DISCLOSURE APPENDIX CONTAINS ANALYST CERTIFICATIONS AND THE STATUS OF NON-US ANALYSTS. FOR OTHER IMPORTANT DISCLOSURES, visit www.credit-suisse.com/ researchdisclosures or call +1 (877) 291-2683. U.S. Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION TM Client-Driven Solutions, Insights, and Access Monday, 19 January 2015 Asian Daily (Asia Edition) EPS, TP and Rating changes EPS TP (% change) T+1 T+2 Chg Up/Dn Rating Woodside Petroleum 9 (4) 0 5 N (N) Anton Oilfield Services Group n.m n.m (36) (48) U (U) China Oilfield Services Ltd (3) (6) (6) 23 O (O) China Petroleum & Chemical Corporation - H 0 (5) (18) 21 O (O) CNOOC Ltd 0 (18) (4) 6 N (N) Hilong Holdings Ltd 0 0 (20) 1 N (N) PetroChina (6) (30) (13) (14) U (N) Sinopec Engineering (Group) Co Ltd 0 (8) (9) (10) U (U) SPT Energy (47) (45) (50) (31) U (U) Sinopec Yizheng Chemical Fibre Company Limited 0 0 (13) 46 O (O) Guangzhou Baiyunshan Pharmaceutical Holdings Co Lt (2) (25) 0 41 O (O) Shenzhen International Holdings Limited Initiation 32 O (NA) Bajaj Auto Limited (6) (5) 0 (5) N (N) Reliance Industries (3) (11) (10) 20 O (O) NGK Spark Plug (1) 7 28 22 O (N) Major Cineplex Group Pcl 2 4 7 19 O (O) Pinggao Electric (7) 4 30 O (O) XJ Electric 10 (5) 36 O (O) China XD 9 (7) 12 N (N) BYS Pharma (A) (2) (25) 3 O (O) Connecting clients to corporates Credit Suisse Speaker’s Corner 2015 and Beyond Themes, Shocks and Surprises Date 20 January 2015 Time 4:30pm HKT/Singapore, 8:30am UK Conference ID: 6812 7858 Dial-in numbers International: +61 29696 0714 China: 40012 00927 HK: 800968453 / 800903644 Sing: 8006162234 / 8006163148 UK: 08081013539 US: 18667759145 Speaker: Jonathan Wilmot, Head of Macro Systematic Allocation Strategies Credit Suisse Asset Management Corporate Days / Conferences Oil & Gas Conference Date 27-28 January, Singapore India Corporate Day Date 25 February, Singapore Asian Investment Conference Date 23-27 March, Hong Kong Hong Kong / China (Non-deal roadshow) China Distance Education Holdings Limited (DL.N) Date 22 January, Hong Kong Analyst Jialong Shi Thai Oil (TOP.BK) Date 26-27 January, Hong Kong Analyst Paworamon Suvarnatemee The Erawan Group (ERW.BK) Date 02-03 February, Hong Kong Analyst Thaniya Kevalee Top of the pack ... Asia Hardware Sector Thompson Wu (4) New report: ODM/EMS outlook—cloud with a side of Apple China Basic Materials Monthly Trina Chen (5) New report: January 2015—Very weak demand China Power Transmission and Distribution Equipment – Maintain OW Baiding Rong (6) New report: State Grid 2015 capex plan upbeat; UHV construction schedule faster than expected China Oil & Gas Sector Thomas Wong (7) New report: 2015 outlook—When expectations meet reality CS pic of the day Taiwan Semiconductor Manufacturing—Strong results; monitor competitors' rampTSMC meaningfully raised its 2015 capexfrom 'slightly' over US$10 bnto US$11.5-12.0 bn, up 20-25% YoY. The company plans to allocate 80%+ of the capexfor advanced technology (16nmand 10nm), 10% for backend and 8" and specialty at an even spilt, while the rest of the 10% will be for other IT systems. It also expects the capexto be more front-end loaded—though we caution that this also hinges on customer order allocation. TSMC will overtime move to a harvest period with FCF continuing to grow and allowing the first dividend increase in about a decade to be announced after the board meeting in 2015. Source: Companydata, Credit Suisse estimatesFCF yields set to rebound sharply Operating cash flowCapital spendingFCF Yield (%)0%2%4%6%8%0100,000200,000300,000400,000500,000600,000CY02CY03CY04CY05CY06CY07CY08CY09CY10CY11CY12CY13CY14ECY15ECapexand FCF (NT$mn)FCF Yield (%) ... and the whole pack Financial Strategies Group (non-research section) Managing the Man Overboard Moment Michael J. Mauboussin (44) Making an Informed Decision After a Large Price Drop Regional Asia Chemical Pricing Monitor Kenneth Whee (8) Buyers sidelined on weak crude futures and looming long holiday, our thoughts on global ethylene capacity Asia Technology Strategy Manish Nigam (9) Inclusion of Chinese ADRs in MSCI indices should further help software outperformance versus hardware Australia Primary Health Care (PRY.AX) – Maintain U Saul Hadassin (10) Level B changes now "off the table" Woodside Petroleum (WPL.AX) – Maintain N Mark Samter (11) Operational strength, valuation challenges China China Market Strategy Vincent Chan (12) 17 ADRs to be included in MSCI China ky.seong@samsung.com Ky Seong 01/19/15 12:39:17 AM Samsung Information Systems of Monday, 19 January 2015 Asian Daily - 2 of 51 - Singapore (Non-deal roadshow) Singa