Singapore Research Team 6533 9688 researchdbsvickers.com www.dbsvickers.com “In Singapore, this research report or research analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.” “Recipients of this report, received from DBS Vickers Research (Singapore) Pte Ltd (“DBSVR”), are to contact DBSVR at +65 6398 7954 in respect of any matters arising from or in connection with this report.” “In Singapore, this research report or research analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.” “Recipients of this report, received from DBS Vickers Research (Singapore) Pte Ltd (“DBSVR”), are to contact DBSVR at +65 6398 7954 in respect of any matters arising from or in connection with this report.” Spotlight On Spotlight On (RG) Plantation Companies: Labour woes, bullish views (RG) Plantation Companies: Labour woes, bullish views Speakers at the 2010 Palm Oil Conference were generally bullish, with few exceptions Labour shortage in Malaysia could worsen, might cap FFB harvest despite peak season February data from MPOB suggests near-term price strength is intact We continue to expect weak prices in 2Q10, and recommend to take profit on near-term strength (MK) Gamuda: Positioning for Vietnam upturn (MK) Gamuda: Positioning for Vietnam upturn BUY; RM2.79; GAM MK; Price Target: 12-month RM4.20 Second property foray in Vietnam Could lift NAV by 5% and FY12F EPS by 45% Maintain BUY, RM4.20 TP based on SOP value (HK) Cathay Pacific: Better days ahead (HK) Cathay Pacific: Better days ahead BUY, (Upgrade from Hold); HK$15.20; 293 HK; Price Target : 12- Month HK$ 17.52 (Prev HK$ 13.95) FY09 profit beat expectations at HK$4.7bn, reversing from HK$8.7bn loss in FY08. Operating earnings improved due to better load factors and lower fuel costs, despite lower yields Stronger demand and improved yields amid the recovering economy should drive earnings growth Upgrade to BUY, TP raised to HK$17.52 based on 1.5x FY10 PBV, implying 16% upside. Ideas Bt77.50; ADVANC TB; Price Target: 12 Month Bt110.00 KOREA KOREA Shipping Industry: Recovery expectations mounting, cauton still needed Shipping Industry: Recovery expectations mounting, cauton still needed Result Result HONG KONG / CHINA HONG KONG / CHINA China Everbright Intl (257 HK): Below expectationsChina Everbright Intl (257 HK): Below expectations DBS Group Research . Equity 11 March 2010 Regional Morning Pack 渐飞研究报告 - http:/bg.panlv.net Regional Morning Pack Page 2 Roadshows, Corp Mtg/Lunch/Conf Call Thomson (www.thomson.com/financial); Factset (www.factset.com); Reuters (www.rbr.reuters.com); Capital IQ (www.capitaliq.com) and Bloomberg (DBSR GO). For access, please contact your DBSV salesperson. GENERAL DISCLOSURE/DISCLAIMER GENERAL DISCLOSURE/DISCLAIMER This document is published by DBS Vickers Research (Singapore) Pte Ltd (“DBSVR“), a direct wholly-owned subsidiary of DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS“) and an indirect wholly-owned subsidiary of DBS Vickers Securities Holdings Pte Ltd (“DBSVH“). This report is intended for clients of DBSV Group only and no part of this document may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of DBSVR. The research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. DBSVR accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. DBSVH is a wholly- owned subsidiary of DBS Bank Ltd. DBS Bank Ltd along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. DBSVR, DBSVS, DBS Bank Ltd and their associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. The assumptions for commodities in this report are fo