Daily Breakfast Spread - the DBS Vickers Securities Equities Research

Daily Breakfast Spread, 15 March 2013Contributors:EconomicsDavid Carbon Singapore (65) 6878 9548Tieying Ma Singapore (65) 6878 2408Irvin Seah Singapore (65) 6878 6727Radhika Rao Singapore (65) 6878 5282Eugene Leow Singapore (65) 6878 2842Chris Leung Hong Kong (852) 3668 5694Currencies / Fixed IncomePhilip Wee Singapore (65) 6878 4033Jens Lauschke Singapore (65) 6682 8760Nathan Chow Hong Kong (65) 3668 5693Administrative supportViolet Lee Singapore (65) 6878 5281Please direct distribution queries to Violet Lee on 65-6878-5281Client ContactsSingaporeDBS Bank (65) 6878 8888DBS Nominees (Pte) Ltd (65) 6878 8888DBS Vickers Securities (65) 6533 9688The Islamic Bank of Asia (65) 6878 5522ChinaDBS Beijing (86 10) 5752 9000DBS Dongguan (86 769) 2339 2000DBS Guangzhou (86 20) 3818 0888DBS Hangzhou (86 571) 8113 3188DBS Shanghai (86 21) 3896 8888DBS Shenzhen (86 755) 8269 0880DBS Suzhou (86 512) 8888 1088DBS Tianjin (86 22) 5896 5388Hong KongDBS Hong Kong (852) 3668 0808DBS Asia Capital (852) 3668 1148IndiaDBS Chennai (91 44) 6656 8888DBS New Delhi (91 11) 3041 8888DBS Mumbai (91 22) 6638 8888IndonesiaDBS Jakarta (62 21) 390 3366/8DBS Medan (62 61) 3000 8999DBS Surabaya (62 21) 531 9661JapanDBS Tokyo (81 3) 3213 4411KoreaDBS Seoul (82 2) 339 2660MalaysiaDBS Kuala Lumpur (6 03) 2148 8338DBS Labuan (6 08) 595 500Hwang-DBS Penang (6 04) 263 6996PhilippinesDBS Manila (63 2) 845 5112TaiwanDBS Changhua (886 4) 700 2101DBS Kaohsiung (886 7) 965 5700DBS Taichung (886 4) 3606 6166DBS Tainan (886 6) 601 7200DBS Taipei (886 2) 6612 9888DBS Taoyuan (886 3) 264 7100ThailandDBS Bangkok (66 2) 660 3781United KingdomDBS London (44 20) 7489 6550UAEDBS Dubai (97 1) 4364 1800USADBS Los Angeles (1 213) 627 0222VietnamDBS Hanoi Rep Office (844) 3946 16886

Daily Breakfast Spread, 15 March 2013Recent ResearchQtrly: Economics-Markets-Strategy 2Q13 14 Mar 13CN: A global RMB: Inventing the necessary 11 Mar 13CN: Interest rates must rise 8 Mar 13IN: Pragmatic budget, tough to meet 1 Mar 13TH: Keeping an eye on excesses 27 Feb 13SG budget: Another push on restructuring 26 Feb 13CN: The new push for urbanization 22 Feb 13CNH: Singapore and Taiwan style 19 Feb 13The fall and fall of Japanese FDI into Asia 19 Feb 13SG budget: Focusing on the longer-term 18 Feb 13Asia: cyclical dashboard 14 Feb 13IN: Exception to the rule 6 Feb 13CNH: Eclipsing the NDF market 4 Feb 13JP: USD/JPY to go triple-digit 31 Jan 13Asia: Weaker JPY does not implyweaker AXJ 30 Jan 13US unemployment: Which trendis your friend? 29 Jan 13ID: Fuel price pressuresAsia: towards a better 201323 Jan1318Jan13Qtrly: Economics-Markets-Strategy 1Q13 13 Dec 12JP: Gauging the QE impact 30 Nov 12ID: Foreign interest returns 19 Nov 12CN: How efficient is China’s investment? 12 Nov 12US: Deleveraging progress report 30 Oct 12CN: The importance of industrial policy in 29 Oct 12the rebalancing processCNH: How will HK maintain its RMB edge? 25 Oct 12Asia: 3 questions 16 Oct 12CN: Pessimism misplaced 11 Oct 12SG: Recession and competitiveness 2 Oct 12TW: Thoughts on CNT prospects 28 Sep 12ID: What does QE3 mean for Indonesia 19 Sep 12Qtrly: Economics-Markets-Strategy 4Q12 13 Sep 12US Fed: Bernanke’s setup 3 Sep 12ID: Rates under upward pressure 29 Aug 12CN: Untangling the fiscal conundrum 28 Aug 12JP: Not by VAT alone 17 Aug 12CNH: More than just “non-residentconversion” 13 Aug 12SG: Lowering property market riskKR/TW: Is yen depreciation a big worry?Asia: Curves pricing interest rate riskTH: Government-sponsored growthUS: 2013 inflation risks? Not so much18Jan1318Jan1315 Jan1314 Jan1327 Dec12AUD: volatile in a stable range 10 Aug 12SG: Stagflation 1 Aug 12CN: The role of human capital in the 25 July 12rebalancing strategyTW: As low as it gets 20 July 12KR: Implications of rising foreign investment 20 July 12Disclaimer:The information herein is published by DBS Bank Ltd (the “Company”). It is based on information obtained from sources believed to be reliable,but the Company does not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or correctnessfor any particular purpose. Opinions expressed are subject to change without notice. Any recommendation contained herein doesnot have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. The informationherein is published for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees,who should obtain separate legal or financial advice. The Company, or any of its related companies or any individuals connected with thegroup accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arisingfrom any use of the information herein (including any error, omission or misstatement herein, negligent or otherwise) or further communicationthereof, even if the Company or any other person has been advised of the possibility thereof. The information herein is not to beconstrued as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide anyinvestment advice or services. The Company and its associates, their directors, officers and/or employees may have positions or other interestsin, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking andother banking or financial services for these companies. The information herein is not intended for distribution to, or use by, any person orentity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.7