MORNING NOTE

For Private Circulation Only

KDN PP9488/05/2010 (023849) Tuesday – 28/09/10

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!" # &B&:< E#:7# BB #& # 9 <= "&: < :< &7 : :% #
12421 : &<7 : # A E&7# & & 77 @ ? &D "&; &= &< #
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 MORNING NOTE

MARKET COMMENTARY

/ 7D & =%9& :
<B # ?: BB 9 "? B&: < @ # +, <= > :<
; & %& : <A 9 7 & = #& " B &D ? E < +1 &<D 9 &<=
&<7 &<&<= ? D = E< &<= ;: = 9 &= # E = 9 7 9:< @ &<=
&<= , B&( 7 =:E #: < & = : &:<B +1 = 99 = G &@ 9 9
@&":: & E:# # "& &:= # ?&<D <= = &D E:# &<&<= &<D @ " : 7&
9 &<=1 &A " #&< G% &=:<B :< # )* ?
A C"9 = G &@ 5<: A &B = ? ; # "&D @#&: 7&
9 =7 @ H ? :1 &< / =:<B <7 G & #E ::<
@@ = &? H ? 1# +, G % 1# : <= > #& & :=
G #: " < #%E#: 7# E = ? # ?:
BB 9 "? B&:< :<7 1#
)* "9 = 9: < % G% %

& #& 9 :7 < & &&; : & <= = @:" ; =&;E:# # D ; 9

G :
< :< E:# B:<& "&D 1# E& " <: ?? :
<B @ @:<&<7 &<=
9&<&:< & = 7D & <B B&:< < 6& & :
=&; # 9 = 9
? ;:
<B ; =&; < # 7& ? 1# 7 = 9:
< #: B# &
% % = ?; B&:
< B: = ?; 0 9% &;?&<D &<= 2 9 &:<
0&:< ? & E#: 7 < E <7#&<B =% < &= =
&<= # E 9 <= =

:+ 7D @ # @ : :" : < @ =&; &@ & 9 # E =5 = "&<= @

7&9:& B = : <7 & = " #&< @ 7& % & :
<B7 <7 < # 7 < ": 7 7A ;
:@ & : <B / <=& %& 7& "&D #& B " #&< G @: &
&? &=% C"9 = G "& =% # E =( 7 <= ?:
BB "&D @
7< 7:< F : 9" <% 7:"? = G : ?:#: 9% * &9&<( &B
7 "" =:: &= %B&:<= G & " & &<= : 9 :7 : <7 & = < "
<= 9 <B = < 9 7 &:< 1&D @C : 9 E: @: @ ?&<D 97; 9 7:<
1# -: DD : G % 1# 1 9:>:
<= > 7:"? = G %
E:#" #&<@:
A : " & "&<; #& &=A&<7: <B& = 7:<:<B

)! ! 7D % <=: <B # /&<B <B <= > : #:B# A :<" #&< : B#

" <# %& >9 B&:< = <&5 7&9:& B = 9 &<== A 9 7:
"? =
&# &= @& := <:& : & 7:< 4 4 < <= :& / =:<B =%E#: 7# "&D
# @ -: D <7% 7: "? = G &@ -:D ? = : = >7 <<
< <&:<& / =: <B =%&7 < &7 "&D @" ?: 9# < #& 7 : A &?
G @: A< @ " # " : 7& %C"9 = G # <B <B !/ =: <B $ =
0&:<= G &@ B&< &< ; &: = : #& 9 : 7 :"& * :
&<B>: 99
% #:<&( - 9 =7 @ # " &% G%&<= < 7 =% #: <&(
&B @@# : 9 = 7 %&=A&<7 = G &@ 7 "" =:; 9 : 7 : <7 & =
1# /&<B <B <= > G % % # #:B# 7 :<7 *&< ?
# 7D &=A&<7 = @ &7# < #& @ < # " "? B& B 1# /&<B
<B #:<& < 9 : <= > G %

7D 7:"? = # " :< # E D & & ? <= : < = "&<= @ 5 7&9:&

B = & = 7 <7 < # B ?& 7A ; : @ & : <B &<= 9 @ : @ #:<
:
<= :
& 7 "9&<: B == :<B # @ : :B# " <# * :&<B>: 99 &<=
": <" 9 @ #:<& = & & G &@ = @ 5 7&9:&
F: 9" < >7 = = 7 < ": ( : "& I# <BC:
<0 = 9% # 7 < ;(
7 <= & B 9 =7 @ # 9 7: " &%B&: <= # " :
< A <E D <
# 9 9 7 &77 &: <B :
<@&:< E: ? = "&<= @ ? :< & & &@ #&A <
) <B@&<B 7:7 9 & := # G =&:; 7&9 & :<= :
&9 @ : ? <= =
G &@ :=:
<B & ; & 1# #&<B#&: "9 : <= > &=A&<7 = %
G% % %# " :
<7 9 1# <= > &== = G
%

+! 1# &: 1:" <= >B&:<= G % & # 7 " <B # &7:A %

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&=:<
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E#: :<B&9 >7#&<B :<7 & = G H

2
 MORNING NOTE

ECONOMIC & CORPORATE NEWS

+ ! 4 =&;J 2- &9:& #= ! 2- &9$ 0 &E G @ #& # = 99 : <B

++! )! (! # ' ? @@ ?;/ <B <B &<D #= ? ; 2- &9J & &<= :
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= 7::< @ " # 7 " +- <&<B&/ =:<B #=B 9 =: 7 1 <BD
)& D I&@ ?= K:
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7 & &;?&<D
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9 ::< $ : < : &E : &B&: < 2- &9 &<= : =: 7 1# # E:< %
) ??: <B% : & @ " +- <&<B& +- <&<B& E& &=A: @:
9 <= < ':< : : %E# #&=7& =&< 0 A :
< A <=: 7 &@ #
9 A: ? & = C7 =/ <B <BJ :
<::&' ? ?:
=!

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&<D : < E # @ # &B :< " @ 7D? D: <B "& D #& ?; A "
&<= &? A " : ? #:
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7D? D:<B ? :< # B# : B E#: < ? # & & %#: B# 9 < : &:
>9 7 = :< # &: B" < # @ :
<&<7:
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& &;?&<D <A " < &<DB E ?; G !

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& :J : B:<& 9&< >9&<=:< 9
?; 9 <:<B & 7 <= E& # : 7 <;9 < # =% E:<B # @
7 < ":7 7 <=::< 1# 7 "9&<; :%# E A % &D: <B & &&; :&< 7 "9&<;
E#:7# 9 & & :":& ? : < # < & 9& < #: 9 : @ :
<&<7:
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9 "&: < :& : J "&:< "&D %7 < :? :<B &? G # 7 "9&<;J
A < %E#: # 5 7 < : ? G !

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0$ - + &&; :&< "" <: 7&:< &<= :
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7 #&<E#&J &A&:&? < E 1#
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=# &<= ' ) < #&
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7 "9&<; 9& @ " ' ) < % &>: #= : # <; # E: 9 & #&
#&= @@:
7:& ; &<< <7 = : 9&< ?": : ? : < 7& @ # 0
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@# 9 7 " <:< E: 9&; !

01' &&; :
& :: < ! $ : D:
<B & G 7&9&7:; :
<7 & < > ; & @ @: B#
+ &,
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, 9&< A &B < # = : A ; @< E 9&< &<= : <7 & = @ F <7: @
@:B# 99 # 9 C7 =B E # 1# <&:<& 7& : 7 < ;? & &;: =
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3
 MORNING NOTE

& 7$!8 & 1# B A <" < #& < "&= &<;= 7::< < # & @, 5 >9 E&; #=%
! ! #(/ &; # ) 9 ;, :" :<: < &: 9 #&= &: = #& #&K&<&#":B#
: &D :< # &= 9 & < # 9& %9 :A& ; # = & ?& =< #=
#&= A :
7=: : < :< # #:
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#:B#E&; &<= &:= #& : 9&< E = <= & : <7 & &<= # 9 #
B A " < &A ' ?:<7 "9 < &:<9&;" < <: !

&+ !9 <E&; :; #=( E# ; E< = <:% <E&; :; !, <&<B$ =< #=%#&= <
# B &B = ? ; #& @&<= @ :
= <:& = A 9" < :< & & )&;&
=: :7%, <&<B%@ " <B : & / =:<B =< #= @ ' " < :; &:
=
# & & E: #&A &< :
"& = B = A 9" < A& @' " E# < @ ;
= A 9 = 1# 9 9 = = A 9" < @ # < E &<= ?&<D 7 < : @ ":
= &7# = # &<= ? <B& E E#:7# E: <B# < < :;( 9 <7 :
<
, <&<B !

" - ! <"& D <= :& ! $ #= E: < ? &? : : &<< & 9 %E#: 7#

+! :
<7 = &<< & & =: = @ :
<&<7:
& & " < B # E:# # & =: ( &<=
=: 7 ( 9 @ # 7 "9&<;%?; # <= @ # A&< :" @&" 1#
7 "9&<; E& 99 = ?": # 9 E:#:< :
> " <# @ " # 7 @
# @:
<&<7:& ; & <= = & 7# % ! 4 $ 1# & =: @ # & =: = @:
<&<7:&
& " < @ 4 E& : 9 <=: <B& # 7 "9&<;#&=< ? <&? A
# &<=:
<B 9&;" < = & =: :
< 97 @ # <"& D 0 9
@:
<&<7:
& & " < @ 4 %&==: <B #& " @: 7 = #&= ? < &D < ?;
# 7 :: "": :< ! $

2! " - & 1&: E D 9 #=( : <=: 7 ; E< = ? :

=:& ;% 7 1 7#< B; &<=
9
!- <B:
< : <B , =%#& 7 =& ; & >7 : A : B# = : B<%7 < 7%
9 & &<= "&: <&:< # : <= :& E& E& &" < &<= 7;7 = E&
9&< &<= 7;7 = E& 9:9:
<B :< # -: <B= <B < B; # ": 7& & :
#&
<= :& ,& D :< -: <B>:
& 9 A: <7 % #: <& 1# 9 C7% :"& = 7
' "%: &? := 9 & &< @ 9 C7 @ &9&< E:#& &" < 7&9&7:;
@ " : 9 =&; < 7:<E: ? : < &B %E:# # @ : 9#& ? : <B "
: 9 =&; 1# ; & 7 <7 :< 9 :=% E#: 7# >7 = & < ;&
7< 7:< 9 :=%E: ? B: < &@ # 7:9 @ <A: <" < & &99 A& 7
E& >9 7 = : <A ' ": <9 9 :< : F :; = ? &: @ L
@ # 9 C7 E: @<= # 9 C7 # B# #& # = ( &< &<=M ?&<D
? E:
<B ! $

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