MARKET WATCH 10th Oct 2012 - AsianBookie.Com Forums

10-Oct 2012 Wednesday 10:11 AM (4217 days ago)

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STI        3,066      -11      -0.35%
DOW      13,474     -110    -0.81%
S&P        1,441      -15      -1.02%
FTSE       5,810       -32     -0.54%
DAX         7,235       -56     -0.77%
GOLD        1,765        0        0.00%
OIL            91.82       -0.56   -0.61%
PRE-HK OPEN - 167pts

CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY): -0.62 (5 Oct 2012)
CREDIT SUISSE GLOBAL RISK APPETITE               : -0.42 (5 Oct 2012)

10 Oct 2012 08:44

DJ MARKET TALK: Singapore's STI Set To Fall; 3020 Floor Tipped

0044 GMT [Dow Jones] Singapore's STI appears set to open lower, tracking Wall Street losses Tuesday and regional markets already trading. "It's about global growth," says Lee Sue Ann, treasury economist at UOB. "The irony is that we're not getting any key economic reports," she says, adding the IMF's growth-forecast cuts aren't the only concern. "The lack of progress at the eurogroup meeting (is also a factor). There's no pressure applied on Spain to enter a bailout program. Markets derived very little joy from that as well," she says. She also notes comments from China Wednesday, with PBOC Gov. Zhou saying the central bank would take more pre-emptive action. "There's a bit of nervousness because of the start of earnings season in the U.S. It's creating a lot of caution. That's why we're seeing equity markets under pressure." She expects Oct. 18's eurozone head-of-state meeting to be a key focus ahead. The STI ended Tuesday down 0.3% at 3065.91; UOB KayHian technical analysis tips a retracement toward 3020 if 3065 gives way. F&N (F99.SG) declined a S$1.4 billion offer from an unnamed third party for its hospitality and serviced-residence businesses. CapitaLand (C31.SG) tapped COO Lim Ming Yan to take over as CEO and president from Jan. 1, succeeding Liew Mun Leong, age 66.

10 Oct 2012 08:37

*DJ Lippo Malls Indonesia Retail Trust: To Buy 4 Indonesia Properties for About S$180.7M

10 Oct 2012 08:23

*DJ Fraser & Neave: Gets Unsolicited S$1.4 Billion Offer from Third Party for Hospitality, Serviced Residence Businesses

10 Oct 2012 08:13

*DJ CapitaMalls Asia Started At Equal-Weight, S$1.83 Target - Barclays

..

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10-Oct 2012 Wednesday 10:12 AM (4217 days ago)

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Retail Market Monitor

www.uobkayhian.com.sg 10 October 2012

Market News

The FSSTI lost 10.74 pts to 3,065.91, bucking the trend as

Asian stocks outside Japan advanced, led by Chinese banks

and raw-material producers after crude oil and copper futures

rebounded. Transcu jumped 53% to S$0.023 after the life

sciences company appointed a banking veteran as new Group

CEO to attain business sustainability with effect from 8 Oct 12.

In the broader market, losers managed to outpace the gainers

232 to 174 with total trading value at S$1.02b.

US markets fell sharply as investors anticipated a weak

earnings season ahead, while the IMF also cut its global

growth forecast for 2012. The DJIA declined 0.8% to 13,474

and the S&P 500 index declined 1.0% to 1,441. Euro zone

finance ministers said that Spain did not need a bailout as it

was taking steps to put its finances in order, weighing on

sentiment. Decliners outnumbered advancers on the NYSE by

3:2.

Stocks on the move…

Noble Group - Strong turnaround expected in 3Q12 on

reversal of losses and Brazil’s sugar harvest.

(NOBL SP/BUY/S$1.29/Target: S$1.52)

We believe Noble’s stock will be supported by the continued

earnings recovery and strengthening balance sheet…

Jardine Cycle & Carriage (JCNC SP, C07) –

Technical SELL with +5.4% potential return

The stock is likely to retrace lower as the bearish harami

candlestick formed in the last couple of trading sessions…

United Envirotech (UENV SP, U19) –

Technical BUY with +18.3% potential return

The stock appears to be trending above its mid Bollinger band…

CH Offshore (CHO SP, C13) –

Take profit from previous technical BUY

Prices did not stop out at below S$0.385 and has exceeded the

initial target of S$0.465….

Last close: 3,065.9 (-0.3%)

Source: NextView

Hovering near 3,065…

• The FSSTI hovered above its 20-day moving average in the

last trading session, near its immediate support at 3,065. The

index may retrace towards 3,020 should 3,065 give way. We

maintain the following support and resistance levels on the

longer horizon.

Support: 2,970

Resistance: 3,140

In the last trading session…

• The FSSTI lost 10.7 pts and opened higher at 3,076.99. The

intraday range was from 3,063.8 to 3,083.6.

• Within the FSSTI 30 stock components, SGX (+1.0%) and

CapitaMall (+1.0%) led the gainers while JMH 400US$ (-4.0%)

and JSH 500US$ (-2.1%) lost ground.

• Regional bourses ended higher…

HSI (+0.5%) closed at 20,937.3

SSEC (+1.97%) closed at 2,115.2

ASX (+0.5%) closed at 4,526.6

Key dates for SG Economics

12 October GDP (qoq & yoy)

12 October Retail Sales (yoy)

15 October Retail Sales Ex Auto (mom & yoy)

15 October Electronic Exports (yoy)

17 October Non-oil Domestic Exports (mom & yoy)

Source: Bloomberg

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10-Oct 2012 Wednesday 10:13 AM (4217 days ago)

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MARKET PULSE: Raffles Medical 10 Oct 2012 KEY IDEA Raffles Medical Group: Time to revisit this stock Summary: We expect the seasonally stronger 2H trend for Raffles Medical Group (RMG) to continue in FY12, despite rising staff costs. This is supported by expected traction gains in its patient loads and leeway to raise its charges. We also believe that the commencement of operations at RMG’s new Specialist Centre in 1H13 would help boost its net margin from 17.3% in FY12F to 17.7% in FY13F. While we are retaining our forecasts, we roll forward our valuations on RMG to 24x FY13F EPS. This correspondingly bumps up our fair value estimate from S$2.63 to S$2.82. We upgrade RMG from Hold to BUY given potential total returns of 15.8%. Current valuations also appear favourable vis-à-vis its direct comparable peers, while the continued macroeconomic uncertainties would also provide an investment merit for defensive counters such as RMG. (Wong Teck Ching Andy) For more information on the above, visit www.ocbcresearch.comfor the detailed report. NEWS HEADLINES - US stocks fell on Tuesday as investors worried about the earnings season and the IMF reduced its global growth forecast. The Dow fell 0.8% to 13,473.53. The S&P 500 Index declined 1% to 1,441.48. - Mr. Lim Ming Yan, who is currently CapitaLand’s COO, will become the president and CEO of CapitaLand from 1 Jan 2013. - United Overseas Bank has announced that it intends to issue US$500m 2.875% fixed rate subordinated notes due 2022 callable in 2017. - AIMS AMP Capital Industrial REIT registered a 5.6% uplift in the value of its portfolio, valuing the portfolio at S$965.7m as at 30 Sep 2012. - An indirect subsidiary of Enviro-Hub Holdings Ltd has secured the rights to purchase a property at 8 Tuas View Circuit for a cash consideration of S$8.4m. - Cheung Woh has reported a 4.7% YoY decline in 2Q13 net profit to S$553k. Revenue contracted 56% to S$15.8m. - Mirach Energy’s subsidiary has started drilling two new infill wells at the central area of Kampung Minyak Oil Field in South Sumatra, Indonesia. - UOB Kay Hian Holdings has entered into a share purchase agreement to acquire the entire issued and fully paid-up share capital of A.A. Anthony Securities Sdn Bhd for MYR165-170m.

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10-Oct 2012 Wednesday 10:16 AM (4217 days ago)

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Today’s Focus

• Parkson Retail Asia - Beneficiary of emerging Asean; fair value S$1.55

DBSV Research issues an Equity Explorer report on Parkson Retail Asia (PRA) with fair value of

S$1.55. PRA is a leading department store operator in Southeast Asia, and is a beneficiary of

Southeast Asia’s rising consumption growth. The group is usually an early entrant in the markets

it operates in.

It is the largest departmental store operator in Malaysia and second largest operator in Vietnam

since its entry there in

2005. Its first store in Myanmar is expected to be operational by March 2013. Our analyst projects

15% earnings growth in FY13F largely driven by both store expansion and same store sales growth.

This is on the back of a growing middle class and a better consumption appetite in Asean countries.

PRA

currently trades at 19x FY13F PE, just under its average PE of c.20x. We believe the counter has

priced in potential earnings upside surprise from its new markets. Upside price catalysts could

come from a better-than-expected operational performance from its stores, resulting in a higher

growth rate.

Mr Lim Ming Yan will take the reins of CapitaLand Group as its president and chief executive

officer from Jan 1. Mr Lim, who will also be appointed as a director of CapitaLand, will take

over from Mr Liew Mun Leong, who announced his plans to retire in June next year. Mr Lim is

currently CapitaLand's chief operating officer, a position he has held since May 6 last year. He

is also the deputy chairman of CapitaLand China Executive Committee. The appointment of Mr Lim is

within expectation and given his familiarity and long time experience in various roles within the

group, we expect the transition to be smooth. Going forward, we believe the group is likely to

remain focused on its pan Asian footprint with core markets including Singapore and China.

Lippo Malls Indonesia Retail Trust is buying shopping mall assets in two Indonesian cities that

would cost a total of about S$188m. In Palembang, capital of South Sumatra province, Lippo Malls

will buy 389 units at Palembang Square for S$59.9m and the Palembang Square Extension for S$28.4m.

In Jakarta, the trust will buy 37 units in Tamini Square for S$23.1m and the Kramat Jati Indah

Plaza for S$69.3m. In addition to these purchase prices, Lippo Malls expects further fees and

expenses to bring the total acquisition cost to S$188m.

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10-Oct 2012 Wednesday 10:17 AM (4217 days ago)

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Singapore

Wired Daily

Marine fuel supplier Chemoil Energy, now controlled by Swiss commodity giant Glencore, is selling

off its Helios Terminal on Jurong Island for US$285m to Germany's Oiltanking, which also operates

oil storage in Singapore's oil hub. This raised the Swiss group's interest in Chemoil from

51.54% to a controlling 89.04%. Chemoil will realise an estimated net gain of around $152.3m from

the proposed sale. It intends to use part of the sale proceeds for its expanding fuel supply

business and to make investments.

DynaMac is placing up to 139.5m shares (93m new and

46.5m vendor shares) at S$0.50 per share. The placement price is at a discount of 7.5% to last

weighted average price. The net proceeds of about S$45.7m will be used for working capital

purposes.

Dragon Group is placing 30m new shares at S$0.10 per share. The placement price represents a

premium of 5.9% over the weighted average price. The placement will allow the group to raise gross

proceeds of approximately S$3m,

which will be used as working capital to fund the growth and expansion of the group’s business.

Singapore may have been spared a technical recession. PM Lee alludes to the economy having grown in

Q2 instead of having contracted - the initial estimate was -0.7% q-o-q on a seasonally adjusted,

annualised basis. This means that even if the GDP flash estimates for the third quarter, to be

released

on Friday, are in negative territory, Singapore would still not be in technical recession.

Separately, the MAS is widely expected to ease monetary policy slightly this Friday as growth looks

set to weaken further.

Resale prices for industrial space continued to rise in the third quarter, while industrial rents

held firm, according to a report from consultancy DTZ. Resale industrial prices for first-storey

conventional industrial space rose 4% in Q3, to $600 psf, compared with the previous quarter. For

upper-storey industrial space, prices grew 3.5% to $445 psf from the previous quarter, slowing from

4.9% growth in Q2. Rents for first-storey conventional industrial space were at an average of $2.15

psf per month, while upper-storey rentals averaged

$1.75 psf per month, the same levels as Q2.

US markets fell as oil price rebounded on the back of Middle East uncertainties between Turkey and

Syria even as the IMF lowered global growth forecast. Investors also headed to the sidelines ahead

of the start of the 3Q reporting season. In after hours, Alcoa, the first Dow component company to

report earnings, announced better-than-expected results. Still, it’s early into the results season.

A few more bellwether would have to release results before some sort of 3Q

earnings trend can be established. For the STI, 3088 becomes the near-term resistance in this

period, near-term support is

at 3035.

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10-Oct 2012 Wednesday 10:17 AM (4217 days ago)

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Singapore

Wired Daily

Company D.O.T.

Buy/Sell No.of shares

S$/shr

Freight Links Express Holdings 09-Oct-12

Share Buy-Back 500,000 0.0670

GKE International Ltd 09-Oct-12

Share Buy-Back 702,000 0.1579

Global Testing Corporation Ltd 09-Oct-12

Share Buy-Back 210,000 0.0650

KSH Holdings Limited 09-Oct-12

Share Buy-Back 300,000 0.3276

Macquarie Int'l Infra Fund Ltd 09-Oct-12

Share Buy-Back 250,000 0.5400

Overseas-Chinese Banking Corp 09-Oct-12 Share

Buy-Back 100,000 9.4700

Pan-United Corporation Ltd 09-Oct-12

Share Buy-Back 50,000 0.6800

Ryobi Kiso Holdings Ltd 09-Oct-12

Share Buy-Back 490,000 0.1232

Straco Corporation Limited 09-Oct-12

Share Buy-Back 120,000 0.2604

Viking Offshore and Marine Ltd 09-Oct-12

Share Buy-Back 245,000 0.1140

AEM Holdings Ltd 08-Oct-12

Share Buy-Back 750,000 0.0820

CDW Holdings 08-Oct-12

Share Buy-Back 250,000 0.0940

Global Testing Corporation Ltd 08-Oct-12

Share Buy-Back 422,000 0.0650

Macquarie Int'l Infra Fund Ltd 08-Oct-12

Share Buy-Back 1,000,000 0.5365

Osim International Ltd 08-Oct-12

Share Buy-Back 25,000 1.4350

Overseas-Chinese Banking Corp 08-Oct-12 Share

Buy-Back 100,000 9.4400

Ryobi Kiso Holdings Ltd 08-Oct-12

Share Buy-Back 470,000 0.1234

Saizen Real Estate Inv Trust 08-Oct-12

Share Buy-Back 900,000 0.1660

Viking Offshore and Marine Ltd 08-Oct-12

Share Buy-Back 150,000 0.1140

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

Source: SGX Masnet

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10-Oct 2012 Wednesday 10:18 AM (4217 days ago)

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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 Any ang Longy u (HK) Dev

* Buy 200 - 28.55 28.56

Serial Sy stem 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

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 F oods 25-Sep-12 Aberdeen Int'l F und 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

Stamford Ty res 25-Sep-12 Dawn Wee Wai Ying

* Buy 17 0.32 31.39 31.39

Stamford Ty res 25-Sep-12 Wee Kok Wah

Buy 17 0.32 16.1

16.1

Sunpower Grp 25-Sep-12 Artur J urczakowski

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 Tiany un

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 Dav id Purv is

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 Sy stem 24-Sep-12 Goh Bak Heng

Buy 75 0.1 35.59

35.59

Sunpower Grp 24-Sep-12 Artur J urczakowski

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 Tiany un

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 Sy stem 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 J urczakowski

Sell 400 - 7.45

7.32

UIC 21-Sep-12 Wee Cho Yaw

* Buy 80 2.81 48.11

48.12

*Deemed Interest

Source: Business Times; SA: Share Allotment; ST: Share Transfer, B/R: Bonus/Rights Issue; OE:

Option Exercise; PL: Placement Shares

This message was edited by stand up n wake up on 10-Oct-2012 @ 10:18 AM

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10-Oct 2012 Wednesday 10:21 AM (4217 days ago)

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Singapore

Wired Daily

Company Type

Particulars Ex

Date Paid/ Payable

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

Singapore

Wired Daily

Company Type

Particulars Ex

Date Paid/ Payable

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

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10-Oct 2012 Wednesday 11:12 AM (4217 days ago)

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0303 GMT [Dow Jones] The S$1.4 billion offer for FN's (F99.SG) hospitality and serviced-residence businesses shows "S$8.88 fundamentally undervalues the company," says Jonathan Foster, director of global special situations at Religare "what sort of a premium is this bid at relative to the carrying value FN has (the assets) at, and what is it at (compared with) TCC's bid?" While noting he doesn't know precisely which assets are in the hospitality bid, he estimates it's an around 25%-30% premium to book value "that's important as most people's sum-of-the-parts is based on book value," he says, noting his SOP valuation for FN is S$12.15. TCC Assets' S$8.88/share F&N bid includes around S$3.95/share of cash from the APB (A46.SG) sale, he notes after stripping out other assets such as the Vietnamese dairy assets, TCC's offer values the property assets at a 50% or greater discount to book value, he estimates. It's a bid for 25% of FN's property assets at a premium, compared with the current S$8.88/share bid implying a discount, he says. He expects the hospitality-business offer to affect the acceptance of the Thai group's F&N bid "if you were a long-only holder of F&N, would you now think S$8.88 is an attractive price to exit? I don't think so." F&N is up 0.5% at S$8.92.

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10-Oct 2012 Wednesday 11:33 AM (4217 days ago)

#10

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10 Oct 2012

Raffles Medical Group: Time to revisit this stock

● Seasonal 2H strength to continue

● Expect margin expansion in FY13

● Trading at undeserved discount to major peers

Expect stronger 2H12 and FY13

We expect the seasonally stronger 2H trend for Raffles Medical Group (RMG) to continue

in FY12, despite rising staff costs. This is

supported by expected traction gains in its patient loads and room to raise charges,

albeit on a gradual basis, given its

competitive pricing vis-à-vis its major peers. We forecast RMG’s 2H12 revenue and core earnings to

increase 8.2% and 24.0% HoH to S$162.1m and S$29.8m, respectively. This also translates into a

growth of 14.6% and

14.1% YoY, respectively. For FY13, we believe that the commencement of operations at its new

Specialist Centre in

1H13 would help boost RMG’s net margin from 17.3% in FY12F to 17.7% in FY13F.

This would be driven by improved economies of scale, increased referrals to its Raffles

Hospital and better utilisation of manpower which were hired in preparation for its

enlarged operations.

Favourable valuations vis-à-vis major peers

Based on forward PER valuations, RMG

currently ranks as the second cheapest stock amongst its direct comparable peers from Singapore,

Malaysia, India and Thailand (Exhibit 3), despite delivering the second highest estimated net

margin, according to Bloomberg consensus data. We further conduct our analysis on the PER trends of

RMG and its peers set, and note that the

ratio of RMG’s PER relative to its peers’

average is currently at a 13.5% discount to their 5-year average.

Roll forward our valuations and upgrade to BUY

Since we downgraded RMG to ‘Hold’ on 24 Jul

2012, its share price has trended 4.3%

downwards, underperforming the STI by

7.1%. While we are retaining our forecasts, we roll forward our valuations on RMG to 24x

FY13F EPS. This correspondingly bumps up

our fair value estimate from S$2.63 to

S$2.82. Coupled with a dividend yield of

1.6% (FY13F), we upgrade RMG from Hold to BUY given potential total returns of 15.8%. Our upgrade

is also reinforced by continued uncertainty over the macroeconomic backdrop, which we believe would

provide an investment merit for defensive counters

which also generate strong operating cashflows, such as RMG. (Wong Teck Ching

Andy)

. . . . .

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10-Oct 2012 Wednesday 11:35 AM (4217 days ago)

#11

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Daily Review, 10 October 2012 Page 1 of 4

SGX-ST Member, SGX-DT (CNCM)

Daily Review

10 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

 A new twist with a S$1.4 bln unsolicited binding

cash offer from an identified party for hospitality

and serviced residence business of F&N on a

cash-free, debt-free, encumbrances-free basis.

 Only yesterday, F&N announced $498 mln / 34.8

cents a share revaluation surplus arising from an

exercise carried out by independent valuers.

 All this, ahead of the Offeree Circular that is due

by tomorrow Oct 11th. The document will contain

advice of independent directors, who number 7 out

of a total of 9 board directors.

 And because of this, F&N’s board will not be responding

to the latest asset offer. And who is to know Charoen

Sirivadhanabhakdi ‘s stance on the offer, which if

accepted will simply add to the cash trove after the

sale of AP Breweries to Heineken for $5.6 bln.

 Charoen S presently owns 33.17% of F&N, and his TCC

Assets’ offer closes on Oct 29, which may well be

extended should there be further twists. Kirin of Japan

owns 14.7%, while Prudential PLC has ceased to be

a substantial shareholder.

 Our conclusion remains, there is no urgency for

minority shareholders to do anything.

 And because of this, F&N’s board will not be responding to the latest asset offer. And who is

to know Charoen Sirivadhanabhakdi ‘s stance on the offer, which if accepted will simply add to the

cash trove after the sale of AP Breweries to Heineken for $5.6 bln.

 Charoen S presently owns 33.17% of F&N, and his TCC Assets’ offer closes on Oct 29, which may

well be extended should there be further twists. Kirin of Japan owns 14.7%, while Prudential PLC

has ceased to be a substantial shareholder.

 Our conclusion remains, there is no urgency for minority shareholders to do anything.

This message was edited by stand up n wake up on 10-Oct-2012 @ 11:36 AM

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10-Oct 2012 Wednesday 11:36 AM (4217 days ago)

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Daily Review, 10 October 2012 Page 2 of 4

SGX-ST Member, SGX-DT (CNCM)

FINANCIAL MARKETS

 Worries over corporate earnings in the September

Quarter are taking centre stage, as investors look for

an excuse to take profit after the strong summer rally.

 Latest consensus suggests an average 1.7% drop in

S&P500 earnings, although rebound has been widely

forecast for the December Quarter.

 Later this week, JP Morgan and Wells Fargo will

lead the financials in releasing their reports (the only

sector expected to post moderately strong growth),

while Apple Inc will do so on Oct 25 (and yet,

investors would be more interested in the sale of

iPhone 5 in the coming weeks).

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