31 January 2011

UBS: Asian earnings—week of 31 Jan & 7 Feb

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Asian earnings—week of 31 Jan & 7 Feb
􀂄 Asia Earnings Watch—weekly preview of reporting season
Our report highlights UBS versus consensus estimates across our coverage of 700
companies in 10 Asian markets. We preview earnings, and highlight high
conviction ideas and beats or misses that we think could surprise the market or
influence share prices.

􀂄 Korean banks featured, expect Daewoo Shipbuilding to beat
We expect earnings surprises from Industrial Bank of Korea (reports 10 February),
but expect KB Financial Group (10 February) to disappoint. We expect higher
offshore revenue to lead to better-than-expected results from Daewoo Shipbuilding
& Marine Engineering (7 February).
􀂄 Results in the next two weeks—beats from India mid-caps
In India, we expect Adani Enterprises, Punj Lloyd, Sun Pharmaceuticals Industries
and NMDC to beat consensus profit forecasts. We list our high conviction Beats
and Misses ideas on Page 2.

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