Table of Contents

Hong Kong

Jiro IOKIBE Co-head of Asia Pacific Research

John HETHERINGTON Co-head of Asia Pacific Research

Craig CORK Regional Head of Asia Pacific Product Management

Kevin LAI Chief Economist for Asia ex-Japan; Macro Economics (Regional)

Olivia XIA Macro Economics (Hong Kong/China)

Kelvin LAU Head of Automobiles; Transportation and Industrial (Hong Kong/China)

Leon QI Regional Head of Financials; Banking; Diversified financials; Insurance (Hong Kong/China)

Yan LI Banking (China)

Anson CHAN Consumer (Hong Kong/China)

Adrian CHAN Consumer (Hong Kong/China)

Jamie SOO Gaming and Leisure (Hong Kong/China)

John CHOI Head of Hong Kong and China Internet; Regional Head of Small/Mid Cap; Internet (Hong Kong/China); Small/Mid Cap (Regional)

Alex LIU Internet (Hong Kong/China)

Carlton LAI Small/Mid Cap (Hong Kong/China)

Dennis IP Regional Head of Power, Utilities, Renewable and Environment (PURE); PURE (Hong Kong/China)

Jonas KAN Head of Hong Kong and China Property; Property (Hong Kong/China)

Cynthia CHAN Property (China)

Thomas HO Custom Products Group South Korea

Sung Yop CHUNG Pan-Asia Co-head/Regional Head of Automobiles and Components; Automobiles; Shipbuilding; Steel

Mike OH Banking; Capital Goods (Construction and Machinery)

Iris PARK Consumer/Retail

SK KIM IT/Electronics – Semiconductor/Display and Tech Hardware

Thomas Y KWON Pan-Asia Head of Internet & Telecommunications; Software – Internet/On-line Games Taiwan

Rick HSU Head of Regional IT/Electronics; Head of Taiwan Research; Semiconductor/IC Design (Regional)

Nora HOU Banking; Diversified Financials; Insurance

Steven TSENG IT/Technology Hardware (PC Hardware)

Kylie HUANG IT/Technology Hardware (Handsets and Components)

Helen CHIEN Small/Mid Cap India

Punit SRIVASTAVA Head of India Research; Strategy; Banking/Finance

Saurabh MEHTA Capital Goods; Utilities Singapore

Ramakrishna MARUVADA Head of Singapore Research; Telecommunications (China/ASEAN/India)

David LUM Banking; Property and REITs

Royston TAN Oil and Gas; Capital Goods

Peter NG Property; Small/Mid Cap

Jame OSMAN Transportation – Road and Rail; Pharmaceuticals and Healthcare; Consumer Philippines

Micaela ABAQUITA Property

Gregg ILAG Utilities; Energy

Analyst

Management

Co-head of Asia Pacific Research

John HETHERINGTON, CFA

Tel: (852) 2773 8787

Email: john.hetherington@hk.daiwacm.com

Through the 1990s and early 2000s, John was a ranked equity analyst and Hong Kong research head at Asia Equity and HSBC Securities, covering Hong Kong conglomerates and telcos, and Asian airlines. His best recognition was in 1998 when his team was ranked number one in airlines and number four in conglomerates in the Greenwich survey of US investors on Asian equity research. From 2004, John moved into a product management role for Deutsche Bank, and later BNP Paribas. In 2010, John joined Daiwa to help build the equity research product in Asia.

Economist

Macro Economics

Chief Economist for Asia ex-Japan– Macro Economics (Regional)

Kevin LAI

Tel: (852) 2848 4926

Email: kevin.lai@hk.daiwacm.com

Kevin has 19 years’ experience as a regional economist, and was one of few on the street today to witness the entire Asian Financial Crisis. In early 2014, he made 3 major “outlier” calls. He predicted the USD would enter a new phase of strength. He anticipated huge money outflows from Asia, especially from China. He argued that the CNY would see depreciation pressure and the world should be worried about it. Kevin’s views have not always been well received yet the eventuality underlines his prescience, with Bloomberg recently flagging that prescience in a report entitled “Yuan Bear in the Wilderness in 2014 Now Warns of China Credit Crisis”.

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Analyst

Consumer/ Hotels, Restaurants and Leisure

Consumer (Hong Kong/China)

Adrian CHAN, CFA

Tel: (852) 2848 4427

Email: adrian.chan@hk.daiwacm.com

Adrian Chan joined Daiwa in January 2014 as a research associate, with a focus in Hong Kong/China consumer discretionary sector. Prior to Daiwa, he worked in risk management at JP Morgan and Bank of America Merrill Lynch. Adrian has a bachelor’s degree in Business Administration from Wilfrid Laurier University, Canada, and is a CFA charterholder.

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Analyst

Internet/Small and Mid Caps

Head of Hong Kong and China InternetRegional Head of Small/Mid Cap– Internet (Hong Kong/China)– Small/Mid Cap (Regional)

John CHOI

Tel: (852) 2773 8730

Email: john.choi@hk.daiwacm.com

John Choi joined Daiwa as an equity analyst covering regional mid/small-cap companies in October 2010. For the three years prior to joining Daiwa, heworked for BNP Paribas and Merrill Lynch covering regional small-cap companies. John received his BA from Korea University Business School,majoring in Business Administration.

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Analyst

Small and Mid Caps

Small/Mid Cap (Hong Kong/China)

Carlton LAI, CFA

Tel: (852) 2532 4349

Email: carlton.lai@hk.daiwacm.com

Carlton is an equity analyst covering small-mid cap companies listed in Hong Kong. Prior to joining Daiwa in July 2014, he was a research associate at a Canadian broker for two years, covering small-mid cap companies in Canada and the US. After returning to Hong Kong, he worked as an analyst at a corporate valuations firm. Carlton has a BComm (Finance) from McGill University, and is a Certified FRM and a CFA charterholder.

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Strategist

Custom Products Group

Custom Products Group

Thomas HO

Tel: (852) 2773 8716

Email: thomas.ho@hk.daiwacm.com

Thomas focuses on quantitative research, bespoke research and data modelling for Daiwa’s Custom Products Group, which he joined in January 2011. He previously worked for BlackRock iShares and Societe Generale Equity Derivatives. Thomas has a bachelor’s degree in Math/Physics from Hong Kong University, a master’s degree in Financial Mathematics from HKUST, and is a CFA charter holder.

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Analyst

Banking/Capital Goods

Banking; Construction and Machinery (Korea)

Mike OH

Tel: (82) 2 787 9179

Email: mike.oh@kr.daiwacm.com

Mike Oh joined Daiwa Seoul branch in 2009 as an equity analyst covering the Korea industrial sector (construction and machinery). Prior to joining Daiwa, he worked as an analyst for Nomura Securities covering the Korea auto and shipbuilding sectors, and before that was with Samsung Securities responsible for the Korea machinery, utilities and auto parts sectors. Mike has an MBA degree majoring in Finance from New York University.

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Analyst

Tech Hardware

IT/Technology Hardware (Taiwan) – Handsets and Components

Kylie HUANG

Tel: (886) 2 8758 6248

Email: kylie.huang@daiwacm-cathay.com.tw

Kylie Huang joined Daiwa in August 2013 as an equity analyst focusing on Asia’s smartphone foodchain. She previously worked for Cavalry Asset Management covering Taiwan’s tech market and for Macquarie Securities as a senior analyst covering the handset and component sectors. Kylie completed her undergraduate studies in accounting at the National Taiwan University and received her MBA from the University of Wisconsin – Madison. She holds the Taiwan Certified Public Accountant designation.

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AsiaMoney

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Asiamoney

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Analyst

Banking/Property

Banking;Property/Real Estate Investment Trusts (REITs)(Singapore)

David LUM, CFA

Tel: (65) 6329 2102

Email: david.lum@sg.daiwacm.com

David Lum has been an Asian equity analyst based in Singapore since 1994 and has been with Daiwa since 1999. David has received a top-3 recognition in the Thomson Reuters/StarMine analyst awards in the banks/financial or real estate sectors for 8 of the past 13 years. David has a bachelor’s degree in engineering from the Massachusetts Institute of Technology.

Analyst

Energy/Capital Goods

Oil and Gas; Capital Goods (Singapore)

Royston TAN

Tel: (65) 6321 3086

Email: royston.tan@sg.daiwacm.com

Royston Tan joined Daiwa in 2014 and covers the Oil & Gas/Capital Goods Sector. He was formerly an Oil & Gas analyst at AmFraser Securities, where he covered 7 stocks. Royston also has experience in fund management following a 3-year stint with Infraavest Limited, a Singapore-based family firm. Royston has a bachelor’s degree in Business Administration from the National University of Singapore.

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Analyst

Property/Small and Mid Caps

Property; Small/Mid Cap (Singapore)

Peter NG

Tel: (65) 6499 6546

Email: peter.ng@sg.daiwacm.com

Peter joined Daiwa Capital Markets Singapore Limited in 2017, and covers the Singapore real estate developer and small mid cap sectors. Prior to joining Daiwa, he was from Phillip Securities Research covering the Singapore real estate developer and infrastructure (construction) sectors.

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Daiwa Asia/Pac coverage

Analyst Name

StatusBloomberg code Company Sector

Status: A - Covered (Rated)

Adrian Chan (852) 2848 4427 adrian.chan@hk.daiwacm.comA 2020 HK Anta Sports Products Consumer Durables & ApparelA 2331 HK Li Ning Consumer Durables & ApparelA 1368 HK XTEP International Consumer Durables & ApparelA 3813 HK Pou Sheng International RetailingAlex Liu (852) 2848 4976 alex.liu@hk.daiwacm.comA EDU US New Oriental Education & Technology Consumer ServicesA TAL US TAL Education Group Consumer ServicesA TEDU US Tarena International Consumer ServicesAnson Chan (852) 2532 4350 anson.chan@hk.daiwacm.comA YUMC US Yum China Consumer ServicesA 291 HK China Resources Beer Food & Staples RetailingA 168 HK Tsingtao Brewery Food, Beverage & TobaccoA 606 HK China Agri-Industries Food, Beverage & TobaccoA 6863 HK China Huishan Dairy Holdings Food, Beverage & TobaccoA 2319 HK China Mengniu Dairy Food, Beverage & TobaccoA 1117 HK China Modern Dairy Holdings Food, Beverage & TobaccoA 1112 HK Health and Happiness H&H InternationaFood, Beverage & TobaccoA 322 HK Tingyi Cayman Islands Food, Beverage & TobaccoA 220 HK Uni-President China Food, Beverage & TobaccoA 151 HK Want Want China Food, Beverage & TobaccoA 288 HK WH Group Food, Beverage & TobaccoA 1044 HK Hengan International Group Household & Personal ProductsA 3331 HK Vinda International Household & Personal ProductsA 546 HK Fufeng Group MaterialsA 494 HK Li & Fung RetailingA 3308 HK Golden Eagle Retail Group RetailingA 1212 HK Lifestyle International RetailingCarlton Lai (852) 2532 4349 carlton.lai@hk.daiwacm.comA 2393 HK Yestar Healthcare Holdings Commerical Services & SuppliesA 1999 HK Man Wah Holdings Consumer Durables & ApparelA 1086 HK Goodbaby International Consumer Durables & ApparelA 6858 HK Honma Golf Consumer Durables & ApparelA 69 HK Shangri-La Asia Consumer ServicesA 2314 HK Lee & Man Paper Manufacturing MaterialsA 2689 HK Nine Dragons Paper MaterialsCynthia Chan (852) 2773 8243 cynthia.chan@hk.daiwacm.comA 405 HK Yuexiu Real Estate Investment Trust Real EstateA 817 HK China Jinmao Real EstateA 207 HK Joy City Property Real EstateA 1813 HK KWG Property Real EstateA 960 HK Longfor Properties Real EstateA 813 HK Shimao Property Real EstateA 123 HK Yuexiu Property Real EstateDaiwa Asia Research Team A 1363 HK CT Environmental Group UtilitiesDaniel Yang (852) 2848 4443 daniel.yang@hk.daiwacm.comA 3800 HK GCL-Poly Energy Semiconductors & Semiconductor EquipmentA 816 HK Huadian Fuxin Energy UtilitiesDavid Lum (65) 6329 2102 david.lum@sg.daiwacm.comA DBS SP DBS Group BanksA OCBC SP Oversea-Chinese Banking Corporation Banks

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A UOB SP United Overseas Bank BanksA OUE SP OUE Consumer ServicesA AREIT SP Ascendas Real Estate Investment Trust Real EstateA ART SP Ascott Residence Trust Real EstateA CCT SP CapitaLand Commercial Trust Real EstateA CT SP CapitaLand Mall Trust Real EstateA CRCT SP CapitaLand Retail China Trust Real EstateA CDREIT SP CDL Hospitality Trusts Real EstateA EREIT SP ESR-REIT Real EstateA FCT SP Frasers Centrepoint Trust Real EstateA FCOT SP Frasers Commercial Trust Real EstateA KREIT SP Keppel REIT Real EstateA MINT SP Mapletree Industrial Trust Real EstateA MLT SP Mapletree Logistics Trust Real EstateA SGREIT SP Starhill Global REIT Real EstateA SUN SP Suntec REIT Real EstateA AGT SP Accordia Golf Trust Real EstateA FCL SP Frasers Centrepoint Real EstateDennis Ip (852) 2848 4068 dennis.ip@hk.daiwacm.comA 2208 HK Xinjiang Goldwind Science & TechnologCapital GoodsA 392 HK Beijing Enterprises Capital GoodsA 3899 HK CIMC Enric Capital GoodsA 257 HK China Everbright International Commerical Services & SuppliesA 968 HK Xinyi Solar Holdings Semiconductors & Semiconductor EquipmentA 3393 HK Wasion Group Technology Hardware & EquipmentA 1038 HK Cheung Kong Infrastructure UtilitiesA 2 HK CLP Holdings UtilitiesA 2638 HK HK Electric Investments UtilitiesA 6 HK Power Assets UtilitiesA 384 HK China Gas UtilitiesA 1193 HK China Resources Gas UtilitiesA 956 HK China Suntien Green Energy UtilitiesA 2688 HK ENN Energy UtilitiesA 3 HK Hong Kong & China Gas UtilitiesA 1083 HK Towngas China UtilitiesA 1381 HK Canvest Environment Protection Group UtilitiesA 1816 HK CGN Power UtilitiesA 916 HK China Longyuan Power UtilitiesA 836 HK China Resources Power UtilitiesA 902 HK Huaneng Power International UtilitiesA 600011 CH Huaneng Power International UtilitiesA 958 HK Huaneng Renewables UtilitiesA 371 HK Beijing Enterprises Water Group UtilitiesA 270 HK Guangdong Investment UtilitiesGregg Ilag (63) 2 737 3023 gregg.ilag@dbpdaiwacm.com.phA SCC PM Semirara Mining & Power Corp EnergyHelen Chien (886) 2 8758 6254 helen.chien@daiwacm-cathay.com.twA 1536 TT Hota Industrial Manufacturing Automobiles & ComponentsA 1319 TT Tong Yang Industry Automobiles & ComponentsA 8464 TT Nien Made Enterprise Consumer Durables & ApparelA 1476 TT Eclat Textile Consumer Durables & ApparelA 9910 TT Feng Tay Enterprise Consumer Durables & ApparelA 1477 TT Makalot Industrial Consumer Durables & ApparelA 9938 TT Taiwan Paiho Consumer Durables & ApparelA 5871 TT Chailease Holding Diversified FinancialsA 2912 TT President Chain Store Food & Staples RetailingA 1216 TT Uni-President Enterprises Food, Beverage & TobaccoA 1565 TT St. Shine Optical Health Care Equipment & ServicesA 8406 TT Ginko International Health Care Equipment & Services

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A 3023 TT Sinbon Electronics Technology Hardware & EquipmentIris Park (82) 2 787 9165 iris.park@kr.daiwacm.comA 027410 KS BGF Retail Food & Staples RetailingA 007070 KS GS Retail Food & Staples RetailingA 001800 KS Orion Holdings Food, Beverage & TobaccoA 051900 KS LG Household & Health Care Household & Personal ProductsA 090430 KS Amorepacific Household & Personal ProductsA 237880 KS CLIO Cosmetics Household & Personal ProductsA 192820 KS Cosmax Household & Personal ProductsA 161890 KS Korea Kolmar Household & Personal ProductsA 028150 KS GS Home Shopping RetailingA 139480 KS E-MART RetailingJame Osman (65) 6321 3092 jame.osman@sg.daiwacm.comA FMI First Myanmar Investment Capital GoodsA BREAD SP BreadTalk Group Food & Staples RetailingA DFI SP Dairy Farm International Food & Staples RetailingA SSG SP Sheng Siong Group Food & Staples RetailingA FR SP First Resources Food, Beverage & TobaccoA GGR SP Golden Agri-Resources Food, Beverage & TobaccoA IFAR SP Indofood Agri Resources Food, Beverage & TobaccoA WIL SP Wilmar International Food, Beverage & TobaccoA RFMD SP Raffles Medical Group Health Care Equipment & ServicesA CD SP ComfortDelGro Corp TransportationJamie Soo (852) 2773 8529 jamie.soo@hk.daiwacm.comA 102 HK Summit Ascent Holdings Capital GoodsA 27 HK Galaxy Entertainment Group Consumer ServicesA MLCO US Melco Resorts & Entertainment Consumer ServicesA 2282 HK MGM China Holdings Ltd Consumer ServicesA 1928 HK Sands China Consumer ServicesA 880 HK SJM Holdings Consumer ServicesA 1128 HK Wynn Macau Consumer ServicesA 973 HK L'Occitane International SA RetailingJohn Choi (852) 2773 8730 john.choi@hk.daiwacm.comA 669 HK Techtronic Industries Consumer Durables & ApparelA 2111 HK Best Pacific International Consumer Durables & ApparelA 1382 HK Pacific Textiles Consumer Durables & ApparelA 2199 HK Regina Miracle International Consumer Durables & ApparelA 2313 HK Shenzhou International Group Consumer Durables & ApparelA 1836 HK Stella International Consumer Durables & ApparelA 2678 HK Texhong Textile Consumer Durables & ApparelA 321 HK Texwinca Consumer Durables & ApparelA 1970 HK IMAX China Holding MediaA CTRP US Ctrip.com International RetailingA JD US JD.com RetailingA VIPS US Vipshop RetailingA BABA US Alibaba Group Software & ServicesA BIDU US Baidu Software & ServicesA NTES US NetEase Software & ServicesA 700 HK Tencent Holdings Software & ServicesA 303 HK VTech Technology Hardware & EquipmentA 1883 HK CITIC Telecom International Telecommunication ServicesJonas Kan (852) 2848 4439 jonas.kan@hk.daiwacm.comA 388 HK Hong Kong Exchanges & Clearing Diversified FinancialsA 2778 HK Champion REIT Real EstateA 778 HK Fortune REIT Real EstateA 823 HK Link REIT Real EstateA 808 HK Prosperity REIT Real EstateA 1881 HK Regal REIT Real EstateA 435 HK Sunlight REIT Real Estate

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A 81 HK China Overseas Grand Oceans Group Real EstateA 688 HK China Overseas Land & Investment Real EstateA 1109 HK China Resources Land Real EstateA 1113 HK CK Asset Real EstateA 2777 HK Guangzhou R&F Properties Real EstateA 101 HK Hang Lung Properties Real EstateA 12 HK Henderson Land Real EstateA HKL SP Hongkong Land Real EstateA 14 HK Hysan Development Real EstateA 1200 HK Midland Real EstateA 16 HK SHK Properties Real EstateA 83 HK Sino Land Real EstateA 1972 HK Swire Properties Real EstateA 4 HK Wharf Holdings Real EstateA 66 HK MTR Corporation TransportationKelvin Lau (852) 2848 4467 kelvin.lau@hk.daiwacm.comA 3606 HK Fuyao Glass Industry Group Automobiles & ComponentsA 1316 HK Nexteer Automotive Group Automobiles & ComponentsA 1958 HK BAIC Motor Automobiles & ComponentsA 1114 HK Brilliance China Automotive Automobiles & ComponentsA 1211 HK BYD Automobiles & ComponentsA 489 HK Dongfeng Motor Group Automobiles & ComponentsA 175 HK Geely Automobile Automobiles & ComponentsA 2333 HK Great Wall Motor Automobiles & ComponentsA 2238 HK Guangzhou Automobile Group Automobiles & ComponentsA 1599 HK Beijing Urban Construction Design Capital GoodsA 1800 HK China Communications Construction Capital GoodsA 1186 HK China Railway Construction Capital GoodsA 390 HK China Railway Group Capital GoodsA 3311 HK China State Construction International Capital GoodsA 3898 HK Zhuzhou CRRC Times Electric Capital GoodsA 659 HK NWS Holdings Capital GoodsA 1766 HK CRRC Corp Capital GoodsA 2588 HK BOC Aviation Capital GoodsA 1848 HK China Aircraft Leasing Group Capital GoodsA 3836 HK China Harmony New Energy Auto RetailingA 696 HK TravelSky Technology Software & ServicesA 636 HK Kerry Logistics Network TransportationA 598 HK Sinotrans TransportationA 753 HK Air China TransportationA 2357 HK AviChina Industry & Technology TransportationA 293 HK Cathay Pacific Airways TransportationA 670 HK China Eastern Airlines TransportationA 1055 HK China Southern Airlines TransportationA 316 HK Orient Overseas International TransportationA 1308 HK SITC International TransportationA 694 HK Beijing Capital International Airport TransportationA 144 HK China Merchants Port Holdings TransportationA 1199 HK COSCO Shipping Ports TransportationA 152 HK Shenzhen International TransportationKylie Huang (886) 2 8758 6248 kylie.huang@daiwacm-cathay.com.twA 2018 HK AAC Technologies Technology Hardware & EquipmentA 2038 HK FIH Mobile Technology Hardware & EquipmentA 6456 TT General Interface Solution Technology Hardware & EquipmentA 2317 TT Hon Hai Precision Industry Technology Hardware & EquipmentA 3008 TT Largan Precision Technology Hardware & EquipmentA 2382 HK Sunny Optical Technology Technology Hardware & EquipmentA 3673 TT TPK Technology Hardware & EquipmentA 3042 TT TXC Corp Technology Hardware & Equipment

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A 5264 TT Casetek Holdings Technology Hardware & EquipmentA 2474 TT Catcher Technology Technology Hardware & EquipmentA 2498 TT HTC Corp Technology Hardware & EquipmentLeon Qi (852) 2532 4381 leon.qi@hk.daiwacm.comA 1288 HK Agricultural Bank of China BanksA 3988 HK Bank of China BanksA 3328 HK Bank of Communications BanksA 3968 HK China Merchants Bank BanksA 6881 HK China Galaxy Securities Diversified FinancialsA 6099 HK China Merchants Securities Diversified FinancialsA 6030 HK CITIC Securities Diversified FinancialsA 6066 HK CSC Financial Diversified FinancialsA 1776 HK GF Securities Diversified FinancialsA 2611 HK Guotai Junan Securities Diversified FinancialsA 6837 HK Haitong Securities Diversified FinancialsA 6886 HK Huatai Securities Diversified FinancialsA 806 HK Value Partners Group Diversified FinancialsA 1299 HK AIA Group InsuranceA 2628 HK China Life Insurance InsuranceA 2601 HK China Pacific Insurance Group InsuranceA 966 HK China Taiping Insurance Holdings InsuranceA 1336 HK New China Life Insurance InsuranceA 1339 HK PICC Group InsuranceA 2328 HK PICC Property and Casualty InsuranceA 2318 HK Ping An Insurance InsuranceMicaela Abaquita (63) 2 737 3021 micaela.abaquita@dbpdaiwacm.com.phA ALI PM Ayala Land Real EstateA FLI PM Filinvest Land Real EstateA MEG PM Megaworld Real EstateA SMPH PM SM Prime Real EstateMike Oh (82) 2787 9179 mike.oh@kr.daiwacm.comA 086790 KS Hana Financial Group BanksA 024110 KS Industrial Bank of Korea BanksA 105560 KS KB Financial Group BanksA 055550 KS Shinhan Financial Group BanksA 000030 KS Woori Bank BanksA 047810 KS Korea Aerospace Industries Capital GoodsA 000210 KS Daelim Industrial Capital GoodsA 047040 KS Daewoo Engineering & Construction Capital GoodsA 034020 KS Doosan Heavy Industries Capital GoodsA 006360 KS GS Engineering & Construction Capital GoodsA 012630 KS Hyundai Development Capital GoodsA 000720 KS Hyundai Engineering & Construction Capital GoodsA 052690 KS KEPCO Engineering & Construction Capital GoodsA 051600 KS KEPCO Plant Service & Engineering Capital GoodsA 028050 KS Samsung Engineering Capital GoodsA 000150 KS Doosan Corp Capital GoodsA 012450 KS Hanwha Techwin Capital GoodsA 028260 KS Samsung C&T Capital GoodsA 042670 KS Doosan Infracore Capital GoodsA 009240 KS Hanssem Consumer Durables & ApparelA 039490 KS Kiwoom Securities Diversified FinancialsA 000120 KS CJ Logistics TransportationA 015760 KS KEPCO UtilitiesNora Hou (886) 2 8758 6249 nora.hou@daiwacm-cathay.com.twA 2891 TT CTBC Financial BanksA 2884 TT E.Sun Financial BanksA 2892 TT First Financial BanksA 2886 TT Mega Financial Banks

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A 2890 TT SinoPac Financial BanksA 2887 TT Taishin Financial Diversified FinancialsPeter Ng (65) 6499654 peter.ng@sg.daiwacm.comA CAPL SP CapitaLand Real EstateA CIT SP City Developments Real EstatePunit Srivastava (91) 22 6622 1013 punit.srivastava@in.daiwacm.comA AXSB IN Axis Bank BanksA BOB IN Bank of Baroda BanksA BOI IN Bank of India BanksA HDFCB IN HDFC Bank BanksA ICICIBC IN ICICI Bank BanksA IIB IN IndusInd Bank BanksA PNB IN Punjab National Bank BanksA SBIN IN State Bank of India BanksA UNBK IN Union Bank of India BanksA YES IN Yes Bank BanksA HDFC IN Housing Development Finance BanksA MGFL IN Manappuram Finance Diversified FinancialsA SHTF IN Shriram Transport Finance Diversified FinancialsA KMB IN Kotak Mahindra Bank Diversified FinancialsA POWF IN Power Finance Corp Diversified FinancialsA RECL IN Rural Electrification Diversified FinancialsRamakrishna Maruvada(65) 6499 6543 ramakrishna.maruvada@sg.daiwacm.comA YOMA SP Yoma Strategic Real EstateA 728 HK China Telecom Telecommunication ServicesA 762 HK China Unicom Telecommunication ServicesA ST SP Singapore Telecom Telecommunication ServicesA BHARTI IN Bharti Airtel Telecommunication ServicesA 941 HK China Mobile Telecommunication ServicesA GLO PM Globe Telecom Telecommunication ServicesA IDEA IN Idea Cellular Telecommunication ServicesA M1 SP M1 Telecommunication ServicesA Netlink SP NetLink NBN Trust Telecommunication ServicesA TEL PM Philippine Long Distance Telephone Telecommunication ServicesA STH SP StarHub Telecommunication ServicesRick Hsu 886 2 8758 6261 rick.hsu@daiwacm-cathay.com.twA 2311 TT Advanced Semiconductor Eng Semiconductors & Semiconductor EquipmentA 3081 TT LandMark Optoelectronics Semiconductors & Semiconductor EquipmentA 2454 TT MediaTek Semiconductors & Semiconductor EquipmentA 3034 TT Novatek Microelectronics Semiconductors & Semiconductor EquipmentA 2379 TT Realtek Semiconductor Semiconductors & Semiconductor EquipmentA 981 HK Semiconductor Manufacturing Int'l Corp Semiconductors & Semiconductor EquipmentA 2325 TT Siliconware Precision Semiconductors & Semiconductor EquipmentA 2330 TT Taiwan Semiconductor Manufacturing Semiconductors & Semiconductor EquipmentA 2303 TT United Microelectronics Semiconductors & Semiconductor EquipmentA 3105 TT Win Semiconductors Semiconductors & Semiconductor EquipmentRoyston Tan (65) 6321 3086 royston.tan@sg.daiwacm.comA STE SP Singapore Technologies Engineering Capital GoodsA KEP SP Keppel Corp Capital GoodsA SCI SP Sembcorp Industries Capital GoodsA SMM SP SembCorp Marine Capital GoodsA VARD SP Vard Holdings Capital GoodsA YZJSGD SPYangzijiang Shipbuilding Capital GoodsA SIA SP Singapore Airlines TransportationA SATS SP SATS TransportationA SIE SP SIA Engineering TransportationSaurabh Mehta (91) 22 6622 1009 saurabh.mehta@in.daiwacm.comA LT IN Larsen & Toubro Capital GoodsA VOLT IN Voltas Capital Goods

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A ABB IN ABB Ltd (India) Capital GoodsA BHEL IN Bharat Heavy Electricals Capital GoodsA HAVL IN Havells India Capital GoodsA SIEM IN Siemens India Capital GoodsA COAL IN Coal India EnergySK Kim (82) 2 787 9173 sk.kim@kr.daiwacm.comA 066570 KS LG Electronics Consumer Durables & ApparelA 005930 KS Samsung Electronics Semiconductors & Semiconductor EquipmentA 000660 KS SK Hynix Semiconductors & Semiconductor EquipmentA 034220 KS LG Display Technology Hardware & EquipmentA 011070 KS LG Innotek Technology Hardware & EquipmentA 009150 KS Samsung Electro-Mechanics Technology Hardware & EquipmentA 006400 KS Samsung SDI Technology Hardware & EquipmentSteven Tseng (886) 2 8758 6252 steven.tseng@daiwacm-cathay.com.twA 6409 TT Voltronic Power Technology Capital GoodsA 1590 TT Airtac International Group Capital GoodsA 2049 TT Hiwin Technologies Corp Capital GoodsA 6414 TT Ennoconn Technology Hardware & EquipmentA 2308 TT Delta Electronics Technology Hardware & EquipmentA 6166 TT Adlink Technology Technology Hardware & EquipmentA 2395 TT Advantech Technology Hardware & EquipmentA 2357 TT ASUSTeK Computer Technology Hardware & EquipmentA 992 HK Lenovo Group Technology Hardware & EquipmentA 4938 TT Pegatron Corp Technology Hardware & EquipmentA 2382 TT Quanta Computer Technology Hardware & EquipmentSung Yop Chung (82) 2 787 9157 sychung@kr.daiwacm.comA 161390 KS Hankook Tire Automobiles & ComponentsA 018880 KS Hanon Systems Automobiles & ComponentsA 012330 KS Hyundai Mobis Automobiles & ComponentsA 011210 KS Hyundai Wia Corp Automobiles & ComponentsA 204320 KS Mando Corp Automobiles & ComponentsA 002350 KS Nexen Tire Automobiles & ComponentsA 005380 KS Hyundai Motor Automobiles & ComponentsA 000270 KS Kia Motors Automobiles & ComponentsA 042660 KS Daewoo Shipbuilding & Marine Enginee Capital GoodsA 010140 KS Samsung Heavy Industries Capital GoodsA 087260 KS Mobile Appliance Consumer Durables & ApparelA 004020 KS Hyundai Steel MaterialsA 005490 KS POSCO MaterialsA 086280 KS Hyundai Glovis TransportationThomas Y. Kwon (82) 2 787 9181 yskwon@kr.daiwacm.comA 012750 KS S1 Corporation Commerical Services & SuppliesA 114090 KS Grand Korea Leisure Consumer ServicesA 035250 KS Kangwon Land Consumer ServicesA 034230 KS Paradise Consumer ServicesA 130960 KS CJ E&M MediaA 053210 KS KT Skylife MediaA 016170 KS Loen Entertainment MediaA 035720 KS Kakao Software & ServicesA 035420 KS Naver Software & ServicesA 078340 KS Com2uS Software & ServicesA 036570 KS NCsoft Software & ServicesA 251270 KS Netmarble Games Software & ServicesA 3659 JP Nexon Software & ServicesA 030200 KS KT Corporation Telecommunication ServicesA 032640 KS LG Uplus Telecommunication ServicesA 017670 KS SK Telecom Telecommunication ServicesYan Li (852) 2773 8822 yan.li@hk.daiwacm.comA 998 HK China Citic Bank Banks

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A 939 HK China Construction Bank BanksA 6818 HK China Everbright Bank BanksA 1988 HK China Minsheng Banking Corp BanksA 1398 HK ICBC Banks

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1

Daiwa’s Asia Pacific Research Directory

HONG KONG

Takashi FUJIKURA (852) 2848 4051 takashi.fujikura@hk.daiwacm.com Regional Research Head

Jiro IOKIBE (852) 2773 8702 jiro.iokibe@hk.daiwacm.com Co-head of Asia Pacific Research

John HETHERINGTON (852) 2773 8787 john.hetherington@hk.daiwacm.com Co-head of Asia Pacific Research

Craig CORK (852) 2848 4463 craig.cork@hk.daiwacm.com Regional Head of Asia Pacific Product Management

Kevin LAI (852) 2848 4926 kevin.lai@hk.daiwacm.com Chief Economist for Asia ex-Japan; Macro Economics (Regional)

Olivia XIA (852) 2773 8736 olivia.xia@hk.daiwacm.com Macro Economics (Hong Kong/China)

Kelvin LAU (852) 2848 4467 kelvin.lau@hk.daiwacm.com Head of Automobiles; Transportation and Industrial (Hong Kong/China)

Leon QI (852) 2532 4381 leon.qi@hk.daiwacm.com Regional Head of Financials; Banking; Diversified financials; Insurance (Hong Kong/China)

Yan LI (852) 2773 8822 yan.li@hk.daiwacm.com Banking (China)

Anson CHAN (852) 2532 4350 anson.chan@hk.daiwacm.com Consumer (Hong Kong/China)

Adrian CHAN (852) 2848 4427 adrian.chan@hk.daiwacm.com Consumer (Hong Kong/China)

Jamie SOO (852) 2773 8529 jamie.soo@hk.daiwacm.com Gaming and Leisure (Hong Kong/China)

John CHOI (852) 2773 8730 john.choi@hk.daiwacm.com Head of Hong Kong and China Internet; Regional Head of Small/Mid Cap

Alex LIU (852) 2848 4976 alex.liu@hk.daiwacm.com Internet (Hong Kong/China)

Carlton LAI (852) 2532 4349 carlton.lai@hk.daiwacm.com Small/Mid Cap (Hong Kong/China)

Dennis IP (852) 2848 4068 dennis.ip@hk.daiwacm.com Regional Head of Power, Utilities, Renewable and Environment (PURE); PURE (Hong Kong/China)

Jonas KAN (852) 2848 4439 jonas.kan@hk.daiwacm.com Head of Hong Kong and China Property

Cynthia CHAN (852) 2773 8243 cynthia.chan@hk.daiwacm.com Property (China)

Thomas HO (852) 2773 8716 thomas.ho@hk.daiwacm.com Custom Products Group

PHILIPPINES

Micaela ABAQUITA (63) 2 737 3021 micaela.abaquita@dbpdaiwacm.com.ph Property

Gregg Ilag (63) 2 737 3023 gregg.ilag@dbpdaiwacm.com.ph Utilities; Energy

SOUTH KOREA

Sung Yop CHUNG (82) 2 787 9157 sychung@kr.daiwacm.com Pan-Asia Co-head/Regional Head of Automobiles and Components; Automobiles; Shipbuilding; Steel

Mike OH (82) 2 787 9179 mike.oh@kr.daiwacm.com Banking; Capital Goods (Construction and Machinery)

Iris PARK (82) 2 787 9165 iris.park@kr.daiwacm.com Consumer/Retail

SK KIM (82) 2 787 9173 sk.kim@kr.daiwacm.com IT/Electronics – Semiconductor/Display and Tech Hardware

Thomas Y KWON (82) 2 787 9181 yskwon@kr.daiwacm.com Pan-Asia Head of Internet & Telecommunications; Software – Internet/On-line Games

TAIWAN

Rick HSU (886) 2 8758 6261 rick.hsu@daiwacm-cathay.com.tw Head of Regional Technology; Head of Taiwan Research; Semiconductor/IC Design (Regional)

Nora HOU (886) 2 8758 6249 nora.hou@daiwacm-cathay.com.tw Banking; Diversified financials; Insurance

Steven TSENG (886) 2 8758 6252 steven.tseng@daiwacm-cathay.com.tw IT/Technology Hardware (PC Hardware)

Kylie HUANG (886) 2 8758 6248 kylie.huang@daiwacm-cathay.com.tw IT/Technology Hardware (Handsets and Components)

Helen CHIEN (886) 2 8758 6254 helen.chien@daiwacm-cathay.com.tw Small/Mid Cap

INDIA

Punit SRIVASTAVA (91) 22 6622 1013 punit.srivastava@in.daiwacm.com Head of India Research; Strategy; Banking/Finance

Saurabh MEHTA (91) 22 6622 1009 saurabh.mehta@in.daiwacm.com Capital Goods; Utilities

SINGAPORE

Ramakrishna MARUVADA (65) 6499 6543 ramakrishna.maruvada@sg.daiwacm.com Head of Singapore Research; Telecommunications (China/ASEAN/India)

David LUM (65) 6329 2102 david.lum@sg.daiwacm.com Banking; Property and REITs

Royston TAN (65) 6321 3086 royston.tan@sg.daiwacm.com Oil and Gas; Capital Goods

Peter NG (65) 6499 6546 peter.ng@sg.daiwacm.com Property; Small/Mid Cap

Jame OSMAN (65) 6321 3092 jame.osman@sg.daiwacm.com Transportation – Road and Rail; Pharmaceuticals and Healthcare; Consumer (Singapore)

2

Daiwa’s Offices

Office / Branch / Affiliate Address Tel Fax

DAIWA SECURITIES GROUP INC

HEAD OFFICE Gran Tokyo North Tower, 1-9-1, Marunouchi, Chiyoda-ku, Tokyo, 100-6753 (81) 3 5555 3111 (81) 3 5555 0661

Daiwa Securities Trust Company One Evertrust Plaza, Jersey City, NJ 07302, U.S.A. (1) 201 333 7300 (1) 201 333 7726

Daiwa Securities Trust and Banking (Europe) PLC (Head Office) 5 King William Street, London EC4N 7JB, United Kingdom (44) 207 320 8000 (44) 207 410 0129

Daiwa Europe Trustees (Ireland) Ltd Level 3, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland (353) 1 603 9900 (353) 1 478 3469

Daiwa Capital Markets America Inc. New York Head Office Financial Square, 32 Old Slip, New York, NY10005, U.S.A. (1) 212 612 7000 (1) 212 612 7100

Daiwa Capital Markets America Inc. San Francisco Branch 555 California Street, Suite 3360, San Francisco, CA 94104, U.S.A. (1) 415 955 8100 (1) 415 956 1935

Daiwa Capital Markets Europe Limited, London Head Office 5 King William Street, London EC4N 7AX, United Kingdom (44) 20 7597 8000 (44) 20 7597 8600

Daiwa Capital Markets Europe Limited, Frankfurt Branch Neue Mainzer Str. 1, 60311 Frankfurt/Main, Germany (49) 69 717 080 (49) 69 723 340

Daiwa Capital Markets Europe Limited, Paris Representative Office 17, rue de Surène 75008 Paris, France (33) 1 56 262 200 (33) 1 47 550 808

Daiwa Capital Markets Europe Limited, Geneva Branch 50 rue du Rhône, P.O.Box 3198, 1211 Geneva 3, Switzerland (41) 22 818 7400 (41) 22 818 7441

Daiwa Capital Markets Europe Limited, Moscow Representative Office

Midland Plaza 7th Floor, 10 Arbat Street, Moscow 119002, Russian Federation

(7) 495 641 3416 (7) 495 775 6238

Daiwa Capital Markets Europe Limited, Bahrain Branch 7th Floor, The Tower, Bahrain Commercial Complex, P.O. Box 30069, Manama, Bahrain

(973) 17 534 452 (973) 17 535 113

Daiwa Capital Markets Hong Kong Limited Level 28, One Pacific Place, 88 Queensway, Hong Kong (852) 2525 0121 (852) 2845 1621

Daiwa Capital Markets Singapore Limited 6 Shenton Way #26-08, OUE Downtown 2, Singapore 068809, Republic of Singapore

(65) 6220 3666 (65) 6223 6198

Daiwa Capital Markets Australia Limited Level 34, Rialto North Tower, 525 Collins Street, Melbourne, Victoria 3000, Australia

(61) 3 9916 1300 (61) 3 9916 1330

DBP-Daiwa Capital Markets Philippines, Inc 18th Floor, Citibank Tower, 8741 Paseo de Roxas, Salcedo Village, Makati City, Republic of the Philippines

(632) 813 7344 (632) 848 0105

Daiwa-Cathay Capital Markets Co Ltd 14/F, 200, Keelung Road, Sec 1, Taipei, Taiwan, R.O.C. (886) 2 2723 9698 (886) 2 2345 3638

Daiwa Securities Capital Markets Korea Co., Ltd. 20 Fl.& 21Fl. One IFC, 10 Gukjegeumyung-Ro, Yeongdeungpo-gu, Seoul, Korea

(82) 2 787 9100 (82) 2 787 9191

Daiwa Securities Co. Ltd., Beijing Representative Office Room 301/302，Kerry Center，1 Guanghua Road，Chaoyang District， Beijing 100020, People’s Republic of China

(86) 10 6500 6688 (86) 10 6500 3594

Daiwa (Shanghai) Corporate Strategic Advisory Co. Ltd. 44/F, Hang Seng Bank Tower, 1000 Lujiazui Ring Road, Pudong, Shanghai China 200120 , People’s Republic of China

(86) 21 3858 2000 (86) 21 3858 2111

Daiwa Securities Co. Ltd., Bangkok Representative Office 18th Floor, M Thai Tower, All Seasons Place, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330, Thailand

(66) 2 252 5650 (66) 2 252 5665

Daiwa Capital Markets India Private Ltd 10th Floor, 3 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai – 400051, India

(91) 22 6622 1000 (91) 22 6622 1019

Daiwa Securities Co. Ltd., Hanoi Representative Office Suite 405, Pacific Palace Building, 83B, Ly Thuong Kiet Street, Hoan Kiem Dist. Hanoi, Vietnam

(84) 4 3946 0460 (84) 4 3946 0461

DAIWA INSTITUTE OF RESEARCH LTD

HEAD OFFICE 15-6, Fuyuki, Koto-ku, Tokyo, 135-8460, Japan (81) 3 5620 5100 (81) 3 5620 5603

MARUNOUCHI OFFICE Gran Tokyo North Tower, 1-9-1, Marunouchi, Chiyoda-ku, Tokyo, 100-6756 (81) 3 5555 7011 (81) 3 5202 2021

New York Research Center 11th Floor, Financial Square, 32 Old Slip, NY, NY 10005-3504, U.S.A. (1) 212 612 6100 (1) 212 612 8417

London Research Centre 3/F, 5 King William Street, London, EC4N 7AX, United Kingdom (44) 207 597 8000 (44) 207 597 8550