Thursday, 08 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 Update Bank Of China (3988 HK/HOLD/HK$4.20/Target: HK$4.65) Page 2 Stress on asset quality and from FRS 109 keeps provisions elevated. HONG KONG Sector Property Page 5 HK Budget & Land Sale Programme 2018/19: Reiterates commitment to implementation of long-term housing strategy. INDONESIA Strategy MOF & BI: Rupiah Depreciation Still Manageable Page 8 INDF and MAPI will be affected the most while ASII, LPPF, SIDO and GGRM will be relatively immune. MALAYSIA Sector Plantation Page 10 POC 2018: CPO prices expected at RM2,400-2,600/tonne. CPO prices at inflection point if soybean production comes in weaker than expected. Telecommunications Page 12 4Q17 performance broadly within expectations; stepping into 2018, telcos will focus on cost efficiencies to compensate for expectations of flattish top-lines. SINGAPORE Update Oversea-Chinese Banking Corp (OCBC SP/BUY/S$13.21/Target: S$14.95) Page 14 Unlocking value through IPO/trade sale for GELM. THAILAND Results Robinson Department Store (ROBINS TB/BUY/Bt63.50/Target: Bt81.00) Page 17 4Q17: Core earnings continue to rebound nicely by 15% yoy, driven by wider margins and higher rental income. Update Bangchak Petroleum (BCP TB/HOLD/Bt40.00/Target: Bt42.00) Page 20 Short-term pain from upcoming shutdown. Bangkok Dusit Medical Services (BDMS TB/BUY/Bt22.10/Target: Bt25.50) Page 23 Costs kept down; earnings growth trend should resume on next move to raise utilisation rate. KEY INDICES Prev Close 1D % 1W % 1M % YTD % DJIA 24801.4 (0.3) (0.9) (0.4) 0.3 S&P 500 2726.8 (0.0) 0.5 1.7 2.0 FTSE 100 7157.8 0.2 (1.0) (1.7) (6.9) AS30 6005.4 (0.9) (1.8) 0.2 (2.6) CSI 300 4036.7 (0.7) 0.3 0.6 0.1 FSSTI 3450.7 (1.2) (1.9) 1.0 1.4 HSCEI 12180.3 (1.1) (1.6) (1.6) 4.0 HSI 30196.9 (1.0) (2.1) (0.8) 0.9 JCI 6368.3 (2.0) (3.5) (2.7) 0.2 KLCI 1837.9 (0.6) (1.0) (0.1) 2.3 KOSPI 2401.8 (0.4) (2.2) (0.2) (2.7) Nikkei 225 21252.7 (0.8) (3.7) (2.9) (6.6) SET 1781.6 (1.0) (2.7) (0.3) 1.6 TWSE 10745.3 (0.4) (0.6) 2.1 1.0 BDI 1212 0.2 1.7 10.5 (11.3) CPO (RM/mt) 2469 0.3 (2.6) 0.2 3.3 Brent Crude (US$/bbl) 65 (1.8) (1.8) (1.4) (3.4) Source: Bloomberg TOP PICKS Ticker CP (lcy) TP (lcy) Pot. +/- (%) BUY CSPC Pharma 1093 HK 17.74 20.10 13.3 China TCM 570 HK 4.79 6.70 39.9 Nippon Indosari ROTI IJ 1,205.00 1,425.