UBS Key Calls - Asia Changes to Key Calls �

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UBS Investment Research
UBS Key Calls - Asia
Changes to Key Calls
􀂄 Remove China National Building Materials (CNBM)
We are removing CNBM from our Key Call list. We added CNBM on 14
September 2010, as we believed it would benefit from higher cement prices due to
an improving supply and demand balance in China, which appeared to be not
reflected in the share price given its historical low valuations (ex-financial crisis).
The share price has subsequently risen by 84% and outperformed the MSCI Asia
ex Japan index by 73%. We think the improvement in fundamentals is now better
reflected in the share price. Our rating for CNBM remains a Buy, and our price
target is unchanged at HK$37.50.
􀂄 Ten live Key Calls
We have 10 live Asia Key Calls—Bangkok Bank, Cheung Kong Infrastructure
(CKI), Genting Singapore, ICBC-H, Lanco Infratech, LG Display, OCBC,
Shanghai Electric-H, Shriram Transport Finance, and Sun Hung Kai P (SHKP). All
are rated Buy.