Singapore Traders Spectrum

Wired Daily

DBS Group Research . Equity 31 August 2010

Today’s Focus US Indices Last Close Pts Chg % Chg

Dow Jones 10,009.73 -140.92 -1.39
• Maintain Underweight on residential sector; prefer S&P 1,048.92 -15.67 -1.47
commercial plays such as Keppel Land, Singland, Suntec, NASDAQ 2,119.97 -33.66 -1.56
FCT, MLT and CDL HT. Regional Indices
ST Index 2,957.06 18.32 0.62
The new measures on the property market were aimed at ST Small Cap 533.56 1.75 0.33
private property and HDB resale segments, and target Hang Seng 20,737.22 139.87 0.68
HSCEI 11,531.72 136.67 1.20
multiple home-owners. First timers are unaffected. DBS
HSCCI 3,995.50 42.81 1.08
Research expects sentiment to weaken, but impact is minute,
KLCI 1,422.49 11.44 0.81
at 3% on RNAV, assuming a 10% price decline. Maintain SET 909.65 9.28 1.03
Underweight on residential sector. Stocks most affected are JCI 3,099.57 -5.17 -0.17
likely City Dev and FNN. Continue to prefer commercial plays PCOMP 3,558.67 -36.91 -1.03
such as Keppel Land, Singland, Suntec, FCT, MLT and CDL HT. KOSPI 1,760.13 30.57 1.77
TWSE 7,741.20 18.29 0.24
Impact on the Singapore banks would be neutral to mildly Source: Bloomberg, DBS Vickers
negative following the government's new measures on the
property market. Mortgage loan exposure (mortgage loans to
total loans) for the banks range between 25-29% as at 2Q10.
Mortgage loan growth for the banking system grew at 11% STI Index Performance
up to 1H10, and has supported the system's loan growth well. Singapore Index
4,000
In the recent months, business loans have been accelerating Total Market cap (US$bn) 489
STI
and driving overall loan growth. DBS Research forecasts 13% Total Daily Vol (m shrs) 1,429
3,000

loan growth for 2010, of which 9% has been achieved by 12m ST Index High 3,025
12m ST Index Low 2,570 100-Day MA
1H10, and expects slower loan growth in 2H10. Maintain 2,000

neutral stance on Singapore banks; prefer OCBC (Buy, TP

1,000
S$10.70) to UOB (Buy, TP S$22.80). 2005 2006 2007 2008 2009 2010

Source: Bloomberg, DBS Vickers

UIC has paid a development charge of $160.1m for the
redevelopment of UIC Building. Located at 5 Shenton Way,
Stock Picks – Large Cap
the building will be redeveloped based on a 60% residential Rec’n Price ($) Target Price
and 40% commercial scheme with a gross floor area of about 30/08
926,589 sq ft. The redevelopment will be financed by internal Spore Airlines Buy 15.34 18.62
funds and bank borrowings. Our analyst has already factored SIA Engineering Buy 4.11 4.60
in the redevelopment potential into the current RNAV. Based UOL Buy 3.93 5.11
on the latest plans, RNAV is further raised by 3cts to $2.37, Genting Buy 1.66 2.00
due to a higher than earlier estimated GFA and greater
residential component. Maintain Hold, target price of $2.13 is Stock Picks – Small Cap
based on a 10% discount to asset backing. Rec’n Price ($) Target Price
30/08
An associated firm of Roxy-Pacific has bought the freehold Spindex Trading Buy 0.315 0.40
Toh Tuck Apartment site for $33.9m, or $687 psf per plot Frasers Centrepoint Trust Buy 1.38 1.66
Ezra Holdings Buy 1.77 2.50
ratio. The site, in the Bukit Timah area, is 40,449 sq ft in area
ARA Asset Management Buy 1.12 1.30
and has a plot ratio of 1.4, which allows it to be rebuilt to five
storeys. Source: Bloomberg, DBS Vickers

Trader’s Spectrum Team – 6533 9688 / 6398 7955 / 6398 7970

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

Today’s Focus (Cont’d)

Sinotel has launched a one-for-four rights issue to raise gross
proceeds of up to $23.6m. The proposed renounceable non-
underwritten rights issue will involve up to 84.35m new shares
at an issue price of 28 cents each. The issue price represents a
23.3% discount to last closing price. Proceeds will be used to
expand its business of providing telecoms services to end-
users, possible M&As to expand such services, and to fund
other capital expenditure.
Adventus Holdings is placing 142.6m new shares at S$0.032
each. The new shares represent 29.35% of the enlarged issued
share capital. Net proceeds of about S$4.3m will be used for
working capital needs and the balance to fund strategic
acquisitions.
US markets gave back almost all of last Friday’s gains with the
state of the economy foremost on investor’s minds as they
brace for the slew of data coming out this week that
culminates with August’s non-farm payroll numbers on Friday.
The private sector non-farm payrolls is expected to show a 45k
increase, lower than the previous month figure of 71k. Ahead
of that, the ADP Employment change is expected to dip from
42k in July to 13k during August. Other data such as consumer
confidence, ISM and factory orders will also be released this
week.

Share Buy-Back
Company D.O.T. Buy/Sell No.of shares S$/shr
OCBC 30-Aug-10 Share Buy-Back 100,000 8.7400
AEI Corporation 30-Aug-10 Share Buy-Back 2,085,000 0.1662
Singapore Post Ltd 28-Aug-10 Share Buy-Back 241,000 1.1300
GP Industries 28-Aug-10 Share Buy-Back 55,000 0.4650
Hosen Group Ltd 28-Aug-10 Share Buy-Back 108,000 0.0950
Hosen Group Ltd 27-Aug-10 Share Buy-Back 300,000 0.0950
San Teh Limited 27-Aug-10 Share Buy-Back 213,000 0.3838
GP Industries 26-Aug-10 Share Buy-Back 120,000 0.4521
San Teh Limited 26-Aug-10 Share Buy-Back 90,000 0.3850
Singapore Post Ltd 26-Aug-10 Share Buy-Back 866,000 1.1300
GP Industries 25-Aug-10 Share Buy-Back 125,000 0.4500
Hi-P International Limited 25-Aug-10 Share Buy-Back 411,000 0.8411
San Teh Limited 25-Aug-10 Share Buy-Back 29,000 0.3750
Singapore Post Ltd 25-Aug-10 Share Buy-Back 299,000 1.1300

Source: SGX Masnet

Page 2
 Singapore
Wired Daily

Substantial Shareholders’ Transactions: 20 Aug 2010 – 27 Aug 2010

Stock Transacted Date Substantial Shareholder/ Director Buy/Sell/ No of Shares Price Per % Issued Cap % Issued Cap
Conv ('000) Share $ Before Change After Change

Raffles Edu 27-Aug-10 Chew Hua Seng Buy 3000 0.28 31.52 31.63
Serial Sys 26-Aug-10 Goh Bak Heng Buy 200 0.13 35.58 35.61
China Environment 26-Aug-10 Prosper Big Intl Buy 640 na.00 31.09 31.19
Scintronix 26-Aug-10 Tan Kee Liang Buy 6200 0.1 25.47 27.46
Nam Lee 25-Aug-10 Nam Lee Hldgs Buy 30 na.00 57.24 57.25
China Environment 25-Aug-10 Prosper Big Intl Buy 360 na.00 31.03 31.09
China Environment 25-Aug-10 Huang Min Deemed Interest Buy 360 0.23 38.06 38.12
Raffles Edu 25-Aug-10 Chew Hua Seng Buy 3000 0.29 31.4 31.52
Pine Agritech 25-Aug-10 Link Crest Ltd Buy 11664 na.00 27.77 28.18
Tung Lok 24-Aug-10 Goh Cheng Liang Sell 6948 na.00 6.68 1.71
Jardine C&C 24-Aug-10 EPF Board Sell 18 na.00 6.11 6.1
Portek Intl 24-Aug-10 Lam Choon Seng Buy 300 0.42 23.7 23.9
Sinopipe Hldgs 24-Aug-10 Pu W eidong Deemed Interest Buy 535 na.00 5.55 5.78
Sinopipe Hldgs 24-Aug-10 Triumpus Cap Buy 535 na.00 5.52 5.76
Pine Agritech 24-Aug-10 Link Crest Ltd Buy 70479 na.00 25.42 27.77
CapitaRetail 23-Aug-10 PGGM Fond BV Sell 6129 na.00 5.95 4.96
Fu Yu Corp 23-Aug-10 Lui Choon Hay Sell 720 na.00 12.77 12.63
Nam Lee 23-Aug-10 Nam Lee Hldgs PL Buy 50 na.00 57.22 57.24
BBR Hldgs 23-Aug-10 BBR Hldgs Buy 125 na.00 24.35 24.39
Bund Center 23-Aug-10 Flambo Bund Centre Buy 55000 na.00 70.39 74.01
Nam Lee 20-Aug-10 Nam Lee Hldgs Buy 40 na.00 57.2 57.22
Koh Brothers 20-Aug-10 Koh Keng Siang Buy 100 0.21 12.87 12.89
BBR Hldgs 20-Aug-10 Bruno Val Deemed Interest Buy 430 0.23 24.21 24.35
Spice I2I 20-Aug-10 Dr BK Modi Deemed Interest Buy 8600 0.12 20.32 20.95

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

Page 3
 Singapore
Wired Daily

August 2010
Mon Tues
2 3
Cosco Q2 2010 CapitaMalls Asia Q2 2010
Hi-P International Q2 2010 China Aviation Oil Singapore Q2 2010
OCBC Q2 2010 Jade Technologies Q3 2010
Singapore Exchange FY 2010 Sembcorp Marine Q2 2010
Serial System S1 2010
ST Engineering Q2 2010
UMS Holdings Q2 2010
UOI Q2 2010
Wed
4 5
Capitaland Q2 2010
Leeden Ltd S1 2010
Automobile COE Open Bid Cat A (Aug)
Automobile COE Open Bid Cat B (Aug)
Automobile COE Open Bid Cat E (Aug)
Thu Fri
6
Advance SCT S1 2010 Megachem Ltd S1 2010
Global Yellow Pages Q1 2011 MFS Tech Q3 2010
Hyflux Ltd Q2 2010 Nera Telecom Q2 2010
Otto Marine Q2 10 NOL Q2 2010
Starhub Q2 2010 Pan Pacific Hotels Q2 2010
Tiger Airways Q1 2011 Parkway Life Reit Q2 2010
Venture Corp Q2 2010 UOL Group Ltd Q2 2010
WBL Corp Q3 2010 (7 Aug)
Asia Enterprises Q2 1010
Singapore Land Q2 2010
Rotary Eng Q2 2010
UIC Q2 2010
Wepco S1 2010

9 10
Breadtalk Group Q2 2010
Del Monte Q2 2010
Koon Holdings S1 2010
UOB Q2 2010
11
Challenger Tech 1H 2010
China Merchants Q2 2010
China Yuchai Q2 2010
CSE Gobal Q2 2010
Golden Agri-Resources Q2 2010
Hotel Royal Q2 2010
HTL Q2 2010
Petra Foods Q2 2010
12
Allgreen Properties Q2 2010
ARA Asset Mgmt Q2 2010
Armstrong Q2 2010
Asia Pacific Breweries Q3 2010
Best World Intl Q2 2010
City Development Q2 2010
Cityspring Infrastructure Trust Q2 2010
Eastern Asia Tech Q2 2010
F & N Q3 2010
Frencken Group Q2 2010
Indofood Agri Q2 2010
MIIF Q2 2010
Noble Group Q2 2010
Parkway Holdings Q2 2010
Q & M Dental S1 2010
Sembcorp Industries Q2 2010
Singtel Q1 2011
SMB United Q2 2010
Solibuild Group Q2 2010
WesTech Electronics
Yanlord Land Q2 2010
13
Chip Eng Seng Q2 2010
ComfortDelgro Q2 2010
Hiap Hoe Ltd Q2 2010
Ho Bee Investment Q2 2010
Hong Leong Asia Q2 2010
IFS Capital Q2 2010
Kreuz Holdings Q2 2010
QAF Q2 2010
SBS Transit Q2 2010
Superbowl Holdings S1 2010
Swiber Q2 2010
Tat Hong Q1 2011
Wilmar International Q2 2010
Rickmers Maritime (rel 14 Aug)

16 17 18 19 20
ASL Marine FY 2010 HupSteel Q4 2010
Vicom Ltd Q2 2010 Singapura Finance Q4 2010
Verigy Ltd Q3 2010

Electronics Exports YoY (Jul) Automobile COE Open Bid Cat A (Aug)
Non-oil Domestic Exports YoY (Jul) Automobile COE Open Bid Cat B (Aug)
Non-oil Domestic Exports MoM (Jul) Automobile COE Open Bid Cat E (Aug)

23 24 25 26 27
Avago Technologies Q3 2010 Karin Technology FY 2010 Eu Yan Sang Int'l Q4 2010 Broadway Ind Q2 2010 (28 Aug)
Ellipsiz FY 2010 Kian Ann Engineering 4Q2010 Longcheer Q4 2010
Olam Int'l FY10 Micro-Mechanics (28 Aug)
Saizen REIT 4Q2010
Second Chance Prop Q4 2010

Industrial Production YoY

CPI (YoY) Industrial Production MoM SA

30 31
Greater China Precision S1 2010

Bank Loans & Advances YoY (Jul)

Credit Card Billings (Jul)
Credit Card Bad Debts (Jul)
M1 Money Supply YoY (Jul)
M2 Money Supply YoY (Jul)

Source: Bloomberg

Page 4
 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 Spectrum’s 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 document is published 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 by any means or (ii) redistributed without the prior written consent of DBSVR.]

The research is based on information obtained from sources believed to be reliable, but we 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 legal or financial advice. DBSVR accepts no
liability whatsoever for any direct or consequential loss arising from any use of this document or further communication given in relation
to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. DBSVH is a
wholly-owned subsidiary of DBS Bank Ltd. DBS Bank Ltd along with its affiliates and/or persons associated with any of them may from
time to time have interests in the securities mentioned in this document. DBSVR, DBSVS, DBS Bank Ltd and their associates, their
directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or
seek to perform broking, investment banking and other banking services for these companies.

The assumptions for commodities in this report are for the purpose of forecasting earnings of the companies mentioned herein. They are
not to be construed as recommendations to trade in the physical commodities or in futures contracts relating to the commodities
mentioned in this report.

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.

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
31 August 2010, 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 the subject companies as of
27 August 2010.
2. DBS Bank Ltd has been appointed as the designated market maker of structured warrant(s) for Genting, issued by DBS Bank Ltd.

3. 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 Ezra, CDL HT as of 31 August 2010.
4. Compensation for investment banking services:
i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA received compensation, within the past 12 months, and
within the next 3 months may receive or intend to seek compensation for investment banking services from Genting, SIA,
Fraser Centrepoint, Ezra, ARA, City Dev, CDL HT.

ii. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment

Page 5
 Singapore
Wired Daily

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.
5. Directorship interests:
A director of DBSVR and the CEO of DBSVS is an independent director of Roxy Pacific.

RESTRICTIONS ON DISTRIBUTION
General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or
resident of or located in any locality, state, country or other jurisdiction where such distribution, publication,
availability or use would be contrary to law or regulation.

Australia This report is being distributed in Australia by DBSVR and DBSVS, which are exempted from the requirement
to hold an Australian financial services licence under the Corporation Act 2001 [“CA] in respect of financial
services provided to the recipients. DBSVR and DBSVS are regulated by the Monetary Authority of Singapore
[“MAS”] under the laws of Singapore, which differ from Australian laws. Distribution of this report is
intended only for “wholesale investors” within the meaning of the CA.

Hong Kong This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and
regulated by the Hong Kong Securities and Futures Commission.

Singapore This report is being distributed in Singapore by DBSVR, which holds a Financial Adviser’s licence and is
regulated by the MAS. This report may additionally be distributed in Singapore by DBSVS (Company Regn.
No. 198600294G), which is an Exempt Financial Adviser as defined under the Financial Advisers Act. Any
research report produced by a foreign DBS Vickers entity, analyst or affiliate is distributed in Singapore only
to “Institutional Investors”, “Expert Investors” or “Accredited Investors” as defined in the Securities and
Futures Act, Chap. 289 of Singapore. Any distribution of research reports published by a foreign-related
corporation of DBSVR/DBSVS to “Accredited Investors” is provided pursuant to the approval by MAS of
research distribution arrangements under Paragraph 11 of the First Schedule to the FAA.

United Kingdom This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in
the meaning of the Financial Services and Markets Act and is regulated by The Financial Services Authority.
Research distributed in the UK is intended only for institutional clients.

rd
Dubai/ This report is being distributed in Dubai/United Arab Emirates by DBS Bank Ltd, Dubai (PO Box 506538, 3
United Arab Emirates Floor, Building 3, Gate Precinct, DIFC, Dubai, United Arab Emirates) and is intended only for clients who
meet the DFSA regulatory criteria to be a Professional Client. It should not be relied upon by or distributed
to Retail Clients. DBS Bank Ltd, Dubai is regulated by the Dubai Financial Services Authority.

United States Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S.
person except in compliance with any applicable U.S. laws and regulations.

Other jurisdictions In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for
qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such
jurisdictions.

DBS Vickers Research (Singapore) Pte Ltd – 8 Cross Street, #02-01 PWC Building, Singapore 048424
Tel. 65-6533 9688
Company Regn. No. 198600295W

Page 6