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) MobileOne: Focused on market share gains BUY; S$2.16; M1 SP; Price Target: 12-Month S$2.30 (Prev S$2.28) • Net profit of S$40.8m (+10% yoy) and interim dividend of 6.3 Scents in line. Market share gains for the fifth consecutive quarter. • FY10F revised up 4%, no change to FY11F, adjusting for fair value accounting (FVA) • FY10F capex guidance lowered to S$100m from S$100m-120m. Due to FVA, we switch from PER to DCF based (WACC 8.4%, terminal growth 0%) TP of S$2.30. (HK) China Port Sector: Right port to dock China’s port sector is still a sunrise industry, riding on the country’s position as the world’s factory, as well as the insatiable appetite for raw materials and growing consumption internally. However, risks such as overcapacity and competition do exist for some regions so investors should buy selectively. Our top picks are CMHI (BUY, TP HK$32.34) and DLP (BUY, TP HK$4.18). (TB) Delta Electronics Thai: Powering ahead BUY; Bt23.60; DELTA TB; Price Target: 12-Month Bt28.82 • Management targets US$1bn sales this year, up 29% y-o-y • DELTA managed to boost margins by changing its product mix in the last five years. Now it will focus on expanding sales through new business applications and a new customer base • Re-iterate BUY and Bt28.82 TP Ideas & Updates SINGAPORE Singapore Property Companies: Slowing to a crawl MobileOne – See Spotlight Tat Hong: Privatisationof TBG BUY S$0.935 TAT SP; Price Target : 12-month S$ 1.11 MALAYSIA Bursa Malaysia: No near term catalyst FULLY VALUED RM7.01; BURSA MK; Price Target : 12-Month RM 6.20 (Prev RM 7.65) HONG KONG China Port Sector – See Spotlight Pico Far East: Special dividend is possible BUY HK$1.35; 752 HK; Price Target : 12-Month HK$ 2.04 (Prev HK$2.07) THAILAND Delta Electronics Thai – See Spotlight DBS Group Research . Equity 16 July 2010 Regional Morning Pack Regional Morning Pack Page 2 Analyst Roadshows & Events 2010* Events Date Location DBSV Analyst Regional Mkt Strategy 30 Jun – 16 Jul KL/SG/HK Joanne Goh Singapore Mkt Strategy 30 Jun – 16 Jul KL/SG/HK Janice Chua Hanadaetoo Strategy 26 – 30 Jul US Jay Kim Ascott REIT 26 Jul SG Derek Tan SIA 29 Jul SG Paul Yong Maple Tree 30 Jul SG Derek Tan Sembcorp Marine 1 Aug SG Janice Chua ST Engineering 4 Aug SG Janice Chua Yangzijiang 11 Aug SG Ho Pei Hwa *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 15 Jul 10% chg vs previous close YTD (%) QTD (%) MTD (%)Asia Shanghai A 2,424 -1.9 -26.01.11.1PCOMP 3,468 -0.1 13.62.82.8KLCI 1,334 -0.5 4.81.51.5Taiex 7,705 -0.1 -5.95.15.1JCI Index 2,981 0.0 17.62.32.3SET 821 0.2 11.83.03.0KOSPI 1,751 -0.4 4.13.13.1BSE Sensex 17,909 -0.2 2.51.21.2STI 2,944 -0.3 1.63.83.8HSCCI Index 3,849 -1.2 -5.20.80.8MXFEJ index 438 -0.8 -2.73.13.1HSCEI Index 11,428 -2.0 -10.7-0.3-0.3Hang Seng