R e g i o n a l M o r n i n g N o t e s

Thursday, 21 May 20151 Refer to last page for important disclosures. Regional Morning Notes PLEASE CLICK ON THE PAGE NUMBER TO MOVE TO THE RELEVANT PAGE. CHINA Update Zhengzhou Yutong Bus (600066 CH/BUY/Rmb23.60/Target: Rmb27.20) Page 2 Operating subsidies to spur electric bus sales. INDONESIA Strategy Catur Sentosa Adiprana (CSAP IJ/NOT RATED/Rp520) Page 5 From building materials distributor to home improvement retail business. MALAYSIA Results CIMB Group (CIMB MK/SELL/RM6.01/Target: RM5.60) Page 8 1Q15: Earnings below our expectations on sharper-than-expected NIM compression and weak treasury income. Kuala Lumpur Kepong (KLK MK/HOLD/RM22.40/Target: RM20.20) Page 11 2QFY15: Core net profit of RM177m (-19.6% qoq, -37.2% yoy), below expectations, due to lower contribution from plantation and manufacturing divisions. Upgrade to HOLD. SINGAPORE Strategy 1Q15 Report Card – A Sea Of Red Page 14 Disappointing results, with 42% misses (4Q14: 21%). We cut market EPS growth forecasts for 2015 and 2016 to 8.6% and 8.7% respectively. Remain selective with a year-end target of 3,600 for FSSTI. THAILAND Strategy 1Q15 Earnings Summary: What’s Next Page 16 Selective BUYs: BDMS, TASCO, TVO and ROBINS. Update Samart Corp (SAMART TB/BUY/Bt27.00/Target: Bt47.00) Page 18 Expect earnings to have bottomed out in 1Q15. KEY INDICES Prev Close 1D % 1W % 1M % YTD % DJIA 18285.4 (0.1) 1.2 1.4 2.6 S&P 500 2125.9 (0.1) 1.3 1.2 3.3 FTSE 100 7007.3 0.2 0.8 (0.6) 6.7 AS30 5614.0 (0.1) (1.7) (3.9) 4.2 CSI 300 4754.9 0.5 0.8 2.9 34.6 FSSTI 3439.7 (0.4) (0.4) (2.0) 2.2 HSCEI 14235.9 0.3 2.7 (2.0) 18.8 HSI 27585.1 (0.4) 1.2 (1.0) 16.9 JCI 5292.7 0.4 1.7 (3.1) 1.3 KLCI 1810.1 0.0 0.4 (2.8) 2.8 KOSPI 2139.5 0.9 1.2 (0.2) 11.7 Nikkei 225 20196.6 0.8 2.2 1.4 15.7 SET 1520.1 (0.4) 1.6 (3.1) 1.5 TWSE 9685.3 (0.3) (0.4) 1.6 4.1 BDI 606 (2.3) (4.4) 1.3 (22.5) CPO (RM/mt) 2159 (0.3) (1.6) (0.0) (6.0) Nymex Crude (US$/bbl) 59 (0.3) (1.8) 6.4 10.4 Source: Bloomberg TOP PICKS Ticker CP (lcy) TP (lcy) Pot. +/- ()BUY Beijing Capital 694 HK 8.50 12.30 44.7 ICBC 1398 HK 6.73 7.80 15.9 Bank BJB BJBR IJ 880.00 1,300.00 47.7 Maybank MAY MK 9.37 10.30 9.9 DBS DBS SP 20.89 25.08 20.1 Pacific Radiance PACRA SP 0.62 0.99 59.7 Krung Thai Bank KTB TB 19.40 27.00 39.2 Sino Thai Engr STEC TB 21.50 25.00 16.3 SELL UMWH Holdings UMWH MK 10.82 10.00 (7.6) KEY ASSUMPTIONS GDP (% yoy) 2013 2014 2015F US 1.9 2.4 3.2 Euro Zone -0.4 0.9 1.4 Japan 1.5 1.5 2.0 Singapore 3.9 3.2 3.3 Malaysia 4.7 5.9 5.2 Thailand 2.9 1.5 2.7 Indonesia 5.8 5.2 5.8 Hong Kong 2.9 3.5 3.7 China 7.7 7.2 7.0 2014 2015F 2016F Brent