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 Wednesday, 11 March 2015 Asian Daily (Asia Edition) EPS, TP and Rating changes EPS TP (% change) T+1 T+2 Chg Up/Dn Rating 21 Vianet Group Inc n.m (62) (9) 35 O (O) Aisino Co., Ltd (3) 5 31 0 N (N) China Merchants Property Development Co Ltd (15) (21) 1 33 O (O) Hundsun Technologies Co. 0 4 96 (45) U (U) Qihoo 360 Technology Co. 0 0 3 62 O (O) Sunny Optical Technology Group Co., Limited (2) 7 27 4 N (N) Yonyou Network 1 5 52 (4) N (N) PT Telkom (Telekomunikasi Indo.) (2) (2) 0 5 O (O) Wijaya Karya Beton 0 3 24 23 O (N) CapitaMalls Malaysia Trust Gamuda (7) (18) 23 23 O (O) Energy Development Corp (5) (7) 22 21 O (O) SK Broadband Initiation 1 N (NA) Topoint Technology Co Ltd 5 7 0 13 O (O) Wistron (10) (10) (20) (17) N (N) L.P.N. Development (2) (3) 0 1 N (U) Connecting clients to corporates Corporate Days / Conferences Asian Investment Conference Date 23-27 March, Hong Kong Hong Kong / China (Non-deal roadshow) Boer Power Holdings (1685.HK) Post results Date 11 March, Hong Kong Analyst Baiding Rong China Gas Holdings Ltd (0384.HK) Date 11 March, Hong Kong Analyst Dave Dai 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 China Gas Holdings Ltd (0384.HK) Date 16 March, Hong Kong Analyst Dave Dai Dawnrays Pharmaceutical (Holdings) Ltd (2348.HK) Post results Date 18 March, Hong Kong Analyst Iris Wang Wheelock and Company Limited (0020.HK) Post results Date 18 March, Hong Kong Analyst Joyce Kwock US (Non-deal roadshow) SOHO China Ltd (0410.HK) Post results Date 11-13 March, US Analyst Jinsong Du Contact cseq.events@credit-suisse.com or your usual sales representative. Top of the pack ... Gamuda (GAMU.KL) – Maintain O Danny Goh (4) New report: Turning more positive on the Penang transport plan Energy Development Corporation (EDC.PS) – Maintain O Alvin Arogo (5) New report: Wind of change Indonesia Market Strategy Jahanzeb Naseer (6) Is this the last downgrade? SK Broadband (033630.KQ) – Initiating Coverage with N Taewon Kim (7) New report: Further marketing competition ahead CS pic of the day Source: MSCI.Asia Pacific Equity Strategy —Fed tightening –a smaller correction looks likelyWe continue to believe that MXASJ is likely to see a smaller correction this time given valuations (price-to-book of 1.57xcurrently versus 1.67xin 2013, 1.96xin 2004, 2.83xin 1994), crowdedness (net foreign buying of 0.9% versus 1.2% in 2013 and 4% in 2004) and our twin themes of rising ROE and falling COE. As we believe a smaller correction is likely, we suggest buying the dips.MSCI Asia ex-Japan during Fed tightening episodesFeb-94Jun-04May-13current90100110120130140150160170180-9m-6m-3m0m+3m+6m+9m+12mMXASJ-25%-14%-21% ... and the whole pack Regional Asia Hardware Sector Thompson Wu (8) Apple Watch yield issues at Quanta may pressure margins and open a door for a new assembler Asia Equity Strategy Sakthi Siva (9) New report: Internet—what if it followed other bubbles in deflating? Asia Equity Strategy Sakthi Siva (10) New report: Macau gaming—what if it followed other bubbles in deflating? Asia Hardware Sector Thompson Wu (11) Implications and picks from Apple Watch and 12" MacBook China China Economics Dong Tao (12) Seasonal factor drove the CPI to rebound amid the Chinese New Year ky.seong@samsung.com Ky Seong 03/11/15 12:38:33 AM Samsung Information Systems of Wednesday, 11 March 2015 Asian Daily - 2 of 47 - Asian indices - performance (% change) Latest 1D 1W 3M YTD ASX300 5,757 0.0 (1.9) 10.8 7.6 CSEALL 7,130 (0.1) (1.4) (1.7) (2.3) Hang Seng 23,897 (0.9) (3.3) 1.6 1.2 H-SHARE 11,508 (1.4) (3.7) 1.2 (4.0) JCI 5,463 0.3 (0.2) 5.8 4.5 KLSE 1,790 (0.1) (1.7) 1.4 1.6 KOSPI 1,985 (0.4) (0.8) 2.0 3.6 KSE100 32,567 (0.9) (1.9) 2.5 1.4 NIFTY 8,712 (0.5) (3.2) 4.3 5.2 NIKKEI 18,665 (0.7) (0.8) 7.2 7.0 TOPIX 1,525 (0.5) (0.1) 8.4 8.3 PCOMP 7,828 0.1 0.7 9.1 8.3 RED CHIP 4,454 (1.8) (3.8) 2.0 2.4 SET 1,531 (1.8) (2.0) (1.8) 2.2 VNINDEX 3,398 (0.2) (0.7) 2.2 1.0 Thomson Reuters Asian currencies (vs US$) (% change) Latest 1D 1W 3M YTD A$ 0.77 (0.6) (2.1) (8.0) (6.3) Bt 32.64 0.2 0.9 (0.3) (0.8) D 21,335 0.0 0.1 (0.0) (0.2) JPY 121.67 0.4 1.6 3.3 1.7 NT$ 31.55 0.1 0.7 1.2 (0.2) P 4