Thursday, 18 October 20181 Refer to last page for important disclosures. Regional Morning Notes PLEASE CLICK ON THE PAGE NUMBER TO MOVE TO THE RELEVANT PAGE. CHINA Economics Monetary Policy Page 2 No meaningful rebound in money supply despite the surge in new TSF. Update China Literature (772 HK/NOT RATED/HK$43.40) Page 3 Leading China’s online literature platform and IP bank Tian Lun Gas Holdings (1600 HK/BUY/HK$6.17/Target: HK$8.86) Page 6 Minimal impact from the proposed ban of initial installation fees in Chongqing; TCTG conversion project on track. INDONESIA Results Bank Mandiri (BMRI IJ/BUY/Rp6,575/Target: Rp7,600) Page 9 9M18: NPL ratio down at 3% for the first time since early-16. Moderate tailwinds from improving asset quality. MALAYSIA Results DiGi.Com (DIGI MK/BUY/RM4.40/Target: RM5.40) Page 12 3Q18: Earnings within expectations, company focusing on postpaid opportunities to drive future earnings while keeping a lid on cost. Update Press Metal Aluminium Holdings Page 15 (PMAH MK/HOLD/RM4.83/Target: RM4.80) PMetal is going upstream via the acquisition of a 50% stake in JAA, which in turn holds a 10% participation interest in Worsley Alumina Project. Top Glove (TOPG MK/SELL/RM11.50/Target: RM10.00) Page 18 No major surprises from the briefing yesterday. However, we note that Top Glove stands a high chance of being admitted into FBMKLCI. SINGAPORE Update Wilmar International (WIL SP/BUY/S$3.05/Target: S$3.90) Page 21 3Q18 results preview: Expect good quarterly earnings and better yoy and qoq performances from oilseeds & grains and palm & lauric segments. Small/Mid Cap Highlights Japfa (JAP SP/BUY/S$0.64/Target: S$0.90) Page 24 An arbitrage too cheap to ignore. THAILAND Update Bangchak Petroleum (BCP TB/BUY/Bt33.50/Target: Bt42.00) Page 27 3Q18 results preview: Improvement in earnings growth momentum expected. INDICES Prev Close 1D % 1W % 1M % YTD % DJIA 25706.7 (0.4) 0.4 (2.1) 4.0 S&P 500 2809.2 (0.0) 0.8 (3.3) 5.1 FTSE 100 7054.6 (0.1) (1.3) (3.4) (8.2) AS30 6047.1 1.2 (1.9) (3.5) (1.9) CSI 300 3118.2 0.6 (5.0) (4.6) (22.6) FSSTI 3071.1 1.2 (1.9) (2.2) (9.8) HSCEI 10198.3 0.5 (2.1) (2.5) (12.9) HSI 25462.3 0.1 (2.7) (5.5) (14.9) JCI 5868.6 1.2 0.8 1.0 (7.7) KLCI 1740.6 0.2 0.3 (2.9) (3.1) KOSPI 2167.5 1.0 (2.7) (6.1) (12.2) Nikkei 225 22841.1 1.3 (2.8) (2.5) 0.3 SET 1695.0 (0.2) (0.1) (2.8) (3.3) TWSE 9979.1 (0.0) (4.7) (7.3) (6.2) BDI