Regional Morning Note

UOBKayHian Regional Morning Notes Monday, February 22, 2010 Please see important notice on last page Page 1 of 30 Regional Technical Analysis Page 3 Another leg down. CHINA Sector Consumer Page 5 Strategy for the Tiger Year. Update Yanzhou Coal (BUY/HK$15.82/Target: HK$18.50) Page 6 Felix Resources brightens growth profile. Add on dips to ride on coal upcycle amid economic recovery. ZTE Corporation (BUY/HK$45.40/Target: HK$56.00) Page 8 Marching towards global top three spot. MALAYSIA Results Proton Holdings (BUY/RM3.98/Target: RM5.45) Page 10 3QFY10: Net profit of RM79.7m includes a RM44m R&D grant, mitigating year-end discounting and a momentary dip in sales. Core profits in line. Update CIMB Group (BUY/RM12.56/Target: RM14.60) Page 12 FY09 results preview: Earnings momentum getting stronger, supported by interest and non-interest income. SINGAPORE Sector Property - Residential Page 14 Cooling not killing measures. Results Genting Singapore (SEL/S$0.94/Fair: S$0.90) Page 16 4Q09: RWS’ casino opens without junket operators and attracts 20k-30k visitors per day, lower than management’s earlier target. Maintain SELL. Oversea-Chinese Banking Corp (BUY/S$8.54/Target: S$12.65) Page 18 4Q09: Gains market share. Update Oversea-Chinese Banking Corp (BUY/S$8.54/Target: S$12.65) Page 20 Results briefing takeaways. Wilmar International (BUY/S$6.36/Target: S$8.84) Page 22 2009 results preview: Higher margins from China operations. Volume growth continues to drive palm-related businesses. KEY STORY China Consumer Page 5 Strategy for the Tiger Year. Singapore Property - Residential Page 14 Cooling not killing measures. Prev Close 1D % 1W % 1M % YTD % Key Indices DJIA 10402.4 0.1 2.5 2.3 (0.2) S&P 500 1109.2 0.2 2.8 1.6 (0.5) FTSE 100 5358.2 0.6 4.2 1.0 (1.0) AS30 4656.3 (0.4) 1.5 (2.4) (4.6) CSI 300 3251.3 1.0 3.1 (6.6) (9.1) FSSTI 2757.1 (0.4) 0.8 (2.2) (4.8) HSI 19894.0 (2.6) (0.1) (4.0) (9.0) JCI 2554.4 (0.2) 0.8 (2.1) 0.8 KLCI 1257.7 (0.1) 0.9 (3.3) (1.2) KOSPI 1593.9 (1.7) (0.2) (5.4) (5.3) Nikkei 225 10123.6 (2.1) 0.3 (4.4) (4.0) SET 700.4 0.7 0.3 (1.9) (4.6) TWSE 7441.8 1.1 (1.3) (10.6) (9.1) BDI 2714 0.4 5.6 (15.4) (9.7) CPO (RM/mt) 2607 (0.3) 1.9 6.9 0.7 Nymex Crude (US$/bbl) 80 0.9 6.0 1.0 0.6 Source: Bloomberg Key Indices Current Target Pot. +/- Price