STI        3,058      -3      -0.08% 
DOW      13,515    +78    +0.58%
S&P        1,444      +3     +0.23%
FTSE      5,820       +78   +1.36%
DAX         7,327      +111  +1.54%
GOLD       1,781       -2       -0.13%
OIL           92.56      +0.07  +0.08%
PRE-HK OPEN    +72pts
 
CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY):   -1.23 (28 Sep 2012)
CREDIT SUISSE GLOBAL RISK APPETITE              :   -1.27 (28 Sep 2012)
 

DJ MARKET TALK: Singapore STI May Rise; Markets Turning a Corner  

0046 GMT [Dow Jones] Singapore's STI may rise Tuesday following Monday's gains on the Wall Street. "Despite weak factory output data showing continued contraction across the world's major economies many traders feel we are turning a corner," Justin Harper, market strategist at IG Markets in Singapore says in a note. The benchmark may trade in a 3046-3088 range after closing 0.1%, or 2.48 points, lower at 3057.86 on Monday. Singapore Airlines (C6L.SG) and Tiger Airways (J7X.SG) may be in focus after Tiger announced a partnership with Scoot, the budget long-haul carrier of Singapore Airlines, to jointly sell itineraries.

October 01, 2012 20:18 ET (00:18 GMT) 
DJ PSA International to Spend S$3.5 Bln Expanding Singapore's Pasir Panjang Port Terminal  

SINGAPORE--PSA Singapore Terminals, a unit of port operator PSA International, will spend 3.5 billion Singapore dollars (US$2.8 billion) expanding its Pasir Panjang Terminal. 
The expansion to the terminal in Singapore's south will add 15 new berths, an automated container yard and unmanned, rail-mounted gantry cranes, PSA Singapore Terminals said in a statement issued late Monday. 
Scheduled for completion by 2020, the project will lift Singapore's total container-handling capacity to 50 million 20-foot-equivalent units a year. 
PSA Singapore Terminals handled 20.88 million TEUs between January and August this year. It handled 29.37 million TEUs in 2011, according to its website. 

Sources: MasNet, Bloomberg, Business Times, Straits Times and other media

Ple ase refer t o importa nt disclosu r e s a t t h e b a c k of this document. MICA (P) 039/06/2012

Morning Call

2 Oct 2012

Asia Pacific Equity Research | Singapore

MARKET PULSE

Key Idea

Frasers Centrepoint Trust: Excellent growth profile

Frasers Centrepoint Trust (FCT) announced last Friday that

it had increased its interest in Hektar REIT from 99.4m

units to 124.9m units. The rise in unitholding was pursuant

to the provisional allotment of rights units to FCT under the

one-for-four rights issue and allocation of excess rights

units by Hektar REIT. We are positive of this development

as it presents FCT with greater opportunity to participate in

the burgeoning retail market in Malaysia. Both malls are

strategically located in areas with strong traffic catchment

and offer good growth potential. Hence, while the

acquisitions are not expected to have any immediate

material effect on FCT’s distributable income, we expect

FCT to benefit from Hektar REIT’s repositioning and

upgrading plans and in turn an improvement in DPU going

forward. We now factor in FCT’s increased interest in Hektar

REIT and roll over our valuations to FY13, hence raising our

fair value from S$1.89 to S$1.97. Maintain BUY.

More reports:

- Sheng Siong Group: Quietly adding stores

- Tiger Airways: Partnership with Scoot

- Biosensors International Group: Extends licensing

agreement with Terumo

- CSE Global: Wins S$33m worth of new projects

News Headlines

• Data showing an unexpected expansion in September US

factory activity led the Dow up 0.6% to 13,515.11. The

S&P 500 Index gained 0.3% to 1,444.49.

• Metro Holdings has acquired a mixed development site in

the new CBD area of Nanchang, Jiangxi province, China,

for RMB1.92b (S$375m), together with HK-listed Top

Spring International.

• Perennial China Retail Trust is developing a mixed-used

project in Beijing’s Tongzhou district as part of a

consortium (including BreadTalk) that will hold a 70%

stake in the S$1.3b project.

• STATS ChipPAC has reached a US$26.7m property

damage insurance settlement with its insurers, as

compensation for damage to plant and equipment from

the flooding of its Thai facility.

Key Singapore Indices

Close Chg % Chg

STI 3057.9 -2.5 -0.1

Catalist 136.6 0.1 0.0

Finance 762.8 -0.3 0.0

Property 713.0 -0.4 -0.1

Electronics 544.1 -17.2 -3.1

Vol(m) 1586.3 -140.3 -8.1

Val(S$m) 933.4 -582.0 -38.4

World Indices

Close Chg % Chg

Dow Jones 13515.1 78.0 0.6

Nasdaq 3113.5 -2.7 -0.1

S&P500 1444.5 3.8 0.3

FTSE 5820.5 78.4 1.4

KLCI 1643.3 6.7 0.4

Hang Seng 20840.4 78.1 0.4

Nikkei 8796.5 -73.7 -0.8

SET 1299.7 0.9 0.1

KOSPI 1996.2 7.5 0.4

TWSE 7675.7 -39.4 -0.5

Market Statistics (SG)

STI 52-week range 2,522 3,088

No. of gainers 235

No. of losers 244

No. of unchanged 173

Economic Statistics

S$/US$ 1.2 0.0

Yen/US$ 78.0 0.0

3-mth S$ SIBOR 0.4 0.0

3-mth US$ SIBOR 0.4 0.0

Crude futures (US$) 92.5 0.0

Research Team

(65) 6531 9800

e-mail: [email protected]

 

OCBC Investment Research

Market Pulse

2 Oct 2012

 

 

 

 

 

 

 

Frasers   Centrepoint   Trust:   Excellent growth profile

 

● Increased interest in Hektar REIT

● Expecting better distribution

● Operationally strong

 

Acquisition of Hektar REIT units

Frasers Centrepoint Trust (FCT) announced last Friday that it had increased its interest in

Hektar REIT from 99.4m units (31.06%) to

124.9m units (31.17%). The rise in unitholding was pursuant to the provisional allotment of rights 

units to FCT under the one-for-four rights issue and allocation of excess rights units by Hektar 

REIT. As a reference, Hektar REIT had proposed the acquisitions of two retail mall properties,

Landmark Central Property (LCP) and Central Square Property (CSP) for a total of RM181.0m, and the 

equity fund raising was done to partially fund the acquisitions.

 

Likely improvement in DPU by Hektar

REIT

We are positive of this development as it presents FCT with greater opportunity to participate in 

the burgeoning retail market in Malaysia. Both malls are strategically located in areas with strong 

traffic catchment and offer good growth potential. According to Hektar REIT, the occupancy of LCP 

is likely to increase from 76.7% to 99.0% upon the commencement of tenancy by The Store on

15 Oct, while an intended refurbishment of

CSP post acquisition is expected to enhance its rental rates. Hence, while the acquisitions are not 

expected to have any immediate material effect on FCT’s distributable income, we expect FCT to 

benefit from Hektar REIT’s repositioning and upgrading plans, and in

turn an improvement in DPU going forward. As a note, the NPI of both properties

comprised ~18.9% of Hektar REIT’s FY11

NPI of RM58.3m, based on latest available figures. This is relatively sizeable in our view.

 

Maintain BUY

We also like FCT for its pure suburban exposure, strong execution and sturdy

financial position. We believe FCT will

continue to gain from strong rental uplift at Causeway Point and incremental income from Bedok 

Point. Operationally, FCT is expected

to show improvement in portfolio occupancy and track positive rental reversions. We now

 

 

 

 

 

 

 

factor in FCT’s increased interest in Hektar REIT and roll over our valuations to FY13, hence 

raising our fair value from S$1.89 to S$1.97. Maintain BUY. (Kevin Tan)

 

.    .    .    .    .

 

 

Sheng   Siong   Group:   Quietly   adding stores

 

 

● Gross retail space up 12.4% YTD

● More plans in the pipeline

● Possible margin improvements from new warehouse system

 

Growth in retail space continues

Since our last update on 27 Jul 2012, Sheng

Siong Group (SSG) has added an additional store in Yishun Central on top of the three stores at 

Geylang, Bukit Batok and Bedok North, which brings the total number of stores to 31 and gross 

retail space to 391 sf (385K sf previously). Although retail space has grown by 12.4% on a YTD 

basis, exceeding its 10% target, management is showing no signs of letting up. With a minimum 

target of 33 stores by year-end, there are plans to further increase SSG’s presence in locations 

with lower representations such as Ghim Moh and Clementi.

 

New warehouse system

Over the weekend, SSG unveiled a new warehouse management system designed to improve worker 

productivity and reduce unforced errors via enhanced inventory monitoring. The computerized system 

will group orders for SSG’s stores automatically and identify the respective goods to be picked up 

through the use of light and sound sensors. By ensuring that only the required

goods – and from the correct inventory pile –

are selected, SSG will be able to significantly reduce the probability of wrong goods being 

selected and ensure that inventory levels (e.g. by expiration dates etc) are properly maintained.

 

Management targets margin enhancement

With the new efficiency initiatives and ability of its warehouse to incorporate significant

increases in direct purchases, management

should be able to continue pushing margins back to its upper ranges of 22%-23% by the end of the 

year (2Q12 gross profit margin:

21.9%). Till date, direct purchases have

 

Market Pulse

2 Oct 2012

 

 

 

 

grown and currently account for about half of SSG’s fresh fruits and vegetables requirements, up 

from 40% previously.

 

Maintain BUY on resilience

Ahead of its 3Q12 results release (expected by early to mid-Nov), SSG’s share price has

held firm despite fluctuating investor

sentiment. With SSG likely to experience a traditionally seasonal bump in 3Q revenue

contribution, we can expect its share price to

appreciate gradually ahead of its results release. Maintain BUY at an unchanged fair value estimate 

of S$0.49. (Lim Siyi)

 

.    .    .    .    .

 

 

Tiger Airways: Partnership with Scoot

 

In a widely expected move, Tiger Airways (TGR) announced the signing of a Memorandum of 

Understanding with Scoot to market joint itineraries from 2 Oct 2012. Customers will now be able to 

travel from Australia (Sydney and Gold Coast by Scoot) to TGR’s destinations (Phuket, Ho Chi Minh 

City and Kuala Lumpur via Singapore by Tiger) using a single itinerary. TGR currently only offers 

flights from Perth to Singapore (vice versa) with the bulk of its Australian operations catering to 

mainly domestic

travel. In the later phases, the two airlines will have joint itineraries originating from South 

East Asia. While this partnership leverages off TGR’s recent move to Terminal

2 following the closure of the Budget Terminal and could potentially provide valuable lead-in 

customers in later stages, TGR’s immediate recovery still hinges on Tiger Australia, which is 

currently facing

operational challenges. As such, we deem the impact of this partnership to be muted. Maintain HOLD 

with an unchanged fair value of S$0.81. (Lim Siyi)

 

.    .    .    .    .

 

 

 

 

Biosensors International Group: Extends licensing agreement with Terumo

 

Biosensors International Group (BIG) announced that it has extended its licensing agreement with 

Terumo Corporation (Terumo), such that the latter may continue to incorporate BIG’s BioMatrix™ 

drug-eluting stent (DES) technology in its own DES systems outside of the US. We believe that this 

agreement was due to expire in Feb

2013 (five years after the initial launch of

Terumo’s Nobori™ DES), but has now been extended until Dec 2014. Terumo also has a licensing 

agreement with BIG for the exclusive rights to manufacture, market and sell DES systems 

incorporating the BioMatrix™ technology in Japan (for five years beginning May 2011). We are 

positive on this development as the licensing revenue provides an additional source of income 

streams to BIG, and also carries a gross margin of 100%. We leave our estimates unchanged as we had 

already previously assumed an extension to the licensing agreement between BIG and Terumo in our 

forecast. This is premised on the strong working relationship between the two parties and a win-win 

situation for this licensing agreement, in our view. Reiterate our BUY

rating on BIG and S$1.81 fair value estimate. BIG also remains as our top pick within the

healthcare sector. (Wong Teck Ching

Andy)

 

.    .    .    .    .

 

CSE Global: Wins S$33m worth of new projects

 

Last evening, CSE Global (CSE) announced that it has won (i) an EPC contract for a 

Telecommunications Systems for a LNG facility in Darwin, Australia, and (ii) two Mental Health 

projects from the U.K. The total value of these projects amounts to S$33m. As these new orders 

already form part of our 2H12F estimates, we will be keeping our projections and valuation

unchanged. Adjusting for the work performed in the last quarter and other new order wins,

we estimate CSE’s latest order-book to be

around S$350m and should last till 2Q13. Maintain BUY with S$1.09 fair value estimate. (Chia 

Ji    .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Singapore

Wired Daily

Page 2

Biosensors for use of BioMatrix technology - 1) in markets

outside Japan; and 2) in the Japanese market. The first

licensing agreement was set to expire this year, while the

Japan market agreement is due to expire in 2016. The new

extension has similar terms to that of the original agreement

entered into in 2003. This renewal is within our expectation

and we view the partnership as mutual. No change to our

earnings estimates; maintain BUY and TP S$1.57.

CSE Global has secured an order to engineer, procure and

construct a Telecommunications Systems for a LNG Onshore

Facility in Darwin, Australia. This order is one of a number of

large orders that CSE have been tracking over recent months.

The group has also recently been awarded two Mental

Health projects in the UK. Total value of these projects is

approximately S$33m. These projects will have a positive

impact on CSE's profit for the 2012 and 2013 financial years.

Metro Holdings has acquired a mixed development site in the

new central business district area of Nanchang, Jiangxi

province, China, for S$375m, together with Hong Konglisted

Chinese property developer Top Spring International.

The 269,454 sq m leasehold land parcel in Honggutan New

District has a plot ratio gross floor area of 795,000 sq m.

Metro and Top Spring plan to develop a large, upscale urban

mixed development - including commercial, office, residential

and entertainment components - on the plot.

URA released 3Q12 residential property price flash estimate

that showed a 0.5% q-o-q increase. The strongest showing

was in the Outside Central Region (OCR) which saw prices

ticking up 1% q-o-q while those in the Rest of Central

Region (RCR) showed a 0.7% sequential improvement. Prices

in the Core Central Region were the weakest with a 0.2%

expansion. Cumulative price improvement for the 9M YTD is

a positive 0.8%. HDB resale prices rose 2% q-o-q, bringing

9M increase to 3.9%. We expect policymakers to remain

watchful amid the low interest rate environment and the

new supply coming onstream, which will likely cap significant

upside in property prices. Our current expectations are for

prices to trickle down modestly by 5% pa over the next

couple of years.

In property news, Villa Des Flores, a freehold development

sitting along Whitley Road, is being re-launched for collective

sale by tender with its asking price of $165m, unchanged

from its previous launch in June. The cost of the 104,370 sq

ft site for landed housing works out to a land price of $1,581

psf. No development charge is payable.

IATA has raised profit outlook for world's airlines. It now

expects the airline industry to make a net profit of US$4.1 bn

this year, up from an earlier forecast of US$3 bn but still less

than half the US$8.4 bn achieved in 2011. IATA also said in

its first forecast for 2013 that industry profits will rise further

next year to US$7.5 bn, helped by passenger traffic

expansion of 4.5% and cargo expansion of 2.4% as global

economic growth quickens to 2.5% from an expected 2.1%

this year. Profit margins will remain razor-thin at 1.1% in

2013 versus an expected 0.6% in 2012.

China's official manufacturing Purchasing Managers' Index

improved slightly to 49.8 in September from 49.2 in August,

but still languishing below the key 50-point level. A sub-index

for new orders crept back towards the 50-mark, hitting 49.8,

its highest point since May, while the output sub-index also

strengthened to 51.3.

US stocks rose after the ISM manufacturing index for

September returned to expansion territory of 51.5, better

than consensus estimates for a 49.7 reading. Sentiment was

also lifted after FED Chairman Ben Bernanke renewed a

pledge to sustain record stimulus even after the U.S.

expansion gains strength. This is a good start to the data

heavy weak that culminates with the September job

numbers. Consensus calls for non-farm payrolls to improve to

115k from 96k while the unemployment rate is seen inching

a notch higher to 8.2% from 8.1%.China’s September PMI

also improved to 49.8 from 49.2 the previous month but still

remained at slightly below expansion territory.

Singapore

Wired Daily

Page 3

Share Buy-Back

Company D.O.T. Buy/Sell No.of shares S$/shr

Global Testing Corporation Ltd 01-Oct-12 Share Buy-Back 320,000 0.0650

KSH Holdings Limited 01-Oct-12 Share Buy-Back 310,000 0.3350

Macquarie Int'l Infra Fund Ltd 01-Oct-12 Share Buy-Back 250,000 0.5358

Overseas-Chinese Banking Corp 01-Oct-12 Share Buy-Back 100,000 9.3000

Straco Corporation Limited 01-Oct-12 Share Buy-Back 322,000 0.2557

Viking Offshore and Marine 01-Oct-12 Share Buy-Back 100,000 0.1130

Straco Corporation Limited 28-Sep-12 Share Buy-Back 1,000,000 0.2550

Global Testing Corporation Ltd 28-Sep-12 Share Buy-Back 220,000 0.0650

Avi-Tech Electronics Limited 28-Sep-12 Share Buy-Back 260,000 0.0750

CDW Holding Limited 28-Sep-12 Share Buy-Back 374,000 0.0927

Overseas-Chinese Banking Corp 28-Sep-12 Share Buy-Back 100,000 9.3400

Viking Offshore and Marine 28-Sep-12 Share Buy-Back 10,000 0.1130

Global Testing Corporation Ltd 27-Sep-12 Share Buy-Back 40,000 0.0650

Overseas-Chinese Banking Corp 27-Sep-12 Share Buy-Back 100,000 9.3200

Food Empire Holdings 27-Sep-12 Share Buy-Back 100,000 0.4300

Avi-Tech Electronics Limited 27-Sep-12 Share Buy-Back 400,000 0.0750

Viking Offshore and Marine 27-Sep-12 Share Buy-Back 76,000 0.1130

CDW Holding Limited 26-Sep-12 Share Buy-Back 450,000 0.0928

Global Testing Corporation Ltd 26-Sep-12 Share Buy-Back 245,000 0.0650

Ho Bee Investment Limited 26-Sep-12 Share Buy-Back 200,000 1.5000

Overseas-Chinese Banking Corp 26-Sep-12 Share Buy-Back 100,000 9.2700

Pan-United Corporation Ltd 26-Sep-12 Share Buy-Back 50,000 0.6500

Straco Corporation Limited 26-Sep-12 Share Buy-Back 200,000 0.2450

Viking Offshore and Marine Ltd 26-Sep-12 Share Buy-Back 50,000 0.1130

CDW Holding Limited 25-Sep-12 Share Buy-Back 200,000 0.0920

Global Testing Corporation Ltd 25-Sep-12 Share Buy-Back 215,000 0.0650

Hotung Investment Hldgs Ltd 25-Sep-12 Share Buy-Back 1,751,000 0.1499

Memtech International Ltd 25-Sep-12 Share Buy-Back 500,000 0.0745

Overseas-Chinese Banking Corp 25-Sep-12 Share Buy-Back 100,000 9.3200

Saizen Real Estate Inv Trust 25-Sep-12 Share Buy-Back 680,000 0.1640

Viking Offshore and Marine Ltd 25-Sep-12 Share Buy-Back 80,000 0.1120

Source: SGX Masnet

Singapore

Wired Daily

Page 4

Substantial Shareholders’ Transactions: 13 Sep – 20 Sep 2012

*Deemed Interest

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

Stock

Transacted

Date

Substant ial Shareholder/ Director

Buy /Sell

/ Conv

No of

Shares

('000)

Price Per

Share $

%Issued

Cap Before

Change

%Issued

Cap A f t er

Change

Pacific Healthcare 20-Sep-12 Pacific Investments Buy 50 - 8.02 8.03

Pacific Healthcare 20-Sep-12 William Chong * Buy 50 0.1 12.39 12.4

Serial System 20-Sep-12 Goh Bak Heng Buy 615 0.1 35.5 35.57

BRC Asia 19-Sep-12 Lim Siak Meng Buy 400 0.14 4.5 4.55

GK Goh 19-Sep-12 Lim Keng J in Sell 54 0.76 0.81 0.8

Serial System 19-Sep-12 Goh Bak Heng Buy 200 0.1 35.48 35.5

TMC Education 19-Sep-12 Chin Kon Yuen * Buy 8 0.07 16.2 16.21

TMC Education 19-Sep-12 Yeow Cheng Khim Buy 8 0.07 16.2 16.21

BRC Asia 18-Sep-12 Lim Siak Meng Buy 600 0.13 4.43 4.5

China Yuanbang Prop 18-Sep-12 Chen J ianfeng * Buy 770 0.09 1.36 1.48

GK Goh 18-Sep-12 Lim Keng J in Sell 43 0.75 0.82 0.81

Haw Par Corp 18-Sep-12 Wee Ee-Chao * Buy 293 6.57 31.07 31.22

Haw Par Corp 18-Sep-12 Wee Ee Lim * Buy 293 6.57 31.01 31.16

Haw Par Corp 18-Sep-12 Wee Cho Yaw * Buy 293 6.57 33.12 33.27

HLN Tech 18-Sep-12 Wa Kok Liang Buy 200682 - 14.26 14.71

HTL Int'l 18-Sep-12 Tay Kheng Hee Sell 10 0.34 0.38 0.38

Hutchison Port Trust 18-Sep-12 The Capital Grp Companies * Sell 35506 - 10.39 9.98

Neo Group 18-Sep-12 Liew Oi Peng * Buy 230 0.34 70.9 71.06

Neo Group 18-Sep-12 Neo Kah Kiat Buy 230 0.34 70.9 71.06

Nordic Group 18-Sep-12 Chang Yeh Hong Buy 531 0.09 51.22 51.35

Pacific Healthcare 18-Sep-12 Pacific Investments Buy 20 - 8.01 8.02

Pacific Healthcare 18-Sep-12 William Chong * Buy 20 0.1 12.38 12.39

Popular Holdings 18-Sep-12 Chou Cheng Ngok * Buy 2714 0.23 57.18 57.5

Popular Holdings 18-Sep-12 World Holdings Pte Ltd Buy 2714 - 56.93 57.25

Popular Holdings 18-Sep-12 Chou Cheng Ngok * Buy 1200 0.23 57.03 57.18

8Telecom Int'l 17-Sep-12 Ye Tianyun Buy 100 0.14 2.64 2.66

Action Asia 17-Sep-12 J ack Li * Sell 139 0.14 0.03 0

BRC Asia 17-Sep-12 Sia Ling Sing * Buy 1103 0.13 27.58 27.71

BRC Asia 17-Sep-12 Lingco Marine * Buy 1103 0.13 5.49 5.62

BRC Asia 17-Sep-12 Lingco Hldgs Buy 1103 - 5.49 5.62

Cosmosteel Hldgs 17-Sep-12 Ong Chin Sum Buy 333 0.17 20.96 21.08

Ley Choon Grp 17-Sep-12 Toh Chew Leong * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Toh Swee Kim * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Toh Choo Huat * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Seow Soon Kee * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Toh Chew Chai * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Zheng Choon Hldg Buy 1426 0.22 62.02 62.31

Neo Group 17-Sep-12 Liew Oi Peng * Buy 352 0.33 70.66 70.9

Neo Group 17-Sep-12 Neo Kah Kiat Buy 352 0.33 70.66 70.9

San Teh 17-Sep-12 Gui Kim Young Buy 200 0.3 0.15 0.2

Select Group 17-Sep-12 Go Mei Lin Buy 1349 - 7.06 8.01

TMC Education 17-Sep-12 Chin Kon Yuen * Buy 1 0.07 16.2 16.2

TMC Education 17-Sep-12 Chin Kon Yuen Buy 1 0.07 16.2 16.2

Singapore

Wired Daily

Page 5

Substantial Shareholders’ Transactions: 13 Sep – 20 Sep 2012 (Cont’d)

*Deemed Interest

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

Stock

Transacted

Date

Substantial Shareholder/ Director

Buy /Sell

/ Conv

No of

Shares

('000)

Price Per

Share $

%Issued

Cap Before

Change

%Issued

Cap A f t er

Change

BRC Asia 14-Sep-12 Lim Siak Meng Buy 974 0.13 4.32 4.43

China J ishan 14-Sep-12 J in Guan Liang * Buy 4 0.08 71.32 71.32

China J ishan 14-Sep-12 J in Cheng Int'l Hldgs Buy 4 0.08 71.32 71.32

Cogent Hldgs 14-Sep-12 Tan Yeow Khoon * Buy 500 0.11 1.94 2.04

Hartawan Hldgs 14-Sep-12 Cynthia Tan * Buy 192 0.14 22.97 22.99

Hartawan Hldgs 14-Sep-12 Winstedt Chong Buy 192 0.14 0.08 0.1

Haw Par Corp 14-Sep-12 MacKenzie F inancial Corp * Buy 2032 - 6.99 5.96

Haw Par Corp 14-Sep-12 MacKenzie Inc, IGM F inancial * Sell 2032 - 6.99 5.96

Haw Par Corp 14-Sep-12 Gelco Entp, Nordex Inc, Pansolo Hldg * Sell 2032 - 6.99 5.96

Haw Par Corp 14-Sep-12 Paul Desmarais * Sell 2032 - 6.99 5.96

Haw Par Corp 14-Sep-12 Wee Cho Yaw * Buy 258 6.59 32.99 33.12

Haw Par Corp 14-Sep-12 Wee Ee Lim * Buy 258 6.59 30.88 31.01

Haw Par Corp 14-Sep-12 Wee Ee-Chao * Buy 258 6.59 30.94 31.07

HTL Int'l 14-Sep-12 Tay Kheng Hee Sell 30 0.33 0.39 0.38

Lee Kim Tah Hldgs 14-Sep-12 Lee Kim Tah Investments Buy 24500 - 66.44 71.29

Ley Choon Grp 14-Sep-12 Toh Chew Leong * Buy 1600 0.22 61.7 62.02

Ley Choon Grp 14-Sep-12 Toh Swee Kim * Buy 1600 0.22 61.7 62.02

Ley Choon Grp 14-Sep-12 Toh Choo Huat * Buy 1600 0.22 61.7 62.02

Ley Choon Grp 14-Sep-12 Seow Soon Kee * Buy 1600 - 61.7 62.02

Ley Choon Grp 14-Sep-12 Toh Chew Chai * Buy 1600 - 61.7 62.02

Ley Choon Grp 14-Sep-12 Zheng Choon Hldg Buy 1600 - 61.7 62.02

Perrenial China Trust 14-Sep-12 Pua Seck Guan * Buy 100 0.49 4.24 4.25

Perrenial China Trust 14-Sep-12 Kuok Khoon Hong * Buy 100 0.49 17.23 17.24

Sound Global 14-Sep-12 Wen Yibo Buy 3033 0.57 0.22 0.46

Sri Trang Agro-Industry 14-Sep-12 Prasit Panidkul Sell 200 0.63 0.6 0.58

TMC Education 14-Sep-12 Chin Kon Yuen * Buy 50 0.07 16.17 16.2

TMC Education 14-Sep-12 Yeow Cheng Khim Buy 50 0.07 16.17 16.2

8Telecom Int'l 13-Sep-12 Ye Tianyun Buy 21 0.14 2.63 2.64

Ley Choon Grp 13-Sep-12 Toh Chew Leong * Buy 1000 0.23 61.49 61.7

Ley Choon Grp 13-Sep-12 Toh Swee Kim * Buy 1000 0.23 61.49 61.7

Ley Choon Grp 13-Sep-12 Toh Choo Huat * Buy 1000 0.23 61.49 61.7

Ley Choon Grp 13-Sep-12 Seow Soon Kee * Buy 1000 - 61.49 61.7

Ley Choon Grp 13-Sep-12 Toh Chew Chai * Buy 1000 - 61.49 61.7

Ley Choon Grp 13-Sep-12 Zheng Choon Hldg Buy 1000 - 61.49 61.7

Loy z Energy 13-Sep-12 Yip Chee Meng Sell 175 0.5 0.06 0

Nam Cheong Ltd 13-Sep-12 Lau Liong Kii * Sell 2000 0.22 0.85 0.75

Osim Int'l 13-Sep-12 Richard Leow Sell 100 1.35 0.43 0.41

Perrenial China Trust 13-Sep-12 HPRY Holdings * Buy 200 - 14.03 14.04

Perrenial China Trust 13-Sep-12 Pua Seck Guan * Buy 200 0.49 4.22 4.24

Perrenial China Trust 13-Sep-12 Kuok Khoon Hong * Buy 200 0.49 17.21 17.23

Raffles Education 13-Sep-12 Oei Hong Leong Buy 8688 - 4.86 5.88

Raffles Education 13-Sep-12 Oei Hong Leong * Buy 101 - 1.28 1.3

Sakari Resources 13-Sep-12 PTT Mining , PTT Public Co Ltd, PTT Int'l Co * Buy 7975 - 45.27 45.97

SC Global 13-Sep-12 Chong Sae Peng Buy 4688 1.05 0.16 1.29

Sound Global 13-Sep-12 Wen Yibo Buy 967 0.57 0.15 0.22

Tianjin Zhong Xin 13-Sep-12 Pure Heart Value Investm Fd Buy 10 - 9.39 9.39

Singapore

Wired Daily

Page 6

Announced Dividends and Capital Issues: 1 Oct 2012 – 14 Dec 2012 (by Ex-Date)

Company Type Particulars Ex Date Paid/ Payable

JB FOODS LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 03-Oct-12 17-Oct-12

LIAN BENG GROUP LTD DIVIDEND SGD 0.01 ONE-TIER TAX 03-Oct-12 19-Oct-12

LIAN BENG GROUP LTD DIVIDEND SGD 0.01 ONE-TIER TAX 03-Oct-12 19-Oct-12

P99 HOLDINGS LIMITED ENTITL. SHARE CONSOL OFFER OF 1 FOR 5 03-Oct-12

SELECT GROUP LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 04-Oct-12 22-Oct-12

FRAGRANCE GROUP LIMITED DIVIDEND SGD 0.0005 ONE-TIER TAX 05-Oct-12 18-Oct-12

ASPIAL CORPORATION LIMITED DIVIDEND SCRIPDIVSCHEME SGD 0.0075 ONE-TIER TAX 08-Oct-12 27-Nov-12

HYFLUX 6% CUM PREF CLASS A 10 DIVIDEND 250412 - 241012 6% ONE-TIER TAX 09-Oct-12 25-Oct-12

GENTING SPS$500M5.125% PERPSEC BONDS INT 180412 - 171012 5.125% 11-Oct-12 18-Oct-12

UMS HOLDINGS LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 11-Oct-12 31-Oct-12

YUEXIU PROPERTY CO LIMITED DIVIDEND HKD 0.042 12-Oct-12 15-Nov-12

JTC S$200M4.826%N121024 ENTITL. REDEMPTION SGD 1 15-Oct-12 24-Oct-12

JTC S$200M4.826%N121024 INTEREST 240412 - 231012 4.826% 15-Oct-12 24-Oct-12

UNITED OVERSEAS AUSTRALIA LTD DIVIDEND UNFRANKED,DRP AUD 0.005 15-Oct-12 01-Nov-12

GLOBAL PREMIUM HOTELS LIMITED DIVIDEND SGD 0.002 ONE-TIER TAX 16-Oct-12 30-Oct-12

GUOCOLAND LIMITED DIVIDEND SGD 0.05 18-Oct-12 15-Nov-12

CHINA MERCHANTS HLDGS(PACIFIC) DIVIDEND SGD 0.0275 ONE-TIER TAX 19-Oct-12 09-Nov-12

GUOCOLEISURE LIMITED DIVIDEND SGD 0.02 22-Oct-12 08-Nov-12

CORDLIFE GROUP LIMITED DIVIDEND SGD 0.018 ONE-TIER TAX 24-Oct-12 14-Nov-12

ELLIPSIZ LTD DIVIDEND SGD 0.0016 ONE-TIER TAX 24-Oct-12 15-Nov-12

BRITISH & MALAYAN TRUSTEES LTD DIVIDEND SGD 0.027 TAX EXEMPT 29-Oct-12 12-Nov-12

KARIN TECHNOLOGY HLDGS LIMITED DIVIDEND HKD 0.071 29-Oct-12 15-Nov-12

BOARDROOM LIMITED DIVIDEND SGD 0.02 ONE-TIER TAX 30-Oct-12 23-Nov-12

SIN GHEE HUAT CORPORATION LTD. DIVIDEND SGD 0.02 ONE-TIER TAX 30-Oct-12 14-Nov-12

AUSGROUP LIMITED DIVIDEND SGD 0.0036 ONE-TIER TAX 31-Oct-12 21-Nov-12

AUSGROUP LIMITED DIVIDEND SGD 0.0064 ONE-TIER TAX 31-Oct-12 21-Nov-12

GEMS TV HOLDINGS LIMITED DIVIDEND SGD 0.0095 31-Oct-12 15-Nov-12

K1 VENTURES LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 31-Oct-12 14-Nov-12

KIAN ANN ENGINEERING LTD DIVIDEND SGD 0.0082 ONE-TIER TAX 31-Oct-12 14-Nov-12

RYOBI KISO HOLDINGS LTD. DIVIDEND SGD 0.003 ONE-TIER TAX 31-Oct-12 14-Nov-12

AMTEK ENGINEERING LTD DIVIDEND SGD 0.022 ONE-TIER TAX 01-Nov-12 23-Nov-12

ASL MARINE HOLDINGS LTD DIVIDEND SGD 0.0175 ONE-TIER TAX 01-Nov-12 19-Nov-12

PERTAMA HOLDINGS LIMITED DIVIDEND SGD 0.0152 ONE-TIER TAX 01-Nov-12 16-Nov-12

SINGAPURA FINANCE LTD DIVIDEND SGD 0.06 ONE-TIER TAX 01-Nov-12 15-Nov-12

SPINDEX INDUSTRIES LIMITED DIVIDEND SGD 0.018 ONE-TIER TAX 02-Nov-12 19-Nov-12

CHOSEN HOLDINGS LIMITED DIVIDEND SGD 0.0066 ONE-TIER TAX 05-Nov-12 23-Nov-12

F J BENJAMIN HOLDINGS LTD DIVIDEND SGD 0.01 ONE-TIER TAX 05-Nov-12 27-Nov-12

HUPSTEEL LTD DIVIDEND SGD 0.005 ONE-TIER TAX 05-Nov-12 20-Nov-12

EU YAN SANG INTERNATIONAL LTD DIVIDEND SGD 0.01 ONE-TIER TAX 06-Nov-12 23-Nov-12

EU YAN SANG INTERNATIONAL LTD DIVIDEND SGD 0.01 ONE-TIER TAX 06-Nov-12 23-Nov-12

MICRO-MECHANICS (HOLDINGS) LTD DIVIDEND SGD 0.02 ONE-TIER TAX 06-Nov-12 22-Nov-12

OLAM INTERNATIONAL LIMITED DIVIDEND SGD 0.04 ONE-TIER TAX 06-Nov-12 20-Nov-12

PARKSON RETAIL ASIA LIMITED DIVIDEND SGD 0.03 ONE-TIER TAX 06-Nov-12 23-Nov-12

SILVERLAKE AXIS LTD DIVIDEND SGD 0.008 ONE-TIER TAX 07-Nov-12 28-Nov-12

PEC LTD. DIVIDEND SGD 0.025 ONE-TIER TAX 08-Nov-12 26-Nov-12

ACE ACHIEVE INFOCOM LIMITED DIVIDEND CNY 0.003 09-Nov-12 28-Nov-12

CH OFFSHORE LTD DIVIDEND SGD 0.02 ONE-TIER TAX 12-Nov-12 26-Nov-12

CH OFFSHORE LTD DIVIDEND SGD 0.02 ONE-TIER TAX 12-Nov-12 26-Nov-12

TEE INTERNATIONAL LIMITED DIVIDEND SGD 0.0125 ONE-TIER TAX 20-Nov-12 03-Dec-12

NX09100W 190601 INTEREST 0.025 22-Nov-12 03-Dec-12

NX11100X 210601 INTEREST 0.0225 22-Nov-12 03-Dec-12

DATAPULSE TECHNOLOGY LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 26-Nov-12 06-Dec-12

DATAPULSE TECHNOLOGY LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 26-Nov-12 06-Dec-12

SUNRIGHT LTD DIVIDEND SGD 0.002 ONE-TIER TAX 26-Nov-12 14-Dec-12

TEE INTERNATIONAL LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 14-Dec-12 28-Dec-12

Source: SGX