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Strategy and Economics
7 Hong Kong Economics Fiscal Stimulus from a
Generous Budget
Denise Yam
9 India Economics Inflation Heading Up Again:
How Will Policymakers Respond?
Chetan Ahya, Tanvee Gupta
11 Malaysia Economics A Safe Haven in a
Stagflationary-Type Environment?
Deyi Tan, Chetan Ahya, Shweta Singh
Global
13 Global Interest Rate Strategy
Inflation Paradox – Cutting Rates Despite Rising
Inflation
Jim Caron, Laurence Mutkin
15 US Economics
If Monetary Policy Can’t Do the Job, Then What?
Richard Berner

Industry Analysis
17 India Automobiles Budgetary Proposals to
Improve Overall Auto Demand
Balaji Jayaraman, Anosh Koppikar
19 India Financial Services SOE Banks – Sitting
on the Sidelines; For Time Being
Anil Agarwal, Anil Bang, Mansi Shah
Company Analysis
21 ↑ Allgreen Properties Ltd. Some Value to Be
Extracted
Melissa Bon, Brian Wee
23 ↑ Belle International Gearing up for Longer-
Term Growth; Upgrade to Overweight-V
Dennis Tao, Angela Moh, Nancy Lin
25 Initiation BYD Electronics In the Right Place at
the Right Time; Initiating with OW-V
Jasmine Lu, Tim Hsiao

Table of Contents (continued)
27 ↓ City Developments Lacks Downside
Protection
Melissa Bon, Brian Wee
29 ↑ Foxconn Int'l Holdings Expectations Are
Sufficiently Reduced; Upgrading to OW
Jasmine Lu
31 ↓ ITC Ltd. Cigarette Volumes Decline Further:
Reduce Rating, PT
Hozefa Topiwalla, Nillai Shah, Divya Gangahar
33 ↓ Richtek Near-Term Revenue / Margin Risks;
Downgrade to EW
Bill Lu, Charlie Chan
35 ↓ SembCorp Industries No Near-term Catalysts;
Downgrading to Equal-weight
Praveen K. Choudhary, Xin Jin Ling, Rob Hart
37 ↑ SinoPac Holdings Upgrade to Overweight on
Favorable Risk-Reward
Bruce Chou, Lily Choi
39 Suzlon Energy Cleaning Up Quality Issues
Akshay Soni, Binay Singh
41 Initiation Uni-President China Initiating
Coverage at OW-V: Enriching the Palates of a
Billion Consumers
Angela Moh, Nancy Lin
43 Westfield Group Still our Top Pick
Lou Pirenc, Todd McFarlane
45 Initiation Wilmar International Limited
Misunderstood Agri Giant – Initiating at
Overweight-V
Fordyanto Widjaja, Miang Chuen Koh, Rob Hart