Epstein Secrets

s issued and distributed in Thailand by 1PMorgan Securities (Thailand) Ltd.. which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor, 20 North Salem Road. Silom. Bangrak, Bangkok 10500. Indonesia: P

0.50 1.32 O3 (Sep) 0.52 1.18 O4 (Dec) 0.55 1.63 FY 2.05 5.61 6.52 7.54 Bloomberg EPS FY ($1 2.00 6.05 7.60 8.67 Source: Company On. Bloomberg. Morgan eabmates. North America Equity Research 22 May 2014 Overweight mum ►aces ua GILD, GILD US Price: $81.81 Price Target: $100.00 US B

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:

.81 03 (Sep) 0.92 0.87 O4 (Dec) 0.88 0.88 - FY 3.49 3.44 3.67 4.19 4.41 Bloomber EPS FY $ 3.50 3.47 3.64 3.99 Source: Company data. Bloomberg. Morgan estimates. Sternberg' above denotes Bloomberg consensus estimates. Overweight MRK, MRK US Price: $57.93 Price Target: $64.00 Pharmaceu

ties and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT5 Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated

s am unlikely to have clarity into the impact of recent fonvard curve price changes in the short-term. Using the current forward curve (accessed in Bloomberg by NGA <CMDTY> <GO> CCRV <GO>) and assuming that natural gas price changes result in heat rate changes, we estimate that the company generates $77

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:

0 05-Nov-13 31 Dec-13 OW OW 21.67 25.91 26.00 35.00 Nov May Nov May Nov Ma 19-Mar-14 OW 27.07 33.00 06 08 09 ii 12 14 Sourco. Bloomberg and t Wigan. rice data **Nod lot stook sots and d/..409nds. Brook in tomago Aug It 20011. Aug 12. 2009. 2 EFTA00301313 Kevin Mil North America

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:

nit Uneetffleatlh UNH US 7'7,857.32 78.17 OW ale 90.00 ilk WellPeint VVLP US 31.033.16 106.06 N ale 114.00 ilk Source: Company data. Bloomberg. a Morgan estimates. rit = no change. Al vices as c4 17 Jun14. See page 16 for analyst certification and Important disclosures. J.P. Morgan does an

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Slim.. Bangrak, Bangkok 10500. Indonesia:

1.32 1.35 04 (Dec) 0.93 1.18 1.23 1.44 1.48 FY 3.15 3.95 4.00 5.10 5.20 Bloomberg EPS FY (s) 3.10 3.98 5.10 Source: Company data. Bloomberg. J.P. Morgan estimates. North America Equity Research 12 June 2014 Overweight HAL, HAL US Price: $66.94 A Price Target: $78.00 Previous: $77.0

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Lid., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road. Silom. Bangrak. Bangkok 10500. Indonesia:

Fixedlnc• GoisiGav Bonds- USFixed Income MSCI Europe• EM Local Bonds•• GSCI TR US cash EM EX Topix' • -5 0 5 10 15 Source: J.P. Morgan, Bloomberg. Nom: Ram in USD *Local currency. "Hedged mto USD. Euro rued income is Bcox Omni Index 11511G. HY. EMBIG and EMS Corp ale JP1A maims. Em FS is DI

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd.. which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathorn Road. Silom, Bangrak. Bangkok 10500. Indonesia:

Specialty Chris Schott, CFA AC (1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212)622

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:

FY 5.74 5.88 7.08 7.55 7.90 8.20 8.60 Shares 0/S (mn) 769 Bloomberg EPS FY (5) 4.51 5.01 6.74 - 7.32 - 8.17 Source: Company data, Bloomberg. M. Morgan estimates. Our EPS estimates for Boeing are consistent with the company's core EPS, which excludes certain pension and post-retiement exp

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom. Bangrak, Bangkok 10500. Indonesia:

04 (Dec) (0.07) 0.15 0.27 0.25 FY 2.44 2.20 2.74 2.87 3.55 3.71 Bloomberg EPS FY ($) 2.42 2.17 - 2.71 - 3.46 Source: Company data. Bloomberg. J.P. Morgan estimates. 13kamberg' above denotes Bloomberg consensus estmates. See page 16 for analyst certification and important disclosures. J.