Table of Contents
ASEAN team list ................................................................................ 3
ASEAN top Buys and Sells ............................................................... 4
Indonesia: Indofood........................................................................... 7
Misperception and earnings growth – strong stock drivers......................................................7
Noodle pricing power to drive earnings....................................................................................7
Potential upgrades can sustain strong momentum ..................................................................7
Possible IPO of consumer branded products ...........................................................................7
Valuation ..................................................................................................................................8
Risks statement ........................................................................................................................8
Malaysia: AMMB.............................................................................. 10
Good exposure to economic rebound ....................................................................................10
Falling loan losses ...................................................................................................................10
Capital markets revenue upside..............................................................................................11
Liberalisation should boost capital markets activity ................................................................11
Valuation ................................................................................................................................12
Risks statement ......................................................................................................................12
The Philippines: Aboitiz Power ...................................................... 14
Boring?...................................................................................................................................14
30% EPS growth in 2010........................................................................................................14
Catalysts ................................................................................................................................14
Left out ..................................................................................................................................14
Valuation discussion................................................................................................................15
Risks statement ......................................................................................................................15
Singapore: DBS Group.................................................................... 17
Best exposure to economic recovery .....................................................................................17
Upside from normalising loan losses, fee income..................................................................17
Potential catalysts ...................................................................................................................19
Recent share price movement................................................................................................20
Valuation ................................................................................................................................20
Risks statement ......................................................................................................................21
Thailand: Siam Cement................................................................... 23
Well place for growth when business cycle turns ..................................................................23
Strong L/T potential if it invests in Vietnam petrochem complex............................................23
Cement price hike could act as share price and earnings catalyst ..........................................23
SCC is the market leader in all businesses it operates in........................................................23
Valuation discussion / TP methodology / sensitivities.............................................................24
Risks statement ......................................................................................................................24