Thursday, 01 March 20181 Refer to last page for important disclosures. Regional Morning Notes PLEASE CLICK ON THE PAGE NUMBER TO MOVE TO THE RELEVANT PAGE. CHINA Results Lee & Man Paper (2314 HK/BUY/HK$8.95/Target: HK$11.50) Page 2 2017: In line; raise target price from HK$10.80 to HK$11.50 on higher earnings from the tissue business. HONG KONG Sector Property Page 5 1HFY18: Results of SHKP (above), NWD (in line). Results Hong Kong Exchanges & Clearing Page 9 (388 HK/HOLD/HK$284.00/Target: HK$290.00) 4Q17: Results in line; downgrade to HOLD on stretched valuation. INDONESIA Results United Tractors (UNTR IJ/HOLD/Rp35,600/Target: Rp37,000) Page 12 2017: Earnings miss expectations by 10% on tax rate hike and impairment loss in 4Q17. MALAYSIA Results CIMB Group (CIMB MK/BUY/RM7.19/Target: RM7.80) Page 15 4Q17: Earnings slightly below estimates due to one-off bond impairments and higher effective tax rates. Core operating profit growth remains strong. Malayan Banking (MAY MK/HOLD/RM10.46/Target: RM10.20) Page 18 4Q17: Results above estimates, largely due to lumpy provision write-backs; raise target price to RM10.20 on higher NIM assumption. Tenaga Nasional (TNB MK/BUY/RM15.76/Target: RM17.70) Page 21 2017: Core net profit of RM2.4b for the 4 months ending 31 Dec 17; 50% in dividend payout. Maintain BUY as we expect valuation to catch up on the back of active capital management. Update Inari Amertron (INRI MK/BUY/RM3.38/Target: RM4.08) Page 24 Rising optimism to secure significant new jobs from existing clients for FY19/20. Upgrade to BUY with a higher target price of RM4.08. SINGAPORE Results City Developments (CIT SP/HOLD/S$12.76/Target: S$14.03) Page 27 4Q17: Riding on residential sales momentum. Cityneon Holdings (CITN SP/BUY/S$1.04/Target: S$1.55) Page 30 2017: Above consensus expectation; orderbook secure for 2018. Venture Corporation (VMS SP/BUY/S$27.56/Target: S$31.88) Page 33 4Q17: Bullseye. Consensus To Play Catch-up. KEY INDICES Prev Close 1D % 1W % 1M % YTD % DJIA 25029.2 (1.5) 0.9 (4.3) 1.3 S&P 500 2713.8 (1.1) 0.5 (3.9) 1.5 FTSE 100 7231.9 (0.7) (0.7) (4.0) (5.9) AS30 6117.3 (0.7) 1.2 (1.3) (0.8) CSI 300 4023.6 (0.9) 1.4 (5.2) (0.2) FSSTI 3517.9 (0.6) 0.0 (0.8) 3.4 HSCEI 12382.1 (2.1) (2.4) (7.8) 5.7 HSI 30844.7 (1.4) (1.9) (5.5) 3.1 JCI 6597.2 (0.0) (0.7) (0.0) 3.8 KLCI 1856.2 (0.8) (0.1) (0.7) 3.3 KOSPI 2427.4 (1.2) (0.1) (5.5) (1.6) Nikkei 225 22068.2 (1.4) 0.4 (6.0) (3.1) SET 1830.1 (0.0) 1.6 (0.2) 4.4 TWSE 10815.5 (0.2) 3.8 (2.6) 1.6 BDI 1188