MARKET WATCH 8th OCT 2012 - AsianBookie.Com Forums

08-Oct 2012 Monday 8:55 AM (4219 days ago)

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STI         3,108     +21     +0.69%
DOW       13,610    +35     +0.26%
S&P         1,461     -0        -0.03%
FTSE        5,871     +43      +0.74%
DAX         7,398      +93      +1.27%
GOLD        1,780      -0        -0.04%
OIL           89.57      -0.31    -0.34%
PRE-HK OPEN -3pts

CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY):    -0.99 (4 Oct 2012)
CREDIT SUISSE GLOBAL RISK APPETITE               :    -0.77 (4 Oct 2012)

08 Oct 2012 08:45

DJ MARKET TALK: Singapore's STI Could See Tepid Open - SIAS

0045 GMT [Dow Jones] Singapore's STI could be in for a tepid start after mixed cues from U.S. stocks and as investors digest domestic and global economic concerns ahead of a key policy statement by Singapore's central bank later this week. The STI ended +0.7% at 3107.87 Friday, its highest close since Aug. 3, 2011. "I think the STI could be flattish, with fluctuations of about 0.5% up or down, and we could see some profit-taking in the week" amid choppy trade, says Roger Tan, CEO of SIAS Research. "But this could be a good buying opportunity for those who have been sitting on the sidelines...the small- and mid-caps and the cyclicals could be coming back into play." Property developers are likely in focus after Singapore regulators announced fresh steps to curb rising real-estate prices by capping all new home loans at 35 years' tenure, among other steps. Tan expects "some level of reaction to the news" but adds the steps are pre-emptive in nature and shouldn't dull home prices significantly.

..

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08-Oct 2012 Monday 8:56 AM (4219 days ago)

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Daily Review, 08 October 2012 Page 1 of 4

SGX-ST Member, SGX-DT (CNCM)

Daily Review

08 October 2012

LIM & TAN SECURITIES PTE LTD

20 CECIL STREET

#09-00 EQUITY PLAZA

SINGAPORE 049705

TEL: 65330595 FAX: 65332368

www.limtan.com.sg

RCB Reg No. 197301030W

F & N

S$8.88-FRNM.SI

 Company said valuations of its “certain real estate

assets” with an aggregate book value of $2935.3 mln,

by various independent valuers show a net

revaluation surplus of $498 mln, which works

out to cents per F&N share.

 The exercise is undertaken for the purposes of

preparation of the Offeree Circular re- TCC Assets’

mandatory conditional offer.

 Charoen S’ stake in F&N now stands at 31.88%.

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08-Oct 2012 Monday 8:56 AM (4219 days ago)

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Daily Review, 08 October 2012 Page 2 of 4

SGX-ST Member, SGX-DT (CNCM)

 The government has understandably introduced more

measures in the aftermath of Federal Reserve’s QE

infinity launched weeks ago.

 MAS will cap the tenure of all new home property

loans at 35 years, as well as lower the loan-to-value

ratios for new loans with a tenure of more than 30

years:

a. 60% for a borrower with no outstanding mortgage,

down from 80%;

b. 40% for a borrower with 1 or more outstanding

home loans, down from 60%.

 MAS said (i) over 45% of new home loans have tenures

exceeding 30 years, and (ii) average tenure of new home

loans has risen over the last 3 years, to 29 years from

25 years.

 We would expect a mild impact on property and

bank stocks as a result of the 6th set on measures

by the government in the last many years.

 In the property sector, we maintain preference for

Reits.

 Indeed, Sunday Times said in its piece Home Buyers

Unfazed By Loan Curbs, showrooms were packed

with brisk sales.

PROPERTY / REITS

 Meanwhile the latest issue of The Edge reported SIT

apartments at Tiong Bahru are going for >$1200 psf

vs <$700 a mere 2 years back, and units at City Square

Residences (a City Developments’ project) going

for >$1650 psf vs original launch price in mid-05 of

$640 psf.

 The weekly paper also featured Cambridge Reit’s

plans to reposition some of its industrial properties

with residential redevelopment potential, eg its 69%

owned Lam Soon Industrial Building (230,915 sf) at

63 Hillview Avenue (off Bukit Timah), where it is “still

in discussions with a number of potential buyers”.

Since bottoming at cents in 2009 (after severe

refinancing concerns), Cambridge has risen 3-fold.

At 65 cents, yield is 7.3%. Cambridge has not been on

our preferred list.

 Yields offered by S-Reits range from under 5%

(CapitaMalls Trust, Parkway Life, and most

recently Mapletree Commercial) to just under 8%.

 MCT ($1.24, up 3), one of our picks, is at a new high,

after rising 15% in 7 weeks, reflecting the imminence

of an acquisition, likely Mapletree Business City. It

yields about 5% and price to book is now 1.3x. We

are downgrading to HOLD.

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08-Oct 2012 Monday 8:57 AM (4219 days ago)

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Daily Review, 08 October 2012 Page 3 of 4

SGX-ST Member, SGX-DT (CNCM)

 Hon Hai, Apple’s key supplier and competitor of Hi-

P had to stop production for the second time in 2

months after its workers at a production facility

protested against increased working pressures.

 Last month’s production disruption was triggered by

abuse from security guards while according to

Bloomberg, the latest disruption was caused by

dispute between the production and quality teams at

the factory as some 3,000-4,000 workers walked off

their jobs due to unhappiness over the overly

stringent requirements set upon them from the

quality department.

HON HAI / HI-P

S$1.005-HIPS.SI

 Hon Hai employs more than 1mln workers in China

and in the past 2 years faced problems such as suicides,

riots, strikes over low pay and unfair work practices.

 Apple which counts on Hon Hai as one of its key

suppliers is currently facing supply issues for its

iPhone 5 and we believe is trying to build up

alternative suppliers such as Hi-P (Hi-P will be

spending $500mln in 2H 2012 and 2013 to increase

production capacity by 60% in anticipation of higher

demand).

 Nevertheless, with Hi-P’s 2012 PE of 14x already in

line with Hon Hai and only at a small discount to

Apple’s 15x, we are maintaining our HOLD

recommendation.

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08-Oct 2012 Monday 8:58 AM (4219 days ago)

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Sunwu thanks for sharing

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08-Oct 2012 Monday 9:09 AM (4219 days ago)

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This message was edited by stand up n wake up on 08-Oct-2012 @ 9:51 AM

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08-Oct 2012 Monday 9:10 AM (4219 days ago)

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Sunny Side Up: Suntec REIT - The Sun shines brighter here; Upgrade to BUY,
TP $1.66 | Sound Global - A Cheaper China Water Industry Play (Not Rated)

What’s cooking

Suntec REIT: The Sun shines brighter here; Upgrade to BUY, TP $1.66
SUN SP | Mkt Cap USD2.8b | ADTV USD8.3m

Ø We are confident that Suntec REIT should be able to pay out DPU of at
least 2.15 Singapore cents for 3Q12 and at least 9.0 Singapore cents for
the full year. We also do not think that Suntec will use its Chijmes
divestment proceeds to top up its 3Q12 DPU. It may want to keep this
flexibility for 4Q12 when there is greater clarity on its full-year
distributable income.
Ø There are only a handful of S-REITs that offer yields of more than 6%
but are trading at discounts to book. Suntec is one of them, with a
yield-spread of 463bps compared to the sector average of 436bps.
Ø With all its assets and income contribution from Singapore, we believe
investors will continue to favour Suntec in the absence of forex risk
(all SGD), highly-liquid S-REIT counters (ADTV >USD8m) and investable
alternatives. In addition, in this inflationary and yield-chasing
climate, yields for Suntec could be compressed further to 5.5%., in our
view. Upgrade to BUY with a higher target price of SGD1.66.
Click here for full report
[email protected]

Sound Global: A Cheaper China Water Industry Play
SGL SP | Mkt Cap USD546.6m | ADTV USD0.8m

Ø Sound Global is one of the leading one-stop integrated wastewater
treatment solution providers in China, with a respectable market share.
We believe it will directly benefit from Chinese government’s intensive
spending in water treatment sector.
Ø Sound Global’s revenue will be supported by: 1) continuous order wins
thanks to a long-term relationship with the government, and 2) more BOT
projects entering their collection period. A hike in water tariffs in
China will also have positive effect on revenue.
Ø Sound Global is trading at a large discount to its peers. We currently
do not have a rating and target price on Sound Global. However, we think
the deep discount may not be justified.



Roadshows & events
Regional

24– 28 Oct
US Marketing

29 Oct – 2 Nov
UK/Ireland Marketing
Regional Head Research & Economics: Asia Macro
9 Nov
UK NDR
OSIM International
12-16 Nov
UK/US Marketing
Thai/Phil Strategy

Forthcoming results
10-Oct
Medi-Flex
12-Oct
Singapore Press Holdings
15-Oct
M1
17-Oct
Qian Hu
18-Oct
Singapore Exchange

Visited last week*
Company
Initial Impression
Analyst
China Minzhong
Positive
Wei Bin
Ley Choon
Positive
Alison
Pan United
Positive
Stephanie
Sound Global
Negative
Wei Bin

* includes conference calls

Visiting soon
SPH
12-Oct
Wei Bin

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08-Oct 2012 Monday 9:12 AM (4219 days ago)

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MARKET PULSE: Property Market, Fortune REIT, CCT, CMT 08 Oct 2012 KEY IDEA Singapore Residential Property: Limits on residential loan tenures Summary: Last Friday, the MAS announced 35-year limits on all residential loans for both individual and non-individual borrowers, as well as refinancing loans. For loans >30 years and extending beyond the age of 65 years, the LTV ratio is lowered to 40% for those with outstanding residential loans, and 60% for those with none. In our view, after similar measures in Hong Kong last month, the market has, to some extent, anticipated loan tenures limits. Given that the average loan tenure in Singapore is still at a relatively acceptable 29 years currently, we see these measures as mostly preventive, rather than punitive, in nature, and that other key drivers of demand, such as low forward rates, easy loan access and healthy system liqudity, would likely continue to be conducive for new home sales. Therefore, all considered, we expect these measures to have a somewhat muted impact on equities and physical prices. Maintain OVERWEIGHTon the residential sector. Our top pick is City Developments[BUY, FV: S$13.18] for its sharp execution, strong balance sheet and mass-market segment exposure. MORE REPORTS Fortune Real Estate Investment Trust: Further yield compression could take place Summary: In Aug, the value of HK retail sales climbed 4.5% YoY, a slightly improvement over Jul, which saw sales rise 3.9% YoY (revised figure). While these increases are substantially lower than the YoY increases earlier in the year, which ranged between 8.7% and 17.1% for Jan-Jun, rental rates and prices of retail spaces are still continuing a good upward march. Based on information from the Hong Kong Retail Management Association, we think that rental rates may have relatively more room to climb vis-à-vis the cost of other production factors, specifically wages and inventory costs. We lower our discount rate to reflect the prevailing interest rates, which are likely to stay low till at least mid-2015 given QE3. We raise our fair value from HK$5.33 to HK$6.49 and upgrade FRT from HOLD to BUY. (Sarah Ong) CCT & CMT: S$34.7m AEI on Raffles City Tower Summary: CapitaCommercial Trust (CCT) and CapitaMall Trust (CMT) announced last Friday that they will be embarking on a S$34.7m asset enhancement initiative (AEI) on Raffles City Tower, the office segment of Raffles City Singapore. The enhancement works, which include the enhancement of security and upgrading of the main lobby, common areas and restrooms, will commence in Nov 2012 and is expected to achieve a projected return on investment of 8.6%, according to the REIT managers. We expect minimal disruption and inconvenience to its existing tenants as the AEI will be carried out in phases progressively over the next 1.5 years (until 2Q14). We are keeping our forecasts on CCT and CMT unchanged pending their 3Q12 results. Maintain BUY [FV: S$1.62] fair value on CCT and HOLD rating [FV: S$2.04] on CMT. As a reference, Raffles City is jointly owned by CCT and CMT through an unlisted special purpose sub-trust, RCS Trust, with CCT and CMT holding interests of 60.0% and 40.0% respectively. (Eli Lee & Kevin Tan) For more information on the above, visit www.ocbcresearch.comfor the detailed report. NEWS HEADLINES - US stocks ended mostly lower Friday, despite an unexpected drop in unemployment, as concerns over Europe’s debt issues weighed on sentiment. The Dow rose 0.3% to close at 13,610.15, a five-year high. The S&P 500 Index fell 0.03% to 1,460.93. - Olam International has acquired 50% of shares and voting rights in Acacia Investments for US$35m. The latter has a significant presence in edible oil refining and distribution in East Africa. - Global Logistic Properties announced the sale of 16.7% of the total outstanding equity of GLP Japan Logistics Partners to clients of CBRE Global Multi Manager for JPY7.6b.

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08-Oct 2012 Monday 9:28 AM (4219 days ago)

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This message was edited by stand up n wake up on 08-Oct-2012 @ 9:48 AM

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Lucky3902 Find all Topics Started by Lucky3902 Find all Posts by Lucky3902 Follow / Unfollow PM Lucky3902		08-Oct 2012 Monday 9:44 AM (4219 days ago)	#10
Platinum Member Posts: 34025 Liked By: 18174 Joined: 29 Aug 07 Followers: 19 Tipsters Championship: Player has not started	copy and paste from your email will not show, you can see becos it's in ur cache. we only see X in a box in the thread above. is it a image or pdf ? let me know, see what i can do Undesirable languages and contents, personal attack, defamation etc are prohibited when posting comments. 讨论区禁止任何挑衅、粗俗、煽动情绪的字眼和内容，也禁止恶意中伤、诽谤和人身攻击的言论。
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08-Oct 2012 Monday 9:49 AM (4219 days ago)

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quote originally posted by Lucky3902:

copy and paste from your email will not show, you can see becos it's in ur cache.

we only see X in a box in the thread above.
is it a image or pdf ? let me know, see what i can do

bro morning like that can see?

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08-Oct 2012 Monday 9:56 AM (4219 days ago)

#12

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quote originally posted by Lucky3902:

copy and paste from your email will not show, you can see becos it's in ur cache.

we only see X in a box in the thread above.
is it a image or pdf ? let me know, see what i can do

actually is apdf , but when i open the email, its automatic turn to image, perviously can see? if can see perviously i using ie, today i use google crome

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08-Oct 2012 Monday 10:00 AM (4219 days ago)

#13

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Today’s Focus

• Residential property stocks could fall in reaction to the

latest anti-property measures – Stick to S-REITs Suntec

REIT, FCT & undervalued property stocks CMA, Wing Tai

We maintain our STI 3200 objective while noting that the

climb will be gradual. Technically, near-term support is at 3088

with a firmer range at 3035-3070 should the STI pullback.

Despite recent actions by the ECB to stabilize the Eurozone

crisis, the FED’s QE3 and recent recovery signs in the US labour

and housing markets, we think investors are likely to continue

adopting a generally “risk-off” stance with only selective

interest among beta plays.

The Singapore government announced fresh mortgage curbs

to cap upward price pressures caused by low interest rates and

fast credit growth. Under the new MAS guidelines, maximum

tenure for all new residential property and refinancing loans

will be capped at 35 years for both individual and nonindividual

borrowers effective 6 Oct 2012. In addition, loans

with >30 years tenure will face tighter loan to value limits. For

individual borrowers -if residential loan tenures are >30 years

or if loan period extends beyond the retirement age of 65

years, loan-to-value (LTV) limit will be 40% for borrowers with

outstanding residential loans and 60% for borrowers with no

existing residential loans. For non-individual borrowers, LTV is

lowered from 50% to 40%.

The new rules are aimed at increasing prudency as longer loan

tenures amid a low interest rate environment effectively boost

purchasers' purchasing power but downside risk is their

inability to service mortgage installments when interest rates

rise. Over the past 3 years, the average loan tenure for new

residential properties have been increasing from 25 years to 29

years and more than 45% of new residential loans have

tenures >30 years. Stay defensive ahead of year end; top picks

are Frasers Centrepoint Trust, Suntec REIT, CapitaMalls Asia

and Wing Tai.

In terms of impact on the banks, it was reported in Business

Times that over 45% of new home loans have tenures

exceeding 30 years, though banks have not disclosed

mortgage loan tenures in their books. Mortgage loans

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08-Oct 2012 Monday 10:00 AM (4219 days ago)

#14

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quote originally posted by stand up n wake up:

actually is apdf , but when i open the email, its automatic turn to image, perviously can see? if can see perviously i using ie, today i use google crome

all the while cannot see la, only tat no one hightlight to you.

This message was edited by Lucky3902 on 08-Oct-2012 @ 5:43 PM

Undesirable languages and contents, personal attack, defamation etc are prohibited when posting comments.

讨论区禁止任何挑衅、粗俗、煽动情绪的字眼和内容，也禁止恶意中伤、诽谤和人身攻击的言论。

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08-Oct 2012 Monday 10:00 AM (4219 days ago)

#15

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Singapore

Wired Daily

Page 2

moderated since Aug-10. Our analyst expects mortgage loan

growth to gradually reduce for the rest of the year but

supported by drawdown from previous mortgage

applications. She forecasts mortgage loans to grow at 10%

for 2012. FY13-14F mortgage loan growth would likely

reduce further as impact of the new measures kick in. UOB

has largest mortgage loan exposure while OCBC’s traction

from Great Eastern and Bank of Singapore clearly

differentiates itself with UOB. Prefer OCBC to UOB.

Global Logistics Properties has sold a 16.7% stake in the

total outstanding equity of GLP Japan Logistics Partners (JV

with CIC) to CBRE Global Multi-Manager for JPY7.6b

(US$98m). The group will hold a remaining 33.3% share in

this fund post sale. This transaction will enable GLP to

monetise part of its investment and to recycle capital. The

group is expected to rake in US$6m from the sale, to be

booked into earnings in the next quarter.

OCBC and CIMB Group could be considering bidding for

General Electric’s US$1.6 bn stake in Thailand's Bank of

Ayudhya, according to a report in Business Times. GE's

finance unit owns 25% of Thailand's fifth-largest lender. GE

sold 7.6% of Bank of Ayudhya to institutional investors last

month, and said at the time that it is reviewing "strategic"

options for its remaining holding.

CapitaCommercial Trust and CapitaMall Trust announced a

S$34.7m asset enhancement initiative (AEI) for Raffles City

Tower, the 42-storey office tower of Raffles City Singapore,

and is expected to achieve a projected return on investment

of 8.6%. The asset enhancement works will start in

November 2012. It will be carried out in phases progressively

until 2Q 2014 so as to minimise inconvenience to existing

occupiers.

It was reported in Newswire that Malaysia's cabinet had

discussed a much-awaited proposal to slash crude palm oil

export taxes to 8-10% from 23%. However the cabinet has

postponed taking any decision on the proposal; as it needed

more time to study the plan, a government official said.

Concurrently, it was also reported that the government will

soon decide on the proposal to lower taxes to between 8 and

10% from 23% currently.

Resale prices of non-landed private homes rose in the third

quarter, even as transaction volumes fell 7.3%. Overall resale

prices gained 3.2% to hit a record $1,156 psf, led by a 2.5%

m-o-m increase in September, data from the latest SRX

Residential Property Flash Report showed. The rest of central

region (RCR) posted the strongest quarterly gain of 7.1% for

resale non-landed in Q3, hitting an historic high of $1,199

psf. This was followed by a smaller gain of 3% in outside of

central region (OCR) to $921 psf, and a muted increase of

0.75% in the core central region (CCR) to $1,738 psf. Resale

transaction volume fell 7.3% to 3,296 transactions from

3,555 transactions in Q2.

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08-Oct 2012 Monday 10:10 AM (4219 days ago)

#16

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Singapore

Wired Daily

Page 3

Share Buy-Back

Source: SGX Masnet

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

CDW Holdings 05-Oct-12 Share Buy-Back 400,000 0.0950

Macquarie Int'l Infra Fund Ltd 05-Oct-12 Share Buy-Back 2,100,000 0.5350

Osim International Ltd 05-Oct-12 Share Buy-Back 335,000 1.4500

Overseas-Chinese Banking Corp 05-Oct-12 Share Buy-Back 100,000 9.4800

Viking Offshore and Marine Ltd 05-Oct-12 Share Buy-Back 25,000 0.1130

CDW Holdings 04-Oct-12 Share Buy-Back 100,000 0.0940

Freight Links Express Holdings 04-Oct-12 Share Buy-Back 225,000 0.0670

Global Testing Corporation Ltd 04-Oct-12 Share Buy-Back 80,000 0.0660

HG Metal Manufacturing Ltd 04-Oct-12 Share Buy-Back 1,944,000 0.0810

Macquarie Int'l Infra Fund Ltd 04-Oct-12 Share Buy-Back 230,000 0.5311

Osim International Ltd 04-Oct-12 Share Buy-Back 217,000 1.4290

Overseas-Chinese Banking Corp 04-Oct-12 Share Buy-Back 100,000 9.4400

Pan-United Corporation Ltd 04-Oct-12 Share Buy-Back 50,000 0.6700

Straco Corporation Limited 04-Oct-12 Share Buy-Back 170,000 0.2550

Global Testing Corporation Ltd 03-Oct-12 Share Buy-Back 439,000 0.6560

Boustead Singapore 03-Oct-12 Share Buy-Back 3,964,000 0.9500

Overseas-Chinese Banking Corp 03-Oct-12 Share Buy-Back 100,000 9.4200

Saizen Real Estate Inv Trust 03-Oct-12 Share Buy-Back 330,000 0.1648

KSH Holdings Limited 03-Oct-12 Share Buy-Back 30,000 0.3375

HG Metal Manufacturing Ltd 03-Oct-12 Share Buy-Back 1,047,000 0.0810

Macquarie Int'l Infra Fund Ltd 03-Oct-12 Share Buy-Back 950,000 0.5308

Ausgroup Limited 02-Oct-12 Share Buy-Back 3,970,554 0.5400

Overseas-Chinese Banking Corp 02-Oct-12 Share Buy-Back 100,000 9.3900

Global Testing Corporation Ltd 02-Oct-12 Share Buy-Back 60,000 0.0650

CDW Holdings 02-Oct-12 Share Buy-Back 112,000 0.0939

Hotung Investment Hldgs Ltd 02-Oct-12 Share Buy-Back 3,719,000 0.1501

Straco Corporation Limited 02-Oct-12 Share Buy-Back 130,000 0.2500

GK Goh Holdings 02-Oct-12 Share Buy-Back 30,000 0.7400

Viking Offshore and Marine Ltd 02-Oct-12 Share Buy-Back 100,000 0.1130

Macquarie Int'l Infra Fund Ltd 02-Oct-12 Share Buy-Back 400,000 0.5350

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 Ltd 01-Oct-12 Share Buy-Back 100,000 0.1130

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08-Oct 2012 Monday 10:13 AM (4219 days ago)

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Page 4

Substantial Shareholders’ Transactions: 21 Sep – 27 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

Substantial Shareholder/ Director

Buy /Sell

/ Conv

No of

('000)

Price Per

Share $

%Issued

Cap Before

Change

%Issued

Cap A f t er

Change

Aussino Group 27-Sep-12 Anthony Lim * Sell 32400 0.14 49.98 39.29

Aussino Group 27-Sep-12 Samcorp Capital Sell 32400 0.14 49.81 39.12

J iutian Chemical 27-Sep-12 Anyang Longyu (HK) Dev * Buy 200 - 28.55 28.56

Serial System 27-Sep-12 Goh Bak Heng Buy 225 0.1 35.59 35.62

BRC Asia 26-Sep-12 Lingco Holdings Buy 1336 0.14 5.76 5.91

BRC Asia 26-Sep-12 Sia Ling Sing * Buy 1336 0.14 27.85 28

BRC Asia 26-Sep-12 Lingco Marine * Buy 1336 0.14 5.76 5.91

CWT Ltd 26-Sep-12 Loi Pok Yen Buy 900 1.25 2.35 2.5

Elec & Eltek 26-Sep-12 Chan Wing Kwan * Buy 2 17.92 0.67 0.67

TA Corp 26-Sep-12 Koh Wee Sing Buy 2824 0.32 4.95 5.55

TMC Education 26-Sep-12 Chin Kon Yuen * Buy 5 0.07 16.21 16.21

TMC Education 26-Sep-12 Yeow Cheng Khim Buy 5 0.07 16.21 16.21

Elec and Eltek 25-Sep-12 Chan Wing Kwan * Buy 5 17.92 0.67 0.67

HTL Int'l 25-Sep-12 Tay Kheng Hee Sell 100 0.33 0.35 0.33

M Dev 25-Sep-12 Yu Pui Yan Buy 7770 - 7.99 8.39

Petra Foods 25-Sep-12 Aberdeen Int'l Fund Mgrs Ltd * Buy 480 2.45 4.98 5.06

Samko Timber 25-Sep-12 Koh Boon Hong * Buy 130 0.13 3.12 3.13

Samko Timber 25-Sep-12 Aris Sunarko * Buy 130 0.13 3.57 3.57

Sri Trang Agro-Ind 25-Sep-12 Prasit Panidkul Sell 200 0.61 0.55 0.53

ST Engineering 25-Sep-12 The Capital Grp Companies Buy 4947 - 5.98 6

Stamford Tyres 25-Sep-12 Dawn Wee Wai Ying * Buy 17 0.32 31.39 31.39

Stamford Tyres 25-Sep-12 Wee Kok Wah Buy 17 0.32 16.1 16.1

Sunpower Grp 25-Sep-12 Artur Jurczakowski Sell 400 - 7.2 7.08

UOL Group 25-Sep-12 Wee Ee Chao * Sell 1010 5.73 11.54 11.41

8Telecom Int'l 24-Sep-12 Ye Tianyun Buy 22 0.14 2.73 2.73

China YuanBang Prop 24-Sep-12 Chen J ianfeng * Buy 1000 0.12 1.71 1.86

Sakari Resources 24-Sep-12 Martin David Purvis Buy 846 1.88 0.22 0.29

Samko Timber 24-Sep-12 Koh Boon Hong * Buy 247 0.12 3.11 3.12

Samko Timber 24-Sep-12 Aris Sunarko * Buy 130 0.13 3.55 3.57

Serial System 24-Sep-12 Goh Bak Heng Buy 75 0.1 35.59 35.59

Sunpower Grp 24-Sep-12 Artur Jurczakowski Sell 400 - 7.32 7.2

UOL Group 24-Sep-12 Wee Ee Chao * Sell 490 5.83 11.62 11.54

8Telecom Int'l 21-Sep-12 Ye Tianyun Buy 150 0.13 2.69 2.73

Aussino Group 21-Sep-12 Anthony Lim * Sell 3092 0.15 51 49.98

CapitaRetail China Trt 21-Sep-12 Matthews Int'l Capital Mgt * Buy 7868 - 6.01 7.13

Elec and Eltek 21-Sep-12 Chan Wing Kwan * Buy 10 17.92 0.66 0.67

Serial System 21-Sep-12 Goh Bak Heng Buy 150 0.1 35.57 35.59

Sri Trang Agro-Ind 21-Sep-12 Prasit Panidkul Sell 400 0.64 0.58 0.55

Sunpower Grp 21-Sep-12 Artur Jurczakowski Sell 400 - 7.45 7.32

UIC 21-Sep-12 Wee Cho Yaw * Buy 80 2.81 48.11 48.12

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08-Oct 2012 Monday 10:14 AM (4219 days ago)

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Page 5

Announced Dividends and Capital Issues: 5 Oct 2012 – 14 Dec 2012 (by Ex-Date)

Company Type Particulars Ex Date Paid/ Payable

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

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

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

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

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08-Oct 2012 Monday 1:41 PM (4219 days ago)

#19

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Industry Flash Note

Singapore Property

Page 2

Summary of Policy Measures from Sep 2009 To Date

Date Policy Measures

14-Sep-09 i) Removal of Interest Absorption Scheme and Interest Only Housing Loans for

private residential projects

ii) Resumption of GLS Confirmed list sales

iii) Non-extension of property measures from Budget 2009

20-Feb-10 i) Introduce Sellers Stamp Duty of 1% for first $180k, 2% for the next $180-k

and 3% for the balance for property and land bought and sold within 1 year, not

applicable to HDB flats

ii) Lowering LTV from 90% to 80% for private property, ECs, HUDC, HDB and

DBSS flats. Loans granted by HDB for HDB flats remain at 90%

5-Mar-10 i) Minimum Occupation Period (MOP) for non subsidised HDB flats extended to 3

yrs from 2.5 yrs for flats with HDB concessionary loans and 1 yr for flats with

non-HDB concessionary loans

ii) Introduction of non-Malaysian PR quota in HDB estates

iii) Restructuring of non-Singaporean HDB housing subsidy

30-Aug-10 i) Increase the holding period for Sellers Stamp Duty (SSD) from 1 yr to 3 yrs with

graduated stamp duty over this period

ii) Buyers with more than one housing loan at the time of new housing purchase

will have to increase in minimum cash payment from 5% to 10% of valuation

limit

iii) Lower LTV for multiple mortgage holders from 80% to 70%

iv) For HDB dwellers, households with $8-10k monthly income are allowed to to

buy DBSS with a $30k grant

v) Increase supply of BTO flats to 22k units

vi) Shorten completion of BTO flats to 2.5 yrs

vii) Increase MOP for non subsidised HDB flats from 3 yrs to 5 yrs

viii) Disallow concurrent ownership of HDB flats and private property within MOP

14-Jan-11 i) Increase Sellers Stamp Duty (SSD) period from 3 yrs to 4 yrs, raise SSD rate to

16%, 12%, 8% and 4%

ii) Lower LTV for non-individual purchasers to 50%

iii) Lower LTV for housing loans for individual buyers from 70% to 60%, firsttime

mortgage holders still enjoy LTV at 80%

15-Aug-11 i) Increase supply of BTO flats to 25,000 in 2012, in addition to 25,000 in 2010

ii) Raise monthly household income ceiling to $10k from $8k for BTO buyers and

from $10k to $12k for EC buyers

iii) Increase supply of rental housing to low income households

8-Dec-11 i) Introduction of Additional Buyers Stamp Duty (ABSD) of 10% for foreigners

and non individual buyers, 3% for PRs buying second and subsequent properties

and 3% for Singaporeans buying third and subsequent properties

6-Oct-12 i) Tighter residential mortgage loan tenures capped at 35 years for individual and

non-individual buyers

ii) LTV for non-individual buyers lowered to 40%

iii) For borrowers of second and subsequent mortgages, LTV lowered to 40% for

loans >30 yrs or extend beyond retirement age of 65 yrs, 60% for first time

borrowers

Source: MND, HDB, MAS

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08-Oct 2012 Monday 1:42 PM (4219 days ago)

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Page 3

Developer Peer Comp Table

FYE Mkt Price Target

Cap 5-Oct-12 RNAV % Price Upside P/RNAV Latest Qtr Latest Qtr

Company (S$m) (S$) (S$) Discount (S$) % Rcmd (x) NBV/Share P/NBV

Residential Developers

Capitaland Dec 14,027 3.30 5.26 -35% 3.42 4% Buy 0.63 3.54 0.93

Capitamall Asia Dec 6,434 1.66 2.60 -20% 2.08 26% Buy 0.64 1.67 0.99

City Dev Dec 10,866 11.95 11.35 -5% 11.42 -4% FV 1.05 7.66 1.56

Ho Bee Dec 1,064 1.52 2.70 -55% 1.22 -19% Hold 0.56 2.39 0.63

SC Global Dec 513 1.24 2.63 -55% 1.19 -4% Hold 0.47 1.56 0.79

Wheelock Dec 2,232 1.87 2.51 -35% 1.63 -12% Hold 0.74 2.45 0.76

Wing Tai Dec 1,341 1.72 3.19 -35% 1.75 2% Hold 0.54 2.69 0.64

Landlords

Global Logistic Properties Mar 11,492 2.50 2.61 - 2.61 4% Buy 0.96 2.16 1.16

Keppel Land Dec 5,497 3.56 5.77 -35% 3.75 5% Buy 0.62 3.66 0.97

Singland Dec 2,891 7.01 9.99 -35% 6.49 -7% Hold 0.70 11.69 0.60

UIC Dec 3,900 2.83 2.21 -5% 2.10 -26% FV 1.28 3.16 0.90

UOL Dec 4,452 5.79 7.20 -15% 6.12 6% Buy 0.80 7.08 0.82

Source: Company, DBS Vickers

Industry Flash Note

Singapore Property

Page 3

Developer Peer Comp Table

FYE Mkt Price Target

Cap 5-Oct-12 RNAV % Price Upside P/RNAV Latest Qtr Latest Qtr

Company (S$m) (S$) (S$) Discount (S$) % Rcmd (x) NBV/Share P/NBV

Residential Developers

Capitaland Dec 14,027 3.30 5.26 -35% 3.42 4% Buy 0.63 3.54 0.93

Capitamall Asia Dec 6,434 1.66 2.60 -20% 2.08 26% Buy 0.64 1.67 0.99

City Dev Dec 10,866 11.95 11.35 -5% 11.42 -4% FV 1.05 7.66 1.56

Ho Bee Dec 1,064 1.52 2.70 -55% 1.22 -19% Hold 0.56 2.39 0.63

SC Global Dec 513 1.24 2.63 -55% 1.19 -4% Hold 0.47 1.56 0.79

Wheelock Dec 2,232 1.87 2.51 -35% 1.63 -12% Hold 0.74 2.45 0.76

Wing Tai Dec 1,341 1.72 3.19 -35% 1.75 2% Hold 0.54 2.69 0.64

Landlords

Global Logistic Properties Mar 11,492 2.50 2.61 - 2.61 4% Buy 0.96 2.16 1.16

Keppel Land Dec 5,497 3.56 5.77 -35% 3.75 5% Buy 0.62 3.66 0.97

Singland Dec 2,891 7.01 9.99 -35% 6.49 -7% Hold 0.70 11.69 0.60

UIC Dec 3,900 2.83 2.21 -5% 2.10 -26% FV 1.28 3.16 0.90

UOL Dec 4,452 5.79 7.20 -15% 6.12 6% Buy 0.80 7.08 0.82

Source: Company, DBS Vickers

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