Asia Pacific Daily

Asia Pacific Daily See important disclosures, including any required research certifications, beginning on page 45. 13 October 2016 Major changes Analyst Rating Page Thailand Asset Funds Rata Limsuthiwanpoom Overweight → Neutral P.3 Yields remain attractive Other research China Autos – PV Weekly Monitor Kelvin Lau Neutral P.4 1-30 September: sales volume continues improving S1 Corporation (012750 KS) Thomas Y. Kwon Hold P.5 3Q preview: steady core services, weak product sales Feng Tay Enterprise (9910 TT) Helen Chien Hold P.8 3Q16 miss; likely stronger operating efficiency in 4Q16 Taiwan Paiho (9938 TT) Helen Chien Buy P.12 Continuing to benefit from the Flyknit theme Super Group (SUPER SP) Jame Osman Sell P.16 Path to recovery remains uncertain in the near term Thai Union Group Pcl (TU TB) Kalvalee Thongsomaung Buy P.20 A step into food services Intiland Development (DILD IJ) Sanni Satrio Dwi Utomo Not Rated P.21 High-end specialist Top Glove (TOPG MK) Aaron Kee Buy P.22 The preferred grip Bison (BISON MK) Yap Po Leen Not Rated P.23 A worthy contender Macro research Malaysia Economy - IPI Economic Research P.24 Industrial production rises to 4.9% yoy in August Euro wrap-up Chris Scicluna P.25 Overview Memos – quick updates PC Hardware Sector Steven Tseng P.28 Global PC shipments beat expectations in 3Q16 China Resources Power (836 HK) Dennis Ip P.30 September power generation surge off low base, up 25.8% YoY CITIC Telecom International (1883 HK) John Choi P.33 Limited earnings impact from Acclivis acquisition Company Roadshows Date Company Event Venue10-14 Oct Value Partners (806 HK) NDR US 11-12 Oct Tunas Baru Lampung (TBLA IJ) NDR SG 13 Oct GOME (493 HK) Telecon. HK 13 Oct Nine Dragons Paper (2689 HK) Group Luncheon HK 13 Oct Nine Dragons Paper (2689 HK) Group Luncheon (VC) SG 19 Oct Sa Sa International (178 HK) Group Luncheon HK 25-26 Oct Spark Infrastructure (SKI AU) NDR Tokyo 27 Oct Spark Infrastructure (SKI AU) NDR HK 27 Oct Woodside Petroleum (WPL AU) NDR Tokyo 28 Oct Frasers Centrepoint Trust (FCT SP) NDR Tokyo 28 Oct Mapletree Logistics Trust (MLT SP) NDR Tokyo 17 Nov Lee&Man Paper Group Luncheon HK 21-25 Nov President Chain Store (2912 TT) NDR EU 22 Nov Angang Steel (347 HK) Telecon. HK 30 Nov - 2 Dec L'Occitane (973 HK) NDR US Daiwa Asian Events Date Company Venue 13-14 Oct Daiwa ASEAN Conference - IDX-Daiwa-Bahana Best of Indonesia Tokyo 2016 Tokyo 8-11 Nov Daiwa Investment Conference Hong Kong 2016 HK 21-22 Nov Daiwa Asia Communidation Days London 27 Feb-3 Mar 2017Daiwa Investment Conference Tokyo 2017 Tokyo Source: Daiwa Regional indices Performance chg (%) EPS growth(%) PER (x) Market 1D 1M YTD 16E 17E16E17ETPX (1.0) 1.5 (13.2) 12.2 8.4 14.0 12.9 HSCEI (1.3) 0.2 0.1 (4.0) 5.6 7.2 6.8 HSI (0.6) 0.5 6.8 (2.4) 9.8 13.0 11.8 KOSPI 0.1 2.1 3.7 27.8 10.5 11.1 10.0 TWSE 0.4 3.4 11.0 (1.9) 11.4 15.2 13.8 SENSEX*0.1 (2.5) 7.5 11.9 18.4 19.6** 16.6** FSSTI (1.5) (2.1) (2.4) (5.2) 5.0 13.8 13.2 FBMKLCI*(0.1) (1.2) (1.5) (3.5) 7.0 16.9** 15.8** SET*(2.5) (0.4) 9.2 11.1 12.2 15.9** 14.2** PCOMP*(1.2) (2.0) 6.9 8.8 7.7 19.9** 18.5** JCI*(0.3) 1.6 16.8 5.9 15.2 19.0** 16.5** AS51 (0.1) 4.9 3.4 8.4 7.4 16.5 15.4 Source: Thomson Reuters *Valuation based on MSCI Universe **MSCI index priced as of 11 Oct Asia Pacific Daily | 1 CT Environmental (1363 HK) Dennis Ip P.34 Enters into a framework agreement in Yulin, Guangxi Ennoconn (6414 TT) Steven Tseng P.35 Private Investment in S&T AG Korea: share prices and Daiwa recommendation trends P.37 Daiwa’s Banner Products P.38 Analysts’ company visits P.39 Rating and target-price information P.40 Recently published reports P.41 Asia Pacific Daily | 2 Please