Morning Pack

Singapore Research Team – 6533 9688 research@dbsvickers.com www.dbsvickers.com “In Singapore, this research report or research analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.” “Recipients of this report, received from DBS Vickers Research (Singapore) Pte Ltd (“DBSVR”), are to contact DBSVR at +65 6398 7954 in respect of any matters arising from or in connection with this report.” Spotlight On (SG) Keppel Land: Fundamentals intact BUY, (Upgrade from HOLD), S$3.66 KPLD SP; Price Target : 12-month S$ 4.13 (Prev S$ 4.05) • Results within market estimates • Leasing activity accelerating, residential launches in the pipeline • Upgrade to Buy, TP $4.13 (MY) Tenaga Nasional: Strong demand boosts earnings BUY RM8.50 ; TNB MK ;Price Target : 12-month RM 10.40 (Prev RM 10.00) • 2QFY10 result exceeded expectations • FY10-11F EPS raised 16-20%; demand growth and locked-in coal cost support stronger earnings ahead • Bakun unlikely to supply to Peninsular Malaysia - neutral for TNB, positive for IPPs • Maintain Buy with upgraded TP of RM10.80/share (TH) Political Update : The military to disperse protesters soon, market to rebound • The PM insisted on reclaiming Rajaprasong from the Red Shirts, another clash is thus inevitable • ut various parties are trying to bring both the PM and the Red-Shirts leaders to the negotiating table • Two former PMs planned to seek royal audience with HM the King to end this political crisis • In any case, we believe the demonstration should come to an end soon, and the market direction should turn upwards • Tourism-related counters should rebound significantly, while commodity-related stocks (like Energy) should have less effect from political tension Ideas & Updates SINGAPORE Keppel Land: See Spolight MALAYSIA Tenaga Nasional: See Spolight HONG KONG Angang Steel: Fragile earnings outlook Hold HK$13.60 (Downgrade from BUY); 347 HK; Price Target : 12-Month HK$ 13.70 (Prev HK$ 17.6) THAILAND Political Update : See Spolight Results SINGAPORE First Ship Lease Trust: (FSLT): In line MALAYSIA Axis REIT (AXRB MK) : In line Bursa Malaysia (BURSA MK): Below expectations Quill Capita Trust (QUIL MK): In line HONG KONG THAILAND Bangkok Bank (BBL): Above expectations KASIKORNBANK (KBANK TB): In line Krung Thai Bank (KTB TB ): Below expectations Siam City Bank (SCIB TB): In line Siam Commercial Bank (SCB TB): Above expectations Indonesia Bank Danamon (BDMN IJ): Above expectations DBS Group Research . Equity 21 April 2010 Regional Morning Pack Regional Morning Pack Page 2 Analyst Roadshows & Events * Events Date Location DBSV Analyst POA Conference 22-23 Apr 2010 HK POA Conference 24-25 May 2010 UK POA Conference 26-27 May 2010 US NDCR Corp Mtg/Lunch/Conf Call* Events Date Location DBSV Analyst China State Construction 19 –20 Apr 2010 SG Rachel Miu Neo-Neon 19 –20 Apr 2010 HK Patricia Yeung Shui On Land 19 –20 Apr 2010 SG Carol Wu AMVIG 21 Apr 2010 HK Patricia Yeung Jobstreet 23 Apr 2010 SG Kok Chiew Sia *To register your interest in the above events, please contact your DBSV Sales representative. Market Data Earnings Gth (%) PE (x) 10F 11F 10F 11F Singapore 18.4 15.8 14.9 12.9 Malaysia 17.5 12.6 16.0 14.2 HK HSI 24.9 15.8 14.3 12.3 HK HSCCI (Red) 25.7 15.7 15.8 13.6 HK HSCEI (H) 30.8 19.0 12.3 10.4 Thailand 15.1 12.8 10.9 9.7 Indonesia 17.1 18.1 14.6 12.6 Source: DBS Vickers Key Indices Indices Closed as 20.04.10 % chg vs previous close YTD (%) QTD (%) MTD (%)Asia Shanghai A 2,980 0.0-9.1 -4.2 -4.2PCOMP 3,148 -1.83.1 -0.5 -0.5KLCI 1,336 0.75.0 1.2 1.2Taiex 7,900 0.6-3.5 -0.2 -0.2JCI Index 2,891 1.814.1 4.1 4.1SET 766 5.44.3 -2.8 -2.8KOSPI 1,718 0.72.1 1.5 1.5BSE Sensex 17,461 0.30.0 -0.4 -0.4STI 2,981 0.72.9 3.3 3.3HSCCI In