ASEAN exposure to Europe.

　　ASEAN companies generally do not have substantial direct exposure to Europe,though selectively, Singapore corporates -- specifically those in the property andindustrials space -- do. In the property sector, the exposure to Europe is largelythrough the Singapore companies with assets in the United Kingdom. From thecompanies we cover, Frasers Centrepoint Limited (FCL SP, Buy, TP: SGD2.20)has c.19% of PBIT from assets owned in the UK, while City Developments (CITSP, Buy, SGD11.65) has c.12% of revenues from assets owned in the UK, mostlyhotel assets owned under Millennium and Copthorne. Finally, CDL Hospitality Trust(CDREIT SP, Buy, TP: SGD1.70) has roughly 4% of net property income fromassets owned in the UK. Among the companies we cover in the Industrials sector,Tarun Bhatnagar cites YTL Power with approximately 25% of revenues and c.75%of its PBT from its UK Water & Sewerage business.