30 January 2015PrimeTime AsiaToday At A GlanceCompanyTickerRatingPT chgCurr. Q (e) chgCurr. Y (e) chgNext Y (e) chgEst.TypeEO Technics039030 KSB to HKRW86,500 toKRW100,000--- HCL TechnologiesHCLT INB to HINR1,920.00to INR1,770.00-INR103.80to INR100.80INR118.60 toINR109.70 EPSHutchison Port HoldingsHPHT SPB to H$0.73 to $0.65--- InfosysINFYH to U$33.40 to $29.00--- InfosysINFO INH to UINR2,040.00to INR1,790.00-INR119.60to INR113.10INR136.20to INR127.90 EPSTata Consultancy ServicesTCS INB to HINR2,970.00 toINR2,500.00-INR109.40to INR108.20INR126.50to INR117.90 EPSTech MahindraTECHM INB to HINR3,040.00to INR2,830.00-INR131.90 toINR125.00INR167.60 toINR155.20 EPSWiproWPRO INH to UINR590.00to INR500.00-INR34.63 to INR33.90INR39.12 to INR35.70 EPSZhaojin1818 HKU to HHK$4.00 to HK$4.50--- China Merchants Hldgs Intl.144 HKBHK$37.00 toHK$42.00-HK$1.79 to HK$1.78HK$2.07 to HK$2.00 EPSCosco Pacific Ltd.1199 HKHHK$11.20 toHK$10.70--$0.12 to $0.11 EPSDr. Reddy's LaboratoriesRDY-$45.00 to $50.80--- Dr. Reddy's LaboratoriesDRRD INHINR3,100.00to INR3,150.00-INR145.00 toINR144.90INR168.20to INR169.70 EPSHDFC Ltd.HDFC INHINR1,160.00 toINR1,280.00-INR44.18 to INR44.58INR51.27 to INR51.79 EPSKawasaki Heavy Industries7012 JPH¥400 to ¥570-¥30.27 to ¥41.42¥34.16 to ¥46.47 EPSNexen Tire002350 KS HKRW14,500 toKRW16,000--- Nippon Steel & SumitomoMetal5401 JPH¥340 to ¥300--- Northern StarNST AU NAUD0.88 to AUD0.91--- OCI Materials036490 KS BKRW60,000to KRW82,000--- PanaustPNA AU PAUD2.60 to AUD2.50--- SoulBrain036830 KS BKRW40,000 toKRW44,000--- Wonik IPS030530 KS BKRW15,000to KRW17,000--- Zijin2899 HKHHK$1.90 to HK$2.20--- Zijin601899 CHURmb1.65 to Rmb2.00--- AlibabaBABAB--$3.05 to $2.83$3.91 to $3.71 EPSJust Dial LimitedJUST INB--INR30.20 to INR23.20- EPSSamsung Electronics005930 KSB-KRW28,285.00to KRW34,676.00KRW146,287.00 toKRW152,678.00KRW147,017.00 toKRW147,219.00 EPSBursa MalaysiaBURSA MK B---- Daewoo E&C047040 KS B---- Daido Steel5471 JPH---- Daihatsu Motor7262 JPU---- Dainippon Sumitomo4506 JPU---- Hino Motors7205 JPH---- Hitachi Chemical Company,Ltd.4217 JPB---- Skylife053210 KS H---- Jefferies does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that Jefferies may have a conflictof interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.Please see analyst certifications and important disclosure information on pages 19 to 21 of this report. LG Display034220 KS B---- MonotaRO Co Ltd.3064 JPH---- Nippon Building Fund8951 JPH---- Nippon Steel & SumitomoMetalNSSMY----- Nomura Holdings8604 JPB---- NRI4307 JPH---- ORIX Corporation8591 JPB---- PTT ExplorationPTTEP TB B---- SCSK9719 JPB---- Shin-Etsu Chemical4063 JPB---- Shin-Etsu Chemical4063 JPB---- Siam Cement GroupSCC TB B---- SK hynix Inc.000660 KS B---- SoftBank Corp.9984 JPB---- SoftBank Corp.SFTBYB---- S-Oil Corp010950 KS B---- Sony Corp6758 JPB---- Sony CorpSNEB---- Sumitomo Mitsui TrustHoldings8309 JPH---- Sunway ReitSREIT MK B---- Asia ResearchGlobal▶▶China: Nearer the End Than the Beginning (IX)Sean Darby+852 3743 8073sdarby@jefferies.comKey TakeawayChina continues to ease policy glacially as demonstrated by the recent reverse injection of liquidity and the relaxation in the yuanreference rate. However, real rates remain high and the yield curve is flat. Policy makers continue to let the property market ‘clear’ byallowing prices to fall but supporting the financial system through money injections.Conglomerates▶▶Selectively Optimistic for Chinese Ports into 2015. HPHT Downgrade toHoldBoyong Liu, CFA+852 3743 8015bliu@jefferies.comKey TakeawayWe would position selectively on ports stocks into 2015. Despite a stable earnings growth outlook, thanks to raising tariffs, we expecttepid volume growth may limit valuation upside in the sector. Thus we prefer stocks with more dependable earnings growth and favorablecompany specifics and pick CMHI from that angle. We downgrade HPHT on rising uncertainties on its future dividend payout.page 2 of 21Please see important disclosure information on pages 19 - 21 of this report.PrimeTime AsiaJanuary 30, 2015 Metals & Mining▶▶Examining the Earnings Impact of Recent Gold/Copper Price MovementsPo Wei+852 3743 8067po.wei@jefferies.comKey TakeawayGold price has rallied while copper has tumbled since Dec 2014. Compared to Zhaojin, Zijin has a larger exposure to copper but still marginallybenefited from the gold price rally. We see substantial upside risk to 2015 if we mark-to-market our gold/copper price forecasts. We upgrade Zhaojinto Hold on high earnings upside revision risk and relatively low valuation. Zhaojin and Zijin-H are both Holds; maintain UNPF on Zijin-A. We preferZhaojin over Zijin.China Consumer▶▶Jewellers: Gold Price Rally Provides ST Momentum; Neutral on WeakDemand in MTEdwin Fan, CFA+852 3743 8037efan@jefferies.comKey TakeawayGold