Macquarie Global Emerging Leaders Conference:Kick Tires on >70niche leaders in NYC

On June 2nd & 3rd in NYC, Macquarie will host >70 Emerging Leaders with amarket cap under US$5bn from around the globe. This note gives our clients apeek at what to expect from the over 30 names that will be travelling from Asia-Pacific. The companies we are hosting offer investors exposure to key trends inAsia-Pacific, including:

Demographic shifts (Aging populations)

Rising Tourism & Leisure

E-Commerce, E-gaming, E-government & E-education.

Infrastructure Investment.

The rapid de-regulation of the PRC financial sector.

Optionality on oil.

We invite our clients to come and kick the tires on everything from biological &genetic innovators to Indian tourism to online education & e-government services– and many more.

CJ Korea Express (000120 KS, Outperform, TP: KRW250,000, Mkt Cap:US$3,820m, ADTV: US$6m).

Attending: Sukjoon Yoon (VP).

Korea’s largest parcel company, with 43% market share in terms of volume.

Key beneficiary of accelerating growth of Korean e-commerce market drivenby mobile commerce.

A consolidator of a fragmented market, capitalizing on the economies of scale.

Aggressive overseas expansion, particularly in China and Southeast, alsodrives growth.

Key questions: market share trend, parcel industry consolidation, how tocompete in the crowded PRC market.

Fu Shou Yuan (1448 HK, Outperform, TP: HK$7.30, Mkt Cap:US$1,596m, ADTV: US$3m).

Attending: John Zhao (Deputy General Manager).

The largest provider of death care/burial and funeral services in China.

FSY’s main cemetery in Shanghai carries a high cachet (i.e. where mostcelebrities are interred or memorialised).

Consumption play that has a wide moat of protection against encroachmentfrom online competition.

Key questions: How quickly will the expansion shift to a more asset-liteprofile? Comps: Nirvana Asia (1438 HK), Lung Yen (5530 TT), InvoCare (IVC AU),Service Corp Int’l (SCI US).