MICA (P) 081/12/2011 Ref No: RM2012_0099 1 of 17

Phillip Securities Research Pte Ltd

Regional Market Focus

24 May 2012

Morning Market Commentary - STI: -1.53% to 2780.4 - MSCI Far East ex-Japan: -1.73% to 443.8 - Euro Stoxx 50: -2.68% to 2134.1 - S&P500: +0.17% to 1318.9 In Singapore, inflation continued to accelerate to 5.4% y-y for April CPI, 5.2% previous. This was largely due to higher accommodation and private road transport costs. By contrast, MAS Core Inflation - which excludes these two components - inched down by 0.2pp to 2.7% in April, owing to lower food and services inflation. The divergence highlights the domestic drivers of inflation - our view is that headline inflation will continue to remain elevated in the coming months on the back of elevated accommodation costs as well as tight COE supply before possibly easing in 2H12. Though MAS had only recently tightened slightly its monetary policy in April, we do not rule out the possibility of further tightening at the next October MPS should growth/inflation surprise on the upside. The Bank of Japan (BoJ) stood pat in its May policy meeting after boosting asset purchases by 10 trillion yen in April. Specifically, the BoJ is maintaining its policy rate at 0 - 0.1 percent and the size of its asset purchase program at 40 trillion yen. Japan’s exports also grew at a slower-than-expected pace of 7.9% y-y in April due to falling shipments to China. Should the global macro backdrop continue to deteriorate, we do not rule out further easing by BoJ (likely with an expansion of its asset purchase program). Taiwan’s industrial production declined more-than-expected by 2.3 % y-y in April, after registering a drop of 3.4% in the preceding month, owing to weaker demand from key trading partners such as China and Europe. In Malaysia, economic growth slowed to 4.7% y-y in 1Q12, compared to growth of 5.2% in the preceding quarter. Going forward, while weak external demand could pose headwinds to exports, domestic demand -boosted by wage hikes as well as accommodative monetary policy- would continue to lend support to growth. Inflation moderated from 2.1% y-y in March to 1.9% y-y in April. Our view is that inflation is likely to remain benign, but Bank Negara will continue to stand pat for now, unless external demand weakens dramatically. UK retail sales volume declined by 2.3% m-m in April, the sharpest drop since Jan 2010. This decline is largely attributed to a significant plunge in fuel sales as well as clothing sales. Consumer spending is likely to remain soft in the months ahead as inflation continues to outpace nominal wage increases in an economy which is currently mired in a technical recession. Italy’s consumer confidence plunged for the second consecutive month to a record low of 86.5 in May. The weak confidence is likely a result of uncertainties over the EU sovereign debt crisis as well as Monti’s plans of spending cuts and tax increases. EQUITY MARKETS: Indices in Asia and Europe closed bearishly yesterday (the STI opened lower to close lower), resting on support levels mostly. Will they bounce or slice thru today? The S&P500's more positive closing, as intra-day losses were chewed up to finish higher, augurs well. But treat that with caution as the inter-market picture is not favourable: dollar continues to rally, commodities fell, and treasuries signal low growth ahead. Safe haven sovereigns rose (UK, German) while peripherals fell (Spain, Italy). On the bright side, our thesis that policy might give us another short-term rally (barring a disorderly Greek exit) seems to be coming to pass. China is posturing very heavily for a stimulus program, while a slowing US economy is raising the chorus for QE3. (Our general guidance in our morning notes and formal reports has been, as we weren't confident that econ/earnings data could outperform to drive markets, some combination of policy safety nets needs to occur to reverse consolidation/correction and push markets higher - QE3/Twist2, ECB intervention, further loosening by central banks to err on the side of growth as inflation recedes, a major China fiscal policy announcement. Longer term, we are still giving the heads up that post 6th November 12 USA presidential elections, markets could again be challenging going into 2013 - the US and EZ are under current law obliged to undertake tremendous fiscal tightening) For our larger trend outlook: Global Macro & Markets, 12 Apr 12. For Singapore Sector Strategy: Sector Strategy, 4 May 2012. Singapore Sector Reports: Banks / Transport / Telcos / Property / REITS / Thematic Regional Strategy: China, 24 May 12 / Thailand, 4 May 2012 / Indonesia, 29 March 2012 Regional Macro: Singapore

Regional Market Focus 24 May 2012

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Singapore STI fell 1.5% to end at 2780 on Wednesday, as fear of Greece exiting the Euro

gripped investors again, after just a brief respite a day earlier. Total traded volume was 1.3 billion shares with value of $960 million. There were 92 gainers vs 296 decliners. Commodities shares once again were the major decliners. Olam fell 5.7% while Wilmar lost 4%. Only 2 index stocks rose. GLP and Starhub rose 0.765 and 0.62% respectively.

Close +/- % +/-FSSTI 2780.42 -43.33 -1.53P/E (x) 9.14P/Bv (x) 1.27

3.93Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

5/23 8/23 11/23 2/23 5/23

Source: Bloomberg

Thailand The composite SET index extended its slide due to external pressure and sell-off

in big-caps led by PTTEP after it outbid Royal Dutch Shell for Cove Energy, reigniting concerns about a possible capital raising to finance its massive investment plans.

The overall downtrend remains intact in the Thai stock market but continued sharp falls could however set the stage for a short-term technical rebound around 1100 +/- today. Europe’s debt crisis, which remains a major concern for the market is largely unchanged and much of the headlines from Europe is already baked into the market. For this reason, the pace of decline may slow awaiting more developments in Europe but there is also still a lack of positive progress to trigger a strong rebound at the same time. We therefore rule out the possibility of a strong rebound and we see any rise as only a short-term technical bounce until there are more developments. Investors should accordingly continue to closely monitor the situation in Europe, going forward.

For short-term strategy, we advise investors to buy around 1100 +/- to bet on a short-term rebound and gradually book profits on rise. However, investors should continue to limit equity exposure to 25-30% of the portfolio.

Today we peg resistance for the SET index at 1122-1136 and support at 1100-1087.

Close +/- % +/-SET INDEX 1110.70 -20.82 -1.84P/E (x) 14.27P/Bv (x) 1.97

3.88Dividend Yield

STOCK EXCH OF THAI INDEX

800

900

1000

1100

1200

5/23 8/23 11/23 2/23 5/23

Source: Bloomberg

Indonesia Composite index of Indonesian stocks finished in negative territory Wednesday

(23/05), paring gains of the previous day. The index fell 39.52 points or 0.99% to 3,981.58. The JCI fell with seven out of nine main sectors trimmed points, led by mining sector which index lost 3.07%, trade and services sector which fell 2.01% and agriculture sector that shed 1.65%. Basic industry and consumer goods sectors however, supported the index by each gaining 0.42% and 0.13%.

The JCI is likely to trade within the range of 3,940 and 4,020 today, as its support and resistance respectively.

Close +/- % +/-JCI Index 3981.58 -39.52 -0.98P/E (x) 20.33P/Bv (x) 2.26

2.43Dividend Yield

JAKARTA COMPOSITE INDEX

30003200340036003800400042004400

5/23 8/23 11/23 2/23 5/23

Source: Bloomberg

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Sri Lanka The market continued its downward momentum to close the day with booth

indices recording negative closures. This was amidst the revisions in the SEC regulations that caused speculation in the market. Further the Sri Lankan Treasuries yields dropped with the 3-month yield dropping 41 basis points to reach 11.58%. The 6month yield too dropped 8 basis points to 12.32% and; the 12 month yield dropped 8 basis points to 12.5% at the auction today. The ASPI closed at 5,048.11, dropping 107.50 points. MPI too dropped 88.00 points to end the day at 4,568.51. The turnover for the day was LKR 817.9Mn which was a 176% increase from the previous day. 24.4Mn shares were traded during the day. Over all the negative price contributors were 193 against the 28 positive contributors. The market continued to record net foreign inflows. The net inflow for the day was LKR 131.3Mn.

Close +/- % +/-CSEALL Index 5048.11 -107.50 -2.09P/E (x) 10.62P/Bv (x) 1.64

2.38

Dividend Yield

SRI LANKA COLOMBO ALL SH

45005000550060006500700075008000

5/23 8/23 11/23 2/23 5/23

Source: Bloomberg

Australia The Australian markets traded downward yesterday clipping -54 points or (-

1.31%) off the ASX 200 Index to close at 4067. The Australian market is travelling slightly above it’s lows on Friday after it endured its heaviest sell off of 2012. For nine days now the AUD has maintained its sealing under parity against the USD, trading at .9734, which may provide relief for Australian exporters and industries such as retail, manufacturing and tourism.

The Australian market looks to open relatively flat with the SPI indicating down -6 points. The Australian market will be looking at China’s ‘HSBC Flash Manufacturing PMI’ numbers due out around lunch-time Australian EST.

Close +/- % +/-

STANDARD & POORS/ ASX 200 INDEX

3500

4000

4500

5000

5/23 8/23 11/23 2/23 5/23

+/- % +/-S&P/ASX 200 INDEX 4067.04 -53.97 -1.31P/E (x) 13.77P/Bv (x) 1.62

6.68Dividend Yield

Source: Bloomberg

Hong Kong Hong Kong shares fell 1.33 per cent Wednesday on growing pessimism over a

European summit later in the day aimed at addressing the region's debt crisis. The benchmark Hang Seng Index ended 252.96 points lower at 18,786.19 on

turnover of HK$51.27 billion (US$6.62 billion). ( Source: BT Online)

Close +/- % +/-HSI INDEX 18786.19 -252.96 -1.33P/E (x) 9.00P/Bv (x) 1.29

3.36Dividend Yield

HANG SENG INDEX

16000

18000

20000

22000

24000

26000

5/23 8/23 11/23 2/23 5/23

Source: Bloomberg

Regional Market Focus 24 May 2012

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Singapore Regional Strategy - China Our outlook for China equities is Overweight for High Risk Portfolios but Marketweight for all others. Essentially valuations are comparable (HKCEI) and below (FTSE A50) that of the Lehman crisis, which may well mean that one would be paid for the risks of slower growth, and the credit-housing overhang. Moreover balance of risks tilt to the upside, as we see a controlled housing deflation in an economic context where there are nascent signs of reacceleration, despite not firing on all cylinders, while policy leans toward growth in the context of low inflation, which may later allow scope for greater monetary loosening post 3q12 politburo transition. UT investors please contact your FA on portfolio matters PhillipETF recommends 2823.HK as a proxy for the FTSE China A50 PhillipCFD has the “H Shares Index HKD5 CFD” and the “FTSE China A50 Index USD1 CFD” (for levered short term trades, technical

analysis is recommended for entries and exits) Head of China Research’s top picks are: Zhaojin Mining (1818.HK) and China Singyes Solar (750.HK). Thailand Thoresen Thai Agencies – Company Update Recommendation: BUY Previous close: Bt16.10 Fair value: Bt25 Losses deepened to Bt205.47mn in 2QFY12 as total revenue shrank on sagging revenues from dry bulk shipping business, MML and

Baconco. Only UMS saw revenue rise but its earnings deteriorated due to the release of low-margin products. We believe 2HFY12 is likely to be better than 1HFY12. MML is expected to be the brightest spot for TTA due to the high season for the

business and new contracts. Baconco would perform better thanks to the planting season. Dry bulk shipping business should also improve on the back of a recovery in the Baltic Dry Index (BDI). However, the outlook for UMS will remain gloomy for the next 2-3 quarters.

AOD is scheduled to take delivery of three Mod V-B Class jack-up rigs in 2012. For exploration of Qing Mei’s coal concessions in Indonesia, a resource in excess of 100mn tons of sub-bituminous thermal coal has been identified to date. At Baconco, there could be up to 30,000 sqm of new warehouse space.

We leave our FY12 pre-FX profit outlook for TTA unchanged. Our target price also remains unchanged at Bt25/share based on a P/B of 0.7x. We maintain a ‘BUY’ call on TTA.

Banking Sector – Sector Update Recommendation: OVERWEIGHT Net loans in Apr 2012 grew 1.0% q-q and 15.5% y-y. For 4MCY12, bank loans rose 4.2% YTD. In Apr 2012, deposits rose 1.3% q-q and 11.7% y-y while borrowings were down 9.1% q-q but up 7.3% y-y. For 4MCY12, deposits grew

8.9% YTD but borrowings dropped 17.9% YTD. We maintain an ‘OVERWEIGHT’ position in the banking space with BBL, KBANK and SCB as our top picks. Hong Kong China Gold International Resources（HK.2099) Recommendation: BUY Previous close: HKD$ 24.80 Fair value: HKD$ 30.20 Natural condition’s restriction and other factors resulted in China Gold International Resources (CGIR or the Company) Q1 performance

below expectation, but future output is expected to return to normal. Due to low grade of gold ore dressing and other factors, the Company’s cost has continued to grow in recent two years. However,

considering energy and other cost factor’s decline and improvement of gold ore grade, the cost growth will slow down. On a short run, the growth of corporate main business project is limited, but latest exploration result will make it optimistic about its mid-

and-long term perspectives. Advantages of China National Gold Group Corporation are expected to favor the Company’s resource development.

We believe gold remains in a bull market and a new high is likely in future. We predict the Company will realize net profit of $86 million and $101 million in 2012 and 2013 respectively, converted to EPS $0.216 and

$0.255. We offer 18-time 2012 EPS valuation, 12-month target price may reach HKD30.20, hence “Buy” rating.

Regional Market Focus 24 May 2012

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Market News

US Demand for new U.S. homes rose more than forecast in April, indicating residential real estate may contribute to economic growth for the

first time in seven years. Purchases rose to a 343,000 annual rate, up 3.3 percent from a revised 332,000 in March, the Commerce Department reported today in Washington. The median estimate in a Bloomberg News survey of 72 economists was 335,000. Data yesterday showed April sales of previously owned homes rose in every region. (Source: Bloomberg)

Federal Reserve officials and economic advisers are debating far-reaching differences on whether to accept a jobless rate that doesn’t

fall much below 6.5 percent or act more aggressively to reduce it to 5 percent or less. David Horowitz says he’s “not enough of an economist” to know who’s right. He just wants a full-time job again. Horowitz, 47, says he lost his health policy analyst job in Washington a month before the U.S. recession began in December 2007. He has met his expenses with temporary jobs in his field and work as a swim teacher, along with loans and savings. As for the policy makers’ debate on joblessness, “if they’re declaring that it’s a permanent situation, then that does make me angry,” he said. An approach that doesn’t put job creation first “puts a lot of people out of work and makes our educations worthless, and doesn’t give much optimism about working hard and moving up.“ (Source: Bloomberg)

Singapore A fine balancing act lies ahead for the government as it plans to groom more Singaporeans for top positions and specialist roles in the

finance industry, while keeping an eye on the entry of foreigners to the sector.From what industry observers say, the move is a positive one for the future, though there may not be a deep enough local talent pool at this point to staff certain functions. In a speech on Tuesday, Deputy Prime Minister Tharman Shanmugaratnam outlined plans to help Singaporeans gain specialist know-how and international exposure to prepare them for bigger roles in the industry. If necessary, the government will raise employment pass standards to manage the inflow of foreigners. (Source: BT Online)

The premiums for all COE (certificate of entitlement) categories slumped and the big car premium fell for the first time this year. Motor

distributors were not surprised as they said that buyers have started finding the prices too high and are now hoping that the COE supply would rise. "Demand is weak because prices have gone up too much for most people," said the sales manager of a Japanese dealership. "Plus they all think a whole lot of COEs will be released soon." The recent surge in COE premiums had forced the government to examine two possible ways to ease the COE supply crunch. The Land Transport Authority was tasked by Transport Minister Lui Tuck Yew to see if the vehicle growth rate can be more flexibly slowed down from 1.5 per cent to 0.5 per cent, and whether the clawback of the COE oversupply in 2008/2009 can be alleviated by deferring the adjustments to be made. (Source: BT Online)

Inflation rose again last month as heightened global growth risks did little to dampen price increases. Persistent inflation and risks to

growth could mean Singapore's monetary policy options are narrowing, economists say. The Department of Statistics yesterday reported a 5.4 per cent rise in consumer prices in April from a year ago - the highest inflation rate this year and the highest in South-east Asia after Vietnam. Led once again by rising housing costs and car certificate of entitlement (COE) premiums, April's headline rate exceeded market expectations for a 5.2 per cent rise in the consumer price index (CPI). (Source: BT Online)

Hong Kong Private lenders operating out of pawn shops and credit agencies in Wenzhou charge small businesses three times official bank lending

rates, even as Premier Wen Jiabao touts financial reforms in the Chinese coastal city. So-called shadow banks in the city of about nine million people, 370km south of Shanghai, demanded 21.6 per cent on loans in April, according to the first private-loan survey published by the central bank's Wenzhou branch. While that's down from a high of 25.4 per cent in August, it compares with 7.6 per cent on commercial bank loans. Globally, non-investment grade borrowers pay 8.1 per cent on their bonds, according to Bank of America Merrill Lynch indices. (Source: BT Online)

China will allow small and medium- sized companies to sell bonds through private placements starting next month as part of measures to

broaden financing channels for businesses struggling for funds. The first batch of bonds under a trial programme will be introduced in mid-June, the Shenzhen Stock Exchange said in a statement on its website on Tuesday. Property and finance-related companies are barred from the trial, it said. The bonds will be sold through Shenzhen's exchange, with no more than 200 investors allowed to take part in any placement, according to the statement. (Source: BT Online)

Thailand Foreign investors remained net sellers of Thai shares worth Bt1,198.80mn on Wed. (Source: Bisnews) The World Bank forecast Thai exports will slow down this year as euro zone debt crisis could hurt global trade growth, which would in

turn drag down Thai exports. (Source: Bisnews) The Bank of Thailand sees scope for an upgrade to the country’s GDP growth forecast this year after 1Q12 GDP data came in stronger

than forecast but public debt problems in Europe still need to be closely watched going forward. (Source: Bisnews)

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Indonesia The Organization for Economic Cooperation and Development (OECD) urges Bank Indonesia (BI) to tighten its monetary policy in order

to curb inflation. In its “Global Economy Recovering, but Major Risks Remain” report, the OECD states that a tightening of Indonesia’s monetary policy should maintain the country’s economic growth trajectory at 6 percent. Indonesia’s economy is expected to continue to grow amidst the economic downturn in Asia and the slowdown in regional trading. Indonesia’s economy is expected to continue to grow by 5.8 percent this year and 6 percent next year. The estimated 5.8 percent growth is lower compared to the initial estimate of 6 percent. The growth in consumption and investment is still guaranteed. OECD further estimates that the government would increase subsidized fuel price by mid-year due to increase in the global price of oil. The pressure on the price also stems from an increase in the regional minimum wages in several provinces, which prompts the need for a tighter monetary policy. Moreover, Indonesia remains vulnerable to a global risk that could reverse capital inflow and delay growth. A delay of the fuel price increase would only raise questions on the Government’s commitment in regards to its energy policies and fiscal resilience. (Source: Indonesia Finance Today)

The government plans to build a centralized monitoring evaluation system development. Deputy of Performance Evaluation

Development, Ministry of National Development Planning, said the government created a system which will eventually be connected with the Treasury and Accounting System developed by the State Ministry of Finance. His said that with the integrated system, the future problems that arise in the Ministries and Institutions (K/L) each year can be better controlled. In addition, the presence of a centralized monitoring system, evaluation of the detected problems can be reported and resolved more quickly. Meanwhile, Deputy Minister of State Administrative Utilization and Bureaucratic Reform, said the development of a centralized system of monitoring and evaluation will encourage the acceleration of a more efficient budget absorption. (Source: Indonesia Finance Today)

Sri Lanka May 22, 2012 (LBO) - Sri Lanka's securities watchdog has tightened short term trading by workers and directors of broking firms and

also passed strictures on future trading by a state bank, following a controversial stock purchase on which payment was stopped. SEC informed that market intermediaries will not be allowed to engage in trade below six months, crossing will be limited to 20 percent above market price and state-run National Savings Bank will have to present a board resolution before placing large purchase orders. The rules come in the wake of sale of stock to NSB at 60 percent above market price on which payment was stopped after a controversy erupted. (Source: LBO)

The average rate of return on reserves as at the end of 2011 was around 7.21 percent. Reserves stood at US$ 5,958 million at the end

of the year and returns from investments amounted to US$ 430 million. The reserves position was stronger at the end of 2010 at US$ 6,610 million where returns amounted to US$ 338 million giving an average rate of return of 5.11percent.By mid-2011, reserves stood at the highest position at US$ 8.1 billion before the Central Bank began selling dollars in the foreign exchange market to prop up the rupee in the face of a rapidly expanding trade deficit fuelled by higher-than-anticipated private sector credit growth. Since February, the Central Bank has stopped intervening in the foreign exchange market and has raised monetary policy rates to curb the growth of credit. The rupee has depreciated nearly 12 percent since then. Yesterday (22), the rupee gained slightly with exporters seen converting their dollar holdings, currency dealers said. The rupee closed at Rs. 129.70/80 against the greenback from an opening position of Rs. 129.90/130.10. (Source: The Island)

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Australia Myer Holdings Limited (MYR AU) Myer has reported 3Q12 sales in line with our expectations with a 0.9% decline in total sales (Octa

down 1.0%) and a 2.1% fall in LFL sales (Octa down 2.0%). February and March were reportedly up on pcp so the decline has been driven by a particularly weak April. While the company appears to be tracking well on metrics such as customer conversion, units per transaction and basket size, the biggest issue is a lack of foot traffic driving a weaker in top line in April and May. Management indicated that gross margin is performing in line with expectations with operating costs tracking a little better so it seems predominantly a sales issue. A bigger worry to us is the lack of visibility on FY13 and beyond. Investor half day today which we expect to cover the company’s 5-point strategic plan and give us some sort of confidence on FY13 and beyond numbers. (Source: Octa Phillip Securities)

Matrix Composites & Engineering limited (MCE AU) Shares in Matrix remained suspended as the company finalises a $36.7m capital

raising, with the proceeds to be used to repay $8.5m of debt, reduce payables and boost working capital. MCE also guided revenue to be 20%-25% lower than FY’11 and for a substantial operating loss. Henderson reached a peak operating rate of 81% in the past month and MCE still expects to reach nameplate capacity before the end of FY’12. Current order book of US$90m compared to US$120m at the 1H’12 results. Additionally there is US$110 of “pending orders”. Company remains upbeat about its growth prospects for FY’13 and FY’14. FY’13 guidance is for $225m revenue and $23m to $25m NPAT. (Source: Octa Phillip Securities)

Sundance Resources Limited (SDL AU): Sundance and Hanlong have updated the market on its scheme and signed a revised SIA

based on a simplified timetable with Nov 2012 completion date. SDL said in a statement that it’s has made progress with the Republic Of Congo Govt as well as the Cameroon Govt. Hanlong commits to obtain provisional NDRC approval by 30 June 2012 and secure a Credit Approved Term sheet from China Development Bank by 31 August 2012. SDL directors continue to recommend the $0.57/share proposal and while the takeover is taking time it’s continuing to get the right ticks of approval despite trading at a 30% discount to the bid. (Source: Octa Phillip Securities)

Paladin Energy Limited (PDN AU): Cameco raising up to $1bn over the next 25 months, yet has no need for further cash given

expansion can be covered by existing cash balance + future cashflows. Raises prospect of an acquisition with the sector under pressure in recent weeks. Names flagged as potential targets include Paladin, Denison Mines or UEX Corp. Cameco was outbid by Rio Tinto for Hathor last year. Of the potential targets PDN has been the worst performer over the past 12 months and could be seen as the most vulnerable. (Source: Octa Phillip Securities)

Lend Lease Group (LLC AU): Press reports that Westpac will be confirmed as anchor tenant for Barangaroo project next month.

Would be a positive given uncertainty weighing on the project without confirming an anchor. (Source: Octa Phillip Securities) Iluka Resources Limited (ILU AU): Iluka expects its earnings to rise in CY12 despite weaker demand for some of its products. The

company's expectations of softer demand for zircon was reflected in its revenues for the first quarter of 2012. Iluka's earnings were $790.3 million in 2011, a nine-fold increase on $86.1 million in 2010. Earlier this month Iluka had announced it would reduce planned zircon output this year due to continued global economic uncertainty. (Source: Octa Phillip Securities)

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Dollar Index 82.15 +0.07% Gold 1,561.45 -0.12%

Crude oil 89.60 -2.25% US Treasury 10yr Yield 1.743 +0.01%

DJI 12,496.15 -0.05% S&P 500 INDEX 1,318.86 +0.17%

SHCOMP 2,363.44 -0.42%

Source: Bloomberg

10000

11000

12000

13000

14000

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

70

75

80

85

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

1200

1400

1600

1800

2000

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

70

80

90

100

110

120

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-121.51.71.92.12.32.52.72.93.13.3

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

2000

2300

2600

2900M

ay-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

1000

1100

1200

1300

1400

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May-11

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Nov-11

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Regional Market Focus 24 May 2012

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Source: Bloomberg

Major World Indices

JCI -0.98% 3,981.58

HSI -1.33% 18,786.19

KLCI -0.46% 1,539.71

KOSPI -1.10% 1,808.62

NIKKEI -1.98% 8,556.60

SET -1.84% 1,110.70

SHCOMP -0.42% 2,363.44

SENSEX -0.49% 15,948.10

ASX -1.31% 4,067.03

FTSE 100 -2.53% 5,266.41

DOW -0.05% 12,496.15 S&P 500 0.17% 1,318.86 NASDAQ 0.39% 2,850.12

COLOMBO -2.09% 5,048.11

STI -1.53% 2,780.42

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Top Value & VolumeSingaporeTop 10 Value Last % Chg Chg Value ('k) Top 10 Volume Last % Chg Chg Volume ('k)OLAM INTERNATION 1.73 -5.74 -0.105 78,645 GSH CORP LTD 0.08 -9.64 -0.008 263,069GENTING SINGAPOR 1.51 -2.59 -0.040 57,266 TT INTERNATIONAL LTD 0.13 -1.56 -0.002 79,336SINGAP TELECOMM 3.10 -0.96 -0.030 53,710 SWEE HONG LTD 0.28 +22.22 +0.050 72,016DBS GROUP HLDGS 13.13 -0.91 -0.120 48,194 CHINA ANIMAL HEALTHCARE 0.28 +19.15 +0.045 64,411CAPITALAND LTD 2.43 -3.19 -0.080 47,556 GOLDEN AGRI-RESOURCES LTD 0.66 -0.75 -0.005 48,326NOBLE GROUP LTD 1.07 -4.04 -0.045 40,040 OLAM INTERNATIONAL LTD 1.73 -5.74 -0.105 45,876OCBC BANK 8.40 -2.21 -0.190 36,581 GENTING SINGAPORE PLC 1.51 -2.59 -0.040 37,842UNITED OVERSEAS 17.33 -2.64 -0.470 34,176 NOBLE GROUP LTD 1.07 -4.04 -0.045 37,082GOLDEN AGRI-RESO 0.66 -0.75 -0.005 30,324 HLH GROUP LTD 0.02 -9.09 -0.002 24,559WILMAR INTERNATI 3.80 -4.04 -0.160 27,811 SINGAPORE TELECOM LTD 3.10 -0.96 -0.030 21,920

Hong KongTop 10 Value Last % Chg Chg Value ('k) Top 10 Volume Last % Chg Chg Volume ('k)TENCENT HOLDINGS 210.00 -0.28 -0.60 1,690,097 RENHE COMMERCIAL 0.50 +0.00 +0.00 350,126CHINA CONST BA-H 5.14 -2.10 -0.11 1,445,628 CHINA CONST BA-H 5.14 -2.10 -0.11 281,329HSBC HLDGS PLC 62.75 -1.18 -0.75 1,421,782 IND & COMM BK-H 4.64 -1.49 -0.07 263,246IND & COMM BK-H 4.64 -1.49 -0.07 1,219,142 BANK OF CHINA-H 2.83 -1.74 -0.05 262,955CHINA MOBILE 81.90 -0.79 -0.65 1,204,505 CHINA GAS HOLDIN 3.76 -1.05 -0.04 243,401CHINA GAS HOLDIN 3.76 -1.05 -0.04 996,045 CHINA PUBLIC HEA 0.06 +11.32 +0.01 164,410AIA GROUP LTD 25.40 -1.55 -0.40 993,847 AGRICULTURAL-H 3.20 -0.62 -0.02 90,490GALAXY ENTERTAIN 18.34 -4.48 -0.86 747,984 GCL-POLY ENERGY 1.63 -5.78 -0.10 86,290BANK OF CHINA-H 2.83 -1.74 -0.05 746,336 DRAGONITE INTERN 0.05 +2.04 +0.00 71,400PING AN INSURA-H 57.55 -0.09 -0.05 737,040 EVERGRANDE REAL 3.91 +0.51 +0.02 70,716

ThailandTop 10 Value Last % Chg Chg Value ('k) Top 10 Volume Last % Chg Chg Volume ('k)PTT GLOBAL CHEM 55.00 -8.71 -5.25 3,815,921 JASMINE INTL PCL 2.70 -8.16 -0.24 468,794PTT PCL 308.00 -3.45 -11.00 1,374,525 THAI-GERMAN PRO 0.37 -7.50 -0.03 280,173JASMINE INTL PCL 2.70 -8.16 -0.24 1,359,751 NATURAL PARK PCL 0.02 +0.00 +0.00 220,786ADVANCED INFO 181.00 +1.97 +3.50 1,177,700 TRUE CORP PCL 3.80 -2.06 -0.08 145,240BANPU PUB CO LTD 464.00 +0.43 +2.00 1,151,718 TMB BANK PCL 1.47 -3.29 -0.05 102,473CP ALL PCL 33.75 -2.88 -1.00 1,120,637 NATION MULTIMEDI 1.11 +2.78 +0.03 87,912PTT EXPL & PROD 151.50 -6.19 -10.00 1,049,604 BTS GROUP HOLDIN 0.76 +0.00 +0.00 77,361KASIKORNBANK PCL 144.00 +0.35 +0.50 859,571 THAI INDUS & ENG 0.70 +6.06 +0.04 74,232SIAM CEMENT PCL 325.00 -1.52 -5.00 851,812 SANSIRI PUB CO 1.98 -1.00 -0.02 74,054SIAM COMM BK PCL 135.50 -1.45 -2.00 842,261 BANGKOK LAND PCL 0.65 -1.52 -0.01 71,922

IndonesiaTop 10 Value Last % Chg Chg Value ('mn) Top 10 Volume Last % Chg Chg Volume ('k)BANK RAKYAT INDO 5,950 0.00 0.00 253,157 ENERGI MEGA PERS 161 -5.85 -10.00 284,109ASTRA INTERNATIO 67,750 -1.60 -1,100.00 199,784 SENTUL CITY TBK 275 -5.17 -15.00 90,010BANK CENTRAL ASI 7,450 0.00 0.00 152,179 TRADA MARITIME 870 -3.33 -30.00 151,871JASA MARGA 5,050 -2.88 -150.00 65,637 BHAKTI INVESTAMA 445 -1.11 -5.00 120,193BUMI RESOURCES 1,760 -2.22 -40.00 106,120 BAKRIELAND DEV 104 -1.89 -2.00 82,982UNITED TRACTORS 25,500 -4.67 -1,250.00 128,808 BUMI RESOURCES 1,760 -2.22 -40.00 60,461PERUSAHAAN GAS N 3,850 3.36 125.00 232,830 PELAT TIMAH NUSA 265 -3.64 -10.00 13,365TRADA MARITIME 870 -3.33 -30.00 131,980 BUMI SERPONG 1,280 0.00 0.00 70,303BANK MANDIRI 7,050 -1.40 -100.00 173,841 SMARTFREN TELECO 106 -3.64 -4.00 29,961TELEKOMUNIKASI 7,750 -1.27 -100.00 118,597 BANK RAKYAT INDO 5,950 0.00 0.00 43,046

Sri LankaTop 10 Value Last % Chg Chg Value ('k) Top 10 Volume Last % Chg Chg Volume ('k)LION BREWERY CEY 220.00 0.00 0.00 #VALUE! DIALOG AXIATA PL 5.50 0.00 0.00 262HATTON NATL B-NV 94.30 -1.26 -1.20 1,473 BLUE DIAMONDS JE 4.20 -4.55 -0.20 203COMMERCIAL BK 105.00 0.00 0.00 32,413 AMANA TAKAFUL 1.80 0.00 0.00 1,979CARSON CUMBERBAT 468.20 0.62 2.90 9,799 SMB LEASING PLC 1.00 0.00 0.00 573JOHN KEELLS HLDG 196.00 -3.02 -6.10 380,794 E-CHANNELLING 4.20 -2.33 -0.10 318DIALOG AXIATA PL 5.50 0.00 0.00 1,417 TEXTURED JERSEY 7.40 -1.33 -0.10 620SEYLAN BANK PLC 60.10 -3.06 -1.90 5,070 HAYLEYS MGT KNIT 8.50 -7.61 -0.70 7ROYAL CERAMICS 99.70 -3.02 -3.10 18,647 BROWNS INVESTMEN 2.60 -3.70 -0.10 348TOKYO CEMENT CO 29.50 -2.96 -0.90 9 EAST WEST PROPER 12.00 0.00 0.00 240HEMAS POWER CO L 20.90 -0.48 -0.10 12,098 PANASIAN POWER L 2.20 0.00 0.00 1,846Source: Bloomberg

Regional Market Focus 24 May 2012

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AustraliaTop 10 Value Last % Chg Chg Value ('k) Top 10 Volume Last % Chg Chg Volume ('k)BHP BILLITON LTD 31.93 -1.21 -0.39 363,444 ELDORE MINING CORP LTD 0.00 0.00 0.00 83,084COMMONW BK AUSTR 49.43 -0.96 -0.48 243,043 SUNDANCE RESOURCES LTD 0.40 -1.23 -0.01 45,488RIO TINTO LTD 56.28 -1.07 -0.61 222,499 TELSTRA CORP LTD 3.56 -1.11 -0.04 41,694AUST AND NZ BANK 20.65 -1.95 -0.41 196,051 FOCUS MINERALS LTD 0.03 -5.56 0.00 37,723WESTPAC BANKING 20.47 -1.35 -0.28 195,442 DART ENERGY LTD 0.17 -5.71 -0.01 31,990NATL AUST BANK 23.69 -0.92 -0.22 147,610 FORTESCUE METALS GROUP 4.56 -5.00 -0.24 25,691TELSTRA CORP 3.56 -1.11 -0.04 149,031 TORIAN RESOURCES NL 0.00 0.00 0.00 23,075WOODSIDE PETRO 30.91 -1.28 -0.40 138,534 COPPER STRIKE LTD 0.15 57.61 0.05 19,712FORTESCUE METALS 4.56 -5.00 -0.24 118,511 WHITEHAVEN COAL LTD 3.93 -4.15 -0.17 17,304ILUKA RESOURCES 13.25 -3.36 -0.46 90,903 ENVIRONMENTAL CLEAN 0.02 0.00 0.00 16,441Source: Bloomberg

Commodities % Chg Chg Last Price of S$1 Price of US$1GOLD SPOT (US$/OZ) -0.12 -1.92 1,561.45 0.8052 0.9708SILVER SPOT (US$/OZ) -0.23 -0.06 27.80 0.8026 1.0269WTI Cushing Crude Oil Spot Price (US$/bbl) -2.25 -2.06 89.60 0.6225 1.2560

0.4983 1.56890.7817 1.0000

Commodities % Chg Chg Last 4.9490 6.3317Malaysian Rubber Board Standard (MYR/kg) -0.89 -9.25 1,027.50 6.0697 7.7647PALM OIL (MYR/Metric Tonne) +0.11 +3.50 3,112.50 62.0800 79.4100

923.1707 1180.9200Index % Chg Chg Last 2.4616 3.1468 DOLLAR INDEX SPOT +0.07 +0.06 82.15 24.6873 31.5800Source: Bloomberg

CANADIAN DOLLAREUROBRITISH POUND

CurrenciesAUSTRALIAN DOLLAR

Commodities & Currencies

JAPANESE YENKOREAN WONMALAYSIAN RINGGITTHAI BAHT

US DOLLARCHINA RENMINBIHONG KONG DOLLAR

Maturity Today Yesterday Last Week Last Month3 Months 0.07 0.04 0.07 0.056 Months 0.13 0.12 0.13 0.112 Years 0.28 0.29 0.28 0.253 Years 0.40 0.41 0.38 0.385 Years 0.73 0.76 0.74 0.8210 Years 1.73 1.77 1.76 1.9330 Years 2.81 2.86 2.90 3.09

Yield Spread (10 yrs - 3 mths)Yield Spread (10 yrs - 2 yrs)

US Treasury Yields

1.661.45

Source: Data provided by ValuBond – http://w w w .valubond.com

Regional Market Focus 24 May 2012

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Date Statistic For Survey Prior Date Statistic For Survey Prior5/24/2012 Durable Goods Orders APR 0.20% -4.20% 5/25/2012 Industrial Production MoM SA APR 0.60% 2.70%5/24/2012 Durables Ex Transportation APR 0.80% -1.10% 5/25/2012 Industrial Production YoY APR 4.10% -3.40%5/24/2012 Cap Goods Orders Nondef Ex Air APR 0.80% -0.80% 5/31/2012 Credit Card Bad Debts APR -- 17.7M5/24/2012 Cap Goods Ship Nondef Ex Air APR -1.00% 2.60% 5/31/2012 Credit Card Billings APR -- 3173.8M5/24/2012 Initial Jobless Claims 19-May 370K 370K 5/31/2012 Bank Loans & Advances (YoY) APR -- 26.00%5/24/2012 Continuing Claims 12-May 3250K 3265K 5/31/2012 M1 Money Supply (YoY) APR -- 10.20%5/24/2012 Markit US PMI Preliminary MAY -- -- 5/31/2012 M2 Money Supply (YoY) APR -- 9.70%5/24/2012 Bloomberg Consumer Comfort 20-May -- -43.6 6/5/2012 Electronics Sector Index MAY -- 51.55/24/2012 Kansas City Fed Manf. Activity MAY 5 3 6/5/2012 Purchasing Managers Index MAY -- 49.75/25/2012 U. of Michigan Confidence MAY F 77.8 77.8 6/6/2012 Automobile COE Open Bid Cat A 6-Jun -- --5/29/2012 S&P/CS 20 City MoM% SA MAR 0.00% 0.15% 6/6/2012 Automobile COE Open Bid Cat B 6-Jun -- --5/29/2012 S&P/CS Composite-20 YoY MAR -2.80% -3.49% 6/6/2012 Automobile COE Open Bid Cat E 6-Jun -- --5/29/2012 S&P/Case-Shiller US HPI YOY% 1Q -- -4.03% 6/7/2012 Foreign Reserves MAY -- $246.11B5/29/2012 S&P/CaseShiller Home Price Ind MAR -- 134.2 6/12/2012 Singapore Manpow er Survey 3Q -- 20%5/29/2012 S&P/Case-Shiller US HPI 1Q -- 125.67 6/15/2012 Unemployment Rate (sa) 1Q F -- 2.10%

Date Statistic For Survey Prior Date Statistic For Survey Prior5/25/2012 Customs Exports (YoY) APR 6.40% -6.50% 5/24/2012 Exports YoY% APR 6.20% -6.80%5/25/2012 Customs Imports (YoY) APR 18.30% 25.60% 5/24/2012 Imports YoY% APR 4.10% -4.70%5/25/2012 Customs Trade Balance APR -$2896M -$4589M 5/24/2012 Trade Balance APR -40.8B -43.9B5/25/2012 Foreign Reserves 18-May -- $176.4B 5/31/2012 Retail Sales - Value (YoY) APR -- 17.30%5/25/2012 Forw ard Contracts 18-May -- $30.7B 5/31/2012 Retail Sales - Volume (YoY) APR -- 13.40%26-28 MAY Mfg. Production Index ISIC SA APR -- 175.17 5/31/2012 Money Supply M1 - in HK$ (YoY) APR -- 7.80%26-28 MAY Total Capacity Utilization ISIC APR -- 68.1 5/31/2012 Money Supply M2 - in HK$ (YoY) APR -- 7.50%5/28/2012 Mfg. Production Index ISIC NSA APR -- -3.17 5/31/2012 Money Supply M3 - in HK$ (YoY) APR -- 7.30%5/31/2012 Total Exports YOY% APR -- -6.80% 5/31/2012 Govt Mthly Budget Surp/Def HK$ APR -- -10.8B5/31/2012 Total Exports in US$ Million APR -- $19661M 6/5/2012 Purchasing Managers Index MAY -- 50.35/31/2012 Total Imports YOY% APR -- 21.50% 6/7/2012 Foreign Currency Reserves MAY -- $295.6B5/31/2012 Total Imports in US$ Million APR -- $21062M 6/12/2012 Hong Kong Manpow er Survey 3Q -- 8%5/31/2012 Total Trade Balance APR -- -$1401M 6/14/2012 Industrial Production (YoY) 1Q -- -2.20%5/31/2012 Current Account Balance (USD) APR -- -$1522M 6/14/2012 Producer Price (YoY) 1Q -- 6.50%5/31/2012 Overall Balance in US$ Million APR -- $766M 6/18/2012 Unemployment Rate SA MAY -- 3.30%Source: Bloomberg Source: Bloomberg

Source: Bloomberg

Thailand Hong Kong

US SingaporeEconomic Announcement

Source: Bloomberg

Regional Market Focus 24 May 2012

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Date Statistic For Survey Prior Date Statistic For Survey Prior6/1/2012 Inf lation (YoY) MAY -- 4.50% 23-30 MAY Exports YoY% MAR -- 7.60%6/1/2012 Inf lation NSA (MoM) MAY -- 0.21% 23-30 MAY Imports YoY% MAR -- 27.90%6/1/2012 Core Inflation (YoY) MAY -- 4.24% 5/31/2012 CPI Moving Average (YoY) MAY -- 5.70%6/1/2012 Exports (YoY) APR -- 5.50% 5/31/2012 CPI (YoY) MAY -- 6.10%6/1/2012 Total Imports (YoY) APR -- 13.40% 11-20 JUN Exports YoY% APR -- --6/1/2012 Total Trade Balance APR -- $840M 11-20 JUN Imports YoY% APR -- --6/1/2012 Consumer Confidence Index MAY -- 102.5 6/12/2012 Repurchase Rate 12-Jun -- 7.75%01-07 JUN Danareksa Consumer Confidence MAY -- 83.4 6/12/2012 Reverse Repo Rate 12-Jun -- 9.75%04-06 JUN Foreign Reserves MAY -- $116.41B 15-29 JUN GDP (YoY) 1Q -- 8.30%04-06 JUN Net Foreign Assets (IDR Tln) MAY -- 1020.77T 6/29/2012 CPI Moving Average (YoY) JUN -- --07-13 JUN Money Supply - M1 (YoY) APR -- 23.00% 6/29/2012 CPI (YoY) JUN -- --07-13 JUN Money Supply - M2 (YoY) APR -- 18.80% 7/10/2012 Repurchase Rate 10-Jul -- --6/12/2012 Bank Indonesia Reference Rate 12-Jun -- 5.75% 7/10/2012 Reverse Repo Rate 10-Jul -- --12-20 JUN Total Local Auto Sales MAY -- 87080 10-20 JUL Exports YoY% MAY -- --12-20 JUN Total Motorcycle Sales MAY -- 617508 10-20 JUL Imports YoY% MAY -- --

Date Statistic For Survey Prior5/24/2012 CBAHIA House Affordability 1Q -- 58.55/29/2012 HIA New Home Sales (MoM) APR -- -9.40%5/30/2012 Construction Work Done 1Q -- -4.60%5/30/2012 Retail Sales s.a. (MoM) APR -- 0.90%5/31/2012 Private Capital Expenditure 1Q -- -0.30%5/31/2012 Private Sector Credit MoM% APR -- 0.40%5/31/2012 Private Sector Credit YoY% APR -- 3.40%5/31/2012 Building Approvals (MoM) APR -- 7.40%5/31/2012 Building Approvals (YoY) APR -- -15.00%6/1/2012 AiG Performance of Mfg Index MAY -- 43.96/1/2012 RPData-Rismark House PX Actual APR -- -0.80%6/1/2012 RBA Commodity Price Index Au MAY -- 99.56/1/2012 RBA Commodity Index SDR MAY -- -4.20%6/4/2012 TD Securities Inf lation MoM% MAY -- 0.30%6/4/2012 TD Securities Inf lation YoY% MAY -- 1.90%

Australia

Sri Lanka

Source: Bloomberg

Source: BloombergSource: Bloomberg

Indonesia

PHILLIP RESEARCH STOCK SELECTION SYSTEMS

BUY >15% upside from the current price

HOLD Trade within ± 15% from the current price

SELL >15% downside from the current price

We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors

like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or

absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final

recommendation

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Phillip Capital – Regional Member Companies

SINGAPORE

Phillip Securities Pte Ltd

Raffles City Tower 250, North Bridge Road #06-00

Singapore 179101 Tel : (65) 6533 6001 Fax : (65) 6535 6631

Website : www.poems.com.sg

MALAYSIA

Phillip Capital Management Sdn Bhd

B-2-6 Megan Avenue II 12 Jln Yap Kwan Seng 50450 Kuala Lumpur Tel : (603) 2166 8099 Fax : (603) 2166 5099

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THAILAND

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Bangkok Thailand 10500 Tel : (622) 635 7100 Fax : (622) 635 1616

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JAPAN

The Naruse Securities Co Ltd

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Tel : (81) 03-3666-2101 Fax : (81) 03-3664-0141

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