MARKET WATCH 22 OCT 2012 - AsianBookie.Com Forums

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STI          3,049      -11     -0.37%
DOW       13,344      -205   -1.51%
S&P          1,433      -24      -1.67%
FTSE        5,896       -21      -0.36%
DAX          7,381       -56      -0.76%
GOLD         1,719       -5       -0.29%
OIL            89.58        -0.53   -0.59%
PRE-HK OPEN   -167pts

CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY):   -0.23   (18 Oct 2012)
CREDIT SUISSE GLOBAL RISK APPETITE              :     0.32  (18 Oct 2012)

22 Oct 2012 08:42

DJ MARKET TALK: Singapore's STI Set To Fall; 3020 Support Likely

0042 GMT [Dow Jones] Singapore's STI is likely to open lower, tracking Wall Street's sharp fall Friday and declines in regional markets already trading as U.S. earnings reports disappointed. "I don't think there's much positive news," says Jonathan Ng, deputy head of research at CIMB. "The tech companies' (earnings) have been soft. Guidance has been mostly below expectations. People are probably more cautious now." The STI ended Friday down 11.44 points, or 0.4%, at 3048.92. 3020 likely offers support, while 3065 may cap any gains. Players will likely keep their eyes on the F&N (F99.SG) ball, with Indonesia's Riady empire considering an offer for the Singapore conglomerate, potentially upsetting Thai group TCC Assets' bid. Australian regulators lifted all restrictions on Tiger Airways' (J7X.SG) operations in the country. CapitaMall Trust's (C38U.SG) 3Q12 DPU was flat on-year at 2.42 Singapore cents. Like U.S. tech counterparts, Hi-P (H17.SG) warned its 3Q12 revenue and profit would come in below 3Q11's level, reversing its previous guidance for similar revenue but higher profit. Raffles Medical (R01.SG) and Yoma (Z59.SG) reported earnings.

22 Oct 2012 08:21

*DJ Mapletree Logistics Trust Downgraded To Hold From Buy By Maybank-Kim Eng

(END) Dow Jones Newswires
October 21, 2012 20:20 ET (00:20 GMT)
*DJ Mapletree Logistics Trust Target Raised To S$1.20 Vs S$1.17 By Maybank-Kim Eng

22 Oct 2012 08:19

*DJ CapitaMall Trust Target Raised To S$2.35 From S$2.25 By Maybank-Kim Eng

22 Oct 2012 08:18

*DJ Ascendas REIT Downgraded To Neutral By DMG & Partners

..

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22-Oct 2012 Monday 10:08 AM (4205 days ago)

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Thanks for sharing bro

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22-Oct 2012 Monday 10:12 AM (4205 days ago)

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SINGAPORE EQUITY

Investment Research

DMG & Partners Research 3Q12 Results Review Private

Circulation Only

REIT

CAPITAMALL TRUST

BUY 

Price S$2.140

Previous S$2.030

Target S$2.360

RETAIL REIT

Portfolio comprises 16 quality retail properties which are strategically located in the suburban

areas and downtown core of Singapore.

Stock Profile/Statistics

Bloomberg Ticker CT SP STI

3,049

Issued Share Capital (m) 3,331

Market Capitalisation (S$m) 7,128

52 week H | L Price (S$) 2.150 1.615

Average Volume (‘000) 7,421

YTD Returns (%) 25.9

Net gearing (%) 37.6% Altman Z-Score

NA ROCE/WACC 0.6

Beta (x) 0.73

Book Value/share (S¢) 1.64

Major Shareholders (%)

Capital Land Ltd 28.54

Capital Group Co. Ltd 4.94

ING GROEP NV 4.74

Share Performance (%)

Month Absolute Relative

1m 8.6 9.6

3m 10.9 9.8

6m 14.7 12.9

12m 15.1 2.6

6-month Share Price Performance

2.20

2.10

2.00

1.90

1.80

1.70

1.60

Continues to remain attractive

3Q12 DPU in line with expectations. CapitaMall Trust (CMT) reported 3Q12 DPU

of 2.42S¢ (unchanged YoY), equivalent to 24.7% of our FY12 DPU estimate.

Revenue for this period grew to S$167.2m (+5.1% YoY) while net property income rose by 4.3% YoY

mainly due to an increase in contribution from JCube and Bugis+.

Going forward, we expect CMT to continue to register strong numbers on the back

of 1) contributions from JCube and Bugis+ which was opened in April and August

2012 respectively; 2) additional income contribution from the AEI at Orchard Atrium which is

scheduled to be completed in 4Q12 and 3) the repositioning of IMM as a

value-focused mall with about 30 outlet brands expected to be operational by end-

2012. With CMT’s bright prospect, defensive play (76% CMT’s revenue contributed from suburban

malls) and a better than expected pre-commitment rate in its

Orchard Atrium space (90%), we have upgraded our call on CMT to BUY with a revised DDM based (COE:

7.2%, terminal growth: 2.0%) TP of S$2.36.

New contribution from Bugis+ and JCube. At the end of September, approximately

99.5% and 98.5% of NLA for JCube and Bugis+ respectively have been leased out. Due to the excellent

locations coupled with diversified tenants, JCube and Bugis+ recorded on average of 1.3m and 1.4m

footfall on a monthly basis respectively. As these malls continue to gain popularity, we expect CMT

to continue to benefit from them going forward.

More AEIs scheduled to be completed this year. Apart from JCube and Bugis+, the AEIs at Clarke Quay

and Orchard Atrium are scheduled to be completed in 3Q, and 4Q12 respectively. These projects are

expected to have ROIs of 10.4% and

13.0% respectively. Concurrently, the IMM building is undergoing an AEI to reposition it

as a value-focused mall. By the end of this year, about 30 outlet brands occupying about 10% of the

mall’s NLA will come into operational; while the entire exercise is expected to end by May 2013.

Hunt for dividend yield positive to CMT’s share price. As the hunt for dividend yield plays

continues on the back of high liquidity, prolonged low interest rate environment and a strong

Singapore currency, we believe CMT has room for further upside. Currently, this counter is trading

at 3.5% spread vs 10-year bond yield based on FY12 DPU estimates. Our target price of S$2.36

translates to a reasonable spread of 3.0% vs its mean spread of 3.1%.

FYE Dec (S$m) FY10 FY11 FY12F

FY13F FY14F Gross Revenue 581.1

630.6 663.1 689.9 733.7

Net Property Income 399.1 418.2 452.5

475.7 507.3

Distributable Income 304.9 297.8 243.2

348.6 368.

21-Apr-12 21-May-12 21-Jun-12 21-Jul-12 21-Aug-12 21-Sep-12 21-Oc Consensus DPU

(S¢) na 9.8 10.0

10.7 11.2

DPU (S¢) 9.2 9.4

9.8 10.4 11.0

% chg YoY 4.4 1.4

4.5 6.3 5.4

Div Yield (%) 4.3 4.4

4.6 4.9 5.1

ROE (%) 5.5 7.3

17.2 10.2 9.8

ROA (%) 3.1 2.9

3.2 3.2 3.2

Interest Cover (x) 3.0 2.8

3.4 3.3 3.3

P/E (x) 25.2 18.1

7.0 11.2 11.2

P/B (x) 1.4 1.4

1.2 1.1 1.1

Source: Company data and DMG estimates

DMG & Partners Securities Pte Ltd may have received compensation from the company(s) covered in

this report for its corporate finance or its dealing activities; this report is therefore

classified as a non-independent report. Please refer to important disclosures at the end of this

publication

See important disclosures at the end of this publicati

DMG Research

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22-Oct 2012 Monday 10:13 AM (4205 days ago)

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Results Review

Figure 1: 3Q12 Profit and Loss Statement

FYE 31 Dec (S$m) 3Q12 3Q11 YoY chg

2Q12 QoQ chg

Gros s Revenue 167.2 159.2 5.1%

165.5 1.0% Net Property Incom e 112.1

107.4 4.3% 112.0 0.1% Am ount available for dis

tribution 86.8 71.2 22.0% 79.6

9.1% DPU (S¢) 2.42 2.42

0.0% 2.38 1.7% NAV (S$)

1.64 1.57 4.5% 1.62 1

Source: Company Data

Currently trading at 3.5% spread to 10-year bond yield. We value CMT at TP of S$2.36 based on DDM

(COE: 7.2%; TGR: 2.0%). CMT is currently trading at 3.5% spread to 10-year bond yield, which is

41bps and 56bps above its mean and pre-crisis spread of 3.1% and

2.9% respectively based on FY12 DPU.

Figure 2: Fwd DPU vs Spread

Source: Bloomberg, Company Data and DMG Estimates

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22-Oct 2012 Monday 10:14 AM (4205 days ago)

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Profit And Loss Statement

FYE31 Dec (S$m)

FY10 FY11 FY12F FY13F FY14F

Gross Revenue

581.1 630.6 663.1 689.9 733.7

Property Expenses (182.0)

(212.3) (210.6) (214.2) (226.4)

Net Property Income 399.1

418.2 452.5 475.7 507.3

Management Fees (36.0)

(39.4) (42.4) (43.9) (47.2) Trust Expenses

(3.4) (3.9)

(4.7) (4.7) (4.9) EBIT

359.7 375.0 405.4

427.1 455.1

Interest Income

2.0 2.3 2.4 2.7 2.7

Interest Expense

(118.5) (135.0) (120.2) (127.7) (137.3)

Net Income

243.3 242.4 287.6 302.0 320.6

Change in fair value of investment properties 14.2 115.8

624.9 308.3 292.6

Share of associates 12.6

26.1 26.9 26.9 26.9

Total Return For The Period 270.1

384.2 939.3 637.2 640.0

Non-Tax Deductible/(Non-taxable) Items 34.9

(86.4) (696.1) (288.5) (271.3)

Distributable Incom e 304.9

297.8 243.2 348.6 368.7

Source: Company and DMG estimates

Balance Sheet Statement

FYE31 Dec (S$m)

FY10 FY11 FY12F FY13F FY14F

Trade And Other Receivables 7.7

29.8 9.1 9.5 10.1

Cash And Cash Equivalent 713.0

757.6 831.1 948.0 848.2

Investment Properties 7,271.5

7, 849.2 8,553.5 8,975.6 9,382.1

Others

133.8 535.6 473.0 472.5 472.5

Total Assets

8,125.9 9,172.2 9,866.7 10,405.6 10,712.9

Trade And Other Payables 125.9

255.0 141.2 144.0 152.6

Interest-bearing borrowings 2,851.9

3,514.5 3,565.2 3,786.7 3,786.7

Others

208.7 156.7 199.1 205.4 211.5

Total Liabilities

3,186.5 3,926.2 3,905.5 4,136.1 4,150.8

Net Assets Attributable To Unit Holders 4,939.4 5,246.0

5,961.2 6,269.5 6,562.0

Source: Company and DMG estimates

Cash Row Statement

FYE31 Dec 'S$ml FY10

FY11 FY12F FY13F FY14F

Net Operating Cash Flow 383.2

381.5 436.7 456.4 490.5

Net Investing Cash Flow (310.9)

(716.4) 33.3 (84.6) (84.3) Net Financing Cash Flow

304.9 379.6 (396.5)

(254.9) (505.9) Net Increase In Cash And cash Equiv

377.1 44.7 73.5 116.9 (99.8)

Opening Cash 335.8

713.0 757.6 831.1 948.0

Ending cash

713.0 757.6 831.1 948.0 848.2

Source: Company and DMG estimates

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22-Oct 2012 Monday 10:16 AM (4205 days ago)

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Daily Review

22 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$9.29-FRNM.SI

 Unless they have already built up a <5% stake, or have secured the support of Kirin Holdings’

14.7% stake, OUE / Riadys are starting with zero, vs Charoen Sirivadhanabhakdi with 33.8% stake in

F&N. (His offer closes at 5.30 pm on Monday Oct

29, unless extended.)

 We would expect the Riadys to be prepared to engage in a bidding war for control of F&N, ie

Charoen S would likely counter a bid by the Riadys, who would then likely do another counter.

 The risk is, at which point Charoen S may “capitulate” and accept Riadys’ offer. The Thais

have already realized a S$177.6 mln investment gain from agreeing to accept Heineken’s $53 a share

offer for their 22.2 mln AP Brew shares, before costs. At F&N’s current price of $9.29, the Thais

are already sitting on $199 mln paper gain, assuming their cost is $8.88 a share.

 At $9.29, F&N is valued at $$13.37 bln vs $12.78 bln at Charoen’s $8.88 offer, and $16.15 bln

$11.22, being the top end of the range as contended by JP Morgan, advisors to the independent

directors of F&N.

 Bear in mind once again that DBS and UOB are behind Charoen’s $8.46 bln bid (for shares not

already owned), and OCBC unlikely to get embroiled, given it was they that started the whole

process in July by selling their shares in F&N and AP Brew to Charoen and family.

 These are big numbers. For reference, OUE is valued at $2.75 bln @ $2.80, Auric Pacific $157

mln @

$1.25 and First Reit $672.6 m @ $1.065.

 Kirin, on the other hand, and which has only said it is studying all options, has a market

cap of 974.65 bln yen / S$15 bln.

 F&N’s minority shareholders, in an “enviable position”, given renewed “worries” on the 25th

anniversary of Black Friday, c an afford to sit back and let events continue to unfold.

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22-Oct 2012 Monday 10:18 AM (4205 days ago)

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OTHERS

 CAPITAMALLS TRUST ($2.14, up 3): DPU rose to 2.42 cents in Q3, from 2.38 cents the preceding

quarter, at which annualized yield is 4.5%. The retail reit is just 1 cent short of the post crisis

high.Maintain BUY

 HI-P (84 cents, down 5.5): The company has warned of lower revenue and profit in Q3 compared

to year ago, due to “lower orders resulting from delays in projects start-up from existing and new

customers”. Our last call was a HOLD

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MARKET PULSE: CMT, MLT, Dyna-Mac, Raffles Med, Yoma 22 Oct 2012 KEY IDEA CapitaMall Trust: Value emerging from strong execution Summary: CapitaMall Trust’s (CMT) 3QFY12 results exceeded our expectations. NPI was up 4.0% to S$332.3m whereas DPU was up 0.4% to 7.10 S cents. This forms 77.6% and 76.1% of full-year NPI and DPU projections respectively. CMT’s occupancy remained largely stable at 98.4% (98.6% in 2Q), despite a 4.6ppt drop QoQ at IMM building as a result of repositioning of the mall. For YTD, 6.1% positive rental reversions were achieved, largely unchanged from 6.4% seen in 1H. Looking ahead, we believe CMT is likely to sustain its growth profile, given the smooth execution of its AEIs and strong leasing activities. The development of Westgate, of which CMT has 30% stake, is also expected to start contributing to its income by end-2013. We now revise our assumptions to incorporate the better-than-expected results and rental uplift resulting from its AEIs. Rolling our valuations to FY13, our fair value is raised from S$2.04 to S$2.38. Upgrade CMT to BUY from Hold as we see an attractive upside potential. (Kevin Tan) MORE REPORTS Mapletree Logistics Trust: Pursuing growth on all fronts Summary: Mapletree Logistics Trust (MLT) reported 2QFY13 DPU of 1.71 S cents, up 1.2% YoY. This brings the 1HFY13 DPU to 3.41 S cents, forming 48.3%/48.7% of our/consensus full-year DPU projections. Operationally, we note that MLT’s portfolio occupancy improved 0.2ppt QoQ to 99.2%, driven by stronger take-up rates in China, Hong Kong and Singapore. Leases renewed/replaced also achieved positive rental reversions of 8% on average. Looking ahead, management expects the overall acquisition activity to moderate, citing competitive cap rates in Singapore and relatively muted growth in Japan. Hence, it intends to turn more aggressive on capital recycling and asset enhancement initiatives (AEIs)/ asset redevelopment. We are currently keeping our forecasts unchanged. However, our fair value is raised to S$1.24 from S$1.19 as we lower MLT’s cost of equity to 8.5% from 9.3% to align with the current low interest rate environment. Maintain BUY. (Kevin Tan) Dyna-Mac Holdings: Looking for more projects Summary: Dyna-Mac Holdings Ltd (DMHL) recently completed a placement of up to 139.5m ordinary shares, consisting of (i) 93m new shares issued and (ii) 46.5m vendor shares owned by current CEO Mr. Desmond Lim, at S$0.50 per share. This enlarges DMHL’s existing share capital would by about 10%. Mr. Desmond Lim is still the largest shareholder with a 40.8% stake (previously: 49.9%). The net proceeds of S$45.7m from issuance of new shares will be used for working capital purposes. We continue to like DMHL for its prudent management style and its exposure to the FPSO topside market. After adjusting for the new shares, our fair value drops to S$0.57 (previously S$0.62). Maintain BUY. (Chia Jiunyang) Raffles Medical Group: 3Q12 PATMI slightly below expectations Summary: Raffles Medical Group (RMG) reported its 3Q12 results this morning with revenue meeting our expectations but PATMI was slightly below due to higher-than-expected operating expenses. Revenue rose 13.9% YoY and 2.4% QoQ to S$78.7m. PATMI increased 6.6% YoY and 1.2% QoQ to S$12.6m. Growth during the quarter was driven by a higher patient load as RMG continued to expand the depth and breadth of its specialist services. Both RMG’s core divisions contributed positively to its topline increase, with its Hospital Services and Healthcare Services segments growing 14.5% and 14.8% YoY, respectively. For 9M12, revenue jumped 14.0% YoY to S$228.6m, forming 73.3% of our full-year estimates; while PATMI increased 8.0% to S$36.6m, or 68.0% of our FY12 forecast. We note that the fourth quarter is typically RMG’s strongest quarter and we expect this trend to continue in FY12. RMG also maintained its strong financial position, improving its net cash position from S$63.9m in 2Q12 to S$68.7m in 3Q12. We will provide more details after the analyst briefing later. For now, we place our Buy rating and S$2.82 fair value estimate under review. (Wong Teck Ching Andy) Yoma Strategic Holdings: Hit by one-time charges Summary: Yoma Strategic Holdings (Yoma) reported a negative 2Q13 PATMI of -S$4.2m, mostly due to a S$5.4m one-time non-cash share-based payment to the CEO, partially offset by increased sales of residences and land development rights. Accounting for one-time non-operating expenses, net operating profit would have been S$1.8m – up 33% YoY – which we judge to be mostly in line with expectations. 2Q13 revenue was S$11.6m, increasing 59% YoY mainly due to stronger sales at Pun Hlaing Golf Estate and Star City. Management reports that, since Star City’s acquisition, 249 units out of a total of 528 units in building 3 & 4 have been sold as of 30 Sep 2012. We would speak with management further regarding these results and, in the meantime, maintain HOLDwith an unchanged fair value estimate of S$0.51. (Eli Lee) For more information on the above, visit www.ocbcresearch.comfor the detailed report. NEWS HEADLINES - Technology stocks led the fall in the US market on Friday. The Dow fell 1.5%, the S&P 500 Index declined 1.7%, and the Nasdaq dropped 2.2%. Microsoft, Google, IBM and Intel all posted poor quarterly results earlier in the week. - UPP Holdings, in collaboration with Myan Shwe Pyi Tractors Limited, has signed a memorandum of understanding with the Department of Electric Power of Myanmar, for the establishment of the 50 megawatt class new gas generating power plant project in Yangon. - Hi-P International expects lower revenue and profit for FY2012 as compared with FY2011. - Berger International posted 1H13 PATMI of S$1.636m, up 93% YoY. Revenue climbed 6% YoY to S$59.3m.

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Sunny Side Up: CapitaMall Trust: Real Retail Resilience; $2.14 Buy TP
$2.35; Mapletree Logistics Trust: Nearing the end of a sweet run; $1.16
HOLD TP $1.20

What’s cooking

CapitaMall Trust: Real Retail Resilience; Buy TP $2.35
CT SP | Mkt Cap USD5.8b | ADTV USD12.1m
Ø CapitaMall Trust (CMT) delivered a 3Q12 distributable income of
SGD80.9m. With a 3Q12 DPU of 2.42 cents, DPU for 9M12 is 7.10 cents, in
line with expectations. We expect 4Q DPU to be slightly higher with
greater contributions from JCube and Bugis+.
Ø Recently facelifted malls JCube and Bugis+ are enjoying strong
footfalls, with average monthly visitorships of 1.3m and 1.4m shoppers
respectively. The Atrium@Orchard is on track to open in November and is
already more than 90% committed.
Ø We raise our DDM-derived target price to SGD2.35 and we continue to
favour CMT for its strong track record of successful asset enhancement
initiatives. Reiterate BUY.
Click here for full report
[email protected]
Mapletree Logistics Trust: Nearing the end of a sweet run; HOLD TP $1.20
MLT SP | Mkt Cap USD2.3b | ADTV USD3.1m

Ø 2QFY3/13 DPU at 1.71 SG-cts (+0.6% QoQ, +1.2% YoY) was 24% of ours and
consensus estimates. 1HFY3/13 DPU at 3.41 SG-cts (3.6% YoY) was 48% of
ours and 49% of consensus estimates.
Ø Portfolio occupancy remains stable at 99.2% from 99% last quarter. MLT
garnered 8% positive rental reversions from leases renewed/replaced in
2QFY3/13,.
Ø From our estimates, the implied cap rate for MLT is 5.9%. The counter
is presently trading at 6.1% FY3/13 DPU yield, which we believe is almost
near the end of its yield-compression cycle. MLT has risen 19% since our
BUY initiation in Jun 2012. We see limited capacity expansion amongst
industrialists with slowdown in the global economy, uncertainity in the
eurozone debt markets and projected ‘fiscal cliff’ in the US. Downgrade
to HOLD with a TP of SGD 1.20
Click here for full report
[email protected]

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22-Oct 2012 Monday 11:29 AM (4205 days ago)

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IN TODAY'S EDITION

While You Were Sleeping

US markets: Negative

The Day Ahead…

Scoop of the Day: CMT

Analysing the News

Hi-P’s profit warning (SGX.NET)

OUE considers potential offer for F&N

On the Platter

Capitamall Trust: Continues to remain attractive (BUY, S
$2.14, TP:
S$2.36)

NeraTel: The new Nera style (BUY, S$0.545, TP: S$0.66)

Singapore Research

(See attached file: 22 Oct 12 - MorningMatters.pdf)

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22-Oct 2012 Monday 11:37 AM (4205 days ago)

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Today’s Focus

· Hi-P Downgrade to Fully Valued and TP slashed to $0.71 from $1.06 on concerns of lower sales and margins for FY12F and FY1

Today’s Focus

 Hi-P Downgrade to Fully Valued and TP slashed to $0.71 from $1.06 on concerns of lower sales and margins for FY12F and FY13F

The 3Q results season has begun. In the US, it’s been rocky with weaker-than-expected earnings from bellwethers spanning various sectors. Meanwhile, results releases in Singapore have been uninspiring thus far. We expect downgrades in 3Q’s report card for the banks, real estate, technology and china shipyards. The O&G sector is a bright spot and the telecom sector could see earnings upgrade. Our picks in the O&M sector are SembCorp Marine, STX OSV, Ezion, ASL Marine and Nam Cheong.

Our analyst downgrades Hi-P to Fully Valued (from Hold) and slashed TP to $0.71 (from $1.06). The company cuts FY guidance due to project delays for both new and existing customers. 3Q is also affected by the delay or lower orders for

2nd tier suppliers. FY12F EPS is slashed by 54% while that for

FY13F is cut by 29% on lower sales and margins. In view of

the highly uncertain growth outlook, our analyst re-pegged Hi- P’s valuation to 1x P/BV, which is -0.5SD from mean P/BV multiples.

Raffles Medical 3Q12 results are within expectations. Net profit grew 6.6% to S$12.6mil while revenue was higher by

13.9% to S$78.7mil. Both Healthcare and Hospital divisions registered healthy revenue growth of 14.8% and 14.5% respectively but this is offset by lower revenue from the Investment Holdings division.

According to press reports, Hotel Grand Pacific along Victoria Street has been sold for S$210m. The seller of the hotel is Mr Sun, who has been active in the real estate scene back in

1970s. The buyers are understood to be a consortium of Asian investors who have an intention to continue the hotel use with plans to spruce up the asset as it is aging. The transaction is at a benchmark pricing of S$850k to S$900k per key, reflecting the tight holdings of hotel assets and the lack of availability of good-located hotel assets in Singapore. This transaction could imply investors bullishness in Singapore's hospitality market in the longer term and that listed hospitality peers like

the longer term and that listed hospitality peers like

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22-Oct 2012 Monday 11:38 AM (4205 days ago)

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CDL Hospitality Trust and Far East Hospitality Trust, with a portfolio of similarly classed assets but more quality hotels, should see stable valuations going forward despite an environment where RevPAR growth is expected to see more moderate growth than before.

The story on China continues to improve from the recent bottom with early signs of a rebound in the Chinese economy emerging last week. Sequential quarterly GDP growth has rebounded for 2 consecutive quarters while the latest industrial production and retail sales figures

improved from August. Besides the iShares FTSE A50

China Index (2823 HK) that is a good proxy to the SSEC, stocks that stand to benefit from China are Noble Group, Wilmar International, CMA and HPH Trust.

STI’s rebound last week touched a high of 3066. It is set to begin this week lower following Friday’s weakness on Wall Street. STI’s behaviour is in line with our view for the

recent rebound off 3020 to be capped at 3055-88 before

a subsequent decline towards 2950 heading into the year- end lull period.

Company Sembcorp Industries Ltd	D.O.T. 19-Oct-12	Buy/Sell Share Buy-Back	No.of shares 200,000	S$/shr 5.4335
CDW Holdings	19-Oct-12	Share Buy-Back	100,000	0.0930
Overseas-Chinese Banking Corp	19-Oct-12	Share Buy-Back	50,000	9.2700
CDW Holdings	18-Oct-12	Share Buy-Back	205,000	0.0940
GKE International Limited	18-Oct-12	Share Buy-Back	363,000	0.1579
Overseas-Chinese Banking Corp	18-Oct-12	Share Buy-Back	50,000	9.4100
Plastoform Holdings Limited	18-Oct-12	Share Buy-Back	2,500,000	0.0336
Ausgroup Limited	17-Oct-12	Share Buy-Back	4,000	0.5100
CDW Holdings	17-Oct-12	Share Buy-Back	150,000	0.0930
Engro Corporation Limited	17-Oct-12	Share Buy-Back	16,000	0.9100
GKE International Limited	17-Oct-12	Share Buy-Back	768,000	0.1573
KSH Holdings Limited	17-Oct-12	Share Buy-Back	348,000	0.3200
Overseas-Chinese Banking Corp	17-Oct-12	Share Buy-Back	50,000	9.3700
Riverstone Holdings Ltd	17-Oct-12	Share Buy-Back	96,000	0.4050
Global Testing Corporation Ltd	16-Oct-12	Share Buy-Back	400,000	0.0670
Saizen Real Estate Inv Trust	16-Oct-12	Share Buy-Back	350,000	0.1673
Sembcorp Industries Ltd	16-Oct-12	Share Buy-Back	100,000	5.4470
Overseas-Chinese Banking Corp	16-Oct-12	Share Buy-Back	50,000	9.3200
CDW Holdings	15-Oct-12	Share Buy-Back	200,000	0.0940
Global Testing Corporation Ltd	15-Oct-12	Share Buy-Back	428,000	0.0670
Hotung Investment Hldgs Ltd	15-Oct-12	Share Buy-Back	1,290,000	0.1496
Overseas-Chinese Banking Corp	15-Oct-12	Share Buy-Back	40,000	9.3100
Pan-United Corporation Ltd	15-Oct-12	Share Buy-Back	250,000	0.6790
Ryobi Kiso Holdings Ltd	15-Oct-12	Share Buy-Back	800,000	0.1301
Saizen Real Estate Inv Trust	15-Oct-12	Share Buy-Back	900,000	0.1660

Sembcorp Industries Ltd 15-Oct-12 Share Buy-Back 200,000 5.4691

Source: SGX Masnet

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Stock Transacted Date Substantial Shareholder/ Director Buy/Sell/

No of

Price Per

%Issued Cap

Before

%Issued Cap

Conv

('000)

Share $

Change After Change

Cogent Holdings 10-Oct-12 Tan Yeow Khoon * Buy 430 0.11 2.1 2.19

Stamford Tyres 10-Oct-12 Dawn Wee * Buy 113 0.33 31.58 31.63

Stamford Tyres 10-Oct-12 Wee Kok Wah * Buy 113 0.33 16.29 16.34

Swissco Hldgs 10-Oct-12 Yeo Chong Lin Buy 3169 - 6.28 7.01

TA Corp 10-Oct-12 Koh Wee Seng Buy 250 - 8.57 8.62

Cogent Holdings 09-Oct-12 Tan Yeow Khoon Buy 250 0.12 2.04 2.1

Samko Timber 09-Oct-12 Sampoerna Forestry Buy 315 - 39.79 39.81

SingTel 09-Oct-12 Chua Sock Koong * Buy 1124 3.2 0.09 0.09

Sound Global 09-Oct-12 Wen Yibo Buy 1931 0.52 0.46 0.61

Stamford Tyres 09-Oct-12 Dawn Wee * Buy 9 0.33 31.58 31.58

Stamford Tyres 09-Oct-12 Wee Kok Wah Buy 9 0.33 16.28 16.29

Swissco Holdings 09-Oct-12 Yeo Chong Lin Buy 5410 - 5.03 6.28

TA Corp 09-Oct-12 Koh Wee Seng Buy 162 - 8.54 8.57

Venture Corp 09-Oct-12 Aberdeen Int'l Fd Mgrs * Buy 360 - 6.89 7.02

Venture Corp 09-Oct-12 Aberdn Asst Mgt PLC &sub * Buy 360 - 23.95 24.08

Aussino Group 08-Oct-12 Samcorp Capital Corp Sell 10668 - 34.06 30.55

Aussino Group 08-Oct-12 Anthony Lim * Sell 10668 0.13 34.23 30.71

Jasper Investments 08-Oct-12 Geoffrey Yeoh Sell 1200 0.06 1.4 1.37

OnionTech 08-Oct-12 Leong Hong Kah Buy 168 - 5.1 5.21

Stamford Tyres 08-Oct-12 Dawn Wee * Buy 70 0.33 31.55 31.58

Stamford Tyres 08-Oct-12 Wee Kok Wah Buy 70 0.33 16.26 16.29

TA Corp 08-Oct-12 Koh Wee Seng Buy 1000 - 8.32 8.54

8Telecom Intl Hldgs 05-Oct-12 Yeo See Meng * Buy 198 0.13 2.63 2.67

Aussino Group 05-Oct-12 Samcorp Capital Corp Sell 15334 - 39.12 34.06

Aussino Group 05-Oct-12 Anthony Lim * Sell 15334 0.14 39.29 34.23

Jason Parquet 05-Oct-12 Yap Koon Hong * Buy 263 - 9.24 9.49

TA Corp 05-Oct-12 Koh Wee Seng Buy 881 - 8.13 8.32

Wilmar Int'l 05-Oct-12 Martua Sitorus * Buy 2000 3.18 10.1 10.14

Blumont Group 04-Oct-12 Chan Kern Ming * Sell 108992 - 6.44 0

BRC Asia 04-Oct-12 Lim Siak Meng Buy 1037 0.14 4.64 4.76

China Essence 04-Oct-12 Sanlam Universal Fund PLC Sell 540 - 8.1 7.97

Fraser and Neave 04-Oct-12 M&G Securities * Sell 10145 - 5.02 4.32

Fraser and Neave 04-Oct-12 MAGIM, M&G Ltd, M&G Grp * Sell 10333 - 5.22 4.49

Jason Parquet 04-Oct-12 Yap Koon Hong Buy 7432 0.25 2.08 8.96

Jason Parquet 04-Oct-12 Yap Koon Hong * Buy 300 - 8.96 9.24

Khong Guan Flour 04-Oct-12 Goh Tee Kia * Buy 54 - 7.56 7.77

Oceanus Group 04-Oct-12 Yu De Hua * Sell 24559 - 7.95 6.99

Stamford Tyres 04-Oct-12 Dawn Wee * Buy 20 0.33 31.54 31.55

Stamford Tyres 04-Oct-12 Wee Kok Wah Buy 20 0.33 16.25 16.26

TA Corp 04-Oct-12 Koh Wee Seng Buy 457 - 8.03 8.13

TA Corp 04-Oct-12 Koh Wee Seng Buy 950 - 7.83 8.03

Yanlord Land Grp 04-Oct-12 Aberden Asst Mgt PLC &sub * Buy 1365 - 5.96 6.03

*Deemed Interest

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

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22-Oct 2012 Monday 11:40 AM (4205 days ago)

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Company GUOCOLEISURE LIMITED	Type DIVIDEND	Particulars SGD 0.02	Ex Date 22-Oct-12	Paid/ Payable 08-Nov-12
ASCENDAS REAL ESTATE INV TRUST	DIVIDEND	010712 - 300912 SGD 0.0353 LESS TAX	23-Oct-12	27-Nov-12
HSBC ADR 10	DIVIDEND	USD 0.45	23-Oct-12	12-Dec-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 ONE-TIER TAX	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
NOEL GIFTS INTERNATIONAL LTD	DIVIDEND	SGD 0.007 ONE-TIER TAX	31-Oct-12	15-Nov-12
NOEL GIFTS INTERNATIONAL LTD	DIVIDEND	SGD 0.006 ONE-TIER TAX	31-Oct-12	15-Nov-12
RYOBI KISO HOLDINGS LTD.	DIVIDEND	SGD 0.003 ONE-TIER TAX	31-Oct-12	14-Nov-12
TIONG WOON CORP HOLDING LTD	DIVIDEND	SGD 0.004 ONE-TIER TAX	31-Oct-12	16-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
LTA $500M4.17%N160510	INTEREST	100512 - 091112 4.17%	01-Nov-12	12-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
SWEE HONG LIMITED	DIVIDEND	SGD 0.003 ONE-TIER TAX	01-Nov-12	20-Nov-12
ELITE KSB HOLDINGS LIMITED	DIVIDEND	SGD 0.015 ONE-TIER TAX	02-Nov-12	19-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
CHUAN HUP HOLDINGS LIMITED	DIVIDEND	SGD 0.01 ONE-TIER TAX	05-Nov-12	23-Nov-12

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KEY POINTS

3Q results season – Bright spots O&M and Telco, downgrade risk from banks, properties,

technology and China shipyards

Chinese economy signs of rebound – Beneficiaries Noble Group, Wilmar International, CMA & HPH

Trust & iShares FTSE A50 China Index (2823 HK)

Wired Weekly

The 3Q results season has begun. In the US, it’s been rocky with weaker-than-expected earnings from

bellwethers spanning various sectors. In Singapore;

result releases have been uninspiring thus far. We expect more downgrades in 3Q’s report card

likely coming from

banks, real estate, China shipyards and technology. The

O&G sector should be a bright spot and the telecom sector could see earnings upgrade. Our picks in

the

O&M sector are SembCorp Marine, STX OSV, Ezion, ASL Marine and Nam Cheong.

The story on China continues to improve from the recent bottom with early signs of a rebound in the

Chinese economy emerging last week. Sequential quarterly GDP

growth has rebounded for 2 consecutive quarters while the latest industrial production and retail

sales figures improved from August. Besides the iShares FTSE A50

China Index (2823 HK) that is a good proxy to the SSEC, stocks that stand to benefit from China are

Noble

Group, Wilmar International, CMA and HPH Trust.

STI’s rebound last week touched a high of 3066. It is set to begin this week lower following

Friday’s weakness on

Wall Street. STI’s behaviour is in line with our view for the recent rebound off 3020 to be

capped at 3055-88 before a subsequent decline towards 2950 heading into the year-end lull period.

the year-end lull period.

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Positioning into China’s rebound

Our HK/China economist believes that the Chinese economy has likely reached a cyclical bottom. A

mild rebound in 4Q12 is highly possible in the magnitude of 8% yoy from 7.4% in

3Q12.

Early signs of a rebound in the Chinese economy emerged last week. While headline 3Q GDP growth

slowed to 7.4% (from 7.6% in 2Q) on a YoY basis, sequential growth

rebounded for a second quarter. 3Q GDP firmed further to

2.2% QoQ from 2% in the previous quarter. In addition, September retail sales rebounded to 14.2%

YoY from

13.2% in the previous month while industrial production also improved to 9.2% YoY from 8.9% in

August.

China GDP (QoQ, sa)

Source: Bloomberg

China’s slowdown is due to a decline in fixed asset investment (FAI) rather than a fall below the

long-term average in trade, retail sales or loan growth. FAI growth

averaged 26% per year since 2005 while this year, it is running at 19% or 6 percentage points below

this average. On the other hand, financial sector loans and retail sales

growth this year have been running at the 15-yr average levels. Import-export numbers have also

been fairly steady.

The decline in FAI is a desired outcome because some of the forced (and aggressive) investment

following the 2008/09

GFC was not put into efficient and effective use. The characteristic of the anticipated upcoming

rebound this

round will not be accompanied by aggressive monetary policy loosening and gigantic fiscal stimulus.

Our economist expects the Chinese government to raise FAI

by a notch or two once the leadership transition completes. While we do not expect FAI growth to

head back to the

average 26%-27% level, a return to the half way mark at

23%-24% seems likely.

Interest in supply chain managers and commodity stocks - Noble Group and Wilmar International

should pick up in

anticipation of the bottoming and mild rebound in the

Chinese economy. China’s transition from an export

oriented to domestic demand economy benefits Capitamalls Asia. While not a China domestic demand

play, HPH Trust stands to benefit if US-Sino trade recovers.

1. Noble Group – Our analyst expects 2H12 earnings to be stronger compared to 1H12 as the

Brazilian sugar harvest season approaches the peak. Technically, we believe the stock has found a

low at $1.28 recently.

Near-term support is at $1.32. Our earlier technical view for an eventual rise (in months) to $1.53

remains intact, albeit at a gradual pace currently. Resistances along the way are at $1.43 and

$1.47. Buy on minor pullback to $1.32.

2. Wilmar International – While we currently have a Hold recommendation on the stock with near

nil upside to

fundamental TP, our analyst notes that the recent decision by the Malaysian government to reduce

export tax duty can lead to a potential +9% earnings revision.

After the precipitous fall from $6 since February this year, we think the stock has found a low at

$3 and is currently in a base-building mode with near-term support at $3.15. Post base-build, there

is upside potential to $3.40 or even $3.65.

3. Capitamalls Asia – Stock trades at a 31% discount to its

$2.60 RNAV. Technically, the price action is bullish. The stock finally broke above its 6-mth long

resistance of

$1.70 last week. Near-term support is at $1.75. There is upside potential to $1.92-1.96.

4. HPH Trust – 8.3% dividend yield is attractive. A

temporary pause is possible as the stock has risen from

$0.73 since beginning October. Still, pullback should be mild with support at $0.80-0.82. There is

upside bias to

$0.90.

Finally, we continue to advocate the iShares FTSE A50 China Index (2823 HK) as a proxy to the

SSEC. In another sign that the SSEC has turned, the index stayed above its 15-day EMA

for a total of 11 days now, the longest period since beginning June. The 15-day EMA currently at

2100 could turn into support. We maintain our mid-term positive view on the SSEC for a rise to 2370

followed by 2582 in coming months.

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Wired Weekly

Expect more downgrades in 3Q’s report card

The 3Q results season has begun. In the US, it’s entered a rocky path. Weaker-than-expected

earnings that spanned across various sectors were reported last week from bellwethers IBM, Google,

Microsoft AMD, General Electric

Technology 1) Expect muted order flow and cautious outlook for the rest of this year and even

into

1H13.

2) Visibility is curtailed by uncertain economic environment.

3) Profitability should remain pressured by rising labour costs in China.

and McDonald’s.

In Singapore, results released thus far from blue chips SPH, SGX and Keppel Corp have been

uninspiring. We expect more downgrades in 3Q’s report card, following consecutive cuts in

Singapore’s GDP growth to 1.8% and 3.2% for 2012

Offshore & Marine (for Shipyards)

1) For the Shipyards (Cosco, Yangzijiang), downside risks come from margins and order

cancellations.

2) We do not expect much downside to consensus, which has already adjusted down earnings over the

past few quarters

and 2013 respectively. Potential earnings downgrades could come from Banks, on slower loan growth

and net interest margin (NIM) pressure. NIM compression could be more severe than we initially

expected. With GDP at low single digits in 2Q and 3Q12, the spill-over effect of slower loan growth

would likely emerge in 2H13.

For the Real Estate sector, slower than projected launches of projects due to slow take up, lower

profit and sales assumption for high end projects could lead to a downgrade in earnings. Key stock

pick in property sector is CapitaMalls Asia, a proxy to ride on China consumption.

We expect lacklustre performance for Technology stocks on muted order flow and cautious outlook for

the rest of this year and even into 1H13. Basically, visibility is curtailed by uncertain economic

environment. Profitability should remain pressured by rising labour costs in China. Hi-P’s profit

warning led us to downgrade the stock to Fully Valued with TP slashed to $0.71 (from $1.06).

China shipyards will be affected by weaker demand and slow ramp up in orders. Downside risks come

from margins and order cancellations. We do not expect much downside to consensus, which has

already adjusted down earnings over the past few quarters

The brighter spot is in Oil and Gas where we expect a stronger 2H as recognition of higher priced

projects kicks in. For the Telecommunications sector, premium 4G pricing and lower data caps could

lead to upward revision in earnings.

3Q earnings preview

Sector Reasons

Potential Downgrade

Banking 1) NIM compression re-emerging

2) Slower loan growth

Real Estate 1) Slower than projected launches of projects due to slow take up

2) Rising headwinds from weak economic climate to hamper office rental growth and capital values

Potential Upgrade

Telecom 1) Premium 4G pricing and lower data caps could lead to upward revision in earnings

for the cellular sector in Singapore

Source: DBS Research

Oil and Gas stocks and yield plays still in favour, sell on strength upstream planters

Despite the outperformance of oil and gas stocks on a 3- month basis, the sector remains

undervalued at 9.5x PE, offering recovery prospects with the offshore support supply fleet reaching

equilibrium. Our picks are SembCorp Marine, Ezion, STX OSV, ASL Marine and Nam Cheong.

Our top dividend yield picks are Hutchison Port Holdings which will ride on recovery in trade

between US and China, and offers an attractive 8.3% dividend yield, and Silverlake Axis which has a

strong recurrent earnings base and order book. We are selective on S REITS given the sector’s

strong performance over the past 6 months. Our picks are Suntec REIT, Frasers Commercial Trust and

Far East Hospitality Trust.

We would sell on strength upstream planters - First Resources and Indo Agri - after cutting

earnings for CPO stocks by 2% to 26% due to high inventories depressing CPO prices. We expect 3Q12

plantations earnings to sequentially decline 5-20% due to lower CPO prices. Going into 1Q13, we

expect further soybean price downside which poses a risk to CPO prices and earnings for upstream

planters.

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Wired Weekly

Stock Picks

Cap (S$) Price

Gth

(%)

Gth

(%) PE (x) PE (x) BV (x)

Yld

(%)

Company (S$m) 19-Oct (S$) Upside Rcmd 12F

13F 12F 13F 12F 12F Buy

O&M

ASL Marine 284.9 0.68 0.83 22 Buy 0.5

40.8 8.9 6.4 0.79 2.2

Ezion 1,153.7 1.36 1.72 27 Buy

14.0 64.9 14.1 8.6 2.46 0.1

Nam Chrong 449.6 0.24 0.30 26 Buy 32.4

25.5 9.3 7.4 1.96 1.1

SembCorp Marine 10,145.2 4.86 5.85 20 Buy (5.8)

17.4 15.6 13.3 4.04 4.5

STX OSV 1,876.2 1.59 2.10 32 Buy (33.2)

(2.5) 8.1 8.3 2.62 9.5

Yield

Far East Hospitality

Trust Frasers Commercial Trust Hutchison Port Trust

1,628.0 1.02 1.10 8 Buy 8.6 3.4 18.8

18.2 1.09 5.9

763.8 1.19 1.26 6 Buy (15.1) 36.3 31.5 23.1

0.88 5.3

7,359.0 0.85 0.85 1 Buy (7.2) 9.2 24.6

22.5 0.82 8.1

Silverlake Axis 986.2 0.46 0.50 9 Buy

40.9 9.1 15.4 14.1 8.40 4.0

Suntec REIT 3,521.4 1.57 1.67 6 Buy

(47.7) 9.5 23.4 21.4 0.80 5.7

Property

CapitaMalls Asia 6,939.6 1.79 2.08 17 Buy (31.0)

45.5 38.9 26.8 1.05 1.8

Sell on Strength

CPO

First Resources 3,231.5 2.04 2.03 (0) Hold

(17.8) 10.1 15.1 13.7 2.41 1.9

Indofood Agri 1,831.9 1.28 1.25 (2) Hold (25.8)

19.5 13.2 11.0 1.05

Source: DBS Research

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22-Oct 2012 Monday 3:13 PM (4205 days ago)

#19

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Top large and small / mid cap picks for the coming week

Company Recom Price Target Price Upside

Catalyst

SembCorp Marine Buy 4.860 5.85 20%

1) Expect earnings to pick up over FY12 as orderbook recognition picks up pace.

2) Purest O&M plays and a prime beneficiary of the upcycle in semisubs, with potential catalysts

from Petrobras contracts.

Noble Group Buy 1.350 1.53*

13% 1) Undervalued relative to peers – superior EPS growth but lowest

PE.

2) Bombed out stock - share price down >50% from peak in Jan

11.

Capitamall Asia Buy 1.785 2.08

17% 1) Key beneficiary of rising consumption and urbanization in Asia.

2) Gradual ramp up of operational malls to underpin earnings visibility.

3) Significant deployment of balance sheet into new investments has extended the group earnings and

growth visibility.

Suntec REIT Buy 1.570

1.67 6% 1) One of the cheapest large-cap S-REIT at 0.8x P/BV

2) Revenue from office portfolio expected to remain strong, supported by high occupancies and

healthy positive rental reversions.

City Development Take Profit 11.780 11.42 -3%

1) Share price near/exceed fundamental target price

2)) Vulnerable to profit taking after the latest round of property cooling measures

Company Recom Price Target Price Upside

Catalyst

STX OSV Holdings Buy 1.590 2.10

32% 1) Front line beneficiary of recovery in subsea market.

2) Recent price weakness triggers buy opportunity.

Frasers Centrepoint Trust Buy 1.885 1.93 2%

1) Expected to continue delivering sustained earnings growth

2) Potential catalysts from the impending acquisition of Changi

City Point

ASL Marine Holdings Buy 0.675 0.83 22%

1. Strong EPS growth of nearly 41% for FY13F.

2)Trades at attractive 6.2X FY13F PE.

3) Strong order book for FY13F/FY14F, focus on OSV in O&G for earnings turnaround.

Tiger Airways Buy 0.735 0.90

22% 1) Demand finally caught up with capacity expansion in

Singapore.

2) Tiger Australia ramping up services to pre-grounding scale.

3) Jet fuel price currently about 12% lower than peak in early

2012.

First Resources Take Profit 2.040 2.03

0% 1) Negative impact from recent CPO policy changes

2) Limited upside to fundamental target price

* : technical target

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22-Oct 2012 Monday 3:14 PM (4205 days ago)

#20

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Wired Weekly

Major research reports released last week

Singapore Strategy - -

1) Bas e building, waiting for next catalys ts

2) Unins piring 3Q res ults – more downgrades than upgrades

3) Prefer downs tream cons umer plays to ups tream CPO planters , REITS to property developers ;

Oil and Gas s tocks s till in favour.

Hi-P International HOLD (Downgrade from

BUY)

S$ 1.06 1) Still in recovery mode in 2H12, but by a s maller es timated net

profit of

S$45m vs S$52m previous ly

2) iPhone demand is s trong but 4Q would be capped by parts s hortage in the supply chain

3) Trimmed FY12F by 15%, FY13F is unchanged

4) Downgrade to HOLD, near term performance capped by downs ide to s treet es timates

Keppel Corporation BUY S$ 12.65 (Prev S$

13.20)

1) 3Q12 above expectations ; flat q-o-q O&M margins could s ugges t bottom

2) Near term headwinds , but s ector fundamentals intact

3) FY12/13F revis ed +10%/-4%; FY14F introduced

4) Maintain BUY, TP revis ed to S$12.65

Keppel Land BUY S$ 3.81 (Prev S$ 3.75) 1)

3Q res ults in line with expectations , 9M contributions makes up 76% of our

FY12 forecas t

2) Activity remains focus ed on Singapore and China res idential

3) Maintain Buy, TP S$3.81

Keppel REIT BUY S$ 1.28

1) Res ults in line; 9M DPU is 76% of our FY12 forecas t

2) Healthy take-up, s table rents backed by high occupancy rates and low expiry leas es

3) Kreit As ia renamed as Keppel REIT

4) Maintain BUY, DCF-backed TP unchanged at S$1.28

STX OSV Holdings BUY S$ 2.10 (Prev S$ 2.00) 1)

Expecting more OSCV orders by year-end; FY12 order wins forecas t +10% to

NOK11bn

2) Freeing up of Brazilian capacity allows it to capitalis e on tight local capacity, and grow

order intake

3) FY12/13 rais ed +1%/+15%; earnings to recover from FY14F

4) Maintain BUY, TP rais ed to S$2.10; nearing potential conclus ion to s hareholder s aga

As cendas REIT HOLD S$ 2.24 (Prev S$ 2.23)

1) 1HFYMar13 res ults in line; forms 51% of our full year forecas t

2) New as s et enhancement initiatives ; further commitment of S$235m to bring gearing to 35%

3) Premium valuations , HOLD, TP S$2.24

SPH HOLD S$ 4.01

1) FY12 net profit declined 6% – marginally below expectations

2) Final and s pecial dividend of 17Scts , brings FY12 dividend to 24Scts , s imilar to FY11

3) Ad revenue growth to remain lacklus ter on an uncertain economic outlook, FY13-14F earnings

trimmed 3-5%

4) Hold for 5.9% yield, TP s tays at S$4.01

Golden Agri Res ources NOT RATED S$ 0.73 1)

Larges t lis ted Indones ian planter and mos t liquid plantation counter in

Singapore

2) CPO production CAGR of 6% from 2011 to 2014 to boos t earnings by 5% CAGR over the s ame period

3) Es timated oil palm es tates gros s profit/ha in line with LSIP and AALI

4) Fair value of S$0.73, ups ide of 13%

Singapore Exchange HOLD S$ 7.25

1) 1QFY13 net profit was 5% below our and cons ens us es timates

2) Key deviation aros e from lower other revenues , which offs et traction from s ecurities and

derivatives revenues

3) 4 S cts bas e DPS declared as expected

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22-Oct 2012 Monday 3:18 PM (4205 days ago)

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Straits Times Index

Last Price Last Day Vol

Avg Vol for the

Week Rel STI MTD Rel STI QTD Rel STI YTD Weight Actual Mkt Cap

S/No. B'berg Code Stock Name Crncy 19-Oct-12 (000 Shrs) (000 Shrs) (%) (%) (%) (%) (S$m)

4 DBS SP DBS GROUP HOLDINGS LTD SGD 14.09 2,391 2,524 (2) (2) 7 9.26 34,330

1 ST SP SINGAPORE TELECOMMUNICATIONS SGD 3.19 21,833 20,373 0 0 (12) 9.13 50,860

5 OCBC SP OVERSEA-CHINESE BANKING CORP SGD 9.23 6,261 3,087 (1) (1) 3 8.55 31,663

6 UOB SP UNITED OVERSEAS BANK LTD SGD 18.55 3,488 2,906 (5) (5) 6 7.87 29,194

3 JM SP JARDINE MATHESON HLDGS LTD USD 58.80 218 215 4 4 10 6.67 46,343

8 KEP SP KEPPEL CORP LTD SGD 11.29 4,233 2,771 (1) (1) 6 5.42 20,288

13 FNN SP FRASER AND NEAVE LTD SGD 9.29 11,547 7,939 5 5 35 4.75 13,344

10 HKL SP HONGKONG LAND HOLDINGS LTD USD 5.96 1,734 1,491 (0) (0) 16 4.50 16,375

12 CAPL SP CAPITALAND LTD SGD 3.27 6,213 10,223 3 3 33 3.71 13,900

2 JS SP JARDINE STRATEGIC HLDGS LTD USD 34.98 273 227 3 3 11 3.40 47,548

7 WIL SP WILMAR INTERNATIONAL LTD SGD 3.21 7,096 11,889 (1) (1) (51) 2.94 20,529

11 GENS SP GENTING SINGAPORE PLC SGD 1.33 9,981 14,494 (3) (3) (27) 2.91 16,241

17 CIT SP CITY DEVELOPMENTS LTD SGD 11.78 185 500 1 1 17 2.89 10,712

9 JCNC SP JARDINE CYCLE & CARRIAGE LTD SGD 51.33 144 158 7 7 (9) 2.63 18,257

22 SGX SP SINGAPORE EXCHANGE LTD SGD 6.80 1,660 989 (2) (2) (4) 2.61 7,265

25 SPH SP SINGAPORE PRESS HOLDINGS LTD SGD 4.07 2,179 4,093 0 0 (5) 2.33 6,494

14 SIA SP SINGAPORE AIRLINES LTD SGD 10.77 664 761 1 1 (9) 2.25 12,619

20 NOBL SP NOBLE GROUP LTD SGD 1.35 17,752 36,595 2 2 4 2.24 8,763

21 GGR SP GOLDEN AGRI-RESOURCES LTD SGD 0.63 48,522 67,549 (4) (4) (27) 2.06 7,647

16 STE SP SINGAPORE TECHNOLOGIES ENG SGD 3.51 603 1,234 (0) (0) 15 1.93 10,798

23 CT SP CAPITAMALL TRUST SGD 2.14 5,781 6,085 6 6 11 1.90 7,128

19 SCI SP SEMBCORP INDUSTRIES LTD SGD 5.40 3,075 1,954 (4) (4) 18 1.73 9,648

15 GLP SP GLOBAL LOGISTICS SGD 2.53 3,503 4,508 1 1 29 1.64 11,630

18 SMM SP SEMBCORP MARINE LTD SGD 4.86 6,970 3,859 (2) (2) 12 1.46 10,145

27 OLAM SP OLAM INTERNATIONAL LTD SGD 2.04 4,394 9,833 (0) (0) (19) 1.31 4,876

29 CD SP COMFORTDELGRO CORP LTD SGD 1.64 2,114 2,131 (4) (4) 0 1.23 3,433

24 CMA SP CAPITAMALLS ASIA LTD SGD 1.79 10,683 9,039 9 9 43 1.00 6,940

26 STH SP STARHUB LTD SGD 3.66 671 1,657 (1) (1) 11 0.90 6,278

30 NOL SP NEPTUNE ORIENT LINES LTD SGD 1.17 10,096 17,601 4 4 (11) 0.43 3,026

28 SIE SP SIA ENGINEERING CO LTD SGD 4.16 18 168 0 0 6 0.33 4,584

Source: Bloomberg, DBS Vickers

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22-Oct 2012 Monday 3:20 PM (4205 days ago)

#22

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	Company Type Particulars Ex Date Paid/ Payable GUOCOLEISURE LIMITED DIVIDEND SGD 0.02 22-Oct-12 08-Nov-12 ASCENDAS REAL ESTATE INV TRUST DIVIDEND 010712 - 300912 SGD 0.0353 LESS TAX 23-Oct-12 27-Nov-12 HSBC ADR 10 DIVIDEND USD 0.45 23-Oct-12 12-Dec-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 ONE-TIER TAX 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 NOEL GIFTS INTERNATIONAL LTD DIVIDEND SGD 0.007 ONE-TIER TAX 31-Oct-12 15-Nov-12 NOEL GIFTS INTERNATIONAL LTD DIVIDEND SGD 0.006 ONE-TIER TAX 31-Oct-12 15-Nov-12 RYOBI KISO HOLDINGS LTD. DIVIDEND SGD 0.003 ONE-TIER TAX 31-Oct-12 14-Nov-12 TIONG WOON CORP HOLDING LTD DIVIDEND SGD 0.004 ONE-TIER TAX 31-Oct-12 16-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 LTA $500M4.17%N160510 INTEREST 100512 - 091112 4.17% 01-Nov-12 12-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 SWEE HONG LIMITED DIVIDEND SGD 0.003 ONE-TIER TAX 01-Nov-12 20-Nov-12 ELITE KSB HOLDINGS LIMITED DIVIDEND SGD 0.015 ONE-TIER TAX 02-Nov-12 19-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 CHUAN HUP HOLDINGS LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 05-Nov-12 23-Nov-12 EPICENTRE HOLDINGS LIMITED DIVIDEND SGD 0.006 ONE-TIER TAX 05-Nov-12 21-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 OXLEY HOLDINGS LIMITED DIVIDEND SGD 0.0047 ONE-TIER TAX 05-Nov-12 23-Nov-12 OXLEY HOLDINGS LIMITED ENTITL. SHARE SPLIT OFFER OF 18 FOR 10 05-Nov-12 TAI SIN ELECTRIC LIMITED DIVIDEND SCRIPDIVSCHEME SGD 0.015 ONE-TIER TAX 05-Nov-12 21-Dec-12 WESTMINSTER TRAVEL LIMITED DIVIDEND HKD 0.023 ONE-TIER TAX 05-Nov-12 20-Nov-12 EU YAN SANG INTERNATIONAL LTD DIVIDEND SGD 0.01 ONE-TIER 06-Nov-12 23-Nov-12 EU YAN SANG INTERNATIONAL LTD DIVIDEND SGD 0.01 ONE-TIER TAX 06-Nov-12 23-Nov-12 LATITUDE TREE INTL GROUP LTD. DIVIDEND SGD 0.002 ONE-TIER TAX 06-Nov-12 28-Nov-12 LION ASIAPAC LTD DIVIDEND SGD 0.005 ONE-TIER TAX 06-Nov-12 22-Nov-12 LION TECK CHIANG LTD DIVIDEND SGD 0.01 ONE-TIER TAX 06-Nov-12 22-Nov-12 LUM CHANG HOLDINGS LIMITED DIVIDEND SGD 0.0125 ONE-TIER TAX 06-Nov-12 23-Nov-12 L.C.DEVELOPMENT LTD DIVIDEND SGD 0.005 ONE-TIER TAX 06-Nov-12 20-Nov-12 MEMSTAR TECHNOLOGY LTD. DIVIDEND SGD 0.0005 ONE-TIER TAX 06-Nov-12 22-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 PCI LTD DIVIDEND SGD 0.03 ONE-TIER TAX 15-Nov-12 03-Dec-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
Last Pts chg % Chg Close 1wk 1 wk SG$/US$ 1.22 (0.0) (0.0) Yen/US$ 79.32 0.9 1.1 US$/Euro 0.77 (0.0) (0.5) AUS$/US$ 0.97 (0.0) (0.9) Pound/US$ 1.60 (0.0) (0.4) Other Important Indicators
Important Dates (Singapore)
Event Period Date CPI (MOM) - NSA Sep 23-Oct-12 CPI (YoY) Sep 23-Oct-12 Industrial Production MoM SA Sep 25-Oct-12 Industrial Production YoY Sep 25-Oct-12 Credit Card Bad Debts Sep 31-Oct-12 Credit Card Billings Sep 31-Oct-12 Bank Loans & Advances (YoY) Sep 31-Oct-12 M1 Money Supply (YoY) Sep 31-Oct-12 M2 Money Supply (YoY) Sep 31-Oct-12 Unemployment Rate (sa) 3Q P 31-Oct-12 Electronics Sector Index Oct 5-Nov-12 Purchasing Managers Index Oct 5-Nov-12 Automobile COE Open Bid Cat A Nov 7-Nov-12 Automobile COE Open Bid Cat B Nov 7-Nov-12 Automobile COE Open Bid Cat E Nov 7-Nov-12 Foreign Reserves Oct 7-Nov-12 GDP (annualized) (QoQ) 3Q F 11-18 Nov GDP (YoY) 3Q F 11-18 Nov Retail Sales Ex Auto (YoY) Sep 15-Nov-12 Retail Sales (YoY) Sep 15-Nov-12 Retail Sales (MoM) sa Sep 15-Nov-12 Electronic Exports (YoY) Oct 16-Nov-12 Non-oil Domestic Exports (YoY) Oct 16-Nov-12 Non-oil Domestic Exp SA (MoM) Oct 16-Nov-12 Automobile COE Open Bid Cat A Nov 21-Nov-12 Automobile COE Open Bid Cat B Nov 21-Nov-12 Automobile COE Open Bid Cat E Nov 21-Nov-12 CPI (MOM) - NSA Oct 23-Nov-12 CPI (YoY) Oct 23-Nov-12 Industrial Production MoM SA Oct 26-Nov-12 Industrial Production YoY Oct 26-Nov-12 Bank Loans & Advances (YoY) Oct 30-Nov-12 Credit Card Bad Debts Oct 30-Nov-12 Credit Card Billings Oct 30-Nov-12 M1 Money Supply (YoY) Oct 30-Nov-12 M2 Money Supply (YoY) Oct 30-Nov-12 Electronics Sector Index Nov 4-Dec-12 Purchasing Managers Index Nov 4-Dec-12 Automobile COE Open Bid Cat A Dec 5-Dec-12 Automobile COE Open Bid Cat B Dec 5-Dec-12 Automobile COE Open Bid Cat E Dec 5-Dec-12

	Co m p an y T otal S h ar e s (m ) P r ic e Range (S $) T r ad ing Date Dec lout L td 31.00 $0.25 24-Oc t Gay lin Holdings 110.00 $0.35 25-Oc t

	Eq y In it P o Co m p an y Nam e Sh Px PX_CL OS E IC B S e c to r Nam e EQY_INIT _P O_DT MCF S S P Equity Max i-Cas h L td 0.30 0.435 F inanc ial S erv ic es 6/22/2012 NGL S P Equity Neo Group L td 0.30 0.300 General R etailers 7/11/2012 J B F S P Equity J B F oods 0.30 0.280 F ood Produc ers 7/23/2012 S CG S P Equity S inc ap Group L td 0.20 0.103 Indus trial Metals & Mining 7/25/2012 IHH S P Equity IHH Healthc are 1.11 1.305 Health Care Equipment & S erv ic 7/25/2012 A S HT S P Equity As c endas Hos pitality Trus t 0.88 0.920 R eal Es tate Inv es tment Trus ts 7/27/2012 S HL L S P Equity S y s ma Holdings L td 0.28 0.270 Cons truc tion & Materials 8/3/2012 F EHT S P Equity F ar Eas t Hos pitality Trus t 0.93 1.015 R eal Es tate Inv es tment Trus ts 8/27/2012 J PH S P Equity J as on Parquet Holdings L td 0.23 0.210 Cons truc tion & Materials 9/25/2012 COUR TS S P Equity Courts As ia L td 0.77 0.735 General R etailers 10/15/2012 GER L S P Equity Geo Energy R es ourc es L td 0.35 0.435 Mining 10/19/2012 R HT S P Equity R eligare Health Trus t 0.90 0.810 F inanc ial S erv ic es 10/19/2012

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22-Oct 2012 Monday 3:21 PM (4205 days ago)

#23

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Mon Tues Wed Thu Fri

1 2

ARA Asset 3Q12 Cosco Cprp 3Q12

Cityspring 2Q13 Great Eastern Holdings 3Q12

Hi-P International 3Q12

Singapore Airlines 2Q13

5 6 7 8 9

SembCorp Marine 3Q12 HTL Int'l 3Q12 Biosensors 2Q13 China Aviation 3Q12 OCBC 3Q12

SATS 2Q13 Ho Bee 3Q12 Parkway Life 3Q12 SembCorp Ind 3Q12

Singapore Reinsurance 3Q12 Venture Corp 3Q12 Straco 3Q12

UOB 3Q12 Vicom 3Q12

Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B

Electronics Sector Index Automobile COE Open Bid Cat E Purchasing Managers Index Foreign Reserves

12 13 14 15 16

Compact Metal 3Q12 Global Logistic 2Q13 F&N 4Q12

Hiap Hoe 3Q12 Olam Int'l 1Q13

WBL Corp 4Q12

City Dev 3Q12

Monthly Property Sales Data

Retail Sales Ex Auto (YoY) Electronic Exports (YoY)

GDP (annualized) (QoQ) Retail Sales (YoY) Non-oil Domestic Exports (YoY) GDP (YoY) Retail Sales (MoM) sa Non-oil Domestic Exp SA (MoM)

19 20 21 22 23

Automobile COE Open Bid Cat A

Automobile COE Open Bid Cat B CPI (MOM) - NSA Automobile COE Open Bid Cat E CPI (YoY)

26 27 28 29 30

Bank Loans & Advances (YoY) Credit Card Bad Debts

Credit Card Billings Industrial Production MoM SA M1 Money Supply (YoY) Industrial Production YoY M2 Money Supply (YoY)

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22-Oct 2012 Monday 3:25 PM (4205 days ago)

#24

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Singapore

Wired Daily

improved from August. Besides the iShares FTSE A50

China Index (2823 HK) that is a good proxy to the SSEC, stocks that stand to benefit from China are Noble Group, Wilmar International, CMA and HPH Trust.

STI’s rebound last week touched a high of 3066. It is set to begin this week lower following Friday’s weakness on Wall Street. STI’s behaviour is in line with our view for the

recent rebound off 3020 to be capped at 3055-88 before

a subsequent decline towards 2950 heading into the year- end lull period.

Company Sembcorp Industries Ltd	D.O.T. 19-Oct-12	Buy/Sell Share Buy-Back	No.of shares 200,000	S$/shr 5.4335
CDW Holdings	19-Oct-12	Share Buy-Back	100,000	0.0930
Overseas-Chinese Banking Corp	19-Oct-12	Share Buy-Back	50,000	9.2700
CDW Holdings	18-Oct-12	Share Buy-Back	205,000	0.0940
GKE International Limited	18-Oct-12	Share Buy-Back	363,000	0.1579
Overseas-Chinese Banking Corp	18-Oct-12	Share Buy-Back	50,000	9.4100
Plastoform Holdings Limited	18-Oct-12	Share Buy-Back	2,500,000	0.0336
Ausgroup Limited	17-Oct-12	Share Buy-Back	4,000	0.5100
CDW Holdings	17-Oct-12	Share Buy-Back	150,000	0.0930
Engro Corporation Limited	17-Oct-12	Share Buy-Back	16,000	0.9100
GKE International Limited	17-Oct-12	Share Buy-Back	768,000	0.1573
KSH Holdings Limited	17-Oct-12	Share Buy-Back	348,000	0.3200
Overseas-Chinese Banking Corp	17-Oct-12	Share Buy-Back	50,000	9.3700
Riverstone Holdings Ltd	17-Oct-12	Share Buy-Back	96,000	0.4050
Global Testing Corporation Ltd	16-Oct-12	Share Buy-Back	400,000	0.0670
Saizen Real Estate Inv Trust	16-Oct-12	Share Buy-Back	350,000	0.1673
Sembcorp Industries Ltd	16-Oct-12	Share Buy-Back	100,000	5.4470
Overseas-Chinese Banking Corp	16-Oct-12	Share Buy-Back	50,000	9.3200
CDW Holdings	15-Oct-12	Share Buy-Back	200,000	0.0940
Global Testing Corporation Ltd	15-Oct-12	Share Buy-Back	428,000	0.0670
Hotung Investment Hldgs Ltd	15-Oct-12	Share Buy-Back	1,290,000	0.1496
Overseas-Chinese Banking Corp	15-Oct-12	Share Buy-Back	40,000	9.3100
Pan-United Corporation Ltd	15-Oct-12	Share Buy-Back	250,000	0.6790
Ryobi Kiso Holdings Ltd	15-Oct-12	Share Buy-Back	800,000	0.1301
Saizen Real Estate Inv Trust	15-Oct-12	Share Buy-Back	900,000	0.1660

Sembcorp Industries Ltd 15-Oct-12 Share Buy-Back 200,000 5.4691Source: SGX Masnet

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22-Oct 2012 Monday 3:27 PM (4205 days ago)

#25

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Wired DailStock Transacted Date Substantial Shareholder/ Director Buy/Sell/

No of

Price Per

%Issued Cap

Before

%Issued Cap

Conv

('000)

Share $

Change After Change　

Cogent Holdings 10-Oct-12 Tan Yeow Khoon * Buy 430 0.11 2.1 2.19

Stamford Tyres 10-Oct-12 Dawn Wee * Buy 113 0.33 31.58 31.63

Stamford Tyres 10-Oct-12 Wee Kok Wah * Buy 113 0.33 16.29 16.34

Swissco Hldgs 10-Oct-12 Yeo Chong Lin Buy 3169 - 6.28 7.01

TA Corp 10-Oct-12 Koh Wee Seng Buy 250 - 8.57 8.62

Cogent Holdings 09-Oct-12 Tan Yeow Khoon Buy 250 0.12 2.04 2.1

Samko Timber 09-Oct-12 Sampoerna Forestry Buy 315 - 39.79 39.81

SingTel 09-Oct-12 Chua Sock Koong * Buy 1124 3.2 0.09 0.09

Sound Global 09-Oct-12 Wen Yibo Buy 1931 0.52 0.46 0.61

Stamford Tyres 09-Oct-12 Dawn Wee * Buy 9 0.33 31.58 31.58

Stamford Tyres 09-Oct-12 Wee Kok Wah Buy 9 0.33 16.28 16.29

Swissco Holdings 09-Oct-12 Yeo Chong Lin Buy 5410 - 5.03 6.28

TA Corp 09-Oct-12 Koh Wee Seng Buy 162 - 8.54 8.57

Venture Corp 09-Oct-12 Aberdeen Int'l Fd Mgrs * Buy 360 - 6.89 7.02

Venture Corp 09-Oct-12 Aberdn Asst Mgt PLC &sub * Buy 360 - 23.95 24.08

Aussino Group 08-Oct-12 Samcorp Capital Corp Sell 10668 - 34.06 30.55

Aussino Group 08-Oct-12 Anthony Lim * Sell 10668 0.13 34.23 30.71

Jasper Investments 08-Oct-12 Geoffrey Yeoh Sell 1200 0.06 1.4 1.37

OnionTech 08-Oct-12 Leong Hong Kah Buy 168 - 5.1 5.21

Stamford Tyres 08-Oct-12 Dawn Wee * Buy 70 0.33 31.55 31.58

Stamford Tyres 08-Oct-12 Wee Kok Wah Buy 70 0.33 16.26 16.29

TA Corp 08-Oct-12 Koh Wee Seng Buy 1000 - 8.32 8.54

8Telecom Intl Hldgs 05-Oct-12 Yeo See Meng * Buy 198 0.13 2.63 2.67

Aussino Group 05-Oct-12 Samcorp Capital Corp Sell 15334 - 39.12 34.06

Aussino Group 05-Oct-12 Anthony Lim * Sell 15334 0.14 39.29 34.23

Jason Parquet 05-Oct-12 Yap Koon Hong * Buy 263 - 9.24 9.49

TA Corp 05-Oct-12 Koh Wee Seng Buy 881 - 8.13 8.32

Wilmar Int'l 05-Oct-12 Martua Sitorus * Buy 2000 3.18 10.1 10.14

Blumont Group 04-Oct-12 Chan Kern Ming * Sell 108992 - 6.44 0

BRC Asia 04-Oct-12 Lim Siak Meng Buy 1037 0.14 4.64 4.76

China Essence 04-Oct-12 Sanlam Universal Fund PLC Sell 540 - 8.1 7.97

Fraser and Neave 04-Oct-12 M&G Securities * Sell 10145 - 5.02 4.32

Fraser and Neave 04-Oct-12 MAGIM, M&G Ltd, M&G Grp * Sell 10333 - 5.22 4.49

Jason Parquet 04-Oct-12 Yap Koon Hong Buy 7432 0.25 2.08 8.96

Jason Parquet 04-Oct-12 Yap Koon Hong * Buy 300 - 8.96 9.24

Khong Guan Flour 04-Oct-12 Goh Tee Kia * Buy 54 - 7.56 7.77

Oceanus Group 04-Oct-12 Yu De Hua * Sell 24559 - 7.95 6.99

Stamford Tyres 04-Oct-12 Dawn Wee * Buy 20 0.33 31.54 31.55

Stamford Tyres 04-Oct-12 Wee Kok Wah Buy 20 0.33 16.25 16.26

TA Corp 04-Oct-12 Koh Wee Seng Buy 457 - 8.03 8.13

TA Corp 04-Oct-12 Koh Wee Seng Buy 950 - 7.83 8.03

Yanlord Land Grp 04-Oct-12 Aberden Asst Mgt PLC &sub * Buy 1365 - 5.96 6.Deemed Interest

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

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22-Oct 2012 Monday 3:30 PM (4205 days ago)

#26

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Company GUOCOLEISURE LIMITED	Type DIVIDEND	Particulars SGD 0.02	Ex Date 22-Oct-12	Paid/ Payable 08-Nov-12
ASCENDAS REAL ESTATE INV TRUST	DIVIDEND	010712 - 300912 SGD 0.0353 LESS TAX	23-Oct-12	27-Nov-12
HSBC ADR 10	DIVIDEND	USD 0.45	23-Oct-12	12-Dec-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 ONE-TIER TAX	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
NOEL GIFTS INTERNATIONAL LTD	DIVIDEND	SGD 0.007 ONE-TIER TAX	31-Oct-12	15-Nov-12
NOEL GIFTS INTERNATIONAL LTD	DIVIDEND	SGD 0.006 ONE-TIER TAX	31-Oct-12	15-Nov-12
RYOBI KISO HOLDINGS LTD.	DIVIDEND	SGD 0.003 ONE-TIER TAX	31-Oct-12	14-Nov-12
TIONG WOON CORP HOLDING LTD	DIVIDEND	SGD 0.004 ONE-TIER TAX	31-Oct-12	16-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
LTA $500M4.17%N160510	INTEREST	100512 - 091112 4.17%	01-Nov-12	12-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
SWEE HONG LIMITED	DIVIDEND	SGD 0.003 ONE-TIER TAX	01-Nov-12	20-Nov-12
ELITE KSB HOLDINGS LIMITED	DIVIDEND	SGD 0.015 ONE-TIER TAX	02-Nov-12	19-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
CHUAN HUP HOLDINGS LIMITED	DIVIDEND	SGD 0.01 ONE-TIER TAX	05-Nov-12	23-Nov-12
EPICENTRE HOLDINGS LIMITED	DIVIDEND	SGD 0.006 ONE-TIER TAX	05-Nov-12	21-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
OXLEY HOLDINGS LIMITED	DIVIDEND	SGD 0.0047 ONE-TIER TAX	05-Nov-12	23-Nov-12
OXLEY HOLDINGS LIMITED	ENTITL.	SHARE SPLIT OFFER OF 18 FOR 10	05-Nov-12
TAI SIN ELECTRIC LIMITED	DIVIDEND	SCRIPDIVSCHEME SGD 0.015 ONE-TIER TAX	05-Nov-12	21-Dec-12
WESTMINSTER TRAVEL LIMITED	DIVIDEND	HKD 0.023 ONE-TIER TAX	05-Nov-12	20-Nov-12
EU YAN SANG INTERNATIONAL LTD	DIVIDEND	SGD 0.01 ONE-TIER	06-Nov-12	23-Nov-12
EU YAN SANG INTERNATIONAL LTD	DIVIDEND	SGD 0.01 ONE-TIER TAX	06-Nov-12	23-Nov-12
LATITUDE TREE INTL GROUP LTD.	DIVIDEND	SGD 0.002 ONE-TIER TAX	06-Nov-12	28-Nov-12
LION ASIAPAC LTD	DIVIDEND	SGD 0.005 ONE-TIER TAX	06-Nov-12	22-Nov-12
LION TECK CHIANG LTD	DIVIDEND	SGD 0.01 ONE-TIER TAX	06-Nov-12	22-Nov-12
LUM CHANG HOLDINGS LIMITED	DIVIDEND	SGD 0.0125 ONE-TIER TAX	06-Nov-12	23-Nov-12
L.C.DEVELOPMENT LTD	DIVIDEND	SGD 0.005 ONE-TIER TAX	06-Nov-12	20-Nov-12
MEMSTAR TECHNOLOGY LTD.	DIVIDEND	SGD 0.0005 ONE-TIER TAX	06-Nov-12	22-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
PCI LTD	DIVIDEND	SGD 0.03 ONE-TIER TAX	15-Nov-12	03-Dec-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
SIN HENG HEAVY MACHINERY LTD	DIVIDEND	SGD 0.0055 ONE-TIER TAX	27-Nov-12	18-Dec-12
KHONG GUAN FLOUR MILLING LTD	DIVIDEND	SGD 0.01 ONE-TIER TAX	03-Dec-12	17-Dec-12
KHONG GUAN FLOUR MILLING LTD	DIVIDEND	SGD 0.03 ONE-TIER TAX	03-Dec-12	17-Dec-12
TTJ HOLDINGS LIMITED	DIVIDEND	SGD 0.008 ONE-TIER TAX	04-Dec-12	21-Dec-12
TRANSIT-MIXED CONCRETE LTD	DIVIDEND	SGD 0.01 ONE-TIER TAX	05-Dec-12	28-Dec-12
SINGAPORE PRESS HLDGS LTD	DIVIDEND	SGD 0.17 ONE-TIER TAX	07-Dec-12	21-Dec-12
TEE INTERNATIONAL LIMITED	DIVIDEND	SGD 0.005 ONE-TIER TAX	14-Dec-12	28-Dec-12

Source: SGX

AsianBookie Tipsters Championship
Member of Team:
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Team Ranked: #17 - Team Score (Top 50 Members): AB$ 7,179,375 Total Members: 122

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