ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Thematic (Sector/Industry)

Indonesia Financials / Thematic (Sector/Industry)

<ul><li>With the US trade deficit with China dwarfing those with other countries (including ASEAN), US-China trade negotiation will come front and center shortly.</li><li>Our base case scenario is the middle ground between full-blown trade war and friendly trade negotiation scenarios. </li><li>We recommend shorting Renminbi (Rmb) currency to play US protectionism theme.</li><li>In the full-blown trade war scenario, there is no hiding place for equity investors, in our opinion.</li></ul>

With the US trade deficit with China dwarfing those with other countries (including ASEAN), US-China trade negotiation will come front and center shortly.Our base case scenario is the middle ground between full-blown trade war and friendly trade negotiation scenarios. We recommend shorting Renminbi (Rmb) currency to play US protectionism theme.In the full-blown trade war scenario, there is no hiding place for equity investors, in our opinion.

Haitong Securities Co Ltd (A) (600837 CH)

Chongqing Rural Commercial Bank (3618 HK)

Shanghai Pudong Development Bank Co. (600000 CH)