AsiaFiancialsFactSheetLookingforandtimingthebreak-outs:ASEAN,India,Japanlookclearer/earlier;ChinamaylagbutsarguablythemostappealingGARPbreak-outereransyoeeohoopeognoeinonyusenrosomreceenernemeenenomeaeerensEnnreenenrtolnneapyeipnevoieoneeeeny。cnonrnrneneeneDnEcnsoeoenercnnsnnneoadMEnntievaoeolondoroeroneontmsEe弛沥河招a河EdeoiceoenrnecgoennnnerennnsneereroeneenenereieeeneoyvesoeozmecoiecedoineenepciengehinnteUngtoronatnetoteroeneeeeeneencenesneceoeeneaperoncoayeDosineireesenhnoonermesamyeoeeyencncopoonoeanreEenenernieE诊EREXLE0IECEHHEIEERRcLce-EasTableofcontentseccoaoreieeogrenerrmronnneneetcnrennoceeeernaneeeneomemmesaneeEnnIoonsoeeronnemoennonroneeeeneeneonecoeenoeioeneorneEcneernnnnneorosarenoaneeeeeneeeteeneononrenpnnnongeerernieieeeeeeeenoemoteoneorerrotseononnnereneeeenecneeropoeeeaneyronEeniooreenn葛认12H09/4Q09results;Sofarsogoodupgrades/affinmationsoutnumberdowngradesnensyrgEarro-真cctsccge-o-Fnd标48365505nn2rntnoenraneeessccicgig-iningo-cornz-命沥a-St-HHtcaangsennBnao-inagceate-。ceEe四河Ass8baidailialailEa张招a吴cEaseAsiafinancials-mthand1-yrsharepriceperformanceplottedagainstMSCIACAsiaBanksIndexsscnomnmesFsmrmereE,EaeenEsEssddas*沥吊刑宇0EnwEy心。e。2heEEs。吴人吴日日命nnEseopeseseoeoroypeuopererotererreyierrnieyooeeorenEueAlpha,beta,CAMELOTanddelta:Stanceataglance不芒心口|志志12aCec二1。1rvrrerrFerre+Sectorstance,P/EP/B,P/PPOPvaluationmetrcsa8-河工DE儿国a规口许a木吴东smmmmomrmrmmmmmmec*EeAsiaBanksinapostnormalizedworld;Current/forwardP/B,ROE,creditcostsversusL/T(1994-2007)throughseveracyclesmediansl:EeagrysatiiHninHHc*eEAsiaBanksinapostnormalizedworldfcontinued|vaHH3E-岗心excneeeeE)1技患壬籼菅晓cneeeEa雷8沥招E沥技技河n招w5j河国河育3HHd膏蜀目力招国Absoluteandrelativepriceperormancecontid)nxmrmomrmrrmmmmromeormccneeEeValuationsGoldmanSachs/GaoHuaandconsensusestimates3H8H芸neEcw