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SINGAPORE

12 Jan 2015

SINGAPORE STOCKS: DIVIDEND YIELD MONITOR

SINGAPORE STOCKS: Dividend Yield Greater Than 6%


Ranked by company name

Pg

Ranked by dividend yield

Pg

Ranked by company name

Pg

Ranked by dividend yield

Pg

Ranked by company name

Pg

Ranked by dividend yield

Pg

SINGAPORE REITS

SINGAPORE STI STOCKS

Pg 1 of 8

SINGAPORE

12 Jan 2015

SINGAPORE STOCKS: FY1 Dividend Yield Greater Than 6% (ranked by company name)

US$m

Eqy
Beta
(x)

Cur

FY1

Cur

FY1

FY2

Buy

Hold

Sell

Total

AAREIT SP

AIMS AMP Capital Indus REIT

SGD

1.445

678

0.9

7.7

7.6

13

13

ASCHT SP

Ascendas Hospitality Trust

SGD

0.680

568

0.8

7.2

8.1

21

22

23

AREIT SP

Ascendas REIT

SGD

2.430

4,391

1.0

6.0

6.1

12

16

16

13

10

25

ART SP

Ascott Residence Trust

SGD

1.280

1,476

0.8

6.2

6.4

10

19

18

12

APTT SP

Asian Pay Television Trust

SGD

0.870

939

9.2

9.4

11

15

15

CACHE SP

Cache Logistics Trust

SGD

1.160

680

0.8

7.4

7.5

14

15

14

CREIT SP

Cambridge Industrial Trust

SGD

0.680

648

0.7

7.4

7.4

18

16

14

CRCT SP

CapitaRetail China Trust

SGD

1.650

1,026

1.0

6.0

6.2

10

17

15

CDREIT SP

CDL Hospitality Trusts

SGD

1.755

1,292

0.7

6.0

6.3

12

16

15

17

10

CMH SP

China Merchants Hldgs

SGD

0.980

769

0.5

7.9

7.4

10

11

CRT SP

Croesus Retail Trust

SGD

0.910

350

11.9

8.0

16

19

12

DMHL SP

Dyna-Mac Hldgs

SGD

0.330

246

0.6

6.1

6.1

12

11

13

FEHT SP

Far East Hospitality Trust

SGD

0.830

1,106

0.9

6.4

6.3

11

16

13

14

FIRT SP

First REIT

SGD

1.280

708

1.1

6.3

6.3

13

13

15

FCT SP

Frasers Centrepoint Trust

SGD

1.925

1,324

0.8

5.8

6.1

10

17

17

15

16

FCOT SP

Frasers Commercial Trust

SGD

1.430

730

0.7

6.2

6.9

11

16

16

17

HPHT SP

Hutchison Port Hldgs Trust

USD

0.685

5,967

0.8

7.0

7.8

26

27

26

17

18

KREIT SP

Keppel REIT

SGD

1.210

2,882

0.8

5.0

6.3

20

19

13

18

19

LMRT SP

Lippo Malls Indon Retail Trust

SGD

0.340

690

1.0

7.8

7.9

17

13

11

20

MAGIC SP

Mapletree G.C. Comm Trust

SGD

0.955

1,947

1.0

6.6

6.6

21

18

17

21

MINT SP

Mapletree Industrial Trust

SGD

1.510

1,965

0.8

6.9

6.6

15

15

15

22

MLT SP

Mapletree Logistics Trust

SGD

1.180

2,188

0.8

6.4

6.5

10

15

14

13

18

23

NERT SP

Nera Telecommunications

SGD

0.770

209

0.8

5.2

7.8

18

15

15

24

OUEHT SP

OUE Hospitality Trust

SGD

0.905

898

7.2

7.4

15

15

13

25

PCRT SP

Perennial China Retail Trust

SGD

0.535

460

0.7

1.8

7.1

49

26

RHT SP

Religare Health Trust

SGD

1.000

597

0.9

7.2

7.6

19

14

15

27

SSREIT SP

Sabana Shari'ah Compl Ind REIT

SGD

0.930

506

0.5

7.8

8.3

11

15

14

28

SZREIT SP

Saizen REIT

SGD

0.860

183

0.5

7.2

6.5

10

29

SBREIT SP

Soilbuild REIT

SGD

0.790

482

7.8

7.8

10

15

14

30

SGREIT SP

Starhill Global REIT

SGD

0.805

1,302

0.7

6.3

6.2

16

16

11

31

TLC SP

TeleChoice Int'l

SGD

0.250

85

0.4

6.3

6.0

12

10

32

UMSH SP

UMS Hldgs

SGD

0.505

163

0.7

9.1

9.9

33

VALUE SP

Valuetronics Hldgs

SGD

0.345

97

0.9

9.4

7.5

34

VMS SP

Venture Corp

SGD

7.940

1,639

0.4

6.3

6.4

16

15

14

10

Code

Px on

Mkt Cap

9 Jan 15

Company

Source: Bloomberg

Div Yield (%)

Note: FY1 = 1st Year Forecast; FY2 = 2nd Year Forecast

PER (x)

Recommendation

Pg 2 of 8

SINGAPORE

12 Jan 2015

SINGAPORE STOCKS: FY1 Dividend Yield Greater Than 6% (ranked by FY1 dividend yield)

US$m

Eqy
Beta
(x)

Cur

FY1

Cur

FY1

FY2

Buy

Hold

Sell

Total

UMSH SP

UMS Hldgs

SGD

0.505

163

0.7

9.1

9.9

APTT SP

Asian Pay Television Trust

SGD

0.870

939

9.2

9.4

11

15

15

SSREIT SP

Sabana Shari'ah Compl Ind REIT

SGD

0.930

506

0.5

7.8

8.3

11

15

14

ASCHT SP

Ascendas Hospitality Trust

SGD

0.680

568

0.8

7.2

8.1

21

22

23

CRT SP

Croesus Retail Trust

SGD

0.910

350

11.9

8.0

16

19

LMRT SP

Lippo Malls Indon Retail Trust

SGD

0.340

690

1.0

7.8

7.9

17

13

11

SBREIT SP

Soilbuild REIT

SGD

0.790

482

7.8

7.8

10

15

14

NERT SP

Nera Telecommunications

SGD

0.770

209

0.8

5.2

7.8

18

15

15

HPHT SP

Hutchison Port Hldgs Trust

USD

0.685

5,967

0.8

7.0

7.8

26

27

26

17

10

AAREIT SP

AIMS AMP Capital Indus REIT

SGD

1.445

678

0.9

7.7

7.6

13

13

11

RHT SP

Religare Health Trust

SGD

1.000

597

0.9

7.2

7.6

19

14

15

12

CACHE SP

Cache Logistics Trust

SGD

1.160

680

0.8

7.4

7.5

14

15

14

13

VALUE SP

Valuetronics Hldgs

SGD

0.345

97

0.9

9.4

7.5

14

OUEHT SP

OUE Hospitality Trust

SGD

0.905

898

7.2

7.4

15

15

13

15

CMH SP

China Merchants Hldgs

SGD

0.980

769

0.5

7.9

7.4

10

16

CREIT SP

Cambridge Industrial Trust

SGD

0.680

648

0.7

7.4

7.4

18

16

14

17

PCRT SP

Perennial China Retail Trust

SGD

0.535

460

0.7

1.8

7.1

49

18

FCOT SP

Frasers Commercial Trust

SGD

1.430

730

0.7

6.2

6.9

11

16

16

19

MINT SP

Mapletree Industrial Trust

SGD

1.510

1,965

0.8

6.9

6.6

15

15

15

20

MAGIC SP

Mapletree G.C. Comm Trust

SGD

0.955

1,947

1.0

6.6

6.6

21

18

17

21

MLT SP

Mapletree Logistics Trust

SGD

1.180

2,188

0.8

6.4

6.5

10

15

14

13

18

22

SZREIT SP

Saizen REIT

SGD

0.860

183

0.5

7.2

6.5

10

23

ART SP

Ascott Residence Trust

SGD

1.280

1,476

0.8

6.2

6.4

10

19

18

12

24

VMS SP

Venture Corp

SGD

7.940

1,639

0.4

6.3

6.4

16

15

14

10

25

FIRT SP

First REIT

SGD

1.280

708

1.1

6.3

6.3

13

13

26

KREIT SP

Keppel REIT

SGD

1.210

2,882

0.8

5.0

6.3

20

19

13

18

27

CDREIT SP

CDL Hospitality Trusts

SGD

1.755

1,292

0.7

6.0

6.3

12

16

15

17

28

FEHT SP

Far East Hospitality Trust

SGD

0.830

1,106

0.9

6.4

6.3

11

16

13

29

SGREIT SP

Starhill Global REIT

SGD

0.805

1,302

0.7

6.3

6.2

16

16

11

30

CRCT SP

CapitaRetail China Trust

SGD

1.650

1,026

1.0

6.0

6.2

10

17

15

31

AREIT SP

Ascendas REIT

SGD

2.430

4,391

1.0

6.0

6.1

12

16

16

13

10

25

32

FCT SP

Frasers Centrepoint Trust

SGD

1.925

1,324

0.8

5.8

6.1

10

17

17

15

33

DMHL SP

Dyna-Mac Hldgs

SGD

0.330

246

0.6

6.1

6.1

12

11

34

TLC SP

TeleChoice Int'l

SGD

0.250

85

0.4

6.3

6.0

12

10

Code

Px on

Mkt Cap

9 Jan 15

Company

Source: Bloomberg

Div Yield (%)

Note: FY1 = 1st Year Forecast; FY2 = 2nd Year Forecast

PER (x)

Recommendation

Pg 3 of 8

SINGAPORE

12 Jan 2015

SINGAPORE REITS (ranked by company name)

US$m

Eqy
Beta
(x)

Cur

FY1

Cur

FY1

Buy

Hold

Sell

Total

AAREIT SP

AIMS AMP Capital Indus REIT

SGD

1.445

678

0.9

7.7

7.6

0.95

1.05

AREIT SP

Ascendas REIT

SGD

2.430

4,391

1.0

6.0

6.1

1.18

1.20

13

10

25

ART SP

Ascott Residence Trust

SGD

1.280

1,476

0.8

6.2

6.4

0.95

0.89

12

CACHE SP

Cache Logistics Trust

SGD

1.160

680

0.8

7.4

7.5

1.19

1.20

CCT SP

CapitaCommercial Trust

SGD

1.790

3,960

0.9

4.7

4.6

1.06

1.04

11

11

25

CDREIT SP

CDL Hospitality Trusts

SGD

1.755

1,292

0.7

6.0

6.3

1.10

1.06

17

CRCT SP

CapitaRetail China Trust

SGD

1.650

1,026

1.0

6.0

6.2

1.11

1.09

CREIT SP

Cambridge Industrial Trust

SGD

0.680

648

0.7

7.4

7.4

0.99

1.00

CT SP

CapitaMall Trust

SGD

2.060

5,358

0.9

5.3

5.3

1.15

1.16

14

24

10

FCOT SP

Frasers Commercial Trust

SGD

1.430

730

0.7

6.2

6.9

0.89

0.89

11

FCT SP

Frasers Centrepoint Trust

SGD

1.925

1,324

0.8

5.8

6.1

1.04

1.03

15

12

FEHT SP

Far East Hospitality Trust

SGD

0.830

1,106

0.9

6.4

6.3

0.83

0.84

13

FIRT SP

First REIT

SGD

1.280

708

1.1

6.3

6.3

1.32

1.35

14

FRT SP

Fortune REIT

HKD

7.820

1,892

1.0

5.3

5.3

0.73

10

14

15

KREIT SP

Keppel REIT

SGD

1.210

2,882

0.8

5.0

6.3

0.86

0.87

13

18

16

LMRT SP

Lippo Malls Indon Retail Trust

SGD

0.340

690

1.0

7.8

7.9

0.82

0.83

17

MAGIC SP

Mapletree G.C. Comm Trust

SGD

0.955

1,947

1.0

6.6

6.6

0.92

0.89

18

MCT SP

Mapletree Commercial Trust

SGD

1.460

2,307

0.9

5.4

5.3

1.25

1.23

12

19

MINT SP

Mapletree Industrial Trust

SGD

1.510

1,965

0.8

6.9

6.6

1.25

1.24

15

20

MLT SP

Mapletree Logistics Trust

SGD

1.180

2,188

0.8

6.4

6.5

1.21

1.14

13

18

21

OUECT SP

OUE Commercial Real Estate Inv

SGD

0.805

526

3.0

6.7

0.76

22

OUEHT SP

OUE Hospitality Trust

SGD

0.905

898

7.2

7.4

1.00

0.98

23

PREIT SP

Parkway Life REIT

SGD

2.350

1,068

0.9

4.9

5.1

1.44

1.40

24

SBREIT SP

Soilbuild REIT

SGD

0.790

482

7.8

7.8

0.99

0.99

25

SGREIT SP

Starhill Global REIT

SGD

0.805

1,302

0.7

6.3

6.2

0.87

0.86

11

26

SPHREIT SP

SPH REIT

SGD

1.040

1,967

5.3

5.2

1.11

1.13

27

SSREIT SP

Sabana Shari'ah Compl Ind REIT

SGD

0.930

506

0.5

7.8

8.3

0.86

28

SUN SP

Suntec REIT

SGD

1.955

3,675

0.8

4.8

4.7

0.95

0.94

21

29

SZREIT SP

Saizen REIT

SGD

0.860

183

0.5

7.2

6.5

0.78

30

VIT SP

Viva Industrial Trust

SGD

0.800

373

8.1

1.07

Code

Px on

Mkt Cap

9 Jan 15

Company

Source: Bloomberg

Div Yield (%)

Note: FY1 = 1st Year Forecast; FY2 = 2nd Year Forecast

Px /Book (x)

Recommendation

Pg 4 of 8

SINGAPORE

12 Jan 2015

SINGAPORE REITS (ranked by FY1 dividend yield)

US$m

Eqy
Beta
(x)

Cur

FY1

Cur

FY1

Buy

Hold

Sell

Total

VIT SP

Viva Industrial Trust

SGD

0.800

373

8.1

1.07

SSREIT SP

Sabana Shari'ah Compl Ind REIT

SGD

0.930

506

0.5

7.8

8.3

0.86

LMRT SP

Lippo Malls Indon Retail Trust

SGD

0.340

690

1.0

7.8

7.9

0.82

0.83

SBREIT SP

Soilbuild REIT

SGD

0.790

482

7.8

7.8

0.99

0.99

AAREIT SP

AIMS AMP Capital Indus REIT

SGD

1.445

678

0.9

7.7

7.6

0.95

1.05

CACHE SP

Cache Logistics Trust

SGD

1.160

680

0.8

7.4

7.5

1.19

1.20

OUEHT SP

OUE Hospitality Trust

SGD

0.905

898

7.2

7.4

1.00

0.98

CREIT SP

Cambridge Industrial Trust

SGD

0.680

648

0.7

7.4

7.4

0.99

1.00

FCOT SP

Frasers Commercial Trust

SGD

1.430

730

0.7

6.2

6.9

0.89

0.89

10

OUECT SP

OUE Commercial Real Estate Inv

SGD

0.805

526

3.0

6.7

0.76

11

MINT SP

Mapletree Industrial Trust

SGD

1.510

1,965

0.8

6.9

6.6

1.25

1.24

15

12

MAGIC SP

Mapletree G.C. Comm Trust

SGD

0.955

1,947

1.0

6.6

6.6

0.92

0.89

13

MLT SP

Mapletree Logistics Trust

SGD

1.180

2,188

0.8

6.4

6.5

1.21

1.14

13

18

14

SZREIT SP

Saizen REIT

SGD

0.860

183

0.5

7.2

6.5

0.78

15

ART SP

Ascott Residence Trust

SGD

1.280

1,476

0.8

6.2

6.4

0.95

0.89

12

16

FIRT SP

First REIT

SGD

1.280

708

1.1

6.3

6.3

1.32

1.35

17

KREIT SP

Keppel REIT

SGD

1.210

2,882

0.8

5.0

6.3

0.86

0.87

13

18

18

CDREIT SP

CDL Hospitality Trusts

SGD

1.755

1,292

0.7

6.0

6.3

1.10

1.06

17

19

FEHT SP

Far East Hospitality Trust

SGD

0.830

1,106

0.9

6.4

6.3

0.83

0.84

20

SGREIT SP

Starhill Global REIT

SGD

0.805

1,302

0.7

6.3

6.2

0.87

0.86

11

21

CRCT SP

CapitaRetail China Trust

SGD

1.650

1,026

1.0

6.0

6.2

1.11

1.09

22

AREIT SP

Ascendas REIT

SGD

2.430

4,391

1.0

6.0

6.1

1.18

1.20

13

10

25

23

FCT SP

Frasers Centrepoint Trust

SGD

1.925

1,324

0.8

5.8

6.1

1.04

1.03

15

24

FRT SP

Fortune REIT

HKD

7.820

1,892

1.0

5.3

5.3

0.73

10

14

25

MCT SP

Mapletree Commercial Trust

SGD

1.460

2,307

0.9

5.4

5.3

1.25

1.23

12

26

CT SP

CapitaMall Trust

SGD

2.060

5,358

0.9

5.3

5.3

1.15

1.16

14

24

27

SPHREIT SP

SPH REIT

SGD

1.040

1,967

5.3

5.2

1.11

1.13

28

PREIT SP

Parkway Life REIT

SGD

2.350

1,068

0.9

4.9

5.1

1.44

1.40

29

SUN SP

Suntec REIT

SGD

1.955

3,675

0.8

4.8

4.7

0.95

0.94

21

30

CCT SP

CapitaCommercial Trust

SGD

1.790

3,960

0.9

4.7

4.6

1.06

1.04

11

11

25

Code

Px on

Mkt Cap

9 Jan 15

Company

Source: Bloomberg

Div Yield (%)

Note: FY1 = 1st Year Forecast; FY2 = 2nd Year Forecast

Px /Book (x)

Recommendation

Pg 5 of 8

SINGAPORE

12 Jan 2015

SINGAPORE STI STOCKS (ranked by company name)


Px on
Code

Company
9 Jan 15

Mkt Cap

Eqy
Beta

Div Yield (%)

PER (x)

Recommendation

US$m

(x)

Cur

FY1

Cur

FY1

FY2

Buy

Hold

Sell

Total

AREIT SP

Ascendas REIT

SGD

2.430

4,391

1.0

6.0

6.1

12

16

16

13

10

25

CAPL SP

CapitaLand

SGD

3.230

10,333

1.3

2.5

2.4

16

20

19

22

25

CD SP

ComfortDelGro

SGD

2.550

4,098

0.9

3.0

3.0

19

19

18

12

CIT SP

City Developments

SGD

10.250

7,001

1.0

0.8

1.3

16

16

14

11

26

CT SP

CapitaMall Trust

SGD

2.060

5,358

0.9

5.3

5.3

11

18

18

14

24

DBS SP

DBS Group Hldgs

SGD

20.130

37,411

1.1

2.9

3.0

12

12

11

24

27

GENS SP

Genting Spore

SGD

1.025

9,314

0.9

1.0

1.0

22

21

19

11

22

GGR SP

Golden Agri-Resource

SGD

0.460

4,436

0.7

2.0

2.0

17

16

12

10

17

GLP SP

Global Logistic Properties

SGD

2.470

8,980

1.0

1.8

1.9

15

31

26

16

20

10

HKL SP

Hongkong Land

USD

7.400

17,411

1.0

2.4

2.4

15

20

19

11

18

11

HPHT SP

Hutchison Port Hldgs Trust

USD

0.685

5,967

0.8

7.0

7.8

26

27

26

17

12

JCNC SP

Jardine Cycle & Carriage

SGD

40.020

10,694

1.4

3.4

3.4

12

12

11

13

JM SP

Jardine Matheson Hldgs

USD

61.000

42,137

1.2

2.3

2.3

14

15

13

11

14

JS SP

Jardine Strategic Hldgs

USD

34.500

38,660

1.2

0.8

0.8

12

13

12

10

15

KEP SP

Keppel Corp

SGD

8.370

11,392

0.8

5.0

5.3

10

10

13

24

16

NOBL SP

Noble Group

SGD

1.115

5,645

1.3

1.0

3.3

10

11

12

16

17

OCBC SP

OCBC

SGD

10.420

31,180

1.0

3.3

3.4

10

11

11

17

27

18

OLAM SP

Olam Int'l

SGD

2.010

3,685

1.0

2.5

2.6

12

10

14

19

SCI SP

SembCorp Industries

SGD

4.190

5,615

0.9

1.2

3.9

10

10

18

20

SGX SP

Spore Exchange

SGD

7.780

6,260

0.9

3.6

3.8

27

24

22

10

20

21

SIA SP

Spore Airlines

SGD

12.160

10,671

0.9

1.3

2.0

70

38

22

10

22

22

SIE SP

SIA Engineering

SGD

4.150

3,495

0.7

4.6

4.0

21

24

22

23

SMM SP

Sembcorp Marine

SGD

3.060

4,803

0.7

3.6

4.4

11

12

11

15

26

24

SPH SP

Spore Press Hldgs

SGD

4.130

4,960

0.6

3.6

5.2

17

22

21

15

25

ST SP

Spore Telecoms

SGD

3.890

46,590

1.0

4.3

4.5

17

16

15

14

13

27

26

STE SP

ST Engrg

SGD

3.380

7,908

1.0

2.4

4.2

19

19

18

14

27

STH SP

StarHub

SGD

4.080

5,285

0.7

4.9

5.0

19

19

18

15

25

28

THBEV SP

Thai Beverage PCL

SGD

0.725

13,675

1.0

2.2

2.6

21

20

18

29

UOB SP

United Overseas Bank

SGD

23.380

28,149

1.1

3.0

3.2

12

12

11

11

13

27

30

WIL SP

Wilmar Int'l

SGD

3.250

15,614

0.8

2.3

2.0

14

14

12

19

Source: Bloomberg

Note: FY1 = 1st Year Forecast; FY2 = 2nd Year Forecast

Pg 6 of 8

SINGAPORE

12 Jan 2015

SINGAPORE STI STOCKS (ranked by FY1 dividend yield)


Px on
Code

Company
9 Jan 15

Mkt Cap

Eqy
Beta

Div Yield (%)

PER (x)

Recommendation

US$m

(x)

Cur

FY1

Cur

FY1

FY2

Buy

Hold

Sell

Total

HPHT SP

Hutchison Port Hldgs Trust

USD

0.685

5,967

0.8

7.0

7.8

26

27

26

17

AREIT SP

Ascendas REIT

SGD

2.430

4,391

1.0

6.0

6.1

12

16

16

13

10

25

CT SP

CapitaMall Trust

SGD

2.060

5,358

0.9

5.3

5.3

11

18

18

14

24

KEP SP

Keppel Corp

SGD

8.370

11,392

0.8

5.0

5.3

10

10

13

24

SPH SP

Spore Press Hldgs

SGD

4.130

4,960

0.6

3.6

5.2

17

22

21

15

STH SP

StarHub

SGD

4.080

5,285

0.7

4.9

5.0

19

19

18

15

25

ST SP

Spore Telecoms

SGD

3.890

46,590

1.0

4.3

4.5

17

16

15

14

13

27

SMM SP

Sembcorp Marine

SGD

3.060

4,803

0.7

3.6

4.4

11

12

11

15

26

STE SP

ST Engrg

SGD

3.380

7,908

1.0

2.4

4.2

19

19

18

14

10

SIE SP

SIA Engineering

SGD

4.150

3,495

0.7

4.6

4.0

21

24

22

11

SCI SP

SembCorp Industries

SGD

4.190

5,615

0.9

1.2

3.9

10

10

18

12

SGX SP

Spore Exchange

SGD

7.780

6,260

0.9

3.6

3.8

27

24

22

10

20

13

OCBC SP

OCBC

SGD

10.420

31,180

1.0

3.3

3.4

10

11

11

17

27

14

JCNC SP

Jardine Cycle & Carriage

SGD

40.020

10,694

1.4

3.4

3.4

12

12

11

15

NOBL SP

Noble Group

SGD

1.115

5,645

1.3

1.0

3.3

10

11

12

16

16

UOB SP

United Overseas Bank

SGD

23.380

28,149

1.1

3.0

3.2

12

12

11

11

13

27

17

CD SP

ComfortDelGro

SGD

2.550

4,098

0.9

3.0

3.0

19

19

18

12

18

DBS SP

DBS Group Hldgs

SGD

20.130

37,411

1.1

2.9

3.0

12

12

11

24

27

19

THBEV SP

Thai Beverage PCL

SGD

0.725

13,675

1.0

2.2

2.6

21

20

18

20

OLAM SP

Olam Int'l

SGD

2.010

3,685

1.0

2.5

2.6

12

10

14

21

HKL SP

Hongkong Land

USD

7.400

17,411

1.0

2.4

2.4

15

20

19

11

18

22

CAPL SP

CapitaLand

SGD

3.230

10,333

1.3

2.5

2.4

16

20

19

22

25

23

JM SP

Jardine Matheson Hldgs

USD

61.000

42,137

1.2

2.3

2.3

14

15

13

11

24

WIL SP

Wilmar Int'l

SGD

3.250

15,614

0.8

2.3

2.0

14

14

12

19

25

GGR SP

Golden Agri-Resource

SGD

0.460

4,436

0.7

2.0

2.0

17

16

12

10

17

26

SIA SP

Spore Airlines

SGD

12.160

10,671

0.9

1.3

2.0

70

38

22

10

22

27

GLP SP

Global Logistic Properties

SGD

2.470

8,980

1.0

1.8

1.9

15

31

26

16

20

28

CIT SP

City Developments

SGD

10.250

7,001

1.0

0.8

1.3

16

16

14

11

26

29

GENS SP

Genting Spore

SGD

1.025

9,314

0.9

1.0

1.0

22

21

19

11

22

30

JS SP

Jardine Strategic Hldgs

USD

34.500

38,660

1.2

0.8

0.8

12

13

12

10

Source: Bloomberg

Note: FY1 = 1st Year Forecast; FY2 = 2nd Year Forecast

Pg 7 of 8

SINGAPORE

12 Jan 2015

DISCLAIMER FOR RESEARCH REPORT

This report is solely for information and general circulation only and may not be published, circulated, reproduced or
distributed in whole or in part to any other person without our written consent. This report should not be construed as an
offer or solicitation for the subscription, purchase or sale of the securities mentioned herein. Whilst we have taken all
reasonable care to ensure that the information contained in this publication is not untrue or misleading at the time of
publication, we cannot guarantee its accuracy or completeness, and you should not act on it without first independently
verifying its contents. Any opinion or estimate contained in this report is subject to change without notice. We have not
given any consideration to and we have not made any investigation of the investment objectives, financial situation or
particular needs of the recipient or any class of persons, and accordingly, no warranty whatsoever is given and no liability
whatsoever is accepted for any loss arising whether directly or indirectly as a result of the recipient or any class of persons
acting on such information or opinion or estimate. You may wish to seek advice from a financial adviser regarding the
suitability of the securities mentioned herein, taking into consideration your investment objectives, financial situation or
particular needs, before making a commitment to invest in the securities. OCBC Investment Research Pte Ltd, OCBC
Securities Pte Ltd and their respective connected and associated corporations together with their respective directors and
officers may have or take positions in the securities mentioned in this report and may also perform or seek to perform
broking and other investment or securities related services for the corporations whose securities are mentioned in this
report as well as other parties generally.

Privileged / confidential information may be contained in this document. If you are not the addressee indicated in this
document (or responsible for delivery of this message to such person), you may not copy or deliver this message to
anyone. Opinions, conclusions and other information in this document that do not relate to the official business of OCBC
Investment Research Pte Ltd, OCBC Securities Pte Ltd and their respective connected and associated corporations shall
not be understood as neither given nor endorsed.

Co.Reg.no.: 198301152E
Carmen Lee
Head of Research
For OCBC Investment Research Pte Ltd

Published by OCBC Investment Research Pte Ltd

Pg 8 of 8

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