Co.

Reg No: 198700034E MICA (P) : 090/11/2009

Singapore
Results Review
28 February 2012

Sell (unchanged)
Share price: Target price: S$5.07 S$4.50 (unchanged)

Wilmar International
Trading traits
Below par. Wilmar’s stock price has taken a beating following the release of its FY11 numbers, which were below market expectations. However, its net profit of US$1.6b was slightly ahead of our forecast of US$1.56b, and slightly below if non-operating items were excluded. Net of these, net profit was US$1.52b. With variances in margins the norm going forward, PE multiples are simply not commensurate with this risk. We maintain our Sell recommendation and target price of $4.50. Wilmar has announced a purchase of a 10.1% stake in Australia’s Goodman Fielder for A$115m. We are neutral on this development. Weakness across the board. Volumes across all divisions were hit by weaker demand while ASPs were not appreciably higher. While FY11 turnover was up by 47% YoY, 4Q11 saw specific weakness as revenue marked a 20% QoQ decline. Sales volume for palm & laurics was the worst affected due to lower demand from Europe and India. In terms of pretax earnings, the oilseeds & grains segment posted a spectacular decline – eking out just US$1.7m in 4Q11 versus US$99.7m in 3Q11 – due to weak crush margins and overcapacity in China. For plantations and palm oil mills, Wilmar’s internal production was hurt by lower yields in 4Q11, thus increasing reliance on external CPO purchases at thinner margins. Also sub-par were contributions from the sugar division. Earnings profile risky. We are leaving our forecasts for Wilmar intact, which implies flat earnings. We have had a negative view on Wilmar since November last year. With earnings volatility clearly evident over several reporting periods, we think Wilmar is not very different from a commodities trader whose earnings and margins get eroded if demand recedes or if it gets squeezed on its purchasing. In our opinion, the market needs to take this factor into consideration. Maintain Sell. Given the ongoing price risk, the consensus estimate of US$1.74b earnings for FY12 appears risky to us. Our expectation is for earnings to remain flat at US$1.59b. Consequently, Wilmar’s FY12 PER of 17x looks unjustified. We reiterate our Sell recommendation and target price of $4.50, which is based on a more realistic 15x FY12 PER.
Wilmar International – Summary Earnings Table

Rohan Suppiah rohan@maybank-ke.com.sg (65) 6432 1455

Stock Information
Description: Agricultural commodities, primarily for Palm & Lauric and Oilseeds & Grains, with primary markets in China, India and Indonesia. Ticker: Shares Issued (m): Market Cap (US$ m): 3-mth Avg Daily Turnover (US$ m): ST Index: Free float (%): Major Shareholders: Wilmar Holdings WIL SP 6,401.5 26,101.6 32.4 2,978.08 17.4 % 48.1

Key Indicators
ROE – annualised (%) Adj. net gearing (%): NTA/shr (US$): Interest cover (x): 12.0 47 2.09 3.2

Historical Chart
6.00 WIL SP Equity 5.50 5.00 4.50 4.00 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11

FYE Dec (US$ m) Revenue EBITDA Recurring Net Profit Recurring Basic EPS (US cts) EPS growth (%) DPS (US cts) PER (x) EV/EBITDA (x) Div Yield (%) P/BV(x) YTD 1.4 -8.9

2010 30,377.5 1994.5 1324.0 20.7 (29.7) 5.5 19.5 18.3 1.4 2.1

2011 44,710.0 2302.7 1600.8 25.0 20.8 6.6 16.1 16.8 1.6 1.8

2012F 48,713.6 2355.2 1551.6 24.2 (3.1) 6.5 16.6 15.9 1.6 1.7

2013F 50,012.8 2356.8 1595.3 24.9 2.8 6.5 16.2 15.4 1.6 1.5 60.4 9.4 4.1 1,914.2

2014F 51,754.7 2317.8 1852.7 28.9 16.1 7.5 13.9 15.2 1.9 1.4 49.2 9.9 4.8 na

Performance: 52-week High/Low 1-mth Absolute (%) Relative (%) -7.0 -7.9

S$6.05/S$4.38 3-mth 1.8 -8.7 6-mth -1.9 -8.5 1-yr -2.5 0.1

Net Gearing (%) 71.1 88.8 72.3 ROE (%) 10.5 11.2 9.9 ROA (%) 3.9 4.0 4.0 Consensus Net Profit (US$ m) 1,711.0 Source: Maybank KE estimates, Company data, Bloomberg

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

It is paying around A$0.3x (Bloomberg estimates). dairy goods. 5. yoghurt. New Zealand and Asia Pacific. specialty cheeses.000 distribution outlets. cooking oil. Following the news of Wilmar’s purchase. Wilmar said that all the brands are complementary to its consumer pack business.675. we anticipate that it will be looking to gain a greater share so as to have a greater say in Goodman Fielder’s management and strategic direction. the acquisition looks like a good fit with Wilmar’s existing business.1% interest in ASXlisted Goodman Fielder (GFF AU). one extensive network. sauces and biscuits. management has signalled that the underlying business was stabilising and guided for an operating profit of A$230-245m for FY Jun12. What remains to be seen is whether Wilmar is able to aid the company further in its growth. White Wings. home ingredients and edible oils categories in Australia.5m. The Home Ingredients division supplies consumer food products. Praise. The Fresh Baking division is one of the largest bakers in Australasia with leading brands in both Australia and New Zealand. Goodman Fielder owns leading consumer brands in the baking. a leading food company with significant brands across Australia and Asia. Wonder White and Meadow Fresh.500 people and serves more than 30. Integro Foods is a processor of edible oils. given that Goodman Fielder’s share price has already risen in the aftermath of the acquisition news. However. 3. Mighty Soft. Overall. Five divisions. Branded food manufacturers in Australia have been subject to intense discounting and competition from supermarket home brands. such as spreads and dips. spreads and other products to the Pacific Islands and East Asian region. dairy desserts. meats and other products. Finally. For the interim period to December. The food company’s earnings have been patchy in the past few years. Share price rally for Goodman Fielder. Even though it is now already the largest single shareholder. Pampas. This may come at a substantially higher cost.51to A$0. or a total consideration of A$115m. and we therefore remain neutral on this acquisition at this juncture.5m shares.Wilmar International Buys stake in Australia’s Goodman Fielder Wilmar has just announced its acquisition of a 10. Goodman Fielder’s stock price rose from A$0. We believe that its cash balance of over US$8b will allow it to fund this relatively small purchase. 2. which is not unreasonable for a wellestablished consumer branded company.58 per share for 197. higher value oil blends. as well as Sucrogen’s branded sugar business in Australia.7m. dairy. This will take time to institute. Helga’s. Goodman Fielder has an extensive manufacturing and distribution network and employs over 7. specialising in the development and production of complex. Nevertheless. It operates under five divisions: 1. the company recorded a 77% drop in net profit to A$21. Its brands include Meadow Lea. the Asia Pacific division supplies bakery ingredients. A good fit for Wilmar. producing flavoured milks. The Fresh Dairy division is a major participant in the New Zealand market. 28 February 2012 Page 2 of 6 . with losses in FY Jun11 of A$166. to supermarkets in Australia and New Zealand. 4. the stock is still trading at a forward PER of 12.

0 15.7 2011 44.0 18.5 8.3 20.1 251.0 1.6 -519.764.302.7 1.1 2.214.7 15.0 1.8 20.3 -244.3 4. JV+Assoc. & ST debt coverage (X) Cash flow int.0 3.0 8.5 7.1 1.7 5.5 -809.0 0.0 -2011.479.111.203.8 2.1 21.8 2.7 2.778.973.1 6.296.9 23.7 8.6 -70.0 9.3 7.0 2013F 2014F 48.265.3 4.996.3 0.122.6 24.600.595.501.5 538.656.7 0.5 21.644.870.447.5 25.1 -362.410.5 -95.269.784.1 -0.9 1.5 138.2 2012F 38.7 5.628.062.1 785.0 2.5 -99.2 0.796.1 1.1 16. Net extraordinaries Pretax profit Income taxes Minority interests Net profit EBITDA EPS (US$) 2010 30.7 3.0 -785.710.5 -351.8 1.1 702.1 966.0 3.0 -82.1 -0.0 2.4 15.443.5 6.2 14.7 7.7 -29.5 0.1 1. & ST debt (X) Current ratio (X) Quick ratio (X) Net cash/(debt) (US$m) Per share data (US$) EPS CFPS BVPS SPS EBITDA/share DPS 2010 2011 2012F 2013F 2014F 27.451.6 7.786.2 5.024.739.8 3.164.9 101.4 3.7 478.1 -0.2 3.5 7.7 25.523.7 8.026.098.095.9 2.0 2013F 39.8 71.5 0.839.8 3.7 -130.852.1 5.3 -18.9 -779.8 -316.6 1.0 -2886.0 -15.501.8 18.092.542.012.3 1.8 4.8 223.622.996.6 29.161.6 2014F 38.3 -886.8 196.943.0 0.078.9 4.1 2.8 5.451.2 4.135.9 -385.192.9 -2.2 -189.356.4 1.5 27.8 20.4 10.2 2.2 -556.9 1.2 2.923.0 -1902.155.1 4.572.925.409.5 47.017.267.029.4 22.767.762.6 4.9 -2.2 2.7 46.3 12.918.1 4.600.6 118.9 783.0 10.2 -98.1 15.1 7.3 2.978.078.734.7 2.7 6.2 2.355.8 44.7 3.3 -858.7 4.6 4.1 8.5 -4.0 -416.737.9 CASH FLOW (US$ m) FYE Dec Operating cash flow Operating profit Depreciation & amortisation Change in working capital Others Investment cash flow Net capex Change in LT investment Change in other assets Cash flow after invt.8 -202.139.068.2 -1.9 37.6 5.324.6 0.9 11.5 2.0 1.4 3.9 8.318.764.421.9 2.0 0. Maybank KE 28 February 2012 Page 3 of 6 .506.2 129.5 2.0 4.1 983.7 878.5 0.5 0.4 3.558.8 23.5 18.7 1.754.2 2.3 -1.4 -208.9 -279.8 -208.6 1.409.9 20.551.7 879.9 205.7 0.7 4.8 17.651.983.7 1.926.9 -87. coverage (X) Int.644.280.146.1 36.481.0 -762.2 244.0 0.693.8 -210.0 40.2 2012F 2.010.1 2.9 781.125.568.285.8 7.4 3.1 23.451.2 3.2 315.248.0 -3.500.172.7 4.8 8.8 16.7 2.7 134.2 37.2 14.0 -422.818.639.3 -29.6 1.994.2 -327.0 206.4 20.0 10.6 4.0 0.8 -384.3 262.1 1. Net cash flow 2010 -2.468.8 31.409.5 -214.265.1 88.8 2.400.5 -823.2 BALANCE SHEET (US$ m) FYE Dec Total assets Current assets Cash & ST investment Inventories Accounts receivable Others Other assets LT investments Net fixed assets Others Total liabilities Current liabilities Accounts payable ST borrowings Others Long-term liabilities Long-term debts Others Shareholder's equity Paid-in capital Reserve Minority interests 2010 33.1 1.4 15.4 -1.6 8.4 4.178.9 3.4 6.377.6 36.4 7.2 7.0 0.496.3 0.5 20.0 -416.0 6.3 -73.918.8 2.5 1.014.413.4 0.2 4.870.4 -1.0 2011 39.6 -505.2 246.7 -2.232.0 1.391.1 6.0 11.3 3.0 8.168.9 KEY RATIOS FYE Dec Growth (% YoY) Sales Operating profit EBITDA Net profit EPS Profitability (%) Gross margin Operating margin EBITDA margin Net margin ROA ROE Stability Gross debt/equity (%) Net debt/equity (%) Int.434.968.969.9 6.1 196.261.081.8 15.1 22.179.6 -630.7 12.1 -0.8 3.9 6.507.2 2.9 82.3 19.278.644.075.2 4.9 1.857.9 4.1 135.7 48.7 3.947.4 -259.5 25.765.973.2 7.6 -417.6 4.1 9.713.9 205.5 Source: Company.0 36.4 2.078.307.8 -291.8 146.8 9.165.6 1.2 9.2 24.7 190.3 7.1 8.232.044. coverage (X) Cash flow int.284.0 3.710.263.3 0.284.3 4.3 18.388.3 5.411.261.557.923.020.7 0.8 49.5 9.451.9 554.8 36.4 8.9 10.521.759.3 -1.8 7.5 6.024.0 1.8 3.6 50.5 213.8 24.3 1.4 15.4 -3.5 1.9 4.1 -2.7 16.0 1.9 7.5 3.8 13.6 -326.1 7.3 60.2 28.7 -379.8 72.1 2.5 9.2 -2.6 8.0 2012F 2013F 2014F 51.7 2.7 1.1 2011 1.9 25.142.311.256.7 1.2 -35.042.3 38.5 3.8 292.9 0.421.739.8 8.2 14.3 -3.4 22.1 13.1 999.1 2.980.608.4 0.6 620.660.955.2 0.5 -1.4 15.6 1.9 2.0 0.587.8 3.8 23.129.9 5.0 -1.1 1.6 138.5 -282.282.2 -1.1 -3.2 221.010.1 0.8 2.875.2 0.372.0 0.7 1.8 14.3 45.430.9 6.656.0 -0.5 4.Wilmar International PROFIT AND LOSS (US$ m) FYE Dec Sales Cost of goods sold Gross profit Operating expenses Operating profit Net interest Interest income Interest expense Net investment income/(loss) Net other non-op.763.4 20. Financing cash flow Change in share capital Net change in debt Change in other LT liab.8 8.5 3.3 0.0 1.0 -140.0 -0.903.9 10.269.835.9 6.658.5 1.8 8.3 266.6 -1.4 3.609.7 571.7 744.5 -110.4 3.0 2.502.4 185.240.

vn  Consumer & Services  Technology & Telecom Nguyen Trung Hoa +84 844 55 58 88  Pharmaceutical  Fishery INDIA Jigar SHAH Head of Research (91) 22 6623 2601 jigar@kimeng.hk  Construction Ivan CHEUNG (852) 2268 0634 ivancheung@kimeng.com Luz LORENZO Economist (63) 2 849 8836 luz_lorenzo@atr.sg  Property & Construction YEAK Chee Keong.com  Technicals SINGAPORE Stephanie WONG Head of Research (65) 6432 1451 swong@maybank-ke.vn  Banking  Insurance Nguyen Quang Duy +84 844 55 58 88 x 8082 duy.com.in  Auto  Oil & Gas ECONOMICS Suhaimi ILIAS Chief Economist (603) 2297 8682 suhaimi_ilias@maybank-ib.com.dang@kimeng.com.sg  Finance  Logistics  Resources Eric ONG (65) 6432 1857 ericong@maybank-ke.vn  Strategy Nguyen Thi Ngan Tuyen +84 844 55 58 88 x 8081 tuyen.sg  Regional Products & Planning 28 February 2012 Page 4 of 6 .vn  Resources  Property Trinh Thi Ngoc Diep +84 444 55 58 88 x 8208 diep.com.com.w@kimeng.c@kimeng.th  Media  Commerce Sutthichai KUMWORACHAI (66)-2658-6300 ext 1400 sutthichai.com.co.th  Energy  Petrochem Termporn TANTIVIVAT (66)-2658-6300 ext 1520 termporn.com  Property & REITs LEE Yen Ling (603) 2297 8691 lee. CA Head of Research (603) 2297 8686 wchewh@maybank-ib. CFA (65) 6433 5730 yeakcheekeong@maybank-ke.th  Property Woraphon WIROONSRI (66)-2658-6300 ext 1560 woraphon.com. WICAKSONO (62) 21 2557 1130 anwicaksono@kimeng.com  Conglomerates  Property  Ports/ Logistics Katherine TAN (63) 2 849 8843 kat_tan@maybank-atrke.hk  Consumer Staples Andy POON (852) 2268 0645 andypoon@kimeng.y@maybank-ib.in  Telecom  Financial Services  Banking Gagan KWATRA (91 )226623 2612 gagan@kimeng.com  Banking .th  Strategy Suttatip PEERASUB (66)-2658-6300 ext 1430 suttatip.com.sg  Conglomerates  REITs James KOH (65) 6432 1431 jameskoh@maybank-ke.com  Banks  Construction HONG KONG / CHINA Edward FUNG Head of Research (852) 2268 0632 edwardfung@kimeng.ong@maybank-ib.com.sg  Strategy  Small & Mid Caps Gregory YAP (65) 6432 1450 gyap@maybank-ke.com.sg  Retail & Consumer  Engineering  Infrastructure Alison FOK (65) 6433 5745 alisonfok@maybank-ke.sg  Hotel & Resort  Property & Construction Anni KUM (65) 6432 1470 annikum@maybank-ke.com.id  Cement  Infrastructure  Property Arwani PRANADJAYA (62) 21 2557 1129 apranadjaya@kimeng.trinh@kimeng.com.com.com.co.in  Metal & Mining  Capital goods  Property Haripreet BATRA (91) 226623 2606 haripreet@kimeng.nguyenquang@kimeng.hk  Consumer Discretionaries Alex YEUNG (852) 2268 0636 alexyeung@kimeng. CFA Head of Research +84 838 38 66 47 michael.co.com.com.yl@maybank-ib.in  Telecom  Contractor Vasant LOHIYA (91) 226623 2611 vasant@kimeng. CFA (62) 21 2557 1127 lariesandi@kimeng.sg  Services Bernard CHIN (65) 6433 5726 bernardchin@maybank-ke.t@kimeng. CFA (603) 2297 8679 weisum@maybank-ib.nguyen@kimeng.com  Consumer  Media  Cement  Mining Kenneth NERECINA (63) 2 849 8839 kenneth_nerecina@maybank-atrke.com  Strategy Laura DY-LIACCO (63) 2 849 8840 laura_dyliacco@maybank-atrke.sg  Conglomerates  Industrials THAILAND Mayuree CHOWVIKRAN Head of Research (66)-2658-6300 ext 1440 mayuree.co.in  Software  Media Ganesh RAM (91) 226623 2607 ganeshram@kimeng.id  Banking  Multifinance Pandu ANUGRAH (62) 21 2557 1137 panugrah@kimeng.kokalari@kimeng.co.co.Regional LIAW Thong Jung (603) 2297 8688 tjliaw@maybank-ib.id  Base metals  Coal  Heavy Equipment  Oil & gas Rahmi MARINA (62) 21 2557 1128 rmarina@kimeng.co.Regional Rohan SUPPIAH (65) 6432 1455 rohan@maybank-ke.co.com.Wilmar International ANALYSTS’ COVERAGE / RESEARCH OFFICES   MALAYSIA WONG Chew Hann.com  Utilities  Conglomerates  Telcos Lovell SARREAL (63) 2 849 8841 lovell_sarreal@maybank-atrke.co.aziz@maybank-ib.id  Generalist Anthony YUNUS (62) 21 2557 1134 ayunus@kimeng.th  Transportation  Small cap.hk  Banking & Finance Jacqueline KO (852) 2268 0633 jacquelineko@kimeng.com  Plantations Mohshin AZIZ (603) 2297 8692 mohshin.hk  Property  Industrial Ivan LI (852) 2268 0641 ivanli@kimeng.com  Aviation  Petrochem  Power YIN Shao Yang.co.co.in  Oil & Gas  Automobile  Cement Anubhav GUPTA (91) 22 6623 2605 anubhav@kimeng.com.hk  Industrial INDONESIA Katarina SETIAWAN Head of Research (62) 21 2557 1125 ksetiawan@kimeng.chng@maybank-ib.com  Strategy  Construction & Infrastructure Desmond CH’NG.com  Oil & Gas  Automotive  Shipping ONG Chee Ting (603) 2297 8678 ct.ngo@kimeng.in  Small Cap Vedant AGARWAL (91) 226623 2625 vedant@kimeng.id  Auto  Heavy equipment  Plantation  Toll road Adi N.vn  Property & Construction  Power Dang Thi Kim Thoa +84 844 55 58 88 x 8083 thoa.sg  Technology & Manufacturing  Telcos .co.com.com.co.lee@maybank-ib.co.k@kimeng. CPA (603) 2297 8916 samuel.vn  Confectionary and Beverage  Oil and Gas Ngo Bich Van +84 844 55 58 88 x 8084 van. PHILIPPINES Luz LORENZO Head of Research +63 2 849 8836 luz_lorenzo@maybank-atrke.com.id  Technicals VIETNAM Michael Kokalari.p@kimeng.com.com.com.id  Consumer  Strategy  Telcos Lucky ARIESANDI.co.com.com.co.hk  Regional Strategist ONG Seng Yeow (852) 2268 0644 ongsengyeow@maybank-ke.th  Banking & Finance Jaroonpan WATTANAWONG (66)-2658-6300 ext 1404 jaroonpan.w@kimeng.co.sg  Airlines  Marine & Offshore Wilson LIEW (65) 6432 1454 wilsonliew@maybank-ke.co.co.com.com  Building Materials  Manufacturing  Technology LEE Cheng Hooi Head of Retail chenghooi.hk  Telecom & equipment Samantha KWONG (852) 2268 0640 samanthakwong@kimeng.sg  Marine & Offshore  Transportation  Energy OOI Yi Tung (65) 6433 5712 ooiyitung@maybank-ke.co.com  Gaming – Regional  Media  Power WONG Wei Sum. ACA (603) 2297 8680 desmond.ph  Philippines  Indonesia REGIONAL THAM Mun Hon (852) 2268 0630 thammunhon@kimeng.

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20 St.400 020. AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA. Tower One & Exchange Plaza Ayala Triangle. Philippines 1200 Tel: (63) 2 849 8888 Fax: (63) 2 848 5738  Maybank Kim Eng Securities (Thailand) Public Company Limited 999/9 The Offices at Central World. 54-55 Jakarta 12190. Bangkok 10330. the reader is to note that additional disclaimers. 100 Jalan Tun Perak. OR PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. Maybank Kim Eng Research Pte. Thailand Tel: (66) 2 658 6817 (sales) Tel: (66) 2 658 6801 (research) Thailand  Vietnam In association with  In association with Saudi Arabia Kim Eng Vietnam Securities Company 1st Floor.A. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN THE REPUBLIC OF KOREA. Stephanie Wong CEO. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN MALAYSIA. 1 Queen’s Road East. U. Tujjar Jeddah Prince Mohammed bin Abdulaziz Street P. Three Pacific Place. Indonesia Tel: (62) 21 2557 1188 Fax: (62) 21 2557 1189  Kim Eng Securities India Pvt Ltd 2nd Floor. Ltd. or will be.6623. Jalan Maarof 59000 Kuala Lumpur Tel: (603) 2297 8888 Fax: (603) 2282 5136  Singapore Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Research Pte Ltd 9 Temasek Boulevard #39-00 Suntec Tower 2 Singapore 038989 Tel: (65) 6336 9090 Fax: (65) 6339 6003  London Maybank Kim Eng Securities (London) Ltd 6/F. UK Tel: (44) 20 7621 9298 Dealers’ Tel: (44) 20 7626 2828 Fax: (44) 20 7283 6674  Maybank Kim Eng Securities USA Inc 777 Third Avenue.6623. Tower C.2600 Fax: (91). No.com. warnings or qualifications may apply if the reader is receiving or accessing this report in or from other than Singapore. no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Kim Eng Research Pte.maybank-ke. © 2012 Maybank Kim Eng Research Pte Ltd. 50050 Kuala Lumpur Tel: (603) 2059 1888. Tel: (212) 688 8886 Fax: (212) 688 3500 New York Stockbroking Business:  Hong Kong Kim Eng Securities (HK) Ltd Level 30. NY 10017. related to the specific recommendations or views expressed in the report. The International 16. 20th . Except as specifically permitted. Dunstan’s Hill London EC3R 8HY. THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT. and the covering analyst do not have any interest in Wilmar International Analyst Certification: The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject securities or issuers.22. Ayala Avenue Makati City. YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. Maybank Kim Eng Research 28 February 2012 Page 6 of 6 . District 1 Ho Chi Minh City. Box 126575 Jeddah 21352 Tel: (966) 2 6068686 Fax: (966) 26068787  South Asia Sales Trading Connie TAN connie@maybank-ke. Dataran Maybank. MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA.kimengresearch.sg APPENDIX I Additional information on mentioned securities is available on request.2604 India  Philippines Maybank ATR Kim Eng Securities Inc. Mumbai City . 21st Floor New York. Maharishi Karve Road. YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA.22. Fax: (603) 2078 4194 Level 8. Ltd.O. and no part of the research analyst's compensation was. BY ACCEPTING THIS REPORT. Jurisdiction Specific Additional Disclaimers: THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT. directly or indirectly. 17/F.1. Hong Kong Tel: (852) 2268 0800 Fax: (852) 2877 0104  Indonesia PT Kim Eng Securities Plaza Bapindo Citibank Tower 17th Floor Jl Jend.sg Tel: (65) 6333 5775 US Toll Free: 1 866 406 7447  North Asia Sales Trading Eddie LAU eddielau@kimeng. Churchgate Station. BY ACCEPTING THIS REPORT.com.com.hk Tel: (852) 2268 0800 US Toll Free: 1 866 598 2267 www. Rama 1 Road Pathumwan.S.Wilmar International  Malaysia Maybank Investment Bank Berhad (A Participating Organisation of Bursa Malaysia Securities Berhad) 33rd Floor. Without prejudice to the foregoing.21st Floor. India Tel: (91).com | www. Maybank Kim Eng Research Pte. Vietnam Tel : (84) 838 38 66 36 Fax : (84) 838 38 66 39 Anfaal Capital Villa 47. 255 Tran Hung Dao St. As of 28 February 2012. is. Menara Maybank. Ltd. AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR TRANSMITTED TO ANY MALAYSIAN PERSON. Sudirman Kav. All rights reserved. accepts no liability whatsoever for the actions of third parties in this respect.

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