Table of Contents
Regional top picks and exposure to key drivers............................. 3
Sector valuation methodology and key risks.............................................................................6
Stock exposure to key drivers...................................................................................................6
Commodity and freight prices.......................................................... 8
Earnings exposure ....................................................................................................................8
Key movements in the past month ...........................................................................................8
Currency exchange.......................................................................... 10
Monthly electricity demand ........................................................... 12
10-year government bond yields.................................................... 13
Upcoming events............................................................................. 14
Deutsche Bank research.................................................................. 15
Summary................................................................................................................................15
CLP Holdings Alert - Nuclear power supply contract extension an upside surprise................16
China Everbright Int'l Alert - Tapping HK$1.4bn from the equity market for expansion ..........16
Manila Electric Company - Back to earth ................................................................................17
PGN Alert - 30mmscfd gas to PLN's Priok plant to start by month-end .................................17
PGN Alert - PGN commenced gas-in to PLN's Tanjung Priok plant ........................................18
Beijing Enterprises Alert - Limited impact from the new toll policy in Beijing.........................18
China Gas Utilities - Sector strategy: still prefer integrated gas plays.....................................19
Energy Development Corp - Value-accretive acquisition.........................................................20
Kepco - Strong 3Q earnings likely but more tariff hikes are required ......................................21
Glow Energy - Earnings outlook continues to improve ...........................................................21
Tenaga Nasional BHD Alert - FY09 preview - likely to be uninspiring......................................22
Huadian Power Alert - A share placement approval should be a positive; Buy.......................23
China IPPs - 3Q09 results preview and September data review.............................................23
Towngas China Alert - Higher share px could imply higher chance of asset injection ............24
Guangdong Investment Alert - Acquisition of 25% stake in Huilai power project; Buy ..........25
Huaneng Power Intl Alert - 3Q earnings came at positive surprise; Upgrade to Buy..............25
Datang Int'l Power Alert - Poor 3Q results on coal price adjustment; Downgrade to Sell ......26
Huaneng Power Intl - Buy on attractive valuation and capacity upside ...................................27
Datang Int'l Power - Reiterate Sell following results conference call......................................28
Recent news flow ............................................................................ 29
China......................................................................................................................................29
Hong Kong ..............................................................................................................................31
Malaysia.................................................................................................................................31
Philippines..............................................................................................................................32
Thailand..................................................................................................................................33
India .......................................................................................................................................34
Indonesia................................................................................................................................35
Korea......................................................................................................................................35
Share price performance and sector comps ................................. 37