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27/05/2013 Singapore Traders Spectrum

Wired Weekly
Refer to important disclosures at the end of this report

Group Research. Equity


KEY POINT Buying opportunity after weak China data and uncertainties over QE3 Value unlocking plays - UOL, Keppel Land and Wing Tai Laggards Oil & Gas stocks - Nam Cheong, Ezion, CSE Global and Keppel Corp Other attractive picks - ComfortDelgro, Kreuz and Del Monte.
3800 3600 3400 3200 3000 2800 2600

27 May 2013

Straits Times Index


3,600 3,500 3,400 3,300 3,200 3,100 3,000 2,900 2,800 2,700 2,600 May-12 Aug-12 Nov-12 Feb-13 May-13

FTSE Small Cap Index


640 600 560 520 480 440 400 May-12

Aug-12

Nov-12

Feb-13

May-13

STI and 12-mth forward PE


+0.5SD @ 14.7x Average @ 13.9x -0.5SD @ 13.1x -1SD @ 12.3x

Brent Crude Oil


US$/barrel 125 120 115 110 105 100 95 90 85 May-12

Wired Weekly The twin effect of weak China manufacturing data and uncertainties over QE3 has caused regional markets to tumble. The weak China PMI entrenched fears that its economic recovery has stalled and that a weaker recovery may be imminent. On the other hand, concerns over whether and when the Fed may begin to scale back QE3 continued to hog the limelight. Against this backdrop, the STI shed 1.8% last Thursday, and now trades at slightly below 14.7x (+0.5SD) 12-mth forward PE. Some of our BUY calls have now become more attractive after the drop in share price. We believe this could be an opportunity to accumulate stocks that we like. Among our Buy calls that underperformed the market are value unlocking plays - UOL Group, Keppel Land and Wing Tai ; laggards Oil & Gas stocks - Keppel Corp, Nam Cheong, CSE Global and Ezion; and other attractive picks - ComfortDelgro, Kreuz and Del Monte. For the STI, we maintain our view for it to trade along the 14.7x (+0.5SD) 12-mth forward PE that should lift it to 3650 (14.7x FY14F PE) by year end. Singapore economy bounced back to expansion in 1Q13 but outlook for the manufacturing sector remains dicey. Growth will remain below potential while inflation will stay higher than normal.

2400 Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Aug-12

Nov-12

Feb-13

May-13

Source: Datastream, DBSV Research

FTSE Indices 5-Day Performance


Index @ 23-May-13 3,393.17 824.18 590.60 833.42 244.81 815.06 803.85 844.79 735.53 203.52 858.73 525.01 1,421.15 876.37 1,035.97 437.78 875.45 535.86 1 Wk % Chg -1.7 -2.8 -1.3 -1.9 -0.8 -3.2 -1.8 -4.8 -0.6 -2.3 -1.9 0.8 0.2 -2.4 -1.5 6.5 -2.5 -0.9 YTD % Chg 7.1 6.6 13.3 7.4 3.2 4.0 1.6 7.7 0.4 2.5 6.1 3.5 5.8 4.3 19.2 24.3 8.0 3.0

FTSE Sectoral Indices STI Mid Cap Small Cap All Share China Real Estate Real Estate & Dev Real Estate Inv Trust Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Service Telecommunication Utilities Financials Technology

Source: DBS Vickers, Bloomberg Finance L.P

Janice Chua (65) 6398 7954 janicechua@dbsvickers.com / Ling Lee Keng (65) 6398 7970 leekeng@dbsvickers.com
www.dbsvickers.com Refer to important disclosures at the end of this report sa: YM

Singapore Traders Spectrum Wired Weekly

Buying opportunity after weak China data and uncertainties over QE3 Regional markets were hit by weak data out of China, entrenching fears that its economic recovery has stalled and that a weaker recovery may be imminent. The latest flash HSBC Purchasing Managers' Index (PMI) shows China's factory activity shrank for the first time in seven months in May as new orders fell. The PMI fell to 49.6, slipping under the 50-point level for the first time since October. The HSBC flash PMI comes about a week before the final reading and is the earliest indicator of how the Chinese economy is faring each month. Concerns over whether and when the Fed may begin to scale back QE3 continued to hog the limelight. The FOMC minutes released last Wednesday fueled the flames of uncertainty. Fed chairman Ben Bernanke wants to wait and see how the economics data unfold before tapering back on QE, but some members of the monetary policy committee were willing to wind down QE3 as soon as in June if the economic recovery becomes sustainable. The STI shed 1.8% last Thursday, and now trades at slightly below 14.7x (+0.5SD) 12-mth forward PE. Some of our BUY calls have now become more attractive after the drop in share price. We believe this could be an opportunity to accumulate stocks that we like. Among our Buy calls that underperformed the market are value unlocking plays - UOL Group, Keppel Land and Wing Tai; laggards Oil & Gas stocks - Keppel Corp, Nam Cheong, CSE Global and Ezion; and other attractive picks - ComfortDelgro, Kreuz and Del Monte.

Singapore. Should this portfolio be divested into a REIT in the future, this could unlock tremendous value for shareholders. Keppel Land We believe Keppel Lands equity story has been strengthened with the recent strategic alliance with Vanke, which will enable both developers to tap opportunities in China and Singapore. With the strong performance of its REIT, Keppel REIT, we believe there is opportunity for the latter to consider the purchase of a one third share of MBFC Tower 3 from its parent. If materialised, this would not only further lighten Keppel Lands balance sheet and gearing for further capital recycling but also create a pool of cash proceeds for potential special dividend. Wing Tai Wing Tai is a value buy, trading at 38% discount to its RNAV and we expect upcoming launches such as The Tembusu and Prince Charles Crescent site to underpin share price performance.

Laggards in Oil & Gas In the same strategy report, we also highlighted Oil & Gas laggards Keppel Corp, Nam Cheong, CSE Global and Ezion. Oil and gas stocks have lagged the STI since April, triggered by the dip in oil prices and disappointing 1Q results. Recent weakness in oil prices has been partly triggered by weak GDP growth in China and the US and partly seasonal due to refinery shutdowns in Asia. Oil price has since rebounded back to above US$100pbl.

Relative performance since April


Value unlocking plays We highlighted UOL Group, Keppel Land and Wing Tai in our recent strategy report as potential value unlocking plays. With earnings growth at a tepid 2% in 2013 and the Singapore market PE re-rated to +0.5SD PE, there leaves little room for upside on earnings potential. We turn our focus to asset plays; the Singapore market is undervalued at 1.5x P/BV, vs 2.3x for South-East Asian. UOL Group We see value in UOLs strategic holdings which have deep underlying value, large commercial portfolio and residential development activities, which provides strong recurrent and non-recurrent income. The successful delisting of Pan Pacific Hotels Group will enable the group to have greater flexibility over its hotel operations. At the same time, we see significant value in UOL through its 43.4% stake in UIC, which in turns owns c80% of Singapore Land, one of the largest office landlords and hotel owners in
1.11 1.07 1.03 0.99 0.95 0.91
Ezion STI NCL Keppel CSE

Source: DBS Vickers

Page 2

Singapore Traders Spectrum Wired Weekly

Keppel Corp We expect Keppel Corp to benefit from a resumption of orders for semi-submersibles, while jack up market remains hot. Keppel Corp has been a laggard behind other blue chips in Singapore. Nam Cheong Nam Cheong has announced significant contract wins of S$110m and the pace of sale of vessels -13 vessels YTD - has outperformed expectations. The group is on track to deliver on its newbuild program of 19 vessels in FY13 and 25 vessels in FY14, leading to net profit CAGR of 20%. We expect stronger quarterly earnings going forward, which should underpin re-rating of the stock. CSE Global CSE is a bombed out cyclical; we upgraded the stock ahead of contract wins in 2H13. The stock is among the cheapest under our oil and gas coverage, trading at 8x PE, offering growth of 12% and dividend yield of 5%. Low gearing provides headroom for acquisitions to boost growth. Ezion We like Ezions growth prospects, ability to grow order backlog and high earnings visibility. Growth prospects firm; expect further fleet expansion, supported by sound financials and strengthening cash flow.

ComfortDelgro Share price shed a whopping 11.7% last Thursday on heavy volume. It was reported that Singapore Labour Foundation (SLF) is selling 8% stake or about 170m share at S$1.94 per share. SLF owns 11.93% stake before the sale. The reason for selling such a huge stake and at such a huge discount from last traded price is not known at this stage. At this juncture, there is also no information on the buyer(s) of the stake. Fundamentally, we do not see any changes in the operations with the change in ownership. In fact, CD just reported a reasonable set of 1Q results with net profit up by 8% y-o-y, despite cost challenges. Kreuz Current valuation is undemanding, given its earnings delivery track record to date, healthy growth prospects and strong FY13F ROE of close to 25%. Kreuz, which provides subsea services to the offshore oil & gas industry, Fundamentals for the subsea sector, where Kreuz provides subsea services to the offshore oil & gas industry, continue to be robust. The subsea market is expected to be one of the brightest spots in offshore O&G services, backed by an increase in the development of oil and gas fields in deeper waters /harsher environments and development of marginal fields which need tie-backs to existing infrastructure. Del Monte Del Monte presents an opportunity for investors to leverage on the robust growth of the Philippines economy. Visible earnings growth drivers are in place, supported mainly by: (i) rising domestic sales and larger distribution network; (ii) continued growth of the S&W brand in the Asia Pacific region; (iii) expiry / revision of long term supply contracts to lift margins in FY15F.

Other attractive picks Other than those that we highlighted earlier, other buying opportunities can be found in ComfortDelgro, Kreuz, and Del Monte.

Key Data for Stock Picks


Mkt P rice Cap (S$) (S$m ) 23-May T arge t P rice (S $) % Upside % chg E PS E PS fr Gt h (%) Gt h (%) 22-Ma y Rcmd 13F 14F PE (x) 13F P E (x) 14F Price / BV (x) 12A Div Ne t De bt / Yld (%) E quit y 13F 12A

Co m pany Value unlo cking Wing Tai UOL Keppel Land

1,730.5 5,483.9 6,214.1

2.21 7.12 4.02

2.50 8.21 4.68

13 15 16

(3.9) (3.4) (3.1)

Buy Buy Buy

32.5 60.3 (24.7)

(23.4) (11.6) (10.7)

5.8 12.1 17.3

7.6 13.7 19.4

0.83 0.89 0.98

5.1 2.1 2.0

0.17 0.20 0.22

Oil & Ga s Lagga rds Nam Cheong 567.8 Ezion 2,204.9 CSE Global 425.8 Keppel Corp 19,713.8 Ot her at t ract ive picks Comfort Delgro 4,074.7 Kreuz 387.1 Del Monte 1,141.0

0.27 2.29 0.83 10.91

0.36 2.52 0.97 13.00

33 10 18 19

(3.6) (3.4) (2.4) (2.0)

Buy Buy Buy Buy

46.6 71.6 11.6 (16.6)

9.7 74.1 10.9 3.2

8.3 14.9 8.1 12.3

7.0 8.6 7.3 11.9

2.11 3.77 1.71 2.12

1.8 0.0 4.9 4.1

0.38 0.76 0.20 0.20

1.93 0.70 0.88

2.19 0.78 0.97

14 12 10

(11.7) (5.4) (3.8)

Buy Buy Buy

5.2 38.8 16.9

3.5 9.5 8.8

15.5 7.1 26.6

14.9 6.3 20.6

2.01 1.97 3.63

3.6 1.4 2.8

0.00 0.10 0.39

Source: DBS Vickers

Page 3

Singapore Traders Spectrum Wired Weekly

Weak growth momentum Singapore Sub par growth Singapore economy bounced back to expansion even when the advance estimate predicted a contraction. The final GDP figure for 1Q13 expanded by 1.8% QoQ saar (0.2% YoY). However, outlook for the manufacturing sector remains dicey although some signs of recovery in the electronics sector have been evident lately. Indeed, the growth performance in the manufacturing sector has been disappointing in the first two months of the year due to the festive season slump and an unexpected pullback in pharmaceutical production. While production output did rebound in March, the turnaround was weaker than anticipated. Moreover, the Singapore economy is also hampered by the current restructuring process. The supply side constraint due to the curbs in inflow of foreign workers has continued to weigh down on growth performance. Growth will remain below potential while inflation will stay higher than normal. This year will be another year when the growth rate will come in below the inflation rate (see chart below). So despite the anticipated gradual cyclical improvement in the second half of the year, the growth outlook remains weighed down by this structural drag.

The latest flash HSBC Purchasing Managers' Index (PMI) shows China's factory activity shrank for the first time in seven months in May as new orders fell. The PMI fell to 49.6, slipping under the 50-point level for the first time since October. The HSBC flash PMI comes about a week before the final reading and is the earliest indicator of how the Chinese economy is faring each month. For US, growth is expected to be slow at 1.7% this year. While we maintain the view that this year will mark the start of a gradual normalisation process for the global economy, the recovery path is still expected to be tepid.

Singapore Y-o-Y GDP growth vs CPI

Source: DBS Vickers

China and US Recovery path tepid On the global front, growth momentum is expected to remain weak in the near term. Chinas economic growth in the first quarter has disappointed and economic data from the US hasnt been encouraging. Our economist had recently revised GDP forecast for China downward to 8% from 8.5% previously.

Page 4

Singapore Traders Spectrum Wired Weekly

Top large and small / mid cap picks for the coming week

TOP LARGE CAP PICKS


Company
Mapletree Greater China Commercial Trust

Recom
Buy

P rice
1.045

Ta rget P rice
1.22

Upside
16%

Catalyst
1) Offers investors an attractive opportunity to own iconic, best-of-breed commercial assets. 2) Resilient cashflow with strong organic growth drivers Potential Reit spin off Privatisation of PPHG gives more operational flex and potential for RNAV expansion 1) Possible asset value realisation through establishment of REIT. 2) Potential for special dividend payout if the listing of the REIT is successful. 1) Market leader in spirits, green tea and strong distribution. 2) Trading below global/regional F&B peers PE range 3) Potential inclusion in MSCI could be catalyst

OUE UOL

Trading Buy Buy

3.050 7.12

3.52 * 8.21

15% 15%

SPH

Buy

4.370

4.75

9%

Thai Beverage Public

Buy

0.695

0.80

15%

* Technical Target

T OP S M A LL / M ID CA P PICKS Compa ny Perennial China Retail Trust Re com Buy Price 0.600 T a rge t Price 0.84 Ups ide 40% Ca ta lys t 1) Attractive valuations 2) Operations ramping up, new development assets to extend earnings and RNAV growth visibility 1) Higher valuation on PAN as port business CXP is undervalued 2) Stock to re-rate on buoyant construction demand 1) One of the largest crane distribution/rental companies in the world 2) Positive on fleet utilisation and rates on tight crane supply cranes 1) Recent acquisitions has transformed CMH into a quality, China pure expressway play 2) More acquisitions could be on the way as the Group scales up and builds its track record 3) CMP commitment to pay at least S 5.5cts annual \dividend provides firm dividend yield of c. 7% 1) Healthy orderbook visibility 2) Attractive valuations

Pan-United Corp

Buy

1.010

1.16

15%

Tat Hong Holdings

Buy

1.465

1.80

23%

China Merchants

Buy

0.890

1.07

20%

Kreuz Holdings

Buy

0.695

0.78

12%

Source: DBSV Research

Page 5

Singapore Traders Spectrum Wired Weekly

Major research reports released last week


Company / Sector Recommendation Target Price ($) Key Points

Singapore Strategy

1) 2) 3) 4) 1) 2) 3) 4)

Further re-rating tough with tepid GDP and earnings growth P/BV valuation not excessive, look for value buys and value unlocking potential Hunt for stocks with potential upside in dividend yields Laggard oil and gas sector offers highest returns Expect more earnings upside from better operating costs and efficiencies Raise earnings by 5.0%/3.5% Price weakness presents opportunities to accumulate Upgrade to BUY with higher TP of S$0.76

Sheng Siong Group

BUY (Upgrade from HOLD)

S$ 0.76 (Prev S$ 0.72)

CSE Global

BUY (Upgrade from HOLD)

S$ 0.97 (Prev S$ 0.85)

1) 1Q13 net profit of S$12.7m (flat y-o-y) was in line but new order win of S$95m (up 11% y-o-y) was below our S$110m estimate. 2) CSE has guided for core profit to improve in FY13F. Revival of higher margin offshore projects in North America to drive growth despite lower revenue. 3) Our revised TP of S$0.97 implies potential returns of 22%. At 8x FY13F PE, CSE is trading below its historical avg. of 9.6x and at 50% discount to STIs 16x. 1) Maiden upcoming 4QFY13 result post asset divestment into GLP J-REIT 2) Organic growth from rental and value hikes 3) Maintain BUY with higher TP of S$3.31 1) 2) 3) 4) Expect maiden distribution of 8% annualised payout in FY13 results announcement on 21 May Share price appreciation panning out as expected; still has 8.3% yield and upside to revised TP Recent drop in Indian bond yields and stable INR positive for RHT Maintain BUY, TP raised to S$1.06

Global Logistic Properties

BUY

S$ 3.31 (Prev S$ 2.93)

Religare Health Trust

BUY

S$ 1.06 (Prev S$ 0.97)

Tiger Airways Holdings

BUY

S$ 0.79 (Prev S$ 0.95)

1) Operating profit of S$12.7m above estimates but associate losses dragged net earnings 2) Upcoming divestment of stake in Tiger Australia stake and recent round of fund raising bolsters balance sheet to support growth trajectory 3) Tiger Singapore/ Mandala should benefit from expansion of Singapore-Indonesia bilaterals 4) Maintain BUY with revised TP of S$0.79 1) 1Q13 revenue recognition was slow as expected, but margins were above expectations 2) Four blocks of Intl Plaza have been structurally completed and are expected to be delivered in 2013/2014. 3) Phase V of Intl Plaza (office) will launch pre-sales in Jun 4) BUY with S$0.55TP 1) SLF paring 8% stake does not change fundamentals 2) Reasons not disclosed, we have made our own deductions 3) Remaining top 10 shareholders are international funds 4) No change in fundamentals; weakness is an opportunity to accumulate; Retain BUY, TP: S$2.19

Ying Li International

BUY

S$ 0.55

ComfortDelgro

BUY

S$ 2.19

Source: DBSV Research

Page 6

Singapore Traders Spectrum Wired Weekly

Shanghai Composite Index


2,500 2,400 2,300 2,200 2,100 2,000 1,900 May-12 12 mth: 1 mth: Aug-12 -3.0% 2.7% Nov-12 YTD: 1 Wk: Feb-13 May-13 25,000 24,000 23,000 22,000 21,000 20,000 19,000 18,000

Hang Seng Index


8,600 8,300 8,000 7,700 7,400 7,100 6,800 Aug-12 22.2% 5.5% Nov-12 YTD: 1 Wk: Feb-13 May-13

Taiwan Index

17,000 May-12 12 mth: 1 mth:

6,500 May-12 12 mth: 1 mth:

Aug-12 15.4% 5.4%

Nov-12 YTD: 1 Wk:

Feb-13

May-13

1.5% 3.5%

2.7% 0.9%

9.1% 1.0%

Nikkei Index
17,000 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 May-12 12 mth: 1 mth:

Dow Jones Industrials


16,000 15,500 15,000 14,500 14,000 13,500 13,000 12,500 12,000 11,500 May-12 12 mth: 1 mth:

NASDAQ Index
3,600 3,500 3,400 3,300 3,200 3,100 3,000 2,900 2,800 2,700 2,600 May-12 12 mth: 1 mth:

Aug-12 79.0% 15.2%

Nov-12 YTD: 1 Wk:

Feb-13

May-13

Aug-12 22.4% 5.1%

Nov-12 YTD: 1 Wk:

Feb-13

May-13

Aug-12 22.0% 7.1%

Nov-12 YTD: 1 Wk:

Feb-13

May-13

50.3% 3.5%

16.8% 0.2%

14.7% -0.2%

USD/SGD
1.31 1.29 1.27 1.25 1.23 1.21 1.19 May-12 12 mth: 1 mth: Aug-12 -0.6% 2.1% Nov-12 YTD: 1 Wk: Feb-13 May-13 3.7% 1.7% 110 105 100 95 90 85 80

USD/JPY
1.40 1.35 1.30 1.25 1.20

Euro/USD

75 May-12 12 mth: 1 mth:

Aug-12 29.0% 4.0%

Nov-12 YTD: 1 Wk:

Feb-13

May-13 18.9% 0.9%

1.15 May-12 12 mth: 1 mth:

Aug-12 0.8% -1.6%

Nov-12 YTD: 1 Wk:

Feb-13

May-13

-2.5% -0.2%

USD/RMB
6.42 6.38 6.34 6.30 6.26 6.22 6.18 6.14 6.10 May-12 12 mth: 1 mth: Aug-12 -3.0% -0.8% Nov-12 YTD: 1 Wk: Feb-13 May-13

SGD/RMB
5.20 5.15 5.10 5.05 5.00 4.95 4.90 4.85 4.80 4.75 4.70 May-12 12 mth: 1 mth: 1.32 1.30 1.28 1.26 1.24 1.22 Aug-12 -2.4% -2.4% Nov-12 YTD: 1 Wk: Feb-13 May-13

A$/SGD

1.20 May-12 12 mth: 1 mth:

Aug-12 -2.1% -3.4%

Nov-12 YTD: 1 Wk:

Feb-13

May-13

-1.6% -0.2%

-4.5% -1.4%

-3.1% 0.0%

Source: Datastream, DBS Research

Page 7

Singapore Traders Spectrum Wired Weekly

Baltic Dry Index


1,300 1,100 900 700 500 May-12 12 mth: 1 mth:

Volatility Index
28 26 24 22 20 18 16 14 12 10 May-12

Fed Funds Rate


0.30 0.25 0.20 0.15 0.10 0.05 0.00 May-12 Aug-12 Nov-12 Feb-13 May-13

Aug-12 -26.4% -6.7%

Nov-12 YTD: 1 Wk:

Feb-13

May-13

Aug-12

Nov-12

Feb-13

May-13

18.6% -3.7%

Brent Crude Oil


125 120 115 110 105 100 95 90 85 80 May-12 12 mth: 1 mth:

Palm Oil
1100 1000 900 800 700 600 May-12 12 mth: 1 mth:

Soya Oil
58 56 54 52 50 48 46 44 42 May-12 12 mth: 1 mth:

Aug-12 -5.9% 4.1%

Nov-12 YTD: 1 Wk:

Feb-13

May-13

Aug-12 -22.9% 4.0%

Nov-12 YTD: 1 Wk:

Feb-13

May-13

Aug-12 0.4% 2.3%

Nov-12 YTD: 1 Wk:

Feb-13

May-13 6.2% 0.3%

-6.3% 1.7%

10.2% 1.1%

Aluminium
2200 2100 2000 1900 1800 1700 1600 May-12 12 mth: 1 mth: Aug-12 -7.3% -0.8% Nov-12 YTD: 1 Wk: Feb-13 May-13

Tin
26000 24000 22000 20000 18000 16000 May-12 12 mth: 1 mth:

Steel
4400 4200 4000 3800 3600 3400 Aug-12 8.9% 3.2% Nov-12 YTD: 1 Wk: Feb-13 May-13 3200 May-12 12 mth: 1 mth: Aug-12 -14.9% 1.7% Nov-12 YTD: 1 Wk: Feb-13 May-13

-6.8% 1.1%

-8.4% 3.5%

-0.8% 0.6%

Copper
8500 8000 7500

Nickel
19000 18000 17000 16000

Gold
1800 1700 1600 1500 1400 1300 1200 Aug-12
-10.3% -0.8%

7000 6500 May-12


12 mth: 1 mth:

15000 14000 Aug-12


-4.5% 7.8%

Nov-12
YTD: 1 Wk:

Feb-13

May-13

May-12
12 mth: 1 mth:

Nov-12
YTD: 1 Wk:

Feb-13

May-13

May-12
12 mth: 1 mth:

Aug-12
-13.2% -3.2%

Nov-12
YTD: 1 Wk:

Feb-13

May-13

-5.8% 3.8%

-11.1% 1.9%

-17.0% -1.1%

Source: Datastream, DBS Research

Page 8

Singapore Traders Spectrum Wired Weekly

Straits Times Index


Last Price S/No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 B'berg Code DBS SP OCBC SP ST SP UOB SP JM SP KEP SP JS SP HKL SP THBEV SP CAPL SP GENS SP GLP SP WIL SP SPH SP CIT SP STE SP SGX SP CT SP SIA SP JCNC SP SCI SP HPHT SP NOBL SP SMM SP CD SP GGR SP STH SP CMA SP OLAM SP SIE SP Stock Name DBS GROUP HOLDINGS LTD OVERSEA-CHINESE BANKING CORP SINGAPORE TELECOMMUNICATIONS UNITED OVERSEAS BANK LTD JARDINE MATHESON HLDGS LTD KEPPEL CORP LTD JARDINE STRATEGIC HLDGS LTD HONGKONG LAND HOLDINGS LTD THAI BEVERAGE PCL CAPITALAND LTD GENTING SINGAPORE PLC GLOBAL LOGISTICS WILMAR INTERNATIONAL LTD SINGAPORE PRESS HOLDINGS LTD CITY DEVELOPMENTS LTD SINGAPORE TECHNOLOGIES ENG SINGAPORE EXCHANGE LTD CAPITAMALL TRUST SINGAPORE AIRLINES LTD JARDINE CYCLE & CARRIAGE LTD SEMBCORP INDUSTRIES LTD HUTCHISON PORT HOLDINGS TRUST NOBLE GROUP LTD SEMBCORP MARINE LTD COMFORTDELGRO CORP LTD GOLDEN AGRI-RESOURCES LTD STARHUB LTD CAPITAMALLS ASIA LTD OLAM INTERNATIONAL LTD SIA ENGINEERING CO LTD Crncy SGD SGD SGD SGD USD SGD USD USD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD 23-May-13 17.15 10.86 3.96 21.67 66.15 10.91 40.16 7.15 0.70 3.66 1.48 2.86 3.34 4.37 10.85 4.13 7.57 2.17 10.83 46.86 4.97 0.81 1.05 4.42 1.93 0.57 4.26 2.02 1.83 5.05 Last Day Vol (000 Shrs) 8,211 4,937 25,942 3,127 319 5,529 258 1,983 48,524 15,948 25,064 33,833 6,686 6,599 2,663 5,767 2,614 20,237 1,395 333 5,410 41,500 31,976 6,969 242,695 68,829 6,661 7,981 11,847 1,128 Avg Vol for the Week Rel STI MTD (000 Shrs) 4,179 2,930 19,872 2,198 267 4,597 643 1,304 50,360 11,186 12,729 16,193 4,567 3,785 1,204 2,714 1,416 9,695 1,503 236 4,519 20,507 25,298 7,289 52,267 53,401 4,093 5,711 8,491 855 (%) 2 (1) 0 1 1 1 2 (2) 14 (3) (5) 3 (0) (3) (4) (7) 0 (7) (3) (5) (1) (3) (7) 2 (4) 7 (11) (5) 9 (1) Rel STI QTD (%) 5 (1) 8 4 (1) (5) (1) (6) 11 1 (4) 7 (6) (5) (7) (7) (4) 1 (3) (11) (7) (7) (16) (3) (2) (4) (5) (4) 4 4 Rel STI YTD (%) 8 4 13 2 (0) (8) 6 (5) 69 (8) (1) (4) (7) 1 (23) 1 1 (5) (6) (10) (12) (5) (16) (11) 1 (19) 5 (3) 11 8 Weight (%) 10.32 10.24 10.09 8.89 6.56 5.41 3.92 3.53 3.27 3.25 3.13 2.98 2.45 2.43 2.23 2.23 2.16 1.95 1.90 1.62 1.54 1.42 1.39 1.28 1.25 1.20 1.12 0.96 0.90 0.39 Actual Mkt Cap (S$m) 41,857 37,307 63,133 34,132 53,937 19,714 56,475 20,324 17,451 15,582 18,031 13,606 21,364 6,990 9,866 12,816 8,094 7,503 12,698 16,669 8,881 7,056 6,927 9,236 4,075 6,919 7,324 7,863 4,374 5,597

Source: Bloomberg Finance L.P, DBS Vickers

Page 9

Singapore Traders Spectrum Wired Weekly

At A Glance Currencies

Announced Dividends and Capital Issues


Company JACKS INTERNATIONAL LIMITED PETROCHINA ADR 10 SP AUSNET SP AUSNET SP AUSNET TPV TECHNOLOGY LIMITED BUMITAMA AGRI LTD. EUNETWORKS GROUP LIMITED NTEGRATOR INTERNATIONAL LTD MAXI-CASH FIN SVCS CORP LTD VIBROPOWER CORPORATION LIMITED WBL CORPORATION 2.5%CB140610 KINGSMEN CREATIVES LTD CHINA TELECOM ADR 10 CHINAMOBILE ADR 10 INDIABULLS PROPERTIES INVTRUST TAN CHONG INT'L LTD OCBC BK 4.2% NCPS OCBC BK 5.1%NCPS 100 RELIGARE HEALTH TRUST SHANGRI-LA ASIA LIMITED YUEXIU PROPERTY CO LIMITED YUEXIU PROPERTY CO LIMITED AEM HOLDINGS LTD LEE METAL GROUP LTD LOW KENG HUAT (SINGAPORE) LTD LOW KENG HUAT (SINGAPORE) LTD SAKAE HOLDINGS LTD. ETIKA INTERNATIONAL HLDGS LTD CITY DEVELOPMENTS LTD NCCPS SINARMAS LAND LIMITED AMARA HOLDINGS LTD FUJIAN ZHENYUN PLAS IND CO LTD YANZHOU COAL MINING ADR 10 VODAFONE ADR 10 OXLEY HOLDINGS LIMITED OSIM INTERNATIONAL LTD HUANENG POWER INTL ADR 10 N708100S 150701 NX03100Z 130701 NX03100Z 130701 NX04100F 140701 SINGAPORE POST LIMITED BERGER INTERNATIONAL LIMITED ENGRO CORPORATION LIMITED HUPSTEEL LTD UMS HOLDINGS LIMITED WBL CORPORATION LIMITED SIA ENGINEERING CO LTD N212100H 140201 N213100S 150201 SMRT CORPORATION LTD SINGAPORE AIRLINES LTD BOUSTEAD SINGAPORE LIMITED BOUSTEAD SINGAPORE LIMITED BOUSTEAD SINGAPORE LIMITED BOUSTEAD SINGAPORE LIMITED Type DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND ENTITL. BONUS BONUS DIVIDEND INTEREST DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND INTEREST ENTITL. INTEREST INTEREST DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND INTEREST INTEREST DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND Particulars SGD 0.003 ONE-TIER TAX APPROXIMATE USD 1.888301 INT INCOME,DRP AUD 0.02649 LESS TAX FULLYFRANK,DRP AUD 0.01367 RET CAPITAL,DRP AUD 0.00084 USD 0.0097 SGD 0.012 ONE-TIER TAX SHARE CONSOL OFFER OF 1 FOR 50 1 WT FOR 2 SH OFFER OF 1 FOR 2 OFFER OF 1 FOR 5 SGD 0.0038 ONE-TIER TAX 101212 - 090613 2.5% SGD 0.025 ONE-TIER TAX APPROXIMATE USD 0.985596 APPROXIMATERATE USD 1.030857 011012 - 310313 SGD 0.000166 TAX EXEMPT HKD 0.07 201212 - 190613 4.2% ONE-TIER TAX 201212 - 190613 5.1% ONE-TIER TAX 191012 - 310313 SGD 0.0355 HKD 0.1 HKD 0.022 HKD 0.031 SGD 0.0035 ONE-TIER TAX SGD 0.002 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.015 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.003 ONE-TIER TAX 3.9% ONE-TIER TAX SGD 0.0038 ONE-TIER TAX SGD 0.006 ONE-TIER TAX CNY 0.0247 TAX EXEMPT APPROXIMATE USD 0.501779 APPROXIMATE USD 1.028795 SGD 0.001 ONE-TIER TAX SGD 0.01 ONE-TIER TAX APPROXIMATE USD 1.210048 2.88% REDEMPTION SGD 1 2.25% 3.63% SGD 0.025 ONE-TIER TAX SGD 0.0028 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.05 ONE-TIER TAX SGD 0.15 ONE-TIER TAX 0.25% 0.25% SGD 0.01 ONE-TIER TAX SGD 0.17 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.03 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.02 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.03 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.02 ONE-TIER TAX Ex Date 27-May-13 27-May-13 27-May-13 27-May-13 27-May-13 27-May-13 28-May-13 28-May-13 28-May-13 29-May-13 29-May-13 29-May-13 30-May-13 31-May-13 31-May-13 31-May-13 31-May-13 03-Jun-13 03-Jun-13 04-Jun-13 04-Jun-13 04-Jun-13 04-Jun-13 05-Jun-13 06-Jun-13 06-Jun-13 06-Jun-13 06-Jun-13 07-Jun-13 10-Jun-13 10-Jun-13 11-Jun-13 11-Jun-13 11-Jun-13 12-Jun-13 13-Jun-13 19-Jun-13 20-Jun-13 21-Jun-13 21-Jun-13 21-Jun-13 21-Jun-13 02-Jul-13 03-Jul-13 03-Jul-13 04-Jul-13 09-Jul-13 09-Jul-13 23-Jul-13 24-Jul-13 24-Jul-13 29-Jul-13 30-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13 Paid/ Payable 12-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 07-Jun-13 20-Jun-13

Other Important Indicators

Important Dates (Singapore)


Event Industrial Production MoM SA Industrial Production YoY CPI (MOM) - NSA CPI (YoY) Credit Card Bad Debts Credit Card Billings M1 Money Supply (YoY) M2 Money Supply (YoY) Bank Loans & Advances (YoY) Electronics Sector Index Purchasing Managers Index Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E Foreign Reserves Singapore Manpower Survey Unemployment Rate (sa) Retail Sales Ex Auto (YoY) Retail Sales (YoY) Retail Sales (MoM) sa Electronic Exports (YoY) Non-oil Domestic Exports (YoY) Non-oil Domestic Exp SA (MoM) Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI (MOM) - NSA CPI (YoY) Industrial Production MoM SA Credit Card Bad Debts Credit Card Billings M1 Money Supply (YoY) M2 Money Supply (YoY) Bank Loans & Advances (YoY) Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E Electronics Sector Index Purchasing Managers Index GDP (annualized) (QoQ) GDP (YoY) Foreign Reserves Retail Sales Ex Auto (YoY) Retail Sales (YoY) Retail Sales (MoM) sa Electronic Exports (YoY) Non-oil Domestic Exports (YoY) Non-oil Domestic Exp SA (MoM) Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI (MOM) - NSA CPI (YoY) Industrial Production MoM SA Industrial Production YoY Unemployment Rate (sa) Credit Card Bad Debts Credit Card Billings M1 Money Supply (YoY) M2 Money Supply (YoY) Bank Loans & Advances (YoY) Period Apr Apr Apr Apr Apr Apr Apr Apr Apr May May Jun Jun Jun May 3Q 1Q F Apr Apr Apr May May May Jun Jun Jun May May May May May May May May Jul Jul Jul Jun Jun 2Q A 2Q A Jun May May May Jun Jun Jun Jul Jul Jul Jun Jun Jun Jun 2Q P Jun Jun Jun Jun Jun Date 23-May-13 23-May-13 23-May-13 23-May-13 31-May-13 31-May-13 31-May-13 31-May-13 31-May-13 3-Jun-13 3-Jun-13 5-Jun-13 5-Jun-13 5-Jun-13 7-Jun-13 11-14 Jun 14-Jun-13 14-Jun-13 14-Jun-13 14-Jun-13 17-Jun-13 17-Jun-13 17-Jun-13 19-Jun-13 19-Jun-13 19-Jun-13 24-Jun-13 24-Jun-13 26-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 3-Jul-13 3-Jul-13 3-Jul-13 3-Jul-13 3-Jul-13 08-15 Jul 08-15 Jul 08-12 Jul 15-Jul-13 15-Jul-13 15-Jul-13 17-Jul-13 17-Jul-13 17-Jul-13 17-Jul-13 17-Jul-13 17-Jul-13 23-Jul-13 23-Jul-13 26-Jul-13 26-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13

18-Jun-13 10-Jun-13 12-Jun-13 29-Jul-13 08-Jul-13 21-Jun-13 13-Jun-13 20-Jun-13 20-Jun-13 24-Jun-13 18-Jun-13 26-Jun-13 26-Jun-13 21-Jun-13 24-Jun-13 18-Jun-13 18-Jun-13 21-Jun-13 28-Jun-13 01-Jul-13 25-Jun-13 26-Jun-13 28-Jun-13 22-Jul-13 07-Aug-13 27-Jun-13 03-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 15-Jul-13 25-Jul-13 26-Jul-13 17-Jul-13 26-Jul-13 01-Aug-13 07-Aug-13 01-Aug-13 01-Aug-13 14-Aug-13 16-Aug-13 23-Sep-13 23-Sep-13 23-Sep-13 23-Sep-13

Upcoming IPOs
Company Asian Pay Telev ision Trust T ot al Shares (m) 942.63 Pric e Range (S$) $1.00 T rading Dat e 29-May -13

Recent IPO Trading


Company Name Logistics Holdings Limited Halycon Agri Corp Overseas Education Mapletree Greater China GDS Global Ltd Croesus Retail Trust Eqy Init Po Sh Px 0.23 0.36 0.48 0.93 0.25 0.93 PX_CLOSE 0.210 0.720 0.675 1.045 0.260 1.025 ICB Sector Name Construction & Materials Chemicals General Retailers Real Estate Investment Trusts Construction & Materials Real Estate Investment Trusts EQY_INIT_PO_DT 1/18/2013 2/1/2013 2/7/2013 3/7/2013 4/19/2013 5/10/2013

Source: Bloomberg Finance L.P

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Singapore Traders Spectrum Wired Weekly

Diary May 2013


Mon Tues 1 Wed 2
DBS Group Q1 13 Elec & Eltek Q1 13 Forterra Trust Q1 13 Genting Spore Q1 13 Lippo Malls Indonesia Retail Q1 13 UOB Q1 13

Thu 3

Fri
Cosco Corp Q1 13 Sembcorp Marine Q1 13 Roxy-Pacific Holdings Q1 13

Electronics Sector Index Purchasing Managers Index

6
Singapore Post FY13

7
Osim Int'l Q1 13 Perennial China Retail Q1 13 ST Engineering Q1 13

8
ARA Asset Mgmt Q1 13 ASL Marine Q3 13 Ellipsiz Q3 13 Far East Hospitality Q1 13 Hi-P Int'l Q1 13 Sembcorp Industries Q1 13 WBL Q2 13 Wilmar Int'l Q1 13 Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E

9
Ezion Q1 13 Fortune Reits Q1 13 Frencken Group Q1 13 Kreuz Holdings Q1 13 Parkson Retail Asia Q3 13 Parkway Life REIT Q1 13 StarHub Q1 13

10
Amtek Q3 13 Best World Int'l Q1 13 FNN Q2 13 Hotel Royal Q1 13 IFS Capital Q1 13 Pan Pacific Hotels Q1 13 Saizen REIT Q3 13 UOL Group Q1 13 Vicom Q1 13

Foreign Reserves

13
Bumitama Agri Q1 13 (Aft mkt) China Yuchai Q1 13 City Developments Q1 13 First Resources Q1 13 Golden Agri Q1 13 SBS Transit Q13 Super Group Q1 13 Superbowl Holdings Q1 13 Yanlord Land Q1 13

14
ComfortDelgro Q1 13 CSE Global Q1 13 First Resources Q1 13 Haw Par Q1 13 HTL Int'l Q1 13 Kencana Agri Q1 13 Mewah International Q1 13 Midas Q1 13 NOL Q1 13 SIA Engineering FY13 Swiber Q1 13 XinRen Aluminium Q1 13

15
Hiap Hoe Q1 13 Hong Leong Asia Q1 13 Olam International Q3 13 Petra Foods Q1 13 SATS FY 13 Singtel FY 13 United Engineers Q1 13

16
SIA Q4 13

17

Monthly Property Sales Data Retail Sales Ex Auto (YoY) Retail Sales (YoY) Retail Sales (MoM) sa

GDP QoQ (16-24 May) GDP YoY (16-24 May)

Electronic Exports (YoY) Non-oil Domestic Exports (YoY) Non-oil Domestic Exp SA (MoM)

20

21
Boustead Singapore 4Q 13 Religare Health Trust 4Q 13

22

23
Global Logistic Properties FY13

24

Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E

Industrial Production MoM SA Industrial Production YoY CPI (MOM) - NSA CPI (YoY)

27
Yoma Strategic 4Q 13

28
Tat Hong FY13

29
Avago Technologies Q2 13

30
Nexus Floating Q1 13

31

M1 Money Supply (YoY) M2 Money Supply (YoY) Credit Card Bad Debts Credit Card Billings Bank Loans & Advances (YoY)

Source: Bloomberg Finance L.P, DBS Vickers

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Singapore Traders Spectrum Wired Weekly

DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends


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Singapore Traders Spectrum Wired Weekly

ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of 27 May 2013, the analyst and his / her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report (interest includes direct or indirect ownership of securities, directorships and trustee positions). COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in company mentioned as of 22 May 2013. 2. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered brokerdealer, beneficially own a total of 1% or more of any class of common equity securities of the Keppel Reit, Mapletree Greater China Commercial Trust, Perennial China Retail Trust as of 27 May 2013. Compensation for investment banking services: i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA have received compensation, within the past 12 months, and within the next 3 months receive or intends to seek compensation for investment banking services from UOL, Keppel Land, Wing Tai, Nam Cheong, Ezion, Keppel Corp, Mapletree Greater China Commercial Trust, Perennial China Retail Trust, China Merchants, Global Logistics Properties, Religare Health Trust. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

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