UOBKayHian Regional Morning Notes Wednesday, April 21, 2010 Please see important notice on last page Page 1 of 22 CHINA Results China Mobile (BUY/HK$80.20/Target: HK$98.20) Page 2 1Q10: Strong 3G net adds should offset slight earnings disappointment. Datang International Power (BUY/HK$3.39/Target: HK$4.20) Page 4 2009: In-line results. Growth to be underpinned by improving coal self-sufficiency and aggressive capacity expansion. Update Zhuzhou CSR Times Electric (BUY/HK$16.22/Target: HK$18.58) Page 6 Outlook remains positive given booming investment in railway and rapid transit systems. Maintain BUY. INDONESIA Update United Tractors (BUY/Rp19,600/Target: Rp21,600) Page 8 1Q10 results preview: Earnings remain intact thanks to vigorous Komatsu sales volume and robust coal production in mining contracting production. MALAYSIA Results Bursa Malaysia (HOLD/RM7.59/Fair: RM7.50) Page 10 1Q10: Recurring net profit rises 37.9% qoq to RM28.1m. Total market capitalisation on Bursa is still on the uptrend. Maintain HOLD. SINGAPORE Results Keppel Land (BUY/S$3.66/Target: S$4.60) Page 12 1Q10: Beneficiary of office segment’s turnaround. Ryobi Kiso (BUY/S$0.20/Target: S$0.29) Page 14 9MFY10: Results within expectations. Undervalued leading piling contractor. Update Kencana Agri (BUY/S$0.32/Target: S$0.38) Page 16 An undervalued pure play palm oil planter with exceptional growth prospects underpinned by its young tree age profile. THAILAND Results KasikornBank (BUY/Bt88.25/Target: Bt119.00) Page 18 1Q10: Strong operating performance with 10% yoy growth in earnings, backed by strong revenue growth and falling credit cost. Thanachart Capital (BUY/Bt23.10/Target: Bt35.25) Page 20 1Q01: Earnings came in at Bt1.3b, 34% ahead of expectations. Maintain BUY on stronger ROE outlook. 2009 2010F 2011F GDP (% yoy) US (2.40) 3.00 3.00 Euro Zone (4.10) 1.15 1.50 Japan (5.20) 1.90 1.90 Singapore (2.00) 5.80 4.50 Malaysia (1.70) 4.90 5.10 Thailand (2.30) 4.30 4.70 Indonesia 4.50 6.00 6.20 Hong Kong (2.70) 4.00 4.50 China 8.50 9.50 8.30 Brent Crude Oil (US$/bbl) 62 75 85 Aluminium * (US$/mt) 1,671 2,133 2,228 Copper * (US$/mt) 5,178 7,028 7,508 Gold Price London * (US$/ounce) 974 1,163 1,192 Iron Ore * (USc/dmtu) 85 126 137 CPO (US$/mt) 670 776 716 BDI 2,617 3,000 3,300 * Bloomberg Source: UOB, UOB Kay Hian Key Assumptions Venue Beg Close Thailand Politics Spore 21 Apr 21 Apr Luncheon Presentation TPV Technology Spore 26 Apr 27 Apr Corporate Roadshow Golden Meditech Hldgs KL 26 Apr 26 Apr Corporate Roadshow Spore 27 Apr 28 Apr Palm Oil Sector Europe 27 Apr 29 Apr Corporate Roadshow PT Pembangunan Perumahan HK 26 Apr 27 Apr Corporate Roadshow KL 28 Apr 28 Apr Spore 29 Apr 30 Apr TCL Com. Tech. HK 29 Apr 30 Apr Coporate Road Show Corporate Events Key Indices Prev Close 1D % 1W % 1M % YTD % DJIA 11117.1 0.2 0.9 3.5 6.6 S&P 500 1207.2 0.8 0.8 4.1 8.3 FTSE 100 5783.7 1.0 0.4 2.4 6.9 AS30 4949.5 0.2 (0.6) 1.2 1.4 CSI 300 3173.4 (0.1) (6.4) (3.7) (11.3) FSSTI 2981.4 0.7 0.3 2.3 2.9 HSI 21623.4 1.0 (2.2) 1.2 (1.1) JCI 2891.3 1.8 0.2 5.4 14.1 KLCI 1335.9 0.7 0.1 3.0 5.0 KOSPI 1718.0 0.7 0.4 1.9 2.1 Nikkei 225 10900.7 (0.1) (2.3) 0.7 3.4 SET 765.8 5.4 (2.3) (1.1) 4.3 TWSE 7900.4 0.6 (1.6) 0.0 (3.5) BDI 2998 (0.1) 2.4 (11.3) (0.2) CPO (RM/mt) 2499 (1.5) (2.6) (3.8) (3.5) Nymex Crude (US$/bbl) 84 0.9 (0.2) 3.9 5.7 Source: Bloomberg Top BUYs/SELLs Current Target Pot. +/- Price Price (%) Ticker (lcy) (lcy) Top BUYs China Merchants Bk 3968 HK 19.72 26.50 34.4 CNOOC 883 HK 13.66 17.80 30.3 Zhuzhou CSR 3898 HK 16.22 18.58 14.5 Hong Leong Bank HLBK MK 8.70 10.00 14.9 KL Kepong KLK MK 16.90 19.00 12.4 Mah Sing MSGB MK 1.65 2.10 27.3 OCBC OCBC SP 9.02 12.65 40.2 SATS SATS SP 2.84 3.60 26.8 S'pore Press Hldgs SPH SP 4.05 4.60 13.6 Bangkok Bank BBL TB 123.00 161.00 30.9 PTT PTT TB 260.00 316.00 21.5 Top SELLs BAT ROTH MK 43.34 39.20 (9.6) TMB Bank TMB TB 1.29 0.63 (51.2) Regional Morning Notes Wednesday, April 21, 2010 Please see important notice on last page Page 2 of 22 China Mobile 1Q10: Strong 3G net adds should offset slight earnings disappointment While earnings growth is slightly disappointing, the 10x 3G subscriber net adds growth in March should help to create near-term share price support. Maintain BUY. 1Q10 Results Source: China Mobile, UOB Kay Hian Results China Mobile’s (CMHK) 1Q10 turnover was in line with expectat