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Co.

Reg No: 198700034E MICA (P) : 090/11/2009

Singapore
Market update
5 December 2011

Earnings Scorecard 3Q11


Stephanie WONG +65 6432 1451 swong@kimeng.com Rohan SUPPIAH +65 6432 1455 rohan@kimeng.com Gregory YAP +65 6432 1450 gyap@kimeng.com Wilson LIEW +65 6432 1454 wilsonliew@kimeng.com Anni KUM +65 6432 1470 annikum@kimeng.com James KOH +65 6432 1431 jameskoh@kimeng.com Eric ONG +65 6432 1857 ericong@kimeng.com OOI Yi Tung +65 6433 5712 ooiyitung@kimeng.com YEAK Chee Keong, CFA +65 6433 5730 yeakcheekeong@kimeng.com Alison FOK +65 6433 5745 alisonfok@kimeng.com Desmond CHNG, ACA +603 2297 8680 Desmond.chng@maybank-ib.com YIN Shao Yang, CPA +603 2297 8916 samuel.y@maybank-ib.com Signs point to a slowdown. Singapore-listed companies presented a mixed set of results for the 3Q11 reporting season. Of the stocks under our coverage, nine delivered better-than-expected results while 18 posted negative earnings surprises. The companies that were most sensitive to commodity prices appeared to be the most vulnerable. And as long as the macro-environment remains volatile, this may develop into a trend in 4Q and even next year. Following the downward revisions to our corporate earnings forecasts for next year, the market now trades at 2012F PER of 12x. Resource plays the hardest hit. Noble Group was perhaps the talk of the town this reporting season, after announcing its first quarterly loss in a decade and the resignation of its CEO Ricardo Leiman. Olam International, too, saw slower-than-expected net profit growth. With seasonality factors, currency fluctuations and commodity prices in a constant state of flux amid an uncertain market, their fourth-quarter results will have to be closely scrutinised to determine if this will be a long-drawn-out trend. Banks a mixed bag. The banks reported a mixed bag of results, mainly due to fluctuating non-interest income. Sustained loan growth and strong fee income expansion distinguished the third quarter, but these were offset by declining net interest margins on price competition and a lower SIBOR, as well as lower investment gains. We expect some stabilisation in domestic NIM for 4Q11, but earnings remain highly susceptible to economic and capital market volatility. Not all doom and gloom for developers. Even as investors avoid property plays due to policy concerns, developers continued to launch new projects in 3Q11, most of which were met with healthy demand. Keppel Land even managed to sell 780 homes in China during this quarter, despite the cooling measures put in place by the Chinese government. We expect developers to stay focused on launching welllocated and more affordably-priced projects in 4Q11. Telcos display defensive qualities. The telcos reported earnings this quarter were generally in line with our expectations. The sector remains our top pick for its defensive qualities and sustainable yields. Higher final dividends in 4Q11 likely, but dont hold your breath. Earlier this year, a number of companies such as Singapore Airlines and SingTel surprised shareholders with their generous special dividends. With an economic slowdown looming next year, chances are that companies would prefer to have cash readily available to tide them through the more difficult operating environment. That said, shareholders of Keppel Land could perhaps look forward to a special reward following the sale of Ocean Financial Centre to K-REIT, potentially amounting to a yield of 11%.

Kim Eng Research is a subsidiary of Malayan Banking Berhad

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Singapore Earnings Scorecard 3Q11 3Q11 at a glance


Price Expectations Prev TP $12.80 Latest TP $11.50 Rec SELL Disappointing factors Rate of increase in expenses and provisions was higher than expected GE earnings impacted by MTM losses and lower investment income Non-interest income was lower than expected, while nonperforming assets rose Residential property sales in China was slow Surprises Fee income & investment gains higher, lower tax rate NIM firmer than peers Catalyst With exposure to two highly open economies, earnings remain vulnerable Valuation compression likely to persist amid Singapore's economic volatility Euro debt exposure to continue to weigh on sentiment, while NIM pressure is larger than peers Expansion of F&B businesses in Southeast Asia, M&A, and split of property and F&B units Singapore utilities' margins were higher than expected Earnings contributions from overseas projects are starting to ramp up Acquisition of commercial property sites Sluggish property sales in China and Singapore (Mont Timah), coal trading business recovery slow Redevelopment of office properties at Robinson Road More contract wins and strengthening of margins More contract wins and strengthening of margins China sales grew 67% YoY through point-of-sales and new brand introductions Branded consumer segment revenue up only 4% YoY despite 6% price hikes YTD Revenue recognition was slow resulting in a weak quarterly performance. Expect a strong 2H to make up for the weak 1H Strong contract win momentum. Total contracts secured to-date already exceed that for the whole of last year Revenue from nonsecurities trading grew 21% YoY and 10% QoQ Strong licensing revenue from Terumo Corporation. Management raised revenue guidance to 70-80% growth over FY Mar11, from 50-60% growth previously Capacity expansion would come in slightly later than original expectation Utilisation of its huge net cash of $168.4m for any value-add M&A deals 24 new outlets to open on track, expanding regional influence

DBS

$12.81

Above

Banking

OCBC

$8.11

In line

$7.55

$7.50

SELL

UOB

$15.73

Below

$15.96

$15.60

SELL

F&N Limited

$6.29

In line

$8.54

$7.22

BUY

Conglomerates

SembCorp Industries SPH Tuan Sing

$4.36

In line

$4.95

$5.40

HOLD

UK operations still no recovery in sight

$3.90 $0.27

In line Below

$4.68 $0.64

$4.17 $0.48

BUY BUY

Construction

Lian Beng Tiong Seng FJ Benjamin

$0.345 $0.190 $0.28

In line In line In line

$0.62 $0.33 $0.39

$0.62 $0.33 $0.425

BUY BUY BUY

Consumer

Super Group

$1.50

In line

$1.78

$1.485

HOLD

Engineering

Boustead

$0.805

Below

$1.36

$1.32

BUY

Finance

SGX

$6.30

In line

$7.90

$7.80

BUY

Improvement in market conditions and SDAV

Biosensors

$1.400

In line

$1.49

$1.49

HOLD

Approval by China's SFDA for sale of the BioMatrix DES in China

Health Raffles Medical

$2.20

In line

$2.80

$2.73

BUY

Potential listing of Khazanahs healthcare unit, Integrated Healthcare, next year may reignite interest in hospital stocks Junkets and casinos in Japan to be approved soon. 4Q11 VIP volume trending upwards QoQ

5 December 2011

Gaming

Genting Singapore

$1.54

In line

$2.06

$2.02

BUY

Flattish VIP volume QoQ

Page 2 of 8

Singapore Earnings Scorecard 3Q11 3Q11 at a glance contd


Price Expectations Prev TP $2.16 Latest TP $1.15 Rec SELL Disappointing factors Execution on China projects continue to be slow, dragging down revenue Disappointing profits on core business, associate NPRT showing a loss New acquisition MRI showed very healthy immediate contribution, resulting in a 189% YoY growth in NP Strong profit growth of 29% despite external weaknesses Gross margins impacted by one-off cost provision and depreciation charges Margin recovery did not occur Higher-than-expected profitability from new businesses. Resilience of logistics demand Auto sector contracts Surprises Catalyst

Hyflux Infrastructure

$1.21

Below

Midas

$0.35

Below

$0.44

$0.44

HOLD

CWT

$1.03

Above

$1.85

$1.68

BUY

Logistic

Goodpack

$1.47

Above

$2.30

$2.18

BUY

ASL

$0.52

In line

$0.69

$0.69

BUY

Stronger-than-expected ship New order wins to further repair due to undertaking of boost orderbook a large ship conversion job Potential improvement in margins for its US$6b orderbook. However, this looks unlikely Improved margins for the liftboat business and new contracts Offshore & marine margins continue to improve sequentially More contracts in the wings for its liftboats and Australian transport/logistics ventures A resumption of rig orders, particularly for deepwater segment Ship repair/conversion business will receive a boost after the completion of a third drydock in 2QFY12 Stronger-than-expected revenue recognition for a previously stalled project Gross margin continued to hold up well due to recognition of orders secured prior to GFC Conversion of outstanding options worth around US$2b, new contract wins Gradual unwinding of its RMB10.4b investment in financial assets Potential delisting from the Singapore Exchange

Cosco

$0.905

Below

$0.81

$0.72

SELL

Ezion

$0.665

In line

$0.99

$0.99

BUY

AUD write-down of around S$1m

Marine & Offshore

Keppel Corp

$9.51

Above

$15.30

$14.40

BUY

New orders have slowed down

Marco Polo Marine

$0.35

In line

$0.44

$0.44

HOLD

Ship chartering revenue impacted by long monsoon season and reflagging downtime New orders have slowed down

Sembcorp Marine

$3.93

In line

$6.66

$6.66

BUY

Yangzijiang

$0.910

Above

$1.15

$1.10

HOLD

China Animal Healthcare Others

$0.250

Below

$0.37

$0.36

BUY

Slow pickup of FMD vaccine sales

China Minzhong

$0.90

Above

$1.85

$1.47

BUY

Margin improvement as a result of positive shift in product mix

New farmland acquisition to drive earnings growth

5 December 2011

Page 3 of 8

Singapore Earnings Scorecard 3Q11 3Q11 at a glance contd


Price CapitaLand $2.58 Expectations Below Prev TP $3.56 Latest TP $3.53 Rec BUY Disappointing factors Higher-than-expected finance and administrative costs Surprises Catalyst Positive take-up for The Paragon in Shanghai when launched Continued healthy sales at the recently launched The Palette @ Pasir Ris Grove Land sales falling short of expectation New land sales, rising tourist arrivals in Bintan Pickup in property sales in Sentosa Cove Pickup in property sales, hospitality performance more resilient than expected with the softening of the tourism sector 780 units sold in China for 3Q11 alone, despite the cooling measures Potential bumper special dividend from the divestment of Ocean Financial Centre Pickup in high-end property sales Office income remained fairly flat sequentially. Hotel earnings also stronger than expected Uptick in high-end sales Higher-than-expected oneoff tax payment generated by the listing of SIMP A shocking quarterly loss, first in over a decade Net profit growth of 15% was lower than expected given numerous acquisitions Write-down of AUD shareholder loans and investment portfolio losses Higher volume sales across all divisions Strong turnover and earnings growth through successful delivery of F1 Singapore, and growth in every segment Student enrolment numbers in China declined sharper than expected Turnover grew 13% in Asia Pacific (ex China), suggesting diversification strategy has begun to bear fruit Quicker-than-expected upswing in auto revenue from China Special interim dividend of 1.0 US cent per share Expected improvement in cash flow not that evident yet Core earnings resilient in US$ terms Further improvement in average selling prices Negotiations for theme park projects if successful will boost its orderbook New Indonesian CPO export tax structure may benefit IFARs downstream business More clarity on CEO succession, turnaround in profitability

City Dev

$10.19

In line

$11.05

$11.05

HOLD

Gallant Venture Ho Bee HPL Property

$0.250 $1.18 1.76

Below In line In line

$0.75 $1.93 $2.64

$0.49 $1.61 $2.64

BUY BUY BUY

Keppel Land

$2.55

In line

$3.00

$3.55

BUY

SC Global SingLand

$1.15 $5.79

In line Above

$2.37 $4.89

$2.37 $4.91

BUY SELL

Wing Tai Indofood Agri

$1.08 $1.320

In line Below

$1.86 $2.34

$1.79 $1.98

BUY HOLD

Noble Group Resources

$1.20

Below

$2.05

$2.00

BUY

Olam

$2.36

Below

$2.79

$2.79

HOLD

Wilmar

$5.16

In line

$5.31

$4.50

HOLD

Kingsmen Creatives Services

$0.570

In line

$0.80

$0.83

BUY

Raffles Education

$0.44

Below

$0.80

$0.80

BUY

Potential monetisation of its OUC landbank

Armstrong Industrial Sarin Technologies Venture

$0.24

Below

$0.27

$0.19

HOLD

Persistent inability to deal with US$ swings a disappointment

Need to see quick recovery of HDD customers from Thailand floods Successful penetration of the polished diamond market Definitive deal with a return in volume by Hypercom/ Verifone following their merger. Gains in market share from competitors affected by Thailand floods

Technology

$0.760 $6.52

In line Below

$1.42 $9.68

$1.41 $8.45

BUY BUY

5 December 2011

Page 4 of 8

Singapore Earnings Scorecard 3Q11 3Q11 at a glance contd


Price Expectations Prev TP $2.76 Latest TP $2.76 Rec BUY Disappointing factors Surprises Catalyst Quicker-than-expected resolution of NGNBN structural issues Faster-than-expected turnaround in Bharti Africa Lower fixed network and prepaid mobile revenue Encouraging growth in mobile, broadband and Pay TV Excellent cost control as 40% of diesel requirement in Singapore and the UK has been hedged Low level of contributions from Daniel's which has since been divested Quicker-than-expected resolution of NGNBN structural issues Better-than-expected contribution from overseas operations, particularly Australia

M1

$2.43

In line

Telecoms

SingTel

$3.11

In line

$3.41

$3.61

BUY

StarHub

$2.85

In line

$3.27

$3.27

BUY

ComfortDelgro

$1.405

Above

$1.58

$1.65

BUY

SATS

$2.15

Below

$2.70

$2.46

HOLD

Better showing from Japans Improving passenger traffic TFK Corporation numbers at Changi Airport, growing contributions from overseas associates Further upside from an expanded fleet under management and ongoing growth in Asian aviation

Transport

SIA Engineering

$3.55

In line

$3.66

$3.66

SELL

Singapore Airlines SMRT

$10.47

Below

$14.40

$14.40

HOLD

Weaker-than-expected yields

Better earnings traction from Further decline in jet fuel lower jet fuel costs prices Strong Circle Line (CCL) average weekday ridership numbers Earlier-than-expected breakeven of ridership numbers for CCL

$1.77

Below

$1.82

$1.85

HOLD

Lower EBIT margin arising from higher energy and staff costs

Source: Kim Eng

5 December 2011

Page 5 of 8

Singapore Earnings Scorecard 3Q11

ANALYSTSCOVERAGE/RESEARCHOFFICES

MALAYSIA
WONG Chew Hann, CA Head of Research (603) 2297 8686 wchewh@maybank-ib.com Strategy Construction & Infrastructure Desmond CHNG, ACA (603) 2297 8680 desmond.chng@maybank-ib.com Banking - Regional LIAW Thong Jung (603) 2297 8688 tjliaw@maybank-ib.com Oil & Gas Automotive Shipping ONG Chee Ting (603) 2297 8678 ct.ong@maybank-ib.com Plantations Mohshin AZIZ (603) 2297 8692 mohshin.aziz@maybank-ib.com Aviation Petrochem Power YIN Shao Yang, CPA (603) 2297 8916 samuel.y@maybank-ib.com Gaming Regional Media Power WONG Wei Sum (603) 2297 8679 weisum@maybank-ib.com Property & REITs LEE Yen Ling (603) 2297 8691 lee.yl@maybank-ib.com Building Materials Manufacturing Technology Farouq Azizul MAHMUD (603) 2297 8687 farouq@maybank-ib.com Automotive LEE Cheng Hooi Head of Retail chenghooi.lee@maybank-ib.com Technicals

SINGAPORE
Stephanie WONG Head of Research (65) 6432 1451 swong@kimeng.com Strategy Small & Mid Caps Gregory YAP (65) 6432 1450 gyap@kimeng.com Conglomerates Technology & Manufacturing Telcos - Regional Rohan SUPPIAH (65) 6432 1455 rohan@kimeng.com Airlines Marine & Offshore Wilson LIEW (65) 6432 1454 wilsonliew@kimeng.com Hotel & Resort Property & Construction Anni KUM (65) 6432 1470 annikum@kimeng.com Conglomerates REITs James KOH (65) 6432 1431 jameskoh@kimeng.com Finance Logistics Resources Eric ONG (65) 6432 1857 ericong@kimeng.com Marine & Offshore Transportation Energy OOI Yi Tung (65) 6433 5712 ooiyitung@kimeng.com Property & Construction YEAK Chee Keong, CFA (65) 6433 5730 yeakcheekeong@kimeng.com Retail & Consumer Engineering Infrastructure Alison FOK (65) 6433 5745 alisonfok@kimeng.com Services

PHILIPPINES
Luz LORENZO Head of Research +63 2 849 8836 luz_lorenzo@atr.com.ph Strategy Laura DY-LIACCO (63) 2 849 8840 laura_dyliacco@atr.com.ph Utilities Conglomerates Telcos Lovell SARREAL (63) 2 849 8841 lovell_sarreal@atr.com.ph Consumer Media Cement Mining Kenneth NERECINA (63) 2 849 8839 kenneth_nerecina@atr.com.ph Conglomerates Property Ports/ Logistics Katherine TAN (63) 2 849 8843 kat_tan@atr.com.ph Banks Construction

VIETNAM
Michael Kokalari, CFA Head of Research (84) 838 38 66 36 x 116 michael.kokalari@kimeng.com.vn Strategy Nguyen Thi Ngan Tuyen (84) 838386636 x163 tuyen.nguyen@kimeng.com.vn Conglomerates Confectionary and Beverage Oil and Gas Ngo Bich Van (84) 838 38 66 36 x 171 van.ngo@kimeng.com.vn Banking Insurance Nguyen Quang Duy (84) 838386636 x162 duy.nguyenquang@kimeng.com.vn Industrial Property Trinh Thi Ngoc Diep (84) 422 21 22 08 x 102 diep.trinh@kimeng.com.vn Property & Construction Power Dang Thi Kim Thoa (84) 838 38 66 36 x 164 thoa.dang@kimeng.com.vn Consumer Services Hoang Nam Phu (84) 838 38 66 36 x 171 phu.hoang@kimeng.com.vn Technology & Telecom Transport Resources Truong Quang Binh (84) 838386636 x169 quangbinh.truong@kimeng.com.vn Pharmaceutical Plantation & Fishery

HONG KONG / CHINA


Edward FUNG Head of Research (852) 2268 0632 edwardfung@kimeng.com.hk Construction Ivan CHEUNG (852) 2268 0634 ivancheung@kimeng.com.hk Property Industrial Ivan LI (852) 2268 0641 ivanli@kimeng.com.hk Banking & Finance Jacqueline KO (852) 2268 0633 jacquelineko@kimeng.com.hk Consumer Staples Andy POON (852) 2268 0645 andypoon@kimeng.com.hk Telecom & related services Samantha KWONG (852) 2268 0640 samanthakwong@kimeng.com.hk Consumer Discretionaries Alex YEUNG (852) 2268 0636 alexyeung@kimeng.com.hk Industrial

INDONESIA
Katarina SETIAWAN Head of Research (62) 21 2557 1125 ksetiawan@kimeng.co.id Consumer Strategy Telcos Rahmi MARINA (62) 21 2557 1128 rmarina@kimeng.co.id Banking Multifinance Lucky ARIESANDI, CFA (62) 21 2557 1127 lariesandi@kimeng.co.id Base metals Coal Heavy Equipment Oil & gas Adi N. WICAKSONO (62) 21 2557 1130 anwicaksono@kimeng.co.id Generalist Arwani PRANADJAYA (62) 21 2557 1129 apranadjaya@kimeng.co.id Technicals

ECONOMICS
Suhaimi ILIAS Chief Economist (603) 2297 8682 suhaimi_ilias@maybank-ib.com Luz LORENZO Economist (63) 2 849 8836 luz_lorenzo@atr.com.ph Philippines Indonesia

INDIA
Jigar SHAH Head of Research (91) 22 6623 2601 jigar@kimeng.co.in Oil & Gas Automobile Cement Anubhav GUPTA (91) 22 6623 2605 anubhav@kimeng.co.in Metal & Mining Capital goods Property Haripreet BATRA (91) 226623 2606 haripreet@kimeng.co.in Software Media Ganesh RAM (91) 226623 2607 ganeshram@kimeng.co.in Telecom Contractor

THAILAND
Mayuree CHOWVIKRAN Head of Research (66)-2658-6300 ext 1440 mayuree.c@kimeng.co.th Strategy Suttatip PEERASUB (66)-2658-6300 ext 1430 suttatip.p@kimeng.co.th Media Commerce Sutthichai KUMWORACHAI (66)-2658-6300 ext 1400 sutthichai.k@kimeng.co.th Energy Petrochem Termporn TANTIVIVAT (66)-2658-6300 ext 1520 termporn.t@kimeng.co.th Property Woraphon WIROONSRI (66)-2658-6300 ext 1560 woraphon.w@kimeng.co.th Bank Jaroonpan WATTANAWONG (66)-2658-6300 ext 1404 jaroonpan.w@kimeng.co.th Transportation Small cap.

REGIONAL
ONG Seng Yeow (65) 6432 1832 ongsengyeow@kimeng.com Regional Products & Planning

5 December 2011

Page 6 of 8

Singapore Earnings Scorecard 3Q11

APPENDIX 1
Definition of Ratings
Kim Eng Research uses the following rating system: BUY HOLD SELL Total return is expected to be above 10% in the next 12 months Total return is expected to be between -5% to 10% in the next 12 months Total return is expected to be below -5% in the next 12 months

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

Some common terms abbreviated in this report (where they appear):


Adex = Advertising Expenditure BV = Book Value CAGR = Compounded Annual Growth Rate Capex = Capital Expenditure CY = Calendar Year DCF = Discounted Cashflow DPS = Dividend Per Share EBIT = Earnings Before Interest And Tax EBITDA = EBIT, Depreciation And Amortisation EPS = Earnings Per Share EV = Enterprise Value FCF = Free Cashflow FV = Fair Value FY = Financial Year FYE = Financial Year End MoM = Month-On-Month NAV = Net Asset Value NTA = Net Tangible Asset P = Price P.A. = Per Annum PAT = Profit After Tax PBT = Profit Before Tax PE = Price Earnings PEG = PE Ratio To Growth PER = PE Ratio QoQ = Quarter-On-Quarter ROA = Return On Asset ROE = Return On Equity ROSF = Return On Shareholders Funds WACC = Weighted Average Cost Of Capital YoY = Year-On-Year YTD = Year-To-Date

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS


This report, and any electronic access to it, is restricted to and intended only for clients of Kim Eng Research Pte. Ltd. ("KER") or a related entity to KER (as the case may be) who are institutional investors (for the purposes of both the Singapore Securities and Futures Act (SFA) and the Singapore Financial Advisers Act (FAA)) and who are allowed access thereto (each an "Authorised Person") and is subject to the terms and disclaimers below. IF YOU ARE NOT AN AUTHORISED PERSON OR DO NOT AGREE TO BE BOUND BY THE TERMS AND DISCLAIMERS SET OUT BELOW, YOU SHOULD DISREGARD THIS REPORT IN ITS ENTIRETY AND LET KER OR ITS RELATED ENTITY (AS RELEVANT) KNOW THAT YOU NO LONGER WISH TO RECEIVE SUCH REPORTS. This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. It is not to be construed as a solicitation or an offer to buy or sell any securities or related financial products. The information and commentaries are also not meant to be endorsements or offerings of any securities, options, stocks or other investment vehicles. The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. Readers should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. Readers should independently evaluate particular investments and strategies, and are encouraged to seek the advice of a financial adviser before making any investment or entering into any transaction in relation to the securities mentioned in this report. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investors individual circumstances and objectives and should be confirmed by such investor with his advisers independently before adoption or implementation (either as is or varied). You agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to KER, its related and affiliate companies and/or their employees. You understand that you are using this report AT YOUR OWN RISK. This report is being disseminated to or allowed access by Authorised Persons in their respective jurisdictions by the Kim Eng affiliated entity/entities operating and carrying on business as a securities dealer or financial adviser in that jurisdiction (collectively or individually, as the context requires, "Kim Eng") which has, vis--vis a relevant Authorised Person, approved of, and is solely responsible in that jurisdiction for, the contents of this publication in that jurisdiction. Kim Eng, its related and affiliate companies and/or their employees may have investments in securities or derivatives of securities of companies mentioned in this report, and may trade them in ways different from those discussed in this report. Derivatives may be issued by Kim Eng its related companies or associated/affiliated persons. Kim Eng and its related and affiliated companies are involved in many businesses that may relate to companies mentioned in this report. These businesses include market making and specialised trading, risk arbitrage and other proprietary trading, fund management, investment services and corporate finance. Except with respect the disclosures of interest made above, this report is based on public information. Kim Eng makes reasonable effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. The reader should also note that unless otherwise stated, none of Kim Eng or any third-party data providers make ANY warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data. Proprietary Rights to Content. The reader acknowledges and agrees that this report contains information, photographs, graphics, text, images, logos, icons, typefaces, and/or other material (collectively Content) protected by copyrights, trademarks, or other proprietary rights, and that these rights are valid and protected in all forms, media, and technologies existing now or hereinafter developed. The Content is the property of Kim Eng or that of third party providers of content or licensors. The compilation (meaning the collection, arrangement, and assembly) of all content on this report is the exclusive property of Kim Eng and is protected by Singapore and international copyright laws. The reader may not copy, modify, remove, delete, augment, add to, publish, transmit, participate in the transfer, license or sale of, create derivative works from, or in any way exploit any of the Content, in whole or in part, except as specifically permitted herein. If no specific restrictions are stated, the reader may make one copy of select portions of the Content, provided that the copy is made only for personal, information, and non-commercial use and that the reader does not alter or modify the Content in any way, and maintain any notices contained in the Content, such as all copyright notices, trademark legends, or other proprietary rights notices. Except as provided in the preceding sentence or as permitted by the fair dealing privilege under copyright laws, the reader may not reproduce, or distribute in any way any Content without obtaining permission of the owner of the copyright, trademark or other proprietary right. Any authorised/permitted distribution is restricted to such distribution not being in violation of the copyright of Kim Eng only and does not in any way represent an endorsement of the contents permitted or authorised to be distributed to third parties.

5 December 2011

Page 7 of 8

Singapore Earnings Scorecard 3Q11

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Saudi Arabia
In association with

Kim Eng Vietnam Securities Company 1st Floor, 255 Tran Hung Dao St. District 1 Ho Chi Minh City, Vietnam Tel : (84) 838 38 66 36 Fax : (84) 838 38 66 39

Anfaal Capital Villa 47, Tujjar Jeddah Prince Mohammed bin Abdulaziz Street P.O. Box 126575 Jeddah 21352 Tel: (966) 2 6068686 Fax: (966) 26068787

Connie TAN connie@kimeng.com Tel: (65) 6333 5775 US Toll Free: 1 866 406 7447

South Asia Sales Trading

North Asia Sales Trading

Eddie LAU eddielau@kimeng.com.hk Tel: (852) 2268 0800 US Toll Free: 1 866 598 2267

www.maybank-ib.com | www.kimengresearch.com.sg

APPENDIX I
Additional information on mentioned securities is available on request. Jurisdiction Specific Additional Disclaimers: THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR TRANSMITTED TO ANY MALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN MALAYSIA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the reader is receiving or accessing this report in or from other than Singapore. As of 5 December 2011, Kim Eng Research Pte. Ltd. does not have any interest in the companies. The covering analysts do have interest in Cosco Corporation, M1, Raffles Education, Sarin Technologies, SC Global & Singapore Telecommunication. Analyst Certification: The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. 2011 Kim Eng Research Pte Ltd. All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Kim Eng Research Pte. Ltd. Kim Eng Research Pte. Ltd. accepts no liability whatsoever for the actions of third parties in this respect.

Stephanie Wong CEO, Kim Eng Research

5 December 2011

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