Singapore Traders Spectrum

Wired Daily
DBS Group Research . Equity 27 Jul 2012

Todays Focus
Hutchison Port Holdings Trust Expect DPU to be sustainable at 6.6UScts annually. Maintain BUY with TP of US$0.85.
US Indices Dow Jones S&P NASDAQ Regional Indices ST Index ST Small Cap Hang Seng HSCEI HSCCI KLCI SET JCI PCOMP KOSPI TWSE Nikkei Last Close 12,887.9 1,360.0 2,893.3 3,004.6 453.2 18,892.8 9,210.9 3,695.9 1,623.9 1,172.9 4,004.8 5,152.6 1,782.5 6,970.7 8,443.1 Pts Chg 211.9 22.1 39.0 13.7 1.1 15.5 (7.9) 24.2 (11.2) (15.7) 3.9 (9.2) 13.2 (8.4) 77.2 % Chg 1.7 1.7 1.4 0.5 0.2 0.1 (0.1) 0.7 (0.7) (1.3) 0.1 (0.2) 0.7 (0.1) 0.9

US and European equities rallied overnight in a knee-jerk reaction following a pledge by ECB President Mario Draghi to defend the Euro. 10-yr Spanish and Italian bond yields retreated. Still, our economist notes the usual obstacles. Meanwhile US weekly initial claims contracted a more than expected amount to 353k (consensus 380k). US 2Q GDP will be released later tonight. Our economist sees the figure dipping to 1.1% (consensus 1.4%). Hutchison Port Holdings Trust reported decent y-o-y volume growth at both Yantian (4%) in China and HIT (8%) ports in Hong Kong in 2Q12; boosted by transhipment cargo. 3.1UScts DPU was declared in 1H12, as per IPO guidance. DPU should be sustainable at 6.6UScts level annually, as capex deferral is not a very significant proportion of total distributable cash flow in FY12. Maintain BUY with unchanged TP of US$0.85. Sheng Siong Group reported 2Q12 profit of S$7m (-2% y-o-y) slightly below our analysts expectations on weaker recovery in ASP. FY12F/FY13F earnings trimmed by 6%/7% on lower gross margin assumptions. DPS of 1Sct was declared; we expect 5.8% yield for FY12F. Maintain HOLD and S$0.47 TP. MBS was hit by lower VIP rolling chip & win rate, and higher receivables provision in 2Q12. Our analyst has cut 2012-14E earnings for Genting Singapore by 9-12% and downgrade to Hold with lower TP of S$1.17 (Prev S$ 2.05). Genting Singapores 2Q12 results will likely be unexciting, but 2H12 should be stronger with the completion of Western Zone by 4Q12. Mapletree Commercial Trusts 1Q13/14 results in line with estimates at 25% of our analysts forecast. Vivocitys rental reversions and retention rates remain robust. Maintain BUY at S$1.12 TP. We continue to like MCTs defensive nature backed by quality assets.

STI Index Performance Singapore Total Market cap (US$bn) Total Daily Vol (m shrs) 12m ST Index High 12m ST Index Low
Index

542 1,705 3,215 2,529

4,000

3,000

STI

2,000

100-Day MA

1,000 2006 2007 2008 2009 2010 2011 2012

Source: Bloomberg
Stock Picks Large Cap Recn SembCorp Industries SembCorp Marine SingTel City Development UOB Stock Picks Small Cap Recn STX OSV Holdings Ezion Holdings Bumitama Agri Nam Cheong Buy Buy Buy Buy Price ($) 26/7 1.535 0.925 1.060 0.176 Target Price ($) 2.00 1.35 1.35 0.24 Buy Buy Take profit Take profit Take profit Price ($) 26/7 5.240 4.860 3.440 11.620 19.760 Target Price ($) 6.00 5.85 3.29 10.85 19.50

Source: Bloomberg, DBS Vickers

Traders Spectrum Team 6533 9688 / 6398 7955 / 6398 7970

www.dbsvickers.com Refer to important disclosures at the end of this report

Singapore Wired Daily

Kreuz Holdings has won a contract worth approximately US$13m from a leading offshore company in the oil and gas business to provide subsea installation services in Southeast Asia. The work is scheduled to commence in the third quarter of 2012 for a duration of approximately three months, with option for further extension. Noble Group has shelved plans to sell its agriculture unit, saying now is the time to build the business amid declining asset prices. Noble shares have declined 13% since the company said in October it might spin off its agriculture business and list it on the Singapore Exchange. Mapletree Logistics Trust Chief Executive Richard Lai has resigned for personal reasons. MLT has named Ng Kiat as successor with immediate effect. Prior to her appointment, Ms Ng was chief investment officer for Southeast Asia at Singapore developer Mapletree Investments, which is the sponsor of Mapletree Logistics. She had also served roles at Singapore state investor Temasek Holdings and real estate group CapitaLand. SC Global announced that its ASX-listed subsidiary AVJennings expects to provide between A$32 to A$37m on an after tax basis against the carrying value of its assets as at 30 June 2012. AVJ expects to make a post-tax operating profit before provisioning of around A$5.1m for the year and after provisioning a net loss of A$27 to A$32m. SC Global owns 50.03% of AVJ. As a result, it is expected to report a net loss for the quarter ended 30 June 2012. Fujian Zhenyun Plastics Industry is expected to report lower net profit for 1H12 as the slowdown in the Chinas economy resulted in fewer suitable projects available and competition for the projects eroded gross profit margins. The executive chairman of Hup Soon Global Corp plans to take the company private in a deal that values the industrial equipment and automotive products distributor at $36.4m. Spei Holdings, owned by Hup Soon chairman and chief executive Timothy Chia Chee Ming and three

others, is offering 10 cents a share for the 74.1m shares it does not already control. Teledata is placing 548.8m new shares at S$0.008 per share. The issue price represents a discount of approximately 12% to last weighted average price. The net proceeds of approximately S$4.2m will be used for the funding of new projects and to finance the general working capital requirements of the group. Singapores June industrial output rose 7.6% y-o-y, more than double the 2.8% consensus forecast, thanks to pharmaceuticals' anti-cyclical surge and also better than Mays revised growth of 6.8%. Excluding the 54.4% y-oy surge in biomedical production, manufacturing output shrank 1.5% in June from a year ago. In month-onmonth terms, overall industrial output rose 3.9% after seasonal adjustments, but fell 3.8% minus biomedical output. Stripping out the volatile sector, June's seasonally-adjusted industrial production index sank to its lowest reading since November last year. Electronics continued to shrink year-on-year. Even though its contraction narrowed from 9.4% in May to 4.5% in June, prospects for the cluster, which accounts for more than a third of manufacturing, remain dim. In a move that could impact the Singapore-Changi hub, Australia's Qantas Airways and Dubai-based Emirates are headed for an alliance that may see Qantas bypass Singapore as its "kangaroo route" hop-off. The Australian Financial Review said the move could result in Qantas's flights from Australia to Europe being diverted through the Middle Eastern hub of Dubai, bypassing Singapore-Changi in the process. This would be a major change, given that Qantas has a long track record in Singapore stretching back some 70 years and is one of the biggest airline groups operating at the airport. It currently has about 130 flights each week via Changi, and together with its Jetstar unit, accounts for some 12% of the traffic at Changi. Qantas is also a major consumer of ground services at Changi, and uses SIA Engineering for its maintenance and repair.

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Singapore Wired Daily

Share Buy-Back
Company Ho Bee Investment Limited HG Metal Manufacturing Ltd AEM Holdings Ltd San Teh Limited Ho Bee Investment Limited CNA Group Ltd Ho Bee Investment Limited HG Metal Manufacturing Ltd KSH Holdings Limited Viking Offshore and Marine Hyflux Ltd Pan-United Corporation Ltd Wee Hur Holdings Ltd Hyflux Ltd Pan-United Corporation Ltd Overseas-Chinese Banking Corp Wee Hur Holdings Ltd D.O.T. 25-Jul-12 25-Jul-12 25-Jul-12 24-Jul-12 24-Jul-12 23-Jul-12 23-Jul-12 23-Jul-12 20-Jul-12 20-Jul-12 19-Jul-12 19-Jul-12 19-Jul-12 18-Jul-12 18-Jul-12 17-Jul-12 17-Jul-12 Buy/Sell Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back No.of shares 426,000 20,000 2,500,000 242,000 563,000 25,000 450,000 1,071,000 488,000 40,000 240,000 105,000 260,000 661,000 164,000 200,000 625,000 S$/shr 1.2138 0.0820 0.0850 0.2900 1.2094 0.1076 1.2094 0.0829 0.2450 0.1080 1.4104 0.5831 0.2800 1.4137 0.5792 9.2700 0.2800

SGX Masnet

Page 3

Singapore Wired Daily

Substantial Shareholders Transactions: 13 July 19 July 2012

Stock C&G Env Protect C&G Env Protect C&G Env Protect Ezra Hldgs Oxley Hldgs Oxley Hldgs Hyflux Oxley Hldgs Tiong Seng Hldgs Lee Metal Pacific Century Pacific Century Pacific Century Pacific Century Pacific Century Pacific Century Pacific Century Pacific Century Pacific Century Pacific Century Pteris Global Pteris Global Pteris Global Sunpower Grp Sunpower Grp Viz Brand BRC Asia Broadway Indl China Minzhong China Minzhong China Minzhong China Minzhong Manhattan Resources Oxley Hldgs Oxley Hldgs Transacted Date 19-Jul-12 19-Jul-12 19-Jul-12 18-Jul-12 18-Jul-12 18-Jul-12 17-Jul-12 17-Jul-12 17-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 16-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 Substantial Shareholder/ Director C&G Hldgs (HK) Ltd Lam Chik Tsan Lin Yan Koh Poh Tiong Low See Ching Ching Chiat Kwong Matthews Intl Capital Mgt Ching Chiat Kwong Pek Lian Guan Lee Siew Khim Jason Fedder Jenny Fung Lester Huang OS Hldgs The Starlite Unit Trust The Starlite Trust The Ocean Unit Trust The Ocean Trust Ocean Star Management Ltd Pacific Century Grp Hldgs Winmark Investments Amy Lim Winston Tan Artur Jurczakowski Artur Jurczakowski Yuen San Seng Lim Siak Meng Aegis Portfolio Mgr GAM Hldg AG GAM Grp AG GAM Spore Pte Ltd GAM Hong Kong Ltd Low Tuck Kwong Tee Wee Sien Ching Chiat Kwong * * * * * * * * * * * * * * * * * * * * Buy/Sell/ Conv Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Sell Sell Sell Buy Sell Sell Sell Sell Sell Buy Buy Buy No of Shares ('000) 630 630 630 300 62 544 8079 223 143 550 205 205 205 205 205 205 205 205 205 205 370 370 370 400 400 100 5134 301 1862 1862 1862 1862 3141 100 20 Price Per Share $ na na 0.11 1.03 0.39 0.39 na 0.39 0.21 0.22 na na na 0.17 0.17 0.17 0.17 0.17 0.17 0.17 na na 0.12 na na 0.73 0.13 na na na na na na na 0.39 %Issued Cap %Issued Cap Before After Change Change 71.42 71.42 71.42 0.01 5.04 13.94 7.06 13.92 0.24 5.07 75.8 75.8 75.8 75.8 75.8 75.8 75.8 75.8 75.8 75.79 11.58 11.58 11.58 8.05 7.93 0.21 3.72 6.01 5.3 5.3 5.3 5.3 9.66 12.5 13.92 72.06 72.06 72.06 0.04 5.04 13.97 8.18 13.94 0.26 5.18 75.8 75.8 75.8 75.8 75.8 75.8 75.8 75.8 75.8 75.8 11.66 11.66 11.66 7.93 7.81 0.18 4.32 5.94 4.96 4.96 4.96 4.96 10.28 12.51 13.92

*Deemed Interest Source: Business Times; SA: Share Allotment; ST: Share Transfer, B/R: Bonus/Rights Issue; OE: Option Exercise; PL: Placement Shares

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Singapore Wired Daily

Announced Dividends and Capital Issues: 27 Jul 2012 22 Nov 2012 (by Ex-Date)
Company CAPITACOMMERCIAL TRUST THE HOUR GLASS LIMITED AIMS AMP CAP INDUSTRIAL REIT FIRST REAL ESTATE INV TRUST FIRST REAL ESTATE INV TRUST FIRST REAL ESTATE INV TRUST FIRST REAL ESTATE INV TRUST K-GREEN TRUST MAPLETREE INDUSTRIAL TRUST MAPLETREE INDUSTRIAL TRUST MERCATOR LINES (SINGAPORE) LTD SINGAPORE AIRLINES LTD STARHILL GLOBAL REIT STARHILL GLOBAL REIT TECHNICS OIL & GAS LIMITED TECHNICS OIL & GAS LIMITED BUKIT SEMBAWANG ESTATES LTD BUKIT SEMBAWANG ESTATES LTD COUGAR LOGISTICS CORPN LTD FRASERS CENTREPOINT TRUST JAPAN FOODS HOLDING LTD. SATS LTD. SATS LTD. SINGAPORE SHIPPING CORP LTD STAMFORD LAND CORPORATION LTD STAMFORD LAND CORPORATION LTD AEM HOLDINGS LTD BAN LEONG TECHNOLOGIES LIMITED BROTHERS (HOLDINGS) LIMITED FORTUNE REAL ESTATE INV TRUST JASON MARINE GROUP LIMITED KSH HOLDINGS LIMITED KSH HOLDINGS LIMITED MTQ CORPORATION LIMITED BOUSTEAD SINGAPORE LIMITED TAT HONG HOLDINGS LTD TOTAL ACCESS COMM PUB CO LTD GLOBAL YELLOW PAGES LIMITED KING WAN CORPORATION LIMITED METRO HOLDINGS LIMITED METRO HOLDINGS LIMITED PAN HONG PROPERTY GROUP LTD UNITED ENVIROTECH LTD SINGTEL WILLAS-ARRAY ELEC (HLDGS) LTD WILLAS-ARRAY ELEC (HLDGS) LTD ZAGRO ASIA LIMITED HIAP SENG ENGINEERING LTD POWERMATIC DATA SYSTEMS LTD GP BATTERIES INT LTD FISCHER TECH LTD RAFFLES MEDICAL GROUP LTD TRANSIT-MIXED CONCRETE LTD CSC HOLDINGS LTD NY01100F 160901 NY03100A 180901 NY05100N 200901 NY07100X 220901 NY09100H 240901 NZ07100S 270301 NZ10100F 300901 CAPITARETAIL CHINA TRUST POPULAR HOLDINGS LIMITED NOVO GROUP LTD. FRAGRANCE GROUP LIMITED N507101E 121001 N507101E 121001 N508100V 130401 N509100N 141001 N511100W 160401 N710100Z 170401 NA12100N 420401 K1 VENTURES LIMITED NX09100W 190601 NX11100X 210601 Type 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 DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND BONUS DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND OFFER DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST DIVIDEND DIVIDEND DIVIDEND BONUS INTEREST ENTITL. INTEREST INTEREST INTEREST INTEREST INTEREST DIVIDEND INTEREST INTEREST Particulars ESTIMATED SGD 0.0396 LESS TAX SGD 0.06 ONE-TIER TAX 1APR-30JUNE,DRP SGD 0.025 LESS TAX 010412 - 300612 SGD 0.0033 010412 - 300612 SGD 0.0007 LESS TAX 010412 - 300612 SGD 0.0119 TAX EXEMPT 010412 - 300612 SGD 0.0034 010112 - 300612 SGD 0.0313 TAX EXEMPT 010412 - 300612 SGD 0.0018 010412 - 300612 SGD 0.0208 LESS TAX SGD 0.002 ONE-TIER TAX SGD 0.1 ONE-TIER TAX 010412 - 300612 SGD 0.0027 TAX EXEMPT 010412 - 300612 SGD 0.0081 LESS TAX SGD 0.05 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.14 ONE-TIER TAX SGD 0.04 ONE-TIER TAX SGD 0.025 ONE-TIER TAX 010412 - 300612 SGD 0.026 LESS TAX SGD 0.007 ONE-TIER TAX SGD 0.15 ONE-TIER TAX SGD 0.06 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.0035 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.004 ONE-TIER TAX 010112 - 300612 HKD 0.1582 TAX EXEMPT SGD 0.002 ONE-TIER TAX OFFER OF 1 FOR 10 SGD 0.005 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.02 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.015 ONE-TIER TAX THB 2.27 LESS TAX SGD 0.002 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.04 ONE-TIER TAX SGD 0.01 SGD 0.003 ONE-TIER TAX SGD 0.09 ONE-TIER TAX HKD 0.06088 HKD 0.01826 OFFER OF 32 FOR 100 @ SGD 0.15 SGD 0.005 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.015 ONE-TIER TAX SGD 0.006 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.0009 ONE-TIER TAX 3.75% 0.04 0.0325 0.03125 0.03 0.035 0.02875 010112 - 300612 SGD 0.0482 SGD 0.008 ONE-TIER TAX SGD 0.01 ONE-TIER TAX OFFER OF 1 FOR 1 0.025 REDEMPTION 100% 0.01625 0.01375 0.01125 0.02375 0.0275 SGD 0.005 ONE-TIER TAX 0.025 0.0225 Ex Date 27-Jul-12 27-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 30-Jul-12 31-Jul-12 31-Jul-12 31-Jul-12 31-Jul-12 31-Jul-12 31-Jul-12 31-Jul-12 31-Jul-12 31-Jul-12 31-Jul-12 01-Aug-12 01-Aug-12 01-Aug-12 01-Aug-12 01-Aug-12 01-Aug-12 01-Aug-12 01-Aug-12 02-Aug-12 02-Aug-12 02-Aug-12 03-Aug-12 03-Aug-12 03-Aug-12 03-Aug-12 03-Aug-12 03-Aug-12 06-Aug-12 06-Aug-12 06-Aug-12 06-Aug-12 07-Aug-12 07-Aug-12 08-Aug-12 13-Aug-12 13-Aug-12 17-Aug-12 23-Aug-12 23-Aug-12 23-Aug-12 23-Aug-12 23-Aug-12 23-Aug-12 23-Aug-12 23-Aug-12 5-Sep-12 7-Sep-12 10-Sep-12 14-Sep-12 20-Sep-12 20-Sep-12 20-Sep-12 20-Sep-12 20-Sep-12 20-Sep-12 20-Sep-12 31-Oct-12 22-Nov-12 22-Nov-12 Paid/ Payable 29-Aug-12 08-Aug-12 18-Sep-12 29-Aug-12 29-Aug-12 29-Aug-12 29-Aug-12 16-Aug-12 29-Aug-12 29-Aug-12 16-Aug-12 15-Aug-12 28-Aug-12 28-Aug-12 24-Aug-12 24-Aug-12 15-Aug-12 15-Aug-12 23-Aug-12 29-Aug-12 15-Aug-12 15-Aug-12 15-Aug-12 23-Aug-12 23-Aug-12 23-Aug-12 17-Aug-12 16-Aug-12 23-Aug-12 29-Aug-12 21-Aug-12 23-Aug-12 19-Sep-12 21-Aug-12 22-Aug-12 22-Aug-12 28-Aug-12 17-Aug-12 17-Aug-12 17-Aug-12 30-Aug-12 17-Aug-12 24-Aug-12 21-Aug-12 21-Aug-12 28-Aug-12 27-Aug-12 28-Aug-12 30-Aug-12 31-Aug-12 07-Sep-12 07-Sep-12 03-Sep-12 03-Sep-12 03-Sep-12 03-Sep-12 03-Sep-12 03-Sep-12 03-Sep-12 26-Sep-12 26-Sep-12 04-Oct-12 01-Oct-12 01-Oct-12 01-Oct-12 01-Oct-12 01-Oct-12 01-Oct-12 01-Oct-12 14-Nov-12 03-Dec-12 3-Dec-12

Source: SGX

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Singapore Wired Daily

July 2012
Mon 2 3 Tues 4 Wed 5 Thu 6 Fri

Purchasing Managers Index Electronics Sector Index

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

Foreign Reserve (7-9 Jul)

10

11

12
EOC 3Q 12 Ezra 3Q 12

13
SPH 3Q12

Foreign Reserves

GDP (QoQ) GDP (YoY) Retail Sales Ex Auto (YoY) Retail Sales (YoY) Retail Sales (MoM) sa

16
K-Green Trust 2Q12 K-REIT Asia 2Q12 M1 2Q12

17
Ascendas REIT 1Q 13 Keppel T & T 2Q12

18
Aztech Group 2Q12 CapitaMall Trust 2Q12 Keppel Land 2Q12 Qian Hu 2Q 12

19
AIMS AMO 1Q 13 Frasers Centrepoint Trust Q3 12 Keppel Corporation 2Q12 Mapletree Logistics 1Q 13 Sabana Shariah 2Q12 Suntec REIT 2Q12

20
Capitacommercial Trust 2Q12 Fortune REITS 2Q 12 OKP 2Q 12

Monthly Property Sales Data

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

23
First Ship Lease Trust 2Q 12 Raffles Medical 2Q12 XP Power S1 12

24
Ascendas India 1Q13 First REIT 2Q12 Mapletree Industrial Trust 1Q 13 SIA Engineering 1Q 13 Starhill Global 2Q 12

25
Biosensors International 1Q13 CapitaMalls Asia 2Q 12 CapitaRetail China Trust 2Q12 Cache Logistics 2Q12 Flextronics 1Q13 Frasers Commercial Trust 3Q12 Mapletree Commercial Trust 1Q13 SIA 1Q13

26
OSIM International 2Q 12 Stats Chip 2Q 12

27
Ascott Residence Trust 2Q 12 Broadway Industrial Q2 12 CDL Hospitality 2Q 12 Jardine CNC 2Q12 Singapore Exchange 4Q 12 SMRT 1Q13

CPI (MOM) - NSA CPI (YoY)

Industrial Production MoM SA Industrial Production YoY

30
Cambridge Industrial Trust 2Q 12 Tuan Sing Q2 12

31

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

Source: Bloomberg

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Singapore Wired Daily

August 2012
Mon Tues 1
Cosco Corp 2Q 12 Capitaland 2Q12 Great Eastern 2Q12

Wed 2

Thu 3
China Aviation Oil 2Q12 Parkway Life 2Q12 SembCorp Marine 2Q12 UOI 2Q12 OCBC 2Q 12 Hi-P 2Q12 Global Premium 2Q12 Cityspring Infrastructure 1Q13 Second Chance 4Q12 Roxy-Pacific 2Q12 Global Premium 2Q12 Fragrance Group 2Q12

Fri
SembCorp Industries 2Q12 DBS Group 2Q12

Electronics Sector Index Purchasing Managers Index

6
QAF 2Q12 Maxi-Cash 2Q12 Rickmers Maritime 2Q12

7
HTL International 2Q 12 UOB 2Q12 Spore Reinsurance 2Q12 Aspial Corp 2Q12 China Merchants 2Q12 Challenger Technologies 2Q12

8
NOL 2Q12 Venture Corp 2Q12 Hiap Hoe 2Q 12 StarHub 2Q12 Perennial China Retail Trust 2Q12

10
FNN 3Q12 Hotel Royal 2Q12 IFS Capital 2Q12 Straco 2Q12 Superbowl 2Q 12 Vicom 2Q12 Super Group 2Q12

Foreign Reserves

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

13
Bumitama Noble 2Q13 Armstrong 2Q12

14
City Dev 2Q12 Global Logistics Properties 1Q 13 Ho Bee 2Q12 Indofood Agri 1Q12 Innotek 2Q12 ST Engineering 2Q12 Wilmar 2Q12 WBL 3Q12

15
First Resources 2Q12 Wilmar 2Q12

16

17
Chosen Holdings 4Q12

GDP (Q0Q) GDP (YoY)

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

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

20

21
Capital Drilling 1H12

22

23

24

Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI (Mom) CPI (YoY)

Industrial Production MoM SA Industrial Production MoM SA

27

28

29

30
Cape PLC IH12

31

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

Source: Bloomberg

Page 7

Singapore Wired Daily

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

DBS Vickers Research is available on the following electronic platforms: DBS Vickers (www.dbsvresearch.com); Thomson (www.thomson.com/financial); Factset (www.factset.com); Reuters (www.rbr.reuters.com); Capital IQ (www.capitaliq.com) and Bloomberg (DBSR GO). For access, please contact your DBSV salesperson. Traders Spectrums product is oriented towards readers with either a short-term trading horizon. It aims to highlight topical themes, which may move stock prices on a daily basis. Readers should be aware that TS Take relies more on assessments of technical factors, likely sentiment responses and short term money flows, rather than on fundamental analysis. As such the TS Take may from time to time conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by DBS Vickers Research analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on an ongoing basis. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers Research (Singapore) Pte Ltd ("DBSVR"), a direct wholly-owned subsidiary of DBS Vickers Securities (Singapore) Pte Ltd ("DBSVS") and an indirect wholly-owned subsidiary of DBS Vickers Securities Holdings Pte Ltd ("DBSVH"). This report is intended for clients of DBSV Group only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVR. It is being distributed in the United States by DBSV US, which accepts responsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBS Vickers Securities (USA) Inc (DBSVUSA) directly and not its affiliate. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBSVR, DBSVS, and/or DBSVH) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. 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Singapore Wired Daily

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 Jul 2012, 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). REDISTRIBUTION BY DBS BANK This report may be re-distributed by DBS Bank to jurisdictions other than Singapore for high net worth, qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions, in such a manner as it deems fit. COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1 DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in the subject companies as of 25 Jul 2012. 2 3 4 i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered broker-dealer, beneficially own a total of 1% or more of any class of common equity securities of Teledata as of 27 Jul 2012. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered broker-dealer, beneficially own a total of 5% or more of any class of common equity securities of Teledata as of 27 Jul 2012. Compensation for investment banking services: DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA have received compensation, have within the past 12 months, and within the next 3 months receive or intend to seek compensation for investment banking services from Ezion Holdings, Bumitama Agri, Hutchison Port Holdings Trust, Genting Singapore, Kreuz Holdings, Mapletree Logistics 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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