SINGAPORE
Goodpack: BUY; S$1.64; Price Target: S$2.00; GPACK SP
Resilient in downturns, leverage in up cycles (HO Pei Hwa)
Prudent business model and market share gain bolster Goodpack’s earnings during downturn. Benefits
from recovery in US/Europe. Growth from Synthetic Rubber; new autoparts. contracts from OEM a
strong re-rating catalyst. Undervalued, trading at replacement cost. BUY, TP of S$2.00 offers total return
of 24%..
Flash Note
Global Logistic Properties(GLP SP): Sells 9 properties into GLP J-REIT (BUY; TP: S$ 3.31)
CHINA / HONG KONG
China Auto Sector
A bag full of surprises (Rachel MIU)
Auto manufacturing sector is on the upcycle starting this year, judging from their interim results and
growth prospects. Auto dealerships still face some challenges, but pricing pressure is obviously lower
than last year. Our preferred segment is the auto manufacturers, which is still trading at relatively
attractive valuations. We will also be selective on auto dealerships to focus on luxury brand dealers
Central China Real Estate: BUY; HK$2.30; Price Target: HK$2.82; 0832 HK
Hong Kong NDR takeaway: Poised for a faster growth (Danielle WANG/Carol WU/Andy YEE/Ken HE)  
Investors’ focus: long-term growth, county-level strategy; JCE contribution. Footprint and corporate
structure ready to grow presales to Rmb30bn by 2016 with stable margins. County-level strategy unique
to the provincial player. Maintain BUY with an unchanged TP of HK$2.82.
Fortune REIT: BUY; HK$6.30; Price Target : HK$ 8.02 (Prev HK$ 8.00); 0778 HK
Kingswood Ginza – full potential yet to be exploited (Jeff YAU/Allen CHAN)  
Proposed acquisition of Kingswood Ginza property, funded mostly by debt with the balance from unit
placement, is yield accretive. Diversified tenant base with defensive trade mix point to resilient income for
Kingswood Ginza property while rental upside should come from lease renewals and tenant
repositioning. Maintain BUY with TP raised slightly to HK$8.02.
GOME: BUY; HK$0.79; Price Target: HK$1.35; 0493 HK
On margin uptrend (Mark LI/Mavis HUI)
GOME aims to register 7-8% SSS growth for 2H13 supported by better store efficiency. Improving
margins thanks to differentiated products’ contributions and rental savings. Targets to achieve ECommerce break-even on monthly basis by end of this year. Reiterate our BUY call with HK$1.35 TP,
given its fundamental recovery and undemanding valuation.
THAILAND
Thai Stanley Electric : HOLD; Bt209.00;
Price Target : Bt 215.00 (Prev Bt 255.00); STANLY TB  Target Price
Facing headwinds (Jesada TECHAHUSDIN)
Expect lower auto production in 2HCY13 due to weakdomestic demand. Cut FY14F/15F earnings by 6-7% to reflect weaker sales growth and margins. Strong balance sheet with Bt2.4bn (Bt32/sh) net cash at
end 1QFY14. Maintain HOLD, TP lowered to Bt215 based on 10x FY14F PE.
INDONESIA
Flash Note
Indonesian Consumer Companies:More food imports allowed
Indofood Sukses Makmur(INDF IJ): Offer for MINZ is unconditional(BUY; Rp5,900; Price Target :