DJ MARKET TALK: S'pore Shares May Rise A Tad; US Payrolls Eyed -OCBC  

0023 GMT [Dow Jones] Singapore shares may open slightly higher on possible short-covering but the lack of directional cues out of the offshore session Monday means prices are likely to drift. With New York markets closed Monday due to Hurricane Sandy, volumes in global financial markets have been light. "The next focus will be on nonfarm payrolls though Singapore shares don't pay much attention these days," OCBC analyst Carey Wong says. He expects the STI to find immediate support at 3020 and then 3000. Resistance is likely at the 3070-3080 level. "I don't think it will get up to 3100," Wong says. The STI closed at a 6-week low on Monday on worries about 3Q Asian corporate earnings. Stocks in focus includeCapitaLand (C31.SG) after its 85% increase in 3Q net profit, Singapore Airlines (C6L.SG) on its decision to buy a 10% stake in Virgin Australia (VAH.AU).
 

*DJ CapitaLand 3rd-Quarter Net Profit S$148.5 Million vs. S$80.2 Million 
 
October 29, 2012 19:26 ET (23:26 GMT) 
DJ Tiger Airways 2nd-Quarter Net Loss Narrows on Improved Australia Operations

SINGAPORE--Tiger Airways Ltd. (J7X.SG), which is 32.7%-owned by Singapore Airlines Ltd. (C6L.SG), said Tuesday its net loss for the second quarter narrowed on an improvement in its Australian operations. 
Net loss for the three months ended Sept. 30 was S$18.3 million (US$14.9 million), compared with a S$49.9 million loss a year earlier, the Singapore-based carrier said in a statement. 
"Revenue for the quarter rebounded 78.9% to S$197 million from the low base of S$110 million in the second quarter of 2011, which coincided with the six-week suspension of Tiger Australia's operations," the airline said. 
It said the improvement was a result of increased capacity, stronger yield and higher passenger load factor. 
Tiger's Australian fleet was grounded July 2 for nearly six weeks after two flights flown by the same pilot approached airports in Melbourne below a safe altitude, stoking earlier concerns from Australian aviation regulators about pilot-training and maintenance procedures. 
Revenue increased 78.9% to S$196.7 million from S$109.9 million, while expenses rose 37.7% to S$208.2 million from S$151.1 million. 
The airline said it will continue to focus on returning to profitability.

Daily Review

30 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

SUMMARY

1. SING POST ($1.16, unch): Underlying profit

was barely changed at $32.75 mln in Q2 ended Sept

’12 (in line with trend over the past many years) with the modest decline in the Mail business offset by

gains in Logistics, Retail. Quarterly dividend rate

of 1.25 cents and final variable of 2.5 cents translate to 5.4% yield. The stock, which still merits a BUY,

has done relatively well, now 6% below the $1.24

post-crisis high reached in Oct ’10, and 14 cents /

11% below the 2007 peak of $1.30.

2. CDL HOSPITALITY ($2.07, up 2): Distributable income for Q3 is slightly lower than a year ago. Based on 11.36 cents DPU for 12 months to Sept ’12, yield is 5.5% . We prefer Ascott Reit.

3. TIGER AIRWAYS (73.5 cents, down half): Net loss widened to $18.3 mln in Q2 ended Sept ’12 from $13.7 mln in the preceding quarter. Tiger has sold 60% of Tiger Australia to Virgin Australia for A$35 mln (thereby booking a S$120 mln gain given the negative NAV of Tiger Australia, and other adjustments). SIA in turn has invested A$105 mln (S$132 mln) in a 10% stake in Virgin. Tiger’s effective "allowing" Virgin to run Tiger Australia could well give its shares a near term boost, but stock is likely to remain in a bottom-finding mode. It has been vacillating between 60 cents and 77 cents after going ex-rights last October. Still a SELL.

4. NOL ($1.145, down 2.5): Company has issued $300 mln 7-year fixed rate bonds with a coupon of

4.4%. We think this is a fairly attractive issue.

This message was edited by Lucky3902 on 30-Oct-2012 @ 9:56 AM

Regional Morning Notes

Tuesday, October 30, 2012

KEY STORY

Regional

Container Shipping Sector Page 3

Turnaround becoming clearer. Upgrade to OVERWEIGHT.

Key Indices

REGIONAL Sector

Container Shipping Sector Page 3

Turnaround becoming clearer. Upgrade to OVERWEIGHT.

CHINA Sector

Property Page 5

China Property Weekly – Last week’s sales appear to be stabilising.

Results

China Merchants Bank (3968 HK/SELL/HK$14.92/Target: HK$14.00) Page 7

Source: Bloomberg

Top BUYs/SELLs

Current Target Pot

3Q12: Weakening fundamentals despite earnings beating estimate.

China Southern Airlines (1055 HK/BUY/HK$3.67/Target: HK$4.71) Page 10

3Q12: Net profit soars 1,600% qoq, while operating margin remains stable.

China Telecom (728 HK/HOLD/HK$4.57/Target: HK$5.10) Page 13

3Q12: Results in line; iPhone5 launch could pressure 4Q12 earnings.

Dongfang Electric Corporation Limited Page 16

(1072 HK/HOLD/HK$12.54/Target: HK$15.00)

3Q12: Earnings at risk. Downgrade to HOLD.

Zhaojin Mining (1818 HK/HOLD/HK$13.08/HK$14.70) Page 19

3Q12: Taking profit on the back of in-line 3Q12 results.

INDONESIA R

Company Ticker Price Price +/- (lcy) (lcy) (%)

Top BUYs

China Mobile 941 HK 85.90 100.00 16.4

Kunlun Energy 135 HK 13.92 16.80 20.7

Sinopharm 1099 HK 25.00 28.20 12.8

Multi-Purpose Hldgs MPU MK 3.64 4.20 15.4

Key Assumptions

2011 2012F 2013F GDP (% yoy)

Bank Central Asia (BBCA IJ/BUY/Rp8,100/Target: Rp9,400) Page 25

3Q12: Gradual qoq improvement in NIM on robust loan growth. Maintain

BUY.

MALAYSIA Sector

Consumer Page 28

Competitors will eventually follow BAT in raising prices by 20 sen/pack, which should positively impact JTI (M)’s bottom-line.

SINGAPORE Sector

Property Page 30

Demand side industrial measures ahead?

Results

Eu Yan Sang International (EYSAN SP/SELL/S$0.64/Target: S$0.49) Page 32

1QFY13: No positive catalyst in sight.

Starhill Global REIT (SGREIT SP/BUY/S$0.79/Target: S$0.92) Page 35

3Q12: Wisma Atria continues to sparkle.

Hong Kong 5.0 1.5 3.5

China 9.3 7.6 8.0

2011 2012F 2013F

WTI (US$/bbl) 97.5 102 111

Aluminium (US$/mt) 2,420 1,993 1,963

Copper (US$/mt) 8,851 7,865 8,225

Gold Price London (US$/ounce) 1,568 1,645 1,775

Iron Ore (USc/dmtu) 168 126 128

CPO (US$/mt) 1,025 1,030 1,110

BDI 1,548 1,700 1,800

Source: Bloomberg, UOB Kay Hian

Corporate Events

Venue Beg Close

CDL Hospitality Trusts Singapore 30 Oct 30 Oct

Brunch

Sino Grandness Singapore 6 Nov 6 Nov

Corporate Roadshow

Venture Corporation Singapore 9 Nov 9 Nov

Corporate Roadshow

Guinness Anchor Berhad Hong Kong 9 Nov 9 Nov

Corporate Roadshow

Edible Oils & Oil Services Singapore 26 Nov 27 Nov

Conference

Regional Morning Notes

Tuesday, October 30, 2012

THAILAND Results

Bangchak Petroleum (BCP TB/BUY/Bt26.25/Target: Bt34.00) Page 38

3Q12: Strong recovery in line with expectations.

Banpu (BANPU TB/HOLD/Bt389.00/Target: Bt430.00) Page 41

Net profit in 3Q12 to decline qoq as its Indonesia coal ASP falls. We cut

2012-13 net profit forecasts on lower coal price assumptions. Downgrade to HOLD.

Container Shipping Sector– Regional

Turnaround Becoming Clearer

Regional Morning Notes

Tuesday, October 30, 2012

OVERWEIGHT

(Upgraded)

Sector Update

Asia-Europe (AE) rates surged 22% wow, confirming capacity discipline remains intact. AE weekly capacity is expected to drop by 18% at end-Nov 12 compared with Sep 12. This drop is likely support AE rates during slack seasons. In addition, Transpacific (TP) profitability will improve significantly in 2013 on higher contractual rates. The turnaround in 2013 is highly visible now but valuations remain at trough range. Upgrade sector to OVERWEIGHT.

What’s New

 AE rates up 22% wow. According to the Shanghai Shipping Exchange, AE

rates have surged 22% wow to US$1,315/TEU as of 26 October and slot utlisation has risen to almost 100%. This confirms that the planned AE rate increase for 1 Nov 12 is very likely to be successful.

Action

 Upgrade sector to OVERWEIGHT. We upgrade the regional container shipping sector to OVERWEIGHT from MARKET WEIGHT (please refer to Essentials). The figure below shows the stock rating and target price

changes.

 Re-iterate BUY on CSCL and raise target price to HK$3.20 from HK$2.58. CSCL is our top BUY for its higher operating leverage and cheapest valuation of 0.7x 2013F P/B. Compared with NOL and OOIL, CSCL has the lowest exposure to TP contractual cargo (50% for CSCL vs

90-95% for OOIL and NOL), where rates are substantially lower than spot rates, and therefore benefits the most from the TP spot rates rally. Moreover, CSCL’s bunker fuel management capability has improved over time. It has locked in about 25% of full-year bunker fuel consumption at less than US$600/tonne, and the cost savings would take effect from 3Q13 onwards.

 Maintain BUY on NOL with a target price of S$1.54. We expect more earnings upgrades for 2013 by the street to drive up share price, on the back of: a) the sale of its office building, b) stronger-than-expected rates increase on the AE trade lane in 4Q12 and 1Q13 backed by intact capacity discipline, c) potential 15-20% improvement in TP contractual rates, and d) recent decline in bunker prices. Long-term earnings drivers could be improved efficiency alongside larger vessels being delivered in 2013-15.

 Upgrade OOIL to BUY from HOLD and raise target price to HK$63.90.

As the most efficient container carrier with a comprehensive logistics network, OOIL is a major beneficiary of the potential TP contractual rate

increase in 2013 for its 95% exposure to TP contractual cargo. We believe

OOIL will continue to be the most profitable carrier in the region.

Peer Comparison

Top Sector Picks

Source: UOB Kay Hian

Analysts

Lawrence Li

+8621 5404 7225 x813 [email protected]

Aochao Wang

+8621 5404 7225 x802 [email protected]

Curr- Price Fair Mkt Cap ----PE (x) --- ------- P/B (x) ----- ------EV/EBITDA--- ROE Company Ticker ency Oct-12 Price Rec US$m 2012F 2013F 2012F 2013F 2012F 2013f 2013

CSCL 2866 HK HKD 1.89 3.20 BUY 3757 84.3 13.8 0.7 0.7 29.4 15.2 4.6

OOIL 316 HK HKD 47.05 63.90 BUY 3891 19.3 13.6 1.0 0.9 8.0 6.3 6.9

SITC 1308 HK HKD 2.03 n.a. NR. 650 7.2 6.0 0.9 0.8 3.0 2.5 14.5

NOL NOL SP SGD 1.145 1.54 BUY 2429 16.8 15.1 0.9 0.9 15.4 8.2 6.1

Yang Ming

Marine 2609 TT TWD 11.15 n.a. NR 1149 n.a. 20.7 1.1 1.1 10.9 6.6 5.3

Wan Hai Lines 2615 TT TWD 14.45 n.a. NR 1090 32.9 17.7 1.1 1.0 3.4 3.2 4.9

Evergreen

Marine 2603 TT TWD 15.10 n.a. NR. 1775 28.9 13.5 0.9 0.8 6.3 6.4 6.2

AVERAGE 36.4 15.7 0.9 0.9 12.2 7.6 5.7

Source: UOB Kay Hian

*average excludes SITC due to difference in business model

Sector Catalysts

 4Q12 AE rates being higher than expected, improvement in TP

contractual rates

Assumption Changes

Regional Morning Notes

Tuesday, October 30, 2012

China Containerised Freight Index

1,400

1,300

1,200

1,100

Essentials

 Successful AE rate increase in Nov 12 confirms capacity discipline remains intact. According to the Shanghai Shipping Exchange, AE rates have surged 22% wow to US$1,315/TEU as of 26 October and slot

700

600

Jan

04

Jan

05

Jan

06

Jan

07

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

utlisation has risen to almost 100%. This confirms that carriers’ capacity discipline remains intact, which will help to improve the sustainability of the AE rate increase throughout 4Q12. After Maersk announced that it will

Source: Shanghai Shipping Exchange

TP and AE Rates

be reducing its AE capacity by 25% for Oct-Dec 12, CKYH and G6

Alliances also announced a 10-20% cut in AE capacity starting from late-

4,500

4,000

SCFI

Shanghai-Europe

Shanghai-US West Coast

Oct 12. We estimate that AE capacity will decline 18% in 4Q12-1Q13 as compared with Sep 12, which could well underpin rates throughout the slack season. For 2013, we would like to see effective fleet growth to be below the projected numerical fleet growth of 8.6% as we expect carriers to be more willing to lay up more vessels as the idle percentage (idle fleet to total fleet) increases.

 The turnaround in 2013 is highly visible now, driven by: a) AE rates will have a high base in 1Q13 as capacity discipline remains intact, and b) a 15-20% improvement in TP contractual rates for 2013 (2012 TP US West Coast rate: US$1,750/FEU). In addition, the recent decline in oil prices offers a good opportunity to lock up cheap bunker fuel for 2013.

 Mixed performance in 3Q12 due to exposure to spot cargo. Most carriers turned around in 2Q12 and we expect them to deliver strong earnings in 3Q12 on a qoq basis. However, their earnings will depend on their exposure to spot cargo, particularly on the TP trade. NOL’s US$50m net profit for 3Q12 is below our estimate of US$80m, which we believe is due to its greater exposure to contractual cargo on both AE and TP routes. However, we expect CSCL to deliver strong 3Q12 earnings, thanks to its high exposure to spot cargo on both the AE and TP trade lanes.

3,500 Shanghai-US East Coast

3,000

2,500

2,000

1,500

1,000

500

0

Source: Shanghai Shipping Exchange

Deliveries Forecast - UOBKH vs

Alphaliner

(k TEU)

2,500

2,000

1,500

1,000

500

0

 Mid-cycle fundamentals, but trough valuation. Overall, we believe a mid-cycle P/B-based valuation of 1.1-1.3x would be applicable now and current sector valuation (for Hong Kong- and Singapore-listed stocks) of

0.9x is close to the historical mean -1SD, or within the trough range. We

would like to see a 20-35% upside in sector performance from here.

Risks

 Key risks include: slower-than-expected economic recovery in Europe, faster-than-expected vessel delivery.

2012F 2013F 2014F

UOBKH Es timate A lphaliner Es timate

Source: AXS Alphaliner, UOB Kay Hian

UOBKH Supply-Demand Model

(%)

20.0

Supply Gro wth

15.0

10.0

5.0

0.0

Demand Gro wth

-5.0

-10.0

2002 2004 2006 2008 2010 2012F 2014F

Source: AXS Alphaliner, UOB Kay Hian

Please see important notice on last page Page 4 of 44

Regional Morning Notes

Tuesday, October 30, 2012

China Merchants Bank (3968 HK) SELL

3Q12: Weakening Fundamentals Despite Earnings Beating

Estimate

Despite earnings beating consensus, fundamentals have weakened in the quarter. CMB reported an 11bp NIM contraction and asset quality further deteriorated. Given its higher exposure to smaller enterprises and higher sensitivity to rate cut, we expect further earnings pressure into 4Q12. We believe the market is likely to react negatively to the results. Maintain SELL. Target price: HK$14.00.

3Q12 Results

Financial Indicators (qoq chg unless stated otherwise)

Company Results

Share Price HK$14.92

Target Price HK$14.00

Upside/downside -6.2%

Company Description

China Merchants Bank is one of the largest joint- stock banks in China, providing a full range of commercial banking services.

Stock Data

GICS sector Financials Bloomberg ticker: 3968 HK Shares issued (m): 21,577

Market cap (HK$m): 280,267.5.0

Market cap (US$m): 36,162.1.2

3-mth avg daily t'over (US$m): 31.9

Source: China Merchants Bank, UOB Kay Hian

Results

 Earnings beat consensus but with weakening operating metrics.

China Merchants Bank (CMB) reported 3Q12 net profit of Rmb11.4b,

5.9% above consensus, mainly due to lower-than-expected provisioning charges made during the quarter. In our view, operating trends are weakening and lagging behind peers reported so far.

Stock Impact

14.2 7.2 (9.1) (11.8) (5.0)

Major Shareholders %

China Merchants 18.01

FY12 NAV/Share (Rmb) 9.07

Price Chart

 NIM and asset quality trends negative to share price. We believe the market is likely to react negatively to the NIM trend, especially since: a) after most banks reported mild NIM expansion during the quarter, and b) the bank had already leveraged up its loan-to-deposits (LDR) ratio to try to support NIM. Given LDR was already 76% in

3Q12, we expect limited room for further leveraging up of the LDR and even higher NIM pressure in 4Q12.

 In addition, the further-deteriorating asset quality and the still pending rights issues will likely drag share price further. We expect selling pressures on the stock after the recent rally.

(lcy)

20

18

16

14

12

10

100

50

0

Volum e (m )

CHINA MERCHANTS BANK-H China Merchants Bank-H/HSI Index

(%)

130

120

110

100

90

80

70

60

Key Financials

Oct 11 Dec 11 Feb 12 Ap r 12 Jun 12 Aug 12

Source: Bloomberg

Analysts

Edmond Law

+852 2826 4837 [email protected]

Christopher Chan

+852 2826 1351 [email protected]

Source: CMB, Bloomberg, UOB Kay Hian

Please see important notice on last page Page 7 of 44

• Tiger Airways, Virgin Australia and SIA - Teaming up to take on Qantas. Positive for Tiger, muted impact on SIA

Wired Daily

Starhil Global Reit results in line, 9M DPU makes up 76% of our forecast. We expect rising contribution from Wisma Atria, more upside after adjusting tenancy mix and upgrading works. Maintain BUY, TP adjusted higher to S$0.84 (Prev S$ 0.81), to account for higher rental income following the shop reconfiguration, as well as adjustments to Wisma Atria’s lease profile.

Ho Bee Investment will book a net gain of about $25.9m from its $163m sale of Hotel Windsor at MacPherson Road when the transaction is completed. Hotel Windsor is on a 54,418 sq ft site zoned for hotel use. The $163m pricing reflects around

$1,042 psf. The completion is expected to take place by May

13 next year. The buyer is LVND Homes Pte Ltd, the consortium that is developing One Dusun Residences in the Balestier area which recently sold very well. The consortium's members are Nobel Design Holdings, Lian Huat Group (controlled by the Kho family), Expand Group (headed by Von Lee) and Steel Industries (headed by David Ong).

Sound Global has won the bid for the sewage treatment plant network project located in 14 rural areas in Siyang County, Jiangsu Province, PRC. The project has a licensed operating term of 30 years with total investments amounting to approximately RMB240m. The term of construction is around

13 months. It is expected that the construction will be completed and operation will commence by the end of November 2013. Following the Changsha Project, Fushun Project and Jiangyan Project, the Siyang Project will increase Sound Global’s number of rural sewage treatment projects in the PRC to 4.

Mirach Energy is proposing to place out 38.3m new shares and an option to place another 19.2m shares at S$0.12 per share. The issue price represents a premium of approximately

138% to the last volume weighted average price. The net proceeds of about S$4.5m will be mainly used for exploration and development of oil fields.

Prices of resale flats stayed at a record high in the third quarter, after having grown at the fastest pace of the year. The Resale Price Index (RPI) for Q3 stood at 197.9, an increase of 2% over the previous quarter, data from the Housing and Development Board (HDB) showed yesterday. This was in line with earlier official estimates. Resale prices had grown at

1.3% in the second quarter, and 0.6% in the first quarter. For the first nine months of the year, prices have gone up 3.9%, the HDB said. The number of resale transactions, however, fell

6% to 6,560 from Q2, after surging 19% in the previous quarter.

Separately, data released by the URA shows the number of new private properties in the pipeline ballooning to more than

100,000 units at the end of 3Q. This is the highest-ever total recorded since data was collected in 2001. This news raises the concern of oversupply and could dampen interest for potential property buyers looking for investment and leasing purposes. The upcoming private home supply comprises

83,975 private residential units, 9,824 executive condominiums and 10,070 units from land sites that the Government has sold or that are slated for sale. In addition, HDB announced yesterday it will roll out another 6,400 BTO flats next month to bring its crop of new flats this year to

27,000, which is also a record high.

US markets were closed yesterday as Hurricane Sandy, which has since been downgraded to a tropical storm, approached the East coast. While the storm is still expected to cause damage, any negative US equity market reaction from it should be short-lived. After all, reconstruction follows destruction. Of more interest will be this week’s data heavy releases that end with Friday’s employment figure. Consensus calls for non-farm payrolls of 125k (previous 114k) with the unemployment rate expected at 7.9% (consensus 7.8%). The Case-Shiller home price index is on tap today. Investors expect the figure to rise again for an 8th consecutive increase. We keep our view for a near-term technical rebound in the Dow off 13000 but cap at 13275.

Straco Corporation Limited 23-Oct-12 Share Buy-Back 100,000 0.2600

Source: SGX Masnet

St o c k

Tran sac t ed

Dat e Su b st an t ial Sh areh o ld er/ Direc t o r

Bu y / Sell

/ Co nv

No o f Sh ares ('00 0 )

Pric e Per

Sh are $

%Issued Cap B ef o re Ch an g e

%Issued Cap A f t er Ch an g e

Cordlife Group 18-Oct-12 Yee Pinh J eremy Buy 25 0.58 0.7 0.71

Pan United 18-Oct-12 Cecil V iv an Richard Wong Sell 100 0.7 0.08 0.06

Adv anced Sy stems Auto 17-Oct-12 Cheah Siew In Sell 19664 - 11.09 9.77

Aussino Group 17-Oct-12 Anthony Lim * Sell 2500 0.13 30.68 29.86

Aussino Group 17-Oct-12 Samcorp Capital Sell 2500 - 30.52 29.69

Cordlife Group 17-Oct-12 Ho Choon Hou Buy 35 0.58 0.25 0.27

K1 V entures 17-Oct-12 Prof Neo Boon Siong Buy 45 0.13 0 0

K1 V entures 17-Oct-12 Dr Lee Suan Yew Buy 45 0.13 0.01 0.01

TMC Education 17-Oct-12 Chin Kon Yuen * Buy 20 0.07 16.37 16.38

TMC Education 17-Oct-12 Yeow Cheng Khim Buy 20 0.07 16.37 16.38

Yanlord Land Group 17-Oct-12 Aberdeen Asset Mgtm Asia * Buy 2000 - 5.96 6.06

Global Yellow Pages 16-Oct-12 Marathon Asset Mgtm LLP * Sell 332 - 6.05 5.99

GuocoLeisure 16-Oct-12 Quek Leng Chan * Buy 667 0.65 66.59 66.64

Hanwell Hldgs 16-Oct-12 Goh Seng Hui Buy 1150 - 14.2 14.41

PCA Technology 16-Oct-12 Hobson Ng Buy 100 0.13 21.98 22

UIC Corp 16-Oct-12 Wee Cho Yaw * Buy 101 2.83 48.13 48.14

Yanlord Land Group 16-Oct-12 Aberdeen Int'l F und Mgrs * Buy 1446 1.24 4.96 5.03

BH Global Marine 15-Oct-12 Poh Choo Bin Buy 435 0.19 4.93 5.02

TMC Education 15-Oct-12 Chin Kon Yuen * Buy 42 0.07 16.35 16.37

TMC Education 15-Oct-12 Yeow Cheng Khim Buy 42 0.07 16.35 16.37

UPP 15-Oct-12 Lim Eng Hock Sell 6750 - 25.98 24.95

V enture Corp 15-Oct-12 Aberdeen Asset Mgtm Asia * Buy 219 - 22.93 23.01

China Essence Group 12-Oct-12 Sanlam Univ ersal F und Sell 341 - 7.04 6.95

Golden Palm Resources 12-Oct-12 GPR Inv estment Hldgs Buy 579 - 72.96 73.1

HG Metal 12-Oct-12 Tan Kim Seng Buy 400 - 0.33 0.37

J asper Inv estments 12-Oct-12 Phillip J effrey Saile Sell 1500 0.06 0.1 0.06

Sound Global 12-Oct-12 Wen Yibo Buy 1281 0.54 0.81 0.91

Tee Int'l 12-Oct-12 Phua Chian Kin Sell 17000 0.12 60.9 41.35

Addv alue Tech 11-Oct-12 Merida Resources Buy 1000 - 5.05 5.13

Aussino Group 11-Oct-12 Samcorp Capital Sell 91 - 30.55 30.52

Aussino Group 11-Oct-12 Anthony Lim * Sell 91 - 30.55 30.52

Multi-Chem 11-Oct-12 Han J uat Hoon * Buy 60 0.13 39.67 39.69

Multi-Chem 11-Oct-12 F oo Suan Sai * Buy 60 0.13 39.67 39.69

SingTel 11-Oct-12 Chua Sock Koong * Buy 558 3.19 0.09 0.1

Sound Global 11-Oct-12 Wen Yibo Buy 614 0.53 0.76 0.81

TA Corp 11-Oct-12 Koh Wee Seng Buy 300 - 8.62 8.69

TMC Education 11-Oct-12 Chin Kon Yuen * Buy 60 0.07 16.31 16.35

TMC Education 11-Oct-12 Yeow Cheng Khim * Buy 60 0.07 16.31 16.35

UIC Corp 11-Oct-12 Wee Cho Yaw * Buy 163 2.83 48.12 48.13

*Deemed Interest

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