asia themac tics

ASIA THEMACTICSMacquarie Research | EQUITIES

ASIA THEMACTICSASEAN FinTech – wallets to banks

Jayden VantarakisMacquarie Capital Securities (Singapore)+65 6601 [email protected] Please refer to page 22 for important disclosures and analyst certification, or on our website

www.macquarie.com/research/disclosures

To monetise and move beyond payments, digital wallets are upgrading to full banks across ASEAN

New licenses are in the process of being created in Philippines, Malaysia and Singapore. Small banks in Indonesia are being repositioned.

We prefer an equity investment strategy of strong incumbents and nimble challengers in the region

June 2021

Macquarie Research | EQUITIESASIA THEMACTICS

Macquarie’s ASEAN banks team

Ben Shane Lim joined Macquarie Research Malaysia in 2018, bringing with him seven years of experience as a financial journalist. Building on his seasoned coverage of Malaysian corporates, capital markets and economics, Ben now covers banks, energy, aviation/transportation, as well as semiconductors.

Peach Patharavanakul joined Macquarie in July 2018 after working as a sell-side equity research analyst for 14 years covering the banking & financials, life insurance, consumer, and hotel sectors. She started her career as an auditor (1999-2002) and EVA analyst (2004).

Gilbert Lopez, head of Philippines Research, has nearly 25 years of continuous sell-side research experience in the Philippines. Starting in December 1992 after earning his Certified Public Accountant (CPA) title, he has been with several sell-side firms covering nearly all major industries in the Philippines, but is now focusing on strategy, banking, and conglomerates.

Jayden Vantarakis, head of ASEAN and Singapore Research, co-ordinates Macquarie’s Southeast Asia research as well as covering Indonesia and Singapore financials. He was appointed to this role after spending nine years as an equity analyst based in Indonesia covering strategy, banks, mining and energy. Prior to relocating to Asia, Jayden spent six years in a variety of roles in commercial banking in Australia including consumer banking, treasury operations and corporate credit.


ASEAN is young, urbanising, digitally savvy, and underbanked

20 18 16 11 8

20 17 16

12 9

18 16 18

14 14

14 15 17

13 15

11 14 12

16 17

17 20 20 34 36

-

10

20

30

40

50

60

70

80

90

100

PH ID MY TH SG

%

0-9 10-19 20-29 30-39 40-49 50 and over

94

82

72 7064

0

10

20

30

40

50

60

70

80

90

100

MY SG TH ID PH

%

Smartphone penetration

98 85 82

49 34

98

86 83

49

39

-

10

20

30

40

50

60

70

80

90

100

SG MY TH ID PH

%

15+ 25+

20

30

40

50

60

70

80

90

100

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

%

SG MY ID TH PH

Source: World Bank, Statista, Macquarie Research, June 2021

Philippines, Indonesia and Malaysia half the population <30 Steady urbanization in Indonesia, Thailand and Malaysia

Smartphone penetration >60% in each market < half of Indonesians and Filipinos have bank accounts

2019

2020 2017


Several tech platforms dominate e-commerce, rides and food delivery

Source: Company data, Similarweb, Macquarie Research, June 2021

Indonesia

Singapore

Philippines

Vietnam

ThailandMalaysia

Myanmar

China

Laos

137

57

0 5 10 15

Shopee SGLazada SGQoo10 SG

Amazon SG

6628

2019

0 50 100

Shopee VNThế giới …

TikiLazada VN

5538

21

0 20 40 60

Shopee PHLazada PHZalora PH

eBay5332

22

0 20 40 60

Shopee THLazada TH

Central…Advice

127134

3530

0 50 100 150

Shopee IDTokopediaBukalapakLazada ID


Who are the major wallets by market?

Source: Company data, Macquarie Research, June 2021


Digital banks – 3 categories, with the ASEAN markets at different stages



Bank Jago (ARTO IJ, Outperform, Price Rp11,875, TP: Rp14,000)

GoJek-Tokopedia: 100m users, merchants and drivers 25m users in 7 years, 35m+ in 10

~2% market share in a decade Valuation range under different methodologies

29.2

86.1 86.1

115.3

0

20

40

60

80

100

120

140

GoJek Tokopedia Low High

Standalone Combined

m monthly active users

Full overlap

No overlap

25

112

64

29 24

7

0

20

40

60

80

100

120

Bank Jagopotential

BRI BNI Mandiri BCA CIMB Niaga

m

Customers

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

20a 21e 22e 23e 24e 25e 26e 27e 28e 29e 30e

%

Total deposits Total loans Digital loans (RHS)

7,100 7,680

11,590 8,790

11,850

30,930

19,010 20,600

8,880

17,720 15,300

13,970

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

ResidualIncome

EV/Customer EV/Sales Average

Rp/shRange Midpoint


2020

2020


Sea Ltd (SE US, Outperform, Price US$256.82, TP: US$270)

We find Digital Finance under-valued, given the synergistic benefits to SE’s e-commerce ecosystem. Fair value could rise from the current US$9/share in our base case to US$88/share in our bull case. Shopee Brasil’s GMV remains small but carries potential to grow bigger. E-commerce losses continue to narrow, while Digital Entertainment sees user spend grow.

We estimate SeaMoney’s Digital Bank enterprise value at $1b – $19b ($2 – $34/sh). Our current valuation uses 36x FY22E EV/Sales. P/B valuation shown for comparison.

We estimate payments enterprise value at $1 –$30b ($3—$34/share). Our current valuation uses 13x EV/Sales, implying 0.1x FY22E P/TPV

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0(mil v isits)

Shopee BR Mercado Livre Americanas

OLX Amazon BR

Shopee Brasil web traffic continues to grow while peers show slowing. GMV remains small, but is an upside optionality if it grows faster than expected.

Source: Company data, Similarweb, Macquarie Research, June 2021

$2 - $31/share

$3 - $34/share

$1.9 - $2.3/share

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0

EV/ Customers

EV/ Sales

Book value

$1.3b - $29.9b

$1.7b - $4.2b

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

P/ TPV

EV/Sales


Indonesia – repositioning small, dormant licenses

Source: Company data, FactSet, Macquarie Research, June 2021. Prices as at 1 Jun 2021


Indonesia – A couple of strong incumbents. Payment fees the key risk factor

Source: Company data, Bank Indonesia, Macquarie Research, June 2021

Digital bank payments overtook card in 2020 BCA and increasingly BRI dominant

Payment fees represent a fifth of profits Employee rationalization a very slow process

21

31

49

72

59 56

43

25

19 13

7 -

10

20

30

40

50

60

70

10 11 12 13 14 15 16 17 18 19 20 21e 22e 23e

%

Digital Card Branch

BCA62%Mandiri

7%

BRI17%

BNI6%

CIMB Niaga1%

Others7%

2020 performance

20.2 15.3 12.8 10.7

5.5

5.5 7.0

6.1

25.6

20.8 19.8 16.8

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

BRI BCA BNI Mandiri

%

Digital Physical

FY19-20

37 38 40 41 42 49 55 59 61 61 62 62

46 49 53 57 64 66 70 73 73 77 75 74 20 20 20 20 21 23 25 26 27 28 26 26 51 62 62 65

68 61 50 44 36 32 29 25 29 30 36

38 47 48 45 41 39 38 37 36 183

198 210

222 243 247 244 243 237 236 229 223

-

50

100

150

200

250

300

09 10 11 12 13 14 15 16 17 18 19 20

k employees

BRI Other state banks BCA Danamon Other mid-tier banks


Malaysia e-wallets: Large scale, rising adoption

The big 3 e-wallets in Malaysia have achieved considerable scale that exceeds the incumbent banks.Rapid expansion was achieved via:

• Generous promotions/cash-back schemes, fueled by aggressive cash burn.

• Another catalyst for adoption in 2020 was sparked by the government’s RM450m disbursement in RM30 eTunai handouts via e-wallets.

• Touch ‘n Go (TnG) e-wallet leveraged users from prepaid transit cards, while Grab leveraged ~20m userbase. Boost built use case from scratch.

• Big-3 e-wallets have shied away from Visa/Mastercard tie-ups, preferring to acquire merchants; estimated combined footprint of >700k merchants.

• Share of payment value has touched ~15%, growing faster than credit/debit cards.

^2020 N/A*Mobile/non-mobile split not provided**Annual active users***MQ estimates

-300

200

700

1200

1700

2200

2700

3200

0%10%20%30%40%50%60%70%80%90%

100%

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1Q 2

1

Num. txn 'bnE-payment volume

Credit card Charge card Debit cardE-money Total Volume

-

50

100

150

200

250

0%10%20%30%40%50%60%70%80%90%

100%

Txn Value RM'bn

E-payment value

Credit card Charge card Debit cardE-money Total Txn Value

Source: Company data, Bank Negara Malaysia, Macquarie Research, June 2021


Malaysia digital bank licenses: Grab and Boost lead contention

• Crowded landscape with clear leaders: there are 48 ‘Non-bank e-money issuer’ license holders in Malaysia with roughly 20 e-wallets in operation. But the biggest by far are GrabPay, Boost, and TnG e-wallet. Many license holders only have highly localised applications (e.g. within malls) or are highly niche to a single retail business (e.g. Petronas’ Setel for retail fuel).

• Co-opetition with banks, for now: All the big-3 e-wallet plays in Malaysia are in co-opetition with banks; two have had ties with local banks.

• TnG e-wallet is a 47% associate of CIMB, but announced it would not apply.

• Maybank has a 30% stake in GrabPay, but we think Maybank is unlikely to apply.

• Boost was the latest to announce a 60:40 JV with RHB to pursue a digital bank license application.

• Field is open to non-banks: Boost-RHB is the only apparent bank-backed bid. We expect over a dozen other bids, including GrabPay, SEA Ltd (Shopee), and BigPay.

Source: Company data, Bank Negara Malaysia, Macquarie Research, June 2021


Thailand: Digital banking is still about partnerships

• Most of e-wallet providers are non-banks: The leader “TrueMoney” has 15 million accounts. This is larger than the number of mobile banking users of major banks (KBANK, SCB).

• E-wallet has large user bases, but mobile banking remains dominant: In Thailand, mobile banking applications still have higher transaction volume, transaction value, higher growth than non-bank e-money during 2017-2020.

• Rather than disrupting, wallet providers collaborate with banks: The Thai regulatory sandbox encourages small start-up/fintechs to collaborate. For example:

• KBank joined with Grab in developing GrabPay Wallet, • SCB partnered with Gojek, • KBank launched online banking services in Dolfin Wallet app,• LINE BK digital bank is a partnership between LINE and Kbank.

Source: BoT, Company data, Macquarie Research, June 2021

2020

2020


Thailand - digital lending to monetise

As providers collaborate with banks, they also partner with banks to provide digital lending• Grab partnered with KBANK to offer speedy retail/micro-SME personal loans through Grab Financial with a Bt1-100k loan ticket size at

an 18% interest rate p.a. and 30-130days repayment term. • Dolfin wallet partnered with KBANK to offer personal loans in its application named Dolfin Money.• SCB 10x has funded Flash Group (Thailand’s first unicorn in ecommerce logistic) in series D+ and E. SCB may be able to provide

digital loan service to Flash’s merchant customers.

• Banks also stepped in digital lending; SCB digital loans grew 78% YoY: SCB and BAY converted their own personal loan customers from the offline channel into the digital channel. SCB saw its speedy loan product growing 179% yoy in 1Q21.

• Other (i.e., Product cross sales): Many e-wallet providers partnered with other financial service providers. TrueMoney sells insurance and mutual fund products, partnering with KKP to offer saving accounts to users.



Philippines: Most ripe for digital disruption in the region

Regulatory framework supportive. BSP plans to issue up to 5 digital banking licenses. The first opened for business this quarter: Tonik Bank

Leading banks slow to invest digitally. The 4 leading banks in the Philippines have been slow to invest digitally, holding on to their large nationwide branch networks despite lessons learned from the pandemic.

BPI is best digitally in a weak field. Among the three largest banks, BPI is the only one with digital spending targets (10% of revenues from 7-8% previously) and goals of reducing an emphasis on physical branches (c10% reduction or 90-100).

65%66%

68%69%

50%

52%

54%

56%

58%

60%

62%

64%

66%

68%

70%

2017 2018 2019 2020

Banking presence

12% 12%

19%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2018 2019 2020

E money penetration

Cities and towns with a banking presence - Philippines

E money penetration - Philippines

Source: BSP, Macquarie Research, June 2021


Philippines: Smaller banks transforming themselves


Tonik Bank is the first digital bank licensed by the BSP following digital banking guidelines that required among others a PhP1billion minimum capitalisation.

Payment companies G Cash and Pay Maya have provided the most tangible disruption to the banks, with each having users that have far exceeded total credit cards in the Philippines of only 11m. The two companies have local telecom giants Globe (GLO PH –P1,811 – NR) and PLDT (TEL PH – P1,382 - NR) as key shareholders.

Smaller local banks UBP and RCB are more digitally ready than larger peers. UBP most noteworthy for being API ready and with a core banking system digitally equipped. Its large digital spend of PhP2bn annually has helped raise its customer count from 6.5m to 8.3m in over just a year. Foreign banks ING and CIMB have also pushed separate digital entities.

Payments Platform G Cash Pay MayaListed parent Globe (GLO PM) PLDT (TEL PM)Other partners Mynt, Ant, Bowave KKR, Tencent, IFCUsers 38m 35mMerchants social seller 1.6m naDigital touchpoints na 250K

Bank UnionBank Rizal Com'l East West Code UBP PM RCB PM EW PMMarket cap (PhP b) 91 34 21Digital platform Eon bank PH Diskartech KomoWebsite eonbankph.com diskartech.ph komo.phPhysical branches 197 332 228Assets (PhP bn) 774 772 408

Major Payments Platforms - Philippines Digital banks of local Philippine banks


Singapore – 4 digital banks start operations from 2022

Source: Company data, Macquarie Research, June 2021. Priced as at 3 Jun 2021


Singapore – Digital banks are entering a mature market

0

5000

10000

15000

20000

25000

30000

35000

0

5000

10000

15000

20000

25000m SGD

Wallets POS - credit card

POS - debit Online - credit

Online - debit ATM withdrawal (RHS)

Singapore is a debit and credit card market

Would move everything over without hesitation

20%

Would move some services but not everything

60%

Would move just a few services

16%

Would not be open to moving any of their services to

neobanks4%

Intention to try is high, a fifth would move everything

84

75 75

63

73

55

64

54

50

55

60

65

70

75

80

85

90

Existing bank Well known brandnot in financial

services

Financial servicescompany

Completely newstartup

%

Consumer SMEs

Trust factor higher with established brands

Source: Company data, MAS, VISA, Macquarie Research, June 2021

14.2 12.8

17.9

4.8

9.8

3.7

16.5

6.2 2.5

16.3

-5.7

4.8

-10.0

-5.0

-

5.0

10.0

15.0

20.0

DBS OCBC UOB

%

Retail operating depositsRetail non operating depositsWholesale - operatingWholesale - non operating

Incumbents have seen strong retail deposit growth3-year Cagr to 1Q21

(2020)

(2020)


Singapore – we expect a 3-5% impact to profits over ~5 years

Proportion FY20 PATMI



Singapore – Singapore banks as regional challengers


TMRW - UOB digibank - DBS

• Thailand and Indonesia

• Launched 2019 Thailand, 2020 Indonesia

• >25% of the Indonesia retail base are TMRW customers after 1 year

• Young Professionals / Young Professional Families. 300k customers as of 1Q21. 70% new to bank

• Gamification of savings. Credit products are coming (personal lending)

• At 2m customers, venture turns profitable

• India and Indonesia

• Launched 2016 India, 2017 Indonesia

• Pivoting to a physical+digital strategy (phygital) after the acquisition of Lakshmi Vilas bank in India (>500 branches)

• 3m total customers. After early open approach, focus is on higher average balance depositors

• India: 1m customers + 2m retail from LVB


Appendix - ASEAN bank valuations


Recommendation proportions – For quarter ending 31 March 2021AU/NZ Asia USA

Outperform 51.86% 68.57% 66.67% (for global coverage by Macquarie, 5.54% of stocks followed are investment banking clients)Neutral 36.27% 20.79% 33.33% (for global coverage by Macquarie, 4.81 % of stocks followed are investment banking clients)Underperform 11.86% 10.63% 0.00% (for global coverage by Macquarie, 3.17% of stocks followed are investment banking clients)

Recommendation definitions

Macquarie – Asia and USAOutperform – expected return >10%Neutral – expected return from -10% to +10%Underperform – expected return <-10%

Macquarie – Australia/New ZealandOutperform – expected return >10%Neutral – expected return from 0% to 10%Underperform – expected return <0%

Note: expected return is reflective of a Medium Volatility stock and should be assumed to adjust proportionately with volatility risk

Volatility index definition*This is calculated from the volatility of historic price movements.

Very high–highest risk – Stock should be expected to move up or down 60-100% in a year – investors should be aware this stock is highly speculative.

High – stock should be expected to move up or down at least 40-60% in a year – investors should be aware this stock could be speculative.

Medium – stock should be expected to move up or down at least 30-40% in a year.

Low–medium – stock should be expected to move up or down at least 25-30% in a year.

Low – stock should be expected to move up or down at least 15-25% in a year.* Applicable to select stocks in Asia/Australia/NZ

Recommendation – 12 monthsNote: Quant recommendations may differ from Fundamental Analyst recommendations

Financial definitions All "Adjusted" data items have had the following adjustments made:Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expenseExcluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests

EPS = adjusted net profit /efpowa*ROA = adjusted ebit / average total assetsROA Banks/Insurance = adjusted net profit /average total assetsROE = adjusted net profit / average shareholders fundsGross cashflow = adjusted net profit + depreciation*equivalent fully paid ordinary weighted average number of shares

All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards).

Important Disclosures:


Company-Specific Disclosures:Important disclosure information regarding the subject companies covered in this report is available publicly at www.macquarie.com/research/disclosures. Clients receiving this report can additionally access previous recommendations (from the year prior to publication of this report) issued by this report’s author at https://www.macquarieinsights.com.

Sensitivity Analysis:Clients receiving this report can request access to a model which allows for further in-depth analysis of the assumptions used, and recommendations made, by the author relating to the subject companies covered. To request access please contact [email protected].

Analyst Certification: We hereby certify that all the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. The views were reached independently, without any attempt of influence from anyone outside of Macquarie’s Research business. Any and all opinions expressed have a reasonable basis, which are the result of the exercise of due care and skill. To the best of our knowledge, we are not in receipt of, nor have included in this report, any information considered to be inside information. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. The Analysts responsible for preparing this report receive compensation from Macquarie that is based upon various factors including Macquarie Group Ltd overall revenues, a portion of which are generated by Macquarie Group’s Investment Banking activities.

General Disclaimers: Macquarie Securities (Australia) Ltd; Macquarie Capital (Europe) Ltd; Macquarie Capital (USA) Inc; Macquarie Capital Limited, Taiwan Securities Branch; Macquarie Capital Securities (Singapore) Pte Ltd; Macquarie Securities (NZ) Ltd; Macquarie Capital Securities (India) Pvt Ltd; Macquarie Capital Securities (Malaysia) Sdn Bhd; Macquarie Securities Korea Limited and Macquarie Securities (Thailand) Ltd are not authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia), and their obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL) or MGL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of any of the above mentioned entities. MGL provides a guarantee to the Monetary Authority of Singapore in respect of the obligations and liabilities of Macquarie Capital Securities (Singapore) Pte Ltd for up to SGD 35 million. This research has been prepared for the general use of the wholesale clients of the Macquarie Group and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient you must not use or disclose the information in this research in any way. If you received it in error, please tell us immediately by return e-mail and delete the document. We do not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other person. MGL has established and implemented a conflicts policy at group level (which may be revised and updated from time to time) (the "Conflicts Policy") pursuant to regulatory requirements which sets out how we must seek to identify and manage all material conflicts of interest. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. In preparing this research, we did not take into account your investment objectives, financial situation or particular needs. Macquarie salespeople, traders and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions which are contrary to the opinions expressed in this research. Macquarie Research produces a variety of research products including, but not limited to, fundamental analysis, macro-economic analysis, quantitative analysis, and trade ideas. Recommendations contained in one type of research product may differ from recommendations contained in other types of research, whether as a result of differing time horizons, methodologies, or otherwise. Before making an investment decision on the basis of this research, you need to consider, with or without the assistance of an adviser, whether the advice is appropriate in light of your particular investment needs, objectives and financial circumstances. There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment. This research is based on information obtained from sources believed to be reliable but we do not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subject to change without notice. No member of the Macquarie Group accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. Clients should contact analysts at, and execute transactions through, a Macquarie Group entity in their home jurisdiction unless governing law permits otherwise. The date and timestamp for above share price and market cap is the closed price of the price date. #CLOSE is the final price at which the security is traded in the relevant exchange on the date indicated. Members of the Macro Strategy team are Sales & Trading personnel who provide desk commentary that is not a product of the Macquarie Research department or subject to FINRA Rule 2241 or any other regulation regarding independence in the provision of equity research.


http://www.macquarie.com/research/disclosures

https://www.macquarieinsights.com/

mailto:[email protected]


Country-Specific Disclaimers: Australia: In Australia, research is issued and distributed by Macquarie Securities (Australia) Ltd (AFSL No. 238947), a participating organization of the Australian Securities Exchange. Macquarie Securities (Australia) Limited staff involved with the preparation of research have regular interaction with companies they cover. Additionally, Macquarie Group Limited does and seeks to do business with companies covered by Macquarie Research. There are robust information barriers in place to protect the independence of Macquarie Research’s product. However, recipients of Macquarie Research should be aware of this potential conflict of interest. New Zealand: In New Zealand, research is issued and distributed by Macquarie Securities (NZ) Ltd, a NZX Firm. United Kingdom and the EEA: In the United Kingdom and the European Economic Area, research is distributed by Macquarie Capital (Europe) Ltd, which is authorised and regulated by the Financial Conduct Authority (No. 193905). Hong Kong & Mainland China: In Hong Kong, research is issued and distributed by Macquarie Capital Limited, which is licensed and regulated by the Securities and Futures Commission. In Mainland China, Macquarie Securities (Australia) Limited Shanghai Representative Office only engages in non-business operational activities excluding issuing and distributing research. Only non-A share research is distributed into Mainland China by Macquarie Capital Limited. Japan: In Japan, research is Issued and distributed by Macquarie Capital Securities (Japan) Limited, a member of the Tokyo Stock Exchange, Inc. and Osaka Exchange, Inc. (Financial Instruments Firm, Kanto Financial Bureau (kin-sho) No. 231, a member of Japan Securities Dealers Association). India: In India, research is issued and distributed by Macquarie Capital Securities (India) Pvt. Ltd. (CIN: U65920MH1995PTC090696), 92, Level 9, 2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, India, which is a SEBI registered Research Analyst having registration no. INH000000545. During the past 12 months, Macquarie Group Limited or one of its affiliates may have provided securities services to companies mentioned in this report for which it received compensation for Broking services. Malaysia: In Malaysia, research is issued and distributed by Macquarie Capital Securities (Malaysia) Sdn. Bhd. (Company registration number: 199801007342 (463469-W)) which is a Participating Organisation of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission. Macquarie may be an Issuer of Structured Warrants on securities mentioned in this report.Taiwan: In Taiwan, research is issued and distributed by Macquarie Capital Limited, Taiwan Securities Branch, which is licensed and regulated by the Financial Supervisory Commission. No portion of the report may be reproduced or quoted by the press or any other person without authorisation from Macquarie. Nothing in this research shall be construed as a solicitation to buy or sell any security or product. The recipient of this report shall not engage in any activities which may give rise to potential conflicts of interest to the report. Research Associate(s) in this report who are registered as Clerks only assist in the preparation of research and are not engaged in writing the research. Macquarie may be in past one year or now being an Issuer of Structured Warrants on securities mentioned in this report. Thailand: In Thailand, research is produced, issued and distributed by Macquarie Securities (Thailand) Ltd. Macquarie Securities (Thailand) Ltd. is a licensed securities company that is authorized by the Ministry of Finance, regulated by the Securities and Exchange Commission of Thailand and is an exchange member of the Stock Exchange of Thailand. The Thai Institute of Directors Association has disclosed the Corporate Governance Report of Thai Listed Companies made pursuant to the policy of the Securities and Exchange Commission of Thailand. Macquarie Securities (Thailand) Ltd does not endorse the result of the Corporate Governance Report of Thai Listed Companies but this Report can be accessed at: http://www.thai-iod.com/en/publications.asp?type=4. Macquarie Securities (Thailand) Limited may be an issuer of derivative warrants on the securities mentioned in this report. South Korea: In South Korea, unless otherwise stated, research is prepared, issued and distributed by Macquarie Securities Korea Limited, which is regulated by the Financial Supervisory Services. Information on analysts in MSKL is disclosed at http://dis.kofia.or.kr/websquare/index.jsp?w2xPath=/wq/fundMgr/DISFundMgrAnalystStut.xml&divisionId=MDIS03002001000000&serviceId=SDIS03002001000 Singapore: In Singapore, research is issued and distributed by Macquarie Capital Securities (Singapore) Pte Ltd (Company Registration Number: 198702912C), a Capital Markets Services license holder under the Securities and Futures Act to deal in securities and provide custodial services in Singapore. Pursuant to the Financial Advisers (Amendment) Regulations 2005, Macquarie Capital Securities (Singapore) Pte Ltd is exempt from complying with sections 25, 27 and 36 of the Financial Advisers Act. All Singapore-based recipients of research produced by Macquarie Capital (USA) Inc. represent and warrant that they are institutional investors as defined in the Securities and Futures Act. Singapore recipients should contact Macquarie Capital Securities (Singapore) Pte Ltd at +65 6601 0888 for matters arising from, or in connection with, this report. United States: In the United States, research is issued and distributed by Macquarie Capital (USA) Inc., which is a registered broker-dealer and member of FINRA. Macquarie Capital (USA) Inc, accepts responsibility for the content of each research report prepared by one of its non-US affiliates when the research report is distributed in the United States by Macquarie Capital (USA) Inc. Macquarie Capital (USA) Inc.’s affiliate’s analysts are not registered as research analysts with FINRA, may not be associated persons of Macquarie Capital (USA) Inc., and therefore may not be subject to FINRA rule restrictions on communications with a subject company, public appearances, and trading securities held by a research analyst account. Information regarding futures is provided for reference purposes only and is not a solicitation for purchases or sales of futures. Any persons receiving this report directly from Macquarie Capital (USA) Inc. and wishing to effect a transaction in any security described herein should do so with Macquarie Capital (USA) Inc. Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures, or contact your registered representative at 1-888-MAC-STOCK, or write to the Supervisory Analysts, Research Department, Macquarie Capital (USA) Inc, 125 W.55th Street, New York, NY 10019. Canada: In Canada, research is distributed by Macquarie Capital Markets Canada Ltd., a (i) member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund, and (ii) participating organisation of the Toronto Stock Exchange, TSX Venture Exchange & Montréal Exchange. Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures. IIROC Rule 3400 Disclosures can be obtained by writing to Macquarie Capital Markets Canada Ltd., 181 Bay St. Suite 3100, Toronto, ON M5J2T3. © Macquarie Group


http://www.thai-iod.com/en/publications.asp?type=4

http://dis.kofia.or.kr/websquare/index.jsp?w2xPath=/wq/fundMgr/DISFundMgrAnalystStut.xml&divisionId%E2%80%8C=MDIS03002001000000&serviceId=SDIS03002001000



asia themac tics

Documents