Daily Review
01 N ovember 20DBS

S$13.90-DBSM.SI

● It is perhaps just as well that DBS, like its local peers, has already seen its share price come
under pressure in recent weeks.

● The just -r eleased r esult s for Q 3 ar e har dly disappointing, other than the continued margin
pressure, averaging 1.67% in Q3 vs 1.72% the preceding quarter and 1.73% a year ago. Also, loans
& advances fell 1.3% sequentially, albeit generally been expected.

● N et interest income, fee income, capital ratios all showed good improvement sequentially and
compared to a year ago.

● It is also worth noting that customer deposits rose 4.2% sequentially to $240.18 bln (hence the
drop in loan deposit ratio to 84.3% from 89%), especially as year end approaches. (See note below.)

● Although DBS shar es have not been particular ly rewarding, they remain attractive, now yielding
4.03% and trading at 1.08x RN AV of $12.84 a share, including the $828 mln valuation surplus.

S$ DEPO SIT S / F & N

● It is worth noting the competition for S$ deposits
among the banks, especially foreign ones.

● Standard Chartered Bank is currently offering 1.2% for fixed deposits, while Malayan Bank is
tempting with 1.6%.

● This is significant as 2012 is fast drawing to a close, and bankers across the globe have Basel
III v ery much on their minds (eg banks with high dependence on inter bank funds).

S$9.16-FRNM.SI

● The above may have implications for OUE’s aspirations to launch a counter bid for F&N. Note that
DBS and UO B ar e committ ed t o C har oen S / T hai Beverage, while OCBC may not want to
participate in the bidding war over F&N, ie funding costs would not come cheap for the Riadys.

● Current offer for F&N closes a week from now, unless once again extended.

S$0.675-CRTS.SI

● Yesterday, H SBC bought 280,000 shares at 67 - 71 cents, as part of the stabilization action
program, ie only another 100,000 shares to go, which should be completed by today.

● W hile yest er day’s weakness could well be in anticipation of this, we expect the stock to
remain under pressure for a while.

● W e did not recommend Subscribe for the IPO priced at 77 cents a share.

DMG & Partners Research         2QFY13 Results Review                         Private Circulation
Only
TRANSPORT

Joshua Low
+65 6232 3884
[email protected]

Land Transport
Largest MRT operator in Singapore . Besides MRT ops, business areas include LRT, bus services, taxi
services, rental and adverts etc.

Stock Profile/Statistics
Bloomberg Ticker                               MRT SP STI                                          
               3,038
Issued Share Capital (m)                       1,520
Market Capitalisation (S$m)                   2,638 52 week H | L Price (S$)              1.880
1.600
Average Volume (‘000)                              638
YTD Returns (%)                                       -2.0
Net gearing (%)                                           3.7
Altman Z-Score                                           2.9
ROCE/WACC                                             2.1
Beta (x)                                                    0.54
Book Value/share (S¢)                              51.1
Major Shareholders (%)
Temasek                                                   54.3

Share Performance (%)
Month              Absolute              Relative
1m                        3.6                      4.3
3m                        6.4                      6.4
6m                        3.3                      1.3
12m                    (5.7)                   (12.1)

6-month Share Price Performance

1.80

1.75

1.70

SMRT                                   NEUTRAL               
Price                S$1.735

Previous            S$1.60
Target                S$1.60
Losses from bus ops continue to be a drag

Earnings inline. SMRT’s 2QFY13 PATMI came in within our expectations and was down 2% YoY to S$33m
(-9% QoQ), amounting to 25% of our full year forecast. Top-line grew 8% YoY to S$281m (+2% QoQ) on
the back of broad based growth (with exception of the engineering and other services segment) which
was more than offset by a 10% YoY increase in operating expenses. Cost pressures (more notably in
staff costs, depreciation and repair and maintenance) continue to be a dampener for a foreseeable
period. Maintain NEUTRAL with TP of S$1.60 based on DCF implying a FY13 P/E of 18x. An interim
dividend of 1.5S¢ a share has been declared.

Cost pressures remain a challenge; bus ops losses widened. Going forward, though management sees
increasing ridership as well as non-fare revenue to drive top-line growth, cost pressures, in
particular that for staff, depreciation and repair and maintenance could increase sequentially and
compress margins. 2QFY13 Bus operating losses in particular had widened 157% YoY to S$6.6m (+28%
QoQ) despite its top-line growing 2% YoY to S$57m.

Growing CCL ridership to provide a booster. In 2QFY13, the average ridership for CCL stood at
c.352-353k, while average weekday ridership was c.400k (versus average weekday ridership of c.350k
in 1QFY13). This is still under the estimated breakeven of c.450k/day for CCL. However, the
sequential growth is still encouraging and should help improve profitability for the group going
forward. SMRT’s rail ridership growth remains strong, rising by 7.9% YoY in 1HFY13.

Fairly valued, await better entry point. SMRT does not appear cheap trading at 19.4x FY13 (FYE Mar)
P/E versus ComfortDelGro’s 13.7x FY12 P/E. We think SMRT’s share price may see limited upside with
concerns on the cost pressures it faces. Positive catalysts could come in the form of an upward
revision in fares which could take place in early 2013.

FYE Mar (S$ m)                              FY10          FY11          FY12       FY13F      
FY14F

1.65

1.60

1.55
30-Apr-12                                30-Jun-12                                30-Aug-12        
                       30-Oct-12

Turnover                                          895.1         969.7      1,057.2      1,125.3    
 1,163.7
Net profit                                         162.9         161.1         119.9         135.9 
       145.7
% chg YoY                                          0.1           (1.1)         (25.6)          
13.3             7.2
Consensus PATMI                                                                                 
139.2         144.6
EPS (S¢)                                           10.7           10.6             7.9            
8.9             9.6
DPS (S¢)                                             8.5             8.5             7.5           
 7.2             7.7
Div Yield (%)                                       4.9             4.9             4.3            
4.1             4.4
ROE (%)                                            21.2           20.2           15.1          
16.6           17.1
ROA (%)                                            10.3           10.0             6.8            
6.9             7.5
P/E (x)                                               16.2           16.4           22.0          
19.4           18.1
P/B (x)                                                 3.4             3.3             3.3        
    3.2             3.1
Source: Company data and DMG Estimates

2QFY13 HIGHLIGHTS

MRT segment saw a 6.5% YoY increase in operating profit to S$24.3m (-4% QoQ) due to higher revenue
and lower energy costs, partially offset by higher depreciation, repairs and maintenance and staff
costs (due to increased headcount for maintenance and increased train runs). MRT ridership recorded
a strong 7.9% growth to 1.9m/day in 1HQFY13.

Figure 1: MRT ridership/day of

MRT daily ridership for NSEWL & CCL 1-5
FYE Mar                                       2008            2009            2010            2011 
          2012            2013
All in '000
Apr                                              1,200           1,369           1,400          
1,568           1,710           1,845
May                                             1,243           1,354           1,390          
1,591           1,698           1,877
Jun                                              1,253           1,376           1,431          
1,608           1,734           1,860
Jul                                               1,280           1,450           1,482          
1,690           1,801           1,925
Aug                                             1,277           1,426           1,449          
1,644           1,749           1,902
Sep                                             1,253           1,430           1,472          
1,658           1,788           1,899
Oct                                              1,292           1,408           1,477          
1,655           1,781
Nov                                             1,299           1,424           1,476          
1,651           1,830
Dec                                             1,311           1,399           1,524          
1,711           1,806
Jan                                              1,353           1,330           1,514          
1,710           1,765
Feb                                             1,292           1,407           1,470          
1,625           1,903
Mar                                             1,332           1,418           1,551          
1,735           1,890
Apr-Sep FY avg                         1,251           1,401           1,437           1,627       
   1,747           1,885
YoY growth                                                     12.0%           2.6%         13.2%  
        7.4%           7.9%
Source: Company data

Bus operation. Though ridership was growing at 3.4% in 1HFY13, the bus division’s operating losses
widened to S$6.6m (+157% YoY, +28% QoQ) in 2QFY13. This was mainly due to higher staff costs
(increase in basic salary for bus service leaders and increased headcount), depreciation (due to a
larger fleet) and repair and maintenance.

Figure 2: Bus ridership/d

Bus daily ridership
FYE Mar                                       2008            2009            2010            2011 
          2012            2013
All in '000
Apr                                                 753              806              782          
   844              899              922
May                                                759              785              791           
  837              887              928
Jun                                                 722              755              760          
   799              851              881
Jul                                                  776              827              817         
    880              921              948
Aug                                                767              804              796           
  850              895              933
Sep                                                750              793              790           
  861              897              919
Oct                                                 766              800              814          
   867              888
Nov                                                736              773              779           
  838              871
Dec                                                709              738              756           
  817              846
Jan                                                 809              781              831          
   892              892
Feb                                                773              810              810           
  857              938
Mar                                                 770              783              833          
   888              916
Apr-Sep FY avg                            755              795              790              845   
          892              922
YoY growth                                                       5.4%          -0.7%           7.1%
          5.5%         

Source: Company data
Taxi operation reported 2QFY13 EBIT of S$1.3m (+819% YoY, -13% QoQ). The stronger performance was
due to higher rental revenue from a larger hired out fleet, partially offset by higher depreciation
and repairs and maintenance.

Rental  EBIT  of  S$17.2m  was  higher  7.4%  YoY  due  to  increased  space  following
redevelopment of commercial spaces at various MRT stations.

Advertisement division posted lower EBIT of S$4.1m (-9% YoY) due to operating costs outpacing
higher revenue (from increased advertising on trains and stations).

VALUATION
We value SMRT at S$1.60 based on DCF implying a FY13 P/E of 18x. SMRT does not appear cheap trading
at 19.4x FY13 (FYE Mar) P/E versus ComfortDelGro’s 13.7x FY12 P/E. We think SMRT’s share price may
see limited upside with concerns on the cost pressures it faces. Positive catalysts could come in
the form of an upward revision in fares which could take place in early 2013. Maintain NEUTRAL.

SMRT P&L (S$m)

2QFY13 Growth (%)

year end Mar                                    2QFY12       3QFY12       4QFY12       1QFY13      
2QFY13             QoQ              YoY Revenue                                              261.1 
          268.2            274.8            275.2            281.2                2.2              
 7.7
MRT                                                     140.9            144.9            149.1    
       150.1            154.5                2.9                9.7
LRT                                                          2.5                2.4               
2.7                2.7                2.7              (0.4)              6.6
Bus                                                         55.8              54.4             
56.0              56.0              56.8                1.3                1.8
Taxi                                                        28.9              29.6             
29.2              31.1              33.2                6.6              14.8
Rental                                                     20.1              20.7              21.5
             21.5              22.0                2.6                9.7
Advertising                                               7.1                8.5                8.3
               8.0                7.2              (9.4)               2.2
Engg & other serv                                    5.9                7.6                8.1     
          5.7                4.9            (15.5)           (17.8)
Others                                                      0.0                0.1               
0.0                0.1                0.0            (48.1)          575.0
Operating expenses                         (223.8)         (227.7)         (263.0)         (245.1) 
       (246.7)               0.7              10.3
Staff costs                                             (85.0)           (83.4)           (87.2)   
       (91.3)           (93.3)               2.2                9.7
Depreciation                                         (33.9)           (37.8)           (37.3)      
    (38.4)           (40.9)               6.6              20.4
Amortisation                                             2.9                2.9                2.8 
              2.8                2.8               (0.3)             (3.5)
Repairs & maintenance                        (20.4)           (20.9)           (24.1)          
(25.4)           (26.1)               2.8              28.1
Electricity & diesel                                (43.4)           (40.4)           (42.4)       
   (42.7)           (41.0)             (3.8)             (5.5)
Impairment of goodwill                            0.0                0.0            (21.7)         
     0.0                0.0                0.0                0.0
Other operating exp                              (43.9)           (48.1)           (53.1)          
(50.2)           (48.2)             (3.9)               9.8
Other operating inc                                  4.8                5.9                6.0     
        13.8                6.1            (55.5)            29.1
Operating profit                                   42.1              46.4              17.8        
     43.9              40.6               (7.5)             (3.5)
Finance costs                                         (1.8)             (1.6)             (1.0)    
        (1.0)             (1.0)               1.0            (46.1)
Interest & investment inc                         0.3                0.3                0.5        
       0.3                0.4                8.3                6.4
Share of profit in assoc                            0.3               (0.1)               2.2      
         0.1               (0.4)         (813.2)         (213.2)
PBT                                                        41.0              45.0              19.5
             43.3              39.6              (8.5)             (3.2)
Tax                                                          (6.9)             (8.0)            
(5.5)             (6.9)             (6.3)             (8.1)             (8.2)
PAT                                                        34.1              37.0              13.9
             36.5              33.3              (8.6)             (2.2)

Profit Margin (%)
EBIT                                                     16.1%          17.3%            6.5%      
   16.0%          14.4%
Pretax                                                   15.7%          16.8%            7.1%      
   15.7%          14.1%
Net                                                        13.1%          13.8%            5.1%    
     13.2%          11.9%

YoY (%)
Revenue                                                   6.1              10.0              12.4  
             8.8                7.7
Pretax Profit                                          (25.4)           (11.8)           (51.3)    
          4.5               (3.2)
Net Profit                                               (25.5)           (13.9)           (59.0)  
            4.7               (2

Source: Company data and DMG estimates

Figure 4: Financials

SMRT P&L (S$m)                               FY10           FY11           FY12         FY13F      
  FY14F
year end Mar
Revenue                                               895              970           1,057         
 1,125           1,164
Operating expenses                         (741.0)         (794.3)         (930.6)         (979.0) 
       (998.7)
Other revenue                                      43.2             20.2             22.0          
  31.5             24.4
Operating profit                                197.2           195.6           148.7          
177.8           189.4
Finance cost                                         (7.9)             (7.1)             (6.2)     
     (16.5)           (16.0)
Interest & Investment inc.                      1.7               1.8               1.7            
  0.7               0.5
Share of profits from assoc.                   0.8               1.5               2.7             
 1.7               1.7
PBT                                                   191.7           191.7           146.9        
  163.7           175.6
Income tax expense                           (28.8)           (30.7)           (27.0)          
(27.8)           (29.8)
Attributable net profit                      162.9           161.1           119.9           135.9 
         145.7
SMRT BS (S$m)                                 FY10           FY11           FY12         FY13F     
   FY14F
year end Mar
Cash                                                  326.0           376.2           195.3        
    36.5             20.5
Receivables                                         54.2             64.6             64.3         
   75.4             78.0
Inventories                                           49.7             53.6             53.7       
     61.9             64.0
Others                                                    1.7               4.5               0.0  
            0.0               0.0
PPE                                                1,036.6           998.5        1,346.5       
1,687.7        1,679.7
Investments & others                         114.9           109.2             96.1            
96.1             96.1
Total Assets                                  1,583.2        1,606.6        1,755.9        1,957.7 
      1,938.3
Borrowings                                         250.0           250.0           150.0          
550.0           500.0
Payables                                            291.8           312.4           566.4          
353.1           359.8
Other financial liabilities                     271.3           245.1           248.2          
236.7           225.3
Total Liabilities                                813.2           807.5           964.5       
1,139.8        1,085.1
Share capital                                      163.1           164.8           166.5          
166.5           166.5
Retained earnings & other rese         606.9           634.3           625.0           651.4       
   686.8
Total Equity                                      770.0           799.1           791.4          
817.9           853.2
SMRT CF (S$m)                                 FY10           FY11           FY12         FY13F     
   FY14F
year end Mar
Operating cashflow                         326.6           283.3           282.1             49.9  
        293.9
Capex (net)                                         (86.9)         (106.8)         (234.3)        
(500.0)         (150.0)
Free cashflow                                   239.7           176.5             47.8         
(450.1)          143.9
Net borrowings                                       0.0               0.0          (100.0)        
 400.0            (50.0)
Dividends paid                                  (117.5)         (129.0)         (129.1)        
(109.4)         (110.3)
Net cashflow                                      80.7             50.8          (180.8)        
(158.8)           (16.0)

Key P&L figures                                 FY10           FY11           FY12         FY13F   
     FY14F
year end Mar
Revenue growth (%)                              1.8               8.3               9.0            
  6.4               3.4
PBT growth (%)                                     3.2               0.0            (23.4)         
  11.4               7.2
PBT margin (%)                                   21.4             19.8             13.9            
14.5             15.1
Net profit growth (%)                              0.1              (1.1)           (25.6)         
  13.3               7.2
Net Profit Margin (%)                           18.2             16.6             11.3            
12.1             12.5
Source: Company and DMG estimates

Today’s Focus

• Indofood Agri Resources - Wait for next year’s earnings

recovery, maintain HOLD, TP S$1.26

US markets reopened for trade and moved within the narrow

13000-13275 near-term band that talked about earlier.

Question is in which direction it will move out of this band.

Reaction to economic data for the rest of the week (e.g. ISM

manufacturing, non-farm payrolls), the outcome of next

week’s US Presidential election and corporate earnings will

play a part. Technically, we tilt more to a downside break

because the Dow’s 15-day exponential moving average

appears on the verge of cutting below it 65-day exponential

moving average, which is typically viewed with caution.

For Singapore, this week thus far has led to a further

downward revision for STI forward earnings. The 13.3x (-

0.5SD) FY13F PE is now 3057; 26pts lower compared to 3083

complied just last week. Unless there is upward revision from

here, it’s getting more likely that the STI will head lower this

month to the 2985 or even 2930 as the ‘declining growthinflation

pressure’ concern continues to weigh on sentiment

even as the year-end lull period arrives.

China’s Oct manufacturing PMI crossed into expansion

territory of 50.2 from 49.8 the previous month.

3Q12 earnings of Rp257.9bn for Indofood Agri Resources

were ahead of expectations. FY12F/13F/14F earnings are

adjusted by 1-2% as our analyst cut sugar planting from 2k ha

to 0.5k ha this year and adjusted sugar ASP slightly higher.

Despite stronger 4Q12 sugar contribution, weak CPO ASP and

high costs may continue to drag next year’s performance.

Maintain HOLD, TP slightly raised to S$1.26 (Prev S$ 1.25).

Wait for next year’s earnings recovery.

SMRT 2Q13 net profit within expectations with marginal 2%

drop; 1H13 accounts for 50% of our FY13F. EBIT margins

dropped 1.7ppts on higher operating costs. Lower interim DPS

of 1.5 Scts declared was not a surprise, down from 1.75 Scts

in 1H12, due to higher capex. Maintain Fully Valued with TP at

S$1.50. SMRT is trading at above mean valuations, which is

unwarranted.

Wired Daily

Sound Global has secured a BOT contract worth RMB98m in Hancheng City, Shaanxi Province. This would
raised YTD announced construction work of BOT projects to about RMB485m. Our update with Sound
Global indicated that the company has maintained current orderbook at around RMB2.5b. This implies
Sound Global has won RMB600-700m of new orders in the past quarter, which puts it on track to meet
our FY12 new win forecast of RMB1.7b. We believe this project will contribute positively to FY13
earnings and beyond. For the upcoming results on 12 Nov, we expect net earnings  of RMB139.4m for
3Q12. This represents 6% y-o-y and 19% q-o-q  growth.

United Envirotech is acquiring an 80% stake in a wastewater treatment and reclamation plant with
total capacity of 90,000 m3/day in Qitaihe City, Heilongjiang, China for RMB92m. Based on the
unaudited financial statements of Qitaihe Co for the 12 months ended 31 December 2011, the NTA 
attributable to the 80% Interest was approximately RMB61m.

Arrium Limited, an Australian listed steel and iron producer announced it had rejected a revised
acquisition proposal from a consortium consisting of Noble, POSCO, National Pension Service of
Korea, Korea Investment Corporation and Korea Finance Corporation. The revised cash offer price was
at A$0.88 per share up from the previous offer of A$0.75. This values Arrium at A$1.2bn and based
on consensus estimates, implies a FY13F and FY14F PE of 7.2x and 3.9x. It was also reported that
the consortium will cease seeking engagement with the Arrium board, thus no change to our numbers
but we are currently reviewing our numbers for Noble pending review of 3Q12 commodity prices and
trade data.

AusGroup has secured fabrication work with Subsea 7, a seabed-to-surface engineering, construction
and services contractor to the offshore energy industry worldwide. The

contract is for the fabrication of post metrology subsea spools for the Chevron-operated Gorgon
Project. Preparation work will commence immediately with the six-month fabrication program starting
in late 2013. With this contract award, AusGroup’s order book now stands at A$280m.

Ying Li is proposing to issue Singapore dollar-denominated bonds to partially refinance the S$200m
4.0% convertible bonds due 2015 and for other outstanding borrowings and general corporate
purposes.

Bank loans growth slowed to 0.7% m-o-m, as sluggish economic activity dampened the expansion of
business loans. Domestic banking unit loans edged higher to $472.3 bn by  the end of September,
slower than the 2.3% growth in August. In year-on-year terms, loans growth slowed for a 10th
consecutive month in September to 16.5%, down from August's 19.2%. Business loans barely expanded
over the month, inching 0.3% up to $274.5 bn, after a 3% increase in August. Compared to a year
ago, total business loans grew 17.5% - its slowest pace since February 2011 and slower than
August's growth of 22.3%. Consumer loans growth held steady, supported by robust wage growth and
continued activity in the property market. Total consumer loans reached
$197.8 bn by the end of September, rising 1.4% from August and 15.1% from last September. This was
similar to August's 1.3% m-o-m and 15.1% y-o-y growth.

Unemployment rate in Singapore remains low, at 1.9% in September, dipping from 2% in the previous
quarter, near its all-time low of 1.7%. But this was largely due to a tightening of labour supply
brought on by the squeeze on foreign workers. Meanwhile, fewer jobs are being created as economic
weakness starts to bite while layoffs jumped to a new post-recession high.

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

Source: SGX Masnet

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