Top Down Strategy and Large Cap Stock Picks - the DBS Vickers ...
Top Down Strategy and Large Cap Stock Picks - the DBS Vickers ...
Top Down Strategy and Large Cap Stock Picks - the DBS Vickers ...
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Table of Contents Regional Equity <strong>Strategy</strong> Q4 2007<br />
Table of Contents<br />
<strong>Strategy</strong> Overview<br />
Market Data 4<br />
<strong>Stock</strong> Profiles Key Data 5<br />
<strong>Strategy</strong> Overview: Asian Equity 6<br />
Regional Data Monitor 30<br />
Country Assessments & <strong>Stock</strong> Profiles<br />
Singapore<br />
Safety first<br />
34<br />
CDL Hospitality Trusts Singapore hotel proxy with regional aspirations 44<br />
F & N Going strongly into its 125 th year 46<br />
SembCorp Industries Growth from Marine <strong>and</strong> Utilities 48<br />
UOB<br />
Geared for growth domestically <strong>and</strong> regionally<br />
50<br />
Hong Kong / China<br />
China Mobile<br />
Dongfeng Motor<br />
ICBC<br />
Lee & Man Paper<br />
Investment amidst high inflation<br />
Cementing leadership amidst <strong>the</strong> 3G turmoil<br />
Strong growth momentum<br />
More room to improve than peers<br />
Paving way for long-term growth<br />
52<br />
70<br />
72<br />
74<br />
76<br />
Malaysia<br />
AMMB Holdings<br />
Bumiputra-Commerce<br />
Resorts World<br />
Window of opportunity<br />
Restructuring <strong>and</strong> operational upside<br />
More goodies in <strong>the</strong> bag<br />
Towards a bigger world<br />
78<br />
86<br />
88<br />
90<br />
Thail<strong>and</strong><br />
Advance Info Service<br />
Charoen Pokph<strong>and</strong> Foods<br />
KASIKORNBANK<br />
Improved political outlook<br />
Good election play<br />
Expect significant turnaround in 2H07<br />
Continued loan growth with good asset quality<br />
92<br />
98<br />
100<br />
102<br />
Indonesia<br />
Bank Rakyat Indonesia<br />
Semen Gresik<br />
Stick to fundamentals<br />
Better be safe<br />
Everything coming up roses<br />
104<br />
112<br />
114<br />
<strong>DBS</strong> <strong>Vickers</strong> Securities<br />
Singapore l Hong Kong / China l Thail<strong>and</strong> l Malaysia l Indonesia<br />
3
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