asiamoney brokers poll 2018 - maybank-keresearch.com 2018_regional.pdf · malaysia...

75Analysts, sector specialists, economists and strategists

450Stocks covered

8Countries

MalaysiaSingapore IndonesiaThailandVietnamPhilippinesGreater ChinaIndia

RegionalEconomics

FXFixed Income

StrategySMID

AutomobilesBanks

Casinos & GamingConsumer Discretionary

Consumer StaplesHealth Care

IndustrialsPlantationsReal EstateTechnology

TelecommunicationsTransportation

Utilities

ASIAMONEY BROKERS POLL 2018Your vote makes a difference to us

Economics

KEY REPORTS• 2018 Outlook & Lookouts “Keep growing & carry on …”• Politics & Strategy “GE14: Malaysia goes to the poll”• Special Feature “Minimum wage”• Politics & Strategy “GE14: Malaysia votes for change”• Macro & Strategy “GST to be zero-rated”

CHUA HAK BIN

KEY REPORTS• Singapore Economics - MAS Preview: Time to

Normalize• Asia Economics : Trade War: The Battlelines • ASEAN Economics : Investment Revival• ASEAN Economics : Disruption Watch

SUHAIMI ILIAS

CHIEF ECONOMIST

ZAMROS DZULKAFLI

MALAYSIA

chuahb@maybank-ke.com.sg

+65 6231 5830

suhaimi_ilias@maybank-ib.com

+603 2297 8682

zamros.d@maybank-ib.com

+603 2082 6818

REGIONAL THEMATIC

LEE JU YE

KEY REPORTS• Singapore Economics : MAS Preview: Time to

Normalize• Asia Economics - Trade War: The Battlelines • ASEAN Economics : Investment Revival• ASEAN Economics : Disruption Watch

leejuye@maybank-ke.com.sg

+65 6231 5844

REGIONAL

KEY REPORTS• VNM VN: U/G to BUY on solid topline growth, wider

profit margin• DHG VN: Runing ahead of fundamentals, D/G to SELL• PNJ VN: Strong sales & margins

LIEN LE HONG

VIETNAM

lien.le@maybank-kimeng.com.vn

+84 844 55 58 88 ext 8181

Economics

KEY REPORTS• FX Insight : MYR – “Cautiously” steady• FX Insight : Monetary Policy Unwind – How Soon ?• Asia FX Fortnightly: Temporary Return Of Policy

Divergence Thematic Trade• FX Flash : INR – No Longer In A Sweet Spot

SUPAAT SAKTIANDI

FX STRATEGY & ECONOMICS

saktiandi@maybank.com.sg

+ (65) 6320 1379

KEY REPORTS• Malaysia Election: Volatility is your friend• Bond Market Watch: Concentration on supply would

weigh on the curve• Auction preview 10y GII: Bid with higher risk

premiums

WINSON PHOON

FIXED INCOME

winsonphoon@maybank-ke.com.sg

+ 65 6231 5831

Fixed Income

Strategy

KEY REPORTS• Singapore Market Monitor : SG got its groove

back• ASEAN SMIDs: Reversing the reversal of fortune• SATS : Some Ais Kacang and a big bite of Turkish

Delight

KEY REPORTS• Blue Skies. Bring an Umbrella!• "Skewey" Prices & the Case for 1H18 Market

Downside• Six-for-17 : Shuffle, Rumble, Jump the Trouble?

WILLIE CHAN

KEY REPORTS• Chasing laggards. Party Congress• Does No One See the Clouds?• "Skewey" Prices & the Case for 1H18 Market

Downside

SADIQ CURRIMBHOY

REGIONAL

WONG CHEW HANN

MALAYSIA

NEEL SINHA

williechan@kimeng.com.hk

+852 2268-0631

sadiq@maybank-ke.com.sg

+65 6231 5836

wchewh@maybank-ib.com

+603 2297 8686

neelsinha@maybank-ke.com.sg

+65 6231 5838

REGIONAL

SINGAPORE

KEY REPORTS• VNM VN: U/G to BUY on solid topline growth,

wider profit margin• DHG VN: Runing ahead of fundamentals, D/G to

SELL• PNJ VN: Strong sales & margins

KEY REPORTS• India Strategy : Time for a breather; D/G to Neutral

on valuation/EPS miss• Minda Industries (MNDA IN) - Outperformance is

sustainable • Himadri Speciality Chemicals (HSCH)-Pitching for

higher performance

KEY REPORTS• DTAC: Improving signal• Six-for-18: MAKRO: Not a victim but a survivor• Year Ahead Strategy: Don’t Wait 'Till The Dogs Howl• Strategy: Regulatory Changes Call for Safe Haven

ISNAPUTRA ISKANDAR

KEY REPORTS• Six for 18: Indonesia - Positive on market• United Tractors (UNTR IJ) : Twin Strengths• Indocement (INTP IJ): Weakness Continues

MARIA LAPIZ

THAILAND

JIGAR SHAH

LIEN LE HONG

isnaputra.iskandar@maybank-ke.co.id

+62 21 8066 8680

maria.l@maybank-ke.co.th

+662 257 0250

jigar@maybank-ke.co.in

+91 22 6632 2632

+84 844 55 58 88 ext 8181

INDONESIA

VIETNAM

Strategy

KEY REPORTS• Philippine Strategy: Pricing in the Catalysts• Philippines : Tracking Growth (included in Six-for 18:

Cycles, Structures, Breakouts & Breakdowns)• SM Investments : The hand that rocks the cradle

MINDA OLONAN

PHILLIPINES

minda_olonan@maybank-atrke.com

+63 2 849 8840

Strategy

KEY REPORTS• DTAC: Improving signal• Six-for-18: MAKRO: Not a victim but a survivor• Year Ahead Strategy: Don’t Wait 'Till The Dogs Howl• Strategy: Regulatory Changes Call for Safe Haven

KEY REPORTS• SATS : Some Ais Kacang and a big bite of Turkish

Delight• ST Engineering : Renaissance Revival• ASEAN SMIDs : Reversing the reversal of fortune

WONG CHEW HANNNEEL SINHA

REGIONAL

MARIA LAPIZ

THAILAND

+603 2297 8686

+65 6231 5838

+662 257 0250

MALAYSIA

KEY REPORTS• Six for 18: Indonesia : Positive on market• United Tractors (UNTR IJ) : Twin Strengths• Indocement (INTP IJ): Weakness Continues

ISNAPUTRA ISKANDAR

+62 21 8066 8680

INDONESIA

KEY REPORTS• VNM VN: U/G to BUY on solid topline growth,

wider profit margin• DHG VN: Runing ahead of fundamentals, D/G to

KEY REPORTS• Minda Industries (MNDA IN) : Outperformance is

sustainable • Himadri Speciality Chemicals (HSCH):Pitching for

higher performance • India Strategy : Time for a breather; D/G to Neutral

on valuation/EPS miss

JIGAR SHAH

LIEN LE HONG

+91 22 6632 2632

+84 844 55 58 88 ext 8181

VIETNAM

Automobiles

KEY REPORTS• International Container Terminal Services:

Digesting Newly Completed Greenfield Projects (Downgrade from Buy to Hold)

KEY REPORTS• Inari Amertron : A MY sector powerhouse• V.S. Industry : Dusting off the competition • UMW Holdings : Inflection year

KEY REPORTS• Geely Auto (175 HK): Fully Charged to Go• Guangzhou Auto (2238 HK): D/G to HOLD; We enjoyed

the Ride• Shenzhou (2313 HK): Currency Headwin not Gusty

ISNAPUTRA ISKANDAR

KA LEONG LO

HONG KONG

IVAN YAP

MALAYSIA

KATHERINE TAN

+62 21 8066 8680

kllo@kimeng.com.hk

+852 2268 0630

ivan.yap@maybank-ib.com

+603 2297 8612

kat_tan@maybank-atrke.com

+63 2 849 8843

INDONESIA

PHILIPPINES

KEY REPORTS• Geely Auto (175 HK): Fully Charged to Go• Guangzhou Auto (2238 HK): D/G to HOLD; We

enjoyed the Ride• China Auto: Refocus on fundamentals

JIGAR SHAH

WENDY LI

+91 22 6632 2632

wendyli@kimeng.com.hk

+852 2268 0647

HONG KONG

Automobiles

profit margin• DHG VN: Runing ahead of fundamentals, D/G to

KEY REPORT• MFRS 9 : Manageable impact on capital

RAHMI MARINA

KEY REPORTS• Indonesia Banks: Follow The Money• Bank Rakyat Indonesia (BBRI IJ): Focusing on

low:risk loans for growth

DESMOND CH’NG

MALAYSIA

LE HONG LIEN

VIETNAM

rahmi.marina@maybank-ke.co.id

+62 21 8066 8689

desmond.chng@maybank-ib.com

+603 2297 8680

+84 844 55 58 88 ext 8181

INDONESIA

KEY REPORTS• Philippines Banks: Go for Big Banks!• BDO Unibank: Accelerating NIMs but Higher

Costs; Downgrade to HOLD

KATHERINE TAN

+63 2 849 8843

PHILIPPINES

KEY REPORTS• SG Banks : A Clearer Path • SG Banks : Cashing In On Cashless Payments?

TANAWAT RUENBANTERNG

KEY REPORTSThai Banking Sector: Pressure on CA, Risk on BanksThai Banking Sector: NIM Under PressureThai Banking Sector: Potential Delay of IFRS9 Is Only a NEUTRAL Event

NG LI HIANG

SINGAPORE

Tanawat.R@maybank-ke.co.th

+66 2658 6300 ext.1394

KEY REPORTS• Edelweiss (EDEL IN): Getting better every quarter• HDFC Bank (HDFCB IN): Still the bellwether• Yes Bank (YES) : Strong 3QFY17 performance; across

various metrics; U/G to BUY

VISHAL MODI

vishal@maybank-ke.co.in

+91 22 6623 2607

nglihiang@maybank-ke.com.sg

+65 6231 5840

THAILAND

Casinos & Gaming

KEY REPORTS• Malaysia Gaming (NFO) : Positive turnaround

taking hold?• Yong Tai : Reliving Melaka's glory days• Genting Singapore : Stay in the game• Genting Malaysia : The chips may fall your way

SAMUEL YIN SHAO YANG

REGIONAL

samuel.y@maybank-ib.com

+603 2297 8916

SONIJA LI

HONG KONG

sonijali@kimeng.com.hk

+852 2268 0641

KEY REPORTS• MGM China Holdings: 2Q: Wanting but Left Yearning• Wynn Macau: 2Q Beat on GGR Share Gains

Consumer Discretionary

KEY REPORTS• Ramayana Lestari (RALS IJ): Strong Data Points• Indonesia Consumer: Pick and Choose

KEY REPORTS• Nissin Foods (1475 HK): Deep Value With Growth• China Mengniu Dairy (2319 HK) : Giant awakens• Health & Happiness Int’l (1112 HK): In Good Shape &

Can Be Better• China Foods (506 HK): Taste the difference, we’re

lovin it

KEY REPORTS• DTAC: Improving signal• HMPRO: Strong 3Q puts 9M17 slightly ahead of FY

estimates• Six-for-18: MAKRO: Not a victim but a survivor• ADVANC: Defensive Yield

KA LEONG LO

enjoyed the Ride• Shenzhou (2313 HK): Currency Headwin not Gusty

MARIA LAPIZ

THAILAND

JACQUELINE KO

HONG KONG

JANNI ASMAN

kllo@kimeng.com.hk

+852 2268 0630

+662 257 0250

jacquelineko@kimeng.com.hk

+852 2268 0633

janni.asman@maybank-ke.co.id

+62 21 8066 8687

HONG KONG

INDONESIA

profit margin• DHG VN: Runing ahead of fundamentals, D/G to SELL• PNJ VN: Strong sales & margins

SAMUEL YIN SHAO YANG

KEY REPORTS• Malaysia Gaming (NFO) : Positive turnaround taking

hold?• Yong Tai : Reliving Melaka's glory days• Genting Singapore : Stay in the game• Genting Malaysia : The chips may fall your way

LE HONG LIEN

VIETNAM

samuel.y@maybank-ib.com

+603 2297 8916

+84 844 55 58 88 ext 8181

MALAYSIA

JIGAR SHAH

+91 22 6632 2632

enjoyed the Ride• China Auto: Refocus on fundamentals

WENDY LI

wendyli@kimeng.com.hk

+852 2268 0647

HONG KONG

KEY REPORTS• ComfortDelGro : Back to Comfort Zone; U/G to BUY• Singapore Post : Most sectors turning; U/G to BUY• IHH : Start-up drag stabilising and priced in; U/G to

BUY• Sheng Siong : At the Heartland of the Matter

JADE TAM

KEY REPORTS• STAR : Brace for impact• STAR : 1Q18 Value BUY

SINGAPORE

jade.tam@maybank-ib.com

+603 2297 8687

johncheong@maybank-ke.com.sg

+65 6231 5845

KEY REPORT• YTL Hospitality REIT : Check-in to an Asia-Pac

portfolio

KEVIN WONG

MALAYSIA

kevin.wong@maybank-ib.com

+603 2082 6824

MALAYSIA

JOHN CHEONG

KEY REPORTS• NVL VN: The pressure remains• VIC VN: Massive expansion, U/G to BUY• HPG VN: Insulated steelmaking (Apr'17) and

Gearing up for Growth

THAI QUANG TRUNG

trung.thai@maybank-kimeng.com.vn

+84 444 55 58 88 ext 8180

VIETNAM

Consumer Staples

KEY REPORTS• Nissin Foods (1475 HK): Deep Value With Growth• China Mengniu Dairy (2319 HK) : Giant awakens• Health & Happiness Int’l (1112 HK): In Good Shape &

Can Be Better• China Foods (506 HK): Taste the difference, we’re

lovin it

LIEN LE HONG

profit margin• DHG VN: Runing ahead of fundamentals, D/G to

MARIA LAPIZ

THAILAND

JACQUELINE KO

HONG KONG

JANNI ASMAN

+84 844 55 58 88 ext 8181

+662 257 0250

jacquelineko@kimeng.com.hk

+852 2268 0633

+62 21 8066 8687

VIETNAM

INDONESIA

Consumer Staples

KEY REPORTS• Consumer : Lets talk about consumption• Consumer : What is brewing?

LIEW WEI HAN

MALAYSIA

weihan.l@maybank-ib.com

+603 2297 8676

KEY REPORTS• Singapore Post : Most sectors turning; U/G to BUY• IHH : Start-up drag stabilising and priced in; U/G to

SINGAPORE

+65 6231 5845

JOHN CHEONG

Health Care

KEY REPORTS• Kossan : Long-awaited growth to arrive• Malaysia Gloves Sector : Pick the laggard

TONY REN

KEY REPORTS• Hutchison China MediTech: China-Focused Low-Risk

Biopharma• Chinese Blood Plasma Sector: Fractionating

Fractionators: The 2 Longs and 2 Shorts of It• Chinese Blood Plasma Sector: More bloodletting

YEN LING LI

MALAYSIA

JANNI ASMAN

tonyren@kimeng.com.hk

+852 2268 0640

MARIA LAPIZ

THAILAND

+662 257 0250

lee.yl@maybank-ib.com

+603 2297 8691

+62 21 8066 8687

HONG KONG

INDONESIA

Heath Care

KEY REPORTS• MY Construction: Keeping it 'rail‘• MY Construction: Let the dust settle

ADRIAN WONG

MALAYSIA

adrian.wkj@maybank-ib.comd

+603 2297 8675

KEY REPORTS• Singapore Healthcare : Healthy Trends• IHH : Start-up drag stabilising and priced in; U/G to

BUY• Sheng Siong: At the Heartland of the Matter

SINGAPORE

+65 6231 5845

JOHN CHEONG

Industrials

KEY REPORTS• SATS : Some Ais Kacang and a big bite of Turkish

Delight• ST Engineering : Renaissance Revival• Singapore Market Monitor : SG got its groove back• ASEAN SMIDs : Reversing the reversal of fortune

ISNAPUTRA ISKANDAR

WONG CHEW HANN

MALAYSIA

NEEL SINHA

SINGAPORE

+62 21 8066 8680

+603 2297 8686

+65 6231 5838

INDONESIA

KEY REPORTS• Philippine Strategy: Pricing in the Catalysts• Philippines : Tracking Growth (included in Six-for 18:

Cycles, Structures, Breakouts & Breakdowns)• SM Investments : The hand that rocks the cradle

MINDA OLONAN

PHILLIPINES

minda_olonan@maybank-atrke.com

+63 2 849 8840

Industrials

KEY REPORTS• Powergrid Corp (PWGR) : Powering Ahead • PTC India (PTCIN) : Pole Position

VISHAL PERIWAL

vishalperiwal@maybank-ke.co.in

+91 22 6623 2605

THAI QUANG TRUNG

+84 444 55 58 88 ext 8180

VIETNAM

KEY REPORTS• Sime Darby Plantation : One of a kind (Initiating

Coverage)• Regional Plantation : Muted 2018 price outlook• Regional Plantation : Long term trend analysis• Malaysia Plantation : Brace yourself for MFRS Impact

ONG CHEE TING

MALAYSIA

ct.ong@maybank-ib.com

+603 2297 8678

KEY REPORTS• MY Construction: Keeping it 'rail‘• MY Construction: Let the dust settle

ADRIAN WONG

MALAYSIA

adrian.wkj@maybank-ib.comd

+603 2297 8675

Industrials

KEY REPORTS• PVD VN: Market over-reacts to oil prices

LE NGUYEN CHUYEN

chuyen.le@maybank-kimeng.com.vn

+84 444 55 58 88 ext 8182

VIETNAM

KEY REPORTS• International Container Terminal Services:

Digesting Newly Completed Greenfield Projects (Downgrade from Buy to Hold)

KATHERINE TAN

+63 2 849 8843

PHILIPPINES

Plantations

KEY REPORTS• Six for 18: Indonesia - Positive on market• United Tractors (UNTR IJ) : Twin Strengths• Indocement (INTP IJ): Weakness Continues

+62 21 8066 8680

KEY REPORTS• Sime Darby Plantation : One of a kind (Initiating

Coverage)• Regional Plantation : Muted 2018 price outlook• Regional Plantation : Long term trend analysis• Malaysia Plantation : Brace yourself for MFRS Impact

ONG CHEE TING

REGIONAL

ct.ong@maybank-ib.com

+603 2297 8678

INDONESIA

ISNAPUTRA ISKANDAR

Real Estate

KEY REPORTS• Singapore REITs : Industrials Closing In• Singapore REITs : Growth Jumpstart• Singapore REITs : In Need Of Retail Therapy (Initiate)• Singapore REITs : Industrials Bottoming Out• The Door To ASEAN Property

CHUA SU TYE

SINGAPORE

MARIA LAPIZ

THAILAND

chuasutye@maybank-ke.com.sg

+65 6231 5842

+662 257 0250

RICKY NG

KEY REPORT• Chinese Wind Power: Wind Beneath My Wings• CGN Power (1816 HK): Light at the End of the

Tunnel• Hong Kong Property : Catalyst-Driven

rickyng@kimeng.com.hk

+852 2268 0689

HONG KONG

KEY REPORTS• Indonesia Property: Knocking On The Wrong

Doors• Indonesia Property: Ready Land To Meet Demand

AURELLIA SETIABUDI

aurellia.setiabudi@maybank-ke.co.id

+62 21 8066 8691

INDONESIA

Real Estate

KEY REPORTS• Philippines Property: Switiching Gears to

Residentials

KEY REPORTS• SG Property : Price Inflection Point; U/G to POSITIVE• GuocoLand : Riding the Singapore Upcycle (Initiate)• Bukit Sembawang : Home Run (Initiate)• SG Property : Cyclical Upturn in 2018• The Door To ASEAN Property

DERRICK HENG

SINGAPORE

ROMEL LIBO-ON

PHILLIPINES

derrickheng@maybank-ke.com.sg

+65 6432 1446

romel_libo-on@maybank-atrke.com

+63 2 849 8839

THAI QUANG TRUNG

+84 444 55 58 88 ext 8180

VIETNAM

KEY REPORTS• Sime Darby Property : The goliath is stirring• Property sector : Remains challenging • Property sector : Awaiting catalysts

WONG WEI SUM

MALAYSIA

weisum@maybank-ib.com

+603 2297 8679

Real Estate

KEY REPORTS• New World Development: Multiple Challenges Ahead

(Initiation)• New World Development: Pay Dirt with Farmland

Conversion • New World Development: Strong China margin

expansion

CHRISTOPHER WONG

HONG KONG

christopherwong@kimeng.com.hk

+852 2268 0689

KEY REPORTS• Malaysia REITs: GE14 Impact• Malaysia REITs: Mildly positive on revised Guidelines• CapitaLand Malaysia Mall Trust: Fundamentals

remain decent• YTL Hospitality REIT: Check-in to an Asia-Pac

portfolio

KEVIN WONG

MALAYSIA

kevin.wong@maybank-ib.com

+603 2082 6824

Technology

KEY REPORTS• Asian Components: Reality Check• Chipwar is heating up again• Asian Technologies: where is the cyclical recovery?

IVAN YAP

KEY REPORTS• Inari Amertron : A MY sector powerhouse• V.S. Industry : Dusting off the competition • UMW Holdings : Inflection year

STEFAN CHANG

REGIONAL

ivan.yap@maybank-ib.com

+603 2297 8612

stefanchang@kimeng.com.hk

+852 2268 0675

MALAYSIA

KEY REPORT• TAKE Solutions (TAKE IN) : Aims to be in top 5• Sterlite Technologies (SOTL IN) : Multiple

catalysts to play out• Hexaware Technologies (HEXW IN) : Firing on All

Cylinders

NEERAV DALAL

neerav@maybank-ke.co.in

+91 22 6623 2606

KEY REPORTS• Venture - Many Faces of Growth (Initiate)• Valuetronics - New Tech Illuminating the Way

LAI GENE LIH

SINGAPORE

laigenelih@maybank-ke.com.sg

+65 6231 5926

Telecommunications

KEY REPORTS• VIPS BUY: The Value of the Feminine Touch• BABA D/G: Time for a Breather• China Unicom D/G: Cash in Your Chips

MITCHELL KIM

REGIONAL

MARIA LAPIZ

THAILAND

mitchellkim@kimeng.com.hk

+852 2268-0634

+662 257 0250

LUIS HILADO

KEY REPORTS• Game of Phones• Philippines Telecoms : A Tale Of Two Telcos• News Vs Reality• TPG Scenarios: The Base, The Blue Skies & The Ugly• Everything On HOLD

LuisHilado@maybank-ke.com.sg

+65 6231 5848

SINGAPORE

PHILIPPINES

KEY REPORT• TAKE Solutions (TAKE IN): Aims to be in top 5• Sterlite Technologies (SOTL IN) : Multiple

catalysts to play out• Hexaware Technologies (HEXW IN) : Firing on All

Cylinders

NEERAV DALAL

+91 22 6623 2606

Telecommunications

KEY REPORTS• VIPS BUY: The Value of the Feminine Touch• BABA D/G: Time for a Breather• China Unicom D/G: Cash in Your Chips

JEFFREY KWONG

HONG KONG

+852 2268 0635

TAN CHI WEI

KEY REPORTS• Tenaga: More RP2 details released• Malaysia Telcos: Stability finally?

chiwei.t@maybank-ib.com

+603 2297 8690

MALAYSIA

CHANDRA PASARIBU

chandra.pasaribu@maybank-ke.co.id

+62 21 8066 8691

INDONESIA

Transportation

KEY REPORT• Kossan : Long-awaited growth to arrive• Malaysia Gloves Sector : Pick the laggard

KEY REPORTS• Malaysia Aviation : Turn of the cycle• Petronas Chemicals : Don't overlook this champion

NEEL SINHA

KEY REPORT• SATS : Some Ais Kacang and a big bite of Turkish

Delight• ST Engineering : Renaissance Revival• Singapore Market Monitor : SG got its groove back• ASEAN SMIDs : Reversing the reversal of fortune

MOHSHIN AZIZ

REGIONAL

LEE YEN LING

MALAYSIA

+65 6231 5838

mohshin.aziz@maybank-ib.com

+603 2297 8692

lee.yl@maybank-ib.com

+603 2297 8691

SINGAPORE

MARIA LAPIZ

THAILAND

+662 257 0250

Transportation

KEY REPORTS• ComfortDelGro : Back to Comfort Zone; U/G to BUY• Singapore Post : Most sectors turning; U/G to BUY• IHH : Start-up drag stabilising and priced in; U/G to

SINGAPORE

+65 6231 5845

JOHN CHEONG CHANDRA PASARIBU

chandra.pasaribu@maybank-ke.co.id

+62 21 8066 8691

INDONESIA

Utilities

KEY REPORTS• Tenaga : More RP2 details released• Malaysia Telcos : Stability finally?

TAN CHI WEI

SINGAPORE

chiwei.t@maybank-ib.com

+603 2297 8690

RICKY NG

KEY REPORT• Chinese Wind Power: Wind Beneath My Wings• CGN Power (1816 HK): Light at the End of the

Tunnel• Hong Kong Property : Catalyst-Driven

rickyng@kimeng.com.hk

+852 2268 0689

HONG KONG

KEY REPORT• Six for 18: Indonesia : Positive on market• United Tractors (UNTR IJ) : Twin Strengths• Indocement (INTP IJ): Weakness Continues

ISNAPUTRA ISKANDAR

+62 21 8066 8680

INDONESIA

KEY REPORTS• Powergrid Corp (PWGR) : Powering Ahead • PTC India (PTCIN) : Pole Position

VISHAL PERIWAL

vishalperiwal@maybank-ke.co.in

+91 22 6623 2605

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