15/09/2014 Singapore Traders Spectrum
Wired Weekly Refer to important disclosures at the end of this report
DBS Group Research . Equity KEY POINTS
Rising interest rate environment favours companies with net cash – SembCorp Industries, Semb Marine, Singapore Post, Yangzijiang & Keppel Corp are large caps we like
15 Sep 2014 Straits Times Index 3,500
FTSE Small Cap Index FTSE Small Cap Index
600
STI Index
3,400
580
3,300
560
3,200
Thai Beverage – Buy on dips to S$0.72, take profit around S$0.80
Wired Weekly STI looks contented by just tracking along its 14.1x (+0.25SD) 12-mth forward PE. Its continuation should see it head to 3365 by end-Sept and 3435 by year-end based on current earnings forecast. In the event that the earnings revision cycle turns positive, we see the STI heading for 3530 or 14.48x (+0.5SD) FY15F PE. Our regional strategist is concerned that a rise in UST yields could spook the re-pricing of risk assets that include ASEAN markets in 4Q, resulting in profit taking, given regional markets’ good YTD performances. Should this occur, we will peg support at 13.7x (avg) 12-mth forward PE, given stable macro conditions. This places support at 3270, which will rise to 3340 by year-end. The “buy on pullback” setting continues, barring major unforeseen negative events. The FOMC meeting falls on Wednesday. Consensus expects the Fed to reduce monthly bond purchases to USD15bn, positioning QE on track to end in October. Investors will keep a close watch on the Fed’s statement for clues on how long the benchmark interest rate will be kept low after bond purchases end. The impending end to the Fed’s QE gives long-term UST yields room to trend higher in the coming months. Interest rate hikes will be one of the key investment themes next year. More forward looking investors can opt for early positioning opportunities into this theme. Investors should be ready to rotate out of debt-laden stocks into companies with net cash or low debt levels. Some of the big cap names are SembCorp Industries, Semb Marine, Singapore Post, Yangzijiang and Keppel Corp. The list of Singapore stocks under our coverage with “BUY” recommendations that are in net cash is shown on the next page. Shares of Thai Beverage have performed well following our analyst’s upgrade of the stock’s TP to S$0.80 last week. As technical oscillators approach the overbought level and the distance to TP narrows, we advocate taking profit should the stock heads closer to S$0.80 but look to buy again at the S$0.7-0.725 support area.
Yeo Kee Yan (65) 6682 3706
[email protected] www.dbsvickers.com Ed: TH / sa: YM
540
3,100
520
3,000 2,900 Sep-13
500 Dec-13
Mar-14
Jun-14
Sep-14
STI and 12-mth forward PE 3600 3500 3400 3300 3200 3100 3000 2900 2800 2700 2600 Dec-12
+0.5SD @ 14.5x Average @ 13.7x -0.5SD @ 13.0x
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Brent Crude Oil Brent Crude Oil
118 114 110 106 102 98 94
Jun-13
Dec-13
Jun-14
Source: Datastream, DBS Bank
Dec-14
90 Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
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 F inancials Technology
Index @ 12- Sep- 14 3,345.55 776.13 547.15 811.69 230.41 760.34 760.43 774.03 727.14 163.98 835.89 525.59 1,259.86 840.62 1,025.23 505.27 850.34 450.19
Source: DBS Bank, Bloomberg Finance L.P.
1 Wk % Chg 0.1 -0.6 -0.5 0.0 -0.5 -0.6 -1.0 -0.2 -0.9 -0.8 -0.1 0.7 0.1 -1.3 -0.3 -1.3 0.3 0.2
YTD % Chg 5.6 7.6 0.9 5.6 2.4 7.4 6.5 8.4 -5.9 -12.8 11.4 9.1 9.3 1.4 6.0 8.0 6.0 18.3
Singapore Traders Spectrum Wired Weekly
Singapore Market Summary
rise to 3340 by year-end. The “buy on pullback” setting continues, barring unforeseen negative events.
STI ended the week up 4pts at 3345 as the low-volatility trend continued. The index has gained 18pts month-to-date, led by DBS Group, Jardine Matheson, Jardine Strategic and Thai Beverage. Trading activity was muted as volatility stayed low ahead of this week’s FOMC meeting that could shed light on the timing of US interest rate hike. Last week’s S$785m average daily value of shares traded fell below the YTD average of S$1.05bn.
STI 12-mth forward PE levels -0.25 sd 13.3 PE FY15
3,240
3,338
3,435
3,528
12-mth forward PE at end-Sept
3175
3270
3365
3456
Source: DBS Bank
STI looks contented by just tracking along its 14.1x (+0.25SD) 12-mth forward PE. Its continuation should see it head to 3365 by end-Sept and 3435 by year-end based on current earnings forecast. In the event that the earnings revision cycle turns positive, we see the STI heading for 3530 or 14.48x (+0.5SD) FY15F PE.
Positioning early into a rising interest rate environment Our regional strategist says the impending end to the Fed’s QE will give long-term UST yields room to trend higher in the coming months. We talked about rising interest rates on this space last week. Interest rate hikes will be one of the key investment themes next year. More forward looking investors can opt for early positioning opportunities into this theme. Investors should be ready to rotate out of debt-laden stocks into companies with net cash or low debt levels. Some of the big cap names are SembCorp Industries, Semb Marine, Singapore Post, Yangzijiang and Keppel Corp.
Our regional strategist is concerned that a rise in UST yields could spook the re-pricing of risk assets that include ASEAN markets in 4Q, resulting in profit taking, given the markets’ good YTD performances. Should this occur, we will peg support at 13.7x (avg) 12-mth forward PE, given stable macro conditions. This places support at 3270, which will Stocks under our coverage that are ‘BUYs’ and with net cash Company
Pric e 11 T arget Sep 2014 Price
T arget Ret urn
Sect or M k t Cap PER 14 PER 15 EPS EPS Div P/BV (S$m) (x) (x) Grow t h Grow t h Y ield 13 (x) 14 (%) 15 (%) 13 (%)
OCBC
9.720
12.05
24%
Banking
38,203
12.9
11.9
-1.0
8.7
3.4
SembCorp Industries
5.190
6.00
16%
Oil & Gas
9,275
11.8
10.5
-3.4
12.2
3.2
1.8
SembCorp Marine
3.860
4.82
25%
Oil & Gas
8,065
13.9
12.1
8.2
14.9
3.4
3.0
1.4
Yangzijiang
1.195
1.60
34%
Industrials
4,579
7.0
7.2
3.9
-2.3
4.1
1.3
Singapore Post
1.750
2.12
21%
Industrials
3,700
23.1
20.2
1.1
14.3
3.6
9.6
V enture Corporation
7.920
8.80
11%
Technology
2,176
15.0
13.7
10.3
9.4
6.3
1.2
OSIM International
2.610
3.26
25%
Consumer Goods
2,034
16.2
14.4
18.5
12.8
2.3
7.2
ARA Asset Management
1.765
2.00
13%
Financials
1,492
18.0
17.7
11.6
2.0
2.8
5.4
United Envirotech
1.390
1.66
19%
Industrials
1,269
23.2
17.4
190.2
33.5
0.2
4.4
Sheng Siong Group
0.660
0.78
19%
Consumer Services
913
20.8
21.0
13.1
-1.3
3.9
6.1
Yoma Strategic Holdings
0.700
0.88
26%
Industrials
904
53.3
39.3
35.7
35.5
0.0
2.2
Rex International
0.665
1.15
73%
Oil & Gas
728
42.8
10.7
nm
301.3
0.0
5.5
Kim Heng Offshore & Marine
0.240
0.30
24%
Oil & Gas
170
8.9
6.8
-14.4
30.0
5.0
2.3
V aluetronics
0.435
0.65
49%
Industrials
163
6.7
6.7
22.1
0.3
3.0
1.6
Source: DBS Bank
Page 2
Avg 13.7x +0.25 sd +0.5 sd PE 14.1 PE 14.48x PE
Singapore Traders Spectrum Wired Weekly Thai Bev – Buy dips to c.S$0.72, take profit at c.S$0.80 Our analyst raised FY15F/16F estimates for Thai Bev by 4% last week. Upside surprise could come from a faster-thanexpected turnaround in non-alcoholic beverage segment and/or beer contribution. Further catalysts could come from the eventual divestment/ monetisation of its 28.5% stake in FCL and/or restructuring of its stake in F&N. The
fundamental TP is lifted to S$0.80. The stock has risen from a low of S$0.615 since beginning August. Its technical oscillators 8-wk RSI and weekly stochastics are currently overbought at 86 and 83 respectively. Further gains from here will stretch the oscillators and lift the stock closer to its channel return (resistance) line. Support is at S$0.70-0.725. For traders already positioned in the stock, look to lock in gains near S$0.80 and buy on dips to $0.72.
Thai Beverage (Daily)
Source: DBS Research
Around the Region ASEAN markets could see 4Q volatility – Our regional equity strategist says with expectations of weaker growth in the Eurozone and Japan compared to the US and the ECB/Japan’s QE entry compared to US QE exit, the two more direction implications for Asia are the USD and UST yield directions. Barring an escalation in geopolitical risks or a shock to the US economy, the impending end to the Fed’s QE suggests that long-term UST yields have room to trend higher in the coming months. This could spook the repricing of risk assets that include ASEAN markets in 4Q. Although macro conditions are a lot more stable compared to a year ago, ASEAN markets’ outperformance this year could drive investors to lock in profits before the year ends. Prefer large over small Chinese banks – Our HK/China analyst notes that in the recently concluded 2Q results season, large banks scored better in providing higher NIM, slower new NPL formation before write-offs and disposals, slower increase in overdue loans, and more prudent NPL classification and capital trends. Large banks also have less exposure to non-standard credit investments and will be less impacted by the upcoming deposit insurance scheme and deposit rate liberalisation. Our analyst remains bullish on Chinese banks and expects a rebound in credit growth and a soft landing for property markets to rebuild confidence in the sector. Picks are Agricultural Bank of China (1288) and China Merchants Bank (3968). CPO price recovery only gradual, Genting Plantations & TSH Resources oversold - Malaysia’s end-Aug14 palm oil stockpile soared 22% m-o-m; on stronger-than-expected 22% m-o-m jump in output and flat exports. Sep14 stockpile
forecast at 2.091m MT, as output moderates 13% m-o-m while exports expand 4% m-o-m. Our plantation analyst reckons that while CPO discount to soybean oil has narrowed, the subsequent recovery may be gradual. Still, some plantation stocks are oversold following the recent price correction. Malaysian companies Genting Plantations and TSH Resources are our analyst’s picks. Singapore-listed plantation stocks are not in the “BUY” radar screen for the sector. Plantation companies Companies
Malaysia - RM Genting Plantations TSH Resources Singapore - S$ Bumitama Agri First Resources Indofood Agri R. Golden Agri R. Wilmar Int’l
Price on 9 Sept
Mkt Cap
LCY
US$m
LCY
3 mth
12 mth
Rating
9.96 3.43
2,393 961
12.60 4.00
(11.6) (3.9)
4.8 48.5
BUY BUY
1.15 2.07 0.87 0.51 3.17
1,600 2,604 970 5,200 16,111
1.23 2.14 0.97 0.54 3.30
0.0 (13.0) (9.0) (12.1) (0.9)
17.4 8.4 9.5 (8.9) 2.3
HOLD HOLD HOLD NR HOLD
Target Price
Performance (%)
Source: DBS Bank
The Week Ahead The US FOMC releases its monetary policy statement this Wednesday and is forecast to reduce monthly bond purchases to USD15bn, keeping QE on track to end in October. Investors will keep a close watch on the Fed’s statement for clues on how long the benchmark interest rate will be kept low after bond purchases end.
Page 3
Singapore Traders Spectrum Wired Weekly Views from our Economists Singapore’s 2014 inflation expectation lowered to 1.5% but picks up to 2.8% in 2015 Our Singapore economist has lowered the 2014F inflation to 1.5% from 2.1%. This adjustment takes into account the lower-than-expected inflation readings over the past months, which currently stands at just 1.6% YTD. Headline CPI inflation reading has fallen due to the drop in COE premiums in recent months. However, this is policy-driven. Underlying cost pressures within the economy have been high. Higher business costs
Page 4
due to wage pressure and rapid increase in rental have been passed on to consumers. With both factors unlikely to ebb in the near term, inflation is set to rise in 2015. That is, while the inflation forecast for 2014 has been lowered to 1.5%, CPI is expected to show a higher reading of 2.8% in 2015. Inflation will be higher in 2015 and growth is set to remain slow (3.0% in 2014 and 3.6% in 2015). The MAS is unlikely to change its policy stance as the downside risk to growth remains manageable. Our economist expects the current policy stance of a gradual appreciation of the Sing NEER to continue.
Singapore Traders Spectrum Wired Weekly
Top large and small / mid cap picks
TOP LARGE CAP PICKS Recom
P rice
T a rge t P rice
Upside
CapitaLand
Buy
3.290
3.84
17%
1) Portfolio-wide improvement; performance underpinned by higher contributions from China 2) Streamlined structure enables group to be more nimble
Global Logistic Properties
Buy
2.870
3.42
19%
1) Strong execution track record and leadership position in the Asian modern logistics warehouse market 2) Growth drivers in place, development acceleration impact likely to be felt from next 18-24 months
Singapore Post
Buy
1.750
2.12
21%
1) SPOST’s low-cost carrier model for e-commerce logistics across Asia is better than high cost – high speed model of the likes of Fedex and DHLs. 2) Recent postal rate hike of 12-30% to mitigate the pressure on traditional post business and we expect to see double-digit earnings growth for the group going forward. 3) With over S$500m net cash, future acquisitions could boost FY16F earnings by 20% or more.
Recom
P rice
T a rge t P rice
Upside
China Merchants
Buy
0.940
1.32
40%
1) Organic growth to continue 2) Jiurui E’way acquisition to drive future growth
Mapletree Greater China Commercial Trust
Buy
0.955
1.04
9%
1) Visible organic growth 2) Portfolio of quality assets
Nam Cheong
Buy
0.455
0.52
14%
1) Continues to ride on OSV cycle with sustained flow of vessel sale contracts. 2) Catalysts from contract wins and details of Nam Cheong’s own designs expected later this year
Pacific Radiance Ltd
Buy
1.405
1.62
15%
1) Strategy to grow fleet and expand in key emerging geographies such as Mexico, where the Group has established a JV. 2) Potential to book higher margins.
Venture Corporation
Buy
7.860
8.80
12%
1) Expect a stronger 2H, underpinned by new product launches and further traction with new customers. 2) Continues to ride on broader economic recovery.
Company
Catalyst
TOP SMALL / MID CAP PICKS Company
Catalyst
Source: DBS Bank
Page 5
Singapore Traders Spectrum Wired Weekly Major research reports released last week Company / Sector Recommendation Target Price ($) Key Points
Sembcorp Marine
BUY
S$ 4.82
Scaling up
Thai Beverage Public Company
BUY
S$ 0.80 (Prev S$ 0.68)
1) 2) 3) 4)
China Merchants Hldgs (Pacific)
BUY
S$ 1.32
1) Jiurui Expressway acquisition approved and parent company converts its RCPS 2) Company can sustain its 7-Sct annual dividend payout comfortably, assuming full dilution (including outstanding convertible bonds) 3) Our previous TP of S$1.32 already takes into account dilution from RCPS and convertible bonds but we have yet to update our numbers and TP for the Jiurui acquisition 4) Maintain BUY and S$1.32 TP for now
Croesus Retail Trust BUY
S$ 1.10
1) Acquires One’s Mall in Greater Tokyo for JPY11bn, a 5% discount to the independent market valuation 2) Acquisition partially funded by recent S$72.2m share placement 3) Maintain BUY, TP of S$1.10
Source: DBS Bank
Page 6
Reaffirm BUY with higher TP of S$0.80 Project growth to continue into 2H14, FY15 Corporate restructuring an added catalyst on top of positive operating performance Upside revision to FY15 forecasts possible if management sustains strong margins
Singapore Traders Spectrum Wired Weekly Shanghai Composite Index 2,400
Hang Seng Index 26,000
Shanghai Comp Index
Taiwan Index 10,000
Hang Seng Index
25,000
2,300
9,400
24,000
2,200
9,100
23,000 2,100
8,800 8,500
22,000
8,200
2,000
21,000
1,900 Sep-13
20,000 Sep-13
12 mth: 1 mth:
Dec-13
Mar-14
3. 1% 4. 1%
Jun-14
YT D: 1 Wk:
Sep-14
9. 2% 0. 2%
7,900 Dec-13
12 mth: 1 mth:
Nikkei Index
Mar-14
7. 5% -0. 1%
Jun-14
YT D: 1 Wk:
Sep-14
5. 8% -2. 5%
17,500
Nikkei 225 Index
15,000
12,000
14,500 Dec-13 10.3% 4.9%
Mar-14
Jun-14
YTD: 1 Wk:
-2.3% 1.5%
12 mth: 1 mth:
USD/SGD
3,600 3,400 Dec-13
Mar-14
11.2% 2.9%
Jun-14
YTD: 1 Wk:
Sep-14
2.8% -0.1%
usd/JP Y
1.23
Dec-13
Mar-14
Jun-14
Sep-14
102
1.34
100
1.32
98
1.30
96
1.28
94 Sep-13
5.05
Mar-14
Jun-14
Sep-14
1.26 Sep-13
0.2% -0.5%
Mar-14 YTD: 1 Wk:
Jun-14
Sep-14 1.3% -0.1%
Sep-13 12 mth: 1 mth:
Jun-14
Sep-14
A$/SGD
1.12
4.70 Dec-13
Sep-14
1.14
4.75
6.00
Jun-14
1.16
4.80
6.05
Mar-14
1.18
4.85
6.10
Dec-13
1.20
4.90
6.15
9.9% 0.6%
Euro/U S D
1.22
sgd/RMB
4.95
6.20
YTD: 1 Wk:
Sep-14
A$/SGD
5.00
6.25
12 mth: 1 mth:
Dec-13
SGD/RMB
6.30
Jun-14
1.36
USD/RMB Usd/RMB
23.3% 4.6%
Mar-14
1.38
106
1.25
Sep-13
12 mth: 1 mth:
Dec-13
1.40
104
1.21 Sep-13
Sep-13
Euro/USD
108 1.27
Nasdaq
3,800
110
usd/S GD
8. 3% -1.1%
4,000
USD/JPY
1.29
YT D: 1 Wk:
Sep-14
4,200
Sep-13
Sep-14
Jun-14
4,400
15,500
13,000
Mar-14
4,600
16,000 14,000
13. 6% 1. 7%
4,800
Dow Jones
16,500
15,000
12 mth: 1 mth:
12 mth: 1 mth:
Dec-13
NASDAQ Index
17,000
16,000
Sep-13
7,600 Sep-13
Dow Jones Industrials
17,000
Taiwan Index
9,700
1.10 Dec-13 0.6% -1.5%
Mar-14 YTD: 1 Wk:
Jun-14
Sep-14 1.3% -1.1%
Sep-13 12 mth: 1 mth:
Dec-13 -1.7% 0.2%
Mar-14 YTD: 1 Wk:
2.4% -0.8%
Source: Datastream, DBS Bank
Page 7
Singapore Traders Spectrum Wired Weekly
Baltic Dry Index 2,500
Volatility Index
Fed Funds Rate
22
Baltic Dry Index
0.30
Volatility Index
20 2,000
18
0.20
16
1,500
0.15
14
0.10
12
1,000
0.05
10 500 Sep-13 12 mth: 1 mth:
0.00
8 Dec-13 -27.1% 41.9%
Mar-14
Jun-14
YTD: 1 Wk:
Sep-14
Sep-13
Dec-13
Mar-14
Jun-14
Sep-13
Sep-14
Palm Oil Brent Crude Oil
US$/l 46
Palm Oil
900
44
110
850
42
800
40
750
38
700
36
650
34
600
32
105 100 95 Dec-13
Mar-14
Mar-14
Jun-14
Sep-14
Soya Oil
US$/Ton 950
115
90 Sep-13
Dec-13
-47.9% 3.4%
Brent Crude Oil US$/barrel
Fed Funds Rate
0.25
Jun-14
Sep-14
550 Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
30 Sep-13
Soya Oil
Dec-13
Mar-14
Jun-14
Sep-14
12 mth:
-12. 7%
YT D:
-12. 3%
12 mth:
-9. 9%
YT D:
-18. 5%
12 mth:
-21. 6%
YT D:
-9.0%
1 mth:
-5. 3%
1 Wk:
-4. 2%
1 mth:
-6. 2%
1 Wk:
1. 5%
1 mth:
-5. 9%
1 Wk:
-0.6%
Aluminium
Tin
US$/MT
Steel
US$/MT 25000
Aluminium
RMB/MT 3800
Tin
2150
3600
24000
2050
3400
23000
1950
Steel (rebar)
3200
1850
22000
1750
21000
1650 Sep-13
20000 Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
3000 2800 Dec-13
Mar-14
Jun-14
Sep-14
2600 Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
12 mth:
18.2%
YT D:
17. 3%
12 mth:
-7. 7%
YT D:
-5. 8%
12 mth:
-19. 3%
YT D:
-15. 0%
1 mth:
5. 7%
1 Wk:
-0. 9%
1 mth:
-6. 2%
1 Wk:
-1. 9%
1 mth:
-9. 0%
1 Wk:
-4.7%
Copper
Nickel
US$/MT 7500
Gold
US$/MT 22000
Copper
US$/Ounce 1450
Nickel
20000 7000
6500
1350
18000
1300
16000
1250 1200
14000
Sep-13
1150
12000
6000 Dec-13
Mar-14
Jun-14
Sep-14
Sep-13
Gold
1400
1100 Dec-13
Mar-14
Jun-14
Sep-14
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
12 mth:
-3.9%
YTD:
-7.0%
12 mth:
33.3%
YTD:
32.5%
12 mth:
-9.1%
YTD:
2.6%
1 mth:
-1.8%
1 Wk:
-1.3%
1 mth:
-1.8%
1 Wk:
-5.1%
1 mth:
-5.8%
1 Wk:
-2.4%
Source: Datastream, DBS Bank
Page 8
Singapore Traders Spectrum Wired Weekly
Straits Times Index S/No.
B'berg Code
St ock Name
Crnc y
1 2 3
DBS SP OCBC SP ST SP
DBS GROUP HOLDINGS LTD OV ERSEA-CHINESE BANKING CORP SINGAPORE TELECOMMUNICATIONS
SGD SGD SGD
L ast Day A v g V ol f or Last Price V ol t he Week 12- Sep- 14 (000 Shrs) (000 Shrs)
Rel ST I MTD (%)
Rel ST I QT D (%)
Rel ST I YTD (%)
Weight (%)
A ct ual M k t Cap (S$m)
3 (7) 1
11.33 10.48 9.96
45,560 38,400 62,180
18.52 9.77 3.90
2,312 8,550 11,875
2,152 6,521 10,689
3 (3) (0)
8 2 (1)
4
UOB SP
UNITED OV ERSEAS BANK LTD
SGD
23.04
1,533
1,443
(0)
(0)
3
9.61
36,894
5
J M SP
J ARDINE MATHESON HLDGS LTD
USD
62.03
238
184
2
2
13
6.59
53,327
6
KEP SP
KEPPEL CORP LTD
SGD
10.70
2,507
1,476
(2)
(4)
(10)
5.37
19,441
7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
J S SP HKL SP GLP SP CAPL SP THBEV SP GENS SP WIL SP SPH SP SGX SP CIT SP STE SP NOBL SP CT SP SIA SP CD SP SCI SP AREIT SP HPHT SP J CNC SP GGR SP SMM SP STH SP OLAM SP SIE SP
J ARDINE STRATEGIC HLDGS LTD HONGKONG LAND HOLDINGS LTD GLOBAL LOGISTICS CAPITALAND LTD THAI BEV ERAGE PCL GENTING SINGAPORE PLC WILMAR INTERNATIONAL LTD SINGAPORE PRESS HOLDINGS LTD SINGAPORE EXCHANGE LTD CITY DEV ELOPMENTS LTD SINGAPORE TECHNOLOGIES ENG NOBLE GROUP LTD CAPITAMALL TRUST SINGAPORE AIRLINES LTD COMFORTDELGRO CORP LTD SEMBCORP INDUSTRIES LTD A-REIT HUTCHISON PORT HOLDINGS TRUST J ARDINE CYCLE & CARRIAGE 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
37.29 6.89 2.87 3.290 0.74 1.17 3.19 4.21 7.30 9.86 3.680 1.39 2.00 10.12 2.520 5.18 2.360 0.71 43.75 0.51 3.87 4.15 2.560 4.62
60 1,643 6,660 9,972 86,383 13,824 5,425 2,493 1,686 534 2,760 14,989 5,672 812 4,103 3,467 4,711 9,908 149 24,878 2,338 1,908 3,257 677
115 1,494 17,344 8,627 26,623 25,202 4,563 1,631 1,649 529 2,170 11,839 5,292 571 3,806 2,167 4,520 10,235 107 30,156 1,286 1,314 1,438 466
2 0 0 (1) 4 (5) 0 1 (0) (2) (0) 2 (1) (0) (0) 1 (0) (2) (3) (2) (3) (1) (4) 0
2 1 4 0 17 (15) (3) (2) 2 (6) (6) (1) (2) (5) (2) (6) (0) (4) (4) (12) (8) (3) (4) (11)
11 11 (6) 3 31 (27) (12) (3) (5) (3) (13) 24 (1) (8) 20 (11) 2 (0) 16 (13) (19) (9) 61 (14)
3.69 3.59 3.03 2.89 2.60 2.43 2.36 2.35 2.10 2.04 2.00 1.85 1.81 1.79 1.78 1.63 1.61 1.60 1.53 1.14 1.13 0.85 0.44 0.36
52,772 19,577 13,889 14,010 18,581 14,326 20,413 6,734 7,810 8,966 11,480 9,363 6,906 11,862 5,388 9,257 5,674 6,185 15,562 6,483 8,085 7,156 6,248 5,178
Source: Bloomberg Finance L.P.
Page 9
Singapore Traders Spectrum Wired Weekly At A Glance Currencies
Announced Dividends and Capital Issues Pt s c hg
% Chg 1 wk
1.26
0.0
0.9
107.33
2.2
2.1
(0.0)
(0.1)
Last Close SG$/US$ Yen/US$ US$/Euro AUS$/US$ Pound/US$
0.77 1.11
0.0
4.0
1.63
(0.0)
(0.4)
Pt s c hg 1w k
% Chg 1 wk
Other Important Indicators Last Close Gold
Crude Oil
92.27
(1.0)
(1.1)
US$ Yield 10-year
2.61
0.2
6.2
1228.22 (40.7)
(3.2)
Important Dates (Singapore) Eve nt Unemployment rate SA Retail Sales Ex Auto YoY Retail Sales YoY Retail Sales SA MoM Electronic Exports YoY Non-oil Domestic Exports YoY Non-oil Domestic Exports SA MoM Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI NSA MoM CPI 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 Purchasing Managers Index Electronics Sector Index Foreign Reserves Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E GDP YoY Retail Sales Ex Auto YoY Retail Sales YoY Retail Sales SA MoM Electronic Exports YoY Non-oil Domestic Exports YoY Non-oil Domestic Exports SA MoM Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI NSA MoM CPI 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 Retail Sales Ex Auto Retail Sales YoY Retail Sales SA MoM GDP SAAR QoQ GDP YoY Electronics Exports YoY Non-oil Domestics Exports YoY Non-oil Domestic Exports SA MoM Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI NSA MoM CPI YoY
Pe riod 2Q F Jul Jul Jul Aug Aug Aug Sep Sep Sep Aug Aug Aug Aug Aug Aug Aug Aug Aug Sep Sep Sep Oct Oct Oct 3Q A Aug Aug Aug Sep Sep Sep Oct Oct Oct Sep Sep Sep Sep Sep Sep Sep Sep Sep 3Q P Oct Oct Nov Nov Nov Oct Sep Sep Sep 3Q F Oct Oct Oct Oct Nov Nov Nov Oct Oct
Source: Bloomberg Finance L.P. Page 10
Da te 15-Sep-14 15-Sep-14 15-Sep-14 15-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 23-Sep-14 23-Sep-14 26-Sep-14 26-Sep-14 30-Sep-14 30-Sep-14 30-Sep-14 30-Sep-14 30-Sep-14 1-Oct-14 1-Oct-14 7-Oct-14 9-Oct-14 9-Oct-14 9-Oct-14 10-Oct-14 15-Oct-14 15-Oct-14 15-Oct-14 17-Oct-14 17-Oct-14 17-Oct-14 22-Oct-14 22-Oct-14 22-Oct-14 24-Oct-14 24-Oct-14 24-Oct-14 24-Oct-14 31-Oct-14 31-Oct-14 31-Oct-14 31-Oct-14 31-Oct-14 31-Oct-14 4-Nov-14 4-Nov-14 5-Nov-14 5-Nov-14 5-Nov-14 7-Nov-14 14-Nov-14 14-Nov-14 14-Nov-14 15-Nov-14 15-Nov-14 17-Nov-14 17-Nov-14 17-Nov-14 19-Nov-14 19-Nov-14 19-Nov-14 24-Nov-14 24-Nov-14
Company NEO GROUP LIMITED SAKAE HOLDINGS LTD. TAN CHONG INT'L LTD ASIAN PAY TELEV ISION TRUST J ACKS INTERNATIONAL LIMITED YUEXIU PROPERTY CO LIMITED YUEXIU PROPERTY CO LIMITED BOARDROOM LIMITED CIMB S&P ASIA PACIFIC DIV IDEND CIMB S&P ASIA PACIFIC DIV IDEND RIV ERSTONE HOLDINGS LIMITED TOTAL ADR 10 SIA $300M 2.15%B150930 N509100N 141001 N509100N 141001 N511100W 160401 N513100T 180401 N710100Z 170401 NA12100N 420401 OSIM INTERNATIONAL LTD SHANGRI-LA ASIA LIMITED LIAN BENG GROUP LTD LIAN BENG GROUP LTD SINGAPORE EXCHANGE LIMITED SELECT GROUP LIMITED UMS HOLDINGS LIMITED GENTING SPS$500M5.125% PERPSEC TEE LAND LIMITED F RAGRANCE GROUP LIMITED UNITED OV ERSEAS AUSTRALIA LTD CORDLIFE GROUP LIMITED ELLIPSIZ LTD KARIN TECHNOLOGY HLDGS LIMITED GUOCOLAND LIMITED RYOBI KISO HOLDINGS LTD. F J BENJ AMIN HOLDINGS LTD GUOCOLEISURE LIMITED KTL GLOBAL LIMITED BRITISH & MALAYAN TRUSTEES LTD BRITISH & MALAYAN TRUSTEES LTD ASL MARINE HOLDINGS LTD SPINDEX INDUSTRIES LIMITED AMTEK ENGINEERING LTD MICRO-MECHANICS (HOLDINGS) LTD PARKSON RETAIL ASIA LIMITED EU YAN SANG INTERNATIONAL LTD MULTI-CHEM LIMITED OLAM INTERNATIONAL LIMITED OLAM INTERNATIONAL LIMITED SINGAPURA FINANCE LTD TAI SIN ELECTRIC LIMITED SILV ERLAKE AXIS LTD SILV ERLAKE AXIS LTD TEE INTERNATIONAL LIMITED CHOSEN HOLDINGS LIMITED ACE ACHIEV E INF OCOM LIMITED SANTAK HOLDINGS LIMITED NX09100W 190601 NX11100X 210601 NY14100E 290701
T y pe DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND RIGHTS DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND INTEREST INTEREST ENTITL. INTEREST INTEREST INTEREST INTEREST DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND INTEREST DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND INTEREST INTEREST INTEREST
Part ic ulars SGD 0.0105 ONE-TIER TAX SGD 0.005 ONE-TIER TAX HKD 0.025 010114 - 300614 SGD 0.0412 TAX EXEMPT SGD 0.003 ONE-TIER TAX HKD 0.049 OF F ER OF 33 F OR 100 @ HKD 1.25 SCRIPDIV SCHEME SGD 0.02 ONE-TIER TAX USD 0.0452 USD 0.0098 ONE-TIER TAX MYR 0.0235 ONE-TIER TAX USD 0.68919 300314 - 290914 2.15% 0.01375 REDEMPTION 100% 0.01125 0.005 0.02375 0.0275 SGD 0.02 ONE-TIER TAX HKD 0.06 SGD 0.0125 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.16 ONE-TIER TAX SGD 0.007 ONE-TIER TAX SGD 0.01 ONE-TIER TAX 180414 - 171014 5.125% SGD 0.0075 ONE-TIER TAX SGD 0.001 ONE-TIER TAX UNF RANK;DRP AUD 0.005 SGD 0.01 ONE-TIER TAX SGD 0.0036 ONE-TIER TAX HKD 0.078 SGD 0.05 ONE-TIER TAX SGD 0.003 ONE-TIER TAX SGD 0.0025 ONE-TIER TAX SGD 0.02 SGD 0.0044668 ONE-TIER TAX SGD 0.1 ONE-TIER TAX SGD 0.027 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.022 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.025 ONE-TIER TAX SGD 0.022 ONE-TIER TAX SGD 0.0027 ONE-TIER TAX SGD 0.025 ONE-TIER TAX SGD 0.05 ONE-TIER TAX SGD 0.05 ONE-TIER TAX SGD 0.015 ONE-TIER TAX SGD 0.006 ONE-TIER TAX SGD 0.012 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.0072 ONE-TIER TAX CNY 0.002 SGD 0.005 ONE-TIER TAX 0.025 0.0225 0.02875
Ex Dat e 15-Sep-14 15-Sep-14 16-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 18-Sep-14 18-Sep-14 18-Sep-14 18-Sep-14 18-Sep-14 19-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 30-Sep-14 30-Sep-14 1-Oct-14 2-Oct-14 7-Oct-14 9-Oct-14 9-Oct-14 13-Oct-14 15-Oct-14 21-Oct-14 23-Oct-14 23-Oct-14 24-Oct-14 24-Oct-14 28-Oct-14 28-Oct-14 28-Oct-14 30-Oct-14 30-Oct-14 31-Oct-14 31-Oct-14 3-Nov -14 3-Nov -14 3-Nov -14 4-Nov -14 4-Nov -14 4-Nov -14 4-Nov -14 6-Nov -14 6-Nov -14 7-Nov -14 7-Nov -14 10-Nov -14 11-Nov -14 12-Nov -14 14-Nov -14 21-Nov -14 21-Nov -14 23-Dec-14
Paid/ Pay able 24-Sep-14 24-Sep-14 25-Sep-14 26-Sep-14 2-Oct-14 5-Nov -14 11-Nov -14 30-Sep-14 30-Sep-14 9-Oct-14 10-Oct-14 30-Sep-14 1-Oct-14 1-Oct-14 1-Oct-14 1-Oct-14 1-Oct-14 1-Oct-14 2-Oct-14 7-Oct-14 16-Oct-14 16-Oct-14 13-Oct-14 24-Oct-14 28-Oct-14 20-Oct-14 3-Nov -14 28-Oct-14 4-Nov -14 7-Nov -14 13-Nov -14 6-Nov -14 18-Nov -14 5-Nov -14 19-Nov -14 17-Nov -14 12-Nov -14 20-Nov -14 20-Nov -14 12-Nov -14 19-Nov -14 20-Nov -14 19-Nov -14 13-Nov -14 21-Nov -14 20-Nov -14 13-Nov -14 13-Nov -14 19-Nov -14 18-Nov -14 27-Nov -14 27-Nov -14 27-Nov -14 21-Nov -14 28-Nov -14 26-Nov -14 01-Dec-14 01-Dec-14 02-J an-15
Upcoming IPOs NIL
Recent IPO Trading Company Name
IPO Share Pric e
L ast Close
ICB Sec t or Name
IPO Dat e
No. of Share
IPO M k t Cap
Eurosports Global Ltd
0.28
0.260
General Retailers
17/01/2014
265
74
Kim Heng Offshore & Marine
0.25
0.240
Oil Equipment, Serv ices & Distribution
22/01/2014
710
178
OUE Commercial Real Estate In
0.80
0.805
Real Estate Investment Trusts
27/01/2014
869
695
Talkmed Group Ltd
0.20
1.070
Health Care Equipment & Serv ices
30/01/2014
657
131
Pacc Offshore Serv ices Holding
1.15
0.870
Industrial Transportation
25/04/2014
1,820
2,093
QT V ascular Ltd
0.28
0.405
Pharmaceuticals & Biotechnology
29/04/2014
756
212
IPS Securex Holdings Ltd
0.35
0.445
Support Serv ices
30/06/2014
75
26
SMJ International Holdings Ltd
0.28
0.210
Household Goods & Home Construction
30/06/2014
78
22
Starburst Holdings Ltd
0.31
0.630
Aerospace & Defense
10/07/2014
250
78
F rasers Hospitality Trust
0.88
0.885
Real Estate Investment Trusts
14/07/2014
1,193
1,050
Spackman Entertainment Grou
0.26
0.345
Media
22/07/2014
395
103
F irst Sponsor Group Ltd
1.50
1.255
Real Estate Inv estment & Serv ices
22/07/2014
590
885
Alliance Mineral Assets Ltd
0.23
0.335
Mining
25/07/2014
394
91
Terratech Group Ltd
0.23
0.162
Mining
30/07/2014
615
141 1,066
Accordia Golf Trust
0.97
0.870
Trav el & Leisure
01/08/2014
1,099
IREIT Global
0.88
0.895
Real Estate Investment Trusts
13/08/2014
419
369
J apfa Ltd
0.80
0.865
F ood Producers
15/08/2014
1,765
1,412
Singapore Traders Spectrum Wired Weekly September 2014 Mon
Tues
Wed
Thu
Fri
1
2
3
4
5
10
11
12
17
18
19
25
26
Purchasing Managers Index Electronics Sector Index
8
Foreign Reserves
9
Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E
Manpower Survey
15
16
Electronic Exports YoY Non-oil Domestic Exports YoY Non-oil Domestic Exports SA MoM Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E
Unemployment rate SA Retail Sales Ex Auto YoY Retail Sales YoY Retail Sales SA MoM
22
23
CPI NSA MoM CPI YoY
29
24
Industrial Production SA MoM Industrial Production YoY
30
Credit Card Bad Debts Credit Card Billings Bank Loans and Advances YoY Money Supply M1 YoY Money Supply M2 YoY
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 31 Aug 2014,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 31 Jul 2014 except for OCBC, Sembcorp Industries, Sembcorp Marine, Yangzijiang Shipbuilding, Singapore Post, Venture Corporation , Indofood Agri Resources, Golden Agri Resources, CapitaLand, Global Logistic Properties, Mapletree Greater China Commercial Trust, Thai Beverage Public Company, Croesus Retail Trust, Wilmar, First Resoruces.
Page 12
Singapore Traders Spectrum Wired Weekly 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 the Mapletree Greater China Commercial Trust, Croesus Retail Trust as of 31 Jul 2014.
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 have receive or intends to seek compensation for investment banking services from of Singapore Post, United Envirotech, Yoma Strategic Holdings, Nam Cheong Ltd, Pacific Radiance Ltd 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
This research report is being distributed in The Dubai International Financial Centre (“DIFC”) by DBS Bank Ltd., (DIFC Branch) rd having its office at PO Box 506538, 3 Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it.
United States
Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person except in compliance with any applicable U.S. laws and regulations. It is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate.
Other jurisdictions
In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Bank Ltd. 12 Marina Boulevard, Marina Bay Financial Centre Tower 3 Singapore 018982 Tel. 65-6878 8888 Company Regn. No. 196800306E
Page 13