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Macquarie Research Asia Microstrategy

20 October 2014 3

Performance attribution for the first 8 months of the year

If instead of returns we look at the change in USDMCap over the first 8 months, we can

attribute Asia ex-Japans aggregate performance to individual countries and sectors, allowing

us to identify the main performance drivers. The chart on the left shows how Taiwanand

India, which were among the group of best performing countries in the region, were also the

main contributors to Asia ex-Japans overall return. In contrast, China, Korea and HongKongunderperformed Asia ex-Japan as a whole. Together these five countries accounted for

77% of overall returns in the first 8 months of the year. Of course, this is in part due to the

relative size of these markets, as weighted by MSCI. (See theAppendixMSCI weightsfor

more details.)

The chart on the right shows a return attribution for GICS sectors. We find that ITand

Financialswere the biggest contributors to the overall change in MCap. If we add Telcos

and Energy, the top four sectors accounted for 83% of overall performance.

Fig 2 Contribution by countryto % USD MCap Fig 3 Contribution by sectorto % USD MCap

Source: FactSet, Macquarie Research, October 2014 Source: FactSet, Macquarie Research, October 2014

Asia ex-JapanValuations

The PER history chartsshow that multiples for China, Hong Kong, Singapore and Malaysia

were flat/down between January and August, whereas multiples for India, Thailand, Indonesia

and the Philippines were up. Taiwanwas the only country to see multiples contract and

Koreathe only developed Asian country to see multiples expand. The TSR comp chart on the

previous page suggested this reflects changes in consensus EPS rather than a de-/re-rating.

Fig 4 Stagnant multiples Fig 5 Expanding multiples until recently


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MSCI AC Asia ex JP MSCI ChinaMSCI Hong Kong MSCI TaiwanMSCI Korea MSCI Singapore

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August August


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20 October 2014 4

Asia ex-Japan and South East Asia earnings outlook

The worm charts below show Asia ex-Japan achieved consistent revenue growth post-GFC

(on the left), but contracting margins mean this did not translate one-to-one into EPSg (on the

right): Whereas revenues grew by an average 12.8% between 2010 and 2014E, EPS only

rose by 4% CAGR.

Fig 6 Revenue worm chartMSCI Asia ex-Japan Fig 7 EPS worm chartMSCI Asia ex-Japan


The worm charts for MSCI South East Asia are worse than for Asia ex-Japan as a whole,

largely because 2013 revenue and EPS came in 5% and 10% below their respective 2012

numbers.

Fig 8 RevenueMSCI South East Asia Fig 9 EPSMSCI South East Asia


2,500,000

3,500,000

4,500,000

5,500,000

6,500,000

7,500,000

Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14

2010 2011 2012 2013 2014 2015

19.0

24.0

29.0

34.0

39.0

44.0

49.0

54.0


2010 2011 2012 2013 2014 2015

350,000

450,000

550,000

650,000

750,000

850,000

950,000


2010 2011 2012 2013 2014 2015

29.0

34.0

39.0

44.0

49.0

54.0

59.0

64.0

69.0


2010 2011 2012 2013 2014 2015

2014E revenue up160% on 2008

2014E EPS up96% on 2008

but only 4% EPSCAGR 2010-14E

and12.5% revenueCAGR 2010-14E

2014E revenue up93% on 2008

2014E EPS up57% on 2008

but only 2.4% EPSCAGR 2010-14E and

no growth 2011-2014E

and 9% revenueCAGR 2010-14E


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20 October 2014 5

Country earnings outlook summary

The below charts summarize the change in EPS since 2008 and the 2010-2014E EPS CAGR

for the countries in Asia ex-Japan. (The corresponding EPS worm charts are shown in the

AppendixEPS worm charts.)

Taiwanstands out in the chart on the left as the country with the biggest recovery in EPS

since 2008, but this is because earnings in its tech sector (and particularly semiconductors)were badly hit during the GFC. A look at the worm chart in the appendix confirms that most of

the recovery in consensus earnings expectations had already happened by 2010, and that

Taiwan experienced a marked slowdown in earnings in 2011 and 2012. This is reflected in

the below average EPS CAGR for 2010-2014E in the chart on the right.

In the chart on the right Koreastands out with negative EPSg between 2010 and 2014E,

whereas India, Indonesiaand thePhilippineshave the highest 2010-2014E EPS CAGR.

Fig 10 EPS since 2008Asia ex-Japan Fig 11 2010-14E EPS CAGRAsia ex-Japan


.

0% 25% 50% 75% 100% 125% 150%

MSCI Philippines

MSCI Indonesia

MSCI India

MSCI Thailand

MSCI Malaysia

MSCI Singapore

MSCI Korea

MSCI Taiwan

MSCI Hong Kong

MSCI China

-2% 0% 2% 4% 6% 8% 10%

MSCI Philippines

MSCI Indonesia

MSCI India

MSCI Thailand

MSCI Malaysia

MSCI Singapore

MSCI Korea

MSCI Taiwan

MSCI Hong Kong

MSCI China

Consensus expects

India, Indo nesia and

the Phi l ipp ines to

achieve EPS grow th

of 8-10% on average

ov er 2010- 2014E

Taiwan, Singapore

and K orea are

expected to see

average EPSg o f

less than 3% over

the same period


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20 October 2014 6

2014E and 2015E earnings outlook

The below charts show how consensus earnings expectations for 2014E and 2015E have

changed over the past 15-18 months.

The first couple of charts show the marked contrast in the direction of change in consensus

earnings for Taiwanand Korea. Whereas Taiwan saw consensus expectations raised

consistently since the start of 2014, Koreas earnings outlook has been cut consistently anddramatically. As a result, Taiwans 2014E and 2015E EPS are now respectively 7ppt and 5ppt

above where consensus expectations were in March and June 2013, whereas Koreas are

32ppt and 29ppt below.

If we were to look at the revenue and EBITDA worm charts for Taiwan (not shown), we would

see that revenue for Taiwan has increased steadily since 2010, but that the real driver of EPS

growth has been expanding margins. In contrast, the revenue and EBITDA worm charts for

Korea (also not shown) show zero revenue growth in 2014E and declining EBITDA.

Fig 12 Change in 2014E consensus EPS expectations Fig 13 Change in 2015E consensus EPS expectations


The stand-out performers in the TSR comp chart for the year to the end of August (Fig 1)

were Thailand, India, Indonesia andthePhilippines. These countries also had among the

highest 2010-2014E EPS CAGR (Fig 11). But as already seen (Fig 8-9), South East Asia was

the region that saw the biggest cuts to 2014E and 2015E EPS. The charts on this page

confirm the picture: India (in the charts above) saw EPS cuts in line with Asia ex-Japan, but

Thailand (2014E EPS down 20ppt; 2015E 16ppt) and Indonesia (-14ppt for 2014E and -10ppt

for 2015E) saw big cuts in consensus EPS expectations. The Philippines is the exception.



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MSCI AC Asia ex JP MSCI TaiwanMSCI Korea MSCI India

Some text

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MSCI South East Asia MSCI Thailand

MSCI Malaysia MSCI Indonesia

MSCI Philippines

Dramat ic cuts in

2014E and 2015E

consensus EPS

expectat ions for

Korea contrast

sharp ly with

increased

expectat ions for

Taiwan


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20 October 2014 7

If we look at China and Hong Kong, we see that 2014E and 2015E earnings expectations

were pared back considerably less than for Asia ex-Japan as a whole. The same applies to

Singapores 2014E EPS, with the outlook for 2015E more in line with the region as a whole.



The impact of these changes in consensus earnings expectations on 2015E EPSg is shown

in the chart on the left below. Interestingly, despite the significant improvementin outlook for

Taiwanseen in Figs 12-13, the current consensus 2015E EPSg is a relatively modest 7%.

The chart on the right confirms that this is less than 4ppt above the 2010-2014E EPS CAGR.

In contrast, despite the significant deteriorationin outlook for Korea, 2015E EPSg currently

stands at ~14%, a marked reversal from the 2010-2014E EPS CAGR of -1%.

Thailand, India, Indonesia and thePhilippinesare currently all also expected to see EPS

growth of more than 12% in 2015E, which in the case of Thailand and India is a markedacceleration from the EPS CAGR achieved during 2010-2014E, as shown in the chart on the

right.

Fig 18 2015E EPS growthAsia ex-Japan Fig 19 2015E EPSg minus 2010-2014E EPS CAGR


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MSCI AC Asia ex JP MSCI China

MSCI Hong Kong MSCI Singapore

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MSCI AC Asia ex JP MSCI China

MSCI Hong Kong MSCI Singapore

0.0% 4.0% 8.0% 12.0% 16.0%

MSCI Philippines

MSCI Indonesia

MSCI India

MSCI Thailand

MSCI Malaysia

MSCI Singapore

MSCI Korea

MSCI Taiwan

MSCI Hong Kong

MSCI China

0 4 8 12 16

MSCI Philippines

MSCI Indonesia

MSCI India

MSCI Thailand

MSCI Malaysia

MSCI Singapore

MSCI Korea

MSCI Taiwan

MSCI Hong Kong

MSCI China

The dif ference

between consensus

expectat ions for

2015E EPSg and th e

2010-2014E EPS

CAGR is greatest for

Ko rea, Thailand ,

India and Singapore


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20 October 2014 8

What has changed and why?The TSR comp chart below shows the distribution of returns since the end of August 2014.

We see a marked difference to the picture in the first 8 months of the year, with markets

correcting globally. Regionally, we see Asia ex-Japanperformed in line with MSCI World

and S&P 500, whereas South East Asiasaw a smaller drop.

We see that Korea andTaiwan underperformed, whereas India, Thailand, Indonesiaand

the Philippinesheld up better. Koreastands out as the only country in the region that saw a

meaningful deterioration in earnings outlook, which is highly unusual over a seven week

period, as short-term performance is usually dominated by changes in PER multiple.

Fig 20 TSR comparison (since the start of September)

Source: Macquarie Research, October 2014

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MSCI AC World

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MSCI AC Asia ex JP

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MSCI Japan

MSCI Korea

MSCI Taiwan

MSCI China

MSCI Singapore

MSCI Hong Kong

MSCI Malaysia

MSCI India

MSCI Thailand

MSCI Indonesia

MSCI Philippines

Div EPS PER TSR

The global sell-off

a lso took i ts to l l in

Asia ex-Japan, but

Korea and Taiwanunderper formed; for

Taiwan this was a

reversal from the

f i rst 8 months of the

year

As in the f i rst 8

mon ths o f 2014,

India, Thailan d,

Indonesia and the

Phi l ipp ines

cont inued to

outp erform, seeing

smal ler losses than

other countr ies in

the region


9/28


20 October 2014 9

If we again look at the change in MCap in USD terms, we can attribute 80% of the overall

change over the past seven weeks to four countries(Korea, Taiwan and HK/China) and

four sectors(IT, Financials, Consumer Discretionary and Energy).

Fig 21 Contribution by countryto % USD MCap Fig 22 Contribution by sectorto % USD MCap


Similarly, if we breakdown regional sector performance by country, we find that the bulk of the

change in USD MCap since the end of August for Consumer Discretionary, Energy, Materials,

and IT at the regional level, can be explained by three or four country sectors.

Fig 23 Contribution to change in MCap since the end of August by regional and country sector

Source: FactSet, Macquarie Research, October 2014

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Four countr ies and

four regional sectors

accou nted for 80% of

the drop in USD MCap


10/28


20 October 2014 10

And if we cross reference the key countries and key sectors, we find that IT, Consumer

Discretionary andFinancials accounted for76%of the overall drop in MCap in Korea(chart

on the left), whereas IT, Financials andMaterialsaccounted for 87% of the drop inTaiwan

(chart on the right). In HK/China Financials, Energy, Telcos and Consumer Discretionary

explain ~90%of the market reversal since the end of August.

Fig 24 Korea3 sectors explain 76% of total drop Fig 25 Taiwan3 sectors explain 86% of total drop


Of course, country sector performance does not necessarily match regional sector

performance. The chart below shows considerable differences in country-level performance

for Consumer Discretionary, Energy, Materials, and IT.

For example, we saw on the previous page that within Energy, three countries (China, India

and Korea) accounted for ~90% of regional sector performance since the end of August. But

the chart below shows that Energy in India and Thailand performed considerably less badlythan Energy in China, Korea, Malaysia and Indonesia.

Similarly within Materials, we saw on the previous page that four countries account for 90+%

of overall regional sector performance over the past seven weeks. But only Korean Materials

underperformed the region as a whole. The same applies to IT: Korea, Taiwan, China and

India together account for 100% of regional sector performance, but whereas India IT was flat

over the period, Korea IT underperformed.

To understand the recent sell-off, we therefore need to identify the key underperforming

country sectors.

Fig 26 % change in USD MCap by regional and country sector since the end of August


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20 October 2014 11

Dissecting the sell-off

Before we identify the key underperforming country sectors, we should consider how the sell-

off progressed over the past 7 weeks. The charts below show the change in USD MCap since

the end of August up to 16 September, 1 October and last Fridays close, respectively .

The firstthing to observe is that some regional sectors, such as Consumer Discretionary ,

Energy and IT performed badly in most countries, relative to other regional sectors, such asHealth Care, Telcos and Utilities. Secondly, in most cases country sector performance went

from bad to worse as the sell-off progressed, with the notable exception of Hong Kong

Consumer Discretionary, which improved since 1 October. Thirdly, countries like Taiwan,

Korea and Malaysia underperformed across country sectors, whereas Thailand and the

Philippines generally held up better.

The third observation raises the possibility that the sell-off may have become indiscriminate.

Does it make sense, for example, for Korean Consumer Discretionary, Energy, Financials,

Industrials, IT, Materials and Telcos to have underperformed peers in the region? Is that

solely due to the depreciating KRW?

Fig 27 % change in USD MCap by country sectorEnd of August to 16 September 2014


Fig 28 % change in USD MCap by country sectorEnd of August to 1 October 2014


Fig 29 % change in USD MCap by country sectorEnd of August to 17 October 2014


Cons. Discretionary Cons. Staples Energy Financials Health Care Industrials IT Materials Telcos Utilities

Korea -5.9% -3.4% -5.1% -3.6% 4.6% -2.4% -5.1% -0.6% 5.3% -0.9%

China -4.7% -1.8% -6.5% -0.7% 5.4% 0.3% -4.4% -1.0% -1.7% -2.2%

Taiwan -4.1% -3.7% -3.4% -2.5% -5.8% -3.2% -4.3% -3.7% -5.0%

Hong Kong -9.6% -1.8% -8.1% -0.5% 25.6% 1.1% -0.6% 0.9% -1.2% -0.9%

Singapore -6.2% -2.9% -2.9% -3.1% -3.7%

Malaysia -4.0% -3.9% 0.1% -2.7% -0.4% -3.2% -3.5% -2.5% -1.6%

India -10.8% 2.6% -3.6% -2.9% -0.3% -2.9% 0.2% -1.0% 3.8% -2.4%

Indonesia -2.5% 1.0% -5.8% -2.5% -2.5% -7.6% -3.7% 2.3% 0.3%

Thailand -4.8% -3.5% 2.4% -1.6% -7.1% -1.9% 1.3% 3.9% 3.6%

Philippines 4.4% 5.2% 12.9% 1.2% 81.4% 12.4%


Korea -16.8% -3.0% -18.3% -10.9% 7.4% -7.7% -9.4% -11.4% 2.1% 7.9%

China -6.6% -1.8% -9.7% -5.2% 6.5% -1.7% -8.9% -6.7% -1.2% -8.8%

Taiwan -4.4% -6.2% -5.0% -6.3% 0.4% -7.5% -7.1% -7.2% -5.1%

Hong Kong -15.4% -8.7% -14.4% -6.3% 23.7% -4.0% -1.9% -5.6% -7.2% -5.0%

Singapore -6.6% -5.6% -3.7% -4.5% -4.8%

Malaysia -6.4% -6.4% -2.2% -4.3% -1.0% -5.0% -4.2% -2.3% -3.1%

India -10.5% 2.2% -8.2% -4.0% 4.9% -8.3% 6.4% -6.5% 0.3% -3.5%

Indonesia -5.3% -0.5% -11.5% 0.1% -2.7% -10.1% -11.6% 2.3% -1.9%

Thailand -0.2% -4.8% 3.0% -9.9% -6.1% -0.4% -1.5% 5.9% 5.4%

Philippines 4.1% 10.6% 14.6% 1.4% 64.3% 19.9%


Korea -23.9% -5.1% -18.3% -11.9% -1.6% -14.5% -15.0% -16.4% -10.9% 4.0%

China -8.8% -3.7% -13.8% -4.4% 7.8% -2.6% -11.1% -8.5% -3.5% -9.4%

Taiwan -10.8% -11.5% -11.5% -9.1% -0.9% -11.9% -10.4% -12.6% -3.6%

Hong Kong -10.4% -7.9% -20.0% -3.8% 24.9% -3.8% -5.4% -4.0% -5.8% -1.3%

Singapore -9.3% -8.8% -6.3% -9.3% -7.9%

Malaysia -11.0% -10.4% -16.5% -8.4% -5.2% -6.8% -6.5% -1.5% -4.4%

India -15.1% -0.7% -7.9% -5.3% -2.4% -7.6% -0.1% -12.7% -2.5% -2.5%

Indonesia -10.8% -0.3% -24.2% -1.1% -1.6% -19.7% -6.4% 1.5% -3.8%

Thailand -5.4% -5.1% -2.8% -14.0% -8.5% -3.9% -7.0% 4.5% 7.7%Philippines -2.1% 6.2% 9.6% -3.8% 68.6% 11.4%

The sell-off

accelerated and

spread across the

region from early

September, raisingthe possib i l i ty of

indiscr iminate

sel l ing


12/28


20 October 2014 12

Identifying the key underperforming country sectors

Looking across the region we find 10 country sectors account for two-thirds of the move

down in Asia ex-Japan USD MCap since the end of August(see the chart on the left).

Of course, the contribution to regional performance depends on two factors: a country

sectors MSCI investable market cap weight in MSCI Asia ex-Japan and the sectors

performance. HK and China Financials, for example, show up in the list of key countrysectors by virtue of their size: their USD MCap down is only around 4% since the end of

August, i.e. by less than half as much as the region as a whole.

The remaining 8 country sectors, however, underperformed Asia ex-Japan as a whole(see

chart on the right), accounting for 60% of the drop in USD MCap for Asia ex-Japan. The

prevalence of 5 Korean sectors among these 8 is striking. These warrant a closer look.

Fig 30 Country sector contribution to change in Asiaex-Japan USD MCap since the end of August

Fig 31 Key country sectors that underperformed Asiaex-Japan since the end of August in USD terms


The TSR comparison chartsbelow are based on Macquaries coverage universe.1They

illustrate that the recent sell-off in Korean Materialsand Korean ITis a continuation of

downward moves during the first 8 months of the year. For the others, notably Taiwan and

HK/China IT, the last 7 weeks are a reversal from the first 8 months of 2014.

Fig 32 TSR comparison (8 months to end of August) Fig 33 TSR comparison (since start of September)


1The difference in performance for Korean Industrials vs the Fig 50 is largely attributable to the

absence of Hyundai Heavy Industries from Macquaries coverage universe.

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China IT

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KR Financials

KR Industrials

Korea IT

China Energy

KR Materials

KR Cons. Discr.

Asia ex-Japan

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Korea - Industrials

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HK/CN - Energy

Korea - IT

Korea - Banks

Taiwan - IT

HK/CN - IT

Korea - Industrials

Div EPS PER TSR

8 country sectors

accoun t for 60% of

the overall drop in

USD MCap 5 of

these are Korean

Korean IT is the only

key country sector to

see major cuts in

consensus EPS cuts


13/28


20 October 2014 13

Koreas underperforming sectorsKorea IT

Korean IT was the only sector that saw consensus earnings cut and PER multiples expand

over the past seven weeks. Samsung Electronicswas, of course, the main culprit, followed

by Samsung SDI, SK Hynix and LG Display. As the Returns Analyserand EPS wormcharts below illustrate, EPS cuts have accelerated recently and the offset in terms of multiple

expansion has become less, suggesting EPSg and ROE are expected to remain lower than

previously thought. The 12m forward PER multiple currently stands at ~10x, which is above

the 4 year average, but still within 1 standard deviation (SD).

Fig 34 Returns Analyser Fig 35 EPS worm chart


Korea Consumer Discretionary

As Macquarie analyst Michael Sohn spelled in his reportKorean autos - Opportunity cost of

US$10bnfrom 6 October 2014, Hyundai Motor Groups acquisition of the KEPCO site in

Gangnam for USD10bn reduced 2015E ROE for HMG, Kia and Hyundai Mobis by an average

2.6ppt. The Returns Analysershows this de-rating and the 12m forward PER multiple now

stands at just below 8x, below the 4 year average (


14/28


20 October 2014 14

Fig 38 Earnings Analyser Fig 39 Growth


KoreaMaterials

The Returns Analyserand EPS worm chartsconfirm that the earnings outlook for Korean

Materialshas been bleak for several years. Consensus 2015E EPSg currently stands at

27%, which is a delta of 40ppt vs the 2010-2014E EPS CAGR of -13%. The 16% drop in PER

multiple over the past seven weeks suggests the market expects lower commodity prices will

shortly be reflected in lower earnings expectations. The sectors PBV multiple currently

stands at ~0.9x, which is 1SD below the 4 year average.



-20%

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2012 2013 2014E 2015E 2016E

Sales EBITDA margin Depr & Amort

Net interest Associates Other

Tax rate Other post-tax Dilution

Macquarie

estimates

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2012 2013 2014E 2015E 2016E

EPS (RHS) Sales growth

EBITDA growth EPS growth

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120%140%

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120%140%

Jan-11 Jan-12 Jan-13 Jan-14

EPS PER DivFX $ TSR TSR

27.0

37.0

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2010 2011 2012 2013 2014 2015


15/28


20 October 2014 15

KoreaIndustrials

The Returns Analyserand EPS worm chartsfor Korean Industrialspossibly look even

worse than for Korean Materials. Consistent and dramatic cuts in earnings expectations have

resulted in a PER multiple that reached 11x at the end of September, 2.5SD above the 4 year

average. The in this context more useful PBV multiple currently stands at ~1x, which is also

at the upper end of the 3-year trading range. EPS may have bottomed in 2013, butconsensus 2015E EPSg estimates currently stand at 16%, which is a delta of 27ppt

compared to the 2010-2014E EPS CAGR.

Fig 42 Returns Analyser Fig 43 PER history


KoreaBanks

The EPS worm chartshows that after several years of consensus EPS expectations beinglowered, there was recently a brief uptick in the earnings outlook for 2014E. The Returns

Analysershows that the market offset past earnings cuts through PER multiples expansion,

but as we saw in the TSR comp chart above (Fig 33), over recent weeks the PER multiple

has contracted by 10%. This reversal is probably at least in part attributable to the realisation

that positive sentiment related to a government policy aimed at increasing dividend payments

was unwarranted, at least as far as Korean banks was concerned, because all but two (KB

Financial and Woori) lack the wherewithal to increase payouts. The sectors PB multiple

remains at a lowly 0.6x, which is only slightly below the 4 year average.



-60%

-40%

-20%

0%

20%

40%

60%

-60%

-40%

-20%

0%

20%

40%

60%



13.0

18.0

23.0

28.0

33.0


2010 2011 2012 2013 2014 2015

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%50%



10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0


2010 2011 2012 2013 2014 2015


16/28


20 October 2014 16

Screening for potential downsideValue tends to underperform vs defensives when volatility suddenly rises, and vs cyclicals

when a sudden spike in volatility reverses. Given their performance over the past few weeks,

this could mean that IT in Taiwan and Consumer Discretionary, Industrials and Materials in

Korea could outperform if markets bounce back.

At this stage though we are more concerned with avoiding potential falling knives. We applied

four filters to the Macquarie universe to screen for stocks that:

Outperformed MSCI Asia ex-Japan

Trade at a PER that is 2SD above the 4 year average

Have 2015E EPSg that exceeds the 2010-2014E EPS CAGR by more than 10ppt

Negative upside to our current target price

This yields the following list of 8 stocks for which could offer potential downside should doubts

about the global growth and inflation outlook continue to grow:

Fig 46 Screening for downsideexposed companies


Return Upside 2010-2014E 2015E

Name BBG code Country Macq rating since August Macq TP EPS CAGR EPSg ?EPSg PE PE z PB PB z

ABB India ABB IN IN Underperform 1.3% -49% -7% 52% 59% 63.5 2.2 7.8 2.3

Bangkok Hospital BCH TB TB Underperform -1.5% -18% 0% 21% 21% 32.9 2.5 5.4 1.8

Indian Oil IOCL IN IN Neutral 1.9% -16% -6% 14% 20% 11.7 2.2 1.2 1.0

Uni-President China 220 HK HK Neutral -0.3% -14% 4% 17% 13% 34.4 2.9 2.3 0.0

Singapore Airlines SIA SP SP Underperform -4.5% -9% -22% 29% 51% 26.7 2.1 0.9 -0.9

IOI Corp IOI MK MK Neutral -3.6% -6% -9% 5% 14% 21.2 1.9 4.3 2.4

Hero Motocorp HMCL IN IN Neutral 10.3% -4% 6% 25% 19% 18.3 2.2 7.7 0.7

Thai Stanley STANLY TB TB Neutral -3.5% -2% 0% 12% 12% 11.7 2.1 1.4 -0.3


17/28


20 October 2014 17

AppendixGlobal ContextGlobal performance and valuations

The price index and TSR (Total Shareholder Return) comparison chartsbelow show

MSCI Worldreturned 49%, including an 8% dividend yield between the start of July 2012 and

the end of August 2014. The S&P 500slightly outperformed over the same period with a 54%return, incl. 7% div yield, whereas Europeslightly underperformed (44% TSR, incl. 10% div).

Japanwas of course the standout outperformer with a 73% return (incl.7% div), whereas

Asia ex-Japanwas the clear laggard, returning only 32% (incl. 8% div).

Fig 47 Price index comparison Fig 48 TSR comp (start July 2012end August 2014)


The TSR comparison chartabove suggests PER expansionplayed a key role in S&P 500

and Europes outperformance of Asia ex-Japan, and the PER historyand PERcharts

below confirm that PER multiples rose by a third (4 points) for the S&P 500 and ~40% for

Europe (3.6 points). In contrast, the PER multiple for Japan, Asia ex-Japan and South East

Asia expanded by only ~15% (or 1.3, 1.5 and 1.7 points respectively) over the same period.

Fig 49 PER history comparison Fig 50 PER (start July 2012end August 2014)


90

110

130

150

170

190

90

110

130

150

170

190

Jul-12 Jan-13 Jul-13 Jan-14 Jul-14

MSCI AC World MSCI AC Asia ex JPMSCI Europe S&P 500MSCI Japan MSCI South East Asia

8

7

10

7

8

8

10

14

-4

48

9

3

31

33

39

17

15

15

-20 0 20 40 60 80

MSCI AC World

S&P 500

MSCI Europe

MSCI Japan

MSCI AC Asia ex JP


Div EPS PER TSR

10

11

12

13

14

15

16

10

11

12

13

14

15

16

Jul-12 Jan-13 Jul-13 Jan-14 Jul-14


0 1 2 3 4


MSCI AC Asia ex JP

MSCI Japan

MSCI Europe

S&P 500

MSCI AC World


18/28


19/28


20 October 2014 19

Earnings outlook summary

The below charts summarize the findings from the worm charts above. The first set illustrates

how the improvement in Japans earnings outlook since the GFC stands in marked contrast to

the lack of improvement in Europe. Also noticeable is that although the earnings outlook for

Asia ex-Japan improved more since 2008 than earnings for S&P 500 (EPS up 99% for Asia

ex-JP vs 63% for S&P 500), the 2010-14E EPS CAGR is less than half as big (4% vs 9%).The lower CAGR is attributable to a slowdown in EPSg in 2011-2012; both S&P 500 and Asia

ex-Japan are currently expected to see EPS growth of around 10% in 2014E.

Fig 55 EPS since 2008Regional comparison Fig 56 2010-14E EPS CAGRRegional comparison


2014E and 2015E global earnings outlook

The below charts show how consensus earnings expectations for 2014E and 2015E havechanged over the past 15-18 months. Japan stands out as the one region that has seen

consensus EPS expectations upgradedby 9% for 2014E and by 3% for 2015E. The cuts in

expectations for S&P 500 (-5% for 2014E and -3% for 2015E) are also less than for MSCI

World as a whole. In contrast, Europe and South East Asia stand out as the regions which

saw the biggest cuts to the 2014E-2015E earnings outlook.



0% 25% 50% 75% 100% 125% 150% 175%


MSCI AC Asia ex JP

MSCI Japan

MSCI Europe

S&P 500

MSCI AC World

-2.5% 0.0% 2.5% 5.0% 7.5% 10.0% 12.5%


MSCI AC Asia ex JP

MSCI Japan

MSCI Europe

S&P 500

MSCI AC World

-10

-16

-5

9

-19-20

-15

-10

-5

0

5

10

15



-7

-11

-3

3

-16-16

-12

-8

-4

0

4




20/28


20 October 2014 20

The chart on the left shows the impact of these cuts in expectations on the current outlook for

2015E EPS growth. Strikingly, all regions are expected to grow earnings by 10-12% in 2015E,

with Europe expected to grow fastest. As the chart on the right suggests, current consensus

expectations for Europe stand in marked contrast to the growth achieved over the past 4

years. Similarly, the 2015E outlook for Asia ex-Japan and South East Asia anticipates an

increase in growth by 6-8ppt. The difference between 2015E EPSg and the 2010-2014E

CAGR for the US (+2.5ppt) and Japan (-2.5ppt) is clearly considerably smaller.

Fig 59 2015E EPS growthRegional comparison Fig 60 2015E EPSg minus 2010-2014E EPS CAGR


Global Returns Analysers

Returns Analysersshow TSR decompositions in a time series and on a 12m rolling basis.

They provide historic context and clearly illustrate that in addition to multiple expansion, both

MSCI World and S&P 500 have seen consistent support from improving consensus earningsexpectations. They also show how USD returns for MSCI World were inflated by USD

depreciation in 2011, but deflated by USD appreciation in 2013. The last two observations in

the chart on the left, illustrate the effect on returns of the USDs recent appreciation.

Fig 61 Returns AnalyserMSCI AC World Fig 62 Returns AnalyserS&P 500


0.0% 4.0% 8.0% 12.0%


MSCI AC Asia ex JP

MSCI Japan

MSCI Europe

S&P 500

MSCI AC World

-4 0 4 8 12 16


MSCI AC Asia ex JP

MSCI Japan

MSCI Europe

S&P 500

MSCI AC World

-30%

-20%

-10%

0%

10%

20%

30%

40%

-30%

-20%

-10%

0%

10%

20%

30%

40%



-20%

-10%

0%

10%

20%

30%

40%

-20%

-10%

0%

10%

20%

30%

40%




21/28


20 October 2014 21

The contrast between the Returns Analysersfor Europe and Japan could hardly be starker:

Where Europes rally since mid-2012 was driven entirely by multiple expansion, Japans rally

saw significant support from improving earnings expectations. The Returns Analyserfor

Europe also shows how EUR appreciation inflated YoY returns in USD terms during most of

2014, and how this reversed as the EUR depreciated over the last few weeks. In contrast, the

Returns Analyserfor Japan shows how Yen weakness deflated USD returns during 2013.

Fig 63 Returns AnalyserMSCI Europe Fig 64 Returns AnalyserMSCI Japan


The Returns Analysersfor Asia ex-Japan and South East Asia below show South East Asia

outperformed Asia ex-Japan from mid-2012 to mid-2013 (Draghi to Bernanke) due to multiple

expansion and despite the absence of improvement in earnings expectations. Following

Bernankes announcement of QE tapering in June 2013, we see depreciation vs USD

deflated 12m rolling USD returns.

Fig 65 Returns AnalyserMSCI AC Asia ex JP Fig 66 Returns AnalyserMSCI South East Asia


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%



-60%

-40%

-20%

0%

20%

40%

60%

80%

-60%

-40%

-20%

0%

20%

40%

60%

80%



-30%

-20%

-10%

0%

10%

20%

30%

40%

-30%

-20%

-10%

0%

10%

20%

30%

40%



-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%




22/28


20 October 2014 22

AppendixEPS worm charts

Fig 67 EPS worm chartMSCI China Fig 68 EPS worm chartMSCI Hong Kong


Fig 69 EPS worm chartMSCI Taiwan Fig 70 EPS worm chartMSCI Korea


Fig 71 EPS worm chartMSCI Singapore Fig 72 EPS worm chartMSCI Malaysia


2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0


2010 2011 2012 2013 2014 2015

380.0

480.0

580.0

680.0

780.0

880.0


2010 2011 2012 2013 2014 2015

4.0

9.0

14.0

19.0

24.0


2010 2011 2012 2013 2014 2015

23.0

33.0

43.0

53.0

63.0

73.0


2010 2011 2012 2013 2014 2015

70.0

80.0

90.0

100.0

110.0

120.0

130.0

140.0

150.0


2010 2011 2012 2013 2014 2015

22.0

27.0

32.0

37.0

42.0

47.0


2010 2011 2012 2013 2014 2015


23/28


20 October 2014 23

Fig 73 EPS worm chartMSCI Thailand Fig 74 EPS worm chartMSCI India


Fig 75 EPS worm chartMSCI Indonesia Fig 76 EPS worm chartMSCI Philippines


Fig 77 EPS since 2008Asia ex-Japan Fig 78 2010-14E EPS CAGRAsia ex-Japan


17.0

22.0

27.0

32.0

37.0

42.0

47.0


2010 2011 2012 2013 2014 2015

29.0

34.0

39.0

44.0

49.0

54.0

59.0

64.0


2010 2011 2012 2013 2014 2015

180.0

230.0

280.0

330.0

380.0

430.0


2010 2011 2012 2013 2014 2015

29.0

34.0

39.0

44.0

49.0

54.0

59.0

64.0

69.0


2010 2011 2012 2013 2014 2015

0% 25% 50% 75% 100% 125% 150%

MSCI Philippines

MSCI Indonesia

MSCI India

MSCI Thailand

MSCI Malaysia

MSCI Singapore

MSCI Korea

MSCI Taiwan

MSCI Hong Kong

MSCI China

0% 2% 4% 6% 8% 10%

MSCI Philippines

MSCI Indonesia

MSCI India

MSCI Thailand

MSCI Malaysia

MSCI Singapore

MSCI Korea

MSCI Taiwan

MSCI Hong Kong

MSCI China


24/28


20 October 2014 24

AppendixCurrency fluctuationsThe first set of charts below shows how the KRW, MYR, IDR, THB and INR appreciated vs

the USD during the first 8 months of the year.

Fig 79 MSCI Asia USD MCap by country Fig 80 MSCI Asia investment factor by country


The second set of charts illustrates the effect of the strengthening USD over the past seven

weeks on the regions exchange rates, with KRW down 5pp and MYR, IDR and PHP down 3-

4ppt. Notice though how the IDR, INR and THB snapped back on Friday 17 October.

Fig 81 MSCI Asia USD investable MCap by country Fig 82 MSCI Asia USD investable MCap by sector


-4

-2

0

2

4

6

8

10

1/01/2014 1/03/2014 1/05/2014 1/07/2014

KRWUSD MYRUSD IDRUSD PHPUSD

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

1/01/2014 1/03/2014 1/05/2014 1/07/2014

SGDUSD THBUSD INRUSD

TWDUSD CNYUSD HKDUSD

-6

-5

-4

-3

-2

-1

0

1

29/08/2014

KRWUSD MYRUSD IDRUSD PHPUSD

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

29/08/2014

SGDUSD THBUSD INRUSD

TWDUSD CNYUSD HKDUSD


25/28


20 October 2014 25

AppendixMSCI weights

Fig 83 MSCI Asia USD MCap by country Fig 84 MSCI Asia investment factor by country


Fig 85 MSCI Asia USD investable MCap by country Fig 86 MSCI Asia USD investable MCap by sector


10747

3358

2690

1119

907711

635 348 314 285 237

142

0%

20%

40%

60%

80%

100%

Avg weighting

0%

20%

40%

60%

80%

5613

2578

762

555 276

383477 152

190 92 101 48

0%

20%

40%

60%

80%

100% 5613

1469

924

831

774351

201 340

310 190 223

0%

20%

40%

60%

80%

100%


26/28


20 October 2014 26

Important disclosures:

Recommendation definitions

Macquarie - Australia/New ZealandOutperformreturn >3% in excess of benchmark returnNeutralreturn within 3% of benchmark returnUnderperformreturn >3% below benchmark return

Benchmark return is determined by long term nominalGDP growth plus 12 month forward market dividendyield

MacquarieAsia/EuropeOutperformexpected return >+10%

Neutralexpected return from -10% to +10%Underperformexpected return +10%Neutralexpected return from -10% to +10%Underperformexpected return 5% in excess of benchmark returnNeutralreturn within 5% of benchmark returnUnderperformreturn >5% below benchmark return

Macquarie - USAOutperform (Buy)return >5% in excess of Russell3000 index returnNeutral (Hold)return within 5% of Russell 3000 indexreturnUnderperform (Sell)return >5% below Russell 3000index return

Volatility index definition*

This is calculated from the volatility of historicalprice movements.

Very highhighest riskStock should beexpected to move up or down 60100% in a year

investors should be aware this stock is highlyspeculative.

Highstock should be expected to move up ordown at least 4060% in a yearinvestors shouldbe aware this stock could be speculative.

Mediumstock should be expected to move upor down at least 3040% in a year.

Lowmediumstock should be expected tomove up or down at least 2530% in a year.

Lowstock should be expected to move up ordown at least 1525% in a year.* Applicable to Asia/Australian/NZ/Canada stocksonly

Recommendations12 monthsNote:Quant recommendations may differ fromFundamental Analyst recommendations

Financial definitions

All "Adjusted" data items have had the followingadjustments made:

Added back: goodwill amortisation, provision forcatastrophe reserves, IFRS derivatives & hedging,IFRS impairments & IFRS interest expenseExcluded: non recurring items, asset revals, propertyrevals, appraisal value uplift, preference dividends &minority interests

EPS= adjusted net profit / efpowa*ROA= adjusted ebit / average total assetsROA Banks/Insurance= adjusted net profit /averagetotal assetsROE= adjusted net profit / average shareholders fundsGross cashflow= adjusted net profit + depreciation*equivalent fully paid ordinary weighted averagenumber of shares

All Reported numbers for Australian/NZ listed stocksare modelled under IFRS (International FinancialReporting Standards).

Recommendation proportionsFor quarter ending 30 September 2014

AU/NZ Asia RSA USA CA EUROutperform 48.73% 59.90% 35.63% 42.00% 60.28% 42.11% (for US coverage by MCUSA, 6.09% of stocks followed are investment banking clients)Neutral 33.76% 24.97% 39.08% 52.67% 36.17% 38.42% (for US coverage by MCUSA, 8.12% of stocks followed are investment banking clients)Underperform 17.52% 15.13% 25.29% 5.33% 3.55% 19.47% (for US coverage by MCUSA, 0.51% of stocks followed are investment banking clients)

Company-specific disclosures:

Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/disclosures.

Analyst certification:The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of thecompensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. Theanalyst principally responsible for the preparation of this research receives compensation based on overall revenues of Macquarie Group Ltd ABN 94122 169 279 (AFSL No. 318062) (MGL) and its related entities (the Macquarie Group) and has taken reasonable care to achieve and maintain

independence and objectivity in making any recommendations.General disclaimers:Macquarie Securities (Australia) Ltd; Macquarie Capital (Europe) Ltd; Macquarie Capital Markets Canada Ltd; Macquarie Capital Markets North AmericaLtd; Macquarie Capital (USA) Inc; Macquarie Capital Securities Ltd and its Taiwan branch; Macquarie Capital Securities (Singapore) Pte Ltd;Macquarie Securities (NZ) Ltd; Macquarie First South Securities (Pty) Limited; Macquarie Capital Securities (India) Pvt Ltd; Macquarie Capital Securities(Malaysia) Sdn Bhd; Macquarie Securities Korea Limited and Macquarie Securities (Thailand) Ltd are not authorized deposit-taking institutions for thepurposes of the Banking Act 1959 (Commonwealth of Australia), and their obligations do not represent deposits or other liabilities of Macquarie BankLimited ABN 46 008 583 542 (MBL) or MGL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of any of the abovementioned entities. MGL provides a guarantee to the Monetary Authority of Singapore in respect of the obligations and liabilities of Macquarie CapitalSecurities (Singapore) Pte Ltd for up to SGD 35 million. This research has been prepared for the general use of the wholesale clients of the MacquarieGroup and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient you must not use ordisclose the information in this research in any way. If you received it in error, please tell us immediately by return e-mail and delete the document. Wedo not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other person. MGL hasestablished and implemented a conflicts policy at group level (which may be revised and updated from time to time) (the "Conflicts Policy") pursuant toregulatory requirements (including the FCA Rules) which sets out how we must seek to identify and manage all material conflicts of interest. Nothing inthis research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. In

preparing this research, we did not take into account your investment objectives, financial situation or particular needs. Macquarie salespeople, tradersand other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions which are contrary to theopinions expressed in this research. Macquarie Research produces a variety of research products including, but not limited to, fundamental analysis,macro-economic analysis, quantitative analysis, and trade ideas. Recommendations contained in one type of research product may differ fromrecommendations contained in other types of research, whether as a result of differing time horizons, methodologies, or otherwise. Before making aninvestment decision on the basis of this research, you need to consider, with or without the assistance of an adviser, whether the advice is appropriatein light of your particular investment needs, objectives and financial circumstances. There are risks involved in securities trading. The price of securitiescan and does fluctuate, and an individual security may even become valueless. International investors are reminded of the additional risks inherent ininternational investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value ofthe investment. This research is based on information obtained from sources believed to be reliable but we do not make any representation or warrantythat it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subjectto change without notice. No member of the Macquarie Group accepts any liabili ty whatsoever for any direct, indirect, consequential or other loss arisingfrom any use of this research and/or further communication in relation to this research. Clients should contact analysts at, and execute transactionsthrough, a Macquarie Group entity in their home jurisdiction unless governing law permits otherwise. The date and timestamp for above share price andmarket cap is the closed price of the price date. #CLOSE is the final price at which the security is traded in the relevant exchange on the date indicated.Country-specific disclaimers:

Australia: In Australia, research is issued and distributed by Macquarie Securities (Australia) Ltd (AFSL No. 238947), a participating organisation of theAustralian Securities Exchange. New Zealand: In New Zealand, research is issued and distributed by Macquarie Securities (NZ) Ltd, a NZX Firm.Canada: In Canada, research is prepared, approved and distributed by Macquarie Capital Markets Canada Ltd, a participating organisation of theToronto Stock Exchange, TSX Venture Exchange & Montral Exchange. Macquarie Capital Markets North America Ltd., which is a registered broker-dealer and member of FINRA, accepts responsibility for the contents of reports issued by Macquarie Capital Markets Canada Ltd in the United Statesand sent to US persons. Any US person wishing to effect transactions in the securities described in the reports issued by Macquarie Capital MarketsCanada Ltd should do so with Macquarie Capital Markets North America Ltd. The Research Distribution Policy of Macquarie Capital Markets CanadaLtd is to allow all clients that are entitled to have equal access to our research. United Kingdom: In the United Kingdom, research is issued and


27/28


20 October 2014 27

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28/28

Asia ResearchHead of Equity Research

John OConnell (Global Head) (612) 8232 7544

Peter Redhead (AsiaHead) (852) 3922 4836

Automobiles/Auto Parts

Janet Lewis (China) (852) 3922 5417

Zhixuan Lin (China) (8621) 2412 9006

Amit Mishra (India) (9122) 6720 4084

Takuo Katayama (Japan) (813) 3512 7856

Michael Sohn (Korea) (822) 3705 8644

Banks and Non-Bank Financials

Ismael Pili (Asia, Hong Kong, China) (852) 3922 4774

Jian Li (China, Hong Kong) (852) 3922 3579

Matthew Smith (China) (8621) 2412 9022

Suresh Ganapathy (India) (9122) 6720 4078

Nicolaos Oentung (Indonesia) (6221) 2598 8366

Alastair Macdonald (Japan) (813) 3512 7476

Chan Hwang (Korea) (822) 3705 8643

Gilbert Lopez (Philippines) (632) 857 0892

Thomas Stoegner (Singapore) (65) 6601 0854Dexter Hsu (Taiwan) (8862) 2734 7530

Passakorn Linmaneechote (Thailand) (662) 694 7728

Conglomerates


Consumer and Gaming

Linda Huang (China, Hong Kong) (852) 3922 4068

Jamie Zhou (China, Hong Kong) (852) 3922 1147

Elaine Lai (Hong Kong) (852) 3922 4749

Amit Mishra (India) (9122) 6720 4084

Lyall Taylor (Indonesia) (6221) 2598 8489

Toby Williams (Japan) (813) 3512 7392

HongSuk Na (Korea) (822) 3705 8678

Karisa Magpayo (Philippines) (632) 857 0899

Somesh Agarwal (Singapore) (65) 6601 0840

Best Waiyanont (Thailand) (662) 694 7993

Emerging Leaders

Jake Lynch (China, Asia) (8621) 2412 9007

Michael Newman (Japan) (813) 3512 7920

Kwang Cho (Korea) (822) 3705 4953

Industrials

Janet Lewis (Asia) (852) 3922 5417

Patrick Dai (China) (8621) 2412 9082

Saiyi He (China) (852) 3922 3585

Inderjeetsingh Bhatia (India) (9122) 6720 4087

Andy Lesmana (Indonesia) (6221) 2598 8398

Kenjin Hotta (Japan) (813) 3512 7871

James Hong (Korea) (822) 3705 8661

Sunaina Dhanuka (Malaysia) (603) 2059 8993

Somesh Agarwal (Singapore) (65) 6601 0840

David Gambrill (Thailand) (662) 694 7753

Insurance

Scott Russell (Asia, Japan) (852) 3922 3567

Jian Li (China, Hong Kong) (852) 3922 3579


Software and Internet

David Gibson (Asia) (813) 3512 7880

Jiong Shao (China, Hong Kong) (852) 3922 3566

Alice Yang (China, Hong Kong) (852) 3922 1266

Hillman Chan (China, Hong Kong) (852) 3922 3716

Nitin Mohta (India) (9122) 6720 4090

Nathan Ramler (Japan) (813) 3512 7875

Prem Jearajasingam (Malaysia) (603) 2059 8989

Oil, Gas and Petrochemicals

James Hubbard (Asia) (852) 3922 1226

Aditya Suresh (Hong Kong, China) (852) 3922 1265

Abhishek Agarwal (India) (9122) 6720 4079

Polina Diyachkina (Japan) (813) 3512 7886

Anna Park (Korea) (822) 3705 8669


Trevor Buchinski (Thailand) (662) 694 7829

Pharmaceuticals and Healthcare

John Yung (Hong Kong, China) (852) 3922 1132

Abhishek Singhal (India) (9122) 6720 4086

Property

Tuck Yin Soong (Asia, Singapore) (65) 6601 0838

David Ng (China, Hong Kong) (852) 3922 1291

Raymond Liu (China, Hong Kong) (852) 3922 3629

Kai Tan (China) (852) 3922 3720

Abhishek Bhandari (India) (9122) 6720 4088

Andy Lesmana (Indonesia) (6221) 2598 8398

William Montgomery (Japan) (813) 3512 7864


RJ Aguirre (Philippines) (632) 857 0890

Corinne Jian (Taiwan) (8862) 2734 7522

David Liao (Taiwan) (8862) 2734 7518

Patti Tomaitrichitr (Thailand) (662) 694 7727

Resources / Metals and Mining

Matty Zhao (Asia, China) (852) 3922 1293

Hefei Deng (China) (852) 3922 1136

Rakesh Arora (India) (9122) 6720 4093Polina Diyachkina (Japan) (813) 3512 7886

Anna Park (Korea) (822) 3705 8669

David Liao (Taiwan) (8862) 2734 7518

Technology

Jeffrey Su (Asia, Taiwan) (8862) 2734 7512

Nitin Mohta (India) (9122) 6720 4090

Claudio Aritomi (Japan) (813) 3512 7858

Damian Thong (Japan) (813) 3512 7877

David Gibson (Japan) (813) 3512 7880

George Chang (Japan) (813) 3512 7854

Daniel Kim (Korea) (822) 3705 8641

Soyun Shin (Korea) (822) 3705 8659

Ellen Tseng (Taiwan) (8862) 2734 7524

Tammy Lai (Taiwan) (8862) 2734 7525

Telecoms

Nathan Ramler (Asia, Japan) (813) 3512 7875

Danny Chu (852) 3922 4762

(China, Hong Kong, Taiwan)Eugene Jung (Korea) (822) 3705 8686

Prem Jearajasingam(Malaysia, Singapore) (603) 2059 8989

Piyachat Ratanasuvan (Thailand) (662) 694 7982

Transport & Infrastructure

Janet Lewis (Asia) (852) 3922 5417

Andrew Lee (Asia) (852) 3922 1167


Corinne Jian (Taiwan) (8862) 2734 7522

Utilities & Renewables

Gary Chiu (Asia) (852) 3922 1435

Alan Hon (Hong Kong) (852) 3922 3589

Inderjeetsingh Bhatia (India) (9122) 6720 4087

Prem Jearajasingam (Malaysia) (603) 2059 8989

Karisa Magpayo (Philippines) (632) 857 0899

Commodities

Colin Hamilton (Global) (4420) 3037 4061

Jim Lennon (4420) 3037 4271

Matthew Turner (4420) 3037 4340

Graeme Train (8621) 2412 9035

Angela Bi (8621) 2412 9086

Rakesh Arora (9122) 6720 4093

Economics

Peter Eadon-Clarke (Asia, Japan) (813) 3512 7850

Richard Gibbs (Australia) (612) 8232 3935

Larry Hu (China, Hong Kong) (852) 3922 3778

Tanvee Gupta Jain (India) (9122) 6720 4355

Quantitative / CPG

Gurvinder Brar (Global) (4420) 3037 4036

Burke Lau (Asia) (852) 3922 5494

Jason Zhang (Asia) (852) 3922 1168

Suni Kim (Japan) (813) 3512 7569

Tim Sharp (Hong Kong) (852) 3922 1318

Special Situations

Matthew Hook (Asia) (852) 3922 3743

Strategy/Country

Viktor Shvets (Asia) (852) 3922 3883

Chetan Seth (Asia) (852) 3922 4769

Joshua van Lin (Asia Micro) (852) 3922 1425Peter Eadon-Clarke (Japan) (813) 3512 7850

David Ng (China, Hong Kong) (852) 3922 1291

Jiong Shao (China) (852) 3922 3566

Rakesh Arora (India) (9122) 6720 4093

Nicolaos Oentung (Indonesia) (6121) 2598 8366


Yeonzon Yeow (Malaysia) (603) 2059 8982


Conrad Werner (Singapore) (65) 6601 0182

David Gambrill (Thailand) (662) 694 7753

Find our research atMacquarie: www.macquarie.com.au/researchThomson: www.thomson.com/financialReuters: www.knowledge.reuters.comBloomberg: MAC GOFactset: http://www.factset.com/home.aspxCapitalIQ www.capitaliq.comEmail [email protected] for access

Asia SalesRegional Heads of Sales

Miki Edelman (Asia) (813) 3512 7857

Jeffrey Shiu (China & Hong Kong) (852) 3922 2061

Thomas Renz (Geneva) (41) 22 818 7712

Bharat Rawla (India) (9122) 6720 4100

Riaz Hyder (Indonesia) (6221) 2598 8486

Mark Chadwick (Japan) (813) 3512 7827

John Jay Lee (Korea) (822) 3705 9988

Nik Hadi (Malaysia) (603) 2059 8888

Eric Roles (New York) (1 212) 231 2559

Gino C Rojas (Philippines) (632) 857 0861

Regional Heads of Sales contd

Ruben Boopalan (Singapore) (603) 2059 8888

Paul Colaco (San Francisco) (1 415) 762 5003

Erica Wang (Taiwan) (8862) 2734 7586

Angus Kent (Thailand) (662) 694 7601

Ben Musgrave (UK/Europe) (44) 20 3037 4882

Julien Roux (UK/Europe) (44) 20 3037 4867

Sales Trading

Adam Zaki (Asia) (852) 3922 2002

Stanley Dunda (Indonesia) (6221) 515 1555

Sales Trading contd

Phil Sellaroli (Japan) (813) 3512 7837

Suhaida Samsudin (Malaysia) (603) 2059 8888

Michael Santos (Philippines) (632) 857 0813

Kenneth Cheung (Singapore) (65) 6601 0288

Chris Reale (New York) (1 212) 231 2555

Marc Rosa (New York) (1 212) 231 2555

Isaac Huang (Taiwan) (8862) 2734 7582

Dominic Shore (Thailand) (662) 694 7707

Mike Keen (UK/Europe) (44) 20 3037 4905

5 asia microstrategy

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