1. finance
2. investing
3. stocks

Regional Daily, 14 October 2014
5
Regional Daily
Ideas Troika
Top Stories
Agile Property (3383 HK)
Property - Real Estate
BUY HKD3.95 TP: HKD4.80
Mkt Cap : USD2,127m
Pg2
The government investigation on Agile’s chairman would affect its operations
and investor confidence. After the price correction yesterday, we think the
valuation is distressed but the bankruptcy risk is low. Maintain BUY and cut
TP to HKD4.80.
Analyst: John So ([email protected])
Pg3
Real Estate & Construction Across Malaysia, Singapore & Thailand
Other Key Stories
Regional
Weekly Spices
Analyst: Leng Seng Choon CFA ([email protected])
Malaysia
OldTown (OTB MK)
Consumer Cyclical – Retail
BUY MYR1.71 TP: MYR2.15
See important disclosures at the end of this report
Pg4
Sowing The Seeds Of Long-Term Growth
Analyst: Fong Kah Yan ([email protected])
Powered by EFATM Platform
1
Company Update, 14 October 2014
Agile Property (3383 HK)
Buy (Maintained)
Property - Real Estate
Market Cap: USD2,127m
Target Price:
Price:
HKD4.80
HKD3.95
Macro
Risks
Time Needed To Regain Investor Confidence
Growth
Value
Agile Property Holdings (3383 HK)
Price Close
Relative to Hang Seng Index (RHS)
10.40
104
9.40
95
8.40
87
7.40
78
6.40
70
5.40
61
4.40
53
3.40
250
44


Aug-14
Jun-14
Dec-13
Feb-14
Apr-14
50
Oct-13
Vol m
100
Source: Bloomberg
Avg Turnover (HKD/USD)
Cons. Upside (%)
Upside (%)
52-wk Price low/high (HKD)
Free float (%)
Share outstanding (m)
Shareholders (%)
68.5m/7.13m
47.6
21.5
3.95 - 9.35
37
4,178
Chan family
63.0
Share Performance (%)
YTD
1m
3m
6m
12m
Absolute
(52.5)
(35.5)
(29.9)
(42.3)
(57.7)
Relative
(53.5)
(31.2)
(31.2)
(44.6)
(59.1)

Major shareholder to inject cash. Agile Property (Agile) said that a
change in chairman would not result in a breach of any of its loan
facilities. As at end-June, Agile had CNY13.9bn total cash, including
CNY7.7bn in unrestricted cash vs CNY14.5bn in short-term borrowings.
Its major shareholder, the Chan family, plans to inject cash to support
the company. Note that a major loan is due in 4Q including a CNY2.9bn
bridging facility and a CNY2.5bn trust loan and Agile is confident of being
able to repay upon maturity.
Contracted sales likely to recover in October. Agile announced
September contracted sales of CNY2.05bn, a fall of 18% m-o-m and
40% y-o-y. However, its 9M14 contracted sales amounted to
CNY28.6bn, a 15% y-o-y rise. Although a change in chairman would
affect some business operations, we expect some sales recovery in
4Q14 on better market sentiment. Agile said that its October contracted
sales reached CNY2bn in the first 10 days of the month and it sees
improvements in the presales of large-sized units. Overall, we estimate
FY14 contracted sales at CNY40bn, ie as flat as last year’s. We revise
down our FY14/FY15 earnings estimates by 15%/23% respectively to
reflect lower contracted sales estimates and higher interest cost.
It will take time for investors to regain confidence. Agile should be
tight in cash but we believe the bankruptcy risk is low. The incident is
expected to hurt investor confidence and affect its normal business
operations in the short term. As a result, the company will most probably
continue to trade at a bigger valuation discount against peers. Our new
TP of HKD4.80 (from HKD7.40), is based on a 65% discount (previously
50%) to its new end-FY14F ENAV of HKD13.80/share (previously
HKD14.80/share), which implies a 2SD below 5-year mean. Maintain
BUY.
Forecasts and Valuations
Dec-11
Dec-12
Dec-13
Total turnover (CNYm)
22,944
29,892
35,436
37,012
40,511
Reported net profit (CNYm)
4,105
5,000
4,827
3,865
3,422
Recurring net profit (CNYm)
3,364
4,635
3,843
3,561
3,422
Recurring net profit growth (%)
(4.6)
37.8
(17.1)
(7.3)
(3.9)
Recurring EPS (CNY)
0.97
1.34
1.11
1.02
0.98
John So +852 2103 5888
DPS (CNY)
0.28
0.31
0.38
0.19
0.15
[email protected]
Recurring P/E (x)
3.22
2.32
2.80
3.05
3.18
P/B (x)
0.50
0.42
0.37
0.34
0.31
9.0
9.9
12.1
6.2
4.7
20.3
21.1
17.6
12.6
10.2
Dividend Yield (%)
Return on average equity (%)
Return on average assets (%)
Net debt to equity (%)
Our vs consensus EPS (adjusted) (%)
Dec-14F Dec-15F
5.4
5.8
4.7
3.3
2.8
65.5
64.7
97.6
117.7
110.7
(19.2)
(24.7)
Source: Company data, RHB
See important disclosures at the end of this report


3

.
3
0
.
2
0
0
.
3
0
0
The requirement by the Kunming City People’s Procuratorate for .
0
chairman Chan Zhou Lin to stay at a designated residence since 30 Sep 0
has unavoidably affected Agile’s operations. Yet, while we cut TP by 0
35% to HKD4.80 (from HKD7.40), based on a higher 65% discount to
ENAV, we maintain our BUY call. After the price correction, we think
the company will most probably continue to trade at a significant
valuation discount against peers but the bankruptcy risk is low.
200
150




Powered by EFATM Platform
2
Regional Weekly, 13 October 2014
Weekly Spices
Real Estate & Construction Across Malaysia, Singapore & Thailand
Quality Houses is a large-cap Thai developer with
expected high 2015 earnings growth
Source: Bloomberg
Gamuda will benefit from the large scale Malaysian
infrastructure projects
Source: Bloomberg
Leng Seng Choon, CFA +65 6232 3890
[email protected]
Hong Kong Research
Indonesia Research
Malaysia Research
Singapore Research
Thailand Research
See important disclosures at the end of this report
We like Thailand’s real estate sector and expect double-digit 2015
presales. The S-REITs space could see more pros from the MAS’ recent
paper and the Malaysian Budget, announced last Friday, points to
gains for the construction sector.
Homebuyer sentiment in Thailand, which has improved since May, boosted
q-o-q presales of the seven major listed developers by 58% in 2Q14 and 9%
in 3Q14. Developers that launched new condominium (condo) projects in
3Q14 like Supalai (SPALI TB, NEUTRAL, TP: THB27.00), AP Thailand (AP
TB, NEUTRAL, TP: THB8.00), Land & Houses (LH TB, BUY, TP: THB12.50)
and Pruksa Real Estate (Pruksa) (PS TB, BUY, TP: THB43.00) recorded
strong y-o-y presales growth. Companies with no new launches in 3Q14 like
LPN Development (LPN) (LPN TB, BUY, TP: THB27.00) and Sansiri (SIRI
TB, TRADING BUY, TP: THB2.34) booked presale declines. Quarterly new
launches may peak in 4Q14 as LPN and Sansiri resume their launches
valued at THB20bn-25bn in total. We think 2014 sectoral presales could
contract by 10% y-o-y. Next year, we expect double-digit presales growth to
resume. Sectoral 5-year presales CAGR (2009-2013) was at 20%. Top Buys
are Quality Houses (QH TB, BUY, TP: THB5.50), Pruksa and LPN – the top
three large-cap developers with the highest 2015F earnings growth. Ananda
Development (ANAN TB, BUY, TP: THB3.70) is our small-cap Top Pick.
Last Thursday, the Monetary Authority of Singapore (MAS) published a
consultation paper to strengthen the S-REIT market. The key changes are: i)
the increase in the development limit to 25% of the deposited property (from
10%), and ii) the increase in the aggregate leverage limit to 45% from 35%
(single-tier limit without a credit rating requirement) as well as removing the
option to leverage up to 60% by obtaining a credit rating. We think there are
more pros than cons to the proposed changes. This would incentivise REITs
with ageing properties to carry out redevelopment works of their own without
assistance from their sponsors. Examples include: i) CapitaCommercial Trust
(CCT SP, BUY TP: SGD1.83)’s Golden Shoe Car Park, and ii) CapitaMall
Trust (CT SP, BUY TP: SGD2.30)’s Funan Digital Mall and Plaza Singapura.
Entities contemplating listing or were listed as business trusts may now find
the REIT structure more favourable. However, higher development and
gearing limits imply increased risk, and some REITs may become more like
developers. This, in turn, may turn away some "safe haven" investors such
as insurance and pension funds.
Malaysia’s 2015 Budget was well balanced, combining commitments for
greater fiscal prudence but mindful of higher costs of living for the people.
Important elements include the implementation of the goods and services tax
(GST) in April 2015 and a commitment to a petroleum subsidy mechanism.
The property and sin sectors were unscathed, while infrastructure projects
were strongly featured. The budget mentioned seven large-scale
infrastructure projects with a >MYR48bn value. Notably, these include MRT
Line 2 and LRT Line 3 (to be implemented in 2015) and the MYR27bn PanBorneo Highway. While these projects will have long gestation periods, it
reaffirms our expectation of a strong momentum of construction activity.
Preferred sectors include construction, basic materials, technology and
property. Some of our Top Picks include Gamuda (GAM MK, BUY, TP:
MYR5.61), SapuraKencana Petroleum (SAKP MK, BUY, TP: MYR5.33),
Malaysia Airports (MAHB MK, BUY, TP: MYR8.51), Unisem (UNI MK, BUY,
TP: MYR2.16) and Press Metal (PRESS MK, BUY, TP: MYR 8.30).
Powered by Enhanced Datasystems’ EFATM Platform
3
Company Update, 14 October 2014
OldTown (OTB MK)
Buy (Maintained)
Consumer Cyclical - Retail
Market Cap: USD234m
Target Price:
Price:
MYR2.15
MYR1.71
Macro
Risks
Sowing The Seeds Of Long-Term Growth
Growth
Value
OldTown (OTB MK)
Relative to FTSE Bursa Malaysia KLCI Index (RHS)
2.30
108
2.20
104
2.10
99
2.00
95
1.90
91
1.80
87
1.70
82
1.60
4
4
3
3
2
2
1
1
78
0
0
.
2
0
0
OldTown’s share price has corrected >20% from its high of MYR2.22 in .
0
the past three months. Although we expect growth to remain muted for 0
the remaining three quarters after its weak 1QFY15 performance, we 0
believe its growth momentum will gain pace thereafter. Maintain BUY
with a revised TP of MYR2.15 (from MYR2.30), implying a 25.7% upside.
The stock is currently trading at an undemanding FY16 P/E of 12.8x.

Aug-14
Jun-14
Apr-14
Feb-14
Dec-13

Oct-13
Vol m
Price Close
Source: Bloomberg
Avg Turnover (MYR/USD)
Cons. Upside (%)
Upside (%)
52-wk Price low/high (MYR)
Free float (%)
Share outstanding (m)
Shareholders (%)
Oldtown International
Franklin Resources
Mawer Investment
Management
1.28m/0.40m
29.2
25.7
1.71 - 2.26
49
447
42.8
6.4
6.7


Recent share price retracement. OldTown’s share price has corrected
by >20% from its high of MYR2.22 in the past three months. We believe
the retracement was due to a combination of: i) weak 1QFY15 (Mar)
results, ii) the weak performance of its food and beverage (F&B) arm,
which reflects the current challenging operating environment, and ii)
slower-than-expected growth in its key earnings catalyst, ie its fastmoving consumer goods (FMCG) arm.
Counting on its FMCG arm. Moving forward, we expect growth from its
F&B arm to remain soft amid stiff competition and consumers’ cautious
discretionary spending. Its FMCG arm, on the other hand, should
recover and underpin growth ahead. The weak performance of its FMCG
arm in 1QFY15 was due to seasonal factors as well as higher-thanexpected selling and distribution spending. We note that sales have
picked up in the subsequent quarters after the delay in promotions of its
FMCG products in China in 1QFY15. Hence, we expect earnings from its
FMCG arm to normalise in the second half. In the medium to long term,
we expect earnings for its FMCG arm to grow by double digits, driven by:
i) growth in local sales from improving consumer sentiment, and ii)
growth in its export markets, particularly in Asean.
Risks. Key risks include: i) weaker-than-expected consumer sentiment,
ii) a change in consumer preference, and iii) rising raw material prices.
Maintain BUY with a revised TP of MYR2.15. We trim our TP to
MYR2.15 (from MYR2.30), based on a revised FY16 P/E of 16x (from
18x) to reflect the challenging operating environment for its F&B division.
However, we remain optimistic that its FMCG arm should start to reap
the fruits from an expanding regional distribution network next year. The
stock is currently trading at an undemanding FY16 P/E of 12.8x relative
to its peer target valuations of 19-22x.
Forecasts and Valuations
Share Performance (%)
YTD
1m
3m
6m
12m
Absolute
(17.8)
(11.4)
(21.2)
(14.1)
(16.8)
Relative
(14.7)
(8.9)
(17.2)
(11.7)
(18.1)
Shariah compliant
Fong Kah Yan +603 9207 7668
[email protected]


2

.
2
0
.
2




Mar-12
Mar-13
Mar-14
Mar-15F
299
337
382
417
484
Reported net profit (MYRm)
41.4
44.4
49.0
49.2
59.9
Recurring net profit (MYRm)
34.5
44.4
49.0
49.2
59.9
Recurring net profit growth (%)
23.2
28.8
10.2
0.5
21.7
Recurring EPS (MYR)
0.10
0.12
0.11
0.11
0.13
DPS (MYR)
0.06
0.07
0.06
0.06
0.07
Recurring P/E (x)
16.9
14.0
15.8
15.5
12.8
P/B (x)
2.46
2.04
2.36
2.24
2.06
P/CF (x)
12.7
11.0
11.6
9.6
8.7
3.7
4.2
3.5
3.2
3.9
7.72
5.86
8.27
7.19
5.57
24.8
17.0
15.4
14.7
16.8
Total turnover (MYRm)
Dividend Yield (%)
EV/EBITDA (x)
Return on average equity (%)
Net debt to equity (%)
Our vs consensus EPS (adjusted) (%)
Mar-16F
net cash net cash net cash net cash net cash
(7.5)
1.5
Source: Company data, RHB
See important disclosures at the end of this report
Powered by EFATM Platform
4
RHB Guide to Investment Ratings
Buy: Share price may exceed 10% over the next 12 months
Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain
Neutral: Share price may fall within the range of +/- 10% over the next 12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels
Sell: Share price may fall by more than 10% over the next 12 months
Not Rated: Stock is not within regular research coverage
Disclosure & Disclaimer
All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or
warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer
to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for
information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does
not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the
information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or
financial advice to independently evaluate the particular investments and strategies.
This report may further consist of, whether in whole or in part, summaries, research, compilations, extracts or analysis that has been prepared by RHB’s
strategic, joint venture and/or business partners. No representation or warranty (express or implied) is given as to the accuracy or completeness of such
information and accordingly investors should make their own informed decisions before relying on the same.
RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions in
securities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may be
materially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) covered
in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies),
may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or
underwriting services for or relating to such company(ies), as well as solicit such investment, advisory or other services from any entity mentioned in this
research report.
RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arise
from any reliance based on this report or further communication given in relation to this report, including where such losses, loss of profits or damages are
alleged to have arisen due to the contents of such report or communication being perceived as defamatory in nature.
The term “RHB” shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein below
and shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies.
All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without prior
consent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect.
Malaysia
This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd (233327-M), Level 11, Tower One, RHB Centre, Jalan Tun Razak,
50400 Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital
Berhad.
Singapore
This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No. 200808705N), a wholly-owned subsidiary of DMG &
Partners Securities Pte Ltd, a joint venture between Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group) and OSK Investment
Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as “RHBIB”, which in turn is a whollyowned subsidiary of RHB Capital Berhad). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG &
Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; this
report is therefore classified as a non-independent report.
As of 28 13 October 2014May 2014, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd do not have
proprietary positions in the securities covered in this report, except for:
a)
-As of 28 13 October 2014May 2014, none of the analysts who covered the securities in this report has an interest in such securities, except for:
a)
-Special Distribution by RHB
Where the research report is produced by an RHB entity (excluding DMG & Partners Research Pte Ltd) and distributed in Singapore, it is only distributed
to "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securities and Futures Act, CAP. 289 of Singapore. If you are not
an "Institutional Investor", "Expert Investor" or "Accredited Investor", this research report is not intended for you and you should disregard this research
report in its entirety. In respect of any matters arising from, or in connection with this research report, you are to contact our Singapore Office, DMG &
Partners Securities Pte Ltd
Hong Kong
This report is published and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited (“RHBSHK”) (formerly known as OSK Securities Hong
5
Kong Limited), a subsidiary of OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is
referred to as “RHBIB”), which in turn is a wholly-owned subsidiary of RHB Capital Berhad.
RHBSHK, RHBIB and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company.
RHBSHK, RHBIB and/or other affiliates may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain
compensation for investment banking services from the subject company.
Risk Disclosure Statements
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that
losses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHK
does not maintain a predetermined schedule for publication of research and will not necessarily update this report
Indonesia
This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Thailand
This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Other Jurisdictions
In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law and
regulations of the jurisdictions.
DMG & Partners Research Guide to Investment Ratings
Kuala Lumpur
Hong Kong
Singapore
Malaysia
Tel : +(60) 3 9280 2185
Fax : +(60) 3 9284 8693
19 Des Voeux Road
Central, Hong Kong
Tel : +(852) 2525 1118
Fax : +(852) 2810 0908
Tel : +(65) 6533 1818
Fax : +(65) 6532 6211
Buy: Share price may exceed 10% over the next 12 months
Trading Buy:Malaysia
Share price
may exceed 15% over theRHB
nextOSK
3 months,
however longer-term outlook remains uncertain
Research Office
Securities Hong Kong Ltd. (formerly known
DMG & Partners
Neutral: Share
mayInstitute
fall within
months
as 12
OSK
Securities
Securities Pte. Ltd.
RHB price
Research
Sdn the
Bhdrange of +/- 10% over the next
Take Profit:
Target
price
has
been
attained.
Look
to
accumulate
at
lower
levels
Hong Kong Ltd.)
Level 11, Tower One, RHB Centre
10 Collyer Quay
Sell: Share price may
more than 10% over the next 12 months
Jalanfall
TunbyRazak
12th Floor
#09-08 Ocean Financial Centre
Lumpur
World-Wide House
Singapore 049315
Not Rated: Stock isKuala
not within
regular research coverage
DISCLAIMERS
Phnom
Penh
This research is issuedJakarta
by DMG & Partners Research Pte Ltd and it is forShanghai
general distribution only. It does not have any regard
to the
specific investment
objectives, financial situation and particular needs of any specific recipient of this research report. You should independently evaluate particular
PT RHB OSK and
Securities
Indonesia
(formerlyfinancial
known asadviser
RHB
OSK (China)
Advisory
Ltd. into any
RHBtransaction
OSK Indochina
Securities
Limited
(formerly
investments
consult
an independent
before
makingInvestment
any investments
or Co.
entering
in relation
to any
securities
or
PT OSKmentioned
Nusadana in this report.
(formerly known as OSK (China) Investment
known as OSK Indochina Securities Limited)
investment instruments
Securities Indonesia)
Plaza CIMB Niaga
Advisory Co. Ltd.)
Suite 4005, CITIC Square
No. 1-3, Street 271
Sangkat Toeuk Thla, Khan Sen Sok
Tel : +(6221) 2598 6888
Tel : +(8621) 6288 9611
Fax: +(855) 23 969 171
The information contained
herein has been obtained from sources 1168
we believed
to be reliable but we do not make any representation
or warranty nor
14th Floor
Nanjing West Road
Phnom Penh
accept any responsibility
or liability
as to its accuracy, completeness orShanghai
correctness.
are subject to change
Jl. Jend. Sudirman
Kav.25
20041Opinions and views expressed in this report
Cambodia
without notice.
Jakarta Selatan 12920, Indonesia
China
Tel: +(855) 23 969 161
Fax
: +(6221)
2598or6777
Faxof: +(8621)
6288
9633or sell any securities.
This report does
not
constitute
form part of any offer or solicitation
any offer
to buy
Bangkok
DMG & Partners Research Pte Ltd is a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between OSK Investment Bank
Berhad, Malaysia which have since merged into RHBRHB
Investment
Bank Berhad (the merged entity is referred to as “RHBIB” which in turn is a whollyOSK Securities (Thailand) PCL (formerly known
owned subsidiary of RHB Capital Berhad) and Deutsche Asiaas
Pacific
Holdings Pte
Ltd (a PCL)
subsidiary of Deutsche Bank Group). DMG & Partners Securities
OSK Securities
(Thailand)
Pte Ltd is a Member of the Singapore Exchange Securities Trading
Limited.
10th Floor,
Sathorn Square Office Tower
98, North Sathorn Road,Silom
Bangkok 10500
DMG & Partners Securities Pte Ltd and their associates, directors,Bangrak,
and/or employees
may have positions in, and may effect transactions in the securities
Thailand
covered in the report, and may also perform or seek to perform broking and
other corporate finance related services for the corporations whose securities
Tel: +(66) 2 862report.
9999
are covered in the report. This report is therefore classified as a non-independent
Fax : +(66) 2 108 0999
As of 13 October 2014, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd, do not have proprietary
positions in the subject companies, except for:
a)
As of 13 October 2014, none of the analysts who covered the stock in this report has an interest in the subject companies covered in this report, except
for:
a)
DMG & Partners Research Pte. Ltd. (Reg. No. 200808705N)
6