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 Friday, 20 November 2015 Asian Daily (Asia Edition) EPS, TP and Rating changes EPS TP (% change) T+1 T+2 Chg Up/Dn Rating Ctrip.com International, Ltd. 220 (45) 2 15 O (O) Leju Holdings Limited (2.2) (3.5) (2) 73 O (O) Weibo Corporation 28 (13.6) 16 25 O (O) DMG Mori Seiki (28) 25 (18) 11 N (N) KOSE 40 20 12 20 O (O) Pola Orbis HD 20 13 16 15 O (O) TOTO (0.6) 1 3 (12) U (N) Cuckoo Electronics Co., LTD. Initiation 23 O (NA) Korean Air 133 17 7 13 N (U) Bumrungrad Hospital Pcl (0.8) (3.0) (1) 21 O (O) Sino Thai Engr & Const PCL (10.6) (5.5) 3 19 O (O) Connecting clients to corporates Thematic Trip Ping An Bank Corporate Day and Dinner with Webank Date 23 November, Shenzhen Analyst Anson Huang India Internet Trip 2015 Date 07-10 December, New Delhi/Mumbai/Bengaluru Analyst Anantha Narayan Corporate Days / Conferences APAC Financials and Property Conference Date 01-02 December, Hong Kong Analyst Sanjay Jain / Jinsong Du Hong Kong / China (Non-deal roadshow) Corporate Z Date 18-21 November, Shanghai Analyst Anson Huang Leju Holdings Limited (LEJU.N) Date 20-24 November, Hong Kong Analyst Jinsong Du Hua Hong Semiconductor Limited (1347.HK) Date 23-24 November, Hong Kong Analyst Randy Abrams Singapore (Non-deal roadshow) Noah Holdings Ltd (NOAH.N) Date 20 November, Singapore Analyst Anson Huang US (Non-deal roadshow) MediaTek Inc. (2454.TW) Date 29-November - 03-December, US Analyst Randy Abrams Xinjiang Goldwind Science & Technology Co., Ltd. (2208.HK) Date 17 December, New York Analyst Edmond Huang Others (Non-deal roadshow) IOI Corporation (IOIB.KL) Date 27 November, Kuala Lumpur Analyst Ting Min Tan Contact cseq.events@credit-suisse.com or your usual sales representative. Top of the pack ... Ctrip.com International, Ltd. (CTRP.OQ) – Maintain O Dick Wei (3) Solid momentum continues and working closer to Qunar Asia P&C Insurance Sector – Maintain OW Arjan van Veen (4) New report: Identifying structural and growth opportunities Thailand Market Strategy Dan Fineman (5) New report: 2016 strategy outlook—another tough year Thailand Economics Santitarn Sathirathai (6) A narrow and bumpy economic recovery Cuckoo Electronics Co., LTD. (192400.KS) – Initiating Coverage with O Eric Yoo (7) New report: Dominant in Korea, now luring China CS pic of the day China's monthly natural gas demand growthWhile the market has been concerned about slowing natural gas usage in China, here comes the demand relief. On 18 Nov, China cut non-residential city-gate gas prices by Rmb0.7/cm (or 28%), larger than market's average expectations (Rmb0.5/cm or 20%). The adjustment underlines China's continuing support to gas as a key clean energy solution and should raise market's FY16 volume expectations. In a new daily, China City Gas Sector: The price cut is here: Non-residential cut more than market expected; unchanged residential price is another positive, Dave Dai expects the average volume to grow 19% for city gas companies (ex. BJE) in FY16E (13% in FY15E). With 1-2 months of cost pass-through, demand could respond to the price cuts in 1H16 from the depressed base of 2.5% in 9M15.Source: NDRC 3.610.1 10.16.013.67.43.18.0n.a.8.59.48.710.21.21.9-5.9-5.02.12.63.5-1.5-10.0-5.00.05.010.015.0Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14Oct-14Nov-14Dec-14Jan-15Feb-15Mar-15Apr-15May-15Jun-15Jul-15Aug-15Sep-15(%) ... and the whole pack Regional Jump-Start Manish Nigam (8) Thailand banks: Value traps—Jump-Start highlights the best of our research this week Asia P&C Insurance Sector – Maintain OW Arjan van Veen (4) New report: Identifying structural and growth opportunities Australia Bank of Queensland (BOQ.AX) – Maintain N James Ellis (9) The story remains the same China China Economics Dong Tao (10) The PBoC cuts the interest rate for Standing Lending Facility China Railway Sector – Maintain MW Edmond Huang, CFA (11) ExImBank credit line to CRC narrows funding gap but not a game changer in a challenging environment Friday, 20 November 2015 Asian Daily - 2 of 30 - Asian indices - performance (% change) Closing 1D 1W 3M YTD ASX300 5,195.23 2.1 2.2 0.7 (2.9) CSEALL 7,020.18 0.5 0.2 (6.0) (3.8) Hang Seng 22,500.22 1.4 (1.7) 0.4 (4.7) H-SHARE 10,193.11 1.4 (2.1) (0.0) (14.9) JCI 4,518.94 0.5 1.3 4.2 (13.5) KLSE 1,660.06 0.2 (0.2) 5.4 (5.7) KOSPI 1,988.9