Maybank Global Markets Daily

Foreign Exchange

Thursday, May 23, 2013

Key FX Indicators
Majors

Prev
% Chg
Asian FX
Prev
% Chg
Close
Close
EUR/USD
1.2858
0.64
USD/SGD
1.2668
0.55
GBP/USD
1.5050
-0.37
EUR/SGD
1.6288
0.17
AUD/USD
0.9699
-1.06
JPY/SGD
1.2281
-0.10
NZD/USD
0.8078
-1.09
GBP/SGD
1.9060
-0.17
USD/JPY
103.16
0.64
AUD/SGD
1.2284
-0.53
EUR/JPY
132.63
0.26
NZD/SGD
1.0230
-0.58
USD/CHF
0.9783
0.85
CHF/SGD
1.2946
-0.32
USD/MYR
3.0214
0.10
SGD/MYR
2.3973
-0.07
USD/THB
29.89
0.37
SGD/IDR
7,756
-0.06
USD/IDR
9,770
0.07
SGD/PHP
32.72
-0.10
USD/PHP
41.24
0.07
SGD/CNY
4.8400
-0.64
USD/CNY
6.1312
-0.10
CNY/MYR
0.4928
0.19
Maybank SGD NEER, Implied SGD/USD Estimates @ 23 May, 9.00AM
Upper Band Limit
1.2367

Mid-Point
1.2522

Lower Band Limit

1.2876

It was a volatile NY session but dollar strength prevailed overnight on Wed. The
session ended with little clarity on the stimulus outlook. While Federal Reserve
Chief Bernanke cautioned that a premature tightening would endanger
recovery, the FOMC Minutes revealed that a number of officials said tapering
could happen in June if economic indicators support. Talks of the latter spooked
the equity markets once again with S&P 500 down 0.8% for the session after
touching new highs in initial trade, accompanied by DJI at -0.5%.
Japan. In a post-BOJ meeting press conference, Governor Kuroda assured that
bond market is not affecting the economy yet. The central bank will press on with
its plan to double monetary base over two years despite the recent spike in JGB
yields. Bond-purchase operations will be adjusted if necessary. 10-Year yields
rose to 1% this morning, the highest since Apr 2012.
As Asia digests the overnight drama, China HSBC flash PMI-mfg number turned
out weaker than expected - at 49.6 vs. the final Apr number at 50.4. We expect
the number to weigh on sentiments in Asia before the release of PMI numbers
from the Eurozone. US weekly initial claims will be watched in NY session
tonight.
Dollar index tested past the 84.40-level but failed to close above it. MACD
histogram still signals bullish conditions and we reckon the index should stay
supported. Look for a clean break above 84.60 to confirm a breakout recent
consolidation. Otherwise, we expect sideways action within 83.45-84.43 to
continue.
USD/JPY tested past our resistance at 103.60 though has since retreated to
hover around 103.50. Dollar strength is behind the upmove in the cross and
bulls seem to be retaining the upper hand for now. Support is still at 102.00 and
we look for a gradual rise towards our target at 104.20.
AUD/USD continues to underperform in a strong dollar environment and the
break of the 0.9706-support has shifted focus towards the next technical support
at 0.9582. Price was last sighted at 0.9641, not helped the least by just released
China HSBC flash PMI-mfg data. RSI indicates oversold conditions and we
reckon the next support at 0.9582 should remain intact for the session. Topsides
capped at 0.9828.
EUR/USD drifted lower as the greenback strengthened, last sighted at 1.2834.
Pressure remains to the downside as indicated by our daily momentum indicator
but the convergence of our short-term moving averages suggests an even battle
between bulls and bears in the coming session. Interim support is seen at
1.2797 (17-May low) ahead of Apr low of 1.2746. Resistance at 1.3000.
Economic releases for today: AU Consumer Inflation Expectation (May); CH
HSBC Flash Manufacturing PMI (May) (consensus: 50.4); JN Bank of
Japan's Monthly Economic Report for (May) (Table); FR PMI Manufacturing
(May P) (consensus: 44.8); FR PMI Services (May P) (consensus: 44.5); GE
PMI Manufacturing (May A) (consensus: 48.5); GE PMI Services (May A)
(consensus: 50); EC PMI Manufacturing (May A) (consensus: 47); EC PMI
Services (May A) (consensus: 47.2); EC PMI Composite (May A) (consensus:
47.2); IT Retail Sales (% y/y) (Mar); UK GDP (% y/y) (1Q P) (consensus:
0.60%); US Initial Jobless Claims (May-18) (consensus: 346K); US Continuing
Claims (May-11); US Markit US PMI Preliminary (May) (consensus: 52.5); US
House Price Index (% m/m) (Mar) (consensus: 0.80%); US Bloomberg
Consumer Comfort (May-19); EC Euro-Zone Consumer Confidence (May A)
(consensus: -21.8); US New Home Sales (Apr) (consensus: 425K);
AXJs slid against the dollar and printed 117.30 as we write. USD/CNY was also
fixed a tad higher after the post-2005 record low fixing and could also weigh on
the index. MACD suggest bearish conditions though we reckon downmove might
see a little fatigue today. 117.00 support is thus likely to hold, at least for the
session.

Economic data for today: Singapore GDP (1Q13), Industrial Production (Apr)
and CPI (Apr).
The SGD NEER trades 0.45% below the implied mid-point of 1.2622 with the
top end estimated at 1.2367 and the floor at 1.2876. USD/SGD saw some
downside pressures with the release of the 1Q13 final GDP print this morning
but then submitted to dollar strength. The pair is currently hovering around the
1.2670 region this morning. The move away from safe haven assets as seen in
the selling down of US Treasuries is likely to affect similarly. We could see
further rally in the pair in the interim until an equilibrium is found. After GDP, the
focus would be on CPI and IPI, which will be released in the afternoon
today. We are likely to see strong resisitance at 1.2700, with support at 1.2645.
The AUD/SGD cross dipped to 1.2234 before closing around 1.2285, which we
had highlighted as resistance. Today, the cross is again on the slide with the
cross currently sighted at 1.2210. A close below 1.2200 today, will see the cross
headed towards 1.2145 - a level not seen since Sep 2010. Support is likely at
1.2320 today. The SGD/MYR cross gapped lower at 2.3884 from 2.3974 at the
opening, before regaining ground to 2.3947 currently on the back of continued
SGD weakness. The cross continues to be oversold, but broad dollar strength is
weighing more greatly on the SGD than the MYR, thus the current bearish
momentum. We expect the pair to trade between 2.3835/ 2.3985 today.
Singapores final Q13 GDP surprised on the upside, expanding by 0.2% y/y
(1.8% q/q sa vs. 4Q12: -1.4%) from -0.6% in the advanced estimates (AE). The
improvement in GDP could be attributed to the services sector (1Q13F: 2.7% y/y
vs. 1Q13AE: 1.2%), particularly financial services (up 10.5% y/y). The strength
here helped to offset the weakness in manufacturing, which contracted by 6.8%
y/y in 1Q13F vs. 6.5% in 1Q13AE. The government maintained its growth
forecast of 1-3% for 2013, compared with our economics teams current
expectations of 2.3%. At the press conference, MAS said that core inflation
could come in close to 2.0% in 2013 within its target range of 1.5-2.5%,
supported by ongoing restructuring of the economy. All these suggest that the
current SGD NEER policy stance is likely to be maintained at the MAS Oct
meeting, though the risks are to the upside for now.
Later today, Singapore will be releasing IPI and CPI prints for Apr and market is
expecting IPI to rebound by 1.6% y/y after declining by 4.1% in Mar, while CPI is
expect to ease to 3.0% from 3.5% in Mar.
USD/MYR gapped up this morning thought aggressive bids ran into offers soon
after and pair hovered around 3.0352 at last sight. The sharp rise filled the postelection gap-down. MACD still shows bullish momentum though RSI is
approaching overbought conditions. Intra-day action should be capped at
3.0420. 3.0039 is seen to support. 1-month NDFs was a tad higher as well, at
3.0406 vs. its previous close at 3.0395.
Malaysia Apr CPI ticked higher to 1.7% y/y from previous 1.6% as expected, on
the back of Food and Non-Alcoholic Beverages component. According to our
Economist, core inflation remained unchanged at +0.8% y/y. Our Economist also
expects consumer spending to remain firm this year, with the help of sustained
income growth and favourable labour market condition. Just a recap, FY13
inflation forecast was revised to +1.8% from previous +2.5% on the premise that
the Subsidy Rationalisation Programme will be deferred to 2014.
USD/CNY fixed higher at 6.1947 (0.0043) vs. 6.1904 previously; (+1.0%
upper band limit: 6.2573; -1.0% lower band limit: 6.1334). China HSBC Flash
PMI-mfg came in weaker than expected at 49.6, lower than its Apr final
reading of 50.4. Nonetheless, USD/CNY was still pressed lower at 6.1358 as we
write vs. previous close at 6.1312 while USD/CNH was back to where it started
today at 6.1342. 1-Year was a tad higher at 6.2265 from its close at 6.2230 on
Wed. CNY/MYR fixed at 0.4919 (0.0020).
USD/IDR again ended higher at 9770 from 9763, with the JISDOR (Jakarta
Interbank Spot Dollar Rate) fixed at 9765. This morning the pair gapped higher
to 9810 at the opening with the 1-month NDF jumping to 9858. Like its peers,
broad dollar strength is supporting the rally this morning, which is leading to an
oversold situation. Spot is likely to see choppy trades between 9765/9820
today. Indonesias central bank expects GDP growth to come in at the lower
end of its 6.2-6.6% target range in 2013. The economy is expected to expand
by just 6.2% if fuel prices are increased and by 6.3% if no adjustments are
made. As for the IDR, the central bank expects the USD/IDR to range between
9500-9700 with fuel price increases and 9600-9800 without.
USD/PHP gapped higher this morning at 41.345 from 41.235 following broad US
dollar and continued weaknesses in the JPY and EUR. There could be some
BSP intervention around current levels to smooth PHP volatility today. However,
the offers appear overdone and a correction could cap the rally. Currently the
pair is sighted at 41.385 and could trade between 41.290/41.425 today.
USD/THB crept back higher at 29.90 this morning. While talks of BoT rate cut
and capital controls remain in the forefront, broad dollar strength is lkely the
main factor supporting the pair today. The pair could test the 30.00 hurdle
today, and a break above could see the next hurdle at 30.20 region. Support is
likely at 29.75.

Page 1 of 5

Maybank GM Research

Fixed Income
Malaysia Rates Indicators
MGS
3YR MH 7/16
5YR MJ03/18
7YR ML 3/20
10YR MN323
15YR MS3/27
20YR MX 4/33
IRS
6-months
9-months
1-year
3-year
5-year
7-year
10-year
*Below Standard Amounts

Previous
Bus. Day
3.05
3.08
3.20
*3.05
3.39
3.60
3.20
3.20
3.20
3.22
3.30
3.43
3.59

Indonesia Rates Indicators

Yesterdays
Close
3.04
*3.11
3.20
*3.05
3.41
3.65
3.21
3.21
3.21
3.25
3.33
3.48
3.66

Change
(bps)
-1
+3
Unchanged
Not traded
+2
+5
+1
+1
+1
+3
+3
+5
+7

Yields on benchmark MGS rose 2-5bps at market close. Selling

pressure persisted across the yield curve ahead of the April CPI
numbers and market sentiment continued to be soft throughout the
day. We believe the weaker MYR against USD, which moved higher to
touch 3.0225 and remained elevated, also added to the downbeat
sentiment. The currency pair closed the day at 3.0205-3.0225
compared to 3.0170-90 previously. Meanwhile, the April CPI grew
1.7% YoY as expected.

IDR Govt Bonds

Previous
Bus. Day

Yesterday
s Close

Change
(bp)

3YR
5YR
7YR
10YR
15YR
20YR
30YR

4.62
4.96
5.43
5.64
6.29
6.59
6.58

4.61
4.98
5.47
5.70
6.31
6.60
6.59

-1
1
4
6
2
1
1

IDR bonds moved rangy yesterday. Despite Tuesdays auction was

unsuccessful as the incoming bids much smaller compare to previous
one but in fact yesterday buying interest coming interest coming from
end local client. They showing a decent bid on 20y benchmark FR65
at 100.60 but offers were thick therefore FR65 back and forth traded at
100.60.
In the afternoon time bids were slowing and FR65 moved lower to
100.50 and 100.40 or making the closing price back to previous level.
Today MoF to hold a debt switch and the source bond is FR66 at price
101.30 and to be swapped with FR bonds maturing 2013-2018.
Foreign ownership of government bonds reached IDR303.36tn or
34.25% of total as per 21 May.

The MYR IRS curve steepened in tandem with the other regional
curves in anticipation of positive sentiment from Bernankes testimony
on the U.S economic outlook to the Congress.
In the PDS market, demand for GG papers remained solid. MYR420m
of the GG-rated Plus1/38 and 12/38 changed hands at 4.35% and
4.41% respectively while Khanazah12/16 was squeezed 2bps lower
than its previously done level to 3.30%. Meanwhile, GG papers above
10 years were popular as their spreads over MGS remained rich at
close to 65-70bps. In the corporate bond segment, long bonds were
also favored with TBEI3/31 and 3/32 closing 2bps and 6bps lower as
investors extending portfolio duration in search of yields. Meanwhile,
GB19 was taken at 4.00%, 2bps tighter. The bank issuance segment
remained quiet with Kexim17 being traded 1bp wider at 3.80%.

23 May 2013

Page 2 of 5

Maybank GM Research
Tables

Foreign Exchange: Daily Levels

EUR/USD

USD/JPY

AUD/USD

GBP/USD

USD/CHF

NZD/USD

EUR/JPY

AUD/JPY

Second resistance

1.3051

104.49

0.9888

1.5228

0.9931

0.8252

134.60

101.62

First Resistance

1.2940

103.86

0.9782

1.5127

0.9863

0.8152

133.55

100.79

Current Spot

1.2835

103.38

0.9636

1.5023

0.9803

0.8038

132.68

99.62

First Support

1.2776

102.47

0.9616

1.4973

0.9703

0.8005

131.71

99.31

Second Support

1.2723

101.71

0.9556

1.4920

0.9611

0.7958

130.92

98.67

USD/SGD

USD/MYR

USD/IDR

USD/PHP

USD/THB

EUR/SGD

CNY/MYR

SGD/MYR

Second resistance

1.2754

3.0297

9803

41.273

30.01

1.6405

0.4944

2.3995

First Resistance

1.2721

3.0287

9786

41.235

29.97

1.6343

0.4942

2.3950

Current Spot

1.2672

3.0363

9795

41.390

29.94

1.6265

0.4949

2.3965

First Support

1.2616

3.0213

9757

41.160

29.82

1.6234

0.4926

2.3907

Second Support

1.2544

3.0149

9745

41.123

29.71

1.6187

0.4912

2.3909

*Values calculated based on pivots, a formula that projects support/resistance for the day

Policy Rates
0.373
3.00
5.75
2.75
3.50
1.875
0.50
6.00
0.25

MB Fcst
(%)
3.00
5.75
2.75
3.50
1.875
0.50
6.00
0.25

0.50

6-Jun

0.50

0.50
2.75
2.50

6-Jun
4-Jun
13-Jun

0.50
2.75
2.50

Current (%)

SGD 3-Month SIBOR

MYR O/N Policy Rate
IDR O/N Rate
THB 1-Day Repo
PHP O/N Reverse Repo
TWD Discount Rate
HKD Base Rate
CNY 1-Yr Lending Rate
Fed Funds Target Rate
ECB Main Refinancing
Rate
BOE Official Bank Rate
RBA Cash Rate Target
RBNZ Official Cash Rate

23 May 2013

Equity Indices and Key Commodities

Upcoming CB
Meeting
11-Jun
13-Jun
29-May
13-Jun
20-Jun
20-Jun

Rates

Indicators
Dow
Nasdaq
Nikkei 225
FTSE
Singapore Straits Times
Kuala Lumpur Composite
Jakarta Composite
Philippines Composite
Taiwan TAIEX
Hong Kong Hang Seng
Nymex Crude Oil WTI
Comex Gold
Reuters CRB Index
MBB KL

Value
15,307.17
3,463.30
15,627.26
6,840.27
3,454.37
1,783.88
5,208.00
7,385.07
8,398.84
23,261.08
94.28
1,367.40
286.33
10.08

% Change
-0.52
-1.11
1.60
0.53
0.30
-0.20
0.37
0.78
0.19
-0.45
-1.96
-0.74
-0.55
-1.37

Page 3 of 5

Maybank GM Research
MYR Bonds Trades Details
MGS & GII
MGS 5/2009 3.210% 31.05.2013
MGS 1/2008 3.461% 31.07.2013
MGS 2/2004 5.09400% 30.04.2014
MGS 2/2011 3.434% 15.08.2014
MGS 4/2009 3.741% 27.02.2015
MGS 1/2010 3.835% 12.08.2015
MGS 3/2012 3.197% 15.10.2015
MGS 1/2013 3.172% 15.07.2016
MGS 1/2006 4.262% 15.09.2016
MGS 5/2012 3.314% 31.10.2017
MGS 2/2003 4.24000% 07.02.2018
MGS 2/2013 3.260% 01.03.2018
MGS 5/2011 3.580% 28.09.2018
MGS 6/2012 3.492% 31.03.2020
MGS 1/2011 4.16% 15.07.2021
MGS 1/2012 3.418% 15.08.2022
MGS 3/2011 4.392% 15.04.2026
MGS 2/2012 3.892% 15.03.2027
MGS 3/2010 4.498% 15.04.2030
MGS 4/2012 4.127% 15.04.2032
MGS 4/2013 3.844% 15.04.2033
PROFIT-BASED GII 4/2009 31.07.2014
PROFIT-BASED GII 6/2012 08.02.2016
PROFIT-BASED GII 7/2012 15.05.2020
PROFIT-BASED GII 3/2011 30.04.2021
PROFIT-BASED GII 4/2012 15.11.2022
PROFIT-BASED GII 5/2012 15.06.2027
Total

PDS
KHAZANAH 0% 08.12.2016
SME BANK IMTN 3.6% 13.08.2019
DANAINFRA IMTN 3.740% 20.07.2022 - Tranche No 2
DANAINFRA IMTN 4.040% 20.07.2027 - Tranche No 4
TPSB IMTN 4.120% 19.11.2027 - Tranche No 3
TPSB IMTN 4.360% 19.11.2032 - Tranche No 4
PLUS BERHAD IMTN 4.860% 12.01.2038 - Series 1
PLUS BERHAD IMTN 5.000% 31.12.2038 - Series 2
AMAN IMTN 3.750% 21.10.2016 - Tranche No. 8
KEXIM MTN 1827D 02.2.2017
PUTRAJAYA IMTN 5.500% 13.07.2017
PUTRAJAYA IMTN 05.10.2017
PUTRAJAYA IMTN 5.200% 25.01.2018
GB SERVICES MTN 3651D 08.11.2019 - MTN 1
PLUS BERHAD IMTN 4.480% 12.01.2023 - Series 1 (7)
MANJUNG IMTN 4.820% 25.11.2030 - Series 1 (15)
SEB IMTN 4.500% 19.01.2022
KLK IMTN 4.00% 02.09.2022 - Issue No. 1
MAYBANK 4.120% 28.12.2023
WESTPORTS IMTN 5.380% 30.04.2026
SEB IMTN 4.850% 19.01.2027
TANJUNG BP IMTN 5.450% 16.08.2029
ACSB RM20.0M SR MMTN 30/01/2015 ISSUE 1
SERIES 3
ABHC IMTN 5.750% 22.04.2016
WESTSTAR IMTN 4.650% 30.11.2016
WESTSTAR IMTN 4.900% 30.11.2017
WESTSTAR IMTN 5.050% 30.11.2018
TBEI IMTN 6.100% 14.03.2031
TBEI IMTN 6.200% 16.03.2032
AMBANK MTN 3650D 14.10.2022
Total

Coupon
3.210%
3.461%
5.094%
3.434%
3.741%
3.835%
3.197%
3.172%
4.262%
3.314%
4.240%
3.260%
3.580%
3.492%
4.160%
3.418%
4.392%
3.892%
4.498%
4.127%
3.844%
3.909%
3.235%
3.576%
4.170%
3.699%
3.899%

Maturity Date
31-May-13
31-Jul-13
30-Apr-14
15-Aug-14
27-Feb-15
12-Aug-15
15-Oct-15
15-Jul-16
15-Sep-16
31-Oct-17
7-Feb-18
1-Mar-18
28-Sep-18
31-Mar-20
15-Jul-21
15-Aug-22
15-Apr-26
15-Mar-27
15-Apr-30
15-Apr-32
15-Apr-33
31-Jul-14
8-Feb-16
15-May-20
30-Apr-21
15-Nov-22
15-Jun-27

Volume
(RM m)
325
2
653
285
11
722
290
145
82
530
1
110
1
223
111
41
49
21
1
3
60
10
50
40
40
40
10
3,856

GG
GG
GG
GG
GG
GG
GG
GG
AAA IS
AAA
AAA ID
AAA IS
AAA ID
AAA (S)
AAA IS
AAA
AA1
AA1
AA1
AA+ IS
AA1
AA2

0.000%
3.600%
3.740%
4.040%
4.120%
4.360%
4.860%
5.000%
3.750%
4.070%
5.500%
4.100%
5.200%
5.300%
4.480%
4.820%
4.500%
4.000%
4.120%
5.380%
4.850%
5.450%

Maturity
Date
8-Dec-16
13-Aug-19
20-Jul-22
20-Jul-27
19-Nov-27
19-Nov-32
12-Jan-38
31-Dec-38
21-Oct-16
2-Feb-17
13-Jul-17
5-Oct-17
25-Jan-18
8-Nov-19
12-Jan-23
25-Nov-30
19-Jan-22
2-Sep-22
28-Dec-23
30-Apr-26
19-Jan-27
16-Aug-29

AA- ID
AA3 (S)
AA- IS
AA- IS
AA- IS
AA3
AA3
A1

4.600%
5.750%
4.650%
4.900%
5.050%
6.100%
6.200%
4.450%

30-Jan-15
22-Apr-16
30-Nov-16
30-Nov-17
30-Nov-18
14-Mar-31
16-Mar-32
14-Oct-22

Rating

Coupon

Last Done
3.07
3.01
2.84
2.97
2.96
2.94
3.04
3.02
3.14
3.17
3.15
3.08
3.16
3.2
3.18
3.2
3.47
3.36
3.64
3.66
3.67
2.96
3.19
3.35
3.44
3.45
3.72

Volume
(RM m)
5
40
40
25
20
20
380
40
10
60
5
5
10
25
10
5
5
20
4
5
5
10
10
1
30
15
30
10
30
1
876

Day High
3.07
3.01
2.88
3.02
2.96
2.97
3.04
3.04
3.14
3.18
3.15
3.15
3.16
3.2
3.22
3.21
3.5
3.41
3.64
3.7
3.67
2.96
3.19
3.35
3.44
3.45
3.72

Day Low
2.98
3.01
2.82
2.91
2.93
2.92
2.95
3.01
3.06
3.11
3.15
3.07
3.16
3.19
3.18
3.19
3.47
3.36
3.64
3.66
3.6
2.96
3.18
3.34
3.44
3.43
3.72

Last
Done
3.3
3.54
3.7
3.99
4.05
4.27
4.35
4.41
3.53
3.8
3.56
3.57
3.66
4
3.88
4.33
4.13
3.98
4.03
4.36
4.52
4.77

Day
High
3.3
3.56
3.7
3.99
4.05
4.27
4.37
4.41
3.53
3.8
3.56
3.57
3.66
4
3.88
4.33
4.13
3.98
4.03
4.36
4.52
4.77

Day
Low
3.3
3.54
3.69
3.99
4.05
4.27
4.35
4.4
3.53
3.8
3.56
3.57
3.66
4
3.88
4.33
4.13
3.98
4.03
4.36
4.52
4.77

4.4
5.55
4.49
4.74
4.85
5.11
5.22
4.25

4.4
5.55
4.49
4.74
4.85
5.11
5.22
4.25

4.4
5.55
4.49
4.74
4.85
5.11
5.22
4.25

Source: BPAM

23 May 2013

Page 4 of 5

Maybank GM Research
Disclaimer
This report is for information purposes only and under no circumstances is it to be considered or intended as an offer to sell or a solicitation of an
offer to buy the securities or financial instruments referred to herein, or an offer or solicitation to any person to enter into any transaction or adopt
any investment strategy. Investors should note that income from such securities or financial instruments, if any, may fluctuate and that each
securitys or financial instruments price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past
performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take
into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report.
Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities and/or financial
instruments or the investment strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by
Malayan Banking Berhad and/or its affiliates and related corporations (collectively, Maybank) and consequently no representation is made as to
the accuracy or completeness of this report by Maybank and it should not be relied upon as such. Accordingly, no liability can be accepted for any
direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Maybank and its officers, directors,
associates, connected parties and/or employees may from time to time have positions or be materially interested in the securities and/or financial
instruments referred to herein and may further act as market maker or have assumed an underwriting commitment or deal with such securities
and/or financial instruments and may also perform or seek to perform investment banking, advisory and other services for or relating to those
companies whose securities are mentioned in this report. Any information or opinions or recommendations contained herein are subject to change
at any time, without prior notice.
This report may contain forward looking statements which are often but not always identified by the use of words such as anticipate, believe,
estimate, intend, plan, expect, forecast, predict and project and statements that an event or result may, will, can, should, could or
might occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information
currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those
expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward looking statements. Maybank
expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after
the date of this publication or to reflect the occurrence of unanticipated events.
This report is prepared for the use of Maybanks clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any
other party in whole or in part in any form or manner without the prior express written consent of Maybank. Maybank accepts no liability whatsoever
for the actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality,
state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
Published by:

Malayan Banking Berhad

(Incorporated in Malaysia)
Foreign Exchange
Singapore
Saktiandi Supaat
Head, FX Research
saktiandi@maybank.com.sg
(+65) 63201379

Fixed Income
Malaysia
Tan Chee Wee
Head, Fixed Income Research
tan.cwee@maybank-ib.com
(+60) 3 20314829

Sales
Malaysia
Md. Farid Kairi
Head of Sales, Malaysia
mdfarid.k@maybank.com.my
(+60) 3 27869111, (+60) 17 6719185

Leslie Tang
Senior FX Analyst
leslietang@maybank.com.sg
(+65) 63201378

Chia Suil Fun

Senior Fixed Income Analyst
suilfun.c@maybank-ib.com
(+60) 3 20314934

Singapore
Chan Wai Fong
Head of Sales, Singapore
wfchan@maybank.com.sg
(+65) 63201331, (+65) 93835876

Fiona Lim
FX Analyst
Fionalim@maybank.com.sg
(+65) 63201374

Indonesia
Juniman
Chief Economist, Indonesia
juniman@bankbii.com
(+62) 21 29228888 ext 29682
Josua Pardede
Economist / Industry Analyst
JPardede@bankbii.com
(+62) 21 29228888 ext 29695

Indonesia
Oki Haridadi H
Head of Sales, Indonesia
OHaridadi@bankbii.com
(+62) 21 2300888 ext 22122
(+62) 21 29936399
China (Shanghai)
Lawrence Chan
Head, Treasury
lawrencechan@maybank.com.cn
(+86) 21 68860003 ext 21
Joyce Ha
Senior Sales Dealer
joyce.ha@maybank.com.cn
(+86) 21 28932588

23 May 2013

Page 5 of 5