TABLE OF CONTENTS
Recovery Underway ..............................................................................................................3
Macro Indicators ....................................................................................................................6
Conference Board Leading Index Turns Up............................................................................7
Exports....................................................................................................................................8
Consumption and Investment ...............................................................................................11
Earnings Risks Abating ......................................................................................................13
Earnings Indicators ................................................................................................................14
Pick Up In 2010 ....................................................................................................................18
Sticking To Our Convictions ..............................................................................................19
Stock Picks …........................................................................................................................20
SECTOR COVERAGE
Auto Sector – Cruising Along...............................................................................................23
Banking Sector – Encouraging Signs..................................................................................25
Transport Sector – Limited Choices ....................................................................................29
Plantations Sector – Room For Upsides.............................................................................34
Media Sector – Beneficiary of Improving Sentiment ............................................................38
Property Sector – Re-rating Still At Its Infancy ....................................................................41
Consumer Sector – Looking For Shelter? ...........................................................................45
Utilities Sector – Power Up On Tenaga...............................................................................49
Gaming Sector – Great Resilience ......................................................................................52
Construction Sector – Strong Catalysts..............................................................................55
Telecommunications Sector – Competition At Bay............................................................58
Oil & Gas Sector – Solid Prospects .....................................................................................61
Gloves Sector – Having The Upper Hand............................................................................64
Technology Sector – Still Too Early ....................................................................................66
Timber Sector – Scarce Resource At Distressed Values ....................................................69
Building Materials Sector- Pump-priming Beneficiaries.....................................................71