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Table of Contents

TOP STORIES
Huabao Int'l (0336.HK),HKD10.96 Buy Price Target HKD13.80
Shantou/Shanghai RTL plant visits
MabelWong
Page 4
RECOMMENDATION CHANGES
Li Ning Co Ltd (2331.HK),HKD17.88 Sell Price Target HKD14.68
Further de-rating risk; downgrading to Sell
Rebecca Jiang
Page 5
ESTIMATE & TARGET PRICE CHANGES
Ciputra Surya Tbk PT (CTRS.JK),IDR630.00 Buy Price Target IDR700.00
Premium brand at a discount
Fiky Silvia
Page 6
STRATEGY/ECONOMICS
Asia Economics Daily
Korean bank levy
Michael Spencer
Page 7
Asia Economics Special
Bank levy restricted to FX liabilities
Juliana Lee
Page 10
Global Commodities Daily
Running out of gas
Michael Lewis
Page 11
ADDITIONAL RESEARCH
China Prop Weekly Monitor
Diverse trends at Tier-1 and Tier-2/3 cities
Tony Tsang
Page 13
Property
HK Weekend Sales (Dec 18-19)
Tony Tsang
Page 14
Sands China (1928.HK),HKD16.00 Buy Price Target HKD16.40
Approval for sale of Four Seasons Apart-Hotel likely soon
Karen Tang
Page 15
Telecommunications
Nov net adds broadly unimpressive
William Bratton
Page 16
Property
Indonesian Property Sector: No change in foreign ownership
Fiky Silvia
Page 17
Universal Robina Corp. (URC.PS),PHP35.25 Hold Price Target PHP41.50
FY 2010 results
Michael Bengson
Page 18