• Broadway - Downgrade to Fully Valued on potential downside near term, TP lowered to S$0.26
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Today’s Focus

•    Broadway - Downgrade to Fully Valued on potential downside near term, TP lowered to S$0.26

Broadway Industrial reported operating losses of S$5m on weak demand and high cost. With persistent
margin pressure and uncertain HDD recovery, our analyst has cut FY12/13F earnings by 38%/29%.
Accordingly, TP is lowered to S$0.26 (Prev S$ 0.38) based on peer average of 7.4x PE. Downgrade to
Fully Valued on potential downside near term.

Losses for Tiger Airways continue in the seasonally weaker 2QFY Mar13 quarter. The bigger story at
this point, however, is the proposed JV between Tiger Airways and Virgin Australia in a bid to
enhance and expand the Tiger Australia platform. Virgin Australia will buy 60% stake in Tiger
Australia, signaling a higher growth trajectory. We view this as an opportunistic move by Tiger
Airways to improve balance sheet and partner with Virgin. If and when the deal is finalised,
subject to regulatory risks, Tiger Airways will be booking a net gain of about S$120m from the
transaction, which boosts its NTA per share by about 60% to 42Scts per share. Though we lower  our
revenue and earnings projections for Tiger Airways in FY14/15F to account for potential
de-consolidation of Tiger Australia earnings, the improved balance sheet, better  earnings quality
and growth prospects should lead to a rerating. We are positive on this development; maintain BUY
with higher TP of S$0.95 (Prev S$ 0.90).

Wing Tai reported a strong set of 1Q13 results, slightly ahead of expectations. Going forward,
progressive billings and new launches are expected to underpin income stream. Its recent win of
land parcel at Redhill has extended earnings visibility. Upgrade to Buy, TP $1.83 (Prev S$ 1.75).

Results for CapitaLand in line, 9-mth numbers makes up 80% of our full year forecast. Improvement
was seen across all segments. Looking ahead, earnings momentum is likely to sustain into 4Q12 from
its residential activities in China. In the medium term, the acceleration in CMA’s performance is
expected to underpin core ROE expansion. Maintain Buy, with a slightly higher TP of S$3.54 (Prev S$
3.42).

Wired Daily

2QFYMar13 net profit for SIA Engineering is on track with our estimates. A higher interim DPS of
7Scts (up from 6Scts) was declared. Outlook for MRO demand remains fairly stable. Maintain BUY for
resilient earnings and >5% yield, TP is unchanged at S$4.40.

3Q12 results for CDL Hospitality Trust slightly below expectations, caused by a 1% drop in RevPAR
by the Singapore Hotels and the weakening AUD/SGD exchange rate. Revenues could peak in 4Q12 due to
year end peak activities  in its banquet and F&B revenues. We believe that   opportunities for
further meaningful hikes in RevPAR are unlikely in the coming 2 quarters and will weigh on stock
price performance in the near term. HOLD call maintained with a reduced TP of S$2.01 (Prev S$
2.09). Stock offers a   prospective FY12-14F yield of 5.9-6.3%.

Indo Agri Resources reported 3Q12 net profit of Rp257.9 bn (+2% q-o-q and -12% y-o-y). This was
ahead of our expectations of Rp192-210 bn, due mostly to lower-than- expected cost of sales. Our
HOLD and TP are under review, pending further details at the results briefing this morning.

JES International has secured a second newbuild order for a Platform Support Vessel since it
expanded its shipbuilding business into the offshore oil & gas industry. The second contract was
secured from the same customer based in Norway, and is also scheduled for delivery at the end of
FY2014. With the new order, JES now has a total of 2 PSVs in its offshore support vessels order
book.

Share Buy-Back
Company                                                                     D.O . T .              
                Buy / Sell                    No.of shares                           S$/ shr
Hotung Inv estment Hldgs Ltd                                30-Oct-12                   Share Buy
-Back                            350,000                         0.1490
GKE International Limited                                      29-Oct-12                   Share
Buy -Back                            605,000                         0.1568
United Intl Securities Ltd                                        29-Oct-12                   Share
Buy -Back                              10,000                         1.1500
CDW Holdings                                                       25-Oct-12                   
Share Buy -Back                            600,000                         0.0940
Hotung Inv estment Hldgs Ltd                                25-Oct-12                   Share Buy
-Back                            390,000                         0.1495
HG Metal Manufacturing Ltd                                25-Oct-12                    Share Buy
-Back                         1,910,000                         0.0805
Engro Corporation Limited                                     24-Oct-12                    Share
Buy -Back                              40,000                         0.9000 GKE International
Limited                                      24-Oct-12                   Share Buy -Back           
                829,000                         0.1565
HG Metal Manufacturing Ltd                                24-Oct-12                    Share Buy
-Back                            567,000                         0.0810
Ov erseas-Chinese Banking Corp                                24-Oct-12                     Share
Buy -Back                                 50,000                           9.2200 Straco
Corporation Limited                                        24-Oct-12                      Share Buy
-Back                                 40,000                           0.2600

Wired Daily

Substantial Shareholders’ Transactions: 11 Oct – 18 Oct 2012

Transac t ed

Buy / Sell

No of

Pric e Per

%Issued

%Issued

St oc k

Dat e                       Subst ant ial Shareholder/ Direc t or

/ Conv

Shares ('000)

Share $

Cap Bef ore
Change

Cap A f t er Change

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