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 (SP) Tech Sector: Growth moderated, not dented • Growth is intact despite management caution • Challenges are component tightness, rising costand Europe slowdown • Bright spots are Apple products, capital equipment, Asian handset consumption • Be selective. Top picks: Venture, Hi-P, Broadwayand Longcheer. (MK) Tenaga Nasional: Proxy for stronger GDP growth BUY; RM8.61; TNB MK; Price Target: 12-month RM10.80 • 3QFY10 result was within expectation • Demand growth and locked-in coal cost support stronger earnings • Maintain Buy for attractive valuation and potential upside from tariff hike Ideas & Updates SINGAPORE Tech Sector – See Spotlight Singapore Telecom: Key takeaways from Bharti’s conference call on Zain BUY; S$3.15; ST SP; Price Target: 12-month S$3.45 MALAYSIA Tenaga Nasional – See Spotlight THAILAND Telecom Sector: MoF wants NTC to amend 3G regulations KOREA Hanmi Pharmaceutical: 2Q result dismal, but steady recovery expected in 2H BUY, CP (July 13): W86,200 (008930) DBS Group Research . Equity 15 July 2010 Regional Morning Pack Regional Morning Pack Page 2 Analyst Roadshows & Events 2010* Events Date Location DBSV Analyst Regional Mkt Strategy 30 Jun – 17 Jul KL/SG/HK Joanne Goh Singapore Mkt Strategy 30 Jun – 17 Jul KL/SG/HK Janice Chua Hanadaetoo Strategy 26 – 30 Jul US Jay Kim *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 19.4 14.5 14.2 12.4 Malaysia 18.4 18.0 15.5 13.2 HK HSI 23.2 15.8 13.6 11.7 HK HSCCI (Red) 19.1 10.2 15.4 14.0 HK HSCEI (H) 27.7 18.1 12.0 10.2 Thailand 14.5 12.7 11.4 10.1 Indonesia 16.8 17.6 15.2 12.9 Source: DBS Vickers Key Indices Indices Closed as of 14 Jul 10 % chg vs previous close YTD (%) QTD (%) MTD (%)Asia Shanghai A 2,470 0.8 -24.6 3.03.0PCOMP 3,472 1.1 13.7 3.03.0KLCI 1,341 0.6 5.4 2.12.1Taiex 7,715 1.5 -5.8 5.35.3JCI Index 2,981 0.7 17.6 2.32.3SET 820 0.3 11.6 2.82.8KOSPI 1,758 1.3 4.5 3.53.5BSE Sensex 17,938 -0.3 2.7 1.31.3STI 2,953 0.8 1.9 4.14.1HSCCI Index 3,897 0.2 -4.0 2.12.1MXFEJ index 441 1.2 -1.9 3.93.9HSCEI Index 11,657 0.3 -8.9 1.71.7Hang Seng 20,561 0.6 -6.0 2.12.1Nikkei 225 9,795 2.7 -7.1 4.44.4 U.S./Others Dow Jones 10,367 0.0 -0.6 6.16.1S&P 1,095 0.0 -1.8 6.36.3NASDAQ 2,242 0.0 -1.2 6.36.3FTSE 100 5,254 -0.3 -2.9 6.86.8DAX Index 6,210 0.3 4.2 4.14.1Source: Bloomberg, DBS Vickers Commodity IndicatorsCommodities Latest ClosingPrevious ClosingCrude Oil USD/barrel 7777Nickel Spot USD/mt 19,49019,490Coal Spot USD/mt 9998Tin USD/mt 17,97518,000Steel RMB/mt 3,8213,824Copper USD/lb