Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

ASIA-PACIFIC

Sep

Oct

MARKETS MONTHLY Highlights and insights from S&P Capital IQ

WHAT’S INSIDE

• Ctrip.com’s Acquisition of Qunar • Japan Post IPO Case Study • Credit Risk Trends for Asia • CreditMatters • S&P Entity Credit Rating Action • Total Return of Asia Fixed Income Indices • Public Offerings • M&A Activity by Country, Sector • Private Equity Investments and Buyouts • Venture Capital Investments

Dec Nov 2015

Ctrip.com’s Acquisition of Qunar Acquisition Highlights

2015 Top M&A Transactions in China Internet Sector

• On October 26, 2015, Ctrip acquired 48.4% stake in its chief rival, Qunar, from Baidu for US$3.4bn through a share swap.

Announcement Date

Target

Buyer

Total Transaction Buyer Type Value (US$mm)

• The share exchange ratio for the transaction was 0.725 Ctrip ADSs per Qunar ADS, implying an acquisition price of US$53.89 per share and a 1-day premium of 36.4%.

06/17/2015

• Ctrip’s shares soared 22% to $90.78 after the announcement while Qunar was up 7.8% to $42.65.

10/16/2015

CITIC Securities; China Qihoo 360 Technology Co. Ltd. Renaissance; Sequoia Capital China Youku Tudou Inc. Alibaba Group Holding Limited

10/26/2015

Qunar Cayman Islands Limited

Ctrip.com International Ltd.

3,416.2

Strategic

07/09/2015

YY Inc.

2,763.0

Financial

06/23/2015

Momo Inc.

1,855.3

Financial

04/17/2015

Beijing Feixiangren IT Ltd.

Huatai Ruilian Fund Management Co., Ltd.; Sequoia Capital China; et al 58.com Inc.; BlueRun Ventures

1,560.9

Strategic

06/10/2015

Renren Inc.

-

990.0

Financial

07/20/2015

Anhui LaiWang Technology Ltd Ngai Shun Holdings Limited C-Travel International Limited; eLong Inc. Plateno Hotels Group Co .Ltd.; et al Tencent Holdings Ltd., eLong Inc. Investment Arm

838.6

Financial

682.5

Strategic

600.8

Strategic

• After the transaction, Baidu will own 25% of Ctrip and will have two executives joining Ctrip’s Board of Directors; Four representatives from Ctrip have been appointed to the Board of Qunar. • This has been the third consolidation between leading industry rivals in China’s internet sector this year after the mergers between Didi and Kuaidi, and Meituan and Dianping.

05/22/2015 08/03/2015

Online Travel Agency Comparable Company Analysis – NTM Multiples Company Name Ctrip.com International Ltd. Qunar Cayman Islands Limited eLong Inc. Tuniu Corporation HANATOUR Service, Inc. Helloworld Limited Webjet Ltd. TripAdvisor Inc. The Priceline Group Inc. Expedia Inc.

P/E TEV/Total Revenue 99.0x 9.5x NM 5.4x NM 2.0x NM 0.4x 24.4x 1.6x 20.8x 0.1x 19.3x 2.8x 38.4x 7.1x 18.9x 6.3x 22.2x 2.2x

Mean Median

34.7x 22.2x

9,912.8

Financial

4,411.9

Strategic

Share Price Performance (USD) PEG Ratio 1.3x NA NM NA 0.9x 2.7x 1.1x 1.8x 1.0x 1.1x

3.7x 2.5x

1.4x 1.1x

Source: S&P Capital IQ as of November 30, 2015. Charts are for illustrative purposes only.

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 2

Japan Post IPO Case Study Japan Post IPO Highlights • Japan Post Holdings together with its savings bank and Insurance subsidiaries made their initial offering on November 4th 2015. Shares were listed on the Tokyo Stock Exchange. The proportion of the offering reserved for domestic investors was 80%. The domestic portion of the offering targeting retail investors was 95%. The book-building period was from October 8, 2015 to October 23, 2015 and had been oversubscribed by more than five times. • The offering was the largest in Japan since 1987, and the largest IPO in the world this year. Gross Offering Amount of the three listings totaled ¥1.4T (US$12B). The proceeds will be used by the government to fund reconstruction from Japan's 2011 earthquake and tsunami disaster.

Japan IPO Transaction Details Transaction Details (Unit: mm, except per share values) Company Name Offer Date Exchange:Ticker Price Per Share First Day Close Price First Day Price Return Shares Offered Gross Offering Amount

Japan Post Holdings 6178 ¥1,400 ¥1,760 25.71% 495 693,000

Japan Post Japan Post Bank Insurance 11/4/2015 7182 7181 ¥1,450 ¥2,200 ¥1,671 ¥3,430 15.24% 55.91% 412 66 598,041 145,200

• More than 60 underwriters were involved including Nomura, Mitsubishi UFJ, Morgan Stanley, Daiwa, SMBC Nikko, Mizuho, Goldman Sachs, and JP Morgan.

Relative % Change

Japan Post post-IPO Share Price Performance (JPY)

Comparable Valuation Analysis

Japan Post Holdings Comps Average (7 Domestic Postal Comps) Japan Post Bank Comps Average (10 Domestic Banks) Japan Post Insurance Comps Average (6 Domestic Insurance Comps)

PE *

PBV *

20.04X

0.56X

Dividend Yield * 2.41%

17.66X

1.38X

1.64%

20.83X

0.57X

1.43%

11.58X

1.16X

2.55%

27.22X

1.06X

1.46%

15.67X

1.57X

2.07%

*PE and Dividend Yield are FY2016 estimates. PBV is based on LTM actuals.

Source: S&P Capital IQ as of December 1, 2015. Charts are for illustrative purposes only.

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 3

Credit Risk Trends for Asia The Credit Landscape using PD Fundamentals in Asia Sector Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecommunication Services Utilities Country Average

Australia bb bbb bb+ bbbbb bb+ bbbbbbbb+ bbbbb+

China bbbbbbb bb+ bb+ bb+ bb bbbbb bb+ bb+

Hong Kong bb+ bb+ bb+ bbb bb+ bbbbb bbbbb+ bbb bbb-

India bb bbbbbb+ bb b bb+ bb bbbb bb-

Indonesia bbbb bbb bb b+ ccc bb bb bbbb+

aaa to a- bbb+ to bbb- bb+ to bb- b+ to b- ccc+ and below Japan bbbbbb bbbbbbbbbbbbbbbbba bbbbbb-

Malaysia New Zealand Philippines bb bb b+ bb+ b+ bbbbb+ bb+ bbbbbb bbbbb+ bbbb+ bb+ bbbbb bbb bb+ bb+ bb bbbbb+ bb+ bbb bb+ bb+ bb+ bb bb+

Singapore bbb+ bbbbbbbbbbbbb bbbbbbb bb bb+

South Korea Taiwan Thailand bbbbb bbbb+ bb+ bb bbbbbbbb bb+ bb bb bb b+ bb bbbbb bbbbb b+ bb bb bb+ bbbbbbbbbbb bb bb bb+ bb bb-

Sector Average bb+ bb+ bb bbbbb+ bb+ bb+ bb bbb bbbbb+

Source: Credit Analytics on S&P Capital IQ Platform. Credit ratings are prepared by Standard & Poor’s Ratings services, which is analytically and editorially independent from any other analytical group at McGraw Hill Financial. Lowercase nomenclature is used to differentiate S&P Capital IQ’s PD Fundamental scores from the credit ratings issued by Standard & Poor’s Ratings Services. As of November 30, 2015. For illustrative purposes only.

Market Signal Probability of Default Trends in Asia

“High Risk” Companies with Revenues (Last 12 Months) above USD 100 Million Ticker

Company Name

Country

Sector

NasdaqGS:VDTH Videocon d2h Limited

India

Consumer Discretionary

BSE:532976

Jai Balaji Industries Ltd.

India

Materials

NSEI:DEN

DEN Networks Limited

India

Consumer Discretionary

BSE:521082

Spentex Industries Limited India

Consumer Discretionary

NSEI:PRECOT

Precot Meridian Limited

India

Consumer Discretionary

BSE:532389

Valecha Engineering Ltd.

India

Industrials

BSE:532305

Ind-Swift Laboratories Ltd. India

Healthcare

BSE:513597

Surana Industries Limited

Materials

India

Note: “High Risk” are corporations and banks flagged as “ccc+ and below” in PD Fundamentals AND CreditModel AND PD Market Signals implied scores, with total revenues > USD 100mn. Source: CreditModel Scores, PD Fundamentals and PD Market Signals are from S&P Capital IQ’s platform. As of November 30, 2015. For illustrative purposes only.

Source: Equity volatility based PD Market Signal benchmarks as of November 30, 2015. For illustrative purposes only

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 4

CreditMatters More Top Stories:

Alibaba Still Faces Competitive Risks Amid Startling Growth China's e-commerce giant, Alibaba Group Holding Ltd. (A+/Stable/--; cnAAA/--), is in a solid position to drive revenue and profitability growth. The company smashed global sales records at this year’s 11.11 Global Shopping Festival, where about a third of the buyers bought international products. Alibaba also continues to benefit from strong online user traffic. But competition is growing. “Alibaba appears to be successfully transitioning into a mobile platform, and we believe it is in a firm position to grow its cross-border e-commerce," said Standard & Poor's credit analyst Tony Tang. "The company offers international products from more than 40 countries on its Tmall Global platform to domestic customers, and this could be the major growth driver for its future earnings.“ Read the full article.

China 'AA-/A-1+' Sovereign Ratings Affirmed; Outlook Remains Stable Banking Industry Country Risk Assessment: Australia Noble Group Ltd. Ratings Placed On CreditWatch Negative On Weakened Liquidity Ratings On BHP Billiton Ltd. Affirmed At 'A+/A-1', Outlook Remains Negative

S&P Entity Credit Rating Action (Nov ‘15) Company Name

Issuer Credit Rating Action: Foreign / Local Currency LT Geographic Locations

CREDIT UPDATE

China Fishery Group Limited (SGX:B0Z) China Shanshui Cement Group Ltd.

Downgrade (Nov-26-2015) From "CCC+" to "SD" Downgrade (Nov-13-2015) From "CC" to "D" Downgrade (Nov-06-2015) From "CCC" to "CC"

Hong Kong China

Click here to subscribe to CreditMatters Asia-Pacific, a weekly newsletter that offers the latest credit market insights.

Glorious Property Holdings Limited (SEHK:845) Greater Building Society Ltd. Hidili Industry International Development Ltd. (SEHK:1393) Inpex Corporation (TSE:1605)

Upgrade (Nov-04-2015) From "CC" to "CCC" Upgrade (Nov-19-2015) From "BBB" to "BBB+" Downgrade (Nov-04-2015) From "CCC-" to "D" Downgrade (Nov-27-2015) From "A" to "A-" Downgrade (Nov-27-2015) From "A-1" to "A-2"

Hong Kong Australia China Japan

Maoye International Holdings Limited (SEHK:848) Nelson City Council Panasonic Corporation (TSE:6752) PT Alam Sutera Realty Tbk (JKSE:ASRI) PT MNC Investama Tbk (JKSE:BHIT) PT Tower Bersama Infrastructure Tbk (JKSE:TBIG) Qantas Airways Limited (ASX:QAN)

Downgrade (Nov-02-2015) From "BB-" to "B" Upgrade (Nov-23-2015) From "AA-" to "AA" Upgrade (Nov-25-2015) From "BBB+" to "A-" Downgrade (Nov-03-2015) From "B+" to "B" Downgrade (Nov-11-2015) From "B+" to "B" Downgrade (Nov-26-2015) From "BB" to "BB-" Upgrade (Nov-16-2015) From "BB+" to "BBB-" Upgrade (Nov-16-2015) From "B" to "A-3"

China New Zealand Japan Indonesia Indonesia Indonesia Australia

Sharp Corporation (TSE:6753)

Downgrade (Nov-04-2015) From "B-" to "CCC+" Downgrade (Nov-04-2015) From "B" to "C"

Japan

SK Broadband Co., Ltd. Sound Global Ltd (OTCPK:SGXX.F) Standard Chartered Bank Korea Limited STATS ChipPAC Ltd. (OTCPK:SCIP.F)

Upgrade (Nov-03-2015) From "BBB+" to "A-" Upgrade (Nov-27-2015) From "CCC" to "CCC+" Downgrade (Nov-20-2015) From "A+" to "A" Downgrade (Nov-06-2015) From "BB" to "BB-"

Korea, South China Korea, South Singapore

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CREDIT SPOTLIGHT China Credit Spotlight: flagship series of China research that brings together views on China’s economic and credit trends. ASEAN Credit Spotlight: showcases insights into ASEAN macroeconomic developments and key credit trends affecting governments, corporates and financial services.

Content by

S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 5

Total Return of Asia Fixed Income Indices INDEX S&P Pan Asia Bond Index S&P Pan Asia Corporate Bond Index S&P Pan Asia Government Bond Index S&P China Bond Index S&P China Convertible Bond Index S&P China Composite Select Bond Index S&P China Composite Select Bond Index (USD) S&P Hong Kong Bond Index S&P BSE India Bond Index S&P India USD Corporate Bond Index S&P BSE India 10 Year Sovereign Bond Index S&P Indonesia Bond Index S&P Malaysia Bond Index S&P Philippines Bond Index S&P Singapore Bond Index S&P South Korea Bond Index S&P Taiwan Bond Index S&P Thailand Bond Index

YIELD 3.67 3.87 3.59 3.40 3.35 3.35 0.33 7.87 3.04 7.77 8.66 3.86 4.27 2.04 2.04 1.09 2.20

1-M

YTD

-0.80 1.61 -0.58 3.06 -0.88 1.06 0.23 6.55 -0.08 -25.83 0.13 6.44 -0.70 3.26 -0.03 0.83 0.15 7.84 0.02 3.38 -0.26 6.59 1.79 4.75 0.19 3.72 -1.90 1.48 0.09 1.39 -0.62 3.55 0.51 4.11 0.34 3.69

INDEX

YIELD

S&P/ASX Australian Fixed Interest 0+ Index S&P/ASX Australian Government Bond 0+ Index S&P/ASX Bank Bill Index S&P/ASX Corporate Bond 0+ Index S&P/ASX Government Bond 0+ Index S&P/ASX Government Inflation-Linked Bond 0+ Index S&P/ASX State-Government Bond 0+ Index S&P/ASX Supranational & Sovereign Bond 0+ Index Dow Jones Sukuk Higher Quality Investment Grade Total Return Index Dow Jones Sukuk Investment Grade Total Return Index Dow Jones Sukuk Price Return Index Dow Jones Sukuk Total Return Index (ex-Reinvestment) S&P MENA Sukuk Index S&P/DB ORBIT Credit Index S&P/DB ORBIT Index S&P/DB ORBIT SQS Index

2.68 2.48 2.06 3.50 2.53 0.58 2.63 2.85 5.47 4.78 3.77

1-M

YTD

-0.86 2.28 -1.10 1.98 0.16 2.12 -0.44 2.73 -0.95 2.14 -0.55 1.63 -0.70 2.40 -0.70 2.62 -0.74 1.25 -0.73 1.30 -0.94 -1.74 -0.67 1.45 -1.04 1.15 0.75 4.12 0.45 3.44 0.02 2.39

Content by • • • • •

The S&P Pan Asia Bond Index, tracking the local currency bonds in ten countries and calculated in USD, dropped 0.80% in November, bringing the yearto-date (YTD) performance to 1.61%. Its yield to maturity widened 4bps to 3.67% in the same period. The S&P Philippines Bond Index slid 1.90%; while its yield-to-maturity added 32bps to 4.27%. The S&P Indonesia Bond Index continued the gain and rose 1.79% in November, bringing the YTD return to 4.75%. It was also the best performing country among the Pan-Asia region in November. The index's yield-to-maturity tightened by 16bps to 8.66%. The S&P China Bond Index climbed 0.23% in November, bringing the YTD total return to 6.55%. Its yield to maturity widened by 4 bps to 3.40% in the same period. The Dow Jones Sukuk Total Return Index dropped 0.67% , bringing the YTD total return to 1.45%.

Source: S&P Dow Jones Indices. Data as of November 27, 2015. This table is provided for illustrative purposes.

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 6

Public Offerings by Country In November, the IPO market in Asia-Pacific continued to decline with the lowest number of transactions this year. However, the situation will improve in December as China lifts the 4-month IPO freeze and 28 companies will be listed by the end of the year. The October aggregate transaction value is the largest in 2015, led by Japan as a result of the $11.8 billion USD floatation of Japan Post.

No. of IPOs by Country (Nov ’15)

No. of IPOs YTD Activity (14’ vs. 15’)

Value of IPOs (USDmm) by Country (Nov ’15)

Value of IPOs (USDmm) YTD Activity (14’ vs. 15’)

Source: S&P Capital IQ as of November 30, 2015. Figures are based on public offerings offer date. Includes all closed transactions. Charts for illustrative purposes only.

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 7

M&A Activity in Asia Pacific: Strategic Vs. Financial Buyers In November, Strategic Buyers noted the largest aggregate deal value in the last six months, while Financial Sponsors have experienced their lowest number of deals in the last six months. USDmm

# of Deals

No. of Deals Vs. Value of Deals – Strategic

No. of Deals Vs. Value of Deals – Financial

USDmm

[ ] S&P Capital IQ covers 1,300,000+ transactions globally. All transaction information is seamlessly integrated in the S&P Capital IQ platform and S&P Capital IQ Excel Plug-In, and can be viewed alongside the most accurate company fundamentals. To learn more about our transaction coverage, history, and collection process, please contact [email protected].

# of Deals

OUR TRANSACTION DATA

Source: S&P Capital IQ as of November 30, 2015. Figures are based on M&A announcement dates. Includes both closed and pending transactions as well as those without transaction values. Figures are based on data in selected countries in APAC - Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam. Charts for illustrative purposes only.

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 8

M&A Activity in Asia Pacific: Selected Countries The M&A activity in Asia-Pacific was essentially flat in November in terms of number of deals but the aggregate deal value almost doubled the previous month. China and Australia continued to dominate the deal values of the region with the largest transaction values this year. Vietnam, Malaysia, Indonesia, New Zealand and Philippines also recorded the highest monthly transaction values in 2015.

No. of Deals by Country (Nov ’15)

No. of Deals YTD Activity (14’ vs. 15’)

Value of Deals (USDmm) by Country (Nov ’15)

Value of Deals (USDmm) YTD Activity (14’ vs. 15’)

Source: S&P Capital IQ as of November 30, 2015. Figures are based on M&A announcement dates. Includes both closed and pending transactions as well as those without transaction values. Charts for illustrative purposes only.

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 9

M&A Activity in Asia Pacific: Selected Sectors The Financial and Industrial sectors continued to lead the M&A activity in Asia-Pacific for November, with regard to the number of transactions. The Utilities sector posted the highest monthly deal value in the last three years, primarily due to the $12.5 billion USD acquisition of Three Gorges Jinsha River Chuanyun Hydropower Development Co. Ltd. by China Yangtze Power Co. Ltd. and the $7.4 billion USD TransGrid deal.

No. of Deals by Sector (Nov ’15)

No. of Deals YTD Activity (14’ vs. 15’)

Value of Deals (USDmm) by Sector (Nov ’15)

Value of Deals (USDmm) YTD Activity (14’ vs. 15’)

Source: S&P Capital IQ as of November 30, 2015. Figures are based on M&A announcement dates. Includes closed and pending transactions as well as those without transaction values. Figures are based on data in selected countries in APAC - Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam. NSD – unassigned sectors. Charts for illustrative purposes only.

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 10

Private Equity Investments & Buyouts: Selected Countries In November, 79 private equity deals were announced in Asia-Pacific with total transaction value of $21 billion USD, the highest in the last three years. Australia dominated November’s total transaction value and has overtaken South Korea and India on the YTD basis, primarily due to the $7.9 billion USD Asciano Limited deal and the $7.4 billion USD TransGrid deal.

No. of Deals by Country (Nov ’15)

No. of Deals YTD Activity (14’ vs. 15’)

Value of Deals (USDmm) by Country (Nov ’15)

Value of Deals (USDmm) YTD Activity (14’ vs. 15’)

Source: S&P Capital IQ as of November 30, 2015. Figures are based on transaction announcement dates. Includes closed and pending transactions as well as those without transaction values. Charts for illustrative purposes only.

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 11

Venture Capital Investments: Non Buyouts by Country In November, China and India continued to see the highest level of venture capital activity in Asia-Pacific in terms of the number of deals, while Australia led the region’s total transaction value. Overall, there was a 27% decline in deal volume but a 47% increase in deal value year-over-year.

No. of Deals by Country (Nov ’15)

No. of Deals YTD Activity (14’ vs. 15’)

Value of Deals (USDmm) by Country (Nov ’15)

Value of Deals (USDmm) YTD Activity (14’ vs. 15’)

Source: S&P Capital IQ as of November 30, 2015. Figures are based on transaction announcement dates. Includes both closed and pending transactions as well as those without transaction values. Non-buyouts will include all features except for LBO, management buyout or secondary LBO. Charts are for illustrative purposes only.

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 12

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 13

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S&P Capital IQ Asia-Pacific Markets Monthly – Dec 2015 | Page 15