Monday, 04 December 20171 Refer to last page for important disclosures. Regional Morning Notes PLEASE CLICK ON THE PAGE NUMBER TO MOVE TO THE RELEVANT PAGE. CHINA Sector Internet Page 2 Gaming: Tencent continues to dominate market on its social attributes. HONG KONG Small/Mid Cap Highlights Nameson Holdings (1982 HK/BUY/HK$2.85/Target: HK$3.21) Page 5 Initiate coverage with BUY; technological advancement and footwear business to drive strong growth. INDONESIA Strategy US Recession, Protectionism And Impact On Indonesia Page 8 In the worst case, emerging markets would still see 15-50% upside before a potential recession. Thursday’s sell-off is an opportunity to pick up names: BBNI, ASII, GGRM and WSKT. MALAYSIA Strategy Alpha Picks: Positioning For A Firmer Year-end Page 10 Market sentiment should improve. December alpha BUY picks are Ann Joo, Bumi Armada, Gabungan AQRS, Globetronics, VS Industry, Yong Tai and Serba Dinamik (newly initiated). Sector Banking Page 13 Weaker loan growth in Oct 17, with annualised growth of 3.2% remaining well below our full-year expectations. Results Affin Holdings (AHB MK/HOLD/RM2.39/Target: RM2.55) Page 15 3Q17: Core earnings below expectations due to spike in staff opex. That said, the stock could be perceived as a potential General Election play in the run-up to GE14. BIMB Holdings (BIMB MK/BUY/RM4.30/Target: RM4.85) Page 18 3Q17: Net profit above our estimates due to provision write-backs from recoveries. Maintain BUY with lower target price as we impute higher opex assumptions. Malayan Banking (MAY MK/HOLD/RM9.25/Target: RM10.00) Page 21 3Q17: In line with expectations. Earnings growth mainly fuelled by NIM expansion while loans growth remains weak. Maintain HOLD. SINGAPORE Update Sembcorp Marine (SMM SP/BUY/S$1.87/Target: S$2.10) Page 24 Potential sale of West Rigel on the horizon. THAILAND Update Hana Microelectronics (HANA TB/HOLD/Bt47.00/Target: Bt49.00) Page 26 Limited price upside. KEY INDICES Prev Close 1D % 1W % 1M % YTD % DJIA 24231.6 (0.2) 2.9 2.9 22.6 S&P 500 2642.2 (0.2) 1.5 2.1 18.0 FTSE 100 7300.5 (0.4) (1.5) (3.4) 2.2 AS30 6081.0 0.1 0.2 0.8 6.3 CSI 300 3998.1 (0.2) (2.6) 0.1 20.8 FSSTI 3449.5 0.5 0.2 2.0 19.7 HSCEI 11449.4 (0.2) (3.9) (1.3) 21.9 HSI 29074.2 (0.4) (2.7) 1.6 32.2 JCI 5952.1 (1.8) (1.8) (1.4) 12.4 KLCI 1717.9 (0.1) (0.2) (1.5) 4.6 KOSPI 2475.4