Table of Contents
Regional top picks and exposure to key drivers............................. 3
Sector valuation methodology and key risks.............................................................................4
Stock exposure to key drivers...................................................................................................4
Commodity & freight prices ............................................................. 7
Earnings exposure ....................................................................................................................7
Key movement over the past month.........................................................................................7
Currency exchange............................................................................ 9
Monthly electricity demand ........................................................... 11
10-year gov’t bond yields................................................................ 12
Upcoming events............................................................................. 13
DB research ...................................................................................... 14
Summary................................................................................................................................14
Manila Electric Company Alert - Regulator approves PBR tariff. Again..................................15
Manila Electric Company - Still a Sell despite tariff .................................................................15
Kepco - Worst behind us; upgrade to Buy ..............................................................................16
China Gas Holdings Alert - Acquisition of 49% stake of Fujian Anran Gas at 2.3x P/BV .........17
Tianjin Capital - Slightly better FY08 but disappointing............................................................17
Datang Int'l Power - We lower forecasts following 1Q results; maintain Buy ........................18
Huadian Power - On the road to recovery; reiterate Buy ........................................................18
PGN Alert - Strong 1Q09 results, reiterate Buy.......................................................................19
China Everbright Int'l - Nice share price run; D/G to Hold on valuation ...................................20
KOGAS Alert - 1Q result hurt by lower volume, receivables continue to rise .........................20
First Gen Corp Alert - Moving debt off balance sheet.............................................................21
Thai Tap Water Supply PCL - 1Q09 results were better than expected..................................21
Glow Energy - Unplanned shutdown hurt 1Q09 profit ............................................................22
YTL Power Alert - Weaker Pounds dampened 3QFY09 results...............................................23
Recent newsflow ............................................................................. 24
China......................................................................................................................................24
Hong Kong ..............................................................................................................................28
Malaysia.................................................................................................................................28
Philippines..............................................................................................................................29
Thailand..................................................................................................................................32
Indonesia................................................................................................................................32
Korea......................................................................................................................................33
India .......................................................................................................................................34
Share price performance and sector comps ................................. 35