Deutsche Bank Markets Research

Asia

China

Strategy

Periodical

Made in China

Date

24 August 2015

U/G Weigao to Buy; Reiterate Buy on CPI, LMP, China Travel; Property; Results

________________________________________________________________________________________________________________

Deutsche Bank AG/Hong Kong

Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 124/04/2015.

Michael Tong

Research Analyst

(+852) 2203 6167

michael.tong@db.com

Yingying Dong, CFA

Research Associate

(+852) 2203 6207

yingying.dong@db.com

Daily Market Statistics 21/08/2015

Performance Price 1D% chg 1M% chg

HSI 22,410 -1.6 -14.0

H-share 10,195 -2.0 -16.4

A300 3,590 -4.8 -16.1

Volume Price 1D% chg 1M% chg

HSI 2,568 6.1 54.8

H-share 2,865 -0.2 47.8

A300 21,799 2.7 -46.1

DB Economic forecasts

Hong Kong 2014 2015 2016

GDP (%) 2.5 2.5 3.0

Merch. Exp. (%) 2.6 1.4 3.0

CPI (%) 4.4 3.0 3.8 China 2014 2015 2016

GDP (%) 7.4 7.0 6.7

Merch. Exp. (%) 0.0 5.6 6.0

CPI (%) 2.0 1.6 2.7

FX rate (eop) CNY/USD 6.2 6.3 6.5

Source: Deutsche Bank AG estimates

Shandong Weigao - Upgrading to Buy based on valuation and improving operating efficiency (1066.HK, Buy, Target Price: HKD 6.10, Closing Price: HKD 4.90, Jack Hu) We upgrade Weigao to Buy primarily based on valuation and efficiency improvements. We believe the stock's risk:reward profile has changed significantly recently due to stock weakness, which does not reflect improving profit growth prospects. We highlight that sequential operating margin improvement has lasted for the past three quarters, signaling increasing ROI from its investment in 2014. We maintain our HKD6.1 target price. (Jack Hu – 852 2203 6208) http://pull.db-gmresearch.com/p/3067-E85E/82834538/0900b8c08a1319c7.pdf

China Power Int'l - Enhanced asset injection commitment; Buy (2380.HK, Buy, Target Price: HKD 7.60, Closing Price: HKD 4.88, Michael Tong) We think CPI's asset injection growth strategy is being enhanced after recent management changes at both the parentco and listco levels. During the results briefing, new Chairman Mr. Wang Binghua stressed that parentco SPIC will focus on “accelerating asset securitization” and injecting assets to CPI “continuously”. We see a strong chance of asset injection in the next six months, with a wide scope of quality targets to choose from. The stock is trading at an attractive 6.6x 15E P/E (after adjusting for its liquid securities holdings) with a 6.0% dividend yield. We maintain Buy on the stock as one of our sector top picks. (Michael Tong – 852 2203 6167) http://pull.db-gmresearch.com/p/501-B33F/93979911/0900b8c08a11d46b.pdf

Lee & Man Paper - NDR takeaways − just a great paper company (2314.HK, Buy, Target Price: HKD 6.25, Closing Price: HKD 4.46, Johnson Wan) LMP was optimistic in its 2H15/FY16 outlook, led by further capacity removals in Southern China and a favorable VAT rebate policy. Over the last two years, LMP’s margins have expanded amid tough markets, with its 1H15 results being the highest on record. LMP highlighted that the RMB devaluation is of minimal impact to operations, while the market seems to disagree. LMP’s continuous share buybacks are a good indicator of their confidence, buying back c.HKD300m or 1.4% of its share capital in the last few months. In a difficult environment, LMP’s strong working capital, superior balance sheet and stable dividend yield (4.5%) make them a solid defensive play. (Johnson Wan– 852 2203 6163) http://pull.db-gmresearch.com/p/423-0E1D/83486890/0900b8c08a0f1397.pdf

HK/China sector analysts' top picks

Financials - BOC, CCB, CTIH, CPIC; Telecom - China Telecom; Property – Longfor, COLI, CR Land, Greentown, Joy City, Franshion; Auto – BAIC Motor, Zhengtong Auto; Transportation – Air China; Industrial/Infrastructure –CCC, Zhuzhou CSR; Consumer – Hengan, Anta, L'Occitane, CITS; Utilities/Renewables – Huadian Fuxin, Huadian Power, CPI, Huaneng Power, Beijing Enterprise Water, CHSTE, GCL; Energy - Sinopec; Metal/Mining – Conch, WCC, Baosteel, CR Cement, Hongqiao, Angang; Internet – Baidu, Tencent, YY, Alibaba; Healthcare – CSPC Pharma, Phoenix Healthcare Group; Leisure/Gaming - China Travel; Tech – Lenovo.

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DB EQUITY RESEARCH

China Travel (HK) - What's your concern: growth, valuation or lack of catalysts? None (0308.HK, Buy, Target Price: HKD 4.80, Closing Price: HKD 2.83, Tallan Zhou) We tweaked up our 2015/16 core earnings forecasts by 5%/3% to reflect China Travel's strong growth potential in tourist attraction operations, and the margin improvement in travel agency and transportation segments. In addition to the company's solid existing tourism-related businesses, it continues to explore new acquisition opportunities and is in discussions with several local governments on potential cooperation. We believe China Travel is currently undervalued, with its share price trading at below its book value. As a result, we reiterate our Buy rating and keep our target price of HKD4.8 unchanged. (Tallan Zhou - 852 2203 6464) http://pull.db-gmresearch.com/p/1868-80F3/94157923/0900b8c08a1608b9.pdf

China Property - Valuations not yet reaching historical trough for lower-quality names (Tony Tsang) Given recent macroeconomic uncertainties and stock/FX market volatilities, some market participants highlighted that the property sector could come back to a 2008-9 GFC-type scenario, and hence valuation troughs in GFC could provide a good reference for bottom-fishing. However, on our analysis, the all-time valuation troughs for Chinese developers did not take place in 2008-09, but in 2014-5, when PB troughs for most listed developers were even lower than in 2008-09. This, in our view, suggests that GFC valuation troughs are not a good reference for 'worst-case scenario' analysis, especially given structural changes (e.g. from fast growth to slow growth) in the industry in past 10 years. (Tony Tsang – 852 2203 6256) http://pull.db-gmresearch.com/p/570-B05A/93704275/0900b8c08a15a6b4.pdf

Hong Kong Property - Decline in visitor arrivals harms retail sector; high-streets' tenants leaving (Tony Tsang) According to Oriental Daily, total visitor arrivals in Hong Kong in July 2015 dropped 8.4% YoY and mainland visitor arrivals dropped at a larger magnitude of 9.8% YoY, while that for overseas visitors declined 3% YoY. In the first half of August, the decline continues with the overall visitor arrivals dropped 2.1% YoY and mainland visitor arrivals dropped 1.4%. According to Hong Kong Tourism Bureau, despite the increment of 2.1% YoY has recorded for the total visitor arrival in Hong Kong in 1H15, the spending per tourist has declined. (Tony Tsang – 852 2203 6256) http://pull.db-gmresearch.com/p/493-D476/93711675/0900b8c08a15a9c3.pdf

Greater China Consumer/Media (Anne Ling) We expect Hengan (1H15 NP to increase by 12%), as a brand with a proven track record in branding, to see sustainable growth. Mengniu (1H15 NP to increase by 20%) is half-a-brand as we think UHT milk will be commoditized in the long run, and it is upgrading to a total brand with yogurt/dairy beverage expansion. We expect Tingyi and WHG to report sequential improvements in 2Q15 in China, and Want Want and CMD to report +3%/-15% NPAT changes for 1H15; in our view, these two companies have seen a change in competitive landscape (structural) and dairy cycle (cyclical), respectively. Top picks – Buy L’Occitane, Anta and Hengan; Sell Eclat and Li & Fung. (Anne Ling – 852 2203 6177) http://pull.db-gmresearch.com/p/526-04F8/81733433/0900b8c08a13dcb5.pdf

China Unicom - Weak momentum aggressive build out (0762.HK, Buy, Target Price: HKD 14.00, Closing Price: HKD 10.82, Peter Milliken) CU saw the highest 1H15 NPAT growth (4.5% YOY) out of its peers driven by opex falling 7.5% led by lower industry wide selling costs. Top-line growth however was below peers with service revenue down 5% YOY. Heading into 2H15, the weak top line momentum and pressures from rising depreciation and cost are likely to see CU grow below peers. That said there were some signs of turnaround, with CU ramping up its 4G build out, mobile ARPU improving and 3G/4G customer base resuming solid growth. With CU trading at only 3.3x FY15 EV/EBITDA and a major beneficiary of TowerCo and SOE restructuring, we continue to see longer term upside. BUY. (Peter Milliken - 852 2203 6190) http://pull.db-gmresearch.com/p/643-7AEF/75799558/0900b8c08a10de79.pdf

Henderson Land Dev. Co. - Strong defensive quality amid volatile macro environment (0012.HK, Buy, Target Price: HKD 56.18, Closing Price: HKD 47.70, Tony Tsang)

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The HK economy is linked principally to the mainland Chinese economy while HK interest rates are linked to US interest rates. With the mainland Chinese economy continuing to slow, while the chance of a near-term US interest rate hike is rising, housing demand will likely be double-hit, and hence we see higher volatility in the HK property market going forward. With this backdrop for the HK property market, we like HLD as it offers high defensiveness with stable growth, given its solid recurrent income base (HKCG and IP portfolio mainly with domestic retail and non-Grade A offices) and strong balance sheet. (Tony Tsang – 852 2203 6256) http://pull.db-gmresearch.com/p/498-3D86/71560932/0900b8c08a13e9c5.pdf

Longfor - Sound defensive attributes a strong competitive advantage over peers (0960.HK, Buy, Target Price: HKD 15.40, Closing Price: HKD 9.62, Jason Ching) While 1H15 results are far from being exciting, we maintain our positive stance on Longfor on good fundamentals and sound defensiveness. In our view, Longfor stands out from private-owned peers on the back of its low leverage, low average funding cost, sound debt maturity profile/currency exposure and the strong growth anticipated from its investment property portfolio. We believe these attributes are important in light of current market uncertainties, where they provide a stronger sense of defensiveness over peers. Specifically, with 40% of its foreign debt exposure being hedged, we believe Longfor will be less impacted by Rmb depreciation ahead. Maintain Buy. (Jason Ching – 852 2203 6205) http://pull.db-gmresearch.com/p/559-624E/80800389/0900b8c08a13d0f8.pdf

Brilliance China - 1H15 a slight miss; we stay optimistic on FY16/17E recovery (1114.HK, Buy, Target Price: HKD 11.40, Closing Price: HKD 9.30, Vincent Ha) Brilliance's 1H15 earnings were slightly below our expectations, despite the company's profit warning released earlier, due to the growing loss in the minibus business. Notwithstanding the 44% YoY 1H15 earnings decline, we tend to believe that the BMW JV has gone through the worst of high inventory and tense relationship with dealers. We do not expect a strong pick-up in 2H15 earnings with lukewarm sales and lack of new models, but do foresee stronger sales momentum starting FY16 with new models, while the cost benefits from engine production localization should gradually kick in. Maintain Buy. (Vincent Ha – 852 2203 6247) http://pull.db-gmresearch.com/p/477-D738/86160499/0900b8c08a11b1ab.pdf

Sino Ocean - 1H15 dragged by legacy issues; operations continue to improve (3377.HK, Buy, Target Price: HKD 6.68, Closing Price: HKD 4.15, Jason Ching) We retain our positive stance on Sino-Ocean on the back of further operational improvement including stabilization in profit margins, further decline in average funding cost, reduction in net gearing and further improvement in cost efficiency. While 1H15 results saw net profit decline YoY, we do not believe this is a worrying sign as the decline was mostly a function of lower GFA delivered due to the strategic landbank adjustment to exit Tier-3/4 cities earlier. Looking ahead, we see good scope for profitability to improve on the back of a favorable landbank vintage, where 30% of its landbank was acquired at close to the base reserve price on little competition in 2014. Buy. (Jason Ching – 852 2203 6205) http://pull.db-gmresearch.com/p/560-C976/80448744/0900b8c08a13d25f.pdf

China TCM - Delivering stable growth (0570.HK, Buy, Target Price: HKD 7.30, Closing Price: HKD 5.21, Jack Hu) China TCM reported revenue/profit of RMB1.42bn/RMB243m in 1H15 vs. our estimate of RMB1.55bn/RMB230m, representing YoY growth of 15%/29%. The strong bottom-line growth was partially driven a higher interest income of RMB28m in 1H15 vs. 0.7m in 1H14 from funds raised by share placement. While management acknowledged near-term headwinds, including delays in drug tenders, price erosion and reimbursement funding pressure headwinds, we believe the company can leverage its existing exclusive product portfolio and presence in TCM granules for relatively stable growth ahead. (Jack Hu – 852 2203 6208) http://pull.db-gmresearch.com/p/3081-35AC/80984320/0900b8c08a14e3fe.pdf

China Shenhua Energy - 1H15 in line with expectations (1088.HK, Hold, Target Price: HKD 15.20, Closing Price: HKD 13.84, James Kan) China Shenhua announced 1H15 results after market close on 21 August 2015. Revenue was RMB87bn, down 32% YoY, implying 47% of our 2015FY estimates and 43% of Bloomberg consensus. Its 1H15 NPAT reached 13,068m, down 43% YoY, implying 49% of our estimates and 50% consensus. As the market had already adjusted estimates based on the preliminary financial data announcement on 29 July,

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we believe 1H15 results will not surprise the market. Results summary tables are in the following pages. (James Kan – 852 2203 6146) http://pull.db-gmresearch.com/p/488-7BC0/83547394/0900b8c08a1534fa.pdf

Sinopec - Sinopec (Group) buys more Kazakhstan oil (0386.HK, Buy, Target Price: HKD 7.75, Closing Price: HKD 5.30, David Hurd) Sinopec Group today completed the purchase of an additional 50% stake of Caspian Investment Resources (CIR) from LUKOIL. The purchase price was reported by Bloomberg News to be US$ 1.09bn. With the help of our upstream partners, Wood Mackenzie, we estimate that Sinopec Group has agreed to pay US$ 13.85 EV/ Boe for 78.7mln BOE of 2P-commercial reserves and production of 23.9k BOE/day. Reserves are 92% oil and 8% natural gas. CNOOC Ltd has a very high oil-to-gas ratio of 80-20 relative to global E&P peers. We show CNOOC Ltd. (HKD8.82) currently trading at US$ EV/ BOE of $12.2 for 1P reserves and $8.64 for 2P reserves. We show a handful of global E&P majors trading at EV/ BOE of $12.2 (1P) and 4.9 (2P) reserves. The acquisition gives China (not Sinopec Group) control of at least 3 of the 4 assets held by CIR. (David Hurd – 852 2203 6242) http://pull.db-gmresearch.com/p/483-BC67/85040287/0900b8c08a13f558.pdf

Ping An - 1H15 – Key takeaways from Ping An analyst meeting (2318.HK, Buy, Target Price: HKD 60.00, Closing Price: HKD 39.60, Esther Chwei) On VNB and growth outlook, management is confident for VNB to maintain strong growth momentum in 2H15E driven by continuous improvement in agency numbers and productivity, focus on higher margin products and increasing contribution from innovative channel (tele-sales VNB contribution at 10% in 1H15). The company attributed the decline in group VNB (-24.4% yoy) to a higher proportion of the state critical illness insurance business which has lower margin. Also, the slight deterioration in agency NB margin (-1.8ppt) was due to the stronger-than-expected Jump Start Sales in Jan/Feb, which should not be a concern. (Esther Chwei – 852 2203 6200) http://pull.db-gmresearch.com/p/563-FFD5/71399336/0900b8c08a13f84a.pdf

Anhui Conch Cement - 1H15 in line; earnings decline least among cement producers (0914.HK, Buy, Target Price: HKD 31.64, Closing Price: HKD 24.65, Johnson Wan) Conch announced its 1H15 results after the market close on Aug 21 with NP of HKD4.7bn or EPS of HKD0.89/sh, down 19% yoy. Top line for Conch fell by 16% yoy. The results are in line with 1H15 DBe of RMB 4.6bn or EPS of HKD0.86/sh, implying Conch had achieved 46% and 49% of FY15 DBe and consensus respectively. Stripping out non-recurring items, such as FX gains/loss and the disposal of their stakes in Jidong and Qingsong (netting a RMB1.8bn gain), core earnings fell by 45% yoy. The gain from the disposal of securities shows how market savvy Conch is, timing the top of the market perfectly. Operationally, GP/t for Conch fell by 35% to RMB 58/t after a high base in 1H14. Compared with peers that have reported, Conch's earnings decline of 19% is significantly better than its peers, which are down an average of 78%. (Johnson Wan– 852 2203 6163) http://pull.db-gmresearch.com/p/457-D381/76279982/0900b8c08a14060e.pdf

CRE - Beer premiumization at the mid-end products (0291.HK, Buy, Target Price: HKD 25.90, Closing Price: HKD 23.55, Anne Ling) CRE reported a net loss of HK$4.3bn for 1H15. Excluding the provision for goodwill impairment (HK$2bn), provision for store closure (HK$422m) and loss on re-measurement of the disposal business (HK$2bn), core net profit was HK$331m, 50% lower than our forecast of HK$673m. The discrepancy was mainly due to the underperformance of the retail segment. Sales revenue grew 13% yoy to HK$95bn, which is in line with our forecast. CRE did not declare any dividend for 1H15 (HK$0.11 in 1H14). (Anne Ling – 852 2203 6177) http://pull.db-gmresearch.com/p/586-729A/84968091/0900b8c08a1432e4.pdf

Huadian Fuxin - Better-than-expected 1H results; Buy (0816.HK, Buy, Target Price: HKD 5.10, Closing Price: HKD 2.61, Michael Tong) Fuxin reported its 1H15 results with net profit up by 12% yoy to Rmb1,169m, which is 7% higher than our estimates and accounts for 49%/47% of DBe/consensus FY15 forecasts. After recording 10% yoy incline in 1Q earnings (under PRC GAAP, partly due to unscheduled equipment breakdown), 2Q net profit reversed the downtrend and rose by 27% yoy. We expect a full-year earnings growth of 26% yoy or 46% yoy for 2H15. Our conservative forecast of 17% EPS CAGR in 14-17E have factored in 1) another 4% thermal tariff cut in 4Q15; 2) 13% thermal utilization drop in total in 2016-17E, and 3) two rounds of equity placement in 2015-16E. Fuxin is trading at an attractive 7.8x 15E

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P/E vs. 12.8x for China Wind and 19.0x for CGN. Maintain Buy with 90% upside to target price of HKD5.1 which values the stock at 12x FY16E P/E. Fuxin remains one of our top picks within the utility space. (Michael Tong – 852 2203 6167) http://pull.db-gmresearch.com/p/491-D21D/93054199/0900b8c08a15c505.pdf

Bank of Chongqing - 1H15 results - A small miss (1963.HK, Hold, Target Price: HKD 6.85, Closing Price: HKD 6.01, Hans Fan) Bank of Chongqing (BOCQ) reported 1H15 NPAT of Rmb1.8bn, up 10.2% yoy, which was 2% below our estimates and accounted for 59% of our full-year forecasts. The weaker than expected results were due mainly to a slower PPOP of 10% yoy in 2Q15 (1Q15: 37% yoy) on the back of weaker fee income growth and stalled asset growth during the quarter, offset partly by lower credit cost of 62bps (1Q15: 131bps). While its NPL ratio nudged up by 3bps qoq to 0.90%, its overdue loan balance tripled qoq to 3.8% of total loans (2014: 1.4%). We maintain our Hold rating on BOCQ. (Hans Fan - 852 2203 6353) http://pull.db-gmresearch.com/p/1913-FE8E/93108807/0900b8c08a15be7e.pdf

Shenzhen Expressway-H - 1H15 results below expectation, maintaining Hold (0548.HK, Hold, Target Price: HKD 6.00, Closing Price: HKD 5.09, Phyllis Wang) SZE reported 1H15 net profit of Rmb539m, down 68.2% yoy. Stripping out the one-off gain on disposal of the toll-free section of Meiguan Expressway in 2Q14 (Rmb1.1bn), recurrent earnings were Rmb484m (-9.6% yoy), accounting for 49% of both our and Bloomberg consensus full-year forecasts. The 1H15 result is 12% below our estimate (Rmb553m), mainly due to lower-than-expected income from entrusted construction management services (-86.7% yoy). Consolidated toll income fell 4.8% yoy to Rmb1,395m in 1H15, due to base effect and traffic diversion. Thanks to good cost control, the operating margin improved by 1.4ppt to 48.5% in 1H15. Together with the 32.2% yoy drop in finance expense and 26.1% yoy growth in investment income, SZE’s 1H15 recurring net margin expanded by 4.5ppt to 32.3%. (Phyllis Wang) http://pull.db-gmresearch.com/p/420-A901/82812766/0900b8c08a11ae86.pdf

Hilong Holding - 1H15 Results - Offshore Engg adding to top-line growth, WC stretched (1623.HK, Hold, Target Price: HKD 2.37, Closing Price: HKD 1.74, Johnson Wan) Hilong reported 1H15 results after the market-close on August 21st with NPAT of RMB109m or EPS of RMB0.064/sh, down c.42% and c.40%yoy respectively. The decline in profitability was due to (a) lower GM (33% vs. c.38% in 1H14) primarily due to inclusion of low margin Offshore Engineering business (OES); (b) a net FX loss of c.RMB18m (vs. gain of c.RMB14m) & (c) higher income tax. Core NPAT (excl. FX) amounted to RMB127m down 28%y/y. Overall revenue grew by 10%y/y with OES inclusion (contributing 32% of revs). Hilong achieved c.43% of FY15e sales in 1H15 (vs. 46% of FY14 sales in 1H14). (Johnson Wan– 852 2203 6163) http://pull.db-gmresearch.com/p/486-566B/86951867/0900b8c08a13ec3a.pdf

MIE Holdings Corp - MIE reports in-line losses 1H15 (1555.HK, Sell, Target Price: HKD 0.99, Closing Price: HKD 1.00, David Hurd) MIE reported a 1H15 net loss of Rmb -324mln (0.13/ share) on revenue of Rmb 569mln and an operating loss of Rmb -114mln. For FY15 we are looking for a net loss of Rmb -214mln (0.08/ share) on Rmb 1,259mln in revenues and an operating loss of Rmb -51mln. There was an asset impairment charge for Rmb -85mln (1H15) that we had not considered. The write off was against MIE’s China E&P assets. Without the asset write off, MIE would have reported a 1H15 operating loss of Rmb -29mln vs. our full year estimate of Rmb -51mln. The recent fall in oil prices does not bode well for MIE’s 2H15e results. (David Hurd – 852 2203 6242) http://pull.db-gmresearch.com/p/421-D202/83832899/0900b8c08a13d5ff.pdf

MIE Holdings Corp - Kazakhstan benign - again (1555.HK, Sell, Target Price: HKD 0.99, Closing Price: HKD 1.00, David Hurd) In September 2011, MIE Holdings paid US$ 160mln for 100% of Kazakhstan E&P company EMIR Oil. The seller of the asset was a company called BMB Munai, which was at the time listed on the American Stock Exchange. The appraised value of the company on the acquisition date was US$ 249mln. The transaction created a negative good will balance / gain of US$ 90mln to MIE. (David Hurd – 852 2203 6242) http://pull.db-gmresearch.com/p/422-CA35/71736849/0900b8c08a13ef32.pdf

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China's RMB devaluation - Follow up (David Hurd) We published our thoughts on this topic just yesterday (20-August – “China’s RMB devaluation: What it means for China’s big oil companies”). We had sufficient feedback to warrant clarification of two questions: 1) what is the impact of the devaluation on our DCF target price(s); and 2) did we miss that PetroChina (PTR) not only imports oil denominated in USD but also imports natural gas priced in USD? The answer to the first question would most probably be – No impact on our DCF valuations; and the answer to the second question is – Yes, we missed that, although it seems relatively small. (David Hurd – 852 2203 6242) http://pull.db-gmresearch.com/p/436-527F/73149508/0900b8c08a144507.pdf

Chinese Brokers Weekly - China allows pension funds to invest up to 30% of NAV in stock market (Hans Fan) The State Council today released a regulation to allow China's pension funds to invest up to 30% of their NAV in equity market, including individual stocks, equity funds, hybrid funds and equity-linked annuity products. According to Ministry of Human Resources and Social Security, with a total balance of pension funds of Rmb3.56tr as of end-2014, the new regulation may trigger fund inflows of around Rmb1tr to A-share market, or 2% of total market cap. We regard it as a positive reform measure towards a more institutionalized capital market with rising participation of long-term investors, which should benefit brokers with rising new product opportunities. (Hans Fan - 852 2203 6353) http://pull.db-gmresearch.com/p/672-7F8A/83541610/0900b8c08a13e4ea.pdf

Macau - Anti-money laundering MOU with PBOC likely negative; Stay cautious (Karen Tang) This afternoon, Macau Monetary Authority announced that it signed a memorandum of understanding (MOU) on anti-money laundering actions with the People’s Bank of China (PBOC), the country’s central bank. This MOU covers actions such as information exchange and co-operation on onsite inspections. The agreement will meet recommendations of the Financial Action Task Force (FATF) and boost regional anti-money laundering efforts. As we mentioned in our 17 August report “GGR slips again in Aug; trend weaker than expected”, junket liquidity has recently become tighter as govt steps up monitoring of cross-border money flows, esp after the RMB depreciation. Today’s announcement reinforces our negative view on both VIP and premium mass. Premium mass may be impacted because pawnshops (or local jewelers) who have been facilitating cross-border money transfers via UnionPay cards may want to reduce these transactions. We view the current sector valuation at 13.2x 2015E EV/EBITDA as expensive. Stay cautious on Macau. Reiterate Sell on MPEL ($19.52) & SJM (HK$7.74). We also see potential downside risks for Sands, Galaxy, and MGM China. (Karen Tang – 852 2203 6141) http://pull.db-gmresearch.com/p/506-9CFA/85068039/0900b8c08a143602.pdf

China Financial Daily – China Aug Caixin Flash Manufacturing PMI at 47.1

Inside the Great Wall – US Fed yet to confirm when to increase interest rate

Asia Consumer & Media Daily – Li & Fung – 2H2015 outlook: visibility remains low although LF sees solid orders

MARKET NEWS

China's central bank extends RMB 110 bln of MLF – The People's Bank of China

(PBOC), China's central bank, has extended a six-month medium-term lending

facility (MLF) worth RMB 110 billion at an interest rate of 3.35% to 14 anonymous

financial institutions. (China Knowledge)

China's money market trading volume surges 115.8% in Jul – China's money market

saw a robust growth with trading volume hitting RMB 52.2 trillion in Jul, soared

115.8% from a year earlier, according to statistics released by People's Bank of

China, the country's central bank. (China Knowledge)

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China's fuels airlines' 1H profits – Listed Chinese airlines have begun reporting eye-

watering rise in half-year profits, largely due to cheaper fuel. (Xinhuanet)

Chinese provincial regions see faster H1 GDP growth – Almost all Chinese provincial-

level regions posted faster economic growth in the first half of this year, compared

to the first quarter, official data showed. (China Daily)

Positive trade growth seen for 2015 – China's foreign trade is likely to see positive

full-year growth in 2015, although it may experience single-month declines, the

Ministry of Commerce said. (China Daily)

China's air passenger volume up 12.5% in H1 to 209 mln – The civil aviation industry

in China may see its passenger volume grow 12.5% year on year to 209.34 million in

the first half of this year, according to the latest statistics released by Civil Aviation

Administration of China. (China Knowledge)

Hong Kong's composite CPI up 2.5% in Jul – Hong Kong's Composite Consumer

Price Index (CPI) rose 2.5% year on year in Jul of 2015, according to figures from

Hong Kong's Census and Statistics Department. (China Knowledge)

DB EVENTS

DB COMPANY ROADSHOWS Hutchison China Meditech: Company Update, BEI 8/24, SHA 8/25, HK 8/26 & SG 8/27 The United Laboratories International: Post Result Update - HK 8/24 GF Securities: Post Result Update - HK 8/24 China Power International: Post Result Update – HK 8/24-25 China Shenhua Energy: Post Result Update - HK 8/24-25 MIE Holdings - Post Results Update - HK 8/25 China Travel: 1H15 Post Result Update - SHA 8/25 Brilliance China: Post Results Update - HK 8/25 Joy City Property Limited: Post Results Update - HK 8/26 China Coal Energy: Post Result Group Conference Call – CC 8/26 at 16:00 HKT CSPC Pharmaceutical Group Ltd: Post 2Q15 Results Updates – HK 8/26 Conch Cement: Post Result Update - HK 8/25-26 Lotte Chemical: Company Update - KL 8/26 & SG 8/27 Beijing Jingneng Clean Energy: Post Results Update - HK 8/26 Franshion Properties (China) Limited: Company Update - HK 8/26-27 Beijing Enterprises Water Group - Post Results Update, HK 2 Sep nite International SA: Post Results Update - HK 8/27 CITIC Telecom: Post Result Update - HK 8/27 Dah Sing Bank/Dah Sing Financial: Post Results Update – HK 8/27 BAIC Motor: Post Results Update - HK 8/27 Haichang Ocean Park Holdings: Post Results Update - HK 8/27 Hengan International Group Company Ltd: Post Results Updates - HK 8/27-28 Conch Venture: Post Results Update - HK 8/28 Lianhua Supermarket Holdings Company Limited: Post Results Update - 1on1 Conference Calls – CV 8/31 @14:00, 15:00 & 16:00)HKT China Resources Cement: Post Results Update - HK 8/31 China High Speed Transmission Equipment Group Co. Ltd: Company Update - HK 8/31 & 9/1 Beijing Enterprise Holding Group: Company Update – HK 8/31-9/1 China Mengniu Dairy Co Ltd: Post Results Update - SG 8/31 – 9/1 Woori Bank: Company Update - SG 8/31 & KL 9/1 Tongda Group: Company Update - HK 9/1 Zijin Mining Group Co Ltd - Post Results Update, HK 9/1 Harmonicare Medical: Post 1H15 Results Update - HK 9/1 Jiangsu Expressway: Post Results Update - HK 9/2 AMMB Holdings: Company Update - SG 9/2

24 August 2015

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Beijing Enterprises Water Group: Post Results Update - HK 9/2 Sinoma (China National Materials Co Ltd) - Company Update, HK 8/31& 9/2 Fosun International: Company Update - HK 9/4 Sinopec Engineering Group: Post Result Update, HK 9/1-2 & SG 9/3 FIH Mobile Limited: Company Update - TPE 9/7-9 & HK 9/10-11

Investor Field Trips dbAccess China Macau Gaming Tour - Macau 8/24 dbAccess China Strategy & Financial Tour: Looking for Signs of Recovery – Nanjing & Chongqing 9/16-18 INDUSTRY SPECIALIST ROADSHOWS N/A DB ANALYST ROADSHOWS Iza Fernandes & Klyne Resullar: Philippine Power and Infra: Defensive + Growth – SG 8/24-26 & HK 8/27-28 Anuj Singla: India Metals & Mining - SG 8/24-25 & HK 8/26-27 Alan Hellawell & Vivian Hao: Essentially China Internet – HK 8/27 Zhiwei Zhang: Essentially China Economics & Macro – SG 8/27 Zhiwei Zhang: China Economics & Macro – SG 8/27-28 Yuliang Chang: 2H15 China Equity Outlook – SEL 8/27-28 Shawn Park: Asia Petrochemical & Oil Refining Sector Update - SG 8/28 Tony Tsang & Jason Ching: Sector Update – SHA 9/7, SG 9/9-10 & TPE 10/2 Joe Phanich: Thai Telecom - SG 9/7-9 & HK 9/10-11 Sheng Wang: Quant Marketing in Asia – SHA 9/14-15, BEI 9/16-17& HK 9/18 Virginie Boucher-Ferte: European Chemical Sector Update - SG 9/21 & HK 9/23 Amit Mehrotra: Shipping - HK 9/21 & SG 9/23 Virginie Boucher-Ferte: European Chemical Sector Update – SG 9/21 & HK 9/23 Michael Tong & Yuxiao Peng: HK/China Utilities/Renewable/Environmental Sector Update - SG 9/21-22 & HK 9/23-25 Joshua Shanker: Sector Update - HK 9/22 & SEL 9/23 Sanghi Han: Korea Steel, Asia EPC and Korea Utilities - SG 9/22-23 & HK 9/24-25 Yaroslav Lissovolik: Sector Update - SG 10/5-6 Mark Wall: European Economics - HK 10/9

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DB China/Hong Kong research contacts Analyst Coverage Phone Email Michael Tong Head of HK/China Research +852 2203 6167 michael.tong@db.com

Zhiwei Zhang Economics & Strategy +852 2203 8308 zhiwei.zhang@db.com Li Zeng Economics & Strategy +852 2203 6139 li.zeng@db.com Nan Liu Economics & Strategy +852 2203 6187 nan.liu@db.com

Yuliang Chang China/HK Equity Strategist +852 2203 6195 yuliang.chang@db.com

Joseph Huo China/HK Equity Strategist +852 2203 6251 joseph.huo@db.com Tracy Yu Chinese Banks +852 2203 6191 tracy.yu@db.com Sukrit Khatri Chinese/ Hong Kong Banks +852 2203 5927 sukrit.khatri@db.com Hans Fan Chinese Banks Brokers +852 2203 6353 hans.fan@db.com Franco Lam Hong Kong Banks +852 2203 6226 franco.lam@db.com Jacky Zuo Hong Kong Banks +852 2203 6255 jacky.zuo@db.com Esther Chwei Insurance +852 2203 6200 esther.chwei@db.com Lexie Zhou Insurance +852 2203 6180 lexie.zhou@db.com Tony Tsang HK/China Property +852 2203 6256 tony.tsang@db.com Jason Ching HK/China Property +852 2203 6205 jason.ching@db.com Cedric Lai HK/China Property +852 2203 6183 cedric.lai@db.com Foo Leung HK/China Property +852 2203 6239 foo.leung@db.com David Hurd Oil & Gas +852 2203 6242 david.hurd@db.com James Kan Metals & Mining +852 2203 6164 james.kan@db.com Johnson Wan Metals & Mining +852 2203 6163 johnson.wan@db.com Sharon Ding Metals & Mining +86(21)2080 1666 sharon.ding@db.com Anne Ling Consumers +852 2203 6177 anne.ling@db.com Winnie Mak Consumers +852 2203 6178 winnie.mak@db.com Richard Rui-Huang Consumers +852 2203 6202 richard.rui-huang@db.com John Chou Consumers +852 2203 6196 john.chou@db.com Mark Yuan Consumers +852 2203 6181 mark.yuan@db.com Vincent Ha Airline/Autos +852 2203 6247 vincent.ha@db.com Fei Sun Airline/Autos +852 2203 6130 fei.sun@db.com Sky Hong Transportations/ Ports +852 2203 6131 sky.hong@db.com Phyllis Wang Rail/ Machinery/ Toll Road phyllis.wang@db.com Alan Hellawell Internet +852 2203 6240 alan.hellawell@db.com Vivian Hao Internet +852 2203 6241 vivian.hao@db.com Michael Tong Utilities/ Renewables +852 2203 6167 michael.tong@db.com Yuxiao Peng Utilities/ Renewables +852 2203 6235 yuxiao.peng@db.com Yingying Dong Utilities/ Renewables +852 2203 6207 yingying.dong@db.com Luka Zhu Utilities/ Renewables +852 2203 6173 luka.zhu@db.com Karen Tang HK Conglomerates/ Gaming +852 2203 6141 karen.tang@db.com Tallan Zhou HK Conglomerates/ Gaming +852 2203 6464 tallan.zhou@db.com Jack Hu Health Care +852 2203 6208 jack.hu@db.com Linc Yiu Health Care +852 2203 6248 linc.yiu@db.com Michael Chou Technology +886(2)2192 2836 michael.chou@db.com Birdy Lu Technology +886(2)2192 2822 birdy.lu@db.com Andrew-C Chang Technology +886(2)2192 2845 andrew-c.chang@db.com Peter Milliken Telecom +852 2203 6190 peter.milliken@db.com James-Z Wang Telecom +852 2203 6145 james-z.wang@db.com

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Appendix 1

Important Disclosures

Additional information available upon request

*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr

Analyst Certification

This report covers more than one security and was contributed to by more than one analyst. The views expressed in this report accurately reflect the views of each contributor to this compendium report. In addition, each contributor has not and will not receive any compensation for providing a specific recommendation or view in this compendium report.

Equity rating key Equity rating dispersion and banking relationships

Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes:

1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were:

Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12-month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period

52 %

38 %

10 %23 %19 %

16 %

0

50

100

150

200

250

300

350

400

450

Buy Hold Sell

Asia-Pacific Universe

Companies Covered Cos. w/ Banking Relationship

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Regulatory Disclosures

1.Important Additional Conflict Disclosures

Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the

"Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing.

2.Short-Term Trade Ideas

Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are

consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the

SOLAR link at http://gm.db.com.

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Additional Information

The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively

"Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources

believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness.

Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own

account or with customers, in a manner inconsistent with the views taken in this research report. Others within

Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those

taken in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis,

equity-linked analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication

may differ from recommendations contained in others, whether as a result of differing time horizons, methodologies or

otherwise. Deutsche Bank and/or its affiliates may also be holding debt securities of the issuers it writes on.

Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment

banking revenues.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do

not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank has no

obligation to update, modify or amend this report or to otherwise notify a recipient thereof if any opinion, forecast or

estimate contained herein changes or subsequently becomes inaccurate. This report is provided for informational

purposes only. It is not an offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any

particular trading strategy. Target prices are inherently imprecise and a product of the analyst’s judgment. The financial

instruments discussed in this report may not be suitable for all investors and investors must make their own informed

investment decisions. Prices and availability of financial instruments are subject to change without notice and

investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is

denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the

investment. Past performance is not necessarily indicative of future results. Unless otherwise indicated, prices are

current as of the end of the previous trading session, and are sourced from local exchanges via Reuters, Bloomberg and

other vendors. Data is sourced from Deutsche Bank, subject companies, and in some cases, other parties.

Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promise

to pay fixed or variable interest rates. For an investor who is long fixed rate instruments (thus receiving these cash

flows), increases in interest rates naturally lift the discount factors applied to the expected cash flows and thus cause a

loss. The longer the maturity of a certain cash flow and the higher the move in the discount factor, the higher will be the

loss. Upside surprises in inflation, fiscal funding needs, and FX depreciation rates are among the most common adverse

macroeconomic shocks to receivers. But counterparty exposure, issuer creditworthiness, client segmentation, regulation

(including changes in assets holding limits for different types of investors), changes in tax policies, currency

convertibility (which may constrain currency conversion, repatriation of profits and/or the liquidation of positions), and

settlement issues related to local clearing houses are also important risk factors to be considered. The sensitivity of fixed

income instruments to macroeconomic shocks may be mitigated by indexing the contracted cash flows to inflation, to

FX depreciation, or to specified interest rates – these are common in emerging markets. It is important to note that the

index fixings may -- by construction -- lag or mis-measure the actual move in the underlying variables they are intended

to track. The choice of the proper fixing (or metric) is particularly important in swaps markets, where floating coupon

rates (i.e., coupons indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. It is

also important to acknowledge that funding in a currency that differs from the currency in which coupons are

denominated carries FX risk. Naturally, options on swaps (swaptions) also bear the risks typical to options in addition to

the risks related to rates movements.

Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk.

The appropriateness or otherwise of these products for use by investors is dependent on the investors' own

circumstances including their tax position, their regulatory environment and the nature of their other assets and

liabilities, and as such, investors should take expert legal and financial advice before entering into any transaction similar

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Deutsche Bank AG/Hong Kong Page 13

to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic, can

be substantial. As a result of the high degree of leverage obtainable in futures and options trading, losses may be

incurred that are greater than the amount of funds initially deposited. Trading in options involves risk and is not suitable

for all investors. Prior to buying or selling an option investors must review the "Characteristics and Risks of Standardized

Options”, at http://www.optionsclearing.com/about/publications/character-risks.jsp. If you are unable to access the

website please contact your Deutsche Bank representative for a copy of this important document.

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i)

exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by

numerous market factors, including world and national economic, political and regulatory events, events in equity and

debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed

exchange controls which could affect the value of the currency. Investors in securities such as ADRs, whose values are

affected by the currency of an underlying security, effectively assume currency risk.

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the

investor's home jurisdiction.

United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FINRA, NFA and

SIPC. Non-U.S. analysts may not be associated persons of Deutsche Bank Securities Incorporated and therefore may not

be subject to FINRA regulations concerning communications with subject company, public appearances and securities

held by the analysts.

Germany: Approved and/or distributed by Deutsche Bank AG, a joint stock corporation with limited liability incorporated

in the Federal Republic of Germany with its principal office in Frankfurt am Main. Deutsche Bank AG is authorized under

German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European

Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority.

United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branch at Winchester

House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Bank AG in the United Kingdom is authorised by the

Prudential Regulation Authority and is subject to limited regulation by the Prudential Regulation Authority and Financial

Conduct Authority. Details about the extent of our authorisation and regulation are available on request.

Hong Kong: Distributed by Deutsche Bank AG, Hong Kong Branch.

Korea: Distributed by Deutsche Securities Korea Co.

South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register

Number in South Africa: 1998/003298/10).

Singapore: by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (One Raffles

Quay #18-00 South Tower Singapore 048583, +65 6423 8001), which may be contacted in respect of any matters

arising from, or in connection with, this report. Where this report is issued or promulgated in Singapore to a person who

is not an accredited investor, expert investor or institutional investor (as defined in the applicable Singapore laws and

regulations), they accept legal responsibility to such person for its contents.

Japan: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial

instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA,

Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, and Japan Investment

Advisers Association. Commissions and risks involved in stock transactions - for stock transactions, we charge stock

commissions and consumption tax by multiplying the transaction amount by the commission rate agreed with each

customer. Stock transactions can lead to losses as a result of share price fluctuations and other factors. Transactions in

foreign stocks can lead to additional losses stemming from foreign exchange fluctuations. We may also charge

commissions and fees for certain categories of investment advice, products and services. Recommended investment

strategies, products and services carry the risk of losses to principal and other losses as a result of changes in market

and/or economic trends, and/or fluctuations in market value. Before deciding on the purchase of financial products

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and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation.

"Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan

unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not

written by analysts of DSI are written by Deutsche Bank Group's analysts with the coverage companies specified by DSI.

Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and

Exchange Law of Japan.

Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may

from time to time offer those securities for purchase or may have an interest to purchase such securities. Deutsche Bank

may engage in transactions in a manner inconsistent with the views discussed herein.

Qatar: Deutsche Bank AG in the Qatar Financial Centre (registered no. 00032) is regulated by the Qatar Financial Centre

Regulatory Authority. Deutsche Bank AG - QFC Branch may only undertake the financial services activities that fall

within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower,

West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related

financial products or services are only available to Business Customers, as defined by the Qatar Financial Centre

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Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall

within the scope of its existing CMA license. Principal place of business in Saudi Arabia: King Fahad Road, Al Olaya

District, P.O. Box 301809, Faisaliah Tower - 17th Floor, 11372 Riyadh, Saudi Arabia.

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by the Dubai Financial Services Authority. Deutsche Bank AG - DIFC Branch may only undertake the financial services

activities that fall within the scope of its existing DFSA license. Principal place of business in the DIFC: Dubai

International Financial Centre, The Gate Village, Building 5, PO Box 504902, Dubai, U.A.E. This information has been

distributed by Deutsche Bank AG. Related financial products or services are only available to Professional Clients, as

defined by the Dubai Financial Services Authority.

Australia: Retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product

referred to in this report and consider the PDS before making any decision about whether to acquire the product. Please

refer to Australian specific research disclosures and related information at

https://australia.db.com/australia/content/research-information.html

Australia and New Zealand: This research, and any access to it, is intended only for "wholesale clients" within the

meaning of the Australian Corporations Act and New Zealand Financial Advisors Act respectively.

Additional information relative to securities, other financial products or issuers discussed in this report is available upon

request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche

Bank's prior written consent. Please cite source when quoting.

Copyright © 2015 Deutsche Bank AG

David Folkerts-Landau Group Chief Economist

Member of the Group Executive Committee

Raj Hindocha Global Chief Operating Officer

Research

Marcel Cassard Global Head

FICC Research & Global Macro Economics

Steve Pollard Global Head

Equity Research

Michael Spencer Regional Head

Asia Pacific Research

Ralf Hoffmann Regional Head

Deutsche Bank Research, Germany

Andreas Neubauer Regional Head

Equity Research, Germany

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