Asian Daily

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, 03 March 2015 Asian Daily (Asia Edition) EPS, TP and Rating changes EPS TP (% change) T+1 T+2 Chg Up/Dn Rating Leju Holdings Limited 0 (10) (10) 92 O (O) TCL Communication Technology Holdings 1 0 4 58 O (O) YY INC. 3 (9) (45) 14 N (O) KPJ Healthcare Bhd (3) (1) 0 — N (N) Hyundai Department Store Co. Ltd 0 0 0 42 O (O) Compal Electronics 11 11 15 15 O (O) AP (Thailand) 2 1 0 14 O (O) Bangkok Life (13) (9) 0 (23) U (U) Energy Absolute 4 4 5 (37) U (U) True Corp PCL 271 (24) 0 (73) U (U) Aristocrat Leisure 0 1 4 2 U (N) Treasury Wine (9) (2) 0 (17) U (U) Connecting clients to corporates Corporate Days / Conferences Asian Investment Conference Date 23-27 March, Hong Kong Hong Kong / China (Non-deal roadshow) Intouch Limited (INTUCH.BK) Date 03-04 March, Hong Kong Analyst Colin McCallum SOHO China Ltd (0410.HK) Date 09-10 March, Hong Kong Analyst Jinsong Du Peak Sport Products Co.Ltd. (1968.HK) Post results Date 12 March, Hong Kong Analyst Eva Wang CAR Inc. (0699.HK) Post results Date 13-16 March, Hong Kong Analyst Kevin Yin Dawnrays Pharmaceutical (Holdings) Ltd (2348.HK) Post results Date 18 March, Hong Kong Analyst Iris Wang Cathay Pacific (0293.HK) Date 19 March, Hong Kong Analyst Timothy Ross Bloomage BioTechnology Corporation Limited (0963.HK) Post results Date 20 March, Hong Kong Analyst Iris Wang Xiabuxiabu Catering Management China Holdings Co Ltd (0520.HK) Date 20 March, Hong Kong Analyst Kevin Yin Singapore (Non-deal roadshow) Vard Holdings Ltd (VARD.SI) Date 02-04 March, Singapore Analyst Gerald Wong AIA Group(1299.HK) Date 18 March, Singapore Analyst Arjan van Veen Shui On Land Limited (0272.HK) Date 23 March, Singapore Analyst Jinsong Du Top of the pack ... Japan Pharma Sector Fumiyoshi Sakai (4) Revising ratings and TPs to reflect parlous state of public healthcare, spate of drug price revisions and tricky business Global Equity Themes Eugene Klerk (5) e-commerce: Growth vs value Indian Telecom Sector Sunil Tirumalai (6) TRAI's new rules on roaming—an indirect cap on retail voice tariffs? Compal Electronics (2324.TW) – Maintain O Thompson Wu (7) Positive turning point for the smart-device business; higher cash dividend CS pic of the day Source: Company data, Credit Suisse estimatesIndia Market Strategy—FY16 budget: Headlines underwhelming; the budget anything but The FY16 budget needs to be adjusted before analysing underlying trends. The expected unprecedented increase in the states’ statutory share of taxes (gross taxes +16%, but net only +1%) was to be offset by cuts in other transfers, but this did not happen. Despite the rise in taxes and the rise in FY16 deficit target to 3.9% (we expected this, but not consensus), central spending could have risen more.Key Sector and stock implications of the budgetSectorImplicationsKeyStocksPositivelyImpactedConstructionSharpincreasein public investmentsaftera steep declinein FY15,mainlyinroadsandrail; State government spending also likelyin constrnL&T, IRB, SadbhavCementUltratech, Grasim, JK CementPrivate BanksStimulustoboost economic growth: Second order effectoncreditgrowth. Under-capitalisedPSUbanks ease competitive stress.Axis Bank, HDFC Bank, Yes Bank, IndusIndBankNBFCsNBFCswithsizemore thanRs5 bntobebrought underSARFAESIact. Housing targetof 20mnurbanand 40mnrural unitsby 2022.HDFC, STFC, LICHFNegativelyImpactedCigarettesSharpincreaseinexcise. Intent social, implying continuedadversepolicyenvironmentITC cut to UnderperformTelecomServiceTax increasetohurt EBITDAby2-3%, Clean India cessonceimposedalso–ve; higher exciseoncellphonesto slow upgradesBharti, IdeaPSU BanksBureautoselect top management a positive. ButUS$1.3bnforrecap(vsneedUS$50-80 bntillFY19) meanstheywould struggleto grow.PNB, Bank of India Global Global Equity Themes Eugene Klerk (5) e-commerce: Growth vs value Regional Asia Equity Strategy Sakthi Siva (8) New report: MSCI Asia ex-Japan at highest levels since last September. Take profit? Asia Pacific Strategy Kin Nang Chik (9) Credit Suisse GEM valuation snapshot Asia Pacific Strategy Kin Nang Chik (10) Credit Suisse valuation snapshot ky.seong@samsung.com Ky Seong 03/03/15 12:21:50 AM Samsung Information Systems of Tuesday, 03 March 2015 Asian Daily - 2 of 42 - US (Non-deal roadshow) Asian Pay Television Trust (ASIA.SI) Date