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Singapore Traders Spectrum

Wired Daily
DBS Group Research . Equity 19 May 2011

Todays Focus
More risks than catalysts cap markets near term performance. STI near term upside at 3350 (14.6x PE); support at 2850 (12x PE).
US Indices Dow Jones S&P NASDAQ Regional Indices ST Index ST Small Cap Hang Seng HSCEI HSCCI KLCI SET JCI PCOMP KOSPI TWSE Nikkei Last Close 12,560.18 1,340.68 2,815.00 3,141.21 540.41 23,011.14 12,870.83 4,217.34 1,541.27 1,075.91 3,840.21 4,303.31 2,135.78 8,944.84 9,662.08 Pts Chg 80.60 11.70 31.79 4.73 2.28 110.06 137.62 32.01 5.00 -9.05 40.98 41.71 -64.95 60.75 699.41 % Chg 0.65 0.88 1.14 0.15 0.42 0.48 1.08 0.76 0.33 -0.83 1.08 0.98 -2.95 0.68 7.80

We maintain our view that equities lack catalysts to trend higher post 1Q results season as stocks enter the typically quiet months from May-July. Earnings growth for STI stocks is low at 4.3% for FY11 before rebounding to 13% in FY12. The recent earnings cut led to a -2% change in STI target. Based on an average PE of 14.6x on blended FY11 and FY12 earnings, the near term upside will be capped at 3350. We expect support at 2850 or -1 standard deviation of 12x in the event investors take risk off the table. Our year-end target of 3500, based on FY12 earnings remains unchanged. Technically, we continue to see resistance at slightly below 3200 that caps near-term upside. The immediate technical resistance is at 3160, no change from yesterday. Yield plays will be in focus. Our preferred yield picks are CDL HT, Cache Logistics, ART, Mapletree Industrial, Parkway Life Reit, Venture Corp, SIA Engineering and M1 which provide yields of >5%. We like Wilmars turnaround; OCBC is our preferred pick among banks while Keppel Corp and SMM could see potential earnings upgrade in coming quarters. Straits Asia Resourcess strong 1Q showing and final award of Sebukus permit underpins strong 3 year CAGR of 37%. The Cabinet reshuffle and retirement of nine ministers point to policy risks affecting property & land transport sectors. The high cost of living, affordability of public housing, transportation woes, influx of foreign immigrants and competition with foreign workers for jobs were the key issues raised during the campaigning period for the election. Singapore's economy expanded slower than previously estimated in the first quarter. 1Q11 revised GDP growth was +8.3% yoy, slightly below a prior estimate of +8.5%. The government now expects the economy to expand 5.0% to 7.0% for 2011, vs the 4.0% to 6.0% estimated earlier. This is more in line with our economist forecast of 7% y-o-y GDP growth. The government has maintained that inflation has peaked and estimates inflation for 2011 at 3.0%-4.0%. Our economists forecast is for CPI to rise 4.2% this year.

Source: Bloomb erg

STI Index Performance Singapore Total Market cap (US$bn) Total Daily Vol (m shrs) 12m ST Index High 12m ST Index Low 579 1,362 3,314 2,651
Index 4,000

3,000

STI 100-Day MA

2,000

1,000 2005 2006 2007 2008 2009 2010 2011

Source: Bloomberg
Stock Picks Large Cap Recn Keppel Corp SIA Engineering Wilmar Spore Airlines Stock Picks Small Cap Recn Ezion Holdings ARA Asset Management Parkway Reit CDL Hospitality Trust Buy Buy Buy Buy Price ($) 18/05 0.71 1.71 1.76 2.10 Target Price 1.09 2.00 1.95 2.30 Buy Buy Buy Buy Price ($) 18/05 11.34 4.38 5.47 14.38 Target Price 13.55 5.00 6.25 17.00

Source: Bloomberg, DBS Vickers

Traders Spectrum Team 6533 9688 / 6398 7955 / 6398 7970


www.dbsvickers.com Refer to important disclosures at the end of this report

Singapore Wired Daily Todays Focus (continued)


1Q11core pre-provision profit for banks rose by 16% q-oq (ex-one-off S$150m from UOB in 4Q10). 1Q11 results were largely inline except for DBS, which were above market expectations. Non-interest income was the main driver particularly from investment banking and wealth management. Net interest income was supported by loan volume (+5% q-o-q). Although NIM somewhat stabilized, loan margins were on a downtrend. With interest rates staying low for the rest of the year, Singapore banks can only be differentiated by their respective non-interest income strength. OCBCs insurance and private banking business clearly differentiates it from its peers while UOB remains relatively loan-driven as it attempts to build its regional platform. While we expect only 8% earnings growth in 2011 for the Singapore banks, we think downside risks are limited and valuations remain cheap. We still prefer OCBC (Buy, TP S$11.30) to UOB (Buy, TP S$21.70) for better non-interest income traction. Mencast Holdings has entered into an agreement to acquire Top Great Engineering & Marine for $24m. Of the amount, $9.6m will be funded by cash and the balance through the issue of new shares. Top Great and its subsidiaries are involved in engineering design, procurement, fabrication and installation of structural and precision engineering systems and plants. Share Buy-Back
Company Global Testing Corporation Ltd Meiban Group Ltd Oversea-Chinese Banking Corp Ryobi Kiso Holdings Karin Technology Macquarie Int'l Infra Fund Ltd Oversea-Chinese Banking Corp Ryobi Kiso Holdings SingTel Macquarie Int'l Infra Fund Ltd Oversea-Chinese Banking Corp Treasury Holdings Real Estate Pte. Ltd Macquarie Int'l Infra Fund Ltd Ryobi Kiso Holdings D.O.T. 18-May-11 18-May-11 18-May-11 18-May-11 16-May-11 16-May-11 16-May-11 16-May-11 16-May-11 13-May-11 13-May-11 13-May-11 12-May-11 12-May-11 Buy/Sell Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back No.of shares 600,000 194,000 100,000 70,000 37,000 1,700,000 100,000 22,000 156,522 1,300,000 50,000 3,000 1,220,000 142,000 S$/shr 0.0700 0.2950 9.4300 0.1600 0.2200 0.5841 9.3900 0.1595 3.1736 0.5847 9.4200 1.9600 0.5823 0.1550

Chip Eng Seng has been awarded a main contract works of $74m at Pasir Ris Drive 1 / Elias Road. No material impact on FY Dec 2011. In property news, two redevelopment sites have been put on the market - Elizabeth Tower and 70 Shenton Way. 70 Shenton Way has already got the approval for redevelopment into a 60:40 commercial-residential project, at a price said to be around $270m. This price works out to $1,583 psf ppr. Separately, the freehold Elizabeth Tower at Mount Elizabeth off Orchard Road, is up for collective sale with an asking price of $630m, which works out to $2,496 psf ppr. US indices snapped a 3-day decline after the FED signalled continued low interest rates, Dells earnings beat analysts estimates and commodity producers rebounded. Our chief economist continues to put notice on the recent unhealthy rise in weekly jobless claims. Domestic demand growth is slowing, both on a q-o-q and y-o-y basis due to falling investment growth and a drop in government spending in the past 1-2 quarters. Recent uncertainties such as Japan earthquake, rising oil price and trouble in European debt markets have also further pressured the jobless claims figure upwards.

Source: SGX Masnet

Page 2

Singapore Wired Daily

Announced Dividends and Capital Issues: 19 May 2011 15 Jun 2011 (by Ex-Date)
Company BONVESTS HOLDINGS LTD EDMI LIMITED UNIDUX ELECTRONICS LIMITED UNIDUX ELECTRONICS LIMITED UNITED FOOD HOLDINGS LIMITED ADV INTEGRATED MFG CORP LTD HEALTHWAY MEDICAL CORP LTD PETROCHINA ADR 10 THAKRAL CORPORATION LTD ARA ASSET MANAGEMENT LIMITED QUALITAS MEDICAL GROUP LIMITED RAFFLES MEDICAL GROUP LTD YANGZIJIANG SHIPBLDG HLDGS LTD SHANGRI-LA ASIA LIMITED UMS HOLDINGS LIMITED EASTGATE TECHNOLOGY W110911 EASTGATE TECHNOLOGY W120514 SILVERLAKE AXIS LTD GREAT EASTERN HLDGS LTD WBL CORPORATION 2.5%CB140610 ASIA PACIFIC BREWERIES LTD CHINA TAISAN TECH GRP HLDGSLTD SP AUSNET SP AUSNET SP AUSNET OSIM INTERNATIONAL LTD FRASER AND NEAVE, LIMITED TECHNICS OIL & GAS LIMITED CONSCIENCEFOOD HOLDING LIMITED OCBC BK 4.2% NCPS OCBC BK 5.1%NCPS 100 OCBC BK S$500M4.5%NCPS 100 NATURAL COOL HOLDINGS LIMITED SAKAE HOLDINGS LTD. CITY DEVELOPMENTS LTD NCCPS LEE METAL GROUP LTD LOW KENG HUAT (SINGAPORE) LTD LOW KENG HUAT (SINGAPORE) LTD RAFFLES EDUCATION CORP LTD AMARA HOLDINGS LTD FRAGRANCE GROUP LIMITED JACKS INTERNATIONAL LIMITED Type DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND RIGHTS DIVIDEND DIVIDEND BONUS DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND ENTITL. ENTITL. DIVIDEND ENTITL. INTEREST DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND Particulars SGD 0.018 ONE-TIER TAX SGD 0.0075 ONE-TIER TAX SGD 0.0025 ONE-TIER TAX SGD 0.005 ONE-TIER TAX CNY 0.0068 SGD 0.0033 ONE-TIER TAX OFFER OF 1 FOR 8 @ SGD 0.075 USD 2.494619 SGD 0.001 ONE-TIER TAX OFFER OF 1 FOR 10 SGD 0.011 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.025 ONE-TIER TAX SGD 0.045 ONE-TIER TAX HKD 0.1 SGD 0.01 ONE-TIER TAX WARRANTS ADJ WARRANTS ADJ SGD 0.0025 ONE-TIER TAX CASH DIST SGD 0.77 101210 - 090611 2.5% SGD 0.22 ONE-TIER TAX SCRIPDIVSCHEME CNY 0.0227 ONE-TIER TAX FULLYFRANK, DRP AUD 0.01333 INT INCOME, DRP AUD 0.02279 LESS TAX RET CAPITAL,DRP AUD 0.00388 SGD 0.01 ONE-TIER TAX SGD 0.06 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.0068 ONE-TIER TAX 201210 - 190611 4.2% ONE-TIER TAX 201210 - 190611 5.1% ONE-TIER TAX 201210 - 190611 4.5% ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.01 ONE-TIER TAX 311210 - 290611 3.9% ONE-TIER TAX SGD 0.002 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.0045 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.0025 ONE-TIER TAX SGD 0.003 ONE-TIER TAX Ex Date 19-May-11 19-May-11 19-May-11 19-May-11 19-May-11 20-May-11 20-May-11 20-May-11 20-May-11 23-May-11 23-May-11 23-May-11 23-May-11 24-May-11 24-May-11 25-May-11 25-May-11 26-May-11 27-May-11 27-May-11 30-May-11 30-May-11 30-May-11 30-May-11 30-May-11 31-May-11 1-Jun-11 1-Jun-11 2-Jun-11 2-Jun-11 2-Jun-11 2-Jun-11 3-Jun-11 3-Jun-11 7-Jun-11 7-Jun-11 7-Jun-11 7-Jun-11 8-Jun-11 13-Jun-11 13-Jun-11 15-Jun-11 Rec. Date 23-May-11 23-May-11 23-May-11 23-May-11 23-May-11 24-May-11 24-May-11 24-May-11 24-May-11 25-May-11 25-May-11 25-May-11 25-May-11 26-May-11 26-May-11 27-May-11 27-May-11 30-May-11 31-May-11 31-May-11 1-Jun-11 1-Jun-11 1-Jun-11 1-Jun-11 1-Jun-11 2-Jun-11 3-Jun-11 3-Jun-11 6-Jun-11 6-Jun-11 6-Jun-11 6-Jun-11 7-Jun-11 7-Jun-11 9-Jun-11 9-Jun-11 9-Jun-11 9-Jun-11 10-Jun-11 15-Jun-11 15-Jun-11 17-Jun-11 Paid/ Payable 10-Jun-11 3-Jun-11 8-Jun-11 8-Jun-11 10-Jun-11 6-Jun-11

2-Jun-11 8-Jun-11 13-Jul-11 9-Jun-11 9-Jun-11 9-Jun-11

20-Jun-11 13-Jun-11 10-Jun-11 20-Jun-11 15-Jul-11 29-Jun-11 29-Jun-11 29-Jun-11 16-Jun-11 22-Jun-11 15-Jun-11 22-Jun-11 20-Jun-11 20-Jun-11 20-Jun-11 22-Jun-11 21-Jun-11 30-Jun-11 24-Jun-11 23-Jun-11 23-Jun-11 23-Jun-11 27-Jun-11 28-Jun-11 30-Jun-11

Source: SGX

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Singapore Wired Daily


Substantial Shareholders Transactions: 4 May 2011 12 May 2011
Stock China Minzhong Food China Minzhong Food China Minzhong Food China Minzhong Food PCI Ltd PCI Ltd Auric Pac Grp Ltd Auric Pac Grp Ltd Oniontech Ltd Osim Intl Ltd Suntec Reit Time Watch Invest Casa Hldgs Ltd China Minzhong Food China Minzhong Food China Minzhong Food China Minzhong Food China Minzhong Food China Minzhong Food China Minzhong Food China Minzhong Food Kim Eng Hldgs Ltd Kim Eng Hldgs Ltd Kim Eng Hldgs Ltd Kim Eng Hldgs Ltd Kim Eng Hldgs Ltd Oxley Hldgs Ltd RH Petrogas Ltd RH Petrogas Ltd RH Petrogas Ltd Consciencefood Hldg Ltd Dynamic Coloures Ltd Oxley Hldgs Ltd PCI Ltd PCI Ltd WBL Corp Ltd WBL Corp Ltd Creative Master Ber Creative Master Ber Creative Master Ber Jackspeed Corp Ltd Keppel Corporation Ltd Oxley Hldgs Ltd PCA Tech Ltd PCA Tech Ltd Creative Master Ber GMG Global Ltd Huan Hsin Hldgs Ltd Huan Hsin Hldgs Ltd Indofood Agri Res Olam Intl Ltd Olam Intl Ltd Qualitas Med Grp Ltd Qualitas Med Grp Ltd Ramba Energy Ltd Ramba Energy Ltd ST Engineering Ltd ST Engineering Ltd Time Watch Invest Time Watch Invest Passion Hldgs Ltd Passion Hldgs Ltd Passion Hldgs Ltd Passion Hldgs Ltd Renewable Energy Asia Renewable Energy Asia Time Watch Invest Transacted Date 12-May-11 12-May-11 12-May-11 12-May-11 12-May-11 12-May-11 11-May-11 11-May-11 11-May-11 11-May-11 11-May-11 11-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 10-May-11 09-May-11 09-May-11 09-May-11 09-May-11 09-May-11 09-May-11 09-May-11 06-May-11 06-May-11 06-May-11 06-May-11 06-May-11 06-May-11 06-May-11 06-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 05-May-11 04-May-11 04-May-11 04-May-11 04-May-11 04-May-11 04-May-11 04-May-11 Substantial Shareholder/ Director OCA II Hldgs L.P Olympus Cap Hldgs Asia Lee Edan Kietchai OLHL Peh Kwee Chim Chuan Hup Hldgs Oxley Grp Treasury Ltd Castello Intl Ltd Leong Hong Kah Ron Sim Chye Hock Lim Hwee Chiang Red Rewarding Lim Stefan Matthieu Wang Anson Lee Chong Min WL Asia IPO Vent II CMIA China Fund II CM Strategic Hldgs ASB CMIA China Grh I LP CMIA Cap Partners High Focus Intl Ltd Yuanta Securities Co. Ronald Ooi Yuanta Sec Asia Fin Svcs Yuanta Fin Hldg Co. Mayban IB Hldgs Ching Chiat Kwong Yuanta Fin Hldg Co. Yuanta Sec Asia Fin Svcs Yuanta Sec Co Asean China Invest Fd LP Yeo Hock Leng Ching Chiat Kwong Peh Kwee Chim Chuan Hup Hldgs Third Ave Mgt LLC OCBC PPS Capital PPS Capital Tronic Intl Pte Ltd Cheng Kwee Kiang Teo Soon Hoe Ching Chiat Kwong Ng Yiak Meng Ng Yiak Meng PPS Capital Tay Puan Siong TWW Franklin Lapu Lapu AXA S.A ABLP Qualitas Healthcare Hldgs Healing Quest T.S.C.Cottew Solstice Hldgs Ltd Credit Suisse Grp AG Credit Suisse AG Tung Koon Ming Red Rewarding Citigroup Inc Citigroup Vent Cap Intl Decor Invest Hldgs Decorative Arts Hldgs Kwan Suk Yee Lam Tak Shing Red Rewarding Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Buy/Sell/ Conv Sell Sell Sell Sell Buy Buy Sell Sell Sell ST Sell Buy ST Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Buy Buy Sell Sell Sell Sell Buy Buy Buy Buy Buy Buy Sell Sell Sell Buy B/R Buy Buy Buy Sell Buy Sell Sell Sell Buy Buy Buy Buy Buy Sell Sell Sell Buy Buy Buy Buy Buy Buy Sell Sell Buy No of Shares ('000) 40000 40000 40000 40000 16096 11133 27493 21493 1538 33692 3252 20132 7500 5430 5780 5780 5780 5780 5780 5780 5780 168476 65544 168476 168476 257559 828 31024 31024 31024 3000 430 1037 18229 18229 669 2287 300 2000 2000 13159 412 597 21420 348 1700 1000 18637 18637 998200 2237 2237 7409 7409 9800 14000 2027 2027 9522 1482 7305 7305 7305 7305 23800 23800 4683 Price Per Share $ 1.7 0.5 1.79 0.38 0.12 0.36 0.5 0.34 0.27 0.19 0.19 %Issued Cap Before Change 17.7 17.7 17.7 17.7 44.83 44.83 21.88 21.88 5.26 32.83 2.21 91.57 3.57 7.86 7.96 7.96 7.96 7.96 7.96 7.96 7.96 29.19 11.36 29.19 29.19 5.59 38.83 6.81 6.81 6.81 5.63 10.59 38.76 35.67 35.67 20.3 5.03 0.12 15.63 15.63 46.39 0.23 38.72 6.24 16.77 0.78 0.03 6.81 6.81 68.95 6.97 6.96 94.01 94.01 0 5.77 12.01 12.01 94.4 91.17 95.07 95.07 95.07 95.07 7.49 7.49 89.92 %Issued Cap After Change 10.4 10.4 10.4 10.4 52.92 50.43 0 0 4.28 37.81 2.06 96.95 0 6.87 6.87 6.87 6.87 6.87 6.87 6.87 6.87 0 0 0 0 50.22 38.89 0 0 0 4.87 10.8 38.83 44.83 44.83 19.3 5.85 0 14.84 14.84 52.68 0.26 38.76 16.77 16.94 0.12 0.05 2.15 2.15 0 7.08 7.07 99.25 99.25 4.03 0 11.94 11.94 96.95 91.57 96.94 96.94 96.94 96.94 3.65 3.65 91.17

Deemed Interest

Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest

Deemed Interest

Deemed Interest Deemed Interest Deemed Interest

Deemed Interest Deemed Interest

Deemed Interest

Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest

Deemed Interest

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

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Singapore Wired Daily


April 2011
May 2011
2 Mon 3 Tues 4 Wed 5
Amtek Q3 2011 China Aviation Oil Q1 2011 Hengxin Q1 2011 Hiap Hoe Q1 2011 HTL International Q1 2011 Hyflux Q1 2011 Parkway Life Q1 2011 Raffles Education Q1 2011 Venture Corp Q1 2011 Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E

Thu 6

Fri
Cosco Corporation Q1 2011 Hotel Royal Q1 2011 UOB Q1 2011 Sin Heng Heavy Q3 2011 Hengxin Q1 2011

ARA Asset Mgmt Q1 2011 Treasury China Trust Q1 2011 United Overseas Insurance Q1 2011 Berger Intl FY 2011 China Energy Q1 2011 Food Empire Holdings Q1 2011 Great Eastern Hldgs Q1 2011 Hi-P Int'l Q1 2011 Riverstone Holdings Q1 2011 Roxy-Pacific Q1 2011 Sing Holdings Q1 2011 Starhub Q1 2011 Electronics Sector Index Purchasing Managers Index

Foreign Reserves

9
ASL Marine Q3 2011 Beng Kuang Q1 2011 Cerebos Pacific Q2 2011 CWT Q1 2011 Etika Q2 2011

10
Hiap Hoe Q1 2011 Q & M Dental Q1 2011 SIA Engineering FY 2011

11
China Fishery Q2 2011 Banyan Tree Q1 2011 China Yuchai Q1 2011 City Debelopments Q1 2011 Hai Leck Holdings Q3 2011

12
Best World Q1 2011 CSE Global Q1 2011 Francken Group Q1 2011 Genting Singapore Q1 2011 Hong Leong Asia Q1 2011

13
Adampak Q1 2011 Armstrong Q1 2011 Asiatravel Q2 2011 Bonvest Q1 2011 Breadtalk Q1 2011 ComfortDelgro Q1 2011 Ezion 1Q 2011 First Resources Q1 2011 Frasers & Neave Q2 2011 Golden Agri Q1 2011 GuocolLeisure Q3 2011 Hong Fok Q1 2011 Hotel Prop Q1 2011 Interra Resources Q1 2011 Kruez Q1 2011 NOL Q1 2011 Pan Pacific Q1 2011 Retail Sales (MoM) sa Retail Sales (YoY) Retail Sales Ex Auto Straco Q1 2011 Swiber 1Q11 UOL Group Q1 2011 WBL Q2 2011 Wilmar Q1 2011

FJ Benjamin Holdings Q3 2011 Gems TV Q3 2011 Hup Seng Q1 2011 K1 Ventures Q3 2011 OKP Holdings Q1 2011 OUE Q1 2011 Second Chance Q3 2011 Sembcorp Marine Q1 2011

Haw Par Q1 2011 Mewah Q1 2011 Noble Group Q1 2011 Otto Marine Q1 2011 Pacific Andes Q2 2011 Sembcrop Industries Q1 2011 STE Q1 2011 Superbowl Holdings Q1 2011 Vicom Q1 2011

IFS Capital Q1 2011 InnoTek Q1 2011 Jaya 3Q 2011 Kian Ann Q3 2011 Mercator FY 2011 Mun Siong Q1 2011 OCBC Q1 2011 Olam Intl Q3 2011 Petra Foods Q1 2011 Saizen Reit Q3 2011

SIA Q4 2011 Singtel Q4 2011 SMB United Q3 2011

16
SATS Q4 2011

17

18

19
AIMS AMP Capital FY 2011 Tiger Airways FY 2011

20

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
Vergy Ltd Q2 2011

24
Avago Technologies Q2 2011

25

26
Biosensors International Q4 2011

27
Biosensors Q4 2011 (rel 28 May)

CPI (MOM) - NSA CPI (YoY)

Industrial Production MoM SA Industrial Production YoY

GDP (QoQ) GDP (YoY)

30

31

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

Source: Bloomberg

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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

DBS Vickers Research is available on the following electronic platforms: DBS Vickers (www.dbsvresearch.com); Thomson (www.thomson.com/financial); Factset (www.factset.com); Reuters (www.rbr.reuters.com); Capital IQ (www.capitaliq.com) and Bloomberg (DBSR GO). For access, please contact your DBSV salesperson. Traders Spectrums 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. GENERAL DISCLOSURE/DISCLAIMER This report is published by DBS Vickers Research (Singapore) Pte Ltd ("DBSVR"), a direct wholly-owned subsidiary of DBS Vickers Securities (Singapore) Pte Ltd ("DBSVS") and an indirect wholly-owned subsidiary of DBS Vickers Securities Holdings Pte Ltd ("DBSVH"). This report is intended for clients of DBSV 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 DBSVR. 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. DBSVH is a wholly-owned subsidiary of DBS Bank Ltd. DBS Bank Ltd 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. DBSVR, DBSVS, DBS Bank Ltd and their associates, their directors, and/or employees 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 DBSVR, DBSVS and/or DBSVH (and/or any persons associated with the aforesaid entities), that: (a) (b) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and 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. 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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Singapore Wired Daily

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 19 May 2011, 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, directorships and trustee positions). COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1 DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in companies mentioned as of 16 May 2011. 2 3 DBS Bank Ltd has been appointed as the designated market maker of structured warrant(s) for Keppel Corp, WIlmar, Sembcorp Marine, OCBC issued by DBS Bank Ltd. 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 CDL HT, Cache as of 19 May 2011. Compensation for investment banking services: i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA received compensation, within the past 12 months, and within the next 3 months may receive or intend to seek compensation for investment banking services from Keppel Corp, SIA, ARA Asset, CDL HT, Cache, Ascott Residence, Mapletree Industrial. 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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