Regional Morning Notes

Tuesday, October 23, 2012

KEY STORY

Hong Kong

Esprit (330 HK/SELL/HK$12.44/Target: HK$4.00) Page 2

We cut our EPS forecasts and target price by more than half on the back of a rights issue and dismal 1QFY13 (Jul-Sep 12) operating figures.

HONG KONG Update

Esprit (330 HK/SELL/HK$12.44/Target: HK$4.00) Page 2

We cut our EPS forecasts and target price by more than half on the back of a rights issue and dismal 1QFY13 (Jul-Sep 12) operating figures.

INDONESIA Results

Bank Negara Indonesia (BBNI IJ/BUY/Rp3,925/Target: Rp4,900) Page 5

3Q12: Earnings are within expectations; FX LDR drops as the bank is focusing on disbursing rupiah loans. Potential upside due to haircuts.

MALAYSIA Sector

Construction Page 8

Building up steam. We believe the construction sector has been "ignored"

by investors in the past three quarters. Maintain OVERWEIGHT.

SINGAPORE Update

First Resources (FR SP/BUY/S$2.03/Target: S$2.30) Page 10

More landbank acquisitions to ensure sustainable growth; likely to see another good set of results in 3Q12.

Raffles Medical (RFMD SP/BUY/S$2.53/Target: S$2.83) Page 13

Looking ahead to a better 2013.

Key Indices

Prev Close 1D % 1W % 1M % YTD %

DJIA 13345.9 0.0 (0.6) (1.7) 9.2

S&P 500 1433.8 0.0 (0.4) (1.8) 14.0

FTSE 100 5882.9 (0.2) 1.3 0.5 5.6

AS30 4564.6 (0.6) 1.3 3.0 11.0

CSI 300 2341.6 0.4 2.0 6.5 (0.2) FSSTI 3045.7 (0.1) 0.1 (1.1) 15.1

HSCEI 10742.8 0.6 3.5 9.6 8.1

HSI 21697.6 0.7 2.6 4.6 17.7

JCI 4341.4 0.2 0.6 2.3 13.6

KLCI 1662.0 (0.3) 0.5 2.4 8.6

KOSPI 1941.6 (0.1) 0.8 (3.0) 6.3

Nikkei 225 9010.7 0.1 5.0 (1.1) 6.6

SET 1310.4 0.2 1.5 1.9 27.8

TWSE 7373.0 (0.5) (0.6) (4.9) 4.3

BDI 1037 2.7 10.2 34.0 (40.3) CPO (RM/mt) 2307 1.6 0.6 (13.6) (27.0) Nymex Crude

(US$/bbl) 89 0.5 (3.2) (4.1) (9.8)

Source: Bloomberg

Top BUYs/SELLs

Current Target Pot Company Ticker Price Price +/- (lcy) (lcy) (%)

Top BUYs

China Mobile 941 HK 85.45 100.00 17.0

Kunlun Energy 135 HK 13.86 16.80 21.2

Sinopharm 1099 HK 25.35 28.20 11.2

Multi-Purpose Hldgs MPU MK 3.58 4.20 17.3

DBS DBS SP 14.08 19.45 38.1

Krung Thai Bank KTB TB 18.90 21.75 15.1

PTT PTT TB 319.00 405.00 27.0

Top SELLs

China Merchants Hldgs 144 HK 25.60 19.60 (23.4) Tiger Airways TGR SP 0.76 0.51 (32.5)

Key Assumptions

2011 2012F 2013F GDP (% yoy)

US 1.7 1.5 1.5

Euro Zone 1.4 (0.5) 0.4

Japan (0.8) 2.0 1.5

Singapore 4.9 2.0 3.0

Malaysia 5.1 5.0 4.7

Thailand 0.1 6.0 3.4

Indonesia 6.5 6.1 6.3

Hong Kong 5.0 1.5 3.5

China 9.3 7.6 8.0

2011 2012F 2013F

WTI (US$/bbl) 97.5 102 111

Aluminium (US$/mt) 2,420 1,993 1,963

Copper (US$/mt) 8,851 7,865 8,225

Gold Price London (US$/ounce) 1,568 1,645 1,775

Iron Ore (USc/dmtu) 168 126 128

CPO (US$/mt) 1,025 1,030 1,110

BDI 1,548 1,700 1,800

Source: Bloomberg, UOB Kay Hian

Corporate Events

Venue Beg Close

Amata Corporation & Bangkok 24 Oct 24 Oct

Asian Insulators

Luncheon

Public Company Limited

Hong Leong Industries Kuala Lumpur 25 Oct 25 Oct

Corporate Presentation

Sabana Shari'ah Compliant REIT Kuala Lumpur 29 Oct 29 Oct

Corporate Roadshow

CDL Hospitality Trusts Singapore 30 Oct 30 Oct

Luncheon

Venture Corporation Singapore 9 Nov 9 Nov

Corporate Roadshow

Please see important notice on last page Page 1 of 16

Regional Morning Notes

Tuesday, October 23, 2012

Esprit (330 HK) SELL

(Maintained)

Double Blow Of Rights Issue And Dismal 1QFY13

Esprit is proposing a rights issue to raise approximately HK$5.1b. It has also released its 1QFY13 (Jul-Sep 12) operating figures, which are below our expectations. As we are increasingly cautious of downside risk to our earnings forecasts and cash flow due to the Transformation Plan and the economic and operational uncertainty, we slash our EPS forecasts substantially. Maintain SELL with a new target price of HK$4.00.

Turnover By Key Distribution Channels

Company Update

Share Price HK$12.44

Target Price HK$4.00

Upside -67.8%

(Previous TP HK$8.60)

Company Description

The company and its subsidiaries, is principally engaged in wholesale and retail distribution, and licensing of fashion and life-style products

der its own Esprit brand name.

Total 6,603 100 8,558 100 (22.8) (14.4)

Source: Esprit, UOB Kay Hian

Stock Impact

• We expect share price to perform badly as consensus estimates are likely to be revised down over the next few months.

What’s New

• Esprit is proposing a rights issue on the basis of one rights share for every two existing shares at HK$8 per rights share, raising about HK$5.1b. Management considers this rights issue to be the most appropriate and viable financing option for Esprit to cope with the uncertainty in cash flow requirements for the 4-year Transformation Plan, which is budgeted at HK$18.5b of additional outlays (opex HK$11.5b and capex HK$7b). In the first year of the Transformation Plan (FY12), Esprit spent additional outlays of HK$2.6b (opex HK$1.2b and capex HK$1.4b). As a result, net cash plunged from HK$2.7b as at end-FY11 to HK$1.5b as at end-FY12. Management revealed that Esprit is entering the execution phase of the Transformation Plan. We may underestimate the extent of financial losses and huge cash flows in FY13-14. This may be the reason management has opted for a rights issue as banks could be cutting their loan exposures to Esprit (bank loans dropped by about

GICS sector Consumer Discretionary Bloomberg ticker: 330 HK Shares issued (m): 1,291.0

Market cap (HK$m): 16,059.7

Market cap (US$m): 2,072.1

3-mth avg daily t'over (US$m): 13.3

Price Performance (%)

52-week high/low HK$19.26/HK$8.38

1mth 3mth 6mth 1yr YTD

(2.5) 36.0 (24.0) 18.3 24.2

Major Shareholders %

Lone Pine Capital 14.2

FY13 NAV/Share (HK$) 10.60

FY13 Net Cash/Share (HK$) 2.16

Price Chart

ESPRIT HOLDINGS LTD

HK$500m in FY12) or interest rates could be prohibitively high.

(lcy)

20

Esprit Holdings Ltd/HSI Index

(%)

18

16

14

12

10

8

6

150

100

50

0

Volum e (m )

180

160

140

120

100

80

60

Oct 11 Dec 11 Feb 12 Ap r 12 Jun 12 Aug 12

Source: Bloomberg

Source: Esprit Holdings, Bloomberg, UOB Kay Hian

n.m. : not meaningful; negative P/E, EV/EBITDA reflected as "n.m."

Analysts

Tommy Ho

+852 2236 6797 [email protected]

Renee Tai

+852 2826 1324 [email protected]

Regional Morning Notes

Tuesday, October 23, 2012

• In 1QFY13, wholesale turnover dropped a whopping 25.8% yoy, down

17.1% in local currency terms. The decline in wholesale turnover was

due to weak order intake and the rationalisation of controlled wholesale space (sales area down 3.5% yoy). Excluding the store closure programmes and North American operations, retail turnover still declined

13.2% yoy, down 4.3% in local currency terms. Same-store sales (SSS) dropped 0.2% yoy. Excluding the store closure programmes and North American operations, retail selling space edged up by 0.9% from end- Jun 12. The operating performance for the core wholesale operations (78% of FY12 group pre-tax profit) was below our expectation.

Earnings Revision/Risk

ƒ In view of the dismal 1QFY13 operating performance, we cut our FY13

earnings forecast from a HK$5m profit to a net loss of HK$148m. We also cut our FY14 and FY15 net profit forecasts by 30% and 23% respectively. As a result of the rights issue and dismal 1QFY13 operating performance, we have further slashed our FY14 and FY15 EPS forecasts by 53% and 48% respectively.

Earnings Revision

Previous

2013F 2014F 2015F

Net Profit/(Loss) (HK$m) 5 656 1,155

EPS (HK cents) 0.4 50.8 89.4

New

Net Profit/(Loss) (HK$m) (148) 459 895

EPS (HK cents) (7.6) 23.7 46.2

Source: UOB Kay Hian

Valuation/Recommendation

• Maintain SELL and slash target price. We have slashed our EPS forecasts substantially as a result of the dismal 1QFY13 operating figures and dilutive effect of the rights issue. We are increasingly cautious of further downside risk to our earnings forecasts and cash flow due to the Transformation Plan and the economic and operational uncertainty. After more than a 50% cut in FY14 EPS forecasts, we cut our target price to HK$4.00 which is based on 16.9x FY14F PE (which is

This message was edited by stand up n wake up on 23-Oct-2012 @ 9:10 AM

building Up Steam

We believe the construction sector has been "ignored" by investors in the past three quarters. Current valuations suggest that it is now timely to start accumulating key contractors with upcoming mega contract awards. Gamuda

Regional Morning Notes

Tuesday, October 23, 2012

OVERWEIGHT

(Maintained)

Sector Update

KLCI Index vs KL Construction Index

PE (x)

is our sector’s top pick. We maintain our BUY call on Gamuda with a SOTP- based target price of RM4.30. Our conservative target price implies only 14x fully-diluted FY14F PE. Maintain OVERWEIGHT.

What’s New

• General election risks mostly priced in. We believe downside risk is limited in the upcoming general election given that: a) the market has already priced election risk premium into construction stocks, and is

better prepared for the election results (compared with 2008's shocking election results), and b) we do not expect a slowdown in activated meg　

construction projects, eg the MRT, as the government would need to continue its pump-priming activities amid the external slowdown.

• Ample re-rating catalysts. We expect a few notable mega projects to excite the sector in 2013, such as the MRT line 2 (estimated at RM16b),

Source: Bloomberg, UOB Kay Hian

Sector Picks

Price

22 Oct 12

Target

Price

Upside

West Coast Expressway (WCE) (RM7.2b), Southern Double Tracking (RM8b, very likely after the election), and earthwork packages in Iskandar and Tun Razak Exchange (TRX) (RM500m-1b each). We believe there is strong potential upward re-rating for Gamuda, which trades almost 1SD below its historical mean PE multiple, and also offersCompany Rec (RM) (RM) (%)

IJM Corp HOLD 5.02 4.82 (3.7)

Gamuda BUY 3.44 4.30 25.0

Source: UOB Kay Hian

Price Charts

(lcy) IJM CORP BHD Ijm Corp Bhd/FBMKLCI Index (%)

compelling upside relative to its potential downside.

Action

• Maintain BUY on Gamuda with a target price of RM4.30, which implies 14x fully-diluted FY14F PE (slightly below its historical mean of

17.2x). We believe the risk premium has been priced in, while potential awards like the Gemas-JB double tracking contract (RM8b) and MRT Line 2 are catalysts in the medium term.

• Maintain HOLD and target price of RM4.82 for IJM Corp (at a 20%

discount to our SOTP valuation of RM6.02/share). Our present SOTP- based target price implies 12.1x FY14F PE. We believe IJM Corp’s valuation is unlikely to recover to its historical aver　

unless confidence is quickly restored, ie its investee company Scomi repeatedly posts strong earnings and delivers a sensibly structured risk sharing contract (RSC) that would dispel general investor scepticism. We expect the discount to SOP to narrow once associate company K Euro officially clinches the WCE.

• Maintain HOLD on WCT with a target price of RM2.74. Our target price implies 12.1x 2013F fully-diluted PE, on a par with its historical mean of 12x. WCT has two major tenders: a) two earthwork packages in Pengerang RAPID, which are currently in the final stage with Petronas, b) earthwork package for TRX which is valued at RM500m-1b, a

hospital privatisation projects. Although it will be positive if WCT came out successful in their tenders, we are concerned that they may be overly aggressive in bidding, resulting in unattractive margins in the longer term.

Sector Catalysts

• Newsflow on early contract award of major ETP projects.

Peer Comparison

Oct 11 Dec 11 Feb 12 Ap r 12 Jun 12 Aug 12

Source: Bloomberg

Analyst

Jonathan Lai

+603 2143 2843 [email protected]

Source: Bloomberg, UOB Kay Hian

Essentials – Overplayed risk amid strong sector fundamentals

• The election outcome in 2008 was unforeseen. Due to the unforeseen and "shocking" election results in 2008, the share market, particularly the

IJM Corp’s Sum-of-the-parts Valuation

Value

(RMm) Basis

Construction mean PE

construction sector, took a deeper dip. But now, the market has learnt and is aware of the possibility of the current government performing similarly or worse than the 2008 elections. Thus, we believe the election risk premium has been priced into the sector.

Construction and Industry

Infrastructure and concession

3,031

3,424

of 16x pegged to FY14 construction profits

Cost of equity 8%, 1.5x

BV

IJMP PT of RM3.40,

• Selldown in 2008 - Lehman played a role too. Recap that the selldown in 2008 coincided with the subprime crisis, which impacted the global economy as a whole. Despite the dented sentiment, each company’s fundamentals remained unchanged. Currently, we believe valuations

Plantation 1,349

Property 2,554

10% holding company discount

IJMLD FV of RM3.00,

10% holding company discount

may have fully priced in the election and macro risk, hence hinting a potential re-rating from current levels (Gamuda and IJM are trading below historical means). Because of this, we still expect the current

Equity 464 NPV of WCE's construction profits

Less: Net

debt -2,304

downside to these stocks to be minimal compared with the previous situation where other external macroeconomic factors were involved.

• Job flows should remain intact. As mentioned, some RM21b worth of construction jobs have been awarded thus far. We expect a few notable

Total SOP

value

Enlarged share base FD

8,900

1,478

mega projects to revive interest in the sector, such as the WCE, Southern Double Tracking, and earthwork packages in Iskandar and TRX.

• Excitement over MRT line 2 & 3 will surface in 1H13. The MRT line 2 may not be the circle line (orbital line) as speculated by the market, as it could be the radial line. Nevertheless, we understand that the MRT line 2 is undergoing the final stage of the feasibility study (alignment study) and

SOP/share 6.02

Implied PE (x) 15.2

Source: UOB Kay Hian

Gamuda’s Sum-Of-The-Parts Valuation

RMm Remarks

12x PE (-1SD to sector

is expected to be revealed in 1H13. While the potential contract value is not yet revealed, it should be in the range of RM16b-24b.

• Gamuda can be a beneficiary again. Given its role in MRT line 1, Gamuda is likely to secure the Project Delivery Partner (PDP) role and clinch the tunnelling packages in line 2. Recap that as the PDP for line 1, Gamuda has proven itself in the execution of the first Klang Valley MRT line 1. Armed with stronger project management capability, Gamuda as a PDP has been able to break up the first Klang Valley MRT line project into 70 key packages, benefitting more contractors (vs only four key

Property

development 2,638.7

Construction 2,745.0

Concession

assets 3,239.4

Vietnam

projects 349.0

Implied

mean) reflecting a cautious view in the property market

16x PE (sector mean) pegged to construction FY14 profits

DCF based on cost of equity 9%

DCF of development profits, 50% discount reflecting country risk

Implied value of MRT

packages for the LRT line extension project managed by Prasarana).

• While management has hinted that they are not in a hurry to sell their stakes in Litrak, we still believe there are other ample catalysts for

value of MRT Less: Net

debt @1Q12

Total SOP

799.5 (565.8)

line 2 and 3

Gamuda to re-rate. Apart from some "money switching" into Gamuda

value 9,205.8

after IJM Corp’s recent 10%-stake acquisition into Scomi Group, we foresee re-rating catalysts in the medium term such as the

Outstanding shares SOP/share

2,141.5

4.30

announcement of the MRT line 2 and Gemas-JB double tracking projects.

Mega Projects vs Potential Winners

Mega Projects Cost Potential Winners

(RM)

Source: UOB Kay Hian

MRT line 2 and 3 RM40b Gamuda-MMC, IJM Corp, WCT, Mudajaya, Kim Lun

WCE RM7.1b IJM Corp, Keuro, Mudajaya, WCT Southern Double Tracking RM8b Gamuda-MMC, Mudajaya, WCT

Earthwork package in TRX RM500m WCT, Mudajaya

Earthwork package in Pengerang, Iskandar RM1b WCT, Mudajaya

Highway jobs n.a. Gamuda, WCT, IJM Corp, Mudajaya, MRCB

First Resources (FR SP)

Rain-or-shine Growth Strategy Intact

FR has acquired two land parcels with a total of 23,800ha in Riau and West Kalimantan. These acquisitions come with planted areas and a mill, which could make marginal contributions to FR’s 2013 earnings. Expect another good set of results in 3Q12, supported by strong production growth, drawdown of inventory and prices slightly cushioned by higher ASP locked in earlier. Maintain BUY. Target price: S$2.30.

What’s New

• First Resources (FR) has further expanded its landbank through acquiring:

a) PT Gerbang Sawit Indah (GSI) for about US$31.2m.

b) Lynhurst Investment Pte Ltd (Lynhurst) from Park Row for about

US$69.4m.

• Expect double-digit net profit qoq growth in 3Q12, supported by strong growth in CPO production of 34.4% qoq despite declining CPO prices.

Stock Impact

• Further growth in landbank. FR is acquiring two land parcels for about US$100.6m. GSI has about 3,500ha of young and mature area and some unplanted landbank in Riau. Lynhurst has about 20,200ha of landbank, of which about 8,700ha were planted (both mature and immature area) and a CPO mill with a capacity of 45 tonne FFB/hour in West Kalimantan. These acquisitions would increase FR’s landbank by

8% to 323,700ha and total planted area by 10% to 128,565ha.

• Good location and close proximity. Both land parcels are located close to FR’s existing estates, especially the land in Riau which is next to FR’s existing estate. The close proximity would allow for infrastructure and resources sharing, and thus, cost savings. However, GSI’s estate is not well managed by the previous owner and FR would need to rehabilitate the estate to increase productivity.

• Acquisitions funded internally. Both acquisitions will be funded

Regional Morning Notes

Tuesday, October 23, 2012

BUY

(Maintained)

Company Update

Company Description

Oil palm plantation company with planted areas of more than 100,000ha in Indonesia and

250,000mt/year of refining capacity in Indonesia.

Stock Data

GICS sector Consumer Staples Bloomberg ticker: FR SP Shares issued (m): 1,584.1

Market cap (S$m): 3,215.7

Market cap (US$m): 2,631.9

3-mth avg daily t'over (US$m): 3.4

Price Performance (%)

52-week high/low S$2.20/S$1.40

1mth 3mth 6mth 1yr YTD

(5.1) (1.9) 5.5 49.3 34.4

Major Shareholders %

Eight Capital 63.2

FY12 NAV/Share (US$) 0.75

FY12 Net Debt/Share (US$) 0.09

Price Chart

FIRST RESOURCES LTD

internally, supported by its strong cash holdings of US$214.2m and low net gearing of 0.02x. Also, it has recently issued RM600m of Islamic medium-term notes on 31 Jul 12　

First Resources Ltd/FSSTI I  9EBITDA 205 296 333 379 334

Operating profit 189 272 300 334 279

Net profit (rep./act.) 143 196 219 239 198

Net profit (adj.) 109 168 189 208 166

EPS (cent) 6.9 10.6 11.9 13.2 10.4

PE (x) 24.2 15.6 13.9 12.6 15.9

P/B (x) 3.4 2.8 2.2 1.8 1.6

EV/EBITDA (x) 13.8 9.5 8.5 7.4 8.4

Dividend yield (%) 1.4 1.3 2.3 2.

Source: FR, Bloomberg, UOB Kay HiaVolum Oct 11 Dec 11 Feb 12 Ap r 12 Jun 12 Aug 12

Source: Bloomberg

Analyst

Singapore Research Team

+65 6535 6868 [email protected]

This message was edited by Lucky3902 on 23-Oct-2012 @ 9:48 AM

US markets erased earlier losses after a late surge in Apple's shares. The DJIA gained 0.02% to 13,346 and the S&P 500 index gained 0.04% to 1,434. Decliners slightly outnumbered advancers on the NYSE by a ratio of about 15:14.

First Resources (FR SP) – Rain-or-shine Growth Strategy

Intact

(BUY/S$2.03/Target: S$2.30)

FR is acquiring two land parcels for about US$100.6m…

Raffles Medical (RFMD SP) – Looking Ahead To A Better

2013

(BUY/S$2.53/Target: S$2.83)

We maintain our BUY call with a DCF-based target price of

S$2.83/share…

Sheng Siong Group (SSG SP) – Store Roll-out On Track

(NOT RATED/S$0.47)

Sheng Siong has opened six new stores ytd, increasing its total retail area by 43,000sf to 391,000sf…

Interra Resources Ltd (ITRR SP, 5GI) – Technical BUY with +20.9% potential return

The stock could be attempting to break above its upper

Bollinger band…

Overseas Union Enterprise (OUE SP, LJ3) – Technical SELL with +10.3% potential return

Prices may attempt to close the gap created on 19 Sept 12….

Capita Commercial Trust (CCT SP, C61U) – Take profit on previous technical BUY

The Stochastics indicator could be forming a potential bearish divergence…

Source: NextView

Lower high has yet to be negated

• The FSSTI appears to have been resisted at 3,065, forming a potential lower high. Currently the index has retraced near

3,020 and a break below this could point to a potential retracement level at 2,970. Watch if the lower Bollinger band could offer support as the index could be trending lower.

Support: 2,970

Resistance: 3,140

In the last trading session…

• The FSSTI lost 3.25 pt and opened lower at 3,031.48. The intraday range was from 3,027.85 to 3,051.63.

• Within the FSSTI 30 stock components, ST Engineering (+1.14%) and JMH (+1.02%) led the gainers while Olam (-1.96%) and Keppel Corp (-1.33%) lost ground.

• Regional bourses ended mixed…

HSI (+0.68%) closed at 21,697.55

SSEC (+0.21%) closed at 2,132.76

ASX (-0.63%) closed at 4,564.6

23 October CPI

25 October Industrial Production

31 October Credit Card Bad Debts & Billings

31 October Bank Loans & Advances

31 October M1 & M2 Money Supply

Source: Bloomberg

1

FRASER CENTREPOINT

S$1.88-FCTL.SI

 DPU for Q4 ended Sept ’12 rose 4.2% q-o-q and 15%

y-o-y, bringing the total for the fiscal year to

10.01 cents, all within expectations after the completion of asset enhancement initiatives at

Causeway Point and full year contribution from

Bedok Point.

 Yield is 5.7% if we annualize the latest DPU, or 10.78 cents.

 The retail reit, which has backed off after hitting a new high of $1.92, remains attractive. Price to book is

1.23x.

CAPITARETAIL CHINA / DYNASTY REIT

Dynasty Reit: IPO at S$0.86 - 0.92 / Rmb4.40 - 4.70 S$1.635-CRCT.SI

 Strictly based on yield alone, it seems clear investors

should stick to the well-tested CRCT (part of the

CapitaLand Group) than subscribe for Dynasty, the

new offering from ARA / Li Ka Shing.

 CRCT has declared 2.42 cents for Q3 ended Sept ’12

or 9.63 cents annualized. That’s 5.9% yield, which

is in line with Hui Xian’s, ARA / LKS’ first yuandenominated

reit listed in HK, which is still some 20%

off its IPO price.

 Dynasty is tempting investors with an indicative

yield of 6.8-7.1% for 2012 and 7.0-7.3% for 2013.

 But that is because of the rental support which

will come from the IPO proceeds (ie getting

partly paid with your own money)!

 Without this, yield would have been 3.2 % and 4.2%

respectively.

 Indeed, as advised by ARA’s John Lim, and quoted in

Edge ’s latest issue, Dynasty “will do very well in the

mid to long term”, ie it is best suited for investors

sitting on surplus Rmb deposits