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Asia Essentials
On the ground in Asia............................................................................................................. 3
Asian macroeconomic vulnerability Bill Belchere
We continue to believe that the central banks and governments across the globe will continue to ease
policy aggressively and ultimately succeed in containing systemic financial risk.
S-Oil (Upgrade to Outperform) .............................................................................................. 4
A shelter in a storm Christina Lee
We are upgrading our rating on S-Oil to Outperform from Neutral, seeing 22% upside potential.
Combined with 10% dividend yield, this implies return potential of 32%.
TV Asahi (Downgrade to Underperform) .............................................................................. 5
Fingers crossed as macro stumbles George Hogan
We preview 1H results and the outlook for the 2H and beyond. We also cut our TP from ¥141,000 to
¥86,400 and downgrade our rating to Underperform from Neutral.
PTTEP (Upgrade to Outperform) ........................................................................................... 6
Price action warrants upgrade Trevor Buchinski
Following PTTEP’s recent price correction we are upgrading our recommendation to Outperform from
Neutral.
MediaTek Inc. (Outperform) ................................................................................................... 7
Not that bad at all Warren Lau
MediaTek’s (MTK) 3Q08 results and 4Q08 guidance are broadly in line with consensus and our
expectation.
Aban Offshore (Outperform) .................................................................................................. 8
Advantest (Underperform) ......................................................................................................9
Airports of Thailand (Outperform) .......................................................................................10
ASM Pacific Technology (Downgrade to Underperform) .................................................. 11
Asustek Computer (Neutral) ................................................................................................ 12
Atrium (Outperform) ..............................................................................................................13
Bangkok Bank (Outperform) ................................................................................................ 14
Bank of China (Outperform) .................................................................................................15
Bank of China (Hong Kong) (Outperform) ..........................................................................16
Bharat Petroleum Corp (Outperform) ..................................................................................17
Cathay Pacific Airways (Underperform) ............................................................................. 18
China Unicom (Outperform) .................................................................................................19
CJ CheilJedang (Outperform) .............................................................................................. 20
Compal Communications (Underperform) ..........................................................................21
Epistar (Outperform) ............................................................................................................. 22
FPD equipment...................................................................................................................... 23
Hynix Semiconductor Inc. (Underperform) .........................................................................24
Hyundai Heavy Industries (Underperform) .........................................................................25
InnoLux (Outperform) ........................................................................................................... 26
KB Financial Group (Neutral) ...............................................................................................27
Korea Zinc (Underperform) .................................................................................................. 28
Macronix (Outperform) ..........................................................................................................29
Merry Electronics (Outperform) ...........................................................................................30
MJC Probe (Downgrade to Underperform) .........................................................................31
NGK Spark Plug (Underperform) .........................................................................................32
Nikon (Underperform) ........................................................................................................... 33
Nissha Printing (Outperform) ...............................................................................................34
Obic (Not rated) .....................................................................................................................35
Oil and Natural Gas Corp (Outperform) ..............................................................................36
Powertech (Outperform) ....................................................................................................... 37
Resorts World (Outperform) ................................................................................................ 38
Shandong Chenming (Outperform) ..................................................................................... 39
Sinopec (Outperform) ........................................................................................................... 40