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Regional Small/Mid Cap Strategy Q2 2008 Earnings Guide MALAYSIA: EARNINGS GUIDE FYE Mkt Mkt Price Target Share Price Avg CAGR EV/EBITDA Price/ Price/ Dividend Yield Net Debt Company Cap Cap (RM) Price % Performance (%) 6-mth Net Profit (Before EI) EPS (Sen) 07-09 PE (x) (x) BV x Sales x (%) /Equity ROA ROE Disclosure (RMm) (US$m) 25-Mar (RM) Upside Rcmd 3M 6M 12M Vol (m) 07 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F 07 07 07 Analyst Legend Gaming Berjaya Sports Toto Apr 6,823 2,135 5.05 5.30 5% H -1 3 9 1.1 400 422 453 33.0 35.4 6 15.3x 14.3x 10.9x 10.1x 5.1x 1.9x 5.9% 6.4% cash 20% 33% Lee Len Chong Genting Dec 24,073 7,535 6.50 8.80 35% B -16 -18 -18 5.5 1,502 1,705 1,701 46.1 46.0 6 14.1x 14.1x 7.2x 7.1x 1.7x 2.6x 1.0% 1.1% cash 6% 15% Chong Lee Len Magnum Dec 4,838 1,514 3.34 3.45 3% H 2 16 2 1.9 264 292 311 20.2 21.5 9 16.6x 15.6x 10.2x 9.7x 2.4x 1.5x 4.2% 4.8% cash 11% 14% Lee Len Chong Multi-purpose Dec 1,642 514 1.72 3.60 109% B -25 0 -27 2.5 204 160 164 16.8 17.2 -10 10.2x 10.0x 13.0x 11.6x 0.9x 0.5x 5.0% 5.9% cash 11% 27% Lee Len Chong Resorts World Dec 19,525 6,111 3.34 4.70 41% B -11 -15 8 8.7 1,035 1,246 1,329 21.1 22.5 13 15.8x 14.8x 8.4x 7.4x 2.2x 4.4x 1.8% 2.1% cash 16% 20% Chong Lee Len Tanjong Jan 6,412 2,007 15.90 20.10 26% B -13 -15 1 0.3 510 527 593 130.7 147.0 8 12.2x 10.8x 7.5x 6.6x 1.8x 2.4x 3.9% 4.2% 0.84 7% 17% Chong Lee Len Sector 63,313 19,816 3,915 4,352 4,551 14.5x 13.9x Plantation IOI Corporation Jun 41,354 12,943 6.75 8.70 29% B -10 15 62 12.7 1,482 2,035 2,250 32.7 36.3 23 20.7x 18.6x 15.4x 13.7x 5.5x 4.3x 2.4% 2.7% 0.11 12% 22% Ben Santoso CB Industrial Dec 553 173 4.02 7.90 97% B -35 -11 -3 0.3 46 73 91 52.8 66.3 40 7.6x 6.1x 7.7x 6.5x 2.4x 1.4x 3.9% 4.9% 0.07 17% 29% Kok Chiew Sia IJM Plantation Dec 2,247 703 3.52 4.75 35% B 10 50 107 1.2 44 120 164 21.4 29.2 91 16.4x 12.1x 10.2x 7.6x 2.8x 4.2x 0.4% 0.5% 0.15 5% 8% Juliana Ramli KL Kepong Sep 17,827 5,580 16.70 20.60 23% B 0 27 37 1.5 694 962 978 90.1 91.6 19 18.5x 18.2x 11.8x 11.5x 3.2x 2.8x 2.8% 2.8% 0.11 11% 15% Ben Santoso Asiatic Development Dec 6,049 1,893 8.00 9.35 17% B -2 29 54 1.3 344 471 428 62.6 56.9 12 12.8x 14.1x 8.3x 8.7x 2.5x 5.4x 1.8% 1.6% cash 16% 18% Juliana Ramli TSH Resources Dec 1,115 349 2.70 5.00 85% B -16 -4 10 0.3 83 123 134 29.7 32.6 27 9.1x 8.3x 7.8x 7.2x 1.6x 1.0x 1.9% 1.9% 0.27 8% 16% Juliana Ramli TH Plantations Dec 592 185 3.02 4.70 56% B -6 -4 -10 0.2 62 89 75 45.3 38.1 10 6.7x 7.9x 4.7x 5.5x 2.3x 2.5x 7.2% 6.1% cash 23% 34% Ben Santoso Sector 69,739 21,827 2,755 3,873 4,120 18.0x 16.9x Power Tenaga Nasional Aug 31,851 9,969 7.35 9.80 33% B -23 -25 -36 6.7 3,575 3,593 3,481 83.0 80.4 -1 8.9x 9.1x 5.6x 5.3x 1.2x 1.3x 5.3% 5.3% 0.77 6% 19% June Ng YTL Power Jun 13,177 4,124 2.45 3.00 22% B -2 6 7 2.7 1,269 1,097 1,111 16.4 16.6 1 14.9x 14.7x 9.4x 9.2x 2.5x 4.0x 4.6% 4.6% 1.31 5% 21% June Ng Sector 45,028 14,093 4,845 4,690 4,592 9.6x 9.8x Property SP Setia Oct 3,680 1,152 3.62 6.10 69% B -25 -37 -31 3.9 260 272 319 26.9 31.6 11 13.4x 11.4x 10.4x 8.2x 1.8x 2.7x 3.1% 3.6% 0.14 9% 15% Tan Siang Hing KLCC Property Mar 2,597 813 2.78 4.40 58% B -20 -23 -19 1.1 203 203 230 23.5 24.6 6 11.9x 11.3x 10.6x 10.9x 0.6x 3.1x 3.1% 3.2% 0.26 15% 36% Tan Siang Hing Sunway City Jun 1,316 412 2.80 5.50 96% B -44 -41 -22 0.4 131 151 202 35.8 48.0 24 7.8x 5.8x 5.0x 4.0x 0.8x 0.9x 1.3% 1.3% 0.46 4% 14% Tan Siang Hing Eastern & Oriental Bhd Mar 754 236 1.80 3.80 111% B -31 -31 -16 0.3 61 63 79 14.9 18.7 5 12.1x 9.6x 9.0x 8.6x 1.3x 1.3x 1.4% 1.4% 0.58 3% 14% Tan Siang Hing E & O Property Mar 1,245 390 1.88 4.30 129% B -32 -40 -33 0.5 121 121 131 18.9 20.3 4 10.0x 9.2x 8.1x 7.6x 1.3x 2.2x 0.0% 0.0% 0.47 7% 16% Tan Siang Hing Axis REIT Dec 435 136 1.70 2.60 53% B -7 -12 -3 0.2 28 25 20 9.8 7.9 -15 17.4x 21.4x 20.0x 19.5x 1.3x 7.9x 5.5% 4.5% 0.63 14% 22% June Ng Sunrise Berhad Jun 959 300 2.14 4.00 87% B -35 -35 -10 0.8 108 114 192 26.5 44.6 33 8.1x 4.8x 6.0x 3.6x 1.2x 1.3x 0.0% 7.3% 0.25 10% 19% Tan Siang Hing YTL Land Jun 812 254 1.02 2.70 165% B -30 -37 -14 0.4 16 31 88 8.7 25.2 134 11.7x 4.1x 7.8x 2.8x 0.6x 2.0x 0.0% 0.0% 0.11 2% 3% Tan Siang Hing Sector 11,798 3,693 928 979 1,261 12.0x 9.4x Telecommunication Digi.Com Dec 18,300 5,728 24.40 30.00 23% B 2 16 32 1.3 1,047 1,149 1,246 150.4 160.2 7 16.2x 15.2x 8.1x 7.3x 10.2x 3.8x 4.5% 4.9% cash 27% 64% Ong Boon Leong Telekom Dec 38,994 12,205 10.90 11.90 9% B -4 15 8 7.0 2,168 2,471 2,766 71.9 80.5 16 15.2x 13.5x 5.9x 5.6x 1.8x 1.9x 3.2% 3.5% 0.38 6% 12% Ong Boon Leong Green Packet Dec 740 232 2.22 3.60 62% B -8 -20 -33 0.3 39 46 56 13.7 16.9 20 16.2x 13.1x 11.3x 9.0x 1.6x 3.9x 1.9% 2.3% cash 6% 7% Ong Boon Leong Sector 58,034 18,164 3,255 3,665 4,068 15.8x 14.3x Technology BCT Technology Dec 40 13 0.30 0.80 167% B -42 -59 -67 0.1 8 12 18 9.2 13.5 50 3.2x 2.2x 1.6x 0.9x 0.6x 0.7x 0.0% 0.0% cash 9% 17% Ong Boon Leong Sector 40 13 8 12 18 3.2x 2.2x Transport Malaysia Airlines Dec 5,982 1,872 3.58 5.80 62% B -26 -27 -44 0.7 363 643 827 51.3 66.0 51 7.0x 5.4x 2.6x 0.5x 0.9x 0.3x 0.0% 0.0% cash 9% 31% Tan Siang Hing MISC-F Mar 30,317 9,489 8.15 9.90 22% H -17 -17 -11 0.8 2,415 2,267 2,185 60.9 58.7 -5 13.4x 13.9x 8.3x 8.2x 1.6x 2.6x 3.7% 3.7% 0.24 10% 16% Wong Ming Tek Sector 36,299 11,361 2,779 2,910 3,012 12.5x 12.1x Logistics Century Logistics Dec 109 34 1.68 3.60 114% B -15 -29 87 0.1 18 23 27 44.0 51.3 39 3.8x 3.3x 4.0x 3.3x 1.1x 0.7x 4.0% 4.0% 0.64 11% 21% Juliana Ramli Malaysia Airports Dec 3,146 985 2.86 3.55 24% B -5 4 2 0.4 210 221 20.1 n.a 14.2x 3.9x 3.7x 1.0x 2.2x 4.9% 5.1% cash 6% 9% Wong Ming Tek Sector 3,255 1,019 228 244 13.3x n.a * June year end ** 18 months to December. Legend ^ PE for Motor Sector has exclued Proton Note 2 DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA, within the past 12 months, have received Companies with FYE before April have been classified as preceeding year's results compensation and/or within the next 3 months seek to obtain compensation for investment banking services RM/USD Exch rate: RM3.19595 We have to remove Quill Capital Trust due to Blackout: Page 70
Regional Small/Mid Cap Strategy Q2 2008 Earnings Guide THAILAND : EARNINGS GUIDE FYE Mkt Mkt Price Target Share Price Avg Net Profit EPS CAGR PE EV/EBITDA P/ P/ Div. Yield Net Debt ROA ROE Company Cap Cap (Bt) Price % Performance (%) 6-mth (Btm) (Bt) 07-09 (x) (x) BV x Sales x (%) /Equity Disclosure (Btm) (US$m) 25-Mar (Bt) Upside Rcmd 3M 6M 12M Vol (m) 07 08F 09F 08F 09F (%) 08F 09F 08F 09F 08F 08F 08F 09F 07 07 07 Analyst Legend FINANCIALS Banks Overweight Bank of Ayudhya Dec 134,267 4,265 23.30 28.50 22% B (10) (15) 10 8.8 (3,992) 7,130 8,675 1.2 1.4 (123) 20.0 16.4 na na 1.6 na 1.3 1.7 na (0.6) (6.4) K Sugittra Note 1 Bangkok Bank Dec 259,603 8,247 136.00 147.00 8% B 16 14 26 4.6 19,218 20,800 21,850 10.9 11.4 7 12.5 11.9 na na 1.4 na 2.4 2.6 na 1.3 12.2 K Sugittra Note 1 KASIKORNBANK Dec 215,393 6,842 90.00 103.00 14% B 5 10 37 7.2 15,005 16,150 18,340 6.8 7.7 11 13.3 11.7 na na 1.9 na 2.5 3.0 na 1.6 15.9 K Sugittra Krung Thai Bank Dec 112,973 3,589 10.10 13.00 29% B 2 (10) (18) 27.2 6,407 12,450 14,960 1.1 1.3 57 9.1 7.6 na na 1.1 na 4.7 5.9 na 0.5 6.8 K Sugittra Siam Commercial Bank Dec 317,824 10,096 93.50 92.00 -2% H 9 17 33 11.2 17,356 21,350 24,110 6.3 7.1 18 14.9 13.2 na na 2.5 na 2.7 2.9 na 1.6 16.5 K Sugittra Siam City Bank Dec 34,861 1,107 16.50 17.10 4% H 6 (9) (8) 3.4 (2,029) 3,960 4,525 1.9 2.1 (140) 8.8 7.7 na na 0.9 na 3.4 4.2 na (0.5) (5.6) K Sugittra Tisco Bank Dec 21,160 672 29.00 33.50 16% B 0 (5) 23 2.1 1,651 1,871 2,202 2.6 3.0 16 11.3 9.6 na na 1.6 na 6.9 7.8 na 1.8 13.4 K Sugittra Sector 1,096,081 34,818 53,616 83,712 94,663 13.1 11.6 Finance Neutral Kim Eng Securities Dec 13,511 429 24.10 24.50 2% H (5) (2) 50 3.3 551 668 760 1.2 1.4 19 19.7 17.3 na na 3.1 na 4.6 5.2 na 9.0 13.5 K Sugittra Thanachart Capital Dec 20,397 648 15.30 17.50 14% B 9 (4) 24 3.2 2,818 2,362 2,939 1.8 2.2 4 8.6 6.9 na na 0.8 na 6.6 8.1 na 0.9 10.1 K Sugittra Note 1 Phatra Securities Dec 7,633 242 35.75 42.50 19% B 7 (11) 20 0.9 485 566 643 2.6 3.0 15 13.5 11.9 na na 2.4 na 7.0 7.6 na 9.1 14.4 K Sugittra Sector 41,541 1,320 3,854 3,595 4,343 11.6 9.6 INDUSTRIAL Petrochemicals & Chemicals Neutral Indorama Polymers Dec 12,440 395 9.00 14.00 56% B (9) (4) 20 0.5 1,073 1,836 2,507 1.3 1.8 54 6.8 5.0 6.8 5.1 1.8 0.3 4.4 6.1 103.8 6.7 21.9 K Vichitr Sector 12,440 395 1,073 1,836 2,507 6.8 5.0 PROPERTY & CONSTRUCTION Construction Materials Neutral Tata Steel (Thailand) Dec 17,222 547 2.20 2.74 25% B 23 29 90 12.5 708 1,558 2,018 0.2 0.2 17 9.7 9.0 7.1 6.1 1.2 0.5 4.1 4.4 29.7 6.9 11.0 S Arparporn Siam Cement Dec 259,200 8,234 216.00 220.00 2% H (6) (14) (8) 1.3 30,352 23,946 21,978 20.0 18.3 (15) 10.8 11.8 7.3 7.2 2.8 0.9 5.6 5.3 91.8 10.8 37.7 K Vichitr Note 1 Sector 276,422 8,781 31,060 25,504 23,996 10.8 11.5 Property Overweight Amata Corporation Dec 18,139 576 17.00 21.26 25% B (3) 11 53 1.8 1,055 1,512 1,545 1.4 1.4 23 12.0 11.7 9.1 8.1 3.3 3.4 5.0 5.1 62.9 10.8 21.3 S Chanpen Asian Property Development Dec 17,486 555 7.50 8.70 16% B 20 18 62 10.2 899 1,269 1,536 0.5 0.7 31 13.8 11.4 11.7 9.8 2.7 2.2 2.9 3.5 86.8 16.9 16.3 S Chanpen Ch. Karnchang Dec 11,134 354 7.70 8.86 15% H (7) (16) 6 4.5 15 535 678 0.4 0.5 1,724 20.7 16.3 20.4 14.5 1.9 0.7 2.4 - 204.3 0.1 0.3 S Chanpen Central Pattana Dec 59,373 1,886 27.25 32.66 20% B 10 (3) 14 2.3 1,783 1,790 1,968 0.8 0.9 5 33.2 30.2 16.5 14.8 4.2 7.0 1.2 1.3 61.9 5.0 14.2 S Chanpen Note 1 CPN Retail Growth Property Fund Dec 11,133 354 10.20 12.00 18% B 12 1 3 0.7 897 931 991 0.8 0.9 2 12.2 11.8 12.8 12.0 1.0 9.4 8.2 8.5 0.0 7.7 8.6 S Chanpen Italian-Thai Development Dec 34,388 1,092 8.20 11.03 35% B 2 11 74 20.8 1,011 1,409 1,814 0.3 0.4 34 24.4 19.0 10.1 8.8 2.0 0.7 0.8 1.1 75.3 2.3 7.6 S Chanpen Land & Houses Dec 85,962 2,731 9.90 9.90 0% H 34 38 43 24.6 3,159 4,273 4,550 0.4 0.4 11 23.6 22.1 16.6 10.7 3.4 3.9 3.4 3.6 Cash 8.2 12.6 S Chanpen Note 1 L.P.N. Development Dec 11,363 361 7.70 8.30 8% B 3 2 29 12.7 928 1,225 1,187 0.8 0.8 14 9.3 9.6 7.3 7.1 2.6 1.5 5.4 5.2 32.8 14.1 26.0 S Chanpen Preuksa Real Estate Dec 23,390 743 10.70 12.26 15% B 36 34 88 2.7 1,270 1,914 2,003 0.9 0.9 27 12.2 11.7 9.3 8.8 2.4 2.0 2.5 2.6 7.9 11.5 15.5 S Chanpen Quality Houses Dec 21,290 676 2.88 2.81 -2% B 37 63 122 41.5 1,066 1,637 1,745 0.2 0.2 19 14.9 14.0 11.4 10.2 2.1 2.1 3.0 3.2 133.0 4.8 12.1 S Chanpen Rojana Industrial Park Dec 13,238 421 15.90 20.39 28% B (6) (7) 30 0.5 950 1,224 1,368 1.4 1.5 11 11.7 10.5 9.6 10.6 2.8 1.8 6.5 7.3 222.7 16.4 5.3 S Chanpen Sansiri Dec 5,865 186 3.98 5.25 32% B 14 8 34 4.8 708 1,190 1,116 0.8 0.8 31 4.9 5.3 7.2 8.5 0.6 0.4 9.7 9.1 57.3 3.6 8.8 S Chanpen Supali Dec 6,023 191 3.76 5.00 33% B 5 2 11 5.3 854 1,035 1,408 0.6 0.8 24 6.2 4.6 7.0 4.3 1.2 1.1 7.7 10.5 69.3 2.7 19.1 S Chanpen Samui Airport Property Fund Dec 8,455 269 8.90 11.28 27% B 5 na na 0.9 733 783 836 0.8 0.9 7 10.8 10.1 10.0 9.5 0.8 9.7 10.0 10.5 Cash 21.2 21.3 S Chanpen Note 2 Sino-Thai Engineering & Con. Dec 5,907 188 4.98 5.15 3% FV (3) (20) 18 17.5 22 292 323 0.2 0.2 547 23.0 20.8 16.8 12.8 1.4 0.4 2.5 2.7 16.1 0.1 0.6 S Chanpen TICON Property Fund Dec 4,142 132 10.90 11.80 8% B 1 0 11 0.3 297 302 317 0.8 0.8 3 13.7 13.1 19.3 18.4 1.0 10.8 7.6 8.0 Cash 7.1 7.3 S Chanpen Note 1 Sector 337,289 10,714 15,647 21,319 23,385 15.8 14.4 RESOURCES Energy Overweight Banpu Dec 110,873 3,522 408.00 518.00 27% B 4 24 107 2.5 6,654 8,268 10,656 30.4 39.2 27 13.4 10.4 6.0 4.3 2.7 2.5 2.9 3.7 11.9 11.6 23.7 K Vichitr PTT Dec 907,457 28,826 322.00 464.00 44% B (13) (4) 55 6.9 97,804 99,246 99,609 35.2 35.4 1 9.1 9.1 5.8 5.4 2.1 0.5 3.6 3.7 36.7 11.9 30.0 K Vichitr PTT Exploration & Production Dec 507,939 16,135 154.00 178.00 16% B (1) 12 75 8.2 28,455 38,305 43,798 11.6 13.3 24 13.3 11.6 6.0 5.3 3.8 4.4 2.8 3.2 0.0 16.4 29.1 K Vichitr Note 1 PTT Aromatics and Refining Dec 137,809 4,120 38.25 56.00 20% B na na na 46.5 17,890 16,476 16,989 5.6 5.7 (2) 8.4 8.1 6.4 5.5 1.7 0.5 4.3 4.5 34.6 15.0 28.8 K Vichitr Thai Oil PCL Dec 139,742 4,439 68.50 96.00 40% B (21) (22) 20 9.1 19,176 20,176 16,984 9.9 8.3 (5) 6.9 8.2 4.4 4.3 1.8 0.4 6.6 6.6 36.8 15.5 31.1 K Vichitr Sector 1,803,819 57,043 169,979 182,472 188,036 9.9 9.6 SERVICES Commerce Overweight Big C Supercenter Dec 39,268 1,247 49.00 52.04 6% H 10 0 1 0.1 2,502 2,777 2,741 3.2 3.8 10 15.5 13.0 5.7 6.6 2.3 0.6 2.0 39.4 Cash 7.7 16.5 K Parin CP ALL Dec 48,278 1,534 10.80 13.38 24% B 9 (3) 86 6.3 1,460 2,230 3,322 0.5 0.7 51 21.7 14.5 11.4 6.5 5.0 0.4 3.7 5.5 cash 3.2 15.9 K Parin Home Products Center Dec 9,625 306 5.00 6.15 23% B 2 (1) 2 1.0 710 800 966 0.4 0.5 15 12.2 10.2 5.7 5.0 2.0 0.5 4.1 4.9 34.4 5.8 18.9 K Parin Sector 97,171 3,087 4,673 5,806 7,030 16.7 13.8 Page 71
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