in be incremental value creation of US$10 bn + in the above covered names
FY16 and a current market capitalisation of US$125 bn+. and 15-40% gain for such stocks. Additionally, any debt reduction in other
The companies present a mixed bag—only four of the top ten—TCS, companies could help the enterprise value of the Group.
Tata Motors, Voltas and Titan—have a 15%+ ROE, and about 60% of We rate Tata Motors, Tata Steel, Titan, Voltas OUTPERFORM; we are
companies for which we have data have an ROE less than 10%. We NEUTRAL on TCS.
estimate TCS to contribute 85-90% of the parent's dividend receipts. Figure 3: The five likely key focus areas for the new team
There is a long tail with 94% of revenue from the top-ten companies Themes Companies that could be impacted Incremental value (% of current
market cap)

and domestic being only one-third of revenue, with domestic Return ratios  Tata Motors: Domestic focus  US$5 bn (22%)

consumption (ex-financial services) being less than 10%. Domestic consumption  Tata Steel: domestic focus, international
restructuring
 US$2 bn (18%)

The Group market capitalisation has been nearly flat over the last Simplicity, in structure
and holdings
 Voltas: Expansion of consumer business  US$0.5 bn (21%)

year, up 11% over three years, underperforming the Indian market. Relevance, in segments  Titan: Focus on domestic consumption  US$3 bn (37%)

Large companies—TCS, Tata Motors and Tata Steel—have where the Group has
presence  Tata Chemicals: Consumption, cross-
holdings
 US$0.5 bn (19%)

underperformed for over three years as have some smaller ones Digital initiatives across
segments  Tata Global Beverages: Domestic, cross-  US$0.6 bn (34%)
holdings
New energy at the top
N Chandrasekaran (Chandra, ex-CEO of TCS) took over as Chairman in Source: Credit Suisse research, Credit Suisse HOLT Lens for Titan, Tata Chemicals
January 2017 after a few months of turmoil following his predecessor's and Tata Global Beverages
dismissal. He is the first Chairman from outside the shareholding families Extract from the Asian Daily, 14 July 2017
and has a stellar track record of leading TCS for seven years. He, with his
new team, can provide renewed energy at the top, in our view.

Jump-Start 12
 20 July 2017

Thailand Property Sector -------------------------------------------------------------------------------------

New report: Demographics damaging for property
Atul Sethi / Research Analyst / 66 2 614 6211 / atul.sethi.2@credit-suisse.com

● Thailand's aging population and demographics problem is a
serious headwind for the Thai property sector. We believe the
sector will be near the top of the casualty list. We examine the
impact of Thai demographics on residential property as part of a
larger market-wide analysis (link to big report).
● Poor demographics and a shrinking labour force will play a role in
denting property demand. The lion's share of mortgage borrowers
are under the age of 40, a pool we expect to reduce in size
considerably over the next few decades. We project that the cohort
aged 25-40 will shrink by 8% by 2026.
● We believe that our analysis supports our UNDERWEIGHT call on
Thai residential property stocks, identifying potential long-term
Mortgage borrowing pool to shrink
Although hard data is not available, we reckon the lion's share of
property purchases—in particular for borrowers under the age of 40—
are financed via mortgages. We expect the pool of mortgage
borrowers aged 25-40 will shrink by 8% by 2026. This is expected to
reduce by another 8% in the next ten years. Given that younger
borrowers account for a disproportionately high amount of mortgage
originations, the actual impact would likely be even greater. Whereas
70% of new borrowers are between the ages of 25-40, they make up
less than 40% of the total population (Figure 1).
Figure 1: Age 25-40 cohort disproportionately high mortgage borrowers
(%)

challenges developers will battle. In the shorter term, we believe 60%

that high inventory levels in the market will supress take-up rates.
45%
● We have UNDERPERFORM ratings on LPN, SPALI and AP
40%
currently. Valuations keep LH a NEUTRAL, but we believe the 34%

implications we discuss question the viability of LH as a proxy for 25% 26% 25%
27%

long-term exposure in the sector. 20%

13%

Valuation metrics 5%
Company Ticker Rating Price Target Year P/E (x) P/B (x)
0%
Local price (prev.) T T+1 T+2 T+1 Ages 25-30 Ages 30-40 Ages 40-50 Ages 50-65
Land and Houses LH.BK N 9.90 9.20 12/16 14.3 14.3 2.4
Mortgage share Population share (2016)
Supalai SPALI.BK U 24.30 23.00 12/16 8.2 7.5 1.6
Quality Houses QH.BK N 2.52 2.60 12/16 8.5 8.1 1.1 Source: Credit Suisse estimates, Office of the National Economic and Social
AP (Thailand) AP.BK U 7.85 7.20 12/16 8.5 7.3 1.2 Development Board (NESDB).
L.P.N. LPN.BK U 11.80 10.60 12/16 11.8 10.0 1.4
Note: O = OUTPERFORM, N = NEUTRAL, U = UNDERPERFORM Low rates helpful for affordability
Source: Company data, Credit Suisse estimates Declining interest rates will increase affordability of home purchases,
Damaging for demand but we do not imagine this impact will alone counter the negative
Ailing demographics have numerous implications for residential impact from demographics. We predict that one of the outcomes of
property, almost all negative. A shrinking work force and adults Thailand's demographic situation will be falling interest rates—all else
entering their prime mortgage borrowing years (25-40) will surely have being equal, this should be considered a net positive for the
a negative impact on demand. Japan offers an ominous preview of affordability of home purchases. Our calculations suggest that every
what may be to come in this regard. We expect lower interest rates to 50 bp reduction in mortgage rates will improve affordability by 4%.
improve affordability, but do not imagine this will offset the blow from Opportunity in old age market
an aging population. That being said, old age housing presents a Thailand's demographics problem does present an opportunity for
potential opportunity for developers, although currently it is in too developers to potentially tap into, although it is hard to pinpoint
formative a stage for investors to provide credit to any names for. specific companies as winners today. An ageing society will surely
Senior housing preferences will likely favour living in condos over increase the demand for senior housing projects across the country.
landed property, softening the blow for developers with higher condo
exposure. Condo developers likely to suffer less
Whilst our analysis suggests that Thailand's ailing demographics will
Demographics a cut that runs deep have a negative impact for residential property, we believe the below
Investors are aware of Thailand's bad demographics, but few realise will not be uniform across developers. Senior preferences for housing
how seriously it already is affecting the market and how complicated will likely be skewed towards condos, for multiple reasons including :
the implications for various sectors are. Thailand is the oldest and (1) increasing difficulty of climbing stairs, (2) easier, maintenance-free
most rapidly aging developing market in Asia, with the highest old age lifestyle, and (3) rising costs of domestic labour.
dependency ratio.
Extract from the Asian Daily, 17 July 2017
Headwind for household formation
Thailand's ailing demographic trends deal a multifaceted blow to
household formation, a key driver of property demand over the
medium and long term.

Jump-Start 13
 20 July 2017

APAC Equity Strategy -----------------------------------------------------------------------------------------

New report: With MSCI Asia ex-Japan hitting our 640 YE target, here are some blue sky scenarios
Sakthi Siva / Research Analyst / 65 6212 3027 / sakthi.siva@credit-suisse.com
Kin Nang Chik / Research Analyst / 852 2101 7482 / kinnang.chik@credit-suisse.com

● Having written about trough valuations over the last few years
(see our report of 8 Jan 2016 How far from trough valuations?),
we must admit we are rather nervous about writing on potential
blue sky scenarios. The three blue sky scenarios suggest potential
upside ranging from 6% to 15%. In our first blue sky scenario
which assumes 2017-18E consensus EPS growth is fully priced
in, we get 6% to 8% upside. On this metric, Korea continues to
offer the largest potential upside of 20%.
● July so far is associated with a further 0.9% upgrade to 2017E
consensus EPS (Korea +4.3% in July). This is now the 13th
consecutive month of upgrades to 2017E consensus EPS. If we
Our third blue sky scenario assumes P/B trades 10%
above its long-term historical average.
While the last five years has been associated with slowing ROEs and
a derating of P/B, our third blue sky scenario assumes a rerating of
P/B to 10% above its historical average as ROE rises towards its
longer-term historical average which suggests 15% upside potential.
Figure 2: MSCI Asia ex-Japan (MXASJ) EPS upgrade cycles
130 MXASJ - consensus EPS revision
+24%
125
120

assume upgrades continue and we track MXASJ’s performance in 115 +14%

2004, there appears to be a further 14% potential upside. 110 +7.5%

● While the last five years has been associated with slowing ROEs 105
and a derating of P/B, our third blue sky scenario assumes a re-
100
rating of P/B to 10% above its historical average as ROE rises
towards its longer-term historical average which suggests 15% 95
-6m -4m -2m 0m +2m +4m +6m +8m +10m +12m +14m +16m +18m
upside potential.
EPS 2004 EPS 2010 EPS 2017E
Figure 1: 2017-18E EPS growth vs MSCI Country Indices YTD in USD
Source: MSCI
Figure 3: MXASJ performance around EPS upgrade cycles
200 MXASJ absolute performance during the same periods (US$)
+84%
180

160
+41%
140 +27%
120
MXASJ YE
100 target 640

80

60
-6m -4m -2m 0m +2m +4m +6m +8m +10m +12m +14m +16m +18m

EPS 2004 EPS 2010 EPS 2017E

* Assumes markets go up in line with earnings, and that PE/ PB multiple at start of 2017
is reasonable. Source: MSCI, IBES.
Source: MSCI. IBES
First blue sky scenario assumes next year’s EPS growth is
also priced in… Figure 4: MXASJ trailing P/B
Having written about trough valuations over the last few years (see 3.0

our report of 8 Jan 2016 How far from trough valuations?), we must
2.5
admit we are rather nervous about writing on potential blue sky
scenarios. The three blue sky scenarios suggest potential upside 2.0
1.70x now
ranging from 6% to 15%. In our first blue sky scenario which assumes
2017-18E consensus EPS growth is fully priced in, we get 6% to 8% 1.5
average: 1.77x
upside (see Figure 1). On this metric, Korea continues to offer the
1.0
largest potential upside of 20%.
Our second blue sky scenarios assumes further consensus 0.5
Dec-95 Dec-97 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15
EPS upgrades
MXASJ - Trailing PB
July so far is associated with a further 0.9% upgrade to 2017E
consensus EPS (Korea +4.3% in July). This is now the 13th Source: MSCI
consecutive month of upgrades to 2017E Consensus EPS. If we Extract from the Asian Daily, 18 July 2017
assume upgrades continue and we track MXASJ’s performance in
2004, there appears to be a further 14% potential upside.

Jump-Start 14
 20 July 2017

Asia Pacific Equity Strategy ---------------------------------------------------------------------------------

New report: With markets nearing record highs, time to look at laggards?
Sakthi Siva / Research Analyst / 65 6212 3027 / sakthi.siva@credit-suisse.com
Kin Nang Chik / Research Analyst / 852 2101 7482 / kinnang.chik@credit-suisse.com

● MSCI Asia ex-Japan (MXASJ) and MSCI Asia-Pacific ex-Japan Figure 2: Quant screen sorted using YTD laggards, PBV vs ROE
(MXAPJ) are fast approaching their 2007 highs. discount and one-month consensus EPS revision
PB rel
● We highlight that MXASJ’s current P/B of 1.7x is significantly less Price
lower than the 2007 high of 2.94x. 12-month forward P/E of 16.6x ROE EPS EPS (US$), %
is also higher than the current 13.4x. The DY was 3.3% lower than Mkt rel to (FY1) (FY1)
Code Company Price Rat. TP Cap ApxJ PB 3m 1m YTD rel to
the bond yield then versus 1.5% currently. 18-Jul (U$b) (%) Curr. chg chg MXAPJ
● With the valuation environment different from 2007, we are unsure 338 HK SPC 4.47 U 3.10 8.9 -94.0 1.58 4.8 2.4 5.7 -16.5
if price momentum would be as successful in 2017 as it was in TNB MK TNB 14.16 U 12.50 18.7 -38.7 1.42 2.9 6.1 6.6 -15.5
1988 HK CMBC 7.95 N 7.80 44.7 -80.1 0.72 0.0 0.8 -4.7 -26.9
2007. We instead suggest looking at laggards. 8 HK PCCW 4.34 N 5.20 4.3 -9.8 2.74 0.3 7.9 2.6 -19.6
● Our quant screen highlights Daelim Industrial, PICC Group, PTTEP TB PTTEP 84.75 N 96.00 10.0 4.0 0.82 11.4 5.4 -6.3 -28.5
6099 HK CMS 12.16 N 12.90 16.2 -20.6 1.15 n/a 1.5 0.0 -22.2
Hyundai Department Stores, Shinhan Financial, Fubon Financial
MLK MK Malakoff 1.06 N 1.30 1.2 -0.6 0.89 -8.0 1.5 -19.0 -41.2
and PTTGC as attractive. We do emphasise though that this is CTRA IJ Ciputra Dev. 1,180 O 1,480 1.7 24.6 1.85 -8.8 4.1 -10.1 -32.3
just a Quant screen and does not take into account bottom-up 3698 HK HSB 3.87 U 2.90 5.5 -83.1 0.72 0.5 0.5 -2.6 -24.7
factors. Full report. 6138 HK Harbin Bank 2.48 N 2.50 3.5 -85.1 0.61 -1.0 1.0 7.8 -14.4
2038 HK FIH 2.44 N 2.50 2.5 35.5 0.71 -140.0 20.0 -0.9 -23.1
Figure 1: MSCI Asia ex-Japan (MXASJ) – monthly from 31 Dec 1990 1359 HK Cinda 2.93 N 3.00 14.4 -78.5 0.68 5.0 0.6 3.6 -18.6
800 2799 HK Huarong 3.06 N 3.50 15.5 -110.2 0.80 6.2 0.8 8.9 -13.3
6818 HK CEB 3.82 U 3.40 28.9 -71.8 0.63 -3.8 0.8 7.5 -14.7
Record high 683
700 646 1658 HK PSBC 4.77 N 4.80 49.7 -54.0 0.88 4.0 2.0 13.1 -9.0
3377 HK Sino-Ocean 3.94 U 2.90 3.8 -38.9 0.58 -7.5 2.1 12.7 -9.5
600
PTT TB PTT 380 N 430 32.0 -36.9 1.29 3.6 1.2 8.9 -13.3
500 TOP TB Thai Oil 80.00 U 75.00 4.8 -70.3 1.44 12.3 4.9 17.8 -4.4
SMRA IJ Summarecon 1,140 O 1,600 1.3 108.3 2.61 3.3 7.8 -12.2 -34.4
400 322 HK Tingyi 9.00 U 7.40 6.5 74.4 2.40 7.5 7.5 -5.2 -27.4
895 HK Dongjiang 11.74 O 16.80 1.9 32.8 2.53 -6.7 1.2 -13.6 -35.8
300
CSR AU CSR 4.06 N 4.90 1.6 -43.9 1.67 17.9 0.2 -3.8 -26.0
200 000210 KS Daelim 90,300 O 105,000 2.8 -31.2 0.70 12.3 1.6 11.5 -10.7
1339 HK PICC Group 3.64 O 4.00 20.0 -44.6 1.01 5.4 2.5 18.0 -4.2
100
SIIC SP SIIC Environment 0.53 O 0.74 1.0 -14.0 0.95 -7.9 0.5 -5.2 -27.4
Dec-90 Dec-93 Dec-96 Dec-99 Dec-02 Dec-05 Dec-08 Dec-11 Dec-14
ANN AU Ansell 22.39 N 25.80 2.6 15.3 2.15 1.1 1.1 -0.8 -23.0
MSCI AC Asia ex-JP 069960 KS Hyundai Dept 108,000 O 143,000 2.2 -31.1 0.64 1.2 0.7 6.5 -15.7
998 HK Citic Bank 5.02 N 5.20 60.9 -66.6 0.57 -3.2 0.2 1.1 -21.1
Source: MSCI. 055550 KS Shinhan Fin 50,100 O 60,000 20.7 -40.1 0.73 16.9 3.0 19.1 -3.1
With markets nearing record highs … WFD AU Westfield 7.81 N 9.25 12.6 -17.9 1.18 0.3 0.3 -8.8 -31.0
392 HK BEH 40.80 O 57.00 6.7 -45.8 0.87 -0.5 0.8 10.6 -11.6
Figure 1 highlights MSCI Asia ex-Japan (MXASJ) rising to 646 and
CTX AU Caltex 31.27 O 39.70 6.4 -18.1 2.77 5.5 1.9 12.4 -9.8
fast approaching the record high of 683 in October 2007. We saw AALI IJ Astra Agro 15,150 O 17,800 2.2 -11.7 1.60 4.4 0.4 -8.8 -31.0
MSCI Asia-Pacific ex-Japan (MXAP) rising to 505—also closing in on 1963 HK BOCQ 6.59 N 6.80 2.7 -90.0 0.71 -1.5 0.1 -0.4 -22.5
its record high of 586 in 2007. 1101 TT TCC 35.90 O 43.00 4.3 9.0 1.22 -4.4 2.3 8.3 -13.9
NMDC IN NMDC 119.60 U 98.00 5.9 -32.2 1.52 -2.0 0.3 2.2 -20.0
MXASJ PB of 1.7x versus 2.94x then 2881 TT Fubon FHC 47.65 O 58.00 16.0 -37.2 1.11 -4.9 0.1 -0.6 -22.8
We highlight that MXASJ’s current P/B of 1.7x is significantly lower PTTGC TB PTTGC 69.50 O 85.00 9.3 -34.1 1.21 7.4 1.9 17.6 -4.6
3396 HK Legend 20.90 N 22.80 6.3 -32.6 0.71 -0.2 5.4 20.7 -1.5
than the 2007 high of 2.94x. 12-month forward P/E of 16.6x is also
Source: Bloomberg, IBES, Company data, Credit Suisse estimates
higher than the current 13.4x. The DY was 3.3% lower than the bond
yield then versus 1.5% currently. Extract from the Asian Daily, 20 July 2017

Time to look at laggards?

With the valuation environment different from 2007, we are unsure if
price momentum would be as successful in 2017 as it was in 2007.
We instead suggest looking at laggards. Our quant screen combining
YTD laggards with an Outperform rating from CS analysts, trading at a
discount on our PBV vs ROE valuation model and positive one-month
consensus EPS revision highlights Daelim Industrial, PICC Group,
Hyundai Department Stores, Shinhan Financial, Fubon Financial and
PTTGC as attractive. We do emphasise though that this is just a
Quant screen and does not take into account bottom-up factors.

Jump-Start 15
 20 July 2017

Asia Pacific Equity Strategy ---------------------------------------------------------------------------------

New report: MXASJ ex. Korea EPS revisions—what do they look like?
Sakthi Siva / Research Analyst / 65 6212 3027 / sakthi.siva@credit-suisse.com
Kin Nang Chik / Research Analyst / 852 2101 7482 / kinnang.chik@credit-suisse.com

● We have been highlighting in recent notes the 13th consecutive 2017E MXASJ ex. Korea EPS growth is still 13.5%
month of upgrades to 2017E consensus EPS for MXASJ, But before investors lose all hope and sell MXASJ, we highlight that
representing the third-best EPS upgrade cycle since our data MXASJ ex. Korea EPS growth is 13.5% in 2017E and 11.7% in
started in 2001. 2018E.
● While we recognised that Korea was a big driver of this, we must Figure 2: MXASJ ex. Korea 2017E consensus EPS
admit that we are surprised that there is NO EPS upgrade cycle if 100.0
we exclude Korea. 2017E consensus EPS for MXASJ ex. Korea is
down 1% since 30 June 2016 versus +7.5% for MXASJ. 99.8
Upgrades Dec-Mar
● While MXASJ ex. Korea was associated with upgrades to 2017E 99.6
consensus EPS from December 2016 to March 2017, we saw
99.4
downgrades since April. For the latest month of July, MXASJ is
associated with a 0.9% EPS upgrade versus a 0.2% downgrade 99.2

for MXASJ ex Korea. Drivers of these downgrades are India and 99.0
Indonesia. As both are in our Expensive 4 club, with Malaysia and -0.2% in Jul
the Philippines, we reiterate our Underweight on these markets. 98.8
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
● But before investors lose all hope and sell MXASJ, we highlight MXASJ ex Korea - EPS17E
that MXASJ ex Korea EPS growth is 13.5% in 2017E and 11.7%
Source: MSCI, IBES
in 2018E. Full report.
Figure 1: MSCI Asia ex. Japan EPS upgrade cycles Figure 3: India's 2017E consensus EPS
130 MXASJ - consensus EPS revision
+24% 100
125
98
120 96 -14% since 30 June 2016
115 +14% 94
92
110 +7.5%
90
105 88
-1.0% 86
100
84 -0.9% in Jul-17
95
-6m -4m -2m 0m +2m +4m +6m +8m +10m +12m +14m +16m +18m 82
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
EPS 2004 EPS 2010 EPS 2017E MXASJ ex Korea - EPS17E
India - EPS17
Source: IBES, MSCI
Source: IBES
If we exclude Korea, there is no EPS upgrade cycle
We have been highlighting in our recent notes the 13th consecutive
Figure 4: Indonesia's 2017E consensus EPS
month of upgrades to 2017E consensus EPS for MSCI Asia ex. Japan
(MXASJ) and that this represents the third-best EPS upgrade cycle 102
since our data started in 2001. While we recognised that Korea was a
101
big driver of this, we must admit that we are surprised that there is NO
EPS upgrade cycle if we exclude Korea. Figure 1 highlights that 100
2017E consensus EPS for MXASJ ex Korea is down 1% since 30
99
June 2016 versus +7.5% for MXASJ.
98
MXASJ ex. Korea EPS revisions turned negative from April
While MXASJ ex. Korea was associated with upgrades to 2017E 97 -0.6% in Jul-17
consensus EPS from December 2016 to March 2017, Figure 2 96
highlights downgrades since April. For the latest month of July, Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
MXASJ is associated with a 0.9% EPS upgrade versus a 0.2% Indonesia - EPS17
downgrade for MXASJ ex. Korea. The drivers of these downgrades Source: IBES
are India (-0.9%) and Indonesia (-0.6%). As both India and Indonesia
Extract from the Asian Daily, 20 July 2017
are in our Expensive 4 club, together with Malaysia and the
Philippines, we reiterate our Underweight call on these markets.

Jump-Start 16

China/HK Market Strategy------------------------------------------------------------------------------------
New report: Tug of war between the US market and A-share
Vincent Chan / Research Analyst / 852 2101 6568 / vincent.chan@credit-suisse.com
Hu Shen / Research Analyst / 852 2101 6540 / hu.shen@credit-suisse.com
Daisy Dai / Research Analyst / 852 2101 6591 / daisy.dai@credit-suisse.com
● We review the performance of the China/HK market in 1H17 and
identify key market driving factors going forward in this report.
● Earnings improvement largely discounted. China’s economy is
showing signs of peaking, and we expect growth to slow down
gradually ahead. Post 2018, the growth outlook would be even
more underwhelming. Therefore, we believe the earnings upgrade
cycle is coming to an end.
● Tug of war between the US market and A-share. The strong US
market performance in the last few years has benefited China/HK
stocks (IT sector in particular), but its potential correction would be
a risk factor. In contrast, if China’s interbank liquidity loosens
ahead of the 19th Party Congress and benefits the A-share
market, it could be a boost to the HK stocks as well.
● How to position? We believe insurance and large-cap property
companies are still good plays, irrespective of the performance of
A-share in the second half. We slightly increase the weighting of
China banks to put it back to NEUTRAL while the IT sector
continues to be an UNDERWEIGHT.
Figure 1: Correlation of MSCI China Sectors with SHCOMP & S&P 500
Source: Thomson Reuters Datastream.
Earnings improvement largely discounted
China’s economy is showing signs of peaking, as the positive factors
(exports, industrial investment and property investment) supporting
the economic rebound in 2017 may start to lose steam in 2018.
Additionally, infrastructure investment, the key contributor to the GDP
growth, will probably slowdown in 2018. Due of the heavy reliance of
infrastructure projects on debt financing and de-leverage, the real
economy being the key task of new administration, Therefore, we
expect growth to slow down gradually ahead, and post 2018, growth
outlook would be even more underwhelming. Furthermore, with the
economic growth likely peaking, we believe the earnings upgrade
cycle is coming to an end.
Jump-Start
20 July 2017
Tug of war between the US market and A-share
In the last few years, China tech stocks have benefited from the
strong performance of the US market (largely driven by re-rating).
However, with both P/E and P/B of MSCI US already higher than any
period post the last internet bubble in 2002, there is a risk of
correction in the US market, which in turn could affect the China IT
stocks, particularly those in the IT sector. In contrast, if China’s
interbank liquidity ends up being less stringent, it could trigger a
meaningful rebound in the A-share index, which in turn could benefit
the China stocks listed in HK. This scenario is likely, because as
economic growth already shows signs of peaking, PBOC will not
further tighten the liquidity significantly from its current level. But with
leverage of the financial sector remains high, we also believe it is
highly unlikely that PBOC will ease significantly.
How to position?
Scenario 1: A-share remains stagnant
In this scenario, we suggest rotational buying. Investors should avoid
sectors with massive outperformance in the last two quarters, such as
Consumer Discretionary, IT and Real Estate (with the exception of
large-cap property stocks which have been underperforming the
sector). In contrast, we believe that sectors which have been
underperforming earlier this year, such as energy, banks, telecoms
and Macau gaming due to their more modest earnings outlook, could
end up being beneficiaries in this stagnant market environment.
Scenario 2: A-share market rally
If A-share market rallies due to another round of liquidity easing, we
believe sectors like financial, industrials and materials will benefit due
to the high correlation with A-share market. Also, telecoms and Macau
gaming could start to benefit as mainland investors are more familiar
with HK stocks and on a fundamental basis, the earnings, dividend
and trading profile of China banks and telecom stocks are quite
similar.
Scenario 3: The US market continues to rally
We cannot rule out the scenario that the US market rally will continue,
which will definitely benefit the IT stocks. However, we believe that
after years of re-rating, the risk-reward of this trade is becoming rather
unfavourable. So, we have not made any room for it while designing
our model portfolio.
Index targets and model portfolios
Our 12-month rolling targets for MSCI China, HSCEI, HSI and MSCI
HK Index remain at 73, 11,000, 25,500 and 14,000, respectively, as
the cyclical upturn of macro and earnings fundamentals are peaking.
Overall, we still like insurance and big-cap property stocks, and
believe that the valuation and the US market factor could make the IT
stocks vulnerable. Therefore, we slightly increase the weighting of
China banks to put it back to NEUTRAL, while the IT sector continues
to be an UNDERWEIGHT.
Extract from the Asian Daily, 14 July 2017
17
 20 July 2017

Malaysia Market Strategy-------------------------------------------------------------------------------------

New report: End of street earnings downgrade cycle
Danny Goh / Research Analyst / 60 3 2723 2083 / danny.goh@credit-suisse.com

● We believe the street earnings downgrade cycle has come to an
end, and we see room for earnings momentum to turn positive.
Following the long streak of street earnings downgrades, street's
net profit growth expectation of 4.1% in 2017 and 7% in 2018 do
not appear challenging to meet.
● Sectors that saw the largest upgrades in street net profit estimates
over the last six months were petrochemical, property, aviation,
gaming and banks. While sectors that suffered the largest
downgrades were oil and gas, telecommunications, rubber,
consumer and construction.
● We believe street's earnings forecasts appear understated for
construction, gaming, GLC banks and consumer sector. On the
other hand, sectors that could potentially see downgrades in
street's earnings estimates are plantation, power and rubber
● Overall sentiment for market is nearer to low-end of the historic range.
Sentiment is yet to even recover to the level when the 1Malaysia
Development Berhad (1MDB) concerns were at its worst. Therefore, it
does not appear that the street is overly bullish on the market yet.
Room for upside to street’s market growth estimate
We believe the street earnings downgrade cycle has come to an end,
and we see room for earnings momentum to turn positive. Having
consistently seen downgrades in street earnings estimates since early
stocks that suffered the largest cuts in net profit estimates were
Axiata, Karex, Sapura, Uzma, Bumi Armada, BAT, Astro and IJM.
Where could there be earnings surprises?
Looking through our forecasts, we believe street's earnings forecasts
appear understated for construction, gaming, GLC banks and
consumer sector. Stocks that we like that could benefit from potential
upgrades in street earnings estimates are Gamuda, IJM, CIMB,
Genting Malaysia, Genting Bhd, Carlsberg and Padini. On the other
hand, sectors that could potentially see downgrades in street's
earnings estimates are plantation, power and rubber. Stocks that we
believe could UNDERPERFORM on the back of potential earnings
disappointments are IOI, FGV, Tenaga and Kossan.
Sentiment tracker
Overall sentiment for market is nearer to the low-end of the historic
range. Sentiment has rebounded slightly from the recent low in 4Q16
(when RM weakened substantially following measures to restrict off-
shore trading of RM) but has yet to even recover to the level when the
1MDB concerns was at its worst. Therefore, it does not appear that
the street is overly bullish on the market yet. Street seems most
positive on construction, property and O&G sectors.
Figure 1: Street’s 2017 market net profit has been stable in 2017
68,000

2016, we notice the downgrades have tapered-off in the last six 66,000

64,000

months. Following the long streak of street earnings downgrades, 62,000

street's net profit growth expectation of 4.1% in 2017 and 7% in 2018 60,000

58,000

do not appear challenging to meet, particularly for an economy that is 56,000

forecasted to grow 4-5% p.a. The market now trades at 15.7x one- 54,000

52,000

year forward P/E, in line with historical average. CS market net profit 50,000
Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17

growth forecast of 6.4% in 2017 and 9.8% in 2018 suggests that there Source: Credit Suisse estimates, IBES estimates.
could be upside risk to street's earnings forecasts. We believe street's
earnings forecasts appear understated for construction, gaming, GLC Figure 2: 2017-18 net profit growth (CS/street)
banks and consumer sector.
-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
O&G
Tech
Chemicals
Where have there been major estimate changes? Constuction

Sectors that saw the largest upgrades in street NP estimates over the
Banks
Rubber
Gaming
last six months (ranked in order of percentage change to street net Market
Plantations

profit estimates) were petrochemical, property, aviation, gaming and Telcos

Consumer

banks. Among the stocks, we saw biggest upgrades over six months Property
Aviation

in Petronas Chemical, IOI Properties, Malaysian Airports, HLFG and Power

CIMB. Sectors that suffered the largest downgrades were oil and gas, Street CS

telecommunications, rubber, consumer and construction. Among the Source: Credit Suisse estimates, IBES estimates.
Figure 3: Top picks
Ticker Yr end Price (RM) Rating TP (RM) Upside (%) Mkt Cap (RM mn) P/E (t) P/E (t+1) P/E (t+2) P/B (t+1) DY (t+1) ROE (t+1)
SIME SIME MK Jun 9.54 O 11.20 17% 64,880 25.1 24.8 26.8 1.8 2.8% 7%
CIMB CIMB MK Dec 6.34 O 7.10 12% 57,390 15.5 12.2 10.4 1.2 3.1% 10%
Genting GENT MK Dec 9.24 O 11.00 19% 35,258 16.1 15.1 13.4 0.9 1.0% 6%
Genting Msia GENMMK Dec 5.70 O 6.75 18% 33,847 16.9 17.5 15.4 1.5 1.4% 9%
MAHB MAHB MK Dec 8.63 O 11.05 28% 14,319 203.4 58.4 36.8 1.8 0.9% 3%
Gamuda GAM MK Jul 5.40 O 5.90 9% 13,228 21.5 17.1 14.4 1.5 2.2% 11%
IJM IJM MK Mar 3.48 O 4.30 24% 12,620 19.2 16.2 14.0 2.1 2.5% 8%
TIME dotCom TDC MK Dec 9.59 O 10.20 6% 5,546 28.4 24.7 20.7 2.4 1.0% 10%
Padini PAD MK Jun 3.63 O 4.08 13% 2,388 17.4 14.6 13.1 4.3 3.2% 29%
Source: Company data, Credit Suisse estimates
Extract from the Asian Daily, 14 July 2017

Jump-Start 18
 20 July 2017

China Industrial Sector ----------------------------------------------------------------------------------------

New report: Cranes, not trains
Edmond Huang, CFA / Research Analyst / 852 2101 6701 / edmond.huang@credit-suisse.com
Amy Ji / Research Analyst / 852 2101 7735 / amy.ji@credit-suisse.com

● We expect the demand on EMUs (electric multiple units) to
normalise at 300-350 units over 2017-19—weaker than market
expectations and ~30% below its peak, given (1) the unexciting
new length addition and (2) moderate rise in density. Inter-city can
provide some extra demand but it faces potential delays.
● We expect no acceleration in revenue growth, given longer PPP
project execution despite new order growth staying strong in
1H17. We believe order growth will slow in 2H17 due to (1) a high
base and (2) tightening regulations on PPP.
● Looking forward, we believe the sales momentum for construction
Constructors continue to struggle with revenue recognition
We do not expect the gap between revenue recognition and new order
growth to narrow in the near term. Execution of projects is at a similar
pace as last year without significant acceleration. Preparation duration
for PPP projects is still much longer than traditional cash construction.
Despite 30-50% new order growth since 2H16, revenue fails to pick up
and we expect it to continue to see single-digit growth in 2017.
Figure 2: The widening gap between new order and revenue growth
(CRG+CRCC)
40%

machinery will remain solid in 3Q17. We think the overall demand 30%

is sustainable, due to (1) infrastructure demand, (2) replacement

20%
cycle, and (3) product upgrades due to environmental regulations.
10%
● Our top picks are Lonking, Zoomlion, Sany, and CCCC (for
overseas exposure). We maintain our UNDERPERFORM ratings 0%

on CRG and CRCC given slowing revenue recognition. CRRC and -10%
ZZCRRC are the least preferred, given the unexciting demand on
EMUs despite rising low-margin urban transit. Full report -20%

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17
Figure 1: Annual EMU demand breakdown Revenue YoY growth New order YoY growth

700

600
Source: Company data, Credit Suisse estimates
500 Construction machinery in a sweet spot with robust sales
400
and better profitability
300

200
YTD sales volume surprised the market on the upside with no slowing
100 down. We believe the robust sales will boost 1H17 results with margin
-

(100)
expansion.
(200) Figure 3: Margins recovered in 1Q17
(300) 40%
2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E
35%
Length-HSR Length-Intercity Density
30%

Source: MOT, Credit Suisse estimates 25%

20%
High-speed train is losing its track for growth 15%

We forecast only 1.5% CAGR in EMU demand over 2017-20. We 10%

believe the market is over-optimistic on the EMU demand of >400 5%

0%
units per year during the 13th FYP. We expect the demand on EMUs -5%

to normalise at 300-350 units over 2017-19, ~30% below the peak -10%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q17
given the unexciting new length addition over 2017-20E and a Gross margin-Zoomlion GM-Sany

moderate increase in density. China Standard EMU is more symbolic Net margin-Zoomlion Net margin-Sany

than a practical growth driver with a lower-than-expected ASP. Source: Company data, Credit Suisse estimates

Valuation metrics
Company Ticker Rating Price Target Scenario Year EPS chg (%) EPS EPS grth (%) P/E (x) DY (%) ROE (%) P/B (x)
(prev.) Local price (prev.) Blue sky Grey sky T T+1 T+2 T+1 T+2 T+1 T+2 T+1 T+2 T+1 T+1 T+1
Lonking 3339.HK O (O) 2.66 3.00 (3.00) 3.30 2.70 12/16 0 0 0.13 0.17 34 27 17.3 13.6 3.0 8.4 1.4
Zoomlion (H) 1157.HK O (O) 4.03 5.40 (5.40) 5.80 5.00 12/16 0 0 0.10 0.17 n.m. 80 36.5 20.3 4.3 2.0 0.7
Sany 600031.SS O (O) 7.93 10.00 (10.00) 11.20 9.00 12/16 0 0 0.25 0.38 830 54 31.9 20.8 1.2 8.1 2.5
CCCC (H) 1800.HK O (O) 10.48 13.70 (13.70) 15.00 12.50 12/16 0 0 1.19 1.35 22 14 7.7 6.7 2.7 11.5 0.8
CRCC (H) 1186.HK U (U) 10.56 9.50 (9.50) 10.50 8.50 12/16 0 0 1.07 1.12 5 5 8.5 8.2 1.9 10.6 0.9
CRG (H) 0390.HK U (U) 6.42 5.60 (5.60) 6.20 5.00 12/16 0 0 0.60 0.64 20 8 9.4 8.7 1.8 10.2 0.9
CRRC (H) 1766.HK U (U) 7.09 4.40 (4.40) 5.00 4.00 12/16 0 0 0.33 0.33 (12) 1 18.5 18.4 1.5 8.4 1.5
Zhuzhou CSR 3898.HK U (U) 39.15 34.00 (34.00) 37.50 33.00 12/16 0 0 2.38 2.47 3 4 14.3 13.8 1.3 16.4 2.2
Note: O = OUTPERFORM, N = NEUTRAL, U = UNDERPERFORM, Source: Company data, Credit Suisse estimates
Extract from the Asian Daily, 18 July 2017

Jump-Start 19
 20 July 2017

Thailand Healthcare Sector ----------------------------------------------------------------------------------

New report: The older, the better
Thaniya Kevalee / Research Analyst / 66 2 614 6219 / thaniya.kevalee@credit-suisse.com
Siriporn Sothikul, CFA / Research Analyst / 662 614 6217 / siriporn.sothikul@credit-suisse.com

● Thailand is entering an aging era, with the share of population
over 49 expected to rise from 30% in 2015 to 44% by 2035. The
hospital industry appears poised to thrive. Our comparison of
Thailand with Japan finds that expenditure growth could now be at
an inflection point of accelerating expenditures. Full report.
● We forecast Thailand's health spend to GDP ratio to almost double
from 5.4% in 2015 to 9.5% in 2035. The Public sector has led the
health expenditure growth in the past decade and we believe the
trend will likely continue given that dependence on public health
insurance schemes by the aged population will likely increase.
Spending per head is much higher for aging persons
According to statistics from Japan’s Ministry of Health, Labor and
Welfare (MHLW), medical spending per person in Japan increases
substantially once people move from 15–44 age group to 45–64 age
group and the curve is even steeper after entering the 65+ age group
(Figure 2). We believe the spending pattern is similar everywhere,
including Thailand.
Figure 2: Health expenditures by age group (Japan 2013)
(¥ 1,000/head)
600
536

● Both BCH and CHG have a relatively large exposure to Social 500

Security (SSO), accounting for 35–36% of their revenue, thereby

400
being one of the greatest potential beneficiaries.
● Due to the stock’s lagged performance, we upgrade CHG to 300

OUTPERFORM (from Neutral). We also retain an OUTPERFORM 194

rating on BCH and continue to like BH (OUTPERFORM) for 200

reasons unrelated to the demographic trend, i.e. successful focus 100

105
75
on high intensity treatments and margin expansion.
0
Figure 1: Healthcare expenditure to GDP ratio – Thailand 0-14 15-44 45-64 65+
(%)
10 Source: Japan Ministry of Health Labor and Welfare (MHLW)
Where Japan was in 1992
9
Public sector likely to lead the growth
8
Public health expenditure (Social Security and Universal Healthcare
7

6
schemes, etc.,) has already shown stronger growth than private health
5 expenditure in the past decade. We expect this trend to continue
4 given that dependence on public insurance schemes to meet medical
3 bills will likely increase in the aging population society. Both BCH and
2
CHG have a relatively large exposure to Social Security (SSO) and
both should be one of the greatest potential beneficiaries.
1

0
16E
17E
18E
19E
20E
21E
22E
23E
24E
25E
26E
27E
28E
29E
30E
31E
32E
33E
34E
35E
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15

Upgrade CHG to OUTPERFORM

Source: Office of the National Economic and Social Development Board (NESDB),
Credit Suisse estimate CHG has significantly underperformed the SET index by 32% in the
Winner of an aging society past 12 months and we see this as an opportunity to upgrade to
Thailand is entering an aging era, with the share of population over 49 OUTPERFORM. We believe the inflection point of earnings
expected to rise to 44% of total population by 2035 from 30% in 2015. turnaround is approaching while its long-term growth should be
Japan saw a similar rise of this cohort during 1992–2012, which drove supported by 35% bed expansion (CHG Asian Daily). We also
its health spend to a GDP ratio of 11% from 6.4% over the period. reiterate our OUTPERFORM rating on BCH. While BH will likely
Based upon Japan's experience, we forecast the healthcare expenditure benefit least from Thailand’s demographic trend, we like it for its
to GDP ratio in Thailand to climb to 9.5% by 2035 from 5.4% in 2015 impressive margin expansion story and its successful focus on high
(Figure 1). Thailand Healthcare sector here intensity treatments.
Valuation Metrics
Company TickerRating Price Target Scenario Year EPS Chg (%) EPS EPS grth (%) P/E (x) DY (%) ROE (%) P/B (x)
(prev.) Local price (prev.) Blue sky Grey sky T T+1 T+2 T+1 T+2 T+1 T+2 T+1 T+2 T+1 T+1 T+1
Bangkok Chain Hospital BCH.BK O 13.00 15.80 18.96 11.06 12/16 0 0 0.36 0.45 18 26 36.5 28.9 1.8 17.8 6.2
Bangkok Dusit BDMS.BK U (U) 19.20 18.00 (18.00) 20.70 15.30 12/16 0 0 0.49 0.57 (7) 17 39.1 33.5 1.3 13.3 5.1
Bumrungrad Hosp BH.BK O 172.00 214.00 235.40 160.50 12/16 0 0 5.51 6.49 11 18 31.2 26.5 1.8 25.7 7.5
Chularat Hospital CHG.BK O (N) 2.38 2.90 (2.70) 3.34 2.18 12/16 0 0 0.06 0.07 12 22 41.4 33.8 1.7 19.9 8.1
Note: O = OUTPERFORM, N = NEUTRAL, U = UNDERPERFORM, Source: Company data, Credit Suisse estimates

Extract from the Asian Daily, 17 July 2017

Jump-Start 20
 20 July 2017

Taiwan Semiconductor Manufacturing ---------------------------------------Maintain NEUTRAL

New report: 2H17 rebounding from a low base, though light of high street expectations EPS: ◄► TP: ▲
Randy Abrams, CFA / Research Analyst / 886 2 2715 6366 / randy.abrams@credit-suisse.com
Haas Liu / Research Analyst / 886 2 2715 6365 / haas.liu@credit-suisse.com

● 2Q17 sales and profitability at the low-end of guidance. 2Q17 sales 24% QoQ as management acknowledged fabless inventory will take
was -8.6% QoQ, the lower half of guidance due to slow China one more quarter to return to normal. We also believe Qualcomm
smartphone demand and fabless inventory correction. On lower shifting modem and mid-tier Snapdragon 450/630/660 to Samsung
utilisation, profitability dropped with GMs/OpM at 50.8%/38.9%, taking 14nm has a modest offset through 2018. We also model +9.5% YoY
2Q17 EPS to NT$2.56, vs. CS/street NT$2.57/NT$2.65. in 2018 below street +13.5% YoY, but in-line with management
maintaining +5-10% growth CAGR.
● 3Q17 rebounds, but light of street. Sales were guided +15-16%
QoQ on the build for iPhone 8 though partially offset by higher Figure 1: TSMC 2Q17 results and 3Q17 CS estimates vs. street
fabless inventory levels, near CS +17% QoQ but below street +24%
2Q17 3Q17
(NT$ mn) Actual CS(old) Street CS CS(old) Street Guidance
US$8.12-8.22bn/NT$246-
QoQ. We believe Qualcomm will shift more allocation to Samsung Sales 213,856 213,855 215,192 248,066 250,509 264,679 249bn

in 2018, and we model +9.5% YoY in 2018 vs street +13.5% YoY. Chg (%) -8.6 -8.6 -8.0 16.0 17.1 23.8 +15.0% to 16.4% QoQ
GM (%) 50.8 51.5 51.3 49.6 49.5 50.2 48.5-50.5%
● 2H17 margins a bit lower as 10nm ramps. GMs were guided OpM (%) 38.9 39.6 40.3 38.5 38.6 40.1 37-39%

down from 50.8% in 2Q17 to 48.5-50.5% in 3Q17, with impact Net Inc. 66,271 66,568 69,700 86,695 87,780 95,695 FX: NT$30.3:1
EPS (NT$) 2.56 2.57 2.65 3.34 3.39 3.68
from 10nm ramp and reversal of WIP inventory build in 1H17.
Source: Company data, Credit Suisse estimates, Bloomberg consensus
● Maintain NEUTRAL. We maintain our 2017/18E but lift TP to
2H17 margins a bit lower as 10nm ramps
NT$210 (from NT$202) rolling over to 15x 2018E. We believe the
GMs reached 50.8% in 2Q17, down from peak 51.9% in 1Q17 and
stock and estimates reflect high iPhone expectations, and new guided to 48.5-50.5% in 3Q17, in-line with CS 49.5% but below street
growth areas may offset maturing smartphones to keep growth at 50.2%. The company maintained a 200-300 bp impact from 10nm
rates and multiples at similar up-cycle levels. Full report. ramp for iPhone 8 and reversal of WIP inventory build in 1H17 and
hitting the P&L in 2H17. Inventory days up from 41 days to 53 days in
Bbg/RIC 2330 TT / 2330.TW Price (13 Jul 17 , NT$) 214.50 2Q17 boosted utilization but should reverse by 1Q18.
Rating (prev. rating) N (N) TP (prev. TP NT$) 210.00 (202.00)
52-wk range (NT$) 218.0 - 168.5 Est. pot. % chg. to TP (2) Figure 2: TSMC’s re-rating has matched US Semis
Mkt cap (NT$/US$ bn) 5,562.1/ 183.5 Blue sky scenario (NT$) 223.94 P/E expansion (Benchmark date: 1/8/2012)
ADTO-6M (US$ mn) 200.2 Grey sky scenario (NT$) 167.95 1.5
Free float (%) 87.3 Performance 1M 3M 12M 1.4
Major shareholders National Absolute (%) 3.1 13.5 27.3
1.3
1.2
Development Fund Relative (%) (0.2) 6.0 9.2 1.1
(6.4%)
1.0
Year 12/15A 12/16A 12/17E 12/18E 12/19E 0.9
Revenue (NT$ mn) 843,497 947,938 961,752 1,053,263 1,143,889 0.8
EBITDA (NT$ mn) 544,098 600,890 638,334 692,588 752,961 0.7
Net profit (NT$ mn) 287,469 334,245 334,585 362,915 401,918 0.6
EPS (CS adj. NT$) 11.1 12.9 12.9 14.0 15.5
1/6/2012

5/6/2012

9/6/2012

1/6/2013

5/6/2013

9/6/2013

1/6/2014

5/6/2014

9/6/2014

1/6/2015

5/6/2015

9/6/2015

1/6/2016

5/6/2016

9/6/2016

1/6/2017
- Change from prev. EPS (%) n.a. n.a. 0.0 0 6.0
- Consensus EPS (NT$) n.a. n.a. 13.5 14.9 16.8
EPS growth (%) 9.0 16.3 0.1 8.5 10.7 TSMC P/E SOX P/E
P/E (x) 19.3 16.6 16.6 15.3 13.8
Dividend yield (%) 2.1 2.8 3.3 3.7 4.2 Source: Company data, Credit Suisse estimates.
EV/EBITDA (x) 9.6 8.6 8.0 7.2 6.5 Less upside now with valuation and estimates a bit high
P/B (x) 4.6 4.0 3.6 3.3 3.0 Our estimates for 2017/2018 EPS should stay broadly intact at
ROE (%) 25.4 25.6 22.7 22.2 22.4 NT$12.90/NT$14.00 but below street of NT$13.56/NT$14.93. We
Net debt(cash)/equity (%) (27.1) (27.5) (29.9) (34.8) (36.9)
Note 1: ORD/ADR=5.00. Note 2: Taiwan Semiconductor Manufacturing Co., Ltd. is principally
believe the stock and estimates reflect high iPhone expectations. New
engaged in the research, development, manufacture and distribution of integrated circuit (IC) related growth areas may offset maturing smartphones to keep growth rates
products. The company operates its businesses through wafer manufacture, mask production. and multiples at similar upcycle levels which have re-rated during the
Click here for detailed financials past five years, in line with the SOX re-rating, keeping the stock
performing more in line with tech.
2Q17 sales and profitability at the low-end of guidance
TSMC reported 2Q17 sales at NT$213.9 bn (-8.6% QoQ), the lower Figure 3: Maintaining 2017/2018 estimates with long term outlook intact
half of guidance for -8-9% QoQ due to slow China smartphone (NT$ mn)
2016
Actual CS
2017
CS(old) Diff Street CS
2018
CS(old) Diff Street
20

demand and fabless inventory adjustments from record high levels Sales 947,938 961,752 963,292 0% 961,272 1,053,263 1,054,624 0% 1,093,329
exiting 1Q17. With sales at the lower-end and advanced capacity less Chg (%) 12.4 1.5 1.6 1.4 9.5 9.5 13.7

utilised, profitability was lower with GMs/OpM at 50.8%/38.9% vs GM (%) 50.1 50.5 50.4 50.8 50.6 50.4 50.6

street 51.3%/40.3%, taking EPS to NT$2.56, near our NT$2.57 but

OpM (%) 39.9 39.3 39.3 41.3 39.3 39.4 40.1
Net Inc. 334,338 334,589 334,474 0% 351,019 362,915 362,981 0% 386,954
below street at NT$2.65. EPS (NT$) 12.89 12.90 12.90 0% 13.56 14.00 14.00 0% 14.93
ADR EPS 2.01 1.98 1.98 0% 2.28 2.29 2.29 0% 2.51
3Q17 rebounds, but light of street due to inventory & Qualcomm Source: Company data, Credit Suisse estimates, Bloomberg consensus.
Sales were guided up 15.0-16.4% QoQ off the low 1H17 on the build Extract from the Asian Daily, 14 July 2017
for iPhone 8, near our +17% QoQ preview although below street up

Jump-Start 21
 20 July 2017

Fubon Financial Holding ----------------------------------------------- Upgrade to OUTPERFORM

New report: Position for a rebound in 2H17 and 2018 EPS: ▲ TP: ▲
Chung Hsu, CFA / Research Analyst / 886 2 2715 6362 / chung.hsu@credit-suisse.com
Chien Po Huang / Research Analyst / 886 2 2715 6342 / chien-po.huang@credit-suisse.com

● We upgrade Fubon FHC to OUTPERFORM (from Neutral) after At the same time, Fubon Life's book value sensitivities to bond yield
rolling over our estimates to 2018 and raising our target price to changes have almost halved since mid-2015 after a significant cut in
NT$58 (from NT$54). We also raise our FY17-19E by 3-6%. AFS bond holdings in the past two years.
● Fubon's share underperformed TAIEX 16% YTD on concern over Well positioned for better LT profitability and asset growth
weak 1H17 profits (-21% YoY) and the impact of bond MTM. With Longer-term, Fubon Life is one of the few life companies in Taiwan
TWD stabilised (lower forex hedging cost) and the benefit of strong with profitable backbook that we estimate is generating a recurring
equity markets/dividend income in 3Q17, we expect Fubon to see ROE of ~5%. And we estimate new business each year is adding 1-
strong profit rebound in 2H17 that is likely to extend into 1H18. 1.5% recurring ROE (NT$2-3 bn profits) to the overall business before
● Longer-term, Fubon Life is one of the few Taiwanese life companies considering any impact from higher rates. On the bank side, Fubon is
with a profitable backbook where we estimate new business each the only Taiwanese bank with complete full bank licenses in all greater
year adds 1-1.5% recurring ROE to the business. Meanwhile, it is the China markets that will continue to support faster asset growth of mid-
only Taiwanese bank with full bank licenses in all greater China to-high single digit vs low-to-mid single digit growth for the sector.
markets that will continue to support faster asset growth. Figure 1: Fubon FHC's share underperformed TAIEX by 16% YTD on
● Fubon FHC is currently trading at 0.9x FY18E P/EV estimates. concern over its weak 1H17 profits
We believe the likely earnings rebound in 2H17 should reverse at (NT$ mn) Fubon FHC's net profit Fubon's share price (RHS) (NT$)
60
least part of Fubon's underperformance YTD with the group's 25,000 55
underlying profitability and growth prospect largely intact. 20,000 50
Bbg/RIC 2881 TT / 2881.TW Price (13 Jul 17, NT$) 47.55 15,000 45
Rating (prev. rating) O (N) TP (prev. TP NT$) 58.00 (54.00) 40
10,000
52-wk range (NT$) 53.1 - 38.1 Est. pot. % chg. to TP 22 35
5,000 30
Mkt cap (NT$/US$ bn) 486.6/ 16.1 Blue sky scenario (NT$) 64.00
ADTO-6M (US$ mn) 29.2 Grey sky scenario (NT$) 52.00 0 25

4Q17E
3Q17E
2Q14

1Q16
1Q13
2Q13
3Q13
4Q13
1Q14

3Q14
4Q14
1Q15
2Q15
3Q15
4Q15

2Q16
3Q16
4Q16
1Q17
2Q17
Free float (%) 50.0 Performance 1M 3M 12M
Major shareholders Tsai family(31%), Absolute (%) 2.8 0.5 24.8
TPE City Gov't(13%) Relative (%) (1.0) (6.9) 6.8 Source: Company data, Credit Suisse estimates
Year 12/15A 12/16A 12/17E 12/18E 12/19E
Figure 2: Fubon Life's book value sensitivity to bond yield change
Pre-prov Op profit (NT$ mn) 77,994.3 56,052.3 52,322.0 62,757.6 71,074.2
Net profit (NT$ mn) 63,593 48,421 44,520 51,219 56,310 almost halved since 3Q15
EPS (CS adj. NT$) 6.21 4.73 4.35 5.00 5.50 Impact to Fubon Life's BV if +25bps of interest rate
- Change from prev. EPS (%) n.a. n.a. 3 4 6 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17E
- Consensus EPS (NT$) n.a. n.a. 4.87 5.32 5.93 0.0%

EPS growth (%) 5.6 (23.9) (8.1) 15.0 9.9 -2.0%

P/E (x) 7.7 10.0 10.9 9.5 8.6 -4.0%
Dividend yield (%) 4.2 4.2 3.8 4.4 4.9 -6.0%
-5.5%
BVPS (CS adj. NT$) 35.9 41.1 42.7 45.1 47.8 -8.0%
-7.4% -7.2% -7.1%
-6.5%
-7.8%
P/B (x) 1.32 1.16 1.11 1.05 1.00 -10.0% -9.0%
-9.7%
ROE (%) 16.4 12.3 10.4 11.4 11.8 -12.0% -10.7%
ROA (%) 1.1 0.8 0.7 0.7 0.7 -14.0%
-12.2%
Tier 1 ratio (%) 11.3 12.6 12.6 12.5 12.5
Note 1: ORD/ADR=10.00. Note 2: Fubon Financial Holding Co., Ltd. is a Taiwan-based financial Source: Company data, Credit Suisse estimates
holding company. It operates its businesses through property insurance; commercial banking;
security business; life insurance; as well as investment trust, telephone distribution. Figure 3: Fubon Life is one of the few life companies in Taiwan with a
Click here for detailed financials profitable back-book which we estimate is generating a recurring ROE of
~5% with new business adding 1–1.5% ROE to the overall business each
Lowered expectation with profit rebound in 2H17 and 2018
year
Year-to-date, Fubon FHC's share has underperformed TAIEX by 16%, Cathay Life Fubon Life China Life Shin Kong Taiwan Life
mostly on concern over its weak 1H17 profits (-21% YoY) caused by (a) Cost of liability (back book) 3.79% 3.35% 3.00% 3.91% 3.53%
much higher forex hedging cost and weaker investment income. We (b) Recurring income 3.10% 3.35% 3.30% 3.30% 3.10%

note part of this weaker investment income was due to a NT$3.4 bn (c) Spread = (a)-(b) -0.69% 0.00% 0.30% -0.61% -0.43%
(d) Mortality / loading gains 0.50% 0.30% 0.25% 0.35% 0.40%
realised loss on Delta Lloyd investment, and we believe Fubon's (e) Net = (c)+ (d) -0.19% 0.30% 0.55% -0.26% -0.03%
management was also actively cleaning its investment book in 1H17. (f) Total assets (NT$bn) 5,612 3,399 1,343 2,340 1,336
It is also likely, in our view, that this earnings improvement could (g) Total Equity (NT$bn) 373 220 80 76 69
extend into 1H18 (+15% YoY), assuming we do not see similar (h) Asset/Equity (X) = (f)/(g) 15.0 15.5 16.7 30.9 19.2

amount of forex loss or other large realised losses as in 1H17. (i) ROE (%) -2.8% 4.7% 9.3% -7.9% -0.6%
(j) Recurring profits (NT$bn) = (e) * (f) (10.6) 10.3 7.4 (6.0) (0.4)

Source: Company data, Credit Suisse estimates

Extract from the Asian Daily, 17 July 2017

Jump-Start 22
 20 July 2017

Brilliance China Automotive Holdings Limited ----------------- Upgrade to OUTPERFORM

BMW JV kicked off 2H17 strongly, upgrade to OUTPERFORM EPS: ▲ TP: ▲
Bin Wang / Research Analyst / 852 2101 6702 / bin.wang@credit-suisse.com

● After the 30% YoY sales rise in 1H17, Brilliance's BMW JV kicked Figure 2: Brilliance BMW JV weighted average retail price discount
off 2H17 strongly with July's first week volume up 74% YoY. In 20%
particular, the new generation BMW 5-series sedan rose 24% 19%
YoY and is enjoying 2-3 months waiting list with ZERO discounts. 18%
● Thanks to the reduced competition as Audi dealers did not fight for 17%
volumes in 1H17 opposing the proposed SAIC-Audi JV, the BMW 16%
JV's 1H17 average retail price discounts declined by 0.5% HoH and 15%
3% YoY to 15.2%. Thus, we estimate the BMW JV to deliver Rmb2.7 14%
bn investment income in 1H17 (up 40% YoY), above consensus. 13%
● Considering the stronger-than-expected BMW 5-series sales and 12%
pricing, we revise up Brilliance's target price to HK$20 (from HK$12.8) 11%
after raising 2017-19 earnings estimates by 7-12% with higher margin 10%
assumption. Our target price is based on 11x 2018 P/E, largely in line Jan- Mar- May- Jul- Sep- Nov- Jan- Mar- May- Jul- Sep- Nov- Jan- Mar- May-
with Brilliance's historical average 12-month forward P/E. 15 15 15 15 15 15 16 16 16 16 16 16 17 17 17
Brilliance BMW price discount Semi-year average
● Considering its strong earnings growth ahead (up 33%/12% YoY in Source: Thinkercar
2018/2019), we upgrade Brilliance from Neutral to OUTPERFORM.
Figure 3: Brilliance BMW sales in the first week of July 2017
Key catalyst: 1H17 result beat via BMW AG result (out 3 Aug).
(unit) Jul-17 Jul-16 Jun-17 YoY MoM
Bbg/RIC 1114 HK / 1114.HK Price (17 Jul 17 , HK$) 16.84 1-7 1-8 1-9
Rating (prev. rating) O (N) TP (prev. TP HK$) 20.00 (12.80) 5 6 7
52-wk range (HK$) 16.84 - 8.14 Est. pot. % chg. to TP 19 Brilliance BMW 5,622 3,873 4,931 74% 60%
Mkt cap (HK$/US$ bn) 85.0/ 10.9 Blue sky scenario (HK$) 25.00
ADTO-6M (US$ mn) 26.6 Grey sky scenario (HK$) 14.00 BMW 3 Series 1,934 1,168 2,017 99% 34%
Free float (%) 57.4 Performance 1M 3M 12M BMW 5 Series 1,794 1,731 291 24% 763%
Major shareholders Huachen Absolute (%) 18.9 42.5 89.6 BMW 2 Series 239 181 377 58% -11%
Relative (%) 13.0 27.7 57.5
BMW 1 Series 469 0 728
Year 12/15A 12/16A 12/17E 12/18E 12/19E
Revenue (Rmb mn) 4,863 5,125 4,629 5,029 5,629 BMW X1 1,186 793 1,518 79% 9%
EBITDA (Rmb mn) (470.3) (471.8) (383.7) (388.9) (445.3) Source: Tthinkercar
Net profit (Rmb mn) 3,495 3,682 5,961 7,927 8,873
EPS (CS adj. Rmb) 0.69 0.73 1.18 1.57 1.76 Key downside risks are: (1) lower-than-expected 5-series sales if
- Change from prev. EPS (%) n.a. n.a. 7.5 12.3 11.3 Mercedes-Benz E-class increases its supply via launching a low-end
- Consensus EPS (Rmb) n.a. n.a. 0.95 1.25 1.56 version or heavy promotion, and (2) a potentially rising price discount
EPS growth (%) (35.3) 5.4 61.9 33.0 11.9 across the board for all BMW brand products if FAW Audi dealers
P/E (x) 21.1 20.0 12.4 9.3 8.3
Dividend yield (%) 0.6 0 0 0 0 come back to fight for volumes from 2H17 after reaching an
EV/EBITDA (x) (158.2) (158.8) (194.2) (188.4) (161.1) agreement with Audi AG in May 2017.
P/B (x) 3.7 3.1 2.5 2.0 1.6
ROE (%) 19.0 16.9 22.3 23.6 21.1 Figure 4: Brilliance historical 12-month forward P/E multiples
Net debt(cash)/equity (%) 3.5 5.2 2.7 (1.3) (4.5) 20
Note 1: ORD/ADR=50.00. Note 2: Brilliance, a proxy for the China luxury car sector, is involved in a
50:50 JV with BMW, and produces BMW 3-series, 5-series sedans and X1 SUV in China. It is also 18
China's largest light bus maker.
16
Click here for detailed financials 13.8x
14
Figure 1: Brilliance Group June 2017 & 1H2017 sales by model
12
(unit) Jun-17 YoY MoM 6M 2017 YoY
Total Sales 34,226 7.2% -2.5% 215,878 18.1% 10 11.2x
Brilliance BMW 27,571 2% -12% 184,998 30%
8
BMW 1 Series 3,322 NM 24% 11,565 NM 8.6x
BMW 2 Series 1,698 15% -13% 8,429 53% 6
BMW 3 Series 9,210 32% -29% 63,073 23%
4
BMW 5 Series 5,275 -63% 12% 59,193 -13%
BMW X1 8,061 84% -12% 42,725 142% 2
Zinoro 5 NM 400% 13 NM 0
Brilliance Jinbei 6,655 40% 85% 30,880 -24%
Granse 1,815 116% 59% 10,327 41%
Huasong 7 2,002 891% 100000% 2,203 45%
Jinbei Light Bus 2,838 -23% 15% 18,350 -42% Source: Bloomberg
Source: Company data, CAAM Extract from the Asian Daily, 18 July 2017

Jump-Start 23
 20 July 2017

Oil and Natural Gas Corporation Limited ---------------------------- Maintain OUTPERFORM

New report: A question of capital EPS: ▼ TP: ▼
Badrinath Srinivasan / Research Analyst / 91 22 6777 3698 / badrinath.srinivasan@credit-suisse.com

● ONGC's proposed acquisition of majority stake in HPCL has been an weaker oil prices post acquisition. Analysing comparable global M&As over
overhang for the stock (control premium, holdco discount). It is, the past 15 years, we note all of ONGC's acquisitions (barring one) fall in
however, important to compare returns from this with likely alternative the top quartile on (high) country risk. In a low oil-price scenario, returns are
use of ONGC's capital—overseas acquisitions. In an in-depth report, eroded at assets with high state-take. We conclude that over the long term,
we take a deep-dive into ONGC overseas subsidiaries. the HPCL acquisition should deliver IRRs of 10-15%, compared to just 5-7%
for overseas M&As (at oil price of US$50-60/bbl).
● Our analysis suggests that ONGC has generated sub-par returns,
due to a combination of: (1) poor project selection, and (weaker oil Figure 1: ONGC has generated only 5-6.5% IRR on overseas acquisitions
price post acquisition. We conclude that in the long term, the HPCL (% IRR) OVL IRRs and asset valuations - highly geared to oil pxNPV USD mn
acquisition should deliver IRRs of 10-15% (8% in the bear case), vs 12.0% 14,000
12,000
just 5-7% for overseas M&As (at oil price of US$50-60/bbl). 10.0%
8.0% 10,000
● Three positive catalysts: (1) continued subsidy reform, (2) better 8,000
6.0%
gas earnings on upward price revision (even at US$50/bbl oil) and 6,000
4.0%
volume ramp-up, (3) stronger oil prices. US$5/bbl higher oil adds 4,000
US$1.7 bn to overseas asset value (5% to ONGC MCAP). 2.0% 2,000
0.0% -
● Risk-reward for ONGC is favourable. We update model for (1) 40 45 50 55 60 65 70 75
near-term HPCL acquisition impact (-ve ~3% to TP), (2) GST Long-term oil price assumption (USD/bbl)
(-ve ~5% impact on TP/EPS), (3) lower long-term oil of US$60/bbl. NPV (RHS; USD mn) Median IRR Weighted avg IRR
Our FY18/19E EPS fall 15%/6%, and TP to Rs195 (from Rs220).
Source: Company data, Credit Suisse estimates
Bbg/RIC ONGC IN / ONGC.BO Price (13 Jul 17, Rs) 159.10
Rating (prev. rating) O (O) TP (prev. TP Rs) 195.00 (220.00) Three catalysts: Subsidy reform, gas px/volumes, crude px
52-wk range (Rs) 207.9 - 145.9 Est. pot. % chg. to TP 23 We see three positive catalysts for ONGC over the next year: (1) continued
Mkt cap (Rs/US$ bn) 2,041.8/ 31.7 Blue sky scenario (Rs) 261.00 demonstration of subsidy reduction (link), (2) better gas earnings on upward
ADTO-6M (US$ mn) 22.5 Grey sky scenario (Rs) 132.00 price revision (even at US$50/bbl oil) and further volume ramp-up, (3) CS
Free float (%) 31.1 Performance 1M 3M 12M Global Equity Strategists and Oil team see upside to crude price,
Major shareholders Govt of India Absolute (%) (5.9) (14.0) 1.7
Relative (%) (8.9) (22.8) (13.5)
given: (a) net longs are at typical trough levels, and (b) demand-
Year 03/15A 03/16A 03/17E 03/18E 03/19E supply support. US$5/bbl higher oil adds US$1.7 bn to OVL value (5%
Revenue (Rs mn) 1,620,017 1,323,827 1,549,098 1,672,454 1,848,544 to ONGC MCAP).
EBITDA (Rs mn) 444,149 411,393 460,520 495,947 560,377
Net profit (Rs mn) 183,335 141,238 204,790 229,069 289,632 Figure 2: HPCL IRRs can be in the 8-15% range
EPS (CS adj. Rs) 14.3 11.0 16.0 17.8 22.6 IRRs generated on investment
16.0%
- Change from prev. EPS (%) n.a. n.a. 6.4 (14.8) (6.3)
- Consensus EPS (Rs) n.a. n.a. 15.5 18.7 21.1 14.0%
EPS growth (%) (30.8) (23.0) 45.0 11.9 26.4 12.0%
P/E (x) 11.1 14.5 10.0 8.9 7.0 10.0%
Dividend yield (%) 4.0 3.6 3.9 4.5 5.7 8.0%
EV/EBITDA (x) 5.4 5.7 5.3 4.9 4.2
6.0%
P/B (x) 1.1 1.1 1.0 1.0 0.9
ROE (%) 10.4 7.7 10.8 11.3 13.4 4.0%
Net debt(cash)/equity (%) 20.7 15.4 20.0 17.5 13.6 2.0%
Note 1: Oil and Natural Gas Corporation is an India-based company mainly engaged in oil 0.0%
exploration and production activities, with a bulk of its production from domestic fields. It also has Overseas Overseas HPCL - 25% HPCL - 40% HPCL - 50% HPCL - 25%
refining, petrochemical and power assets. acquisition - acquisition - premium premium (no premium (no premium +
Click here for detailed financials US$60/bbl LT US$50/bbl LT open offer) open offer) FY22 ONGC
oil oil merger
HPCL investment vs overseas M&A?
ONGC's proposed acquisition of majority stake in HPCL has been an Source: Company data, Credit Suisse estimates
overhang for the stock, as it would: (1) require ONGC to pay a control Risk-reward favourable for ONGC
premium (we model 25% over market price; needing no open offer), We update our model for: (1) the near-term HPCL acquisition impact
(2) result in a holdco discount in ONGC's sum-of-the-parts valuation, (negative ~3% to TP), (2) the GST (~5% negative impact on TP and
(3) see limited synergy gains in the proposed form (HPCL subsidiary). EPS), (3) a lower long-term oil price of US$60/bbl (~4% TP fall). HPCL
However, it is important to compare returns from this with the likely acquisition would raise gearing by 0.15x book (although a part of the
alternative use of ONGC's capital—overseas E&P asset purchases. funding by IOCL sale is possible), and the pace of overseas acquisitions
may slow. Risk-reward for ONGC is favourable. Our FY18/19E EPS fall
Overseas M&As generated just 5-7% IRR; HPCL 10-15% 14%/6%, and TP reduces to Rs195.
We take a deep-dive into ONGC's investments in foreign assets to
understand management strategy and whether returns have been Extract from the Asian Daily, 14 July 2017
remunerative. Our analysis suggests that ONGC has generated sub-par
returns (5-7% IRR), due to a combination of poor project selection and

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 20 July 2017

HRnetGroup Ltd ----------------------------------------- Initiating Coverage with OUTPERFORM

New report: Procuring talent, delivering profitable growth
Louis Chua, CFA / Research Analyst / 65 6212 5721 / louis.chua@credit-suisse.com
Christopher Siow / Research Analyst / 65 6212 3062 / christopher.siow@credit-suisse.com

● We initiate coverage on HRnetGroup with an OUTPERFORM rating Figure 1: Gross profit breakdown by geog and operating segment (2016)
and a TP of S$1.10, implying 31% upside. HRnetGroup is the largest Rest of Asia,
$5 mn, (4%)
Others,
$3 mn (2%)
Asian based recruitment agency in Asia pacific (APAC) ex-Japan, and
provides professional recruitment and flexible staffing services in Flexible
Staffing,

Singapore, North Asia and other parts of ASEAN. Full report.

S$43 mn
North Asia, 32%
$52 mn
● The recruitment industry in APAC is seeing healthy growth (39%)
Singapore,
$76 mn Professional
prospects, with an expected 9.4% CAGR from 2016E to 2021F. In (57%) Recruitment,
S$87 mn

Singapore, HRnetGroup has a dominant 20.5% market share in a (66%)

fragmented market. Importantly, it has one of the highest EBITDA By geography

margins of 16.3% and net margins of 13.3% among its peers.
● We expect a PATMI CAGR of 16.6% in 2016-19E driven by organic
growth via higher staff productivity, improving employment outlook
and aggressive sales workforce expansion, and inorganic growth
supported by cornerstone investors, TechnoPro and en-Japan.
● We derive a DCF-based TP of S$1.10 based on a WACC of 9.5%
and terminal growth rate of 2.0%, implying 2017E P/E of 21.9x. We
believe HRnetGroup should trade at a premium to peers and think
current valuations present an attractive investment opportunity.
By operating segment
Source: Company data
Leveraging stellar track record to lead the next phase of growth
We expect a PATMI CAGR of 16.6% in 2016-19E driven by organic
(10.1% CAGR) and inorganic growth. We expect organic growth via:
(1) higher staff productivity, (2) improving employment outlook and (3)
aggressive sales workforce expansion, with inorganic growth
supported by its cornerstone investors, TechnoPro and en-Japan.
Figure 2: Market cap per employee vs. net profit per employee for peers
1.8

1.6
Bbg/RIC HRNET SP / HRNE.SI Price (18 Jul 17 , S$) 0.84 1.4
HRnetGroup (Tgt px)

Rating (prev. rating) O (NA) [V] TP (prev. TP S$) 1.10 (NA) JAC Recruitment
Market Cap per empployee

1.2
52-wk range (S$) 0.93 - 0.84 Est. pot. % chg. to TP 31 1.0
Mkt cap (S$/US$ mn) 847.9/ 620.5 Blue sky scenario (S$) 1.45
(S$ mn)

0.8
Recruit Holdings
ADTO-6M (US$ mn) 1.4 Grey sky scenario (S$) 0.75 0.6 Adecco
PageGroup
Free float (%) 25.4 Performance 1M 3M 12M 0.4
Temp Holdings
Hays
Manpower
Robert Half
Heidrick & Struggles
Major shareholders Sim Family (74.3%) Absolute (%) (6.7) — — 0.2 Technopro
Meitec
Robert Walters
Kelly Services
TeamLease
Relative (%) (8.5) — — 0.0 Korn Ferry
0.0 Quess 10.0 20.0 30.0 40.0 50.0 60.0 70.0
Year 12/15A 12/16A 12/17E 12/18E 12/19E -0.2
Net profit per employee (S$ '000)
Revenue (S$ mn) 356.0 365.0 419.1 464.2 491.8
EBITDA (S$ mn) 62.8 69.8 74.1 77.4 85.0 Note: profit per employee based on FY2016.
Net profit (S$ mn) 38.9 41.6 51.5 58.2 65.8 Source: Company data, Frost & Sullivan, Bloomberg, Credit Suisse estimates
EPS (CS adj. S$) 0.04 0.04 0.05 0.06 0.07 Attractive valuations vs peers
- Change from prev. EPS (%) n.a. n.a.
- Consensus EPS (S$) n.a. n.a. We derive a DCF-based TP of S$1.10 based on a WACC of 9.5% and
EPS growth (%) 14.7 7.1 23.7 12.8 13.1 terminal growth rate of 2.0%, implying 2017E P/E of 21.9x. We believe
P/E (x) 21.8 20.4 16.5 14.6 12.9 HRnetGroup should trade at a premium to peers, given its: (1) strong
Dividend yield (%) 0 0 3.0 3.4 3.8 earnings growth track record, (2) superior profitability and cash flow
EV/EBITDA (x) 11.6 10.6 8.8 9.3 8.2
P/B (x) 7.2 10.1 2.9 2.7 2.4 generation, (3) balanced and diversified business exposure, and (4)
ROE (%) 31.9 41.3 27.5 19.1 19.6 established presence in high-growth gateway cities in Asia, with a
Net debt(cash)/equity (%) (88.6) (109.1) (64.8) (38.0) (40.8) dominant position in its home market Singapore. Key risks: loss of
Note 1: HRnetGroup Ltd is an Asian-based recruitment agency that offers flexible staffing and
professional recruitment services in Singapore, North Asia and other parts of ASEAN.
grant income, competition, legal and regulatory risks and disruptive
Click here for detailed financials technologies.
Strong market leadership position, superior profitability Figure 3: HRnetGroup currently trading at a discount, despite superior
metrics earnings growth profile
The professional recruitment and flexible staffing industry in APAC is P/E EPS CAGR P/B ROE EV/EBITDA Div Yield
Company (x) (%) 16-18E (x) (%) (x) (%)
seeing healthy growth prospects, with an expected 9.4% CAGR from
HRnetGroup 16.5 23.7 2.9 17.8 8.8 3.0
2016E to 2021F (source: Frost & Sullivan). HRnetGroup provides both Japan average 22.5 19.9 4.7 21.6 11.9 2.0
services, which provides the group with a synergistic business model India average 53.3 28.4 8.4 18.5 52.4 0.1
via: (1) cross-selling its services, (2) complementary businesses that Asian average 28.7 21.5 5.3 20.5 20.6 1.7
perform well in different stages of the cycle and (3) strong customer Europe average 15.6 12.6 3.9 24.9 9.6 3.7
US average 17.9 6.5 2.7 15.0 8.3 1.1
retention given the large volumes in flexible staffing. In Singapore, Europe + US average 17.0 8.9 3.2 19.0 8.8 2.1
HRnetGroup has a dominant 20.5% market share in a fragmented Global average 22.5 14.5 4.2 19.7 14.4 1.9
market. Importantly, it has one of the highest EBITDA margins of Source: Company data, IBES, Bloomberg, Credit Suisse estimates
16.3% and net margins of 13.3% among its peers. Extract from the Asian Daily, 20 July 2017

Jump-Start 25
 20 July 2017

NJA events calendar

Date Company/Analyst Location Market Sector
Non-Deal RoadShow
Jul 21 Cheung Kong Infrastructure Holdings Ltd Hong Kong Hong Kong Utilities

Jul 26 New World Development Company Limited Singapore Hong Kong Property

Jul 26 - Jul 27 Edelweiss Financial Services Limited India India Banks/Financials

Jul 28 CDL Hospitality Trusts Singapore Singapore Property

Jul 31 Karex Bhd Europe Malaysia Consumer Staples

Aug 2 OUE HT Singapore Sinagpore Property

Aug 4 Sembcorp Industries Ltd Singapore Singapore Industrials

Aug 7 Hysan Development Company Limited Hong Kong Hong Kong Property

Aug 7 Venture Corporation Limited Singapore Singapore Technology

Aug 9 - Aug 10 PT Bank Tabungan Negara (Persero) Tbk Japan Indonesia Banks/Financials

Aug 11 Sun Art Retail Group Limited Hong Kong Hong Kong Consumer Staples

Aug 17 - Aug 18 PTT Exploration & Production Hong Kong Thailand Oil & Gas

Aug 17 UOL Group Limited Singapore Singapore Property

Aug 24 Xiabuxiabu Catering Management Holdings Hong Kong Hong Kong Consumer

Aug 24 AIA Group Ltd US Hong Kong Insurance

Aug 25 Huaneng Renewables Corporation Limited Hong Kong Hong Kong Utilities

Aug 25 Xtep International Holdings Limited Hong Kong Hong Kong Consumer Discretionary

Aug 28 ENN Energy Holdings Limited Hong Kong Hong Kong Utilities

Aug 28 - Sep 1 China Life Insurance Co Ltd Europe China Insurance

Sep 5 - Sep 7 CLP Holdings Limited Europe Hong Kong Utilities

Please contact your Credit Suisse sales representatives if you have any queries.

Jump-Start 26
Jump-Start

Credit Suisse Asian results calendar

Forthcoming results (20 Jul to 6 Aug 2017) (stocks with market cap > US$500 mn)
Net CS What we
Price profit vs EPS expect
Date of (local$) (local$ mn) Consensus (local$) in this
Results* Period Company Ctry Bberg 19 Jul Target Rating Consensus CS (%) Consensus CS results
Jul-21 (E) 2017Q2 Hikvision CN 002415 CH 29.97 25.90 N 9,656 9,544 (1) 1.05 1.03
Jul-25 2017 New Oriental CN EDU US US$80.23 US$77.00 O US$293 US$290 (1) US$1.85 US$1.83
Jul-26 (E) 2017Q2 Hangzhou Robam CN 002508 CH 41.85 48.46 O 1,596 1,530 (4) 1.72 1.24
Jul-27 2017Q2 Baidu CN BIDU US US$190.91 US$180.00 N 13,859 12,627 (9) 39.04 36.33
Jul-27 2018Q1 TAL CN TAL US US$147.88 US$150.00 O US$183 US$244 33 US$2.08 US$2.57
Jul-28 2017H1 CRCCE CN 1786 HK HK$2.85 HK$5.30 O 494 576 17 0.32 0.38
Jul-28 (E) 2017Q2 Guodian Nari CN 600406 CH 17.47 22.00 O 1,883 3,921 108 0.74 0.86
Jul-28 2017Q2 Moutai CN 600519 CH 456.86 495.00 O 20,574 20,798 1 16.24 16.56
Jul-28 (E) 2017Q2 ZBJT CN 000759 CH 9.95 7.30 U 112 59 (47) 0.17 0.09
Jul-29 2017Q2 Lujiazui CN 600663 CH 23.55 19.10 U 2,603 2,343 (10) 0.79 0.70
Jul-31 2017H1 XYS CN 968 HK HK$2.38 HK$2.40 N HK$2,238 HK$2,181 (3) HK$0.32 HK$0.32
Aug-01 2017Q2 Huaneng CN 902 HK HK$5.53 HK$4.80 U 3,874 3,373 (13) 0.24 0.22
Aug-01 2017Q2 Wanhua Chemical CN 600309 CH 30.92 30.00 O 5,931 5,525 (7) 2.07 2.02
Aug-02 2017Q2 CBPO CN CBPO US US$106.36 US$129.00 O US$139 US$139 (0) US$5.05 US$4.94
Aug-02 (E) 2017Q2 Hua Hong CN 1347 HK HK$10.80 HK$13.50 O US$134 US$126 (6) US$0.12 US$0.12
Aug-03 (E) 2017H1 Yuexiu REIT CN 405 HK HK$4.99 HK$5.80 O 509 475 (7) 0.16 0.13
Aug-04 2017Q2 Fuyao Glass CN 3606 HK HK$28.80 HK$32.50 O 3,514 3,742 6 1.41 1.49
Aug-06 (E) 2017Q2 Dahua CN 002236 CH 24.76 20.50 O 2,433 2,327 (4) 0.84 0.80
Jul-20 2017H1 CKI HK 1038 HK 65.55 82.00 O 10,331 10,538 2 4.07 4.18
Jul-20 2017H1 Power Assets HK 6 HK 68.45 78.50 O 7,341 7,553 3 3.46 3.54
Jul-25 2017Q2 ASM Pacific HK 522 HK 120.40 157.00 O 2,446 2,570 5 5.87 5.95
Jul-25 2017H1 HTHK HK 215 HK 2.95 2.60 N 716 656 (8) 0.15 0.14
Jul-27 2017H1 HLP HK 101 HK 19.74 21.00 N 5,417 5,494 1 1.21 1.22
Jul-28 2017Q2 AIA HK 1299 HK 58.35 67.20 O US$4,598 US$5,171 12 US$0.38 US$0.43
Jul-31 (E) 2017Q2 Wynn Macau HK 1128 HK 17.30 19.80 N 3,384 3,480 3 0.66 0.67
Aug-03 2017H1 CKH HK 1 HK 100.10 122.00 O 35,211 34,934 (1) 9.07 9.05
Aug-03 2017H1 CKP HK 1113 HK 61.80 54.00 N 19,302 18,798 (3) 5.05 4.93
Aug-03 2017H1 HKL HK HKL SP US$7.55 US$7.20 N US$968 US$918 (5) US$0.41 US$0.39
Aug-03 (E) 2017Q2 MLCO HK MLCO US US$22.03 US$30.00 O US$394 US$409 4 US$0.80 US$0.83
Aug-04 2017H1 Hysan HK 14 HK 36.80 41.50 O 2,378 2,377 (0) 2.27 2.27
Aug-04 2017H1 Jardine Matheson HK JM SP US$63.20 US$58.00 U US$1,546 US$1,504 (3) US$4.10 US$4.02

20 July 2017
Aug-04 2017H1 Jardine Strategic HK JS SP US$41.78 US$38.00 N US$1,615 US$1,495 (7) US$2.75 US$2.55
Aug-04 (E) 2017Q2 MGM China HK 2282 HK 16.04 20.50 O 2,397 2,483 4 0.63 0.65
27
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Forthcoming results (20 Jul to 6 Aug 2017) (stocks with market cap > US$500 mn) (continued)
Net CS What we
Price profit vs EPS expect
Date of (local$) (local$ mn) Consensus (local$) in this
Results* Period Company Ctry Bberg 19 Jul Target Rating Consensus CS (%) Consensus CS results
Jul-20 (E) 2017Q2 BBCA ID BBCA IJ 18,475 19,500 N 22,885,628 22,749,285 (1) 926.92 922.70
Jul-25 2017Q2 BDMN ID BDMN IJ 5,000 5,050 N 3,918,704 3,856,853 (2) 408.36 402.40
Jul-26 (E) 2017Q2 BBTN ID BBTN IJ 2,400 2,300 N 2,978,634 2,680,053 (10) 282.34 253.26
Jul-26 (E) 2017Q2 BTPN ID BTPN IJ 2,510 2,650 N 1,788,914 1,791,717 0 307.35 306.79
Jul-26 (E) 2017Q2 Unilever ID UNVR IJ 47,500 47,800 N 89,397,240 7,435,096 (92) 32,176.19 974.46
Jul-27 (E) 2017Q2 Astra Agro ID AALI IJ 15,200 17,800 O 2,230,421 2,210,418 7 1,100.33 1,148.27
Jul-27 (E) 2017Q2 HM Sampoerna ID HMSP IJ 3,770 4,340 N 13,252,772 12,794,021 (3) 114.40 109.99
Jul-27 (E) 2017Q2 Matahari ID LPPF IJ 13,000 17,800 O 2,187,199 2,360,329 8 746.34 808.91
Jul-27 (E) 2017Q2 Telkom ID TLKM IJ 4,600 5,100 O 23,874,771 24,563,631 3 235.09 245.64 In line
Jul-28 (E) 2017Q2 ACES ID ACES IJ 1,135 1,260 O 743,694 816,478 10 43.11 47.61
Jul-28 (E) 2017Q2 Astra ID ASII IJ 8,475 9,800 O 20,472,315 21,530,250 5 504.27 531.83
Jul-28 (E) 2017Q2 BJB ID BJBR IJ 2,040 1,450 U 1,645,093 1,468,192 (11) 170.76 151.42
Jul-28 (E) 2017Q2 Blue Bird ID BIRD IJ 5,100 3,450 N 652,890 752,782 15 260.93 300.86
Jul-28 (E) 2017Q2 BRI ID BBRI IJ 14,725 16,200 O 27,837,574 26,777,263 (4) 1,310.78 1,094.78
Jul-28 (E) 2017Q2 BSD ID BSDE IJ 1,750 2,100 O 2,529,612 2,428,985 (4) 131.78 126.20
Jul-28 (E) 2017Q2 Ciputra Development ID CTRA IJ 1,190 1,480 O 1,218,975 1,137,517 (7) 69.72 61.37
Jul-28 (E) 2017Q2 Gudang Garam ID GGRM IJ 76,150 91,000 O 7,487,698 7,725,041 3 3,887.17 4,014.92
Jul-28 (E) 2017Q2 Indocement ID INTP IJ 17,350 21,600 N 3,095,845 5,586,934 80 842.62 1,517.68
Jul-28 (E) 2017Q2 Indofood ID INDF IJ 8,675 8,700 O 4,515,178 3,881,710 (14) 512.14 442.09
Jul-28 (E) 2017Q2 Indofood CBP ID ICBP IJ 8,500 9,500 N 4,040,424 3,827,701 (5) 340.54 328.22
Jul-28 (E) 2017Q2 Indosat ID ISAT IJ 6,275 8,800 O 1,773,221 2,257,213 27 327.32 415.39 In line
Jul-28 (E) 2017Q2 ITM ID ITMG IJ 21,100 21,000 O US$215 US$199 (8) US$0.18 US$0.18
Jul-28 (E) 2017Q2 Jasa Marga ID JSMR IJ 5,250 8,779 O 1,925,527 2,100,420 9 260.33 308.16
Jul-28 (E) 2017Q2 Kalbe Farma ID KLBF IJ 1,675 1,570 N 2,585,063 2,552,672 (1) 55.07 54.46
Jul-28 (E) 2017Q2 Link Net ID LINK IJ 5,350 8,300 O 957,888 1,148,070 20 315.94 377.23 In line
Jul-28 (E) 2017Q2 Lippo Karawaci ID LPKR IJ 725.00 1,080 N 1,053,557 901,102 (14) 45.10 39.57
Jul-28 (E) 2017Q2 London Sumatra ID LSIP IJ 1,420 1,820 O 852,005 897,453 5 122.91 131.54
Jul-28 (E) 2017Q2 MAPI ID MAPI IJ 6,250 7,500 O 379,508 478,826 26 232.62 288.45
Jul-28 (E) 2017Q2 Media Nusantara ID MNCN IJ 1,780 2,300 O 1,716,285 1,625,342 (5) 119.66 113.85
Jul-28 (E) 2017Q2 Mitra Keluarga ID MIKA IJ 1,920 2,960 O 735,143 758,672 3 50.48 52.14
Jul-28 (E) 2017Q2 Pakuwon ID PWON IJ 615.00 730.00 O 1,918,366 2,131,709 11 40.05 44.26
Jul-28 (E) 2017Q2 PGN ID PGAS IJ 2,220 2,150 N US$338 US$304 (10) US$0.01 US$0.01
Jul-28 (E) 2017Q2 Ramayana ID RALS IJ 1,085 1,160 U 443,799 458,313 3 63.70 64.58
Jul-28 (E) 2017Q2 Sarana Menara Nusantra ID TOWR IJ 3,940 4,500 O 2,748,900 3,084,117 12 272.15 302.28 In line

20 July 2017
Jul-28 (E) 2017Q2 Semen ID SMGR IJ 10,175 16,000 O 3,508,651 6,094,851 74 668.91 1,027.54
28
Jump-Start

Forthcoming results (20 Jul to 6 Aug 2017) (stocks with market cap > US$500 mn) (continued)
Net CS What we
Price profit vs EPS expect
Date of (local$) (local$ mn) Consensus (local$) in this
Results* Period Company Ctry Bberg 19 Jul Target Rating Consensus CS (%) Consensus CS results
Jul-28 (E) 2017Q2 Siloam Hospitals ID SILO IJ 10,250 16,500 O 139,884 152,619 9 112.92 117.34
Jul-28 (E) 2017Q2 SIMP ID SIMP IJ 545.00 470.00 N 690,404 760,212 10 43.90 48.07
Jul-28 (E) 2017Q2 Summarecon ID SMRA IJ 1,070 1,600 O 436,937 460,622 5 29.64 31.93
Jul-28 (E) 2017Q2 Surya Citra ID SCMA IJ 2,300 3,350 O 1,733,460 1,772,967 2 117.70 121.26
Jul-28 (E) 2017Q2 Tower Bersama ID TBIG IJ 6,800 5,650 N 1,220,292 2,248,634 84 271.03 505.36 In line
Jul-28 (E) 2017Q2 WIKA ID WIKA IJ 1,975 2,615 N 1,250,868 1,171,954 (6) 138.21 130.65
Jul-31 2017Q2 XL Axiata ID EXCL IJ 3,230 3,600 N 367,125 557,510 52 42.26 52.21 In line
Jul-20 2018Q1 Bajaj Auto IN BJAUT IN 2,825 2,630 N 41,972 43,080 3 145.17 149.02
Jul-20 2018Q1 Hindustan Zinc IN HZ IN 280.40 273.00 N 96,202 96,689 1 22.79 22.88
Jul-20 2018Q1 Kotak Bank IN KMB IN 994.75 827.00 N 59,196 58,121 (2) 31.89 31.57
Jul-20 2018Q1 NIIT Tech IN NITEC IN 550.05 550.00 O 2,781 2,719 (2) 45.21 44.19
Jul-20 2018Q1 Reliance Inds IN RIL IN 1,534 1,360 N 272,361 225,516 (17) 89.88 76.52
Jul-20 2018Q1 Wipro IN WPRO IN 271.25 230.00 N 85,024 82,767 (3) 17.43 17.07
Jul-21 (E) 2018Q1 JSW Energy IN JSW IN 64.05 60.00 N 8,229 4,726 (43) 5.03 2.88
Jul-21 2018Q1 MMFSL IN MMFS IN 357.05 410.00 O 8,793 10,764 22 15.64 18.92
Jul-22 2018Q1 IIFL Holdings IN IIFL IN 589.75 650.00 O 8,262 9,231 12 25.99 28.92
Jul-22 2018Q1 J&K Bank IN JKBK IN 86.90 75.00 N 3,644 4,017 10 6.86 6.49
Jul-23 2018Q1 United Spirits IN UNSP IN 2,734 2,600 O 5,451 5,442 (0) 37.24 38.02
Jul-24 2017Q2 Ambuja Cements IN ACEM IN 264.10 180.00 U 12,302 15,884 29 6.48 8.00
Jul-24 2018Q1 Bharti Airtel IN BHARTI IN 421.35 300.00 U 27,711 32,843 19 7.06 8.22
Jul-24 2018Q1 Bharti Infratel IN BHIN IN 414.95 420.00 O 30,302 29,968 (1) 16.27 16.23
Jul-24 2018Q1 HDFC Bank IN HDFCB IN 1,693 1,764 O 175,248 177,404 1 68.44 69.23
Jul-24 (E) 2018Q1 Indiabulls Housing IN IHFL IN 1,150 1,185 O 36,047 39,788 10 85.33 94.59
Jul-24 2018Q1 L&T IN LT IN 1,181 1,373 O 66,573 68,050 2 47.62 48.67
Jul-24 2018Q1 ZEE IN Z IN 543.20 635.00 O 15,211 17,933 18 15.72 18.68
Jul-25 2018Q1 Asian Paints IN APNT IN 1,156 998.26 U 22,742 23,050 1 23.72 24.03
Jul-25 2018Q1 Axis Bank IN AXSB IN 520.15 490.00 N 62,837 67,131 7 26.27 27.95
Jul-25 (E) 2018Q1 Exide IN EXID IN 218.15 190.00 N 8,025 7,817 (3) 9.41 9.20
Jul-25 2018Q1 Hero Motocorp IN HMCL IN 3,766 3,140 N 38,014 37,304 (2) 190.71 186.80
Jul-25 2018Q1 ICICI Pru Life IN IPRU IN 474.45 379.07 N 18,309 16,908 (8) 12.79 11.78
Jul-25 2018Q1 Vedanta IN VEDL IN 273.25 290.00 O 103,164 108,720 5 29.13 36.67
Jul-26 2018Q1 Bharat Financial IN BHAFIN IN 773.00 800.00 O 5,184 6,754 30 37.97 48.94
Jul-26 2018Q1 HDFC IN HDFC IN 1,655 1,800 O 84,259 84,822 1 52.65 53.39
Jul-26 (E) 2018Q1 InfoEdge IN INFOE IN 1,032 1,050 O 2,184 2,008 (8) 16.72 16.51

20 July 2017
Jul-26 2017Q2 Nestle IN NEST IN 6,935 5,900 U 12,628 11,781 (7) 130.53 122.19
Jul-26 (E) 2018Q1 Welspun IN WLSI IN 88.50 115.00 O 6,521 6,046 (7) 6.51 6.02
29

Jul-26 2018Q1 Yes Bank IN YES IN 1,563 1,474 N 42,081 43,198 3 92.15 94.63
Jump-Start

Forthcoming results (20 Jul to 6 Aug 2017) (stocks with market cap > US$500 mn) (continued)
Net CS What we
Price profit vs EPS expect
Date of (local$) (local$ mn) Consensus (local$) in this
Results* Period Company Ctry Bberg 19 Jul Target Rating Consensus CS (%) Consensus CS results
Jul-27 2018Q1 Chola IN CIFC IN 1,149 1,230 O 8,848 9,623 9 56.62 61.55
Jul-27 2018Q1 Crompton Consumer IN CROMPTON IN 204.45 270.00 O 3,522 3,726 6 5.60 5.94
Jul-27 2018Q1 Dr. Reddy's IN DRRD IN 2,770 2,200 U 17,487 17,505 0 106.03 106.40
Jul-27 2018Q1 Glenmark IN GNP IN 707.65 700.00 N 11,921 12,174 2 42.59 43.15
Jul-27 2018Q1 HCL Tech IN HCLT IN 894.65 975.00 O US$1,326 US$1,301 (2) US$0.94 US$0.94
Jul-27 2018Q1 ICICI Bank IN ICICIBC IN 302.05 309.09 O 101,696 107,965 6 15.81 16.85
Jul-27 2018Q1 Idea Cellular IN IDEA IN 95.00 74.00 U (24,386) (29,695) n.m (6.97) (8.25)
Jul-27 2018Q1 IDFC Bank IN IDFCBK IN 62.00 68.00 N 10,698 11,796 10 3.18 3.47
Jul-27 2018Q1 ITC IN ITC IN 291.50 310.00 N 117,281 109,548 (7) 9.63 9.02
Jul-27 2018Q1 Maruti Suzuki IN MSIL IN 7,561 6,400 N 83,752 82,120 (2) 277.41 271.92
Jul-27 (E) 2018Q1 Shriram IN SHTF IN 970.75 1,350 O 16,361 21,559 32 71.55 95.03
Jul-27 2018Q1 Wabco IN WIL IN 5,442 5,750 N 2,729 2,734 0 143.85 144.12
Jul-28 (E) 2018Q1 Dish TV IN DITV IN 82.20 100.00 O 1,640 2,081 27 1.58 1.95
Jul-28 (E) 2018Q1 Eicher Motors IN EIM IN 29,181 21,800 U 22,008 23,524 7 809.69 866.12
Jul-28 2018Q1 LICHF IN LICHF IN 750.60 850.00 O 23,115 27,642 20 45.68 54.77
Jul-28 (E) 2018Q1 Pidilite Industries IN PIDI IN 797.90 920.00 O 9,550 9,397 (2) 18.67 18.33
Jul-28 (E) 2018Q1 PNB IN PNB IN 158.35 118.00 U 26,594 28,490 7 12.41 12.98
Jul-28 (E) 2018Q1 Shriram City IN SCUF IN 2,321 3,200 O 7,612 9,948 31 118.26 150.88
Jul-31 2018Q1 BEL IN BHE IN 173.70 200.00 O 16,456 19,090 16 7.36 8.55
Jul-31 2018Q1 Concor IN CCRI IN 1,179 880.00 U 9,058 8,548 (6) 37.67 35.07
Jul-31 2018Q1 Godrej Consumer IN GCPL IN 960.35 1000.00 O 15,375 15,874 3 22.56 23.30
Jul-31 2017Q2 Hexaware IN HEXW IN 247.00 200.00 N 4,577 4,421 (3) 15.23 14.63
Jul-31 2018Q1 Torrent IN TRP IN 1,299 1,370 O 9,735 8,969 (8) 57.46 52.99
Aug-01 2018Q1 JSW Steel IN JSTL IN 219.50 240.00 O 39,685 46,484 17 16.59 19.23
Aug-01 2018Q1 Tech Mahindra IN TECHM IN 396.65 500.00 O 28,981 29,489 2 32.01 33.15
Aug-02 2018Q1 Emami IN HMN IN 1,070 1,250 O 6,037 7,277 21 27.00 32.06
Aug-02 2018Q1 Lupin IN LPC IN 1,172 1,020 U 27,300 23,290 (15) 60.43 51.65
Aug-02 2018Q1 Voltas IN VOLT IN 493.95 585.00 O 5,607 5,574 (1) 16.98 16.85
Aug-03 (E) 2018Q1 Kajaria Ceramics IN KJC IN 668.15 675.00 N 3,030 3,039 0 18.96 19.09
Aug-03 2018Q1 Titan IN TTAN IN 532.05 560.00 O 10,113 10,473 4 11.37 11.80
Aug-03 (E) 2018Q1 TTK Prestige IN TTKPT IN 6,400 5,000 U 1,631 1,572 (4) 140.23 134.92
Aug-04 2018Q1 Apollo Tyres IN APTY IN 255.75 220.00 N 9,985 8,824 (12) 19.65 17.34
Aug-04 (E) 2018Q1 Arvind IN ARVND IN 379.85 450.00 O 4,156 3,529 (15) 17.03 13.68
Aug-04 (E) 2018Q1 Bharat Forge IN BHFC IN 1,148 1,030 N 8,077 7,822 (3) 34.59 33.59

20 July 2017
Aug-04 (E) 2018Q1 Cummins India IN KKC IN 966.05 875.00 N 8,610 8,562 (1) 30.99 30.89
30
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Forthcoming results (20 Jul to 6 Aug 2017) (stocks with market cap > US$500 mn) (continued)
Net CS What we
Price profit vs EPS expect
Date of (local$) (local$ mn) Consensus (local$) in this
Results* Period Company Ctry Bberg 19 Jul Target Rating Consensus CS (%) Consensus CS results
Aug-04 2018Q1 Dabur IN DABUR IN 306.75 275.00 N 14,151 14,188 0 8.04 8.07
Aug-04 2018Q1 HPCL IN HPCL IN 384.00 426.67 O 58,856 55,346 (6) 39.25 36.32
Aug-04 2018Q1 M&M IN MM IN 1,383 1,530 O 40,695 37,154 (9) 67.24 60.52
Aug-04 (E) 2018Q1 Marico IN MRCO IN 330.65 300.00 N 9,229 9,349 1 7.16 7.25
Aug-04 (E) 2018Q1 SBI IN SBIN IN 293.20 283.00 N 148,182 149,305 1 18.40 18.73
Aug-04 (E) 2018Q1 Union Bank IN UNBK IN 156.20 130.00 U 14,167 12,348 (13) 19.79 17.17
Jul-20 @ 16:00 2017Q2 KFG KR 105560 KS 56,600 65,000 O 2,774,018 2,948,834 6 6,837 7,053
Jul-20 2017Q2 POSCO KR 005490 KS 317,500 360,000 O 2,646,454 2,721,718 3 30,675 34,022
Jul-20 @ 16:00 2017Q2 SFG KR 055550 KS 50,800 60,000 O 2,961,960 3,121,409 5 6,199 6,384
Jul-21 @ 16:00 2017Q2 HFG KR 086790 KS 47,550 54,000 O 1,707,539 1,814,220 6 5,737 6,129
Jul-21 @ 16:30 2017Q2 IBK KR 024110 KS 14,450 13,000 N 1,293,818 1,188,336 (8) 2,095 1,950
Jul-21 2017Q2 SEMCO KR 009150 KS 102,000 130,000 O 194,094 182,713 (6) 2,518 2,288
Jul-24 (E) 2017Q2 Hotel Shilla KR 008770 KS 59,600 50,000 N 16,070 7,528 (53) 557 191
Jul-25 2017Q2 LG H & H KR 051900 KS 962,000 1,190,000 O 632,026 605,933 (4) 38,287 38,797
Jul-26 2017Q2 Amorepacific KR 090430 KS 303,500 410,000 O 577,621 614,601 6 9,380 10,513
Jul-26 (E) 2017Q2 Hyundai Dev KR 012630 KS 46,700 53,000 O 408,992 411,817 1 5,402 5,876
Jul-26 2017Q2 Hyundai Motor KR 005380 KS 148,500 155,000 N 5,452,009 4,993,848 (8) 21,073 17,493
Jul-26 2017Q2 LG Display KR 034220 KS 37,350 30,600 N 2,246,234 1,637,775 (27) 6,224 4,474
Jul-26 2017Q2 LG Innotek KR 011070 KS 159,000 185,000 O 228,575 265,339 16 9,700 11,211
Jul-26 (E) 2017Q2 Shinsegae KR 004170 KS 231,000 229,000 N 182,715 158,782 (13) 18,285 16,128
Jul-26 2017Q2 S-Oil KR 010950 KS 103,500 130,000 O 1,122,607 1,214,107 8 9,754 10,429
Jul-27 (E) 2017Q2 Cheil Ind KR 028260 KS 141,500 140,000 N 590,589 487,202 (18) 3,203 2,954
Jul-27 (E) 2017Q2 GCC KR 006280 KS 177,500 233,000 O 60,097 54,826 (9) 5,145 4,804
Jul-27 (E) 2017Q2 Hyundai E&C KR 000720 KS 47,200 42,000 U 575,814 442,251 (23) 4,872 3,968
Jul-27 (E) 2017Q2 Hyundai Heavy KR 009540 KS 170,000 245,000 O 393,160 362,995 (8) 7,621 6,406
Jul-27 2017Q2 Hyundai Wia KR 011210 KS 68,200 58,000 N 162,487 141,392 (13) 6,100 5,199
Jul-27 2017Q2 Kia Motors KR 000270 KS 37,050 35,000 N 2,336,551 1,911,370 (18) 5,877 4,715
Jul-27 @ 11:30 2017Q2 KT&G KR 033780 KS 115,000 130,000 O 1,139,467 1,149,655 1 8,518 9,132
Jul-27 2017Q2 LG Uplus KR 032640 KS 15,550 20,000 O 542,471 577,905 7 1,241 1,324
Jul-27 2017Q2 Mando KR 204320 KS 236,500 300,000 O 185,768 188,700 2 19,798 20,093
Jul-27 2017Q2 Naver KR 035420 KS 835,000 950,000 O 916,135 964,395 5 28,829 32,728
Jul-27 (E) 2017Q2 Nexen Tire KR 002350 KS 13,550 15,000 N 152,797 153,090 0 1,554 1,488
Jul-27 2017Q2 Samsung Heavy KR 010140 KS 11,750 19,000 O 85,891 96,786 13 272 346
Jul-27 2017Q2 Samsung SDI KR 006400 KS 178,000 115,000 N 643,737 445,566 (31) 9,124 6,483

20 July 2017
Jul-27 2017Q2 SK Innovation KR 096770 KS 167,500 210,000 O 2,228,517 2,215,659 (1) 24,196 23,775
Jul-27 2017Q2 SK Telecom KR 017670 KS 262,000 280,000 N 2,143,459 2,159,797 1 28,088 30,989
31
Jump-Start

Forthcoming results (20 Jul to 6 Aug 2017) (stocks with market cap > US$500 mn) (continued)
Net CS What we
Price profit vs EPS expect
Date of (local$) (local$ mn) Consensus (local$) in this
Results* Period Company Ctry Bberg 19 Jul Target Rating Consensus CS (%) Consensus CS results
Jul-28 (E) 2017Q2 BNK Financial KR 138930 KS 10,700 12,700 O 553,398 570,178 3 1,694 1,749
Jul-28 (E) 2017Q2 Daelim KR 000210 KS 91,100 105,000 O 470,500 433,570 (8) 12,055 11,232
Jul-28 (E) 2017Q2 GS E&C KR 006360 KS 33,000 31,000 N 192,155 217,846 13 2,564 2,791
Jul-28 2017Q2 Hyundai Steel KR 004020 KS 64,300 73,000 O 1,015,184 1,020,935 1 7,631 7,777
Jul-28 2017Q2 KT Corp KR 030200 KS 33,150 38,000 O 819,160 879,159 7 3,186 3,591
Jul-28 (E) 2017Q2 Samsung SDS KR 018260 KS 186,000 120,000 U 501,106 463,988 (7) 6,447 5,999
Jul-31 2017Q2 Dongbu Insurance KR 005830 KS 80,100 70,000 N 538,674 531,301 (1) 8,186 8,394
Jul-31 2017Q2 Hyundai M&F KR 001450 KS 44,500 38,000 O 408,460 383,847 (6) 4,903 4,814
Jul-31 (E) 2017Q2 Hyundai Mobis KR 012330 KS 247,500 285,000 O 2,989,405 2,707,242 (9) 30,994 27,810
Jul-31 @ 15:30 2017Q2 Samsung F&M KR 000810 KS 294,000 320,000 O 1,046,753 1,184,498 13 23,569 29,269
Jul-31 2017Q2 Seoul Semi KR 046890 KS 22,250 16,500 N 47,466 41,319 (13) 866 709
Jul-31 2017Q2 SK Materials KR 036490 KS 193,300 240,000 O 123,418 135,014 9 11,824 13,248
Aug-02 (E) 2017Q2 Coway KR 021240 KS 95,900 130,000 O 361,222 360,803 (0) 4,813 4,944
Aug-04 (E) 2017Q2 CJ CGV KR 079160 KS 69,200 100,000 O 37,127 45,510 23 1,680 2,151
Aug-04 (E) 2017Q2 CJ Logistics KR 000120 KS 181,000 250,000 O 91,904 113,528 24 4,384 6,441
Aug-04 (E) 2017Q2 KCC KR 002380 KS 430,500 480,000 O 209,327 184,922 (12) 20,030 18,805
Aug-04 (E) 2017Q2 KEPCO KR 015760 KS 42,850 51,000 N 4,993,232 5,463,026 9 7,740 8,510
Aug-04 (E) 2017Q2 Paradise KR 034230 KS 13,750 10,000 U 6,785 7,516 11 154 88
Jul-20 (E) 2017Q2 Maxis MY MAXIS MK 5.56 5.50 N 1,918 1,885 (2) 0.25 0.25 In line
Jul-25 (E) 2017Q2 Heineken MY HEIM MK 17.74 18.70 N 286 281 (2) 0.95 0.93
Jul-26 (E) 2017Q2 BAT Malaysia MY ROTH MK 43.60 49.90 N 635 743 17 2.24 2.60
Jul-28 (E) 2017Q2 Malaysia Airports MY MAHB MK 8.80 11.05 O 248 245 (1) 0.14 0.15
Jul-28 (E) 2017Q2 Public Bank MY PBK MK 20.36 18.90 U 5,322 5,126 (4) 1.36 1.32
Jul-28 (E) 2017Q3 Tenaga MY TNB MK 14.12 12.50 U 7,711 6,997 (9) 1.37 1.24
Jul-28 (E) 2017Q2 Asia United Bank PH AUB PM 59.50 50.20 N 2,065 2,065 0 4.25 4.25
Aug-01 (E) 2017Q2 PLDT PH TEL PM 1,680 1,600 U 22,635 24,456 8 99.81 113.19
Aug-02 (E) 2017Q2 BDO PH BDO PM 122.20 105.30 N 28,499 29,162 2 6.65 6.68
Aug-02 (E) 2017Q2 BPI PH BPI PM 104.60 80.50 U 22,899 21,571 (6) 5.82 5.48
Aug-02 (E) 2017Q2 SM Prime PH SMPH PM 34.50 30.00 U 27,568 27,132 (2) 0.96 0.94
Aug-03 (E) 2017Q2 Globe Telecom PH GLO PM 2,044 2,500 O 14,922 14,114 (5) 111.20 105.89
Aug-04 (E) 2017Q2 MBT PH MBT PM 91.70 100.30 O 19,855 21,017 6 6.27 6.61
Jul-26 (E) 2017Q2 UBL PK UBL PA 213.67 276.00 O 28,248 30,397 8 23.28 24.83
Jul-27 (E) 2017Q2 Fauji Fertilizer PK FFC PA 82.74 104.00 N 12,680 13,000 3 9.96 10.22
Jul-28 (E) 2017Q2 Pak Suzuki Motors PK PSMC PA 671.54 825.00 O 5,580 3,401 (39) 67.76 41.32

20 July 2017
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Forthcoming results (20 Jul to 6 Aug 2017) (stocks with market cap > US$500 mn) (continued)
Net CS What we
Price profit vs EPS expect
Date of (local$) (local$ mn) Consensus (local$) in this
Results* Period Company Ctry Bberg 19 Jul Target Rating Consensus CS (%) Consensus CS results
Jul-20 bef-mkt 2017Q2 Ascott Reit SG ART SP 1.18 1.11 N 146 160 9 0.07 0.06
Jul-20 2017Q2 Keppel Corp SG KEP SP 6.52 8.70 O 874 976 12 0.47 0.53
Jul-21 bef-mkt 2017Q2 CMT SG CT SP 2.00 2.25 N 394 410 4 0.11 0.11
Jul-21 2018Q1 SATS SG SATS SP 5.09 4.65 U 245 244 (0) 0.22 0.22
Jul-24 2017Q3 FCT SG FCT SP 2.11 2.24 O 108 109 1 0.12 0.12
Jul-24 2018Q1 MLT SG MLT SP 1.20 1.12 N 190 187 (2) 0.08 0.07
Jul-25 2018Q1 MINT SG MINT SP 1.86 1.83 N 213 208 (2) 0.12 0.12
Jul-26 bef-mkt 2017Q2 Suntec REIT SG SUN SP 1.92 1.46 U 262 166 (37) 0.10 0.10
Jul-27 2018Q1 A-REIT SG AREIT SP 2.67 2.62 N 465 491 6 0.16 0.16
Jul-27 2018Q1 MCT SG MCT SP 1.60 1.72 O 256 254 (1) 0.09 0.09
Jul-27 2017 SGX SG SGX SP 7.53 7.60 N 348 347 (0) 0.33 0.32 In line
Jul-27 2018Q1 SIA SG SIA SP 10.29 10.00 N 399 350 (12) 0.31 0.30
Jul-27 2017Q2 SMM SG SMM SP 1.68 2.40 O 112 128 14 0.05 0.06
Jul-28 bef-mkt 2017Q2 CDLHT SG CDREIT SP 1.58 1.63 O 113 121 8 0.09 0.09
Jul-28 bef-mkt 2017Q2 UOB SG UOB SP 24.25 25.60 O 3,278 3,603 10 1.99 2.18
Jul-31 bef-mkt 2017Q2 Raffles Medical SG RFMD SP 1.28 1.60 N 72 74 4 0.04 0.04
Aug-01 2017Q2 OUEHT SG OUEHT SP 0.76 0.78 N 75 91 21 0.04 0.05
Aug-02 2017Q2 StarHub SG STH SP 2.74 2.20 U 276 278 1 0.16 0.16
Aug-3 bef-mkt 2017Q2 CapitaLand SG CAPL SP 3.68 3.80 N 1,029 962 (7) 0.21 0.23
Aug-03 2017Q2 GENS SG GENS SP 1.10 1.35 O 527 471 (11) 0.04 0.04
Aug-03 2017Q2 SCI SG SCI SP 3.18 3.60 N 473 421 11 0.22 0.24
Aug-04 (E) 2017Q2 Bumitama SG BAL SP 0.74 0.90 O Rp1,285,850 Rp1,380,002 7 Rp713.89 Rp785.19
Aug-04 bef-mkt 2017Q2 DBS SG DBS SP 21.86 22.70 O 4,680 4,721 1 1.84 1.85
Aug-04 (E) 2017Q2 UOL SG UOL SP 7.86 9.00 O 364 356 (2) 0.46 0.44
Aug-04 2017Q2 Venture SG VMS SP 13.24 13.40 O 218 216 (1) 0.78 0.77
Aug-04 (E) 2017Q2 Yangzijiang SG YZJSGD SP 1.38 1.10 N Rmb2,024 Rmb2,014 (0) Rmb0.53 Rmb0.53
Jul-20 (E) 2017Q2 SCB TH SCB TB 153.50 141.00 N 48,607 45,826 (6) 14.34 13.48
Jul-21 (E) 2017Q2 BAY TH BAY TB 36.00 35.00 U 25,717 24,053 (6) 3.28 3.27
Jul-21 (E) 2017Q2 BBL TH BBL TB 184.50 208.00 O 33,466 33,789 1 18.21 17.70
Jul-21 (E) 2017Q2 KTB TH KTB TB 18.50 18.00 U 32,713 33,277 2 2.34 2.38
Jul-21 (E) 2017Q2 SCCC TH SCCC TB 318.00 327.07 O 4,212 5,081 21 15.36 21.25
Jul-25 (E) 2017Q2 Home Pro TH HMPRO TB 9.35 9.40 N 4,707 4,751 1 0.36 0.36
Jul-26 (E) 2017Q2 KBANK TH KBANK TB 198.50 192.00 N 40,153 41,652 4 16.56 17.40
Jul-26 2017Q2 SCC TH SCC TB 508.00 591.00 O 55,491 51,180 (8) 46.15 42.65

20 July 2017
Jul-27 2017Q2 AIS TH ADVANC TB 187.50 218.00 O 29,692 31,156 5 9.98 10.48 In line
33
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Forthcoming results (20 Jul to 6 Aug 2017) (stocks with market cap > US$500 mn) (continued)
Net CS What we
Price profit vs EPS expect
Date of (local$) (local$ mn) Consensus (local$) in this
Results* Period Company Ctry Bberg 19 Jul Target Rating Consensus CS (%) Consensus CS results
Aug-03 (E) 2017Q2 IRPC TH IRPC TB 5.20 5.60 O 10,270 10,189 (1) 0.50 0.50
Aug-03 (E) 2018Q1 VGI TH VGI TB 5.40 5.30 N 869 912 5 0.12 0.13
Aug-04 (E) 2017Q2 LPN TH LPN TB 11.50 10.60 U 1,510 1,472 (3) 1.02 1.00
Jul-25 (E) 2017Q2 Kinsus TW 3189 TT 83.00 82.00 N 2,246 2,081 (7) 5.13 4.67
Jul-25 2017Q2 Merry TW 2439 TT 209.50 176.00 O 2,288 2,264 (1) 11.75 11.31
Jul-25 2017Q2 Powertech TW 6239 TT 104.00 112.00 O 5,909 5,963 1 7.54 7.65
Jul-26 2017Q2 AUO TW 2409 TT 12.55 12.00 N 31,472 34,528 10 3.17 3.59
Jul-26 2017Q2 Elan TW 2458 TT 45.65 43.00 N 1,006 1,036 3 2.23 2.39
Jul-26 2017Q2 Innolux TW 3481 TT 15.55 15.00 N 34,577 42,580 23 3.52 4.28
Jul-26 2017Q2 UMC TW 2303 TT 14.80 12.00 N 8,521 7,903 (7) 0.70 0.65 In line
Jul-27 2017Q2 Coretronic TW 5371 TT 38.55 44.00 N 2,011 2,198 9 4.41 5.06
Jul-28 2017Q2 Delta Elec TW 2308 TT 163.50 190.00 O 21,070 20,936 (1) 8.12 8.06
Jul-28 2017Q2 Lite-on Tech TW 2301 TT 52.10 56.00 N 10,490 10,606 1 4.46 4.51
Jul-28 (E) 2017Q2 Radiant TW 6176 TT 68.30 45.00 U 3,104 2,991 (4) 6.63 6.43
Jul-28 (E) 2017Q2 Realtek TW 2379 TT 115.00 120.00 O 3,496 3,534 1 6.92 7.00
Jul-31 2017Q2 Chroma TW 2360 TT 103.00 105.00 O 2,038 2,090 3 5.17 5.19
Jul-31 (E) 2017Q2 Feng Hsin Steel TW 2015 TT 51.10 53.00 N n.a 2,261 n.a n.a 3.89
Jul-31 2017Q2 MediaTek TW 2454 TT 261.00 225.00 N 19,890 11,736 (41) 12.59 7.50
Jul-31 2017Q2 Vanguard TW 5347 TT 56.30 51.00 N 4,804 4,410 (8) 2.96 2.68
Jul-31 2017Q2 Win Semi TW 3105 TT 180.00 145.00 N 3,197 3,204 0 7.93 7.95
Aug-01 (E) 2017Q2 Chipbond TW 6147 TT 51.00 54.00 O 2,237 2,176 (3) 3.44 3.35
Aug-01 2017Q2 Novatek TW 3034 TT 120.00 136.00 O 5,176 5,172 (0) 8.45 8.50
Aug-01 (E) 2017Q2 TaiMed TW 4147 TT 187.00 230.00 O (283) (288) n.m (0.99) (1.15)
Aug-02 (E) 2017Q2 HTC TW 2498 TT 72.30 65.00 U (6,197) (3,799) n.m (7.61) (4.62)
Aug-02 2017Q2 Parade TW 4966 TT 459.00 425.00 O 1,700 1,754 3 21.96 22.68
Aug-02 (E) 2017Q2 WPG TW 3702 TT 41.95 40.00 N 7,464 6,919 (7) 4.28 4.00 In line
Aug-03 2017Q2 Himax TW HIMX US US$8.52 US$8.70 N US$16 US$17 6 US$0.10 US$0.10
Aug-03 2017Q2 TPK TW 3673 TT 100.50 95.00 N 2,860 3,149 10 8.21 9.09
Aug-04 (E) 2017Q2 Casetek TW 5264 TT 101.50 120.00 O 2,886 2,981 3 8.49 8.77

20 July 2017
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Forthcoming results (20 Jul to 6 Aug 2017) (stocks with market cap > US$500 mn) (continued)
Net CS What we
Price profit vs EPS expect
Date of (local$) (local$ mn) Consensus (local$) in this
Results* Period Company Ctry Bberg 19 Jul Target Rating Consensus CS (%) Consensus CS results
End Jul (E) 2017Q2 FPT Corp. VN FPT VN 46,900 56,200 O 2,742,741 2,449,857 (11) 4,184.88 4,193.15
End Jul (E) 2017Q2 Mobile World VN MWG VN 102,100 119,000 O 2,310,089 2,370,336 3 7,109.66 7,700.79 In line
Aug-01 (E) 2017Q2 Masan VN MSN VN 41,000 48,000 N 3,454,214 2,793,040 (19) 2,696.94 2,453.78
Aug-02 (E) 2017Q2 Vinamilk VN VNM VN 153,000 151,000 N 10,535,489 9,364,247 (11) 6,641.79 6,451.76
Aug-02 (E) 2017Q2 Vingroup VN VIC VN 42,000 44,100 N 3,726,000 6,464,905 74 1,325.74 2,450.96
Aug-04 (E) 2017Q2 ACB VN ACB VN 25,100 24,000 N 1,701,616 1,580,800 (7) 1,684.88 1,603.41
Notes: — Credit Suisse and consensus net profits and EPS are based on full year forecasts, — This calendar excludes stocks with market cap less than US$500 mn
— The date of release for stocks listed in US are based on HK date and time, all other stocks are based on the date & time of the listed exchange
* Confirmed dates but are subject to change, (E) = estimated date
Positive surprise, Negative surprise. Source: the BLOOMBERG PROFESSIONAL™ service., Company data, Datastream, Credit Suisse estimates.

20 July 2017
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Results reported 13 Jul - 19 Jul 2017 (stocks with market cap > US$3 bn)
% chg in CS % chg in
% Consensus Consensus cons. EPS CS CS EPS
Date of Price ($) upside / Reported YoY QoQ EPS EPS EPS post pre- EPS post
Results Period Company Ctry Sector Bberg Rating Ccy 19 Jul Target downside Ccy EPS (%) (%) pre-results 19 Jul results results 19 Jul results
Jul-14 2017Q2 Suofeiya CN Consumer Durables & Apparel 002572 CH O CNY 39.48 45.00 14.0 CNY Q2 n.a n.a n.a 1.03 1.04 0.7 1.04 1.04 0.0
Jul-19 2017Q2 Sanan CN Technology 600703 CH O CNY 19.00 23.60 24.2 CNY Q2 n.a n.a n.a 0.75 0.75 0.0 0.72 0.73 1.3
Jul-18 2017H1 HKE HK Utilities 2638 HK U HKD 7.33 5.30 (27.7) HKD H1 0.11 (9) n.a 0.39 0.39 0.0 0.36 0.37 3.9
Jul-19 2017Q2 BMRI ID Banks BMRI IJ N IDR 13,325 12,200 (8.4) IDR Q2 230.75 65 32 820.53 820.53 0.0 765.63 765.63 0.0
Jul-13 2018Q1 TCS IN Technology TCS IN N INR 2,450 2,250 (8.2) INR Q1 30.40 (5) (9) 138.33 135.16 (2.3) 134.72 133.96 (0.6)
Jul-14 2018Q1 Infosys IN Technology INFO IN N INR 979.90 1,025 4.6 INR Q1 15.24 1 (3) 63.70 63.88 0.3 63.10 63.34 0.4
Jul-17 2017Q2 ACC IN Building Materials & Construction ACC IN N INR 1,733 1,300 (25.0) INR Q2 17.37 32 55 48.34 48.98 1.3 48.17 48.17 0.0
Jul-18 2018Q1 Hindustan Unilever IN Consumer Staples HUVR IN N INR 1,153 1,200 4.1 INR Q1 5.93 9 8 22.72 22.80 0.4 23.17 23.84 2.9
Jul-18 2018Q1 Ultratech IN Building Materials & Construction UTCEM IN U INR 4,207 2,900 (31.1) INR Q1 32.67 15 24 108.72 108.45 (0.3) 115.00 115.00 0.0
Jul-19 2018Q1 Bajaj Finance IN Diversified Financials BAF IN U INR 1,543 1000.00 (35.2) INR Q1 11.00 39 34 44.43 44.51 0.2 40.16 41.76 4.0
Jul-19 2018Q1 Havells IN Capital Goods HAVL IN N INR 467.45 535.00 14.5 INR Q1 1.94 (17) 28 11.30 11.30 0.0 11.79 10.54 (10.6)
Jul-17 2017Q2 Hanssem KR Consumer Durables & Apparel 009240 KS O KRW 170,000 210,000 23.5 KRW Q2 n.a n.a n.a 7,247.98 7,080.13 (2.3) 8,432.33 7,950.55 (5.7)
Jul-19 2017Q2 CCT SG Real Estate CCT SP N SGD 1.72 1.54 (10.5) SGD Q2 0.11 330 385 0.09 0.09 0.0 0.09 0.09 0.0
Jul-13 2017Q2 TAC TH Telecommunication Services DTAC TB N THB 56.50 54.00 (4.4) THB Q2 0.31 417 210 0.67 0.71 5.9 0.62 0.62 0.0
Jul-17 2017Q2 TMB Bank TH Banks TMB TB N THB 2.32 2.40 3.4 THB Q2 0.05 8 11 0.20 0.20 0.5 0.20 0.20 0.0
Jul-13 2017Q2 Largan TW Technology 3008 TT O TWD 5,580 5,800 3.9 TWD Q2 35.14 28 (3) 230.25 221.46 (3.8) 220.85 210.09 (4.9)
Jul-13 2017Q2 TSMC TW Technology 2330 TT N TWD 214.50 210.00 (2.1) TWD Q2 2.56 (9) (24) 13.50 13.18 (2.3) 12.90 12.90 0.0
Source: the BLOOMBERG PROFESSIONAL™ service, IBES, Credit Suisse estimates.

20 July 2017
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EPS revisions—current vs start of reporting season

CS EPS revisions (%) Consensus EPS revisions (%) Current CS EPS/ Consensus EPS (%)
2017 2018 2017 2018 2017 2018
China 0.1 0.1 -1.1 -1.2 98 99
Hong Kong 0.5 -0.1 0.3 0.6 101 100
India -0.3 -0.6 -4.4 -4.1 101 101
Indonesia -0.0 -0.1 -0.4 -0.4 50 50
Korea -0.7 -0.8 2.0 3.8 101 99
Malaysia -0.1 -0.1 0.4 0.6 100 102
Philippines 1.0 1.2 -0.3 -0.6 101 101
Pakistan 0.0 0.0 -1.4 -1.5 102 106
Singapore -0.9 0.3 -0.8 -0.2 102 102
Taiwan -0.7 -0.0 -0.8 -0.1 100 99
Thailand -0.4 -0.2 0.1 -0.1 100 101
Vietnam -0.0 -0.0 -3.5 -4.1 110 107
Asia X Japan -0.1 0.1 -0.7 -0.0 96 96

Automobiles & Components -0.3 -0.4 -1.2 -0.5 95 95

Banks -0.0 0.1 -0.5 0.1 97 97
Building Materials & Construction -0.8 0.1 -0.9 0.3 108 107
Capital Goods 1.1 1.8 -1.9 -1.9 97 96
Chemicals 0.0 0.0 1.3 1.3 101 99
Conglomerates 0.0 0.0 -0.1 -0.6 101 97
Consumer Durables & Apparel -0.1 -0.0 -0.2 0.8 97 95
Consumer Staples -0.7 -0.6 -1.6 -1.3 60 59
Diversified Financials 0.1 0.5 -0.0 0.6 96 95
Energy -1.2 -0.7 -7.4 -6.8 94 106
Environmental Services -0.1 -0.1 0.7 0.6 96 95
Healthcare 0.1 -0.8 -0.4 0.1 98 97
Hotels, Restaurants & Leisure 0.3 -0.6 -3.2 -2.4 104 109
Insurance 1.7 2.0 0.9 0.9 101 100
Media -0.6 0.1 -0.6 -0.4 105 104
Metals & Mining 3.2 1.0 0.2 0.2 111 110
Real Estate 0.0 0.1 0.6 2.0 93 91
Retailing 1.7 2.2 1.0 2.3 101 101
Technology 0.5 0.8 1.8 3.6 101 99
Telecommunication Services -0.3 -0.4 0.2 0.6 101 100
Transportation 2.0 1.7 0.5 1.7 103 100
Utilities 0.4 0.4 0.1 1.4 97 96

20 July 2017
Source: IBES, Credit Suisse estimates
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Credit Suisse Valuation Summary (by country)

20 July 2017
38
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Summary—valuation summary
CS / Dvd EV/ EV/
Upside/ Market Last Cons. EPS Yld Sales EBITDA NetDebt/ HOLT
COUNTRY downside cap Absolute Performance (%) FYE EPS growth (%) PE (x) (%) (%) ROE (%) P/BV (x) (x) (x) Equity (%) coverage
(%) (USDbn) 1w 1m 3m YTD 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1 T+1 T+2 T+1 T+2 T+1 T+1 T+1 T+2
Australia 5 1,354 1 (1) (2) 1 5 Jun-16 20 9 1 19.6 16.3 15.0 14.9 99 104 4.4 12.4 12.8 1.9 1.9 1.9 8.7 37 34 642
China 10 5,645 4 7 16 32 35 Dec-16 14 13 10 13.6 11.9 10.6 9.3 98 99 2.6 12.4 12.8 1.4 1.2 1.5 8.8 24 18 1,537
Hong Kong 3 755 2 3 11 21 23 Dec-16 5 8 4 17.2 16.4 15.2 15.7 100 100 2.9 7.0 7.3 1.1 1.1 2.1 10.9 14 11 964
India -1 1,389 0 2 9 20 15 Mar-17 21 18 20 23.3 19.2 16.2 14.8 102 101 1.8 15.1 16.2 2.8 2.5 1.9 10.9 36 28 646
Indonesia 11 318 (0) 1 4 10 12 Dec-16 17 16 14 21.3 18.1 15.7 14.0 50 50 2.5 17.1 18.0 3.0 2.7 2.6 10.5 22 16 202
Japan 7 2,302 0 1 10 7 22 Mar-17 14 8 9 18.6 16.3 14.8 13.7 100 100 2.1 9.9 10.2 1.6 1.5 1.1 9.1 19 13 3,555
Korea 14 883 2 2 13 20 20 Dec-16 35 7 6 13.7 10.1 9.5 8.6 102 99 1.7 10.7 10.5 1.0 0.9 0.9 5.2 12 6 744
Malaysia 4 222 0 (2) 1 7 5 Dec-16 4 8 8 17.3 16.7 15.5 14.3 100 101 3.0 10.6 10.8 1.7 1.6 2.6 10.0 35 32 275
Pakistan 18 31 4 (3) (7) (5) 16 Dec-16 (1) 18 10 9.2 9.3 7.9 7.3 102 107 5.3 16.7 18.1 1.5 1.4 1.2 6.2 10 7 59
Philippines -5 79 0 0 5 17 (1) Dec-16 2 12 17 19.7 19.4 17.6 15.7 101 101 1.6 12.7 12.8 2.3 2.1 4.9 12.3 70 69 106
Singapore 7 285 4 2 6 15 14 Dec-16 9 8 6 17.3 15.8 14.6 13.4 100 102 3.5 8.4 8.8 1.3 1.2 2.0 13.9 39 39 264
Taiwan 2 639 1 2 9 14 16 Dec-16 12 8 9 17.1 15.2 14.0 13.7 100 99 3.9 13.0 13.4 1.9 1.8 0.9 7.8 (8) (12) 681
Thailand 9 327 0 (0) 1 2 6 Dec-16 5 10 8 16.0 15.3 13.9 12.3 100 101 3.1 13.2 13.6 2.0 1.8 1.6 8.9 41 36 241
Vietnam 5 21 (0) 1 8 16 16 Dec-16 26 24 14 22.8 18.1 14.6 13.7 110 108 2.3 22.4 24.0 3.8 3.2 1.7 10.4 38 12 33

SECTOR - NJA
Automobiles & Components 0 493 1 3 14 29 40 Dec-16 3 15 6 13.8 13.4 11.6 9.0 94 95 2.4 13.2 13.7 1.7 1.6 0.8 8.1 (11) (16) 201
Banks 7 2,062 2 3 8 16 22 Dec-16 1 6 8 7.8 7.7 7.2 6.7 98 98 3.7 12.9 12.6 0.9 0.9 n.a. n.a. n.a. n.a. 185
Building Materials & Construction 2 79 1 2 4 14 7 Dec-16 11 11 8 19.3 17.4 15.6 11.3 109 107 2.3 13.4 14.0 2.2 2.1 2.0 10.1 27 22 228
Capital Goods 3 321 3 4 0 15 19 Dec-16 23 12 11 17.4 14.1 12.7 10.5 96 95 1.8 9.5 9.7 1.3 1.2 0.8 10.3 26 23 787
Chemicals 1 70 1 2 4 25 27 Dec-16 (3) 6 5 16.7 17.3 16.3 12.2 101 99 2.8 16.4 15.6 2.7 2.5 1.8 10.3 28 20 280
Conglomerates 4 296 1 (1) 2 17 18 Dec-16 8 5 7 13.1 12.1 11.6 14.5 101 97 2.2 7.4 7.4 0.9 0.8 1.3 6.7 19 15 58
Consumer Durables & Apparel 7 228 (0) 2 11 33 38 Dec-16 8 12 10 20.0 18.6 16.6 13.7 97 95 2.7 17.7 18.1 3.1 2.9 1.1 11.2 (29) (31) 294
Consumer Staples 8 691 (0) (1) 6 19 16 Dec-16 9 13 8 27.8 25.4 22.6 21.3 60 59 2.1 17.4 18.1 4.2 3.9 2.2 15.2 14 7 434
Diversified Financials 11 290 2 2 5 16 15 Dec-16 9 12 10 14.2 13.0 11.6 10.3 96 95 2.5 11.5 11.9 1.4 1.3 n.a. n.a. n.a. n.a. 192
Energy 12 672 2 0 (4) 3 11 Dec-16 88 30 (8) 28.4 15.1 11.7 12.5 94 106 3.0 7.6 9.3 1.0 0.9 0.8 5.8 26 23 192
Environmental Services -9 21 2 (2) (4) 18 27 Dec-16 16 18 15 19.3 16.6 14.0 12.2 96 95 1.8 15.3 16.1 2.4 2.1 4.1 12.4 80 84 26
Healthcare 5 246 2 1 1 10 10 Dec-16 9 14 13 25.7 23.6 20.8 18.4 98 97 1.0 16.2 16.6 3.6 3.3 2.0 15.7 (2) (8) 400
Hotels, Restaurants & Leisure 20 167 2 (2) 5 26 48 Dec-16 (2) 22 19 22.7 23.1 18.9 15.8 104 109 2.6 14.2 16.3 3.2 3.0 2.9 12.2 15 7 141
Insurance 14 559 4 9 23 33 41 Dec-16 11 10 12 17.4 15.7 14.2 12.2 101 100 1.8 11.9 12.0 1.7 1.6 n.a. n.a. n.a. n.a. 42
Media 20 29 2 (1) (5) 18 17 Dec-16 19 19 14 31.3 26.3 22.1 16.8 105 104 1.9 27.5 30.0 6.9 6.4 4.2 13.1 23 13 148
Metals & Mining 13 149 3 10 9 17 35 Dec-16 124 14 6 26.6 11.9 10.5 9.5 111 109 3.7 10.7 11.5 1.2 1.2 1.3 7.4 56 46 238
Real Estate -8 590 3 6 13 42 42 Dec-16 12 12 7 14.9 13.3 11.9 11.1 93 91 3.2 8.5 9.0 1.1 1.0 2.1 9.0 37 33 0
REITS -3 58 2 1 7 16 7 Dec-16 4 5 5 22.0 21.3 20.3 19.5 97 96 5.0 4.9 5.0 1.0 1.0 n.a. 24.0 41 42 0
Retailing 11 70 1 1 11 36 48 Dec-16 28 15 12 25.1 19.6 17.0 15.3 101 101 1.9 8.3 8.8 1.5 1.4 0.7 10.3 36 33 188
Software & Services 5 1,258 3 7 24 52 59 Dec-16 27 26 17 39.9 31.4 24.9 21.1 103 104 0.4 21.6 22.6 6.1 5.2 5.0 22.4 (28) (40) 217
Technology Hardware 6 984 3 7 21 40 53 Dec-16 55 9 8 20.4 13.2 12.1 11.4 101 97 2.4 16.2 15.3 2.0 1.8 1.0 6.3 (9) (14) 676
Telecommunication Services 16 640 2 1 3 9 2 Dec-16 5 9 7 17.9 17.0 15.6 14.3 101 100 3.3 10.1 10.6 1.7 1.6 1.8 5.5 11 7 58
Transportation 7 217 1 3 10 25 22 Dec-16 16 8 17 19.7 17.1 15.9 12.2 103 100 2.0 10.2 10.4 1.7 1.6 1.9 9.9 55 52 208
Utilities 1 388 1 3 5 14 8 Dec-16 (4) 12 6 13.0 13.6 12.1 11.4 97 96 3.1 10.1 10.5 1.3 1.2 3.2 9.5 95 88 180
CS TOTAL - NJA 7 10,593 3 4 12 26 24 Dec-16 13 11 8 15.3 13.5 12.2 10.8 96 96 2.5 11.9 12.2 1.5 1.4 1.5 8.8 21 16 5,752
CS TOTAL - ASIA PAC 6 14,249 2 2 9 18 19 Dec-16 14 10 8 16.1 14.2 12.8 11.5 97 97 2.6 11.6 11.9 1.5 1.4 1.4 8.9 22 17 9,949

20 July 2017
Source: Thomson Reuters, Credit Suisse estimates
* Country/sector aggregates are based on Credit Suisse coverage universe.
Upside(%): bottom_up upside/downside to index
39
Jump-Start

Australia—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Automobiles & Components Paul Buys - 61 2 8205 4538
AP Eagers Limited APE AU N A$ 8.85 8.00 (10) 1,344 0.4 (1) 13 5 (4) (24) (2) 14 7 (5) (30) Dec-16 (9) 5 4 17.4 19.1 18.2 17.4 94 94 3.6 11.8 2.2 0.6 14.6 91
ARB Corp ARB AU N A$ 15.45 15.45 0 973 2.6 (1) (3) 4 (12) (13) (2) (1) 5 (14) (18) Jun-16 10 13 11 27.1 24.6 21.7 19.6 100 101 2.3 19.1 4.5 3.2 15.1 (7)
Automotive Holdings Group Ltd AHG AU O A$ 3.63 3.60 (1) 957 3.3 4 13 (7) (8) (15) 3 15 (6) (9) (20) Jun-16 (13) 7 7 11.5 13.1 12.2 11.5 105 101 5.5 12.1 1.5 0.4 10.0 125
Sector Aggregate (4) 3,274 1 8 1 (8) (18) (0) 10 3 (9) (23) Jun-16 (3) 5 7 16.9 17.5 16.7 15.7 100 99 3.9 13.4 2.2 0.6 12.4 93

Banks James Ellis/ Jarrod Martin - 61 2 8205 4531/ 61 2 8205 4334

ANZ Banking Group ANZ AU N A$ 29.41 31.00 5 68,697 153.4 4 4 (7) (3) 18 2 5 (5) (4) 13 Sep-16 17 4 1 15.6 13.3 12.8 12.6 99 100 5.4 11.9 1.5 n.a. n.a. n.a.
Bank of Queensland BOQ AU N A$ 12.06 12.75 6 3,757 17.3 2 8 4 2 17 1 10 5 0 12 Aug-16 (3) 6 5 13.3 13.7 13.0 12.4 97 99 6.3 9.7 1.3 n.a. n.a. n.a.
Bendigo and Adelaide Bank BEN AU U A$ 11.31 11.90 5 4,294 18.4 0 5 (4) (11) 15 (1) 6 (3) (12) 10 Jun-16 0 2 2 13.3 13.3 13.0 12.8 98 96 6.1 8.8 1.0 n.a. n.a. n.a.
Clydesdale Bank CYB AU N A$ 4.56 5.25 15 2,717 10.6 (4) (3) (3) (5) 8 (5) (2) (2) (7) 2 Sep-16 138 14 20 31.6 13.3 11.6 9.7 110 109 0.7 5.5 0.9 n.a. n.a. n.a.
Commonwealth Bank Australia CBA AU N A$ 83.81 89.00 6 115,288 208.1 2 1 (2) 2 10 1 2 (0) 1 5 Jun-16 16 4 4 17.6 15.1 14.6 14.0 99 101 5.0 16.1 2.3 n.a. n.a. n.a.
National Australia Bank NAB AU O A$ 30.30 34.50 14 64,705 139.1 2 0 (7) (1) 17 1 1 (6) (2) 12 Sep-16 2 2 2 13.1 12.8 12.6 12.4 99 100 6.4 14.4 1.7 n.a. n.a. n.a.
Westpac WBC AU O A$ 31.94 34.00 6 86,212 172.0 4 3 (7) (2) 6 3 5 (5) (3) 1 Sep-16 2 2 5 14.3 13.9 13.6 13.0 98 97 5.8 13.6 1.8 n.a. n.a. n.a.
Sector Aggregate 6 345,670 3 2 (5) (1) 12 2 3 (3) (2) 7 Jun-16 6 4 3 14.7 13.9 13.4 12.9 99 100 5.6 13.6 1.8 n.a. n.a. n.a.

Building Materials & Construction Andrew Peros/ Peter Wilson - 61 2 8205 4013/ 61 2 8205 4107
Adelaide Brighton ABC AU N A$ 5.58 5.70 2 2,885 8.3 1 (1) 0 3 (3) 0 0 2 2 (8) Dec-16 9 3 (0) 19.5 17.8 17.4 17.4 101 101 4.1 16.3 2.8 2.5 10.6 28
Boral BLD AU O A$ 6.90 7.05 2 6,432 24.0 3 (2) 18 28 12 1 (1) 20 26 7 Jun-16 (10) 13 17 19.3 21.3 18.9 16.2 97 94 3.8 7.1 1.4 1.5 9.7 (19)
CSR CSR AU N A$ 4.17 4.90 18 1,673 10.0 1 (2) (9) (10) 7 (0) (1) (7) (11) 2 Mar-17 14 (25) (2) 11.4 10.0 13.4 13.6 101 103 6.3 17.2 1.7 0.8 5.0 (2)
Downer EDI DOW AU N A$ 6.41 5.90 (8) 3,031 15.3 4 5 13 12 64 3 6 15 10 59 Jun-16 (29) 11 4 15.9 22.5 20.3 19.4 84 90 3.8 7.0 1.3 0.4 5.8 (25)
James Hardie Industries plc JHX AU O A$ 19.26 20.85 8 6,753 22.0 (0) (4) (9) (12) (12) (1) (3) (7) (14) (18) Mar-17 12 19 23 27.2 24.2 20.3 16.5 101 100 2.8 (125.1) n.m. 3.4 15.0 n.m.
Sector Aggregate 5 20,775 1 (2) 4 6 9 0 (0) 6 5 4 Jun-16 (6) 11 9 19.4 20.6 18.6 17.1 97 98 3.6 13.4 2.5 1.4 9.7 (9)

Capital Goods Andrew Peros/ Ian Randall - 61 2 8205 4013/ 612 8205 4580
CIMIC Group Limited CIM AU U A$ 41.03 28.00 (32) 10,579 11.5 9 4 14 17 23 8 5 16 16 18 Dec-16 20 2 2 23.4 19.5 19.1 18.8 101 97 3.1 19.8 3.7 0.8 9.8 (5)
Dulux Group DLX AU N A$ 6.84 6.85 0 2,117 8.5 2 (4) 4 10 3 1 (3) 6 8 (2) Sep-16 7 (2) 2 20.3 19.0 19.5 19.1 101 96 3.8 36.7 6.7 1.7 12.6 103
GWA GROUP Limited GWA AU N A$ 3.17 2.90 (9) 665 2.0 1 2 5 7 57 0 4 7 6 52 Jun-16 2 (5) (5) 16.3 15.9 16.8 17.7 102 101 5.3 17.5 2.8 2.1 10.9 31
Sector Aggregate (26) 13,362 8 3 12 16 22 7 4 14 15 17 Jun-16 14 8 1 23.5 20.5 19.1 18.8 101 99 3.1 19.3 4.1 1.0 11.0 5

Chemicals Grant Saligari - 61 3 9280 1720

Incitec Pivot IPL AU U A$ 3.36 3.37 0 4,508 16.8 (1) (3) (6) (7) 16 (2) (2) (4) (8) 11 Sep-16 20 1 (5) 19.1 16.0 15.8 16.6 104 85 3.1 7.5 1.2 2.0 8.6 32
Nufarm NUF AU N A$ 8.99 10.10 12 1,908 5.6 (0) (10) (6) (2) 15 (1) (9) (5) (3) 10 Jul-16 31 28 12 24.4 18.7 14.6 13.0 98 103 1.6 9.5 1.7 1.0 7.3 34
Orica ORI AU N A$ 19.93 18.71 (6) 5,975 18.1 (2) (2) 13 13 54 (3) (1) 15 12 49 Sep-16 2 2 13 19.1 18.8 18.5 16.3 99 97 2.7 13.8 2.5 1.8 10.2 49
Sector Aggregate (1) 12,392 (1) (4) 3 3 34 (2) (3) 5 2 29 Jun-16 5 7 6 19.0 18.1 16.9 16.0 100 95 2.6 9.6 1.7 1.7 9.3 39

Commercial Services & Supplies Matthew Nicholas/ Paul Butler/ Paul Buys/ Peter Wilson - 61 2 8205 4210/ 61 2 8205 4309/ 61 2 8205 4538/ 61 2 8205 4107
ALS Ltd ALQ AU O A$ 7.31 7.80 7 2,931 9.5 (4) 5 18 21 44 (5) 6 19 20 38 Mar-17 29 19 10 32.9 25.6 21.6 19.6 101 98 2.4 12.0 3.0 3.0 13.2 36
Brambles BXB AU U A$ 9.76 8.90 (9) 12,336 43.1 4 (7) (1) (21) (26) 3 (6) 0 (22) (31) Jun-16 (6) 8 5 19.5 20.8 19.3 18.3 97 96 2.8 15.3 4.1 2.7 9.9 82
Cleanaway Waste Management CWY AU N A$ 1.32 1.23 (7) 1,673 3.6 0 (7) 7 7 62 (1) (6) 8 6 57 Jun-16 11 21 15 32.7 29.5 24.4 21.2 101 101 1.5 3.9 1.1 1.8 8.0 17
IRESS IRE AU O A$ 13.01 12.70 (2) 1,772 3.7 4 6 9 10 15 2 7 11 8 9 Dec-16 17 11 10 30.5 26.1 23.4 21.3 103 102 3.7 20.3 5.4 5.6 18.4 37
McMillan Shakespeare MMS AU O A$ 14.20 12.50 (12) 940 3.3 3 8 7 31 (1) 2 10 9 29 (6) Jun-16 (1) 8 8 13.6 13.8 12.8 11.9 100 102 4.5 22.4 3.0 2.9 11.0 72
Programmed Maintenance Services
PRG AU N A$ 2.98 3.02 1 610 1.7 65 59 73 55 81 64 60 74 54 76 Mar-17 6 11 10 18.4 17.3 15.5 14.2 99 103 2.9 7.2 1.2 0.4 9.2 25
SmartGroup Corporation Ltd SIQ AU O A$ 7.22 7.45 3 707 1.1 (0) 5 13 15 6 (1) 6 14 14 1 Dec-16 16 13 8 18.1 15.6 13.8 12.8 106 107 3.9 28.3 4.2 4.9 10.6 11
Sector Aggregate (5) 20,968 4 (1) 6 (5) (0) 3 (0) 7 (6) (5) Jun-16 (4) 11 8 20.5 21.4 19.3 17.8 99 100 2.8 12.3 3.1 2.3 10.4 55

Conglomerates Paul Buys - 61 2 8205 4538

G.U.D. Holdings GUD AU N A$ 12.26 10.45 (15) 836 3.2 0 (10) 0 17 26 (1) (8) 2 16 21 Jun-16 21 12 5 24.1 19.8 17.7 16.8 100 100 3.7 21.4 4.1 2.0 13.1 60

Consumer Durables & Apparel Matthew Nicholas - 61 2 8205 4210

Breville Group BRG AU N A$ 10.18 10.75 6 1,053 1.9 0 (8) (0) 18 31 (1) (7) 1 16 26 Jun-16 8 8 8 26.4 24.5 22.5 20.9 100 99 2.9 21.2 5.0 2.1 14.2 (22)
Godfreys Group Limited GFY AU N A$ 0.77 0.95 23 25 0.1 5 22 0 (28) (25) 4 23 2 (29) (30) Jun-16 (37) 53 11 3.5 5.6 3.6 3.3 108 115 6.4 6.2 0.4 0.3 3.3 17
Sector Aggregate 6 1,078 0 (8) (0) 16 30 (1) (6) 1 15 25 Jun-16 1 13 8 22.8 22.6 20.0 18.5 101 101 3.0 17.2 3.9 1.7 12.7 (13)

20 July 2017
40
Jump-Start

Australia—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Consumer Staples Grant Saligari/ Larry Gandler/ Paul Buys - 61 3 9280 1720/ 61 3 9280 1855/ 61 2 8205 4538
Asaleo Care Limited AHY AU N A$ 1.46 1.75 20 631 2.9 1 (2) (16) (1) (33) 0 (1) (15) (3) (38) Dec-16 14 3 (1) 13.8 12.1 11.7 11.8 100 100 6.9 20.8 2.5 1.7 7.9 81
Blackmores Ltd BKL AU N A$ 91.50 100.00 9 1,253 5.5 (4) 1 (12) (11) (39) (5) 2 (10) (13) (45) Jun-16 (43) 23 14 15.9 27.7 22.6 19.8 91 88 2.8 32.3 8.9 2.4 17.3 30
Coca-Cola Amatil CCL AU O A$ 8.64 10.30 19 5,217 18.7 (1) (4) (20) (15) (5) (2) (3) (18) (16) (10) Dec-16 2 3 4 15.7 15.3 14.8 14.3 102 103 5.4 21.7 3.6 1.5 8.2 59
Graincorp GNC AU N A$ 8.94 9.48 6 1,627 5.4 (2) (11) 1 (6) 4 (3) (10) 2 (8) (1) Sep-16 183 0 (27) 39.0 13.8 13.7 18.8 96 107 2.6 8.3 1.1 0.6 6.6 36
Huon Aquaculture Group Limited HUO AU O A$ 4.88 5.80 19 339 0.3 (1) (3) 4 28 43 (2) (2) 5 27 38 Jun-16 394 46 20 96.3 19.5 13.4 11.2 102 96 0.3 8.1 1.5 1.6 8.0 11
Inghams Group Limited ING AU O A$ 3.43 3.90 14 1,037 1.7 1 3 7 8 n.a. (0) 5 8 6 n.a. Jun-16 10 10 8 13.8 12.5 11.4 10.5 102 103 3.4 101.3 6.3 0.7 8.5 176
Metcash MTS AU N A$ 2.45 2.26 (8) 1,901 7.0 2 17 13 7 23 1 18 15 6 18 Apr-17 6 11 (6) 12.2 11.5 10.4 11.0 102 108 6.1 23.1 2.5 0.2 6.4 0
Ridley Corporation Limited RIC AU N A$ 1.44 1.35 (6) 351 0.4 1 5 1 15 3 0 6 2 14 (3) Jun-16 (2) 23 10 18.4 18.8 15.3 13.8 99 99 2.8 9.3 1.7 0.6 8.9 17
Tassal Group Limited TGR AU O A$ 3.75 4.15 11 507 3.5 (1) (5) (13) (10) (9) (2) (4) (11) (11) (14) Jun-16 1 19 11 14.7 14.5 12.2 10.9 94 93 4.0 8.8 1.2 1.7 8.8 21
Treasury Wine TWE AU N A$ 12.56 12.35 (2) 7,372 23.2 2 (8) 6 18 29 1 (7) 8 16 24 Jun-16 30 14 17 40.7 31.2 27.4 23.3 99 97 2.1 8.2 2.5 3.7 16.4 7
Wesfarmers WES AU N A$ 40.53 43.44 7 36,543 78.4 0 (0) (9) (4) (2) (1) 1 (7) (5) (7) Jun-16 28 (9) 6 19.4 15.2 16.7 15.7 105 95 5.1 12.9 1.9 0.8 8.9 24
Woolworths WOW AU U A$ 26.25 24.29 (7) 27,020 66.2 2 4 (0) 9 18 1 5 1 8 13 Jun-16 (9) 12 6 21.3 23.4 20.9 19.8 96 97 2.8 16.1 3.6 0.7 10.9 23
Sector Aggregate 2 83,798 1 0 (4) 2 7 (0) 2 (3) 1 2 Jun-16 13 1 6 20.4 18.0 17.9 16.9 101 97 3.9 13.6 2.4 0.7 9.7 24

Containers & Packaging Larry Gandler - 61 3 9280 1855

Amcor AMC AU N A$ 15.60 15.70 1 14,367 38.4 (2) (6) 1 4 1 (3) (5) 3 3 (4) Jun-16 5 11 10 21.7 20.6 18.5 16.9 101 102 3.5 81.2 15.1 2.0 12.6 402
Orora ORA AU N A$ 2.84 3.15 11 2,725 10.2 (1) (0) (1) (5) (1) (2) 1 1 (6) (6) Jun-16 12 10 5 20.8 18.5 16.9 16.1 100 101 3.8 11.9 2.2 1.0 9.9 46
Pact Group Holdings PGH AU N A$ 5.93 6.45 9 1,411 4.2 (0) (3) (14) (12) (2) (1) (1) (13) (13) (7) Jun-16 11 10 5 18.5 16.7 15.2 14.4 103 99 3.9 26.9 4.3 1.7 10.2 159
Sector Aggregate 3 18,503 (1) (5) (0) 2 0 (2) (4) 1 1 (5) Jun-16 4 12 9 20.0 19.2 17.1 15.7 101 105 3.7 39.6 7.2 1.7 11.6 205

Diversified Financials Andrew Adams/ James Cordukes/ James Ellis/ Paul Buys - 61 2 8205 4106/ 61 2 8205 4858/ 61 2 8205 4531/ 61 2 8205 4538
AMP AMP AU N A$ 5.21 5.50 6 12,091 34.6 1 1 0 3 (9) (0) 3 2 2 (14) Dec-16 477 6 10 n.m. 15.7 14.9 13.5 94 96 5.5 12.9 2.0 n.a. n.a. n.a.
ASX ASX AU U A$ 52.29 49.00 (6) 8,050 16.6 0 (0) 6 5 7 (1) 1 7 4 2 Jun-16 1 1 4 23.7 23.5 23.3 22.5 98 95 3.8 11.1 2.6 n.a. n.a. n.a.
BT Investment Management Limited
BTT AU N A$ 10.91 11.20 3 2,733 14.9 2 (8) (3) 3 26 1 (6) (1) 1 21 Sep-16 9 23 17 21.5 19.8 16.1 13.8 101 105 4.3 22.7 4.4 n.a. n.a. n.a.
Challenger Limited CGF AU O A$ 13.09 13.50 3 5,954 16.8 1 (1) 4 16 45 0 0 5 15 40 Jun-16 8 11 9 21.6 19.9 18.0 16.4 99 98 2.5 14.0 2.6 n.a. n.a. n.a.
Computershare CPU AU O A$ 14.25 14.30 0 6,191 20.1 (3) (3) 5 14 62 (4) (2) 7 13 56 Jun-16 0 15 14 20.6 20.6 17.9 15.7 101 105 2.3 26.2 5.2 n.a. n.a. n.a.
Eclipx Group ECX AU O A$ 3.71 4.25 15 787 2.9 5 2 (1) (1) (1) 4 4 0 (2) (6) Sep-16 12 9 8 16.7 14.8 13.6 12.7 99 96 4.2 9.9 1.4 n.a. n.a. n.a.
FlexiGroup Limited FXL AU N A$ 1.84 1.85 1 545 2.1 4 15 (22) (19) (7) 3 17 (20) (20) (12) Jun-16 (12) 1 2 6.6 7.5 7.4 7.2 100 97 4.4 14.3 1.0 n.a. n.a. n.a.
IOOF Holdings IFL AU N A$ 9.48 9.75 3 2,263 7.0 0 (4) 14 3 10 (1) (2) 16 2 5 Jun-16 (5) 15 10 16.5 17.3 15.1 13.7 102 109 5.4 11.9 2.1 n.a. n.a. n.a.
Link Administration Holdings Limited
LNK AU U A$ 7.99 7.70 (4) 3,117 8.0 2 5 11 10 (5) 1 7 12 8 (10) Jun-16 10 3 31 26.0 23.7 22.9 17.5 102 98 2.0 20.2 4.6 n.a. n.a. n.a.
Macquarie Group MQG AU N A$ 87.13 100.00 15 23,582 74.2 (0) (4) 0 0 20 (1) (3) 2 (1) 15 Mar-17 1 2 3 13.5 13.3 13.0 12.6 99 97 5.5 14.7 1.9 n.a. n.a. n.a.
Magellan Financial Group MFG AU N A$ 26.82 27.00 1 3,670 8.5 1 (5) 15 13 24 (0) (4) 16 12 19 Jun-16 1 25 14 23.3 23.0 18.4 16.1 102 110 3.2 50.3 10.4 n.a. n.a. n.a.
Perpetual Limited PPT AU N A$ 53.97 51.00 (6) 1,999 6.1 (0) (2) 4 11 24 (1) (1) 6 10 19 Jun-16 5 7 7 19.4 18.5 17.4 16.2 102 102 4.9 21.9 4.0 n.a. n.a. n.a.
Platinum Asset Management PTM AU U A$ 5.08 4.40 (13) 2,370 4.3 0 11 4 (4) (12) (1) 12 6 (5) (17) Jun-16 (8) (12) 4 14.9 16.1 18.3 17.7 103 102 5.9 54.8 8.8 n.a. n.a. n.a.
Sector Aggregate 5 73,351 0 (2) 3 5 17 (1) (0) 5 4 12 Jun-16 2 18 7 19.1 18.7 15.8 14.8 92 99 4.4 13.4 2.5 n.a. n.a. n.a.

Energy Mark Samter/ Sam Webb - 61 2 8205 4537/ 61 2 8205 4535

AWE Limited AWE AU N A$ 0.48 0.50 4 199 0.9 (1) 0 2 (23) (49) (2) 1 4 (25) (54) Jun-16 77 212 12 n.m. n.m. 14.6 13.0 97 538 0.0 (3.6) 0.6 3.1 15.6 12
Beach Energy BPT AU O A$ 0.64 0.70 9 946 3.2 9 3 (11) (25) 0 8 5 (10) (26) (5) Jun-16 294 48 (2) 33.6 8.5 5.8 5.9 93 151 3.1 12.6 1.0 1.4 3.0 (18)
Caltex Australia CTX AU O A$ 31.50 39.70 26 6,533 25.5 1 (2) 9 3 (3) 0 (1) 10 2 (8) Dec-16 16 (7) 5 15.6 13.5 14.6 13.9 101 95 3.7 20.3 2.6 0.5 7.7 29
FAR Limited FAR AU O A$ 0.07 0.14 100 321 0.5 (4) 0 (13) (1) (10) (5) 1 (11) (3) (15) Dec-16 6 22 69 n.m. n.m. n.m. n.m. 41 53 0.0 (14.0) 2.0 n.m. n.m. (42)
New Hope Corporation NHC AU N A$ 1.53 1.60 5 1,008 0.2 2 3 (13) (8) (11) 1 4 (11) (9) (16) Jul-16 2,898 21 (60) n.m. 8.2 6.8 17.0 102 104 3.7 8.3 0.7 1.2 3.2 (13)
Oil Search OSH AU O A$ 6.60 7.25 10 7,997 21.8 1 (2) (8) (8) (10) (0) (1) (6) (9) (15) Dec-16 200 48 2 75.5 25.2 17.0 16.5 115 143 1.6 6.6 1.6 7.5 10.9 60
Origin Energy ORG AU N A$ 7.19 7.70 7 10,036 32.6 3 0 (2) 9 22 2 1 (1) 8 17 Jun-16 19 89 42 25.9 21.9 11.6 8.2 111 113 0.0 4.2 1.0 1.7 8.4 68
Santos Ltd STO AU O A$ 3.02 3.80 26 5,002 25.5 4 (1) (15) (25) (38) 3 1 (14) (26) (43) Dec-16 482 19 (2) 72.1 12.4 10.4 10.7 176 140 0.0 5.7 0.7 2.4 4.8 34
Senex Energy Limited SXY AU O A$ 0.29 0.30 3 327 0.6 4 2 (10) 8 2 3 3 (8) 6 (3) Jun-16 ####### 200 50 n.m. n.m. 30.7 20.4 96 234 0.0 (2.9) 0.9 5.9 36.8 (26)
Woodside Petroleum WPL AU U A$ 29.73 26.80 (10) 19,916 59.2 1 (2) (8) (5) 9 0 (1) (6) (6) 4 Dec-16 12 18 (5) 22.8 20.4 17.2 18.2 94 100 3.9 6.5 1.3 5.9 8.3 28
WorleyParsons WOR AU N A$ 11.37 8.50 (25) 2,234 13.2 6 (1) 1 17 47 5 0 3 16 42 Jun-16 (15) 24 34 18.7 21.9 17.7 13.3 102 100 0.0 6.7 1.4 0.8 11.0 46
Sector Aggregate 4 54,520 2 (1) (5) (3) 4 1 0 (4) (4) (2) Jun-16 7 43 14 22.0 20.5 14.3 12.6 105 113 2.2 6.1 1.2 1.9 8.2 40

Global Services Lucas Goode - 61 2 8205 4431

IDP Education Limited IEL AU U A$ 5.25 4.00 (24) 1,045 1.2 7 5 18 32 24 6 6 19 30 18 Jun-16 12 16 14 34.0 30.5 26.2 23.1 101 100 2.4 50.9 14.0 3.4 19.3 (2)
Navitas Ltd NVT AU U A$ 5.00 4.00 (20) 1,424 4.0 2 11 12 0 (14) 1 13 14 (1) (19) Jun-16 (4) 1 16 20.8 21.6 21.3 18.4 99 99 3.8 42.8 10.0 2.0 12.4 91
Sector Aggregate (22) 2,469 4 9 14 14 2 3 10 16 13 (3) Jun-16 1 6 15 24.8 24.5 23.1 20.0 100 99 3.3 45.3 11.3 2.4 14.5 59

20 July 2017
41
Jump-Start

Australia—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Healthcare Matthew Nicholas/ Saul Hadassin - 61 2 8205 4210/ 61 2 8205 4679
Ansell Limited ANN AU N A$ 22.17 25.80 16 2,601 10.6 (1) (8) (5) (10) 14 (2) (6) (4) (11) 8 Jun-16 (2) (3) 27 17.3 17.7 18.3 14.4 97 96 2.5 13.2 2.3 2.0 11.5 37
Australian Pharmaceutical Ind API AU U A$ 1.78 1.90 7 693 2.9 (0) (6) (13) (14) 2 (1) (5) (12) (15) (3) Aug-16 10 5 2 17.7 16.1 15.3 15.0 95 90 3.9 10.1 1.6 0.2 7.5 2
Capitol Health Limited CAJ AU O A$ 0.25 0.30 20 161 0.4 (2) (2) 56 92 56 (3) (1) 58 91 51 Jun-16 (25) 17 45 19.6 26.3 22.5 15.5 106 92 0.0 5.2 1.5 1.5 11.2 29
Cochlear COH AU U A$ 151.92 133.90 (12) 6,938 21.3 1 (2) 10 24 22 0 (0) 11 23 17 Jun-16 17 18 17 46.4 39.6 33.5 28.7 100 104 1.8 46.1 16.9 7.3 25.9 27
CSL Ltd CSL AU O A$ 127.99 134.00 5 46,102 103.0 (1) (8) 0 27 12 (2) (7) 2 26 7 Jun-16 19 21 14 40.6 34.1 28.2 24.8 100 99 1.3 49.4 15.7 7.4 23.2 104
Healthscope HSO AU U A$ 2.14 2.10 (2) 2,954 14.2 2 (4) (4) (7) (26) 1 (3) (2) (8) (31) Jun-16 (6) (1) 5 19.2 20.5 20.7 19.7 98 90 3.2 7.6 1.5 2.2 12.6 67
Integral Diagnostics Limited IDX AU O A$ 1.66 1.70 2 190 0.2 1 1 29 37 4 (0) 2 31 35 (1) Jun-16 (13) 14 16 13.6 15.6 13.7 11.8 99 104 3.9 17.6 2.6 1.6 8.4 57
Mayne Pharma MYX AU N A$ 0.92 1.55 68 1,121 7.9 (4) (14) (30) (32) (54) (5) (12) (28) (33) (59) Jun-16 37 8 15 16.7 12.2 11.3 9.8 95 98 0.0 12.8 1.0 2.6 7.1 14
Primary Health Care PRY AU U A$ 3.57 3.40 (5) 1,480 6.1 3 (6) 5 (13) (8) 2 (4) 7 (14) (13) Jun-16 (12) 11 16 18.1 20.7 18.7 16.0 98 97 3.0 3.8 0.8 1.6 8.6 32
Ramsay Health Care RHC AU N A$ 72.24 73.00 1 11,609 28.1 1 (0) 3 6 (3) (0) 1 5 5 (8) Jun-16 11 9 11 31.3 28.1 25.8 23.2 98 96 1.8 28.3 7.3 2.0 13.3 124
ResMed Inc. RMD AU O A$ 9.74 9.70 (0) 10,982 15.2 (2) (3) 6 14 11 (3) (2) 7 12 6 Jun-16 1 11 12 31.0 30.6 27.5 24.5 96 93 1.7 20.4 5.9 5.5 19.9 11
Sigma Pharmaceuticals SIP AU O A$ 0.86 0.90 5 728 3.1 (4) (3) (30) (34) (33) (5) (2) (29) (35) (38) Jan-17 (5) (2) 0 13.8 14.5 14.8 14.8 97 94 6.1 11.8 1.7 0.2 9.6 16
Sonic Healthcare SHL AU N A$ 22.57 22.60 0 7,524 15.7 1 (7) 5 5 4 (0) (6) 6 4 (1) Jun-16 (2) 11 9 20.9 21.3 19.1 17.6 99 100 3.4 11.9 2.5 2.4 13.4 62
Sector Aggregate 2 93,083 (0) (6) 2 17 7 (1) (5) 3 16 2 Jun-16 8 13 13 30.1 27.9 24.6 21.7 99 99 1.8 20.4 5.3 3.1 16.9 59

Hotels, Restaurants & Leisure Grant Saligari/ Larry Gandler/ Matthew Nicholas - 61 3 9280 1720/ 61 3 9280 1855/ 61 2 8205 4210
Ardent Leisure Group AAD AU O A$ 2.08 2.05 (1) 776 5.3 1 (4) 8 (11) (0) 0 (2) 10 (12) (6) Jun-16 (81) 147 73 15.0 79.9 32.3 18.7 89 109 1.5 2.1 1.8 2.0 16.1 40
Aristocrat Leisure ALL AU N A$ 20.97 23.50 12 10,648 34.1 (0) (9) 11 35 46 (1) (8) 13 34 41 Sep-16 41 16 15 33.3 23.6 20.3 17.6 103 103 1.7 45.0 9.3 5.6 14.0 44
Crown CWN AU N A$ 12.59 12.50 (1) 6,896 19.9 2 (2) 3 16 5 1 (1) 5 15 (0) Jun-16 (5) 7 14 22.5 23.6 22.1 19.4 104 97 11.4 6.9 1.5 2.5 10.1 (3)
Flight Centre FLT AU U A$ 43.60 37.41 (14) 3,503 13.5 (1) 18 40 39 36 (2) 20 42 38 31 Jun-16 (7) 11 6 17.7 19.1 17.1 16.1 102 107 3.3 16.5 3.0 1.5 9.9 (25)
Mantra Group Limited MTR AU N A$ 3.02 3.15 4 714 4.3 3 (1) 6 (2) (7) 2 0 8 (3) (12) Jun-16 0 11 8 17.5 17.4 15.8 14.7 100 100 3.3 10.8 1.8 1.4 9.4 16
Star Entertainment Group SGR AU O A$ 5.24 6.45 23 3,440 16.5 5 5 (5) 1 (9) 4 6 (4) 0 (14) Jun-16 (15) 16 16 18.0 21.2 18.3 15.8 93 98 2.9 6.4 1.3 2.1 10.0 23
Tabcorp Holdings TAH AU N A$ 4.23 4.80 13 2,810 12.8 (0) (9) (11) (12) (8) (1) (7) (9) (13) (13) Jun-16 (26) 30 9 19.0 25.5 19.6 18.0 79 97 5.9 8.6 2.3 2.3 10.9 99
Tatts Group TTS AU N A$ 4.03 4.20 4 4,706 10.3 1 (3) (8) (10) (0) (0) (2) (7) (11) (5) Jun-16 (13) 2 (15) 22.3 25.8 25.2 29.7 95 92 9.3 7.7 2.0 2.5 15.7 40
Sector Aggregate 7 33,494 1 (2) 6 16 17 (0) (1) 8 15 12 Jun-16 (2) 15 11 23.4 24.0 20.9 18.9 98 100 5.4 10.4 2.4 2.7 12.2 22

Insurance Andrew Adams - 61 2 8205 4106

AUB Group Limited AUB AU O A$ 12.90 14.70 14 655 0.6 2 (1) 12 23 33 1 0 14 22 28 Jun-16 7 12 2 23.7 22.1 19.7 19.4 90 92 3.2 12.1 2.6 n.a. n.a. n.a.
Insurance Australia Group IAG AU O A$ 6.76 7.25 7 12,727 29.6 (1) 4 12 13 17 (2) 5 14 12 11 Jun-16 45 4 14 26.7 18.4 17.7 15.5 93 99 4.4 14.0 2.4 n.a. n.a. n.a.
Medibank Private Limited MPL AU U A$ 2.75 2.80 2 6,022 16.4 (3) 0 (2) (2) (8) (4) 2 (1) (4) (13) Jun-16 (1) (1) 4 17.8 18.0 18.2 17.5 96 97 4.3 25.5 4.4 n.a. n.a. n.a.
NIB Holdings Limited NHF AU U A$ 5.78 5.50 (5) 2,018 3.2 (1) 10 (6) 22 24 (2) 11 (4) 21 19 Jun-16 20 2 3 25.3 21.0 20.6 20.1 102 101 3.0 29.6 5.9 n.a. n.a. n.a.
QBE Insurance Group QBE AU U A$ 12.09 12.00 (1) 13,191 52.2 0 (10) (3) (3) 13 (1) (8) (1) (4) 8 Dec-16 4 5 9 15.9 15.2 14.5 13.3 105 85 4.3 8.3 1.2 n.a. n.a. n.a.
Steadfast SDF AU O A$ 2.56 3.10 21 1,526 4.0 0 (10) (3) 16 24 (1) (8) (1) 15 19 Jun-16 9 10 16 23.5 21.6 19.6 16.8 100 98 2.6 10.2 2.2 n.a. n.a. n.a.
Suncorp Group Limited SUN AU N A$ 14.73 14.50 (2) 15,142 40.0 (0) (0) 10 9 14 (2) 1 11 8 9 Jun-16 3 11 5 18.5 17.9 16.0 15.3 90 92 4.6 7.9 1.4 n.a. n.a. n.a.
Tower Limited TWR AU N A$ 1.16 1.15 (1) 156 0.1 (5) 5 2 46 (11) (6) 7 4 45 (16) Sep-16 111 878 1 n.m. 89.9 9.2 9.1 18 104 0.0 1.0 0.9 n.a. n.a. n.a.
Sector Aggregate 2 51,436 (1) (2) 5 7 13 (2) (0) 6 5 8 Jun-16 14 6 8 19.8 17.4 16.4 15.2 94 96 4.3 10.0 1.7 n.a. n.a. n.a.

Media Fraser McLeish/ Lucas Goode/ Matthew Nicholas - 61 2 8205 4069/ 61 2 8205 4431/ 61 2 8205 4210
Fairfax Media FXJ AU O A$ 0.97 1.10 13 1,765 10.8 0 (22) (8) 8 (1) (1) (20) (6) 7 (6) Jun-16 9 (6) 5 17.0 15.6 16.6 15.8 103 97 4.2 15.3 2.3 1.3 8.7 7
Here There & Everywhere APN AU O A$ 2.53 3.20 26 620 1.7 5 2 0 (11) (32) 4 4 2 (12) (37) Dec-16 (6) 7 9 12.3 13.1 12.3 11.3 95 95 3.8 7.3 0.9 1.9 7.5 16
Nine Entertainment NEC AU O A$ 1.38 1.50 9 956 3.8 0 1 12 30 22 (1) 2 14 28 16 Jun-16 (3) (7) (7) 10.1 10.4 11.2 12.1 104 101 7.6 9.4 1.0 1.1 6.6 13
Seven West Media SWM AU N A$ 0.80 0.81 1 953 1.7 3 14 9 (1) (30) 2 16 10 (2) (35) Jun-16 (23) (8) 16 5.8 7.6 8.2 7.1 99 101 5.0 12.4 0.9 1.1 5.9 50
Southern Cross Media Group SXL AU O A$ 1.25 1.35 8 764 3.1 0 2 (5) (19) 1 (1) 3 (4) (20) (4) Jun-16 (6) (1) 11 10.8 11.5 11.7 10.5 94 94 5.6 7.9 0.9 1.9 7.9 35
WPP AUNZ WPP AU O A$ 1.17 1.25 7 793 0.4 1 0 (3) (3) 8 0 1 (1) (4) 3 Dec-16 7 9 8 12.2 11.4 10.4 9.7 97 99 6.1 10.2 1.1 1.4 7.6 30
Sector Aggregate 11 5,851 1 (3) 0 3 (4) 0 (2) 2 2 (9) Jun-16 (12) (4) 7 10.1 11.4 11.8 11.0 97 98 5.1 10.7 1.2 1.4 7.4 26

20 July 2017
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Australia—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Metals & Mining Christian Prendiville/ Michael Slifirski/ Sam Webb - 612 8205 4012/ 61 3 9280 1845/ 61 2 8205 4535
Alacer Gold Corp. AQG AU O A$ 2.00 5.30 165 465 0.6 (6) (11) (15) (13) (41) (7) (10) (14) (14) (47) Dec-16 2,241 (44) 96 76.2 3.3 5.9 3.0 243 218 0.0 22.4 0.7 2.4 5.7 6
Altona Mining Limited AOH AU O A$ 0.14 0.26 86 58 0.0 (2) (2) (8) 2 (8) (3) (1) (7) 1 (13) Jun-15 52 (14) (4) n.m. n.m. n.m. n.m. 145 102 0.0 (6.2) 1.3 706.6 n.m. (16)
Alumina Limited AWC AU U A$ 1.97 1.70 (14) 4,511 18.7 (3) 5 11 8 41 (4) 6 12 6 36 Dec-16 214 (2) (9) 52.8 16.8 17.1 18.9 88 90 4.8 13.1 2.2 15.7 16.6 2
BHP Billiton BHP AU N A$ 24.83 26.50 7 99,694 168.1 (0) 8 5 (1) 25 (1) 9 7 (2) 20 Jun-16 444 15 (17) 83.4 15.3 13.4 16.1 93 122 3.8 12.4 1.8 3.1 5.9 28
BlueScope Steel BSL AU O A$ 13.84 13.30 (4) 6,175 38.7 (2) 13 21 49 71 (3) 15 23 48 66 Jun-16 130 6 (3) 28.1 12.2 11.6 11.9 99 102 0.6 14.1 1.6 0.8 5.4 6
Evolution Mining Limited EVN AT O A$ 2.15 2.30 7 2,877 20.2 (4) (11) (10) 1 (22) (5) (10) (8) 0 (27) Jun-16 (5) 28 25 13.4 14.1 11.1 8.9 90 100 1.7 14.0 1.7 2.8 5.7 17
Fortescue Metals Group Ltd FMG AU O A$ 5.38 6.50 21 13,321 96.7 1 13 4 (9) 33 0 14 5 (10) 27 Jun-16 159 (17) (49) 14.2 5.5 6.6 13.0 110 177 7.9 25.8 1.3 1.9 3.2 30
Iluka Resources ILU AU O A$ 9.15 9.40 3 3,046 18.2 1 11 12 26 33 (0) 12 14 25 27 Dec-16 197 288 (13) n.m. 47.6 12.3 14.2 109 155 0.0 7.4 3.6 4.1 13.8 30
Independence Group NL IGO AU O A$ 3.14 3.50 11 1,465 12.3 (1) (1) (1) (27) (26) (2) 0 1 (28) (31) Jun-16 153 312 49 n.m. 46.0 11.2 7.5 108 103 0.7 2.4 1.1 4.6 11.8 4
Kula Gold KGD AU O A$ 0.03 0.06 100 9 0.0 0 (3) 7 43 (14) (1) (2) 9 42 (19) Dec-14 98 (12) (163) n.m. n.m. n.m. n.m. 57 34 0.0 (2.2) 0.1 n.m. n.m. (2)
Newcrest Mining NCM AU U A$ 19.53 18.20 (7) 11,913 60.5 (4) (9) (17) (4) (19) (5) (8) (16) (5) (24) Jun-16 43 57 15 37.0 25.9 16.4 14.3 104 133 1.0 6.4 1.6 3.9 9.3 22
Northern Star Resources Ltd NST AU N A$ 4.26 4.15 (3) 2,034 17.1 (9) (12) (7) 18 (19) (10) (11) (6) 17 (24) Jun-16 21 40 21 15.5 12.8 9.2 7.6 98 105 2.1 37.9 4.1 2.5 5.0 (65)
OceanaGold Corporation OGC AU O A$ 3.56 4.35 22 1,741 1.5 (4) (15) (18) (15) (26) (5) (14) (16) (16) (32) Dec-16 71 (19) (42) 13.2 7.7 9.5 16.3 126 106 0.7 15.5 1.1 2.6 4.3 11
OZ Minerals OZL AU U A$ 7.75 7.15 (8) 1,841 15.2 1 8 7 (2) 14 (0) 10 9 (3) 9 Dec-16 (21) (100) (3,931) 17.3 21.8 n.m. n.m. 76 0 1.6 4.5 1.0 1.8 4.3 (28)
Perseus Mining PRU AU O A$ 0.28 0.80 186 230 1.8 0 (10) (13) (16) (56) (1) (8) (11) (18) (61) Jun-16 68 193 359 n.m. n.m. 18.2 4.0 155 173 0.0 (2.3) 0.4 0.9 15.2 (3)
Regis Resources Limited RRL AU U A$ 3.66 3.50 (4) 1,458 11.6 (3) 3 10 23 (3) (4) 4 11 22 (8) Jun-16 (35) 55 22 10.8 16.6 10.7 8.8 88 114 3.7 22.2 3.5 3.7 7.8 (19)
Rio Tinto RIO AU O A$ 64.50 72.00 12 83,586 124.1 (2) 7 10 8 32 (3) 9 11 7 27 Dec-16 76 (21) (25) 18.0 10.2 13.0 17.3 114 110 5.8 22.1 2.2 2.1 4.9 11
Sandfire Resources NL SFR AU U A$ 5.70 4.65 (18) 715 5.5 (3) (1) (1) 1 (9) (4) 0 0 (0) (14) Jun-16 63 (27) (54) 18.9 11.6 15.8 34.5 99 52 3.0 19.1 2.0 1.6 3.5 (22)
Sims Metal Management SGM AU U A$ 15.54 11.00 (29) 2,451 12.7 (1) 13 35 21 80 (2) 14 37 20 75 Jun-16 259 14 17 83.3 23.2 20.3 17.3 104 98 2.5 7.0 1.6 0.6 9.7 (14)
South 32 S32 AU O A$ 2.84 2.95 4 11,784 55.0 3 9 4 3 51 2 10 6 2 46 Jun-16 536 (28) 4 64.0 10.1 14.0 13.5 101 85 4.0 12.1 1.2 1.5 4.2 (11)
St Barbara Mining SBM AU N A$ 2.52 2.60 3 997 9.9 (10) (11) (9) 24 (27) (11) (10) (7) 22 (32) Jun-16 20 17 18 10.1 8.5 7.2 6.1 88 100 1.7 40.3 2.7 1.7 3.5 (28)
Syrah Resources SYR AU O A$ 3.11 7.45 140 653 3.8 (3) 21 33 2 (37) (4) 22 35 1 (43) Dec-16 30 550 217 n.m. n.m. 13.6 4.3 118 149 0.0 (3.5) 2.2 21.3 n.m. (6)
Western Areas WSA AU N A$ 2.22 2.50 13 481 5.4 4 17 6 (28) (18) 3 18 8 (29) (23) Jun-16 75 525 29 n.m. n.m. 19.3 14.9 n.m. 168 0.0 (1.7) 1.3 2.4 9.6 (24)
Whitehaven Coal WHC AU O A$ 2.88 3.20 11 2,350 14.0 0 2 2 10 72 (1) 3 4 9 67 Jun-16 1,600 10 (19) n.m. 8.4 7.6 9.4 95 115 0.0 10.6 0.8 1.9 4.8 9
Sector Aggregate 8 253,856 (1) 7 6 4 27 (2) 8 7 2 22 Jun-16 122 9 (17) 28.4 12.8 11.7 14.1 101 118 4.0 14.1 1.7 2.4 5.5 18

Real Estate Ian Randall/ Mikhail Mohl - 612 8205 4580/ 61 2 8205 4413
Australian Unity Office Fund AOF AU N A$ 2.22 2.10 (5) 248 0.1 1 2 6 10 3 (0) 3 7 9 (2) Jun-16 28 3 (0) 17.0 13.3 13.0 13.0 99 99 6.7 8.5 1.1 n.a. 15.8 47
Lend Lease LLC AU O A$ 17.36 17.50 1 8,055 21.4 3 4 10 19 39 2 5 12 18 34 Jun-16 11 13 6 14.4 13.0 11.5 10.9 103 111 3.8 13.8 1.8 n.a. 9.2 15
Propertylink Group PLG AU O A$ 0.84 0.92 10 400 0.7 (1) (6) 3 7 n.a. (2) (5) 5 6 n.a. Jun-16 n.a. 9 4 n.a. 11.6 10.7 10.3 100 95 8.2 1.0 n.a. 14.5 56
Sector Aggregate 1 8,703 3 4 10 18 38 2 5 11 17 33 Jun-16 12 12 5 14.5 12.9 11.5 10.9 103 109 4.1 13.6 1.7 9.6 19

REITs Ian Randall/ Mikhail Mohl - 612 8205 4580/ 61 2 8205 4413
BWP Trust BWP AU U A$ 2.93 2.92 (0) 1,497 3.0 2 (10) 0 (2) (22) 1 (9) 2 (3) (27) Jun-16 3 3 4 17.5 16.9 16.5 16.0 101 101 5.9 11.7 2.0 n.a. 17.4 27
Charter Hall Group CHC AU U A$ 5.24 4.71 (10) 1,941 7.5 1 (12) (9) 11 (5) (0) (11) (7) 9 (10) Jun-16 18 0 0 17.3 14.6 14.6 14.6 100 100 5.7 9.7 1.4 n.a. 13.5 (7)
Charter Hall Retail REIT CQR AU N A$ 4.14 4.13 (0) 1,337 3.3 5 (7) (8) (2) (14) 4 (6) (6) (3) (19) Jun-16 1 4 1 13.6 13.6 13.0 12.8 101 102 6.8 7.5 1.0 n.a. 16.5 48
Cromwell Property Group CMW AU U A$ 0.92 0.97 5 1,289 2.3 1 (11) (6) (7) (14) (0) (9) (4) (8) (20) Jun-16 (9) (3) 8 9.9 10.9 11.2 10.4 103 103 9.0 9.8 1.0 n.a. 14.8 89
Dexus Property Group DXS AU U A$ 9.39 9.14 (3) 7,594 22.0 3 (13) (8) (2) 0 2 (12) (6) (4) (5) Jun-16 1 (0) 1 14.9 14.7 14.8 14.7 108 108 4.8 7.7 1.1 n.a. 16.2 33
GDI Property Group GDI AU O A$ 1.01 1.06 5 432 0.5 0 (5) (3) 2 9 (1) (4) (1) 1 4 Jun-16 (2) 3 4 11.1 11.3 11.0 10.5 98 96 7.7 8.7 1.0 n.a. 12.4 27
Goodman Group GMG AU N A$ 8.06 7.92 (2) 11,467 28.7 5 (7) (2) 13 9 4 (6) (0) 12 4 Jun-16 7 7 7 20.2 18.8 17.6 16.5 100 101 3.2 9.4 1.7 n.a. 15.8 6
GPT Group GPT AU O A$ 4.86 5.35 10 6,963 21.0 4 (8) (9) (3) (13) 3 (7) (7) (5) (18) Dec-16 2 5 5 16.3 15.9 15.2 14.5 102 103 5.0 6.4 1.0 n.a. 18.2 37
Investa Office Fund IOF AU N A$ 4.45 4.48 1 2,173 6.7 2 (7) (7) (6) 1 1 (6) (5) (7) (4) Jun-16 2 3 2 15.5 15.2 14.7 14.4 110 110 4.5 8.4 1.3 n.a. 17.0 39
Mirvac Group MGR AU O A$ 2.13 2.44 15 6,276 23.9 3 (9) (7) 0 (2) 2 (7) (5) (1) (7) Jun-16 11 5 3 16.4 14.8 14.1 13.7 101 99 4.9 7.2 1.0 n.a. 15.0 42
SCA Property Group SCP AU N A$ 2.19 2.18 (0) 1,294 3.6 4 (10) (6) (1) (10) 3 (9) (4) (2) (15) Jun-16 6 4 2 15.9 14.9 14.4 14.1 99 100 6.0 7.1 1.0 n.a. 18.2 52
Scentre Group SCG AU O A$ 4.14 5.30 28 17,528 41.0 6 (6) (7) (11) (20) 5 (5) (5) (12) (26) Dec-16 5 6 6 17.9 17.1 16.2 15.3 102 102 5.2 6.1 1.0 n.a. 17.8 55
Stockland Group SGP AU N A$ 4.27 4.73 11 8,212 25.7 3 (12) (13) (7) (14) 2 (11) (11) (8) (19) Jun-16 6 6 6 15.4 14.5 13.7 12.9 92 92 6.0 7.3 1.0 n.a. 17.0 36
Vicinity Centres VCX AU U A$ 2.62 2.65 1 8,248 26.4 5 (11) (11) (12) (25) 4 (10) (10) (14) (30) Jun-16 (1) 4 3 13.7 13.9 13.4 13.0 102 103 6.7 6.7 0.9 n.a. 15.8 35
Westfield Corporation WFD AU N A$ 7.86 9.25 18 12,989 41.2 3 (11) (15) (16) (28) 2 (9) (13) (17) (33) Dec-16 1 5 13 18.6 18.4 17.6 15.5 102 100 4.1 6.8 1.2 n.a. 24.9 83
Sector Aggregate 10 89,239 4 (9) (8) (5) (13) 3 (8) (7) (6) (18) Jun-16 3 4 5 16.3 15.9 15.3 14.6 101 101 5.1 7.2 1.1 n.a. 17.6 44

Retailing Grant Saligari/ Lucas Goode/ Matthew Nicholas/ Paul Buys - 61 3 9280 1720/ 61 2 8205 4431/ 61 2 8205 4210/ 61 2 8205 4538
Harvey Norman HVN AU N A$ 4.05 4.08 1 3,585 17.6 2 7 (4) (21) (9) 1 8 (2) (22) (14) Jun-16 20 2 (8) 14.3 11.9 11.7 12.7 98 99 7.7 13.9 1.6 2.7 7.8 22
iCar Asia Ltd ICQ AU N A$ 0.26 0.60 131 67 0.1 4 (4) (12) 4 (68) 3 (2) (10) 3 (73) Dec-15 (0) 21 27 n.m. n.m. n.m. n.m. 101 107 0.0 (39.9) 2.3 10.3 n.m. (17)
iSelect Limited ISU AU O A$ 2.18 2.40 10 396 0.9 4 9 17 15 87 3 10 18 14 82 Jun-16 45 26 17 39.6 27.3 21.8 18.6 100 101 2.1 8.1 2.2 2.2 13.6 (34)
JB Hi-Fi JBH AU U A$ 25.32 18.68 (26) 2,304 21.3 1 12 4 (10) 4 0 13 5 (11) (2) Jun-16 21 4 (9) 16.6 13.7 13.2 14.4 99 95 4.6 32.8 3.4 0.6 9.4 57
Myer Holdings MYR AU N A$ 0.82 0.82 0 532 4.5 (3) (9) (27) (41) (34) (4) (8) (25) (42) (39) Jul-16 (10) 5 (2) 8.5 9.5 9.0 9.3 92 92 9.3 5.8 0.6 0.2 3.8 11
Premier Investments PMV AU O A$ 13.39 15.38 15 1,680 3.6 2 4 (4) (7) (13) 1 5 (2) (8) (19) Jul-16 7 12 13 20.0 18.7 16.7 14.7 101 100 4.1 8.3 1.5 1.8 12.1 (10)
Super Retail Group SUL AU N A$ 8.28 7.56 (9) 1,299 9.3 (1) 3 (15) (20) (12) (2) 5 (13) (21) (17) Jul-16 18 5 (1) 15.1 12.7 12.1 12.2 98 92 5.1 16.9 2.1 0.8 7.0 37
Webjet WEB AU O A$ 12.06 12.00 (0) 944 3.0 0 (5) 8 14 68 (1) (3) 10 13 62 Jun-16 49 22 20 44.8 30.0 24.7 20.6 95 97 1.5 21.4 5.2 5.6 17.3 (53)

20 July 2017
Sector Aggregate (2) 10,806 1 5 (3) (13) 2 0 7 (1) (14) (4) Jun-16 17 6 (2) 17.0 14.5 13.7 14.0 98 97 5.4 13.4 1.8 1.0 8.6 16
43
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Australia—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Software & Services Fraser McLeish/ Lucas Goode/ Matthew Nicholas - 61 2 8205 4069/ 61 2 8205 4431/ 61 2 8205 4210
Aconex ACX AU N A$ 3.75 3.50 (7) 593 3.5 (6) (6) (7) (26) (54) (7) (5) (5) (27) (59) Jun-16 (69) 127 48 61.5 n.m. 86.5 58.6 53 65 0.0 8.9 16.1 4.3 42.5 (39)
Altium ALU AU O A$ 8.19 9.50 16 848 3.2 1 (10) 4 1 20 0 (9) 5 0 15 Jun-16 22 18 24 34.7 28.6 24.2 19.5 109 104 2.6 21.9 6.1 7.5 22.5 (31)
APN Outdoor Group Limited APO AU N A$ 4.78 5.85 22 633 4.9 0 6 (14) (19) (38) (1) 7 (12) (20) (43) Dec-16 3 13 7 15.4 14.9 13.2 12.2 96 98 4.2 19.3 2.8 2.5 9.4 27
carsales.com.au CAR AU O A$ 12.00 12.00 0 2,307 7.2 3 5 6 6 (1) 2 6 7 5 (6) Jun-16 7 11 13 27.1 25.3 22.8 20.3 100 100 3.2 44.6 10.8 8.6 17.9 56
Hansen Technologies HSN AU N A$ 3.71 3.70 (0) 569 1.1 (3) 5 11 (5) 1 (4) 6 12 (7) (4) Jun-16 2 7 6 22.7 22.3 20.9 19.7 113 104 1.5 21.1 4.3 3.9 14.4 (15)
MYOB Group Ltd MYO AU N A$ 3.39 3.50 3 1,635 7.0 1 1 (3) (7) (7) 0 2 (2) (9) (12) Dec-16 7 9 4 21.3 20.0 18.3 17.7 97 96 3.5 12.3 2.4 5.7 12.5 36
News Corporation NWS AU N A$ 17.67 18.50 5 8,188 1.9 (1) (5) 3 5 3 (2) (4) 4 4 (2) Jun-16 10 10 4 35.9 32.6 29.5 28.4 108 101 1.7 2.2 0.7 0.8 7.2 (13)
oOh!media Limited OML AU O A$ 3.95 4.95 25 516 2.0 2 (9) (11) (14) (22) 1 (8) (10) (15) (28) Dec-16 19 17 7 17.3 14.5 12.4 11.6 99 105 4.1 13.5 1.9 2.0 8.5 34
REA Group REA AU N A$ 65.15 65.00 (0) 6,824 11.4 2 (1) 7 18 3 1 1 8 17 (2) Jun-16 15 33 18 43.1 37.4 28.1 23.8 97 104 1.3 26.8 8.6 13.0 23.0 15
Sector Aggregate (2) 28,513 1 (2) 4 9 2 0 (0) 6 7 (3) Jun-16 9 17 12 33.3 30.4 26.0 23.2 100 101 2.0 5.8 1.7 2.3 13.0 (6)

Telecommunication Services Fraser McLeish/ Lucas Goode - 61 2 8205 4069/ 61 2 8205 4431
NextDC NXT AU O A$ 4.27 4.70 10 965 4.4 (1) (8) 5 17 20 (2) (6) 6 16 14 Jun-16 517 (47) 277 n.m. 88.4 n.m. 44.2 79 50 0.0 3.3 2.3 10.5 26.4 18
Speedcast International SDA AU O A$ 3.89 4.50 16 735 2.8 2 2 5 11 16 1 4 7 10 11 Dec-16 42 38 17 22.7 16.0 11.6 9.9 88 100 2.5 15.7 2.5 1.9 8.5 114
Telstra Corporation TLS AU U A$ 4.11 4.00 (3) 38,871 116.4 (5) (7) (3) (19) (29) (6) (6) (2) (21) (34) Jun-16 0 6 (1) 12.6 12.6 11.9 12.0 103 103 7.5 26.4 3.5 2.5 6.0 111
TPG Telecom TPM AU U A$ 5.55 5.25 (5) 4,081 12.4 0 1 (8) (17) (54) (1) 2 (7) (18) (59) Jul-16 6 (21) (36) 12.9 12.2 15.3 23.9 99 92 2.8 19.1 2.1 2.4 7.3 36
Sector Aggregate (3) 44,652 (4) (6) (3) (18) (29) (5) (5) (2) (19) (35) Jun-16 2 4 (2) 13.0 12.8 12.3 12.6 102 102 6.9 24.9 3.2 2.5 6.2 99

Transportation Paul Butler/ Paul Buys - 61 2 8205 4309/ 61 2 8205 4538

Alliance Aviation Services LimitedAQZ AU O A$ 1.01 1.15 14 98 0.1 3 8 53 29 94 2 9 55 28 89 Jun-16 20 29 7 10.3 8.6 6.6 6.2 91 93 2.0 10.5 0.8 0.9 4.0 49
Aurizon AZJ AU U A$ 5.28 5.10 (3) 8,615 23.9 (1) (3) 4 5 5 (2) (2) 5 3 (0) Jun-16 (4) 15 15 21.8 22.8 19.8 17.2 100 101 4.7 10.2 2.0 4.1 9.9 60
Macquarie Atlas MQA AU N A$ 5.64 5.90 5 2,610 10.3 2 (7) 8 12 5 1 (6) 9 11 (0) Dec-16 (76) 3 54 13.1 55.0 53.4 34.8 44 34 3.5 4.2 2.0 42.1 25.1 89
Qantas QAN AU O A$ 5.50 6.75 23 7,908 35.4 (4) (0) 39 65 79 (5) 1 41 64 73 Jun-16 (2) 23 (8) 11.1 11.3 9.2 10.0 92 110 2.7 25.5 2.6 0.9 4.9 73
Qube Holdings Limited QUB AU U A$ 2.67 2.28 (15) 3,405 6.1 3 (1) 4 10 16 2 0 5 9 11 Jun-16 (10) 27 16 36.9 41.0 32.4 28.0 84 96 2.0 4.4 1.7 3.7 21.6 43
Sydney Airport SYD AU U A$ 6.88 6.50 (6) 12,309 32.5 2 (7) (1) 15 (4) 1 (6) 1 14 (9) Dec-16 4 9 8 48.1 46.3 42.6 39.3 92 91 4.9 37.5 22.3 16.5 20.4 1,242
Transurban TCL AU O A$ 11.28 13.40 19 18,409 45.8 1 (13) (6) 9 (7) (0) (11) (4) 8 (12) Jun-16 996 32 58 n.m. 93.2 70.5 44.6 81 78 4.5 5.1 5.0 14.8 22.7 212
Virgin Australia VAH AU N A$ 0.17 0.21 24 1,143 0.1 0 (6) (13) (28) (19) (1) (4) (11) (29) (24) Jun-16 (93) 59 (52) 3.3 45.3 28.5 59.2 n.m. 119 0.0 2.3 0.8 1.2 11.4 69
Sector Aggregate 7 54,496 0 (7) 5 17 10 (1) (6) 6 16 5 Jun-16 (9) 15 9 28.0 30.6 26.7 24.5 93 95 4.0 11.8 3.3 3.5 12.7 138

Utilities Peter Wilson - 61 2 8205 4107

AGL Energy AGL AU N A$ 25.05 26.50 6 13,064 45.6 1 (4) (7) 13 22 0 (3) (6) 12 17 Jun-16 11 40 23 24.1 21.6 15.5 12.5 98 110 3.5 9.6 2.1 1.6 10.6 35
APA Group APA AU U A$ 8.80 8.10 (8) 7,798 16.4 1 (9) (3) 3 (7) (0) (8) (1) 2 (12) Jun-16 15 7 22 54.7 47.5 44.4 36.5 87 82 4.9 7.3 3.6 8.7 13.4 254
AusNet Services AST AU O A$ 1.70 1.80 6 4,881 6.6 2 (4) 1 8 1 1 (2) 3 7 (5) Mar-17 (7) (0) (0) 23.6 25.5 25.6 25.7 92 95 5.5 5.0 1.3 6.7 12.0 181
Spark Infrastructure Group SKI AU U A$ 2.52 2.40 (5) 3,371 10.4 0 (12) 5 6 (2) (1) (11) 6 5 (7) Dec-16 1 20 (13) 52.3 52.0 43.5 49.7 76 89 6.1 3.9 2.1 17.6 18.5 (9)
Sector Aggregate 1 29,113 1 (6) (3) 9 8 (0) (5) (2) 8 3 Jun-16 1 24 18 28.5 28.1 22.7 19.2 95 101 4.5 7.4 2.1 3.4 12.1 107

Country Aggregate 5,732 5,993 5 1,354,237 1 (1) (2) 1 5 Jun-16 20 9 1 19.6 16.3 15.0 14.9 99 104 4.4 12.4 1.9 1.9 8.7 37

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
44
Jump-Start

China—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Automobiles & Components Aaron Zhang/ Bin Wang - 852 2101 6705/ 852 2101 6702
BAIC Motor 1958 HK N HK$ 8.12 9.10 12 7,898 14.9 (0) 0 5 18 31 (4) (6) (11) (14) (3) Dec-16 (11) 33 10 8.4 9.4 7.1 6.4 82 94 3.7 13.5 1.2 0.3 1.6 (17)
Brilliance China 1114 HK O HK$ 16.88 20.00 18 10,907 27.2 11 17 36 58 91 7 10 21 26 56 Dec-16 62 33 12 20.0 12.4 9.3 8.3 124 125 0.0 22.3 2.5 16.1 n.m. 3
BYD (A) 002594 CH O Rmb 49.59 62.03 25 19,172 38.2 (1) (3) (5) (0) (21) (2) (8) (12) (13) (36) Dec-16 (46) 65 18 26.8 49.3 29.8 25.3 53 69 0.6 5.3 2.5 1.7 12.5 55
BYD (H) 1211 HK O HK$ 49.95 70.00 40 19,172 28.7 4 1 9 22 (5) (1) (5) (7) (10) (40) Dec-16 (46) 65 18 23.3 42.9 25.9 22.1 55 69 0.7 5.3 2.2 1.7 12.5 55
Changan Auto 000625 CH O Rmb 14.67 17.00 16 8,476 65.9 5 5 (6) (2) (4) 3 0 (14) (14) (19) Dec-16 (14) 6 6 6.7 7.8 7.4 6.9 82 83 4.5 19.4 1.4 0.7 19.3 (4)
Dongfeng Motor 489 HK O HK$ 9.88 11.50 16 10,902 20.9 5 (1) 19 31 13 1 (8) 3 (1) (22) Dec-16 (8) 1 1 5.5 6.0 5.9 5.9 95 92 2.5 12.1 0.7 0.4 16.0 (28)
Fuyao Glass (A) 600660 CH O Rmb 24.89 26.80 8 18,255 53.6 1 (1) 7 34 62 (1) (6) (1) 21 47 Dec-16 19 12 12 19.9 16.7 14.8 13.3 105 105 3.6 19.9 3.2 6.4 21.2 4
Fuyao Glass (H) 3606 HK O HK$ 28.80 32.50 13 18,259 6.1 6 (3) 6 20 48 2 (9) (9) (12) 14 Dec-16 19 12 12 19.9 16.7 14.8 13.3 106 106 3.6 19.9 3.2 6.4 21.2 4
GAC (A) 601238 CH U Rmb 26.07 14.68 (44) 21,380 27.2 (1) (7) 3 13 11 (3) (12) (5) (0) (4) Dec-16 69 6 7 27.5 16.3 15.4 14.4 102 90 1.9 22.4 3.3 2.0 15.5 (20)
GAC (H) 2238 HK O HK$ 17.02 16.80 (1) 21,380 42.4 6 23 41 81 64 2 16 26 49 29 Dec-16 69 6 7 15.5 9.2 8.7 8.1 113 108 3.4 22.4 1.9 2.0 15.5 (20)
Geely 175 HK N HK$ 18.52 17.00 (8) 21,218 125.3 (1) 26 59 150 283 (5) 20 43 118 249 Dec-16 74 17 23 27.9 16.1 13.7 11.2 108 98 1.2 31.7 4.5 1.5 9.7 (55)
Greatwall Motor (A) 601633 CH U Rmb 12.47 10.93 (12) 15,072 55.6 (5) (5) (7) 13 26 (7) (10) (15) 0 11 Dec-16 (32) 39 14 10.8 15.8 11.4 10.0 76 93 1.9 14.4 2.2 1.0 8.3 (8)
Greatwall Motor (H) 2333 HK O HK$ 9.92 12.50 26 15,072 82.3 (4) (3) 7 37 41 (8) (9) (8) 5 6 Dec-16 (32) 39 14 7.4 10.9 7.8 6.9 74 96 2.8 14.4 1.5 1.0 8.3 (8)
Guoxuan High-Tech 002074 CH U Rmb 31.93 28.00 (12) 4,151 43.2 (4) 4 (2) 3 (22) (6) (1) (9) (10) (36) Dec-16 7 (4) (5) 27.1 25.3 26.3 27.7 88 64 0.5 25.1 5.7 3.3 14.5 (20)
Huayu Auto 600741 CH O Rmb 21.81 24.00 10 10,185 55.2 (3) (5) 14 37 40 (5) (10) 6 24 26 Dec-16 4 4 2 11.3 10.9 10.4 10.2 96 92 4.8 16.0 1.7 0.3 5.1 (48)
JAC Motors 600418 CH N Rmb 9.94 10.00 1 2,788 19.7 (2) (7) (11) (14) (21) (4) (12) (19) (27) (36) Dec-16 (26) 18 1 16.2 22.0 18.6 18.4 67 67 1.4 6.1 1.3 0.4 6.7 0
JMC 000550 CH U Rmb 21.44 17.00 (21) 1,649 11.0 0 3 (16) (21) (19) (2) (2) (24) (33) (33) Dec-16 27 12 1 14.0 11.0 9.9 9.7 102 85 3.6 13.0 1.4 -0.1 -1.3 (107)
Johnson Electric 179 HK O HK$ 29.25 28.00 (4) 3,292 3.0 1 8 21 43 53 (4) 2 6 11 19 Mar-16 37 16 9 19.7 14.3 12.3 11.3 97 102 1.7 12.4 1.6 1.3 7.9 13
Nexteer 1316 HK U HK$ 13.78 8.80 (36) 4,417 7.6 10 14 23 50 95 6 8 7 18 61 Dec-16 6 (1) (4) 15.0 14.1 14.2 14.8 95 83 1.4 26.4 3.4 1.1 6.7 (9)
SAIC 600104 CH N Rmb 31.33 26.00 (17) 54,220 134.9 (1) 7 15 34 44 (3) 2 8 21 29 Dec-16 11 7 14 10.8 9.7 9.1 8.0 103 102 6.2 18.1 1.6 0.4 9.1 (17)
Sinotruk 3808 HK N HK$ 6.29 4.80 (24) 2,224 2.7 10 25 14 14 84 6 18 (1) (18) 49 Dec-16 33 (1) 8 28.2 21.2 21.4 19.8 84 77 2.0 3.5 0.7 0.3 4.0 (17)
Weichai Power (A) 000338 CH N Rmb 14.32 6.12 (57) 8,389 60.7 10 21 24 44 73 8 16 16 31 58 Dec-16 45 (8) (1) 46.9 32.4 35.2 35.5 56 49 2.3 11.0 3.5 0.7 5.7 62
Weichai Power (H) 2338 HK N HK$ 7.91 7.00 (12) 8,389 13.3 9 26 19 32 81 5 20 3 1 46 Dec-16 45 (8) (1) 22.4 15.5 16.8 16.9 101 88 4.8 11.0 1.7 0.7 5.7 62
Weifu 000581 CH O Rmb 25.92 30.00 16 3,212 38.4 3 12 5 16 22 1 7 (2) 3 7 Dec-16 9 1 5 15.6 14.4 14.3 13.7 94 85 2.1 13.4 1.8 2.5 20.1 (27)
Yutong Bus 600066 CH O Rmb 21.54 24.00 11 7,064 39.8 0 1 6 10 (0) (2) (4) (2) (3) (15) Dec-16 (11) 9 (1) 11.8 13.2 12.1 12.2 94 87 4.5 25.3 3.2 1.3 7.6 (51)
Sector Aggregate 3 234,868 2 9 19 45 62 (2) 2 4 13 27 Dec-16 7 12 10 12.3 11.5 10.3 9.3 96 96 3.4 16.0 1.7 0.7 8.9 (12)

Banks Sanjay Jain - 65 6306 0668

ABC (A) 601288 CH O Rmb 3.56 3.90 10 169,391 100.5 (1) 4 9 15 15 (3) (1) 1 2 0 Dec-16 3 7 9 6.4 6.2 5.8 5.4 98 100 4.9 14.2 0.8 n.a. n.a. n.a.
ABC (H) 1288 HK N HK$ 3.64 4.30 18 169,391 66.4 1 (0) 3 14 28 (3) (7) (12) (18) (6) Dec-16 3 7 9 5.7 5.5 5.2 4.8 98 100 5.6 14.2 0.7 n.a. n.a. n.a.
BCOM (A) 601328 CH N Rmb 6.39 5.80 (9) 62,889 73.0 6 5 8 11 13 4 0 1 (2) (2) Dec-16 (1) 6 9 7.2 7.2 6.8 6.3 100 103 4.2 11.1 0.8 n.a. n.a. n.a.
BCOM (H) 3328 HK N HK$ 5.74 6.40 11 62,889 21.0 1 (1) (1) 2 11 (3) (8) (17) (30) (24) Dec-16 (1) 6 9 5.6 5.6 5.3 4.9 100 104 5.4 11.1 0.6 n.a. n.a. n.a.
BOB 601169 CH U Rmb 8.05 5.83 (28) 21,759 47.6 5 8 1 (1) 13 3 3 (6) (14) (2) Dec-16 (2) 5 7 8.3 8.5 8.1 7.5 92 91 2.4 13.1 0.9 n.a. n.a. n.a.
BOC (A) 601988 CH O Rmb 3.76 4.10 9 157,759 87.3 0 4 7 9 13 (2) (1) (1) (3) (2) Dec-16 3 7 10 7.0 6.8 6.3 5.8 98 100 4.6 11.9 0.8 n.a. n.a. n.a.
BOC (H) 3988 HK O HK$ 3.77 4.60 22 157,759 159.5 1 (2) 3 10 19 (4) (8) (12) (22) (16) Dec-16 3 7 10 6.1 5.9 5.5 5.0 n.a. n.a. 5.3 11.9 0.7 n.a. n.a. n.a.
BOCQ 1963 HK N HK$ 6.80 6.80 0 2,723 0.9 5 7 5 4 17 0 0 (11) (28) (18) Dec-16 7 11 14 5.2 4.9 4.4 3.9 99 100 5.3 14.8 0.7 n.a. n.a. n.a.
CCB (A) 601939 CH O Rmb 6.44 7.30 13 206,202 70.6 3 5 12 18 26 1 0 4 6 11 Dec-16 4 5 10 7.0 6.7 6.4 5.8 100 102 4.5 14.6 0.9 n.a. n.a. n.a.
CCB (H) 939 HK O HK$ 6.40 8.10 27 206,202 222.8 1 (1) 4 7 19 (3) (7) (12) (25) (16) Dec-16 4 5 10 6.0 5.8 5.5 5.0 101 101 5.2 14.6 0.8 n.a. n.a. n.a.
CEB (A) 601818 CH U Rmb 4.30 3.10 (28) 28,751 55.6 6 9 11 10 13 4 4 3 (3) (2) Dec-16 0 (4) 8 6.9 6.8 7.1 6.6 98 91 2.3 12.6 0.6 n.a. n.a. n.a.
CEB (H) 6818 HK U HK$ 3.83 3.40 (11) 28,751 5.2 2 6 6 8 10 (2) (0) (10) (23) (24) Dec-16 0 (4) 8 5.3 5.3 5.5 5.1 101 93 3.0 12.6 0.5 n.a. n.a. n.a.
CIB 601166 CH N Rmb 18.10 16.80 (7) 55,697 178.2 3 14 19 12 17 1 9 11 (1) 2 Dec-16 4 5 6 6.5 6.3 6.0 5.6 103 101 3.8 15.9 0.9 n.a. n.a. n.a.
CITIC (A) 601998 CH U Rmb 6.99 4.70 (33) 60,310 36.1 9 14 14 9 13 7 9 6 (4) (2) Dec-16 (2) 3 5 8.2 8.4 8.1 7.7 99 103 3.0 11.4 0.9 n.a. n.a. n.a.
CITIC (H) 998 HK N HK$ 5.06 5.20 3 60,310 41.2 2 7 2 3 2 (2) 0 (14) (29) (32) Dec-16 (2) 3 5 5.1 5.2 5.1 4.8 99 100 4.8 11.4 0.6 n.a. n.a. n.a.
CMB (A) 600036 CH O Rmb 25.22 24.70 (2) 91,732 144.4 4 19 37 43 47 2 14 29 31 32 Dec-16 8 10 15 10.2 9.5 8.6 7.5 99 101 3.2 15.7 1.4 n.a. n.a. n.a.
CMB (H) 3968 HK N HK$ 24.95 27.40 10 91,732 59.3 4 12 23 37 44 0 5 8 5 9 Dec-16 8 10 15 8.8 8.1 7.3 6.4 98 99 3.7 15.7 1.2 n.a. n.a. n.a.
CRCB 3618 HK O HK$ 5.67 6.30 11 6,753 5.7 (1) 8 5 25 37 (6) 2 (11) (7) 3 Dec-16 9 8 8 5.8 5.3 4.9 4.6 100 99 4.4 15.3 0.8 n.a. n.a. n.a.
Harbin Bank 6138 HK N HK$ 2.48 2.50 1 3,492 0.5 (1) 1 6 8 16 (5) (5) (10) (24) (18) Dec-16 4 3 6 4.8 4.7 4.5 4.3 95 88 3.2 13.0 0.6 n.a. n.a. n.a.
HSB 3698 HK U HK$ 3.90 2.90 (26) 5,519 0.8 2 5 5 (1) 10 (2) (1) (10) (33) (25) Dec-16 1 9 12 5.4 5.4 4.9 4.4 96 96 4.8 14.3 0.7 n.a. n.a. n.a.
HXB 600015 CH U Rmb 10.36 7.75 (25) 19,677 53.0 9 16 16 15 26 7 11 8 2 11 Dec-16 (4) 3 6 6.8 7.0 6.8 6.4 95 92 1.4 13.4 0.9 n.a. n.a. n.a.
ICBC (A) 601398 CH O Rmb 5.27 5.70 8 269,819 85.5 4 5 11 20 23 2 0 4 7 8 Dec-16 1 4 7 6.9 6.8 6.5 6.1 98 98 4.5 14.0 0.9 n.a. n.a. n.a.
ICBC (H) 1398 HK O HK$ 5.34 6.40 20 269,819 172.5 3 2 8 15 23 (1) (4) (8) (17) (11) Dec-16 1 4 7 6.0 6.0 5.7 5.4 99 99 5.1 14.0 0.8 n.a. n.a. n.a.
MSB (A) 600016 CH U Rmb 8.67 7.00 (19) 45,091 125.1 6 7 11 (5) (9) 4 2 3 (17) (24) Dec-16 0 3 5 6.6 6.6 6.4 6.1 100 101 3.2 13.6 0.9 n.a. n.a. n.a.
MSB (H) 1988 HK N HK$ 8.04 7.80 (3) 45,091 31.0 3 3 3 (3) 2 (2) (3) (13) (35) (33) Dec-16 0 3 5 5.3 5.3 5.2 4.9 101 100 4.0 13.6 0.7 n.a. n.a. n.a.
NBCB 002142 CH U Rmb 16.35 10.38 (37) 12,278 52.8 9 20 26 28 36 7 15 18 15 21 Dec-16 (13) 12 15 8.3 9.6 8.5 7.4 99 99 1.8 17.6 1.6 n.a. n.a. n.a.
NJCB 601009 CH U Rmb 8.35 6.50 (22) 10,491 69.1 2 8 6 8 15 0 3 (1) (5) (0) Dec-16 7 15 17 8.8 8.3 7.2 6.1 92 94 2.4 15.4 1.0 n.a. n.a. n.a.
PAB 000001 CH N Rmb 11.09 8.60 (22) 28,206 94.6 7 21 24 22 24 5 17 17 9 9 Dec-16 (1) 5 8 8.4 8.5 8.1 7.5 96 94 1.4 10.5 0.9 n.a. n.a. n.a.
PSBC 1658 HK N HK$ 4.78 4.80 0 49,407 15.2 0 6 (2) 14 n.a. (4) (0) (18) (18) n.a. Dec-16 (0) 9 18 7.5 7.5 6.8 5.8 100 97 2.0 12.2 0.9 n.a. n.a. n.a.
SPDB 600000 CH N Rmb 13.69 11.69 (15) 56,989 79.1 6 10 19 10 13 5 5 12 (3) (2) Dec-16 2 7 11 7.4 7.2 6.8 6.1 97 96 1.2 14.7 1.0 n.a. n.a. n.a.
Sector Aggregate 13 1,364,935 2 4 7 12 21 (2) (3) (8) (20) (14) Dec-16 2 6 9 6.2 6.1 5.8 5.3 99 99 4.5 13.6 0.8 n.a. n.a. n.a.

20 July 2017
45
Jump-Start

China—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Capital Goods Amy Ji/ Edmond Huang/ Gloria Yan/ Horace Tse - 852 2101 7735/ 852 2101 6701/ 852 2101 7369/ 852 2101 7379
CCCC (A) 601800 CH U Rmb 17.34 12.00 (31) 36,364 86.4 5 11 (9) 14 59 3 6 (17) 1 44 Dec-16 22 14 14 17.8 14.6 12.9 11.3 102 102 1.4 11.5 1.6 0.9 9.5 90
CCCC (H) 1800 HK O HK$ 10.92 13.70 25 36,364 33.7 6 9 (1) 22 26 2 2 (17) (10) (9) Dec-16 22 14 14 9.7 8.0 7.0 6.1 101 102 2.6 11.5 0.9 0.9 9.5 90
CRCC (A) 601186 CH U Rmb 13.34 8.30 (38) 25,644 121.4 10 13 (5) 12 46 8 8 (13) (1) 31 Dec-16 5 5 5 13.0 12.4 11.9 11.3 92 87 1.3 10.6 1.3 0.3 5.7 23
CRCC (H) 1186 HK U HK$ 10.96 9.50 (13) 25,644 15.0 6 9 (0) 10 17 2 2 (16) (22) (18) Dec-16 5 5 5 9.2 8.8 8.4 8.0 93 89 1.8 10.6 0.9 0.3 5.7 23
CRCCHT 1786 HK O HK$ 2.85 5.30 86 555 1.1 (14) (17) (23) (8) (24) (18) (24) (39) (40) (58) Dec-16 24 15 1 8.0 6.5 5.7 5.6 119 113 8.0 10.2 0.6 0.6 3.9 (14)
CRG (A) 601390 CH U Rmb 9.00 4.90 (46) 28,385 87.4 4 3 (3) 2 29 2 (2) (11) (11) 14 Dec-16 20 8 6 18.1 15.1 14.0 13.2 95 96 1.1 10.2 1.5 0.4 8.2 50
CRG (H) 390 HK U HK$ 6.57 5.60 (15) 28,385 16.7 5 6 (2) 3 12 1 (1) (18) (29) (23) Dec-16 20 8 6 11.4 9.5 8.8 8.3 99 96 1.8 10.2 0.9 0.4 8.2 50
CRRC (A) 601766 CH U Rmb 10.24 3.90 (62) 40,875 110.7 2 2 (2) 5 10 0 (3) (10) (8) (5) Dec-16 (12) 1 8 27.1 30.8 30.6 28.3 73 66 0.9 8.4 2.5 1.1 12.3 (10)
CRRC (H) 1766 HK U HK$ 7.10 4.40 (38) 40,875 17.6 3 (1) (6) 2 1 (2) (8) (22) (30) (34) Dec-16 (12) 1 8 16.3 18.5 18.3 17.0 74 66 1.5 8.4 1.5 1.1 12.3 (10)
Dongfang Electric (A) 600875 CH U Rmb 9.84 7.90 (20) 3,736 16.4 2 4 0 (9) (3) (0) (1) (7) (21) (18) Dec-16 130 16 21 n.m. 38.7 33.3 27.5 172 224 0.0 2.8 1.1 -0.1 -6.6 (104)
Dongfang Electric (H) 1072 HK N HK$ 7.58 8.50 12 3,736 1.9 8 11 9 11 23 4 4 (7) (21) (12) Dec-16 130 16 21 n.m. 25.7 22.2 18.3 n.m. 777 0.0 2.8 0.7 -0.1 -6.6 (104)
Goldwind (A) 002202 CH N Rmb 14.79 12.40 (16) 5,610 29.1 (2) (3) (7) (14) (8) (4) (8) (14) (26) (23) Dec-16 (12) 11 11 13.5 15.4 13.8 12.4 80 82 1.2 15.8 2.2 1.7 9.3 50
Goldwind (H) 2208 HK O HK$ 8.56 14.08 64 5,610 5.1 (1) 3 1 (15) 4 (5) (3) (14) (47) (31) Dec-16 (12) 11 11 6.7 7.7 6.9 6.2 107 113 2.4 15.8 1.1 1.7 9.3 50
Guodian Nari 600406 CH O Rmb 17.47 22.00 26 6,285 113.9 4 0 5 5 21 2 (5) (3) (8) 6 Dec-16 44 21 25 29.3 20.3 16.9 13.5 117 122 2.5 15.8 2.0 1.6 6.0 (15)
Harbin Electric 1133 HK O HK$ 4.18 5.00 20 737 2.3 8 3 (16) 15 19 4 (3) (32) (17) (16) Dec-16 19 4 4 12.0 10.1 9.7 9.3 87 79 1.0 3.6 0.4 -0.3 -5.5 (94)
Inovance Tech 300124 CH O Rmb 24.38 27.60 13 6,013 29.4 (1) (1) 6 20 27 (3) (6) (1) 7 13 Dec-16 22 28 30 43.6 35.6 27.7 21.4 98 101 1.4 22.8 7.7 9.0 34.9 (33)
Lonking 3339 HK O HK$ 2.67 3.00 12 1,464 4.1 9 14 19 61 132 5 7 4 29 98 Dec-16 34 27 16 23.2 17.3 13.6 11.7 107 112 3.0 8.4 1.4 1.7 10.8 11
Pinggao Electric 600312 CH N Rmb 13.57 15.00 11 2,727 21.1 (5) 1 (11) (13) (19) (6) (4) (18) (26) (34) Dec-16 11 2 (0) 15.1 13.6 13.3 13.4 95 84 0.0 14.0 1.8 1.7 8.8 (13)
Sany 600031 CH O Rmb 8.45 10.00 18 9,585 62.6 6 13 24 39 61 4 8 16 26 46 Dec-16 830 54 29 n.m. 34.0 22.1 17.1 90 100 1.1 8.1 2.7 2.6 14.6 69
Shanghai Electric (A) 601727 CH U Rmb 7.83 2.50 (68) 13,493 40.3 (2) 12 (7) (7) (2) (4) 7 (15) (20) (17) Dec-16 18 3 5 75.9 64.6 62.8 59.6 81 78 0.4 3.4 2.3 0.8 13.5 (43)
Shanghai Electric (H) 2727 HK U HK$ 3.58 2.85 (20) 13,493 8.5 1 1 (5) 3 10 (3) (6) (21) (29) (24) Dec-16 18 3 5 30.0 25.5 24.8 23.6 77 73 0.9 3.4 0.9 0.8 13.5 (43)
Sinopec Engineering 2386 HK N HK$ 7.08 7.90 12 4,015 4.3 3 (3) (8) 9 (2) (1) (9) (23) (23) (36) Dec-16 60 12 (1) 16.3 10.2 9.1 9.2 121 114 3.9 10.2 1.0 0.4 4.0 (46)
Sinopec Kantons 934 HK O HK$ 4.84 5.40 12 1,541 3.3 11 17 17 37 17 6 11 1 5 (17) Dec-16 34 18 11 12.0 8.9 7.5 6.8 114 118 1.9 13.4 1.1 9.2 13.6 49
SMEIC 600835 CH O Rmb 20.79 25.90 25 2,484 13.7 (0) 2 (6) 7 2 (2) (3) (14) (6) (13) Dec-16 24 2 2 19.0 15.4 15.0 14.8 89 84 2.0 14.3 2.1 0.1 0.9 (111)
TBEA 600089 CH N Rmb 9.94 10.00 1 5,475 68.7 (0) 1 (17) 13 16 (2) (4) (25) (0) 1 Dec-16 (1) 2 7 14.6 14.8 14.5 13.6 92 81 2.0 9.1 1.3 0.9 8.5 5
XJ Electric 000400 CH O Rmb 17.04 25.00 47 2,545 18.0 (4) 1 (7) (6) 6 (6) (4) (15) (19) (9) Dec-16 35 23 19 19.8 14.7 12.0 10.1 99 106 0.8 15.4 2.1 1.4 11.0 (11)
Zhuzhou CSR 3898 HK U HK$ 38.95 34.00 (13) 5,863 14.0 0 (2) (5) (1) (7) (4) (8) (21) (33) (41) Dec-16 3 4 4 14.6 14.1 13.6 13.1 87 81 1.3 16.4 2.2 2.2 9.9 (23)
Zoomlion (A) 000157 CH N Rmb 4.76 4.95 4 5,134 32.1 6 8 4 5 13 4 3 (4) (8) (2) Dec-16 240 80 45 n.m. 49.7 27.6 19.0 48 108 3.2 2.0 1.0 2.0 n.m. 28
Zoomlion (H) 1157 HK O HK$ 4.14 5.40 30 5,134 6.8 12 17 7 21 73 7 10 (9) (11) 39 Dec-16 240 80 45 n.m. 37.4 20.8 14.3 61 137 4.2 2.0 0.7 2.0 n.m. 28
Sector Aggregate (1) 208,530 4 5 (1) 10 17 (0) (2) (17) (22) (18) Dec-16 19 10 10 14.5 12.2 11.1 10.1 94 92 1.9 9.8 1.1 0.7 9.2 22

Chemicals Horace Tse - 852 2101 7379

Wanhua Chemical 600309 CH O Rmb 30.92 30.00 (3) 12,522 118.7 6 21 18 72 105 4 17 11 60 90 Dec-16 19 3 2 18.2 15.3 14.8 14.5 98 91 2.4 31.3 4.1 2.8 9.3 91

Conglomerates Baoying Zhai/ Kenneth Fong - 852 2101 7135/ 852 2101 6395
CITIC 267 HK N HK$ 11.78 12.80 9 43,886 15.6 1 (5) 9 6 1 (3) (12) (7) (26) (34) Dec-15 3 4 3 8.2 7.9 7.6 7.4 100 100 2.8 9.0 0.7 1.5 3.6 33
Fosun 656 HK O HK$ 11.88 15.30 29 13,072 17.6 (1) (6) 3 8 16 (5) (13) (13) (24) (18) Dec-15 20 11 10 9.7 8.0 7.2 6.6 158 103 1.7 12.2 1.1 1.8 9.0 65
Legend 3396 HK N HK$ 21.05 22.80 8 6,352 3.5 1 (4) (8) 22 14 (3) (10) (24) (10) (21) Dec-15 (10) 19 n.a. 8.5 9.4 8.0 n.a. 94 102 1.3 9.0 0.8 0.3 7.6 76
SIHL 363 HK O HK$ 22.85 28.60 25 3,182 4.4 (2) (0) (6) 9 28 (6) (7) (22) (23) (7) Dec-15 5 3 11 9.0 8.5 8.3 7.5 101 101 4.0 8.0 0.7 1.8 5.4 24
Sector Aggregate 16 66,491 1 (5) 5 8 6 (4) (11) (10) (24) (28) Dec-16 10 7 n.a. 8.2 7.4 6.9 n.a. 102 101 2.8 9.4 0.7 0.9 3.9 30

Consumer Durables & Apparel Carey Shi - 852 2101 7729

Anta 2020 HK O HK$ 26.30 31.00 18 9,039 20.7 (2) 15 17 14 53 (6) 8 1 (18) 18 Dec-16 13 15 19 23.8 21.0 18.2 15.3 100 99 3.7 24.4 4.4 3.2 12.6 (70)
Belle 1880 HK N HK$ 6.24 6.30 1 6,740 23.4 2 3 18 43 39 (2) (4) 3 11 4 Feb-16 (22) 0 5 10.2 13.1 13.1 12.4 117 103 4.6 13.5 1.7 0.9 6.6 (28)
Dongxiang 3818 HK O HK$ 1.38 2.02 46 978 1.7 1 (2) (7) 0 (8) (4) (9) (22) (32) (43) Dec-16 (29) 0 n.a. 7.6 10.6 10.5 n.a. 87 87 5.7 6.3 0.7 2.5 5.0 (27)
GOME 493 HK N HK$ 0.93 1.00 8 2,579 14.6 0 (4) (14) (1) (8) (4) (11) (30) (33) (43) Dec-16 123 38 11 51.4 23.0 16.7 15.0 100 102 1.7 3.4 0.8 0.2 11.6 9
Gree 000651 CH O Rmb 39.99 38.00 (5) 35,634 372.3 (2) 7 21 62 108 (4) 2 13 50 93 Dec-16 8 11 7 15.6 14.4 12.9 12.0 94 94 4.2 29.4 4.0 1.1 7.2 (175)
Haier Electronics 1169 HK O HK$ 20.30 21.30 5 7,273 11.0 3 (0) 12 66 51 (1) (7) (4) 34 16 Dec-16 20 14 11 17.7 14.8 13.0 11.7 103 104 1.4 17.4 2.4 0.5 8.3 (66)
Hangzhou Robam 002508 CH O Rmb 41.85 48.46 16 5,883 41.6 (2) (4) (4) 48 38 (4) (9) (12) 35 23 Dec-16 (2) 21 19 32.9 33.7 27.9 23.5 72 69 1.2 32.5 9.8 4.9 20.3 (87)
Heilan Home 600398 CH N Rmb 9.33 10.20 9 6,209 9.2 (2) 1 (10) (14) (22) (4) (4) (17) (26) (36) Dec-15 6 5 8 14.2 13.4 12.8 11.8 99 96 5.2 34.1 4.2 2.0 7.8 (88)
Joyoung 002242 CH N Rmb 17.95 20.40 14 2,041 19.1 (3) (6) (10) (0) (9) (5) (11) (18) (13) (24) Dec-16 7 13 12 19.8 18.5 16.3 14.5 94 92 2.7 19.6 3.3 1.5 12.3 (38)
Li Ning 2331 HK O HK$ 6.18 6.50 5 1,723 8.1 3 3 25 27 49 (2) (3) 10 (5) 15 Dec-16 57 59 34 39.2 25.0 15.7 11.8 98 107 1.3 12.3 2.9 1.1 11.8 (32)
Midea 000333 CH O Rmb 41.22 49.00 19 39,623 211.0 (1) 2 19 46 50 (3) (3) 12 34 35 Dec-16 15 14 10 18.1 15.8 13.8 12.6 101 98 2.5 25.4 3.7 1.3 11.8 2
QingDao Haier 600690 CH O Rmb 14.17 15.80 12 12,798 77.3 0 (0) 16 43 40 (2) (5) 8 31 25 Dec-16 20 15 14 17.2 14.4 12.6 11.1 97 98 2.2 21.1 2.8 0.6 7.6 (8)
Samsonite 1910 HK N HK$ 32.85 31.00 (6) 5,972 16.4 1 3 12 48 41 (3) (4) (4) 16 6 Dec-16 9 12 13 23.1 21.2 19.0 16.9 107 100 1.9 18.0 3.6 2.2 11.8 77
Shenzhou 2313 HK N HK$ 54.40 50.30 (8) 10,357 14.8 5 4 9 12 30 0 (2) (7) (20) (4) Dec-16 17 16 16 22.3 19.1 16.5 14.2 101 100 2.8 20.3 3.5 3.8 13.4 (18)
Stella 1836 HK N HK$ 13.90 12.60 (9) 1,414 1.0 1 5 5 12 4 (3) (1) (11) (20) (30) Dec-16 9 7 (1) 17.3 15.9 14.8 15.0 102 95 4.4 9.0 1.4 0.8 9.5 (8)
Suning 002024 CH O Rmb 10.63 13.30 25 14,659 49.0 (2) (4) 2 (7) (4) (4) (9) (6) (20) (19) Dec-15 (36) (73) 114 90.0 n.m. n.m. n.m. 94 42 0.1 1.6 1.7 0.7 27.0 (1)
Suofeiya 002572 CH O Rmb 39.48 45.00 14 5,400 20.3 2 1 7 46 37 0 (4) (1) 33 22 Dec-16 40 35 32 53.1 37.9 28.2 21.4 100 99 1.3 23.2 8.3 5.4 24.0 (26)

20 July 2017
Xtep 1368 HK N HK$ 2.94 3.63 23 836 1.5 1 (1) (4) (9) (29) (3) (8) (19) (41) (63) Dec-16 29 11 10 10.6 8.2 7.4 6.7 102 103 7.4 13.3 1.0 1.3 6.3 27
Zhejiang Semir 002563 CH N Rmb 7.90 8.70 10 3,152 5.9 (3) (9) (16) (23) (34) (5) (14) (24) (36) (49) Dec-16 4 9 11 14.9 14.3 13.1 11.8 91 84 2.4 14.5 2.0 1.6 9.0 (24)
Sector Aggregate 9 172,313 (1) 3 13 36 47 (5) (4) (3) 4 13 Dec-16 11 14 11 19.6 17.6 15.5 13.0 97 96 2.8 17.5 2.9 1.0 10.5 (37)
46
Jump-Start

China—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Consumer Staples Carey Shi/ Michael Shen - 852 2101 7729/ 852 2101 6711
Bright Dairy 600597 CH U Rmb 12.15 10.70 (12) 2,215 8.9 (1) (1) (4) (7) (12) (3) (6) (12) (20) (26) Dec-15 35 (9) 8 35.7 26.5 29.1 27.1 99 86 1.2 11.9 3.0 0.7 7.7 (3)
China Res Beer 291 HK N HK$ 19.60 18.20 (7) 8,143 11.7 3 (3) 2 27 26 (1) (10) (13) (5) (8) Dec-15 (29) 157 16 61.8 87.4 34.0 29.4 88 87 0.5 4.7 3.3 2.2 18.2 48
Dali Foods 3799 HK N HK$ 4.59 4.60 0 8,050 4.8 3 2 1 12 1 (1) (5) (14) (20) (34) Dec-15 8 2 9 18.7 17.3 17.0 15.6 100 96 4.0 24.9 4.1 2.6 11.6 (59)
Haitian Flavouring 603288 CH O Rmb 38.80 42.50 10 15,546 12.6 0 (5) 4 32 23 (2) (10) (3) 20 8 Dec-15 13 17 13 41.8 36.9 31.5 28.0 100 99 1.6 30.1 10.4 7.9 26.8 (72)
Hengan 1044 HK O HK$ 59.75 73.50 23 9,220 27.8 1 3 2 5 (11) (4) (3) (13) (27) (45) Dec-16 7 10 10 18.0 16.9 15.3 13.9 105 109 4.0 24.0 3.9 3.1 10.9 0
Kweichow Moutai 600519 CH O Rmb 456.86 495.00 8 85,009 206.3 (0) (3) 10 37 48 (2) (8) 2 24 33 Dec-15 8 25 22 37.0 34.4 27.6 22.6 100 102 1.5 24.4 7.9 12.6 20.2 (88)
Luzhou Laojiao 000568 CH N Rmb 49.92 46.00 (8) 10,339 60.4 3 2 9 51 61 1 (3) 1 39 46 Dec-15 31 25 23 47.5 36.3 29.0 23.6 100 97 1.9 18.4 6.4 7.8 24.0 (43)
Mengniu 2319 HK U HK$ 16.24 12.80 (21) 8,165 17.7 12 5 9 9 23 8 (1) (6) (23) (12) Dec-15 (7) 15 10 23.1 24.9 21.6 19.7 146 102 0.0 10.0 2.5 1.1 14.5 10
Shanxi Fen Wine 600809 CH N Rmb 33.88 33.00 (3) 4,345 40.5 2 (2) 3 35 47 (0) (7) (5) 23 32 Dec-15 16 35 21 56.3 48.5 35.9 29.6 100 94 1.6 13.2 6.2 6.4 26.3 (25)
Shuanghui Development 000895 CH O Rmb 21.74 30.00 38 10,625 37.4 (5) (3) (6) 4 (4) (7) (8) (14) (9) (19) Dec-15 3 10 12 16.9 16.3 14.8 13.1 100 101 9.7 28.4 5.0 1.3 10.9 (16)
Tingyi 322 HK U HK$ 9.23 7.40 (20) 6,625 9.5 2 (0) (8) (2) 34 (3) (7) (24) (34) (0) Dec-15 (31) 2 19 25.9 37.5 36.7 30.9 99 75 1.3 6.0 2.2 1.0 8.7 37
Tsingtao Brewery (A) 600600 CH N Rmb 33.09 34.00 3 6,322 11.8 (1) (2) (0) 12 11 (3) (7) (8) (0) (4) Dec-15 (39) 41 10 26.1 42.8 30.5 27.7 100 105 1.1 6.2 2.6 1.4 13.4 (41)
Tsingtao Brewery (H) 168 HK N HK$ 34.70 37.00 7 6,322 7.7 2 (0) (0) 18 27 (3) (7) (16) (14) (8) Dec-15 (39) 41 10 23.7 38.8 27.6 25.1 100 104 1.2 6.2 2.4 1.4 13.4 (41)
Vinda 3331 HK N HK$ 15.00 15.20 1 2,294 0.6 (2) (4) (3) 3 11 (6) (11) (19) (29) (24) Dec-16 5 14 11 24.3 23.1 20.3 18.3 99 98 1.2 10.1 2.3 1.6 12.5 59
Want Want 151 HK N HK$ 5.36 5.00 (7) 8,590 10.3 3 0 (2) 8 4 (1) (6) (18) (24) (30) Dec-15 7 (16) 2 17.9 16.7 20.0 19.7 100 88 2.6 123.0 15.3 2.8 11.3 (48)
WH Group 288 HK O HK$ 7.57 9.30 23 14,205 37.4 (1) 1 10 21 23 (5) (6) (6) (11) (11) Dec-15 32 3 11 18.1 13.7 13.3 12.0 100 97 2.2 16.9 2.2 0.8 7.3 26
Wuliangye 000858 CH O Rmb 53.71 58.00 8 30,200 168.6 3 2 18 56 51 1 (3) 10 43 37 Dec-15 10 28 20 33.0 30.1 23.5 19.6 100 105 1.7 15.1 4.4 7.0 18.9 (66)
Yanghe Brewery 002304 CH O Rmb 83.79 99.00 18 18,704 37.2 (0) (2) (5) 19 16 (2) (7) (13) 6 1 Dec-15 8 23 17 23.5 21.7 17.7 15.1 100 109 2.1 23.7 4.8 6.9 14.2 (32)
Yanjing Brewry 000729 CH U Rmb 6.30 5.80 (8) 2,630 10.4 (6) (5) (17) (9) (18) (8) (10) (25) (22) (33) Dec-15 (44) (6) 5 30.2 53.5 56.8 53.9 106 71 0.6 2.6 1.4 1.5 14.4 (6)
Yili 600887 CH O Rmb 20.46 22.50 10 18,423 164.5 (2) 2 8 16 16 (4) (3) (0) 4 1 Dec-15 22 9 14 26.8 21.9 20.1 17.7 100 104 2.5 26.6 5.5 1.9 15.7 (34)
Zhou Hei Ya 1458 HK O HK$ 7.96 9.50 19 2,429 8.2 (2) (3) (6) 17 n.a. (6) (10) (22) (15) n.a. Dec-15 29 12 23 29.7 22.9 20.4 16.5 81 102 1.3 38.9 5.0 4.9 13.8 (76)
Sector Aggregate 8 272,080 1 (1) 6 28 31 (4) (7) (10) (4) (3) Dec-16 17 16 9 26.6 22.8 19.6 15.7 100 101 2.3 19.8 4.3 2.5 13.0 (31)

Diversified Financials Sanjay Jain/ Steven Zhu - 65 6306 0668/ 852 2101 6535
China Merchants Securities (A) 600999 CH U Rmb 18.22 11.60 (36) 16,981 32.5 6 7 14 12 5 4 2 6 (1) (10) Dec-16 (2) 12 9 20.1 20.5 18.3 16.8 94 90 2.0 9.6 1.9 n.a. n.a. n.a.
China Merchants Securities (H) 6099 HK N HK$ 12.32 12.90 5 16,981 3.3 1 0 4 2 n.a. (3) (6) (12) (30) n.a. Dec-16 (2) 12 9 11.7 12.0 10.7 9.8 99 95 3.3 9.6 1.1 n.a. n.a. n.a.
CICC 3908 HK O HK$ 12.74 14.10 11 6,502 4.7 8 15 11 16 8 3 8 (5) (16) (27) Dec-16 13 14 n.a. 13.7 12.1 10.6 n.a. 91 98 2.4 11.4 1.3 n.a. n.a. n.a.
Cinda 1359 HK N HK$ 2.94 3.00 2 14,369 17.1 2 1 1 5 17 (2) (6) (15) (27) (18) Dec-16 10 8 12 5.9 5.4 5.0 4.5 98 93 5.6 12.0 0.5 n.a. n.a. n.a.
Citic Securities (A) 600030 CH U Rmb 17.78 16.30 (8) 30,656 163.7 3 6 10 11 7 1 1 3 (2) (8) Dec-16 9 8 15 20.8 19.0 17.6 15.3 91 86 1.6 7.7 1.4 n.a. n.a. n.a.
Citic Securities (H) 6030 HK N HK$ 16.26 18.20 12 30,656 22.1 0 1 2 3 (5) (4) (5) (14) (29) (40) Dec-16 9 8 15 16.4 15.0 13.9 12.1 89 84 2.0 7.7 1.1 n.a. n.a. n.a.
Everbright Securities (A) 601788 CH U Rmb 15.43 11.20 (27) 9,910 30.9 3 1 4 (4) (13) 1 (4) (4) (16) (28) Dec-16 (4) 8 8 21.8 22.8 21.1 19.5 84 80 1.8 6.5 1.5 n.a. n.a. n.a.
Everbright Securities (H) 6178 HK N HK$ 10.88 12.50 15 9,910 0.7 2 (0) (6) (14) n.a. (3) (7) (22) (46) n.a. Dec-16 (4) 8 8 13.3 13.9 12.9 11.9 94 88 2.9 6.5 0.9 n.a. n.a. n.a.
Galaxy Securities 6881 HK O HK$ 7.08 8.20 16 8,647 19.8 (1) (1) 0 1 0 (5) (7) (15) (31) (35) Dec-16 9 8 8 11.3 10.4 9.6 8.9 105 102 2.9 9.4 0.9 n.a. n.a. n.a.
GF Securities (A) 000776 CH N Rmb 18.03 17.50 (3) 19,339 69.5 5 6 10 7 7 3 1 2 (6) (8) Dec-16 11 13 10 17.1 15.4 13.7 12.4 98 95 2.1 11.1 1.7 n.a. n.a. n.a.
GF Securities (H) 1776 HK O HK$ 16.20 19.50 20 19,339 6.8 2 2 1 0 (9) (2) (5) (14) (32) (43) Dec-16 11 13 10 13.3 12.0 10.6 9.7 96 93 2.7 11.1 1.3 n.a. n.a. n.a.
Haitong Securities (A) 600837 CH N Rmb 15.43 14.80 (4) 24,128 60.0 3 3 7 (2) (1) 1 (2) (1) (15) (16) Dec-16 11 14 9 22.1 19.8 17.4 15.9 91 90 1.6 7.9 1.5 n.a. n.a. n.a.
Haitong Securities (H) 6837 HK O HK$ 12.90 16.50 28 24,128 19.0 2 1 2 (3) 1 (2) (6) (14) (35) (33) Dec-16 11 14 9 15.9 14.3 12.5 11.5 91 90 2.2 7.9 1.1 n.a. n.a. n.a.
HT Securities (A) 601688 CH N Rmb 19.82 17.50 (12) 19,513 84.5 7 12 18 11 (2) 5 7 10 (2) (17) Dec-16 10 12 10 22.6 20.6 18.5 16.8 93 91 1.9 8.0 1.6 n.a. n.a. n.a.
HT Securities (H) 6886 HK O HK$ 16.04 19.00 18 19,513 13.2 5 8 8 8 (5) 1 2 (7) (24) (39) Dec-16 10 12 10 15.8 14.4 12.9 11.8 92 90 2.8 8.0 1.1 n.a. n.a. n.a.
Huarong 2799 HK N HK$ 3.05 3.50 15 15,261 5.7 (1) (1) (8) 9 (1) (5) (8) (24) (23) (35) Dec-16 17 12 13 5.1 4.4 3.9 3.5 101 100 6.7 19.0 0.8 n.a. n.a. n.a.
Sinolink Securities 600109 CH U Rmb 11.21 8.50 (24) 5,022 60.5 (0) (7) (15) (14) (18) (2) (12) (23) (27) (32) Dec-16 5 7 n.a. 26.1 25.0 23.4 n.a. 91 86 0.2 7.5 1.8 n.a. n.a. n.a.
Sector Aggregate 17 170,328 2 2 1 2 (1) (3) (5) (15) (30) (36) Dec-16 10 11 11 11.3 10.3 9.3 8.2 96 93 3.1 10.6 1.0 n.a. n.a. n.a.

Energy Horace Tse - 852 2101 7379

Anton Oil 3337 HK U HK$ 0.78 0.50 (36) 266 0.8 5 10 (9) (28) (3) 1 3 (25) (60) (37) Dec-16 64 64 182 n.m. n.m. n.m. 89.1 89 n.m. 0.0 (4.5) 1.2 1.7 7.7 71
CNOOC 883 HK O HK$ 8.71 13.00 49 49,802 82.8 1 1 (4) (10) (11) (3) (6) (20) (42) (46) Dec-16 4,138 68 (4) n.m. 12.5 7.4 7.7 115 148 3.3 7.2 0.9 2.3 3.9 26
COOEC 600583 CH O Rmb 6.15 9.00 46 4,028 26.5 (0) (3) (14) (17) (17) (2) (8) (21) (29) (31) Dec-16 10 35 7 14.9 13.6 10.1 9.4 147 143 0.0 8.3 1.1 1.5 6.2 (26)
COSL (A) 601808 CH U Rmb 10.87 5.00 (54) 6,265 15.6 (1) (4) (8) (15) (14) (3) (9) (16) (28) (29) Dec-16 81 111 (60) n.m. n.m. n.m. n.m. 4 34 0.3 (6.5) 1.6 3.3 16.0 81
COSL (H) 2883 HK U HK$ 6.46 5.30 (18) 6,265 12.9 2 1 (11) (10) 5 (2) (5) (27) (42) (30) Dec-16 81 111 (60) n.m. n.m. n.m. n.m. 19 32 0.5 (6.5) 0.8 3.3 16.0 81
Hilong 1623 HK N HK$ 1.35 1.40 4 293 0.8 4 5 (18) (40) 57 (0) (1) (33) (72) 22 Dec-16 (12) (9) 9 11.8 13.4 14.7 13.5 77 54 1.1 4.5 0.6 1.5 5.2 44
Kunlun Energy 135 HK U HK$ 7.54 5.00 (34) 7,795 13.3 6 17 5 30 30 2 11 (11) (2) (5) Dec-16 485 5 30 92.4 15.8 15.1 11.6 80 79 1.9 9.6 1.5 1.1 5.8 42
PetroChina (A) 601857 CH U Rmb 8.11 4.50 (45) 207,890 46.2 4 6 5 2 10 2 1 (2) (11) (4) Dec-16 237 87 (14) n.m. 56.0 30.0 34.7 71 100 0.8 2.2 1.2 1.0 6.1 32
PetroChina (H) 857 HK N HK$ 4.95 5.00 1 207,890 71.1 3 (0) (11) (14) (7) (1) (7) (26) (46) (42) Dec-16 237 87 (14) 99.7 29.6 15.8 18.3 72 101 1.5 2.2 0.7 1.0 6.1 32
Sinopec (A) 600028 CH O Rmb 6.10 7.50 23 106,142 98.9 0 3 6 13 26 (2) (2) (2) 0 11 Dec-16 34 18 (12) 15.8 11.8 10.0 11.4 117 128 5.5 8.7 1.0 0.4 4.0 6
Sinopec (H) 386 HK O HK$ 6.06 8.30 37 106,142 64.1 3 (5) (3) 10 6 (1) (11) (18) (22) (29) Dec-16 34 18 (12) 13.6 10.1 8.6 9.8 121 128 6.4 8.7 0.9 0.4 4.0 6
Sinopec Shanghai Petrochem (A)600688 CH U Rmb 6.66 2.75 (59) 9,185 29.7 (1) 2 3 3 7 (3) (2) (4) (9) (8) Dec-16 (34) (14) 10 12.1 18.4 21.4 19.5 74 63 1.8 14.7 2.5 0.8 9.1 (23)
Sinopec Shanghai Petrochem (H)338 HK U HK$ 4.42 3.10 (30) 9,185 9.5 3 12 0 5 18 (1) 5 (16) (27) (16) Dec-16 (34) (14) 10 6.9 10.5 12.3 11.2 80 70 3.1 14.7 1.4 0.8 9.1 (23)
Sinopec SSC (A) 600871 CH U Rmb 3.14 0.80 (75) 5,921 29.3 (2) (10) (13) (23) (25) (4) (14) (21) (36) (39) Dec-16 87 70 137 n.m. n.m. n.m. n.m. 55 18 0.0 (29.2) 7.1 1.1 28.6 347
Sinopec SSC (H) 1033 HK U HK$ 1.19 0.90 (24) 5,921 2.1 (3) (6) (20) (21) (21) (8) (12) (35) (53) (55) Dec-16 87 70 137 n.m. n.m. n.m. 62.0 8 n.m. 0.0 (29.2) 2.3 1.1 28.6 347

20 July 2017
SPT Energy 1251 HK N HK$ 0.53 0.60 13 104 0.1 0 6 (9) (18) 4 (4) (1) (24) (50) (31) Dec-16 54 42 53 n.m. n.m. n.m. n.m. 17 n.m. 0.0 (16.0) 0.9 1.3 n.m. 45
Yantai Jereh Oilfield 002353 CH N Rmb 14.32 18.50 29 2,032 31.0 (9) (11) (21) (29) (25) (11) (16) (29) (42) (40) Dec-16 110 52 (3) n.m. 54.2 35.5 36.5 31 45 0.4 3.2 1.7 3.6 33.0 (11)
Sector Aggregate 16 399,722 3 (1) (7) (6) (3) (1) (7) (23) (38) (38) Dec-16 831 55 (9) n.m. 18.3 11.8 13.0 92 113 3.0 5.0 0.8 0.8 5.3 23
47
Jump-Start

China—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Environmental Services Dave Dai/ Gary Zhou - 852 2101 7358/ 852 2101 6648
BE Water 371 HK U HK$ 6.33 4.00 (37) 7,099 15.6 4 2 5 23 41 0 (4) (10) (9) 6 Dec-16 7 10 (4) 17.1 15.9 14.5 15.1 88 79 2.0 19.9 3.0 3.6 13.5 91
Beijing Capital 600008 CH U Rmb 5.64 2.50 (56) 4,027 210.9 (8) (20) (20) 37 39 (10) (25) (27) 25 24 Dec-15 2 1 2 50.3 49.1 48.5 47.7 90 72 1.4 6.4 3.1 5.3 18.2 109
Canvest 1381 HK O HK$ 4.23 5.30 25 1,330 2.4 4 3 (6) 10 24 0 (4) (22) (22) (11) Dec-16 17 32 33 21.4 18.3 13.8 10.4 98 105 0.4 15.4 2.3 4.6 12.8 28
CEI 257 HK O HK$ 10.02 12.40 24 5,752 12.0 8 5 (4) 14 20 4 (1) (20) (18) (15) Dec-15 24 39 26 21.5 17.3 12.4 9.8 93 106 2.0 14.4 2.4 5.1 12.1 55
Dongjiang (A) 002672 CH U Rmb 15.63 15.20 (3) 1,896 18.8 (9) (10) (18) (11) (17) (11) (15) (26) (24) (32) Dec-16 (0) 19 22 25.1 25.2 21.2 17.4 103 100 0.8 15.4 3.6 5.2 17.1 65
Dongjiang (H) 895 HK O HK$ 11.94 16.80 41 1,896 1.3 (2) (9) (9) (12) (2) (7) (15) (24) (44) (36) Dec-16 (0) 19 22 16.6 16.6 14.0 11.5 104 100 1.2 15.4 2.4 5.2 17.1 65
SIIC Env SIIC SP O S$ 0.53 0.74 40 1,001 0.8 1 (2) 1 (10) (14) (3) (8) (15) (42) (49) Dec-16 20 26 24 12.9 10.7 8.5 6.8 110 117 0.0 8.8 0.9 3.7 9.4 87
Sector Aggregate (7) 21,105 2 (2) (4) 18 27 (2) (9) (20) (14) (7) Dec-16 22 20 17 19.6 16.1 13.5 11.6 97 97 1.9 15.3 2.3 4.0 12.2 80

Healthcare Iris Wang - 852 2101 7646

3Sbio 1530 HK N HK$ 9.38 8.60 (8) 3,050 10.1 (8) (10) (9) 24 17 (12) (17) (25) (8) (17) Dec-15 24 32 26 35.4 28.7 21.7 17.2 101 104 0.0 12.1 3.3 8.1 21.9 44
Baiyunshan Pharma (A) 600332 CH N Rmb 26.99 26.00 (4) 6,226 33.7 (2) (5) (7) 13 3 (4) (10) (15) (0) (12) Dec-15 (10) 12 13 26.8 29.9 26.6 23.6 97 100 0.8 11.3 2.5 1.6 21.5 (52)
Baiyunshan Pharma (H) 874 HK O HK$ 21.50 29.60 38 6,226 4.6 0 (2) (10) 7 8 (4) (9) (26) (25) (26) Dec-15 (10) 12 13 18.5 20.6 18.3 16.2 84 103 1.2 11.3 1.7 1.6 21.5 (52)
Bloomage 963 HK N HK$ 14.76 17.20 17 690 1.4 (1) 3 15 26 11 (5) (3) (1) (6) (24) Dec-16 11 27 17 18.6 16.7 13.1 11.2 99 103 0.0 19.1 3.1 4.5 10.1 (19)
CBPO CBPO US O US$ 106.36 129.00 21 2,893 7.0 3 (3) (8) (1) (3) (1) (10) (23) (33) (38) Mar-16 4 23 13 22.4 21.5 17.5 15.5 98 104 0.0 26.6 5.1 6.8 14.6 (61)
China TCM 570 HK O HK$ 4.42 5.50 24 2,508 5.5 4 1 0 23 40 (0) (5) (16) (9) 6 Dec-16 26 20 15 17.6 14.0 11.6 10.1 105 107 2.1 10.1 1.4 2.5 8.5 17
CMS 867 HK O HK$ 13.08 16.80 28 4,166 7.4 2 (3) (2) 7 8 (3) (10) (18) (25) (27) Dec-16 18 19 n.a. 20.4 17.3 14.5 n.a. 99 101 0.0 24.3 3.9 5.0 14.9 15
CR Sanjiu 000999 CH O Rmb 28.86 37.00 28 4,185 19.3 (2) (5) 3 17 10 (3) (10) (5) 4 (5) Dec-16 18 16 9 23.6 19.9 17.2 15.8 99 101 0.8 15.4 2.9 2.6 13.4 (11)
CSPC Pharma 1093 HK U HK$ 11.98 10.20 (15) 9,288 19.3 3 2 11 45 72 (1) (4) (5) 13 38 Dec-16 27 19 15 34.2 27.0 22.7 19.7 99 94 1.3 24.5 6.1 4.8 17.7 (16)
Dawnrays Pharma 2348 HK O HK$ 4.98 6.40 29 510 0.3 (6) 14 7 7 (7) (10) 7 (9) (25) (41) Dec-15 9 22 15 11.5 10.6 8.6 7.5 n.a. 100 2.8 21.9 2.2 2.5 5.8 (49)
Fosun Pharma (A) 600196 CH O Rmb 28.82 35.00 21 10,380 55.7 (1) (10) (7) 25 38 (3) (15) (15) 12 23 Dec-16 18 18 15 23.9 20.2 17.1 14.9 103 105 1.5 13.9 2.6 4.2 22.7 10
Fosun Pharma (H) 2196 HK O HK$ 28.95 40.40 40 10,380 8.5 1 (10) (1) 22 48 (3) (16) (17) (10) 13 Dec-16 18 18 15 20.8 17.5 14.9 12.9 102 104 1.7 13.9 2.2 4.2 22.7 10
Hengrui Medicine 600276 CH O Rmb 50.51 49.83 (1) 21,075 51.7 3 0 9 33 42 1 (4) 1 21 27 Dec-16 23 26 15 55.0 44.5 35.3 30.8 102 105 0.3 23.2 9.4 10.4 35.3 (42)
Huahai Pharma 600521 CH O Rmb 20.29 28.00 38 3,133 15.2 (2) 3 (7) (8) (18) (4) (2) (15) (21) (33) Dec-16 24 30 18 41.7 33.7 26.0 22.0 102 102 1.1 13.6 4.4 4.5 21.3 4
Hualan Bio 002007 CH N Rmb 28.16 30.00 7 3,880 40.4 (6) (22) (23) (21) (16) (8) (27) (30) (34) (31) Dec-16 19 22 23 33.6 28.2 23.0 18.7 94 90 1.4 20.7 5.5 10.5 22.3 (12)
Luye Pharma 2186 HK O HK$ 4.63 6.30 36 1,969 6.5 9 8 3 1 (5) 4 1 (13) (31) (40) Dec-16 21 11 12 14.9 12.3 11.1 9.9 104 99 2.0 15.7 1.8 3.4 7.7 (7)
Microport 853 HK O HK$ 6.46 7.23 12 1,195 0.8 1 (0) 19 11 63 (4) (7) 3 (21) 29 Dec-15 314 57 44 n.m. 50.1 31.9 22.1 165 90 0.0 7.2 3.5 3.3 15.7 56
Rici Healthcare 1526 HK O HK$ 1.80 4.60 156 367 0.2 (1) (11) (10) (8) n.a. (5) (18) (26) (40) n.a. Dec-16 54 88 89 35.6 23.1 12.3 6.5 85 95 0.9 9.2 2.0 1.9 9.7 (1)
Salubris Pharma 002294 CH O Rmb 34.92 45.00 29 5,411 19.2 4 2 17 19 25 2 (3) 9 7 10 Dec-16 16 21 19 26.2 22.5 18.6 15.7 103 109 2.2 28.2 5.9 8.1 17.6 (31)
Shandong Weigao 1066 HK N HK$ 6.28 5.30 (16) 3,637 3.3 4 4 14 21 43 0 (3) (1) (11) 8 Dec-15 10 10 13 21.1 19.3 17.4 15.4 97 98 1.6 11.7 2.2 3.3 11.6 (23)
Shanghai Pharma (A) 601607 CH N Rmb 26.60 26.70 0 9,754 40.3 (2) (0) 10 36 39 (4) (5) 2 23 25 Dec-16 16 16 12 22.4 19.2 16.5 14.7 102 104 1.9 11.7 2.2 0.5 12.5 10
Shanghai Pharma (H) 2607 HK O HK$ 22.20 30.60 38 9,754 6.0 3 (1) 12 25 24 (1) (7) (4) (7) (10) Dec-16 16 16 12 16.1 13.9 11.9 10.6 102 105 2.6 11.7 1.6 0.5 12.5 10
Sino Biopharm 1177 HK U HK$ 6.85 5.90 (14) 6,502 16.7 1 (2) 10 25 24 (3) (8) (6) (7) (10) Dec-16 16 9 14 26.5 22.9 20.9 18.4 104 101 0.9 22.7 4.8 2.8 11.9 (17)
Sinopharm 1099 HK N HK$ 35.15 37.50 7 12,456 21.6 2 (1) (1) 10 (5) (2) (8) (16) (22) (40) Dec-16 11 5 14 18.0 16.2 15.4 13.6 100 92 1.9 15.4 2.4 0.3 7.6 26
Tasly Pharma 600535 CH U Rmb 37.78 27.10 (28) 6,046 23.6 (2) (5) (11) (9) (2) (4) (10) (18) (22) (17) Dec-15 (13) 13 13 27.3 31.6 27.9 24.6 110 97 1.0 16.3 4.9 3.0 19.4 (0)
Yestar 2393 HK O HK$ 4.04 4.75 18 1,125 1.4 0 12 3 7 17 (4) 6 (13) (25) (18) Dec-16 34 23 25 26.7 19.9 16.2 13.0 119 115 1.4 43.7 9.5 2.2 11.3 145
YNBY 000538 CH O Rmb 89.31 101.00 13 13,777 56.5 (1) (4) (2) 17 29 (3) (9) (10) 5 14 Dec-16 19 18 18 31.9 26.7 22.7 19.2 103 105 0.7 20.4 5.0 3.6 22.0 (9)
Sector Aggregate 13 134,225 1 (2) 2 18 25 (3) (9) (13) (14) (10) Dec-16 19 17 16 25.5 21.5 18.4 16.3 101 101 1.2 16.2 3.2 1.5 14.8 (3)

Hotels, Restaurants & Leisure Ivy Ji/ Lok Kan Chan/ Michael Shen - 852 2101 7951/ 852 2101 6390/ 852 2101 6711
China Lodging HTHT US O US$ 94.33 96.00 2 6,518 4.7 16 20 40 82 143 12 14 24 50 108 Dec-16 48 34 38 56.0 37.7 28.2 20.5 101 101 0.0 19.9 6.7 5.3 17.9 (14)
CITS 601888 CH O Rmb 29.25 36.00 23 8,459 36.9 (1) 3 10 35 29 (3) (2) 2 22 14 Dec-16 (44) 30 28 15.8 28.0 21.5 16.8 97 103 1.9 15.6 4.2 1.8 16.2 (63)
CYTS 600138 CH O Rmb 20.77 26.00 25 2,227 20.2 (2) 1 (3) (1) 4 (4) (4) (11) (14) (11) Dec-16 10 29 18 31.1 28.2 21.8 18.5 97 101 0.5 10.0 2.7 1.4 12.2 2
Xiabu Xiabu 520 HK O HK$ 7.58 8.60 13 1,038 1.3 0 7 24 41 96 (4) 0 9 9 62 Dec-15 40 17 17 26.6 19.1 16.3 13.8 100 101 2.1 22.8 4.0 2.0 10.7 (86)
Sector Aggregate 16 18,242 5 9 20 48 70 1 3 4 16 36 Dec-16 (21) 30 30 23.4 29.5 22.8 18.3 98 102 1.1 16.0 4.4 2.3 15.4 (38)

Insurance Charles Zhou - 852 2101 6177

China Life (A) 601628 CH U Rmb 29.37 26.50 (10) 115,129 61.9 5 8 23 22 38 3 3 16 9 23 Dec-16 15 25 23 43.4 37.8 30.2 24.5 89 91 1.0 7.0 2.5 n.a. n.a. n.a.
China Life (H) 2628 HK O HK$ 25.75 30.50 18 115,129 122.2 4 6 13 27 47 (0) (1) (3) (5) 12 Dec-16 15 25 23 32.9 28.7 22.9 18.6 84 89 1.3 7.0 1.9 n.a. n.a. n.a.
China Pacific (A) 601601 CH N Rmb 35.60 37.50 5 45,395 87.6 3 11 36 28 31 1 6 29 16 16 Dec-16 15 15 12 26.8 23.3 20.3 18.2 100 95 2.3 10.2 2.3 n.a. n.a. n.a.
China Pacific (H) 2601 HK O HK$ 34.45 43.00 25 45,395 45.8 6 14 22 27 23 2 8 6 (5) (11) Dec-16 15 15 12 22.4 19.5 17.0 15.2 96 93 2.7 10.2 1.9 n.a. n.a. n.a.
China Taiping 966 HK O HK$ 23.60 28.00 19 10,862 19.1 12 19 28 48 54 8 13 12 16 20 Dec-16 11 20 20 17.8 15.9 13.3 11.0 96 97 0.4 9.1 1.4 n.a. n.a. n.a.
NCI (A) 601336 CH U Rmb 60.93 38.80 (36) 25,264 68.9 12 22 47 39 48 10 17 39 26 33 Dec-16 12 18 21 38.4 34.4 29.3 24.1 95 85 1.0 9.1 3.0 n.a. n.a. n.a.
NCI (H) 1336 HK N HK$ 48.65 44.50 (9) 25,264 34.1 18 20 32 37 73 14 13 16 5 38 Dec-16 12 18 21 26.5 23.8 20.2 16.6 86 81 1.5 9.1 2.1 n.a. n.a. n.a.
PICC Group 1339 HK O HK$ 3.69 4.00 8 20,048 13.1 2 13 18 21 22 (2) 6 3 (11) (13) Dec-16 22 5 8 9.5 7.8 7.4 6.9 111 110 1.5 12.9 0.9 n.a. n.a. n.a.
PICC P&C 2328 HK O HK$ 14.92 15.70 5 28,333 53.1 (1) 15 27 24 20 (5) 8 12 (8) (14) Dec-16 18 5 8 10.6 9.0 8.6 8.0 105 102 3.1 16.6 1.4 n.a. n.a. n.a.
Ping An (A) 601318 CH O Rmb 53.84 59.00 10 142,473 410.9 6 11 50 52 66 4 6 43 39 51 Dec-16 14 13 12 15.4 13.6 12.0 10.7 104 103 1.8 17.5 2.3 n.a. n.a. n.a.
Ping An (H) 2318 HK O HK$ 58.80 68.00 16 142,473 219.2 7 13 40 52 63 3 6 24 20 28 Dec-16 14 13 12 14.5 12.8 11.3 10.1 104 104 1.9 17.5 2.1 n.a. n.a. n.a.
Sector Aggregate 16 387,506 6 12 27 37 49 2 5 11 5 14 Dec-16 15 14 14 17.9 15.5 13.7 12.0 99 99 1.8 12.6 1.8 n.a. n.a. n.a.

20 July 2017
48
Jump-Start

China—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Real Estate Alvin Wong/ Kelvin Tam - 852 2101 6486/ 852 2101 6582
Agile 3383 HK N HK$ 8.24 7.00 (15) 4,134 13.7 7 19 19 117 87 3 12 3 85 52 Dec-16 46 12 6 10.1 6.9 6.1 5.8 108 105 5.8 10.9 0.7 1.2 4.9 73
CFLD 600340 CH O Rmb 31.12 36.70 18 13,621 239.3 (6) (9) (16) 30 18 (8) (14) (24) 18 3 Dec-16 32 33 31 15.3 11.6 8.8 6.7 94 95 2.7 28.9 3.0 1.8 8.7 69
CG 2007 HK U HK$ 9.24 4.30 (53) 25,253 37.8 2 4 19 113 185 (2) (3) 4 81 151 Dec-16 13 12 15 14.4 12.8 11.4 9.9 89 77 2.4 17.9 2.1 1.2 8.7 57
CIFI 884 HK O HK$ 3.95 3.30 (16) 3,450 6.3 8 30 35 89 102 4 23 19 57 67 Dec-16 30 18 19 8.1 6.3 5.3 4.5 101 98 5.6 22.6 1.3 1.3 7.3 54
COGO 81 HK U HK$ 4.50 2.10 (53) 1,315 3.2 4 6 7 78 93 (0) (0) (9) 46 59 Dec-16 15 9 5 11.6 10.1 9.3 8.9 67 62 0.5 9.3 0.9 0.7 5.4 23
COLI 688 HK N HK$ 25.45 25.00 (2) 35,709 66.5 8 11 11 24 (1) 4 4 (5) (8) (35) Dec-16 2 9 8 8.0 7.9 7.2 6.7 101 98 3.2 14.9 1.1 1.8 6.5 22
CRL 1109 HK O HK$ 24.55 28.00 14 21,791 36.8 9 11 11 41 28 5 5 (4) 9 (7) Dec-16 18 12 11 10.5 8.8 7.9 7.1 100 97 3.4 15.6 1.3 1.7 5.8 24
CWTC 600007 CH N Rmb 19.97 22.10 11 2,980 3.7 (1) (3) (2) 16 (2) (3) (8) (9) 3 (17) Dec-16 (17) 12 22 29.3 35.2 31.4 25.8 88 79 1.4 9.1 3.1 7.7 19.2 35
Evergrande 3333 HK U HK$ 16.00 8.60 (46) 26,830 87.1 4 7 76 231 231 (0) 0 61 199 196 Dec-16 2,592 102 20 n.m. 23.6 11.7 9.7 64 84 9.4 16.1 3.5 2.0 11.7 393
Financial Street 000402 CH O Rmb 12.40 13.10 6 5,490 42.0 7 9 (4) 20 27 5 4 (11) 8 12 Dec-16 40 13 21 28.7 20.5 18.0 14.9 63 58 3.2 6.5 1.3 3.2 16.4 112
Gemdale 600383 CH N Rmb 12.87 11.80 (8) 8,605 37.2 3 21 10 (1) 23 2 16 2 (13) 8 Dec-15 42 12 9 34.7 24.5 21.8 20.0 38 50 2.0 7.0 1.7 2.0 13.0 54
Greentown 3900 HK N HK$ 10.02 8.00 (20) 2,777 6.4 (1) 22 32 60 75 (5) 16 17 28 41 Dec-16 4 2 (0) 14.4 13.8 13.5 13.6 73 69 1.4 5.4 0.7 1.6 14.9 90
Jinmao 817 HK N HK$ 3.51 2.60 (26) 4,798 5.9 15 38 35 68 60 11 31 19 36 26 Dec-16 25 16 7 23.0 18.3 15.9 14.8 52 49 3.5 6.8 1.1 2.1 6.6 58
Joy City 207 HK O HK$ 1.18 1.50 27 2,151 1.3 2 3 (3) 20 1 (3) (4) (19) (12) (33) Dec-16 2,474 25 (3) n.m. 19.5 15.6 16.1 79 78 3.8 2.8 0.6 3.8 9.8 39
KWG 1813 HK O HK$ 5.53 7.00 27 2,163 9.3 2 3 (5) 28 21 (3) (3) (21) (4) (13) Dec-16 24 11 9 4.9 4.0 3.6 3.3 106 105 10.1 14.8 0.6 3.1 13.7 68
Leju LEJU US O US$ 1.61 4.70 192 218 0.1 (8) (30) (52) (66) (67) (12) (37) (67) (98) (102) Dec-16 65 91 24 21.5 13.0 6.8 5.5 n.m. 225 0.0 4.2 0.5 -0.1 -2.7 (72)
Longfor 960 HK O HK$ 19.00 16.00 (16) 14,311 12.1 6 22 42 93 77 2 16 27 61 42 Dec-16 13 12 11 12.4 11.0 9.8 8.9 91 86 3.2 13.5 1.4 2.3 9.9 56
Lujiazui 600663 CH U Rmb 23.55 19.10 (19) 8,527 15.4 (3) 0 (2) 6 3 (5) (5) (10) (6) (12) Dec-16 9 14 17 36.7 33.8 29.6 25.3 89 87 1.5 15.8 5.0 6.6 15.0 116
Poly Prop 119 HK N HK$ 3.82 3.50 (8) 1,791 4.6 4 19 18 49 77 (0) 12 2 17 42 Dec-16 190 144 47 n.m. 32.6 13.4 9.1 94 163 0.9 1.7 0.6 1.3 11.3 96
Poly RE 600048 CH O Rmb 10.83 13.00 20 19,023 84.3 4 15 12 19 19 2 10 4 6 4 Dec-15 7 18 17 9.5 8.9 7.5 6.4 111 114 2.8 18.8 1.6 1.4 6.1 72
R&F 2777 HK U HK$ 12.92 10.50 (19) 5,332 13.0 3 7 (3) 38 11 (1) 0 (19) 6 (23) Dec-16 18 9 8 5.5 4.7 4.3 4.0 103 100 8.8 16.7 0.7 2.0 8.7 174
RiseSun 002146 CH U Rmb 9.39 7.70 (18) 6,048 115.4 (3) (8) (19) 20 32 (5) (13) (27) 7 17 Dec-15 71 20 13 17.3 10.1 8.4 7.5 98 100 2.5 18.3 1.7 2.3 10.5 113
Shanghai Jinqiao 600639 CH U Rmb 17.70 15.40 (13) 2,229 10.2 (2) (5) 2 (5) (24) (4) (10) (6) (17) (39) Dec-16 12 12 13 33.1 29.4 26.2 23.3 88 82 1.2 7.6 2.2 10.7 14.0 36
Shanghai Shimao 600823 CH N Rmb 5.03 7.60 51 2,795 11.5 2 4 (5) 0 (0) (0) (1) (13) (12) (15) Dec-16 27 1 6 23.4 18.5 18.4 17.4 60 58 1.6 4.6 0.9 1.6 7.6 12
Shanghai Waigaoqiao 600648 CH U Rmb 17.59 17.10 (3) 2,436 8.6 (2) 1 (10) (11) (17) (4) (4) (18) (24) (32) Dec-15 47 9 8 40.5 27.6 25.2 23.3 100 93 1.1 7.8 2.1 3.1 15.9 107
Shenzhen International 152 HK O HK$ 13.56 15.20 12 3,507 5.5 0 (2) 4 20 23 (4) (8) (11) (12) (11) Dec-16 (8) 1 6 14.3 15.6 15.5 14.6 77 72 2.6 8.7 1.3 4.0 11.3 5
Shimao 813 HK O HK$ 14.04 15.50 10 6,090 9.3 2 4 10 38 36 (2) (3) (6) 6 2 Dec-16 17 17 14 8.9 7.6 6.5 5.7 80 81 6.2 9.9 0.7 1.5 6.3 60
Sino-Ocean 3377 HK U HK$ 4.02 2.90 (28) 3,870 4.9 3 8 3 16 17 (2) 2 (13) (16) (17) Dec-16 11 9 7 10.6 9.5 8.7 8.1 74 70 5.2 6.2 0.6 1.4 5.9 53
SOHO 410 HK O HK$ 4.19 5.40 29 2,790 5.7 3 13 8 20 24 (2) 6 (7) (12) (10) Dec-16 173 (19) 24 n.m. n.m. n.m. n.m. 38 26 9.7 0.5 0.6 19.5 30.3 35
SOL 272 HK N HK$ 1.89 1.80 (5) 1,951 2.8 4 1 9 13 (9) (0) (5) (7) (19) (44) Dec-16 106 45 38 n.m. 53.1 36.7 26.5 14 15 2.8 0.7 0.4 3.2 10.6 82
Sunac 1918 HK U HK$ 17.20 3.40 (80) 8,598 39.4 2 21 53 167 250 (2) 14 38 135 216 Dec-16 (4) 9 11 68.9 71.4 65.7 59.0 29 14 1.8 3.5 2.5 2.6 33.7 200
Vanke-A 000002 CH N Rmb 25.14 23.20 (8) 36,211 124.6 (1) 20 22 22 47 (3) 15 14 10 32 Dec-16 14 13 12 13.3 11.6 10.3 9.2 95 92 3.9 19.7 2.2 1.1 5.4 25
Vanke-H 2202 HK O HK$ 23.60 25.00 6 3,974 29.6 2 11 13 33 54 (2) 4 (2) 1 20 Dec-16 14 13 12 10.8 9.4 8.3 7.4 94 91 4.6 19.7 1.8 0.3 1.4 25
Yuexiu Prop 123 HK N HK$ 1.44 1.40 (3) 2,287 5.6 7 10 7 36 45 2 3 (8) 4 11 Dec-16 40 13 12 13.3 9.5 8.4 7.5 102 99 4.7 5.2 0.5 1.5 8.8 58
Yuzhou 1628 HK O HK$ 4.51 5.30 18 2,215 4.0 (1) 8 29 67 97 (5) 1 14 35 62 Dec-16 27 13 7 7.3 5.7 5.1 4.7 104 95 7.0 21.8 1.1 1.4 4.7 71
Sector Aggregate (10) 295,267 3 11 19 61 68 (1) 4 3 29 33 Dec-16 22 18 14 13.5 11.0 9.4 8.4 91 88 4.0 13.6 1.4 1.5 7.3 67

REITs Kelvin Tam - 852 2101 6582

Yuexiu REIT 405 HK O HK$ 4.99 5.80 16 1,876 4.0 1 7 9 22 6 (3) 0 (6) (10) (28) Dec-16 9 10 6 35.7 32.7 29.8 28.2 84 80 6.2 3.5 1.0 n.a. 21.5 81

Renewable Energy Maheep Mandloi - 212 325 2345

JA Solar JASO US N US$ 6.57 6.00 (9) 313 0.7 8 3 1 38 (6) 3 (3) (15) 6 (40) Dec-16 (99) 1,518 66 3.7 n.m. 18.2 11.0 139 89 0.0 0.1 1.7 0.4 4.9 60
JinkoSolar JKS US O US$ 28.10 20.00 (29) 881 3.0 30 50 69 85 55 28 49 64 74 41 Dec-16 (69) 40 5 4.6 14.9 10.7 10.1 125 129 0.0 6.4 0.9 0.5 7.9 60
Sector Aggregate (23) 1,194 24 38 51 72 39 20 31 35 40 4 Dec-16 (77) 67 17 4.4 19.5 11.6 9.9 126 121 0.0 3.3 1.0 0.4 6.4 60

Retailing Bin Wang/ Michael Shen - 852 2101 6702/ 852 2101 6711
Harmony Auto 3836 HK O HK$ 3.80 4.40 16 748 5.0 1 1 29 37 (10) (3) (5) 14 5 (44) Dec-16 226 25 19 n.m. 11.0 8.8 7.4 73 87 1.8 8.2 0.9 0.3 4.1 (24)
Sun Art 6808 HK O HK$ 6.20 8.80 42 7,575 10.7 0 (15) (19) (9) 11 (4) (22) (34) (41) (24) Dec-15 5 11 11 20.9 19.9 17.9 16.1 100 103 2.2 12.0 2.3 0.4 6.6 (28)
YH Superstores 601933 CH O Rmb 6.73 9.00 34 9,541 59.8 (5) (1) 8 37 51 (6) (6) 1 24 36 Dec-16 39 24 18 51.9 37.4 30.2 25.5 103 103 1.9 8.9 3.3 0.9 17.2 (54)
Yongda 3669 HK O HK$ 9.30 10.70 15 1,958 6.1 12 14 30 138 169 8 8 14 106 134 Dec-16 35 23 24 15.5 11.5 9.3 7.6 94 94 2.8 22.0 2.1 0.4 7.0 85
ZBJT 000759 CH U Rmb 9.95 7.30 (27) 1,004 7.5 (5) 17 21 7 36 (7) 12 14 (5) 21 Dec-16 816 48 19 n.m. n.m. 77.3 64.7 52 100 0.7 2.0 2.3 0.4 15.4 (7)
Zhengtong Auto 1728 HK O HK$ 7.74 9.40 21 2,191 7.9 7 32 73 242 161 3 26 57 210 126 Dec-16 104 28 20 30.0 14.7 11.5 9.5 108 112 2.0 10.9 1.5 0.6 9.3 78
Zhongsheng 881 HK O HK$ 17.00 13.20 (22) 4,936 6.4 2 21 57 145 294 (2) 15 41 113 259 Dec-16 20 12 16 18.8 15.7 13.9 12.1 92 88 2.1 17.1 2.3 0.6 8.5 86
Sector Aggregate 23 27,952 0 4 17 66 97 (4) (3) 2 34 63 Dec-16 43 18 19 28.7 20.1 17.0 14.7 97 99 2.1 12.2 2.3 0.5 8.7 8

20 July 2017
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China—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Software & Services Kenneth Fong/ Monica Chen/ Sam Li/ Zoe Zhao - 852 2101 6395/ 852 2101 7150/ 852 2101 6775/ 852 2101 7201
58.com WUBA US N US$ 49.97 43.00 (14) 7,077 11.8 3 19 30 78 5 (1) 12 15 46 (29) Dec-15 84 369 102 n.m. n.m. 77.7 38.4 87 75 0.0 (1.3) 2.7 6.4 56.3 4
Alibaba BABA US O US$ 153.15 178.00 16 392,241 346.4 3 10 36 74 85 (1) 3 20 42 50 Mar-17 41 29 29 43.9 31.2 24.2 18.8 107 104 0.0 25.7 6.9 10.6 23.5 (43)
Baidu BIDU US N US$ 190.91 180.00 (6) 66,103 142.3 2 8 7 16 18 (2) 1 (9) (16) (16) Dec-16 (5) 29 34 33.6 35.5 27.6 20.6 93 88 0.0 11.8 3.7 4.4 20.7 (59)
Baozun BZUN US O US$ 29.51 23.00 (22) 1,568 6.5 6 39 99 144 294 1 32 83 112 259 Dec-15 276 116 41 n.m. 90.1 41.7 29.6 100 100 0.0 8.6 6.9 2.9 81.0 (51)
CDEL DL US U US$ 7.71 9.50 23 266 0.1 (4) (19) (24) (31) (28) (8) (25) (40) (63) (63) Sep-16 (21) (5) 9 9.4 11.9 12.5 11.4 100 100 5.8 37.3 4.4 1.6 8.1 (109)
Chinasofti 354 HK O HK$ 4.45 5.50 24 1,369 8.9 10 5 (1) 22 49 6 (1) (17) (10) 14 Dec-16 26 27 23 20.9 16.5 13.1 10.6 100 97 0.3 12.6 2.0 1.0 10.3 (13)
Ctrip CTRP US O US$ 57.95 65.00 12 28,838 60.6 4 7 23 45 35 (1) 1 8 13 (0) Dec-16 217 104 50 n.m. n.m. 56.5 37.7 128 96 0.0 2.4 2.8 8.0 80.9 30
DC Holdings 861 HK N HK$ 5.67 6.40 13 974 3.5 1 (7) (13) (3) (7) (4) (14) (29) (35) (42) Dec-16 229 81 27 n.m. 29.0 16.0 12.6 81 123 1.0 3.3 1.0 0.9 18.1 44
JD JD US N US$ 43.22 41.00 (5) 62,947 95.8 4 9 27 70 93 0 2 12 38 58 Dec-16 387 155 n.a. n.m. 81.2 31.8 n.a. 136 166 0.0 14.4 11.0 1.3 57.3 35
Kingdee 268 HK N HK$ 3.53 3.30 (7) 1,317 7.6 8 15 11 21 50 3 8 (4) (11) 15 Dec-16 1 32 18 31.3 31.0 23.6 19.9 117 114 0.3 8.1 2.4 3.9 13.5 (8)
Meitu 1357 HK U HK$ 10.86 8.90 (18) 5,922 56.6 8 29 (4) 29 n.a. 3 22 (20) (3) n.a. Dec-15 19 67 365 n.m. n.m. n.m. 35.2 86 109 0.0 (69.3) 3.1 22.0 n.m. (87)
Momo MOMO US O US$ 42.00 50.00 19 8,069 59.7 0 11 10 129 229 (4) 5 (5) 97 194 Dec-16 73 43 n.a. 48.3 27.9 19.5 n.a. 96 98 0.0 41.1 9.9 6.2 26.3 (66)
Netease NTES US N US$ 306.96 310.00 1 40,358 125.2 (2) (2) 15 43 54 (7) (8) (0) 11 20 Dec-16 18 16 16 23.6 20.1 17.3 14.9 97 98 1.2 31.3 5.6 5.2 17.3 8
New Oriental Education EDU US O US$ 80.23 77.00 (4) 12,556 16.4 0 6 29 91 92 (4) (0) 14 59 57 May-16 21 27 32 53.0 43.8 34.4 26.2 99 96 0.0 18.7 7.5 6.4 36.5 (66)
Shiji 002153 CH N Rmb 22.28 21.70 (3) 3,521 10.9 2 7 5 (9) (22) 0 2 (3) (21) (37) Dec-16 17 37 29 61.1 52.4 38.2 29.5 104 117 0.2 8.8 4.4 6.8 52.0 (54)
SouFun SFUN US O US$ 3.18 4.00 26 1,491 2.1 0 (13) (10) (3) (37) (4) (20) (26) (35) (71) Dec-16 123 119 50 n.m. 37.0 16.9 11.2 100 99 0.0 7.4 2.6 2.1 11.0 (94)
TAL TAL US O US$ 147.88 150.00 1 12,344 18.1 8 22 38 112 139 3 16 22 80 105 Feb-16 13 55 60 n.m. 89.1 57.6 35.9 128 124 0.0 28.4 21.2 11.4 65.2 (70)
Tarena TEDU US O US$ 20.54 22.00 7 1,144 1.3 7 10 10 37 96 3 4 (6) 5 62 Dec-16 16 30 41 24.8 21.3 16.4 11.6 99 100 0.8 21.4 4.2 3.3 22.9 (58)
Tencent 700 HK O HK$ 298.00 302.00 1 361,783 599.8 6 7 26 57 63 2 0 10 25 28 Dec-16 40 32 17 53.8 38.3 29.0 24.7 108 111 0.0 30.9 10.2 10.8 28.5 (13)
Vipshop VIPS US N US$ 11.93 13.30 11 7,014 15.1 12 0 (11) 8 (10) 8 (6) (27) (24) (44) Dec-15 25 13 24 22.0 17.7 15.6 12.6 97 92 0.0 61.8 8.8 0.8 11.1 (7)
Wangsu 300017 CH N Rmb 9.77 13.40 37 3,483 114.3 (16) (20) (25) (45) (60) (18) (25) (32) (58) (75) Dec-16 (71) 16 19 6.1 20.7 17.9 15.0 85 78 0.9 14.5 2.8 3.5 16.8 (37)
Yonyou 600588 CH U Rmb 16.12 13.50 (16) 3,496 17.6 1 (4) (12) (23) (22) (3) (11) (28) (55) (57) Dec-16 158 34 19 n.m. 46.4 34.6 29.1 115 112 2.1 8.9 4.1 3.8 60.7 (28)
YY YY US O US$ 66.61 64.00 (4) 3,660 18.6 11 17 46 69 74 7 10 30 37 39 Dec-16 22 16 n.a. 15.8 13.0 11.2 n.a. 96 97 0.0 34.6 3.8 2.2 8.6 (26)
Sector Aggregate 8 1,027,540 4 8 27 61 70 (0) 2 12 29 35 Dec-16 39 36 24 50.7 36.4 26.8 21.6 105 106 0.1 21.9 7.1 5.9 27.0 (24)

Technology Hardware Kyna Wong/ Randy Abrams/ Sam Li - 852 2101 6950/ 886 2 2715 6366/ 852 2101 6775
AAC 2018 HK N HK$ 116.80 98.40 (16) 18,309 78.5 11 20 14 66 72 7 14 (1) 34 38 Dec-16 33 22 13 30.8 23.1 19.0 16.8 99 102 1.7 33.9 7.1 6.0 16.1 (14)
BOE 000725 CH N Rmb 4.03 4.10 2 20,267 239.5 2 1 6 41 70 0 (4) (2) 28 55 Dec-16 182 (21) (20) 75.3 26.7 33.7 42.3 70 99 0.6 6.6 1.7 1.8 7.3 27
BYDE 285 HK N HK$ 20.50 13.50 (34) 5,915 17.4 15 18 73 236 289 11 12 57 204 254 Dec-16 108 12 15 32.4 15.6 14.0 12.2 129 121 1.9 20.2 2.9 0.8 7.7 (33)
Coolpad 2369 HK U HK$ 0.72 0.60 (17) 464 2.0 0 0 0 (10) (45) (4) (7) (16) (42) (79) Dec-15 (63) 64 168 n.m. n.m. n.m. 24.2 239 n.m. 0.0 (9.6) 0.7 0.2 n.m. (38)
Dahua 002236 CH O Rmb 24.76 20.50 (17) 10,634 73.2 4 18 45 81 71 2 13 37 68 56 Dec-16 28 28 22 39.3 30.8 24.1 19.7 96 95 0.5 25.3 7.0 4.2 34.1 (2)
GeorTek 002241 CH O Rmb 18.64 23.80 28 8,960 60.2 1 (2) 11 41 35 (1) (7) 3 28 20 Dec-16 (32) 18 13 17.2 25.3 21.6 19.1 104 100 0.6 19.0 4.5 2.5 16.5 30
Han's Laser 002008 CH O Rmb 37.91 41.40 9 5,865 76.6 1 20 43 68 62 (0) 15 35 55 47 Dec-16 76 15 11 53.6 30.5 26.6 23.9 104 100 0.9 22.9 6.5 4.2 23.1 (1)
Hikvision 002415 CH N Rmb 29.97 25.90 (14) 40,969 154.7 1 2 25 89 84 (1) (2) 18 76 69 Dec-16 (15) 25 21 24.6 29.0 23.1 19.1 99 98 1.9 35.8 9.5 6.8 29.2 (34)
Huahong Semi 1347 HK O HK$ 10.80 13.50 25 1,430 3.3 4 2 0 25 47 (0) (4) (15) (7) 13 Dec-15 14 (3) 4 12.7 11.1 11.5 11.0 104 97 0.1 8.6 1.0 1.9 6.9 (17)
JCET 600584 CH U Rmb 15.79 11.80 (25) 3,181 35.5 (1) (3) (12) (11) (14) (3) (8) (19) (23) (29) Dec-16 14 41 68 n.m. n.m. 96.0 57.1 16 15 0.1 2.3 2.3 1.3 8.5 86
LensTech 300433 CH O Rmb 31.91 34.40 8 12,374 31.1 14 7 12 39 49 12 2 4 26 34 Dec-16 50 54 31 57.8 38.5 25.1 19.2 90 94 0.5 14.6 5.3 4.1 22.1 24
Luxshare 002475 CH O Rmb 20.76 21.73 5 9,779 38.2 5 11 19 50 76 3 6 11 37 61 Dec-16 62 30 15 57.1 35.3 27.2 23.6 97 95 0.4 15.5 5.1 3.2 23.0 (4)
Ofilm 002456 CH N Rmb 19.34 18.80 (3) 7,780 82.7 6 16 31 41 42 4 11 24 28 27 Dec-16 (23) 50 30 29.2 37.8 25.2 19.4 101 110 0.4 16.1 5.7 1.5 22.0 60
Q Tech 1478 HK O HK$ 8.78 10.00 14 1,232 5.6 13 44 45 120 365 9 37 29 88 330 Dec-16 126 44 19 42.1 18.6 12.9 10.8 116 127 1.1 24.2 4.0 1.0 13.6 6
Sanan 600703 CH O Rmb 19.00 23.60 24 11,478 63.0 (2) (1) 16 42 49 (4) (6) 9 29 34 Dec-16 37 27 21 35.8 26.2 20.5 16.9 97 100 1.1 16.0 4.0 8.3 15.9 (25)
SMIC 981 HK N HK$ 9.31 10.20 10 5,545 29.6 3 6 3 (24) 43 (1) (0) (13) (56) 9 Dec-16 (38) 38 0 14.0 22.7 16.4 16.4 89 96 0.0 5.3 1.1 2.1 5.6 21
Sunny Optical 2382 HK O HK$ 99.00 89.80 (9) 13,908 55.3 31 52 66 192 246 27 45 51 160 212 Dec-16 70 39 27 73.4 43.1 31.0 24.4 101 102 0.6 37.9 14.3 4.4 32.6 (32)
TFME 002156 CH N Rmb 9.48 10.60 12 1,366 10.5 (6) 0 (6) (17) (30) (8) (5) (14) (29) (45) Dec-16 19 52 23 51.0 42.8 28.2 22.9 75 83 0.3 6.1 2.3 1.7 8.8 29
Tianma 000050 CH U Rmb 22.02 15.90 (28) 4,570 80.2 9 22 39 17 5 7 17 32 4 (10) Dec-16 23 16 (16) 54.2 44.0 38.0 45.4 84 75 0.4 5.2 1.7 2.1 13.8 2
Tongda 698 HK N HK$ 2.62 2.40 (8) 2,031 19.7 16 16 (1) 31 78 12 9 (16) (1) 44 Dec-16 25 19 22 16.4 13.2 11.0 9.0 90 86 2.3 25.0 3.0 1.8 9.1 23
TSHT 002185 CH O Rmb 7.00 7.80 11 2,210 33.5 (3) (2) 4 16 8 (5) (7) (3) 3 (7) Dec-16 23 33 20 38.2 31.1 23.3 19.5 89 90 0.5 9.4 2.8 2.1 11.1 (7)
ZTE (A) 000063 CH U Rmb 22.67 15.00 (34) 15,680 134.7 (3) 5 31 42 52 (5) (0) 24 29 38 Dec-16 278 7 3 n.m. 22.6 21.0 20.4 96 92 1.1 15.0 3.2 0.9 17.1 (7)
ZTE (H) 763 HK N HK$ 18.90 16.30 (14) 15,680 17.4 3 6 25 40 82 (2) (0) 9 8 47 Dec-16 278 7 3 n.m. 16.3 15.2 14.7 103 99 1.5 15.0 2.3 0.9 17.1 (7)
Sector Aggregate (4) 203,946 6 11 24 68 84 2 4 9 36 49 Dec-16 51 21 14 40.7 27.0 22.3 19.5 93 97 1.1 14.5 3.7 2.5 14.9 7

20 July 2017
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China—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Telecommunication Services Colin McCallum - 852 2101 6514
China Mobile 941 HK O HK$ 82.90 110.00 33 217,381 158.2 3 (1) (1) 1 (11) (2) (8) (17) (31) (46) Dec-16 8 6 3 13.5 12.5 11.8 11.5 102 101 3.7 11.6 1.4 1.3 3.5 (46)
China Telecom 728 HK O HK$ 3.75 5.30 41 38,867 27.1 3 (1) (2) 5 4 (1) (7) (18) (27) (30) Dec-16 18 19 12 14.6 12.4 10.4 9.3 106 113 3.4 6.6 0.8 1.0 3.4 28
China Unicom (A) 600050 CH U Rmb 7.47 4.70 (37) 23,454 237.1 0 0 0 2 76 (2) (5) (8) (10) 61 Dec-16 684 159 80 n.m. n.m. 50.5 28.0 54 74 0.2 1.3 1.5 1.4 4.7 34
China Unicom (H) 762 HK O HK$ 11.44 14.10 23 35,084 60.7 5 1 10 27 45 1 (5) (5) (5) 11 Dec-16 452 168 81 n.m. 68.7 25.6 14.1 65 92 0.3 1.4 0.9 1.1 3.8 34
GDS GDS US O US$ 9.74 13.20 36 867 0.3 6 13 21 13 n.a. 2 6 5 (19) n.a. Dec-16 81 128 574 n.m. n.m. n.m. 18.2 168 n.m. 0.0 (5.9) 1.9 5.9 21.7 100
Sector Aggregate 31 315,653 3 (1) (0) 4 3 (1) (7) (16) (28) (31) Dec-16 13 13 10 16.8 14.9 13.1 11.9 100 102 3.0 8.6 1.2 1.2 3.7 (11)

Transportation Baoying Zhai/ Edmond Huang/ Michael Shen - 852 2101 7135/ 852 2101 6701/ 852 2101 6711
Air China (A) 601111 CH U Rmb 9.39 6.90 (27) 16,288 53.8 4 (6) 3 30 20 2 (10) (5) 18 5 Dec-16 19 (7) 28 16.5 13.9 14.9 11.6 114 99 1.3 11.7 1.6 1.6 6.7 98
Air China (H) 753 HK N HK$ 7.59 7.70 1 16,288 10.7 2 (2) 16 53 31 (2) (8) 1 21 (4) Dec-16 19 (7) 28 11.5 9.7 10.4 8.1 115 95 1.9 11.7 1.1 1.6 6.7 98
BCIA 694 HK N HK$ 12.66 11.10 (12) 7,022 10.2 6 13 16 61 47 2 7 (0) 29 13 Dec-16 39 25 (2) 26.6 19.1 15.3 15.6 107 103 2.1 12.3 2.3 5.2 9.9 24
CAR 699 HK O HK$ 6.99 8.40 20 2,020 6.0 (6) (4) (4) (8) (11) (10) (10) (20) (40) (46) Dec-15 (8) (7) 20 15.9 17.3 18.6 15.5 102 93 0.0 10.4 1.6 3.0 5.2 69
China Eastern Airlines (A) 600115 CH U Rmb 6.88 4.60 (33) 12,770 77.0 4 0 (1) (3) (1) 2 (5) (9) (15) (16) Dec-16 46 3 33 22.0 15.0 14.6 11.0 106 118 2.6 12.7 1.8 2.0 8.4 211
China Eastern Airlines (H) 670 HK O HK$ 4.65 5.40 16 12,770 7.0 1 5 7 31 8 (3) (1) (8) (1) (27) Dec-16 46 3 33 12.9 8.8 8.5 6.4 106 118 4.5 12.7 1.1 2.0 8.4 211
China Southern Airlines (A) 600029 CH U Rmb 8.63 5.90 (32) 11,307 83.0 4 (5) 7 23 6 2 (10) (1) 10 (9) Dec-16 37 (17) 35 16.8 12.3 14.8 10.9 120 100 1.6 14.9 1.7 1.4 7.3 162
China Southern Airlines (H) 1055 HK N HK$ 6.51 6.80 4 11,307 12.1 6 1 23 62 35 2 (5) 7 30 (0) Dec-16 37 (17) 35 11.0 8.0 9.7 7.1 126 101 2.5 14.9 1.1 1.4 7.3 162
CRSC 3969 HK N HK$ 6.32 6.05 (4) 7,114 2.0 5 3 4 13 21 0 (4) (11) (19) (14) Dec-16 13 10 10 16.1 14.2 13.0 11.8 93 86 2.0 14.8 2.0 1.0 6.9 (59)
Daqin 601006 CH O Rmb 9.05 10.00 10 19,929 49.3 3 11 14 28 49 1 6 6 15 34 Dec-16 57 4 2 18.8 12.0 11.5 11.3 97 96 4.3 12.1 1.4 2.6 7.6 (4)
GBIA 600004 CH N Rmb 13.62 12.41 (9) 4,175 34.1 0 11 20 40 53 (1) 6 12 27 38 Dec-16 12 (33) 14 16.3 14.5 21.8 19.1 117 93 2.1 13.8 1.9 3.7 9.4 46
Guangshen Railway (A) 601333 CH O Rmb 4.88 4.90 0 4,810 30.2 9 9 (8) (4) 19 7 4 (16) (16) 4 Dec-16 13 28 (1) 26.5 23.4 18.3 18.4 115 128 1.7 5.2 1.2 1.7 8.2 (10)
Guangshen Railway (H) 525 HK O HK$ 3.95 5.45 38 4,810 2.3 2 (1) (17) (16) 6 (2) (8) (32) (48) (28) Dec-16 13 28 (1) 18.5 16.4 12.8 12.9 115 128 2.5 5.2 0.8 1.7 8.2 (10)
SHIA 600009 CH O Rmb 38.16 41.20 8 10,892 37.0 3 6 11 44 41 1 1 3 31 26 Dec-16 12 36 9 26.2 23.4 17.2 15.7 99 113 1.3 13.4 3.0 9.2 17.4 (18)
SZAC 000089 CH O Rmb 9.09 10.70 18 2,761 17.0 (3) (3) (0) 14 4 (5) (8) (8) 1 (11) Dec-16 29 42 16 33.1 25.6 18.1 15.6 100 119 1.2 6.7 1.7 4.5 11.4 (32)
YTO 600233 CH N Rmb 18.24 22.50 23 7,622 29.7 (4) (9) (16) (28) (20) (6) (14) (24) (41) (35) Dec-16 28 34 27 37.5 29.2 21.8 17.1 106 116 1.0 20.0 5.5 2.1 17.9 (24)
ZTO ZTO US O US$ 15.56 15.60 0 11,381 6.2 2 9 21 29 n.a. (3) 2 6 (3) n.a. Dec-16 34 26 n.a. 32.8 24.5 19.5 n.a. 103 97 0.0 14.6 3.3 5.0 14.0 (50)
Sector Aggregate 8 118,092 2 4 11 32 28 (2) (2) (5) (0) (7) Dec-16 32 4 19 17.1 13.0 12.6 10.2 107 102 2.3 12.3 1.5 2.0 8.4 61

Utilities Dave Dai/ Gary Zhou/ Gloria Yan - 852 2101 7358/ 852 2101 6648/ 852 2101 7369
Beijing Enterprise 392 HK O HK$ 41.80 57.00 36 6,756 13.6 1 11 6 14 (8) (4) 5 (10) (18) (43) Dec-16 6 3 6 8.5 8.0 7.8 7.3 99 99 2.5 11.0 0.8 1.7 13.9 52
CGN 1816 HK U HK$ 2.22 1.70 (23) 12,921 12.8 1 0 (5) 4 0 (3) (6) (21) (28) (35) Dec-16 7 1 12 12.0 11.2 11.1 9.9 94 84 2.8 13.1 1.4 6.3 11.8 156
China Datang 1798 HK O HK$ 0.93 1.18 27 866 0.3 9 18 16 31 13 5 11 1 (1) (21) Dec-16 266 35 24 29.5 8.1 6.0 4.8 139 138 3.7 6.5 0.5 7.3 8.5 314
China Gas 384 HK O HK$ 18.92 16.50 (13) 12,039 10.5 0 46 50 80 57 (4) 40 34 48 22 Mar-17 37 21 19 22.4 16.3 13.5 11.3 108 113 1.8 25.5 3.8 2.9 12.3 55
China Longyuan 916 HK O HK$ 5.64 7.60 35 5,805 10.7 4 (1) (6) (7) (7) (1) (8) (22) (39) (42) Dec-16 34 37 10 11.5 8.6 6.3 5.7 112 130 2.9 10.7 0.9 4.6 7.1 143
Chuantou 600674 CH N Rmb 9.66 8.80 (9) 6,299 23.9 (3) 1 4 11 8 (5) (4) (4) (2) (7) Dec-15 (7) (5) (5) 11.0 11.9 12.5 13.0 102 99 2.6 18.4 2.1 47.4 96.2 24
CNE 182 HK O HK$ 0.33 0.47 42 361 0.9 (3) 2 (12) (20) (25) (7) (5) (28) (52) (60) Dec-16 18 22 10 5.3 4.5 3.7 3.3 90 93 6.7 10.3 0.4 3.1 14.4 65
CR Gas 1193 HK O HK$ 29.90 36.00 20 8,516 13.1 (2) 23 15 37 26 (6) 17 (0) 5 (8) Dec-16 31 27 23 19.8 15.1 11.9 9.7 114 130 2.1 22.4 3.1 2.3 7.6 0
CR Power 836 HK N HK$ 15.40 15.00 (3) 9,487 13.4 1 (1) 11 25 35 (3) (8) (5) (7) (0) Dec-16 (30) 29 10 9.5 13.7 10.6 9.7 88 87 5.7 7.8 1.1 2.4 7.3 112
CSG 956 HK N HK$ 1.74 1.56 (10) 828 1.8 6 21 5 74 89 2 14 (11) 42 55 Dec-16 26 24 17 10.3 8.2 6.6 5.6 93 101 5.3 8.4 0.7 4.5 9.0 165
Datang (A) 601991 CH U Rmb 4.52 3.10 (31) 7,787 30.1 2 (3) (3) 18 11 0 (8) (10) 6 (3) Dec-16 149 185 11 n.m. 44.6 15.6 14.1 59 101 0.0 3.3 1.5 3.2 9.7 228
Datang (H) 991 HK O HK$ 2.58 3.40 32 7,787 7.6 3 1 11 27 35 (1) (6) (5) (5) 0 Dec-16 149 185 11 n.m. 22.0 7.7 7.0 59 102 0.0 3.3 0.7 3.2 9.7 228
ENN Energy 2688 HK O HK$ 52.75 57.00 8 7,308 21.6 (2) 25 25 65 38 (7) 19 9 33 3 Dec-16 70 22 12 23.0 13.5 11.1 9.9 109 119 1.9 22.4 2.8 1.4 8.7 33
GCL 3800 HK N HK$ 0.94 0.80 (15) 2,238 12.0 12 25 (1) 1 (14) 8 19 (17) (31) (48) Dec-16 (10) (2) 1 7.4 8.2 8.4 8.3 97 87 0.0 8.5 0.7 2.3 5.8 133
GCLNE 451 HK N HK$ 0.38 0.40 5 916 0.7 3 6 (6) (18) 7 (2) (1) (22) (50) (27) Dec-16 168 (13) 13 20.2 7.5 8.6 7.6 123 75 0.0 16.5 1.1 8.2 9.8 320
Guangdong Investment 270 HK N HK$ 11.10 12.70 14 9,294 14.2 5 0 (5) 8 (5) 1 (6) (21) (24) (40) Dec-16 4 10 8 16.5 15.9 14.4 13.3 94 99 4.5 13.2 2.0 6.5 10.3 (3)
HDF 816 HK O HK$ 1.81 2.50 38 1,949 4.3 (1) 0 7 5 5 (5) (7) (9) (27) (30) Dec-16 16 25 19 6.5 5.6 4.5 3.8 118 122 3.9 11.2 0.6 4.5 8.1 260
HDP (A) 600027 CH U Rmb 4.70 3.80 (19) 6,403 18.8 (1) (3) (7) (5) (8) (3) (8) (15) (18) (23) Dec-16 (112) 816 44 14.8 n.m. 16.9 11.7 n.m. 88 0.0 (0.9) 1.1 2.4 9.8 189
HDP (H) 1071 HK O HK$ 3.33 4.20 26 6,403 7.5 1 (4) 3 (5) (5) (4) (11) (13) (37) (39) Dec-16 (112) 816 44 9.1 n.m. 10.3 7.2 n.m. 88 0.0 (0.9) 0.7 2.4 9.8 189
HNR 958 HK O HK$ 2.40 3.60 50 3,248 10.0 1 1 (10) (5) (2) (3) (6) (26) (37) (37) Dec-16 31 18 14 7.6 5.8 4.9 4.3 113 119 2.6 16.0 0.8 6.3 7.1 189
Huaneng (A) 600011 CH U Rmb 7.35 4.40 (40) 14,760 21.8 4 (6) (0) 4 2 2 (11) (8) (8) (12) Dec-16 (60) 82 14 13.1 33.1 18.2 16.0 77 82 1.6 4.3 1.5 2.2 10.6 231
Huaneng (H) 902 HK U HK$ 5.53 4.80 (13) 14,760 24.1 2 (4) 5 8 24 (2) (11) (10) (24) (11) Dec-16 (60) 82 14 8.5 21.5 11.9 10.4 92 83 2.4 4.3 1.0 2.2 10.6 231
Jingneng 600578 CH N Rmb 4.35 4.10 (6) 4,347 11.5 1 2 (6) 4 (4) (1) (3) (13) (9) (19) Dec-15 (41) (4) 14 7.7 12.9 13.5 11.8 120 100 2.7 8.7 0.9 3.2 7.0 26
LONGi 601012 CH O Rmb 18.91 23.50 24 5,591 37.1 6 21 15 41 32 4 16 8 29 18 Dec-16 18 32 22 22.0 18.6 14.1 11.6 102 106 0.8 21.1 4.1 2.1 11.3 (8)
LYE 601222 CH N Rmb 7.42 7.50 1 1,939 9.9 (1) (1) 4 (8) (33) (3) (6) (4) (21) (48) Dec-16 50 13 2 26.5 17.7 15.6 15.3 101 92 2.9 8.8 1.5 4.4 11.5 15
SDIC 600886 CH U Rmb 7.99 6.60 (17) 8,031 42.8 0 2 8 20 19 (2) (3) 0 7 5 Dec-16 4 1 (0) 13.8 13.3 13.2 13.2 97 92 2.6 13.6 1.7 6.5 11.5 234
SZ Gas 601139 CH N Rmb 8.56 9.00 5 2,808 4.4 0 (1) (12) (6) (3) (2) (6) (19) (19) (18) Dec-16 28 18 8 24.5 19.1 16.3 15.1 104 105 1.6 12.3 2.3 1.9 10.7 (3)
XYS 968 HK N HK$ 2.38 2.40 1 2,263 4.8 10 3 1 (5) (21) 5 (3) (15) (37) (56) Dec-16 10 3 (5) 8.1 7.4 7.2 7.6 100 90 5.8 31.9 2.2 3.4 7.8 99
Yangtze Power 600900 CH N Rmb 14.91 14.50 (3) 48,588 44.4 (3) 3 9 18 16 (5) (2) 1 5 1 Dec-16 (8) (4) 4 15.8 17.1 17.9 17.2 96 94 4.4 14.6 2.5 9.7 12.0 95
Sector Aggregate 4 191,347 0 7 9 20 16 (4) 0 (7) (12) (19) Dec-16 1 24 11 14.3 14.2 11.4 10.2 95 99 3.0 11.0 1.4 3.6 9.9 134

20 July 2017
Country Aggregate 7,914 8,715 10 5,644,884 4 7 16 32 35 Dec-16 14 13 10 13.6 11.9 10.6 9.3 98 99 2.6 12.4 1.4 1.5 8.8 24

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates
51
Jump-Start

Hong Kong—valuation summary

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Banks Sanjay Jain - 65 6306 0668
HSBC 5 HK N HK$ 74.95 61.00 (19) 193,834 219.4 0 9 20 20 51 (2) 6 10 (1) 28 Dec-16 67 2 5 23.2 13.9 13.6 13.0 105 103 5.3 7.8 1.1 n.a. n.a. n.a.
STAN 2888 HK U HK$ 82.00 65.00 (21) 34,724 19.5 0 8 18 32 34 (2) 6 8 10 11 Dec-16 378 28 16 95.7 20.0 15.7 13.5 101 90 2.8 3.8 0.8 n.a. n.a. n.a.
Sector Aggregate (19) 228,558 0 9 20 22 49 (2) 6 9 1 26 Dec-16 80 5 6 26.4 14.6 14.0 13.2 105 101 4.9 7.0 1.0 n.a. n.a. n.a.

Capital Goods Edmond Huang - 852 2101 6701

CSCI 3311 HK O HK$ 13.34 16.40 23 7,668 13.0 6 6 (5) 15 24 4 3 (16) (6) 0 Dec-16 38 19 17 13.7 9.9 8.3 7.1 105 104 3.0 22.0 2.0 1.4 9.4 42

Conglomerates Gerald Wong/ Kenneth Fong/ Susanna Leung - 65 6212 3037/ 852 2101 6395/ 852 2101 6590
CKH 1 HK O HK$ 100.10 122.00 22 49,453 60.7 1 1 7 14 14 (2) (1) (4) (7) (9) Dec-15 7 5 13 12.4 11.6 11.1 9.8 100 100 2.7 8.5 1.0 1.4 5.8 27
Jardine Matheson JM SP U US$ 63.20 58.00 (8) 45,699 18.2 1 (3) (4) 14 9 (2) (6) (14) (7) (14) Dec-16 9 3 n.a. 17.1 15.7 15.2 n.a. 98 95 1.8 6.8 1.1 1.3 11.6 7
Jardine Strategic JS SP N US$ 41.78 38.00 (9) 46,278 24.7 2 (0) (1) 26 40 (1) (3) (12) 5 17 Dec-16 4 3 n.a. 17.1 16.4 16.0 n.a. 93 89 0.7 5.6 0.9 1.6 12.6 6
Wharf 4 HK N HK$ 66.45 65.00 (2) 25,819 32.6 3 (2) (1) 29 32 0 (5) (12) 8 9 Dec-16 10 (3) 3 14.6 13.3 13.8 13.4 108 99 3.1 4.6 0.6 5.9 10.6 2
Wheelock 20 HK U HK$ 58.60 43.80 (25) 15,311 7.9 2 (3) (6) 34 50 (0) (6) (17) 13 27 Dec-16 9 (7) 3 10.1 9.2 9.9 9.6 108 92 2.2 6.2 0.6 3.2 7.1 13
Sector Aggregate (1) 182,560 1 (1) 0 21 25 (1) (4) (11) (0) 2 Dec-16 7 4 3 14.1 13.3 12.7 11.7 100 96 2.1 6.5 0.8 1.6 8.2 11

Consumer Durables & Apparel Amy Ji/ Carey Shi - 852 2101 7735/ 852 2101 7729
Li & Fung 494 HK U HK$ 2.83 2.60 (8) 3,070 15.7 (1) (1) (13) (17) (25) (5) (8) (29) (49) (60) Dec-16 (20) 8 15 11.6 14.5 13.5 11.7 86 90 7.0 9.0 1.3 0.2 7.6 12
Pacific Textiles 1382 HK N HK$ 9.20 9.00 (2) 1,704 1.9 (1) 1 8 9 (14) (4) (2) (2) (12) (37) Mar-16 (16) 3 1 11.8 14.1 13.7 13.6 97 99 7.6 28.3 4.0 2.1 10.8 (18)
Techtronic 669 HK O HK$ 37.25 36.30 (3) 8,747 16.7 4 3 16 34 11 2 (0) 5 13 (12) Dec-16 21 17 14 21.4 17.8 15.1 13.3 103 103 1.5 19.1 3.2 1.4 11.3 (4)
Yue Yuen 551 HK N HK$ 33.15 35.00 6 7,000 7.5 6 3 6 18 3 4 1 (5) (3) (20) Dec-16 9 3 5 13.1 12.0 11.7 11.2 103 100 5.2 12.0 1.4 0.8 7.5 (3)
Sector Aggregate (1) 20,521 4 2 8 19 1 1 (1) (3) (2) (22) Dec-16 6 8 10 15.5 14.6 13.5 12.3 99 99 4.1 13.9 2.0 0.7 9.1 1

Diversified Financials Charles Zhou - 852 2101 6177

VP 806 HK N HK$ 7.45 7.23 (3) 1,767 6.7 5 1 4 22 9 2 (2) (7) 1 (14) Dec-15 22 150 51 50.2 41.2 16.5 10.9 244 129 1.2 8.9 3.7 n.a. n.a. n.a.

Healthcare Iris Wang - 852 2101 7646

UMH 2138 HK O HK$ 2.65 5.58 111 333 0.1 0 3 5 (5) 27 (2) 0 (6) (27) 4 Mar-16 16 25 21 14.2 12.2 9.8 8.1 103 102 3.1 27.0 3.1 2.6 7.9 (40)

Hotels, Restaurants & Leisure Kenneth Fong/ Lok Kan Chan - 852 2101 6395/ 852 2101 6390
Galaxy 27 HK O HK$ 46.30 61.00 32 25,376 83.7 (1) (3) 9 38 95 (3) (6) (1) 17 72 Dec-16 56 14 15 31.7 20.3 17.9 15.5 120 125 1.5 19.7 3.7 2.9 12.9 (41)
Melco 200 HK O HK$ 18.70 25.50 36 3,665 13.9 (1) (10) 22 78 153 (3) (13) 11 56 130 Dec-16 (90) 74 26 2.8 28.7 16.5 13.2 76 102 0.2 4.4 1.2 0.9 3.2 12
MGM China 2282 HK O HK$ 16.04 20.50 28 7,806 13.7 (1) (6) (7) (0) 46 (3) (9) (18) (21) 23 Dec-16 (18) 85 42 20.1 24.6 13.3 9.3 104 142 1.6 31.3 7.1 4.5 16.3 173
MLCO MLCO US O US$ 22.03 30.00 36 11,204 20.4 1 (6) 8 50 94 (1) (9) (3) 28 70 Dec-16 145 31 28 64.8 26.5 20.3 15.9 104 119 1.6 13.1 3.7 2.5 10.1 64
NagaCorp 3918 HK N HK$ 4.80 4.90 2 1,512 3.4 4 40 12 7 (10) 2 37 2 (14) (34) Dec-16 (40) 23 21 8.7 14.5 11.7 9.7 87 82 4.1 14.3 2.0 1.9 4.6 (16)
Sands China 1928 HK O HK$ 35.00 43.50 24 36,185 77.3 2 (6) (3) 4 27 (0) (9) (14) (17) 4 Dec-16 36 10 12 29.5 21.8 19.8 17.7 106 106 6.0 34.6 7.9 4.9 15.5 68
SJM 880 HK N HK$ 7.88 7.40 (6) 5,709 11.4 1 (4) 9 30 65 (2) (7) (2) 8 42 Dec-16 (32) 2 36 19.2 28.2 27.7 20.3 94 102 2.0 6.4 1.8 1.2 14.8 23
Wynn Macau 1128 HK N HK$ 17.30 19.80 14 11,511 23.7 (2) (6) 3 40 42 (4) (8) (8) 19 19 Dec-16 142 26 25 62.5 25.8 20.5 16.4 102 100 3.2 94.7 18.3 3.3 14.7 499
Sector Aggregate 25 102,968 0 (5) 4 25 60 (2) (7) (7) 4 37 Dec-16 (0) 21 20 22.7 22.8 18.7 15.6 106 113 3.3 19.9 4.5 2.9 12.0 31

Insurance Abid Hussain/ Charles Zhou - 44 20 7888 2624/ 852 2101 6177
AIA Group 1299 HK O HK$ 58.35 67.20 15 90,225 148.1 (0) 2 18 33 19 (2) (1) 7 12 (4) Nov-16 24 0 13 21.5 17.3 17.3 15.2 112 103 1.7 14.0 2.3 n.a. n.a. n.a.
Prudential 2378 HK O HK$ 177.60 203.48 15 59,724 0.1 1 (2) 10 16 32 (2) (4) (1) (6) 9 Dec-16 7 11 12 12.9 12.0 10.8 9.6 110 110 2.8 23.1 2.7 n.a. n.a. n.a.
Sector Aggregate 15 149,949 0 1 15 26 24 (2) (2) 4 5 1 Dec-16 14 6 12 16.8 14.8 13.9 9.6 111 107 2.1 17.1 2.4 n.a. n.a. n.a.

Real Estate Susanna Leung - 852 2101 6590

Champion REIT 2778 HK U HK$ 6.09 4.00 (34) 4,533 3.7 15 20 23 45 37 12 17 12 24 13 Dec-16 (58) 1 (0) 11.2 26.5 26.3 26.3 99 98 3.9 3.0 0.7 24.9 29
CK Property 1113 HK N HK$ 61.80 54.00 (13) 29,264 45.8 1 1 13 30 17 (2) (2) 2 9 (6) Dec-16 5 41 (26) 13.2 12.5 8.9 12.1 98 120 2.7 6.9 0.9 3.3 7.2 (4)
Henderson Land 12 HK U HK$ 46.00 38.91 (15) 23,571 16.0 5 2 3 23 13 3 (0) (8) 1 (10) Dec-16 (27) (10) 19 13.0 17.8 19.8 16.6 85 79 3.1 4.1 0.7 9.7 24.0 7
HLP 101 HK N HK$ 19.74 21.00 6 11,370 13.8 2 (0) 0 20 20 (1) (3) (11) (1) (3) Dec-16 (10) (20) (4) 14.5 16.2 20.1 21.1 101 91 3.8 4.4 0.7 7.9 11.3 2
Hongkong Land HKL SP N US$ 7.55 7.20 (5) 17,764 14.2 3 (0) (1) 19 23 1 (3) (12) (2) (1) Dec-16 8 (7) (6) 21.0 19.3 20.7 22.1 95 89 2.5 3.0 0.6 9.1 20.3 3
Hysan 14 HK O HK$ 36.80 41.50 13 4,927 5.0 2 (3) (0) 15 3 (1) (6) (11) (6) (20) Dec-16 0 6 1 16.3 16.2 15.3 15.1 100 103 3.7 3.5 0.5 11.7 14.0 3
Kerry Properties 683 HK U HK$ 26.60 24.10 (9) 4,917 7.2 1 (1) (9) 26 33 (2) (4) (20) 5 10 Dec-16 39 (29) (14) 10.5 7.5 10.6 12.4 95 79 4.1 6.0 0.4 2.0 8.1 29
Midland 1200 HK U HK$ 2.05 2.00 (2) 189 0.3 (2) 1 (3) 4 (1) (5) (1) (14) (18) (24) Dec-16 742 (119) 90 n.m. 40.6 n.m. n.m. 25 n.m. 0.0 3.0 1.2 0.2 7.9 (50)
NWD 17 HK O HK$ 10.34 11.40 10 12,998 19.3 4 (0) 6 26 21 1 (3) (4) 5 (2) Jun-16 (0) (2) 0 13.7 13.7 14.0 14.0 95 87 4.3 4.0 0.5 2.9 14.0 37
SHKP 16 HK U HK$ 119.60 105.30 (12) 44,360 55.3 3 1 2 22 11 1 (2) (9) 1 (12) Jun-16 (10) 52 (26) 14.3 15.8 10.4 14.1 85 118 3.3 4.5 0.7 4.3 13.0 5
Sino Land 83 HK N HK$ 12.98 13.10 1 10,498 7.7 3 (3) (1) 12 (5) 0 (6) (12) (10) (28) Jun-16 (7) 1 (23) 14.8 16.0 15.7 20.4 96 99 3.9 4.0 0.6 4.2 12.5 (22)
Swire Properties 1972 HK N HK$ 27.00 23.50 (13) 20,228 7.0 3 5 6 26 23 1 3 (5) 5 0 Dec-16 11 (10) 4 22.2 20.1 22.2 21.3 94 94 2.6 3.5 0.7 10.8 17.5 16
Sector Aggregate (8) 184,618 3 1 4 24 16 1 (1) (7) 2 (7) Dec-16 2 3 (10) 15.0 14.7 14.2 16.6 96 97 3.2 4.6 0.7 4.4 12.2 7

REITs Kelvin Tam/ Susanna Leung - 852 2101 6582/ 852 2101 6590

20 July 2017
Link REIT 823 HK N HK$ 61.55 59.80 (3) 17,456 32.5 2 (3) 10 22 10 (0) (5) (1) 1 (13) Mar-17 4 14 8 27.5 26.5 23.3 21.6 95 100 3.8 3.7 1.0 n.a. 24.9 24
Spring REIT 1426 HK N HK$ 3.40 3.40 0 545 0.6 0 0 4 6 (3) (2) (3) (7) (16) (26) Dec-16 (14) (1) 3 15.7 18.2 18.4 17.8 119 118 5.9 3.1 0.6 n.a. 23.1 57
Sector Aggregate (3) 18,001 2 (3) 10 22 9 (0) (5) (1) 0 (14) Dec-16 4 11 9 27.5 26.4 23.8 21.9 98 99 3.8 3.7 0.9 n.a. 24.7 25
52
Jump-Start

Hong Kong—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Technology Hardware Kyna Wong/ Sam Li/ Thompson Wu - 852 2101 6950/ 852 2101 6775/ 886 2 2715 6386
ASM Pacific 522 HK O HK$ 120.40 157.00 30 6,295 29.5 12 9 13 47 108 10 6 2 25 85 Dec-16 55 10 13 31.3 20.2 18.4 16.2 101 108 2.1 27.6 5.2 2.7 12.6 (21)
FIH 2038 HK N HK$ 2.50 2.50 0 2,557 3.5 5 5 (3) 6 (5) 3 2 (14) (15) (28) Dec-16 (215) 249 20 18.3 n.m. 10.7 8.9 40 136 6.3 (4.9) 0.8 0.2 9.4 (25)
Lenovo Group 992 HK N HK$ 4.85 5.00 3 6,900 41.9 0 (3) (2) 3 (4) (2) (6) (13) (18) (27) Mar-16 508 9 41 n.m. 12.9 11.8 8.4 98 112 13.7 15.2 1.7 0.2 5.1 7
Truly 732 HK O HK$ 2.92 3.30 13 1,087 4.4 7 4 18 (3) (20) 3 (2) 3 (35) (54) Dec-16 (11) 59 31 14.6 16.3 10.3 7.9 84 98 1.5 7.7 1.3 0.7 7.7 108
Sector Aggregate 13 16,838 6 3 5 19 37 4 (0) (6) (2) 14 Dec-16 0 83 18 21.5 21.4 11.7 12.3 93 117 3.7 8.5 1.8 0.3 6.5 4

Telecommunication Services Varun Ahuja - 65 6212 3017

HKBN 1310 HK O HK$ 7.96 10.55 33 1,025 1.9 1 (4) (7) (6) (11) (2) (7) (18) (28) (34) Aug-16 (1) 30 36 29.3 29.5 22.6 16.6 99 86 5.5 21.1 6.7 3.6 11.1 279
HKT Trust 6823 HK O HK$ 10.10 11.85 17 9,794 28.7 0 (1) 1 6 (16) (2) (4) (10) (15) (39) Dec-16 2 4 (1) 15.4 15.1 14.6 14.7 102 102 6.4 12.9 2.0 3.3 8.8 91
HTHK 215 HK N HK$ 2.95 2.60 (12) 1,821 3.0 5 8 28 18 4 3 6 17 (3) (20) Dec-16 (6) 6 3 20.3 21.7 20.4 19.8 91 92 3.5 5.6 1.2 1.3 6.8 21
PCCW 8 HK N HK$ 4.35 5.20 20 4,300 7.1 1 (1) (3) 4 (23) (2) (4) (14) (18) (46) Dec-16 (18) 5 7 16.1 19.5 18.5 17.2 68 81 6.8 15.1 2.8 1.6 5.0 129
Smartone 315 HK O HK$ 10.24 13.50 32 1,450 1.9 1 1 0 (2) (25) (1) (2) (10) (23) (48) Jun-16 (10) (5) 0 13.5 15.1 16.0 15.9 96 91 5.9 16.8 2.5 1.2 5.2 26
Sector Aggregate 17 18,390 1 (0) 2 5 (16) (1) (3) (8) (16) (39) Dec-16 (4) 5 3 16.3 17.0 16.2 15.8 91 95 6.1 12.4 2.1 2.1 6.9 90

Transportation Alvin Wong/ Baoying Zhai - 852 2101 6486/ 852 2101 7135
Cathay Pacific 293 HK U HK$ 12.42 10.80 (13) 6,257 12.8 (2) 0 15 22 2 (5) (3) 4 1 (21) Dec-16 (880) 104 2,712 n.m. n.m. n.m. 19.3 42 13 0.0 (4.6) 0.9 1.3 24.1 141
Kerry Logistics 636 HK O HK$ 11.18 13.00 16 2,428 1.3 (1) 0 4 14 5 (4) (3) (7) (7) (18) Dec-16 5 6 5 17.2 16.3 15.5 14.7 88 87 1.8 7.2 1.1 0.8 8.0 20
Sector Aggregate (5) 8,685 (2) 0 12 20 3 (4) (3) 1 (2) (20) Dec-16 (256) 200 191 79.7 n.m. 51.5 17.7 n.m. 63 0.5 (1.9) 1.0 1.2 18.9 109

Utilities Dave Dai - 852 2101 7358

CKI 1038 HK O HK$ 65.55 82.00 25 22,252 20.4 0 (1) 2 6 (3) (2) (4) (9) (15) (26) Dec-16 9 6 5 17.2 15.7 14.8 14.1 103 102 3.7 10.6 1.6 32.2 49.1 17
CLP 2 HK U HK$ 82.00 68.00 (17) 26,531 26.2 0 (2) 3 15 1 (2) (5) (8) (6) (22) Dec-16 (4) 2 (13) 16.3 16.9 16.7 19.2 95 93 3.3 12.1 2.0 3.1 10.8 48
HKCG 3 HK U HK$ 14.78 10.18 (31) 26,476 21.2 (0) 1 6 18 14 (3) (2) (5) (3) (9) Dec-16 2 6 3 28.2 27.6 26.1 25.2 98 99 2.4 13.5 3.6 7.3 23.0 33
HKE 2638 HK U HK$ 7.33 5.30 (28) 8,295 6.6 2 2 7 15 (8) (1) (1) (4) (7) (31) Dec-16 (9) (3) (33) 18.0 19.9 20.4 30.6 95 93 5.3 6.5 1.3 9.3 13.4 82
PAH 6 HK O HK$ 68.45 78.50 15 18,709 31.5 (0) (3) 0 7 0 (2) (6) (11) (14) (23) Dec-16 18 5 0 22.8 19.3 18.4 18.4 102 102 4.0 6.6 1.3 88.2 158.4 (30)
Sector Aggregate (7) 102,263 0 (1) 3 13 3 (2) (4) (8) (9) (20) Dec-16 3 4 (4) 19.9 19.2 18.5 19.3 99 98 3.4 9.8 1.9 6.7 19.3 23

Country Aggregate 26,672 27,446 3 754,836 2 3 11 21 23 Dec-16 5 8 4 17.2 16.4 15.2 15.7 100 100 2.9 7.0 1.1 2.1 10.9 14

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
53
Jump-Start

India—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Automobiles & Components Jatin Chawla - 91 22 6777 3719
Apollo Tyres APTY IN N Rs 255.75 220.00 (14) 2,026 14.3 1 (0) 7 38 61 1 (2) (2) 18 46 Mar-16 4 (19) 24 12.5 12.0 14.8 11.9 99 88 0.9 16.3 1.8 1.2 8.3 30
Ashok Leyland AL IN N Rs 106.90 89.00 (17) 4,869 17.8 0 14 31 33 14 (0) 11 22 13 (1) Mar-16 69 18 18 42.1 24.9 21.0 17.8 79 104 1.7 20.8 4.9 1.6 14.7 18
Bajaj Auto BJAUT IN N Rs 2,824.75 2,630.00 (7) 12,722 12.9 1 (0) (0) 7 3 1 (2) (9) (13) (12) Mar-16 0 6 10 20.1 20.0 19.0 17.2 107 103 1.9 28.8 5.4 3.3 16.1 (70)
Bharat Forge BHFC IN N Rs 1,148.30 1,030.00 (10) 4,161 13.7 3 (3) 6 27 54 2 (5) (2) 7 39 Mar-16 (15) 41 36 40.6 48.0 34.2 25.2 94 97 0.7 14.8 6.8 3.9 22.7 46
Bosch Ltd. BOS IN O Rs 24,365.7526,700.00 10 11,574 6.4 1 (3) 8 16 (0) 0 (5) (1) (4) (15) Mar-16 16 29 21 61.4 53.1 41.1 33.9 99 99 0.4 16.3 8.1 6.9 37.7 (29)
Eicher Motors EIM IN U Rs 29,181.0021,800.00 (25) 12,364 19.9 3 3 14 34 48 3 0 6 14 33 Mar-16 30 41 22 62.0 47.5 33.7 27.5 100 107 0.3 40.3 16.5 11.1 35.8 (28)
Exide Industries EXID IN N Rs 218.15 190.00 (13) 2,886 7.0 (4) (4) (9) 21 24 (4) (6) (17) 1 9 Mar-16 12 12 15 29.8 26.5 23.7 20.6 101 98 1.1 15.0 3.8 2.5 16.0 2
Hero Motocorp HMCL IN N Rs 3,766.20 3,140.00 (17) 11,706 21.9 1 (2) 18 24 17 0 (4) 9 4 2 Mar-16 8 10 5 24.0 22.3 20.2 19.2 100 98 2.3 39.1 8.0 2.5 15.3 (47)
M&M MM IN O Rs 1,383.40 1,530.00 11 13,373 26.9 0 (0) 9 17 (5) 0 (2) (0) (3) (20) Mar-16 7 12 15 27.4 25.7 22.9 19.8 94 90 1.0 14.2 3.4 1.9 17.9 (11)
Maruti Suzuki MSIL IN N Rs 7,560.90 6,400.00 (15) 35,549 53.2 1 4 21 42 69 1 2 12 22 54 Mar-16 61 12 17 49.9 31.1 27.8 23.8 100 98 1.0 23.2 6.3 2.6 17.0 (145)
Motherson Sumi MSS IN N Rs 326.15 260.00 (20) 10,687 13.2 4 (0) 30 50 62 3 (2) 21 30 47 Mar-16 25 33 25 52.0 41.5 31.2 25.1 98 100 0.6 27.8 9.0 1.7 16.7 22
Tata Motors TTMT IN O Rs 460.55 630.00 37 20,697 54.5 (0) 2 4 (2) (8) (1) (0) (5) (22) (23) Mar-16 (43) 113 39 11.9 21.0 9.8 7.1 117 125 0.3 8.8 1.8 0.6 4.7 46
TVS TVSL IN U Rs 573.65 320.00 (44) 4,242 9.8 2 4 17 59 91 1 2 9 39 76 Mar-16 29 29 23 63.1 48.8 37.8 30.8 100 97 0.5 26.2 11.7 2.3 32.8 36
WABCO WIL IN N Rs 5,442.30 5,750.00 6 1,607 0.9 (2) (4) (12) 4 (3) (2) (6) (21) (16) (18) Mar-16 9 22 22 50.4 46.1 37.8 31.0 105 100 0.2 19.4 8.2 4.7 28.4 (43)
Sector Aggregate (5) 148,462 1 1 13 26 31 1 (1) 4 6 16 Mar-17 33 23 n.a. 28.4 21.3 17.3 n.a. 105 105 1.1 19.8 4.0 1.5 10.1 (17)

Banks Ashish Gupta - 91 22 6777 3895

Axis Bank AXSB IN N Rs 520.15 490.00 (6) 19,407 65.4 3 0 7 16 (8) 2 (2) (2) (4) (23) Mar-17 82 30 22 33.9 18.6 14.3 11.7 106 94 1.1 11.5 2.1 n.a. n.a. n.a.
BOB BOB IN N Rs 164.35 170.00 3 5,894 29.9 1 (2) (9) 8 4 0 (4) (17) (12) (11) Mar-17 151 35 36 27.5 10.9 8.1 5.9 101 96 2.1 9.2 1.0 n.a. n.a. n.a.
BOI BOI IN U Rs 155.75 92.00 (41) 2,599 13.5 7 12 3 45 40 7 10 (6) 25 25 Mar-16 91 267 68 n.m. n.m. 13.6 8.1 229 146 0.0 (2.3) 0.5 n.a. n.a. n.a.
HDFC Bank HDFCB IN O Rs 1,692.60 1,764.00 4 67,806 55.9 1 0 16 41 39 0 (2) 7 21 24 Mar-17 22 21 21 29.8 24.4 20.1 16.6 101 102 0.9 18.4 4.2 n.a. n.a. n.a.
ICICI ICICIBC IN O Rs 302.05 309.09 2 30,148 90.4 3 4 22 30 23 3 2 13 10 8 Mar-17 10 19 20 19.7 17.9 15.1 12.6 107 99 1.4 10.7 1.8 n.a. n.a. n.a.
IDFC Bank IDFCBK IN N Rs 62.00 68.00 10 3,282 11.5 (3) 8 6 3 22 (4) 6 (3) (17) 7 Mar-17 16 21 20 20.6 17.9 14.8 12.3 109 104 1.6 7.8 1.4 n.a. n.a. n.a.
IndusInd Bank IIB IN O Rs 1,576.45 1,800.00 14 14,686 26.0 0 4 10 42 42 (0) 2 2 22 27 Mar-17 32 26 28 32.8 24.9 19.7 15.5 104 104 0.7 17.4 4.0 n.a. n.a. n.a.
IOB IOB IN U Rs 25.40 19.00 (25) 970 1.0 (1) (2) (10) 5 (9) (1) (4) (18) (15) (24) Mar-16 44 92 241 n.m. n.m. n.m. 21.9 n.a. n.a. 0.0 (17.5) 0.5 n.a. n.a. n.a.
J&K Bank JKBK IN N Rs 86.90 75.00 (14) 753 1.2 1 (7) 12 46 28 1 (9) 3 26 13 Mar-17 121 66 48 n.m. 13.4 8.0 5.5 95 104 0.0 7.1 0.9 n.a. n.a. n.a.
Kotak KMB IN N Rs 994.75 827.00 (17) 29,472 36.4 4 0 12 38 28 3 (2) 3 18 13 Mar-17 18 23 22 37.1 31.5 25.6 21.0 99 99 0.1 14.1 4.1 n.a. n.a. n.a.
PNB PNB IN U Rs 158.35 118.00 (25) 5,245 27.4 4 7 2 37 21 4 5 (7) 17 6 Mar-17 109 33 36 25.4 12.2 9.2 6.7 105 92 1.5 7.2 0.8 n.a. n.a. n.a.
SBI SBIN IN N Rs 293.20 283.00 (3) 39,392 72.1 2 2 3 17 28 2 (0) (6) (3) 13 Mar-17 41 27 28 22.0 15.7 12.3 9.6 102 92 1.1 9.2 1.4 n.a. n.a. n.a.
UnionBank UNBK IN U Rs 156.20 130.00 (17) 1,671 12.6 1 3 1 27 14 1 1 (8) 7 (1) Mar-17 117 28 37 19.8 9.1 7.1 5.2 87 79 2.3 5.6 0.5 n.a. n.a. n.a.
Yes Bank YES IN N Rs 1,563.15 1,474.00 (6) 11,134 58.2 3 9 1 35 36 3 7 (7) 15 21 Mar-17 30 25 24 21.4 16.5 13.2 10.6 103 102 0.9 18.1 2.8 n.a. n.a. n.a.
Sector Aggregate (2) 232,460 2 2 11 31 28 2 (0) 2 11 13 Mar-17 51 27 25 29.8 19.8 15.6 12.6 103 98 0.9 11.1 2.1 n.a. n.a. n.a.

Building Materials & Construction Anubhav Aggarwal - 91 22 6777 3808

ACC ACC IN N Rs 1,733.30 1,300.00 (25) 5,066 10.4 2 6 15 30 8 1 4 6 10 (7) Dec-15 10 40 53 55.5 50.5 36.0 23.5 100 98 1.2 7.6 3.8 2.8 25.9 (18)
Ambuja Cements ACEM IN U Rs 264.10 180.00 (32) 8,162 10.6 1 11 9 28 1 1 9 1 8 (14) Dec-15 27 21 38 50.8 39.9 33.0 23.9 135 123 1.7 8.8 2.7 2.5 18.3 (7)
Ultratech Cement UTCEM IN U Rs 4,206.95 2,900.00 (31) 17,975 16.8 0 3 5 30 20 (0) 1 (4) 10 5 Mar-16 19 16 39 50.5 42.4 36.6 26.3 100 106 0.3 12.0 4.7 4.8 24.7 26
Sector Aggregate (30) 31,203 1 5 8 29 13 0 3 (1) 9 (2) Mar-17 23 39 n.a. 41.6 33.9 26.3 n.a. 111 106 0.9 10.8 3.5 3.1 17.8 21

Capital Goods Anantha Narayan/ Arnab Mitra/ Lokesh Garg/ Vaibhav Jain - 91 22 6777 3730/ 91 22 6777 3806/ 91 22 6777 3743/ 91 22 6777 3968
BEL BHE IN O Rs 173.70 200.00 15 6,039 13.0 2 3 (3) 26 40 1 1 (11) 6 25 Mar-16 31 15 13 30.5 23.4 20.3 18.0 114 116 2.8 21.0 5.5 3.9 20.2 (91)
BHEL BHEL IN U Rs 145.15 100.00 (31) 5,529 16.8 3 5 (17) 20 4 3 3 (25) (0) (11) Mar-16 192 28 (1) n.m. 30.4 23.7 24.0 235 112 1.0 3.5 1.1 0.9 20.9 (35)
Cummins India KKC IN N Rs 966.05 875.00 (9) 4,168 5.1 6 4 2 18 15 6 2 (6) (2) (0) Mar-16 (4) 17 14 34.9 36.5 31.3 27.5 100 100 1.4 22.2 7.7 5.2 32.7 (17)
Dilip Buildcon DBL IN O Rs 524.90 650.00 24 1,117 2.2 1 18 29 129 n.a. 0 16 20 109 n.a. Mar-17 (13) 51 21 19.9 22.8 15.1 12.4 75 100 26.1 15.8 3.3 1.8 9.5 113
Havells HAVL IN N Rs 467.45 535.00 14 4,548 9.7 (2) (3) (5) 36 30 (3) (5) (14) 16 15 Mar-17 10 27 20 48.9 44.3 35.0 29.2 93 97 0.9 19.0 8.0 3.2 27.5 (49)
J.Kumar JKIL IN O Rs 294.55 375.00 27 347 1.3 (4) 1 11 44 32 (4) (2) 2 24 17 Mar-17 27 13 19 21.1 16.6 14.7 12.4 100 89 0.7 9.3 1.5 1.3 7.6 13
Kajaria Ceramics KJC IN N Rs 668.15 675.00 1 1,653 3.2 (1) (5) 2 44 10 (1) (7) (6) 24 (5) Mar-16 9 20 18 46.0 42.1 35.0 29.7 100 101 0.4 24.1 9.0 3.8 21.6 9
L&T LT IN O Rs 1,181.00 1,373.33 16 26,054 46.5 2 1 5 31 13 1 (1) (3) 11 (2) Mar-16 41 15 20 39.5 27.9 24.3 20.3 100 102 1.0 12.0 3.0 2.3 22.6 144
Thermax TMX IN U Rs 917.10 725.00 (21) 1,701 1.0 0 (4) (8) 23 1 (0) (6) (17) 3 (14) Mar-16 0 13 25 39.7 39.7 35.0 28.1 108 95 0.6 11.2 4.3 2.1 22.4 (0)
Voltas VOLT IN O Rs 493.95 585.00 18 2,544 12.5 4 4 18 50 52 4 2 9 30 37 Mar-16 46 11 15 47.4 32.5 29.3 25.5 99 99 0.8 19.5 5.9 2.5 26.6 (54)
Sector Aggregate 8 53,700 2 2 2 32 18 1 (0) (7) 12 3 Mar-17 15 17 20 29.6 25.7 22.0 22.0 103 100 1.9 11.4 2.8 2.1 18.5 52

Chemicals Arnab Mitra/ Rohit Kadam - 91 22 6777 3806/ 91 22 6777 3824

Asian Paints APNT IN U Rs 1,156.10 998.26 (14) 17,260 16.1 2 0 9 30 13 2 (2) 1 10 (2) Mar-16 13 15 18 62.3 55.3 48.1 40.9 103 101 1.2 34.2 18.1 6.7 35.0 (6)
Pidilite Industries PIDI IN O Rs 797.90 920.00 15 6,367 6.2 (2) (3) 11 35 10 (3) (5) 3 15 (5) Mar-16 7 17 19 54.2 50.8 43.5 36.6 94 98 0.5 26.4 12.3 7.1 31.6 (30)
Sector Aggregate (6) 23,626 1 (1) 10 31 12 0 (3) 1 11 (3) Mar-17 15 18 n.a. 54.0 46.8 39.7 n.a. 100 101 1.2 32.3 14.3 5.9 29.6 (19)

20 July 2017
54
Jump-Start

India—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Consumer Durables & Apparel Anantha Narayan/ Arnab Mitra - 91 22 6777 3730/ 91 22 6777 3806
Crompton Consumer CROMPTON IN O Rs 204.45 270.00 32 1,994 4.0 (8) (7) (6) 41 44 (8) (9) (14) 21 29 Mar-16 29 21 25 53.3 41.5 34.4 27.5 106 106 1.5 103.9 35.0 3.3 26.0 129
Page PAG IN N Rs 16,886.5515,000.00 (11) 2,935 3.7 2 1 20 23 27 1 (1) 12 3 12 Mar-16 15 23 24 80.9 70.1 56.9 45.9 101 100 0.6 47.0 29.5 8.8 43.1 7
Titan TTAN IN O Rs 532.05 560.00 5 7,352 14.3 0 4 11 63 29 (0) 2 2 43 14 Mar-16 18 26 23 66.9 56.8 45.1 36.5 104 104 0.5 21.7 11.5 3.6 38.2 (4)
TTK Prestige TTKPT IN U Rs 6,399.60 5,000.00 (22) 1,161 0.8 0 (4) (4) 12 35 (0) (6) (12) (8) 20 Mar-16 9 22 18 62.9 57.7 47.4 40.3 83 96 0.5 16.7 9.1 4.2 35.4 10
Welspun WLSI IN O Rs 88.50 115.00 30 1,384 2.3 4 10 (7) 33 (18) 3 8 (16) 13 (33) Mar-16 17 (26) 25 12.6 10.8 14.7 11.7 100 93 0.7 37.5 3.7 1.8 7.5 124
Sector Aggregate 6 14,826 (0) 2 8 45 27 (1) (0) (1) 25 12 Mar-17 6 24 n.a. 40.3 37.9 30.6 n.a. 100 102 0.9 27.5 9.6 3.1 22.2 29

Consumer Staples Arnab Mitra - 91 22 6777 3806

Colgate CLGT IN N Rs 1,071.30 1,050.00 (2) 4,535 7.0 (0) (3) 6 18 14 (1) (5) (2) (2) (1) Mar-16 (6) 19 18 47.9 51.1 42.9 36.4 99 102 1.5 54.0 26.7 6.7 30.9 (15)
Dabur DABUR IN N Rs 306.75 275.00 (10) 8,410 7.9 1 7 6 11 (1) 0 5 (3) (9) (16) Mar-16 2 11 14 43.1 42.2 38.0 33.4 101 100 0.7 28.0 10.8 6.4 34.7 (23)
Emami HMN IN O Rs 1,070.45 1,250.00 17 3,781 3.3 1 (4) 5 12 (3) 0 (6) (3) (8) (18) Mar-16 5 21 18 42.7 40.5 33.4 28.2 176 119 0.6 40.1 15.3 8.8 33.1 21
GCPL GCPL IN O Rs 960.35 1,000.00 4 10,182 7.7 (1) 2 14 27 22 (1) (0) 5 7 7 Mar-16 15 21 18 57.4 50.0 41.2 34.9 100 103 0.5 23.6 10.9 6.9 36.2 44
GSK Consumer SKB IN O Rs 5,465.75 6,000.00 10 3,578 1.4 (1) 2 3 9 (14) (1) 0 (5) (11) (29) Mar-16 (4) 11 12 33.5 35.0 31.7 28.3 100 99 1.5 25.6 8.6 5.2 25.5 (96)
Hindustan Unilever HUVR IN N Rs 1,152.90 1,200.02 4 38,839 22.6 2 5 26 40 29 2 3 17 20 14 Mar-17 19 19 16 57.7 48.4 40.7 35.0 105 106 1.8 79.4 38.3 7.0 34.2 (20)
ITC ITC IN N Rs 291.50 310.00 6 55,178 64.2 (11) (6) 4 21 17 (12) (8) (4) 1 2 Mar-17 6 15 15 34.4 32.3 28.0 24.3 94 94 1.6 21.0 6.1 7.4 21.8 (20)
Marico MRCO IN N Rs 330.65 300.00 (9) 6,641 6.1 2 7 10 27 19 1 5 1 7 4 Mar-16 12 15 16 58.9 52.4 45.6 39.4 102 101 1.2 36.7 18.2 7.1 36.5 (7)
Nestle NEST IN U Rs 6,934.75 5,900.00 (15) 10,407 4.4 2 3 9 15 5 1 1 1 (5) (10) Dec-16 18 17 14 66.8 56.8 48.5 42.5 94 93 1.4 38.6 21.6 6.5 32.5 (20)
United Spirits UNSP IN O Rs 2,734.00 2,600.00 (5) 6,184 22.0 2 19 45 41 13 2 17 36 21 (2) Mar-16 128 34 55 n.m. 96.5 71.9 46.5 81 102 0.0 21.6 19.9 5.1 44.3 207
Sector Aggregate 2 147,735 (3) 1 13 26 17 (4) (1) 4 6 2 Mar-17 13 17 16 44.5 39.6 33.8 27.8 98 99 1.4 28.5 10.4 6.6 27.3 (16)

Diversified Financials Ashish Gupta/ Sunil Tirumalai - 91 22 6777 3895/ 91 22 6777 3714
Bajaj Finance BAF IN U Rs 1,543.00 1,000.00 (35) 13,206 20.9 7 10 23 84 78 7 8 15 64 63 Mar-17 25 34 24 46.2 37.0 27.5 22.2 94 96 0.2 18.7 5.5 n.a. n.a. n.a.
Bharat Financial BHAFIN IN O Rs 773.00 800.00 3 1,661 52.7 1 9 2 31 (2) 1 7 (6) 11 (17) Mar-17 133 17 35 36.9 15.8 13.5 10.0 129 110 0.0 24.3 3.4 n.a. n.a. n.a.
Chola CIFC IN O Rs 1,148.95 1,230.00 7 2,795 5.2 3 5 11 22 18 3 3 3 2 3 Mar-17 34 30 31 25.0 18.7 14.4 11.0 109 115 0.6 20.3 3.5 n.a. n.a. n.a.
Edelweiss EDEL IN O Rs 196.60 220.00 12 2,610 10.0 4 (4) 12 101 157 3 (6) 3 81 142 Mar-17 37 41 25 27.0 19.7 14.0 11.2 100 113 0.9 17.5 3.2 n.a. n.a. n.a.
HDFC HDFC IN O Rs 1,655.05 1,800.00 9 41,032 65.9 1 0 9 31 24 0 (2) 0 11 9 Mar-17 42 14 16 43.9 31.0 27.3 23.5 101 101 1.4 20.3 6.0 n.a. n.a. n.a.
IIFL Holdings IIFL IN O Rs 589.75 650.00 10 2,919 3.4 (2) (3) 27 125 163 (2) (5) 18 105 148 Mar-17 34 39 35 27.4 20.4 14.6 10.8 111 128 0.8 19.4 3.6 n.a. n.a. n.a.
Indiabulls Housing IHFL IN O Rs 1,149.80 1,185.00 3 7,594 35.3 4 2 17 77 61 4 (0) 9 57 46 Mar-17 37 26 27 16.6 12.2 9.7 7.6 111 118 3.5 30.3 3.4 n.a. n.a. n.a.
LIC Housing Finance LICHF IN O Rs 750.60 850.00 13 5,896 17.8 3 (3) 17 34 48 3 (5) 8 14 33 Mar-17 42 27 22 19.5 13.7 10.8 8.8 120 132 1.2 22.5 2.8 n.a. n.a. n.a.
MMFSL MMFS IN O Rs 357.05 410.00 15 3,161 13.9 (2) 2 5 32 11 (2) 0 (3) 12 (4) Mar-17 110 67 30 39.7 18.9 11.3 8.7 121 151 1.1 14.6 2.6 n.a. n.a. n.a.
Shriram City SCUF IN O Rs 2,320.90 3,200.00 38 2,382 1.5 1 (5) 1 29 26 0 (7) (8) 9 11 Mar-17 72 46 25 26.5 15.4 10.6 8.5 128 141 1.3 17.8 2.6 n.a. n.a. n.a.
Shriram Transport SHTF IN O Rs 970.75 1,350.00 39 3,428 12.9 (6) (2) (10) 14 (19) (6) (5) (18) (6) (34) Mar-17 70 26 29 17.4 10.2 8.1 6.3 133 129 1.0 17.8 1.7 n.a. n.a. n.a.
Sector Aggregate 4 86,683 2 2 12 48 43 2 (1) 3 28 28 Mar-17 45 26 24 32.0 22.1 17.5 14.2 109 114 1.3 20.7 4.2 n.a. n.a. n.a.

Energy Badrinath Srinivasan - 91 22 6777 3698

BPCL BPCL IN O Rs 469.80 543.33 16 15,862 27.6 3 6 (2) 14 26 3 4 (11) (6) 11 Mar-16 11 9 5 12.8 11.5 10.5 10.0 92 107 4.4 29.4 3.1 0.6 7.8 79
GAIL GAIL IN U Rs 379.40 300.00 (21) 9,987 25.4 3 (0) (6) 16 31 2 (2) (14) (5) 16 Mar-16 51 35 5 28.7 19.0 14.1 13.4 107 98 1.6 9.3 1.7 1.8 8.8 37
GSPL GUJS IN O Rs 174.55 180.00 3 1,531 2.0 5 6 (5) 25 35 5 4 (14) 5 20 Mar-16 14 45 8 22.1 19.4 13.3 12.3 102 117 1.1 12.2 2.3 9.2 10.5 (5)
HPCL HPCL IN O Rs 384.00 426.67 11 9,107 27.3 7 9 4 31 56 6 7 (5) 11 41 Mar-16 73 (33) 13 12.3 7.1 10.6 9.3 100 93 6.1 41.5 2.6 0.4 5.5 142
IOCL IOCL IN O Rs 375.25 455.00 21 28,361 33.9 (4) (8) (12) 15 52 (5) (10) (21) (5) 37 Mar-16 81 (8) 1 16.2 9.0 9.7 9.6 100 98 5.1 25.0 2.1 0.5 5.9 28
OILI OINL IN N Rs 283.25 307.50 9 3,336 2.9 6 (3) (13) (16) 2 6 (5) (22) (36) (13) Mar-16 17 21 5 11.3 9.7 8.0 7.6 87 111 3.1 9.9 0.9 2.2 6.6 (4)
ONGC ONGC IN O Rs 163.05 195.00 20 32,567 22.3 0 (2) (9) (15) 11 (0) (4) (18) (35) (4) Mar-16 45 12 26 14.8 10.2 9.1 7.2 103 96 3.8 10.8 1.1 1.6 5.4 20
Petronet LNG PLNG IN O Rs 206.05 252.50 23 4,811 20.8 (5) (6) (7) 12 45 (5) (8) (16) (8) 30 Mar-16 88 24 7 33.8 17.9 14.4 13.4 100 118 1.2 23.7 3.8 1.3 11.0 (19)
RIL RIL IN N Rs 1,533.50 1,360.00 (11) 77,612 306.3 2 9 12 42 51 1 7 3 22 36 Mar-16 8 (24) 34 16.4 15.1 20.0 15.0 100 85 1.0 11.6 1.7 2.4 14.2 57
Sector Aggregate 4 183,173 1 3 1 21 40 0 1 (8) 1 25 Mar-17 (7) 18 6 11.9 12.8 10.9 11.6 95 99 2.7 12.7 1.5 0.9 8.1 42

Healthcare Anubhav Aggarwal/ Chunky Shah - 91 22 6777 3808/ 91 22 6777 3872

Apollo Hospitals APHS IN N Rs 1,250.15 1,200.00 (4) 2,707 9.5 2 (1) 8 6 (7) 1 (3) (1) (14) (22) Mar-16 (35) 25 63 52.5 80.7 64.7 39.8 98 74 0.4 6.6 5.2 2.7 27.0 66
Aurobindo ARBP IN O Rs 766.65 675.00 (12) 6,991 32.1 10 17 21 15 1 10 15 12 (5) (14) Mar-16 10 0 16 21.8 19.8 19.7 17.0 98 91 0.4 27.5 4.8 3.2 14.7 27
Cadila CDH IN O Rs 544.25 540.00 (1) 8,672 10.6 5 2 21 53 53 5 0 13 33 38 Mar-16 (12) 61 17 36.6 41.5 25.8 22.1 88 109 0.6 21.8 8.0 6.4 34.8 47
Cipla CIPLA IN O Rs 568.15 600.00 6 7,116 12.3 5 5 (1) (0) 12 5 3 (10) (20) (3) Mar-16 (14) 14 37 30.3 35.0 30.7 22.4 130 88 0.5 10.5 3.6 3.4 19.8 25
Dr. Reddy DRRD IN U Rs 2,770.25 2,200.00 (21) 7,150 18.2 3 4 6 (9) (23) 3 2 (3) (29) (38) Mar-16 (31) 47 16 26.5 38.1 26.0 22.4 94 100 0.4 9.5 3.7 3.5 20.1 25
Glenmark GNP IN N Rs 707.65 700.00 (1) 3,108 13.4 4 11 (22) (20) (15) 3 9 (31) (40) (30) Mar-16 115 10 (6) 38.6 18.0 16.4 17.4 93 101 0.3 23.4 3.8 2.5 11.3 59
IPCA IPCA IN N Rs 480.00 550.00 15 943 2.1 1 2 (19) (10) 2 1 (0) (28) (30) (13) Mar-16 17 38 47 38.6 33.1 23.9 16.3 94 94 0.4 7.5 2.5 2.1 16.4 20
Lupin LPC IN U Rs 1,172.25 1,020.00 (13) 8,242 28.7 3 4 (18) (21) (31) 2 2 (27) (41) (46) Mar-16 25 (16) 16 23.9 19.1 22.7 19.5 108 85 0.8 22.5 3.9 3.3 12.9 38
Strides STR IN O Rs 1,048.25 1,185.00 13 1,460 5.8 7 12 (4) (1) (7) 7 10 (12) (21) (22) Mar-16 45 11 37 35.4 24.3 21.8 16.0 48 100 0.5 13.8 3.5 3.2 18.0 75
Sun Pharma SUNP IN N Rs 588.25 500.00 (15) 21,967 42.9 5 12 (10) (7) (25) 4 10 (19) (27) (40) Mar-16 29 (25) 20 26.2 20.2 27.0 22.6 100 85 0.7 20.5 3.8 4.2 14.6 (30)
Taro Pharma TARO US N US$ 114.26 100.00 (12) 4,688 11.7 (1) 2 (2) 9 (20) (3) 1 (7) (2) (34) Mar-16 (15) (11) (16) 9.1 10.7 12.0 14.3 96 100 0.0 22.2 2.3 3.8 6.2 (67)
Torrent TRP IN O Rs 1,298.80 1,370.00 5 3,421 7.5 (1) 8 (11) (1) (7) (1) 6 (19) (21) (22) Mar-16 (46) (4) 23 12.8 23.5 24.5 19.9 100 92 1.3 25.1 5.4 3.9 18.1 9

20 July 2017
Sector Aggregate (9) 76,464 4 8 (2) 2 (8) 4 6 (10) (18) (23) Mar-17 (3) 16 n.a. 22.7 23.5 20.3 n.a. 92 91 0.6 15.7 3.5 3.3 14.5 (9)

Hotels, Restaurants & Leisure Arnab Mitra - 91 22 6777 3806

Jubilant Foodworks JUBI IN O Rs 1,290.45 1,500.00 16 1,325 12.9 17 39 25 51 13 16 37 17 31 (2) Mar-16 (30) 44 50 74.1 n.m. 73.7 49.1 101 96 0.0 10.0 10.2 3.3 34.0 (2)
55
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India—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Insurance Ashish Gupta - 91 22 6777 3895
ICICI Pru Life IPRU IN N Rs 474.45 379.07 (20) 10,600 6.9 (2) 7 19 57 n.a. (3) 5 11 37 n.a. Mar-16 2 1 8 41.2 40.5 40.3 37.3 100 92 1.5 30.0 11.1 n.a. n.a. n.a.

Media Jatin Chawla - 91 22 6777 3719

Dish TV DITV IN O Rs 82.20 100.00 22 1,364 8.9 2 5 (17) (3) (14) 2 3 (26) (23) (29) Mar-16 (84) 90 24 12.7 80.2 42.1 33.8 100 124 0.0 25.1 17.9 3.2 9.8 155
Sun TV SUNTV IN O Rs 835.85 1,000.00 20 5,127 23.6 1 (3) (7) 70 118 1 (5) (15) 50 103 Mar-16 15 15 31 38.8 33.6 29.3 22.3 95 95 1.2 26.0 8.2 12.3 18.1 (38)
ZEE Z IN O Rs 543.20 635.00 17 8,120 15.5 6 7 2 20 17 6 5 (7) 0 2 Mar-16 26 34 16 49.2 39.0 29.1 25.2 134 119 0.5 25.9 8.5 7.6 25.5 (38)
Sector Aggregate 18 14,611 4 3 (3) 35 49 4 1 (12) 15 34 Mar-17 29 22 n.a. 38.7 30.0 24.6 n.a. 109 109 1.0 26.8 7.4 6.8 16.4 (38)

Metals & Mining Ravi Shankar - 91 22 6777 3869

Coal India COAL IN O Rs 255.05 373.00 46 24,641 19.1 1 0 (9) (15) (20) 0 (2) (18) (35) (35) Mar-16 (30) 36 25 11.3 16.2 11.9 9.5 107 110 6.2 29.2 4.7 1.5 10.1 (120)
Hindalco HNDL IN O Rs 213.35 240.00 12 7,450 40.8 6 6 14 38 55 6 4 6 18 40 Mar-16 4,078 100 (1) n.m. 23.5 11.8 11.9 98 95 0.6 4.8 1.1 1.0 8.1 132
HZL HZ IN N Rs 280.40 273.00 (3) 18,440 12.9 3 14 (1) 20 60 2 12 (9) (0) 45 Mar-16 2 16 (5) 14.5 14.2 12.3 12.9 100 100 10.5 24.4 3.9 6.0 10.8 (48)
JSPL JSP IN O Rs 143.10 150.00 5 2,038 27.8 2 13 29 107 107 2 11 20 87 92 Mar-16 (8) 94 93 n.m. n.m. n.m. n.m. 97 375 0.0 (13.4) 0.8 2.9 14.8 282
JSW Steel JSTL IN O Rs 219.50 240.00 9 8,258 18.8 2 10 16 35 35 2 8 7 15 20 Mar-16 582 30 16 n.m. 14.8 11.4 9.8 101 116 1.0 16.0 2.2 1.7 8.4 169
NALCO NACL IN N Rs 71.15 65.00 (9) 2,141 3.2 5 11 4 10 46 4 9 (4) (10) 31 Mar-16 5 60 (13) 25.1 23.9 15.0 17.3 94 100 3.4 5.8 1.6 1.5 11.3 (21)
NMDC NMDC IN U Rs 120.05 98.00 (18) 5,912 6.8 1 6 (6) (3) 27 0 4 (14) (23) 12 Mar-16 (6) 40 3 15.7 16.6 11.9 11.5 102 90 3.2 9.7 1.8 4.0 9.9 (10)
SAIL SAIL IN U Rs 63.65 35.00 (45) 4,092 6.6 2 10 5 29 31 2 8 (4) 9 16 Mar-16 32 156 137 n.m. n.m. 16.7 7.0 90 n.m. 0.0 (7.4) 0.7 1.5 n.m. 112
Tata Steel TATA IN O Rs 571.00 650.00 14 8,631 50.4 2 10 26 46 54 2 8 17 26 39 Mar-16 (37) 335 (33) n.m. n.m. 5.7 8.5 n.m. 200 1.4 (16.1) 2.4 1.2 8.7 333
Vedanta VEDL IN O Rs 273.25 290.00 6 15,809 49.1 5 13 17 26 71 5 11 8 6 56 Mar-16 155 111 8 n.m. 15.8 7.5 6.9 91 126 1.5 11.1 1.7 1.7 5.9 27
Sector Aggregate 12 97,412 3 8 6 18 36 2 6 (3) (2) 21 Mar-17 154 6 n.a. 26.3 10.3 9.7 n.a. 123 109 4.3 19.2 1.9 1.5 6.9 59

Real Estate Anantha Narayan - 91 22 6777 3730

Oberoi Realty OBER IN O Rs 380.95 460.00 21 2,014 2.0 (0) 1 (4) 29 27 (1) (1) (13) 9 12 Mar-16 (12) 164 110 30.3 34.4 13.1 6.2 99 104 0.5 6.9 2.3 12.1 23.7 10

Small Cap Companies Anantha Narayan - 91 22 6777 3730

Arvind ARVND IN O Rs 379.85 450.00 18 1,528 9.7 1 (0) (5) 8 20 1 (2) (13) (12) 5 Mar-16 (17) 18 50 27.2 32.8 27.8 18.6 90 80 0.6 9.8 3.1 1.4 13.5 69

Software & Services Anantha Narayan/ Nitin Jain - 91 22 6777 3730/ 91 22 6777 3851
Cyient CYL IN O Rs 524.00 600.00 15 918 1.3 0 3 4 5 9 (0) 1 (4) (15) (6) Mar-17 9 11 11 15.9 14.6 13.1 11.8 101 96 1.9 17.7 2.4 1.3 9.3 (37)
HCL Tech HCLT IN O Rs 894.65 975.00 9 19,383 23.7 5 6 10 8 22 4 4 1 (12) 7 Mar-17 5 11 11 15.6 14.9 13.4 12.1 100 101 2.8 24.9 3.7 2.3 10.4 (28)
Hexaware HEXW IN N Rs 247.00 200.00 (19) 1,141 4.4 (2) (1) 19 19 14 (3) (3) 11 (1) (1) Dec-16 7 7 12 18.0 16.9 15.8 14.1 96 93 2.0 24.6 4.0 1.7 10.6 (35)
InfoEdge INFOE IN O Rs 1,032.20 1,050.00 2 1,950 1.4 (1) 3 27 15 25 (1) 1 18 (5) 10 Mar-16 (93) 1,620 52 72.1 n.m. 62.5 41.0 n.m. 99 0.3 0.8 8.2 12.5 62.8 (89)
Infosys Ltd INFO IN N Rs 979.90 1,025.00 5 34,860 80.3 1 5 6 (3) (10) 0 3 (3) (23) (25) Mar-17 1 11 9 15.6 15.5 14.0 12.8 99 100 2.7 20.5 3.1 2.6 9.8 (50)
Mindtree MTCL IN N Rs 506.75 440.00 (13) 1,326 4.8 (2) (2) 15 (3) (10) (2) (4) 6 (23) (25) Mar-17 6 19 23 20.4 19.2 16.2 13.2 89 89 2.0 16.3 3.0 1.4 10.8 (41)
NIIT Tech NITEC IN O Rs 550.05 550.00 (0) 526 3.0 (5) (4) 29 30 17 (5) (6) 20 10 2 Mar-17 5 14 11 13.0 12.4 10.9 9.8 98 100 2.3 15.3 1.8 0.9 5.1 (47)
Tata Consultancy TCS IN N Rs 2,450.45 2,250.00 (8) 73,010 52.1 0 1 5 4 (0) (0) (1) (3) (16) (15) Mar-17 0 11 10 18.4 18.3 16.5 15.0 99 101 2.6 30.7 5.9 3.5 12.9 (47)
Tech Mahindra TECHM IN O Rs 396.65 500.00 26 6,022 22.3 3 2 (6) (19) (21) 2 (0) (14) (39) (36) Mar-17 7 11 15 12.8 12.0 10.8 9.4 104 102 2.5 16.9 1.9 1.1 7.3 (31)
Wipro WPRO IN N Rs 271.25 230.00 (15) 20,429 15.6 3 7 9 14 (1) 2 5 (0) (6) (16) Mar-17 (0) 11 10 15.9 15.9 14.3 13.0 98 101 5.6 15.8 2.5 2.2 10.9 (23)
Sector Aggregate (3) 159,563 1 3 6 4 (0) 1 1 (2) (16) (15) Mar-17 1 11 10 16.8 16.6 14.9 13.4 99 101 3.0 22.9 3.8 2.6 11.2 (40)

Telecommunication Services Sunil Tirumalai - 91 22 6777 3714

Bharti Airtel BHARTI IN U Rs 421.35 300.00 (29) 26,215 28.2 6 15 23 38 16 6 13 14 18 1 Mar-17 (14) 26 81 44.3 51.3 40.8 22.6 116 93 0.2 4.8 2.4 2.9 8.2 127
Bharti Infratel BHIN IN O Rs 414.95 420.00 1 11,945 35.1 (1) 10 21 21 16 (2) 8 12 1 1 Mar-17 7 9 6 27.5 25.6 23.6 22.2 100 99 3.1 19.4 4.9 4.6 10.4 (48)
Idea Cellular IDEA IN U Rs 95.00 74.00 (22) 5,332 39.5 11 19 12 28 (11) 11 17 4 8 (26) Mar-16 (122) (340) (15) 11.1 n.m. n.m. n.m. 66 85 0.0 (2.7) 1.4 2.4 8.6 208
Sector Aggregate (20) 43,493 5 14 21 32 13 4 12 13 12 (2) Mar-17 (44) 20 48 47.2 84.4 70.4 22.5 100 69 1.0 3.1 2.6 3.0 9.2 126

Transportation Lokesh Garg - 91 22 6777 3743

Adani Ports ADSEZ IN O Rs 380.60 360.00 (5) 12,268 22.0 2 2 15 42 73 1 (0) 6 22 58 Mar-16 26 (1) 16 27.7 21.9 22.2 19.1 92 96 0.4 23.2 4.4 12.5 19.7 104
Concor CCRI IN U Rs 1,179.40 880.00 (25) 4,474 7.6 0 4 (1) 32 3 (0) 2 (9) 12 (12) Mar-16 (13) (0) 16 29.2 33.5 33.6 29.1 91 93 1.0 10.3 3.3 4.6 20.8 (32)
Gujarat Pipavav GPPV IN U Rs 143.05 135.00 (6) 1,076 1.6 (2) (8) (13) 9 (18) (3) (10) (21) (11) (33) Mar-16 35 1 15 27.3 20.3 20.0 17.3 121 119 2.4 15.9 3.1 9.5 15.8 (21)
Sadbhav Engg. SADE IN O Rs 282.30 360.00 28 754 0.8 (4) (8) (13) 3 (5) (4) (10) (21) (17) (20) Mar-16 12 33 17 34.8 31.1 23.4 19.9 84 105 0.2 10.1 3.0 1.7 16.2 60
Sector Aggregate (9) 18,572 1 1 8 36 48 1 (1) (0) 16 33 Mar-17 0 16 n.a. 24.1 24.1 20.7 n.a. 97 97 0.6 15.3 3.5 6.6 16.2 36

20 July 2017
56
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India—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Utilities Anantha Narayan/ Lokesh Garg - 91 22 6777 3730/ 91 22 6777 3743
JSW Energy JSW IN N Rs 64.05 60.00 (6) 1,635 7.5 (1) 2 (1) 5 (21) (1) (0) (9) (15) (36) Mar-16 (51) (25) (2) 8.1 16.7 22.2 22.6 99 57 0.8 6.7 1.0 2.8 6.9 119
NTPC NTPC IN N Rs 167.35 180.00 8 21,477 12.7 2 4 2 2 7 2 2 (6) (18) (8) Mar-16 0 11 23 15.1 15.1 13.5 11.0 90 94 3.6 10.1 1.5 3.2 12.1 130
PGCIL PWGR IN O Rs 218.60 250.00 14 17,800 17.5 2 3 5 19 31 2 1 (4) (1) 16 Mar-16 31 17 14 19.2 14.6 12.5 10.9 104 102 1.1 17.0 2.3 8.8 9.9 232
VA Tech VATW IN O Rs 669.95 820.00 22 569 2.0 (1) (8) (3) 43 14 (1) (10) (12) 23 (1) Mar-16 13 80 21 40.5 35.7 19.9 16.4 100 101 0.9 10.7 3.7 1.2 12.6 7
Sector Aggregate 10 41,480 2 3 3 10 17 2 1 (5) (10) 2 Mar-17 13 18 n.a. 15.1 13.3 11.3 n.a. 96 98 2.7 12.6 1.6 4.1 10.3 170

Country Aggregate 31,955 31,759 (1) 1,388,930 0 2 9 20 15 Mar-17 21 18 20 23.3 19.2 16.2 14.8 102 101 1.8 15.1 2.8 1.9 10.9 36

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
57
Jump-Start

Indonesia—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Agricultural Products & Agribusiness Ella Nusantoro/ Jahanzeb Naseer - 62 21 2553 7917/ 62 21 2553 7977
Astra Agro AALI IJ O Rp 15,200 17,800 17 2,197 1.6 0 4 3 (9) 0 1 3 (1) (19) (12) Dec-15 110 39 8 38.7 18.4 13.2 12.2 73 104 0.0 10.4 1.6 2.2 14.8 17
Indofood Agri IFAR SP N S$ 0.47 0.47 0 497 0.3 0 (3) 2 (10) 0 0 (4) (2) (20) (12) Dec-15 749 65 1 n.m. 13.5 8.2 8.1 132 110 0.7 3.8 0.6 1.0 4.5 41
Lonsum LSIP IJ O Rp 1,420 1,820 28 728 1.6 (2) 1 3 (18) (4) (2) 0 (1) (28) (16) Dec-15 4 39 5 15.5 15.0 10.8 10.3 109 107 2.5 8.6 1.3 2.1 7.6 (4)
Salim Ivomas SIMP IJ N Rp 545 470 (14) 647 0.3 (3) (1) (11) 10 14 (2) (2) (15) 1 2 Dec-15 82 58 n.a. 32.6 17.9 11.3 n.a. 87 109 1.7 3.4 0.6 1.1 5.6 50
Sector Aggregate 12 4,069 (1) 2 0 (8) 2 (0) 1 (3) (18) (10) Dec-16 46 6 (2) 16.9 11.6 11.0 11.4 107 105 1.7 8.7 0.9 1.3 5.7 29

Automobiles & Components Jahanzeb Naseer - 62 21 2553 7977

Astra International ASII IJ O Rp 8,475 9,800 16 25,764 19.9 (3) (3) (1) 2 16 (3) (4) (5) (7) 3 Dec-16 42 9 n.a. 22.6 15.9 14.6 n.a. 105 104 2.7 18.7 2.9 1.9 12.6 25

Banks Laurensius Teiseran/ Sanjay Jain - 62 21 255 37931/ 65 6306 0668

Bank Central Asia BBCA IJ N Rp 18,475 19,500 6 34,204 28.1 0 3 7 19 29 0 2 3 10 17 Dec-16 10 10 12 22.0 20.0 18.2 16.2 100 97 1.3 18.7 3.5 n.a. n.a. n.a.
Bank Danamon BDMN IJ N Rp 5,000 5,050 1 3,563 1.1 0 (0) 8 35 33 1 (2) 4 25 21 Dec-16 44 14 12 18.0 12.4 10.9 9.7 99 97 2.8 10.3 1.2 n.a. n.a. n.a.
Bank Jabar Banten BJBR IJ U Rp 2,040 1,450 (29) 1,470 3.2 (1) (7) 0 (40) 69 (1) (8) (3) (49) 56 Dec-16 27 6 10 17.1 13.5 12.7 11.6 89 85 4.7 14.6 1.9 n.a. n.a. n.a.
Bank Jatim BJTM IJ O Rp 645 690 7 717 1.6 2 (4) (2) 13 18 2 (6) (5) 4 6 Dec-16 11 14 2 9.4 8.4 7.3 7.2 103 102 7.1 16.5 1.3 n.a. n.a. n.a.
Bank Mandiri BMRI IJ N Rp 13,325 12,200 (8) 23,114 16.9 1 7 16 15 32 1 6 12 5 20 Dec-16 29 40 23 22.5 17.4 12.4 10.1 93 101 2.0 11.4 1.9 n.a. n.a. n.a.
Bank Negara Indonesia BBNI IJ O Rp 7,000 7,700 10 9,705 12.4 0 7 12 27 25 0 6 8 17 13 Dec-16 9 15 17 11.5 10.5 9.1 7.8 97 96 2.4 13.5 1.4 n.a. n.a. n.a.
Bank Rakyat BBRI IJ O Rp 14,725 16,200 10 27,032 20.9 (1) (1) 15 26 25 (0) (2) 12 16 13 Dec-16 2 24 17 13.7 13.5 10.9 9.3 96 103 2.8 17.3 2.2 n.a. n.a. n.a.
Bank Tabungan Negara BBTN IJ N Rp 2,400 2,300 (4) 1,909 3.0 (4) (10) 3 38 33 (3) (11) (0) 28 21 Dec-16 2 14 14 9.7 9.5 8.3 7.3 90 90 2.1 13.4 1.2 n.a. n.a. n.a.
BTPN BTPN IJ N Rp 2,510 2,650 6 1,090 0.0 0 1 (4) (5) 5 1 (0) (8) (15) (7) Dec-16 2 11 12 8.4 8.2 7.3 6.6 100 101 0.0 10.7 0.8 n.a. n.a. n.a.
Sector Aggregate 3 102,803 0 3 11 21 29 0 2 7 11 16 Dec-16 12 21 16 16.9 15.2 12.5 10.8 96 100 2.1 14.7 2.1 n.a. n.a. n.a.

Building Materials & Construction Ariyanto Jahja/ Ella Nusantoro - 62 21 2553 7976/ 62 21 2553 7917
Indocement INTP IJ N Rp 17,350 21,600 24 4,796 2.7 (2) (5) 8 13 5 (2) (6) 5 3 (8) Dec-14 (12) 7 12 12.1 13.8 12.8 11.4 106 129 7.8 18.8 2.6 3.0 8.8 (32)
PT PP PTPP IJ O Rp 2,960 4,065 37 1,378 5.0 (6) (6) (9) (22) (20) (6) (7) (12) (32) (32) Dec-16 8 23 24 14.1 13.1 10.7 8.6 101 96 1.3 13.5 1.7 1.0 3.1 48
Semen Indonesia SMGR IJ O Rp 10,175 16,000 57 4,532 4.0 1 0 17 11 7 2 (1) 14 1 (5) Dec-14 (16) 13 15 10.8 12.9 11.4 9.9 104 117 3.7 18.8 2.3 2.2 7.8 (3)
Waskita WSKT IJ O Rp 2,190 2,905 33 2,232 3.0 0 (4) (8) (14) (19) 0 (5) (12) (24) (32) Dec-16 39 25 16 17.4 12.4 10.0 8.6 98 99 0.6 19.6 2.2 1.3 8.4 83
WIKA WIKA IJ N Rp 1,975 2,615 32 1,330 3.0 (9) (10) (15) (16) (25) (9) (11) (19) (26) (38) Dec-16 (18) 27 15 12.5 15.1 11.9 10.3 95 96 1.1 9.9 1.4 0.9 7.1 34
Wika Beton WTON IJ O Rp 585 920 57 383 0.4 (3) (7) (23) (29) (42) (2) (8) (27) (39) (54) Dec-16 33 19 11 18.7 14.0 11.8 10.6 103 103 1.6 13.8 1.8 1.1 8.0 13
Sector Aggregate 39 14,652 (2) (4) 4 1 (5) (1) (5) 0 (9) (17) Dec-16 14 20 19 13.0 11.5 9.5 8.0 141 145 2.7 17.5 1.9 1.4 6.0 12

Consumer Staples Ella Nusantoro - 62 21 2553 7917

Gudang Garam GGRM IJ O Rp 76,150 91,000 20 11,002 4.1 (3) (5) 20 19 6 (2) (6) 16 10 (6) Dec-16 16 12 11 21.9 19.0 17.0 15.3 103 103 3.4 18.9 3.5 2.0 12.0 39
HM Sampoerna HMSP IJ N Rp 3,770 4,340 15 32,929 5.8 (1) (2) (3) (2) 2 (1) (3) (7) (11) (11) Dec-15 18 4 6 42.1 35.6 34.3 32.4 96 96 2.8 38.5 13.7 4.6 27.5 (3)
Indofood CBP ICBP IJ N Rp 8,500 9,500 12 7,444 3.5 (0) (2) 4 (1) (1) (0) (3) 0 (11) (13) Dec-16 6 8 11 27.5 25.9 24.0 21.7 96 95 1.8 20.6 5.1 2.5 15.2 (37)
Indofood Sukses INDF IJ O Rp 8,675 8,700 0 5,720 6.0 (0) 4 9 9 15 (0) 3 5 (0) 3 Dec-14 (3) (3) 6 19.6 20.3 20.8 19.6 146 96 2.6 14.1 2.8 1.4 9.5 27
Kino KINO IJ U Rp 2,190 1,980 (10) 235 0.0 (0) (0) (10) (28) (69) (0) (2) (14) (37) (81) Dec-16 (10) 17 4 17.3 19.3 16.5 15.8 82 86 1.0 8.1 1.5 0.9 11.2 11
Unilever Indon UNVR IJ N Rp 47,500 47,800 1 27,215 5.4 (2) (0) 5 22 8 (1) (1) 1 13 (5) Dec-16 16 9 11 56.7 48.7 44.8 40.5 3 3 1.8 142.3 63.0 8.2 34.2 22
Sector Aggregate 10 84,545 (1) (1) 4 10 5 (1) (2) (0) (0) (8) Dec-16 9 8 9 34.3 31.4 29.0 26.6 13 12 2.5 27.7 8.4 3.3 19.7 12

Healthcare Ariyanto Jahja/ Ella Nusantoro - 62 21 2553 7976/ 62 21 2553 7917

Kalbe Farma KLBF IJ N Rp 1,675 1,570 (6) 5,896 2.6 5 5 7 11 5 5 4 3 1 (7) Dec-16 11 9 8 34.1 30.8 28.2 26.1 99 97 1.3 20.0 5.8 3.6 20.3 (24)
Mitra Keluarga MIKA IJ O Rp 1,920 2,960 54 2,098 1.6 (1) (6) (23) (25) (24) (1) (7) (27) (35) (37) Dec-16 9 15 15 40.2 36.8 32.0 27.9 103 107 1.7 20.7 7.4 9.9 26.7 (33)
Prodia PRDA IJ O Rp 3,840 6,830 78 270 0.0 1 (3) (17) (34) n.a. 1 (4) (20) (43) n.a. Dec-16 59 15 29 40.8 25.7 22.4 17.3 100 100 3.1 10.9 2.8 1.9 11.4 (55)
Siloam Hospitals SILO IJ O Rp 10,250 16,500 61 1,001 0.3 (4) (11) (23) (6) (5) (4) (12) (27) (16) (18) Dec-16 62 42 23 n.m. 87.3 61.4 49.8 104 112 0.1 4.8 4.1 2.0 14.0 (16)
Sector Aggregate 17 9,265 2 1 (4) (1) (3) 3 (0) (8) (10) (15) Dec-16 13 12 11 38.8 34.2 30.6 27.5 100 100 1.3 17.3 5.6 3.7 20.0 (26)

Media Jahanzeb Naseer - 62 21 2553 7977

MNCN MNCN IJ O Rp 1,780 2,300 29 1,908 2.2 3 (5) 3 1 (23) 3 (6) (1) (8) (35) Dec-15 34 3 19 21.4 16.0 15.6 13.2 118 95 2.3 15.4 2.4 3.7 10.4 10
SCMA SCMA IJ O Rp 2,300 3,350 46 2,525 2.4 (2) (15) (17) (18) (28) (1) (16) (21) (27) (40) Dec-15 3 13 18 22.0 21.4 19.0 16.1 105 103 3.2 46.8 9.3 7.1 15.2 (19)
Sector Aggregate 39 4,434 0 (11) (9) (10) (26) 0 (12) (12) (19) (38) Dec-16 8 18 n.a. 18.7 17.4 14.7 n.a. 99 102 3.2 22.4 3.7 4.5 11.2 (3)

Metals & Mining Paworamon (Poom) Suvarnatemee - 66 2 614 6210

ITM ITMG IJ O Rp 21,100 21,000 (0) 1,790 2.4 9 22 7 25 76 9 21 3 15 64 Dec-15 87 73 (1) 28.4 15.2 8.8 8.8 87 98 5.7 13.5 2.0 1.1 6.5 (34)

20 July 2017
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Jump-Start

Indonesia—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Real Estate Laurensius Teiseran - 62 21 255 37931
Alam Sutera ASRI IJ N Rp 320 430 34 472 0.5 0 1 (8) (9) (34) 0 (0) (12) (19) (47) Dec-15 56 (23) 4 10.5 6.7 8.8 8.5 183 85 1.2 13.2 0.8 5.4 11.4 93
Bekasi Fajar BEST IJ O Rp 320 330 3 232 0.6 3 0 7 26 11 3 (1) 3 16 (1) Dec-15 23 17 36 14.4 11.7 10.0 7.4 78 79 1.4 8.7 1.0 5.8 10.2 32
BSD BSDE IJ O Rp 1,750 2,100 20 2,529 2.7 (2) (4) (3) (0) (13) (2) (5) (7) (10) (25) Dec-16 35 7 10 18.8 13.9 13.0 11.8 96 101 1.1 11.2 1.5 5.5 11.7 18
Ciputra Development CTRA IJ O Rp 1,190 1,480 24 1,659 2.1 (4) 3 (6) (11) (16) (3) 2 (10) (20) (28) Dec-16 32 27 23 25.6 19.4 15.2 12.4 88 95 0.8 9.8 1.6 3.4 12.2 12
Jababeka KIJA IJ O Rp 318 347 9 497 0.3 (1) (0) (3) 10 7 (0) (2) (7) 0 (5) Dec-15 (1) 27 21 19.6 19.7 15.5 12.8 77 91 0.0 7.0 1.3 2.9 8.6 44
Lippo Karawaci LPKR IJ N Rp 725 1,080 49 1,256 4.7 1 14 (5) 1 (39) 2 13 (8) (9) (51) Dec-15 43 18 18 30.8 21.6 18.3 15.6 87 88 0.0 5.5 1.1 2.8 11.5 55
Pakuwon PWON IJ O Rp 615 730 19 2,224 1.8 0 1 6 9 (2) 0 (0) 2 (1) (14) Dec-15 41 19 19 23.5 16.6 13.9 11.7 107 111 0.8 22.3 3.4 6.6 12.5 30
Summarecon SMRA IJ O Rp 1,070 1,600 50 1,159 1.2 (12) (18) (20) (19) (38) (12) (19) (24) (29) (51) Dec-16 48 54 26 49.5 33.5 21.8 17.3 108 112 0.4 7.2 2.3 4.0 13.6 52
Surya Semesta SSIA IJ O Rp 645 770 19 228 0.7 5 1 (14) 49 2 5 (0) (18) 39 (10) Dec-15 (26) 15 11 10.0 13.4 11.6 10.5 360 166 2.1 7.8 1.0 0.5 3.1 (32)
Sector Aggregate 27 10,257 (2) (1) (4) (0) (16) (2) (2) (8) (10) (28) Dec-16 21 18 23 18.7 15.5 13.2 11.3 97 98 0.9 10.4 1.5 3.6 10.8 33

Retailing Benny Kurniawan - 62 21 2553 7902

Ace ACES IJ O Rp 1,135 1,260 11 1,462 0.9 7 8 27 36 18 7 6 23 26 5 Dec-16 15 12 8 27.4 23.8 21.2 19.6 110 110 1.5 24.2 5.3 3.2 18.4 (28)
MAPI MAPI IJ O Rp 6,250 7,500 20 779 0.6 0 (2) 1 16 41 0 (3) (3) 6 29 Dec-16 69 52 33 36.6 21.7 14.2 10.7 124 139 0.4 16.2 3.3 0.8 7.2 74
Matahari Dept Store LPPF IJ O Rp 13,000 17,800 37 2,848 7.6 9 (10) (2) (14) (38) 9 (12) (6) (24) (50) Dec-16 17 11 12 18.8 16.1 14.4 12.9 108 109 3.7 40.0 6.0 3.2 11.4 (67)
Ramayana RALS IJ U Rp 1,085 1,160 7 578 1.0 4 (12) (5) (9) 4 4 (13) (9) (19) (8) Dec-16 12 12 5 18.9 16.8 15.0 14.3 101 101 3.3 13.1 2.1 0.9 7.9 (52)
Sector Aggregate 25 5,667 7 (5) 6 3 (8) 7 (6) 2 (6) (21) Dec-16 20 16 14 22.1 18.3 15.8 13.9 110 112 2.6 26.2 4.5 1.9 10.9 (15)

Telecommunication Services Colin McCallum - 852 2101 6514

Indosat ISAT IJ O Rp 6,275 8,800 40 2,560 0.2 (1) 0 (13) (3) (11) (1) (1) (16) (12) (23) Dec-16 104 20 15 30.9 15.1 12.6 11.0 127 105 3.3 16.2 2.4 1.7 3.8 117
Link Net LINK IJ O Rp 5,350 8,300 55 1,222 1.7 0 3 (0) 4 24 0 2 (4) (6) 12 Dec-15 30 38 24 25.4 19.6 14.2 11.4 100 119 1.3 20.7 3.8 5.2 9.0 (18)
Protelindo TOWR IJ O Rp 3,940 4,500 14 3,019 0.4 0 2 2 10 (1) 0 1 (2) 0 (13) Dec-16 1 16 13 13.2 13.0 11.2 10.0 111 116 2.3 26.2 3.1 8.2 9.4 50
Telkom TLKM IJ O Rp 4,600 5,100 11 34,819 27.4 (0) 5 12 16 11 (0) 3 8 6 (2) Dec-16 25 10 8 23.4 18.7 17.0 15.7 104 102 3.7 27.9 5.0 3.5 7.0 (0)
Tower Bersama TBIG IJ N Rp 6,800 5,650 (17) 2,314 1.6 (3) (1) 14 37 4 (3) (2) 11 27 (8) Dec-16 77 17 15 23.8 13.5 11.5 10.0 186 185 3.7 106.2 11.3 11.9 13.8 663
XL Axiata EXCL IJ N Rp 3,230 3,600 11 2,592 1.6 (2) 0 8 40 (17) (2) (1) 4 30 (29) Dec-16 36 68 14 84.2 61.9 36.9 32.4 124 83 0.5 2.6 1.6 2.2 5.5 65
Sector Aggregate 13 46,526 (1) 4 9 16 7 (0) 2 6 7 (5) Dec-16 29 13 10 23.4 18.2 16.0 14.6 110 106 3.4 23.8 4.1 3.4 6.8 32

Transportation Ariyanto Jahja/ Jahanzeb Naseer - 62 21 2553 7976/ 62 21 2553 7977

Blue Bird BIRD IJ N Rp 5,100 3,450 (32) 958 0.2 5 10 32 70 28 5 9 28 60 16 Dec-15 (31) 33 (7) 15.5 22.5 17.0 18.2 112 115 3.2 13.1 2.9 2.8 9.4 29
Jasa Marga JSMR IJ O Rp 5,250 8,779 67 2,861 3.1 (2) 0 16 22 (5) (2) (1) 13 12 (17) Dec-14 8 21 15 25.5 23.7 19.6 17.0 103 97 1.7 14.6 3.3 5.1 12.4 112
Sector Aggregate 42 3,820 (0) 3 20 34 3 (0) 2 16 24 (9) Dec-16 19 13 (5) 20.3 17.0 15.1 19.3 118 125 2.3 16.6 2.7 3.9 9.1 70

Utilities Ariyanto Jahja - 62 21 2553 7976

Perusahaan Gas PGAS IJ N Rp 2,220 2,150 (3) 4,041 6.0 (3) (8) (7) (18) (26) (3) (9) (11) (27) (38) Dec-16 1 15 10 13.4 13.3 11.6 10.5 90 96 3.0 9.3 1.2 1.9 6.9 41

Country Aggregate 5,807 6,472 11 317,633 (0) 1 4 10 12 Dec-16 17 16 14 21.3 18.1 15.7 14.0 50 50 2.5 17.1 3.0 2.6 10.5 22

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
59
Jump-Start

Japan—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Automobiles & Components Koji Takahashi/ Masahiro Akita - 81 3 4550 7884/ 81 3 4550 7361
Aisan Industry 7283 JP N ¥ 932 900 (3) 523 1.0 (1) 6 7 (7) 27 (1) 5 (3) (14) 5 Mar-17 20 35 12 13.0 10.8 8.0 7.1 95 107 3.1 6.5 0.7 0.3 2.9 (3)
Aisin Seiki 7259 JP O ¥ 6,070 7,300 20 15,928 40.2 (0) 9 22 20 41 (0) 8 12 13 20 Mar-17 8 8 15 13.7 12.6 11.6 10.1 104 104 2.2 10.4 1.2 0.5 3.8 5
Bridgestone 5108 JT N ¥ 4,865 4,000 (18) 33,321 103.1 (1) 2 10 15 37 (1) 1 0 9 16 Dec-16 11 13 2 14.3 12.9 11.4 11.2 98 100 3.1 11.9 1.6 1.1 5.8 3
DaikyoNishikawa 4246 JP N ¥ 1,605 1,600 (0) 1,060 2.8 (0) 10 22 7 21 (1) 9 11 0 (1) Mar-17 15 9 9 11.7 10.1 9.3 8.6 98 99 2.1 18.8 1.7 0.6 3.9 (29)
Denso 6902 JP N ¥ 4,837 5,150 6 33,714 65.6 (0) 4 3 (4) 23 (0) 3 (7) (11) 2 Mar-17 6 8 9 14.8 14.0 13.0 11.9 100 100 2.5 8.0 1.1 0.7 5.4 (14)
Exedy 7278 JP N ¥ 3,190 3,300 3 1,370 3.6 (0) 3 8 (3) 37 (0) 2 (2) (10) 15 Mar-17 4 7 12 11.1 10.6 10.0 8.9 101 101 2.5 8.3 0.9 0.6 4.0 3
GS Yuasa Corp 6674 JP N ¥ 507 500 (1) 1,871 8.1 2 0 3 4 19 2 (1) (7) (2) (3) Mar-17 11 10 11 17.1 15.4 14.0 12.5 100 101 2.2 8.1 1.2 0.6 5.5 16
Hino Motors 7205 JP N ¥ 1,216 1,400 15 6,236 24.6 (3) (1) (2) 2 11 (3) (2) (12) (5) (10) Mar-17 7 21 9 14.1 13.2 10.9 10.0 96 97 2.3 11.0 1.4 0.5 6.2 24
Honda Motor 7267 JP N ¥ 3,091 3,500 13 49,798 139.8 (0) 1 0 (9) 9 (1) (0) (10) (16) (12) Mar-17 (2) 3 4 9.0 9.2 8.9 8.6 101 96 3.2 8.0 0.7 0.7 8.2 61
Ichikoh Industries 7244 JP O ¥ 891 1,100 23 765 3.2 5 5 67 136 215 4 4 57 130 193 Dec-16 (33) 85 9 14.5 21.7 11.7 10.8 100 100 0.4 13.4 2.7 1.0 8.9 35
Isuzu Motors 7202 JP O ¥ 1,418 1,700 20 9,994 36.6 (0) 4 4 (4) 7 (1) 3 (7) (11) (15) Mar-17 18 13 11 11.9 10.1 8.9 8.0 107 108 2.5 12.9 1.2 0.5 4.2 (15)
Keihin 7251 JP N ¥ 1,604 1,500 (6) 1,060 5.4 (3) 7 (5) (22) 2 (3) 6 (15) (28) (20) Mar-17 6 9 8 10.7 10.1 9.2 8.5 103 104 2.6 6.8 0.7 0.3 2.1 (17)
Koito Manufacturing 7276 JP U ¥ 6,000 5,100 (15) 8,619 26.8 2 5 13 (3) 22 2 4 3 (10) 0 Mar-17 7 4 7 17.0 15.9 15.3 14.2 98 95 0.8 16.8 2.5 0.9 5.8 (50)
Mazda Motor 7261 JP N ¥ 1,588 1,650 4 25,790 85.4 (1) 6 6 (17) 7 (1) 5 (5) (24) (14) Mar-17 27 8 9 10.1 8.0 7.4 6.7 102 101 2.5 10.9 0.8 0.9 11.8 2
Mitsubishi Motors 7211 JP U ¥ 744 650 (13) 9,910 65.4 0 2 13 12 49 0 1 3 5 27 Mar-17 131 0 7 n.m. 14.8 14.8 13.9 105 92 1.9 10.5 1.5 0.3 4.1 (75)
Musashi Seimitsu Industry 7220 JP N ¥ 3,185 3,400 7 889 3.8 0 3 23 5 52 0 2 12 (2) 31 Mar-17 39 19 15 15.7 11.3 9.5 8.2 99 99 1.7 11.7 1.3 0.8 5.3 76
NGK Insulators 5333 JP O ¥ 2,209 3,000 36 6,351 28.7 (2) 2 (5) (3) (3) (2) 1 (15) (9) (25) Mar-17 37 15 10 19.6 14.3 12.4 11.3 101 103 1.9 11.3 1.5 1.6 7.0 0
Nifco 7988 JP N ¥ 6,440 6,500 1 2,920 10.9 2 6 19 4 13 2 5 9 (2) (9) Mar-17 2 13 9 16.0 15.8 14.0 12.9 96 99 1.9 15.0 2.3 1.3 7.2 (4)
Nissan Motor 7201 JP N ¥ 1,129 1,150 2 39,268 121.0 (2) 5 9 (4) 8 (2) 4 (1) (11) (14) Mar-17 (16) 2 4 6.8 8.1 7.9 7.7 93 89 4.7 11.6 0.9 0.9 9.9 119
Stanley Electric 6923 JP N ¥ 3,695 3,300 (11) 5,456 14.8 2 12 24 16 54 2 11 14 9 32 Mar-17 20 15 4 21.4 17.8 15.5 14.9 100 104 1.2 10.4 1.8 1.3 6.3 (24)
Subaru Corporation 7270 JP O ¥ 4,046 4,750 17 27,729 148.9 (3) 10 1 (15) 2 (3) 9 (9) (22) (20) Mar-17 11 13 12 11.1 10.0 8.8 7.9 99 104 4.0 20.2 1.9 0.7 4.4 (33)
Sumitomo Rubber Industries 5110 JP N ¥ 1,972 1,700 (14) 4,624 22.7 (3) 6 5 6 36 (4) 5 (5) (1) 14 Dec-16 11 11 4 12.5 11.2 10.1 9.8 108 102 2.8 10.1 1.1 0.8 5.7 23
Suzuki Motor 7269 JP O ¥ 5,357 6,500 21 21,130 76.6 1 3 20 30 71 0 2 10 23 49 Mar-17 10 13 15 14.8 13.4 11.9 10.4 106 112 1.0 14.7 1.9 0.5 3.9 (32)
Tokai Rika 6995 JP N ¥ 2,124 2,250 6 1,732 7.9 (1) 6 5 (9) 30 (2) 5 (5) (16) 8 Mar-17 607 5 9 n.m. 8.8 8.4 7.7 103 101 3.1 10.5 0.9 0.2 2.2 (34)
Topre 5975 JP N ¥ 2,954 3,200 8 1,322 3.0 (0) (1) 8 1 28 (0) (2) (2) (6) 6 Mar-17 8 9 8 10.8 10.1 9.2 8.6 101 102 1.8 11.7 1.1 0.6 3.4 (24)
Toyoda Gosei 7282 JP N ¥ 2,719 2,950 8 3,146 6.9 (2) 1 2 (1) 38 (2) (0) (8) (7) 17 Mar-17 60 12 10 21.7 13.5 12.1 11.0 98 97 2.2 8.0 1.1 0.5 3.9 (2)
Toyota Boshoku 3116 JP O ¥ 2,264 3,000 33 3,758 12.1 (1) 9 (3) (16) 4 (1) 8 (14) (23) (18) Mar-17 (5) 14 12 9.3 9.8 8.6 7.6 104 111 2.6 17.4 1.6 0.2 3.0 (27)
Toyota Industries 6201 JP N ¥ 6,390 5,800 (9) 17,735 26.7 (1) 13 23 15 43 (1) 12 13 8 21 Mar-16 (34) 6 5 11.0 16.7 15.7 15.0 95 94 1.9 5.5 0.9 1.2 10.0 31
Toyota Motor 7203 JP N ¥ 6,128 6,400 4 162,925 377.0 (2) 6 6 (11) 6 (2) 5 (4) (18) (16) Mar-17 (2) 3 5 10.1 10.3 10.0 9.5 99 96 3.4 10.0 1.0 1.0 9.1 46
Unipres 5949 JP N ¥ 2,705 2,600 (4) 1,156 6.4 1 9 23 16 57 1 8 13 9 35 Mar-17 (3) 6 13 8.6 8.8 8.3 7.3 104 105 1.7 10.6 0.9 0.3 2.6 (13)
Yamaha Motor 7272 JP N ¥ 2,846 2,650 (7) 8,885 45.0 (3) (1) 15 11 65 (4) (2) 5 4 43 Dec-16 31 7 9 15.7 12.0 11.2 10.2 100 96 2.5 14.9 1.7 0.7 6.5 24
Sector Aggregate 5 508,982 (1) 5 8 (2) 19 (1) 4 (2) (9) (3) Mar-17 9 6 7 11.8 10.8 10.2 9.3 99 98 3.0 10.3 1.1 0.8 7.3 35

Building Materials & Construction Masahiro Mochizuki - 81 3 4550 7389

Sumitomo Osaka Cement 5232 JP N ¥ 539 630 17 1,961 12.3 (1) 10 20 22 12 (1) 9 10 15 (10) Mar-17 (1) 24 17 13.5 13.7 11.0 9.4 102 113 2.0 8.0 1.1 1.0 6.3 17
Taiheiyo Cement 5233 JP O ¥ 409 580 42 4,512 36.4 (0) 13 16 11 40 (1) 12 5 4 18 Mar-17 (24) 39 18 10.6 14.0 10.1 8.5 98 117 1.5 9.6 1.3 0.9 6.8 60
Sector Aggregate 34 6,473 (1) 12 17 14 32 (1) 11 7 7 10 Mar-17 (18) 34 18 11.3 13.9 10.4 8.8 99 116 1.6 9.0 1.2 0.9 6.6 46

20 July 2017
60
Jump-Start

Japan—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Capital Goods Masahiro Mochizuki/ Shinji Kuroda - 81 3 4550 7389/ 81 3 4550 9994
Amada 6113 JP O ¥ 1,275 1,700 33 4,161 19.3 (3) 1 2 (2) 16 (3) (0) (8) (9) (6) Mar-17 14 12 10 18.0 15.8 14.1 12.8 103 111 3.3 7.0 1.1 1.3 7.9 (21)
Chiyoda Corp 6366 JP N ¥ 650 700 8 1,505 13.5 (0) (1) (9) (20) (11) (1) (2) (19) (27) (33) Mar-16 19 18 15 49.9 42.1 35.8 31.2 n.m. 73 0.9 2.0 0.8 0.1 3.2 (50)
Comsys Holdings 1721 JP O ¥ 2,292 2,600 13 2,889 11.0 0 (4) 16 7 31 0 (5) 6 0 10 Mar-16 13 8 9 16.5 14.6 13.5 12.4 121 97 1.9 8.5 1.2 0.9 9.5 (14)
Daikin Industries 6367 JP O ¥ 11,750 13,500 15 30,647 87.5 (0) 4 12 9 27 (0) 3 2 3 5 Mar-17 11 11 10 22.3 20.1 18.2 16.6 99 100 1.2 14.5 2.8 1.6 10.4 12
DMG Mori Seiki 6141 JP O ¥ 1,878 2,100 12 2,064 26.6 2 8 17 32 67 1 7 7 26 45 Dec-16 327 24 19 n.m. 17.2 13.9 11.6 95 101 1.4 13.5 2.3 0.9 7.6 103
Ebara 6361 JP N ¥ 3,300 3,200 (3) 2,996 24.6 (1) 7 3 (1) 14 (1) 6 (7) (8) (7) Mar-16 455 (68) 235 88.9 16.0 50.4 15.0 237 27 1.1 8.0 1.3 0.8 7.9 9
Fanuc 6954 JP N ¥ 22,085 20,500 (7) 38,270 168.8 (0) 2 (0) 11 28 (0) 1 (11) 5 6 Mar-17 30 (6) 25 33.5 25.8 27.6 22.1 118 101 2.3 11.7 2.9 5.2 14.7 (54)
HASEKO Corp 1808 JP U ¥ 1,373 1,400 2 3,690 27.8 (1) (7) 16 15 29 (1) (8) 6 9 7 Mar-17 10 (1) (2) 7.0 6.4 6.4 6.6 100 106 2.9 24.3 1.4 0.4 3.2 (36)
Hitachi Construction Machinery 6305 JP N ¥ 2,880 2,500 (13) 5,475 29.3 (1) 6 14 14 77 (1) 5 4 7 55 Mar-17 237 17 21 76.3 22.7 19.4 16.0 118 109 1.3 6.6 1.5 0.9 8.2 33
IHI 7013 JP O ¥ 378 500 32 5,218 45.2 (3) (2) 12 24 21 (3) (3) 2 18 (1) Mar-17 452 55 11 n.m. 20.1 13.0 11.7 103 116 1.6 8.5 1.6 0.5 6.7 68
JGC Corp 1963 JP O ¥ 1,792 2,500 40 4,044 30.2 (2) 0 (4) (16) 14 (2) (1) (15) (22) (8) Mar-16 (111) 700 (9) 10.6 n.m. 16.7 18.5 490 114 1.7 (1.1) 1.1 0.4 22.7 (45)
JTEKT 6473 JP N ¥ 1,656 2,000 21 5,077 23.1 (2) 4 (2) (11) 29 (3) 3 (12) (18) 7 Mar-16 (26) 47 15 11.7 15.8 10.7 9.3 76 104 2.5 7.7 1.2 0.5 5.4 25
Kajima Corp 1812 JP O ¥ 965 1,050 9 8,959 42.0 0 2 31 19 31 (0) 1 20 12 10 Mar-17 (3) 22 11 9.6 9.8 8.0 7.3 108 131 2.1 17.3 1.6 0.5 5.9 (10)
Kawasaki Heavy Industries 7012 JP N ¥ 357 360 1 5,331 35.7 3 12 12 (3) 24 3 11 2 (10) 3 Mar-16 (47) 51 16 13.0 24.3 16.1 13.9 94 100 1.7 5.6 1.4 0.6 11.4 84
Keyence 6861 JP N ¥ 50,280 47,500 (6) 54,507 117.2 1 1 15 25 43 1 0 5 19 21 Mar-17 17 12 13 39.8 34.1 30.5 27.1 101 100 0.8 14.2 4.6 11.0 20.2 (61)
Komatsu 6301 JP N ¥ 2,949 2,500 (15) 24,854 109.7 1 7 11 11 44 1 6 0 5 22 Mar-17 17 14 9 24.5 20.9 18.3 16.7 115 95 2.0 7.9 1.7 1.5 10.2 28
Kubota 6326 JP N ¥ 1,892 2,000 6 20,925 60.0 (3) (3) 15 13 27 (3) (4) 5 7 5 Dec-16 1 9 10 17.8 17.7 16.2 14.8 97 95 1.7 10.7 1.9 1.5 10.6 14
LIXIL Group 5938 JP O ¥ 2,908 3,200 10 7,463 31.5 2 6 5 10 60 2 5 (5) 3 38 Mar-17 0 31 14 19.6 19.6 14.9 13.1 87 93 2.1 8.4 1.6 0.8 9.6 89
Makita 6586 JP O ¥ 4,360 5,000 15 10,580 23.8 3 7 13 11 29 3 6 3 5 8 Mar-17 10 13 9 26.4 24.0 21.3 19.6 97 100 1.3 9.5 2.3 2.2 12.3 (37)
Mitsubishi Heavy Industries 7011 JP U ¥ 452 400 (12) 13,575 73.4 (1) 3 5 (15) (3) (1) 2 (6) (22) (25) Mar-16 (72) 167 (58) 23.8 84.4 31.6 75.9 21 43 2.7 1.1 0.9 0.6 6.5 44
Nabtesco Corp 6268 JP N ¥ 3,480 3,400 (2) 3,843 18.3 5 6 16 28 29 4 5 6 21 7 Dec-16 29 (3) 9 24.4 18.9 19.5 17.9 106 100 1.6 14.3 2.7 1.5 10.6 (16)
NSK 6471 JP O ¥ 1,457 1,800 24 6,908 45.0 (2) 5 2 8 69 (2) 4 (8) 1 47 Mar-17 37 4 6 15.7 11.5 11.0 10.3 110 108 2.6 13.8 1.6 0.9 6.3 16
NTN 6472 JP O ¥ 522 630 21 2,478 26.5 (2) 5 2 10 78 (2) 4 (8) 4 56 Mar-16 (20) 77 8 18.5 23.1 13.1 12.1 423 112 1.9 5.1 1.2 0.8 7.5 107
Obayashi Corp 1802 JP U ¥ 1,340 1,300 (3) 8,605 31.3 1 0 30 20 22 1 (1) 20 13 0 Mar-17 12 7 10 10.2 9.1 8.5 7.8 110 119 2.2 16.6 1.4 0.5 6.3 10
Okuma Corp 6103 JP N ¥ 1,046 1,200 15 1,499 17.3 (3) 2 (3) (6) 36 (3) 1 (13) (13) 15 Mar-16 (28) 15 27 12.2 17.1 14.8 11.7 96 101 1.7 7.5 1.3 0.8 5.8 (31)
Penta-Ocean Construction 1893 JP N ¥ 661 670 1 1,689 11.8 2 1 21 17 14 2 0 10 10 (8) Mar-17 10 20 12 12.4 11.2 9.4 8.4 97 105 2.0 16.3 1.7 0.4 6.2 8
Rinnai 5947 JP U ¥ 10,340 8,700 (16) 4,807 11.4 1 (2) 15 10 4 1 (3) 4 3 (18) Mar-17 3 10 10 24.1 23.3 21.1 19.2 96 99 0.9 8.2 1.8 1.2 8.9 (42)
Shimizu Corp 1803 JP N ¥ 1,188 1,300 9 8,333 24.5 (1) 0 15 11 17 (1) (1) 5 4 (5) Mar-17 (8) 23 22 9.4 10.3 8.3 6.8 106 124 1.9 14.9 1.4 0.6 7.0 8
SMC 6273 JP O ¥ 34,910 40,000 15 20,965 82.7 (2) 3 13 25 34 (2) 2 3 18 12 Mar-17 13 7 12 20.7 18.3 17.1 15.3 107 109 1.1 11.9 2.1 3.3 10.2 (46)
Sumitomo Heavy Industries 6302 JP N ¥ 796 840 6 4,360 26.8 0 9 10 6 61 0 8 (0) (1) 40 Mar-16 1 (4) 6 14.7 14.6 15.3 14.4 100 90 1.8 8.8 1.3 0.7 6.9 (5)
Taisei Corp 1801 JP O ¥ 1,064 1,300 22 10,894 42.0 3 2 30 30 23 3 1 20 23 1 Mar-17 9 28 11 13.5 12.3 9.6 8.6 105 124 2.2 16.3 1.9 0.6 6.0 (56)
THK 6481 JP N ¥ 3,285 3,200 (3) 3,718 23.6 0 5 20 27 68 0 4 10 20 46 Mar-16 20 20 8 30.6 25.5 21.3 19.8 76 76 1.2 6.7 1.7 1.4 9.6 (20)
TOTO 5332 JP U ¥ 4,250 3,500 (18) 6,426 20.6 (1) (1) 4 (8) (4) (1) (2) (6) (15) (26) Mar-17 4 10 11 21.2 20.5 18.6 16.8 97 99 1.6 11.4 2.2 1.1 9.4 (19)
Tsubakimoto Chain 6371 JP O ¥ 987 1,100 11 1,670 4.7 (3) 6 9 4 40 (4) 5 (1) (3) 18 Mar-16 7 11 10 14.5 13.5 12.1 11.1 94 97 2.2 9.5 1.3 1.0 5.9 6
Sector Aggregate 3 338,425 0 3 12 13 32 (0) 2 1 6 10 Mar-17 19 11 12 22.1 18.7 16.8 15.5 99 99 1.7 10.6 1.9 1.1 9.0 1

Consumer Durables & Apparel Masahiro Mochizuki/ Mika Nishimura - 81 3 4550 7389/ 81 3 4550 7369
Alpine 6816 JP N ¥ 1,717 1,750 2 1,058 5.6 1 14 13 13 60 1 13 2 6 38 Mar-17 (80) 342 12 15.3 76.8 17.4 15.5 127 111 1.7 1.1 0.8 0.2 7.9 (42)
Casio 6952 JP N ¥ 1,742 1,800 3 3,836 26.4 0 2 16 5 10 (0) 1 6 (1) (12) Mar-17 37 12 7 23.3 17.0 15.1 14.1 103 103 2.6 12.4 2.0 1.1 8.2 (25)
Citizen Watch 7762 JP N ¥ 810 830 2 2,305 12.2 (0) 8 16 16 43 (1) 7 6 9 22 Mar-17 (1) 8 3 15.6 15.7 14.6 14.2 99 100 2.1 6.7 1.0 0.4 3.4 (49)
Clarion 6796 JP N ¥ 415 450 8 1,046 7.0 (3) 0 2 (1) 60 (3) (0) (8) (8) 38 Mar-17 (7) 19 11 15.1 16.2 13.6 12.2 98 105 0.7 15.4 2.3 0.6 5.0 (12)
Daiwa House Industry 1925 JP N ¥ 3,846 3,900 1 22,821 52.8 (1) 1 19 20 33 (1) (0) 9 14 11 Mar-17 5 8 4 12.7 12.1 11.2 10.8 101 104 2.5 15.3 1.8 0.8 8.0 30
Japan Display 6740 JP N ¥ 204 200 (2) 1,096 24.1 0 3 (14) (39) 5 0 2 (24) (46) (17) Mar-17 19 14 13 n.m. n.m. n.m. n.m. 137 49 0.0 (8.2) 0.4 0.2 1.9 13
JVC Kenwood 6632 JP N ¥ 326 300 (8) 405 4.3 (2) 3 22 2 39 (2) 2 12 (5) 17 Mar-17 122 33 28 n.m. 30.5 22.9 17.8 101 86 1.5 2.6 0.8 0.2 3.3 39
Panasonic 6752 JP O ¥ 1,505 1,750 16 31,379 98.7 (1) 2 21 27 51 (1) 1 11 20 29 Mar-17 14 52 17 23.5 20.6 13.6 11.7 96 112 1.7 10.5 2.1 0.5 6.2 6
Pioneer 6773 JP N ¥ 214 230 7 702 10.1 (1) 3 4 (9) 11 (2) 2 (6) (16) (10) Mar-17 160 78 21 n.m. 26.1 14.7 12.1 94 104 0.9 3.6 0.9 0.1 1.3 (44)
Seiko Holdings 8050 JP N ¥ 473 440 (7) 860 6.8 (1) 8 7 14 40 (1) 7 (4) 7 18 Mar-17 23 (2) 20 18.1 14.7 15.0 12.5 115 102 3.2 6.7 1.0 0.7 10.4 89
Sekisui Chemical 4204 JP N ¥ 2,001 2,000 (0) 8,484 25.7 (1) 0 12 7 38 (1) (1) 2 1 16 Mar-17 6 10 8 15.7 14.9 13.5 12.5 98 98 1.9 11.1 1.6 0.8 6.0 (18)
Sekisui House 1928 JP O ¥ 1,933 2,500 29 11,921 50.0 (2) (3) 6 (1) 6 (2) (4) (4) (7) (16) Jan-17 8 7 13 10.9 10.1 9.4 8.4 103 105 4.0 11.6 1.1 0.8 7.6 30
Sharp 6753 JP U ¥ 396 180 (55) 17,602 115.2 (1) 2 (2) 47 274 (1) 1 (12) 40 252 Mar-17 352 21 16 n.m. 31.4 26.0 22.5 136 155 0.0 19.2 5.5 1.0 12.3 47
Sony 6758 JP O ¥ 4,497 4,700 5 50,774 207.3 0 5 26 37 39 0 4 16 31 17 Mar-17 327 2 4 78.9 18.5 18.1 17.4 102 96 0.7 11.8 2.0 0.6 5.0 (26)
Sector Aggregate 1 154,289 (1) 2 17 27 64 (1) 1 7 20 42 Mar-17 66 16 9 29.0 17.5 15.1 14.6 103 104 1.5 11.1 1.9 0.6 6.3 (0)

20 July 2017
61
Jump-Start

Japan—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Consumer Staples Masashi Mori - 81 3 4550 9695
Ajinomoto 2802 JP N ¥ 2,438 2,400 (2) 12,403 39.3 1 (3) 16 4 (6) 1 (4) 6 (3) (28) Mar-17 4 6 n.a. 26.5 25.6 24.2 n.a. 91 86 1.3 8.9 2.3 1.2 9.8 5
Asahi Group Holdings 2502 JP N ¥ 4,385 4,200 (4) 17,958 59.6 1 1 6 19 26 1 (0) (4) 12 4 Dec-16 10 16 8 22.5 20.5 17.6 16.3 88 92 1.2 11.2 2.2 1.7 13.6 144
Calbee 2229 JP O ¥ 4,455 5,100 14 5,323 24.1 2 (3) 18 22 (1) 2 (4) 8 15 (22) Mar-17 2 23 12 32.0 31.3 25.4 22.7 96 102 1.0 14.1 4.2 2.1 14.5 (40)
Japan Tobacco 2914 JP O ¥ 3,813 4,600 21 61,042 147.2 (1) (7) 5 (1) (10) (1) (8) (5) (8) (32) Dec-16 (5) 7 7 16.2 17.0 16.0 14.9 96 97 3.7 15.8 2.6 3.2 10.0 3
Kao 4452 JP O ¥ 7,018 7,900 13 30,924 100.2 5 1 15 27 16 5 0 4 20 (6) Dec-16 10 6 5 27.7 25.1 23.7 22.5 100 99 1.5 19.1 4.5 2.2 12.7 (30)
Kikkoman 2801 JP N ¥ 3,470 3,700 7 5,991 20.0 (2) (7) 6 (7) (11) (2) (8) (4) (14) (33) Mar-17 (10) 8 8 28.2 31.2 28.8 26.6 94 93 1.0 8.7 2.6 1.6 13.9 (3)
KOSE 4922 JP O ¥ 12,100 14,100 17 6,170 25.0 1 (7) 22 25 33 1 (8) 12 18 11 Mar-17 13 7 6 31.9 28.2 26.3 24.8 98 94 1.0 14.2 3.8 2.1 11.7 (47)
Lion 4912 JP N ¥ 2,326 2,050 (12) 5,581 25.7 2 (4) 18 21 43 1 (5) 7 14 21 Dec-16 9 11 10 42.2 38.6 34.7 31.4 94 92 0.6 11.2 4.2 1.3 14.5 (42)
Meiji Holdings 2269 JP O ¥ 8,830 11,200 27 11,443 43.8 (1) (5) (6) (4) (17) (1) (6) (16) (10) (39) Mar-17 4 7 7 21.4 20.5 19.2 18.0 98 98 1.3 13.3 2.6 1.1 9.6 16
Morinaga & Co 2201 JP O ¥ 6,670 7,600 14 3,103 22.3 3 (4) 29 37 100 3 (5) 19 30 78 Mar-17 23 12 8 31.2 25.3 22.5 20.8 101 104 0.7 14.5 3.5 1.6 13.1 (15)
Morinaga Milk 2264 JP N ¥ 828 930 12 1,828 20.9 1 (10) (3) (2) 12 1 (11) (14) (8) (10) Mar-17 (0) 5 10 15.5 15.5 14.7 13.4 96 96 1.2 9.0 1.3 0.5 7.4 51
Nissin Foods Holdings 2897 JP N ¥ 7,120 6,900 (3) 6,625 15.9 2 (2) 13 16 26 1 (3) 3 9 4 Mar-17 9 4 7 32.2 29.6 28.5 26.8 96 95 1.3 7.2 2.1 1.4 13.7 (3)
Okamoto 5122 JP O ¥ 1,335 1,450 9 1,172 3.6 2 (1) 13 24 20 2 (2) 3 17 (2) Mar-17 (11) 11 n.a. 16.5 18.5 16.6 n.a. 93 94 1.0 12.1 2.2 1.2 8.5 (33)
PALTAC 8283 JP O ¥ 3,870 4,200 9 2,199 5.6 1 1 25 40 85 0 0 15 33 63 Mar-17 10 8 9 16.8 15.4 14.2 13.1 100 99 1.6 9.2 1.4 0.3 9.6 3
Pigeon 7956 JP N ¥ 4,155 3,300 (21) 4,448 20.9 3 (1) 20 39 55 2 (2) 10 32 33 Jan-17 9 9 9 44.8 41.1 37.7 34.6 92 90 1.3 22.0 8.6 4.7 23.9 (47)
Pola Orbis Holdings 4927 JP N ¥ 2,955 2,500 (15) 5,842 29.2 (2) (4) 15 22 18 (2) (5) 5 16 (4) Dec-16 19 11 10 37.5 31.6 28.4 25.9 92 95 1.9 10.9 3.4 2.4 14.3 (50)
Rohto Pharma 4527 JP U ¥ 2,282 1,900 (17) 2,324 9.1 (0) (6) 18 24 41 (1) (7) 8 17 19 Mar-17 3 4 3 25.9 25.2 24.3 23.6 101 102 1.0 8.5 2.1 1.5 11.6 (16)
Shiseido 4911 JP N ¥ 3,949 2,900 (27) 14,079 48.2 3 (2) 37 33 35 3 (3) 27 27 13 Dec-16 (10) 24 14 49.1 54.4 43.8 38.5 93 89 0.5 7.2 3.8 1.7 17.9 1
Suntory Beverage & Food 2587 JT N ¥ 5,330 4,900 (8) 14,722 19.9 3 (2) 11 10 11 3 (3) 1 3 (10) Dec-16 2 11 8 35.8 35.0 31.7 29.4 88 87 1.4 8.3 2.9 1.2 9.6 21
Toyo Suisan 2875 JP N ¥ 4,190 4,350 4 3,825 12.7 (0) (4) 2 (1) (4) (1) (5) (9) (8) (26) Mar-17 3 1 0 20.5 19.9 19.6 19.6 101 101 1.4 7.7 1.5 0.8 7.5 (35)
Unicharm 8113 JP U ¥ 2,947 1,900 (36) 15,430 38.1 3 1 13 15 36 3 (0) 3 8 14 Dec-15 2 5 5 43.6 42.8 40.8 39.0 93 85 0.5 10.4 4.3 2.2 14.6 (26)
Yakult Honsha 2267 JP U ¥ 7,870 6,300 (20) 11,631 20.8 3 (2) 29 45 51 2 (3) 19 38 29 Mar-17 6 7 6 43.2 40.7 38.1 35.9 100 96 0.4 9.0 3.5 3.2 19.9 (11)
Sector Aggregate 2 244,062 1 (3) 12 14 14 1 (4) 2 8 (8) Mar-17 3 8 7 24.7 23.9 21.5 22.7 95 95 1.8 12.4 2.9 1.7 11.6 7

Diversified Financials Takehito Yamanaka - 81 3 4550 9150

ACOM 8572 JP N ¥ 484 510 5 6,778 17.1 (3) (4) 7 (5) (5) (3) (5) (3) (12) (27) Mar-17 200 (1) (4) n.m. 10.5 10.6 11.1 100 98 2.1 25.2 2.4 n.a. n.a. n.a.
Aeon Financial Service 8570 JP U ¥ 2,336 1,946 (17) 4,504 16.4 (2) 0 8 12 (2) (2) (1) (2) 6 (24) Mar-16 (4) 3 1 13.6 14.2 13.8 13.7 87 93 2.9 11.8 1.5 n.a. n.a. n.a.
Credit Saison 8253 JP O ¥ 2,145 2,700 26 3,133 15.9 (2) (4) 9 3 22 (2) (5) (1) (4) (0) Mar-17 (7) 5 6 8.3 9.0 8.6 8.1 98 108 1.6 8.5 0.7 n.a. n.a. n.a.
Daiwa Securities Group 8601 JP N ¥ 659 685 4 9,780 46.3 (1) (1) (0) (9) 8 (1) (2) (10) (15) (13) Mar-17 (6) 2 3 10.6 11.3 11.1 10.7 95 92 3.8 7.6 0.8 n.a. n.a. n.a.
J Trust 8508 JP O ¥ 893 1,150 29 898 5.2 0 9 9 (24) 15 (0) 8 (1) (31) (7) Mar-16 (81) 194 30 n.m. n.m. 10.3 7.9 101 100 1.3 (6.3) 0.7 n.a. n.a. n.a.
Japan Exchange Group 8697 JP N ¥ 1,955 1,840 (6) 9,595 26.0 (1) (2) 24 17 40 (1) (3) 14 10 19 Mar-17 3 (2) 3 25.1 24.4 24.9 24.1 102 99 2.5 16.2 3.9 n.a. n.a. n.a.
Kabu.com Securities 8703 JP N ¥ 380 335 (12) 1,132 3.0 (0) 2 6 (5) 12 (0) 1 (4) (12) (10) Mar-17 14 (4) n.a. 21.1 18.6 19.5 n.a. 112 102 3.2 15.4 2.8 n.a. n.a. n.a.
Matsui Securities 8628 JP N ¥ 909 890 (2) 2,086 7.3 (2) (2) 4 (10) (1) (2) (3) (6) (17) (23) Mar-17 17 13 4 21.8 18.7 16.6 16.0 105 111 4.2 13.0 2.4 n.a. n.a. n.a.
Monex Group 8698 JP U ¥ 306 240 (22) 757 3.5 0 11 12 (6) 21 0 10 2 (13) (1) Mar-17 1,544 10 4 n.m. 17.5 15.9 15.3 148 119 2.9 5.9 1.0 n.a. n.a. n.a.
Nomura Holdings 8604 JP N ¥ 660 700 6 20,829 113.3 (1) (3) 1 (4) 54 (1) (4) (9) (11) 32 Mar-17 4 3 3 10.1 9.7 9.3 9.1 102 100 3.0 8.4 0.8 n.a. n.a. n.a.
Orix 8591 JP O ¥ 1,748 2,385 36 20,020 85.3 (1) (1) 2 (4) 20 (1) (2) (8) (11) (1) Mar-17 8 8 n.a. 8.4 7.8 7.2 n.a. 98 102 3.4 11.4 0.9 n.a. n.a. n.a.
Tokai Tokyo Financial 8616 JP U ¥ 639 530 (17) 1,495 7.0 0 8 15 3 29 0 7 5 (4) 7 Mar-17 83 (36) 1 14.1 7.7 12.1 11.9 126 105 4.1 13.3 1.0 n.a. n.a. n.a.
Sector Aggregate 10 81,009 (1) (1) 6 (1) 26 (1) (2) (4) (8) 4 Mar-17 31 3 2 13.6 10.4 10.0 11.1 100 100 3.0 10.2 1.0 n.a. n.a. n.a.

Healthcare Fumiyoshi Sakai/ Yen Ting Chen - 81 3 4550 9737/ 81 3 4550 9936
Astellas Pharma 4503 JP N ¥ 1,368 1,500 10 25,243 103.2 (1) (1) (8) (16) (18) (1) (2) (18) (23) (39) Mar-17 (9) (4) (8) 13.2 14.4 15.0 16.3 97 95 2.6 15.0 2.0 1.8 7.3 (33)
Chugai Pharmaceutical 4519 JP O ¥ 4,495 4,700 5 21,960 35.9 0 9 18 34 17 0 8 8 27 (4) Dec-16 29 12 12 45.8 35.6 31.9 28.4 101 104 1.3 10.4 3.6 4.5 21.5 (15)
Daiichi Sankyo 4568 JP N ¥ 2,495 2,700 8 14,792 42.2 (1) 0 4 4 (5) (1) (1) (6) (2) (27) Mar-17 35 (6) 10 31.3 23.3 24.6 22.5 109 111 2.8 6.1 1.4 1.7 10.8 0
Eisai 4523 JP U ¥ 5,978 5,600 (6) 15,286 41.6 (1) (3) 5 (11) (4) (2) (4) (5) (18) (26) Mar-17 (7) 12 4 43.4 46.8 41.7 40.2 94 108 2.5 6.3 3.0 3.0 20.1 3
JCR Pharma 4552 JP N ¥ 2,993 2,800 (6) 844 3.3 5 9 31 5 4 5 8 21 (2) (18) Mar-17 4 7 28 50.8 48.7 45.4 35.4 90 75 0.8 7.0 3.4 4.8 23.2 (6)
Kyowa Hakko Kirin 4151 JP N ¥ 1,938 2,000 3 9,481 20.2 (2) (6) 6 20 3 (2) (7) (4) 13 (19) Dec-16 7 38 15 56.8 53.0 38.6 33.7 98 115 1.3 3.3 1.8 3.0 14.0 (3)
Medicinova 4875 JP O ¥ 580 750 29 179 0.5 0 (3) (9) (21) (16) (0) (4) (19) (27) (38) Dec-16 0 2 4 n.m. n.m. n.m. n.m. 107 n.a. 0.0 (37.2) 6.7 n.m. n.m. (61)
Mitsubishi Tanabe Pharma 4508 JP N ¥ 2,641 2,300 (13) 13,244 21.4 2 4 19 15 41 2 3 8 8 19 Mar-17 1 (4) (14) 20.8 20.6 21.4 25.0 98 96 2.5 8.4 1.7 3.1 12.1 (15)
Nippon Shinyaku 4516 JP O ¥ 7,070 7,700 9 4,266 12.0 1 0 26 23 33 0 (1) 16 16 12 Mar-17 17 33 29 40.5 34.5 25.9 20.0 98 100 0.8 11.6 3.8 4.3 20.2 (32)
Ono Pharmaceutical 4528 JP O ¥ 2,442 2,800 15 11,365 60.4 (0) (2) 10 (4) (39) (0) (3) 0 (11) (61) Mar-17 (22) 46 21 23.2 29.7 20.4 16.8 112 144 2.9 8.3 2.5 4.5 18.8 (29)
Otsuka Holdings 4578 JP N ¥ 4,704 5,200 11 22,768 79.6 (2) (4) (6) (8) (5) (2) (5) (16) (14) (27) Dec-16 (4) 24 13 27.5 28.6 23.2 20.6 99 104 2.1 5.2 1.5 1.9 12.6 (5)
Peptidream 4587 JP N ¥ 3,475 3,100 (11) 3,556 40.0 3 (3) 3 14 28 2 (4) (7) 8 6 Jun-16 80 35 31 n.m. n.m. n.m. 76.6 134 106 0.0 25.0 30.0 58.6 87.6 (54)
Santen Pharmaceutical 4536 JP N ¥ 1,597 1,700 6 5,798 23.9 1 7 4 12 (6) 1 6 (6) 5 (28) Mar-17 43 6 1 28.4 19.9 18.7 18.5 115 117 1.6 12.5 2.3 2.7 12.0 (17)
Sawai Pharmaceutical 4555 JP N ¥ 6,220 6,300 1 2,050 12.3 1 0 7 (1) (22) 1 (1) (3) (8) (44) Mar-17 5 (16) 11 14.4 13.7 16.4 14.8 93 77 2.1 11.6 1.5 1.6 7.1 (3)
Shionogi 4507 JP O ¥ 5,952 7,300 23 16,961 59.3 1 (5) 7 6 6 0 (6) (3) (0) (16) Mar-17 17 10 22 22.9 19.6 17.9 14.7 101 99 1.3 17.5 3.2 4.7 12.1 (42)
Sosei Group 4565 JP O ¥ 11,980 14,000 17 1,812 52.4 (2) 6 6 (11) (29) (2) 5 (4) (18) (51) Mar-17 (70) 79 65 20.7 69.9 39.0 23.6 75 79 0.0 9.6 6.4 16.2 36.0 (15)
Sumitomo Dainippon Pharma 4506 JP N ¥ 1,521 1,600 5 5,402 19.3 0 (11) (14) (24) (23) (0) (12) (24) (31) (45) Mar-17 21 (31) (17) 20.8 17.3 25.2 30.2 97 67 1.3 7.4 1.2 1.3 7.8 (8)
Sysmex 6869 JP N ¥ 6,290 6,900 10 11,707 37.0 (1) (7) (7) (7) (17) (1) (8) (17) (14) (39) Mar-17 2 7 3 32.2 31.5 29.4 28.4 99 96 1.0 18.5 5.5 4.4 17.1 (30)
Taisho Pharmaceutical Holdings 4581 JP U ¥ 8,410 7,800 (7) 6,007 9.3 (0) (3) (5) (13) (25) (0) (4) (15) (20) (47) Mar-17 (11) (2) (2) 23.3 26.4 26.9 27.4 104 101 1.3 3.9 1.0 1.6 10.6 (33)
Takeda Pharmaceutical 4502 JP N ¥ 5,751 5,900 3 40,146 96.9 1 1 10 19 29 1 0 0 12 7 Mar-17 25 8 11 39.1 31.2 28.8 26.0 102 119 3.1 7.6 2.4 3.2 22.4 45

20 July 2017
Terumo 4543 JP N ¥ 4,295 4,800 12 13,513 44.4 (1) (3) 11 (0) (9) (1) (4) 1 (7) (31) Mar-17 1 10 0 28.6 28.3 25.6 25.6 97 96 1.0 10.5 3.1 2.9 11.7 36
Tsumura & Co 4540 JP N ¥ 4,480 4,000 (11) 2,755 9.6 2 (4) 32 39 58 1 (5) 21 32 36 Mar-17 3 5 2 25.0 24.2 23.1 22.6 95 90 1.4 8.1 1.9 2.6 13.3 7
Sector Aggregate 6 249,135 (0) (1) 6 5 3 (0) (2) (5) (2) (19) Mar-17 6 6 6 27.2 25.7 24.1 22.7 100 102 2.1 8.7 2.2 2.7 13.8 (4)
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Japan—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Hotels, Restaurants & Leisure Masashi Mori - 81 3 4550 9695
Sanrio 8136 JP N ¥ 2,226 1,900 (15) 1,688 6.9 2 5 14 1 15 2 4 4 (6) (7) Mar-17 (3) 3 8 29.2 30.0 29.1 27.0 103 95 3.6 11.7 3.5 2.7 16.8 (41)

Insurance Takehito Yamanaka - 81 3 4550 9150

Dai-ichi Life 8750 JP O ¥ 1,975 2,360 19 20,720 115.1 (4) 1 10 1 60 (4) (0) 0 (5) 38 Mar-16 22 6 (1) 13.1 10.7 10.1 10.2 93 124 2.0 7.1 0.7 n.a. n.a. n.a.
Japan Post Insurance 7181 JP N ¥ 2,483 2,670 8 13,317 8.9 (2) 3 3 (1) 18 (3) 2 (7) (8) (4) Mar-17 (4) 2 n.a. 16.8 17.5 17.2 n.a. 94 96 2.6 6.5 1.4 n.a. n.a. n.a.
MS&AD Insurance Group Holdings
8725 JP O ¥ 3,928 4,755 21 20,801 56.8 1 1 13 8 42 1 (0) 3 2 20 Mar-16 22 11 2 13.1 10.7 9.7 9.5 104 99 2.5 7.8 0.8 n.a. n.a. n.a.
SOMPO Holdings 8630 JP N ¥ 4,476 4,625 3 15,766 50.5 1 1 14 13 43 1 0 3 6 21 Mar-16 (10) 16 2 11.3 12.6 10.9 10.7 84 87 1.8 8.6 1.1 n.a. n.a. n.a.
Sony Financial 8729 JP N ¥ 1,949 1,850 (5) 7,578 26.3 (4) 6 13 7 62 (4) 5 3 0 40 Mar-16 10 3 2 19.5 17.8 17.2 16.9 114 112 2.8 8.0 1.4 n.a. n.a. n.a.
T&D Holdings 8795 JP O ¥ 1,661 1,810 9 9,234 52.5 (4) (1) 8 7 65 (4) (2) (2) 1 43 Mar-16 22 4 7 14.9 12.2 11.8 11.0 116 114 2.1 6.9 0.8 n.a. n.a. n.a.
Tokio Marine Holdings 8766 JP N ¥ 4,728 5,280 12 31,623 94.8 (2) (2) 4 (1) 22 (2) (3) (6) (8) 0 Mar-16 13 0 6 14.0 12.4 12.3 11.6 105 99 2.9 8.2 1.0 n.a. n.a. n.a.
Sector Aggregate 12 119,040 (2) 0 9 4 40 (2) (1) (1) (3) 18 Mar-17 6 2 n.a. 12.3 11.7 11.4 n.a. 102 101 2.7 7.9 0.9 n.a. n.a. n.a.

Real Estate Masahiro Mochizuki - 81 3 4550 7389

Daito Trust Construction 1878 JP O ¥ 18,250 20,000 10 12,289 65.2 2 1 13 4 10 2 0 3 (3) (12) Mar-17 10 6 4 16.9 15.4 14.6 14.0 101 102 3.2 31.3 4.7 0.7 8.3 (78)
Mitsubishi Estate 8802 JP N ¥ 2,002 2,300 15 24,831 80.3 (2) (7) (2) (14) 3 (2) (8) (12) (21) (18) Mar-17 11 (4) 10 27.0 24.5 25.5 23.2 104 99 1.0 6.9 1.7 4.3 18.5 129
Mitsui Fudosan 8801 JP O ¥ 2,526 3,300 31 22,308 80.7 (2) (6) 4 (7) 7 (2) (7) (6) (13) (14) Mar-17 11 (4) 12 18.9 17.1 17.7 15.9 103 94 1.5 7.2 1.2 2.7 15.3 110
Nomura Real Estate Holdings 3231 JP N ¥ 2,154 2,400 11 3,695 20.9 (1) 2 22 8 17 (1) 1 12 2 (5) Mar-17 (4) (7) 11 8.8 9.2 9.9 8.9 101 92 3.2 9.1 0.8 1.8 12.2 138
Sumitomo Realty & Development8830 JP N ¥ 3,377 3,600 7 14,313 61.0 (1) (5) 15 9 20 (2) (6) 4 2 (2) Mar-17 12 5 7 15.5 13.8 13.1 12.2 102 103 0.8 10.9 1.4 5.0 20.0 290
Tokyo Tatemono 8804 JP O ¥ 1,458 2,100 44 2,804 15.7 1 (5) (3) (7) 14 1 (6) (13) (14) (8) Dec-16 17 7 13 16.0 13.7 12.8 11.3 103 110 1.9 7.1 0.9 4.2 18.4 222
Tokyu Fudosan Holdings 3289 JP U ¥ 648 600 (7) 3,526 14.6 (1) (5) 8 (6) 2 (1) (6) (2) (13) (20) Mar-17 11 7 4 12.5 11.2 10.5 10.2 98 100 2.3 7.7 0.8 1.8 14.4 229
Sector Aggregate 17 83,766 (1) (5) 6 (4) 9 (1) (6) (4) (11) (13) Mar-17 10 0 9 18.1 16.5 16.4 15.3 102 99 1.6 9.0 1.4 2.7 16.0 153

REITs Masahiro Mochizuki - 81 3 4550 7389

Advance Residence Inv Corp 3269 JP O ¥ 268,300 347,000 29 3,238 8.3 2 (7) (10) (13) (8) 2 (8) (20) (20) (29) Jul-16 3 3 n.a. 28.7 27.9 27.1 n.a. 101 102 3.8 6.1 1.6 n.a. 27.5 97
Frontier Real Estate Inv Corp 8964 JP O ¥ 454,000 560,000 23 2,013 3.9 2 (8) (8) (9) (17) 1 (9) (18) (16) (39) Dec-16 8 1 n.a. 24.0 22.1 21.8 n.a. 101 101 4.5 6.7 1.5 n.a. 19.8 48
GLP J-REIT 3281 JP N ¥ 116,300 123,000 6 2,966 8.1 1 (7) (9) (13) (11) 1 (8) (19) (20) (33) Aug-16 7 (1) n.a. 28.4 26.7 26.9 n.a. 102 96 4.3 6.2 1.5 n.a. 26.9 103
Japan Logistics Fund 8967 JP O ¥ 221,500 260,000 17 1,742 3.9 0 (8) (7) (10) (14) 0 (9) (17) (17) (36) Jul-16 2 6 n.a. 27.4 26.8 25.4 n.a. 100 100 3.7 5.7 1.5 n.a. 24.7 73
Japan Prime Realty Inv Corp 8955 JP N ¥ 398,500 440,000 10 3,288 10.0 3 (4) (8) (13) (12) 3 (5) (18) (20) (34) Dec-16 9 3 n.a. 28.9 26.6 25.8 n.a. 101 103 3.7 6.1 1.5 n.a. 26.7 64
Japan Real Estate Inv Corp 8952 JP N ¥ 565,000 622,000 10 6,613 16.5 5 (1) (5) (11) (9) 4 (2) (15) (18) (31) Sep-16 9 4 n.a. 34.1 31.4 30.3 n.a. 102 105 3.2 5.0 1.6 n.a. 27.5 72
Nippon Accommodations Fund 3226 JP O ¥ 427,500 568,000 33 1,852 4.5 (0) (11) (12) (16) (10) (0) (12) (22) (23) (31) Aug-16 3 1 n.a. 26.4 25.6 25.4 n.a. 100 100 3.9 5.8 1.5 n.a. 25.9 99
Nippon Building Fund 8951 JP N ¥ 581,000 649,000 12 7,333 18.0 5 (1) (5) (10) (8) 5 (2) (15) (17) (30) Dec-16 5 3 n.a. 32.4 30.8 29.8 n.a. 103 104 3.2 5.0 1.5 n.a. 27.2 75
Nippon Prologis REIT 3283 JP U ¥ 233,200 219,000 (6) 3,974 11.6 (1) (4) (3) (2) (3) (1) (5) (13) (9) (25) Nov-16 28 (19) n.a. 33.0 25.7 31.8 n.a. 109 96 3.9 6.4 1.6 n.a. 20.7 53
Nomura Real Estate Master Fund3462 JP O ¥ 150,000 193,000 29 5,609 14.6 1 (7) (10) (15) (12) 1 (8) (21) (22) (34) Feb-17 13 3 n.a. 32.7 28.9 28.1 n.a. n.a. n.a. 4.1 3.9 1.1 n.a. 30.1 86
Tokyu REIT 8957 JP N ¥ 131,700 141,000 7 1,151 2.9 0 (4) (4) (11) (13) 0 (5) (14) (18) (35) Jul-16 (2) (9) n.a. 23.4 24.0 26.2 n.a. 100 100 4.1 4.7 1.1 n.a. 26.0 83
United Urban Inv Corp 8960 JP U ¥ 156,300 169,000 8 4,268 12.3 0 (5) (9) (12) (15) 0 (6) (19) (19) (37) Nov-16 3 2 n.a. 25.0 24.3 23.9 n.a. 101 101 4.1 5.7 1.4 n.a. 24.3 73
Sector Aggregate 14 44,047 2 (5) (7) (11) (10) 2 (6) (17) (18) (32) Mar-17 5 n.a. n.a. 29.0 27.5 n.a. n.a. 102 3.8 5.3 1.4 n.a. 26.2 77

Software & Services Fumiyoshi Sakai/ Keiichi Yoneshima - 81 3 4550 9737/ 81 3 4550 9740
COLOPL Inc 3668 JP N ¥ 1,143 1,100 (4) 1,302 14.6 (2) (0) 12 15 (43) (2) (1) 2 8 (65) Sep-16 (61) 6 14 6.8 17.7 16.7 14.7 87 89 1.5 12.4 2.1 1.7 6.6 (87)
CyberAgent 4751 JP O ¥ 3,625 4,400 21 4,074 33.8 0 (0) 13 26 15 (0) (1) 3 19 (7) Sep-16 (52) 37 99 33.5 70.1 51.3 25.7 62 52 0.7 8.2 5.6 1.2 11.3 (24)
DeNA 2432 JP O ¥ 2,653 3,300 24 3,432 61.0 0 6 11 4 (5) 0 5 1 (3) (26) Mar-17 (38) (3) 19 12.5 20.0 20.7 17.3 95 82 0.9 8.2 1.6 2.1 8.7 (33)
GMO Internet 9449 JP O ¥ 1,410 1,800 28 1,461 10.5 0 (3) 17 (6) 13 0 (4) 7 (12) (9) Dec-16 13 17 14 22.6 20.0 17.1 15.0 99 97 1.7 18.9 3.5 1.1 6.5 (13)
Gree 3632 JP N ¥ 912 970 6 1,916 24.1 (3) (6) 6 48 77 (3) (7) (4) 41 55 Jun-16 52 6 18 25.5 16.8 15.8 13.4 99 149 1.1 12.1 1.9 2.0 12.8 (72)
Gurunavi 2440 JP N ¥ 1,837 2,000 9 767 6.5 0 1 (14) (21) (35) (0) 0 (24) (28) (57) Mar-17 2 6 5 17.9 17.6 16.6 15.7 102 101 2.4 25.1 4.1 2.0 7.9 (35)
Kakaku.com 2371 JP U ¥ 1,634 1,300 (20) 3,127 24.9 (1) 2 3 (16) (22) (1) 1 (7) (22) (44) Mar-17 7 7 7 23.9 22.3 20.8 19.4 101 97 1.8 40.2 8.0 6.7 12.9 (68)
LINE 3938 JP N ¥ 3,870 3,800 (2) 7,622 27.8 (1) (5) (4) (3) (3) (1) (6) (14) (10) (25) Dec-16 51 97 43 n.m. 82.4 41.9 29.2 78 101 0.0 6.1 4.8 4.2 26.9 (82)
M3 2413 JP O ¥ 3,070 3,900 27 8,885 36.3 1 (4) 11 4 (16) 0 (5) 1 (3) (38) Mar-17 33 21 18 62.1 46.7 38.7 32.8 108 109 0.4 28.2 11.8 10.6 30.1 (35)
Mixi 2121 JP N ¥ 6,150 6,300 2 4,324 35.1 0 (10) 8 44 64 0 (11) (2) 37 42 Mar-17 (11) (5) (3) 8.2 9.2 9.6 9.9 102 104 2.2 31.2 2.5 1.8 4.3 (64)
Nexon 3569 JP N ¥ 2,283 2,300 1 8,954 26.4 3 1 35 35 41 3 (0) 25 28 19 Dec-16 197 20 3 48.9 16.5 13.7 13.3 102 108 0.0 14.6 2.2 3.1 7.0 (72)
Nintendo 7974 JP N ¥ 37,640 40,000 6 40,418 685.2 4 2 40 53 18 4 1 30 47 (3) Mar-17 (29) 131 29 44.1 62.1 26.9 20.8 75 101 0.8 5.7 4.1 4.6 39.9 (58)
Rakuten 4755 JP N ¥ 1,309 1,300 (1) 16,133 78.3 (1) (6) 12 14 13 (1) (7) 1 7 (9) Dec-16 123 7 17 48.7 21.8 20.3 17.3 107 105 0.3 12.2 2.6 2.1 10.7 23
Recruit Holdings 6098 JP O ¥ 1,985 2,467 24 29,643 85.0 7 (3) 5 27 49 7 (4) (5) 20 27 Mar-17 51 13 12 38.8 25.6 22.8 20.3 96 99 1.1 17.7 4.3 1.5 12.7 (15)
Yahoo Japan 4689 JP O ¥ 495 610 23 25,190 58.7 (0) 6 (3) 10 9 (0) 5 (13) 3 (13) Mar-17 (9) 11 11 20.6 22.8 20.5 18.6 92 91 1.8 12.8 2.8 2.7 10.1 (43)
Sector Aggregate 12 157,249 2 (0) 16 26 20 2 (1) 6 19 (2) Mar-17 10 26 16 30.2 27.5 21.9 18.8 95 99 1.0 12.5 3.4 2.4 13.2 (37)

20 July 2017
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Japan—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Technology Hardware Akinori Kanemoto/ Hideyuki Maekawa/ Mika Nishimura/ Shinji Kuroda/ Yoshiyasu Takemura - 81 3 4550 7363/ 81 3 4550 9723/ 81 3 4550 7369/ 81 3 4550 9994/ 81 3 4550 7358
Advantest 6857 JP U ¥ 2,007 1,440 (28) 3,172 51.1 2 (4) (0) 2 66 2 (5) (10) (5) 44 Mar-17 (1) (31) 16 24.8 25.1 36.3 31.3 86 53 1.2 12.2 2.9 1.7 13.3 (47)
Alps Electric 6770 JP N ¥ 3,175 3,600 13 5,560 69.8 (2) 6 9 12 51 (2) 5 (1) 6 29 Mar-17 17 13 7 17.8 15.2 13.5 12.6 96 95 1.1 15.1 2.2 0.7 5.6 (16)
Anritsu 6754 JP N ¥ 994 660 (34) 1,220 13.8 0 (1) 30 58 58 0 (2) 20 51 36 Mar-16 (71) 45 44 36.3 n.m. 85.3 59.3 41 53 1.5 1.5 1.8 1.4 19.5 (13)
Canon 7751 JP N ¥ 3,795 4,000 5 36,629 134.4 0 (4) 9 15 27 (0) (5) (1) 8 5 Dec-16 50 (1) 2 27.5 18.3 18.5 18.1 112 107 4.2 8.0 1.4 1.0 6.8 (5)
DISCO 6146 JP N ¥ 19,310 18,820 (3) 6,191 46.7 3 5 17 36 87 2 4 7 30 65 Mar-17 23 (1) 6 28.6 23.3 23.5 22.2 92 82 2.0 15.7 3.5 4.0 12.9 (40)
Fujifilm Holdings 4901 JP O ¥ 4,082 5,000 22 15,968 59.4 (1) 1 (2) (8) (1) (1) (0) (12) (15) (23) Mar-17 (0) 5 11 13.6 13.6 13.0 11.7 106 105 1.8 6.3 0.8 0.7 5.3 (8)
Fujitsu 6702 JP N ¥ 863 540 (37) 15,809 82.1 4 8 26 33 113 4 7 16 26 91 Mar-16 (6) 37 2 20.6 21.8 16.0 15.7 92 80 0.9 9.7 2.2 0.4 6.0 4
Hirose Electric 6806 JP N ¥ 16,160 13,900 (14) 5,026 11.3 2 1 12 12 26 2 0 2 5 4 Mar-16 (3) 8 8 27.7 28.7 26.7 24.8 92 97 1.5 7.0 2.0 3.3 10.3 (66)
IBIDEN 4062 JP U ¥ 1,964 1,340 (32) 2,456 16.9 1 (1) 23 25 56 0 (2) 13 18 34 Mar-16 (925) 112 16 34.7 n.m. 36.3 31.3 101 79 1.8 (21.4) 1.0 0.9 6.8 (10)
Japan Aviation Electronics Industry
6807 JP N ¥ 1,618 1,600 (1) 1,314 8.8 (1) 9 20 (2) 10 (1) 8 10 (9) (12) Mar-16 (25) 34 17 11.7 15.7 11.7 10.0 139 118 1.9 8.7 1.3 0.6 3.7 (17)
JEOL 6951 JP N ¥ 629 550 (13) 549 1.9 (2) 6 24 23 56 (2) 5 14 17 34 Mar-16 (106) 1,020 70 14.9 n.m. 27.7 16.2 n.m. 109 1.1 (0.8) 2.2 0.7 17.6 43
Konica Minolta 4902 JP N ¥ 952 1,000 5 4,217 25.9 (1) 7 1 (18) 20 (1) 6 (9) (25) (2) Mar-17 (12) 29 13 15.0 17.0 13.2 11.6 88 95 3.2 5.3 0.9 0.6 5.9 19
Kyocera 6971 JP N ¥ 6,374 6,400 0 20,951 63.5 (2) (2) 8 10 22 (2) (3) (2) 3 1 Mar-16 (14) 13 7 21.4 25.0 22.1 20.7 90 101 1.6 4.0 1.0 1.1 9.9 (31)
Lasertec 6920 JP U ¥ 1,665 1,220 (27) 702 7.2 5 (7) 23 46 135 5 (8) 12 39 113 Jun-16 10 3 14 23.3 21.1 20.5 18.0 109 93 1.7 15.5 3.1 4.1 13.6 (31)
Micronics Japan 6871 JP U ¥ 1,208 780 (35) 432 5.4 4 4 38 4 30 4 3 28 (2) 9 Sep-16 107 47 9 91.2 44.0 30.0 27.6 90 78 0.8 4.8 2.0 1.3 10.4 (49)
MinebeaMitsumi 6479 JP O ¥ 1,897 2,250 19 7,242 58.8 3 3 26 73 150 3 2 16 66 128 Mar-17 15 9 9 20.0 17.3 15.8 14.5 102 105 1.2 14.1 2.3 1.1 8.8 12
Mitsubishi Electric 6503 JP O ¥ 1,623 2,240 38 31,126 89.6 (1) 2 9 (0) 27 (1) 1 (1) (7) 5 Mar-17 16 6 8 16.6 14.3 13.5 12.6 105 101 2.0 11.2 1.6 0.7 6.2 (19)
Murata Manufacturing 6981 JP O ¥ 17,005 22,000 29 32,338 109.2 1 7 21 9 31 1 6 10 2 9 Mar-17 30 24 10 23.2 17.9 14.4 13.1 109 120 1.5 14.2 2.4 2.6 8.6 (27)
NEC 6701 JP N ¥ 296 265 (10) 6,876 31.2 (0) 2 14 (5) 3 (0) 1 4 (11) (19) Mar-16 (61) 59 16 11.2 28.5 17.9 15.4 99 128 2.0 3.4 1.0 0.4 9.5 28
NGK Spark Plug 5334 JP O ¥ 2,274 3,000 32 4,314 25.8 (2) 0 1 (12) 28 (2) (1) (9) (19) 7 Mar-16 18 17 25 16.1 13.6 11.7 9.4 140 95 1.8 10.1 1.3 1.2 6.1 (8)
Nidec 6594 JP O ¥ 11,505 14,200 23 30,449 88.7 (0) 0 15 14 35 (0) (1) 5 7 13 Mar-16 20 20 15 37.4 31.0 25.7 22.4 98 102 0.9 13.7 4.1 2.8 16.2 (10)
Nissha Printing 7915 JP O ¥ 3,065 3,700 21 1,262 13.5 4 6 16 9 57 4 5 6 2 36 Dec-15 (148) 358 111 23.1 n.m. 18.7 8.9 n.a. 159 1.0 (4.9) 2.1 1.3 26.2 26
NuFlare Technology 6256 JP U ¥ 6,310 4,920 (22) 677 2.2 (1) (3) 3 (11) 21 (2) (4) (8) (18) (0) Mar-16 (0) (69) 15 8.1 8.1 26.3 22.9 95 59 2.0 16.4 1.3 0.8 2.7 (57)
Olympus 7733 JP O ¥ 4,165 4,900 18 12,742 47.9 (0) 5 3 3 6 (1) 4 (7) (4) (16) Mar-17 (29) 14 12 18.2 25.8 22.7 20.3 97 97 0.7 12.2 3.0 1.9 10.8 18
Ricoh 7752 JP N ¥ 971 1,000 3 6,292 31.9 (2) 1 7 (2) 4 (2) 0 (3) (9) (18) Mar-17 296 256 9 n.m. 51.0 14.3 13.2 158 135 1.5 1.3 0.7 0.7 14.0 64
ROHM 6963 JP O ¥ 9,180 11,500 25 8,680 49.1 3 8 24 36 112 3 7 14 30 90 Mar-17 58 24 12 37.4 23.8 19.1 17.1 114 119 2.6 5.7 1.3 1.7 6.8 (41)
SCREEN 7735 JP N ¥ 7,580 6,600 (13) 3,182 36.2 (1) (4) 2 5 27 (1) (5) (8) (2) 5 Mar-17 (11) 29 7 14.8 16.6 12.9 12.0 82 100 1.1 14.2 2.2 1.0 7.8 (29)
Shinko Electric Industries 6967 JP N ¥ 992 950 (4) 1,198 6.6 0 9 43 26 77 0 9 33 19 55 Mar-16 (37) 263 18 38.6 61.2 16.8 14.3 73 194 2.5 1.7 1.0 0.6 4.2 (35)
Taiyo Yuden 6976 JP O ¥ 1,853 2,300 24 1,948 30.0 3 10 50 32 97 3 9 40 25 75 Mar-17 156 39 6 43.5 17.0 12.3 11.6 112 133 1.1 8.7 1.4 0.9 4.5 2
TDK 6762 JP N ¥ 7,630 8,500 11 8,606 72.6 2 5 16 (5) 24 2 4 6 (12) 3 Mar-16 4 10 7 14.8 14.3 13.0 12.2 46 127 1.6 9.6 1.3 0.9 5.7 10
Tokyo Electron 8035 JP N ¥ 16,135 13,900 (14) 23,665 147.0 3 1 37 46 76 3 (0) 26 39 54 Mar-17 36 5 22 23.0 16.9 16.2 13.2 97 96 3.0 22.9 3.7 2.4 10.1 (48)
Tokyo Seimitsu 7729 JP N ¥ 3,820 3,215 (16) 1,417 7.9 2 0 18 10 55 2 (1) 7 3 33 Mar-17 8 3 (1) 16.0 14.7 14.3 14.4 99 94 2.0 11.9 1.7 1.4 6.8 (41)
TOWA 6315 JP O ¥ 1,798 2,220 23 402 9.8 2 9 4 9 48 1 8 (6) 2 26 Mar-16 97 26 8 25.1 12.8 10.1 9.4 91 121 0.6 15.5 1.9 1.5 7.9 (12)
Wacom 6727 JP U ¥ 384 260 (32) 557 5.0 5 13 (2) 25 (9) 4 12 (12) 19 (31) Mar-16 (345) 137 21 27.3 n.m. 30.2 25.0 99 102 1.6 (19.9) 2.5 0.8 27.4 (13)
Yaskawa Electric Corp 6506 JP N ¥ 2,500 2,100 (16) 5,951 42.6 3 3 21 38 77 3 2 11 31 55 Mar-17 37 (2) 14 32.6 23.8 24.3 21.3 102 88 1.1 13.3 3.2 1.5 12.2 (4)
Yokogawa Electric Corp 6841 JP N ¥ 1,858 1,800 (3) 4,438 19.9 1 (2) 14 10 40 1 (3) 4 3 18 Mar-16 (20) 5 17 16.3 20.3 19.2 16.4 95 96 1.3 9.9 2.0 1.2 10.2 (11)
Sector Aggregate 9 313,559 1 2 15 15 42 0 1 5 8 20 Mar-17 27 11 11 23.2 18.4 16.5 13.9 103 103 2.0 9.1 1.6 1.0 7.5 (11)

Country Aggregate 1,622 1,729 7 2,301,724 0 1 10 7 22 Mar-17 14 8 9 18.6 16.3 14.8 13.7 100 100 2.1 9.9 1.6 1.1 9.1 19

Note: Prices are as of 19 July 2017

* Country/ sector aggregates are for the coverage above
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
64
Jump-Start

South Korea—valuation summary

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Automobiles & Components Michael Sohn - 82 2 3707 3739
Hankook Tire 161390 KS N W 66,600 57,000 (14) 7,343 14.1 5 5 13 15 24 3 2 0 (5) 4 Dec-16 (17) 16 (5) 9.5 11.3 9.8 10.3 90 92 0.7 11.5 1.2 1.4 6.7 20
HanOn 018880 KS N W 10,350 10,000 (3) 4,918 9.6 3 (10) 22 0 0 1 (12) 9 (19) (20) Dec-16 15 7 7 18.9 16.4 15.3 14.3 107 99 2.3 17.6 2.8 1.0 8.1 (0)
HMC 005380 KS N W 148,500 155,000 4 29,116 75.7 (0) (11) 5 2 14 (2) (14) (8) (18) (6) Dec-16 (8) 12 (0) 7.8 8.5 7.6 7.6 83 83 3.0 7.2 0.6 0.2 2.0 (20)
Kia 000270 KS N W 37,050 35,000 (6) 13,368 32.3 0 (7) 6 (6) (11) (1) (9) (7) (26) (32) Dec-16 (31) 40 2 5.5 7.9 5.6 5.5 80 97 3.5 7.1 0.5 0.3 4.0 1
Mando 204320 KS O W 236,500 300,000 27 1,977 13.6 1 (9) 2 1 9 (0) (12) (11) (19) (11) Dec-16 (5) 33 13 11.1 11.8 8.9 7.9 101 107 2.2 12.4 1.4 0.5 6.2 63
Mobis 012330 KS O W 247,500 285,000 15 21,445 49.9 1 (5) 12 (6) (5) (0) (8) (1) (26) (25) Dec-16 (11) 17 5 7.9 8.9 7.6 7.2 90 94 1.8 9.2 0.8 0.5 6.0 (17)
Nexen Tire 002350 KS N W 13,550 15,000 11 1,163 1.7 1 (1) (0) 4 4 (0) (4) (13) (16) (17) Dec-15 30 (6) 5 11.1 8.5 9.1 8.7 93 96 0.4 14.7 1.2 1.2 5.8 80
Wia 011210 KS N W 68,200 58,000 (15) 1,651 12.3 4 (6) 8 (7) (21) 2 (8) (5) (26) (41) Dec-16 8 57 15 14.2 13.1 8.4 7.3 85 92 1.3 4.3 0.5 0.3 4.3 11
Sector Aggregate 4 80,981 1 (7) 9 (1) 4 (1) (9) (4) (21) (16) Dec-16 (14) 20 2 7.8 9.1 7.6 7.4 86 90 2.4 8.0 0.7 0.3 3.9 (11)

Banks Gil Kim - 82 2 3707 3763

BNK Financial Group 138930 KS O W 10,700 12,700 19 3,104 8.3 (2) (1) 17 23 24 (4) (3) 4 3 4 Dec-16 12 4 5 7.0 6.2 5.9 5.7 102 101 3.3 8.3 0.5 n.a. n.a. n.a.
DGB Financial 139130 KS N W 11,650 12,000 3 1,754 4.7 0 (3) 4 19 31 (2) (5) (9) (1) 10 Dec-16 10 4 4 6.8 6.2 6.0 5.8 100 97 3.4 8.3 0.5 n.a. n.a. n.a.
HFG 086790 KS O W 47,550 54,000 14 12,528 34.1 3 12 31 52 93 1 9 18 32 72 Dec-16 30 9 4 10.6 8.1 7.5 7.2 102 109 2.7 7.7 0.6 n.a. n.a. n.a.
IBK 024110 KS N W 14,450 13,000 (10) 7,202 16.9 (1) 6 17 14 27 (3) 3 4 (6) 7 Dec-16 3 6 4 7.9 7.7 7.3 7.0 89 93 3.5 7.1 0.5 n.a. n.a. n.a.
KB Financial 105560 KS O W 56,600 65,000 15 21,064 47.2 (1) 2 13 32 64 (3) (1) 0 12 43 Dec-16 29 (3) 5 10.6 8.2 8.4 8.0 101 99 2.8 9.0 0.7 n.a. n.a. n.a.
SFG 055550 KS O W 50,800 60,000 18 21,442 37.5 2 1 7 12 31 1 (1) (6) (8) 10 Dec-16 11 (5) 3 9.0 8.0 8.5 8.3 102 102 3.1 10.1 0.8 n.a. n.a. n.a.
Sector Aggregate 13 67,095 1 4 15 27 52 (1) 1 2 7 32 Dec-16 18 0 4 9.3 7.9 7.9 7.6 100 101 3.0 8.7 0.7 n.a. n.a. n.a.

Building Materials & Construction Minseok Sinn - 82 2 3707 8898

KCC 002380 KS O W 430,500 480,000 11 4,045 10.0 6 9 27 20 15 5 6 14 (0) (5) Dec-16 20 12 (3) 27.5 22.9 20.4 21.1 94 96 2.1 3.1 0.7 1.6 11.2 21

Capital Goods Hoonsik Min/ Minseok Sinn - 82 2 3707 3761/ 82 2 3707 8898
Bobcat 241560 KS N W 34,650 42,000 21 3,092 11.9 (2) 0 (6) (3) n.a. (4) (2) (19) (23) n.a. Dec-16 45 12 5 21.2 14.7 13.0 12.4 101 97 2.0 7.4 1.1 1.1 7.9 28
Daelim Industrial 000210 KS O W 91,100 105,000 15 2,822 12.6 3 4 15 5 18 1 1 2 (15) (3) Dec-16 63 (7) (3) 13.3 8.1 8.7 9.0 90 87 0.3 9.0 0.7 0.4 6.4 16
GS E&C 006360 KS N W 33,000 31,000 (6) 2,099 15.8 4 11 6 25 26 2 9 (7) 5 5 Dec-16 853 23 32 n.m. 11.8 9.6 7.3 109 74 0.0 6.2 0.7 0.3 7.1 22
HHI 009540 KS O W 170,000 245,000 44 8,574 44.5 4 (6) 8 23 65 2 (8) (5) 3 45 Dec-16 316 30 90 n.m. 26.5 20.4 10.7 84 178 0.0 3.1 0.8 0.8 11.4 45
Hyundai Dev 012630 KS O W 46,700 53,000 13 3,134 12.0 1 (3) 9 4 21 (1) (6) (4) (16) 1 Dec-16 41 1 (1) 11.2 7.9 7.9 8.0 109 106 1.8 15.1 1.2 0.7 5.2 (5)
Hyundai E&C 000720 KS U W 47,200 42,000 (11) 4,678 16.4 0 4 (4) 10 41 (1) 1 (17) (10) 21 Dec-16 (10) 17 (0) 10.7 11.9 10.2 10.2 81 82 1.1 6.8 0.8 0.2 2.8 (18)
SHI 010140 KS O W 11,750 19,000 62 4,079 26.3 0 (11) 12 27 27 (1) (14) (1) 7 7 Dec-16 180 291 35 n.m. 34.0 8.7 6.5 127 419 0.0 1.5 0.7 0.8 14.7 25
Sector Aggregate 25 28,478 2 (2) 6 15 41 0 (4) (7) (5) 20 Dec-16 160 28 24 37.7 14.5 11.3 9.1 94 115 0.6 5.7 0.8 0.5 7.5 19

Conglomerates Minseok Sinn - 82 2 3707 8898

Cheil Ind 028260 KS N W 141,500 140,000 (1) 23,891 56.0 (1) 4 10 13 5 (2) 2 (3) (7) (16) Dec-16 354 2 21 n.m. 47.9 47.2 38.9 92 80 0.4 2.6 1.2 1.1 25.7 14

Consumer Durables & Apparel A-Hyung Cho/ Minseok Sinn - 82 2 3707 3735/ 82 2 3707 8898
Coway 021240 KS O W 95,900 130,000 36 6,387 12.8 (4) (8) (8) 9 3 (6) (11) (21) (11) (18) Dec-16 49 11 11 28.9 19.4 17.5 15.7 103 102 3.6 25.7 4.8 2.8 9.5 10
Hanssem 009240 KS O W 170,000 210,000 24 3,561 10.0 (3) (14) (27) (15) (4) (4) (17) (40) (34) (25) Dec-16 13 18 14 24.1 21.4 18.0 15.8 112 111 0.7 25.4 5.3 1.8 19.6 (19)
Sector Aggregate 31 9,948 (4) (10) (15) 0 0 (5) (13) (28) (20) (20) Dec-16 34 13 12 27.0 20.1 17.7 15.7 106 105 2.5 25.7 5.0 2.4 11.6 2

Consumer Staples A-Hyung Cho - 82 2 3707 3735

Amorepacific 090430 KS O W 303,500 410,000 35 15,792 49.9 6 (1) (1) (6) (28) 4 (4) (14) (26) (48) Dec-16 (4) 39 18 27.7 28.9 20.8 17.7 112 124 0.6 14.7 4.0 2.9 17.0 (18)
CJCJ 097950 KS O W 355,000 440,000 24 4,161 12.5 (0) (5) 1 (1) (10) (2) (8) (12) (21) (31) Dec-16 16 24 20 16.5 14.2 11.4 9.5 106 105 0.8 9.3 1.3 0.6 7.0 90
KT&G 033780 KS O W 115,000 130,000 13 14,053 32.1 2 (4) 10 14 (8) 0 (7) (4) (6) (28) Dec-15 19 (7) 4 14.0 11.8 12.6 12.1 100 107 3.1 18.6 2.2 3.4 9.3 (9)
LG H&H 051900 KS O W 962,0001,190,000 24 13,373 27.2 5 (0) 13 12 (16) 3 (3) (0) (8) (37) Dec-16 7 20 11 26.4 24.8 20.7 18.6 101 107 0.8 20.4 5.3 2.5 15.7 10
Orion 001800 KS N W 28,450 32,421 14 520 16.7 (5) (27) (18) (12) (38) (7) (30) (31) (31) (59) Dec-16 (38) 48 9 2.5 4.1 2.8 2.5 91 97 1.2 8.6 0.3 0.4 2.3 18
Sector Aggregate 24 47,901 4 (2) 6 5 (17) 2 (5) (7) (14) (38) Dec-16 (4) 19 15 17.6 18.3 15.3 15.0 106 109 1.5 14.4 2.6 1.7 10.5 17

Energy Minseok Sinn - 82 2 3707 8898

SKI 096770 KS O W 167,500 210,000 25 13,786 37.4 2 4 4 14 15 1 2 (9) (6) (6) Dec-16 33 6 (17) 9.3 7.0 6.6 8.0 98 108 3.8 12.4 0.8 0.3 3.8 2
S-Oil 010950 KS O W 103,500 130,000 26 10,372 23.5 1 8 7 22 32 (0) 6 (6) 2 12 Dec-16 1 10 6 10.0 9.9 9.0 8.5 107 102 6.0 18.3 1.8 0.7 8.6 48
Sector Aggregate 25 24,158 2 6 5 18 22 0 3 (8) (2) 2 Dec-16 19 7 (9) 9.6 8.0 7.5 8.2 101 106 4.8 14.0 1.1 0.5 5.2 14

Healthcare Ray Kim - 82 2 3707 3776

GCC 006280 KS O W 177,500 233,000 31 1,846 4.0 3 1 9 13 (2) 2 (1) (5) (7) (22) Dec-16 (12) 58 20 32.4 36.9 23.4 19.5 93 127 0.6 5.5 2.1 1.8 20.5 26

Hotels, Restaurants & Leisure A-Hyung Cho/ Ray Kim - 82 2 3707 3735/ 82 2 3707 3776

20 July 2017
GKL 114090 KS N W 22,550 23,000 2 1,242 5.4 5 1 3 10 (10) 3 (1) (10) (10) (31) Dec-16 (33) 4 (1) 12.2 18.3 17.6 17.8 89 86 3.0 15.4 2.9 2.7 11.6 (20)
Hotel Shilla 008770 KS N W 59,600 50,000 (16) 2,082 25.3 5 7 14 24 (7) 4 5 1 4 (27) Dec-16 (66) 944 20 n.m. n.m. 29.8 24.8 34 90 0.6 1.1 3.4 0.8 24.8 83
Kangwon Land 035250 KS O W 35,050 41,000 17 6,675 10.4 3 (1) (7) (2) (15) 1 (3) (20) (22) (35) Dec-16 1 21 8 15.6 15.4 12.8 11.8 103 111 3.0 14.6 2.5 4.4 10.7 (1)
Paradise 034230 KS U W 13,750 10,000 (27) 1,113 11.0 5 (9) (5) 13 (11) 2 (8) (11) 7 (7) Dec-16 (86) 235 98 21.2 n.m. 46.5 23.6 57 63 0.0 0.8 1.3 2.5 29.0 45
65

Sector Aggregate 5 11,111 4 0 (2) 6 (12) 2 (2) (15) (14) (33) Dec-16 (14) 33 11 18.5 21.6 16.2 14.5 97 103 2.2 10.4 2.4 2.1 13.6 17
Jump-Start

South Korea—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Insurance Gil Kim - 82 2 3707 3763
DBI 005830 KS N W 80,100 70,000 (13) 5,048 10.4 3 15 16 28 25 1 13 3 8 4 Dec-16 13 (0) 3 10.8 9.5 9.5 9.3 103 98 2.2 13.0 1.2 n.a. n.a. n.a.
HMF 001450 KS O W 44,500 38,000 (15) 3,541 8.7 1 14 24 41 48 (1) 12 11 21 28 Dec-15 97 (4) 3 17.5 8.9 9.2 9.0 100 98 3.0 15.4 1.3 n.a. n.a. n.a.
SFM 000810 KS O W 294,000 320,000 9 12,397 22.2 2 3 8 9 9 0 1 (5) (10) (11) Dec-16 41 (4) 9 14.2 10.0 10.4 9.5 124 118 2.4 10.5 1.0 n.a. n.a. n.a.
SLI 032830 KS O W 125,000 137,000 10 22,252 24.4 3 7 15 11 27 1 5 2 (9) 7 Dec-16 (32) 9 11 10.9 15.9 14.6 13.1 102 110 1.4 4.7 0.7 n.a. n.a. n.a.
Sector Aggregate 5 43,239 2 8 14 15 24 1 5 1 (5) 3 Dec-16 (6) 2 9 11.4 12.2 11.9 11.2 108 109 1.8 7.3 0.9 n.a. n.a. n.a.

Media Ray Kim - 82 2 3707 3776

CJ CGV 079160 KS O W 69,200 100,000 45 1,303 10.5 3 (5) (20) (2) (26) 1 (7) (33) (22) (46) Dec-16 269 110 28 n.m. 32.2 15.4 12.0 128 138 0.5 14.7 6.0 1.3 8.9 105
Loen Ent 016170 KS O W 87,000 109,000 25 1,959 1.7 5 3 (4) 15 6 1 4 (9) 8 10 Dec-16 52 24 11 35.1 23.1 18.6 16.8 115 116 1.3 32.3 7.4 3.3 14.1 (48)
Sector Aggregate 33 3,262 4 (0) (10) 8 (7) 2 (3) (23) (12) (27) Dec-16 88 52 19 48.9 26.1 17.2 14.5 119 125 1.0 23.3 6.8 1.8 10.8 62

Metals & Mining Minseok Sinn - 82 2 3707 8898

Hyundai Steel 004020 KS O W 64,300 73,000 14 7,638 22.2 5 12 22 13 28 3 9 9 (7) 7 Dec-16 25 (1) 4 10.3 8.3 8.3 8.0 102 102 1.2 6.2 0.5 1.1 6.7 63
POSCO 005490 KS O W 317,500 360,000 13 24,640 70.1 4 17 20 23 44 2 14 7 3 24 Dec-16 100 8 4 18.6 9.3 8.6 8.3 111 115 2.5 6.3 0.6 0.8 6.2 42
Sector Aggregate 13 32,277 4 16 21 21 40 2 13 8 1 20 Dec-16 73 6 4 15.6 9.1 8.6 8.2 108 112 2.2 6.2 0.6 0.9 6.3 47

Retailing A-Hyung Cho - 82 2 3707 3735

E-Mart 139480 KS O W 238,500 267,000 12 5,918 20.5 2 5 1 30 46 1 2 (12) 10 25 Dec-16 19 18 10 17.7 14.8 12.5 11.5 106 107 0.6 5.7 0.8 0.6 9.4 42
Hyundai Dept. Store 069960 KS O W 109,500 143,000 31 2,281 11.3 1 (2) 1 0 (16) (0) (5) (12) (19) (36) Dec-16 18 (5) 5 9.0 7.7 8.1 7.7 111 105 0.7 8.4 0.6 0.5 4.8 7
Lotte Shopping 023530 KS N W 285,000 260,000 (9) 7,989 25.8 (3) (7) 22 29 45 (4) (9) 8 9 24 Dec-16 121 17 7 53.4 24.2 20.6 19.2 104 96 0.7 2.1 0.5 0.7 12.8 71
Shinsegae 004170 KS N W 231,000 229,000 (1) 2,024 9.5 (3) (3) 12 31 21 (4) (5) (1) 11 0 Dec-16 (30) 23 16 10.0 14.3 11.6 10.0 88 96 0.5 4.1 0.6 0.7 8.4 53
Sector Aggregate 4 18,212 (1) (2) 11 26 35 (2) (4) (2) 6 14 Dec-16 24 13 9 19.4 15.6 13.8 12.7 104 102 0.7 3.9 0.6 0.6 10.0 53

Software & Services Eric Cha/ Minseok Sinn/ Ray Kim - 82 2 3707 3764/ 82 2 3707 8898/ 82 2 3707 3776
CJ E&M 130960 KS N W 77,100 77,000 (0) 2,658 24.2 4 2 (7) 9 3 1 2 (13) 2 7 Dec-16 131 7 16 47.9 20.7 19.4 16.7 107 97 0.3 8.9 1.8 1.9 6.6 25
Com2uS 078340 KS N W 116,100 125,000 8 1,330 9.4 (1) (4) (5) 33 (3) (4) (3) (10) 27 1 Dec-15 22 12 16 11.7 9.6 8.5 7.3 101 110 1.2 26.0 2.3 2.6 6.7 (28)
Gamevil 063080 KS N W 58,600 55,000 (6) 344 6.4 (2) (4) (17) 20 (29) (5) (4) (23) 14 (25) Dec-15 48 42 37 19.0 12.8 9.0 6.6 101 148 0.0 13.2 1.6 2.4 45.3 (2)
Kakao 035720 KS U W 105,000 67,000 (36) 6,335 46.1 7 1 16 36 12 5 (1) 3 16 (8) Dec-15 (36) 90 3 54.5 85.6 45.1 43.7 144 117 0.1 2.6 2.0 5.2 32.3 26
Naver 035420 KS O W 835,000 950,000 14 24,499 63.3 2 (5) 5 8 16 0 (7) (8) (12) (4) Dec-15 49 26 19 47.9 32.1 25.5 21.5 102 114 0.1 21.3 6.9 6.4 20.5 (53)
NC Soft 036570 KS O W 360,500 530,000 47 7,040 100.2 (1) (12) (2) 46 41 (2) (14) (15) 26 20 Dec-16 73 51 (2) 29.1 16.8 11.2 11.3 115 130 1.8 22.1 3.3 4.4 11.3 (31)
Netmarble Games 251270 KS U W 145,000 113,000 (22) 10,972 93.7 0 (4) n.a. n.a. n.a. (2) (6) n.a. n.a. n.a. Dec-16 244 (1) (7) 70.6 20.5 20.8 22.5 108 87 0.0 20.7 2.7 3.8 10.9 (46)
Samsung SDS 018260 KS U W 186,000 120,000 (35) 12,811 19.2 2 12 30 33 23 1 10 17 13 2 Dec-16 0 8 5 31.0 31.0 28.8 27.3 93 90 0.4 8.7 2.6 1.2 11.5 (48)
Sector Aggregate (4) 65,988 2 (1) 10 23 19 0 (4) (3) 3 (1) Dec-16 49 17 (0) 35.3 23.7 20.2 19.3 109 106 0.4 14.3 3.1 2.9 12.6 (32)

Technology Hardware Keon Han/ Sang Uk Kim - 82 2 3707 3740/ 82 2 3707 3795
DNF 092070 KS O W 17,850 21,000 18 171 1.5 12 10 24 9 28 8 11 19 2 32 Dec-16 43 15 18 18.4 12.9 11.2 9.5 110 102 0.0 18.6 2.2 2.7 9.8 11
LG Display 034220 KS N W 37,350 30,600 (18) 11,896 72.4 3 0 25 19 26 1 (2) 12 (1) 6 Dec-15 (15) 87 (39) 13.3 15.6 8.3 13.7 95 72 1.3 6.7 1.0 0.6 3.8 24
LG Electronics 066570 KS N W 70,500 65,000 (8) 10,269 70.2 (0) (18) (1) 37 28 (2) (21) (14) 17 7 Dec-15 (40) 1,432 (35) 54.7 91.1 5.9 9.2 183 116 1.0 1.0 0.9 0.3 5.6 42
LG Innotek 011070 KS O W 159,000 185,000 16 3,350 24.7 4 (3) 19 80 77 2 (5) 6 60 57 Dec-16 5,257 4 3 n.m. 14.2 13.6 13.2 116 91 0.2 13.8 1.8 0.6 5.5 35
SDI 006400 KS N W 178,000 115,000 (35) 10,895 35.3 3 15 29 63 66 2 12 16 43 45 Dec-15 439 103 21 n.m. 55.8 27.5 22.6 102 71 0.6 2.1 1.2 2.3 n.m. (1)
SEC 005930 KS O W 2,537,0003,150,000 24 295,073 421.3 2 9 26 41 65 0 6 13 21 45 Dec-16 81 6 7 15.7 8.7 8.1 7.6 105 98 1.4 18.5 1.5 1.3 4.1 (11)
SEMCO 009150 KS O W 102,000 130,000 27 6,781 46.7 2 9 52 101 97 0 6 39 81 76 Dec-16 1,107 107 13 n.m. 44.6 21.5 19.0 91 106 0.5 4.5 1.9 1.4 9.1 41
SK Materials 036490 KS O W 193,300 240,000 24 1,815 9.8 6 (6) 7 8 48 3 (5) 2 1 52 Dec-16 29 38 15 18.8 14.6 10.6 9.2 112 120 1.9 29.9 4.0 4.1 9.4 77
Soulbrain 036830 KS O W 73,200 82,500 13 1,079 5.2 8 1 31 21 25 5 1 25 15 30 Dec-16 27 24 17 16.2 12.8 10.3 8.8 103 104 0.7 15.7 1.9 1.4 6.1 (9)
SSC 046890 KS N W 22,250 16,500 (26) 1,155 11.5 9 16 26 43 33 6 16 21 37 38 Dec-15 40 10 3 48.4 34.5 31.4 30.5 103 82 0.6 6.0 2.0 1.5 9.1 22
Wonik Materials 104830 KS O W 77,900 83,500 7 433 2.0 3 (1) 25 16 23 0 (0) 19 9 27 Dec-15 (29) 69 42 22.1 31.1 18.4 12.9 n.a. n.a. 0.0 7.7 2.3 2.7 13.3 (7)
Sector Aggregate 20 342,917 2 8 26 42 63 0 5 13 22 43 Dec-16 90 4 7 17.1 9.0 8.6 7.8 104 95 1.3 17.0 1.4 1.0 4.1 (6)

Telecommunication Services Eric Cha - 82 2 3707 3764

KT 030200 KS O W 33,150 38,000 15 7,705 15.2 2 5 5 13 11 1 2 (8) (7) (10) Dec-16 10 18 5 10.2 9.2 7.8 7.4 113 121 3.3 6.7 0.6 0.6 2.7 32
LGU 032640 KS O W 15,550 20,000 29 6,043 23.4 2 (6) 11 36 43 1 (8) (2) 16 23 Dec-16 17 16 6 13.8 11.7 10.1 9.5 107 112 2.6 11.5 1.3 0.8 3.8 57
SKT 017670 KS N W 262,000 280,000 7 18,830 40.5 2 6 5 17 19 0 3 (8) (3) (2) Dec-16 30 10 3 11.0 8.5 7.7 7.4 110 119 3.8 10.8 1.0 1.5 5.7 30
Sector Aggregate 13 32,578 2 3 6 19 21 0 1 (7) (0) 1 Dec-16 23 13 4 11.2 9.1 8.1 7.7 110 119 3.5 9.5 0.9 0.9 4.1 34

Transportation Gil Kim/ Michael Sohn - 82 2 3707 3763/ 82 2 3707 3739

CJL 000120 KS O W 181,000 250,000 38 3,675 7.0 1 (5) 13 1 (18) (0) (8) 0 (19) (38) Dec-16 103 43 14 57.2 28.1 19.6 17.2 147 144 0.0 4.8 1.3 0.9 13.4 67
Glovis 086280 KS N W 153,500 150,000 (2) 5,124 14.8 2 1 8 (1) (9) 0 (1) (5) (21) (30) Dec-16 18 (3) 3 11.4 9.6 9.9 9.6 97 94 2.6 16.3 1.5 0.4 6.4 8

20 July 2017
Sector Aggregate 15 8,799 1 (1) 10 0 (13) (0) (4) (3) (20) (33) Dec-16 29 6 6 17.1 13.3 12.4 11.8 104 103 1.5 11.8 1.4 0.5 8.6 33
66
Jump-Start

South Korea—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Utilities A-Hyung Cho - 82 2 3707 3735
KEPCO 015760 KS N W 42,850 51,000 19 24,485 60.1 2 2 (3) (3) (29) 0 (1) (16) (23) (50) Dec-16 (22) (3) 6 3.9 5.0 5.2 4.9 110 94 3.5 7.3 0.4 1.3 4.4 63

Country Aggregate 2,430 2,777 14 882,959 2 2 13 20 20 Dec-16 35 7 6 13.7 10.1 9.5 8.6 102 99 1.7 10.7 1.0 0.9 5.2 12

Note: Prices are as of 19 July 2017,

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
67
Jump-Start

Malaysia—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Banks Danny Goh - 60 3 2723 2083
Alliance Financial Group AFG MK N RM 3.85 4.19 9 1,391 1.2 (1) (3) (4) 3 (5) (1) (1) (5) (4) (10) Mar-17 (5) 17 23 11.6 12.3 10.5 8.6 95 102 3.8 9.3 1.1 n.a. n.a. n.a.
CIMB Group CIMB MK O RM 6.42 7.10 11 13,564 25.0 2 (4) 17 42 52 2 (2) 16 35 47 Dec-16 27 17 7 15.7 12.3 10.5 9.9 103 109 3.1 10.1 1.2 n.a. n.a. n.a.
Hong Leong Bank HLBK MK N RM 15.70 13.45 (14) 7,943 4.5 (1) 1 15 16 18 (1) 3 14 9 12 Jun-16 11 8 10 16.7 15.1 13.9 12.7 97 99 2.6 10.3 1.5 n.a. n.a. n.a.
Maybank MAY MK N RM 9.64 10.20 6 23,743 31.0 0 0 6 18 18 0 2 5 11 13 Dec-16 9 15 10 14.6 13.4 11.6 10.6 101 110 5.7 10.7 1.4 n.a. n.a. n.a.
Public Bank PBK MK U RM 20.36 18.90 (7) 18,448 20.7 0 0 2 3 4 0 2 1 (4) (1) Dec-16 (2) 5 6 15.2 15.4 14.7 13.9 97 97 3.0 14.4 2.1 n.a. n.a. n.a.
Sector Aggregate 1 65,089 0 (1) 8 18 21 0 1 7 11 15 Dec-16 9 12 9 15.0 13.7 12.3 11.2 100 105 4.0 11.2 1.5 n.a. n.a. n.a.

Capital Goods Danny Goh - 60 3 2723 2083

Gamuda GAM MK O RM 5.32 5.90 11 3,042 7.2 (2) (1) 4 11 9 (2) 1 3 4 4 Jul-16 25 19 20 21.2 16.9 14.2 11.8 114 119 2.3 11.3 1.5 3.4 20.1 35
IJM Corporation IJM MK O RM 3.46 4.30 24 2,929 4.1 0 (1) (1) 8 (1) (0) 1 (2) 1 (6) Mar-17 19 16 15 19.1 16.1 13.9 12.1 114 119 2.5 8.0 2.1 2.2 10.3 39
Sector Aggregate 17 5,971 (1) (1) 2 10 4 (1) 1 1 3 (1) Dec-16 15 18 15 18.6 16.2 13.7 12.5 114 119 2.3 9.5 1.7 2.5 13.3 37

Chemicals Paworamon (Poom) Suvarnatemee - 66 2 614 6210

Petronas Chem PCHEM MK N RM 6.94 7.30 5 12,958 12.8 1 (4) (8) (1) 7 1 (2) (9) (8) 2 Dec-16 24 6 7 18.9 15.3 14.5 13.6 101 106 3.4 12.9 1.9 2.9 7.9 (27)

Consumer Staples Ella Nusantoro/ Joanna Cheah/ Tingmin Tan - 62 21 2553 7917/ 6 03 2723 2081/ 60 3 2723 2080
BAT Malaysia ROTH MK N RM 43.60 49.90 14 2,906 3.5 2 (4) (7) (1) (20) 2 (3) (8) (8) (25) Dec-16 10 12 9 18.4 16.8 15.0 13.8 116 122 5.7 117.5 19.1 3.0 13.3 12
Carlsberg CAB MK O RM 15.16 17.80 17 1,090 0.4 0 2 2 9 2 0 4 1 2 (3) Dec-16 16 10 10 22.6 19.5 17.7 16.2 102 105 5.1 74.0 14.4 2.6 13.3 4
FGV FGV MK U RM 1.68 1.46 (13) 1,430 6.0 3 (9) (16) 8 0 3 (7) (17) 1 (5) Dec-16 120 24 (75) n.m. 86.0 69.2 n.m. 53 46 0.0 1.2 1.0 0.7 8.1 53
Genting Plantations GENP MK N RM 10.84 11.70 8 2,032 2.0 0 (3) (3) 1 3 0 (1) (4) (6) (2) Dec-16 38 (8) 7 28.5 20.6 22.3 20.8 112 95 1.0 9.1 1.9 6.0 18.2 33
Heineken HEIM MK N RM 17.74 18.70 5 1,251 0.4 (2) (5) (1) 8 1 (2) (3) (2) 1 (4) Dec-16 (34) 6 8 12.5 19.1 18.0 16.7 98 99 5.2 71.6 13.7 2.6 13.1 5
IOI IOI MK U RM 4.49 3.80 (15) 6,585 4.9 0 (0) (1) 2 3 (0) 2 (2) (5) (2) Jun-16 5 3 1 30.6 29.2 28.3 28.2 85 82 1.7 13.4 3.8 2.6 17.8 66
KL Kepong KLK MK N RM 24.72 22.80 (8) 6,159 8.3 (0) (1) 2 3 6 (0) 1 1 (4) 1 Sep-16 (38) 0 2 16.5 26.8 26.7 26.1 80 78 2.1 9.2 2.4 1.9 16.0 36
Sime Darby SIME MK O RM 9.55 11.20 17 15,159 19.7 0 (1) 3 18 25 0 1 2 11 20 Jun-16 1 (7) (7) 25.1 24.9 26.8 28.7 110 92 2.8 7.5 1.8 1.6 13.5 22
Sector Aggregate 5 36,613 0 (1) 0 9 11 0 0 (1) 2 6 Dec-16 (6) (1) 5 23.6 25.1 25.3 19.1 95 88 2.6 9.5 2.3 1.8 14.1 32

Diversified Financials Danny Goh - 60 3 2723 2083

HLFG HLFG MK O RM 17.00 19.40 14 4,553 0.7 1 (3) 5 20 12 1 (1) 4 13 7 Jun-16 10 12 14 14.4 13.1 11.7 10.3 91 95 2.3 9.4 1.2 n.a. n.a. n.a.

Energy Danny Chan - 60 3 2723 2082

Bumi Armada BAB MK O RM 0.73 0.90 23 993 3.1 (3) (4) (3) 20 (4) (3) (2) (4) 13 (9) Dec-16 330 22 42 n.m. 12.9 10.6 7.4 120 97 0.0 5.7 0.7 4.3 10.3 151
Dialog DLG MK O RM 1.95 2.10 8 2,551 5.2 2 1 8 27 27 2 3 7 20 22 Jun-16 10 15 5 34.7 31.7 27.6 26.2 103 107 1.1 13.2 3.9 2.9 26.6 (3)
Sapura Energy SAPE MK U RM 1.61 1.40 (13) 2,252 5.0 (2) (13) (17) (1) 12 (2) (11) (18) (8) 7 Jan-17 (51) 61 29 21.9 44.7 27.8 21.5 90 86 0.6 1.7 0.7 4.0 13.0 117
Uzma UZMA MK O RM 1.54 2.10 36 115 0.1 0 (11) (19) (9) (18) (0) (9) (20) (16) (23) Dec-16 55 21 9 15.6 10.0 8.3 7.6 108 114 3.0 10.8 1.0 1.7 6.4 73
Sector Aggregate 3 5,911 (1) (5) (4) 14 15 (1) (4) (5) 7 10 Dec-16 40 22 26 36.1 25.7 21.0 16.7 105 97 0.9 4.5 1.1 3.7 13.1 110

Healthcare Joanna Cheah - 6 03 2723 2081

Karex Bhd KAREX MK N RM 1.57 2.06 31 367 1.2 1 (12) (24) (33) (34) 1 (11) (25) (41) (39) Jun-16 (51) 74 24 23.6 47.8 27.5 22.1 84 94 0.8 6.7 3.1 3.4 31.4 (18)
Kossan Rubber KRI MK U RM 6.97 5.50 (21) 1,040 0.6 (0) 7 14 6 7 (0) 9 13 (1) 2 Dec-16 15 23 3 26.1 22.7 18.4 17.8 91 98 1.8 16.9 3.6 1.9 13.5 7
Top Glove TOPG MK N RM 5.68 5.70 0 1,665 2.9 1 3 19 6 29 1 5 18 (1) 23 Aug-16 (12) 21 14 19.8 22.5 18.7 16.4 95 101 2.2 16.7 3.6 2.2 14.9 15
Sector Aggregate (3) 3,073 0 3 12 1 14 0 5 11 (6) 8 Dec-16 2 22 3 23.2 22.7 18.6 17.8 95 100 2.0 16.0 3.5 2.1 14.5 7

Hotels, Restaurants & Leisure Danny Chan - 60 3 2723 2082

Genting Bhd GENT MK O RM 9.34 11.00 18 8,318 7.9 2 (4) (4) 18 6 2 (2) (5) 11 0 Dec-16 7 13 10 16.3 15.3 13.5 12.2 106 102 1.0 6.4 1.0 3.2 9.3 9
Genting Malaysia GENM MK O RM 5.82 6.75 16 8,066 10.5 3 3 4 29 31 3 5 3 22 26 Dec-16 (3) 14 19 17.3 17.8 15.7 13.2 115 106 1.4 9.0 1.6 3.4 11.5 2
Sector Aggregate 17 16,384 3 (1) 0 23 18 3 1 (1) 16 13 Dec-16 2 13 14 16.8 16.4 14.5 12.7 110 104 1.2 7.3 1.2 3.3 9.9 7

Media Danny Chan - 60 3 2723 2082

Astro ASTRO MK N RM 2.56 2.80 9 3,113 1.2 (2) (6) (6) (2) (14) (2) (4) (7) (9) (19) Jan-17 6 1 8 20.6 19.4 19.3 17.9 96 90 4.9 104.3 19.3 3.2 9.3 704

Real Estate Joanna Cheah - 6 03 2723 2081

IOI Prop IOIPG MK N RM 2.20 2.04 (7) 2,827 1.6 2 1 8 13 (2) 2 3 7 6 (7) Jun-16 8 2 (0) 12.1 11.2 11.0 11.0 120 119 1.9 5.7 0.6 4.7 13.2 11
Mah Sing MSGB MK N RM 1.54 1.57 2 866 0.6 (3) (1) 4 8 (1) (3) 1 3 1 (6) Dec-16 (5) (5) 11 10.8 11.3 11.9 10.6 99 95 3.7 10.1 1.1 1.2 7.8 (1)
Sector Aggregate (5) 3,693 1 1 7 12 (2) 1 3 6 5 (7) Dec-16 2 (0) 11 11.4 11.2 11.2 10.6 114 110 2.4 6.4 0.7 2.9 11.3 7

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Malaysia—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Retailing Joanna Cheah - 6 03 2723 2081
Padini PAD MK O RM 3.84 4.08 6 590 0.9 5 11 22 51 48 5 12 21 44 43 Jun-16 20 12 10 18.4 15.4 13.8 12.5 104 104 3.0 32.0 4.5 1.5 8.9 (36)

Software & Services Danny Chan - 60 3 2723 2082

MYEG MYEG MK N RM 2.16 2.20 2 1,818 5.3 0 1 7 43 77 0 3 7 36 72 Jun-16 32 33 9 54.5 41.3 31.1 28.4 93 93 0.7 40.4 14.6 21.2 36.7 (16)

Technology Hardware Danny Chan - 60 3 2723 2082

Inari INRI MK O RM 2.48 2.70 9 1,154 3.3 7 24 22 49 59 7 26 21 42 54 Jun-16 50 12 23 32.2 21.5 19.2 15.6 117 103 2.8 28.6 5.6 4.0 16.2 (35)

Telecommunication Services Danny Chan - 60 3 2723 2082

Axiata AXIATA MK N RM 4.68 4.80 3 9,829 7.6 (4) (8) (8) (1) (19) (4) (6) (9) (8) (24) Dec-16 9 12 2 29.6 27.2 24.3 23.9 113 107 1.8 6.4 1.7 2.4 6.7 52
DiGi DIGI MK N RM 4.79 5.00 4 8,692 7.0 (2) (4) (7) (1) (2) (2) (2) (8) (8) (7) Dec-16 2 (0) (0) 22.8 22.3 22.3 22.4 107 107 4.4 316.6 69.5 6.1 13.4 556
Maxis MAXIS MK N RM 5.56 5.50 (1) 10,136 5.6 1 (5) (13) (7) (10) 1 (4) (14) (14) (16) Dec-16 (8) (1) (1) 20.7 22.6 22.8 23.1 98 97 3.6 33.0 6.4 6.0 11.4 114
Time TDC MK O RM 9.56 10.20 7 1,290 1.1 (1) 2 11 24 28 (1) 4 10 17 23 Dec-16 15 19 14 28.3 24.6 20.6 18.2 98 102 1.0 9.9 2.4 5.8 14.8 (12)
TM T MK O RM 6.39 7.20 13 5,605 6.9 (1) (3) (1) 7 (6) (1) (2) (2) 0 (11) Dec-16 3 7 15 28.3 27.6 25.7 22.3 101 104 3.3 11.3 3.1 2.3 7.4 77
Sector Aggregate 4 35,552 (2) (5) (7) (0) (9) (2) (3) (8) (7) (14) Dec-16 1 4 3 24.6 24.4 23.4 22.8 104 103 3.2 15.4 3.6 3.5 9.0 67

Transportation Joanna Cheah - 6 03 2723 2081

AirAsia AIRA MK O RM 3.25 3.10 (5) 2,535 10.2 4 2 1 42 16 4 3 0 35 11 Dec-16 (25) (16) (19) 5.9 8.0 9.4 11.7 105 92 2.9 17.2 1.0 2.8 9.9 92
Malaysia Airports MAHB MK O RM 8.80 11.05 26 3,408 8.1 3 2 22 45 46 3 4 21 38 41 Dec-16 248 59 35 n.m. 59.6 37.5 27.7 108 111 0.8 3.2 1.9 3.8 9.4 39
Sector Aggregate 13 5,943 3 2 13 44 33 3 3 12 37 28 Dec-16 (15) (4) (5) 13.4 15.8 16.5 17.5 106 96 1.7 10.2 1.4 3.2 9.7 65

Utilities Joanna Cheah - 6 03 2723 2081

Malakoff MLK MK N RM 1.05 1.30 24 1,225 1.6 2 (6) (14) (23) (34) 2 (4) (15) (30) (40) Dec-16 (17) (0) 26 14.6 17.6 17.6 14.0 n.a. n.a. 6.7 5.2 0.9 2.7 6.5 211
Tenaga TNB MK U RM 14.12 12.50 (11) 18,650 29.7 (0) (2) 2 2 (1) (0) (0) 1 (5) (6) Aug-16 (10) 3 (0) 10.3 11.4 11.0 11.1 91 97 2.6 11.5 1.3 2.3 7.3 35
Sector Aggregate (9) 19,875 (0) (2) 1 0 (3) (0) (0) 0 (7) (8) Dec-16 (6) 2 26 10.8 11.5 11.3 14.0 93 96 2.9 10.8 1.2 2.4 7.0 50

Country Aggregate 1,757 1,820 4 222,290 0 (2) 1 7 5 Dec-16 4 8 8 17.3 16.7 15.5 14.3 100 101 3.0 10.6 1.7 2.6 10.0 35

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
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Pakistan—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Automobiles & Components Fahd Niaz - 65 6212 3035
HCAR HCAR PA N PRs 666.70 760.00 14 906 0.8 (2) (23) (20) (0) 65 (5) (21) (13) 5 50 Mar-17 32 6 4 15.5 11.8 11.1 10.7 93 91 2.5 50.0 4.9 1.3 9.3 (122)
INDU INDU PA U PRs 1,744.97 1,765.00 1 1,305 0.7 7 (6) 1 8 60 3 (4) 8 13 44 Jun-16 6 (2) 2 12.0 11.3 11.5 11.3 86 81 6.3 42.0 4.5 1.4 9.1 (13)
PSMC PSMC PA O PRs 671.54 825.00 23 526 0.5 1 (13) (2) 10 61 (3) (10) 5 15 45 Dec-16 23 27 22 19.9 16.3 12.8 10.6 61 74 1.2 12.3 1.9 0.7 11.9 (31)
Sector Aggregate 10 2,737 3 (13) (6) 6 62 (1) (11) 1 11 46 Dec-16 15 7 6 14.3 12.5 11.6 10.9 82 83 4.0 31.6 3.6 1.2 9.9 (45)

Banks Farhan Rizvi - 65 6212 3036

BAFL BAFL PA O PRs 39.54 49.00 24 598 1.0 4 1 2 4 51 0 3 9 9 35 Dec-16 5 24 17 8.0 7.6 6.1 5.2 94 100 0.0 13.1 0.9 n.a. n.a. n.a.
HBL HBL PA O PRs 252.69 302.00 20 3,527 4.6 3 (2) (6) (8) 19 (1) 1 1 (3) 3 Dec-16 11 22 16 10.9 9.8 8.1 6.9 111 116 5.5 18.5 1.8 n.a. n.a. n.a.
MCB MCB PA N PRs 209.20 240.00 15 2,216 2.2 5 (1) (3) (12) (7) 1 1 4 (7) (23) Dec-16 11 10 9 10.4 9.3 8.5 7.8 98 96 7.7 16.9 1.4 n.a. n.a. n.a.
NBP NBP PA N PRs 61.34 64.00 4 1,242 1.5 4 (0) (1) (18) 1 1 2 5 (13) (15) Dec-16 (29) 4 9 5.7 8.0 7.7 7.1 101 92 10.6 9.1 0.7 n.a. n.a. n.a.
UBL UBL PA O PRs 213.67 276.00 29 2,489 3.8 6 (4) (12) (11) 19 2 (2) (5) (6) 3 Dec-16 10 12 12 9.4 8.6 7.7 6.9 107 108 6.1 19.4 1.6 n.a. n.a. n.a.
Sector Aggregate 19 10,072 4 (2) (6) (10) 13 0 1 1 (5) (3) Dec-16 2 14 13 9.2 9.0 7.9 7.0 104 105 6.4 15.7 1.4 n.a. n.a. n.a.

Building Materials & Construction Farhan Rizvi - 65 6212 3036

DGKC DGKC PA O PRs 196.35 290.00 48 819 3.7 1 (7) (17) (11) (4) (3) (5) (10) (6) (20) Jun-16 13 20 11 9.8 8.7 7.2 6.5 111 111 3.1 14.2 1.2 2.7 6.3 9
Lucky LUCK PA O PRs 760.71 970.00 28 2,341 3.9 6 (7) (13) (12) 10 3 (4) (6) (7) (6) Jun-16 33 21 18 19.0 14.3 11.8 10.1 125 101 1.7 22.7 3.0 4.5 9.5 (15)
Sector Aggregate 33 3,159 5 (7) (14) (12) 7 1 (4) (7) (7) (9) Dec-16 22 18 15 13.6 11.1 9.4 9.4 110 102 2.2 19.0 2.0 3.6 7.8 (0)

Capital Goods Fahd Niaz - 65 6212 3035

PEL PAEL PA O PRs 99.28 105.00 6 470 4.3 3 (9) (1) 39 51 (0) (7) 5 44 35 Dec-16 22 19 8 13.6 11.2 9.3 8.6 89 94 3.5 16.5 1.7 1.8 8.2 41

Chemicals Farhan Rizvi - 65 6212 3036

Engro Corp ENGRO PA N PRs 319.48 365.00 14 1,592 6.0 2 (3) (9) 1 (4) (2) (1) (2) 6 (20) Dec-16 (82) 12 8 2.4 13.1 11.8 10.9 113 117 5.6 9.4 1.2 1.0 3.6 16
FATIMA FATIMA PA N PRs 31.48 37.50 19 629 0.2 4 (2) (8) (15) (5) 0 0 (1) (10) (21) Dec-15 n.a. 6 8 n.a. 6.5 6.2 5.7 103 108 6.7 1.3 1.8 3.6 47
Fauji Fertiliser FFC PA N PRs 82.74 104.00 26 1,002 1.4 2 (1) (17) (21) (29) (1) 1 (10) (16) (45) Dec-16 10 4 1 8.9 8.1 7.8 7.7 103 100 10.1 44.2 3.4 2.2 13.7 120
Sector Aggregate 19 3,223 2 (3) (11) (9) (12) (1) (0) (4) (4) (28) Dec-16 (60) 8 5 3.7 9.3 8.6 9.4 107 108 7.5 16.6 1.5 1.4 5.5 30

Energy Fahd Niaz - 65 6212 3035

OGDC OGDC PA O PRs 146.91 185.00 26 6,012 3.6 3 3 (6) (11) 1 (0) 5 1 (6) (15) Jun-16 3 46 8 10.5 10.2 7.0 6.5 91 114 3.7 12.4 1.2 3.9 6.7 (3)
POL POL PA N PRs 448.73 430.00 (4) 1,010 1.3 3 (6) (6) (16) 17 (0) (4) 1 (11) 1 Jun-16 12 47 9 14.7 13.1 8.9 8.2 86 96 7.6 26.9 3.5 3.6 5.9 (37)
PPL PPL PA O PRs 173.07 190.00 10 3,247 1.1 4 14 2 (8) 3 1 16 9 (3) (13) Jun-16 44 79 15 19.8 13.7 7.7 6.7 88 108 2.9 12.4 1.6 3.5 6.6 (3)
PSO PSO PA U PRs 384.71 375.00 (3) 995 2.9 4 (2) (12) (11) (7) 1 1 (5) (6) (23) Jun-16 213 14 15 19.2 6.1 5.4 4.7 100 118 3.6 17.3 1.0 0.3 10.0 115
Sector Aggregate 16 11,264 4 5 (4) (11) 2 (0) 7 3 (6) (14) Dec-16 38 26 8 11.7 8.5 6.8 6.3 102 114 5.0 16.0 1.3 1.0 5.5 9

Country Aggregate 45,419 53,753 18 30,926 4 (3) (7) (5) 16 Dec-16 (1) 18 10 9.2 9.3 7.9 7.3 102 107 5.3 16.7 1.5 1.2 6.2 10

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
70
Jump-Start

Philippines—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Banks Danielo Picache - 632 858 7758
Asia United Bank AUB PM N P 59.50 50.20 (16) 567 0.0 3 18 22 24 28 2 17 17 8 29 Dec-15 36 0 15 19.0 14.0 14.0 12.2 90 100 0.0 8.6 1.2 n.a. n.a. n.a.
BDO BDO PM N P 122.20 105.30 (14) 10,480 5.7 (2) 1 3 14 11 (2) 0 (3) (2) 12 Dec-16 (5) 18 23 17.3 18.3 15.5 12.7 100 100 0.7 11.1 1.7 n.a. n.a. n.a.
BPI BPI PM U P 104.60 80.50 (23) 8,070 3.0 1 (1) (1) 18 6 1 (1) (7) 1 6 Dec-16 (2) 19 29 18.7 19.1 16.0 12.4 94 98 1.7 12.1 2.2 n.a. n.a. n.a.
Metrobank MBT PM O P 91.70 100.30 9 5,716 4.8 (4) 7 10 26 (3) (4) 6 4 10 (2) Dec-16 18 27 21 16.3 13.9 10.9 9.1 105 111 1.1 9.7 1.3 n.a. n.a. n.a.
Security Bank SECB PM U P 222.00 185.07 (17) 3,285 3.0 1 0 3 17 10 0 (0) (2) 1 11 Dec-16 (13) 14 26 15.6 17.9 15.6 12.4 94 93 0.9 9.3 1.6 n.a. n.a. n.a.
Sector Aggregate (12) 28,117 (1) 2 4 18 7 (1) 1 (2) 2 8 Dec-16 (0) 20 24 17.2 17.2 14.4 11.6 99 101 1.1 10.6 1.7 n.a. n.a. n.a.

Real Estate Danielo Picache - 632 858 7758

Ayala Land ALI PM O P 41.70 45.80 10 12,047 9.5 0 0 18 30 4 (0) 0 13 14 5 Dec-16 14 17 18 29.2 25.5 21.7 18.4 100 102 1.4 15.4 3.7 5.8 17.1 80
Filinvest Land FLI PM U P 1.90 1.58 (17) 905 0.4 0 15 17 26 (1) (0) 15 12 9 (0) Dec-15 7 11 10 9.1 8.5 7.6 6.9 102 102 2.9 9.4 0.8 4.8 11.7 69
Megaworld MEG PM N P 4.75 4.00 (16) 3,006 2.7 (0) 5 17 33 (6) (1) 5 11 17 (5) Dec-15 7 12 12 14.8 13.8 12.4 11.0 98 97 0.8 8.9 1.2 4.1 9.9 21
Robinsons Land RLC PM O P 24.70 34.30 39 1,985 1.1 2 (1) (5) (5) (22) 2 (2) (10) (22) (22) Sep-15 4 19 21 17.7 17.0 14.3 11.8 97 113 1.5 10.0 1.7 6.0 11.3 56
SM Prime SMPH PM U P 34.50 30.00 (13) 19,563 5.9 3 0 17 22 15 2 (0) 11 5 16 Dec-16 14 15 13 41.8 36.7 31.8 28.1 98 100 0.7 12.2 4.3 12.9 24.3 54
Sector Aggregate (3) 37,506 2 1 16 24 7 1 1 11 8 8 Dec-16 14 15 15 28.3 24.8 22.6 23.4 100 101 1.0 12.0 2.9 7.3 17.1 54

Telecommunication Services Varun Ahuja - 65 6212 3017

Globe GLO PM O P 2,044.00 2,500.00 22 5,327 2.7 (2) (5) 2 35 (13) (2) (5) (3) 19 (12) Dec-16 (9) 7 16 17.6 19.3 18.1 15.7 95 99 4.5 21.9 4.1 2.9 7.3 157
PLDT TEL PM U P 1,680.00 1,600.00 (5) 7,127 5.3 (3) (11) 0 23 (21) (3) (11) (5) 7 (20) Dec-16 (12) (15) 2 13.1 14.8 17.5 17.2 113 99 4.1 21.6 3.1 3.2 7.6 116
Sector Aggregate 7 12,454 (2) (8) 1 28 (18) (3) (9) (4) 12 (17) Dec-16 (11) (7) 8 14.7 16.5 17.8 16.5 106 99 4.2 21.7 3.4 3.0 7.5 131

Transportation Christopher Siow - 65 6212 3062

Cebu Air CEB PM N P 98.00 88.43 (10) 1,166 0.8 (0) (2) (3) 7 1 (1) (2) (8) (9) 2 Dec-16 (10) (8) (11) 5.9 6.5 7.1 8.0 108 104 1.9 24.1 1.4 1.8 7.8 92

Country Aggregate 7,973 7,581 (5) 79,243 0 0 5 17 (1) Dec-16 2 12 17 19.7 19.4 17.6 15.7 101 101 1.6 12.7 2.3 4.9 12.3 70

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
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Singapore—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Banks Danny Goh - 60 3 2723 2083
DBS Group DBS SP O S$ 21.86 22.70 4 40,946 67.3 6 6 16 26 36 2 4 10 11 22 Dec-16 10 16 8 13.0 11.8 10.2 9.4 101 105 3.0 10.6 1.2 n.a. n.a. n.a.
UOB UOB SP O S$ 24.25 25.60 6 29,597 37.6 4 4 11 19 29 1 2 6 3 15 Dec-16 14 11 7 12.7 11.1 10.1 9.4 110 112 3.1 11.2 1.2 n.a. n.a. n.a.
Sector Aggregate 5 70,544 5 5 14 23 33 2 3 8 8 19 Dec-16 12 14 7 12.9 11.5 10.1 9.4 104 108 3.0 10.8 1.2 n.a. n.a. n.a.

Capital Goods Gerald Wong - 65 6212 3037

Sembcorp Marine SMM SP O S$ 1.69 2.40 42 2,574 7.3 3 6 (2) 22 10 (1) 3 (8) 7 (4) Dec-16 5,611 54 39 n.m. 27.6 17.9 12.9 115 149 1.8 4.9 1.3 2.1 15.9 101
Yangzijiang Ship YZJSGD SP N S$ 1.38 1.10 (20) 3,857 15.4 9 14 28 69 54 6 11 22 53 41 Dec-16 15 (8) (6) 14.8 12.9 14.1 15.0 99 96 2.9 8.6 1.1 1.5 10.1 (4)
Sector Aggregate 5 6,432 7 10 16 50 37 3 8 10 35 23 Dec-16 46 5 8 24.0 16.4 15.6 14.4 102 109 2.4 7.3 1.2 1.8 12.7 33

Conglomerates Gerald Wong - 65 6212 3037

Keppel Corp KEP SP O S$ 6.52 8.70 33 8,666 20.9 3 3 (0) 13 17 (1) 1 (6) (3) 3 Dec-16 25 9 3 15.2 12.2 11.2 10.9 113 111 3.4 8.1 0.9 2.8 15.5 54
Sembcorp Industries SCI SP N S$ 3.18 3.60 13 4,156 9.4 3 3 4 12 11 (1) 0 (2) (4) (3) Dec-16 7 25 24 14.4 13.5 10.8 8.7 107 111 3.1 6.1 0.8 1.5 11.2 77
ST Engineering STE SP O S$ 3.76 4.00 6 8,584 9.2 4 0 (1) 16 12 (0) (2) (6) 1 (2) Dec-16 15 7 7 24.1 20.9 19.5 18.2 105 106 4.3 25.0 5.1 1.7 15.5 8
Sector Aggregate 19 21,405 3 2 0 14 14 (0) (0) (6) (1) 0 Dec-16 18 12 9 17.6 15.0 13.4 12.3 109 110 3.7 9.2 1.3 2.0 14.0 57

Consumer Staples Ella Nusantoro/ Nicholas Teh - 62 21 2553 7917/ 65 6212 3026
Bumitama BAL SP O S$ 0.74 0.90 22 944 0.6 (4) (3) 1 (12) (2) (4) (4) (2) (22) (14) Dec-15 (9) 71 35 14.1 15.6 9.1 6.8 83 110 1.8 15.3 2.3 2.7 10.1 74
First Resources FR SP O S$ 1.89 2.10 11 2,183 2.5 0 (2) 2 (1) 20 0 (3) (2) (10) 8 Dec-15 (2) 56 18 19.9 20.4 13.1 11.1 93 103 1.7 10.7 2.1 4.5 11.0 34
Golden Agri Resources GGR SP U S$ 0.39 0.33 (15) 3,613 6.7 3 4 12 (10) 8 (1) 2 6 (26) (5) Dec-16 (11) (4) 7 14.7 16.4 17.1 16.0 107 91 2.5 5.3 0.9 0.9 8.8 58
Wilmar Intl WIL SP N S$ 3.32 3.90 17 15,543 19.2 0 (6) (5) (8) (1) (3) (8) (11) (23) (15) Dec-16 9 8 7 16.2 14.8 13.7 12.8 84 85 2.1 7.1 1.0 0.7 13.2 74
Sector Aggregate 12 22,284 0 (4) (2) (8) 3 (3) (6) (8) (23) (11) Dec-16 14 7 7 16.1 14.2 13.2 13.1 90 91 2.1 7.4 1.0 0.8 11.2 67

Diversified Financials Rikin Shah - 65 6212 3098

SGX SGX SP N S$ 7.53 7.60 1 5,900 10.8 2 3 1 5 (3) (1) 0 (5) (10) (17) Jun-16 (2) 11 8 22.8 23.3 21.0 19.4 99 102 3.7 34.2 7.8 n.a. n.a. n.a.

Healthcare Dawei Lee - 65 6212 3004

Raffles Medical RFMD SP N S$ 1.28 1.60 25 1,657 1.9 1 (6) (11) (10) (18) (3) (8) (17) (26) (32) Dec-16 5 12 16 31.6 30.2 27.0 23.2 103 95 1.6 10.6 3.1 4.5 21.7 9

Hotels, Restaurants & Leisure Danny Chan - 60 3 2723 2082

Genting Singapore GENS SP O S$ 1.11 1.35 22 9,767 16.7 5 (4) 3 22 40 1 (6) (3) 7 26 Dec-16 62 27 10 45.9 28.4 22.4 20.3 91 103 2.7 6.5 1.8 4.6 11.2 (30)

Real Estate Louis Chua - 65 6212 5721

CapitaLand CAPL SP N S$ 3.68 3.80 3 11,500 30.2 4 3 1 22 19 1 0 (5) 6 6 Dec-16 15 1 11 18.5 16.1 16.0 14.4 109 112 2.7 5.4 0.9 6.6 10.6 45
CDL CIT SP O S$ 11.05 11.90 8 7,346 13.9 4 2 9 34 30 0 (1) 3 19 16 Dec-16 9 2 2 18.2 16.7 16.4 16.1 104 97 1.4 6.2 1.0 3.2 11.9 17
GLP GLP SP N S$ 3.33 3.38 2 11,794 34.2 23 12 17 51 73 20 9 11 36 59 Mar-16 (12) 34 11 48.5 55.4 41.4 37.4 75 87 1.9 2.4 1.3 17.7 30.3 26
UOL UOL SP O S$ 7.86 9.00 15 4,672 6.1 5 1 13 31 38 2 (1) 7 16 24 Dec-16 19 22 (13) 21.1 17.8 14.6 16.8 96 101 1.9 4.3 0.8 6.3 15.3 23
Sector Aggregate 5 35,312 11 5 10 35 42 7 3 4 20 28 Dec-16 15 7 3 24.0 20.9 19.6 15.3 101 100 2.1 4.7 1.0 6.5 14.1 32

REITs Nicholas Teh - 65 6212 3026

AREIT AREIT SP N S$ 2.67 2.62 (2) 5,713 17.8 4 (2) 4 18 7 0 (4) (2) 2 (7) Mar-17 (3) 2 2 16.0 16.5 16.1 15.9 100 95 6.0 7.8 1.3 n.a. 19.2 52
Ascott REIT ART SP N S$ 1.18 1.11 (6) 1,843 2.7 1 4 7 8 8 (3) 1 1 (7) (6) Dec-16 (15) 14 0 16.8 19.9 17.4 17.3 92 101 5.4 5.4 1.0 n.a. 20.1 54
CCT CCT SP N S$ 1.73 1.54 (11) 3,860 10.5 5 5 6 17 10 1 3 1 1 (4) Dec-16 1 (3) 1 20.8 20.6 21.2 21.1 88 94 5.3 4.8 1.0 n.a. 29.4 31
CDL REIT CDREIT SP O S$ 1.59 1.63 3 1,387 1.8 1 (0) 12 23 12 (2) (3) 6 8 (1) Dec-16 39 (0) 3 22.1 15.9 15.9 15.4 115 102 5.7 6.5 1.0 n.a. 20.6 46
CMT CT SP N S$ 2.00 2.25 13 5,184 12.9 2 2 (0) 6 (8) (2) (0) (6) (9) (22) Dec-16 4 0 0 19.0 18.2 18.1 18.1 97 95 5.6 6.0 1.0 n.a. 20.1 44
FCT FCT SP O S$ 2.11 2.24 6 1,422 1.3 2 (0) (0) 11 (1) (2) (3) (6) (4) (15) Sep-16 2 9 4 20.2 19.8 18.1 17.4 96 88 5.6 5.5 1.1 n.a. 24.2 40
Keppel DC REIT KDCREIT SP O S$ 1.34 1.47 10 1,104 2.1 4 6 10 13 15 0 3 4 (2) 1 Dec-16 12 1 7 20.0 17.9 17.8 16.6 101 100 5.6 7.8 1.4 n.a. 18.3 39
K-REIT KREIT SP U S$ 1.15 0.97 (16) 2,807 4.4 0 1 10 13 6 (4) (1) 4 (3) (7) Dec-16 19 0 6 36.7 30.8 30.7 28.8 73 74 5.0 2.5 0.8 n.a. 70.8 47
MCT MCT SP O S$ 1.60 1.72 8 3,365 6.0 2 3 2 15 8 (2) 0 (4) (1) (6) Mar-17 12 3 1 21.8 19.5 18.9 18.7 101 102 5.5 6.0 1.2 n.a. 22.9 57
MINT MINT SP N S$ 1.87 1.83 (2) 2,458 3.3 1 4 3 13 7 (3) 1 (3) (2) (6) Mar-17 2 4 3 16.8 16.4 15.8 15.4 101 97 6.2 7.9 1.3 n.a. 19.2 44
MLT MLT SP N S$ 1.20 1.12 (7) 2,194 3.1 2 1 7 18 14 (1) (1) 1 2 0 Mar-16 19 1 3 15.7 13.2 13.0 12.6 159 116 6.1 8.9 1.2 n.a. 18.3 62
OUEHT OUEHT SP N S$ 0.76 0.78 3 995 0.7 0 5 6 14 6 (4) 2 0 (1) (8) Dec-15 (26) 5 1 13.4 18.3 17.4 17.3 96 104 5.8 4.9 0.9 n.a. 24.2 57
SPH REIT SPHREIT SP N S$ 0.99 1.01 2 1,849 0.8 (1) (1) 1 4 5 (4) (4) (5) (11) (9) Aug-16 3 1 0 21.0 20.4 20.3 20.3 95 94 5.7 5.2 1.1 n.a. 22.5 32
SUNT SUN SP U S$ 1.92 1.46 (24) 3,715 8.4 4 4 9 16 7 (0) 1 3 1 (7) Dec-16 5 2 5 25.6 24.4 24.0 22.8 97 98 5.2 3.7 0.9 n.a. 40.8 56
Sector Aggregate (3) 37,895 2 2 5 14 6 (1) (1) (1) (2) (8) Dec-16 4 2 2 19.6 18.8 18.5 18.0 98 97 5.6 5.7 1.0 n.a. 23.6 48

Technology Hardware Dawei Lee - 65 6212 3004

Venture VMS SP O S$ 13.24 13.40 1 2,734 8.0 8 7 10 34 51 4 5 4 19 37 Dec-16 19 11 5 20.4 17.2 15.5 14.7 99 101 3.8 11.0 1.9 1.0 11.6 (20)

20 July 2017
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Singapore—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Telecommunication Services Varun Ahuja - 65 6212 3017
M1 M1 SP U S$ 1.94 1.45 (25) 1,326 3.7 (6) (13) (5) (1) (28) (9) (15) (11) (17) (42) Dec-16 (13) (24) (18) 12.0 13.9 18.2 22.2 93 80 5.8 31.1 4.2 2.0 7.5 95
SingTel ST SP O S$ 3.92 4.50 15 46,796 60.9 1 3 5 7 (8) (2) 1 (1) (8) (21) Mar-17 0 4 5 16.4 16.3 15.6 14.9 96 97 4.5 13.8 2.2 4.3 14.8 40
StarHub STH SP U S$ 2.74 2.20 (20) 3,469 9.1 1 0 (1) (2) (30) (3) (2) (7) (18) (44) Dec-16 (19) (17) (11) 13.9 17.0 20.6 23.2 100 89 5.8 142.0 24.1 2.3 8.8 395
Sector Aggregate 11 51,591 1 3 4 7 (10) (3) 0 (2) (9) (23) Dec-16 (2) 1 4 16.0 16.3 16.1 15.6 97 96 4.6 15.1 2.4 4.0 13.9 43

Transportation Christopher Siow/ Louis Chua - 65 6212 3062/ 65 6212 5721

ComfortDelGro CD SP O S$ 2.26 3.35 48 3,574 17.5 (1) (8) (15) (9) (23) (4) (11) (21) (24) (37) Dec-16 6 8 2 15.3 14.5 13.5 13.2 104 108 5.0 13.3 1.9 1.1 5.4 (10)
SATS SATS SP U S$ 5.09 4.65 (9) 4,183 10.2 2 (1) 4 5 19 (2) (4) (2) (10) 5 Mar-17 (5) 6 8 22.1 23.4 22.2 20.6 100 100 3.5 15.0 3.4 3.0 17.7 (21)
Singapore Airlines SIA SP N S$ 10.29 10.00 (3) 9,027 9.1 3 3 1 6 (6) (1) 1 (5) (9) (20) Mar-17 (2) 2 (4) 34.0 34.7 34.0 35.5 96 96 1.6 2.7 0.9 1.3 9.3 (0)
Sector Aggregate 7 16,783 2 (0) (1) 3 (4) (2) (3) (7) (13) (17) Dec-16 (10) 4 2 22.0 24.4 23.4 23.0 98 101 2.8 5.4 1.3 1.4 8.8 (6)

Utilities Shih Haur Hwang - 65 6212 3024

Hyflux HYF SP N S$ 0.56 0.58 4 351 0.5 3 (1) (1) 8 (6) (1) (3) (7) (8) (20) Dec-16 143 50 (1) n.m. 88.2 59.0 59.8 n.m. n.m. 1.3 0.7 0.6 3.6 18.7 98
Keppel Infrastructure Trust KIT SP N S$ 0.57 0.57 0 1,593 1.4 (1) 1 6 19 11 (4) (2) (0) 4 (3) Dec-16 23 10 5 52.9 42.9 39.0 37.2 110 121 6.6 4.2 1.9 5.0 14.1 114
Sector Aggregate 2 1,944 (0) 1 4 17 8 (4) (2) (2) 2 (6) Dec-16 29 14 4 61.2 47.3 41.5 39.9 126 141 5.6 2.9 1.3 4.4 15.4 106

Country Aggregate 3,325 3,569 7 284,878 4 2 6 15 14 Dec-16 9 8 6 17.3 15.8 14.6 13.4 100 102 3.5 8.4 1.3 2.0 13.9 39

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
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Jump-Start

Taiwan—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Banks Chung Hsu - 886 2 2715 6362
Chang Hwa Bank 2801 TT U NT$ 17.65 15.40 (13) 5,209 4.7 1 3 3 3 10 0 0 (6) (11) (6) Dec-16 (8) 1 5 12.7 13.9 13.7 13.0 100 100 1.4 7.6 1.0 n.a. n.a. n.a.
CTBC Holding 2891 TT O NT$ 19.80 21.60 9 12,709 27.6 (2) 2 8 12 17 (3) (1) (1) (1) 1 Dec-16 24 8 10 13.3 10.8 9.9 9.0 106 106 6.0 11.9 1.2 n.a. n.a. n.a.
E. Sun Financial 2884 TT N NT$ 19.40 18.60 (4) 6,045 16.6 3 5 6 7 11 2 2 (3) (6) (5) Dec-16 8 (0) 3 12.3 11.4 11.4 11.1 105 99 1.8 10.9 1.2 n.a. n.a. n.a.
First FHC 2892 TT N NT$ 20.60 18.60 (10) 8,123 11.3 2 5 13 20 23 1 3 4 6 7 Dec-16 (1) 4 7 13.9 14.1 13.5 12.6 100 99 4.7 8.8 1.2 n.a. n.a. n.a.
Hua Nan Financial 2880 TT N NT$ 17.80 16.00 (10) 6,165 6.3 1 4 7 10 8 1 2 (2) (4) (8) Dec-16 (15) 15 2 12.9 15.2 13.3 12.9 86 95 3.6 7.6 1.1 n.a. n.a. n.a.
Mega Financial 2886 TT N NT$ 25.60 26.40 3 11,462 11.6 0 3 7 11 3 (0) 1 (2) (2) (14) Dec-16 30 6 6 15.5 11.9 11.2 10.5 103 103 5.3 9.8 1.2 n.a. n.a. n.a.
SinoPac Financial 2890 TT N NT$ 9.53 9.50 (0) 3,350 6.3 1 6 4 5 (3) 0 3 (5) (9) (19) Dec-16 20 (10) 5 12.0 10.0 11.1 10.6 108 98 3.5 7.3 0.7 n.a. n.a. n.a.
Taishin Financial 2887 TT N NT$ 14.25 13.00 (9) 4,490 8.3 2 5 17 21 18 1 2 8 7 2 Dec-16 23 1 12 12.5 10.2 10.1 9.1 110 102 1.5 10.8 1.1 n.a. n.a. n.a.
Sector Aggregate (2) 57,553 1 4 8 12 12 (0) 1 (1) (2) (5) Dec-16 12 4 7 13.4 12.0 11.5 10.7 103 101 4.1 9.6 1.1 n.a. n.a. n.a.

Building Materials & Construction Chien Po Huang - 886 2 2715 6342

Taiwan Cement 1101 TT O NT$ 36.15 43.00 19 4,394 7.3 3 7 (1) 3 2 3 4 (10) (11) (15) Dec-16 20 24 11 21.0 17.4 14.0 12.6 96 105 4.3 7.1 1.2 1.8 8.9 26

Capital Goods Jerry Su - 886 2 2715 6361

Airtac 1590 TT O NT$ 395.00 420.00 6 2,328 8.4 8 21 17 54 72 7 18 8 40 56 Dec-16 46 17 21 36.9 25.3 21.5 17.8 103 97 2.0 24.5 5.9 6.0 16.4 65
Hiwin 2049 TT N NT$ 210.00 190.00 (10) 1,899 18.8 5 3 15 42 44 4 0 6 28 28 Dec-16 49 12 n.a. 43.5 29.2 26.1 n.a. 99 89 1.1 13.1 3.7 3.9 18.6 100
Teco 1504 TT O NT$ 28.25 37.00 31 1,863 3.5 (1) (2) (4) 1 (3) (1) (4) (13) (12) (19) Dec-16 10 10 n.a. 16.3 14.8 13.4 n.a. 101 97 3.8 7.4 1.1 1.0 7.8 (8)
Sector Aggregate 9 6,090 4 8 10 34 41 3 6 1 20 24 Dec-16 28 13 21 27.5 21.5 19.0 17.8 101 95 2.3 11.0 2.3 2.4 13.3 22

Consumer Durables & Apparel Sophia Chang - 886 2 2715 6353

ECLAT 1476 TT O NT$ 372.00 358.00 (4) 3,294 13.9 (0) 14 20 10 2 (1) 12 11 (3) (14) Dec-16 (0) 31 21 27.2 27.3 20.7 17.1 98 99 2.8 23.9 6.3 3.7 16.5 (31)
Feng Tay 9910 TT U NT$ 137.50 104.00 (24) 3,024 4.1 1 15 21 14 (6) 0 13 12 1 (22) Dec-16 2 13 9 20.6 20.3 18.0 16.5 101 97 3.8 31.9 6.2 1.5 10.6 3
Makalot 1477 TT N NT$ 138.00 120.00 (13) 941 6.4 (1) (1) 13 11 (15) (2) (4) 4 (2) (31) Dec-16 (8) 24 n.a. 18.7 20.3 16.4 n.a. 101 104 4.9 16.6 3.4 1.2 12.1 (18)
Nien Made 8464 TT O NT$ 372.00 365.00 (2) 3,589 6.8 2 22 38 12 22 1 19 29 (2) 5 Dec-16 14 24 17 29.5 25.9 20.9 17.9 102 105 2.7 34.8 8.5 4.9 16.3 (39)
Sector Aggregate (10) 10,847 1 16 26 12 5 (0) 13 17 (2) (11) Dec-16 4 22 16 24.7 23.8 19.5 17.2 100 101 3.2 27.6 6.4 2.5 13.8 (21)

Consumer Staples Chung Hsu - 886 2 2715 6362

TFM 5903 TT N NT$ 203.50 180.00 (12) 1,495 0.2 0 (1) 0 (0) (4) (1) (4) (9) (14) (20) Dec-16 (2) 14 19 33.0 33.6 29.3 24.7 n.a. n.a. 2.6 26.3 8.7 0.6 11.8 (81)
Uni-President 1216 TT O NT$ 60.30 63.00 4 11,280 18.4 0 3 9 13 (10) (1) 1 0 (1) (26) Dec-16 5 11 8 23.6 22.4 20.1 18.6 98 101 3.7 15.6 3.4 0.9 8.9 17
Sector Aggregate 3 12,775 0 3 8 11 (9) (1) 0 (1) (2) (25) Dec-16 5 12 9 24.4 23.3 20.9 19.1 98 101 3.5 16.2 3.7 0.8 9.1 14

Diversified Financials Chung Hsu - 886 2 2715 6362

Fubon FHC 2881 TT O NT$ 47.50 58.00 22 16,003 29.2 1 1 1 (7) 18 0 (1) (8) (20) 2 Dec-16 (8) 15 10 10.0 10.9 9.5 8.6 89 94 3.8 10.4 1.1 n.a. n.a. n.a.
Yuanta FHC 2885 TT O NT$ 13.20 15.00 14 5,214 9.2 (3) 2 6 10 18 (4) (1) (3) (4) 2 Dec-16 2 19 5 11.2 11.0 9.2 8.8 100 108 3.6 7.1 0.8 n.a. n.a. n.a.
Sector Aggregate 20 21,217 (0) 2 2 (3) 18 (1) (1) (7) (16) 2 Dec-16 (6) 16 9 10.3 10.9 9.4 8.7 92 97 3.8 9.3 1.0 n.a. n.a. n.a.

Healthcare Jerry Su/ Sophia Chang - 886 2 2715 6361/ 886 2 2715 6353
Ginko 8406 TT O NT$ 241.00 270.00 12 735 2.9 5 (0) (8) (28) (27) 4 (3) (17) (41) (43) Mar-16 0 19 15 14.7 14.7 12.3 10.7 101 108 2.8 15.0 2.1 3.6 9.8 13
PharmaEngine 4162 TT N NT$ 205.00 220.00 7 827 3.1 4 4 11 13 7 4 1 2 (1) (9) Dec-16 41 6 n.a. 36.9 26.2 24.6 n.a. 130 115 2.3 23.6 5.8 13.8 17.8 (104)
St.Shine 1565 TT N NT$ 640.00 580.00 (9) 1,062 7.3 1 3 15 4 (17) 0 0 6 (9) (33) Dec-16 (3) 19 13 18.2 18.8 15.8 13.9 104 104 4.2 32.1 5.8 4.6 12.2 (27)
TaiMed 4147 TT O NT$ 187.00 230.00 23 1,540 6.1 2 5 11 12 (18) 1 3 2 (1) (35) Dec-16 (1) 709 n.a. n.m. n.m. 26.7 n.a. 86 119 0.0 (6.3) 10.6 1152.7 n.m. (34)
TTY Biopharm 4105 TT O NT$ 97.40 130.00 33 797 5.9 1 (1) (4) (5) (15) 0 (4) (13) (19) (32) Dec-16 15 10 n.a. 20.3 17.7 16.0 n.a. 106 109 4.0 25.2 4.2 5.8 15.5 (10)
Sector Aggregate 14 4,962 3 3 7 2 (14) 2 0 (2) (12) (31) Dec-16 12 52 13 30.8 27.4 18.1 13.9 108 111 2.3 17.9 4.7 7.3 18.8 (21)

Insurance Chung Hsu - 886 2 2715 6362

Cathay FHC 2882 TT O NT$ 49.45 60.00 21 20,453 28.3 (1) 2 6 3 33 (2) (0) (3) (11) 16 Dec-16 1 9 17 13.0 12.9 11.9 10.2 100 104 3.9 10.1 1.3 n.a. n.a. n.a.
China Life Taiwan 2823 TT N NT$ 32.45 35.00 8 3,711 13.9 1 10 15 1 23 0 7 6 (12) 6 Dec-16 (20) 22 22 11.7 14.6 11.9 9.7 97 103 1.4 9.9 1.5 n.a. n.a. n.a.
Shin Kong FHC 2888 TT N NT$ 8.32 9.00 8 2,802 10.5 2 7 4 5 24 1 4 (5) (8) 8 Dec-16 13 25 27 17.7 15.7 12.5 9.9 98 92 0.0 4.8 0.7 n.a. n.a. n.a.
Sector Aggregate 18 26,965 (0) 4 7 3 30 (1) 1 (2) (11) 14 Dec-16 (1) 12 19 13.2 13.4 12.0 10.1 100 103 3.1 9.2 1.2 n.a. n.a. n.a.

Metals & Mining Chien Po Huang - 886 2 2715 6342

China Steel 2002 TT O NT$ 25.70 33.00 28 13,345 13.7 1 6 8 4 13 (0) 4 (1) (9) (3) Dec-16 20 13 13 24.7 20.6 18.1 16.0 110 106 3.8 6.3 1.3 1.9 9.7 72
Feng Hsin Steel 2015 TT N NT$ 51.10 53.00 4 978 0.7 1 (2) 1 13 21 (0) (5) (8) (1) 5 Dec-16 25 8 8 16.4 13.1 12.2 11.2 n.a. n.a. 6.5 13.4 1.7 1.1 7.3 (22)
Tung Ho Steel 2006 TT O NT$ 25.00 32.00 28 822 1.0 0 4 5 18 33 (1) 2 (4) 5 16 Dec-16 19 32 17 16.8 14.1 10.7 9.2 101 104 5.7 7.7 1.1 1.1 9.4 27
Sector Aggregate 27 15,146 1 6 7 6 15 (0) 3 (2) (8) (2) Dec-16 20 14 13 23.3 19.4 16.9 15.0 110 106 4.1 6.8 1.3 1.8 9.6 65

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Taiwan—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Retailing Chung Hsu - 886 2 2715 6362
President Chain Store 2912 TT N NT$ 277.50 245.00 (12) 9,498 12.1 2 3 7 20 5 1 0 (2) 7 (12) Dec-16 8 9 12 29.3 27.2 25.0 22.4 100 100 2.9 36.2 9.6 1.2 15.3 (87)

Software & Services Thompson Wu - 886 2 2715 6386

PChome online 8044 TT N NT$ 235.50 245.00 4 855 9.6 3 (6) (13) (17) (25) 2 (8) (22) (30) (41) Dec-16 13 19 17 33.9 30.0 25.2 21.6 110 111 2.7 14.3 4.2 0.7 15.0 (134)

Technology Hardware Jerry Su/ Pauline Chen/ Randy Abrams/ Thompson Wu - 886 2 2715 6361/ 886 2 2715 6323/ 886 2 2715 6366/ 886 2 2715 6386
Acer 2353 TT N NT$ 15.05 15.00 (0) 1,524 4.7 (5) (5) 8 15 (1) (6) (8) (1) 1 (18) Dec-16 110 34 17 n.m. 90.4 67.6 57.9 41 49 3.3 0.9 0.8 0.1 6.4 (55)
Advantech 2395 TT O NT$ 226.50 300.00 32 5,194 6.3 3 5 5 (2) (2) 3 2 (4) (16) (18) Dec-15 11 15 13 28.0 25.3 21.9 19.4 111 116 2.8 23.2 5.6 3.7 20.6 (16)
Asustek 2357 TT U NT$ 283.50 225.00 (21) 6,932 13.3 (4) (0) (1) 7 (0) (4) (3) (10) (7) (17) Dec-15 12 (13) 6 12.3 11.0 12.6 12.0 101 94 6.0 11.0 1.2 0.3 6.7 (46)
AUO 2409 TT N NT$ 12.55 12.00 (4) 3,976 37.0 (3) 1 1 6 2 (4) (2) (8) (7) (14) Dec-16 342 (64) (46) 15.4 3.5 9.7 17.8 113 71 17.3 17.7 0.6 0.5 1.9 18
Casetek 5264 TT O NT$ 101.50 120.00 18 1,135 9.3 (3) (1) 15 18 (19) (4) (4) 6 5 (36) Dec-16 6 23 5 12.3 11.6 9.4 9.0 103 105 4.3 10.1 1.1 0.9 4.2 (16)
Catcher 2474 TT O NT$ 377.00 415.00 10 9,488 48.8 (2) 5 30 68 55 (3) 3 21 55 39 Dec-16 (3) 22 3 13.2 13.5 11.1 10.8 95 98 2.7 17.0 2.2 2.7 5.7 (37)
Chicony 2385 TT N NT$ 76.80 86.57 13 1,822 2.7 (0) (4) (1) 3 (2) (1) (6) (10) (11) (18) Dec-16 27 16 11 15.6 12.2 10.6 9.5 101 100 6.2 18.2 2.2 0.6 6.6 (11)
Chipbond 6147 TT O NT$ 51.00 54.00 6 1,090 7.5 8 11 10 11 17 8 8 1 (3) 0 Dec-16 9 17 n.a. 16.6 15.2 13.0 n.a. 98 96 4.3 9.1 1.4 1.7 5.3 (9)
ChipMOS 8150 TT O NT$ 30.80 40.00 30 899 8.6 1 (3) 20 32 (8) (0) (6) 11 19 (25) Dec-16 143 (34) 5 18.0 7.4 11.1 10.6 100 100 8.1 21.2 1.5 1.6 5.0 10
Chroma 2360 TT O NT$ 103.00 105.00 2 1,382 4.2 6 9 14 37 30 5 6 5 23 14 Dec-16 16 13 n.a. 22.9 19.8 17.5 n.a. 100 98 3.7 17.8 3.2 3.0 13.8 (29)
Compal 2324 TT N NT$ 20.80 21.00 1 3,028 7.7 (2) 1 2 13 (2) (2) (2) (7) (1) (18) Dec-15 (6) 13 14 10.4 11.1 9.8 8.6 102 104 5.8 7.8 0.9 0.1 5.6 2
Coretronic 5371 TT N NT$ 38.55 44.00 14 551 2.2 0 (6) (10) 14 16 (0) (8) (19) 0 (1) Dec-16 12 9 n.a. 8.5 7.6 7.0 n.a. 115 130 10.1 9.9 0.8 0.1 1.1 (51)
Delta 2308 TT O NT$ 163.50 190.00 16 13,982 22.6 2 (0) (2) 3 (4) 1 (3) (11) (11) (20) Dec-16 11 11 6 22.6 20.3 18.3 17.3 99 97 3.5 16.3 3.2 1.7 10.3 (26)
E Ink 8069 TT N NT$ 33.00 27.50 (17) 1,239 10.4 10 15 11 44 77 9 12 2 30 61 Dec-15 254 34 2 69.8 19.7 14.8 14.5 96 107 4.5 7.3 1.4 2.1 8.1 (29)
Egis Technology 6462 TT O NT$ 192.00 310.00 61 440 9.7 2 (9) (2) (28) 12 1 (11) (11) (41) (5) Dec-16 824 73 n.a. n.m. 12.6 7.3 n.a. 97 102 2.4 50.8 5.1 2.1 8.4 (70)
Elan 2458 TT N NT$ 45.65 43.00 (6) 652 5.3 4 7 19 32 23 3 4 10 18 7 Dec-16 60 12 n.a. 30.7 19.1 17.1 n.a. 107 87 4.5 14.6 2.7 2.4 12.3 (39)
Epistar 2448 TT N NT$ 28.75 33.00 15 1,033 20.2 (2) 1 0 24 26 (3) (1) (9) 11 9 Dec-16 131 (32) n.a. n.m. 28.9 42.4 n.a. 132 63 2.1 2.2 0.6 1.2 4.4 (2)
Everlight 2393 TT O NT$ 49.60 61.00 23 720 2.5 (1) 3 7 8 (8) (1) 0 (2) (6) (24) Dec-16 5 23 n.a. 12.0 11.4 9.3 n.a. 104 111 6.4 10.9 1.2 0.7 4.8 3
FocalTech 3545 TT O NT$ 39.85 44.00 10 390 8.3 6 17 3 13 48 5 15 (6) (0) 32 Dec-16 167 70 13 55.3 20.7 12.2 10.7 104 103 4.3 5.1 1.0 0.8 11.6 (28)
FTC 2354 TT N NT$ 91.30 98.00 7 4,252 18.8 (4) 2 3 7 18 (5) (1) (6) (7) 1 Dec-16 (3) 7 n.a. 12.0 12.4 11.5 n.a. 103 102 4.0 9.5 1.2 0.9 5.4 (48)
Himax HIMX US N US$ 8.52 8.70 2 1,465 7.2 5 8 11 41 (8) 4 7 6 31 (22) Dec-16 (66) 229 53 28.8 85.9 26.1 17.1 103 150 0.9 3.7 3.3 2.2 45.6 11
Hon Hai 2317 TT O NT$ 117.00 126.00 8 66,748 147.1 (1) 7 22 39 49 (2) 4 13 25 33 Dec-15 (10) 11 16 12.2 13.6 12.2 10.5 101 104 3.8 14.3 1.9 0.4 7.7 (18)
HTC 2498 TT U NT$ 72.30 65.00 (10) 1,956 19.5 0 4 3 (8) (26) (1) 2 (6) (22) (42) Dec-16 64 105 1,339 n.m. n.m. n.m. 20.6 165 n.m. 0.0 (7.6) 1.2 0.4 n.m. (52)
Innolux 3481 TT N NT$ 15.55 15.00 (4) 5,095 50.5 (2) 9 10 34 35 (2) 6 1 21 19 Dec-16 2,176 (70) (55) 82.7 3.6 12.0 26.5 122 77 13.8 17.3 0.6 0.4 1.4 (13)
Inventec 2356 TT O NT$ 24.55 28.00 14 2,900 8.8 (9) 2 15 11 (1) (10) (0) 6 (2) (17) Dec-15 1 17 28 15.8 15.6 13.4 10.4 101 100 5.9 10.1 1.6 0.2 6.2 (11)
Kinsus 3189 TT N NT$ 83.00 82.00 (1) 1,219 9.7 4 5 14 17 14 3 2 5 3 (2) Dec-16 (7) 22 5 16.6 17.8 14.6 13.9 91 84 3.6 7.1 1.3 1.2 5.1 (24)
Largan 3008 TT O NT$ 5,580.00 5,800.00 4 24,642 66.6 3 15 18 47 62 2 13 9 34 45 Dec-16 24 42 13 32.9 26.6 18.7 16.5 95 99 1.4 32.8 7.9 11.7 18.4 (68)
Lite-on Tech 2301 TT N NT$ 52.10 56.00 7 4,032 8.5 4 4 3 7 7 3 2 (7) (6) (9) Dec-16 13 11 3 13.0 11.5 10.4 10.2 101 103 6.2 13.6 1.5 0.4 4.3 (41)
MediaTek 2454 TT N NT$ 261.00 225.00 (14) 13,593 53.2 3 2 21 21 9 2 (0) 12 7 (8) Dec-16 (48) 100 7 18.0 34.8 17.4 16.3 60 96 3.6 4.7 1.6 1.1 12.2 (54)
Merry 2439 TT O NT$ 209.50 176.00 (16) 1,344 32.2 13 10 40 72 177 12 7 31 59 161 Dec-15 211 5 4 60.4 19.4 18.5 17.8 105 96 1.2 31.5 5.6 2.2 19.2 (45)
Novatek 3034 TT O NT$ 120.00 136.00 13 2,404 8.2 2 (2) 8 13 7 1 (5) (1) (1) (10) Dec-16 3 18 2 14.6 14.1 12.0 11.7 101 104 6.0 18.2 2.5 1.2 9.1 (50)
NYPCB 8046 TT N NT$ 25.15 26.00 3 535 0.8 (1) 2 (3) 2 (12) (1) (0) (12) (12) (29) Dec-16 71 485 12 n.m. n.m. 21.0 18.8 100 100 0.0 (0.6) 0.5 0.1 1.9 (37)
Parade 4966 TT O NT$ 459.00 425.00 (7) 1,170 11.2 4 18 38 44 50 3 15 29 31 34 Dec-16 28 16 n.a. 25.9 20.2 17.4 n.a. 103 103 2.0 22.4 4.4 3.0 13.9 (56)
Pegatron 4938 TT N NT$ 98.10 85.00 (13) 8,315 19.6 0 3 15 27 31 (1) 1 6 14 15 Dec-15 (19) 14 17 10.6 13.1 11.5 9.8 101 99 5.1 13.0 1.7 0.2 4.0 (40)
PTI 6239 TT O NT$ 104.00 112.00 8 2,667 8.4 5 14 21 20 43 4 11 12 6 26 Dec-16 23 9 8 16.8 13.6 12.5 11.6 102 98 3.8 16.0 2.1 1.4 4.1 (7)
Quanta 2382 TT N NT$ 74.70 61.00 (18) 9,499 13.9 3 2 21 24 12 2 (1) 12 10 (4) Dec-15 (15) 17 18 16.2 19.0 16.2 13.8 101 98 4.7 11.4 2.2 0.3 10.9 0
Radiant 6176 TT U NT$ 68.30 45.00 (34) 1,046 9.9 (1) 1 14 22 22 (2) (2) 5 8 6 Dec-16 (6) (6) n.a. 10.0 10.6 11.3 n.a. 97 114 6.2 12.8 1.3 0.2 1.7 (91)
Realtek 2379 TT O NT$ 115.00 120.00 4 1,912 7.4 4 3 13 13 4 3 1 4 (1) (12) Dec-15 25 16 14 23.9 19.1 16.4 14.4 102 101 3.1 13.5 2.5 1.0 7.6 (86)
Synnex 2347 TT N NT$ 34.25 32.00 (7) 1,881 3.6 (1) 0 6 5 (7) (2) (2) (3) (8) (23) Dec-15 46 12 (3) 17.1 11.7 10.5 10.8 100 100 2.9 11.4 1.3 0.3 20.1 83
TOPOINT 8021 TT N NT$ 24.00 30.00 25 125 1.8 (2) 2 (11) 22 8 (3) (1) (20) 9 (8) Dec-15 (34) 20 14 10.3 15.6 12.9 11.3 102 88 4.6 5.4 0.9 0.9 3.1 (20)
TPK 3673 TT N NT$ 100.50 95.00 (5) 1,147 57.7 (1) 9 (3) 69 57 (2) 7 (12) 55 40 Dec-16 316 (11) n.a. n.m. 11.1 12.4 n.a. 111 100 4.5 10.4 1.1 0.5 4.0 58
Tripod 3044 TT N NT$ 98.50 92.00 (7) 1,704 5.1 1 8 22 35 52 0 6 13 22 36 Dec-16 11 4 1 14.5 13.0 12.5 12.3 103 98 4.8 13.1 1.7 0.8 5.0 (54)
TSMC 2330 TT N NT$ 214.50 210.00 (2) 183,113 200.0 2 1 15 18 26 1 (2) 6 5 10 Dec-16 0 8 11 16.6 16.6 15.3 13.8 98 95 3.3 22.7 3.6 5.3 8.0 (30)
TXC 3042 TT N NT$ 44.20 45.00 2 451 2.0 1 (2) 6 8 (1) 0 (4) (3) (5) (17) Dec-15 7 11 9 14.6 13.6 12.2 11.1 101 95 5.9 9.5 1.3 1.3 5.6 (11)
UMC 2303 TT N NT$ 14.80 12.00 (19) 6,151 22.0 4 21 25 30 19 3 18 16 16 3 Dec-16 (4) 9 33 22.0 22.9 21.0 15.9 93 94 3.0 3.6 0.8 1.2 3.1 (5)
Unimicron 3037 TT N NT$ 17.95 14.00 (22) 875 5.6 1 2 4 45 30 (0) (1) (5) 31 13 Dec-15 (219) 226 161 95.7 n.m. 63.8 24.4 n.m. 75 0.0 (0.8) 0.7 0.6 4.4 29
Vanguard 5347 TT N NT$ 56.30 51.00 (9) 3,035 4.6 1 (2) (1) 0 1 0 (4) (10) (13) (16) Dec-16 (17) 12 10 17.4 21.0 18.8 17.1 90 86 5.3 15.5 3.3 3.7 12.9 0
VPEC 2455 TT U NT$ 64.60 44.00 (32) 393 3.6 10 6 18 31 22 9 4 9 17 6 Dec-16 4 26 n.a. 25.6 24.7 19.5 n.a. n.a. n.a. 3.9 17.5 4.3 4.7 13.0 (41)
Win Semi 3105 TT N NT$ 180.00 145.00 (19) 2,386 25.6 8 21 46 98 125 7 18 37 84 109 Dec-16 5 23 12 23.9 22.6 18.4 16.4 100 97 2.5 17.4 3.8 4.7 11.1 (1)
Wistron 3231 TT O NT$ 30.35 34.00 12 2,672 13.0 (2) (3) 12 22 26 (3) (5) 3 8 9 Dec-15 119 101 32 55.5 25.3 12.6 9.5 102 128 4.0 4.4 1.1 0.1 5.8 0
WPG 3702 TT N NT$ 41.95 40.00 (5) 2,411 6.1 2 3 13 10 4 1 1 4 (3) (13) Dec-16 25 8 11 13.2 10.5 9.8 8.8 93 96 5.7 13.7 1.4 0.2 12.7 111
Sector Aggregate 0 416,614 1 4 15 24 29 0 1 6 11 13 Dec-16 17 8 8 17.4 14.9 13.8 14.2 100 98 3.9 15.3 2.2 0.8 7.1 (18)

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Taiwan—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Telecommunication Services Varun Ahuja - 65 6212 3017
CHT 2412 TT N NT$ 110.00 105.00 (5) 28,093 33.3 1 2 7 8 (11) 0 (1) (2) (5) (27) Dec-16 (2) 0 0 21.3 21.8 21.7 21.6 101 99 4.6 10.8 2.3 3.6 10.2 (10)
FET 4904 TT O NT$ 73.40 87.00 19 7,874 10.9 (0) (5) (2) 1 (3) (1) (7) (11) (12) (19) Dec-16 0 1 4 21.0 21.0 20.8 20.0 102 98 5.2 16.2 3.4 2.7 9.1 26
TWM 3045 TT O NT$ 106.50 128.00 20 11,994 16.8 (0) (6) (3) 2 (6) (1) (9) (12) (11) (22) Dec-16 (1) 1 5 18.9 19.1 18.9 18.1 102 99 5.4 25.2 6.1 3.4 12.1 58
Sector Aggregate 5 47,961 0 (1) 3 6 (8) (0) (4) (6) (8) (25) Dec-16 (1) 1 2 20.6 20.9 20.8 20.3 102 99 4.9 13.3 2.9 3.4 10.4 4

Transportation Chien Po Huang - 886 2 2715 6342

China Airlines 2610 TT U NT$ 9.28 8.50 (8) 1,671 3.6 (1) 2 1 (0) (6) (2) (0) (8) (14) (22) Dec-16 (121) 864 57 88.8 n.m. 55.8 35.5 n.m. 24 0.0 (0.2) 0.9 1.1 7.9 187
Eva Airways 2618 TT N NT$ 15.25 14.30 (6) 2,034 4.7 0 5 4 4 2 (0) 2 (5) (9) (14) Dec-16 (36) 73 4 17.8 27.8 16.1 15.5 74 112 0.8 4.3 1.2 0.9 6.5 114
Sector Aggregate (7) 3,706 (0) 4 3 2 (2) (1) 1 (6) (11) (18) Dec-16 (48) 126 14 27.8 53.5 23.7 20.8 62 66 0.5 1.9 1.0 1.0 7.2 150

Country Aggregate 10,506 10,753 2 638,584 1 2 9 14 16 Dec-16 12 8 9 17.1 15.2 14.0 13.7 100 99 3.9 13.0 1.9 0.9 7.8 (8)

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

20 July 2017
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Thailand—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Banks Dan Fineman/ Thaniya Kevalee - 66 2 614 6218/ 66 2 614 6219
BAY BAY TB U Bt 36.00 35.00 (3) 7,884 0.3 (3) (1) (5) (10) (9) (3) (0) (5) (12) (14) Dec-16 12 9 7 12.4 11.0 10.1 9.4 100 97 2.8 11.1 1.2 n.a. n.a. n.a.
BBL BBL TB O Bt 184.50 208.00 13 10,485 19.1 (2) 2 2 16 8 (2) 3 2 14 2 Dec-16 6 11 11 11.1 10.4 9.4 8.5 97 97 4.3 8.6 0.9 n.a. n.a. n.a.
KBANK KBANK TB N Bt 198.50 192.00 (3) 14,143 30.0 (2) 3 5 12 10 (2) 4 5 10 5 Dec-16 4 19 20 11.8 11.4 9.5 8.0 105 107 2.6 12.4 1.4 n.a. n.a. n.a.
KTB KTB TB U Bt 18.50 18.00 (3) 7,697 22.4 (3) (1) (5) 5 9 (3) (0) (6) 2 3 Dec-16 3 11 25 8.0 7.8 7.0 5.6 102 101 5.1 11.7 0.9 n.a. n.a. n.a.
SCB SCB TB N Bt 153.50 141.00 (8) 15,516 26.4 (2) (2) (4) 1 2 (2) (1) (5) (1) (4) Dec-16 (4) 6 11 11.0 11.4 10.8 9.8 94 91 3.9 13.2 1.5 n.a. n.a. n.a.
TCAP TCAP TB N Bt 46.75 50.00 7 1,679 4.9 (1) 0 0 6 19 (1) 0 (1) 4 13 Dec-16 20 6 5 9.7 8.1 7.6 7.2 103 107 4.5 11.7 0.9 n.a. n.a. n.a.
TISCO TISCO TB O Bt 74.25 81.00 9 1,770 10.3 (1) (4) 1 23 42 (1) (4) 0 21 36 Dec-16 19 24 8 11.9 10.0 8.0 7.5 99 109 5.4 18.3 1.8 n.a. n.a. n.a.
TMB TMB TB N Bt 2.32 2.40 3 3,028 8.1 (2) 6 2 10 3 (2) 7 1 8 (3) Dec-16 7 23 15 12.3 11.5 9.4 8.2 100 101 3.0 10.2 1.1 n.a. n.a. n.a.
Sector Aggregate (1) 62,202 (2) 1 (1) 6 6 (2) 1 (1) 4 0 Dec-16 4 12 14 10.9 10.4 9.3 8.1 99 99 3.7 11.4 1.1 n.a. n.a. n.a.

Building Materials & Construction Paworamon (Poom) Suvarnatemee - 66 2 614 6210

SCCC SCCC TB O Bt 318.00 327.07 3 2,821 2.3 3 1 13 22 10 3 1 13 19 4 Dec-15 (21) 41 13 16.6 21.0 15.0 13.2 92 138 3.1 16.4 3.5 3.6 16.6 110
Siam Cement SCC TB O Bt 508.00 591.00 16 18,148 26.6 2 (1) (6) 2 4 2 (0) (7) 0 (2) Dec-16 (6) (5) 6 11.3 11.9 12.5 11.9 92 89 3.8 20.5 2.4 1.6 8.4 44
Sector Aggregate 15 20,969 2 (1) (3) 5 5 2 (0) (4) 3 (1) Dec-16 (2) (3) 6 12.0 12.2 12.6 11.9 96 93 3.9 20.6 2.4 1.7 8.8 52

Capital Goods Atul Sethi - 66 2 614 6211

CK CK TB O Bt 27.75 40.00 44 1,399 7.7 (3) (6) (1) (10) (10) (4) (6) (2) (13) (16) Dec-16 (18) 34 8 23.5 28.8 21.4 19.9 108 119 0.9 7.4 2.1 2.9 37.1 187
ITD ITD TB U Bt 4.16 4.20 1 654 2.4 (1) (8) (8) (15) (37) (1) (8) (9) (18) (43) Dec-16 223 17 5 n.m. 74.2 63.6 60.5 165 107 0.0 2.3 1.7 1.0 9.7 179
STECON STEC TB O Bt 26.75 29.00 8 1,215 5.7 (4) 0 9 (4) 6 (5) 0 8 (6) 0 Dec-16 14 15 7 29.5 26.0 22.6 21.2 125 107 1.9 14.4 3.6 1.7 15.7 (12)
Sector Aggregate 21 3,866 (3) (3) 2 (8) (8) (3) (3) 2 (11) (14) Dec-16 8 21 8 32.3 29.8 24.6 22.8 111 106 1.3 8.2 2.4 1.8 16.6 137

Chemicals Paworamon (Poom) Suvarnatemee - 66 2 614 6210

Indorama Ventures IVL TB N Bt 36.50 35.00 (4) 5,231 21.8 (4) (6) 3 9 21 (4) (5) 2 7 15 Dec-16 (31) (0) 15 10.8 15.8 15.8 13.7 95 82 2.0 13.2 1.9 0.9 8.6 82
IRPC IRPC TB O Bt 5.20 5.60 8 3,163 14.6 (2) 2 (1) 8 7 (2) 2 (2) 6 2 Dec-15 19 (9) 16 11.3 9.5 10.4 9.0 114 99 5.0 14.1 1.3 1.0 8.6 71
PTTGC PTTGC TB O Bt 69.75 85.00 22 9,363 23.2 1 0 (5) 11 15 1 0 (5) 9 10 Dec-16 33 5 3 12.4 9.4 8.9 8.6 106 108 5.3 13.0 1.2 0.8 6.7 26
Sector Aggregate 12 17,757 (1) (1) (2) 10 15 (1) (1) (2) 8 10 Dec-16 4 6 6 11.3 10.9 10.2 10.0 102 101 4.2 12.9 1.3 0.8 7.4 46

Consumer Staples Nicholas Teh/ Warayut Luangmettakul - 65 6212 3026/ 662 614 6214
Berli Jucker PLC. BJC TB O Bt 46.00 51.00 11 5,468 7.6 0 (2) 8 (8) 5 (0) (1) 7 (11) (0) Dec-16 28 30 25 40.4 31.6 24.2 19.3 97 106 1.6 5.5 1.7 2.2 15.8 127
C.P. ALL CPALL TB O Bt 61.00 75.00 23 16,313 28.7 2 (1) 1 (2) 18 2 (1) 0 (5) 12 Dec-16 20 22 20 33.1 27.6 22.6 18.8 102 106 1.8 38.7 9.5 1.5 17.0 214
CPF CPF TB O Bt 25.00 38.00 52 6,915 25.2 6 (2) (7) (15) (12) 6 (2) (8) (17) (17) Dec-16 (9) 14 15 12.2 13.4 11.7 10.2 118 115 3.7 10.1 1.3 1.0 11.9 138
Siam Makro MAKRO TB N Bt 35.50 38.00 7 5,073 0.1 (1) (1) 6 1 4 (1) (0) 5 (1) (1) Dec-16 14 13 11 31.5 27.6 24.5 22.1 99 98 2.7 37.1 9.7 1.0 17.0 39
Thai Union TU TB O Bt 20.00 24.00 20 2,841 6.5 (0) (7) (5) (5) (11) (1) (7) (5) (7) (16) Dec-16 22 13 14 18.7 15.4 13.6 11.9 105 103 3.3 12.6 1.9 1.1 13.6 114
ThaiBev THBEV SP O S$ 0.92 1.04 13 16,889 15.6 1 2 (2) 8 (7) (3) (0) (8) (7) (20) Sep-16 16 9 8 22.7 19.6 18.1 16.8 109 107 3.3 23.1 4.4 3.1 17.2 23
Sector Aggregate 21 53,500 2 (1) (0) (1) 2 2 (0) (1) (3) (3) Dec-16 11 15 17 23.4 21.2 18.4 16.0 107 107 2.7 16.8 3.3 1.5 15.2 113

Energy Paworamon (Poom) Suvarnatemee - 66 2 614 6210

PTT PTT TB N Bt 380.00 430.00 13 32,313 56.1 2 0 (3) 2 16 2 0 (4) 0 11 Dec-16 1 4 (1) 10.8 10.6 10.2 10.3 96 99 3.8 13.0 1.3 0.6 3.7 12
PTTEP PTTEP TB N Bt 84.50 96.00 14 9,987 24.0 1 (5) (12) (12) 2 1 (4) (12) (14) (4) Dec-16 130 27 (7) 32.1 14.0 11.0 11.8 95 107 2.7 7.2 0.9 2.0 2.7 (10)
TOP TOP TB U Bt 83.50 75.00 (10) 5,071 9.4 5 6 11 16 33 5 7 10 13 27 Dec-16 (9) (25) 2 8.0 8.8 11.7 11.4 112 88 4.9 17.3 1.5 0.5 5.0 (3)
Sector Aggregate 11 47,371 2 (0) (3) 1 15 2 0 (4) (2) 9 Dec-16 10 4 (3) 12.0 10.8 10.4 10.7 98 100 3.7 11.7 1.2 0.7 3.5 6

Healthcare Thaniya Kevalee - 66 2 614 6219

Bangkok Chain Hospital BCH TB O Bt 13.50 15.80 17 1,002 3.7 4 1 4 (9) 8 4 1 3 (11) 2 Dec-16 18 26 17 44.6 37.9 30.0 25.8 100 109 1.7 17.8 6.4 5.2 18.7 63
Bangkok Dusit BDMS TB U Bt 19.30 18.00 (7) 8,901 17.7 1 3 (3) (16) (16) 0 3 (4) (19) (22) Dec-16 (7) 17 17 36.4 39.3 33.7 28.8 88 99 1.3 13.3 5.1 4.8 23.1 64
Bumrungrad Hosp BH TB O Bt 174.00 214.00 23 3,775 3.9 1 1 (1) (4) (5) 1 2 (2) (6) (10) Dec-16 11 18 10 35.1 31.6 26.8 24.3 110 119 1.7 25.7 7.6 6.9 20.8 (26)
Chularat Hospital CHG TB O Bt 2.54 2.90 14 832 3.0 7 9 6 (11) (22) 7 9 5 (13) (28) Dec-16 12 22 19 49.4 44.1 36.1 30.4 93 98 1.6 19.9 8.7 7.0 27.5 16
Sector Aggregate 4 14,509 1 3 (2) (12) (12) 1 3 (2) (14) (18) Dec-16 (0) 18 15 37.1 37.1 31.5 27.3 95 105 1.4 16.2 5.8 5.3 22.3 44

Hotels, Restaurants & Leisure Thaniya Kevalee - 66 2 614 6219

Centel CENTEL TB O Bt 40.00 42.00 5 1,608 2.1 (2) 5 14 1 3 (2) 6 14 (2) (3) Dec-16 13 16 10 29.7 26.2 22.5 20.4 101 107 1.5 18.6 4.6 2.8 12.8 47
Erawan ERW TB O Bt 5.35 5.80 8 398 1.1 (5) 2 11 19 16 (5) 2 10 17 11 Dec-16 28 17 11 36.3 28.4 24.3 21.8 105 110 1.4 9.3 2.5 3.6 12.8 158
MINT MINT TB O Bt 41.00 42.00 2 5,383 11.1 1 3 10 15 (2) 1 3 9 13 (7) Dec-16 26 21 18 39.0 30.9 25.7 21.8 103 105 1.1 14.9 4.3 4.0 18.7 95
Sector Aggregate 3 7,389 (0) 4 11 12 0 (0) 4 10 10 (5) Dec-16 23 19 16 36.4 29.6 24.8 21.5 103 106 1.2 15.1 4.2 3.7 16.7 91

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Thailand—valuation summary (continued)

Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Media Thaniya Kevalee/ Warayut Luangmettakul - 66 2 614 6219/ 662 614 6214
BEC World BEC TB U Bt 19.70 18.00 (9) 1,173 3.8 (2) (8) (1) 19 (22) (2) (7) (1) 17 (28) Dec-16 22 19 11 35.5 29.1 24.4 21.9 93 100 3.2 19.9 5.7 3.0 7.5 26
Major Cineplex MAJOR TB O Bt 30.50 38.00 25 812 1.8 (5) (8) (13) (7) (10) (5) (8) (14) (9) (16) Dec-16 39 15 13 29.4 21.1 18.4 16.3 105 106 4.3 19.4 4.0 3.1 11.2 63
VGI Global VGI TB N Bt 5.40 5.30 (2) 1,104 1.4 (2) 2 10 (4) (17) (2) 2 9 (6) (23) Mar-16 (11) 22 26 44.2 49.6 40.7 32.2 115 109 1.8 32.5 15.7 14.8 34.8 94
Sector Aggregate 3 3,089 (2) (4) (0) 4 (17) (3) (4) (1) 2 (23) Dec-16 25 19 11 37.0 29.5 24.8 21.9 101 103 3.0 22.1 6.4 4.1 11.5 49

Metals & Mining Paworamon (Poom) Suvarnatemee - 66 2 614 6210

Banpu BANPU TB N Bt 16.50 21.90 33 2,536 34.2 3 (7) (20) (14) (1) 3 (7) (21) (16) (6) Dec-15 149 229 7 n.m. 36.4 11.1 10.3 101 85 2.9 3.4 1.1 2.4 14.9 113

Real Estate Atul Sethi - 66 2 614 6211

AP (Thailand) AP TB U Bt 7.65 7.20 (6) 716 2.2 (3) (7) 1 2 4 (3) (6) 0 (0) (2) Dec-16 10 18 5 9.2 8.3 7.1 6.8 93 96 4.2 14.2 1.1 1.8 12.8 54
CPN CPN TB O Bt 68.00 78.00 15 9,086 8.7 (1) (1) 18 20 16 (1) (1) 17 18 10 Dec-16 8 30 6 33.0 30.5 23.4 22.0 99 104 1.3 18.1 5.2 11.0 20.7 32
L.P.N. LPN TB U Bt 11.50 10.60 (8) 505 3.0 (3) (6) (4) (5) (13) (3) (5) (5) (7) (18) Dec-16 (32) 18 9 7.8 11.5 9.8 9.0 98 90 5.2 11.8 1.4 1.8 9.9 16
Land and Houses LH TB N Bt 9.75 9.20 (6) 3,469 5.3 (1) (3) (3) (1) 3 (1) (2) (4) (3) (2) Dec-16 11 0 1 15.6 14.1 14.1 14.0 93 93 6.2 17.1 2.4 4.7 18.8 90
Quality Houses QH TB N Bt 2.48 2.60 5 791 1.8 (2) (2) (5) (4) (8) (2) (2) (6) (6) (14) Dec-16 4 5 7 8.6 8.3 7.9 7.4 95 92 5.6 13.3 1.1 2.4 19.5 86
Supalai SPALI TB U Bt 24.20 23.00 (5) 1,237 3.5 (1) (9) (2) (3) (2) (1) (8) (3) (5) (8) Dec-16 4 10 12 8.5 8.2 7.4 6.6 95 96 4.3 20.4 1.5 2.4 8.8 71
Sector Aggregate 7 15,804 (1) (3) 9 11 9 (1) (2) 8 9 3 Dec-16 5 14 6 18.0 17.2 15.0 14.2 96 97 3.0 16.6 2.7 4.7 16.9 61

Retailing Warayut Luangmettakul - 662 614 6214

Home Pro HMPRO TB N Bt 9.35 9.40 1 3,661 4.6 (1) (3) (2) (8) (4) (1) (2) (2) (10) (9) Dec-16 15 14 11 29.8 25.9 22.7 20.5 100 102 3.3 26.4 6.6 2.2 14.2 76
Robinson Department Store ROBINS TB O Bt 56.00 70.00 25 1,852 3.4 2 (4) (12) (12) (12) 2 (4) (13) (14) (17) Dec-16 12 18 16 23.8 21.2 18.0 15.6 102 103 2.6 18.5 3.7 2.3 11.9 4
Siam Global GLOBAL TB U Bt 13.90 13.52 (3) 1,590 2.8 1 (6) (16) (19) 1 1 (6) (17) (21) (4) Dec-16 23 21 16 35.7 29.1 24.0 20.7 104 104 1.4 14.2 4.0 2.8 17.5 38
Sector Aggregate 6 7,102 0 (4) (8) (12) (5) 0 (3) (8) (14) (10) Dec-16 16 17 13 29.0 25.0 21.5 19.0 101 103 2.7 20.3 4.9 2.4 14.1 40

Software & Services Warayut Luangmettakul - 662 614 6214

Workpoint Ent. WORK TB O Bt 62.25 70.00 12 780 2.2 (3) (6) 16 41 64 (3) (6) 16 39 58 Dec-16 251 36 28 n.m. 37.2 27.4 21.5 105 110 1.6 21.1 7.0 6.9 15.9 (28)

Telecommunication Services Colin McCallum - 852 2101 6514

AIS ADVANC TB O Bt 187.50 218.00 16 16,596 33.5 0 7 8 28 10 (0) 7 7 25 5 Dec-16 2 6 (3) 18.2 17.9 16.9 17.5 105 104 3.9 66.0 10.7 4.3 9.2 189
DIF DIF TB N Bt 14.40 15.00 4 2,490 2.2 0 1 (1) 3 (3) (0) 1 (1) 1 (9) Dec-16 (70) 2 1 4.4 14.6 14.4 14.2 101 100 6.7 6.7 1.0 14.1 14.4 14
DTAC DTAC TB N Bt 56.50 54.00 (4) 3,983 14.4 3 9 32 50 78 3 9 32 48 72 Dec-16 (29) 249 (13) 64.1 90.6 26.0 29.9 87 300 0.6 5.4 4.8 2.0 5.5 89
Intouch INTUCH TB O Bt 60.00 75.30 26 5,727 14.5 1 7 12 21 3 1 7 12 18 (2) Dec-16 (16) 6 (3) 13.1 15.6 14.7 15.2 107 105 5.1 79.8 11.6 14.9 15.5 (9)
Jasmine JAS TB U Bt 7.50 7.25 (3) 1,450 13.0 (4) (10) (13) (5) 36 (5) (9) (14) (7) 31 Dec-16 (21) 2 13 16.2 20.4 20.1 17.7 84 68 2.9 16.0 2.7 2.5 9.2 (15)
True Corp TRUE TB U Bt 5.90 2.69 (54) 5,861 17.6 (1) (6) (10) (17) (32) (1) (5) (11) (20) (38) Dec-16 106 381 154 n.m. n.m. n.m. n.m. n.m. 2,249 0.0 0.1 1.8 2.0 8.4 50
Sector Aggregate 2 36,107 0 4 7 19 10 0 4 6 16 4 Dec-16 (20) 13 (1) 18.2 22.8 20.2 20.4 108 109 3.2 16.6 3.9 3.5 9.1 57

Transportation Christopher Siow/ Joanna Cheah/ Thaniya Kevalee/ Warayut Luangmettakul - 65 6212 3062/ 6 03 2723 2081/ 66 2 614 6219/ 662 614 6214
AOT AOT TB O Bt 49.00 55.00 12 20,840 46.2 (1) 5 19 23 28 (1) 6 18 21 22 Sep-16 12 22 13 36.1 32.2 26.4 23.5 101 109 1.5 17.1 5.3 12.0 20.1 (24)
Asia Aviation AAV TB U Bt 6.30 5.40 (14) 910 3.3 1 (2) 3 4 5 1 (1) 3 2 (1) Dec-16 3 (6) 13 16.0 15.5 16.6 14.7 105 87 2.6 9.0 1.4 2.1 14.3 39
Bangkok Airways BA TB O Bt 19.20 23.00 20 1,200 3.2 5 3 (4) (15) (14) 5 4 (5) (18) (19) Dec-16 (17) 25 23 19.2 23.3 18.7 15.2 100 95 2.6 5.3 1.2 2.2 15.0 63
BEM BEM TB O Bt 7.50 8.50 13 3,413 10.6 1 3 3 1 9 1 4 2 (1) 4 Dec-16 26 10 25 41.8 33.2 30.2 24.3 102 100 1.7 11.2 3.6 10.5 17.9 152
BTS Group Holdings BTS TB O Bt 8.50 12.00 41 3,022 4.8 1 1 (1) (1) (12) 1 1 (1) (3) (18) Mar-16 2 24 22 57.9 56.7 45.6 37.2 96 98 1.8 3.9 2.3 21.0 54.6 25
BTS Infra. Fund BTSGIF TB N Bt 11.20 12.30 10 1,930 1.4 1 1 0 (1) (11) 1 1 (1) (3) (17) Mar-16 9 14 13 16.1 14.7 12.9 11.4 98 108 6.8 6.7 1.0 14.3 14.8 (0)
Sector Aggregate 15 31,314 (0) 4 13 15 17 (0) 4 12 13 12 Dec-16 13 17 21 32.0 28.4 24.3 19.6 103 107 2.1 11.5 3.2 7.7 19.0 20

Utilities Wattana Punyawattanakul - 66 2 614 6215

BPP BPP TB O Bt 25.75 29.00 13 2,337 4.4 3 (4) 4 6 n.a. 3 (3) 3 3 n.a. Dec-16 2 21 8 13.9 13.6 11.3 10.4 112 112 3.9 13.7 1.8 12.7 41.1 3

Country Aggregate 1,576 1,714 9 326,633 0 (0) 1 2 6 Dec-16 5 10 8 16.0 15.3 13.9 12.3 100 101 3.1 13.2 2.0 1.6 8.9 41

Note: Prices are as of 19 July 2017,

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

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Vietnam—valuation summary
Wednesday, 19 July 2017 Bberg Price Market 6M Last D Yld ROE P/B EV/Sales EV/EBITDA Net Debt/Eq
ticker View Ccy Local Target Upside cap ADTO Absolute performance (%) Relative performance (%) FYE EPS growth (%) PE (x) CS/ Cons. EPS (%) (%) (%) (x) (x) (x) (%)
(%) (US$ m) 1w 1m 3m Ytd 12m 1w 1m 3m Ytd 12m T T+1 T+2 T+3 T T+1 T+2 T+3 T+1 T+2 T+1
Banks Farhan Rizvi - 65 6212 3036
ACB ACB VN N D 25,100 24,000 (4) 1,089 2.5 (3) (6) 11 43 49 (3) (6) 2 27 34 Dec-16 22 33 23 19.1 15.7 11.7 9.5 95 90 0.0 10.6 1.6 n.a. n.a. n.a.

Conglomerates Fahd Niaz - 65 6212 3035

Masan Group MSN VN N D 41,000 48,000 17 2,053 1.0 (1) (6) (9) (5) (9) (1) (7) (17) (21) (24) Dec-16 (18) 40 16 13.8 16.7 12.0 10.3 91 101 0.0 16.8 2.6 1.7 10.0 102

Consumer Staples Farhan Rizvi - 65 6212 3036

VINAMILK VNM VN N D 153,000 151,000 (1) 9,769 4.9 (2) (1) 6 22 20 (1) (1) (3) 6 4 Dec-16 11 11 11 26.4 23.7 21.4 19.2 97 99 4.0 41.4 9.6 3.9 17.3 (41)

Real Estate Farhan Rizvi/ Minh Trinh - 65 6212 3036/ 65 6212 8863
Kinh Bac City KBC VN O D 15,200 18,000 18 314 2.0 (6) (8) 1 10 (10) (6) (9) (8) (6) (26) Dec-16 41 3 23 12.8 9.1 8.8 7.2 101 96 0.0 9.7 0.8 2.9 6.3 15
Vingroup VIC VN N D 42,000 44,100 5 4,874 1.4 (1) (3) 3 0 (1) (1) (3) (5) (16) (17) Dec-15 83 110 42 66.1 36.0 17.1 12.1 161 185 0.0 10.4 3.4 2.5 13.8 63
Sector Aggregate 6 5,188 (2) (3) 3 1 (2) (1) (3) (5) (15) (17) Dec-16 100 38 23 32.5 16.3 11.8 7.2 170 133 0.0 16.4 2.5 1.9 8.1 43

Retailing Minh Trinh - 65 6212 8863

Mobile World MWG VN O D 102,100 119,000 17 1,382 1.3 (0) 7 23 31 46 (0) 7 15 15 30 Dec-16 50 24 14 19.9 13.3 10.7 9.4 108 113 2.0 50.3 5.6 0.5 10.3 94

Software & Services Minh Trinh - 65 6212 8863

FPT Corp. FPT VN O D 46,900 56,200 20 1,095 1.9 (2) 1 18 23 29 (2) 1 9 7 13 Dec-16 23 13 10 13.7 11.2 9.9 9.0 100 94 5.3 24.6 2.4 0.6 4.7 4

Country Aggregate 771 806 5 20,929 (0) 1 8 16 16 Dec-16 26 24 14 22.8 18.1 14.6 13.7 110 108 2.3 22.4 3.8 1.7 10.4 38

Note: Prices are as of 19 July 2017

* Country/sector aggregates are based on Credit Suisse coverage universe.
Source: Thomson Reuters, Credit Suisse estimates

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Appendix I: Research published in the past week

Asia – Regional Analysts' name Date
Jump-start Manish Nigam 13 Jul
Asia Semiconductor Sector – June Taiwan Tech sales: Momentum resumes into 3Q17 following the slow 1H Randy Abram 13 Jul
Asia Pacific Equity Strategy – As the KOSPI hits a record high, are valuations starting to look stretched? Sakthi Siva 13 Jul
Asia Pacific Equity Strategy – Net foreign buying slows to US$1.1 bn so far in July Sakthi Siva 17 Jul
Asia Pacific Equity Strategy – With MSCI Asia ex-Japan hitting our 640 yearend target, here are some blue sky Sakthi Siva 18 Jul
scenarios
Asia Pacific Equity Strategy – MXASJ ex Korea EPS revisions – what do they look like? Sakthi Siva 19 Jul
Asia Pacific Equity Strategy - With markets nearing record highs, time to look at laggards? Sakthi Siva 20 Jul
Australia Analysts' name Date
Rio Tinto – Soft(ish) JunQ, stronger 2H implied Sam Webb 18 Jul
China Analysts' name Date
China Components Sector – An accelerating multi-cam upcycle Sam Li 13 Jul
China-HK Market Strategy – Tug of war between the US market and A-share Vincent Chan 14 Jul

China Industrial Sector – Cranes, not trains Edmond Huang 17 Jul

India Analysts' name Date

Tata Group – Back to business Anantha Narayan 13 Jul
Oil and Natural Gas Corporation Limited – A question of capital Badrinath Srinivasan 13 Jul
Malaysia Analysts' name Date
Malaysia Market Strategy – End of street earnings downgrade cycle Danny Goh 14 Jul
Singapore Analysts' name Date
Keppel Infrastructure Trust – Steady but lacking growth Shih Haur Hwang 18 Jul
HRnetGroup Ltd – Procuring talent, delivering profitable growth Louis Chua 18 Jul
Taiwan Analysts' name Date
Taiwan Semiconductor Manufacturing – 2Q17 full notes: Rebounding, but light of high street expectations Randy Abrams 13 Jul
Taiwan Semiconductor Manufacturing – 2H17 rebounding from a low base, though light of high street expectations Randy Abrams 13 Jul
Fubon Financial Holding – Position for a rebound in 2H17 and 2018 Chung Hsu 17 Jul
Tung Ho Steel Enterprise Corp – FIP approval adds more earnings momentum in 2018 and 2019 Chien Po Huang 20 Jul
Thailand Analysts' name Date
Thailand Market Strategy – Investing in Thailand's ageing society Santitarn Sathirathai 17 Jul
Thailand Market Strategy – EEC not a game-changer Dan Fineman 17 Jul
Thailand Healthcare Sector – The older, the better Thaniya Kevalee 17 Jul
Thailand Banks Sector – The demographic burden Dan Fineman 17 Jul
Thailand Property Sector – Demographics damaging for property Atul Sethi 17 Jul
Thailand Retail Sector – Aging society: Convenience the winner Warayut Luangmettakul 17 Jul
Vietnam Analysts' name Date
FPT Corporation – Twin drivers still going strong Hoang Minh Trinh 19 Jul

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Disclosure Appendix
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expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her
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The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's
total revenues, a portion of which are generated by Credit Suisse's investment banking activities

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Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark* over the next 12 months.
Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months.
Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months.
*Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which
consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractiv e, Neutrals the less attractive, and
Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S . and Canadian as well as European ratings are based on a stock’s total
return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the
most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non -Japan Asia stocks, ratings
are based on a stock’s total return relative to the average total return of the relevant country or region al benchmark; prior to 2nd October 2012 U.S. and Canadian
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an analyst’s coverage universe. For Australian and New Zealand stocks, the expected total return (ETR) calculation includes 12 -month rolling dividend yield. An
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May 2015, ETR ranges for Outperform and Underperform ratings did not overlap with Neutral thresholds between 15% and 7.5%, which was in operation from 7 July
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Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or
valuation of the sector* relative to the group’s historic fundamentals and/or valuation:
Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months.
Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months.
Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months.
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Global Ratings Distribution

Rating Versus universe (%) Of which banking clients (%)
Outperform/Buy* 44% (65% banking clients)
Neutral/Hold* 40% (59% banking clients)
Underperform/Sell* 14% (53% banking clients)
Restricted 2%
*For purposes of the NYSE and FINRA ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, a nd Underperform most closely
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