Asian Daily (Asia Edition)

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 Tuesday, 27 January 2015 Asian Daily (Asia Edition) EPS, TP and Rating changes EPS TP (% change) T+1 T+2 Chg Up/Dn Rating Alibaba Group Holding (1) (2) 0 14 O (O) CHST 0 5 0 51 O (O) Sinopec Yizheng 18 (5) (6) 33 O (O) Hang Lung Properties (7) (6) 0 13 N (N) Hopewell Holdings (17) (8) (1) 17 O (O) Value Partners 10 10 13 4 N (N) Resona Holdings Initiation 34 O (NA) Cheil Worldwide Initiation (13) U (NA) LG Chem Ltd. (14) (19) (10) 33 O (O) S-1 Corporation 0 1 2 8 N (N) BTS Group Holdings 0 (1) (1) 20 O (O) UMC (6) (27) 3 N (N) Vanguard 2 11 0 N (N) PTI 1 (22) 4 N (O) Connecting clients to corporates 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) The Erawan Group (ERW.BK) Date 02-03 February, Hong Kong Analyst Thaniya Kevalee Singapore (Non-deal roadshow) OUE Hospitality Trust (OUER.SI) Date 29 January, Singapore Analyst Yvonne Voon The Erawan Group (ERW.BK) Date 04-05 February, Singapore Analyst Thaniya Kevalee US (Non-deal roadshow) China Distance Education Holdings Limited (DL.N) Date 26-30 January, US Analyst Jialong Shi Others Samsung Electronics (005930.KS) Date 02-03 February, Tokyo Analyst Keon Han Contact cseq.events@credit-suisse.com or Your usual sales representative. Top of the pack ... Cheil Worldwide (030000.KS) – Initiating Coverage with U Taewon Kim (3) New report: Still too early to turn positive Asia Semiconductor Sector Randy Abrams, CFA (4) New report: TSMC's tone may not persist through results Pakistan Market Strategy Fahd Niaz, CFA (5) Monetary policy: 100 bp cut to 8.5% brings rates to levels last seen in 2005 Alibaba Group Holding Limited (BABA.N) – Maintain O Dick Wei (6) CY4Q14 preview: Expect strong GMV growth with take rate increase CS pic of the day APAC Oil & Gas Sector—CS updates crude price forecast: 'Be prepared'CSupdatesitscrudepriceforecastinanewreport,APACOil&GasSector—CSupdatescrudepriceforecast:'Beprepared'.For2015,ournewBrentquarterlyforecastsareUS$45/bbl,US$54/bbl,US$62/bblandUS$71/bbl,respectively(averageUS$58/bbl).For2016,ourforecastisUS$76/bbl.Ourlong-termforecastremainsunchangedatUS$85/bbl.Weforecastcrudepricestorecoverbytheendoftheyear—buttheshapeofthatrecoveryishardertocall,givenseasonaldemandweaknessandthetimingoftheUSproductioncurtailment(amongstotheruncertainties).Source: the BLOOMBERG PROFESSIONAL™ service, Credit Suisse estimates99.46875788080804554627176800204060801001202014A1Q152Q153Q154Q1520162017US$/bblPreviousNewCS—previous and current Brent crude ... and the whole pack Regional Asia Pacific Strategy Kin Nang Chik (7) Credit Suisse GEM valuation snapshot Asia Pacific Strategy Kin Nang Chik (8) Credit Suisse valuation snapshot Asia Semiconductor Sector Randy Abrams, CFA (4) New report: TSMC's tone may not persist through results China China Logistics Sector Jinsong Du (9) New report: Opportunities from automation and reforms—workshop takeaways China Property Sector Jinsong Du (10) Weekly update: Primary market rose 6% WoW and 32% YoY, up 22% YTD Alibaba Group Holding Limited (BABA.N) – Maintain O Dick Wei (6) CY4Q14 preview: Expect strong GMV growth with take rate increase China High Speed Transmission Equip. Group (0658.HK) – Maintain O Edmond Huang (11) New report: Loss-making asset disposal a positive move; but cash flow still a big concern Great Wall Motor (2333.HK) – Maintain O Bin Wang (12) 4Q14 earnings hit historical high—up 20% YoY and 51% QoQ ky.seong@samsung.com Ky Seong 01/27/15 12:38:48 AM Samsung Information Systems of Tuesday, 27 January 2015 Asian Daily - 2 of 30 - Asian indices - performance (% change) Closing 1D 1W 3M YTD ASX300 5437.5 1.5 3.8 1.6 1.7 CSEALL 7316.1 0.5 (0.7) 1.2 0.2 Hang Seng 24909.9 0.2 4.9 5.9 5.5 H-SHARE 12228.2 (0.3) 6.6 15.9 2.0 JCI 5260.0 (1.2) 2.1 5.2 0.6 KLSE 1796.4 (0.4) 2.5 (1.6) 2.0 KOSPI 1935.7 (0.0) 1.7 0.5 1.0 KSE100 34466.5 1.3 1.3 14.0 7.3 NIFTY 8835.6 0.8 3.8 10.5 6.7 NIKKEI 17468.5 (0.2) 2.7 14.0 0.1 TOPIX 1402.1 (0.1) 2.2 12.0 (0.4) PCOMP 7586.7 0.5 1.4 7.4 4.9 RED CHIP 4586.4 (0.8) 3.7 3.2 5.4 SET 1588.3 (0.6) 3.4 2.0 6.1 STI 3398.5 (0.4) 2.7 5.8 1.0 TWSE 9477.7 0.1 3.3 8.0 1.8 VNINDEX 580.6 (0.3) 1.6 (0.4) 6.4 Thomson Reuters Asian c