20/04/2015 Singapore Traders Spectrum

Wired Weekly Refer to important disclosures at the end of this report

DBS Group Research . Equity

20 Apr 2015

KEY POINTS  

STI – Limited upside above 3530 for now, any meaningful pullback to 3450 offers an opportunity Noble Group – Price resilience at $0.85, accumulate at current level, upside to $0.98 followed by $1.075

Straits Times Index

FTSE Small Cap Index

ST Index

3,600

FTSE Small Cap Index

580 560

3,500

540 3,400 520

Wired Weekly STI’s rally from a low of 3360 since mid-March has lifted valuation to 13.8x (ave) 12-mth forward PE, currently at 3520. We see limited upside above 3520 for now but any meaningful pullback should find support at 3430-3450, which coincides with the 13.4x (-0.25SD) 12-mth forward PE and the 65-day exponential moving average. Given the recent strong run-up, penny stocks are more vulnerable to a consolidation or profit taking should the Singapore equity market pulls back. The 1Q15 results reporting season has started. This week will see about half or 14 REITs under our coverage releasing earnings. SGX will also report results this week. We maintain our positive technical view on Noble Group. The stock shows firm resilience at 85cts despite the recent allegations by Iceberg Research and Muddy Waters. From a technical perspective, we advocate accumulating the stock at its current level that is slightly above 85cts. Scope for upside to $0.98 (23.6% upward retracement), followed by $1.075 (38.2% upward retracement). Finally, we think that SMRT share price’s positive reaction to its agreement with OMGTel has hit short-term resistance at $1.70. We had taken a positive trading view on the stock at $1.57-1.60 a month ago. Traders who had bought the stock should look to take profit near $1.70. Near-term support is around $1.645.

3,300 500 3,200

3,100 Apr-14

480

Jul-14

Oct-14

Jan-15

Apr-15

STI and 12-mth forward PE 4000 3800

www.dbsvickers.com ed: TH / sa: AS

Oct-14

Jan-15

Apr-15

Brent Crude Oil US$/barrel 120

Average @ 13.8x

110

3600

Brent Crude Oil

100 -0.5SD @ 13.0x

3400

90 80

3200

70

3000

60

2800

50

2600 Jan-13

Jul-14

+0.5SD @ 14.5x

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

40 Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

Source: Datastream, DBS Bank

FTSE Indices 5-Day Performance F T SE Sec t oral Indic es STI Mid Cap Small Cap All Share China Real Estate Real Estate & Dev Real Estate Inv Trust Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Serv ice Telecommunication Utilities Financials Technology

Index @ 17- A pr- 15 3,525.19 805.12 505.10 845.85 244.22 820.72 841.04 816.09 592.09 146.43 821.17 515.01 1,407.22 861.71 1,162.20 588.60 929.39 426.39

Source: Bloomberg Finance L.P.

Yeo Kee Yan (65) 6682 3706 [email protected]

460 Apr-14

1 Wk % Chg 1.5 1.2 1.4 1.5 2.0 0.3 1.2 -0.5 2.5 5.7 -0.1 1.8 4.0 1.4 0.9 10.8 1.8 -2.5

YTD % Chg 4.8 7.5 2.6 5.1 10.1 8.6 12.7 4.7 2.5 16.7 1.7 5.0 21.7 2.8 13.4 24.2 5.0 3.7

Singapore Traders Spectrum Wired Weekly

Singapore Market Summary STI ended the previous week up 53pts (+1.5%), off a high of 3550. Banks led gains. The Singapore market’s rise came on the back of the strengthening of SGD after the MAS kept monetary policy unchanged, against expectation for further loosening, and maintained 2015 GDP forecast at 2-4%. In addition, there was the positive spillover effect from the China and HK equity market rallies. STI’s rally from a low of 3360 since mid-March has lifted valuation to 13.8x (ave) 12-mth forward PE, currently at 3520. While the still positive momentum leadership in HK/China equity markets currently limits pullback depth, being a ‘follower’ status here works both ways. Both HK/China markets have risen considerably and are susceptible to profit-taking. Any sharp pullback there will have a similar effect here. Limited upside above 3520 for now, pullback support towards 3450 offers opportunity Moving above average valuation at this stage makes the Singapore market more vulnerable to profit-taking, as seen

last week when the STI rose to 3550 but was beaten back. At the same time, we think there is only a low likelihood of any strong positive surprises to earnings revisions in the 1Q results season that has just started. This is because analysts generally take a conservative approach and tend to leave their earnings forecasts unchanged this early in the FY. Technical indicators are also forewarning a pullback. The 8wk RSI and weekly stochastics are at overbought levels above 70 and 80 respectively. The McClellan Oscillator, which is a measure of short-term market breadth, also shot up to an overbought level approaching 40 (levels above 30 are considered overbought). The chart below shows that penny stocks have risen the most since mid-March when the current rally in the Singapore equity market started. Penny stocks are thus more vulnerable to profit-taking should the equity market consolidate recent gains and the overbought market breadth indicator cool off. Any meaningful pullback should find support at 3430-3450, which coincides with the 13.4x (-0.25SD) 12-mth forward PE and the 65-day exponential moving average.

Relative performance FTSE ST Indices

Source: DBS Bank

1Q15 results season The 1Q15 results reporting season has started. This week will see about half or 14 REITs under our coverage releasing their corporate results. The outlook guidance for 2015 remains modest for most sub-sectors with an estimated c.4% growth in distributions over FY15-16F. Retail REITs remain cautious of the rental outlook amid rising occupancy costs. Industrial REITs continue to see acquisitions as rental growth moderates due to the competitive operating environment. For office REITs, the squeeze in CBD space remains a key

Page 2

catalyst for landlords to remain optimistic of near-term rentals. The 7% fall in 2M15 RevPAR points to weak 1Q15 results for Hospitality REITs. Other than REITs, SGX will also release its 3Q15 results on Wednesday. Its shares had surged about 6% last week on market rumour of a potential stock trading link with SGX along the lines of the Shanghai-HK stock connect, but have since fallen back after SGX denied the rumour. Average daily turnover improved from about S$1.1bn in the last one month to S$1.5bn last week.

Singapore Traders Spectrum Wired Weekly Noble Group – What can’t go down, will likely go up Noble Group's CEO rejected all allegations made by Iceberg Research, classifying them as being inaccurate, unreliable and misleading. In a filing with SGX, Noble Group reassures that liquidity headroom of $5.1bn is “more than enough” to cover total outstanding debts and targets a 35% payout ratio. In an exclusive interview with The Straits Times, CEO Yusuf Alireza said this liquidity headroom is more than its entire outstanding debt and the group is at the most underleveraged as they had ever been as a firm, with a debtto-capitalisation level of 38%. We note that substantial shareholder Prudential raised its stake in Noble Group by 19.2m shares (from 5.0188% to 6.1055%) at an average price of $0.882 in the past one month. We had held a positive technical view on Noble Group (refer to Wired Weekly dated March 30) and continue to do so even though the stock has dipped by a few cents since. If anything, the April knee-jerk price decline in reaction to Muddy Water’s attack further affirms our view that the stock has touched a low point. The chart below shows the impact of the three Iceberg Research and single Muddy Waters reports. The ‘law of diminishing returns’ had acted upon Iceberg’s 3rd research

report as by then, it had no impact and the stock ended with a price gain instead. Iceberg failed to push the stock below 85cts. The Muddy Waters report in April that highlighted similar issues about the Noble Group had resulted in a knee-jerk reaction. Despite this, the dip below 85cts was only temporary and the stock is now firmly back above that level. This suggests price resilience at $0.85 again, further evidence of a trough at that level. Other technical observations that support our positive view are: 1) 2) 3)

Daily MACD shows positive divergence 14-day RSI firming off the oversold level of 30 The stock’s volume and price action in the past 1-2 weeks point to price stabilisation and basing pattern in formation.

From a trading perspective, we take a contrarian view and advocate investors to accumulate the stock at its current level, slightly above $0.85. We continue to see an upward retracement of the stock’s downtrend that started since Jun14 from a high of $1.48. Scope for upside to $0.98 (23.6% upward retracement), followed by $1.075 (38.2% upward retracement).

Noble Group (Daily)

Source: DBS Research

SMRT – Take short-term profit near $1.70 as short-term trading objective reached, support at c.$1.645

$1.90) remain at this juncture, on the basis of earnings recovery driven by lower energy costs and higher fares.

SMRT's share price rose 3.4% last week in reaction to news that it had entered into an agreement with OMGTEL to work exclusively in connection with the latter's bid for the 4th wireless telecommunications carrier licence in Singapore. Given the relatively small investment (and an option at this moment), our analyst does not expect a fundamental impact on SMRT. Earnings forecasts and recommendation (BUY, TP:

We had alerted our readers of an inflexion point at $1.57 and advocated bargain hunting the stock at c.$1.60 for a trade up to $1.67 (refer to Wired Weekly dated 23 March). Last week’s high of $1.70 coincided with a short-term double bottom objective (refer to chart below). Traders who had bought the stock at $1.60 should look to take profit near $1.70. Near-term support is around $1.645.

Page 3

Singapore Traders Spectrum Wired Weekly

SMRT (Daily)

Source: DBS Bank

Views from our Economists Singapore – Downside risk to 3.2% GDP growth forecast for 2015 The economy grew by 1.1% (QoQ, saar) in the quarter, down from 4.9% in 4Q14, based on official preliminary estimates. That translates into an expansion of 2.1% y-o-y. The weakest link was manufacturing, for which outlook will remain tepid in the coming months as external headwinds remain strong. The services sector has been the key pillar of growth. However, external headwinds amidst the challenging global economic environment, coupled with a cooling property market and a tight labour market, will continue to weigh down on growth performance of this sector in the quarters to come. Overall, GDP growth forecast

Page 4

for 2015 remains at 3.2% but our economist sees downside risks ahead. China – Expect cut in interest rate and RRR CPI inflation held steady at 1.4% (y-o-y) in March. Meanwhile, PPI contracted 4.6%, marking the 37th consecutive month of deflation. The relationship between interest rate movements and inflation remains strong. The slide in property prices is expected to pose serious risks to the economy, as much of China’s debt is tied to real estate. Coupled with the fact that the real estate sector makes up about 25% of China’s GDP, our economist expects PBOC to cut interest rates by an additional 25bps and reduce the RRR by 100bps during the remainder of the year.

Singapore Traders Spectrum Wired Weekly Top large and small / mid cap picks

TOP LARGE CAP PICKS Recom

P rice

T arget Price

Upside

CapitaLand

Buy

3.680

3.88

5%

1) Portfolio-wide improvement; performance underpinned by higher contributions from China 2) Streamlined structure enables group to be more nimble

OCBC

Buy

10.890

12.70

17%

1) Merged OCBC-WHB to deepen its capabilities in Greater China 2) Divestments in non-core (non-financial related) assets plus scrip dividend to buffer capital 3) Strong core banking business; wealth management and insurance to remain key ROE drivers 4) Our preferred Singapore bank pick.

Yangzijiang

Buy

1.410

1.62

15%

1) Yangzijiang is the best proxy to the shipping and shipbuilding recovery. 2) Valuation is undemanding at c.7x PE and 1x P/BV, with c.4% yield and 16% ROE.

Frasers Centrepoint Ltd

Buy

1.860

2.02

9%

1) Locked-in unrecognized revenues of S$3.9bn to underpin growth 2) Targeting to derive 60-70% of its income base from recurring revenues 3) Cheap valuations

Recom

P rice

T arget Price

Upside

China Merchants

Buy

1.165

1.42

22%

1) Organic growth to continue 2) Jiurui E’way acquisition to drive future growth

Mapletree Greater China Commercial Trust

Buy

1.060

1.12

6%

1) Visible organic growth 2) Portfolio of quality assets

Ezion Holdings

Buy

1.235

1.58

28%

1) The most resilient O&G play; on the back of long-term charter contract of 3-5 years and relatively better outlook for liftboats in Asia Pacific. 2) Top pick in O&G sector

CWT Limitd

Buy

1.750

2.06

18%

1) Riding on Logistics for growth 2) Valuation for the stock is attractive at less than 8x FY15F PE, against its double-digit earnings growth profile and versus regional Logistics peers.

China Everbright Water

Buy

1.100

1.17

6%

1) Stable organic growth 2) Strong balance sheet to fund expansion 3) Expect more M&A

Company

Catalyst

TOP SMALL / MID CAP PICKS Company

Catalyst

Source: DBS Bank

Page 5

Singapore Traders Spectrum Wired Weekly Major research reports released last week Company / Sector Recommendation Target Price ($) Key Points

ASEAN Small Mid Caps Radar

-

-

Boustead Singapore, Rowsley, Allianz Malaysia, Riverstone Holdings, PT Nirvana Development

Telecom Sector

-

-

1) SMRT’s participation to beef up the case of 4th telco entry ; SMRT’s real estate to support network rollout and retailing of telecom services 2) We estimate 9.4% ROI for the new player based on 10% revenue share and S$1bn capex assumption 3) We estimate potential adverse impacts of 13-16%, 6-7% and 1% on group topline of M1, StarHub and SingTel respectively if 4th telco enters the market

Singapore Property

-

-

1) Mar-15 sales rebound 55% m-o-m, YTD sales volume down 13% y-o-y 2) Prices still holding firm; Apr-15 performance should improve on the back of strong sales at Northpark Residences (FCL) and Botanique @ Bartley (UOL) 3) Selective stance on developers; pick CAPL, UOL and FCL

Perennial Real Estate Holdings

BUY (Initiate coverage)

S$1.29

1) Renewed optimism after successful transformation 2) Robust growth prospects from well-timed investments 3) Initiate with BUY, TP S$1.29 based on 40% discount to RNAV of S$2.14/share

SPH

HOLD

S$ 4.01

1) 2Q15 earnings within expectations; advertising revenue declined, offset by property income and lower costs 2) Interim DPS of 7 Scts declared 3) Share price supported by 5% dividend yield 4) Maintain HOLD and S$4.01 TP

Keppel REIT

BUY (Upgrade from S$ 1.32 (Prev S$ HOLD) 1.29)

1) 1Q15 results in line 2) Fears of earnings drop-off from OFC priced-in; earnings have bottomed out 3) Laggard to office peers; upgrade to BUY, TPS$1.32

SPH REIT

HOLD

1) 2Q15 results in line 2) Paragon continues to outperform, supporting our view that Orchard Road malls will fare better in the current tough retail landscape 3) Maintain HOLD , TP S$1.03

M1

HOLD (Downgrade S$ 4.05 from BUY)

1) 1Q15 net profit of S$45.7m (+6.8%, +2.7% q-o-q) was in line with our expectations 2) Higher handset sales drove up revenues; Postpaid ARPU flat despite more people on tiered-data plans 3) TP is intact at S$4.05; downgrade to HOLD on limited upside

SMRT

BUY

1) Joins forces with OMGTEL to work on exclusive bid for 4th wireless licence 2) Offered an opportunity to invest up to S$34.5m to subscribe for OMGTEL shares at SMRT’s discretion 3) OMGTEL looks to be leveraging on SMRT’s network and commuter reach 4) Preliminary at this stage; fundamental view on earnings recovery, benefits from lower energy costs unchanged

Source: DBS Bank

Page 6

S$ 1.03

S$ 1.90

Singapore Traders Spectrum Wired Weekly Shanghai Composite Index 4,600

Hang Seng Index 29,000

Shanghai Comp Index

4,300 4,000 3,700

Taiwan Index 9,900

Hang Seng Index

28,000

9,700

27,000

9,500 9,300

26,000

3,400

9,100

25,000

3,100

8,900

2,800

24,000

2,500

23,000

2,200

22,000

1,900 Apr-14

21,000 Apr-14

Jul-14

12 mth: 1 mth:

Oct-14

Jan-15

99. 3%

YT D:

19. 8%

1 Wk:

Apr-15 29. 7% 6. 0%

8,700 8,500 8,300

12 mth: 1 mth:

Nikkei Index

Taiwan Index

Jul-14

Oct-14

22. 2%

YT D:

16. 1%

1 Wk:

Jan-15

Apr-15

17. 5% 3. 0%

8,100 Apr-14

19,000

Nikkei 225 Index

20,000

8. 2%

YT D:

3. 8%

1 Wk:

0. 9%

NASDAQ Index 5,200

Dow Jones

18,000

4,800

17,500

4,600

17,000

4,400

15,000

16,500

4,200

14,000

16,000

4,000

13,000 Apr-14

15,500 Apr-14

17,000 16,000

12 mth: 1 mth:

Jul-14

Oct-14

Jan-15

37. 9% 2. 3%

Apr-15

YT D:

14. 0%

1 Wk:

-0. 3%

12 mth:

1.42 1.40 1.38 1.36 1.34 1.32 1.30 1.28 1.26 1.24 1.22 Apr-14 12 mth: 1 mth:

10. 2%

1 mth:

USD/SGD

Jul-14

1. 4%

Oct-14

Jan-15

Apr-15

125

12 mth:

22. 6%

YT D:

5. 7%

1 mth:

1. 4%

1 Wk:

0. 7%

Euro/USD 1.40

usd/JPY

7. 9%

YT D:

1. 8%

1 Wk:

-0. 7%

1.30 1.25 1.20 1.15 1.10 1.05

95 Apr-14 12 mth: 1 mth:

USD/RMB

Jul-14

Oct-14

Jan-15

Apr-15

1.00 Apr-14

-0. 6%

12 mth:

-22. 5%

YT D:

-11. 6%

-1. 3%

1 mth:

0. 9%

1 Wk:

0. 2%

A$/SGD 1.20

sgd/RMB

1.16 1.14

4.80

1.12

6.15

4.70

1.10

12 mth: 1 mth:

1.08

4.60

1.06

4.50 Jul-14

Oct-14

Jan-15

Apr-15

-0. 4%

YT D:

-0. 2%

-0. 9%

1 Wk:

-0. 1%

4.40 Apr-14 12 mth: 1 mth:

A$/SGD

1.18

6.20

6.05 Apr-14

Apr-15

YT D:

4.90

6.10

Jan-15

1 Wk:

5.00

6.25

Oct-14

-1. 9%

5.10

usd/RMB

Jul-14

16. 4%

SGD/RMB

6.30

Euro/USD

1.35

100

-2. 8%

Apr-15

1. 6%

105

Apr-15

Jan-15

0. 8%

110

Jan-15

Oct-14

YT D:

115

Oct-14

Jul-14

1 Wk:

120

Jul-14

Nasdaq

3,800 Apr-14

USD/JPY usd/SGD

Apr-15

1. 2%

5,000

18,000

Jan-15

12 mth:

18,500

19,000

Oct-14

1 mth:

Dow Jones Industrials

21,000

Jul-14

1.04 Jul-14

Oct-14

Jan-15

Apr-15

1.02 Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

-7. 9%

YT D:

-2. 5%

12 mth:

-10. 6%

YT D:

-3. 1%

1. 7%

1 Wk:

0. 0%

1 mth:

-1. 0%

1 Wk:

0. 7%

Source: Datastream, DBS Bank

Page 7

Singapore Traders Spectrum Wired Weekly Baltic Dry Index 1,600

Volatility Index 28

Baltic Dry Index

1,400

Fed Funds Rate 0.30

Volatility Index

1,200

0.20

20

1,000

0.15 16

800

400 Apr-14

Jul-14

12 mth:

-36. 6%

Oct-14

Jan-15 YT D:

4. 4%

1 Wk:

Apr-15

US$/barrel 120

8 Apr-14

Oct-14

Jan-15

Apr-15

Palm Oil

90

850

42

800

40

70

700

60

650

50

600

40 Apr-14

Jul-14

550 Apr-14

12 mth:

-45. 6%

YT D:

7. 1%

14. 1%

1 Wk:

6. 4%

Jan-15

Apr-15

Aluminium

12 mth:

23,000

2,000

21,000

1,900

19,000

1,800

17,000

1,700

15,000

1,600 Apr-14

13,000 Apr-14

Apr-15

-4. 1%

YT D:

0. 1%

4. 1%

1 Wk:

1. 8%

Copper

Apr-15

30 Jul-14 -30. 2% 1. 2%

Oct-14 YT D: 1 Wk:

Jan-15

Apr-15

-10. 5% 0. 1%

12 mth: 1 mth:

12 mth:

-27. 3%

YT D:

-2. 5%

1 mth:

5. 0%

1 Wk:

3. 0%

Steel (rebar)

3,000 2,800 2,600 2,400 2,200 Jul-14

Oct-14

-36. 5%

YT D:

-13. 8%

1 Wk:

Jan-15

Apr-15

-23. 1% -9. 8%

2,000 Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

12 mth:

-29. 8%

YT D:

-7. 7%

1 mth:

0. 9%

1 Wk:

-1. 7%

Gold US$/Ounce 1,350

Nickel

Gold

1,300

18,000

6,500

Oct-14

3,200

20,000

7,000

Jul-14

RMB/MT 3,400

Tin

US$/MT 22,000

Copper

28 Apr-14

Steel

Nickel

US$/MT 7,500

Jan-15

Soya Oil

32

25,000

Jan-15

Apr-15

34

1 mth:

2,100

Oct-14

Jan-15

36

US$/MT

Aluminium

Jul-14

Oct-14

38

Tin

US$/MT 2,200

Jul-14

US$/Ib 44

Palm Oil

750

80

Oct-14

0.00 Apr-14

Soya Oil

US$/ton 900

Brent Crude Oil

100

1 mth:

Jul-14

2. 2%

110

12 mth:

0.05

-24. 2%

Brent Crude Oil

1 mth:

0.10

12

600

1 mth:

Fed Funds Rate

0.25

24

1,250

16,000 6,000 5,500 5,000 Apr-14 12 mth: 1 mth:

1,150

12,000 Jul-14

Oct-14

Jan-15

Apr-15

-8. 4%

YT D:

-4. 7%

4. 5%

1 Wk:

0. 9%

Source: Datastream, DBS Bank

Page 8

1,200

14,000

10,000 Apr-14 12 mth: 1 mth:

Jul-14 -28. 1% -6. 4%

Oct-14 YT D: 1 Wk:

Jan-15 -15. 1% 2. 5%

Apr-15

1,100 Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

12 mth:

-7. 8%

YT D:

1. 0%

1 mth:

4. 3%

1 Wk:

0. 2%

Singapore Traders Spectrum Wired Weekly

Straits Times Index L ast Pric e S/No.

B'berg Code

St oc k Name

1 2 3 4

DBS SP OCBC SP ST SP UOB SP

DBS GROUP HOLDINGS LTD OV ERSEA-CHINESE BANKING CORP SINGAPORE TELECOMMUNICATIONS UNITED OV ERSEAS BANK LTD

5

J M SP

6

KEP SP

7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

HKL SP J S SP CAPL SP GLP SP THBEV SP WIL SP SGX SP SPH SP GENS SP CIT SP CD SP SIA SP STE SP CT SP AREIT SP HPHT SP J CNC SP SCI SP NOBL SP GGR SP SMM SP STH SP OLAM SP SIE SP

L ast Day V ol

A v g V ol f or t he Week

Rel ST I MTD

Rel ST I QT D

Rel ST I YTD

Weight

A c t ual M k t Cap

Crncy

17- A pr- 15

(000 Shrs)

(000 Shrs)

(%)

(%)

(%)

(%)

(S$m)

SGD SGD SGD SGD

21.19 10.89 4.46 24.11

4,138 3,394 15,979 2,616

3,645 3,946 23,065 3,186

2 1 (0) 3

2 1 (0) 3

(2) (1) 10 (6)

12.2 11.0 10.9 9.5

52,526 43,362 71,104 38,629

J ARDINE MATHESON HLDGS LTD

USD

61.76

91

285

(5)

(5)

(3)

6.6

57,189

KEPPEL CORP LTD

SGD

9.25

10,102

6,944

1

1

(0)

4.4

16,761

HONGKONG LAND HOLDINGS LTD J ARDINE STRATEGIC HLDGS LTD CAPITALAND LTD GLOBAL LOGISTICS THAI BEV ERAGE PCL WILMAR INTERNATIONAL LTD SINGAPORE EXCHANGE LTD SINGAPORE PRESS HOLDINGS LTD GENTING SINGAPORE PLC CITY DEV ELOPMENTS LTD COMF ORTDELGRO CORP LTD SINGAPORE AIRLINES LTD SINGAPORE TECHNOLOGIES ENG CAPITAMALL TRUST A-REIT HUTCHISON PORT HOLDINGS TRUST J ARDINE CYCLE & CARRIAGE LTD SEMBCORP INDUSTRIES LTD NOBLE GROUP LTD GOLDEN AGRI-RESOURCES LTD SEMBCORP MARINE LTD STARHUB LTD OLAM INTERNATIONAL LTD SIA ENGINEERING CO LTD

USD USD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD

7.74 34.75 3.68 2.69 0.79 3.26 8.26 4.13 1.035 10.63 3.000 11.94 3.81 2.25 2.63 0.70 42.48 4.71 0.885 0.44 3.08 4.40 2.050 4.17

5,777 221 9,804 5,879 7,433 4,534 3,855 5,190 38,365 592 17,041 976 4,543 12,657 11,933 11,682 87 5,457 41,415 5,742 3,170 1,659 641 597

3,569 124 10,642 9,462 16,454 7,167 7,512 4,284 23,302 1,099 10,409 1,170 4,977 8,786 10,438 11,396 116 4,866 40,614 18,789 6,117 1,839 625 957

0 (3) 1 (1) 1 (2) (1) (4) 10 3 2 (2) 7 0 (1) (2) 1 9 (6) 1 3 (1) 1 2

0 (3) 1 (1) 1 (2) (1) (4) 10 3 2 (2) 7 0 (1) (2) 1 9 (6) 1 3 (1) 1 2

10 (3) 6 4 10 (4) 1 (7) (9) (1) 11 (2) 7 6 6 (4) (5) 1 (27) (9) (10) 1 (3) (6)

4.1 3.5 3.1 2.7 2.6 2.3 2.3 2.2 2.1 2.1 2.0 2.0 2.0 1.9 1.7 1.6 1.4 1.4 1.3 0.9 0.9 0.9 0.3 0.3

23,434 52,410 15,702 13,019 19,837 20,849 8,847 6,604 12,491 9,667 6,427 13,961 11,845 7,792 6,327 6,054 15,111 8,402 5,964 5,649 6,433 7,593 5,003 4,676

Source: Bloomberg Finance L.P.

Page 9

Singapore Traders Spectrum Wired Weekly At A Glance Currencies

SG$/US$ Yen/US$ US$/Euro AUS$/US$ Pound/US$

Announced Dividends and Capital Issues

    

T y pe

Part ic ulars

Ex Dat e

Paid/ Pay able

F IRST REAL ESTATE INV TRUST

DIV IDEND

DRP SGD 0.0128 TAX EXEMPT

20-Apr-15

29-May -15

F IRST REAL ESTATE INV TRUST

DIV IDEND

DRP SGD 0.007

20-Apr-15

29-May -15

F IRST REAL ESTATE INV TRUST

DIV IDEND

DRP SGD 0.0008 LESS TAX

20-Apr-15

29-May -15

Last Close

Pt s chg

% Chg 1 wk

F IRST REAL ESTATE INV TRUST A

ENTITL.

1.35

(0.0)

(1.6)

STRAITS TRADING CO. LTD

DIV IDEND

SGD 0.04 ONE-TIER TAX

20-Apr-15

08-May -15

118.91

(1.3)

(1.1)

CSE GLOBAL LTD

DIV IDEND

SGD 0.015 ONE-TIER TAX

21-Apr-15

20-May -15

GREAT EASTERN HLDGS LTD

DIV IDEND

SGD 0.05 ONE-TIER TAX

21-Apr-15

07-May -15

0.93

(0.0)

(1.9)

GREAT EASTERN HLDGS LTD

DIV IDEND

SGD 0.4 ONE-TIER TAX

21-Apr-15

CEI CONTRACT MANUF ACTURING LTD

DIV IDEND

SGD 0.0046 ONE-TIER TAX

22-Apr-15

08-May -15

1.29

(0.0)

(1.3)

CEI CONTRACT MANUF ACTURING LTD

DIV IDEND

SGD 0.001 ONE-TIER TAX

22-Apr-15

08-May -15

1.50

0.0

2.3

KEPPEL CORPORATION LIMITED

DIV IDEND

SGD 0.36 ONE-TIER TAX

22-Apr-15

06-May -15

KEPPEL TELE & TRAN

DIV IDEND

SGD 0.035 ONE-TIER TAX

22-Apr-15

05-May -15

KEPPEL TELE & TRAN

DIV IDEND

SGD 0.115 ONE-TIER TAX

22-Apr-15

05-May -15

ELEKTROMOTIV E GROUP W150710

ENTITL.

ADJ TO WARRANTS

23-Apr-15

ROTARY ENGINEERING LIMITED

DIV IDEND

SGD 0.025 ONE-TIER TAX

23-Apr-15

SARINE TECHNOLOGIES LTD

DIV IDEND

USD 0.02 LESS TAX

23-Apr-15

07-May -15

SEMBCORP INDUSTRIES LTD

DIV IDEND

SGD 0.11 ONE-TIER TAX

23-Apr-15

18-May -15

EXCELPOINT TECHNOLOGY LTD

DIV IDEND

SGD 0.003 ONE-TIER TAX

24-Apr-15

19-May -15

EXCELPOINT TECHNOLOGY LTD

DIV IDEND

SGD 0.005 ONE-TIER TAX

24-Apr-15

19-May -15

ISHARES ASIA LC 1-3Y BOND ETF

ENTITL.

DELISTING

24-Apr-15

11-May -15

(0.3)

ISHARES ASIA LOC CUR BOND ETF

ENTITL.

DELISTING

24-Apr-15

11-May -15

THAI BEV ERAGE PUBLIC CO LTD

DIV IDEND

THB 0.46 LESS TAX

24-Apr-15

DBS GROUP HOLDINGS LTD

DIV IDEND

SCRIPDIV SCHEME SGD 0.3 ONE-TIER TAX

27-Apr-15

19-J un-15

DESIGN STUDIO GROUP LTD.

DIV IDEND

SGD 0.04 ONE-TIER TAX

27-Apr-15

22-May -15

DESIGN STUDIO GROUP LTD.

DIV IDEND

SGD 0.02 ONE-TIER TAX

27-Apr-15

22-May -15

EZION HOLDINGS LIMITED

DIV IDEND

SGD 0.001 ONE-TIER TAX

27-Apr-15

12-May -15

IF S CAPITAL LIMITED

DIV IDEND

SGD 0.015 ONE-TIER TAX

27-Apr-15

08-May -15

LIBRA GROUP LIMITED

DIV IDEND

SGD 0.007 ONE-TIER TAX

27-Apr-15

11-May -15

SEMBCORP MARINE LTD

DIV IDEND

SGD 0.08 ONE-TIER TAX

27-Apr-15

14-May -15

SINGAPORE TECH ENGINEERING LTD

DIV IDEND

SGD 0.07 ONE-TIER TAX

27-Apr-15

SINGAPORE TECH ENGINEERING LTD

DIV IDEND

SGD 0.04 ONE-TIER TAX

27-Apr-15

15-May -15

V ICOM LTD

DIV IDEND

SGD 0.095 ONE-TIER TAX

27-Apr-15

07-May -15

V ICOM LTD

DIV IDEND

SGD 0.0875 ONE-TIER TAX

27-Apr-15

07-May -15

F RENCKEN GROUP LIMITED

DIV IDEND

SGD 0.01 ONE-TIER TAX

28-Apr-15

15-May -15

GOLDEN AGRI-RESOURCES LTD

DIV IDEND

SGD 0.00177

28-Apr-15

08-May -15

LEE METAL GROUP LTD

DIV IDEND

SGD 0.01 ONE-TIER TAX

28-Apr-15

22-May -15

LEE METAL GROUP LTD

DIV IDEND

SGD 0.01 ONE-TIER TAX

28-Apr-15

22-May -15

NEW TOYO INT HLDGS LTD

DIV IDEND

SGD 0.006 ONE-TIER TAX

28-Apr-15

12-May -15

PAN-UNITED CORPORATION LTD

DIV IDEND

SGD 0.0275 ONE-TIER TAX

28-Apr-15

08-May -15

RIV ERSTONE HOLDINGS LIMITED

DIV IDEND

MYR 0.0455 ONE-TIER TAX

28-Apr-15

22-May -15

SBS TRANSIT LTD

DIV IDEND

SGD 0.0105 ONE-TIER TAX

28-Apr-15

08-May -15

SING INV ESTMENTS & F INANCE LTD

DIV IDEND

SGD 0.06 ONE-TIER TAX

28-Apr-15

11-May -15

TREK 2000 INT'L LTD

DIV IDEND

SGD 0.005 ONE-TIER TAX

28-Apr-15

19-May -15

UOL GROUP LIMITED

DIV IDEND

SCRIP DIV SCH SGD 0.15 ONE-TIER TAX

28-Apr-15

UOL GROUP LIMITED A

ENTITL.

DELIST A SHARE

28-Apr-15

COSCO CORPORATION (S) LTD

DIV IDEND

SGD 0.005 ONE-TIER TAX

29-Apr-15

18-May -15

SINGAPORE REINSURANCE COR LTD

DIV IDEND

SGD 0.008 ONE-TIER TAX

29-Apr-15

22-May -15

SYNGENTA ADR

DIV IDEND

APPROXIMATE USD 1.964505

29-Apr-15

TAT SENG PACKAGING GROUP LTD

DIV IDEND

SGD 0.01 ONE-TIER TAX

29-Apr-15

15-May -15

UNITED ENGINEERS 7.5% CUM PREF

DIV IDEND

SGD 0.075 ONE-TIER TAX

29-Apr-15

13-May -15

UNITED ENGINEERS LTD ORD

DIV IDEND

SGD 0.05 ONE-TIER TAX

29-Apr-15

13-May -15

UNITED ENGINEERS LTD ORD

DIV IDEND

SGD 0.05 ONE-TIER TAX

29-Apr-15

13-May -15

UNITED OV ERSEAS BANK LTD

DIV IDEND

SGD 0.05 ONE-TIER TAX

29-Apr-15

13-May -15

UNITED OV ERSEAS BANK LTD

DIV IDEND

SGD 0.5 ONE-TIER TAX

29-Apr-15

13-May -15

UNITED OV ERSEAS INSURANCE LTD

DIV IDEND

SGD 0.02 ONE-TIER TAX

29-Apr-15

13-May -15

UNITED OV ERSEAS INSURANCE LTD

DIV IDEND

SGD 0.12 ONE-TIER TAX

29-Apr-15

13-May -15

UOB-KAY HIAN HOLDINGS LIMITED

DIV IDEND

SCIRP DIV SGD 0.05 ONE-TIER TAX

29-Apr-15

16-J un-15

WEE HUR HOLDINGS LTD.

DIV IDEND

SGD 0.01 ONE-TIER TAX

29-Apr-15

12-May -15

WEE HUR HOLDINGS LTD.

DIV IDEND

SGD 0.01 ONE-TIER TAX

29-Apr-15

12-May -15

ARA ASSET MANAGEMENT LIMITED

DIV IDEND

SGD 0.027 ONE-TIER TAX

30-Apr-15

19-May -15

AZTECH GROUP LTD.

DIV IDEND

SGD 0.005 ONE-TIER TAX

30-Apr-15

20-May -15

BBR HOLDINGS (S) LTD

DIV IDEND

SGD 0.008 ONE-TIER TAX

30-Apr-15

21-May -15

CHINA SUNSINE CHEM HLDGS LTD.

DIV IDEND

SGD 0.005 ONE-TIER TAX

30-Apr-15

20-May -15

CHINA SUNSINE CHEM HLDGS LTD.

DIV IDEND

SGD 0.01 ONE-TIER TAX

30-Apr-15

20-May -15

CHIP ENG SENG CORPORATION LTD

DIV IDEND

SGD 0.02 ONE-TIER TAX

30-Apr-15

20-May -15

CHIP ENG SENG CORPORATION LTD

DIV IDEND

SGD 0.04 ONE-TIER TAX

30-Apr-15

20-May -15

CITY DEV ELOPMENTS LIMITED

DIV IDEND

SGD 0.04 ONE-TIER TAX

30-Apr-15

20-May -15

CITY DEV ELOPMENTS LIMITED

DIV IDEND

SGD 0.08 ONE-TIER TAX

30-Apr-15

20-May -15

COMF ORTDELGRO CORPORATION LTD

DIV IDEND

SGD 0.045 ONE-TIER TAX

30-Apr-15

12-May -15

CWT LIMITED

DIV IDEND

SGD 0.04 ONE-TIER TAX

30-Apr-15

15-May -15

F IRST SPONSOR GROUP LIMITED

DIV IDEND

SGD 0.0076 ONE-TIER TAX

30-Apr-15

26-May -15

MAXI-CASH F IN SV CS CORP LTD

DIV IDEND

SGD 0.002 ONE-TIER TAX

30-Apr-15

12-May -15

MEWAH INTERNATIONAL INC.

DIV IDEND

SGD 0.017 ONE-TIER TAX

30-Apr-15

12-May -15

OV ERSEA-CHINESE BANKING CORP

DIV IDEND

SCRIP DIV SCHEM SGD 0.18 ONE-TIER TAX

30-Apr-15

24-J un-15

SMARTF LEX HOLDINGS LTD

DIV IDEND

SGD 0.0035 ONE-TIER TAX

30-Apr-15

19-May -15

STARBURST HOLDINGS LIMITED

DIV IDEND

SGD 0.012 ONE-TIER TAX

30-Apr-15

18-May -15

STARHUB LTD

DIV IDEND

SGD 0.05

30-Apr-15

15-May -15

YEO HIAP SENG LTD

DIV IDEND

SGD 0.02 ONE-TIER TAX

30-Apr-15

21-May -15

Other Important Indicators Last Close

Pt s chg 1w k

% Chg 1 wk

Gold



1204.28

Crude Oil



55.74

4.1

7.9

US$ Yield 10-year



1.87

(0.1)

(4.2)

(3.3)

Important Dates (Singapore) Eve nt Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI NSA MoM CPI YoY CPI Core YoY Industrial Production SA MoM Industrial Production YoY Credit Card Bad Debts Credit Card Billings Bank Loans and Advances YoY Money Supply M1 YoY Money Supply M2 YoY Unemployment rate SA Purchasing Managers Index Electronics Sector Index Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E Foreign Reserves GDP YoY Retail Sales SA MoM Retail Sales YoY Retail Sales Ex Auto YoY Non-oil Domestic Exports YoY Non-oil Domestic Exports SA MoM Electronic Exports YoY Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E GDP SAAR QoQ CPI NSA MoM CPI YoY CPI Core YoY Industrial Production SA MoM Industrial Production YoY Money Supply M1 YoY Money Supply M2 YoY Bank Loans and Advances YoY Purchasing Managers Index Electronics Sector Index Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E Foreign Reserves Manpower Survey Retail Sales YoY Retail Sales Ex Auto YoY Electronic Exports YoY Non-oil Domestic Exports YoY Non-oil Domestic Exports SA MoM Electronic Exports YoY Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI NSA MoM CPI YoY CPI Core YoY Industrial Production SA MoM Industrial Production YoY

Company

Pe riod Apr Apr Apr Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar 1Q P Apr Apr May May May Apr 1Q F Mar Mar Mar Apr Apr Apr May May May 1Q F Apr Apr Apr Apr Apr Apr Apr Apr May May Jun Jun Jun May 3Q Apr Apr May May May May Jun Jun Jun May May May May May

Da te 22-Apr-15 22-Apr-15 22-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 24-Apr-15 24-Apr-15 30-Apr-15 30-Apr-15 30-Apr-15 30-Apr-15 30-Apr-15 30-Apr-15 4-May-15 4-May-15 6-May-15 6-May-15 6-May-15 7-May-15 9-May-15 15-May-15 15-May-15 15-May-15 17-May-15 17-May-15 17-May-15 20-May-15 20-May-15 20-May-15 20-May-15 25-May-15 25-May-15 26-May-15 26-May-15 26-May-15 29-May-15 29-May-15 29-May-15 2-Jun-15 2-Jun-15 3-Jun-15 3-Jun-15 3-Jun-15 8-Jun-15 9-Jun-15 15-Jun-15 15-Jun-15 17-Jun-15 17-Jun-15 17-Jun-15 17-Jun-15 17-Jun-15 17-Jun-15 17-Jun-15 23-May-15 23-May-15 23-May-15 26-May-15 26-May-15

DELIST A SHARE

20-Apr-15

Upcoming IPOs Nil

Recent IPO Trading Compan y Name V ersalink Holdings Ltd ISEC Healthcare Ltd Serrano Ltd/Singapore MS Holdings Ltd Zico Holdings Inc UG Healthcare Corp Ltd Huationg Global Ltd mm2 Asia Ltd iF AST Corp Ltd Keppel DC REIT

Source: Bloomberg Finance L.P.

Page 10

IPO Share Pric e 0.30 0.28 0.23 0.25 0.30 0.22 0.20 0.25 0.95 0.93

L ast Close 0.225 0.435 0.190 0.300 0.405 0.250 0.200 0.275 1.315 1.040

ICB Sec t or Name Household Goods & Home Construction Health Care Equipment & Serv ices Construction & Materials Industrial Engineering Support Serv ices Health Care Equipment & Serv ices Construction & Materials Media Media Real Estate Inv estment Trusts

IPO Dat e 24/09/2014 28/10/2014 28/10/2014 07/11/2014 11/11/2014 08/12/2014 09/12/2014 09/12/2014 11/12/2014 12/12/2014

07-May -15

19-May -15

20-May -15

15-May -15

16-J un-15

22-J un-15

Singapore Traders Spectrum Wired Weekly

April 2015 Mon

Tues

Wed

Thu

Fri

1

2

3

Purchasing Managers Index Electronics Sector Index

6

13 Keppel Infrastructure Trust 1Q 15 Keppel Reit 1Q 15 M1 IQ 15 Soilbuild Business IQ 15 SPH Reit 2Q 15

7

Ezra 2Q 15

Foreign Reserves

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

14 First REIT 1Q 15 SPH 2Q 15

GDP SAAR QoQ GDP YoY

20 Mapletree Logistics Trust 4Q 15 Sabanah Shariah 1Q 15

27 Aztech Group 1Q 15 DBS Group 1Q 15 QAF Ltd 1Q 15 Raffles Medical Group 1Q 15 Sembcorp Marine 1Q 15

8

Emas Offshore 2Q 15

21 CapitalMall Trust 1Q 15 Mapletree Industrial Trust 4Q 15 STATS ChipPAC 1Q 15

28 Ho Bee Land 1Q 15 UOI 1Q 15

15 Keppel Land 1Q 15

9

16

Electronic Exports YoY Non-oil Domestic Exports YoY Non-oil Domestic Exports SA MoM

23

Cache Logistics Trust 1Q 15 Cambridge Industrial Trust 1Q 15 CapitaCommercial Trust 1Q 15 Frasers Centrepoint Trust 2Q 15 Mapletree Commercial Trust 4Q 15 Singapore Exchange 3Q 15

Ascendas REIT 4Q 15 Ascott Residence Trust 1Q 15 China Aviation Oil 1Q 15 Frasers Commercial Trust 2Q 15 Mapletree Greater China 4Q 15 Suntec REIT 1Q 15 Hong Leong Finance 1Q 15

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

CPI NSA MoM CPI YoY CPI Core YoY

29 Ascendas India Trust 4Q 15 CDL Hospitality Trusts 1Q 15 iFAST Corp 1Q 15 Parkway Life Reit 1Q 15 FEO Hospitality Asset Mgt 1Q 15 World Precision 1Q 15

17

Keppel Corp 1Q 15 Qian Hu Corp 1Q 15

Retail Sales Ex Auto YoY Retail Sales YoY Retail Sales SA MoM

22

10

Keppel DC Reit 1Q 15

24 CapitaRetail China Trust 1Q 15 Great Eastern Holdings 1Q 15 Rickmers Maritime 1Q 15

Industrial Production SA MoM Industrial Production YoY

30 CapitaLand 1Q 15 Cosco Corp 1Q 15 Elec & Eltek 1Q 15 Indofood Agri 1Q 15 OCBC 1Q 15 Global Premium Hotels 1Q 15 Tuan Sing 1Q 15 UOB 1Q 15 Credit Card Bad Debts Credit Card Billings Bank Loans and Advances YoY Money Supply M1 YoY Money Supply M2 YoY Unemployment rate SA

Source: Bloomberg Finance L.P.

Page 11

Singapore Traders Spectrum Wired Weekly

DBS Bank Ltd recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends Traders Spectrum’s product is oriented towards readers with either a short-term trading horizon. It aims to highlight topical themes, which may move stock prices on a daily basis. Readers should be aware that “TS Take” relies more on assessments of technical factors, likely sentiment responses and short term money flows, rather than on fundamental analysis. As such the “TS Take” may from time to time conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by DBS Bank Ltd analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on on an ongoing basis. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd and DBS Vickers Securities (Singapore) Pte Ltd, its respective connected and associated corporations and affiliates (collectively, the “DBS Vickers Group”) only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of the date the report is published, the analyst and his/her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report (“interest” includes direct or indirect ownership of securities). COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Bank Ltd., DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), their subsidiaries and/or other affiliates do not have a proprietary position in the securities recommended in this report as of 28 Feb 2015 for Noble Group, Singapore Exchange, SMRT, Capitaland, OCBC, Yangzijiang Shipbuilding, Mapletree Greater China Commercial Trust, Ezion Holdings, M1, StarHub, SingTel, UOL Group, Perennial Real Estate Holdings, SPH, Keppel REIT, SPH REIT. 2. DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates beneficially own a total of 1% of any class of common equity securities of Mapletree Greater China Commercial Trust as of 28 Feb 2015.

Page 12

Singapore Traders Spectrum Wired Weekly 3.

Compensation for investment banking services: DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates have received compensation, within the past 12 months, and within the next 3 months may receive or intends to seek compensation for investment banking services from SMRT, Ezion Holdings, StarHub, UOL Group, Keppel REIT. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

RESTRICTIONS ON DISTRIBUTION General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Australia

This report is being distributed in Australia by DBS Bank Ltd. (“DBS”) or DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), both of which are exempted from the requirement to hold an Australian Financial Services Licence under the Corporation Act 2001 (“CA”) in respect of financial services provided to the recipients. Both DBS and DBSVS are regulated by the Monetary Authority of Singapore under the laws of Singapore, which differ from Australian laws. Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.

Hong Kong

This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the Hong Kong Securities and Futures Commission.

Indonesia

This report is being distributed in Indonesia by PT DBS Vickers Securities Indonesia.

Malaysia

This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR") (formerly known as HwangDBS Vickers Research Sdn Bhd). Recipients of this report, received from ADBSR are to contact the undersigned at 603-2604 3333 in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies.

Singapore

Wong Ming Tek, Executive Director, ADBSR This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No. 198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6327 2288 for matters arising from, or in connection with the report.

Thailand

This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd. Research reports distributed are only intended for institutional clients only and no other person may act upon it.

United Kingdom

This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Conduct Authority. Research distributed in the UK is intended only for institutional clients.

Dubai

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