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Singapore Traders Spectrum

Wired Daily

DBS Group Research . Equity

Today’s Focus

Hutchison Port Holdings Trust – Expect DPU to be sustainable at 6.6UScts annually. Maintain BUY with TP of US$0.85.

US and European equities rallied overnight in a knee-jerk reaction following a pledge by ECB President Mario Draghi to defend the Euro. 10-yr Spanish and Italian bond yields retreated. Still, our economist notes the usual obstacles. Meanwhile US weekly initial claims contracted a more than expected amount to 353k (consensus 380k). US 2Q GDP will be released later tonight. Our economist sees the figure dipping to 1.1% (consensus 1.4%).

Hutchison Port Holdings Trust reported decent y-o-y volume growth at both Yantian (4%) in China and HIT (8%) ports in Hong Kong in 2Q12; boosted by transhipment cargo. 3.1UScts DPU was declared in 1H12, as per IPO guidance. DPU should be sustainable at 6.6UScts level annually, as capex deferral is not a very significant proportion of total distributable cash flow in FY12. Maintain BUY with unchanged TP of US$0.85.

Sheng Siong Group reported 2Q12 profit of S$7m (-2% y-o-y) slightly below our analyst’s expectations on weaker recovery in ASP. FY12F/FY13F earnings trimmed by 6%/7% on lower gross margin assumptions. DPS of 1Sct was declared; we expect 5.8% yield for FY12F. Maintain HOLD and S$0.47 TP.

MBS was hit by lower VIP rolling chip & win rate, and higher receivables provision in 2Q12. Our analyst has cut 2012-14E earnings for Genting Singapore by 9-12% and downgrade to Hold with lower TP of S$1.17 (Prev S$ 2.05). Genting Singapore’s 2Q12 results will likely be unexciting, but 2H12 should be stronger with the completion of Western Zone by

4Q12.

Mapletree Commercial Trust’s 1Q13/14 results in line with estimates at 25% of our analyst’s forecast. Vivocity’s rental reversions and retention rates remain robust. Maintain BUY at S$1.12 TP. We continue to like MCT’s defensive nature backed by quality assets.

27 Jul 2012

US Indices

Last Close

Pts Chg

% Chg

Dow Jones

12,887.9

211.9

1.7

S&P

1,360.0

22.1

1.7

NASDAQ Regional Indices

2,893.3

39.0

1.4

ST Index

3,004.6

13.7

0.5

ST Small Cap

453.2

1.1

0.2

Hang Seng

18,892.8

15.5

0.1

HSCEI

9,210.9

(7.9)

(0.1)

HSCCI

3,695.9

24.2

0.7

KLCI

1,623.9

(11.2)

(0.7)

SET

1,172.9

(15.7)

(1.3)

JCI

4,004.8

3.9

0.1

PCOMP

5,152.6

(9.2)

(0.2)

KOSPI

1,782.5

13.2

0.7

TWSE

6,970.7

(8.4)

(0.1)

Nikkei

8,443.1

77.2

0.9

Singapore Total Market cap (US$bn) Total Daily Vol (m shrs) 12m ST Index High 12m ST Index Low

Singapore Total Market cap (US$bn) Total Daily Vol (m shrs) 12m ST Index High 12m ST
Singapore Total Market cap (US$bn) Total Daily Vol (m shrs) 12m ST Index High 12m ST
Singapore Total Market cap (US$bn) Total Daily Vol (m shrs) 12m ST Index High 12m ST

542

1,705

3,215

2,529

Source: Bloomberg

STI Index Performance Index 4,000 STI 3,000 2,000 100-Day MA 1,000 2006 2007 2008 2009
STI Index Performance
Index
4,000
STI
3,000
2,000
100-Day MA
1,000
2006
2007
2008
2009
2010
2011
2012

Stock Picks – Large Cap

 

Rec’n

Price ($)

Target Price

 

26/7

($)

SembCorp Industries

Buy

5.240

6.00

SembCorp Marine

Buy

4.860

5.85

SingTel

Take profit

3.440

3.29

City Development

Take profit

11.620

10.85

UOB

Take profit

19.760

19.50

Stock Picks – Small Cap

 

Rec’n

Price ($)

Target Price

 

26/7

($)

STX OSV Holdings

Buy

1.535

2.00

Ezion Holdings

Buy

0.925

1.35

Bumitama Agri

Buy

1.060

1.35

Nam Cheong

Buy

0.176

0.24

Source: Bloomberg, DBS Vickers

Trader’s Spectrum Team – 6533 9688 / 6398 7955 / 6398 7970

Singapore

Wired Daily

Kreuz Holdings has won a contract worth approximately US$13m from a leading offshore company in the oil and gas business to provide subsea installation services in Southeast Asia. The work is scheduled to commence in the third quarter of 2012 for a duration of approximately three months, with option for further extension.

Noble Group has shelved plans to sell its agriculture unit, saying now is the time to build the business amid declining asset prices. Noble shares have declined 13% since the company said in October it might spin off its agriculture business and list it on the Singapore Exchange.

Mapletree Logistics Trust Chief Executive Richard Lai has resigned for personal reasons. MLT has named Ng Kiat as successor with immediate effect. Prior to her appointment, Ms Ng was chief investment officer for Southeast Asia at Singapore developer Mapletree Investments, which is the sponsor of Mapletree Logistics. She had also served roles at Singapore state investor Temasek Holdings and real estate group CapitaLand.

SC Global announced that its ASX-listed subsidiary AVJennings expects to provide between A$32 to A$37m on an after tax basis against the carrying value of its assets as at 30 June 2012. AVJ expects to make a post-tax operating profit before provisioning of around A$5.1m for the year and after provisioning a net loss of A$27 to A$32m. SC Global owns 50.03% of AVJ. As a result, it is expected to report a net loss for the quarter ended 30 June 2012.

Fujian Zhenyun Plastics Industry is expected to report lower net profit for 1H12 as the slowdown in the China’s economy resulted in fewer suitable projects available and competition for the projects eroded gross profit margins.

The executive chairman of Hup Soon Global Corp plans to take the company private in a deal that values the industrial equipment and automotive products distributor at $36.4m. Spei Holdings, owned by Hup Soon chairman and chief executive Timothy Chia Chee Ming and three

others, is offering 10 cents a share for the 74.1m shares it does not already control.

Teledata is placing 548.8m new shares at S$0.008 per share. The issue price represents a discount of approximately 12% to last weighted average price. The net proceeds of approximately S$4.2m will be used for the funding of new projects and to finance the general working capital requirements of the group.

Singapore’s June industrial output rose 7.6% y-o-y, more than double the 2.8% consensus forecast, thanks to pharmaceuticals' anti-cyclical surge and also better than May’s revised growth of 6.8%. Excluding the 54.4% y-o- y surge in biomedical production, manufacturing output shrank 1.5% in June from a year ago. In month-on- month terms, overall industrial output rose 3.9% after seasonal adjustments, but fell 3.8% minus biomedical output. Stripping out the volatile sector, June's seasonally-adjusted industrial production index sank to its lowest reading since November last year. Electronics continued to shrink year-on-year. Even though its contraction narrowed from 9.4% in May to 4.5% in June, prospects for the cluster, which accounts for more than a third of manufacturing, remain dim.

In a move that could impact the Singapore-Changi hub, Australia's Qantas Airways and Dubai-based Emirates are headed for an alliance that may see Qantas bypass Singapore as its "kangaroo route" hop-off. The Australian Financial Review said the move could result in Qantas's flights from Australia to Europe being diverted through the Middle Eastern hub of Dubai, bypassing Singapore-Changi in the process. This would be a major change, given that Qantas has a long track record in Singapore stretching back some 70 years and is one of the biggest airline groups operating at the airport. It currently has about 130 flights each week via Changi, and together with its Jetstar unit, accounts for some 12% of the traffic at Changi. Qantas is also a major consumer of ground services at Changi, and uses SIA Engineering for its maintenance and repair.

Singapore

Wired Daily

Share Buy-Back

Company

D.O.T.

Buy/Sell

No.of shares

S$/shr

Ho Bee Investment Limited HG Metal Manufacturing Ltd AEM Holdings Ltd San Teh Limited Ho Bee Investment Limited CNA Group Ltd Ho Bee Investment Limited HG Metal Manufacturing Ltd KSH Holdings Limited Viking Offshore and Marine Hyflux Ltd Pan-United Corporation Ltd Wee Hur Holdings Ltd Hyflux Ltd Pan-United Corporation Ltd Overseas-Chinese Banking Corp Wee Hur Holdings Ltd

25-Jul-12

Share Buy-Back

426,000

1.2138

25-Jul-12

Share Buy-Back

20,000

0.0820

25-Jul-12

Share Buy-Back

2,500,000

0.0850

24-Jul-12

Share Buy-Back

242,000

0.2900

24-Jul-12

Share Buy-Back

563,000

1.2094

23-Jul-12

Share Buy-Back

25,000

0.1076

23-Jul-12

Share Buy-Back

450,000

1.2094

23-Jul-12

Share Buy-Back

1,071,000

0.0829

20-Jul-12

Share Buy-Back

488,000

0.2450

20-Jul-12

Share Buy-Back

40,000

0.1080

19-Jul-12

Share Buy-Back

240,000

1.4104

19-Jul-12

Share Buy-Back

105,000

0.5831

19-Jul-12

Share Buy-Back

260,000

0.2800

18-Jul-12

Share Buy-Back

661,000

1.4137

18-Jul-12

Share Buy-Back

164,000

0.5792

17-Jul-12

Share Buy-Back

200,000

9.2700

17-Jul-12

Share Buy-Back

625,000

0.2800

SGX Masnet

Singapore

Wired Daily

Substantial Shareholders’ Transactions: 13 July – 19 July 2012

 

Stock

Transacted Date

Substantial Shareholder/ Director

Buy/Sell/

Conv

No of

Shares

Price Per

Share $

%Issued Cap

Before

%Issued Cap

After Change

 

('000)

Change

C&G Env Protect

19-Jul-12

C&G Hldgs (HK) Ltd

Buy

630

na

71.42

72.06

C&G Env Protect

19-Jul-12

Lam Chik Tsan

*

Buy

630

na

71.42

72.06

C&G Env Protect

19-Jul-12

Lin Yan

*

Buy

630

0.11

71.42

72.06

Ezra Hldgs

18-Jul-12

Koh Poh Tiong

Buy

300

1.03

0.01

0.04

Oxley Hldgs

18-Jul-12

Low See Ching

Buy

62

0.39

5.04

5.04

Oxley Hldgs

18-Jul-12

Ching Chiat Kwong

Buy

544

0.39

13.94

13.97

Hyflux

17-Jul-12

Matthews Intl Capital Mgt

*

Buy

8079

na

7.06

8.18

Oxley Hldgs

17-Jul-12

Ching Chiat Kwong

Buy

223

0.39

13.92

13.94

Tiong Seng Hldgs

17-Jul-12

Pek Lian Guan

*

Buy

143

0.21

0.24

0.26

Lee Metal

16-Jul-12

Lee Siew Khim

Buy

550

0.22

5.07

5.18

Pacific Century

16-Jul-12

Jason Fedder

*

-

205

na

75.8

75.8

Pacific Century

16-Jul-12

Jenny Fung

*

-

205

na

75.8

75.8

Pacific Century

16-Jul-12

Lester Huang

*

-

205

na

75.8

75.8

Pacific Century

16-Jul-12

OS Hldgs

*

-

205

0.17

75.8

75.8

Pacific Century

16-Jul-12

The Starlite Unit Trust

*

-

205

0.17

75.8

75.8

Pacific Century

16-Jul-12

The Starlite Trust

*

-

205

0.17

75.8

75.8

Pacific Century

16-Jul-12

The Ocean Unit Trust

*

-

205

0.17

75.8

75.8

Pacific Century

16-Jul-12

The Ocean Trust

*

-

205

0.17

75.8

75.8

Pacific Century

16-Jul-12

Ocean Star Management Ltd

*

-

205

0.17

75.8

75.8

Pacific Century

16-Jul-12

Pacific Century Grp Hldgs

*

-

205

0.17

75.79

75.8

Pteris Global

16-Jul-12

Winmark Investments

Buy

370

na

11.58

11.66

Pteris Global

16-Jul-12

Amy Lim

*

Buy

370

na

11.58

11.66

Pteris Global

16-Jul-12

Winston Tan

*

Buy

370

0.12

11.58

11.66

Sunpower Grp

16-Jul-12

Artur Jurczakowski

Sell

400

na

8.05

7.93

Sunpower Grp

16-Jul-12

Artur Jurczakowski

Sell

400

na

7.93

7.81

Viz Brand

16-Jul-12

Yuen San Seng

Sell

100

0.73

0.21

0.18

BRC Asia

13-Jul-12

Lim Siak Meng

Buy

5134

0.13

3.72

4.32

Broadway Indl

13-Jul-12

Aegis Portfolio Mgr

*

Sell

301

na

6.01

5.94

China Minzhong

13-Jul-12

GAM Hldg AG

Sell

1862

na

5.3

4.96

China Minzhong

13-Jul-12

GAM Grp AG

*

Sell

1862

na

5.3

4.96

China Minzhong

13-Jul-12

GAM Spore Pte Ltd

*

Sell

1862

na

5.3

4.96

China Minzhong

13-Jul-12

GAM Hong Kong Ltd

*

Sell

1862

na

5.3

4.96

Manhattan Resources

13-Jul-12

Low Tuck Kwong

Buy

3141

na

9.66

10.28

Oxley Hldgs

13-Jul-12

Tee Wee Sien

Buy

100

na

12.5

12.51

Oxley Hldgs

13-Jul-12

Ching Chiat Kwong

Buy

20

0.39

13.92

13.92

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

Singapore

Wired Daily

Announced Dividends and Capital Issues: 27 Jul 2012 – 22 Nov 2012 (by Ex-Date)

 

Company

Type

Particulars

Ex Date

Paid/ Payable

CAPITACOMMERCIAL TRUST THE HOUR GLASS LIMITED AIMS AMP CAP INDUSTRIAL REIT FIRST REAL ESTATE INV TRUST FIRST REAL ESTATE INV TRUST FIRST REAL ESTATE INV TRUST FIRST REAL ESTATE INV TRUST K-GREEN TRUST MAPLETREE INDUSTRIAL TRUST MAPLETREE INDUSTRIAL TRUST MERCATOR LINES (SINGAPORE) LTD SINGAPORE AIRLINES LTD STARHILL GLOBAL REIT STARHILL GLOBAL REIT TECHNICS OIL & GAS LIMITED TECHNICS OIL & GAS LIMITED BUKIT SEMBAWANG ESTATES LTD BUKIT SEMBAWANG ESTATES LTD COUGAR LOGISTICS CORPN LTD FRASERS CENTREPOINT TRUST JAPAN FOODS HOLDING LTD. SATS LTD. SATS LTD. SINGAPORE SHIPPING CORP LTD STAMFORD LAND CORPORATION LTD STAMFORD LAND CORPORATION LTD AEM HOLDINGS LTD BAN LEONG TECHNOLOGIES LIMITED BROTHERS (HOLDINGS) LIMITED FORTUNE REAL ESTATE INV TRUST JASON MARINE GROUP LIMITED KSH HOLDINGS LIMITED KSH HOLDINGS LIMITED MTQ CORPORATION LIMITED BOUSTEAD SINGAPORE LIMITED TAT HONG HOLDINGS LTD TOTAL ACCESS COMM PUB CO LTD GLOBAL YELLOW PAGES LIMITED KING WAN CORPORATION LIMITED METRO HOLDINGS LIMITED METRO HOLDINGS LIMITED PAN HONG PROPERTY GROUP LTD UNITED ENVIROTECH LTD SINGTEL WILLAS-ARRAY ELEC (HLDGS) LTD WILLAS-ARRAY ELEC (HLDGS) LTD ZAGRO ASIA LIMITED HIAP SENG ENGINEERING LTD POWERMATIC DATA SYSTEMS LTD GP BATTERIES INT LTD FISCHER TECH LTD RAFFLES MEDICAL GROUP LTD TRANSIT-MIXED CONCRETE LTD CSC HOLDINGS LTD NY01100F 160901 NY03100A 180901 NY05100N 200901 NY07100X 220901 NY09100H 240901 NZ07100S 270301 NZ10100F 300901 CAPITARETAIL CHINA TRUST POPULAR HOLDINGS LIMITED NOVO GROUP LTD. FRAGRANCE GROUP LIMITED N507101E 121001 N507101E 121001 N508100V 130401 N509100N 141001 N511100W 160401 N710100Z 170401 NA12100N 420401 K1 VENTURES LIMITED

DIVIDEND

ESTIMATED SGD 0.0396 LESS TAX SGD 0.06 ONE-TIER TAX 1APR-30JUNE,DRP SGD 0.025 LESS TAX 010412 - 300612 SGD 0.0033 010412 - 300612 SGD 0.0007 LESS TAX 010412 - 300612 SGD 0.0119 TAX EXEMPT 010412 - 300612 SGD 0.0034 010112 - 300612 SGD 0.0313 TAX EXEMPT 010412 - 300612 SGD 0.0018 010412 - 300612 SGD 0.0208 LESS TAX SGD 0.002 ONE-TIER TAX SGD 0.1 ONE-TIER TAX 010412 - 300612 SGD 0.0027 TAX EXEMPT 010412 - 300612 SGD 0.0081 LESS TAX SGD 0.05 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.14 ONE-TIER TAX SGD 0.04 ONE-TIER TAX SGD 0.025 ONE-TIER TAX 010412 - 300612 SGD 0.026 LESS TAX SGD 0.007 ONE-TIER TAX SGD 0.15 ONE-TIER TAX SGD 0.06 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.0035 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.004 ONE-TIER TAX 010112 - 300612 HKD 0.1582 TAX EXEMPT SGD 0.002 ONE-TIER TAX OFFER OF 1 FOR 10 SGD 0.005 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.02 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.015 ONE-TIER TAX THB 2.27 LESS TAX SGD 0.002 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.04 ONE-TIER TAX SGD 0.01 SGD 0.003 ONE-TIER TAX SGD 0.09 ONE-TIER TAX HKD 0.06088 HKD 0.01826 OFFER OF 32 FOR 100 @ SGD 0.15 SGD 0.005 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.015 ONE-TIER TAX SGD 0.006 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.0009 ONE-TIER TAX

27-Jul-12

29-Aug-12

DIVIDEND

27-Jul-12

08-Aug-12

DIVIDEND

30-Jul-12

18-Sep-12

DIVIDEND

30-Jul-12

29-Aug-12

DIVIDEND

30-Jul-12

29-Aug-12

DIVIDEND

30-Jul-12

29-Aug-12

DIVIDEND

30-Jul-12

29-Aug-12

DIVIDEND

30-Jul-12

16-Aug-12

DIVIDEND

30-Jul-12

29-Aug-12

DIVIDEND

30-Jul-12

29-Aug-12

DIVIDEND

30-Jul-12

16-Aug-12

DIVIDEND

30-Jul-12

15-Aug-12

DIVIDEND

30-Jul-12

28-Aug-12

DIVIDEND

30-Jul-12

28-Aug-12

DIVIDEND

30-Jul-12

24-Aug-12

DIVIDEND

30-Jul-12

24-Aug-12

DIVIDEND

31-Jul-12

15-Aug-12

DIVIDEND

31-Jul-12

15-Aug-12

DIVIDEND

31-Jul-12

23-Aug-12

DIVIDEND

31-Jul-12

29-Aug-12

DIVIDEND

31-Jul-12

15-Aug-12

DIVIDEND

31-Jul-12

15-Aug-12

DIVIDEND

31-Jul-12

15-Aug-12

DIVIDEND

31-Jul-12

23-Aug-12

DIVIDEND

31-Jul-12

23-Aug-12

DIVIDEND

31-Jul-12

23-Aug-12

DIVIDEND

01-Aug-12

17-Aug-12

DIVIDEND

01-Aug-12

16-Aug-12

DIVIDEND

01-Aug-12

23-Aug-12

DIVIDEND

01-Aug-12

29-Aug-12

DIVIDEND

01-Aug-12

21-Aug-12

BONUS

01-Aug-12

DIVIDEND

01-Aug-12

23-Aug-12

DIVIDEND

01-Aug-12

19-Sep-12

DIVIDEND

02-Aug-12

21-Aug-12

DIVIDEND

02-Aug-12

22-Aug-12

DIVIDEND

02-Aug-12

22-Aug-12

DIVIDEND

03-Aug-12

28-Aug-12

DIVIDEND

03-Aug-12

17-Aug-12

DIVIDEND

03-Aug-12

17-Aug-12

DIVIDEND

03-Aug-12

17-Aug-12

DIVIDEND

03-Aug-12

30-Aug-12

DIVIDEND

03-Aug-12

17-Aug-12

DIVIDEND

06-Aug-12

24-Aug-12

DIVIDEND

06-Aug-12

21-Aug-12

DIVIDEND

06-Aug-12

21-Aug-12

OFFER

06-Aug-12

DIVIDEND

07-Aug-12

28-Aug-12

DIVIDEND

07-Aug-12

27-Aug-12

DIVIDEND

08-Aug-12

28-Aug-12

DIVIDEND

13-Aug-12

30-Aug-12

DIVIDEND

13-Aug-12

31-Aug-12

DIVIDEND

17-Aug-12

07-Sep-12

DIVIDEND

23-Aug-12

07-Sep-12

INTEREST

3.75%

23-Aug-12

03-Sep-12

INTEREST

0.04

23-Aug-12

03-Sep-12

INTEREST

0.0325

23-Aug-12

03-Sep-12

INTEREST

0.03125

23-Aug-12

03-Sep-12

INTEREST

0.03

23-Aug-12

03-Sep-12

INTEREST

0.035

23-Aug-12

03-Sep-12

INTEREST

0.02875

23-Aug-12

03-Sep-12

DIVIDEND

010112 - 300612 SGD 0.0482 SGD 0.008 ONE-TIER TAX SGD 0.01 ONE-TIER TAX OFFER OF 1 FOR 1

5-Sep-12

26-Sep-12

DIVIDEND

7-Sep-12

26-Sep-12

DIVIDEND

10-Sep-12

04-Oct-12

BONUS

14-Sep-12

INTEREST

0.025

20-Sep-12

01-Oct-12

ENTITL.

REDEMPTION 100%

20-Sep-12

01-Oct-12

INTEREST

0.01625

20-Sep-12

01-Oct-12

INTEREST

0.01375

20-Sep-12

01-Oct-12

INTEREST

0.01125

20-Sep-12

01-Oct-12

INTEREST

0.02375

20-Sep-12

01-Oct-12

INTEREST

0.0275

20-Sep-12

01-Oct-12

DIVIDEND

SGD 0.005 ONE-TIER TAX

31-Oct-12

14-Nov-12

 

INTEREST

0.025

22-Nov-12

03-Dec-12

NX09100W 190601 NX11100X 210601

INTEREST

0.0225

22-Nov-12

3-Dec-12

Source: SGX

Singapore

Wired Daily

July 2012

 
 

Mon

 

Tues

 

Wed

 

Thu

 

Fri

 

23

   

4

 

5

 

6

 
 

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 Reserve (7-9 Jul)

9

 

10

 

11

 

12

 

13

 
     

EOC 3Q 12 Ezra 3Q 12

SPH

3Q12

GDP

(QoQ)

GDP

(YoY)

Foreign Reserves

Retail Sales Ex Auto (YoY) Retail Sales (YoY) Retail Sales (MoM) sa

16

 

17

 

18

 

19

 

20

 

K-Green Trust 2Q12

Ascendas REIT 1Q 13 Keppel T & T 2Q12

Aztech Group 2Q12 CapitaMall Trust 2Q12 Keppel Land 2Q12 Qian Hu 2Q 12

AIMS AMO 1Q 13 Frasers Centrepoint Trust Q3 12 Keppel Corporation 2Q12 Mapletree Logistics 1Q 13 Sabana Shariah 2Q12 Suntec REIT 2Q12

Capitacommercial Trust 2Q12 Fortune REITS 2Q 12

K-REIT Asia 2Q12 M1 2Q12

OKP

2Q 12

Monthly Property Sales Data

Electronic Exports (YoY) Non-oil Domestic Exports (YoY) Non-oil Domestic Exp SA (MoM)

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

   

23

 

24

 

25

 

26

 

27

 

First Ship Lease Trust 2Q 12 Raffles Medical 2Q12 XP Power S1 12

Ascendas India 1Q13 First REIT 2Q12 Mapletree Industrial Trust 1Q 13 SIA Engineering 1Q 13 Starhill Global 2Q 12

Biosensors International 1Q13 CapitaMalls Asia 2Q 12 CapitaRetail China Trust 2Q12 Cache Logistics 2Q12 Flextronics 1Q13 Frasers Commercial Trust 3Q12 Mapletree Commercial Trust 1Q13 SIA 1Q13

OSIM International 2Q 12 Stats Chip 2Q 12

Ascott Residence Trust 2Q 12 Broadway Industrial Q2 12

CDL

Hospitality 2Q 12

 

Jardine CNC 2Q12 Singapore Exchange 4Q 12 SMRT 1Q13

CPI (MOM) - NSA CPI (YoY)

   

Industrial Production MoM SA Industrial Production YoY

30

 

31

   

Cambridge Industrial Trust 2Q 12 Tuan Sing Q2 12

Bank Loans & Advances (YoY) Credit Card Bad Debts Credit Card Billings M1 Money Supply (YoY) M2 Money Supply (YoY) Unemployment Rate (sa)

Source: Bloomberg

Singapore

Wired Daily

August 2012

 
 

Mon

 

Tues

 

Wed

 

Thu

 

Fri

       

1

   

23

   
   

Cosco Corp 2Q 12 Capitaland 2Q12 Great Eastern 2Q12

China Aviation Oil 2Q12 Parkway Life 2Q12 SembCorp Marine 2Q12 UOI 2Q12 OCBC 2Q 12 Hi-P 2Q12 Global Premium 2Q12 Cityspring Infrastructure 1Q13 Second Chance 4Q12 Roxy-Pacific 2Q12 Global Premium 2Q12 Fragrance Group 2Q12

SembCorp Industries 2Q12 DBS Group 2Q12

Electronics Sector Index Purchasing Managers Index

 

67

   

8

 

9

 

10

 

QAF 2Q12 Maxi-Cash 2Q12 Rickmers Maritime 2Q12

HTL International 2Q 12 UOB 2Q12 Spore Reinsurance 2Q12 Aspial Corp 2Q12 China Merchants 2Q12 Challenger Technologies 2Q12

NOL 2Q12 Venture Corp 2Q12 Hiap Hoe 2Q 12 StarHub 2Q12 Perennial China Retail Trust 2Q12

 

FNN 3Q12 Hotel Royal 2Q12 IFS Capital 2Q12 Straco 2Q12 Superbowl 2Q 12

Vicom 2Q12 Super Group 2Q12

Foreign Reserves

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

13

 

14

 

15

 

16

 

17

 

Bumitama

City Dev 2Q12 Global Logistics Properties 1Q 13 Ho Bee 2Q12 Indofood Agri 1Q12 Innotek 2Q12 ST Engineering 2Q12 Wilmar 2Q12 WBL 3Q12

First Resources 2Q12 Wilmar 2Q12

 

Chosen Holdings 4Q12

Noble 2Q13

Armstrong 2Q12

 

GDP (Q0Q)

Monthly Property Sales Data Retail Sales Ex Auto (YoY) Retail Sales (YoY) Retail Sales (MoM) sa

Electronic Exports (YoY) Non-oil Domestic Exports (YoY) Non-oil Domestic Exports (MoM)

GDP (YoY)

 

20

 

21

 

22

 

23

 

24

 
 

Capital Drilling 1H12

 

Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI (Mom) CPI (YoY)

Industrial Production MoM SA Industrial Production MoM SA

27

 

28

 

29

 

30

 

31

 
     

Cape PLC IH12

Bank Loans & Advances (YoY) Credit Card Bad Debts Credit Card Bad Debts M1 Money Supply (YoY) M2 Money Supply (YoY)

Source: Bloomberg

Singapore

Wired Daily

DBSV 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

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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 Vickers Research analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on an ongoing basis.

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The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBSVR, DBSVS, and/or DBSVH) 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. DBSVR 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.

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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 DBSVR, DBSVS and/or DBSVH (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.

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Singapore

Wired Daily

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REDISTRIBUTION BY DBS BANK This report may be re-distributed by DBS Bank to jurisdictions other than Singapore for high net worth, qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions, in such a manner as it deems fit.

COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1 DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in the subject companies as of 25 Jul 2012.

2 DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered broker-dealer, beneficially own a total of 1% or more of any class of common equity securities of Teledata as of 27 Jul 2012.

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4 Compensation for investment banking services:

i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA have received compensation, have within the past 12 months, and within the next 3 months receive or intend to seek compensation for investment banking services from Ezion Holdings, Bumitama Agri, Hutchison Port Holdings Trust, Genting Singapore, Kreuz Holdings, Mapletree Logistics Trust

ii. 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.

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