14 AUG.

2013

TH

Snapshot for Straits Times Index STI (FSSTI)

Open: Previous Close: 3,240.24 3,232,24 Day Range: 52-Week Range: 3,236.41 - 3,247.86 2,931.60 - 3,464.79 Year To Date: 1-Year: +4.58% +9.07%

SGX UPDATES:

TOP GAINERS & LOSERS TOP GAINER CapitaLand Ltd Keppel Corp Ltd CapitaMall Trust Singapore Telecommun... ComfortDelGro Corp L... DBS Group Holdings L... City Developments Lt... CapitaMalls Asia Ltd Olam International L... TOP LOSER Golden Agri-Resource... Noble Group Ltd Thai Beverage PCL StarHub Ltd United Overseas Bank... Singapore Exchange L... Sembcorp Industries ... Singapore Airlines L... Singapore Technologi... % Change +2.19% +1.44% +1.00% +0.79% +0.77% +0.70% +0.66% +0.51% +0.30% % Change -2.88% -2.22% -1.75% -0.69% -0.68% -0.65% -0.39% +0.20% +0.23%

According to CIMB, assuming drug manufacturing or transport engineering does not fall over the cliff, it believes manufacturing can expand by about 5% in 2H13 (1H13: -3.2%) to support 4% GDP growth in 2H13 or 3% for the full year. - See more at: Citing an improving macroeconomic backdrop, the government raised its 2013 GDP outlook even though it lowered its trade and NODX today due to the poor 1H13 trade performance. Total trade (1H13: -5.5% yoy) and NODX (1H13: -8.8% YoY) was cut to 2-3% yoy and 0-1% yoy, respectively, from 3-5% and 24% previously. On a positive note, leading indicators such as PMIs suggest improving global demand in the seasonally busier half of the year. With the help of an undemanding year-ago base (2H12 GDP slowed to o.8% YoY due to euro zone and US fiscal cliff worries), we expect the export drag to reduce in the coming months.

STOCK RECOMMENDATION:

BUY JARDINE MATHESON HOLDINGS ABOVE 55.000 TG 55.150, 55.350 SL 54.840

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