l Equity Research l

Important disclosures can be found in the Disclosures Appendix

All rights reserved. Standard Chartered Bank 2014 http://research.standardchartered.com
Asia l Emerging Companies 30 May 2014
Double in 3, Triple in 5
ASEAN, Issue 53 Goodpack, Mitra Adiperkasa and Thaicom
Performance by market (22-29 May): ASEAN small caps increased
0.7%, outperforming large caps by 1.2ppt. The Singapore small-
cap market was the best performer (+1.5%), while the Philippines
was the worst performer (-1.6%).
Performance by sector (22 - 29 May): Industrials was the best
performer among small caps (+2.0%), while Telecom Services
performed the worst (-1.4%).
Valuations: The Philippines is the cheapest small-cap market at
14.6x 2014E PER, followed by Thailand at 15.7x. Singapore and
Indonesia are the most expensive at 18.5x and 16.2x, respectively.

Top picks
Company name Ticker
Share price
(LC)
Price target
(LC)
+/-
(%)
Ace Hardware ACES IJ 885 1,049 +18.5
Matahari Dept Store LPPF IJ 14,375 17,105 +19.0
Major Cineplex MAJOR TB 17.10 22.43 +31.2
MK Restaurant M TB 57.75 65.90 +14.1
OSIM International OSIM SP 2.80 3.57 +27.5
Siloam Int. Hospitals SILO IJ 13,200 13,982 +5.9
Universal Robina URC PM 150.00 195.60 +30.4
Share price as of 29 May 2014
Source: FactSet

Top 5 winners and losers: Past week

Source: Bloomberg

Upcoming corporate access
Upcoming corporate access
Company Location Type Date
Double in 3, Triple in 5 United Kingdom Conference 2-3 Jun
Double in 3, Triple in 5 USA Conference 5-6 Jun
KrisEnergy Singapore Lunch 23-Jun
OSIM Singapore Lunch 1-Aug
Double in 3, Triple in 5 Hong Kong Conference 3-4 Nov
Double in 3, Triple in 5 Singapore Conference 6-7 Nov
Source: Standard Chartered Research
Recent company meetings/calls
Recent company meetings / calls
Company Country Type Date
Workpoint Thailand Call 28-May
Mitra Adiperkasa Indonesia Call 28-May
Selamat Sempurna Indonesia Call 28-May
Eu Yang Sang Singapore Meeting 29-May
Courts Asia Singapore Meeting 30-May
LMRT Singapore Call 30-May
Pakuwon Jati Indonesia Call 30-May
Singapore Post Singapore Call 30-May
Source: Standard Chartered Research
Upcoming company meetings/calls
Upcoming company meetings / calls
Company Country Type Date
Sarana Menara Nusantara Indonesia Meeting 3-Jun
Ace Hardware Indonesia Call 4-Jun
Mitra Adiperkasa Indonesia Call 4-Jun
MC group Thailand Call 4-Jun
Parkson Retail Asia Singapore Call 4-Jun
Bangkok dusit medical Thailand Call 5-Jun
Berjaya Food Malaysia Call 5-Jun
Overseas Education Singapore Meeting 5-Jun
Source: Standard Chartered Research
Stock highlights Key ideas and initiations
Coverage highlight Goodpack (GPACK SP, OP): Goodpack
announced that US-based private equity firm KKR has offered to
acquire the company at SGD 2.50/share. The price is close to the
estimated offer price of SGD 2.51 in our leveraged-buyout (LBO)
analysis and represents a 23% premium to the closing price prior to the
announcement. We are disappointed by the offer price and surprised
that the Lam family would sell the company at this level, as we value
Goodpack at SGD 2.71/share. We believe the Lam family's willingness
to sell at this price raises questions about Goodpack's growth
prospects, including the potential for breaking into the autoparts
industry. The offer is via a scheme of arrangement and requires 75%
shareholder approval. According to Bloomberg, the five largest
institutional shareholders in Goodpack hold 23% of the shares.
(Momentum is still strong, 29 May 2014)
Coverage highlight Mitra Adiperkasa (MAPI IJ, OP): Everstone
Capital, a Singapore-based private equity firm, is buying a 51% stake in
Dominos Pizza Indonesia (DPI). MAPI will not book any divestment
gain, as this transaction is structured as a capital injection by Everstone
into DPI. We expect the divestment to yield a 30bps increase in EBIT
margin and there could be 80bps further upside if MAPI divests Burger
King (BK). Both DPI and BK contributed to an EBIT loss of IDR 60bn in
2013. MAPI is trading at 15.7x 2015E PER, a 12% discount to peers.
(Waiting for expansion into new brands, 29 May 2014)
Visit note Thaicom PCL (THCOM TB, NR): THAICOM is the only
satellite service operator in Thailand. It was granted a 30-year BTO
agreement by the government and became a monopoly business in
1991. To support growing demand from the launch of digital TV in
Thailand and rising internet usage, THAICOM plans to launch two
satellites, in July 2014 and 2H16, to add to its three current satellites.
THAICOM trades at 19.5x 2015E PER, with a 2.6% dividend yield,
based on Bloomberg consensus. (Thaicom PCL, 29 May 2014)




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Stephen Hui
+65 6596 8514
Equity Research
Standard Chartered Bank, Singapore Branch
Alvin Witirto
+65 6596 8530
Equity Research
Standard Chartered Bank, Singapore Branch
Rashad Latheef
+65 6596 8505
Equity Research
Standard Chartered Bank, Singapore Branch
Munchuga Khajornkowit
+65 6596 8504
Equity Research
Standard Chartered Bank, Singapore Branch
J eremy Sutch, CFA
+852 3983 8533
Equity Research
Standard Chartered Bank (HK) Limited
J eremy Sutch, CFA
+852 3983 8533
Equity Research
Standard Chartered Bank (HK) Limited
Stephen Hui
Stephen.Hui@sc.com
+65 6596 8514
Pauline Lee
Pauline-Hwee-Chen.Lee@sc.com
+65 6596 8505
Alvin
Witirto
Alvin.Witirto
@sc.com
+65 6596
Alvin Witirto
Alvin.Witirto@sc.com
+65 6596 8530

Jeremy Sutch
Jeremy.Sutch@sc.com
+852 3983 8533

Jeremy Sutch
Jeremy.Sutch@sc.com
+852 3983 8533

Equity Research l Double in 3, Triple in 5

30 May 2014 2
Contents
Bottom-up: Top picks 3
Goodpack 7
Mitra Adiperkasa 8
THAICOM Public Company 9
Top-down view 10
Country focus Singapore 13
Country focus Malaysia 15
Country focus Indonesia 17
Country focus Thailand 19
Country focus The Philippines 21
ASEAN emerging companies: Coverage universe valuation table 28
ASEAN emerging companies: Coverage universe financials table 29


Equity Research l Double in 3, Triple in 5

30 May 2014 3
Bottom-up: Top picks
Figure 1: Top picks
Company name Ticker
Mkt cap
(USD mn)
6-month AD
Liq. (USD
mn)
Share
price
(LC)
Price
target
(LC)
+/-
(%)
PER
FY1E
PER
FY2E
PBR
FY1E
EV/
EBITDA
FY1E
Div.
yield
FY1E
ROCE
FY1E
14D
RSI
Ace Hardware ACES IJ 1,306 1.27 885 1,049 +18.5 24.3 20.0 6.3 17.1 0.8 34.8 66
Matahari Dept Store LPPF IJ 3,609 3.80 14,375 17,105 +19.0 25.5 18.9 10.1 17.2 1.6 45.5 47
Major Cineplex MAJOR TB 465 1.12 17.10 22.43 +31.2 15.8 13.7 2.5 8.2 5.4 12.9 30
MK Restaurant M TB 1,599 2.42 57.75 65.90 +14.1 23.0 21.0 4.0 14.0 3.0 18.9 61
OSIM International OSIM SP 1,656 2.84 2.80 3.57 +27.5 18.3 15.8 4.8 11.4 2.5 30.8 51
Siloam Int. Hospitals SILO IJ 1,190 8.86 13,200 13,982 +5.9 127.3 85.4 8.7 30.0 0.1 8.5 77
Universal Robina URC PM 7,459 7.65 150.00 195.60 +30.4 27.6 24.2 6.0 18.0 2.4 24.9 53
Share prices as of 29 May 2014.
Sources: Bloomberg, Companies, Standard Chartered Research estimates

ACE Hardware
Dominant home-improvement retailer: Ace Hardware is Indonesias dominant home improvement retailer with 95 stores at
end-2013. In contrast, its closest competitor, Pongs Do It Best, has only 16 stores.
Stabilising and potentially improving margins: Ace Hardwares EBIT margins declined to 15.5% in 2013 from 16.2% in
2012, but margins appear to have stabilised, with 1Q14 EBIT margin of 16%.
SSSG may accelerate: Ace Hardwares SSSG decelerated to 4.9% in 2013 from 10.7% in 2012, but we see signs that
demand may improve. SSSG ouside Java accelerated to 10.1% in 3M14 versus 4.3% in 2013. Stores outside Java were the
key growth driver in 2011 and 2012, with the fastest SSSG of 30% and 16%, respectively.
Matahari Department Store
Market leadership: Matahari Department Store (MDS) pioneered the department store concept in Indonesia and had a
leading 31% share of sector sales in 2011, based on Euromonitor estimates.
Limited direct competition: MDS targets the middle-income segment, while the second- and third-largest department store
operators, Ramayana and Mitra Adiperkasa, target the lower and mid-to-upper income segments, respectively.
Robust profitability: MDS had one of the highest ROCEs (48%) and EBIT margins (14%) among ASEAN department store
operators in 2013.
Major Cineplex
Dominant: Major Cineplex is the dominant cinema operator in Thailand, with 479 cinema screens at end-2013, and over 80%
of the cinema screens in Thailand.
Growth: Majors business has strong operating leverage in increasing its concession-to-box office sales ratio, as the
concession segment has a higher gross margin (69%) than box office (16%). We forecast 2013-16 revenue/net profit CAGRs
of 8%/16%.
Attractive valuation: Majors valuations are appealing, in our view, given its growth outlook and high dividend yield.
MK Restaurants
Dominant Suki brand: At end-2013, MK Restaurants (MK) had 381 MK Suki restaurants in Thailand, making it by far the
largest suki chain in the country. We regard MK as a top brand associated with clean, healthy food and quality family dining.
Scalable network: MK has its own central kitchens, staff training school and supply chain. It opened a new central kitchen in
February 2014, doubling its restaurant capacity to 1,000 (as of end-2013, it operated 506 restaurants).
Equity Research l Double in 3, Triple in 5

30 May 2014 4
Underpenetrated network: We believe there is still room for MK to expand in Thailand, and the companys second brand,
Yayoi, is underpenetrated, with only 113 restaurants as of end-2013. We believe MK can add new brands, given its expertise
in restaurant operations and infrastructure.
OSIM International
Strong brand: OSIM is Asias leading massage-chair brand, with leading market shares in Hong Kong, Taiwan, Singapore
and China.
Robust profitability and cash flow: OSIM has a high ROCE and strong cash flow.
Upside from TWG Tea: OSIM increased its stake in TWG Tea to 70% in January 2014. We expect TWG to contribute
significantly to OSIMs growth. TWG Tea is a strong brand with robust growth potential, in our view.
Siloam Internasional Hospitals
Market leader: Siloam International Hopsitals is the largest private hospital player in Indonesia with a 7.4% market share by
bed capacity in 2012. Its capacity is more than double the second-largest operator, Mitra Keluarga (3.0% share), according to
Frost & Sullivan. As of end-2013, Siloam operated 16 hospitals with 3,700 beds.
Robust growth outlook for 2013-16E: By end-2017, Siloam plans to triple its hospital network to 40 hospitals with 10,000
beds. We forecast 2013-16 revenue and earnings CAGRs of 44% and 86%, respectively, driven by volume growth and
operating leverage, as new hospitals take three-to-five years to mature.
Attractive valuation: Siloam trades at EV/EBITDA multiples similar to regional hospital peers, but offers an EBITDA CAGR
of 63% for 2013-16E, compared to only 14-17% for peers.
Universal Robina
Strong regional brand: Universal Robina (URC) is a leading F&B brand in Southeast Asia with a dominant position in its
domestic market, the Philippines. It is also the number-one biscuit and wafer brand in Thailand, and the number-two ready-to-
drink tea brand in Vietnam.
Multi-product portfolio: We like URCs strong multi-product portfolio, which contrasts with many leading ASEAN F&B
brands that specialise in a particular product. We believe the companys strength across different product segments provides
significant room to innovate and grow.
Top-class management: We believe URC has one of the strongest management teams in Southeast Asia.




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Figure 2: Team coverage by sector

Company name Ticker Rec
Mkt cap
(USD
mn)
6-month
AD liq.
(USD mn)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
Change
1W
%
Change
YTD
%
Change
12M FYE
PER
FY1E
(x)
PER
FY2E
(x)
EPS
CAGR
(FY0-
FY2E)
PEG
(x)
PBR
FY1E
(x)
Price to
sales
FY1E
(x)
EV/
EBITDA
FY1E
(x)
Div
yield
FY1E
(%)
ROCE
FY1E
(%)
RoE
FY1E
(%)
Consumer discretionary

Ace Hardware ACES IJ OP 1,306 1.26 885 1,049 19 4 50 -1 Dec-13 24.3 20.0 24.5 0.8 6.3 3.2 17.1 0.8 34.8 29.0
Eu Yan Sang Intl. EYSAN SP OP 296 0.17 0.84 1.03 23 1 -3 14 Jun-13 17.5 15.8 15.8 1.0 2.3 1.0 9.9 3.1 12.3 13.4
Home Product Cnt. HMPRO TB IL 2,667 5.13 9.15 9.28 1 5 12 -26 Dec-13 25.9 21.7 14.7 1.5 5.8 1.9 14.6 1.2 19.0 24.2
Matahari Dept Store LPPF IJ OP 3,609 3.77 14,375 17,105 19 3 31 7 Dec-13 25.5 18.9 40.5 0.5 10.1 4.9 17.2 1.6 45.5 46.0
Mitra Adiperkasa MAPI IJ OP 743 1.11 5,200 6,206 19 -3 -5 -44 Dec-13 27.4 15.7 29.5 0.5 3.3 0.7 9.1 0.6 17.1 12.4
OSIM Intl. OSIM SP OP 1,638 2.85 2.80 3.57 28 1 22 37 Dec-13 18.1 15.6 22.4 0.7 4.8 2.9 11.3 2.5 30.8 32.3
Parkson Retail Asia PRA SP OP 485 0.07 0.90 1.28 42 -2 -7 -42 Jun-13 16.4 12.9 12.4 1.0 2.4 1.3 7.4 6.1 16.6 14.6
Ramayana Lestari RALS IJ IL 757 0.28 1,240 1,238 0 2 17 -16 Dec-13 17.8 15.0 22.7 0.7 2.5 1.4 10.4 2.8 15.1 14.5
Robinson Dept. St. ROBINS TB IL 1,935 1.36 57.50 51.36 -11 10 20 -25 Dec-13 31.8 25.6 12.1 2.1 5.1 2.3 16.0 1.6 19.0 16.8
Aggregate 24.1 18.9 19.4 1.0 24.1 2.2 7.8 1.7
Consumer staples
Mayora Indah MYOR IJ IL 2,219 0.11 28,825 27,895 -3 1 11 -7 Dec-13 22.9 18.8 30.8 0.6 5.1 1.8 13.4 1.0 19.8 24.1
MK Restaurants M TB OP 1,579 2.41 58 66 14 4 13 NA Dec-13 22.7 20.7 11.3 1.8 3.9 3.5 13.7 3.1 18.9 17.7
Super Group SUPER SP IL 1,328 2.27 1.48 2.09 41 3 -22 -38 Dec-13 18.2 16.0 12.5 1.3 3.3 2.7 12.7 2.7 20.7 18.7
Universal Robina URC PM OP 7,479 7.70 150.00 195.60 30 -2 34 19 Sep-13 27.7 24.3 21.2 1.1 6.0 3.5 18.1 2.4 24.9 22.5
Aggregate 25.5 22.0 15.6 1.4 25.5 2.9 12.8 2.2
Healthcare
KPJ Healthcare KPJ MK OP 1,051 1.13 3.31 3.62 9 -1 -15 -21 Dec-13 31.6 27.6 9.0 3.1 3.0 1.3 17.4 1.6 7.6 9.8
Raffles Medical RFMD SP OP 1,632 1.05 3.67 4.16 13 3 18 9 Dec-13 27.9 24.9 13.2 1.9 4.0 5.4 20.1 1.6 16.4 15.5
Siloam Int. Hospitals SILO IJ OP 1,190 8.80 13,200 13,982 6 1 39 NA Dec-13 127.3 85.4 80.2 1.1 8.7 4.2 30.0 0.1 8.5 7.1
Tempo Scan Pacific TSPC IJ OP 1,094 0.22 2,825 3,878 37 3 -13 -38 Nov-13 18.2 15.2 14.7 1.0 3.0 1.6 11.2 3.0 19.5 17.3
Aggregate 30.7 25.9 13.4 1.9 30.7 2.4 10.3 1.5
Industrials
AKR Corporindo AKRA IJ OP 1,490 3.11 4,460 6,050 36 2 2 -17 Dec-13 17.4 13.0 29.3 0.4 2.8 0.6 7.0 2.3 20.6 34.5
Arwana Citramulia ARNA IJ OP 626 0.32 990 983 -1 5 21 27 Dec-13 26.0 20.4 23.2 0.9 8.1 4.2 22.3 1.9 41.9 34.9
Boustead Singapore BOCS SP OP 783 0.70 1.86 2.02 9 0 10 36 Mar-14 16.7 14.9 -11.9 -1.2 3.0 1.8 10.2 2.7 18.5 18.2
CWT CWT SP OP 855 0.87 1.79 1.95 9 3 32 1 Dec-13 10.4 8.9 6.6 1.4 1.5 0.1 9.2 1.7 12.5 14.9
Goodpack GPACK SP OP 1,088 1.46 2.46 2.71 10 3 26 50 Jun-13 19.6 17.6 11.9 1.5 2.8 5.1 12.0 2.6 12.8 15.4
Aggregate 15.9 13.0 11.7 1.1 15.9 0.5 6.0 2.3
Media
BEC World BEC TB IL 3,057 3.55 49.50 51.68 4 -3 -2 -24 Dec-13 17.5 15.8 6.7 2.3 10.1 5.1 9.4 5.2 57.5 60.4
Global Mediacom BMTR IJ IL 2,524 2.05 2,095 2,599 24 -4 10 -16 Dec-13 15.1 11.8 37.1 0.3 2.2 2.3 5.5 1.7 19.4 16.1
Major Cineplex MAJOR TB OP 465 1.10 17.10 22.43 31 -3 -2 -29 Dec-13 15.8 13.7 18.3 0.7 2.5 1.8 8.2 5.4 12.9 15.7
Media Nusantara MNCN IJ OP 3,279 2.59 2,720 3,185 17 4 4 -16 Dec-13 16.5 13.7 20.7 0.7 3.8 4.5 11.6 3.2 33.1 27.0
MNC Sky Vision MSKY IJ OP 1,274 0.16 2,095 3,039 45 0 5 -26 Dec-13 26.5 18.7 104.8 0.2 5.9 3.7 9.3 1.3 16.8 24.0
Surya Citra Media SCMA IJ OP 3,989 1.89 3,170 3,961 25 1 21 6 Dec-13 27.3 22.2 26.7 0.8 12.2 10.3 18.8 2.6 58.7 52.0
Aggregate 19.1 15.6 18.9 0.8 19.1 4.3 2.6 3.1
Resources
Sri Trang Agro STA TB IL 548 1.42 14.00 14.71 5 5 8 -8 Dec-13 9.1 7.1 17.7 0.4 0.9 0.2 10.9 3.3 10.5 9.8
Aggregate 8.9 7.0 56.1 0.1 8.9 0.2 10.8 3.4
Share prices as of 29 May 2014.
Sources: Bloomberg, Companies, Standard Chartered Research estimates




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Figure 3: Team coverage by country

Company name Ticker Rec
Mkt cap
(USD
mn)
6-month
AD liq.
(USD mn)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
Change
1W
%
Change
YTD
%
Change
12M FYE
PER
FY1E
(x)
PER
FY2E
(x)
EPS
CAGR
(FY0-
FY2E)
PEG
(x)
PBR
FY1E
(x)
Price to
sales
FY1E
(x)
EV/
EBITDA
FY1E
(x)
Div
yield
FY1E
(%)
ROCE
FY1E
(%)
RoE
FY1E
(%)
Singapore

Boustead Singapore BOCS SP OP 783 0.70 1.86 2.02 9 0 10 36 Mar-14 16.7 14.9 -11.9 -1.2 3.0 1.8 10.2 2.7 18.5 18.2
CWT CWT SP OP 855 0.87 1.79 1.95 9 3 32 1 Dec-13 10.4 8.9 6.6 1.4 1.5 0.1 9.2 1.7 12.5 14.9
Eu Yan Sang Intl. EYSAN SP OP 296 0.17 0.84 1.03 23 1 -3 14 Jun-13 17.5 15.8 15.8 1.0 2.3 1.0 9.9 3.1 12.3 13.4
Goodpack GPACK SP OP 1,088 1.46 2.46 2.71 10 3 26 50 Jun-13 19.6 17.6 11.9 1.5 2.8 5.1 12.0 2.6 12.8 15.4
OSIM Intl. OSIM SP OP 1,638 2.85 2.80 3.57 28 1 22 37 Dec-13 18.1 15.6 22.4 0.7 4.8 2.9 11.3 2.5 30.8 32.3
Parkson Retail Asia PRA SP OP 485 0.07 0.90 1.28 42 -2 -7 -42 Jun-13 16.4 12.9 12.4 1.0 2.4 1.3 7.4 6.1 16.6 14.6
Raffles Medical RFMD SP OP 1,632 1.05 3.67 4.16 13 3 18 9 Dec-13 27.9 24.9 13.2 1.9 4.0 5.4 20.1 1.6 16.4 15.5
Super Group SUPER SP IL 1,328 2.27 1.48 2.09 41 3 -22 -38 Dec-13 18.2 16.0 12.5 1.3 3.3 2.7 12.7 2.7 20.7 18.7
Aggregate 18.0 15.4 11.9 1.3 18.0 0.9 11.7 2.5
Malaysia
KPJ Healthcare KPJ MK OP 1,051 1.13 3.31 3.62 9 -1 -15 -21 Dec-13 31.6 27.6 9.0 3.1 3.0 1.3 17.4 1.6 7.6 9.8
Aggregate 31.3 26.9 9.5 2.8 31.3 1.3 17.4 1.6
Indonesia
Ace Hardware ACES IJ OP 1,306 1.26 885 1,049 19 4 50 -1 Dec-13 24.3 20.0 24.5 0.8 6.3 3.2 17.1 0.8 34.8 29.0
Arwana Citramulia ARNA IJ OP 626 0.32 990 983 -1 5 21 27 Dec-13 26.0 20.4 23.2 0.9 8.1 4.2 22.3 1.9 41.9 34.9
AKR Corporindo AKRA IJ OP 1,490 3.11 4,460 6,050 36 2 2 -17 Dec-13 17.4 13.0 29.3 0.4 2.8 0.6 7.0 2.3 20.6 34.5
Global Mediacom BMTR IJ IL 2,524 2.05 2,095 2,599 24 -4 10 -16 Dec-13 15.1 11.8 37.1 0.3 2.2 2.3 5.5 1.7 19.4 16.1
Matahari Dept Store LPPF IJ OP 3,609 3.77 14,375 17,105 19 3 31 7 Dec-13 25.5 18.9 40.5 0.5 10.1 4.9 17.2 1.6 45.5 46.0
Mayora Indah MYOR IJ IL 2,219 0.11 28,825 27,895 -3 1 11 -7 Dec-13 22.9 18.8 30.8 0.6 5.1 1.8 13.4 1.0 19.8 24.1
Media Nusantara MNCN IJ OP 3,279 2.59 2,720 3,185 17 4 4 -16 Dec-13 16.5 13.7 20.7 0.7 3.8 4.5 11.6 3.2 33.1 27.0
Mitra Adiperkasa MAPI IJ OP 743 1.11 5,200 6,206 19 -3 -5 -44 Dec-13 27.4 15.7 29.5 0.5 3.3 0.7 9.1 0.6 17.1 12.4
MNC Sky Vision MSKY IJ OP 1,274 0.16 2,095 3,039 45 0 5 -26 Dec-13 26.5 18.7 104.8 0.2 5.9 3.7 9.3 1.3 16.8 24.0
Ramayana Lestari RALS IJ IL 757 0.28 1,240 1,238 0 2 17 -16 Dec-13 17.8 15.0 22.7 0.7 2.5 1.4 10.4 2.8 15.1 14.5
Siloam Int. Hospitals SILO IJ OP 1,190 8.80 13,200 13,982 6 1 39 NA Dec-13 127.3 85.4 80.2 1.1 8.7 4.2 30.0 0.1 8.5 7.1
Surya Citra Media SCMA IJ OP 3,989 1.89 3,170 3,961 25 1 21 6 Dec-13 27.3 22.2 26.7 0.8 12.2 10.3 18.8 2.6 58.7 52.0
Tempo Scan Pacific TSPC IJ OP 1,094 0.22 2,825 3,878 37 3 -13 -38 Nov-13 18.2 15.2 14.7 1.0 3.0 1.6 11.2 3.0 19.5 17.3
Aggregate 22.3 17.3 23.5 0.7 22.3 2.4 0.4 1.8
Thailand
BEC World BEC TB IL 3,057 3.55 49.50 51.68 4 -3 -2 -24 Dec-13 17.5 15.8 6.7 2.3 10.1 5.1 9.4 5.2 57.5 60.4
Home Product Centre HMPRO TB IL 2,667 5.13 9.15 9.28 1 5 12 -26 Dec-13 25.9 21.7 14.7 1.5 5.8 1.9 14.6 1.2 19.0 24.2
Major Cineplex MAJOR TB OP 465 1.10 17.10 22.43 31 -3 -2 -29 Dec-13 15.8 13.7 18.3 0.7 2.5 1.8 8.2 5.4 12.9 15.7
MK Restaurants M TB OP 1,579 2.41 57.75 65.90 14 4 13 NA Dec-13 22.7 20.7 11.3 1.8 3.9 3.5 13.7 3.1 18.9 17.7
Robinson Dept. St. ROBINS TB IL 1,935 1.36 57.50 51.36 -11 10 20 -25 Dec-13 31.8 25.6 12.1 2.1 5.1 2.3 16.0 1.6 19.0 16.8
Sri Trang Agro STA TB IL 548 1.42 14.00 14.71 5 5 8 -8 Dec-13 9.1 7.1 17.7 0.4 0.9 0.2 10.9 3.3 10.5 9.8
Aggregate 20.5 17.7 11.3 1.6 20.5 1.5 11.9 3.0
Philippines
Universal Robina URC PM OP 7,479 7.70 150.00 195.60 30 -2 34 19 Sep-13 27.7 24.3 21.2 1.1 6.0 3.5 18.1 2.4 24.9 22.5
Aggregate 27.9 24.3 18.5 1.3 27.9 3.5 18.1 2.3
Share prices as of 29 May 2014.
Sources: Bloomberg, Companies, Standard Chartered Research estimates

Equity Research l Double in 3, Triple in 5

30 May 2014 7
This note was originally published on 29 May 2014. Click here to view the full report

Goodpack
Disappointing offer price
Goodpack announced on 27 May 2014 that private equity
firm Kohlberg Kravis Roberts (KKR) offered to acquire the
company at SGD 2.50/share.
The offer price represents a 7% premium to Goodpacks
share price on 23 May 2014 (last traded price prior to the
announcement) and a 23% premium to the close price on 18
March 2014 (prior to the announcement of a possible offer).
We are disappointed by the offer price, as we value
Goodpack at SGD 2.71/share, 8% above the offer price.
The offer is via a scheme of arrangement and requires 75%
shareholder approval.

OUTPERFORM (unchanged)





Benchmarking the offer price. We estimate that the offer price
translates to 17.9x 2015E PER, while our DCF-based price target
for Goodpack translates to 19.4x 2015E PER. The offer price
translates to a 10% discount to Brambles on 2015E PER and an
11% premium on 2015E EV/EBITDA. We analysed two deals
Brambles acquisition of Pallecon (2012) and China Merchants
Groups (CMG) acquisition of Loscam (2010) to compare
valuations. These deals were carried out at 7.4-11.7x historical
EV/EBITDA (the offer price translates to 11x 2015E EV/EBITDA).
Surprised by the deal. The offer price is close to our estimated
offer price of SGD 2.51/share in our leveraged-buyout (LBO)
analysis (please see LBO analysis shows a high offer price is
unlikely, dated 25 April 2014). We are surprised that the Lam
family is selling the company for SGD 2.50/share, as it represents
only a 6% premium to Goodpacks share price of SGD 2.35 on 12
January 2011. Fundamentally, we view the offer price as low, and
believe the Lam family's willingness to sell at this price raises
questions about Goodpack's growth prospects, such as the
potential to break into the auto-parts industry.
Deal may not proceed smoothly. As KKRs offer is via a scheme
of arrangement, the deal requires 75% shareholder approval. In
the event of a competing offer, KKR also has the option to switch
to a voluntary conditional cash offer which will require 50%
approval. We note that the Lam family owns 32% of Goodpack, but
given our view that the offer price is low, we anticipate some
shareholders may reject the offer. According to Bloomberg, the five
largest institutional shareholders hold 23.2% of shares. We also
believe there may be potential counter offers, as CMG (unlisted)
and Brambles (BXB AU, NR) have aligned business strategies.

Source: Company, Standard Chartered Research estimates

Share price performance


Source: Company, FactSet



PRICE as of 28 May 2014
SGD 2.44
PRICE TARGET
SGD 2.71
Bloomberg code Reuters code
GPACK SP GPAK.SI
Market cap 12-month range
SGD 1,367mn (USD 1,088mn) SGD 1.43 - 2.51
EPS adj. est. change 2014E - 2015E -
Year-end: June 2013 2014E 2015E 2016E
Sales (USD mn) 191 215 245 276
EBITDA (USD mn) 84 95 108 121
EBIT (USD mn) 66 75 86 97
Pre-tax profit (USD mn) 60 65 74 85
Net profit adj. (USD mn) 48 54 62 72
FCF (USD mn) (43) (4) 10 26
EPS adj. (USD) 0.09 0.10 0.11 0.13
DPS (USD) 0.05 0.05 0.06 0.06
Book value/share (USD) 0.64 0.68 0.74 0.81
EPS growth adj. (%) 7.3 7.3 16.1 14.9
DPS growth (%) 0.0 -0.7 11.9 14.9
EBITDA margin (%) 43.8 44.4 44.1 43.9
EBIT margin (%) 34.8 35.1 35.1 35.3
Net margin adj. (%) 25.1 25.0 25.5 26.0
Div. payout (%) 52.4 49.9 49.9 49.9
Net gearing (%) 19.8 24.6 26.8 25.6
ROE (%) 16.3 15.4 15.7 16.5
ROCE (%) 12.5 12.8 13.8 14.7
EV/sales (x) 4.4 5.3 4.9 4.4
EV/EBITDA (x) 10.0 12.0 11.2 10.1
PBR (x) 2.0 2.8 2.6 2.4
PER adj. (x) 16.3 19.6 17.6 15.4
Dividend yield (%) 3.4 2.6 2.8 3.2
1.4
2.0
2.6
May-13 Aug-13 Nov-13 Feb-14 May-14
Goodpack STRAITS TIMES INDEX(rebased)
Share price (%) -1 mth -3 mth -12 mth
Ordinary shares 4 33 46
Relative to index 3 26 52
Relative to sector - - -
Major shareholder Goodpack Holdings Pte Ltd (30.5%)
Free float 53%
Average turnover (USD) 1,160,961
Rashad Latheef
+65 6596 8505
Equity Research
Standard Chartered Bank, Singapore Branch
Stephen Hui
+65 6596 8514
Equity Research
Standard Chartered Bank, Singapore Branch



GPACK SP
SGD 2.44 SGD 2.71

Equity Research l Double in 3, Triple in 5

30 May 2014 8
This note was originally published on 29 May 2014. Click here to view the full report
Mitra Adiperkasa
One step in the right direction
MAPI recently announced that Everstone Capital is buying a
51% stake in Dominos Pizza (DPI). Management said it is in
talks with potential buyers for its Burger King franchise.
We maintain our Outperform rating and raise our 2015-16E
earnings estimates by 4-5% to reflect a higher EBIT margin
post-divestment of its loss-making F&B businesses. We
assume that Burger King (BK) is divested in 2H14.
We cut our price target to IDR 6,206 (from IDR 6,879) to
factor in MAPIs higher working capital needs and the
absence of divestment gains from DPI and BK in 2014.
MAPI is trading at 15.7x 2015E PER, a 12% discount to
Indonesian discretionary retailers. Our price target implies a
reasonable target multiple of 18.7x 2015E PER.

OUTPERFORM (unchanged)





Divestment of Dominos Pizza. Everstone Capital, a Singapore-
based private equity firm, is buying a 51% stake in DPI. MAPI will
not book any divestment gain from this transaction, as it is
structured as a capital injection by Everstone into DPI. This will
dilute MAPIs stake in DPI to 49% from 100% in 2013. MAPI
cannot undertake a 100% divestment, as Indonesia restricts
foreign ownership in foodservices to 51%.
Margins could improve in 2015. We estimate that the divestment
of DPI could yield a 30bps improvement in EBIT margin and there
could be a further 80bps upside after a potential divestment of BK.
We expect this margin upside to occur largely in 2015, as the
transactions are likely to be completed only in 2H14. The two
business units contributed IDR 60bn of EBIT loss in 2013.
Caveat emptor. While we see this divestment as a positive, there
are still downside risks for MAPI in this consolidation year: (1)
weaker-than-expected sales growth in the next six months, (2)
margin weakness beyond 2Q14 if discounting continues, and (3)
delays in addressing inventory management issues. We cut our
2014E earnings by 9% to reflect lower gross profit margin due to
ongoing discounting to reduce excess inventory.
High risk, high returns. MAPIs share price has corrected 25%
since February. On a 12-month forward PER basis, MAPIs trading
premium to Ramayana has narrowed to 28%, compared to a three-
year historical average of 55%. MAPI is trading at 15.7x 2015E
PER and our price target implies 19% potential upside.


Source: Company, Standard Chartered Research estimates

Share price performance


Source: Company, FactSet

Alvin Witirto
+65 6596 8530
Equity Research
Standard Chartered Bank, Singapore Branch
Stephen Hui
+65 6596 8514
Equity Research
Standard Chartered Bank, Singapore Branch






PRICE as of 28 May 2014
IDR 5,200
PRICE TARGET
IDR 6,206
Bloomberg code Reuters code
MAPI IJ MAPI.JK
Market cap 12-month range
IDR 8,632.0bn (USD 746mn) IDR 4,050 - 9,300
EPS adj. est. change 2014E -8.9% 2015E 5.3%
Year-end: December 2013 2014E 2015E 2016E
Sales (IDR bn) 9,734 11,707 13,690 16,494
EBITDA (IDR bn) 1,215 1,226 1,585 1,930
EBIT (IDR bn) 751 728 1,103 1,403
Pre-tax profit (IDR bn) 485 434 757 1,044
Net profit adj. (IDR bn) 328 315 550 758
FCF (IDR bn) (767) (218) (88) (35)
EPS adj. (IDR) 197 190 331 457
DPS (IDR) 54 31 55 75
Book value/share (IDR) 1,463 1,599 1,898 2,300
EPS growth adj. (%) -24.3 -3.8 74.3 37.9
DPS growth (%) 25.7 -42.0 74.3 37.9
EBITDA margin (%) 12.5 10.5 11.6 11.7
EBIT margin (%) 7.7 6.2 8.1 8.5
Net margin adj. (%) 3.4 2.7 4.0 4.6
Div. payout (%) 27.4 16.5 16.5 16.5
Net gearing (%) 99.1 97.3 86.4 74.6
ROE (%) 14.3 12.4 18.9 21.8
ROCE (%) 21.1 17.1 21.6 23.2
EV/sales (x) 1.4 1.0 0.8 0.7
EV/EBITDA (x) 10.8 9.1 7.2 5.9
PBR (x) 3.8 3.3 2.7 2.3
PER adj. (x) 34.2 27.4 15.7 11.4
Dividend yield (%) 0.8 0.6 1.1 1.4
4,000
7,000
10,000
May-13 Aug-13 Nov-13 Feb-14 May-14
Mitra Adiperkasa JAKARTA COMPOSITE INDEX(rebased)
Share price (%) -1 mth -3 mth -12 mth
Ordinary shares -14 -25 -42
Relative to index -17 -30 -40
Relative to sector - - -
Major shareholder PT Satya Mulia Gema Gemilang (56.0%)
Free float 40%
Average turnover (USD) 1,095,952
Equity Research l Double in 3, Triple in 5

30 May 2014 9
This note was originally published on 29 May 2014. Click here to view the full report
THAICOM Public Company
NOT RATED
NON-COVERED COMPANY VISIT NOTE

Standard Chartered Equity Research does not cover this company
and nothing herein should be interpreted to be a recommendation
or price target with respect to the company.



PRICE as of 28 May 2014
THB 38.50

Key points
Monopoly business: THAICOM is the only satellite service
operator in Thailand and it operates the only broadband
satellite in Asia-Pacific.
Growth driver: Management expects the launch of digital
TV in Thailand and rising internet usage to drive demand
for their broadcast and broadband satellites. They believe
the number of HD channels in Thailand will increase from
54 at end-2013 to c.470 by 2020.
Expanding capacity: THAICOM currently operates three
satellites and plans to launch a new broadcast satellite
(THAICOM 7) in July 2014, and another in 2H16 (THAICOM
8) to support growing demand.


Bloomberg code: THCOM TB PER historical (x) 37.4
Mkt cap (USD mn) 1,291 Yield historical (%) 1.2
12M range (THB) 27.75-43.75 P/B historical (x) 2.7
3M value traded (USD mn) 3.80 ROE (%) 7.3
No. of shares (m) 1,096 Net gearing (%) 40.8
Est. free float (%) 46.4 Net debt (cash) (THB mn) 6,363
Established 1991 Historical EPS (THB) 1.03
Listed 1994 EPS 3Y CAGR (%) -2.12
Secondary placement NA EPS 7Y CAGR (%) NA
Auditors, since KPMG, 2013 Historical DPS (THB) 0.45
Year-end December DPS 3Y CAGR (%) NA
Major shareholder Shin Corporation 41.14%
Source: Annual report
What THAICOM does (and why)
THAICOM is a satellite company in Thailand. It operates satellite and
related services, as well as telephone, internet access and media
services. Its business involves domestic and international customers
in Asia, Africa and Australia.
Why we visited THAICOM
THAICOM was established in 1991 by Shin Corporation. It was
granted a 30-year domestic Communication Satellite Operating
Agreement by the Ministry of Information and Communication
Technology (MICT) and became the countrys sole satellite service
provider.
Valuations and share price performance
THAICOM trades at 19.5x 2015 PER, with 2.6% dividend yield, based
on Bloomberg consensus. The stock is down 5% YTD, while the SET
has risen 8%.
Did you know
Broadcast satellites rotate at the same speed as the Earth, which
keeps their transmissions stable




Share price performance (Bt)

Source: FactSet

Revenue breakdown, 2013

Source: Company

22
24
26
28
30
32
34
36
38
40
May-13 Aug-13 Nov-13 Feb-14 May-14
THAICOM Public Company STOCK EXCH OF THAI INDEX (Rebased)
88%
7%
5%
Satellite service
Oversea telephone
service
Internet and media
service
Munchuga Khajornkowit
+65 6596 8504
Equity Research
Standard Chartered Bank, Singapore Branch
Stephen Hui
+65 6596 8514
Equity Research
Standard Chartered Bank, Singapore Branch







Equity Research l Double in 3, Triple in 5

30 May 2014 10
Top-down view
Price performance
Figure 4: Price performance by market
Price performance ADVT
Past week
YTD

2 wk/1M

1M/6M

Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
ASEAN 0.7% -0.6% 1.2%

10.4% 7.5% 3.0% 1.2 1.1 0.1

1.1 1.0 0.1
Singapore 1.5% 0.5% 1.0%

6.1% 1.3% 4.8% 1.2 0.9 0.3

1.2 1.1 0.1
Malaysia 0.2% -0.2% 0.4%

3.7% 2.6% 1.1% 1.1 1.1 0.0

0.8 0.9 0.0
Indonesia -0.4% -0.8% 0.5%

25.3% 26.8% -1.5% 1.0 1.2 -0.2

1.1 1.0 0.0
Thailand 1.0% -2.0% 3.0%

14.4% 6.8% 7.6% 1.2 1.1 0.0

1.2 1.1 0.1
Philippines -1.6% -3.1% 1.5%

18.2% 16.4% 1.8% 0.9 1.0 -0.1

1.2 1.0 0.2

Source: Bloomberg, Standard Chartered Research

Figure 5: Price performance by sector
Price performance Change in ADVT

Past week

YTD

2 week change

2wk vs 6m ADVT

Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Consumer discretionary 0.6% -0.8% 1.4%

6.8% 4.9% 1.9%

1.1 0.8 0.3

-53.0 -13.6 -39.3
Consumer staples 0.9% -0.3% 1.2%

10.0% 7.8% 2.3%

1.0 1.1 -0.1

-30.9 -55.7 24.7
Energy 0.8% -3.7% 4.5%

2.8% -4.7% 7.5%

1.2 1.1 0.0

-33.6 -10.1 -23.4
Financials 0.5% -0.5% 1.0%

11.8% 8.7% 3.1%

1.1 1.1 0.0

-79.8 -184.3 104.4
Healthcare -0.9% -0.2% -0.7%

6.5% 24.7% -18.2%

1.3 NA NA

-15.5 NA NA
Industrials 2.0% -0.6% 2.5%

13.2% 4.0% 9.2%

1.3 1.1 0.2

-93.0 18.3 -111.2
Information technology 0.3% -0.5% 0.8%

8.1% 9.6% -1.5%

0.9 1.1 -0.2

-17.6 -15.5 -2.1
Materials -0.2% -0.3% 0.1%

15.9% 2.6% 13.3%

0.9 1.1 -0.2

-12.6 -42.3 29.7
Telecom services -1.4% -0.5% -1.0%

10.8% 9.6% 1.2%

0.9 1.1 -0.2

21.6 -15.5 37.1
Utilities -0.7% -0.5% -0.1%

14.2% 11.9% 2.3%

1.2 1.1 0.0

1.1 -40.7 41.8
Source: Bloomberg, Standard Chartered Research

Valuation
Figure 6: Valuation by country
PER PBR ROE

2013 2014E 2013 2014E 2013

Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
ASEAN 17.5 15.2 2.3 16.5 14.9 1.6 1.4 2.2 -0.7 1.5 2.1 -0.6 8.2% 14.2% -5.9%
Singapore 19.0 14.8 4.1 18.5 14.4 4.1 1.1 1.5 -0.3 1.2 1.5 -0.3 6.2% 10.0% -3.8%
Malaysia 18.1 17.3 0.8 15.8 16.8 -1.0 1.6 2.3 -0.7 1.5 2.2 -0.7 8.4% 13.3% -4.8%
Indonesia 17.2 15.9 1.3 16.2 15.8 0.4 1.8 3.7 -1.9 1.7 3.4 -1.8 10.3% 23.0% -12.7%
Thailand 16.0 11.9 4.1 15.7 11.6 4.1 1.8 2.0 -0.2 1.8 1.9 0.0 11.0% 16.7% -5.7%
Philippines 15.6 19.2 -3.6 14.6 19.3 -4.6 1.3 3.2 -1.9 1.5 2.8 -1.4 8.4% 16.5% -8.1%
Source: Bloomberg, Standard Chartered Research

Equity Research l Double in 3, Triple in 5

30 May 2014 11
Figure 7: Valuation by sector
PER PBR ROE

2013 2014E 2013 2014E 2013

Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Small
caps
Large
caps SC-LC
Consumer discretionary 19.6 16.8 2.8 19.4 15.8 3.6 1.8 2.2 -0.4 1.7 2.2 -0.5 9.0% 13.2% -4.2%
Consumer staples 19.6 22.9 -3.3 15.6 21.2 -5.5 2.2 3.0 -0.8 2.1 3.0 -0.8 11.6% 13.0% -1.4%
Energy 32.5 10.9 21.6 22.6 9.6 12.9 1.5 1.5 0.0 1.6 1.4 0.2 4.6% 14.2% -9.6%
Financials 12.1 12.8 -0.7 12.8 12.8 0.0 1.1 1.7 -0.6 1.1 1.7 -0.5 9.2% 13.6% -4.4%
Healthcare 22.3 NA NA 21.6 NA NA 2.8 NA NA 2.7 NA NA 12.7% NA NA
Industrials 53.6 17.9 35.6 31.3 17.7 13.6 1.5 2.0 -0.5 1.6 1.9 -0.3 2.6% 10.9% -8.4%
Information technology 15.8 14.3 1.5 13.6 13.1 0.5 1.7 2.6 -1.0 1.7 2.3 -0.6 11.8% 18.5% -6.8%
Materials 21.5 18.0 3.4 22.9 18.4 4.5 1.0 3.8 -2.7 1.1 3.9 -2.8 5.6% 20.8% -15.2%
Telecom services 17.9 15.4 2.6 17.8 15.7 2.1 3.5 2.5 1.0 3.3 2.4 0.9 19.4% 16.1% 3.4%
Utilities 14.5 14.5 0.0 13.2 13.2 0.0 1.4 1.4 0.0 1.7 1.7 0.0 9.6% 9.6% 0.0%
Source: Bloomberg, Standard Chartered Research

Top and bottom performers

Figure 8: Top performers past week Figure 9: Bottom performers past week



Source: Bloomberg Source: Bloomberg

Figure 10: Top performers YTD Figure 11: Bottom performers YTD



Source: Bloomberg Source: Bloomberg
22%
20%
19%
18%
17%
15%
14%
13% 13%
12%
0%
2%
5%
7%
9%
12%
14%
16%
18%
21%
23%
I
T
D

T
B


C
K

T
B


Y
I
N
G
L
I

S
P


E
A

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K

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U
M
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B
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Y
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A

S
P


S
T
E
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T
H
A
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B


-5%
-5%
-5%
-5%
-5%
-6% -6%
-6%
-6%
-8%
-4%
0%
B
E
L

P
M


M
D
J

M
K


P
E
T
R

M
K


P
X
P

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P
S
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B


U
O
A
D

M
K


E
E
I

P
M


114% 111%
92%
91%
81% 80%
79%
75%
73% 72%
0%
20%
40%
60%
80%
100%
120%
D
O
I
D

I
J


A
D
H
I

I
J


E
A

T
B


C
T
R
S

I
J


N
I
K
L

P
M


A
I
S
A

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J


W
S
K
T

I
J


O
F
M

T
B


M
K
H

M
K


K
N
M
G

M
K


-25%
-33%
-42% -42%
-43%
-48%
-61% -62%
-65% -72%
-64%
-56%
-48%
-40%
-32%
-24%
-16%
-8%
0%
E
A
R
T
H

T
B


C
N
K
O

I
J


M
A
S

M
K


G
A
M
A

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W
E
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P
M


L
I
G
O

S
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I
N
N

S
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A
C
A
P

S
P


B
L
U
M

S
P


Equity Research l Double in 3, Triple in 5

30 May 2014 12
Historical view
Figure 12: Historical PER band MSCI ASEAN
Based on forward PER, the MSCI ASEAN small-cap index is
trading at 1.64x SD above its historical seven-year average
Figure 13: MSCI ASEAN PER SC premium/discount to LC
Based on forward PER, the MSCI ASEAN small-cap index is
trading at a 6% premium to the large-cap index




Source: MSCI Source: MSCI

Figure 14: Historical PBR band chart MSCI ASEAN
Based on forward PBR basis, the MSCI ASEAN small-cap
index is trading at 0.01x SD above its historical seven-year
average
Figure 15: MSCI ASEAN PBR SC premium/discount to LC
Based on forward PBR basis, the MSCI ASEAN small-cap
index is trading at a 30% discount to the large-cap index.



Source: MSCI Source: MSCI




-50%
-40%
-30%
-20%
-10%
0%
10%
4
6
8
10
12
14
16
18
Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
E
R

Small Cap Mean +/- 1 SD
Large Cap Discount
-45%
-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
Aug-06 Sep-07 Oct-08 Nov-09 Dec-10 Jan-12 Feb-13 Mar-14
P
r
e
m
i
u
m

(
d
i
s
c
)

Discount Mean +/- 1 SD
-60%
-50%
-40%
-30%
-20%
-10%
0%
0.5
1.0
1.5
2.0
2.5
3.0
Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
B
R

Small Cap Mean +/- 1 SD
Large Cap Discount
-60%
-50%
-40%
-30%
-20%
-10%
0%
Aug-06 Sep-07 Oct-08 Nov-09 Dec-10 Jan-12 Feb-13 Mar-14
P
r
e
m
i
u
m

(
d
i
s
c
)

Discount Mean +/- 1 SD
Equity Research l Double in 3, Triple in 5

30 May 2014 13
Country focus Singapore
Historical view
Figure 16: Historical PER band chart MSCI Singapore
Based on PER forward, the MSCI Singapore small cap index
is trading at 1.36x SD above its historical seven-year average
Figure 17: Historical PBR band chart MSCI Singapore
Based on PBR forward, the MSCI Singapore small cap index
is trading at 0.61xSD below its historical seven-year average




Source: MSCI Source: MSCI

Top and bottom performers
Figure 18: Top performers past week Figure 19: Bottom performers past week



Source: Bloomberg Source: Bloomberg

Figure 20: Top performers YTD Figure 21: Bottom performers YTD



Source: Bloomberg Source: Bloomberg
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
4
6
8
10
12
14
16
18
20
Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
E
R

Small Cap Mean +/- 1 SD
Large Cap Discount
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
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1.0
1.5
2.0
2.5
3.0
Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
B
R

Small Cap Mean +/- 1 SD
Large Cap Discount
19%
13%
11%
10%
9%
9%
8%
8%
7% 7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Y
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-2% -2%
-2%
-2% -2% -2%
-3%
-4%
-4%
-5% -6%
-5%
-4%
-3%
-2%
-1%
0%
R
T
R
Y

S
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B
R
E
A
D

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A
R
A

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P
R
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A
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L
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F
A
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48%
33% 33%
32% 32%
30%
29% 29%
27% 27%
0%
10%
20%
30%
40%
50%
60%
B
R
E
A
D

S
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A
S
T

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H
F
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C
W
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G
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-22% -23% -23% -23%
-24%
-25%
-48%
-61% -62%
-65%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
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Equity Research l Double in 3, Triple in 5

30 May 2014 14
Watch list
Figure 22: Singapore watch list

Company name Ticker Rec
Mkt cap
(USD
mn)
6-
month
AD liq.
(USD
mn)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
Change
1W
%
Change
YTD
%
Change
12M FYE
PER
FY1E
(x)
PER
FY2E
(x)
EPS
CAGR
(FY0-
FY2E)
PEG
(x)
PBR
FY1E
(x)
Price to
sales
FY1E
(x)
EV/
EBITDA
FY1E
(x)
Div
yield
FY1E
(%)
ROCE
FY1E
(%)
RoE
FY1E
(%)
Consumer discretionary

Courts Asia Ltd COURTS SP NR 237 0.29 0.54 NA NA 3 -13 -49 Mar-13 9.6 8.2 -9.0 -0.9 1.0 0.3 8.0 3.0 29.6 10.2
Eu Yan Sang Intl. EYSAN SP OP 296 0.17 0.84 1.03 23 1 -3 14 Jun-13 17.5 15.8 15.8 1.0 2.3 1.0 9.9 3.1 12.3 13.4
Hour Glass Ltd. HG SP NR 339 0.13 1.81 NA NA 6 8 -2 Mar-14 NA NA NA NA NA NA NA NA 17.7 NA
OSIM Intl. OSIM SP OP 1,638 2.85 2.80 3.57 28 1 22 37 Dec-13 18.1 15.6 22.4 0.7 4.8 2.9 11.3 2.5 30.8 32.3
Parkson Retail Asia PRA SP OP 485 0.07 0.90 1.28 42 -2 -7 -42 Jun-13 16.4 12.9 12.4 1.0 2.4 1.3 7.4 6.1 16.6 14.6
Aggregate 18.3 15.3 -0.2 -82.8 18.3 1.6 11.4 2.9
Consumer Staples
Breadtalk Group BREAD SP NR 299 0.47 1.33 NA NA -2 48 37 Dec-13 23.8 19.9 17.8 1.1 NA 0.6 6.1 1.6 19.7 15.1
Del Monte Pacific DELM SP NR 610 0.89 0.59 NA NA 5 -3 -34 Dec-13 15.2 11.2 84.0 0.1 2.2 1.1 9.9 3.0 17.4 15.0
Food Empire Hldg. FEH SP NR 174 0.05 0.41 NA NA 1 -24 -39 Dec-13 NA NA NA NA NA NA NA NA 14.8 NA
JB Foods JBF SP NR 94 0.03 0.25 NA NA 0 -18 -44 Dec-13 NA NA NA NA NA NA NA NA 27.5 NA
Petra Foods Ltd PETRA SP OP 1,864 0.84 3.92 4.00 2 -1 23 -6 Dec-13 27.3 24.0 15.9 1.5 5.7 3.5 15.1 0.9 31.6 21.9
Sheng Siong Group SSG SP NR 684 0.35 0.62 NA NA 1 2 -6 Dec-13 19.4 18.2 10.0 1.8 5.4 1.2 12.6 4.7 21.7 28.4
Sino Grandness SFGI SP NR 321 1.23 0.69 NA NA 5 -6 -10 Dec-13 4.1 3.5 17.8 0.2 1.0 0.7 3.3 1.5 32.4 28.8
Super Group SUPER SP IL 1,328 2.27 1.48 2.09 41 3 -22 -38 Dec-13 18.2 16.0 12.5 1.3 3.3 2.7 12.7 2.7 20.7 18.7
Yeo Hiap Seng YHS SP NR 1,007 0.07 2.20 NA NA 0 -8 -21 Dec-13 NA NA NA NA NA NA NA NA 14.8 4.0
Aggregate 20.0 17.7 2.2 8.2 20.0 2.0 12.4 1.7
Healthcare
Biosensors Intl. BIG SP NR 1,292 3.57 0.96 NA NA -5 14 -18 Mar-14 23.1 20.0 26.4 0.8 1.1 3.9 12.1 0.9 NA 5.1
IHH Healthcare IHH SP NR 10,470 0.12 1.61 NA NA -1 7 -1 Dec-13 43.4 36.5 NA NA 1.8 NA 19.6 0.4 6.6 4.1
Raffles Medical RFMD SP OP 1,632 1.05 3.67 4.16 13 3 18 9 Dec-13 27.9 24.9 13.2 1.9 4.0 5.4 20.1 1.6 16.4 15.5
Aggregate 38.7 32.6 18.5 1.8 38.7 4.4 17.7 0.6
Industrials
Amtek Engineering AMTK SP OP NA 0.00 0.48 NA NA -1 23 18 Jun-13 NA NA NA NA NA NA NA NA NA NA
ASL Marine Hldg. ASL SP IL NA 0.00 0.69 NA NA -2 -4 -3 Jun-13 NA NA NA NA NA NA NA NA NA NA
Boustead Singapore BOCS SP OP 783 0.70 1.86 2.02 9 0 10 36 Mar-14 16.7 14.9 -11.9 -1.2 3.0 1.8 10.2 2.7 18.5 18.2
China XLX Fertiliser CXLX SP UP 307 0.13 0.39 0.28 -27 0 1 -8 Dec-13 6.2 6.3 50.1 0.1 0.9 0.4 5.8 3.8 10.4 14.9
CWT CWT SP OP 855 0.87 1.79 1.95 9 3 32 1 Dec-13 10.4 8.9 6.6 1.4 1.5 0.1 9.2 1.7 12.5 14.9
Ezion Holdings EZI SP OP 2,285 10.75 2.19 2.70 23 1 -1 8 Dec-13 10.8 9.0 28.2 0.3 1.9 4.0 10.5 0.0 12.6 21.7
Ezra Holdings EZRA SP IL 814 5.26 1.06 1.05 -1 1 -23 10 Aug-13 19.4 10.6 NA NA 0.7 0.5 12.5 0.0 4.8 5.2
Goodpack GPACK SP OP 1,088 1.46 2.46 2.71 10 3 26 50 Jun-13 19.6 17.6 11.9 1.5 2.8 5.1 12.0 2.6 12.8 15.4
Hi-P International HIP SP OP NA 0.00 0.68 1.00 48 5 -3 -32 Dec-13 NA NA NA NA NA 0.3 NA 0.0 19.0 13.0
Hyflux Limited HYF SP IL 813 0.75 1.20 1.70 42 1 2 -11 Dec-13 10.5 NA NA NA 0.8 1.3 7.9 6.4 5.5 8.4
KS Energy Services KST SP IL NA 0.00 0.78 NA NA 5 -9 11 Dec-13 NA NA NA NA NA NA NA NA NA NA
Marco Polo Marine MPM SP NR 102 0.07 0.38 NA NA 6 -4 -5 Sep-13 8.3 6.0 -2.3 -2.6 NA 1.0 7.0 3.2 16.7 11.5
Midas Holdings MIDAS SP UP 441 1.75 0.46 0.36 -21 2 -11 -7 Dec-13 19.6 16.3 128.9 0.1 0.9 2.0 9.5 1.7 5.0 4.7
Neptune Orient Lines NOL SP IL 2,014 2.11 0.99 1.00 2 1 -12 -11 Dec-13 nm 16.5 NA NA 1.0 0.2 17.6 -0.5 0.3 -2.9
Otto Marine OTML SP IL 179 2.50 0.07 0.05 -23 4 -25 -13 Dec-13 nm NA NA NA 0.6 0.4 376.9 0.0 0.3 -4.3
Pan-United Corp PAN SP NR 466 0.19 1.04 NA NA 6 8 3 Dec-13 12.2 11.4 6.7 1.7 2.0 0.7 6.3 4.3 13.8 16.8
PEC PEC SP NR 111 0.03 0.55 NA NA 1 -2 -9 Jun-13 NA NA NA NA NA NA NA NA 2.8 NA
Tat Hong Holdings TAT SP NR 429 0.40 0.86 NA NA 6 -5 -42 Mar-14 12.4 12.2 17.2 0.7 0.8 0.8 7.6 2.9 10.8 6.6
Tiger Airways Hldg. TGR SP IL 334 0.44 0.45 0.41 -9 8 -12 -31 Mar-14 nm nm NA NA 1.5 0.6 nm 0.0 -8.3 -93.4
World Precision BWPM SP NR 113 0.01 0.36 NA NA -1 -4 -12 Dec-13 NA NA NA NA NA NA NA NA 7.2 NA
Aggregate 16.7 13.3 26.8 0.5 16.7 0.5 12.1 1.5
Media
Asiatravel.com Hold. AST SP NR 65 0.11 0.28 NA NA 6 33 41 Sep-13 NA NA NA NA NA NA NA NA NA NA
Kingsmen Creatives KMEN SP NR 144 0.03 0.93 NA NA -1 0 -3 Dec-13 9.3 8.5 9.3 0.9 NA 0.6 5.8 4.3 26.5 20.8
Aggregate 13.5 12.6 8.3 1.5 13.5 0.8 8.2 3.0
Property
ARA Asset Mngmt. ARA SP OP 1,198 0.46 1.76 2.10 19 -2 -5 -9 Dec-13 17.1 9.8 42.4 0.2 4.7 9.6 15.4 2.9 28.2 29.5
Second Chance Prop. SCE SP NR 243 0.10 0.45 NA NA 0 -2 2 Aug-13 NA NA NA NA NA NA NA NA 11.2 NA
Yoma Strategic Hold. YOMA SP NR 747 2.74 0.81 NA NA 13 8 -5 Mar-14 73.6 57.9 0.0 NA 2.5 9.9 41.1 0.6 7.5 3.7
Aggregate 27.1 16.1 7.2 2.2 27.1 11.0 22.3 1.8
Resources
GMG Global GGL SP IL NA 0.00 0.11 NA NA 7 -12 -23 Dec-13 NA NA NA NA NA NA NA NA NA NA
Indofood Agri Res. IFAR SP OP 1,151 1.38 1.01 1.23 22 -3 14 -3 Dec-13 11.6 8.9 -98.3 -0.1 0.9 0.1 4.9 1.3 9.3 7.9
Sri-Trang Agro Ind. STA SP IL NA 0.00 0.55 0.56 3 4 7 -13 Dec-13 0.4 0.3 502.3 0.0 0.0 0.2 6.1 84.3 10.3 9.9
Aggregate 11.8 9.6 11.1 0.9 11.8 0.8 6.6 2.0
Tech/Telecom
M1 M1 SP OP 2,603 1.95 3.53 4.00 13 1 10 14 Dec-13 19.4 18.5 4.9 3.8 7.4 3.2 10.5 4.3 27.1 39.8
Silverlake Axis SILV SP NR 1,789 1.23 1.00 NA NA 9 14 28 Jun-13 23.7 20.8 15.3 1.4 11.5 10.8 20.4 3.2 62.5 39.3
Venture Corp VMS SP IL NA 0.00 7.68 7.15 -7 2 -5 0 Dec-13 NA NA NA NA NA 0.8 NA 0.0 8.3 8.5
Aggregate 13.4 12.3 9.2 1.3 13.4 1.5 8.4 6.3

Share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Source: Bloomberg, Companies, Standard Chartered Research estimates

Equity Research l Double in 3, Triple in 5

30 May 2014 15
Country focus Malaysia
Historical view
Figure 23: Historical PER band chart MSCI Malaysia
Based on PER forward, the MSCI Malaysia small cap index is
trading at 1.26x SD above its historical seven-year average
Figure 24: Historical PBR band chart MSCI Malaysia
Based on PBR forward, the MSCI Malaysia small cap index is
trading at 0.11x SD above the historical seven-year average




Source: MSCI Source: MSCI

Top and bottom performers
Figure 25: Top performers past week Figure 26: Bottom performers past week



Source: Bloomberg Source: Bloomberg

Figure 27: Top performers YTD Figure 28: Bottom performers YTD



Source: Bloomberg Source: Bloomberg
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
4
6
8
10
12
14
16
18
Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
E
R

Small Cap Mean +/- 1 SD
Large Cap Discount
-50%
-45%
-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
0.5
1.0
1.5
2.0
2.5
3.0
Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
B
R

Small Cap Mean +/- 1 SD
Large Cap Discount
10%
8%
7%
7%
6%
5%
5%
4%
3% 3%
0%
2%
4%
6%
8%
10%
12%
E
A
S
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K
H

M
K


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M
K


K
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M
G

M
K


I
J
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D

M
K


P
R
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S
S

M
K


M
P
R

M
K


S
T
A
R

M
K


-3%
-3%
-3%
-3%
-4%
-4%
-4%
-5%
-5%
-6%
-7%
-6%
-5%
-4%
-3%
-2%
-1%
0%
P
H
R
M

M
K


E
V
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M
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P
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R

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K


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P

M
K


H
I
B
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M
D
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M
K


P
E
T
R

M
K


U
O
A
D

M
K


73% 72%
55%
50%
43%
41% 41%
31% 31%
27%
0%
10%
20%
30%
40%
50%
60%
70%
80%
M
K
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-15% -15%
-15%
-16% -16%
-16%
-17%
-18%
-20%
-42%
-45%
-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
K
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Equity Research l Double in 3, Triple in 5

30 May 2014 16
Watch list
Figure 29: Malaysia watch list

Company name Ticker Rec
Mkt cap
(USD
mn)
6-
month
AD liq.
(USD
mn)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
Change
1W
%
Change
YTD
%
Change
12M FYE
PER
FY1E
(x)
PER
FY2E
(x)
EPS
CAGR
(FY0-
FY2E)
PEG
(x)
PBR
FY1E
(x)
Price
to
sales
FY1E
(x)
EV/
EBITDA
FY1E
(x)
Div
yield
FY1E
(%)
ROCE
FY1E
(%)
RoE
FY1E
(%)
Consumer discretionary

Aeon Co. AEON MK NR 1,674 0.77 3.83 NA NA 1 9 -15 Dec-13 21.3 19.8 8.3 2.4 2.9 1.4 9.3 1.5 15.9 14.4
Asia Brands ABB MK NR 98 0.11 3.99 NA NA 2 0 17 Mar-14 9.7 8.3 10.9 0.8 1.4 0.6 NA 1.3 NA 15.9
Bonia Corp BON MK NR 318 0.44 5.08 NA NA 2 35 131 Jun-13 16.7 14.1 32.5 0.4 2.9 1.5 8.7 1.2 20.0 18.5
DKSH Hold. DKSH MK NR 400 1.31 8.16 NA NA 3 27 54 Dec-13 NA NA NA NA NA NA NA NA 21.4 NA
Padini Hldg. PAD MK NR 412 1.20 2.01 NA NA 0 11 -7 Jun-13 14.0 12.5 11.4 1.1 3.4 1.5 7.4 5.4 23.3 24.3
Parkson Hldg. PKS MK NR 859 1.50 2.61 NA NA -2 1 -26 Jun-13 17.3 15.4 -9.7 -1.6 1.0 0.8 4.3 3.4 12.2 5.5
Aggregate 20.5 18.3 -10.6 -1.7 20.5 1.3 7.7 2.2
Consumer staples
Berjaya Food BFD MK NR 124 0.14 1.45 NA NA -5 -10 -15 Apr-13 17.7 14.2 11.7 1.2 2.1 2.7 15.6 2.7 30.6 13.5
Carlsberg Brewery CAB MK NR 1,158 0.49 12.10 NA NA 0 -1 -25 Dec-13 19.4 18.3 5.0 3.7 13.3 2.3 13.7 5.1 72.3 68.0
Cocoaland Holdings COLA MK NR 109 0.04 2.05 NA NA -5 -4 -18 Dec-13 17.1 15.8 0.6 27.1 1.6 1.4 9.5 3.3 10.9 9.8
Guiness Anchor GUIN MK NR 1,267 0.33 13.48 NA NA 0 -16 -35 Jun-13 21.1 19.9 -3.1 -6.4 10.8 2.5 14.2 4.5 43.2 51.5
Hup Seng Industries HSI MK NR 286 0.29 1.15 NA NA -1 20 95 Dec-13 NA NA NA NA NA NA NA NA 21.0 NA
NTPM Holdings NTPM MK NR 297 0.24 0.85 NA NA 1 13 63 Apr-13 15.2 14.7 14.9 1.0 2.8 1.8 9.7 3.5 15.7 17.3
Oldtown Bhd OTB MK NR 303 0.46 2.15 NA NA -1 3 -14 Dec-12 17.6 16.2 11.1 1.5 2.9 2.2 10.3 2.8 28.6 15.8
Power Root PWRT MK NR 205 0.20 2.17 NA NA 1 10 10 Feb-14 NA NA NA NA NA NA NA NA 17.4 NA
Aggregate 13.6 10.9 20.0 0.5 13.6 1.6 10.0 2.9
Diversified
Berjaya Corp. BC MK NR 636 1.27 0.49 NA NA -1 -17 -21 Apr-13 NA NA NA NA NA NA NA NA 7.3 NA
Boustead Hldg. BOUS MK NR 1,706 0.55 5.30 NA NA -2 -6 -3 Dec-13 12.9 11.9 -2.0 -6.1 1.0 0.5 12.1 5.6 19.2 8.5
Aggregate 17.7 16.3 -9.7 -1.7 17.7 0.7 23.2 4.1
Healthcare
Caring Pharmacy Caring MK NR 146 0.26 2.15 NA NA 1 9 NA May-13 21.5 17.2 NA NA 3.7 NA 11.4 1.6 NA 17.4
Hartalega Hldg. HART MK NR 1,384 1.26 5.95 NA NA 0 -18 7 Mar-14 18.0 18.1 2.3 7.9 4.9 3.9 11.8 2.5 32.9 28.8
IHH Healthcare IHH MK NR 10,590 5.15 4.17 NA NA -2 8 4 Dec-13 43.9 36.9 20.5 1.8 1.8 4.4 19.8 0.4 6.6 4.1
Karex KAREX MK NR 378 0.82 3.00 NA NA -4 8 NA Jun-13 23.6 16.9 -80.3 -0.2 6.0 0.0 18.1 0.9 24.1 27.9
Kossan Rubber KRI MK NR 794 1.36 3.99 NA NA 2 -8 85 Dec-13 14.5 12.1 22.3 0.5 3.1 1.6 9.2 2.5 17.1 22.8
KPJ Healthcare KPJ MK OP 1,051 1.13 3.31 3.62 9 -1 -15 -21 Dec-13 31.6 27.6 9.0 3.1 3.0 1.3 17.4 1.6 7.6 9.8
Pharmaniaga Bhd PHRM MK NR 373 0.23 4.63 NA NA -3 4 2 Dec-13 14.0 13.0 29.0 0.4 2.3 0.6 7.2 3.9 22.9 16.3
Supermax Corp SUCB MK NR 503 1.99 2.38 NA NA 1 -14 19 Dec-13 10.8 9.5 15.1 0.6 1.6 1.2 9.2 2.6 18.6 15.3
Top Glove Corp TOPG MK NR 916 1.82 4.74 NA NA 1 -16 -22 Aug-13 14.6 13.5 5.0 2.7 2.0 1.2 8.6 3.4 15.3 14.3
Aggregate 29.0 25.2 14.9 1.7 29.0 2.6 14.9 1.1
Industrials
AirAsia AIRA MK OP 2,216 6.22 2.56 2.90 13 0 16 -19 Dec-13 8.8 7.2 19.5 0.4 1.2 1.2 8.3 2.3 8.2 15.1
Favelle Favco FFB MK NR 234 0.18 3.49 NA NA 0 11 36 Dec-13 10.3 9.4 8.2 1.2 NA 0.9 6.5 4.0 22.1 17.2
Muhibbah Eng. MUHI MK NR 367 1.19 2.79 NA NA 1 22 91 Dec-13 10.3 8.7 24.8 0.4 1.8 0.6 8.7 2.1 NA 18.6
Asia File Corp AF MK NR 254 0.13 6.96 NA NA -3 59 99 Mar-14 13.7 11.3 8.7 1.3 1.9 2.2 9.9 4.0 18.4 14.3
Aggregate 9.6 7.8 16.9 0.5 9.6 1.1 8.0 2.5
Media
Asia Media AMGB MK NR 28 0.11 0.09 NA NA 0 0 -40 Dec-13 NA NA NA NA NA NA NA NA 4.8 NA
Astro Malaysia ASTRO MK NR 5,614 2.27 3.47 NA NA 2 16 11 Jan-14 39.4 31.8 12.6 2.5 29.9 3.8 12.6 2.2 22.9 81.6
Jobstreet Corp JOBS MK NR 486 0.76 2.42 NA NA -1 -2 32 Dec-13 22.0 18.6 15.6 1.2 NA NA NA NA 75.5 29.7
Media Prima MPR MK NR 870 0.95 2.53 NA NA 3 -3 -17 Dec-13 12.5 11.6 5.7 2.0 1.6 1.6 6.0 5.9 15.7 13.7
Star Publication STAR MK NR 586 0.52 2.55 NA NA 3 16 -1 Dec-13 13.6 12.3 3.7 3.4 1.6 1.8 6.8 6.0 19.7 11.1
Aggregate 30.1 25.5 3.8 6.6 30.1 3.3 9.9 2.8
Resources
Genting Plantations GENP MK UP 2,665 1.05 11.36 9.37 -18 0 3 31 Dec-13 22.9 18.4 37.1 0.5 2.4 5.4 16.3 5.2 10.0 10.8
Petronas PETD MK NR 7,761 5.00 25.10 NA NA 7 -20 1 Dec-13 28.5 23.7 13.8 1.7 4.9 0.7 15.8 2.6 17.8 18.1
QL Resouces QLG MK NR 1,255 0.58 3.23 NA NA 2 14 44 Mar-14 23.8 20.4 7.0 2.9 3.5 1.6 16.1 1.1 14.4 14.9
Sarawak Oil Palms SOP MK NR 900 0.36 6.59 NA NA -4 1 17 Dec-13 16.7 12.8 52.2 0.2 NA 1.2 8.6 0.6 13.4 12.6
TDM Bhd TDM MK NR 445 0.87 0.97 NA NA -2 2 22 Dec-13 13.2 11.2 67.6 0.2 NA 3.5 9.5 2.9 13.1 7.1
TH Plantations THP MK NR 574 0.22 2.09 NA NA -3 11 11 Dec-13 22.0 18.7 25.0 0.7 1.5 3.2 13.8 2.2 14.6 5.8
TSH Resources TSH MK NR 966 0.77 3.46 NA NA 1 15 50 Dec-13 19.9 17.4 5.5 3.2 2.5 2.4 14.8 1.0 17.5 13.3
United Plantations UPL MK UP 1,784 0.26 27.42 21.28 -22 -2 7 2 Dec-13 20.8 17.1 15.1 1.1 2.5 5.5 12.3 3.7 14.7 12.4
Aggregate 24.1 19.8 19.3 1.0 24.1 1.2 14.7 2.8
Share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Sources: Bloomberg, Companies, Standard Chartered Research estimates
Equity Research l Double in 3, Triple in 5

30 May 2014 17
Country focus Indonesia
Historical view
Figure 30: Historical PER band chart MSCI Indonesia
Based on PER forward, the MSCI Indonesia small cap index is
trading at 1.53x SD above its historical seven-year average
Figure 31: Historical PBR band chart MSCI Indonesia
Based on PBR forward, the MSCI Indonesia small cap index is
trading at 0.42x SD below the historical seven-year average




Source: MSCI Source: MSCI

Top and bottom performers
Figure 32: Top performers past week Figure 33: Bottom performers past week



Source: Bloomberg Source: Bloomberg

Figure 34: Top performers YTD Figure 35: Bottom performers YTD



Source: Bloomberg Source: Bloomberg
-80%
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Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
E
R

Small Cap Mean +/- 1 SD
Large Cap Discount
-80%
-60%
-40%
-20%
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Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
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Small Cap Mean +/- 1 SD
Large Cap Discount
15%
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Equity Research l Double in 3, Triple in 5

30 May 2014 18
Watch list
Figure 36: Indonesia watch list

Company name Ticker Rec
Mkt
cap
(USD
mn)
6-
month
AD liq.
(USD
mn)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
Change
1W
%
Change
YTD
%
Change
12M FYE
PER
FY1E
(x)
PER
FY2E
(x)
EPS
CAGR
(FY0-
FY2E)
PEG
(x)
PBR
FY1E
(x)
Price
to
sales
FY1E
(x)
EV/
EBITDA
FY1E
(x)
Div
yield
FY1E
(%)
ROCE
FY1E
(%)
RoE
FY1E
(%)
Consumer discretionary

Ace Hardware ACES IJ OP 1,306 1.26 885 1,049 19 4 50 -1 Dec-13 24.3 20.0 24.5 0.8 6.3 3.2 17.1 0.8 34.8 29.0
Catur Sentosa CSAP IJ NR 77 0.04 310 NA NA 13 72 35 Dec-13 NA NA NA NA NA NA NA NA 16.3 NA
Electronic City ECII IJ NR 239 0.06 2,085 NA NA -9 -25 NA Dec-13 8.1 5.2 50.8 0.1 1.4 0.0 4.9 2.0 20.4 NA
Erajaya Swasembada ERAA IJ NR 334 1.93 1,340 NA NA 3 34 -61 Dec-13 10.2 9.1 10.7 0.9 1.2 0.0 7.8 3.2 23.7 13.4
Matahari Dept Store LPPF IJ OP 3,609 3.77 14,375 17,105 19 3 31 7 Dec-13 25.5 18.9 40.5 0.5 10.1 4.9 17.2 1.6 45.5 46.0
Mitra Adiperkasa MAPI IJ OP 743 1.11 5,200 6,206 19 -3 -5 -44 Dec-13 27.4 15.7 29.5 0.5 3.3 0.7 9.1 0.6 17.1 12.4
Ramayana Lestari RALS IJ IL 757 0.28 1,240.00 1,238.00 0 2 17 -16 Dec-13 17.8 15.0 22.7 0.7 2.5 1.4 10.4 2.8 15.1 14.5
Selamat Sempurna SMSM IJ NR 486 0.08 3,920 NA NA -10 14 62 Dec-13 18.0 15.4 9.0 1.7 6.2 0.0 10.5 3.0 32.2 35.7
Sepatu Bata BATA IJ NR 107 0.00 960 NA NA 4 -9 13 Dec-13 NA NA NA NA NA NA NA NA 11.9 NA
Trikomsel Oke TRIO IJ NR 508 0.00 1,240 NA NA 0 -4 -30 Dec-13 11.1 9.9 11.2 0.9 NA 0.0 NA NA 28.5 23.8
Trisula International TRIS IJ NR 35 0.23 390 NA NA 3 -3 -20 Dec-13 NA NA NA NA NA NA NA NA 19.3 NA
Aggregate 20.6 15.9 17.6 0.9 20.6 1.5 3.9
Consumer staples
Fastfood Indon. FAST IJ NR 379 0.01 2,205 NA NA -2 16 -27 Dec-13 NA NA NA NA NA NA NA NA 25.2 NA
Hero Supermarket HERO IJ NR 972 0.05 2,700 NA NA 5 11 -32 Dec-13 NA NA NA NA NA NA NA NA 12.1 NA
Indofood Sukses Makmur INDF IJ OP 5,139 6.08 6,800 8,521 25 0 3 -7 Dec-13 13.1 9.8 56.0 0.2 2.3 0.9 6.0 3.8 17.4 18.3
Matahari Putra Prima MPPA IJ NR 1,326 8.12 2,865 NA NA 1 48 21 Dec-13 38.8 28.8 9.7 3.0 6.3 0.0 17.9 0.8 18.9 12.7
Mayora Indah MYOR IJ IL 2,219 0.11 28,825 27,895 -3 1 11 -7 Dec-13 22.9 18.8 30.8 0.6 5.1 1.8 13.4 1.0 19.8 24.1
Midi Utama MIDI IJ NR 127 0.00 510 NA NA 1 -4 -27 Dec-13 NA NA NA NA NA NA NA NA 26.9 NA
Modern Intl. MDRN IJ NR 242 0.06 675 NA NA 5 -12 -32 Dec-13 45.9 30.4 23.7 1.3 2.6 0.0 13.1 0.4 10.2 6.1
Nippon Indosari ROTI IJ IL 523 0.31 1,200 1,225 2 1 18 -32 Dec-13 4.6 3.7 186.2 0.0 1.2 2.8 4.4 5.5 16.7 29.2
Siantar Top STTP IJ NR 350 0.00 3,100 NA NA 3 100 65 Dec-13 NA NA NA NA NA NA NA NA 18.7 NA
Sumber Alfaria AMRT IJ NR 1,624 0.09 500 NA NA 2 11 -27 Dec-13 30.6 24.2 20.4 1.2 7.0 0.0 10.1 1.4 32.7 24.9
Supra Boga Lestari RANC IJ NR 83 0.05 620 NA NA 0 -6 -40 Dec-13 19.8 16.5 29.2 0.6 2.3 0.0 10.6 1.0 11.3 12.0
Tiga Pilar Food AISA IJ NR 650 0.88 2,580 NA NA 11 80 76 Dec-13 18.4 14.3 30.4 0.5 3.2 0.0 9.6 0.6 18.0 16.9
Ultrajaya ULTJ IJ NR 1,040 0.11 4,185 NA NA 0 -7 -8 Dec-13 24.5 18.9 40.4 0.5 NA 0.0 14.9 NA 19.1 NA
Wismilak Inti Makmur WIIM IJ NR 113 0.11 625 NA NA 0 -7 -37 Dec-13 9.4 8.6 7.3 1.2 1.5 0.0 6.1 3.0 19.0 17.3
Aggregate 21.6 16.5 21.3 0.8 21.6 1.1 4.8 1.9
Healthcare
Kalbe Farma Tbk PT KLBF IJ NR 6,515 6.89 1,615 NA NA -2 29 6 Dec-13 32.8 27.0 20.8 1.3 8.0 0.0 22.3 1.3 27.1 25.1
Kimia Farma Persero KAEF IJ NR 497 0.36 1,040 NA NA 14 76 9 Dec-13 24.4 19.4 17.9 1.1 3.2 0.0 16.1 0.7 14.1 13.1
Siloam Int. Hospitals SILO IJ OP 1,190 8.80 13,200 13,982 6 1 39 NA Dec-13 127.3 85.4 80.2 1.1 8.7 4.2 30.0 0.1 8.5 7.1
Sido Muncul SIDO IJ NR 1,065 2.12 825 NA NA 4 18 NA Dec-13 26.9 23.2 14.7 1.6 5.0 0.0 16.8 1.6 21.2 19.5
Tempo Scan Pacific TSPC IJ OP 1,094 0.22 2,825 3,878 37 3 -13 -38 Nov-13 18.2 15.2 14.7 1.0 3.0 1.6 11.2 3.0 19.5 17.3
Aggregate 31.6 25.9 13.4 1.9 31.6 3.2 13.8 1.4
Industrials
Adhi Karya ADHI IJ NR 495 6.53 3,190 NA NA 1 111 -15 Dec-13 13.0 10.1 18.3 0.6 3.1 0.0 5.5 1.9 20.4 24.5
AKR Corporindo AKRA IJ OP 1,490 3.11 4,460 6,050 36 2 2 -17 Dec-13 17.4 13.0 29.3 0.4 2.8 0.6 7.0 2.3 20.6 34.5
Arwana Citramulia ARNA IJ OP 626 0.32 990 983 -1 5 21 27 Dec-13 26.0 20.4 23.2 0.9 8.1 4.2 22.3 1.9 41.9 34.9
Astra Otoparts AUTO IJ NR 1,576 0.39 3,800 NA NA 3 4 -11 Dec-13 13.5 11.5 21.4 0.5 1.8 0.0 14.7 3.1 27.1 14.2
Berlina Tbk BRNA IJ NR 35 0.01 590 NA NA 3 30 2 Dec-13 NA NA NA NA NA NA NA NA 19.2 NA
Cardig Aero Services CASS IJ NR 167 0.04 930 NA NA -1 13 12 Dec-13 15.2 11.1 26.2 0.4 NA 0.0 5.1 2.5 80.0 34.2
Citra Marga Nusa CMNP IJ NR 678 0.17 3,580 NA NA 2 7 90 Dec-13 NA NA NA NA NA NA NA NA 31.0 NA
Express Transindo Utama TAXI IJ NR 244 1.71 1,320 NA NA 2 -10 -15 Dec-13 19.3 16.0 15.5 1.0 3.1 0.0 7.0 1.0 13.8 17.3
Hexindo Adiperkasa HEXA IJ NR 278 0.11 3,850 NA NA 1 19 -25 Mar-13 10.4 8.3 -29.3 -0.3 1.3 NA 9.0 8.8 33.2 14.8
Indomobil Sukses IMAS IJ NR 1,166 0.09 4,900 NA NA 4 0 -7 Dec-13 14.8 11.7 47.4 0.2 2.1 0.0 17.6 1.1 NA 15.0
Jasa Marga Persero JSMR IJ NR 3,511 3.88 6,000 NA NA 0 27 -11 Dec-13 24.7 21.7 18.6 1.2 4.0 0.0 12.5 1.5 NA 16.3
Mitra Pinasthika Mustika MPMX IJ NR 499 0.18 1,300 NA NA 6 2 -11 Dec-13 8.9 7.5 5.3 1.4 1.2 0.0 6.5 3.2 27.5 13.4
Selemat Sempurna SMSM IJ NR 486 0.08 3,920 NA NA -10 14 62 Dec-13 18.0 15.4 9.0 1.7 6.2 0.0 10.5 3.0 32.2 35.7
Total Bangun Persada TOTL IJ NR 247 0.92 840 NA NA 1 68 -42 Dec-13 14.7 12.3 9.3 1.3 3.4 0.0 9.5 3.9 29.5 26.2
Aggregate 18.4 15.0 9.3 1.6 18.4 1.1 9.5 2.1
Media
Dyandra Media Int. DYAN IJ NR 79 0.03 215 NA NA 0 -9 -39 Dec-13 NA NA NA NA NA NA NA NA 9.1 14.9
Elang Mahkota EMTK IJ NR 2,767 0.01 5,700 NA NA 0 3 -7 Dec-13 21.0 NA NA NA 4.6 0.0 10.4 1.0 21.4 23.9
First Media KBLV IJ NR 270 0.01 1,800 NA NA 11 210 140 Dec-13 NA NA NA NA NA NA NA NA 2.0 NA
Global Mediacom BMTR IJ IL 2,524 2.05 2,095 2,599 24 -4 10 -16 Dec-13 15.1 11.8 37.1 0.3 2.2 2.3 5.5 1.7 19.4 16.1
Intermedia Capital MDIA IJ NR 641 0.22 1,900 NA NA 2 NA NA Dec-13 NA NA NA NA NA NA NA NA 6.0 NA
Mahaka Media ABBA IJ NR 19 0.01 80 NA NA -4 -20 -10 Dec-13 NA NA NA NA NA NA NA NA 23.9 NA
Media Nusantara MNCN IJ OP 3,279 2.59 2,720 3,185 17 4 4 -16 Dec-13 16.5 13.7 20.7 0.7 3.8 4.5 11.6 3.2 33.1 27.0
MNC Sky Vision MSKY IJ OP 1,274 0.16 2,095 3,039 45 0 5 -26 Dec-13 26.5 18.7 104.8 0.2 5.9 3.7 9.3 1.3 16.8 24.0
Surya Citra Media SCMA IJ OP 3,989 1.89 3,170 3,961 25 1 21 6 Dec-13 27.3 22.2 26.7 0.8 12.2 10.3 18.8 2.6 58.7 52.0
Visi Media Asia VIVA IJ NR 384 0.43 271 NA NA -1 -1 -44 Dec-13 NA NA NA NA NA NA NA NA 8.3 NA
Aggregate 20.9 21.3 10.9 1.9 20.9 4.6 2.9 2.0
Property
Kawasan Industry KIJA IJ NR 433 1.14 250 NA NA 1 30 -38 Dec-13 7.5 7.3 162.0 0.0 1.1 0.0 5.1 4.8 7.9 12.7
Lippo Karawaci LPKR IJ NR 2,175 8.35 1,095 NA NA 0 20 -35 Dec-13 15.2 15.1 15.9 0.9 1.9 0.0 9.7 1.4 6.6 13.3
Pakuwon Jati PWON IJ NR 1,538 1.59 371 NA NA -2 37 -11 Dec-13 12.1 9.5 28.7 0.3 3.4 0.0 8.9 1.6 68.2 32.0
Surya Semestra SSIA IJ NR 292 1.78 720 NA NA 3 29 -54 Dec-13 4.8 4.4 5.6 0.8 1.2 0.0 2.8 4.0 33.7 27.3
Aggregate 11.6 10.1 19.9 0.5 11.6 2.4 7.7 2.3
Resources
Astra Agro Lestari AALI IJ IL 3,768 3.41 27,800 27,242 -2 1 11 46 Dec-13 15.1 13.6 23.0 0.6 3.7 2.8 9.9 3.4 33.2 27.6
Bisi Internaitonal BISI IJ NR 152 0.10 590 NA NA 1 5 -24 Dec-13 NA NA NA NA NA NA NA NA 8.9 NA
BW Plantation BWPT IJ OP 468 2.66 1,345 1,514 13 4 1 25 Dec-13 15.8 9.3 84.2 0.1 2.4 3.5 12.1 1.3 9.9 15.6
Charoen Pokphand Indo. CPIN IJ IL 5,638 2.96 3,995 3,317 -17 4 18 -20 Dec-13 15.6 NA NA NA 4.8 2.3 11.2 1.9 39.3 34.3
Indofood CBP Sukses ICBP IJ OP 5,157 3.24 10,275 12,300 20 3 1 -19 Dec-13 17.9 14.8 17.6 0.8 4.0 2.0 11.7 2.1 25.7 23.8
Japfa Comfeed JPFA IJ UP 1,262 0.63 1,375 1,632 19 10 13 -29 Dec-13 8.7 7.1 17.1 0.4 2.1 0.6 6.0 2.3 23.2 26.6
London Sumatra Indo. LSIP IJ UP 1,392 6.65 2,370 2,071 -13 7 23 24 Dec-13 15.9 13.5 24.6 0.6 2.2 3.3 9.4 2.5 16.8 14.6
Aggregate 15.5 18.6 -5.3 -3.5 15.5 2.0 0.5 2.3
Tech/Telecom
Sarana Menara TOWR IJ NR 3,425 0.07 3,900 NA NA 3 42 53 Dec-13 33.0 28.2 189.5 0.1 8.6 0.0 15.2 0.7 5.2 26.7
Solusi Tunas SUPR IJ NR 571 0.01 8,350 NA NA -1 2 20 Dec-13 20.6 16.2 42.8 0.4 2.4 0.0 9.3 NA 55.7 12.8
Tower Bersama TBIG IJ NR 3,014 1.27 7,300 NA NA 6 26 27 Dec-13 23.8 19.1 21.3 0.9 5.9 0.0 14.4 1.1 NA 27.9
27.0 22.3 42.0 0.5 27.0 9.8 9.9 0.8

Share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Source: Bloomberg, Companies, Standard Chartered Research estimates
Equity Research l Double in 3, Triple in 5

30 May 2014 19
Country focus Thailand
Historical view
Figure 37: Historical PER band chart MSCI Thailand
Based on PER forward, the MSCI Thailand small cap index is
trading at 1.83x SD above its historical seven-year average
Figure 38: Historical PBR band chart MSCI Thailand
Based on PBR forward, the MSCI Thailand small cap index is
trading at 1.32x SD above its historical seven-year average




Source: MSCI Source: MSCI

Top and bottom performers
Figure 39: Top performers past week Figure 40: Bottom performers past week



Source: Bloomberg Source: Bloomberg

Figure 41: Top performers YTD Figure 42: Bottom performers YTD



Source: Bloomberg Source: Bloomberg
-40%
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10%
20%
30%
4
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Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
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R

Small Cap Mean +/- 1 SD
Large Cap Discount
-60%
-50%
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-30%
-20%
-10%
0%
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2.1
2.3
2.5
Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
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R

Small Cap Mean +/- 1 SD
Large Cap Discount
22%
20%
18%
17%
15%
14%
13%
12%
11%
10%
0%
5%
10%
15%
20%
25%
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Equity Research l Double in 3, Triple in 5

30 May 2014 20
Watch list
Figure 43: Thailand watch list
Company name Ticker Rec
Mkt cap
(USD
mn)
6-month
AD liq.
(USD
mn)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
Change
1W
%
Change
YTD
%
Change
12M FYE
PER
FY1E
(x)
PER
FY2E
(x)
EPS
CAGR
(FY0-
FY2E)
PEG
(x)
PBR
FY1E
(x)
Price
to
sales
FY1E
(x)
EV/
EBITDA
FY1E
(x)
Div
yield
FY1E
(%)
ROCE
FY1E
(%)
RoE
FY1E
(%)
Consumer discretionary

Beauty Community BEAUTY TB NR 195 0.36 21.30 NA NA 4 5 -17 Dec-13 23.4 19.3 25.5 0.8 6.0 4.9 14.8 3.7 22.8 26.0
Home Pro. Centre HMPRO TB IL 2,667 5.13 9.15 9.28 1 5 12 -26 Dec-13 25.9 21.7 14.7 1.5 5.8 1.9 14.6 1.2 19.0 24.2
Jubilee Enterprise JUBILE TB NR 133 0.05 25.00 NA NA 1 6 -14 Dec-13 17.8 14.9 19.7 0.8 6.3 2.6 12.6 3.6 36.9 36.2
MC Group PCL MC TB NR 447 1.00 18.30 NA NA 4 58 NA Dec-13 17.1 14.4 10.2 1.4 3.7 3.5 12.1 4.1 NA 22.6
Modernform Group MODERN TB NR 215 0.03 9.40 NA NA -1 9 -14 Dec-13 14.0 14.5 6.6 2.2 2.2 1.9 14.3 8.7 26.1 22.6
Officemate OFM TB NR 505 0.34 51.75 NA NA 0 75 -29 Dec-13 32.3 27.9 20.4 1.4 3.4 1.7 23.0 1.3 38.7 10.4
Robinson Dept. St. ROBINS TB IL 1,935 1.36 57.50 51.36 -11 10 20 -25 Dec-13 31.8 25.6 12.1 2.1 5.1 2.3 16.0 1.6 19.0 16.8
Siam Global House GLOBAL TB NR 1,283 1.92 13.80 NA NA 11 2 -38 Dec-13 38.3 28.7 27.8 1.0 3.5 2.3 22.8 0.8 9.5 9.5
Singer Thailand SINGER TB NR 169 0.40 20.50 NA NA 8 11 -26 Dec-13 15.4 13.1 14.9 0.9 3.4 1.6 11.8 2.5 22.2 25.4
Aggregate 26.6 22.1 12.9 1.7 25.6 5.0 -0.2 1.6
Consumer staples
Berli Jucker BJC TB NR 2,219 1.72 45.75 NA NA 2 -5 -25 Dec-13 30.4 26.8 5.6 4.8 4.1 1.6 15.2 1.8 13.6 14.4
Big C Super. BIGC TB NR 4,756 1.76 189.00 NA NA 3 3 -14 Dec-13 21.2 18.8 9.0 2.1 3.7 1.2 12.8 1.4 53.6 18.8
CP ALL CPALL TB UP 12,358 22.02 45.75 25.74 -44 5 9 5 Dec-13 27.6 21.5 34.6 0.6 11.7 1.1 17.2 2.2 13.4 46.2
DSG Int. DSGT TB NR 323 0.11 8.40 NA NA -4 15 7 Dec-13 29.0 26.3 -8.9 -2.9 5.7 1.3 15.3 1.4 NA 20.2
Ichitan Group ICHI TB NR 956 61.28 24.10 NA NA -4 NA NA Dec-13 27.7 22.7 NA NA 4.7 NA 22.6 1.7 23.9 25.1
Malee Sampran MALEE TB NR 172 0.38 40.25 NA NA 4 34 -28 Dec-13 12.5 9.0 49.1 0.2 NA 0.9 8.2 5.1 25.3 39.2
Minor Intl. MINT TB NR 3,039 6.14 24.90 NA NA -3 20 -9 Dec-13 22.4 19.0 12.1 1.6 3.6 2.6 14.9 1.6 23.3 16.9
MK Restaurants M TB OP 1,579 2.41 57.75 65.90 14 4 13 NA Dec-13 22.7 20.7 11.3 1.8 3.9 3.5 13.7 3.1 18.9 17.7
Oishi Group OISHI TB NR 529 0.09 92.50 NA NA -6 7 -36 Dec-13 28.9 21.5 33.1 0.6 4.8 1.3 11.9 1.9 NA 16.3
Premier Marketing PM TB NR 174 0.25 9.55 NA NA 2 31 -20 Dec-13 12.4 11.3 10.1 1.1 3.4 1.3 9.0 5.6 33.1 29.2
Siam Makro MAKRO TB NR 5,343 0.24 36.50 NA NA 8 26 -5 Dec-13 33.6 27.8 20.8 1.3 13.8 1.2 21.7 2.6 40.7 44.1
S.Khonkaen Food SORKON NR 58 0.04 78.00 NA NA 2 9 3 Dec-13 NA NA NA NA NA NA NA NA 31.0 NA
Tipco Foods TIPCO TB NR 113 0.92 7.70 NA NA 2 8 -36 Dec-13 NA NA NA NA NA NA NA NA 11.4 NA
Aggregate 26.0 21.6 16.6 1.3 26.0 1.3 15.5 2.1
Healthcare
Bangkok Chain Hosp. BCH TB NR 582 0.91 7.65 NA NA -1 26 -19 Dec-13 27.5 23.5 18.9 1.2 4.4 3.6 15.1 2.1 12.3 16.4
Bangkok Dusit Med. BGH TB NR 7,748 10.79 16.40 NA NA 6 40 -3 Dec-13 36.1 30.8 14.6 2.1 5.5 4.5 22.4 1.3 20.6 16.5
Bumrungrad Hosp BH TB NR 2,500 2.21 112.50 NA NA 0 28 33 Dec-13 31.6 27.1 9.6 2.8 7.8 6.2 18.6 1.7 19.0 27.0
Mega Lifesciences MEGA TB NR 575 2.78 21.80 NA NA 1 9 NA Dec-13 26.4 22.0 8.7 2.5 4.3 2.0 18.0 1.6 23.7 15.9
Vibhavadi Medical Center VIBHA TB NR 564 0.91 14.70 NA NA -3 59 -3 Dec-13 NA NA NA NA NA NA NA NA 28.7 NA
Aggregate 35.7 30.2 8.0 3.8 35.7 4.8 18.3 1.3
Industrials
Airports of Thailand AOT TB OP 8,036 32.60 183.50 211.00 15 -3 16 -1 Sep-13 22.8 16.0 19.7 0.8 2.7 6.9 13.8 1.5 10.5 12.1
BTS Group Hold. BTS TB NR 3,016 13.20 8.30 NA NA 3 -5 -3 Mar-14 40.7 37.2 -54.6 -0.7 1.6 12.1 22.3 6.3 29.5 11.1
Diamond Building Products DRT TB NR 198 0.20 6.20 NA NA 4 -22 -37 Dec-13 13.4 12.4 7.9 1.6 2.7 1.4 8.2 6.1 16.7 20.6
Dynasty Ceramic DCC TB NR 691 0.32 55.50 NA NA 4 14 -8 Dec-13 16.8 15.3 6.8 2.3 8.2 2.9 11.8 6.1 48.7 48.9
IRPC PCL IRPC TB IL 2,208 2.70 3.52 3.50 -1 -2 8 -8 Dec-13 22.3 18.8 91.5 0.2 0.9 0.3 11.4 0.6 4.9 4.2
Italian-Thai Dev. ITD TB NR 664 5.06 4.48 NA NA 22 15 -46 Dec-13 29.3 25.2 -6.7 -3.8 1.7 0.4 9.6 1.6 13.2 6.6
Thai Airways Intl. THAI TB UP NA 0.00 24.40 NA NA 12 4 -54 Dec-13 NA NA NA NA NA NA NA NA NA NA
Aggregate 24.3 18.8 -6.3 -3.0 24.3 1.2 13.1 2.7
Media
BEC World BEC TB IL 3,057 3.55 49.50 51.68 4 -3 -2 -24 Dec-13 17.5 15.8 6.7 2.3 10.1 5.1 9.4 5.2 57.5 60.4
GMM Grammy GRAMMY TB NR 293 0.03 15.10 NA NA -3 -20 -30 Dec-13 NA NA NA NA 6.5 0.8 NA 0.0 NA -60.1
Major Cineplex MAJOR TB OP 465 1.10 17.10 22.43 31 -3 -2 -29 Dec-13 15.8 13.7 18.3 0.7 2.5 1.8 8.2 5.4 12.9 15.7
MCOT Plc. MCOT TB NR 545 0.45 26.00 NA NA -2 -10 -47 Dec-13 12.4 11.6 0.5 24.6 2.2 3.0 5.8 7.4 21.2 18.9
Nation Multimedia NMG TB NR 132 1.42 1.31 NA NA 0 -2 -44 Dec-13 11.9 10.1 14.0 0.7 1.1 1.1 4.5 NA 12.8 9.9
RS PCL RS TB NR 260 1.22 8.50 NA NA 4 20 -21 Dec-13 17.0 18.1 3.8 4.8 4.8 1.8 9.5 4.2 57.1 29.1
VGI Global VGI TB NR 1,246 5.84 11.90 NA NA 5 21 -15 Mar-14 32.6 29.6 10.4 2.9 18.5 12.6 23.9 2.5 65.1 60.4
Workpoint Ent. WORK TB NR 200 0.55 24.60 NA NA -1 -7 -53 Dec-13 25.4 22.5 4.6 4.9 3.7 2.5 12.2 2.4 21.9 17.7
Aggregate 19.2 17.6 4.8 3.7 19.2 3.5 10.6 4.4
Resources
Sri Trang Agro STA TB IL 548 1.42 14.00 14.71 5 5 8 -8 Dec-13 9.1 7.1 17.7 0.4 0.9 0.2 10.9 3.3 10.5 9.8
Thai Union Frozen TUF TB OP 2,386 4.95 68.25 85.54 25 1 -5 12 Dec-13 9.4 NA NA NA 1.7 0.6 7.9 4.4 16.9 19.4
Thai Vegetable Oil TVO TB OP 538 0.73 22.40 29.53 32 3 21 7 Dec-13 7.3 7.7 0.7 11.1 2.1 0.5 5.7 8.3 36.5 31.2
Aggregate 8.6 23.3 -34.8 -0.7 8.6 0.4 8.0 4.9
Tech/Telecom
Jasmine Int. JAS TB NR 1,731 38.19 7.95 NA NA -1 19 -15 Dec-13 15.3 12.5 23.2 0.5 4.3 4.3 7.9 3.4 25.4 30.7
Thaicom PCL THCOM TB NR 1,279 3.67 38.25 NA NA -4 -6 0 Dec-13 24.8 19.4 38.3 0.5 2.5 4.5 9.4 1.9 19.0 10.5
Aggregate 17.9 14.5 24.3 0.6 17.9 4.4 8.8 2.7
Insurance
Thai Reinsurance THRE TB NR 349 0.57 3.26 NA NA 5 -14 -52 Dec-13 12.4 10.9 NA NA 3.4 2.0 10.6 0.0 NA 27.7
Share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Sources: Bloomberg, Companies, Standard Chartered Research estimates

Equity Research l Double in 3, Triple in 5

30 May 2014 21
Country focus The Philippines
Historical view
Figure 44: Historical PER band MSCI Philippines
Based on forward PER, the MSCI Philippines small-cap index
is trading at 0.98xSD above its historical seven-year average
Figure 45: Historical PBR band MSCI Philippines
Based on forward PBR, the MSCI Philippines smallcap index
is trading at 1.19xSD above the historical seven-year average




Source: MSCI Source: MSCI

Top and bottom performers
Figure 46: Top performers past week Figure 47: Bottom performers past week



Source: Bloomberg Source: Bloomberg

Figure 48: Top performers YTD Figure 49: Bottom performers YTD



Source: Bloomberg Source: Bloomberg
-50%
-40%
-30%
-20%
-10%
0%
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4
9
14
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Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
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Small Cap Mean +/- 1 SD
Large Cap Discount
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
0.5
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2.0
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3.5
Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14
P
B
R

Small Cap Mean +/- 1 SD
Large Cap Discount
7%
4%
3%
0%
0% 0%
0%
0% -1% -1%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
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-4% -5%
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-6%
-5%
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113%
81%
52%
46%
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34%
32% 31%
30% 29%
0%
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80%
100%
120%
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8% 8% 7% 7% 7%
-3%
-7% -7%
-8%
-43%
-50%
-40%
-30%
-20%
-10%
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20%
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Equity Research l Double in 3, Triple in 5

30 May 2014 22
Watch list
Figure 50: The Philippines watch list

Company name Ticker Rec
Mkt cap
(USD
mn)
6-
month
AD liq.
(USD
mn)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
Change
1W
%
Change
YTD
%
Change
12M FYE
PER
FY1E
(x)
PER
FY2E
(x)
EPS
CAGR
(FY0-
FY2E)
PEG
(x)
PBR
FY1E
(x)
Price to
sales
FY1E
(x)
EV/
EBITDA
FY1E
(x)
Div
yield
FY1E
(%)
ROCE
FY1E
(%)
RoE
FY1E
(%)
Consumer staples

Century Pacific Food CNPF PM NR 846 3.55 16.64 NA NA 2 NA NA Dec-13 NA NA NA NA NA NA NA NA NA NA
D&L Industries DNL PM NR 747 1.48 9.18 NA NA -1 46 11 Dec-13 20.3 17.5 16.0 1.1 3.9 2.7 15.3 1.6 21.3 18.0
Emperador EMP PM NR 3,952 2.24 11.56 NA NA 2 8 -39 Dec-13 25.1 21.5 1.7 12.5 5.7 3.8 15.2 2.2 30.5 22.9
JG Summit Holdings JGS PM NR 7,452 3.92 46.60 NA NA -9 21 -1 Dec-13 19.6 17.8 33.1 0.5 1.7 1.7 12.0 0.4 13.0 8.5
Jollibee Foods JFC PM NR 4,455 2.39 185.30 NA NA 0 7 24 Dec-13 37.0 32.0 14.1 2.3 8.0 2.2 18.7 1.3 37.1 21.9
Pancake House Inc. PCKH PM NR 189 0.02 32.00 NA NA -4 113 176 Dec-13 NA NA NA NA NA NA NA NA 46.2 NA
Pepsi-Cola Phil. PIP PM NR 408 0.35 4.85 NA NA 3 8 -21 Dec-13 15.8 14.3 19.0 0.7 2.2 0.7 6.4 2.5 19.5 14.8
Philippine Seven SEVN PM NR 956 0.03 91.55 NA NA -2 -7 16 Dec-13 NA NA NA NA NA NA NA NA 35.4 NA
Puregold Price Club PGOLD PM NR 2,610 3.25 41.40 NA NA -1 9 6 Dec-13 24.6 20.8 17.9 1.2 3.6 1.3 14.8 0.9 23.9 14.6
RFM Corp RFM PM NR 479 0.11 6.00 NA NA -3 8 7 Dec-13 21.8 19.7 10.7 1.8 2.8 1.7 12.8 1.2 11.1 13.3
Robinsons Retail RRHI PM NR 1,961 2.20 63.00 NA NA -5 14 NA Dec-13 24.1 20.0 -8.8 -2.3 2.2 0.5 9.8 0.7 16.2 9.5
Universal Robina URC PM OP 7,479 7.70 150.00 195.60 30 -2 34 19 Sep-13 27.7 24.3 21.2 1.1 6.0 3.5 18.1 2.4 24.9 22.5
Aggregate 26.3 23.1 18.6 1.2 26.3 2.2 14.3 1.3
Financials
COL Financial COL PM NR 164 0.02 15.40 NA NA 3 -6 -21 Dec-13 NA NA NA NA NA NA NA NA NA NA
Industrials
Cebu Air, Inc. CEB PM OP 747 0.23 54.15 65.00 20 -1 16 -33 Dec-13 12.9 8.6 29.2 0.3 1.5 0.7 7.7 1.4 6.6 7.1
EEI Corp EEI PM NR 242 0.28 10.26 NA NA -6 7 -33 Dec-13 10.7 9.8 8.9 1.1 1.6 0.8 9.6 1.6 22.5 16.2
Megawide Cons. MWIDE PM NR 483 0.29 12.84 NA NA 0 -8 -21 Dec-13 15.1 12.5 -4.5 -2.8 2.1 1.5 7.6 0.6 21.1 17.9
Concepcion Industrial Corp CIC PM NR 217 0.11 36.50 NA NA -6 49 NA Dec-13 16.2 13.7 -3.9 -3.5 NA 0.7 6.3 1.5 34.9 17.2
Phoenix Petroleum Philippines PNX PM NR 202 0.09 6.20 NA NA 2 38 -14 Dec-13 8.4 6.4 41.3 0.2 1.3 0.1 7.9 2.0 NA 16.1
Aggregate 12.6 9.6 21.0 0.5 12.6 0.6 7.3 1.3
Diversified
Alliance Global AGI PM NR 7,021 6.53 30.00 NA NA -1 16 20 Dec-13 17.0 14.8 9.3 1.6 2.6 2.3 10.9 1.6 11.9 15.2
Aggregate 16.9 14.7 8.5 1.7 16.9 2.3 10.1 1.6
Media
ABS-CBN Corp ABS PM NR 703 0.07 36.00 NA NA -4 11 -20 Dec-13 19.1 15.7 -7.8 -2.0 1.3 0.8 5.6 1.2 10.4 6.2
GMA Network GMA7 PM NR 585 0.12 7.64 NA NA -1 -7 -19 Dec-13 26.8 18.6 9.3 2.0 NA 3.0 9.5 3.4 19.2 15.7
Aggregate 18.7 14.3 0.3 50.3 18.7 1.2 6.6 2.2

Share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Sources: Bloomberg, Companies, Standard Chartered Research estimates





2
3

E
q
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i
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R
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a
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M
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2
0
1
4


Figure 51: Complete universe screens


6-month average volume traded is denoted by 6-month average volume; (2) deviation in price target from the current share price is denoted by +/-; (3) EPS for FY1 is calendarised to arrive at the PERs for all rated stocks; and (4) dividend yield is denoted by D/Y;
share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Sources: Bloomberg, Companies, Standard Chartered Research estimates

Company name Ticker Rec
Mkt cap
(USDm)
6-month
AD Liq.
(USDm)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
change
1W
%
change
YTD
%
change
12M FYE
PER
FY1E
PER
FY2E
EPS
CAGR
FY0-FY2E PEG
PBR
FY1E
PS
FY1E
EV/
EBITDA
FY1E
Div yield
FY1E
ROCE
FY1E
ROE
FY1E
Consumer discretionary
Ace Hardware ACES IJ OP 1,306 1.27 885 1,049 19 4 50 -1 Dec-13 24.3 20.0 24.5 0.8 6.3 3.2 17.1 0.8 34.8 29.0
Aeon Co. AEON MK NR 1,674 0.77 3.83 NA NA 1 9 -15 Dec-13 21.3 19.8 8.3 2.4 2.9 1.4 9.3 1.5 15.9 14.4
Asia Brands ABB MK NR 98 0.11 3.99 NA NA 2 0 17 Mar-14 9.7 8.3 10.9 0.8 1.4 0.6 NA 1.3 NA 15.9
Beauty Community BEAUTY TB NR 195 0.36 21.30 NA NA 4 5 -17 Dec-13 23.4 19.3 25.5 0.8 6.0 4.9 14.8 3.7 22.8 26.0
Bonia Corp BON MK NR 318 0.44 5.08 NA NA 2 35 131 Jun-13 16.7 14.1 32.5 0.4 2.9 1.5 8.7 1.2 20.0 18.5
Catur Sentosa Adiprana CSAP IJ NR 77 0.04 310 NA NA 13 72 35 Dec-13 NA NA NA NA NA NA NA NA 16.3 NA
Courts Asia Ltd COURTS SP NR 237 0.29 0.54 NA NA 3 -13 -49 Mar-14 9.6 8.2 12.9 0.6 1.0 0.3 8.0 3.0 29.6 10.2
DKSH Holdings Malaysia DKSH MK NR 400 1.31 8.16 NA NA 3 27 54 Dec-13 NA NA NA NA NA NA NA NA 21.4 NA
Electronic City ECII IJ NR 239 0.06 2,085 NA NA -9 -25 NA Dec-13 8.1 5.2 50.8 0.1 1.4 0.0 4.9 2.0 20.4 NA
Erajaya Swasembada ERAA IJ NR 334 1.93 1,340 NA NA 3 34 -61 Dec-13 10.2 9.1 10.7 0.9 1.2 0.0 7.8 3.2 23.7 13.4
Eu Yan Sang Intl. EYSAN SP OP 296 0.17 0.84 1.03 23 1 -3 14 Jun-13 17.5 15.8 15.8 1.0 2.3 1.0 9.9 3.1 12.3 13.4
Home Product Cen. HMPRO TB IL 2,682 5.20 9.15 9.28 1 5 12 -26 Dec-13 26.1 21.9 14.4 1.5 5.8 1.9 14.7 1.2 19.0 24.2
Hour Glass Ltd HG SP NR 339 0.13 1.81 NA NA 6 8 -2 Mar-14 NA NA NA NA NA NA NA NA 17.7 NA
Jubilee Enterprise JUBILE TB NR 133 0.05 25.00 NA NA 1 6 -14 Dec-13 17.8 14.9 19.7 0.8 6.3 2.6 12.6 3.6 36.9 36.2
Matahari Dept Store LPPF IJ OP 3,609 3.80 14,375 17,105 19 3 31 7 Dec-13 25.5 18.9 40.5 0.5 10.1 4.9 17.2 1.6 45.5 46.0
Mandom Indonesia TCID IJ NR 266 0.02 15,400 NA NA 3 29 34 Dec-13 17.2 14.3 16.2 0.9 NA NA NA NA 14.0 14.0
MC Group PCL MC TB NR 446 1.00 18.30 NA NA 4 58 NA Dec-13 17.1 14.4 10.2 1.4 3.7 3.5 12.1 4.1 NA 22.6
Mitra Adiperkasa MAPI IJ OP 743 1.12 5,200 6,206 19 -3 -5 -44 Dec-13 27.4 15.7 29.5 0.5 3.3 0.7 9.1 0.6 17.1 12.4
Modernform Group MODERN TB NR 215 0.03 9.40 NA NA -1 9 -14 Dec-13 14.0 14.5 6.6 2.2 2.2 1.9 14.3 8.7 26.1 22.6
Officemate OFM TB NR 505 0.34 51.75 NA NA 0 75 -29 Dec-13 32.3 27.9 20.4 1.4 3.4 1.7 23.0 1.3 38.7 10.4
OSIM Intl. OSIM SP OP 1,656 2.84 2.80 3.57 28 1 22 37 Dec-13 18.3 15.8 21.8 0.7 4.8 2.9 11.4 2.5 30.8 32.3
Padini Hldg. PAD MK NR 412 1.20 2.01 NA NA 0 11 -7 Jun-13 14.0 12.5 11.4 1.1 3.4 1.5 7.4 5.4 23.3 24.3
Parkson Hldg. PKS MK NR 859 1.50 2.61 NA NA -2 1 -26 Jun-13 17.3 15.4 -9.7 -1.6 1.0 0.8 4.3 3.4 12.2 5.5
Parkson Retail Asia PRA SP OP 485 0.07 0.90 1.28 42 -2 -7 -42 Jun-13 16.4 12.9 12.4 1.0 2.4 1.3 7.4 6.1 16.6 14.6
Ramayana Lestari RALS IJ IL 757 0.28 1,240 1,238 0 2 17 -16 Dec-13 17.8 15.0 22.7 0.7 2.5 1.4 10.4 2.8 15.1 14.5
Robinson Dept. St. ROBINS TB IL 1,952 1.38 57.50 51.36 -11 10 20 -25 Dec-13 32.1 25.8 11.6 2.2 5.2 2.3 16.2 1.6 19.0 16.8
Selamat Sempurna SMSM IJ NR 486 0.08 3,920 NA NA -10 14 62 Dec-13 18.0 15.4 9.0 1.7 6.2 0.0 10.5 3.0 32.2 35.7
Sepatu Bata BATA IJ NR 107 0.00 960 NA NA 4 -9 13 Dec-13 NA NA NA NA NA NA NA NA 11.9 NA
Siam Global House GLOBAL TB NR 1,283 1.92 13.80 NA NA 11 2 -38 Dec-13 38.3 28.7 27.8 1.0 3.5 2.3 22.8 0.8 9.5 9.5
Singer Thailand PCL SINGER TB NR 169 0.40 20.50 NA NA 8 11 -26 Dec-13 15.4 13.1 14.9 0.9 3.4 1.6 11.8 2.5 22.2 25.4
Trikomsel Oke TRIO IJ NR 508 0.00 1,240 NA NA 0 -4 -30 Dec-13 11.1 9.9 11.2 0.9 NA 0.0 NA NA 28.5 23.8
Trisula International TRIS IJ NR 35 0.23 390 NA NA 3 -3 -20 Dec-13 NA NA NA NA NA NA NA NA 19.3 NA
Aggregate Jan-00 21.9 17.9 7.4 2.4 3.8 1.6 9.2 1.9
Consumer Staples Jan-00
Berli Jucker BJC TB NR 2,218 1.72 45.75 NA NA 2 -5 -25 Dec-13 30.4 26.8 5.6 4.8 4.1 1.6 15.2 1.8 13.6 14.4
Berjaya Food BFD MK NR 124 0.14 1.45 NA NA -5 -10 -15 Apr-13 17.7 14.2 11.7 1.2 2.1 2.7 15.6 2.7 30.6 13.5
Big C Supercentre BIGC TB NR 4,753 1.76 189.00 NA NA 3 3 -14 Dec-13 21.2 18.8 9.0 2.1 3.7 1.2 12.8 1.4 53.6 18.8
Breadtalk Group BREAD SP NR 299 0.47 1.33 NA NA -2 48 37 Dec-13 23.8 19.9 17.8 1.1 NA 0.6 6.1 1.6 19.7 15.1
Carlsberg Brewery CAB MK NR 1,158 0.49 12.10 NA NA 0 -1 -25 Dec-13 19.4 18.3 5.0 3.7 13.3 2.3 13.7 5.1 72.3 68.0
Century Pacific Food CNPF PM NR 846 3.55 16.64 NA NA 2 NA NA Dec-13 NA NA NA NA NA NA NA NA NA NA
Cocoaland Holdings COLA MK NR 109 0.04 2.05 NA NA -5 -4 -18 Dec-13 17.1 15.8 0.6 27.1 1.6 1.4 9.5 3.3 10.9 9.8
CP ALL CPALL TB UP 12,564 22.00 45.75 25.74 -44 5 9 5 Dec-13 28.0 21.9 33.5 0.7 11.9 1.1 17.4 2.1 13.4 46.2
Del Monte Pacific DELM SP NR 610 0.89 0.59 NA NA 5 -3 -34 Dec-13 15.2 11.2 84.0 0.1 2.2 1.1 9.9 3.0 17.4 15.0
D&L Industries DNL PM NR 747 1.48 9.18 NA NA -1 46 11 Dec-13 20.3 17.5 16.0 1.1 3.9 2.7 15.3 1.6 21.3 18.0
DSG International DSGT TB NR 323 0.11 8.40 NA NA -4 15 7 Dec-13 29.0 26.3 -8.9 -2.9 5.7 1.3 15.3 1.4 NA 20.2
Emperador EMP PM NR 3,952 2.24 11.56 NA NA 2 8 -39 Dec-13 25.1 21.5 1.7 12.5 5.7 3.8 15.2 2.2 30.5 22.9
Fastfood Indon. FAST IJ NR 379 0.01 2,205 NA NA -2 16 -27 Dec-13 NA NA NA NA NA NA NA NA 25.2 NA
Food Empire Hldg. FEH SP NR 174 0.05 0.41 NA NA 1 -24 -39 Dec-13 NA NA NA NA NA NA NA NA 14.8 NA
Guiness Anchor GUIN MK NR 1,267 0.33 13.48 NA NA 0 -16 -35 Jun-13 21.1 19.9 -3.1 -6.4 10.8 2.5 14.2 4.5 43.2 51.5
Hero Supermarket HERO IJ NR 972 0.05 2,700 NA NA 5 11 -32 Dec-13 NA NA NA NA NA NA NA NA 12.1 NA
Hup Seng Industries HSI MK NR 286 0.29 1.15 NA NA -1 20 95 Dec-13 NA NA NA NA NA NA NA NA 21.0 NA
Indofood Sukses INDF IJ OP 5,139 6.12 6,800 8,521 25 0 3 -7 Dec-13 13.1 9.8 56.0 0.2 2.3 0.9 6.0 3.8 17.4 18.3
Ichitan Group ICHI TB NR 955 61.28 24 NA NA -4 NA NA Dec-13 27.7 22.7 NA NA 4.7 NA 22.6 1.7 23.9 25.1
JB Foods JBF SP NR 94 0.03 0.25 NA NA 0 -18 -44 Dec-13 NA NA NA NA NA NA NA NA 27.5 NA




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Figure 51: Complete universe screens (contd)


6-month average volume traded is denoted by 6-month average volume; (2) deviation in price target from the current share price is denoted by +/-; (3) EPS for FY1 is calendarised to arrive at the PERs for all rated stocks; and (4) dividend yield is denoted by D/Y;
share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Sources: Bloomberg, Companies, Standard Chartered Research estimates

Company name Ticker Rec
Mkt cap
(USDm)
6-month
AD Liq.
(USDm)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
change
1W
%
change
YTD
%
change
12M FYE
PER
FY1E
PER
FY2E
EPS
CAGR
FY0-FY2E PEG
PBR
FY1E
PS
FY1E
EV/
EBITDA
FY1E
Div yield
FY1E
ROCE
FY1E
ROE
FY1E
JG Summit Holdings JGS PM NR 7,453 3.92 46.60 NA NA -9 21 -1 Dec-13 19.6 17.8 33.1 0.5 1.7 1.7 12.0 0.4 13.0 8.5
Jollibee Foods JFC PM NR 4,456 2.39 185.30 NA NA 0 7 24 Dec-13 37.0 32.0 14.1 2.3 8.0 2.2 18.7 1.3 37.1 21.9
Malee Sampran MALEE TB NR 172 0.38 40 NA NA 4 34 -28 Dec-13 12.5 9.0 49.1 0.2 NA 0.9 8.2 5.1 25.3 39.2
Matahari Putra Prima MPPA IJ NR 1,326 8.12 2,865 NA NA 1 48 21 Dec-13 38.8 28.8 9.7 3.0 6.3 0.0 17.9 0.8 18.9 12.7
Mayora Indah MYOR IJ IL 2,219 0.11 28,825 27,895 -3 1 11 -7 Dec-13 22.9 18.8 30.8 0.6 5.1 1.8 13.4 1.0 19.8 24.1
Midi Utama MIDI IJ NR 127 0.00 510 NA NA 1 -4 -27 Dec-13 NA NA NA NA NA NA NA NA 26.9 NA
Minor Intl. MINT TB NR 3,037 6.14 24.90 NA NA -3 20 -9 Dec-13 22.4 19.0 12.1 1.6 3.6 2.6 14.9 1.6 23.3 16.9
Modern Intl. MDRN IJ NR 242 0.06 675 NA NA 5 -12 -32 Dec-13 45.9 30.4 23.7 1.3 2.6 0.0 13.1 0.4 10.2 6.1
MK Restaurants M TB OP 1,599 2.42 57.75 65.90 14 4 13 NA Dec-13 23.0 21.0 10.6 2.0 4.0 3.5 14.0 3.0 18.9 17.7
Nippon Indosari ROTI IJ IL 523 0.30 1,200 1,225 2 1 18 -32 Dec-13 4.6 3.7 186.2 0.0 1.2 2.8 4.4 5.5 16.7 29.2
NTPM Holdings NTPM MK NR 297 0.24 0.85 NA NA 1 13 63 Apr-13 15.2 14.7 14.9 1.0 2.8 1.8 9.7 3.5 15.7 17.3
Oishi Group OISHI TB NR 529 0.09 92.50 NA NA -6 7 -36 Dec-13 28.9 21.5 33.1 0.6 4.8 1.3 11.9 1.9 NA 16.3
Oldtown Bhd OTB MK NR 303 0.46 2.15 NA NA -1 3 -14 Dec-12 17.6 16.2 11.1 1.5 2.9 2.2 10.3 2.8 28.6 15.8
Pancake House Inc. PCKH PM NR 189 0.02 32.00 NA NA -4 113 176 Dec-13 NA NA NA NA NA NA NA NA 46.2 NA
Pepsi-Cola Products PIP PM NR 408 0.35 4.85 NA NA 3 8 -21 Dec-13 15.8 14.3 19.0 0.7 2.2 0.7 6.4 2.5 19.5 14.8
Petra Foods Ltd PETRA SP OP 1,908 0.80 3.92 4.00 2 -1 23 -6 Dec-13 28.0 24.5 14.6 1.7 5.8 3.5 15.4 0.8 31.6 21.9
Philippine Seven SEVN PM NR 957 0.03 91.55 NA NA -2 -7 16 Dec-13 NA NA NA NA NA NA NA NA 35.4 NA
Power Root PWRT MK NR 205 0.20 2.17 NA NA 1 10 10 Feb-14 NA NA NA NA NA NA NA NA 17.4 NA
Premier Marketing PCL PM TB NR 174 0.25 9.55 NA NA 2 31 -20 Dec-13 12.4 11.3 10.1 1.1 3.4 1.3 9.0 5.6 33.1 29.2
Puregold Price PGOLD PM NR 2,610 3.25 41.40 NA NA -1 9 6 Dec-13 24.6 20.8 17.9 1.2 3.6 1.3 14.8 0.9 23.9 14.6
RFM Corp RFM PM NR 479 0.11 6.00 NA NA -3 8 7 Dec-13 21.8 19.7 10.7 1.8 2.8 1.7 12.8 1.2 11.1 13.3
Robinsons Retail RRHI PM NR 1,961 2.20 63.00 NA NA -5 14 NA Dec-13 24.1 20.0 -8.8 -2.3 2.2 0.5 9.8 0.7 16.2 9.5
Sheng Siong SSG SP NR 684 0.35 0.62 NA NA 1 2 -6 Dec-13 19.4 18.2 10.0 1.8 5.4 1.2 12.6 4.7 21.7 28.4
S.Khonkaen Food SORKON NR 58 0.04 78.00 NA NA 2 9 3 Dec-13 NA NA NA NA NA NA NA NA 31.0 NA
Siam Makro MAKRO TB NR 5,341 0.24 36.50 NA NA 8 26 -5 Dec-13 33.6 27.8 20.8 1.3 13.8 1.2 21.7 2.6 40.7 44.1
Siantar Top STTP IJ NR 350 0.00 3,100 NA NA 3 100 65 Dec-13 NA NA NA NA NA NA NA NA 18.7 NA
Sumber Alfaria AMRT IJ NR 1,624 0.09 500 NA NA 2 11 -27 Dec-13 30.6 24.2 20.4 1.2 7.0 0.0 10.1 1.4 32.7 24.9
Super Group SUPER SP IL 1,315 2.26 1.48 2.09 41 3 -22 -38 Dec-13 18.0 15.8 13.1 1.2 3.2 2.7 12.6 2.8 20.7 18.7
Supra Boga Lestari RANC IJ NR 83 0.05 620 NA NA 0 -6 -40 Dec-13 19.8 16.5 29.2 0.6 2.3 0.0 10.6 1.0 11.3 12.0
Tiga Pilar Food AISA IJ NR 650 0.88 2,580 NA NA 11 80 76 Dec-13 18.4 14.3 30.4 0.5 3.2 0.0 9.6 0.6 18.0 16.9
Tipco Foods TIPCO TB NR 113 0.92 7.70 NA NA 2 8 -36 Dec-13 NA NA NA NA NA NA NA NA 11.4 NA
Ultrajaya ULTJ IJ NR 1,040 0.11 4,185 NA NA 0 -7 -8 Dec-13 24.5 18.9 40.4 0.5 NA 0.0 14.9 NA 19.1 NA
Universal Robina URC PM OP 7,459 7.65 150.00 195.60 30 -2 34 19 Sep-13 27.6 24.2 21.3 1.1 6.0 3.5 18.0 2.4 24.9 22.5
Wismilak Inti Makmur WIIM IJ NR 113 0.11 625 NA NA 0 -7 -37 Dec-13 9.4 8.6 7.3 1.2 1.5 0.0 6.1 3.0 19.0 17.3
Yeo Hiap Seng YHS SP NR 1,008 0.07 2.20 NA NA 0 -8 -21 Dec-13 NA NA NA NA NA NA NA NA 14.8 4.0
Aggregate 24.5 20.7 16.7 1.2 4.0 1.6 12.4 1.7
Financials
COL Financial COL PM NR 164 0.02 15.40 NA NA 3 -6 -21 Dec-13 NA NA NA NA NA NA NA NA NA NA
Diversified
Alliance Global AGI PM NR 7,022 6.53 30.00 NA NA -1 16 20 Dec-13 17.0 14.8 9.3 1.6 2.6 2.3 10.9 1.6 11.9 15.2
Berjaya Corp. BC MK NR 636 1.27 0.49 NA NA -1 -17 -21 Apr-13 NA NA NA NA NA NA NA NA 7.3 NA
Boustead Hldg. BOUS MK NR 1,706 0.55 5.30 NA NA -2 -6 -3 Dec-13 12.9 11.9 -2.0 -6.1 1.0 0.5 12.1 5.6 19.2 8.5
Aggregate 17.1 15.1 3.4 4.5 2.1 1.4 14.1 2.2
Healthcare
Bangkok Chain Hospital BCH TB NR 582 0.91 7.65 NA NA -1 26 -19 Dec-13 27.5 23.5 18.9 1.2 4.4 3.6 15.1 2.1 12.3 16.4
Bangkok Dusit Medical BGH TB NR 7,745 10.79 16.40 NA NA 6 40 -3 Dec-13 36.1 30.8 14.7 2.1 5.5 4.5 22.4 1.3 20.6 16.6
Biosensors Intl. BIG SP NR 1,292 3.57 0.96 NA NA -5 14 -18 Mar-14 23.1 20.6 24.7 0.8 1.1 3.9 12.1 0.9 NA 5.1
Bumrungrad Hospital BH TB NR 2,499 2.21 112.50 NA NA 0 28 33 Dec-13 31.6 27.1 9.6 2.8 7.8 6.2 18.6 1.7 19.0 27.0
Caring Pharmacy Group Caring MK NR 146 0.26 2.15 NA NA 1 9 NA May-13 21.5 17.2 NA NA 3.7 NA 11.4 1.6 NA 17.4
Hartalega Hldg. HART MK NR 1,384 1.26 5.95 NA NA 0 -18 7 Mar-14 18.0 18.1 2.3 7.9 4.9 3.9 11.8 2.5 32.9 28.8
IHH Healthcare IHH MK NR 10,590 5.15 4.17 NA NA -2 8 4 Dec-13 43.9 36.9 20.5 1.8 1.8 4.4 19.8 0.4 6.6 4.1
IHH Healthcare IHH SP NR 10,473 0.12 1.61 NA NA -1 7 -1 Dec-13 43.4 36.5 NA NA 1.8 NA 19.6 0.4 6.6 4.1
Karex KAREXMK NR 378 0.82 3.00 NA NA -4 8 NA Jun-13 23.6 16.9 -80.3 -0.2 6.0 0.0 18.1 0.9 24.1 27.9
Kalbe Farma Tbk KLBF IJ NR 6,515 6.89 1,615.00 NA NA -2 29 6 Dec-13 32.8 27.0 20.8 1.3 8.0 0.0 22.3 1.3 27.1 25.1
Kimia Farma Persero KAEF IJ NR 497 0.36 1,040 NA NA 14 76 9 Dec-13 24.4 19.4 17.9 1.1 3.2 0.0 16.1 0.7 14.1 13.1




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Figure 51: Complete universe screens (contd)


6-month average volume traded is denoted by 6-month average volume; (2) deviation in price target from the current share price is denoted by +/-; (3) EPS for FY1 is calendarised to arrive at the PERs for all rated stocks; and (4) dividend yield is denoted by D/Y;
share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Sources: Bloomberg, Companies, Standard Chartered Research estimates



Company name Ticker Rec
Mkt cap
(USDm)
6-month
AD Liq.
(USDm)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
change
1W
%
change
YTD
%
change
12M FYE
PER
FY1E
PER
FY2E
EPS
CAGR
FY0-FY2E PEG
PBR
FY1E
PS
FY1E
EV/
EBITDA
FY1E
Div yield
FY1E
ROCE
FY1E
ROE
FY1E
Kossan Rubber KRI MK NR 794 1.36 4 NA NA 2 -8 85 Dec-13 14.5 12.1 22.3 0.5 3.1 1.6 9.2 2.5 17.1 22.8
KPJ Healthcare KPJ MK OP 1,054 1.11 3.31 3.62 9 -1 -15 -21 Dec-13 31.7 27.7 8.8 3.1 3.0 1.3 17.5 1.6 7.6 9.8
Mega Lifesciences MEGA TB NR 575 2.78 21.80 NA NA 1 9 NA Dec-13 26.4 22.0 8.7 2.5 4.3 2.0 18.0 1.6 23.7 15.9
Pharmaniaga Bhd PHRM MK NR 373 0.23 4.63 NA NA -3 4 2 Dec-13 14.0 13.0 29.0 0.4 2.3 0.6 7.2 3.9 22.9 16.3
Siloam International SILO IJ OP 1,190 8.86 13,200 13,982 6 1 39 NA Dec-13 127.3 85.4 80.2 1.1 8.7 4.2 30.0 0.1 8.5 7.1
Sido Muncul SIDO IJ NR 1,065 2.12 825 NA NA 4 18 NA Dec-13 26.9 23.2 14.7 1.6 5.0 0.0 16.8 1.6 21.2 19.5
Supermax Corp SUCB MK NR 503 1.99 2.38 NA NA 1 -14 19 Dec-13 10.8 9.5 15.1 0.6 1.6 1.2 9.2 2.6 18.6 15.3
Tempo Scan TSPC IJ OP 1,094 0.22 2,825 3,878 37 3 -13 -38 Nov-13 18.2 15.2 14.7 1.0 3.0 1.6 11.2 3.0 19.5 17.3
Top Glove Corp TOPG MK NR 916 1.82 5 NA NA 1 -16 -22 Aug-13 14.6 13.5 5.0 2.7 2.0 1.2 8.6 3.4 15.3 14.3
Raffles Medical RFMD SP OP 1,628 1.05 3.67 4.16 13 3 18 9 Dec-13 27.8 24.9 13.3 1.9 3.9 5.4 20.0 1.6 16.4 15.5
Vibhavadi Medical Center VIBHA TB NR 564 0.91 14.70 NA NA -3 59 -3 Dec-13 NA NA NA NA NA NA NA NA 28.7 NA
Aggregate 33.1 28.1 13.8 2.0 2.7 3.5 16.1 1.1
Industrials
Adhi Karya ADHI IJ NR 495 6.53 3,190 NA NA 1 111 -15 Dec-13 13.0 10.1 18.3 0.6 3.1 0.0 5.5 1.9 20.4 24.5
AirAsia AIRA MK OP 2,207 6.15 2.56 2.90 13 0 16 -19 Dec-13 8.8 7.1 19.7 0.4 1.2 1.2 8.3 2.3 8.2 15.1
Astra Otoparts AUTO IJ NR 1,576 0.39 3,800 NA NA 3 4 -11 Dec-13 13.5 11.5 21.4 0.5 1.8 0.0 14.7 3.1 27.1 14.2
Airports of Thailand AOT TB OP 8,014 32.69 183.50 211.00 15 -3 16 -1 Sep-13 22.8 16.0 19.9 0.8 2.6 6.9 13.8 1.5 10.5 12.1
AKR Corporindo AKRA IJ OP 1,490 3.12 4,460 6,050 36 2 2 -17 Dec-13 17.4 13.0 29.3 0.4 2.8 0.6 7.0 2.3 20.6 34.5
Amtek Engineering AMTK SP OP 208 0.13 0.48 NA NA -1 23 18 Jun-13 NA NA NA NA NA NA NA NA NA NA
Arwana Citramulia ARNA IJ OP 626 0.33 990 983 -1 5 21 27 Dec-13 26.0 20.4 23.2 0.9 8.1 4.2 22.3 1.9 41.9 34.9
ASL Marine Hldg. ASL SP IL 230 0.08 0.69 NA NA -2 -4 -3 Jun-13 NA NA NA NA NA NA NA NA NA NA
Asia File Corp AF MK NR 254 0.13 6.96 NA NA -3 59 99 Mar-14 13.7 11.3 8.7 1.3 1.9 2.2 9.9 4.0 18.4 14.3
Berlina Tbk BRNA IJ NR 35 0.01 590 NA NA 3 30 2 Dec-13 NA NA NA NA NA NA NA NA 19.2 NA
Boustead Singapore BOCS SP OP 787 0.70 1.86 2.02 9 0 10 36 Mar-14 16.8 14.9 -12.2 -1.2 3.0 1.8 10.3 2.7 18.5 18.2
BTS Group BTS TB NR 3,015 13.20 8.30 NA NA 3 -5 -3 Mar-14 40.7 37.2 -54.6 -0.7 1.6 12.1 22.3 6.3 29.5 11.1
Cardig Aero Services CASS IJ NR 167 0.04 930 NA NA -1 13 12 Dec-13 15.2 11.1 26.2 0.4 NA 0.0 5.1 2.5 80.0 34.2
Cebu Air, Inc. CEB PM OP 748 0.23 54.15 65.00 20 -1 16 -33 Dec-13 12.9 8.6 29.2 0.3 1.5 0.7 7.7 1.4 6.6 7.1
China XLXFertiliser CXLXSP UP 307 0.13 0.39 0.28 -27 0 1 -8 Dec-13 6.2 6.3 50.1 0.1 0.9 0.4 5.8 3.8 10.4 14.9
Citra Marga Nusa CMNP IJ NR 678 0.17 3,580 NA NA 2 7 90 Dec-13 NA NA NA NA NA NA NA NA 31.0 NA
Concepcion Industrial CIC PM NR 217 0.11 37 NA NA -6 49 NA Dec-13 16.2 13.7 -3.9 -3.5 NA 0.7 6.3 1.5 34.9 17.2
CWT CWT SP OP 855 0.87 1.79 1.95 9 3 32 1 Dec-13 10.4 8.9 6.6 1.4 1.5 0.1 9.2 1.7 12.5 14.9
Diamond Building DRT TB NR 198 0.20 6.20 NA NA 4 -22 -37 Dec-13 13.4 12.4 7.9 1.6 2.7 1.4 8.2 6.1 16.7 20.6
Dynasty Ceramic DCC TB NR 690 0.32 55.50 NA NA 4 14 -8 Dec-13 16.8 15.3 6.8 2.3 8.2 2.9 11.8 6.1 48.7 48.9
EEI Corp EEI PM NR 242 0.28 10.26 NA NA -6 7 -33 Dec-13 10.7 9.8 8.9 1.1 1.6 0.8 9.6 1.6 22.5 16.2
Express Transindo TAXI IJ NR 244 1.71 1,320 NA NA 2 -10 -15 Dec-13 19.3 16.0 15.5 1.0 3.1 0.0 7.0 1.0 13.8 17.3
Ezion Holdings EZI SP OP 2,285 10.69 2.19 2.70 23 1 -1 8 Dec-13 10.8 9.0 28.2 0.3 1.9 4.0 10.5 0.0 12.6 21.7
Ezra Holdings EZRA SP IL 826 5.25 1.06 1.05 -1 1 -23 10 Aug-13 19.7 10.7 NA NA 0.7 0.5 12.6 0.0 4.8 5.2
Favelle Favco FFB MK NR 234 0.18 3.49 NA NA 0 11 36 Dec-13 10.3 9.4 8.2 1.2 NA 0.9 6.5 4.0 22.1 17.2
Goodpack GPACK SP OP 1,097 1.45 2.46 2.71 10 3 26 50 Jun-13 19.8 17.7 11.4 1.6 2.8 5.1 12.1 2.6 12.8 15.4
Hexindo Adiperkasa HEXA IJ NR 278 0.11 3,850 NA NA 1 19 -25 Mar-13 10.4 8.3 -29.3 -0.3 1.3 NA 9.0 8.8 33.2 14.8
Hi-P International HIP SP OP 449 0.34 0.68 1.00 48 5 -3 -32 Dec-13 6.0 NA NA NA 0.7 0.3 1.7 6.7 19.0 13.0
Hyflux Limited HYF SP IL 817 0.74 1.20 1.70 42 1 2 -11 Dec-13 10.5 NA NA NA 0.8 1.3 7.9 6.4 5.5 8.4
Indomobil Sukses IMAS IJ NR 1,166 0.09 4,900 NA NA 4 0 -7 Dec-13 14.8 11.7 47.4 0.2 2.1 0.0 17.6 1.1 NA 15.0
IRPC IRPC TB IL 2,171 2.71 3.52 3.50 -1 -2 8 -8 Dec-13 21.9 18.4 93.1 0.2 0.9 0.3 11.3 0.7 4.9 4.2
Italian-Thai Dev ITD TB NR 664 5.06 4.48 NA NA 22 15 -46 Dec-13 29.3 25.2 -6.7 -3.8 1.7 0.4 9.6 1.6 13.2 6.6
Jasa Marga Persero JSMR IJ NR 3,511 3.88 6,000 NA NA 0 27 -11 Dec-13 24.7 21.7 18.6 1.2 4.0 0.0 12.5 1.5 NA 16.3
KS Energy Services KST SP NR 188 0.03 0.45 NA NA 5 -9 11 Dec-13 NA NA NA NA NA NA NA NA 1.9 NA
Marco Polo Marine MPM SP NR 102 0.07 0.38 NA NA 6 -4 -5 Sep-13 8.3 6.0 -2.3 -2.6 NA 1.0 7.0 3.2 16.7 11.5
Megawide Construction MWIDE PM NR 483 0.29 12.84 NA NA 0 -8 -21 Dec-13 15.1 12.5 -4.5 -2.8 2.1 1.5 7.6 0.6 21.1 17.9
Midas Holdings MIDAS SP UP 441 1.75 0.46 0.36 -21 2 -11 -7 Dec-13 19.6 16.3 128.9 0.1 0.9 2.0 9.5 1.7 5.0 4.7
Mitra Pinasthika Mustika MPMXIJ NR 499 0.18 1,300 NA NA 6 2 -11 Dec-13 8.9 7.5 5.3 1.4 1.2 0.0 6.5 3.2 27.5 13.4
Muhibbah Engineering MUHI MK NR 367 1.19 2.79 NA NA 1 22 91 Dec-13 10.3 8.7 24.8 0.4 1.8 0.6 8.7 2.1 NA 18.6
Neptune Orient Lines NOL SP IL 2,024 2.10 0.99 1.00 2 1 -12 -11 Dec-13 nm 16.6 NA NA 1.0 0.2 17.7 -0.5 0.3 -2.9
Otto Marine OTML SP IL 177 2.50 0.07 0.05 -23 4 -25 -13 Dec-13 nm NA NA NA 0.5 0.4 375.6 0.0 0.3 -4.3
Pan-United Corp PAN SP NR 466 0.19 1.04 NA NA 6 8 3 Dec-13 12.2 11.4 6.7 1.7 2.0 0.7 6.3 4.3 13.8 16.8
PEC PEC SP NR 111 0.03 0.55 NA NA 1 -2 -9 Jun-13 NA NA NA NA NA NA NA NA 2.8 NA




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Figure 51: Complete universe screens (contd)


6-month average volume traded is denoted by 6-month average volume; (2) deviation in price target from the current share price is denoted by +/-; (3) EPS for FY1 is calendarised to arrive at the PERs for all rated stocks; and (4) dividend yield is denoted by D/Y;
share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Sources: Bloomberg, Companies, Standard Chartered Research estimates


Company name Ticker Rec
Mkt cap
(USDm)
6-month
AD Liq.
(USDm)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
change
1W
%
change
YTD
%
change
12M FYE
PER
FY1E
PER
FY2E
EPS
CAGR
FY0-FY2E PEG
PBR
FY1E
PS
FY1E
EV/
EBITDA
FY1E
Div yield
FY1E
ROCE
FY1E
ROE
FY1E
Phoenix Petroleum PNXPM NR 202 0.09 6.20 NA NA 2 38 -14 Dec-13 8.4 6.4 41.3 0.2 1.3 0.1 7.9 2.0 NA 16.1
Selamat Sempurna SMSM IJ NR 486 0.08 3,920 NA NA -10 14 62 Dec-13 18.0 15.4 9.0 1.7 6.2 0.0 10.5 3.0 32.2 35.7
Tat Hong Holdings TAT SP NR 429 0.40 0.86 NA NA 6 -5 -42 Mar-14 12.4 12.2 17.2 0.7 0.8 0.8 7.6 2.9 10.8 6.6
Thai Airways Intl. THAI TB UP 1,628 6.51 24.40 NA NA 12 4 -54 Dec-13 NA NA NA NA NA NA NA NA NA NA
Tiger Airways Hldg. TGR SP IL 354 0.43 0.45 0.41 -9 8 -12 -31 Mar-14 nm nm NA NA 1.5 0.6 nm 0.0 -8.3 -93.4
Total Bangun Persada TOTL IJ NR 247 0.92 840 NA NA 1 68 -42 Dec-13 14.7 12.3 9.3 1.3 3.4 0.0 9.5 3.9 29.5 26.2
World Precision Mach BWPM SP NR 113 0.01 0.36 NA NA -1 -4 -12 Dec-13 NA NA NA NA NA NA NA NA 7.2 NA
Aggregate 17.3 14.2 8.2 1.7 1.8 0.8 10.6 2.2
Media
ABS-CBN Corp ABS PM NR 703 0.07 36.00 NA NA -4 11 -20 Dec-13 19.1 15.7 -7.8 -2.0 1.3 0.8 5.6 1.2 10.4 6.2
Asia Media Group AMGB MK NR 28 0.11 0.09 NA NA 0 0 -40 Dec-13 NA NA NA NA NA NA NA NA 4.8 NA
Asiatravel.com Holdings AST SP NR 65 0.11 0.28 NA NA 6 33 41 Sep-13 NA NA NA NA NA NA NA NA NA NA
Astro Malaysia ASTRO MK NR 5,614 2.27 3.47 NA NA 2 16 11 Jan-14 39.4 31.8 12.6 2.5 29.9 3.8 12.6 2.2 22.9 81.6
BEC World BEC TB IL 3,027 3.54 49.50 51.68 4 -3 -2 -24 Dec-13 17.3 15.6 7.3 2.2 10.0 5.1 9.3 5.2 57.5 60.4
Dyandra Media DYAN IJ NR 79 0.03 215 NA NA 0 -9 -39 Dec-13 NA NA NA NA NA NA NA NA 9.1 14.9
Elang Mahkota Teknologi EMTK IJ NR 2,767 0.01 5,700 NA NA 0 3 -7 Dec-13 21.0 NA NA NA 4.6 0.0 10.4 1.0 21.4 23.9
First Media KBLV IJ NR 270 0.01 1,800 NA NA 11 210 140 Dec-13 NA NA NA NA NA NA NA NA 2.0 NA
Global Mediacom BMTR IJ IL 2,524 2.05 2,095 2,599 24 -4 10 -16 Dec-13 15.1 11.8 37.1 0.3 2.2 2.3 5.5 1.7 19.4 16.1
GMA Network GMA7 PM NR 585 0.12 7.64 NA NA -1 -7 -19 Dec-13 26.8 18.6 9.3 2.0 NA 3.0 9.5 3.4 19.2 15.7
GMM Grammy PCL GRAMMY TB NR 293 0.03 15.10 NA NA -3 -20 -30 Dec-13 NA NA NA NA 6.5 0.8 NA 0.0 NA -60.1
Intermedia Capital MDIA IJ NR 641 0.22 1,900 NA NA 2 NA NA Dec-13 NA NA NA NA NA NA NA NA 6.0 NA
Jobstreet Corp JOBS MK NR 486 0.76 2.42 NA NA -1 -2 32 Dec-13 22.0 18.6 15.6 1.2 NA NA NA NA 75.5 29.7
Kingsmen Creatives KMEN SP NR 144 0.03 0.93 NA NA -1 0 -3 Dec-13 9.3 8.5 9.3 0.9 NA 0.6 5.8 4.3 26.5 20.8
Mahaka Media ABBA IJ NR 19 0.01 80 NA NA -4 -20 -10 Dec-13 NA NA NA NA NA NA NA NA 23.9 NA
Major Cineplex MAJOR TB OP 465 1.12 17.10 22.43 31 -3 -2 -29 Dec-13 15.8 13.7 18.3 0.7 2.5 1.8 8.2 5.4 12.9 15.7
MCOT Plc. MCOT TB NR 545 0.45 26.00 NA NA -2 -10 -47 Dec-13 12.4 11.6 0.5 24.6 2.2 3.0 5.8 7.4 21.2 18.9
Media Nusantara MNCN IJ OP 3,279 2.58 2,720 3,185 17 4 4 -16 Dec-13 16.5 13.7 20.7 0.7 3.8 4.5 11.6 3.2 33.1 27.0
Media Prima MPR MK NR 870 0.95 2.53 NA NA 3 -3 -17 Dec-13 12.5 11.6 5.7 2.0 1.6 1.6 6.0 5.9 15.7 13.7
MNC Sky Vision MSKY IJ OP 1,274 0.16 2,095 3,039 45 0 5 -26 Dec-13 26.5 18.7 104.8 0.2 5.9 3.7 9.3 1.3 16.8 24.0
Nation Multimedia Group NMG TB NR 132 1.42 1.31 NA NA 0 -2 -44 Dec-13 11.9 10.1 14.0 0.7 1.1 1.1 4.5 NA 12.8 9.9
RS PCL RS TB NR 260 1.22 8.50 NA NA 4 20 -21 Dec-13 17.0 18.1 3.8 4.8 4.8 1.8 9.5 4.2 57.1 29.1
Star Publication STAR MK NR 586 0.52 2.55 NA NA 3 16 -1 Dec-13 13.6 12.3 3.7 3.4 1.6 1.8 6.8 6.0 19.7 11.1
Surya Citra Media SCMA IJ OP 3,989 1.87 3,170 3,961 25 1 21 6 Dec-13 27.3 22.2 26.7 0.8 12.2 10.3 18.8 2.6 58.7 52.0
VGI Global VGI TB NR 1,245 5.84 11.90 NA NA 5 21 -15 Mar-14 32.6 29.6 10.4 2.9 18.5 12.6 23.9 2.5 65.1 60.4
Visi Media Asia VIVA IJ NR 384 0.43 271 NA NA -1 -1 -44 Dec-13 NA NA NA NA NA NA NA NA 8.3 NA
Workpoint Ent. WORK TB NR 200 0.55 24.60 NA NA -1 -7 -53 Dec-13 25.4 22.5 4.6 4.9 3.7 2.5 12.2 2.4 21.9 17.7
Aggregate 22.0 20.7 7.2 2.9 22.0 3.5 6.5 2.7
Property
ARA Asset Mngmt. ARA SP OP 1,185 0.46 1.76 2.10 19 -2 -5 -9 Dec-13 16.9 9.7 43.2 0.2 4.6 9.6 15.2 3.0 28.2 29.5
Kawasan Industry KIJA IJ NR 433 1.14 250 NA NA 1 30 -38 Dec-13 7.5 7.3 162.0 0.0 1.1 0.0 5.1 4.8 7.9 12.7
Lippo Karawaci LPKR IJ NR 2,175 8.35 1,095 NA NA 0 20 -35 Dec-13 15.2 15.1 15.9 0.9 1.9 0.0 9.7 1.4 6.6 13.3
Pakuwon Jati PWON IJ NR 1,538 1.59 371 NA NA -2 37 -11 Dec-13 12.1 9.5 28.7 0.3 3.4 0.0 8.9 1.6 68.2 32.0
Second Chance SCE SP NR 243 0.10 0.45 NA NA 0 -2 2 Aug-13 NA NA NA NA NA NA NA NA 11.2 NA
Surya Semesta SSIA IJ NR 292 1.78 720 NA NA 3 29 -54 Dec-13 5.0 4.4 5.2 0.9 1.2 0.0 2.9 4.0 33.7 26.5
Yoma Strategic Holdings YOMA SP NR 747 2.74 0.81 NA NA 13 8 -5 Mar-14 73.6 57.9 0.0 NA 2.5 9.9 41.1 0.6 7.5 3.7
Aggregate 14.3 11.6 16.5 0.7 2.4 3.2 9.8 2.1
Resources
Astra Agro Lestari AALI IJ IL 3,768 3.42 27,800 27,242 -2 1 11 46 Dec-13 15.1 13.6 23.0 0.6 3.7 2.8 9.9 3.4 33.2 27.6
Bisi International BISI IJ NR 152 0.10 590 NA NA 1 5 -24 Dec-13 NA NA NA NA NA NA NA NA 8.9 NA
BW Plantation BWPT IJ OP 468 2.65 1,345 1,514 13 4 1 25 Dec-13 15.8 9.3 84.2 0.1 2.4 3.5 12.1 1.3 9.9 15.6




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Figure 51: Complete universe screens (contd)


6-month average volume traded is denoted by 6-month average volume; (2) deviation in price target from the current share price is denoted by +/-; (3) EPS for FY1 is calendarised to arrive at the PERs for all rated stocks; and (4) dividend yield is denoted by D/Y;
share prices as of 29 May 2014; Bloomberg estimates for NR stocks.
Sources: Bloomberg, Companies, Standard Chartered Research estimates

Company name Ticker Rec
Mkt cap
(USDm)
6-month
AD Liq.
(USDm)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
change
1W
%
change
YTD
%
change
12M FYE
PER
FY1E
PER
FY2E
EPS
CAGR
FY0-FY2E PEG
PBR
FY1E
PS
FY1E
EV/
EBITDA
FY1E
Div yield
FY1E
ROCE
FY1E
ROE
FY1E
Charoen Pokphand CPIN IJ IL 5,638 2.97 3,995 3,317 -17 4 18 -20 Dec-13 15.6 NA NA NA 4.8 2.3 11.2 1.9 39.3 34.3
Chemoil Energy Ltd CHEME SP NR 522 0.33 0.40 NA NA NA 38 13 Dec-13 NA NA NA NA NA NA NA NA NA NA
First Resources Ltd FR SP OP 3,154 4.30 2.50 2.67 7 0 18 32 Dec-13 12.3 10.9 14.4 0.8 2.6 3.8 8.5 2.0 19.3 22.8
Genting Plantations GENP MK UP 2,675 1.03 11.36 9.37 -18 0 3 31 Dec-13 23.0 18.5 36.9 0.5 2.4 5.4 16.3 5.2 10.0 10.8
GMG Global GGL SP IL 647 1.02 0.11 NA NA 7 -12 -23 Dec-13 NA NA NA NA NA NA NA 0.0 0.0 0.0
Indofood Agri Res. IFAR SP OP 1,134 1.37 1.01 1.23 22 -3 14 -3 Dec-13 11.4 8.8 -98.3 -0.1 0.9 0.1 4.8 1.3 9.3 7.9
Indofood CBP Sukses ICBP IJ OP 5,157 3.24 10,275 12,300 20 3 1 -19 Dec-13 17.9 14.8 17.6 0.8 4.0 2.0 11.7 2.1 25.7 23.8
Japfa Comfeed JPFA IJ UP 1,262 0.64 1,375 1,632 19 10 13 -29 Dec-13 8.7 7.1 17.1 0.4 2.1 0.6 6.0 2.3 23.2 26.6
London Sumatra Indo. LSIP IJ UP 1,392 6.66 2,370 2,071 -13 7 23 24 Dec-13 15.9 13.5 24.6 0.6 2.2 3.3 9.4 2.5 16.8 14.6
Pacific Andes Int. 1174 HK IL 177 0.14 0.29 0.47 62 0 -6 -18 Sep-13 3.0 NA NA NA 0.2 0.1 4.2 8.4 10.3 6.4
Petronas Dagangan PETD MK NR 7,761 5.00 25.10 NA NA 7 -20 1 Dec-13 28.5 23.7 13.8 1.7 4.9 0.7 15.8 2.6 17.8 18.1
QL Resouces QLG MK NR 1,255 0.58 3.23 NA NA 2 14 44 Mar-14 23.8 20.4 7.0 2.9 3.5 1.6 16.1 1.1 14.4 14.9
Sarawak Oil Palms SOP MK NR 900 0.36 6.59 NA NA -4 1 17 Dec-13 16.7 12.8 52.2 0.2 NA 1.2 8.6 0.6 13.4 12.6
Sino Grandness SFGI SP NR 321 1.23 0.69 NA NA 5 -6 -10 Dec-13 4.1 3.5 17.9 0.2 1.0 0.7 3.3 1.5 32.4 28.8
Sri Trang Agro STA TB IL 548 1.42 14.00 14.71 5 5 8 -8 Dec-13 9.1 7.1 17.7 0.4 0.9 0.2 10.9 3.3 10.5 9.8
Sri-Trang Agro Ind. STA SP IL NA 0.00 0.55 0.56 3 4 7 -13 Dec-13 0.4 0.3 502.3 0.0 0.0 0.2 6.1 84.3 10.3 9.9
TDM Bhd TDM MK NR 445 0.87 0.97 NA NA -2 2 22 Dec-13 13.2 11.2 67.6 0.2 NA 3.5 9.5 2.9 13.1 7.1
Thai Union Frozen TUF TB OP 2,394 4.94 68.25 85.54 25 1 -5 12 Dec-13 9.4 NA NA NA 1.7 0.6 7.9 4.4 16.9 19.4
TH Plantations THP MK NR 574 0.22 2.09 NA NA -3 11 11 Dec-13 22.0 18.7 25.0 0.7 1.5 3.2 13.8 2.2 14.6 5.8
Thai Vegetable Oil TVO TB OP 538 0.73 22.40 29.53 32 3 21 7 Dec-13 7.3 7.7 0.7 11.1 2.1 0.5 5.7 8.3 36.5 31.2
TSH Resources TSH MK NR 966 0.77 3.46 NA NA 1 15 50 Dec-13 19.9 17.4 5.5 3.2 2.5 2.4 14.8 1.0 17.5 13.3
United Plantations UPL MK UP 1,771 0.26 27.42 21.28 -22 -2 7 2 Dec-13 20.7 17.0 15.5 1.1 2.5 5.5 12.2 3.7 14.7 12.4
Aggregate 15.4 16.5 1.8 9.0 15.4 1.1 6.8 2.7
Tech/Telecom
Jasmine International JAS TB NR 1,730 38.19 7.95 NA NA -1 19 -15 Dec-13 15.3 12.5 23.2 0.5 4.3 4.3 7.9 3.4 25.4 30.7
M1 M1 SP OP 2,625 1.94 3.53 4.00 13 1 10 14 Dec-13 19.6 18.6 4.5 4.2 7.4 3.2 10.6 4.3 27.1 39.8
Silverlake Axis SILV SP NR 1,790 1.23 1.00 NA NA 9 14 28 Jun-13 23.7 20.8 15.3 1.4 11.5 10.8 20.4 3.2 62.5 39.3
Sarana Menara TOWR IJ NR 3,425 0.07 3,900 NA NA 3 42 53 Dec-13 33.0 28.2 189.5 0.1 8.6 0.0 15.2 0.7 5.2 26.7
Solusi Tunas SUPR IJ NR 571 0.01 8,350 NA NA -1 2 20 Dec-13 20.6 16.2 42.8 0.4 2.4 0.0 9.3 NA 55.7 12.8
Thaicom PCL THCOM TB NR 1,278 3.67 38.25 NA NA -4 -6 0 Dec-13 24.8 19.4 38.3 0.5 2.5 4.5 9.4 1.9 19.0 10.5
Tower Bersama TBIG IJ NR 3,014 1.27 7,300 NA NA 6 26 27 Dec-13 23.8 19.0 21.6 0.9 6.0 0.0 14.3 1.1 NA 28.0
Venture Corp VMS SP IL 1,749 2.51 7.68 7.15 -7 2 -5 0 Dec-13 13.7 12.9 10.4 1.2 1.2 0.8 9.3 6.5 8.3 8.5
Aggregate 16.7 14.7 25.9 0.6 16.7 2.8 8.4 3.3
Insurance
Thai Reinsurance THRE TB NR 349 0.57 3.26 NA NA 5 -14 -52 Dec-13 12.4 10.9 NA NA 3.4 2.0 10.6 0.0 NA 27.7
Aggregate 12.4 10.9 NA NA 3.4 2.0 10.6 0.0




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ASEAN emerging companies: Coverage universe valuation table
Figure 52: Valuations for our coverage universe


(1) 6-month average volume traded is denoted by 6-month average volume; (2) deviation in price target from the current share price is denoted by +/-; (3) EPS for FY1 is calendarised to arrive at PER for all rated stocks; and (4) dividend yield is denoted by D/Y;
share prices as of 29 May 2014.
*EPS versus consensus compares the upside or (downside) of Standard Chartered estimates to Bloomberg estimates.
Sources: Bloomberg, Companies, Standard Chartered Research estimates
Company name Ticker Rec
Mkt cap
(USDm)
6-month
AD Liq.
(USDm)
Share
price
(LCY)
Price
target
(LCY)
"+/-"
(%)
%
change
1W
%
change
YTD
%
change
12M FYE
PER
FY1E
PER
FY2E PEG
PBR
FY1E
PS
FY1E
EV/
EBITDA
FY1E
Div yield
FY1E
ROCE
FY1E
ROE
FY1E
Our EPS
vs.
Consens
us* FY1E
(%)
Our EPS
vs.
Consens
us* FY2E
(%)
Consumer discretionary
Ace Hardware ACES IJ OP 1,306 1.26 885 1,049 19 4 50 -1 Dec-13 24.3 20.0 0.8 6.3 3.2 17.1 0.8 34.8 29.0 12.6 15.8
Eu Yan Sang Intl. EYSAN SP OP 296 0.17 0.84 1.03 23 1 -3 14 Jun-13 17.5 15.8 1.0 2.3 1.0 9.9 3.1 12.3 13.4 9.0 13.2
Home Product Center HMPROTB IL 2,667 5.13 9.15 9.28 1 5 12 -26 Dec-13 25.9 21.7 1.5 5.8 1.9 14.6 1.2 19.0 24.2 7.9 9.0
Matahari Dept Store LPPF IJ OP 3,609 3.77 14,375 17,105 19 3 31 7 Dec-13 25.5 18.9 0.5 10.1 4.9 17.2 1.6 45.5 46.0 2.6 7.5
Mitra Adiperkasa MAPI IJ OP 743 1.11 5,200 6,206 19 -3 -5 -44 Dec-13 27.4 15.7 0.5 3.3 0.7 9.1 0.6 17.1 12.4 -16.9 6.5
OSIMIntl. OSIMSP OP 1,638 2.85 2.80 3.57 28 1 22 37 Dec-13 18.1 15.6 0.7 4.8 2.9 11.3 2.5 30.8 32.3 -0.7 -1.0
Parkson Retail Asia PRA SP OP 485 0.07 0.90 1.28 42 -2 -7 -42 Jun-13 16.4 12.9 1.0 2.4 1.3 7.4 6.1 16.6 14.6 -0.2 4.5
Ramayana Lestari RALS IJ IL 757 0.28 1,240 1,238 0 2 17 -16 Dec-13 17.8 15.0 0.7 2.5 1.4 10.4 2.8 15.1 14.5 7.0 11.8
Robinson Dept. St. ROBINS TB IL 1,935 1.36 57.50 51.36 -11 10 20 -25 Dec-13 31.8 25.6 2.1 5.1 2.3 16.0 1.6 19.0 16.8 -9.3 -6.9
Consumer staples
Mayora Indah MYOR IJ IL 2,219 0.11 28,825 27,895 -3 1 11 -7 Dec-13 22.9 18.8 0.6 5.1 1.8 13.4 1.0 19.8 24.1 5.0 5.7
MK Restaurants MTB OP 1,579 2.41 58 66 14 4 13 NA Dec-13 22.7 20.7 1.8 3.9 3.5 13.7 3.1 18.9 17.7 -0.9 -5.5
Super Group SUPER SP IL 1,328 2.27 1.48 2.09 41 3 -22 -38 Dec-13 18.2 16.0 1.3 3.3 2.7 12.7 2.7 20.7 18.7 8.0 11.3
Universal Robina URC PM OP 7,479 7.70 150.00 195.60 30 -2 34 19 Sep-13 27.7 24.3 1.1 6.0 3.5 18.1 2.4 24.9 22.5 3.9 2.1
Healthcare
KPJ Healthcare KPJ MK OP 1,051 1.13 3.31 3.62 9 -1 -15 -21 Dec-13 31.6 27.6 3.1 3.0 1.3 17.4 1.6 7.6 9.8 -5.0 -3.7
Raffles Medical RFMD SP OP 1,632 1.05 3.67 4.16 13 3 18 9 Dec-13 27.9 24.9 1.9 4.0 5.4 20.1 1.6 16.4 15.5 3.2 0.4
SiloamInt. Hospitals SILOIJ OP 1,190 8.80 13,200 13,982 6 1 39 NA Dec-13 127.3 85.4 1.1 8.7 4.2 30.0 0.1 8.5 7.1 -1.7 -0.9
Tempo Scan Pacific TSPC IJ OP 1,094 0.22 2,825 3,878 37 3 -13 -38 Nov-13 18.2 15.2 1.0 3.0 1.6 11.2 3.0 19.5 17.3 0.0 0.0
Industrials
AKR Corporindo AKRA IJ OP 1,490 3.11 4,460 6,050 36 2 2 -17 Dec-13 17.4 13.0 0.4 2.8 0.6 7.0 2.3 20.6 34.5 17.0 26.3
Arwana Citramulia ARNA IJ OP 626 0.32 990 983 -1 5 21 27 Dec-13 26.0 20.4 0.9 8.1 4.2 22.3 1.9 41.9 34.9 -6.8 -3.6
Boustead Singapore BOCS SP OP 783 0.70 1.86 2.02 9 0 10 36 Mar-14 16.7 14.9 -1.2 3.0 1.8 10.2 2.7 18.5 18.2 -6.0 -1.2
CWT CWT SP OP 855 0.87 1.79 1.95 9 3 32 1 Dec-13 10.4 8.9 1.4 1.5 0.1 9.2 1.7 12.5 14.9 -14.0 -10.1
Goodpack GPACK SP OP 1,088 1.46 2.46 2.71 10 3 26 50 Jun-13 19.6 17.6 1.5 2.8 5.1 12.0 2.6 12.8 15.4 -5.2 -4.2
Media
BEC World BEC TB IL 3,057 3.55 49.50 51.68 4 -3 -2 -24 Dec-13 17.5 15.8 2.3 10.1 5.1 9.4 5.2 57.5 60.4 7.7 9.4
Global Mediacom BMTR IJ IL 2,524 2.05 2,095 2,599 24 -4 10 -16 Dec-13 15.1 11.8 0.3 2.2 2.3 5.5 1.7 19.4 16.1 19.9 17.4
Major Cineplex MAJOR TB OP 465 1.10 17.10 22.43 31 -3 -2 -29 Dec-13 15.8 13.7 0.7 2.5 1.8 8.2 5.4 12.9 15.7 3.9 5.3
Media Nusantara MNCN IJ OP 3,279 2.59 2,720 3,185 17 4 4 -16 Dec-13 16.5 13.7 0.7 3.8 4.5 11.6 3.2 33.1 27.0 10.4 12.4
MNC Sky Vision MSKY IJ OP 1,274 0.16 2,095 3,039 45 0 5 -26 Dec-13 26.5 18.7 0.2 5.9 3.7 9.3 1.3 16.8 24.0 79.7 45.6
Surya Citra Media SCMA IJ OP 3,989 1.89 3,170 3,961 25 1 21 6 Dec-13 27.3 22.2 0.8 12.2 10.3 18.8 2.6 58.7 52.0 0.8 1.1
Resources
Sri Trang Agro STA TB IL 548 1.42 14.00 14.71 5 5 8 -8 Dec-13 9.1 7.1 0.4 0.9 0.2 10.9 3.3 10.5 9.8 50.9 64.0




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ASEAN emerging companies: Coverage universe financials table
Figure 53: Financials of our coverage universe


(1) 6-month average volume traded is denoted by 6-month average volume; (2) deviation in price target from the current share price is denoted by +/-; (3) EPS for FY1 is calendarised to arrive at the PERs for all rated stocks; and (4) dividend yield is denoted by
D/Y; share prices as of 29 May 2014.
Sources: Bloomberg, Companies, Standard Chartered Research estimates



Company name Ticker LCY
Sales
FY0
Sales
FY1E
Sales
FY2E
Net
Profit
FY0
Net
Profit
FY1E
Net
Profit
FY2E
EPS
FY0
EPS
FY1E
EPS
FY2E
Sales
growth
FY1E
(%)
Sales
growth
FY2E
(%)
EPS
growth
FY1E
(%)
EPS
growth
FY2E
(%)
EPS
CAGR
FY0 -
FY2E (%)
Gross
margins
FY1E
(%)
Net
margins
FY1E
(%)
Net
gearing
FY1E
(%)
Operating
cashflow
FY1E
Investing
cashflow
FY1E
Financing
cashflow
FY1E
Consumer discretionary
Ace Hardware ACES IJ IDR 3,895 4,682 5,548 490 625 760 29 36 44 20 18 27 22 24 50 13 -13 633 -119 -125
Eu Yan Sang Intl. EYSAN SP SGD 342 371 399 18 21 24 0.04 0.05 0.05 8 8 21 11 16 51 6 37 31 -27 90
Home Product Center HMPROTB THB 40,112 46,466 55,517 3,068 3,364 4,015 0.32 0.35 0.42 16 19 10 19 14 27 7 35 6,508 -6,815 1,557
Matahari Dept Store LPPF IJ IDR 6,754 8,510 10,479 1,125 1,646 2,221 386 564 762 26 23 46 35 41 62 19 -10 2,741 -434 -1,660
Mitra Adiperkasa MAPI IJ IDR 9,734 11,707 13,690 328 315 550 197 190 331 20 17 -4 74 30 48 3 97 645 -548 240
OSIMIntl. OSIMSP SGD 648 761 863 94 118 139 0.12 0.15 0.18 17 13 28 16 22 70 15 -54 156 -38 -51
Parkson Retail Asia PRA SP SGD 446 480 528 38 37 47 0.06 0.05 0.07 8 10 -1 27 12 60 8 -51 76 -53 -37
Ramayana Lestari RALS IJ IDR 6,109 6,418 6,828 466 494 588 66 70 83 5 6 6 19 12 38 8 -33 815 -425 -247
Robinson Dept. St. ROBINS TB THB 25,563 28,165 32,100 1,986 1,990 2,474 1.79 1.79 2.23 10 14 0 24 12 29 7 8 5,186 -5,813 500
Consumer staples
Mayora Indah MYOR IJ IDR 12,403 14,511 16,978 803 963 1,177 898 1,077 1,316 17 17 20 22 21 23 7 46 1,361 -781 -212
MK Restaurants MTB THB 13,969 14,799 16,376 2,039 2,278 2,493 2.25 2.51 2.75 6 11 12 9 11 67 15 -73 3,142 -838 -1,595
Super Group SUPER SP SGD 557 616 691 82 92 104 0.07 0.08 0.09 11 12 12 14 13 37 15 -26 103 -24 -46
Universal Robina URC PM PHP 80,995 93,357 107,659 9,179 11,863 13,517 4.21 5.44 6.20 15 15 29 14 21 28 13 -16 16,535 -8,300 -7,737
Healthcare
KPJ Healthcare KPJ MK MYR 2,332 2,589 2,875 103 110 126 0.10 0.10 0.12 11 11 4 14 9 31 4 74 197 -322 246
Raffles Medical RFMD SP SGD 341 381 428 64 74 82 0.11 0.13 0.15 12 12 15 12 13 82 19 -10 97 -260 67
SiloamInt. Hospitals SILOIJ IDR 2,504 3,638 5,241 50 120 179 47.62 103.68 154.61 45 44 118 49 80 27 3 15 512 -829 288
Tempo Scan Pacific TSPC IJ IDR 6,855 7,749 8,877 635 697 835 141.03 154.97 185.64 13 15 10 20 15 41 9 -37 877 -477 -349
Industrials
AKR Corporindo AKRA IJ IDR 25,157 28,383 34,823 797 992 1,332 205 256 343 13 23 25 34 29 10 3 21 2,321 -943 -316
Arwana Citramulia ARNA IJ IDR 1,418 1,711 2,037 235 279 357 32 38 49 21 19 19 28 23 33 16 -10 381 -88 -97
Boustead Singapore BOCS SP SGD 513 529 540 81 58 66 0.16 0.11 0.12 3 2 -31 12 -12 35 11 -65 77 -6 -27
CWT CWT SP SGD 6,052 7,381 9,036 89 103 120 0.15 0.17 0.20 22 22 16 17 16 5 1 62 -12 -53 -38
Goodpack GPACK SP SGD 191 215 245 48 54 62 0.09 0.10 0.11 12 14 7 16 12 54 25 25 75 -69 -22
Media
BEC World BEC TB THB 16,869 19,316 22,162 5,508 5,723 6,338 2.75 2.86 3.17 15 15 4 11 7 51 30 -39 10,053 -4,204 -4,957
Global Mediacom BMTR IJ IDR 10,440 12,625 14,770 1,331 1,951 2,501 95 139 178 21 17 47 28 37 47 15 -11 4,133 -1,460 496
Major Cineplex MAJOR TB THB 7,711 8,330 9,133 794 966 1,111 0.89 1.09 1.25 8 10 22 15 18 36 12 69 2,143 -980 -888
Media Nusantara MNCN IJ IDR 7,261 8,458 9,856 1,924 2,326 2,803 137 165 199 16 17 21 21 21 57 27 -30 2,708 -254 -502
MNC Sky Vision MSKY IJ IDR 3,065 4,051 4,795 189 559 793 27 79 112 32 18 196 42 105 27 14 82 1,810 -1,350 0
Surya Citra Media SCMA IJ IDR 3,695 4,497 5,239 1,302 1,700 2,089 89 116 143 22 17 31 23 27 67 38 -47 2,055 -202 -640
Resources
Sri Trang Agro STA TB THB 87,348 112,656 137,017 971 1,979 2,519 0.76 1.55 1.97 29 22 104 27 61 5 2 100 -469 -3,689 3,620
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30 May 2014 30
Disclosures appendix
The information and opinions in this report were prepared by Standard Chartered Bank (Hong Kong) Limited, Standard Chartered Bank Singapore Branch, Standard
Chartered Securities (India) Limited, Standard Chartered Securities Korea Limited and/or one or more of its affiliates (together with its group of companies, SCB)
and the research analyst(s) named in this report. THIS RESEARCH HAS NOT BEEN PRODUCED IN THE UNITED STATES.

Analyst Certification Disclosure: The research analyst or analysts responsible for the content of this research report certify that: (1) the views expressed and
attributed to the research analyst or analysts in the research report accurately reflect their personal opinion(s) about the subject securities and issuers and/or other
subject matter as appropriate; and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views
contained in this research report. On a general basis, the efficacy of recommendations is a factor in the performance appraisals of analysts.
Where disclosure date appears below, this means the day prior to the report date. All share prices quoted are the closing price for the business day prior to the
date of the report, unless otherwise stated.

Recommendation Distribution and Investment Banking Relationships


% of covered companies
currently assigned this rating
% of companies assigned this rating with which SCB has provided
investment banking services over the past 12 months
OUTPERFORM 54.4% 12.7%
IN-LINE 35.4% 11.5%
UNDERPERFORM 10.2% 7.7%
As of 31 March 2014

Research Recommendation

Terminology Definitions
OUTPERFORM (OP) The total return on the security is expected to outperform the relevant market index by 5% or more over the next 12 months
IN-LINE (IL)
The total return on the security is not expected to outperform or underperform the relevant market index by 5% or more over the next
12 months
UNDERPERFORM (UP) The total return on the security is expected to underperform the relevant market index by 5% or more over the next 12 months

SCB uses an investment horizon of 12 months for its price targets.

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Equity Research l Double in 3, Triple in 5

30 May 2014 31
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