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Technical Analysis Focus | A S I A

NOMURA INTERNATIONAL (HK) LIMITED


Kenneth Chan +852 2252 2104 kenneth.chan@nomura.com
Tacky Cheng +852 2252 2105 tacky.cheng@nomura.com

Action
Regional markets saw trading volumes slip in money terms quite sharply of late. Meanwhile, a
few of them are approaching resistance levels. Chart of the week: 1) market — KLCI, testing QUANTITATIVE
resistance at around 1,300 and needs strong volume to confirm potential positive breakout; 2)
stock — Xiamen C & D Inc 'A' (600153 CH) with positive breakout in good volume.

This week technicals: volume slipped in money terms Analysts


Kenneth Chan
+852 2252 2104
Chart of the week: KLCI Index (mkt) / Xiamen C & D Inc 'A' (stk) kenneth.chan@nomura.com

Tacky Cheng
Inside: market momentum summary, market indices technicals, stocks momentum ratings +852 2252 2105
tacky.cheng@nomura.com

Market / week: KLCI Index (FBMKLCI)


Continued to test resistance at
around 1,300

 A level of around 1,300 continued


to offer resistance.

 Strong trading volume is needed


to confirm the potential positive
breakout.

 Primary Resistance/Support are


around 1,300/1,250.

Resistance: 1,300 / 1,349


Support: 1,250 / 1,224
Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies
Note: pm = price momentum, vm = volume momentum, pmb = price momentum breadth, vmb = volume momentum breadth

Stock / week: Xiamen C & D Inc 'A' (600153 CH)


Positive breakout in good
volume

 Positive price momentum: share


price had a positive breakout
recently.

 Positive price momentum: RSI


Positive breakouts also had a positive breakout
recently.

 Positive volume momentum:


strong volume accompanied by a
positive breakout.

Resistance: 13.41 / 14.27


Support: 11.99 / 11.50
Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies

Any authors named on this report are research analysts unless otherwise indicated.
See the important disclosures and analyst certifications on pages 22 to 26.

Nomura 1 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Market level technicals highlights:

Market Australia China Hong Kong India Korea Malaysia Singapore Taiwan
Index (bloomberg code) AS51 SHSZ300 HSI SENSEX KOSPI KLCI FSSTI TWSE
last close 4,506 2,759 20,052 17,338 1,691 1,297 2,818 7,387
Short-term momentum Marginally Marginally Moderately
Price momentum(PM) Negative Negative Negative Positive Positive Negative Positive Negative
w-w change        
Volume momentum (VM) Flat Positive Negative Positive Positive Positive Flat Negative
w-w change        
Medium-term momentum Marginally Moderately
Price momentum Negative Negative Negative Negative Positive Negative Negative Negative
Resistance/support levels
Resistance 4,593 2,788 20,131 17,389 1,715 1,300 2,841 7,425
Potentials from current 1.9 1.1 0.4 0.3 1.4 0.3 0.8 0.5
Support 4,254 2,647 19,729 16,463 1,618 1,250 2,662 7,182
Potentials from current (5.6) (4.1) (1.6) (5.0) (4.3) (3.6) (5.5) (2.8)
Overbought/Oversold
Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral
Key highlight Improving Testing Primary Test lower Approaching Continued to Head to test Approaching
price resistance at resistance / band at 17,389 resistance at test 2,841 with resistance at
momentum 2,599 support at as resistance 1,715 resistance at improving 7,425
20,131 / with improving around 1,300 momentum
19,729 mo.
Momentum breadth
no. of stocks in universe 50 150 80 80 50 50 50 120
% of "+ve" PM 42.0% 32.0% 37.5% 46.3% 74.0% 42.0% 50.0% 33.3%
% of "-ve" PM 58.0% 68.0% 62.5% 53.8% 26.0% 58.0% 50.0% 66.7%
% of "+ve" VM 44.0% 70.7% 16.3% 36.3% 46.0% 52.0% 40.0% 23.3%
% of "-ve" VM 26.0% 1.3% 43.8% 21.3% 18.0% 18.0% 26.0% 27.5%
Note:
PM = price momentum, VM = volume momentum
Stocks appeared in breadth analyses come from liquidity screening as aim to cover significant portion of liquidity in the market.
For both PM and VM breadth, the sum of "+ve" and "-ve" % may not equal to 100% due to "flat" readings that do not show in the table.

Screening for Long Candidates Alert * Screening for Short Candidates Alert *
RMHU

FMHO

ATNM
ATPM

Listing Listing Bloomberg


Market Blmg code Company name Market code Company name
(1) CH 600031 CH Sany Heavy Industry Co Ltd-A  (1) KOR 034220 KS Lg Display Co Ltd 
(2) CH 600363 CH Jiangxi Lianchuang Optoele-A  (2) IN APTY IN Apollo Tyres Ltd 
(3) CH 600153 CH Xiamen C & D Inc-A  (3) HK 729 HK Jia Sheng Holdings Ltd 
(4) CH 600015 CH Huaxia Bank Co Ltd-A  (4) HK 1688 HK Alibaba.Com Ltd 
(5) CH 600068 CH Gezhouba Co Ltd-A  (5) KOR 011070 KS Lg Innotek Co Ltd 
(6) CH 600596 CH Zhejiang Xinan Chemical-A  (6) TW 3008 TT Largan Precision Co Ltd 
(7) CH 600522 CH Jiangsu Zhongtian Technolo-A 
(8) TW 1301 TT Formosa Plastics Corp 
(9) TW 2101 TT Nan Kang Rubber Tire Co Ltd 
(10) HK 2 HK Clp Holdings Ltd 
(11) MY WCT MK Wct Bhd 
(12) CH 601788 CH Everbright Securitie Co -A 

Note:
Among "Long Candidates Alert", RMHU = Rising Momentum companies but Heavily Underperformed; ATPM = Alert for Turning Positive Momentum companies
Among "Short Candidates Alert" FMHO = Falling Momentum companies but Heavily Outperformed; ATNM = Alert for Negative Momentum companies

See page 20 for detailed criteria for each category


* Results are sorted by (1) number of alert, (2) consolidated momentum score

Source: Bloomberg, Nomura International (Hong Kong) Limited — Quantitative Strategies

Nomura 2 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Short-term market level technicals

Australia — S&P/ASX200 Index (AS51)

Improving price momentum

 Positive price momentum: the


ASX200 broke above its 10-day
moving average.

 Positive price momentum: the


ASX200 closed at its high today.

 Primary Resistance/Support:
4,593/4,254.
RSI failed to break the
resistance-line(red-line)
RSI hit its resistance-line today
Resistance: 4,593 / 4,718
Support: 4,254 / 4,176

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies

China A — CSI 300 Index (SHSZ300)

Testing resistance

 Recent high of 2,599 was tested


recently as primary resistance.

 We see more solid resistance at


3,057-3,131.

 Downward channels remained


intact.

Resistance: 2,788 / 2,894


Support: 2,647 / 2,567

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies


Note: pm = price momentum, vm = volume momentum, pmb = price momentum breadth, vmb = volume momentum breadth

Nomura 3 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Short-term market level technicals (cont'd)

China — Hang Seng China Affiliated Corp. Index (HSCCI)

Primary resistance / support at


3,766 / 3,655

 Similar to the HSI, trading volume


has been light, of late.

 Primary resistance/support levels


are at 3,766/3,655.

Resistance: 3,766 / 3,847


Support: 3,655 / 3,498

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies

China — Hang Seng China Enterprise Index (HSCEI)

Primary resistance / support at


3,766 / 3,655

 Similar to the HSI, trading volume


has been light recently.

 Primary resistance/support levels


are at 11,846/11,000.

Resistance: 11,846 / 12,193


Support: 11,100 / 10,726

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies


Note: pm = price momentum, vm = volume momentum, pmb = price momentum breadth, vmb = volume momentum breadth

Nomura 4 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Short-term market level technicals (cont'd)

China A — ISHARES A50 China Tracker-ETF(2823 HK)

Primary resistance / support at


HK$12.74 / HK$11.56

 Very thin volume today owing to


the closure of market activities
until Thursday.

 Primary resistance and support at


HK$12.74 and HK$11.56;
unchanged from previous levels.

Resistance: 12.74 / 13.20


Support: 11.56 / 11.26

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies

China A — Shanghai Composite Index(SHCOMP)

Approaching resistance at
2,788

 Primary resistance at 2,788, while


more solid resistance is expected
at 2,894-2,944.

 Downward channels remained


intact.

Resistance: 2,788 / 2,894


Support: 2,647 / 2,567

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies


Note: pm = price momentum, vm = volume momentum, pmb = price momentum breadth, vmb = volume momentum breadth

Nomura 5 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Short-term market level technicals (cont'd)

Hong Kong — Hang Seng Index (HSI)

Primary resistance / support at


20,131 / 19,729

 Trading volumes remained fairly


light, with today's volume coming
in at a near four-month low.

 Primary resistance/support levels


are at 20,131/19,729.

Resistance: 20,131 / 20,744


Support: 19,729 / 18,971

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies

India — BSE Sensex 30 Index (SENSEX)


Test lower band at 17,389 as
resistance with improving
momentum

 The SENSEX is heading to test


the lower band (around 17,389
currently) as resistance.

 Positive price momentum:


SENSEX closed at its high today.

 Primary Resistance/Support:
17,389/16,463.

Resistance: 17,389 / 17,802


Support: 16,463 / 16,249

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies


Note: pm = price momentum, vm = volume momentum, pmb = price momentum breadth, vmb = volume momentum breadth

Nomura 6 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Short-term market level technicals (cont'd)

India — NSE S&P CNX Nifty Index (NIFTY)

Improving price momentum

 Breaks above 5,182, a previous


resistance level.

 Positive price momentum: the


NIFTY closed at its high today.

 Primary Resistance/Support:
5,246/4,940.

Resistance: 5,246 / 5,400


Support: 4,940 / 4,731

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies

Korea — Kospi 200 Index (KOSPI2)

Approaching resistance at
224.22

 Overall charting is similar to the


KOSPI.

 Approaching resistance at 224.22.

 Overall market volume stayed


quiet. However, if 224.22 is broken
with solid volume, there is a
likelihood of a further advance to
test the next resistance at 230.54.

Resistance: 224.22 / 230.54


Support: 211.89 / 201.50

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies


Note: pm = price momentum, vm = volume momentum, pmb = price momentum breadth, vmb = volume momentum breadth

Nomura 7 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Short-term market level technicals (cont'd)

Korea — Korea Composite Index (KOSPI)

Approaching resistance at
1,715

 Approaching resistance at 1,715.

 Overall market volume stayed


quiet. However, if 1,715 is broken
with solid volumes, there is a
strong likelihood of the KOSPI
advancing further to test the next
resistance at 1,758.

Resistance: 1,715 / 1,758


Support: 1,618 / 1,532

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies

Malaysia — FTSE Bursa Malaysia KLCI Index (FBMKLCI)

Continued to test resistance at


around 1,300

 A level of around 1,300 continued


to offer resistance.

 Strong trading volume is needed


to confirm the potential positive
breakout.

 Primary Resistance/Support are


around 1,300/1,250.

Resistance: 1,300 / 1,349


Support: 1,250 / 1,224

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies


Note: pm = price momentum, vm = volume momentum, pmb = price momentum breadth, vmb = volume momentum breadth

Nomura 8 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Short-term market level technicals (cont'd)

Singapore — FTSE Straits Times Index (FSSTI)

Heading to test 2,841 with


improving momentum

 The FTSE STI is heading to test


its primary resistance at around
2,841, where the 100-day moving
average is currently located.

 Positive price momentum: the


FTSE STI closed at its high today.

 Primary resistance/support:
2,841/2,662.

Lower band offered resistance

Resistance: 2,841 / 3,028


Support: 2,662 / 2,577

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies

Singapore — MSCI Singapore Cash Index (SGY)

Test lower band as resistance

 The lower band of an upward


channel continued to offer
resistance where MSCI Singapore
hit the lower band today.

 Primary Resistance/Support:
333.48/318.64.

Resistance: 333.48 / 362.67


Support: 318.64 / 306.94

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies


Note: pm = price momentum, vm = volume momentum, pmb = price momentum breadth, vmb = volume momentum breadth

Nomura 9 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Short-term market level technicals (cont'd)

Taiwan — MSCI Taiwan Index (TWY)


Primary resistance and
support at 263.52 and 251.28
remained intact

 Overall charting is very much


similar to the TWSE.

 Primary resistance and support at
263.52 and 251.28 remained intact.
See more solid resistance at 278.63-
282.05.

Resistance: 263.52 / 278.63


Support: 251.28 / 241.71

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies

Taiwan — Taiwan TAIEX Index (TWSE)

Approaching resistance at
7,425

 Top-end of primary resistance at


7,425 (from range 7,338-7,425) is
about to be tested.

 Three consecutive up-market


days, of late, with mild volumes,
similar to the overall fairly quiet
market. If 7,425 is broken with solid
volume, next resistance looks to be
at around 7,890.

Resistance: 7,425 / 7,890


Support: 7,182 / 7,032

Source: Bloomberg, Nomura International (Hong Kong) Limited- Quantitative Strategies


Note: pm = price momentum, vm = volume momentum, pmb = price momentum breadth, vmb = volume momentum breadth

Nomura 10 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Short-term and medium-term market level momentum

On market indices
Short-term Indication/Scores
Price Momentum Volume Momentum
Last Latest indication Scores Previous indication Up / Flat / Down Latest indication Scores Previous indication Up / Flat / Down
Country Index Index name close (+ve / -ve) (max/min = 4.5/(4.5)) (+ve / -ve)  (+ve / Flat / -ve) (max/min = 1/(1)) (+ve / -ve) 
Australia AS51 S&P/ASX 200 INDEX 4,506 Negative (3.0) Negative  Flat 0 Positive 
China SHSZ300 CSI 300 INDEX 2,759 Negative (3.0) Negative  Positive 1 Flat 
China HSCCI HANG SENG CHINA AFF.CRP 3,745 Marginally Negative (0.5) Negative  Negative (1) Positive 
China HSCEI HANG SENG CHINA ENT INDX 11,521 Marginally Negative (0.5) Negative  Negative (1) Flat 
China 2823 HK ISHARES FTSE/XINHUA A50 CHIN 11.80 Negative (3.0) Negative  Flat 0 Flat 
China SHCOMP SHANGHAI SE COMPOSITE 2,570 Negative (3.0) Negative  Positive 1 Flat 
Hong Kong HSI HANG SENG INDEX 20,052 Marginally Negative (0.5) Negative  Negative (1) Flat 
India SENSEX BSE SENSEX 30 INDEX 17,338 Positive 4.0 Marginally Negative  Positive 1 Flat 
India NIFTY NSE S&P CNX NIFTY INDEX 5,198 Positive 4.0 Marginally Negative  Negative (1) Positive 
Korea KOSPI2 KOSPI 200 INDEX 221 Positive 4.5 Negative  Positive 1 Flat 
Korea KOSPI KOSPI INDEX 1,691 Positive 4.5 Negative  Positive 1 Flat 
Malaysia KLCI KUALA LUMPUR COMP INDEX 1,297 Marginally Negative (0.5) Negative  Positive 1 Flat 
Singapore SGY MSCI SING CASH IX (SGX) 333 Marginally Negative (0.5) Negative  Flat 0 Flat 
Singapore FSSTI STRAITS TIMES INDEX 2,818 Moderately Positive 2.0 Negative  Flat 0 Positive 
Taiwan TWY MSCI TAIWAN INDEX (SGX) 263 Negative (3.0) Negative  Flat 0 Negative 
Taiwan TWSE TAIWAN TAIEX INDEX 7,387 Negative (3.0) Negative  Negative (1) Negative 

On market indices
Medium-term Indication/Scores
Price Momentum Number of new highs/lows
Last Latest Indication Scores Overbought / Over past 22 days
Country Index Index name close (+ve / -ve) (max/min = 4.5/(4.5)) Oversold Highs Lows Weekly Return (%) YTD Return (%)
Australia AS51 S&P/ASX 200 INDEX 4,506 Negative (3.0) Neutral 0 0 4.2 (7.5)
China SHSZ300 CSI 300 INDEX 2,759 Negative (3.0) Neutral 0 1 2.3 (22.8)
China HSCCI HANG SENG CHINA AFF.CRP 3,745 Negative (3.0) Neutral 0 0 3.9 (7.8)
China HSCEI HANG SENG CHINA ENT INDX 11,521 Negative (3.0) Neutral 0 0 3.9 (10.0)
China 2823 HK ISHARES FTSE/XINHUA A50 CHIN 12 Negative (3 0)
(3.0) Neutral 0 1 10
1.0 (20 9)
(20.9)
China SHCOMP SHANGHAI SE COMPOSITE 2,570 Negative (3.0) Neutral 0 2 2.3 (21.6)
Hong Kong HSI HANG SENG INDEX 20,052 Negative (3.0) Neutral 0 0 3.5 (8.3)
India SENSEX BSE SENSEX 30 INDEX 17,338 Marginally Negative (0.5) Neutral 1 0 3.3 (0.7)
India NIFTY NSE S&P CNX NIFTY INDEX 5,198 Marginally Negative (0.5) Neutral 1 0 3.3 (0.1)
Korea KOSPI2 KOSPI 200 INDEX 221 Moderately Positive 2.0 Neutral 1 0 3.3 (0.2)
Korea KOSPI KOSPI INDEX 1,691 Moderately Positive 2.0 Neutral 0 0 3.2 0.5
Malaysia KLCI KUALA LUMPUR COMP INDEX 1,297 Negative (3.0) Neutral 0 0 0.8 1.9
Singapore SGY MSCI SING CASH IX (SGX) 333 Negative (3.0) Neutral 0 0 2.8 (4.7)
Singapore FSSTI STRAITS TIMES INDEX 2,818 Negative (3.0) Neutral 0 0 2.4 (2.7)
Taiwan TWY MSCI TAIWAN INDEX (SGX) 263 Negative (3.0) Neutral 0 2 3.2 (11.3)
Taiwan TWSE TAIWAN TAIEX INDEX 7,387 Negative (3.0) Neutral 0 1 3.2 (9.8)
Note:
Momentum scores range between 4.5 to (4.5) for price momentum (both short- and medium-term) and 1 to -1 for volume momentum (for short-term only).
For price momentum indicators (DMI, MACD and ROC), 1.5pts will be awarded for a change of sign — ie, from -ve to +ve (vice versa for (1.5pts)); 1pt will be awarded for the latest +ve showing (vice versa for (1pt)). As a result, of the three indicators, maxi and minimum points would be +4.5pts to (4.5)pts.
For volume momentum indicators (UDV and IDI), 0.5pt will be awarded for the latest +ve showing (vice versa for -0.5pt). As a result, of the three indicators, maximum and minimum points would be +1pt to (1)pt.
See page 20 for description of each indicator

On universe average
Price momentum Volume momentum Score scale (+1/(1)) Volume momentum
wow wow Score scale (+3/(3)) Price momentum 0.75
Markets Current rating chg Current rating chg 2.0
Australia Flat  Flat  0.50
1.0
China Marginally Negative  Positive 
0.25
Hong Kong Flat  Flat  0.0
India Flat  Flat 
0.00
(1.0)
Korea Moderately Positive  Flat 
Malaysia Flat  Flat  (2.0) (0.25)
Singapore Flat  Flat 
(3.0) (0.50)
Taiwan Marginally Negative  Flat 

TT
CH

AU
MK

KS

SP

HK
IN
KS

SP

TT
AU

CH

IN
HK

MK

Overall Flat  Flat 


Note:
1) Price momentum-score scale(+3/-3)
Positive(+2.5 to +3.0) ; Moderately Positive(+1.5 to +2.5) ; Marginally Positive(+0.5 to +1.5) ; Flat(+0.5 to (0.5)) ; Marginally Negative((0.5) to (1.5)) ; Moderately Negative((1.5) to (2.5)) ; Negative((2.5) to (3.0))
2) Volume momentum-score scale(+1/-1)
Positive(+0.5 to +1.0) ; Flat(+0.5 to -0.5) ; Negative((0.5) to (1.0)) A positive w-w change, with the high end of the rectangle being this week's score and the low end being the previous week's score
Overall = Simple average score of these eight markets A negative ww-w
w change
change, with the low end of the rectangle being this week's score and the high end being the previous week's score

Source: Bloomberg, Nomura International (Hong Kong) Limited

Nomura 11 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Momentum ratings and screen — Australia-listed stocks (universe: Selected 50 liquid stocks)

Candidates Price Volume Absolute price Relative price Nomura Consensus valuations
Long Short Company information momentum momentum Status performance performance valuations (12m forward looking, I/B/E/S)
Price Price
RMHU

FMHO

ATNM
ATPM

Industry Group (GICS Price MC 20D ADV Latest Sign Latest Sign Overbought / 1W 1M 3M 1W 1M target PE EPSG ROE DY target
Blmg Code Company Name L2) (TC) (US$mn) (US$mn) (+ve/-ve) Chg (+ve/-ve) Chg Oversold (%) (%) (%) (%) (%) 3M (%) Rating (%) (x) PB (x) (%) (%) (%) Rating (%)
ANZ AU Aust And Nz Banking Group Banks 23.04 50,216 195.2 +ve  +ve  Neutral 4.6 1.0 (5.0) 0.5 3.4 1.6 Not Rated N/A 11.4 10.1 13.8 15.4 5.5 BUY 9.6
CBA AU Commonwealth Bank Of Austral Banks 52.5 69,942 260.6 -ve  Flat  Neutral 4.8 (2.3) (6.0) 0.7 0.0 0.5 Not Rated N/A 12.1 10.7 14.7 19.4 6.0 HOLD 9.4
NAB AU National Australia Bank Ltd Banks 24.71 45,091 205.6 -ve  Flat  Neutral 4.6 (2.6) (8.1) 0.4 (0.3) (1.8) Not Rated N/A 10.2 8.8 16.7 14.4 6.6 BUY 17.8
WBC AU Westpac Banking Corp Banks 23.43 60,005 246.5 -ve  +ve  Neutral 5.6 (5.9) (12.9) 1.4 (3.7) (6.9) Not Rated N/A 11.0 10.1 13.4 16.7 6.2 HOLD 14.6
BXB AU Brambles Ltd C & P Serv 6.15 7,524 40.1 -ve  -ve  Neutral (0.3) (12.6) (15.6) (4.3) (10.6) (9.8) Not Rated N/A 14.8 12.7 14.2 27.7 4.5 HOLD 17.8
DOW AU Downer Edi Ltd C & P Serv 4.46 1,291 32.0 -ve  Flat  Marg. Oversold (3.5) (34.1) (41.5) (7.3) (32.6) (37.5) Not Rated N/A 7.3 6.7 7.3 15.5 6.7 BUY 47.5
LEI AU Leighton Holdings Ltd Capital Goods 31.58 8,168 29.4 -ve  -ve  Neutral 2.8 (8.8) (20.1) (1.3) (6.7) (14.5) Not Rated N/A 13.8 12.4 13.0 25.2 4.6 BUY 24.1
ASX AU Asx Ltd Div Fin 30.79 4,597 26.5 -ve  -ve  Neutral 4.3 (6.7) (14.6) 0.2 (4.5) (8.7) Not Rated N/A 14.6 13.4 8.6 12.6 6.1 BUY 21.5
MQG AU Macquarie Group Ltd Div Fin 44.72 13,255 96.8 -ve  Flat  Neutral 5.5 (5.0) (10.1) 1.3 (2.7) (3.9) Not Rated N/A 10.2 8.7 29.1 13.2 5.7 BUY 31.9
AOE AU Arrow Energy Ltd Energy 4.88 3,079 28.4 -ve  Flat  Neutral 1.9 (0.4) (6.2) (2.2) 1.9 0.4 Not Rated N/A 267.4 244.0 191.6 N/A 0.0 HOLD 10.7
CEY AU Centennial Coal Company Ltd Energy 4.43 1,505 11.3 +ve  +ve  Neutral 7.0 0.7 11.3 2.7 3.0 19.0 Not Rated N/A 12.0 9.1 128.3 19.8 3.8 BUY 10.8
OSH AU Oil Search Ltd Energy 5.89 6,628 20.8 +ve  +ve  Neutral 7.9 4.1 4.1 3.6 6.5 11.3 Not Rated N/A 43.8 43.5 20.8 5.2 0.8 BUY 24.8
ORG AU Origin Energy Ltd Energy 15.53 11,765 37.8 +ve  Flat  Neutral 3.3 1.2 (5.8) (0.9) 3.5 0.7 Not Rated N/A 19.1 16.8 17.1 6.5 3.3 BUY 15.6
PDN AU Paladin Energy Ltd Energy 3.95 2,437 15.8 Marg. +ve  Flat  Neutral 4.8 (3.2) 6.8 0.6 (0.9) 14.2 Not Rated N/A 29.8 18.2 918.8 N/A 0.0 HOLD 13.6
STO AU Santos Ltd Energy 13.5 9,677 54.0 +ve  +ve  Neutral 8.3 2.9 (4.0) 3.9 5.3 2.7 Not Rated N/A 32.5 26.2 19.7 4.8 2.8 BUY 15.7
WPL AU Woodside Petroleum Ltd Energy 45.22 30,346 85.7 +ve  +ve  Neutral 5.7 0.9 (0.4) 1.5 3.3 6.5 Not Rated N/A 20.7 14.7 (2.6) 13.7 2.5 BUY 11.4
WOR AU Worleyparsons Ltd Energy 23.47 4,834 28.4 -ve  -ve  Neutral 1.5 (11.4) (8.7) (2.6) (9.3) (2.4) Not Rated N/A 15.5 13.3 16.7 20.0 3.8 HOLD 22.6
WES AU Wesfarmers Ltd F & S Retailing 28.82 24,919 182.3 -ve  -ve  Neutral 1.9 (3.4) (9.9) (2.2) (1.1) (3.6) Not Rated N/A 14.9 13.3 35.0 8.7 4.9 BUY 10.1
WESN AU Wesfarmers Ltd-Pps F & S Retailing 28.9 3,777 106.8 -ve  -ve  Neutral 2.2 (3.2) (9.7) (1.9) (0.9) (3.4) Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
WOW AU Woolworths Ltd F & S Retailing 27.64 29,374 108.1 +ve  +ve  Neutral 3.0 1.3 (3.0) (1.1) 3.7 3.7 Not Rated N/A 15.7 14.4 9.2 28.7 4.5 HOLD 1.5
CCL AU Coca-Cola Amatil Ltd Food B & T 11.74 7,618 30.3 +ve  +ve  Neutral 4.8 4.7 4.8 0.6 7.2 12.1 Not Rated N/A 16.8 15.3 10.0 29.1 4.2 HOLD (1.0)
FGL AU Foster'S Group Ltd Food B & T 5.76 9,565 77.0 +ve  +ve  Neutral 3.8 7.5 7.3 (0.4) 10.0 14.7 Not Rated N/A 14.8 13.8 10.6 23.9 5.2 HOLD 3.3
COH AU Cochlear Ltd Health Care E & S 76.41 3,716 22.0 +ve  +ve  Neutral 2.6 0.5 15.9 (1.5) 2.9 24.0 Not Rated N/A 24.9 22.0 12.0 38.1 2.9 HOLD (11.2)
SHL AU Sonic Healthcare Ltd Health Care E & S 10.8 3,609 25.7 -ve  +ve  Neutral 4.5 (17.9) (21.1) 0.4 (15.9) (15.6) Not Rated N/A 12.8 11.4 9.4 12.4 5.4 HOLD 15.1
AMP AU Amp Ltd Insurance 5.67 10,105 43.2 -ve  -ve  Neutral 2.9 (5.0) (7.5) (1.2) (2.8) (1.1) Not Rated N/A 13.1 12.1 8.5 31.1 6.1 BUY 20.5
AXA AU Axa Asia Pacific Holdings Insurance 5.7 10,135 38.3 -ve  -ve  Neutral (2.6) (6.3) (9.7) (6.4) (4.1) (3.4) Not Rated N/A 16.9 15.1 5.8 14.5 3.6 HOLD 9.6
IAG AU Insurance Australia Group Insurance 3.46 6,188 34.9 -ve  Flat  Neutral 4.2 (7.7) (12.6) 0.1 (5.6) (6.6) Not Rated N/A 11.3 9.9 55.1 13.0 5.4 HOLD 16.8
QBE AU Qbe Insurance Group Ltd Insurance 19.1 17,006 106.5 -ve  -ve  Neutral 2.1 (10.4) (9.7) (2.0) (8.3) (3.4) Not Rated N/A 10.5 9.8 (1.6) 17.5 6.7 BUY 19.9
SUN AU Suncorp-Metway Ltd Insurance 8.35 9,204 34.7 Mode. +ve  +ve  Neutral 5.6 (2.0) (2.2) 1.4 0.3 4.6 Not Rated N/A 10.4 8.8 27.6 7.5 5.4 HOLD 18.0
AWC AU Alumina Ltd Materials 1.565 3,285 28.8 -ve  Flat  Neutral 2.3 (8.2) (6.6) (1.8) (6.1) (0.1) Not Rated N/A 15.3 11.6 188.1 5.9 4.1 BUY 30.4
AMC AU Amcor Ltd Materials 6.31 6,629 37.1 Mode. +ve  +ve  Neutral 3.4 (5.7) 5.7 (0.7) (3.5) 13.0 Not Rated N/A 13.3 11.1 28.0 12.8 5.3 BUY 12.4
BHP AU Bhp Billiton Ltd Materials 38.58 111,451 631.1 Marg. -ve  Flat  Neutral 5.6 (0.2) (10.0) 1.4 2.2 (3.7) Not Rated N/A 8.9 8.1 53.0 34.9 2.9 BUY 21.9
BSL AU Bluescope Steel Ltd Materials 2.28 3,576 41.4 -ve  -ve  Neutral 5.1 (9.9) (16.8) 0.9 (7.8) (11.0) Not Rated N/A 11.2 8.0 302.4 6.4 5.5 BUY 49.1
FMG AU Fortescue Metals Group Ltd Materials 4.11 10,984 44.8 -ve  +ve  Neutral 5.9 (4.6) (16.8) 1.7 (2.4) (11.0) Not Rated N/A 7.6 5.9 213.2 71.6 0.0 BUY 28.7
IPL AU Incitec Pivot Ltd Materials 2.97 4,151 27.4 Marg. -ve  -ve  Neutral 1.7 (5.1) (18.9) (2.3) (2.9) (13.2) Not Rated N/A 11.4 10.0 10.7 11.3 1.9 BUY 22.6
LGL AU Lihir Gold Ltd Materials 4.22 8,599 97.5 +ve  +ve  Neutral 5.5 2.2 40.2 1.3 4.6 49.9 Not Rated N/A 25.9 22.3 8.5 9.7 0.8 HOLD (11.6)
MCC AU Macarthur Coal Ltd Materials 11.6 2,538 37.3 -ve  +ve  Neutral 2.8 (14.1) (2.2) (1.3) (12.1) 4.6 Not Rated N/A 9.9 8.6 136.7 25.4 4.4 BUY 19.1
NCM AU Newcrest Mining Ltd Materials 34.35 14,286 125.2 +ve  +ve  Neutral 6.5 3.0 0.4 2.3 5.4 7.4 Not Rated N/A 21.1 18.7 22.7 14.0 0.7 BUY 14.9
OST AU Onesteel Ltd Materials 3.06 3,505 19.5 -ve  Flat  Neutral 3.0 (8.9) (15.5) (1.1) (6.8) (9.6) Not Rated N/A 8.2 6.7 104.7 10.9 5.8 BUY 36.9
ORI AU Orica Ltd Materials 25.99 8,074 33.3 -ve  -ve  Neutral 4.6 (3.1) 0.3 0.4 (0.9) 7.3 Not Rated N/A 12.9 11.6 10.0 18.2 4.0 BUY 15.0
OZL AU Oz Minerals Ltd Materials 1.02 2,739 20.9 -ve  Flat  Neutral 1.5 (6.0) (13.9) (2.6) (3.8) (8.0) Not Rated N/A 9.8 9.3 106.2 11.7 3.4 BUY 34.3
RIO AU Rio Tinto Ltd Materials 69.1 36,070 268.8 +ve  Flat  Neutral 5.4 1.6 (9.0) 1.2 4.0 (2.7) Not Rated N/A 8.0 7.2 48.2 25.3 1.7 BUY 40.6
FXJ AU Fairfax Media Ltd Media 1.46 2,954 24.4 -ve  +ve  Neutral 2.5 (8.2) (17.3) (1.6) (6.0) (11.5) Not Rated N/A 10.5 9.8 25.8 6.3 2.7 BUY 35.6
CSL AU Csl Ltd Pharm, Biotech 33.77 15,968 84.5 +ve  -ve  Neutral 2.8 1.5 (6.5) (1.3) 3.9 0.0 Not Rated N/A 17.0 14.7 7.1 23.1 2.4 BUY 11.0
JBH AU Jb Hi-Fi Ltd Retailing 19.67 1,833 15.6 +ve  +ve  Neutral 5.6 1.8 (0.1) 1.4 4.1 6.9 Not Rated N/A 14.6 12.5 22.7 46.5 4.2 BUY 10.2
CPU AU Computershare Ltd Software & Serv 11.42 5,459 22.2 Mode. +ve  Flat  Neutral 3.8 (1.2) (6.3) (0.3) 1.1 0.2 Not Rated N/A 15.2 13.7 8.6 28.4 2.5 BUY 16.5
TLS AU Telstra Corp Ltd Telecom Serv 3.19 34,144 121.5 +ve  +ve  Neutral 4.9 7.0 4.2 0.8 9.6 11.5 REDUCE (10.7) 10.0 9.7 2.8 30.2 9.1 HOLD 6.0
QAN AU Qantas Airways Ltd Transportation 2.41 4,696 39.3 -ve  Flat  Neutral (2.0) (8.7) (14.8) (5.9) (6.6) (8.9) Not Rated N/A 10.3 8.7 96.5 9.1 5.2 BUY 33.6
TOL AU Toll Holdings Ltd Transportation 5.86 3,543 20.6 -ve  +ve  Neutral 2.8 (12.4) (17.1) (1.3) (10.4) (11.4) Not Rated N/A 12.3 10.9 13.4 12.0 4.4 BUY 25.1
AGK AU Agl Energy Ltd Utilities 14.86 5,753 23.7 +ve  +ve  Neutral 2.6 0.3 (0.6) (1.5) 2.6 6.3 Not Rated N/A 14.5 13.9 8.6 7.5 4.0 BUY 7.5
Source: Bloomberg, Datastream, I/B/E/S, Nomura International (Hong Kong) Limited
Note: See page 20 for screening criteria
Positive = +ve, Negative = -ve, Marg. = Marginally ; Mode. = Moderately
Autos & Comp = Automobiles & Components,
Components C & P Serv = Commerical & Professional Services
Services, Consumer D & A = Consumer Durables & Apparel
Apparel, Div Fin = Diversifies Financials
Financials, F & S Retailing = Food & Staples Retailing
Retailing, Food B & T = Food Beverage & Tobacco
Tobacco, Health Care E & S = Health Care Equipment & Services
Services,
H & P Products = Household & Personal Products, Pharm, Biotech = Pharmaceuticls, Biotechnology, Semicon = Semiconductors & Semiconductor, Software & Serv = Software & Services, Tech H & E = Technology Hardware & Equipment, Telecom Serv = Telecommunication Services.
All companies are priced as of the close of 14 June 2010.

Nomura 12 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Momentum ratings and screen — China-listed stocks (universe: Selected 50 liquid stocks)

Candidates Price Volume Absolute price Relative price Nomura Consensus valuations
Long Short Company information momentum momentum Status performance performance valuations (12m forward looking, I/B/E/S)
Price Price
RMHU

FMHO

ATNM
ATPM

Industry Group Price MC 20D ADV Latest Sign Latest Sign Overbought / 1W 1M 3M 1W target PE PB EPSG ROE DY target
Blmg Code Company Name (GICS L2) (TC) (US$mn) (US$mn) (+ve/-ve) Chg (+ve/-ve) Chg Oversold (%) (%) (%) (%) 1M (%) 3M (%) Rating (%) (x) (x) (%) (%) (%) Rating (%)
601169 CH Bank Of Beijing Co Ltd -A Banks 12.07 11,000 61.7 -ve  Flat  Neutral 0.5 (12.5) (25.0) (1.8) (9.0) (12.1) Not Rated N/A 9.1 7.4 28.1 17.7 2.8 BUY 58.9
601328 CH Bank Of Communications Co-A Banks 6.38 24,210 49.5 -ve  Flat  Neutral 7.4 (3.4) (18.7) 4.9 0.4 (4.7) Not Rated N/A 7.6 6.0 24.8 19.4 4.2 BUY 52.5
601939 CH China Construction Bank-A Banks 4.8 6,322 42.0 -ve  Flat  Neutral 1.5 (6.8) (14.4) (0.8) (3.1) 0.3 Not Rated N/A 7.7 6.6 21.6 22.2 5.5 BUY 55.4
600036 CH China Merchants Bank-A Banks 12.73 32,911 132.8 -ve  Flat  Neutral (0.5) (8.3) (16.7) (2.8) (4.7) (2.4) Not Rated N/A 10.2 8.4 24.2 20.2 2.3 SBUY 58.0
600016 CH China Minsheng Banking-A Banks 6.19 17,051 94.9 -ve  Flat  Neutral 2.0 (9.1) (16.2) (0.4) (5.5) (1.8) Not Rated N/A 8.8 7.4 9.5 15.7 2.0 BUY 36.5
 600015 CH Huaxia Bank Co Ltd-A Banks 10.88 7,946 38.5 Mode. +ve  +ve  Neutral 1.9 (0.4) (3.7) (0.5) 3.6 12.8 REDUCE (27.0) 11.4 9.8 18.9 13.1 2.0 HOLD 7.2
601398 CH Ind & Comm Bk Of China - A Banks 4.17 153,149 53.5 -ve  +ve  Neutral 1.2 (7.9) (14.2) (1.1) (4.3) 0.6 Not Rated N/A 8.2 6.9 19.8 22.3 5.1 BUY 51.3
600000 CH Shanghai Pudong Devel Bank-A Banks 13.82 23,216 122.0 -ve  Flat  Neutral 1.8 (7.4) (14.6) (0.5) (3.7) 0.1 NEUTRAL 71.5 7.4 6.4 12.3 17.5 1.2 BUY 78.4
600879 CH China Aerospace Times Elec-A Capital Goods 11.64 1,382 27.8 -ve  Flat  Neutral 6.1 (4.4) (6.9) 3.7 (0.7) 9.1 Not Rated N/A 26.5 23.9 42.1 N/A N/A BUY 22.4
601668 CH China State Construction -A Capital Goods 3.53 15,498 50.6 -ve  +ve  Neutral 1.1 (4.6) (16.7) (1.2) (0.8) (2.4) Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
 600031 CH Sany Heavy Industry Co Ltd-A Capital Goods 28.74 6,759 53.6 +ve  +ve  Neutral 8.7 2.6 (8.0) 6.3 6.7 7.8 NEUTRAL 20.0 13.0 10.7 35.4 30.2 0.2 BUY 43.5
600089 CH Tbea Co Ltd-A Capital Goods 17.04 4,482 58.7 -ve  +ve  Neutral 1.4 (2.4) (18.5) (0.9) 1.5 (4.5) Not Rated N/A 15.0 12.8 21.7 21.4 2.0 BUY 60.6
600545 CH Xinjiang Urban Constructio-A Capital Goods 12.81 1,267 90.1 +ve  +ve  Neutral 1.3 15.6 (11.5) (1.0) 20.2 3.7 Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
600220 CH Jiangsu Sunshine-A Consumer D & A 5.87 1,532 36.6 -ve  +ve  Neutral 0.3 (0.7) (16.9) (2.0) 3.3 (2.6) Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
600209 CH Lawton Development Co Ltd-A Consumer D & A 7.31 470 24.4 -ve  +ve  Neutral 2.5 (8.3) (49.9) 0.2 (4.7) (41.2) Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
600832 CH Shanghai Oriental Pearl-A Consumer Serv 9.35 4,360 32.3 -ve  Flat  Neutral 2.9 (7.8) (27.1) 0.5 (4.1) (14.6) Not Rated N/A 56.8 53.6 9.2 8.3 0.9 HOLD (33.4)
600030 CH Citic Securities Co-A Div Fin 20.06 19,465 158.1 -ve  +ve  Neutral 3.0 (5.4) (27.6) 0.6 (1.7) (15.2) Not Rated N/A 13.3 11.5 13.0 16.1 3.0 BUY 98.3
 601788 CH Everbright Securitie Co -A Div Fin 16.37 8,188 35.0 Marg. -ve  +ve  Neutral 3.2 (7.3) (39.9) 0.8 (3.6) (29.6) Not Rated N/A 17.5 14.6 3.6 16.4 1.8 BUY 36.8
600837 CH Haitong Securities Co Ltd-A Div Fin 10.68 12,860 91.6 -ve  Flat  Neutral 3.5 (8.6) (37.4) 1.1 (5.0) (26.7) Not Rated N/A 16.9 14.1 9.6 N/A 2.0 BUY 47.3
601688 CH Huatai Securities Co Ltd-A Div Fin 14.32 11,735
, 75.8 -ve  +ve  Neutral 2.5 (11.4)
( ) (36.4)
( ) 0.2 (7.9)
( ) (25.4)
( ) Not Rated N/A 18.4 15.0 N/A 45.4 1.7 BUY 42.3
600028 CH China Petroleum & Chemical-A Energy 8.34 85,339 51.9 -ve  Flat  Neutral 1.7 (9.3) (26.3) (0.6) (5.8) (13.6) Not Rated N/A 10.5 10.1 8.3 15.5 2.6 BUY 65.2
601088 CH China Shenhua Energy Co -A Energy 23.35 56,351 50.4 -ve  +ve  Neutral 1.2 (4.5) (18.8) (1.1) (0.8) (4.9) Not Rated N/A 11.9 11.1 14.8 18.8 2.8 SBUY 71.1
601001 CH Datong Coal Industry Co -A Energy 33.12 4,056 32.3 -ve  +ve  Neutral 3.1 (4.9) (3.9) 0.8 (1.2) 12.7 Not Rated N/A 15.2 13.8 14.7 17.8 2.3 BUY 47.5
600348 CH Shanxi Guoyang New Energy-A Energy 16.37 5,761 113.1 Marg. -ve  +ve  Neutral (3.6) (2.1) 14.0 (5.8) 1.7 33.6 Not Rated N/A 16.2 14.9 18.3 35.4 2.2 SBUY 30.3
601699 CH Shanxi Lu'An Environmental-A Energy 33.77 5,686 34.3 -ve  +ve  Neutral 1.3 (4.1) (15.4) (1.0) (0.3) (0.8) Not Rated N/A 12.7 10.7 26.7 28.2 3.4 SBUY 54.4
600256 CH Xinjiang Guanghui Industry-A Energy 32.71 5,928 97.0 +ve  Flat  Neutral 8.4 23.4 50.2 5.9 28.3 76.0 Not Rated N/A 42.6 20.2 57.7 N/A 0.6 SBUY (55.9)
601607 CH Shanghai Pharmaceutical -A Health Care E & S 18.45 5,380 32.8 +ve  +ve  Neutral (1.0) 5.1 21.6 (3.3) 9.2 42.5 Not Rated N/A 28.7 N/A 3.3 N/A 0.7 SBUY 13.8
601628 CH China Life Insurance Co-A Insurance 23.94 72,954 38.3 -ve  +ve  Neutral 0.5 (5.7) (13.9) (1.8) (1.9) 0.9 Not Rated N/A 16.8 13.9 15.9 16.4 2.2 BUY 43.4
601601 CH China Pacific Insurance Gr-A Insurance 21.25 19,550 108.1 -ve  +ve  Neutral 0.8 (15.6) (14.0) (1.5) (12.3) 0.7 Not Rated N/A 19.2 15.1 13.5 11.5 1.5 SBUY 39.2
601318 CH Ping An Insurance Group Co-A Insurance 45.31 31,738 161.0 -ve  +ve  Neutral 1.7 (6.2) (2.9) (0.6) (2.5) 13.8 Not Rated N/A 19.7 15.3 17.4 N/A 1.8 SBUY 48.2
600019 CH Baoshan Iron & Steel Co-A Materials 6.13 15,710 47.2 -ve  Flat  Neutral 0.7 (7.3) (26.6) (1.6) (3.6) (14.0) BUY 71.8 9.1 7.7 47.5 11.1 4.3 BUY 46.7
600111 CH Inner Mongolia Baotou Stee-A Materials 41.92 4,953 210.3 +ve  +ve  Neutral 2.5 8.1 70.5 0.1 12.4 99.9 Not Rated N/A 54.2 35.7 183.3 28.9 N/A BUY N/A
600547 CH Shandong Gold Mining Co Lt-A Materials 39.34 8,193 131.3 Marg. +ve  +ve  Neutral 0.9 (1.0) 14.4 (1.4) 3.0 34.1 Not Rated N/A 44.9 43.2 30.5 31.3 0.5 BUY (20.9)
600489 CH Zhongjin Gold Corp-A Materials 57.16 6,613 74.7 Marg. -ve  Flat  Neutral 0.4 (4.9) 16.3 (1.9) (1.1) 36.3 Not Rated N/A 45.2 33.2 46.4 21.9 0.6 BUY 3.0
601899 CH Zijin Mining Group Co Ltd-A Materials 7.01 10,808 50.8 -ve  +ve  Neutral 2.3 (14.2) (15.8) (0.0) (10.8) (1.4) Not Rated N/A 15.9 14.9 41.1 28.6 2.3 BUY 34.8
600037 CH Beijing Gehua Catv Network-A Media 16.44 2,551 42.9 +ve  +ve  Neutral 5.0 10.0 12.4 2.6 14.4 31.8 Not Rated N/A 38.3 31.4 34.4 8.5 0.1 BUY 5.8
600196 CH Shanghai Fosun Pharmaceuti-A Pharm, Biotech 22.54 4,188 31.6 +ve  +ve  Neutral 1.4 2.5 10.2 (0.9) 6.6 29.2 Not Rated N/A 26.9 N/A (41.8) N/A N/A HOLD N/A
600158 CH China Sports Ind Group Co-A Real Estate 9.32 1,096 41.3 +ve  +ve  Neutral (3.9) 11.6 (18.0) (6.1) 16.0 (3.9) Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
600383 CH Gemdale Corp-A Real Estate 6.75 4,417 129.0 +ve  +ve  Neutral 3.2 10.5 (8.0) 0.8 14.8 7.8 Not Rated N/A 11.8 10.0 20.6 13.9 1.3 BUY 35.7
600048 CH Poly Real Estate Group Co -A Real Estate 11.18 7,486 58.5 Marg. -ve  +ve  Neutral 5.2 2.6 (25.3) 2.8 6.6 (12.4) Not Rated N/A 9.9 8.2 24.8 18.4 1.6 BUY 60.6
600739 CH Liaoning Cheng Da Co Ltd-A Retailing 29 3,835 73.9 +ve  +ve  Neutral 3.8 8.3 (12.9) 1.4 12.6 2.1 Not Rated N/A 15.6 N/A 28.1 26.5 N/A SBUY 65.5
600584 CH Jiangsu Changjiang Electro-A Semicon 11.96 1,304 111.0 +ve  +ve  Neutral (2.1) 13.9 37.3 (4.4) 18.4 60.9 Not Rated N/A 59.1 N/A 169.0 N/A N/A BUY (26.8)
600797 CH Insigma Technology Co Ltd-A Tech H & E 7 833 25.4 Marg. +ve  +ve  Neutral (3.2) (1.4) 1.0 (5.4) 2.5 18.4 Not Rated N/A 29.4 N/A 96.2 N/A N/A HOLD N/A
600100 CH Tsinghua Tongfang Co Ltd-A Tech H & E 26.08 3,729 96.8 +ve  +ve  Neutral (0.4) 1.2 31.5 (2.7) 5.2 54.1 Not Rated N/A 40.0 N/A 43.2 N/A 0.9 SBUY (0.3)
600050 CH China United Network-A Telecom Serv 5.13 15,913 55.6 Marg. -ve  +ve  Neutral 2.4 (7.4) (20.2) 0.1 (3.7) (6.5) Not Rated N/A 28.8 26.2 16.5 3.9 1.2 BUY 25.9
601111 CH Air China Ltd-A Transportation 10.69 12,274 50.2 Marg. -ve  Flat  Neutral 5.3 (2.8) (4.2) 2.9 1.0 12.3 Not Rated N/A 18.9 16.7 27.0 18.7 0.8 BUY 13.8
600029 CH China Southern Airlines Co-A Transportation 6.68 5,397 55.8 Marg. -ve  +ve  Neutral 5.0 (3.3) (1.6) 2.6 0.5 15.3 Not Rated N/A 20.5 21.2 84.3 18.6 0.5 BUY 18.4
600009 CH Shanghai International Air-A Transportation 13.27 3,742 37.2 -ve  +ve  Neutral 3.0 (2.8) (26.3) 0.7 1.1 (13.7) Not Rated N/A 21.3 18.2 32.4 9.0 0.8 BUY 37.4
600900 CH China Yangtze Power Co Ltd-A Utilities 12.17 19,591 40.6 -ve  +ve  Neutral 0.0 (5.4) (4.5) (2.3) (1.6) 11.9 BUY 35.6 17.9 17.1 22.1 11.3 3.3 BUY 25.1
600795 CH Gd Power Development Co -A Utilities 3.37 5,402 30.2 -ve  Flat  Neutral 2.1 (8.9) (6.3) (0.2) (5.3) 9.9 Not Rated N/A 16.3 12.6 27.9 9.0 1.6 SBUY 34.1
Source: Bloomberg, Datastream, I/B/E/S, Nomura International (Hong Kong) Limited
Note: See page 20 for screening criteria
Positive = +ve, Negative = -ve, Marg. = Marginally ; Mode. = Moderately
Autos & Comp = Automobiles & Components, C & P Serv = Commerical & Professional Services, Consumer D & A = Consumer Durables & Apparel, Div Fin = Diversifies Financials, F & S Retailing = Food & Staples Retailing, Food B & T = Food Beverage & Tobacco, Health Care E & S = Health Care Equipment & Service
H & P Products = Household & Personal Products, Pharm, Biotech = Pharmaceuticls, Biotechnology, Semicon = Semiconductors & Semiconductor, Software & Serv = Software & Services, Tech H & E = Technology Hardware & Equipment, Telecom Serv = Telecommunication Services.
All companies are priced as of the close of 14 June 2010.

Nomura 13 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Momentum ratings and screen — Hong Kong-listed stocks (universe: Selected 50 liquid stocks)

Candidates Price Volume Absolute price Relative price Nomura Consensus valuations
Long Short Company information momentum momentum Status performance performance valuations (12m forward looking, I/B/E/S)
Price Price
RMHU

FMHO

ATNM
ATPM

Industry Group (GICS Price MC 20D ADV Latest Sign Latest Sign Overbought / 1W 1M 3M 1W 1M target PE EPSG ROE DY target
Blmg Code Company Name L2) (TC) (US$mn) (US$mn) (+ve/-ve) Chg (+ve/-ve) Chg Oversold (%) (%) (%) (%) (%) 3M (%) Rating (%) (x) PB (x) (%) (%) (%) Rating (%)
489 HK Dongfeng Motor Grp Co Ltd-H Autos & Comp 8.66 3,174 47.9 -ve  -ve  Neutral 3.3 (13.3) (25.2) (0.1) (12.9) (20.9) BUY 61.7 8.4 7.6 15.1 22.4 1.5 BUY 40.1
175 HK Geely Automobile Holdings Lt Autos & Comp 2.58 2,432 21.5 -ve  Flat  Neutral (3.7) (17.0) (36.9) (7.0) (16.7) (33.3) NEUTRAL 47.3 9.9 8.4 22.3 22.9 1.3 HOLD 26.4
3988 HK Bank Of China Ltd-H Banks 3.94 38,438 124.3 Mode. +ve  Flat  Neutral 3.1 (1.5) (1.0) (0.3) (1.0) 4.7 BUY 21.8 8.2 7.0 19.9 18.5 5.3 BUY 24.5
3328 HK Bank Of Communications Co-H Banks 8.32 28,320 47.3 +ve  Flat  Neutral 7.8 6.9 1.5 4.2 7.4 7.3 BUY 22.6 8.6 7.2 24.1 21.3 4.0 BUY 22.8
2388 HK Boc Hong Kong Holdings Ltd Banks 17.66 23,962 23.6 Mode. +ve  Flat  Neutral 3.0 2.7 (0.6) (0.4) 3.2 5.2 BUY 35.9 10.9 9.6 15.5 15.7 5.8 BUY 22.1
998 HK China Citic Bank Corp Ltd-H Banks 5.01 7,974 28.0 +ve  +ve  Neutral 6.6 7.5 (10.2) 3.0 8.0 (5.0) BUY 15.8 8.5 6.9 25.2 16.8 3.0 BUY 24.5
939 HK China Construction Bank-H Banks 6.26 180,506 181.2 Marg. -ve  -ve  Neutral 2.1 (0.9) 1.1 (1.3) (0.5) 7.0 BUY 26.2 8.8 7.3 22.5 22.8 5.0 BUY 23.7
3968 HK China Merchants Bank-H Banks 18.44 9,254 63.7 Marg. -ve  -ve  Neutral 3.9 1.8 (5.3) 0.5 2.2 0.1 BUY 26.9 12.1 9.9 28.5 22.0 2.2 HOLD 15.5
11 HK Hang Seng Bank Ltd Banks 104.8 25,713 22.8 Marg. -ve  Flat  Neutral 2.7 (2.6) (4.6) (0.7) (2.1) 0.9 NEUTRAL 20.2 13.0 11.5 11.6 24.6 5.4 HOLD 9.3
5 HK Hsbc Holdings Plc Banks 73.85 165,944 240.4 Marg. -ve  -ve  Neutral 4.5 (1.0) (9.2) 1.0 (0.5) (3.9) BUY 25.9 11.5 8.7 64.4 10.6 4.1 BUY 26.2
1398 HK Ind & Comm Bk Of China - H Banks 5.75 61,288 185.6 Mode. +ve  -ve  Neutral 2.9 0.5 (1.7) (0.6) 1.0 4.0 BUY 33.9 9.9 8.3 19.8 21.9 4.5 BUY 19.4
13 HK Hutchison Whampoa Ltd Capital Goods 48.6 26,590 36.8 Marg. -ve  -ve  Neutral 2.6 (6.6) (14.7) (0.8) (6.2) (9.7) NEUTRAL 28.0 13.0 9.6 13.7 5.3 3.6 BUY 38.7
751 HK Skyworth Digital Hldgs Ltd Consumer D & A 6.61 2,148 29.0 Marg. -ve  Flat  Neutral (4.5) 0.6 (23.1) (7.7) 1.1 (18.6) Not Rated N/A 9.0 N/A 28.1 27.6 3.9 BUY 37.5
388 HK Hong Kong Exchanges & Clear Div Fin 121.9 16,862 56.1 Marg. -ve  -ve  Neutral 4.3 (2.2) (8.8) 0.8 (1.8) (3.5) Not Rated N/A 22.2 19.8 16 67.1 4.0 BUY 16.7
 729 HK Jia Sheng Holdings Ltd Div Fin 1.58 700 21.8 -ve  -ve  Neutral (6.0) (24.8) 26.4 (9.1) (24.4) 33.7 Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
1898 HK China Coal Energy Co-H Energy 11.02 5,808 32.5 Marg. -ve  Flat  Neutral 9.3 (1.3) (11.7) 5.7 (0.8) (6.6) Not Rated N/A 11.2 9.6 27.4 15.3 2.3 BUY 31.6
386 HK China Petroleum & Chemical-H Energy 6.2 13,352 65.7 +ve  -ve  Neutral 4.6 3.0 0.2 1.0 3.5 5.9 BUY 32.3 7.1 6.7 5.7 15.6 4.1 BUY 25.1
1088 HK China Shenhua Energy Co - H Energy 30.35 13,237 73.3 -ve  -ve  Neutral 1.7 (3.3) (12.5) (1.7) (2.9) (7.5) BUY 47.0 13.2 11.9 16.2 20.0 2.4 BUY 33.3
883 HK Cnooc Ltd Energy 13.06 74,866 124.4 +ve  Flat  Neutral 8.5 1.4 1.4 4.8 1.9 7.3 BUY 26.3 11.0 10.1 29.7 22.6 3.3 BUY 12.0
857 HK Petrochina Co Ltd-H Energy 8.79 23,800 104.5 Mode. +ve  Flat  Neutral 6.4 0.3 (5.0) 2.8 0.8 0.5 BUY 55.9 9.7 8.7 23.1 15.4 4.4 BUY 24.3
1171 HK Yanzhou Coal Mining Co-H Energy 17.4 4,373 54.9 Marg. -ve  -ve  Neutral 7.4 (10.7) 0.1 3.8 (10.3) 5.9 Not Rated N/A 10.3 9.2 36.9 21.7 2.9 BUY 22.4
1068 HK China Yurun Food Group Ltd Food B & T 23.75 5,374 21.5 +ve  +ve  Neutral 8.2 5.1 (4.0) 4.6 5.6 1.5 BUY 30.5 18.3 15.6 14.5 20.9 1.5 BUY 17.1
1099 HK Sinopharm Group Co-H Health Care E & S 29.6 2,622 31.5 -ve  -ve  Neutral 1.9 (10.0) (11.6) (1.5) (9.6) (6.5) Not Rated N/A 38.8 29.2 29.9 12.8 0.6 BUY 17.5
2628 HK China Life Insurance Co-H Insurance 34.5 32,945 172.1 Marg. -ve  Flat  Neutral 3.0 0.6 (5.3) (0.5) 1.1 0.1 Not Rated N/A 21.6 17.7 15.1 16.4 1.7 BUY 19.0
2601 HK China Pacific Insurance Gr-H Insurance 30.3 8,995 36.2 Marg. -ve  Flat  Neutral 3.4 (5.6) (4.9) (0.1) (5.2) 0.6 Not Rated N/A 21.1 17.4 21.0 12.2 1.3 BUY 29.0
2318 HK Ping An Insurance Group Co-H Insurance 63 23,104 168.8 Marg. -ve  -ve  Neutral 1.3 1.2 (2.5) (2.1) 1.7 3.2 Not Rated N/A 23.1 18.8 19.3 16.1 1.1 BUY 23.7
2600 HK Aluminum Corp Of China Ltd-H Materials 6.27 3,173 32.9 -ve  Flat  Neutral 4.2 (10.0) (22.5) 0.7 (9.6) (18.0) Not Rated N/A 16.1 13.2 751.0 7.9 1.4 HOLD 35.7
347 HK Angang Steel Co Ltd-H Materials 9.84 1,371 25.6 -ve  -ve  Neutral 5.4 (8.4) (33.6) 1.8 (8.0) (29.8) BUY 91.1 10.3 8.5 116.7 10.6 5.0 BUY 56.2
3323 HK China National Building Ma-H Materials 12.02 1,852 21.6 -ve  -ve  Neutral 0.3 1.7 (18.6) (3.0) 2.2 (13.9) BUY 83.0 8.6 8.0 16.0 19.2 1.5 BUY 42.4
358 HK Jiangxi Copper Co Ltd-H Materials 14.88 2,650 36.9 -ve  -ve  Neutral 2.8 (3.0) (10.9) (0.7) (2.5) (5.8) Not Rated N/A 9.1 8.5 43.2 16.5 2.2 HOLD 20.6
1 HK Cheung Kong Holdings Ltd Real Estate 89.2 26,514 47.6 Marg. -ve  -ve  Neutral 3.5 (3.8) (9.5) 0.0 (3.4) (4.3) BUY 48.2 10.7 9.2 1.0 7.5 3.1 BUY 31.7
688 HK China Overseas Land & Invest Real Estate 15.14 15,878 54.6 Marg. -ve  Flat  Neutral 5.1 4.6 (10.1) 1.6 5.0 (4.9) Not Rated N/A 13.6 11.6 15.4 18.4 1.7 BUY 19.9
1109 HK China Resources Land Ltd Real Estate 15.08 9,747 33.6 +ve  Flat  Neutral 5.2 11.9 (11.2) 1.6 12.4 (6.1) Not Rated N/A 15.9 13.1 8.3 11.7 1.7 BUY 26.1
2777 HK Guangzhou R&F Properties - H Real Estate 10.22 1,332 23.3 +ve  Flat  Neutral 4.8 7.4 (19.3) 1.3 7.9 (14.6) Not Rated N/A 7.5 6.5 19.8 20.3 4.8 HOLD 17.6
12 HK Henderson Land Development Real Estate 47.6 13,227 28.1 Marg. -ve  Flat  Neutral 5.8 2.3 (13.0) 2.2 2.7 (8.0) BUY 29.8 16.8 14.9 N/A 4.5 2.4 BUY 32.1
813 HK Shimao Property Holdings Ltd Real Estate 12.02 5,467 26.8 Marg. -ve  +ve  Neutral 1.5 4.2 (15.4) (1.9) 4.6 (10.5) Not Rated N/A 9.7 8.4 19.2 15.3 2.9 BUY 28.8
3377 HK Sino-Ocean Land Holdings Real Estate 5.8 4,196 12.4 Marg. +ve  -ve  Neutral 2.5 5.5 (23.5) (1.0) 5.9 (19.1) Not Rated N/A 12.1 9.7 19.5 9.4 2.2 BUY 22.1
16 HK Sun Hung Kai Properties Real Estate 106.3 35,060 69.3 Mode. +ve  +ve  Neutral 4.5 2.7 (8.4) 1.0 3.2 (3.2) BUY 38.6 16.0 15.2 8.6 6.9 2.7 BUY 20.6
4 HK Wharf Holdings Ltd Real Estate 39.15 13,836 20.2 Marg. -ve  Flat  Neutral 4.3 (1.0) (7.9) 0.8 (0.5) (2.6) BUY 30.3 14.7 13.1 21.1 6.0 2.7 BUY 26.3
330 HK Esprit Holdings Ltd Retailing 45.65 7,547 47.6 -ve  +ve  Neutral 7.5 (6.6) (20.5) 3.9 (6.2) (15.9) NEUTRAL 35.8 11.0 9.3 15.1 32.9 7.2 BUY 36.6
493 HK Gome Electrical Appliances Retailing 2.58 4,985 33.3 +ve  +ve  Neutral 11.7 17.3 (4.4) 7.9 17.8 1.1 BUY 58.9 18.3 14.7 21.4 16.1 1.1 BUY 14.5
494 HK Li & Fung Ltd Retailing 35.7 17,454 34.1 Marg. -ve  Flat  Neutral 3.5 1.6 (9.7) 0.0 2.0 (4.5) BUY 20.4 23.2 18.7 37.3 29.5 3.4 HOLD 11.0
700 HK Tencent Holdings Ltd Software & Serv 131.5 30,872 158.3 -ve  -ve  Neutral (10.5) (18.5) (18.4) (13.5) (18.1) (13.7) BUY 52.1 23.5 18.3 41.4 47.2 0.6 BUY 46.0
1211 HK Byd Co Ltd-H Tech H & E 62.55 6,366 58.4 -ve  -ve  Neutral (2.2) (4.1) (9.2) (5.5) (3.7) (4.0) BUY 50.3 20.6 17.3 29.8 27.3 0.7 HOLD 15.5
992 HK Lenovo Group Ltd Tech H & E 4.2 5,278 45.2 -ve  Flat  Neutral (8.1) (26.7) (22.7) (11.2) (26.4) (18.2) Not Rated N/A 16.8 12.8 94.4 17.2 1.9 HOLD 31.7
941 HK China Mobile Ltd Telecom Serv 77.1 198,503 196.2 +ve  +ve  Neutral 4.0 3.6 2.2 0.6 4.0 8.1 BUY 18.0 11.4 11.1 3.0 20.8 3.9 BUY 11.7
728 HK China Telecom Corp Ltd-H Telecom Serv 3.76 6,696 33.7 +ve  +ve  Neutral 6.5 6.2 6.2 2.9 6.7 12.3 BUY 25.0 15.8 13.1 12.8 7.2 2.3 BUY 7.7
762 HK China Unicom Hong Kong Ltd Telecom Serv 9.72 29,391 36.6 +ve  Flat  Neutral 8.4 4.0 3.0 4.7 4.4 8.9 BUY 11.1 28.3 20.4 (10.7) 3.5 1.6 HOLD 7.0
1919 HK China Cosco Holdings-H Transportation 8.35 2,765 34.2 -ve  Flat  Neutral 4.1 (10.6) (21.1) 0.6 (10.2) (16.5) BUY 30.5 31.8 15.1 168.3 5.4 0.7 HOLD 18.8
1199 HK Cosco Pacific Ltd Transportation 9.23 3,212 21.6 -ve  -ve  Neutral 3.4 (7.3) (27.8) (0.1) (6.9) (23.6) NEUTRAL 31.1 10.3 10.3 28.5 8.9 4.2 BUY 42.7
Source: Bloomberg, Datastream, I/B/E/S, Nomura International (Hong Kong) Limited
Note: See page 20 for screening criteria
Positive = +ve, Negative = -ve, Marg. = Marginally ; Mode. = Moderately
Autos & Comp = Automobiles & Components,
Components C & P Serv = Commerical & Professional Services
Services, Consumer D & A = Consumer Durables & Apparel
Apparel, Div Fin = Diversifies Financials
Financials, F & S Retailing = Food & Staples Retailing
Retailing, Food B & T = Food Beverage & Tobacco
Tobacco, Health Care E & S = Health Care Equipment & Services
Services,
H & P Products = Household & Personal Products, Pharm, Biotech = Pharmaceuticls, Biotechnology, Semicon = Semiconductors & Semiconductor, Software & Serv = Software & Services, Tech H & E = Technology Hardware & Equipment, Telecom Serv = Telecommunication Services.
All companies are priced as of the close of 14 June 2010.

Nomura 14 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Momentum ratings and screen — India-listed stocks (universe: Selected 50 liquid stocks)

Candidates Price Volume Absolute price Relative price Nomura Consensus valuations
Long Short Company information momentum momentum Status performance performance valuations (12m forward looking, I/B/E/S)
Price Price
RMHU

FMHO

ATNM
ATPM

Industry Group (GICS Price MC 20D ADV Latest Sign Latest Sign Overbought / 1W 1M 3M 1W target PE EPSG ROE DY target
Blmg Code Company Name L2) (TC) (US$mn) (US$mn) (+ve/-ve) Chg (+ve/-ve) Chg Oversold (%) (%) (%) (%) 1M (%) 3M (%) Rating (%) (x) PB (x) (%) (%) (%) Rating (%)
HH IN Hero Honda Motors Ltd Autos & Comp 2008.6 8,639 19.2 +ve  Flat  Neutral 1.6 7.0 4.7 (1.7) 4.9 3.7 NEUTRAL (9.5) 16.0 14.3 9.8 43.4 1.8 HOLD (3.6)
MM IN Mahindra & Mahindra Ltd Autos & Comp 615.7 7,671 25.9 +ve  Flat  Neutral 6.1 10.0 7.9 2.7 7.8 6.9 BUY 1.0 13.0 11.2 10.2 23.1 1.4 BUY 2.6
MSIL IN Maruti Suzuki India Ltd Autos & Comp 1355.5 8,435 19.4 +ve  +ve  Neutral 3.0 7.6 (7.4) (0.3) 5.5 (8.3) BUY 39.6 13.7 12.8 7.3 21.5 0.5 BUY 13.1
AXSB IN Axis Bank Ltd Banks 1256.5 11,014 55.9 +ve  Flat  Neutral 3.4 (3.0) 9.2 0.1 (5.0) 8.1 BUY 7.0 15.5 13.0 22.1 17.7 1.3 BUY 3.0
HDFCB IN Hdfc Bank Ltd Banks 1973.2 19,538 30.4 +ve  +ve  Neutral 5.1 1.1 9.5 1.8 (0.9) 8.5 BUY 1.4 21.5 17.8 27.4 17.6 0.8 BUY 6.1
HDFC IN Housing Development Finance Banks 2837.4 17,696 34.7 +ve  Flat  Neutral 6.2 2.2 4.5 2.8 0.2 3.4 REDUCE (30.6) 23.2 N/A 9.6 17.6 1.5 BUY 1.7
ICICIBC IN Icici Bank Ltd Banks 853.65 20,511 93.6 -ve  Flat  Neutral 1.4 (6.3) (8.9) (1.9) (8.2) (9.8) BUY 21.8 17.3 14.2 15.3 10.4 1.6 BUY 20.7
LICHF IN Lic Housing Finance Ltd Banks 978.3 2,000 18.9 +ve  +ve  Neutral 1.1 0.1 20.8 (2.1) (1.9) 19.6 Not Rated N/A 10.3 N/A 19.4 N/A 1.9 BUY (5.6)
SBIN IN State Bank Of India Banks 2345 32,069 106.4 +ve  +ve  Neutral 2.5 5.4 14.5 (0.7) 3.3 13.4 BUY 10.4 10.7 8.2 16.0 15.5 1.4 BUY 1.1
BHEL IN Bharat Heavy Electricals Capital Goods 2380.3 25,098 34.0 Mode. +ve  +ve  Neutral 4.8 0.9 0.0 1.5 (1.1) (1.0) REDUCE (13.2) 20.1 17.2 26.5 30.2 1.2 BUY 7.1
JPA IN Jaiprakash Associates Ltd Capital Goods 123.45 5,650 38.9 -ve  -ve  Neutral 2.7 (4.7) (15.1) (0.6) (6.6) (16.0) Not Rated N/A 16.2 11.6 22.9 16.2 0.8 BUY 45.1
LT IN Larsen & Toubro Ltd Capital Goods 1703.9 22,138 66.7 +ve  +ve  Neutral 3.9 11.4 8.9 0.5 9.2 7.8 BUY 9.2 23.1 18.3 (12.4) 19.7 0.8 BUY 5.5
SUEL IN Suzlon Energy Ltd Capital Goods 54.7 2,079 28.2 -ve  -ve  Neutral 0.2 (16.6) (27.7) (3.0) (18.3) (28.5) NEUTRAL 62.3 68.5 12.9 115.7 N/A 0.2 HOLD 31.7
TTMT IN Tata Motors Ltd Capital Goods 760.25 8,292 110.4 Marg. -ve  -ve  Neutral 3.1 (6.9) (0.1) (0.2) (8.7) (1.1) BUY 19.2 11.8 8.5 34.6 28.1 1.5 BUY 8.2
EDSL IN Educomp Solutions Ltd Consumer Serv 551.1 1,133 40.1 -ve  +ve  Neutral 1.8 (8.8) (25.0) (1.5) (10.6) (25.8) Not Rated N/A 14.3 12.0 31.4 23.3 0.3 BUY 35.2
JUBI IN Jubilant Foodworks Ltd Consumer Serv 282.75 390 9.5 -ve  Flat  Neutral (0.3) (5.8) (1.3) (3.5) (7.7) (2.3) Not Rated N/A 34.9 27.6 N/A 30.2 0.0 UPRF 6.7
IFCI IN Ifci Ltd Div Fin 54.75 870 24.5 +ve  Flat  Neutral 3.4 6.5 5.1 0.1 4.4 4.0 Not Rated N/A N/A N/A N/A N/A N/A N/A 34.6
IDFC IN Infrastructure Dev Finance Div Fin 164.85 4,622 18.0 Marg. +ve  +ve  Neutral 1.7 (0.2) (0.9) (1.6) (2.2) (1.9) Not Rated N/A 17.0 14.3 15.6 16.2 1.1 BUY 6.4
RCFT IN Reliance Capital Ltd Div Fin #N/A N/A N/A N/A +ve  +ve  Neutral N/A N/A N/A N/A N/A N/A REDUCE N/A N/A N/A N/A N/A N/A N/A N/A
RECL IN Rural Electrification Corp Div Fin 294.5 6,264 21.5 +ve  +ve  Neutral 6.1 8.5 21.5 2.7 6.3 20.3 Not Rated N/A 12.1 N/A 4.4 19.1 2.2 BUY (0.8)
ABAN IN Aban Offshore Ltd Energy 662.85 620 60.0 -ve  Flat  Neutral (1.7) (20.4) (46.8) (4.9) (21.9) (47.3) Not Rated N/A 4.4 3.9 77.2 25.2 0.8 HOLD 67.4
CAIR IN Cairn India Ltd Energy 304.85 12,458 20.1 +ve  Flat  Neutral 4.7 4.6 10.2 1.3 2.5 9.1 BUY 21.4 10.9 7.1 200.1 13.9 1.5 BUY (0.5)
ONGC IN Oil & Natural Gas Corp Ltd Energy 1197.1 55,152 47.3 +ve  Flat  Neutral 1.5 14.6 10.4 (1.7) 12.3 9.3 NEUTRAL (8.1) 10.4 9.6 20.4 21.4 3.2 BUY 7.2
RIL IN Reliance Industries Ltd Energy 1063.5 74,919 113.5 Mode. +ve  +ve  Neutral 5.5 1.9 4.1 2.1 (0.1) 3.1 BUY 19.9 14.3 12.4 30.1 15.6 0.9 HOLD 7.2
ITC IN Itc Ltd Food B & T 286.1 23,530 28.7 +ve  Flat  Neutral (0.6) 6.7 10.7 (3.8) 4.6 9.6 BUY 8.0 22.5 19.4 13.8 28.3 2.1 BUY 4.3
SHRS IN Shree Renuka Sugars Ltd Food B & T 64.4 929 18.0 +ve  +ve  Neutral 2.6 17.9 (16.4) (0.7) 15.6 (17.2) Not Rated N/A 6.9 9.1 (4.9) 25.0 0.8 BUY 38.9
HUVR IN Hindustan Unilever Ltd H & P Products 255.45 12,005 10.9 +ve  +ve  Neutral 1.8 9.2 16.4 (1.5) 7.0 15.3 NEUTRAL 12.4 22.8 19.5 11.1 89.6 3.1 HOLD (3.2)
HNDL IN Hindalco Industries Ltd Materials 143.25 5,904 57.4 -ve  +ve  Neutral 1.8 (12.3) (13.2) (1.4) (14.1) (14.1) Not Rated N/A 9.3 7.9 N/A 12.7 1.2 BUY 18.1
JSP IN Jindal Steel & Power Ltd Materials 649.1 13,024 33.0 -ve  -ve  Neutral 5.6 (0.3) (4.1) 2.2 (2.2) (5.0) Not Rated N/A 12.4 10.7 26.8 35.0 0.2 HOLD 1.5
JSTL IN Jsw Steel Ltd Materials 1043.8 4,205 64.6 -ve  -ve  Neutral 1.1 (12.7) (11.5) (2.1) (14.5) (12.3) BUY 42.0 9.2 6.7 29.6 19.5 0.9 BUY 17.7
NMDC IN Nmdc Ltd Materials 255.95 21,858 4.2 -ve  -ve  Neutral (2.6) (12.2) (29.4) (5.8) (14.0) (30.1) Not Rated N/A 15.1 12.8 N/A 37.2 1.3 HOLD 2.4
SESA IN Sesa Goa Ltd Materials 353.75 6,551 104.7 -ve  Flat  Neutral 1.8 (5.6) (18.3) (1.4) (7.5) (19.1) Not Rated N/A 6.9 6.7 45.3 39.2 1.0 HOLD 14.4
SAIL IN Steel Authority Of India Materials 200.15 17,807 19.5 -ve  -ve  Neutral 3.5 (3.9) (14.5) 0.2 (5.8) (15.4) BUY 29.9 10.2 9.1 15.4 20.7 1.7 BUY 14.7
STLT IN Sterlite Industries India Lt Materials 652.9 11,818 58.0 -ve  +ve  Neutral 5.1 (6.9) (21.1) 1.7 (8.7) (21.9) NEUTRAL 35.4 8.7 7.0 47.9 15.0 0.6 BUY 39.7
TATA IN Tata Steel Ltd Materials 484.2 9,253 142.3 -ve  -ve  Neutral 4.8 (11.6) (20.3) 1.4 (13.4) (21.1) BUY 90.0 7.2 5.9 1,093.3 19.8 2.4 HOLD 24.8
PIHC IN Piramal Healthcare Ltd Pharm, Biotech 500.9 2,255 73.3 Marg. -ve  Flat  Neutral (0.4) (0.5) 17.0 (3.6) (2.4) 15.9 N/A N/A 17.9 14.7 17.6 28.6 1.3 HOLD 10.3
RBXY IN Ranbaxy Laboratories Ltd Pharm, Biotech 438.55 3,974 9.3 Marg. -ve  +ve  Neutral 3.7 (4.1) (5.4) 0.4 (6.0) (6.3) REDUCE (11.3) 22.4 14.7 101.4 15.7 1.2 HOLD (1.3)
DLFU IN Dlf Ltd Real Estate 264.4 9,667 50.9 -ve  -ve  Neutral 0.2 (11.4) (14.9) (3.0) (13.2) (15.8) NEUTRAL 12.0 16.0 10.9 47.7 9.9 0.7 HOLD 37.8
HDIL IN Housing Development & Infras Real Estate 235.4 1,820 37.6 Marg. -ve  +ve  Neutral 5.3 (7.4) (22.6) 2.0 (9.2) (23.4) Not Rated N/A 9.7 5.1 35.9 11.6 0.9 BUY 50.4
IBREL IN Indiabulls Real Estate Ltd Real Estate 148.1 1,281 19.3 -ve  Flat  Neutral (1.3) (8.8) (14.9) (4.5) (10.6) (15.7) Not Rated N/A 21.9 12.9 1,259.7 3.1 1.0 BUY 65.2
UT IN Unitech Ltd Real Estate 68.7 3,606 55.2 -ve  -ve  Neutral (1.0) (10.1) (7.5) (4.2) (11.9) (8.4) BUY 45.6 15.2 11.3 42.2 10.1 0.3 HOLD 37.6
INFO IN Infosys Technologies Ltd Software & Serv 2746.4 33,946 56.9 +ve  Flat  Neutral 2.8 3.6 2.7 (0.5) 1.5 1.7 NEUTRAL 1.2 21.8 18.5 13.2 26.5 1.2 BUY 9.5
SCS IN Satyam Computer Services Ltd Software & Serv 89 2,255 9.6 Marg. -ve  +ve  Neutral 2.2 1.0 (9.6) (1.1) (1.0) (10.5) Not Rated N/A 10.1 8.9 1,437.8 22.6 3.6 BUY 38.5
TCS IN Tata Consultancy Svcs Ltd Software & Serv 781 32,926 26.8 +ve  Flat  Neutral 3.7 2.2 (2.0) 0.4 0.2 (3.0) NEUTRAL 6.3 19.4 16.9 10.8 32.5 1.5 BUY 12.4
WPRO IN Wipro Ltd Software & Serv 674.2 21,337 14.4 -ve  Flat  Neutral 3.3 1.2 (5.0) (0.0) (0.8) (6.0) BUY 15.7 18.5 16.3 13.5 24.0 1.1 BUY 12.2
BHARTI IN Bharti Airtel Ltd Telecom Serv 269.1 22,012 40.9 Marg. -ve  +ve  Neutral 0.3 1.7 (10.0) (3.0) (0.3) (10.9) NEUTRAL 18.9 12.0 10.6 (5.4) 18.5 1.1 HOLD 24.8
MSEZ IN Mundra Port And Sez Ltd Transportation 690.8 5,962 5.0 -ve  Flat  Neutral 4.4 (3.0) (1.2) 1.1 (4.9) (2.2) NEUTRAL (1.6) 27.2 18.7 40.8 24.3 0.7 BUY 0.0
GAIL IN Gail India Ltd Utilities 461.9 12,621 17.5 +ve  -ve  Neutral 2.0 8.0 10.2 (1.3) 5.8 9.1 BUY 8.2 16.1 14.0 8.3 18.4 1.9 BUY 2.1
RELI IN Reliance Infrastructure Ltd Utilities 1160.6 6,121 47.9 +ve  +ve  Neutral 7.2 13.1 16.1 3.7 10.9 15.0 Not Rated N/A 18.1 15.3 0.5 8.7 0.7 BUY 7.5
RNR IN Reliance Natural Resources L Utilities 60.9 2,142 27.2 +ve  +ve  Neutral 15.7 28.3 (3.5) 12.0 25.8 (4.4) Not Rated N/A N/A N/A N/A N/A N/A N/A 36.3
Source: Bloomberg, Datastream, I/B/E/S, Nomura International (Hong Kong) Limited
Note: See page 20 for screening criteria
Positive = +ve, Negative = -ve, Marg. = Marginally ; Mode. = Moderately
Autos & Comp = Automobiles & Components,
Components C & P Serv = Commerical & Professional Services
Services, Consumer D & A = Consumer Durables & Apparel
Apparel, Div Fin = Diversifies Financials
Financials, F & S Retailing = Food & Staples Retailing
Retailing, Food B & T = Food Beverage & Tobacco
Tobacco, Health Care E & S = Health Care Equipment & Services
Services,
H & P Products = Household & Personal Products, Pharm, Biotech = Pharmaceuticls, Biotechnology, Semicon = Semiconductors & Semiconductor, Software & Serv = Software & Services, Tech H & E = Technology Hardware & Equipment, Telecom Serv = Telecommunication Services.
All companies are priced as of the close of 14 June 2010.

Nomura 15 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Momentum ratings and screen — Korea-listed stocks (universe: Selected 50 liquid stocks)

Candidates Price Volume Absolute price Relative price Nomura Consensus valuations
Long Short Company information momentum momentum Status performance performance valuations (12m forward looking, I/B/E/S)
Price Price
RMHU

FMHO

ATNM
ATPM

Industry Group (GICS Price MC 20D ADV Latest Sign Latest Sign Overbought / 1W 1M 1W target PE EPSG ROE DY target
Blmg Code Company Name L2) (TC) (US$mn) (US$mn) (+ve/-ve) Chg (+ve/-ve) Chg Oversold (%) (%) 3M (%) (%) 1M (%) 3M (%) Rating (%) (x) PB (x) (%) (%) (%) Rating (%)
012330 KS Hyundai Mobis Autos & Comp 199,000 15,850 87.2 +ve  Flat  Neutral 4.5 2.6 39.2 1.2 2.9 36.9 BUY 10.6 9.6 8.9 10.5 21.4 0.7 BUY 12.8
005380 KS Hyundai Motor Co Autos & Comp 142,000 25,594 142.4 +ve  Flat  Neutral 5.2 (1.7) 31.5 1.9 (1.4) 29.3 BUY 9.2 9.6 8.9 19.3 15.4 0.9 BUY 16.7
000270 KS Kia Motors Corporation Autos & Comp 31,350 10,029 171.8 Marg. +ve  Flat  Neutral (7.0) (1.7) 48.6 (9.9) (1.4) 46.1 BUY (13.9) 7.6 7.0 7.8 18.8 0.9 BUY 10.9
086790 KS Hana Financial Group Banks 33,150 5,746 32.0 +ve  +ve  Neutral 5.6 6.3 (1.0) 2.3 6.6 (2.7) NEUTRAL 17.6 6.6 6.0 68.5 10.0 2.5 BUY 32.7
105560 KS Kb Financial Group Inc Banks 52,800 16,691 74.6 +ve  +ve  Neutral 5.4 4.3 1.5 2.1 4.7 (0.1) BUY 23.1 8.1 6.8 82.2 11.8 2.5 BUY 26.6
004940 KS Korea Exchange Bank Banks 13,150 6,939 20.5 +ve  +ve  Neutral 2.7 2.7 (8.0) (0.5) 3.0 (9.6) BUY 40.7 8.3 7.8 8.1 12.0 4.2 BUY 24.5
055550 KS Shinhan Financial Group Ltd Banks 45,500 17,654 56.6 +ve  +ve  Neutral 3.3 1.9 3.4 0.1 2.2 1.7 BUY 31.9 8.6 7.7 51.6 13.1 2.1 BUY 21.0
053000 KS Woori Finance Holdings Co Banks 15,050 9,926 80.8 Marg. -ve  -ve  Neutral 1.7 (8.0) 2.0 (1.5) (7.7) 0.4 NEUTRAL (3.7) 6.3 5.9 35.0 12.5 2.3 BUY 26.8
000210 KS Daelim Industrial Co Ltd Capital Goods 64,100 1,825 13.8 +ve  +ve  Neutral 15.3 9.9 (14.6) 11.7 10.3 (16.1) BUY 56.0 6.0 5.4 12.3 10.0 1.5 BUY 48.4
042660 KS Daewoo Shipbuilding & Marine Capital Goods 19,100 2,991 15.8 Marg. -ve  Flat  Neutral 5.8 (0.8) (12.2) 2.5 (0.5) (13.6) Not Rated N/A 5.9 6.7 1.4 17.6 2.7 HOLD 19.3
000150 KS Doosan Corp Capital Goods 97,900 1,995 15.1 Marg. -ve  +ve  Neutral 4.3 6.0 (16.3) 1.0 6.3 (17.7) Not Rated N/A 10.4 7.8 4.3 11.9 2.6 SBUY 54.0
034020 KS Doosan Heavy Industries Capital Goods 72,300 6,258 46.6 Marg. -ve  Flat  Neutral 3.4 7.3 (18.9) 0.2 7.6 (20.3) Not Rated N/A 18.4 12.0 585.8 11.3 0.7 BUY 35.9
042670 KS Doosan Infracore Co Ltd Capital Goods 19,150 2,638 36.0 Mode. +ve  +ve  Neutral 12.6 7.6 (1.8) 9.1 7.9 (3.4) Not Rated N/A 18.5 10.1 223.7 12.1 0.3 BUY 37.0
006360 KS Gs Engineering & Construct Capital Goods 81,000 3,380 26.6 +ve  Flat  Neutral 9.5 7.7 (13.8) 6.1 8.0 (15.2) BUY 48.1 8.8 7.6 12.2 12.8 1.3 BUY 48.5
000720 KS Hyundai Engineering & Const Capital Goods 56,500 5,148 61.3 +ve  +ve  Neutral 7.8 15.3 (12.0) 4.5 15.6 (13.4) BUY 52.2 11.3 9.6 14.8 15.9 1.1 BUY 40.5
009540 KS Hyundai Heavy Industries Capital Goods 225,000 13,992 85.9 Mode. +ve  +ve  Neutral 7.1 (2.8) (2.0) 3.8 (2.5) (3.6) Not Rated N/A 6.4 7.1 (2.6) 22.3 1.7 BUY 33.9
003550 KS Lg Corp Capital Goods 65,300 9,220 29.3 -ve  -ve  Neutral (1.1) (10.1) (0.5) (4.1) (9.8) (2.1) Not Rated N/A 6.5 5.9 9.8 19.9 1.7 BUY 39.5
000830 KS Samsung C&T Corp Capital Goods 55,000 7,030 58.1 +ve  +ve  Neutral 8.9 2.8 (12.6) 5.5 3.1 (14.0) BUY 54.5 19.6 17.5 18.4 6.2 1.0 BUY 31.9
028050 KS Samsung Engineering Co Ltd Capital Goods 111,000 3,633 20.3 +ve  -ve  Neutral 2.3 6.2 (9.8) (0.9) 6.5 (11.2) BUY 35.1 11.8 9.4 27.2 35.7 2.3 BUY 30.6
010140 KS Samsung Heavy Industries Capital Goods 23,500 4,439 24.2 Mode. +ve  +ve  Neutral 7.1 3.8 (12.6) 3.7 4.1 (14.1) Not Rated N/A 6.7 7.2 6.0 23.0 2.1 HOLD 23.0
012450 KS Samsung Techwin Co Ltd Capital Goods 101,500 4,412 64.4 +ve  Flat  Neutral (1.0) (1.5) 24.5 (4.1) (1.2) 22.5 BUY (3.4) 17.7 13.3 45.8 22.6 0.7 BUY 4.8
066570 KS Lg Electronics Inc Consumer D & A 96,300 11,398 147.7 -ve  -ve  Neutral (5.6) (13.6) (10.0) (8.5) (13.4) (11.5) NEUTRAL 8.0 6.8 6.0 9.2 19.4 1.6 BUY 46.6
008080 KS Samyang Optics Co Ltd Consumer D & A 1,165 73 8.2 Marg. -ve  Flat  Neutral 7.4 (9.3) (45.2) 4.0 (9.1) (46.1) Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
006800 KS Daewoo Securities Co Ltd Div Fin 21,050 3,274 23.8 +ve  +ve  Neutral 8.2 0.2 4.5 4.9 0.5 2.7 Not Rated N/A 12.4 11.2 7.3 11.6 2.1 BUY 13.4
016360 KS Samsung Securities Co Ltd Div Fin 57,400 3,139 15.8 Mode. +ve  +ve  Neutral 6.3 (2.9) (11.6) 3.0 (2.6) (13.0) Not Rated N/A 13.7 11.4 9.6 10.5 2.1 BUY 19.0
096770 KS Sk Energy Co Ltd Energy 109,000 8,247 62.8 Marg. -ve  -ve  Neutral 2.8 0.0 (8.0) (0.4) 0.3 (9.5) BUY 33.0 8.0 6.9 41.1 14.0 2.0 BUY 35.1
004170 KS Shinsegae Co Ltd F & S Retailing 526,000 8,117 26.2 +ve  +ve  Neutral 8.0 6.0 (3.5) 4.6 6.4 (5.1) BUY 17.9 14.1 12.6 15.0 14.0 0.2 BUY 15.8
033780 KS Kt&G Corp Food B & T 62,000 6,965 25.0 +ve  +ve  Neutral 0.2 6.2 (3.4) (3.0) 6.5 (5.0) NEUTRAL (4.8) 10.5 10.3 1.1 18.5 4.8 BUY 26.3
000810 KS Samsung Fire & Marine Ins Insurance 184,000 7,132 38.8 Marg. -ve  +ve  Neutral 2.5 (5.2) (6.8) (0.7) (4.9) (8.4) Not Rated N/A 12.8 11.6 10.3 11.7 1.9 BUY 33.1
001300 KS Cheil Industries Inc Materials 85,000 3,477 36.1 +ve  Flat  Neutral 0.0 (3.6) 41.2 (3.1) (3.3) 38.9 BUY (14.1) 14.7 12.8 49.1 13.1 1.0 BUY (0.2)
009830 KS Hanwha Chemical Corp Materials 16,250 1,865 24.1 +ve  Flat  Neutral 5.9 (3.0) 12.5 2.6 (2.7) 10.6 NEUTRAL (13.8) 6.3 6.1 2.9 12.1 2.6 BUY 13.7
011170 KS Honam Petrochemical Corp Materials 132,500 3,454 26.8 +ve  Flat  Neutral 5.6 (1.5) 5.6 2.3 (1.2) 3.8 REDUCE (38.1) 6.1 5.6 (7.2) 16.1 1.0 BUY 9.2
004800 KS Hyosung Corporation Materials 76,500 2,198 29.0 +ve  +ve  Neutral 16.3 8.7 (11.1) 12.6 9.0 (12.6) Not Rated N/A 6.4 6.2 8.6 13.7 1.3 BUY 32.5
004020 KS Hyundai Steel Co Materials 87,800 6,129 51.6 Marg. -ve  -ve  Neutral 6.7 (0.5) (3.3) 3.4 (0.2) (4.9) BUY 42.4 9.0 7.5 (15.9) 11.6 0.6 BUY 26.4
051910 KS Lg Chem Ltd Materials 290,000 15,725 80.1 +ve  +ve  Neutral 1.4 (1.9) 28.0 (1.8) (1.6) 25.9 BUY (6.9) 12.5 11.1 10.5 24.5 1.2 BUY 1.7
010060 KS Oci Co Ltd Materials 208,500 3,904 28.2 +ve  +ve  Neutral 2.7 (8.8) 17.5 (0.5) (8.5) 15.5 Not Rated N/A 9.8 8.8 15.5 25.5 1.0 BUY 30.3
005490 KS Posco Materials 473,000 33,743 125.2 Marg. -ve  -ve  Neutral 5.6 1.9 (15.2) 2.3 2.2 (16.6) BUY 50.1 7.7 7.4 22.3 14.8 2.0 BUY 42.6
000660 KS Hynix Semiconductor Inc Semicon 26,000 12,557 258.2 +ve  Flat  Neutral (2.4) (2.3) 11.8 (5.5) (2.0) 10.0 BUY 26.9 5.3 6.3 132.1 37.1 0.0 BUY 33.3
005930 KS Samsung Electronics Co Ltd Semicon 807,000 97,263 228.2 +ve  Flat  Neutral 2.5 (0.4) 3.7 (0.7) (0.1) 2.0 BUY 48.7 8.6 8.4 19.9 19.0 1.0 BUY 27.2
036570 KS Ncsoft Corporation Software & Serv 195,000 3,470 39.0 +ve  Flat  Neutral 3.7 2.9 34.5 0.5 3.2 32.3 BUY 8.7 16.7 14.2 17.6 29.8 0.4 BUY 11.0
035420 KS Nhn Corp Software & Serv 193,000 7,600 26.4 +ve  +ve  Neutral 7.8 6.0 2.1 4.5 6.4 0.4 BUY 16.1 16.7 14.4 16.9 38.5 0.0 BUY 15.8
 034220 KS Lg Display Co Ltd Tech H & E 41,750 12,223 120.1 -ve  -ve  Neutral (4.8) (8.3) 16.0 (7.8) (8.1) 14.1 BUY 38.9 6.5 6.7 38.8 19.0 1.3 BUY 19.0
 011070 KS Lg Innotek Co Ltd Tech H & E 160,000 2,604 58.8 Marg. +ve  -ve  Neutral (4.8) (10.6) 66.2 (7.7) (10.3) 63.4 Not Rated N/A 15.4 10.8 53.4 16.2 0.3 BUY 9.3
009150 KS Samsung Electro-Mechanics Co Tech H & E 144,500 8,831 126.3 +ve  Flat  Neutral 3.2 (4.3) 45.4 0.0 (4.0) 43.0 BUY 13.5 21.1 18.7 40.3 18.2 0.5 BUY 8.3
006400 KS Samsung Sdi Co Ltd Tech H & E 171,500 6,393 149.9 +ve  Flat  Neutral (4.5) 3.3 28.5 (7.4) 3.6 26.3 NEUTRAL (11.4) 23.7 19.7 27.0 6.3 0.5 BUY (6.2)
030200 KS Kt Corp Telecom Serv 48,300 10,319 51.7 +ve  +ve  Neutral 1.7 (0.1) 3.0 (1.5) 0.2 1.3 BUY 36.0 8.2 7.4 55.7 13.2 5.4 BUY 23.5
017670 KS Sk Telecom Telecom Serv 169,000 11,166 28.1 +ve  Flat  Neutral 2.4 0.6 (5.8) (0.8) 0.9 (7.4) BUY 32.5 8.2 7.4 11.8 13.5 5.8 BUY 30.8
003490 KS Korean Air Lines Co Ltd Transportation 77,400 4,558 41.9 +ve  +ve  Neutral 8.6 2.2 22.3 5.2 2.5 20.3 NEUTRAL 2.1 11.2 10.7 190.9 15.1 0.4 BUY (4.2)
028670 KS Stx Pan Ocean Co Ltd Transportation 11,150 1,878 21.4 -ve  Flat  Neutral 1.4 (9.3) (16.2) (1.8) (9.1) (17.5) Not Rated N/A 11.4 9.9 205.4 8.4 2.0 BUY 33.4
015760 KS Korea Electric Power Corp Utilities 34,200 17,953 70.7 +ve  +ve  Neutral 3.0 5.9 (10.9) (0.2) 6.2 (12.4) BUY 17.0 11.4 8.7 193.6 4.4 1.6 BUY 29.8
Source: Bloomberg, Datastream, I/B/E/S, Nomura International (Hong Kong) Limited
Note: See page 20 for screening criteria
Positive = +ve, Negative = -ve, Marg. = Marginally ; Mode. = Moderately
Autos & Comp = Automobiles & Components,
Components C & P Serv = Commerical & Professional Services
Services, Consumer D & A = Consumer Durables & Apparel
Apparel, Div Fin = Diversifies Financials
Financials, F & S Retailing = Food & Staples Retailing
Retailing, Food B & T = Food Beverage & Tobacco
Tobacco, Health Care E & S = Health Care Equipment & Services
Services,
H & P Products = Household & Personal Products, Pharm, Biotech = Pharmaceuticls, Biotechnology, Semicon = Semiconductors & Semiconductor, Software & Serv = Software & Services, Tech H & E = Technology Hardware & Equipment, Telecom Serv = Telecommunication Services.
All companies are priced as of the close of 14 June 2010.

Nomura 16 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Momentum ratings and screen — Malaysia-listed stocks (universe: Selected 50 liquid stocks)

Candidates Price Volume Absolute price Relative price Nomura Consensus valuations
Long Short Company information momentum momentum Status performance performance valuations (12m forward looking, I/B/E/S)
Price Price
RMHU

FMHO

ATNM
ATPM

Industry Group (GICS Price MC 20D ADV Latest Sign Latest Sign Overbought / 1W 1M 3M 1W target PE EPSG ROE DY target
Blmg Code Company Name L2) (TC) (US$mn) (US$mn) (+ve/-ve) Chg (+ve/-ve) Chg Oversold (%) (%) (%) (%) 1M (%) 3M (%) Rating (%) (x) PB (x) (%) (%) (%) Rating (%)
PROH MK Proton Holdings Bhd Autos & Comp 4.5 758 1.3 -ve  Flat  Neutral (1.1) (8.5) (0.2) (1.9) (5.6) 0.9 Not Rated N/A 7.5 7.0 28.6 5.9 0.7 BUY 23.8
TCM MK Tan Chong Motor Holdings Bhd Autos & Comp 4.27 880 1.2 +ve  +ve  Neutral (0.5) (0.2) 26.0 (1.3) 3.0 27.3 Not Rated N/A 10.3 8.5 39.0 14.9 2.9 BUY 14.1
AHB MK Affin Holdings Berhad Banks 3.08 1,411 1.6 +ve  Flat  Neutral 3.0 (0.3) 8.1 2.1 2.9 9.2 Not Rated N/A 9.7 8.8 16.9 9.4 2.7 SBUY 4.5
AFG MK Alliance Financial Group Bhd Banks 2.81 1,334 1.9 -ve  Flat  Neutral 0.4 (5.7) (0.7) (0.5) (2.6) 0.4 BUY 29.9 10.9 9.6 24.7 12.7 3.3 BUY 11.7
CIMB MK Cimb Group Holdings Bhd Banks 6.9 14,944 26.0 -ve  +ve  Neutral 0.1 (4.2) (0.3) (0.7) (1.1) 0.8 NEUTRAL (4.1) 13.1 11.5 19.7 16.3 2.1 BUY 10.6
HLBK MK Hong Leong Bank Berhad Banks 8.28 4,011 1.6 -ve  Flat  Neutral (0.6) (4.8) (4.8) (1.4) (1.7) (3.8) Not Rated N/A 12.1 10.8 12.4 16.0 2.7 HOLD 9.4
MAY MK Malayan Banking Bhd Banks 7.45 16,168 25.0 Marg. -ve  +ve  Neutral 1.9 (3.5) 1.6 1.1 (0.4) 2.7 BUY 24.2 12.9 11.3 14.4 14.6 4.3 BUY 10.2
PBK MK Public Bank Berhad Banks 11.56 12,518 10.2 -ve  Flat  Neutral 0.5 (3.3) (2.2) (0.3) (0.2) (1.1) Not Rated N/A 13.2 11.7 13.2 24.7 5.0 HOLD 9.8
PBKF MK Public Bank Bhd-Foreign Mkt Banks 11.6 12,562 5.6 Marg. -ve  Flat  Neutral 0.7 (3.0) (1.5) (0.2) 0.1 (0.5) NEUTRAL 2.9 N/A N/A N/A N/A N/A N/A N/A
RHBC MK Rhb Capital Bhd Banks 5.77 3,810 2.2 -ve  -ve  Neutral 1.2 (5.7) 3.4 0.4 (2.7) 4.5 Not Rated N/A 8.8 7.8 12.0 14.7 4.3 BUY 17.9
BC MK Berjaya Corp Bhd Capital Goods 1.35 1,680 6.4 -ve  -ve  Neutral (7.5) (17.2) (10.0) (8.3) (14.5) (9.0) Not Rated N/A N/A N/A N/A N/A N/A BUY 60.7
GAM MK Gamuda Bhd Capital Goods 2.99 2,082 3.0 +ve  +ve  Neutral 0.0 0.3 8.7 (0.8) 3.6 9.9 BUY 22.1 16.2 13.8 29.1 11.3 3.9 BUY 10.7
IJM MK Ijm Corp Bhd Capital Goods 4.83 1,976 2.9 +ve  +ve  Neutral 1.3 (0.4) 6.4 0.4 2.8 7.5 BUY 16.6 15.7 13.8 19.1 7.9 2.1 BUY 12.6
MRC MK Malaysian Resources Corp Bhd Capital Goods 1.52 639 1.4 Marg. +ve  +ve  Neutral 2.0 (3.8) 1.3 1.2 (0.7) 2.4 Not Rated N/A 31.0 25.3 26.1 6.6 0.7 BUY 22.4
SIME MK Sime Darby Berhad Capital Goods 7.81 14,390 21.2 -ve  +ve  Neutral 0.1 (5.3) (9.3) (0.7) (2.3) (8.3) REDUCE (2.7) 15.0 13.7 53 13.2 3.4 HOLD 6.8
 WCT MK Wct Bhd Capital Goods 2.74 658 1.7 Marg. +ve  +ve  Neutral 3.0 0.0 1.5 2.1 3.2 2.6 BUY 25.9 13.2 11.7 10.5 12.1 3.1 BUY 12.4
BST MK Berjaya Sports Toto Bhd Consumer Serv 4.33 1,794 1.9 -ve  Flat  Neutral 0.2 (3.8) (0.7) (0.6) (0.7) 0.4 BUY 14.5 13.0 12.3 6.4 77.5 6.8 BUY 15.7
GENT MK Genting Berhad Consumer Serv 7.06 8,021 9.7 +ve  +ve  Neutral 3.7 0.6 7.1 2.8 3.8 8.3 BUY 9.9 15.7 13.1 34.3 10.5 1.2 BUY 20.4
GENM MK Genting Malaysia Bhd Consumer Serv 2.75 4,980 3.9 -ve  +ve  Neutral 0.7 (2.5) (1.4) (0.1) 0.7 (0.4) NEUTRAL 8.4 12.8 12.2 (3.4) 11.4 2.5 BUY 14.5
AMM MK Ammb Holdings Bhd Div Fin 4.91 4,538 6.8 Marg. -ve  +ve  Neutral 0.2 (1.6) (0.2) (0.6) 1.6 0.9 BUY 18.1 11.6 10.0 17.9 12.5 3.1 BUY 16.7
MPU MK Multi-Purpose Holdings Bhd Div Fin 2.01 664 0.8 Marg. -ve  -ve  Neutral 2.0 (5.2) 3.1 1.2 (2.1) 4.2 Not Rated N/A 13.5 12.2 N/A 7.0 0.0 SBUY 18.4
KEPB MK Kencana Petroleum Bhd Energy 1.48 752 1.9 Mode. +ve  +ve  Neutral 8.0 (6.9) (3.3) 7.1 (3.9) (2.2) Not Rated N/A 13.8 12.5 20.7 24.2 0.7 SBUY 16.9
KNMG MK Knm Group Bhd Energy 0.495 608 1.7 -ve  +ve  Neutral 3.1 (7.5) (37.3) 2.3 (4.5) (36.7) Not Rated N/A 9.1 7.7 18.1 10.7 2.0 HOLD 23.2
SGB MK Scomi Group Bhd Energy 0.39 140 0.9 -ve  -ve  Neutral (1.3) (14.3) 1.3 (2.1) (11.5) 2.4 Not Rated N/A 4.6 4.1 105.7 7.3 2.6 BUY 35.9
IOI MK Ioi Corporation Bhd Food B & T 4.99 10,213 11.9 Marg. -ve  +ve  Neutral 0.0 (7.4) (9.4) (0.8) (4.4) (8.5) REDUCE (15.8) 16.2 15.2 14.2 18.8 2.8 HOLD 7.4
KLK MK Kuala Lumpur Kepong Bhd Food B & T 16.12 5,276 6.8 Marg. -ve  +ve  Neutral 0.5 (3.9) (3.0) (0.3) (0.8) (2.0) REDUCE (13.2) 16.1 14.3 23.5 16.6 3.6 BUY 8.4
PEP MK Ppb Group Berhad Food B & T 16.08 5,845 7.4 -ve  +ve  Neutral 1.9 (8.6) (7.8) 1.0 (5.7) (6.8) Not Rated N/A 11.1 12.0 6.6 12.4 1.8 BUY 17.8
LTX MK Latexx Partners Berhad Health Care E & S 3.5 225 0.9 Marg. -ve  +ve  Neutral 4.5 (2.8) (10.3) 3.6 0.4 (9.3) Not Rated N/A 6.2 5.8 64.3 43.7 2.7 SBUY 55.4
SUCB MK Supermax Corp Bhd Health Care E & S 6.82 568 3.6 +ve  +ve  Neutral 4.9 (0.9) 18.8 4.0 2.3 20.1 BUY 28.2 9.2 8.0 27.3 27.4 2.0 BUY 36.8
TOPG MK Top Glove Corp Bhd Health Care E & S 12.84 1,214 3.3 +ve  +ve  Neutral 4.2 4.1 4.7 3.3 7.4 5.9 BUY 20.1 13.8 12.8 15.7 27.3 2.8 BUY 11.8
IRCB MK Integrated Rubber Corp Bhd Materials 0.72 52 1.4 -ve  Flat  Neutral 9.1 (11.7) (26.9) 8.2 (8.8) (26.1) Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
ASTR MK Astro All Asia Networks Plc Media 4.29 2,574 0.5 +ve  Flat  Neutral 0.0 0.9 23.3 (0.8) 4.2 24.6 NEUTRAL (11.4) 33.4 21.4 10.3 27.4 2.6 HOLD (6.1)
ULHB MK Uem Land Holdings Bhd Real Estate 1.43 1,597 2.1 +ve  +ve  Neutral 2.9 7.5 20.5 2.0 11.0 21.8 Not Rated N/A 71.5 58.3 (19.8) 4.6 0.0 HOLD 0.7
UNI MK Unisem (M) Berhad Semicon 3.12 496 5.6 +ve  +ve  Neutral 8.7 1.6 32.2 7.8 4.9 33.6 Not Rated N/A 9.5 8.3 59.8 16.0 3.5 BUY 22.8
JCYH MK Jcy International Bhd Tech H & E 1.5 940 2.2 -ve  Flat  Neutral (0.7) (13.3) (6.8) (1.5) (10.5) (5.8) Not Rated N/A 8.8 8.0 N/A 33.7 6.1 BUY 41.3
AXIATA MK Axiata Group Berhad Telecom Serv 3.85 9,969 11.6 +ve  Flat  Neutral 2.9 (0.5) (0.3) 2.1 2.7 0.8 BUY 16.9 14.6 12.7 15.6 11.3 1.0 BUY 10.6
DIGI MK Digi.Com Bhd Telecom Serv 22.66 5,402 4.7 Mode. -ve  -ve  Neutral (1.1) (2.0) 0.8 (2.0) 1.2 1.9 BUY 13.0 16.0 15.1 6.6 77.4 6.6 HOLD 1.4
MAXIS MK Maxis Bhd Telecom Serv 5.26 12,096 5.9 Marg. -ve  Flat  Neutral (0.4) (1.3) (1.7) (1.2) 1.9 (0.6) NEUTRAL 4.6 16.0 15.1 N/A 28.0 6.3 HOLD 2.7
MGB MK Measat Global Bhd Telecom Serv 2.98 356 1.7 +ve  Flat  Neutral (0.3) 7.2 49.7 (1.2) 10.7 51.4 Not Rated N/A 17.2 N/A (46.0) 3.4 0.0 HOLD (32.9)
T MK Telekom Malaysia Bhd Telecom Serv 3.31 3,631 5.9 Marg. -ve  -ve  Neutral 0.6 (6.5) 0.0 (0.2) (3.5) 1.1 BUY 20.8 21.4 19.6 (7.8) 7.8 6.3 HOLD (2.4)
TDC MK Time Dotcom Bhd Telecom Serv 0.42 326 0.5 Marg. -ve  Flat  Neutral 0.0 (1.2) 1.2 (0.8) 2.0 2.3 Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
AIRA MK Airasia Bhd Transportation 1.29 1,091 2.4 +ve  +ve  Neutral 2.4 (1.5) (3.0) 1.5 1.7 (2.0) NEUTRAL (7.0) 6.2 5.3 (1.9) 16.6 0.0 BUY 24.0
MAS MK Malaysian Airline System Bhd Transportation 2.04 2,090 0.6 Mode. +ve  +ve  Neutral 3.6 (0.5) 4.1 2.7 2.7 5.2 BUY 17.6 27.1 13.0 148.5 10.3 0.0 HOLD 7.8
MISC MK Misc Bhd Transportation 8.48 11,606 3.6 Mode. +ve  Flat  Neutral 1.0 (3.9) 5.9 0.1 (0.7) 7.0 Not Rated N/A 21.1 17.4 80.8 7.0 4.0 HOLD 1.8
PLUS MK Plus Expressways Bhd Transportation 3.33 5,105 4.8 -ve  -ve  Neutral 0.6 (2.1) (1.8) (0.2) 1.1 (0.7) Not Rated N/A 11.9 9.8 17.8 21.9 5.7 BUY 20.1
POSM MK Pos Malaysia Berhad Transportation 2.73 450 0.7 Marg. +ve  +ve  Neutral 1.1 (5.2) 35.1 0.3 (2.1) 36.6 Not Rated N/A 10.9 8.0 49.4 14.9 4.5 BUY 28.9
PTG MK Petronas Gas Bhd Utilities 9.88 5,994 1.4 Marg. -ve  -ve  Neutral 0.7 (0.6) 1.4 (0.1) 2.6 2.5 NEUTRAL 8.3 16.3 15.7 20.9 14.1 5.5 HOLD 8.8
TJN MK Tanjong Plc Utilities 17.28 2,137 2.2 Marg. -ve  -ve  Neutral 0.9 (2.7) (2.4) 0.1 0.5 (1.3) BUY 18.6 9.9 9.6 2.9 16.9 5.8 BUY 14.2
TNB MK Tenaga Nasional Bhd Utilities 8.34 11,115 10.8 Marg. +ve  +ve  Neutral 1.0 (1.9) 4.3 0.1 1.3 5.4 BUY 12.7 11.7 10.5 26.7 11.3 3.0 BUY 20.5
YTLP MK Ytl Power International Bhd Utilities 2.21 4,871 2.6 Mode. +ve  +ve  Neutral 0.9 0.0 (1.8) 0.1 3.2 (0.7) NEUTRAL 4.1 13.8 13.0 1.3 16.6 6.3 HOLD 2.3
Source: Bloomberg, Datastream, I/B/E/S, Nomura International (Hong Kong) Limited
Note: See page 20 for screening criteria
Positive = +ve, Negative = -ve, Marg. = Marginally ; Mode. = Moderately
Autos & Comp = Automobiles & Components,
Components C & P Serv = Commerical & Professional Services
Services, Consumer D & A = Consumer Durables & Apparel
Apparel, Div Fin = Diversifies Financials
Financials, F & S Retailing = Food & Staples Retailing
Retailing, Food B & T = Food Beverage & Tobacco
Tobacco, Health Care E & S = Health Care Equipment & Services
Services,
H & P Products = Household & Personal Products, Pharm, Biotech = Pharmaceuticls, Biotechnology, Semicon = Semiconductors & Semiconductor, Software & Serv = Software & Services, Tech H & E = Technology Hardware & Equipment, Telecom Serv = Telecommunication Services.
All companies are priced as of the close of 14 June 2010.

Nomura 17 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Momentum ratings and screen — Singapore-listed stocks (universe: Selected 50 liquid stocks)

Candidates Price Volume Absolute price Relative price Nomura Consensus valuations
Long Short Company information momentum momentum Status performance performance valuations (12m forward looking, I/B/E/S)
Price Price
RMHU

FMHO

ATNM
ATPM

Industry Group (GICS Price MC 20D ADV Latest Sign Latest Sign Overbought / 1W 1M 3M 1W target PE EPSG ROE DY target
Blmg Code Company Name L2) (TC) (US$mn) (US$mn) (+ve/-ve) Chg (+ve/-ve) Chg Oversold (%) (%) (%) (%) 1M (%) 3M (%) Rating (%) (x) PB (x) (%) (%) (%) Rating (%)
BTL SP Baker Technology Ltd Autos & Comp 0.395 193 4.7 +ve  +ve  Neutral 2.6 (4.8) 19.7 0.2 (3.6) 22.4 Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
DBS SP Dbs Group Holdings Ltd Banks 13.74 22,463 61.5 -ve  -ve  Neutral 2.5 (4.3) (3.9) 0.1 (3.1) (1.8) NEUTRAL 11.4 11.9 10.2 20.6 9.9 4.4 BUY 20.0
OCBC SP Oversea-Chinese Banking Corp Banks 8.39 19,497 38.5 -ve  +ve  Neutral 1.5 (5.2) (5.5) (0.9) (3.9) (3.4) BUY 43.0 11.6 10.7 12.7 12.3 4.0 BUY 19.9
UOB SP United Overseas Bank Ltd Banks 19.36 21,130 45.3 +ve  +ve  Neutral 3.6 2.0 3.5 1.2 3.3 5.9 BUY 17.8 11.8 10.7 20.9 13.5 3.8 BUY 16.5
COS SP Cosco Corp Singapore Ltd Capital Goods 1.4 2,245 24.4 Marg. -ve  Flat  Neutral 0.7 (10.8) 13.8 (1.6) (9.7) 16.4 REDUCE (42.9) 17.7 14.1 35.1 13.8 2.5 HOLD (16.4)
FNN SP Fraser And Neave Ltd Capital Goods 5 5,007 7.1 +ve  Flat  Neutral 5.7 6.4 11.6 3.2 7.8 14.1 BUY 7.0 11.7 9.9 12.4 9.7 3.7 BUY 6.8
HLA SP Hong Leong Asia Ltd Capital Goods 3.37 923 7.5 -ve  +ve  Neutral 8.7 (20.5) (17.0) 6.2 (19.5) (15.1) Not Rated N/A 8.7 7.6 11.0 17.0 3.7 BUY 48.7
JM SP Jardine Matheson Hldgs Ltd Capital Goods 36.78 23,732 9.2 +ve  -ve  Neutral 0.2 3.3 10.1 (2.1) 4.6 12.6 Not Rated N/A 11.2 11.0 9.1 10.9 2.7 BUY (1.0)
JS SP Jardine Strategic Hldgs Ltd Capital Goods 21.04 23,413 4.9 +ve  +ve  Neutral (1.1) 5.2 7.5 (3.5) 6.6 9.9 Not Rated N/A 10.8 10.3 7.5 9.8 1.1 BUY 1.6
KEP SP Keppel Corp Ltd Capital Goods 8.47 9,707 36.5 -ve  Flat  Neutral (0.1) (7.4) (4.1) (2.5) (6.2) (1.9) BUY 37.0 12.1 12.3 (7.6) 16.4 4.0 BUY 22.6
NOBL SP Noble Group Ltd Capital Goods 1.79 7,673 41.6 -ve  +ve  Neutral 0.6 (7.2) (16.9) (1.8) (5.9) (15.1) BUY 37.4 11.8 9.6 6.7 18.8 2.3 BUY 32.6
OTML SP Otto Marine Ltd Capital Goods 0.415 562 1.4 Mode. +ve  +ve  Neutral 5.1 (8.8) (17.0) 2.6 (7.6) (15.1) Not Rated N/A 10.4 10.4 0.0 15.3 0.0 BUY 25.3
SCI SP Sembcorp Industries Ltd Capital Goods 4.05 5,178 9.4 Marg. -ve  -ve  Neutral 1.5 (3.1) 2.8 (0.9) (1.8) 5.1 NEUTRAL 4.9 11.8 12.5 (8.0) 16.5 3.5 BUY 7.9
SMM SP Sembcorp Marine Ltd Capital Goods 3.8 5,646 24.0 -ve  -ve  Neutral 3.3 (9.5) (5.9) 0.8 (8.3) (3.8) BUY 23.7 14.0 15.8 (14.2) 26.6 3.7 HOLD 10.3
STE SP Singapore Technologies Eng Capital Goods 3.14 6,811 8.7 Marg. -ve  Flat  Neutral (0.9) (2.5) (1.9) (3.3) (1.2) 0.3 BUY 24.2 19.1 17.5 7.6 29.4 4.9 BUY 10.5
YZJ SP Yangzijiang Shipbuilding Capital Goods 1.27 3,323 21.0 -ve  Flat  Neutral 2.4 (5.2) 6.7 0.0 (4.0) 9.1 REDUCE (40.9) 10.5 11.4 (4.4) 27.6 2.8 HOLD 7.3
YINGLI SP Ying Li International Real E Capital Goods 0.4 619 2.7 -ve  Flat  Neutral 3.9 (7.0) (20.8) 1.5 (5.8) (19.0) Not Rated N/A 12.6 5.0 402.7 11.1 0.0 BUY 69.1
GENS SP Genting Singapore Plc Consumer Serv 1.06 9,238 81.0 +ve  -ve  Neutral 3.9 7.6 14.0 1.5 9.0 16.5 REDUCE (32.1) 36.5 23.8 657.9 8.5 0.0 BUY 3.8
SGX SP Singapore Exchange Ltd Div Fin 7.5 5,752 15.8 -ve  Flat  Neutral 3.0 (3.1) (4.8) 0.6 (1.8) (2.7) NEUTRAL 6.7 19.9 17.5 18.5 47.2 4.5 HOLD 11.6
EZRA SP Ezra Holdings Ltd Energy 1.82 865 11.7 Marg. -ve  +ve  Neutral 2.8 (7.1) (24.5) 0.4 (5.9) (22.8) Not Rated N/A 8.3 6.7 36.5 15.5 1.4 BUY 42.7
SAR SP Straits Asia Resources Ltd Energy 2.01 1,625 9.4 +ve  +ve  Neutral 3.1 (2.0) (2.0) 0.7 (0.7) 0.3 Not Rated N/A 10.6 6.8 27.0 28.0 4.7 HOLD 26.4
SWIB SP Swiber Holdings Ltd Energy 0.995 362 6.4 Marg. -ve  +ve  Neutral 8.2 (8.7) (7.9) 5.6 (7.5) (5.8) Not Rated N/A 5.7 5.9 31.4 16.1 0.0 SBUY 41.8
OLAM SP Olam International Ltd F & S Retailing 2.56 3,704 18.3 +ve  +ve  Neutral 4.9 2.0 0.4 2.5 3.3 2.6 BUY 25.8 18.5 15.2 26.3 16.4 1.6 BUY 22.3
GGL SP Gmg Global Ltd Food B & T 0.2 550 2.6 +ve  Flat  Neutral 0.0 (2.4) 48.1 (2.3) (1.2) 51.5 Not Rated N/A N/A N/A N/A N/A N/A SBUY 35.0
GGR SP Golden Agri-Resources Ltd Food B & T 0.53 4,607 24.2 Marg. -ve  -ve  Neutral 7.1 (3.6) (6.2) 4.6 (2.4) (4.1) NEUTRAL (5.7) 11.0 9.5 47.4 8.4 2.6 BUY 26.5
IFAR SP Indofood Agri Resources Ltd Food B & T 2.2 2,281 7.7 Mode. +ve  Flat  Neutral 4.8 (0.9) (3.5) 2.3 0.4 (1.3) NEUTRAL (9.1) 13.5 12.0 15.9 13.8 0.4 BUY 18.3
WIL SP Wilmar International Ltd Food B & T 5.85 26,781 49.8 -ve  Flat  Neutral 3.4 (8.9) (13.5) 0.9 (7.7) (11.5) BUY 40.9 14.3 12.6 6.1 15.3 1.5 BUY 30.3
BIG SP Biosensors International Gro Health Care E & S 0.755 579 3.5 -ve  Flat  Neutral 0.0 (9.0) (5.6) (2.3) (7.8) (3.5) BUY 55.0 18.0 16.9 2.7 17.8 N/A BUY 23.9
PWAY SP Parkway Holdings Ltd Health Care E & S 3.77 3,059 10.9 +ve  +ve  Neutral 2.4 16.7 21.2 0.0 18.3 23.9 NEUTRAL (15.1) 21.3 18.0 41.9 11.8 1.6 BUY (7.4)
MIDAS SP Midas Holdings Ltd Materials 0.9 622 4.2 -ve  -ve  Neutral 0.6 (9.1) (12.6) (1.8) (7.9) (10.7) Not Rated N/A 15.2 12.1 29.4 16.1 1.6 SBUY 42.2
SPH SP Singapore Press Holdings Ltd Media 3.74 4,269 9.6 Marg. -ve  Flat  Neutral 1.6 (2.6) (1.6) (0.8) (1.3) 0.6 NEUTRAL 9.4 14.3 14.5 (10.6) 19.8 6.3 BUY 11.8
CAPL SP Capitaland Ltd Real Estate 3.73 11,382 34.0 Mode. +ve  +ve  Marg. Overbought 5.7 2.5 (5.1) 3.2 3.8 (3.0) NEUTRAL 5.4 25.0 22.7 (4.7) 4.8 1.6 BUY 23.1
CMA SP Capitamalls Asia Ltd Real Estate 2.13 5,924 5.8 +ve  -ve  Neutral 0.9 (0.5) (10.1) (1.4) 0.8 (8.1) Not Rated N/A 26.3 28.6 (19.4) 6.2 0.5 HOLD 11.3
CIT SP City Developments Ltd Real Estate 10.9 7,097 15.2 +ve  +ve  Neutral 4.4 4.0 4.2 2.0 5.4 6.5 REDUCE (12.2) 15.1 15.0 9.9 10.2 0.9 HOLD 5.6
HKL SP Hongkong Land Holdings Ltd Real Estate 5.08 11,427 12.4 +ve  +ve  Neutral 2.2 2.0 3.0 (0.2) 3.4 5.4 BUY 53.5 17.0 19.2 (10.9) 5.2 3.1 BUY 6.1
KPLD SP Keppel Land Ltd Real Estate 3.84 3,933 21.5 +ve  +ve  Neutral 5.5 4.1 5.5 3.0 5.4 7.9 BUY 12.0 15.5 12.9 (0.1) 9.4 2.1 BUY 6.0
UOL SP Uol Group Ltd Real Estate 3.83 2,130 4.0 Marg. +ve  -ve  Neutral 3.5 2.7 (2.8) 1.1 4.0 (0.6) Not Rated N/A 9.0 10.2 0.2 7.8 2.8 BUY 24.8
YLLG SP Yanlord Land Group Ltd Real Estate 1.64 2,282 7.2 Marg. -ve  -ve  Neutral 3.8 (1.2) (17.2) 1.4 0.1 (15.3) Not Rated N/A 10.7 8.7 (2.5) 12.6 0.9 BUY 40.9
JCNC SP Jardine Cycle & Carriage Ltd Retailing 29.3 7,463 8.8 +ve  +ve  Neutral 1.0 (0.1) 7.5 (1.4) 1.2 9.9 Not Rated N/A 10.4 9.4 23.8 N/A 3.9 HOLD 23.2
VMS SP Venture Corp Ltd Tech H & E 8.57 1,683 2.0 -ve  -ve  Neutral 0.5 (4.1) 1.1 (1.9) (2.9) 3.3 BUY 34.2 11.7 10.3 22.0 10.3 5.9 BUY 19.6
ZBEE SP Z-Obee Holdings Ltd Tech H & E 0.335 143 5.1 -ve  Flat  Neutral 0.0 (31.6) (9.5) (2.3) (30.7) (7.4) Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
ST SP Singapore Telecommunications Telecom Serv 2.99 34,116 48.0 Mode. +ve  -ve  Neutral 3.8 1.0 (4.8) 1.4 2.3 (2.6) BUY 17.1 11.4 11.0 5.6 16.6 4.8 HOLD 7.7
STH SP Starhub Ltd Telecom Serv 2.25 2,763 4.5 +ve  Flat  Neutral 2.7 0.9 2.3 0.3 2.2 4.6 REDUCE (15.6) 13.7 12.6 (5.6) 424.9 8.7 HOLD (2.7)
CD SP Comfortdelgro Corp Ltd Transportation 1.43 2,136 3.2 -ve  Flat  Neutral 2.1 (4.0) (8.9) (0.3) (2.8) (6.9) NEUTRAL 18.9 13.0 12.5 2.6 12.5 4.2 HOLD 16.8
NOL SP Neptune Orient Lines Ltd Transportation 1.94 3,588 29.8 Marg. -ve  Flat  Neutral 3.7 (9.3) (1.5) 1.3 (8.2) 0.7 BUY 13.4 27.9 10.8 125.1 4.9 0.3 HOLD (7.1)
SIA SP Singapore Airlines Ltd Transportation 14.82 12,651 18.0 Mode. +ve  -ve  Neutral 3.8 0.1 (6.4) 1.3 1.5 (4.3) NEUTRAL (10.5) 13.4 10.5 210.7 9.3 3.6 BUY 16.6
SATS SP Singapore Airport Terminal S Transportation 2.66 2,086 3.7 Marg. -ve  Flat  Neutral 3.9 (3.3) 0.4 1.5 (2.0) 2.6 BUY 27.8 13.9 13.0 11.8 13.3 5.3 BUY 17.3
TGR SP Tiger Airways Holdings Ltd Transportation 1.76 672 1.9 Marg. +ve  +ve  Neutral 2.3 (2.2) 2.3 (0.1) (0.9) 4.6 Not Rated N/A 12.0 10.6 73.2 37.4 0.0 HOLD 11.4
HYF SP Hyflux Ltd Utilities 3.03 1,239 3.2 Mode. +ve  +ve  Neutral 11.8 (1.3) (12.9) 9.2 (0.0) (11.0) NEUTRAL 22.1 18.0 14.6 16.3 19.9 1.8 BUY 29.0
SGL SP Sound Global Ltd Utilities 0.855 790 5.4 +ve  +ve  Neutral 7.5 5.6 (5.0) 5.0 6.9 (2.9) BUY 28.7 14.8 12.8 19.5 20.4 1.1 BUY 34.6
Source: Bloomberg, Datastream, I/B/E/S, Nomura International (Hong Kong) Limited
Note: See page 20 for screening criteria
Positive = +ve, Negative = -ve, Marg. = Marginally ; Mode. = Moderately
Autos & Comp = Automobiles & Components,
Components C & P Serv = Commerical & Professional Services
Services, Consumer D & A = Consumer Durables & Apparel
Apparel, Div Fin = Diversifies Financials
Financials, F & S Retailing = Food & Staples Retailing
Retailing, Food B & T = Food Beverage & Tobacco
Tobacco, Health Care E & S = Health Care Equipment & Services
Services,
H & P Products = Household & Personal Products, Pharm, Biotech = Pharmaceuticls, Biotechnology, Semicon = Semiconductors & Semiconductor, Software & Serv = Software & Services, Tech H & E = Technology Hardware & Equipment, Telecom Serv = Telecommunication Services.
All companies are priced as of the close of 14 June 2010.

Nomura 18 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Momentum ratings and screen — Taiwan-listed stocks (universe: Selected 50 liquid stocks)

Candidates Price Volume Absolute price Relative price Nomura Consensus valuations
Long Short Company information momentum momentum Status performance performance valuations (12m forward looking, I/B/E/S)
Price Price
RMHU

FMHO

ATNM
ATPM

Industry Group (GICS Price MC 20D ADV Latest Sign Latest Sign Overbought / 1W 1M 3M 1W target PE EPSG ROE DY target
Blmg Code Company Name L2) (TC) (US$mn) (US$mn) (+ve/-ve) Chg (+ve/-ve) Chg Oversold (%) (%) (%) (%) 1M (%) 3M (%) Rating (%) (x) PB (x) (%) (%) (%) Rating (%)
2891 TT Chinatrust Financial Holding Banks 17.35 5,049 14.1 Mode. +ve  +ve  Neutral 9.1 (0.9) (4.7) 5.7 4.3 (0.0) Not Rated N/A 12.5 9.8 119.6 10.0 3.0 BUY 28.6
3514 TT Gintech Energy Corp Capital Goods 83.9 828 27.5 -ve  -ve  Neutral 2.6 (7.3) (7.3) (0.6) (2.5) (2.8) Not Rated N/A 9.5 7.9 109.3 14.0 0.5 BUY 10.0
3576 TT Neo Solar Power Corp Capital Goods 62 405 11.4 Marg. +ve  +ve  Neutral (0.5) (6.6) (6.9) (3.6) (1.8) (2.4) Not Rated N/A N/A N/A N/A N/A N/A SBUY 21.9
2915 TT Ruentex Industries Ltd Consumer D & A 79.8 1,760 14.8 +ve  +ve  Neutral 0.4 5.7 36.2 (2.7) 11.2 42.8 Not Rated N/A N/A N/A N/A N/A N/A HOLD (20.9)
3504 TT Young Optics Inc Consumer D & A 229.5 764 20.5 -ve  Flat  Neutral (1.3) (19.5) (5.0) (4.4) (15.3) (0.3) Not Rated N/A N/A N/A N/A N/A N/A SBUY 41.6
2881 TT Fubon Financial Holding Co Div Fin 36.7 9,255 20.5 Marg. -ve  +ve  Neutral 1.5 (4.4) (3.5) (1.6) 0.6 1.2 BUY 30.8 12.9 11.7 10.7 10.7 5.5 BUY 19.0
2885 TT Yuanta Financial Holding Co Div Fin 17.3 4,346 16.1 -ve  Flat  Neutral 6.1 (7.7) (10.4) 2.8 (2.9) (6.0) BUY 70.5 15.1 13.7 16.9 7.9 4.8 BUY 42.5
2882 TT Cathay Financial Holding Co Insurance 46.65 13,989 30.1 -ve  Flat  Neutral 6.0 (8.5) (12.8) 2.7 (3.8) (8.5) Not Rated N/A 22.7 18.3 45.7 8.8 2.5 BUY 36.6
2002 TT China Steel Corp Materials 30.5 12,384 23.9 -ve  -ve  Neutral 2.3 (3.8) (7.6) (0.8) 1.2 (3.1) BUY 33.8 10.7 9.6 35.4 13.9 6.0 HOLD 21.2
1326 TT Formosa Chemicals & Fibre Materials 71.9 12,687 16.1 Marg. -ve  -ve  Neutral 5.9 (7.1) (3.0) 2.6 (2.3) 1.8 BUY 25.2 11.9 11.4 9.1 15.2 7.4 HOLD 5.1
 1301 TT Formosa Plastics Corp Materials 66.4 12,603 16.9 Mode. +ve  +ve  Neutral 4.2 (2.2) (5.0) 1.0 2.9 (0.4) BUY 19.0 14.9 14.1 2.6 13.7 5.9 HOLD 9.1
1303 TT Nan Ya Plastics Corp Materials 54 13,148 21.6 -ve  +ve  Neutral 6.7 (13.5) (16.7) 3.4 (9.0) (12.6) BUY 40.7 12.6 11.5 42.6 13.0 6.1 BUY 21.2
1722 TT Taiwan Fertilizer Co Ltd Materials 92.4 2,808 12.2 Marg. -ve  Flat  Neutral 8.1 (4.4) (9.4) 4.7 0.5 (5.0) BUY 37.2 25.3 N/A 62.0 7.2 2.4 BUY 29.1
9945 TT Ruentex Development Co Ltd Real Estate 52.4 1,234 19.8 +ve  +ve  Neutral 1.4 5.9 32.3 (1.8) 11.4 38.8 Not Rated N/A N/A N/A N/A N/A N/A HOLD (27.7)
2311 TT Advanced Semiconductor Engr Semicon 26.95 4,592 24.5 -ve  -ve  Neutral 3.1 (6.9) (0.9) (0.1) (2.1) 3.9 BUY 43.8 9.2 8.6 49.0 18.8 5.2 BUY 26.9
2458 TT Elan Microelectronics Corp Semicon 46 593 12.8 -ve  -ve  Neutral 2.9 (8.7) (5.2) (0.3) (4.0) (0.5) Not Rated N/A 25.4 N/A 40.4 12.1 1.6 HOLD 7.6
3006 TT Elite Semiconductor Memory Semicon 58.4 442 23.5 Marg. -ve  Flat  Neutral (3.9) (12.4) 29.5 (6.9) (7.9) 35.8 Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
2448 TT Epistar Corp Semicon 87.1 2,077 30.9 -ve  Flat  Neutral 3.8 (12.9) (9.7) 0.6 (8.4) (5.3) BUY 78.0 17.0 16.3 41.8 10.4 3.6 HOLD 23.5
3474 TT Inotera Memories Inc Semicon 19.1 2,735 17.2 -ve  Flat  Neutral (0.5) (12.2) (22.8) (3.6) (7.6) (19.1) REDUCE 4.7 9.8 N/A 256.6 11.7 0.8 HOLD 24.0
2337 TT Macronix International Semicon 21 3
21.3 2 182
2,182 15 9 Mode.
15.9 Mode +ve  Flat  Neutral 5 2 (5.8)
5.2 (5 8) 20 0
20.0 19
1.9 (0 8)
(0.8) 25 9 Not Rated
25.9 N/A 79
7.9 N/A 37 2
37.2 N/A 6 7 HOLD
6.7 22 3
22.3
2454 TT Mediatek Inc Semicon 517 17,476 66.2 -ve  +ve  Neutral (0.6) (1.5) (3.9) (3.7) 3.6 0.8 REDUCE (11.0) 12.3 11.3 16.0 36.8 6.0 BUY 13.1
3034 TT Novatek Microelectronics Ltd Semicon 89.6 1,655 16.3 -ve  -ve  Neutral 2.9 (9.9) (10.4) (0.3) (5.3) (6.0) BUY 42.9 10.5 9.4 18.8 23.5 7.0 BUY 30.4
3534 TT Ralink Technology Corp Semicon 138.5 539 10.1 -ve  Flat  Neutral (3.1) (7.4) 14.0 (6.2) (2.5) 19.6 Not Rated N/A 17.2 13.9 44.7 20.0 2.8 BUY 3.6
2379 TT Realtek Semiconductor Corp Semicon 72.5 1,072 9.7 -ve  Flat  Neutral (4.7) (5.6) (15.6) (7.7) (0.7) (11.5) NEUTRAL 14.5 14.9 21.5 N/A 13.0 5.3 HOLD 17.5
6286 TT Richtek Technology Corp Semicon 295.5 1,304 19.1 Marg. -ve  -ve  Neutral 4.4 0.3 (11.7) 1.2 5.6 (7.3) NEUTRAL 5.6 16.9 14.0 30.6 42.7 3.7 HOLD 10.3
2325 TT Siliconware Precision Inds Semicon 36 3,479 13.6 -ve  Flat  Neutral 3.2 (5.5) (5.5) (0.1) (0.6) (0.9) BUY 29.3 11.7 N/A 10.2 14.0 7.4 HOLD 15.5
2330 TT Taiwan Semiconductor Manufac Semicon 61.1 49,078 79.0 Mode. +ve  Flat  Neutral 3.2 (0.2) 0.5 0.0 5.0 5.4 BUY 29.3 11.6 11.1 24.5 25.1 5.6 BUY 14.8
2303 TT United Microelectronics Corp Semicon 14.55 5,860 19.8 -ve  -ve  Neutral 2.5 (4.3) (13.1) (0.7) 0.7 (8.9) BUY 64.9 10.4 9.8 77.4 7.9 4.7 BUY 28.5
2353 TT Acer Inc Tech H & E 79.9 6,663 50.4 -ve  Flat  Neutral 3.1 (1.1) (17.6) (0.1) 4.0 (13.6) Not Rated N/A 11.6 9.4 34.9 18.4 4.9 BUY 24.5
2489 TT Amtran Technology Co Ltd Tech H & E 31.2 718 6.4 -ve  Flat  Neutral 0.3 1.3 (13.6) (2.8) 6.6 (9.4) Not Rated N/A N/A N/A N/A N/A N/A SBUY 35.4
2409 TT Au Optronics Corp Tech H & E 30.85 8,444 47.7 -ve  -ve  Neutral 4.0 (9.8) (11.1) 0.8 (5.1) (6.8) BUY 39.4 9.4 8.9 2,210.6 9.3 1.6 BUY 33.8
2474 TT Catcher Technology Co Ltd Tech H & E 69.8 1,439 16.1 -ve  -ve  Neutral (6.9) (12.8) 1.9 (9.8) (8.2) 6.9 Not Rated N/A 10.8 9.8 17.8 12.0 2.8 HOLD 23.0
3481 TT Chimei Innolux Corp Tech H & E 34.5 8,594 29.0 -ve  -ve  Neutral 2.8 (12.9) (30.0) (0.4) (8.3) (26.6) Not Rated N/A 7.6 N/A 243.4 N/A 1.2 BUY 51.6
2324 TT Compal Electronics Tech H & E 38.65 5,102 30.2 -ve  Flat  Neutral 2.7 (8.0) (9.9) (0.5) (3.2) (5.5) Not Rated N/A 6.7 6.4 8.4 22.4 7.4 BUY 32.1
2308 TT Delta Electronics Inc Tech H & E 98.5 6,895 16.1 -ve  -ve  Neutral 1.3 (3.0) 1.5 (1.8) 2.1 6.5 NEUTRAL (13.7) 14.8 12.6 18.6 19.4 4.8 BUY 15.3
3573 TT Entire Technology Co Ltd Tech H & E 182.5 533 13.2 -ve  +ve  Neutral 2.0 (16.9) (2.6) (1.2) (12.5) 2.2 Not Rated N/A N/A N/A N/A N/A N/A BUY 29.4
2393 TT Everlight Electronics Co Ltd Tech H & E 86 1,094 15.0 Marg. -ve  +ve  Neutral 5.5 (6.6) (11.7) 2.2 (1.8) (7.4) NEUTRAL 36.0 14.9 13.4 17.2 16.7 4.7 HOLD 26.2
2354 TT Foxconn Technology Co Ltd Tech H & E 110 3,316 20.9 -ve  -ve  Neutral 3.3 (14.7) (4.3) 0.1 (10.3) 0.3 REDUCE (13.6) 14.1 12.7 13.5 14.6 1.5 HOLD 7.9
2317 TT Hon Hai Precision Industry Tech H & E 120.5 32,056 178.1 -ve  -ve  Neutral 2.6 (16.0) (12.4) (0.6) (11.7) (8.1) Not Rated N/A 11.6 10.1 12.5 17.4 1.9 BUY 31.6
2498 TT Htc Corp Tech H & E 423 10,151 104.2 Mode. +ve  Flat  Neutral 4.2 (1.3) 23.7 0.9 3.9 29.7 BUY 18.2 12.8 11.3 11.6 34.0 6.2 HOLD (1.0)
6197 TT Jess-Link Products Co Ltd Tech H & E 90.1 412 10.4 -ve  Flat  Neutral 2.7 (15.0) (32.0) (0.5) (10.6) (28.7) Not Rated N/A N/A N/A N/A N/A N/A N/A N/A
 3008 TT Largan Precision Co Ltd Tech H & E 524 2,180 21.0 Marg. +ve  -ve  Neutral 1.2 1.7 20.2 (2.0) 7.0 26.1 BUY 9.9 16.4 13.5 38.5 26.5 2.7 BUY 6.6
2382 TT Quanta Computer Inc Tech H & E 57.8 6,828 19.0 Marg. -ve  Flat  Neutral 4.3 (0.9) (8.5) 1.1 4.3 (4.1) Not Rated N/A 8.7 8.3 7.9 21.4 6.9 BUY 19.0
3037 TT Unimicron Technology Corp Tech H & E 46.75 2,243 29.9 +ve  -ve  Neutral 2.7 2.9 19.7 (0.4) 8.2 25.6 BUY 34.8 9.5 8.1 30.7 16.1 4.0 BUY 21.1
2384 TT Wintek Corp Tech H & E 24.7 982 22.2 Mode. +ve  Flat  Neutral 6.9 0.6 (5.0) 3.6 5.9 (0.4) Not Rated N/A 45.4 14.4 138.6 N/A 0.8 BUY (2.4)
3231 TT Wistron Corp Tech H & E 49.4 2,835 23.4 -ve  -ve  Neutral (3.1) (13.2) (12.9) (6.1) (8.7) (8.6) BUY 43.7 7.2 6.0 23.6 21.4 6.6 BUY 41.1
3702 TT Wpg Holdings Co Ltd Tech H & E 61.9 1,717 14.1 +ve  Flat  Neutral 4.2 0.3 18.4 1.0 5.5 24.1 Not Rated N/A N/A N/A N/A N/A 4.8 BUY 19.7
3622 TT Young Fast Optoelectronics Tech H & E 252 1,039 29.6 Marg. -ve  Flat  Neutral 10.0 (13.1) (14.0) 6.6 (8.6) (9.8) REDUCE 12.7 10.2 9.0 8.0 39.7 4.7 HOLD 30.2
2412 TT Chunghwa Telecom Co Ltd Telecom Serv 63 18,943 33.3 +ve  Flat  Neutral 1.9 2.3 2.9 (1.2) 7.6 8.0 NEUTRAL (3.2) 13.7 13.8 (4.2) 11.9 6.9 HOLD 2.7
Source: Bloomberg, Datastream, I/B/E/S, Nomura International (Hong Kong) Limited
Note: See page 20 for screening criteria
Positive = +ve, Negative = -ve, Marg. = Marginally ; Mode. = Moderately
Autos & Comp = Automobiles & Components, C & P Serv = Commerical & Professional Services, Consumer D & A = Consumer Durables & Apparel, Div Fin = Diversifies Financials, F & S Retailing = Food & Staples Retailing, Food B & T = Food Beverage & Tobacco, Health Care E & S = Health Care Equipment & Services,
H&PP Products
d t =H Household
h ld & Personal
P l Products,
P d t Pharm,
Ph Biotech
Bi t h = Pharmaceuticls,
Ph ti l Biotechnology,
Bi t h l Semicon
S i = Semiconductors
S i d t & Semiconductor,
S i d t Software
S ft & Serv
S = Software
S ft & Services,
S i Tech
T h H & E = Technology
T h l Hardware
H d & Equipment,
E i t Telecom
T l Serv
S = Telecommunication
T l i ti S Services.
i
All companies are priced as of the close of 14 June 2010.

Nomura 19 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Methodology and model approach


Conventional wisdom has it that trend is always your friend in momentum investing. Performance of a market or a company will ultimately reflect, among other factors, the market or the
company's earnings. But a market or a company's fundamental outlook is often put to one side in market upswings or downswings, with intense buying or selling activity prompting
markets or stocks to breach overbought or oversold regions. This phenomenon often presents short-term trading opportunities, particularly in liquidity-driven markets. Stocks with
momentum behind them, combined with matching fundamentals, look to offer solid investment opportunities. In this report, we look at technicals at the market level in Australia, China,
Hong Kong, India, Korea, Malaysia, Singapore and Taiwan. Furthermore, we highlight major companies within these eight markets that look attractive (long candidates)/unattractive (short
candidates) on price and volume momentum and recent relative performance.

At the market level


We highlight the current trend and momentum, and look for indications such as resistance and support levels, overbought/oversold status for the following indices: S&P/ASX200, CSI300, FTSE/Xinhua
A50 China Tracker ETF(2823 HK), HSCEI, HSCCI, HSI, SHCOMP, NIFTY, SENSEX, KOSPI, KOSPI200, FBM KLCI, FTSE STI, MSCI Singapore, TWSE and MSCI Taiwan.

Price momentum indicators. Price momentum is derived from three indicators: Directional Movement Index (DMI), Moving Averages Convergence / Divergence (MACD) and Rate of Change (ROC).
These three indicators are largely regarded as momentum indicators. DMI measures momentum having taken intra-day high/low into account, MACD measures momentum using two moving averages
and ROC looks at the pace of momentum and always compares to the price level certain days ago. For each indicator, we use two different time frames for measures — a short time frame for short-
term outlook and a longer time frame for medium-term.

Volume momentum indicators. Volume momentum is derived from two indicators: Up/down volume (UDV) and Intra-day intensity (IDI). UDV defines volume as positive in an up day and negative in a
down day. IDI looks at the closing price within the intra-day trading range to determine the portion of volume that is positive/negative. We use a short time frame to measure short-term volume
momentum.

At the stock level


We highlight companies that look attractive (long candidates)/unattractive (short candidates) via four screening criteria (two for long candidates and two for short candidates), where highlighted stock
should fulfill at least one of the following criteria. I/B/E/S consensus forecasts are used for fundamental valuations reference.

Screening criteria

Long candidates alert screen:


(1) Rising Momentum companies but Heavily Underperformed (RMHU): underperformed the market by 20% or more in the past three months while while short-term price & volume momentum are
rising
(2) Alert for Turning Positive Momentum companies (ATPM): short-term price & volume momentum turned positive from previous week while current price level is not "very overbought" or "overbought"

Short candidates alert screen:


(1) Falling Momentum companies but Heavily Outperformed (FMHO): outperformed the market by 20% or more in the past three months while while short-term price & volume momentum are falling
(2) Alert for Turning Negative Momentum companies (ATNM): short-term price & volume momentum turned negative from previous week while current price level is not "very oversold" or "oversold"

N
Nomura 20 June 2010
14 J
Technical Analysis Focus | Asia Kenneth Chan

Nomura Global Quantitative Research Nomura Asian Equity Research

Hong Kong Hong Kong Kuala Lumpur Tokyo


Nomura International (Hong Kong) Ltd Nomura International (Hong Kong) Ltd Nomura Securities Malaysia Sdn Bhd Equity Research Department
Asia Quantitative Research Department 30/F, Two International Finance Centre, Suite No 16.5, Level 16, Menara IMC, Financial & Economic Research Center
Asia Research Division 8 Finance Street, Central, Hong Kong 8 Jalan Sultan Ismail, 17/F Urbannet Building,
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Nomura I t ti l Pl
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New York Ltd.
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Quantitative Research Department 84 Taepyeongno 1-ga,
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Tel: +1-212-667-9300 Fax: +82-2-3783-2500
Fax: +1-212-667-1028

Nomura 21 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

ANALYST CERTIFICATIONS:
Each research analyst identified on page 1 hereof certifies that all of the views expressed in this report by such analyst accurately reflect his or her personal views about the subject securities and
issuers. In addition, each research analyst identified on page 1 hereof hereby certifies that no part of his or her compensation was, is, or will be, directly or indirectly related to the specific
recommendations or views that he or she has expressed in this research report, nor is it tied to any specific investment banking transactions performed by Nomura Securities International, Inc., Nomura
International plc or any other Nomura Group company.

ISSUER SPECIFIC REGULATORY DISCLOSURES


Conflict-of-interest disclosures
Important disclosures may be accessed through the following website: http://www.nomura.com/research/Disclosures/public/main.asp. If you have difficulty with this site or you do not have a password,
please contact your Nomura Securities International, Inc. salesperson (1-877-865-5752) or email researchportal@nomura.co.uk for assistance.

Online availability of research and additional conflict-of-interest disclosures:


Nomura Japanese Equity Research is available electronically for clients in the US on NOMURA.COM, REUTERS, BLOOMBERG and THOMSON ONE ANALYTICS. For clients in Europe, Japan and
elsewhere in Asia it is available on NOMURA.COM, REUTERS and BLOOMBERG.
Important disclosures may be accessed through the left hand side of the Nomura Disclosure web page http://www.nomura.com/research or requested from Nomura Securities International, Inc., on 1-
877-865-5752. If you have any difficulties with the website, please email researchchannelsupport@nomura.co.uk for technical assistance.
The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, a portion of which is generated by Investment Banking
activities.

Distribution of Ratings:
Nomura Global Equity Research has 1,884 companies under coverage
48% have been assigned a Buy rating which, for the purposes of mandatory disclosures, as classified as a Buy rating: 34% of companies with this rating are investment banking clients of Nomura Group*
36% have been assigned a Neutral rating which, for the purposes of mandatory disclosures, is classified as a Hold rating: 46% of companies with this rating as investment banking client of the Nomura
Group*
14% have been assigned a Reduce rating which, for the purposes of mandatory disclosures, are classified as a Sell rating: 8% of companies with this rating are investment banking clients of the Nomura
Group*
As at 31st March 2010
* The Nomura Group as defined in the Disclaimer section at the end of this report.

Explanation of Nomura's equity research rating system in Europe, Middle East and Africa, US and Latin America for ratings published after 27 October 2008:
The rating system is a relative system indicating expected performance against a specific benchmark identified for each individual stock. Analysts may also indicate absolute upside to price target defined
as (fair value - current price)/current price, subject to limited management discretion. In most cases, the fair value will equal the analyst's assessment of the current intrinsic fair value of the stock using
an appropriate valuation methodology such as discounted cash flow or multiple analysis, etc.
Stocks:
• A rating of "1", or "Buy", indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months.
• A rating of "2", or "Neutral", indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months.
• A rating of "3", or "Reduce", indicates that the analyst expects the stock to underperform the Benchmark over the next 12 months.
• A rating of "RS-Rating Suspended", ” indicates that the rating and target price have been suspended temporarily to comply with applicable regulations and/or firm policies in certain circumstances
including when Nomura is acting in an advisory capacity in a merger or strategic transaction involving the company.
Benchmarks are as follows: United States/Europe: Please see valuation methodologies for explanations of relevant benchmarks for stocks (accessible through the left hand side of the Nomura
Disclosure web page: http://www.nomura.com/research); Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia, unless otherwise stated in the valuation methodology.

Nomura 22 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Sectors:
A "Bullish" stance, indicates that the analyst expects the sector to outperform the Benchmark during the next 12 months.
A "Neutral" stance, indicates that the analyst expects the sector to perform in line with the Benchmark during the next 12 months.
A "Bearish" stance, indicates that the analyst expects the sector to underperform the Benchmark during the next 12 months.
Benchmarks are as follows: United States: S&P 500; Europe: Dow Jones STOXX® 600; Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia.

Explanation of Nomura's equity research rating system in Europe, Middle East and Africa, US and Latin America for ratings published from 27 October 2008:
The rating system is a relative system indicating expected performance against a specific benchmark identified for each individual stock. Analysts may also indicate absolute upside to price target defined
as (fair value - current price)/current price, subject to limited management discretion. In most cases, the fair value will equal the analyst's assessment of the current intrinsic fair value of the stock using an
appropriate valuation methodology such as discounted cash flow or multiple analysis, etc.
Stocks:
• A rating of "1", or "Buy", indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months.
• A rating of "2", or "Neutral", indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months.
• A rating of "3", or "Reduce", indicates that the analyst expects the stock to underperform the Benchmark over the next 12 months.
• A rating of "RS-Rating Suspended", ” indicates that the rating and target price have been suspended temporarily to comply with applicable regulations and/or firm policies in certain circumstances
including when Nomura is acting in an advisory capacity in a merger or strategic transaction involving the company.

Benchmarks are as follows: United States: S&P 500, MSCI World Technology Hardware & Equipment; Europe: Please see valuation methodologies for explanations of relevant benchmarks for stocks
(accessible through the left hand side of the Nomura Disclosure web page: http://www.nomura.com/research); Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia.
Sectors:
A "Bullish" stance, indicates that the analyst expects the sector to outperform the Benchmark during the next 12 months.
A "Neutral" stance, indicates that the analyst expects the sector to perform in line with the Benchmark during the next 12 months.
A "Bearish" stance, indicates that the analyst expects the sector to underperform the Benchmark during the next 12 months.

Benchmarks are as follows: United States: S&P 500; Europe: Dow Jones STOXX® 600; Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia.

Explanation of Nomura’s equity research rating system for Asian companies under coverage ex Japan published from 30 October 2008 and in Japan from 6 January
2009:
Stocks:
Stock recommendations are based on absolute valuation upside (downside), which is defined as (Price Target – Current Price) / Current Price, subject to limited management discretion. In most cases,
the Price Target will equal the analyst’s 12-month intrinsic valuation of the stock, based on an appropriate valuation methodology such as discounted cash flow, multiple analysis, etc.
• A "Buy" recommendation indicates that potential upside is 15% or more.
• A "Neutral" recommendation indicates that potential upside is less than 15% or downside is less than 5%.
• A "Reduce" recommendation indicates that potential downside is 5% or more.
• A rating of "RS" or "Rating Suspended" indicates that the rating and target price have been suspended temporarily to comply with applicable regulations and/or firm policies in certain circumstances
including when Nomura is acting in an advisory capacity in a merger or strategic transaction involving the subject company.
• Stocks labelled as "Not rated" or shown as "No rating" are not in Nomura's regular research coverage.
Sectors:
A "Bullish" rating means most stocks in the sector have (or the weighted average recommendation of the stocks under coverage is) a positive absolute recommendation.
A "Neutral" rating means most stocks in the sector have (or the weighted average recommendation of the stocks under coverage is) a neutral absolute recommendation.
A "Bearish" rating means most stocks in the sector have (or the weighted average recommendation of the stocks under coverage is) a negative absolute recommendation.

Nomura 23 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

Explanation of Nomura's equity research rating system in Japan published prior to 6 January 2009 (and ratings in Europe, Middle East and Africa, US and Latin America
published prior to 27 October 2008):
Stocks:
• A rating of "1", or "Strong buy", indicates that the analyst expects the stock to outperform the Benchmark by 15% or more over the next six months.
• A rating of "2", or "Buy", indicates that the analyst expects the stock to outperform the Benchmark by 5% or more but less than 15% over the next six months.
• A rating of "3", or "Neutral", indicates that the analyst expects the stock to either outperform or underperform the Benchmark by less than 5% over the next six months.
• A rating of "4", or "Reduce", indicates that the analyst expects the stock to underperform the Benchmark by 5% or more but less than 15% over the next six months.
• A rating of "5", or "Sell", indicates that the analyst expects the stock to underperform the Benchmark by 15% or more over the next six months.
• Stocks labeled "Not rated" or shown as "No rating" are not in Nomura's regular research coverage. Nomura might not publish additional research reports concerning this company, and it undertakes no
obligation to update the analysis, estimates, projections, conclusions or other information contained herein.
Sectors:
A "Bullish" stance, indicates that the analyst expects the sector to outperform the Benchmark during the next six months.
A "Neutral" stance, indicates that the analyst expects the sector to perform in line with the Benchmark during the next six months.
A "Bearish" stance, indicates that the analyst expects the sector to underperform the Benchmark during the next six months.

Benchmarks are as follows: Japan: TOPIX; United States: S&P 500, MSCI World Technology Hardware & Equipment; Europe, by sector — Hardware/Semiconductors: FTSE W Europe IT Hardware;
Telecoms: FTSE W Europe Business Services; Business Services: FTSE W Europe; Auto & Components: FTSE W Europe Auto & Parts; Communications equipment: FTSE W Europe IT Hardware;
Ecology Focus: Bloomberg World Energy Alternate Sources; Global Emerging Markets: MSCI Emerging Markets ex-Asia.

Explanation of Nomura's equity research rating system for Asian companies under coverage ex Japan published prior to 30 October 2008:
Stocks:
Stock recommendations are based on absolute valuation upside (downside), which is defined as (Fair Value - Current Price)/Current Price, subject to limited management discretion. In most cases, the
Fair Value will equal the analyst's assessment of the current intrinsic fair value of the stock using an appropriate valuation methodology such as Discounted Cash Flow or Multiple analysis etc. However, if
the analyst doesn't think the market will revalue the stock over the specified time horizon due to a lack of events or catalysts, then the fair value may differ from the intrinsic fair value. In most cases,
therefore, our recommendation is an assessment of the difference between current market price and our estimate of current intrinsic fair value. Recommendations are set with a 6-12 month horizon
unless specified otherwise. Accordingly, within this horizon, price volatility may cause the actual upside or downside based on the prevailing market price to differ from the upside or downside implied by
the recommendation.
• A "Strong buy" recommendation indicates that upside is more than 20%.
• A "Buy" recommendation indicates that upside is between 10% and 20%.
• A "Neutral" recommendation indicates that upside or downside is less than 10%.
• A "Reduce" recommendation indicates that downside is between 10% and 20%.
• A "Sell" recommendation indicates that downside is more than 20%.
Sectors:
A "Bullish" rating means most stocks in the sector have (or the weighted average recommendation of the stocks under coverage is) a positive absolute recommendation.
A "Neutral" rating means most stocks in the sector have (or the weighted average recommendation of the stocks under coverage is) a neutral absolute recommendation.
A "Bearish" rating means most stocks in the sector have (or the weighted average recommendation of the stocks under coverage is) a negative absolute recommendation.

Price targets
Price targets, if discussed, reflect in part the analyst's estimates for the company's earnings. The achievement of any price target may be impeded by general market and macroeconomic trends, and by
other risks related to the company or the market, and may not occur if the company's earnings differ from estimates.

Nomura 24 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

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Nomura 25 14 June 2010


Technical Analysis Focus | Asia Kenneth Chan

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Nomura 26 14 June 2010