11/05/2015 wired weekly - dbs bank | singapore · wired weekly refer to important ... attractive...

11/05/2015

DBS Group Research . Equity 11 May 2015

Singapore Traders Spectrum

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

Straits Times Index FTSE Small Cap Index

STI and 12-mth forward PE Brent Crude Oil

Source: Datastream, DBS Bank FTSE Indices 5-Day Performance

Source: Bloomberg Finance L.P.

460

480

500

520

540

560

580

May-14 Aug-14 Nov-14 Feb-15 May-15

FTSE Small Cap Index

3,100

3,200

3,300

3,400

3,500

3,600


ST Index

2600

2800

3000

3200

3400

3600

3800

4000

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16

Average @ 13.8x

+0.5SD @ 14.5x

-0.5SD @ 13.0x

Index @ 1 Wk % YT D %

F TSE Sectoral Indices 08-May -15 Chg Chg

STI 3,452.01 -1.0 2.6

Mid Cap 783.80 -2.2 4.7

Small Cap 492.27 -2.2 0.0

All Share 827.31 -1.3 2.8

China 243.68 -1.5 9.9

Real Estate 804.07 -1.9 6.4

Real Estate & Dev 835.29 -2.1 12.0

Real Estate Inv Trust 789.17 -1.7 1.2

Oil & Gas 562.46 -0.3 -2.6

Basic Materials 141.42 -3.8 12.7

Industrials 803.17 -0.5 -0.5

Consumer Goods 489.90 -0.6 -0.1Health Care 1,407.29 -1.1 21.7

Consumer Serv ice 853.57 -1.3 1.8

Telecommunication 1,124.90 -2.2 9.7

Utilities 554.03 -6.4 16.9

F inancials 915.06 -1.5 3.4

Technology 401.67 -2.0 -2.3

Yeo Kee Yan (65) 6682 3706 [email protected] Ling Lee Keng (65) 6682 3703 [email protected]

www.dbsvickers.com

ed: TH / sa: YM

KEY POINTS STI – Pullback ended at 3425, weakness to 3370 only

if Greece defaults on loan repayment this week

Buy HK-related ETFs towards HSI support levels at 26300/700, HSCEI at 13400/600

China rate cut positive for selective S-chips and China property exposure – Yangzijiang, China Merchants, Capitaland

Wired Weekly

We believe that STI’s pullback from 3550 ended at 3425 last week, on the presumption that Greece’s €750mil loan repayment to the IMF tomorrow will proceed smoothly. This should see the STI rising further to 3500. However, if the above mentioned event doesn't go well and global markets react negatively, a further dip towards 3370 (200-day EMA, closer to 13x or -0.5SD fwd PE) is possible before the correction ends.

The 1Q results season ends this week. The tally for earnings revision among the STI component stocks has been slightly negative so far. We note a 30pts or more downward shift in the forward PE levels. For stocks under our coverage, we have trimmed FY15F and FY16F earnings by 1.2% and 0.6% respectively on a q-o-q basis. We are now expecting earnings growth of 10% p.a. for FY15F and FY16F, for our basket of stocks.

Technically, we see last week’s decline in Hong Kong equity markets as a pullback or consolidation of its recent gains with the major rising trend still intact. There is a key upside gap support at 26300-26700 for the Hang Seng Index that should halt the current correction. Pullback support for the HSCEI is at 13,400-13,600. Our HK strategist recently raised the year-end target for the HSI to 33,500 and for the HSCEI to 18,400. Upon the pullback towards support, SIP-qualified investors who wish to ride the anticipated continued strength in the Hong Kong equity market should position into HK-related ETFs (refer to page 2).

Our HK strategist says the PBOC rate cut yesterday is positive for the market as liquidity improves further. This underpins the China/HK markets that could have a positive spill-over effect on selective S-chips such as Yangzijiang and China Merchants. Property stocks with China exposure such as Capitaland should also benefit from lower lending costs.

40

50

60

70

80

90

100

110

120


Brent Crude OilUS$/barrel


Wired Weekly

Singapore Market Summary

STI ended the week down 35pts last week, dragged lower by various factors: (1) a correction in China/HK equities (2) an uninspiring 1Q results season thus far and (3) caution ahead of the deadline for Greece to repay IMF €750mil on May 12. SingTel, banks and property stocks led losses.

Slight downward revision to STI forward PE levels

The 1Q results season ends this week. The tally for earnings revision among the STI component stocks has been slightly negative so far. We note a 30pts or more downward shift in the forward PE levels. For example, STI’s 13.4x (-0.25) 12-mth forward PE level is now at 3420 (previous 3450). Likewise, as of now, STI’s year-end objective is lowered slightly to 3690 (form 3720) pegged at 13.76x (ave) FY16F PE.

STI at various forward PE levels

-0.5 sd 13.02x

PE

-0.25 sd 13.4

PE

Avg 13.76x

PE

+0.25 sd 14.1

PE FY15 3,202

(-36) 3,295 (-37)

3,384 (-38)

3,467 (-39)

FY16 3,490 (-29)

3,592 (-29)

3,689 (-30)

3,780 (-31)

Avg 15 & 16

3,346 (-32)

3,444 (-33)

3,536 (-34)

3,624 (-34)

Source: DBS Bank

Last week’s decline to 3425 is within our expectation. Technical oscillators such as the 14-day RSI are approaching oversold level at 36. The McClellan Oscillator, which registered an overbought level of 37 in mid-April, is also

approaching an oversold level of -28 (levels below -30 considered oversold, below -50 extremely oversold).

McClellan Oscillator (Daily)

Source: DBS Bank

We believe that STI’s recent correction has just ended last week, on the condition that Greece repays the IMF €750mil on May 12. If this proceeds smoothly, STI should head back to 3500. If it doesn't and global markets react negatively, a further dip towards 3370 (200-day EMA, closer to 13x or -0.5SD fwd PE) is possible before the correction ends. For now, we give Greece the benefit of the doubt.

Hang Seng Index major rising trend intact, support 26300-26700

Technically, we see last week’s decline in Hong Kong’s equity markets as a pullback or consolidation of its recent gains with the major rising trend still intact. There is a key upside gap support at 26300-26700 for the Hang Seng Index that should halt the current correction. Pullback support for the HSCEI is at 13,400-13,600.

Hang Seng Index (Daily) HSCEI (Daily)

Source: DBS Bank

Recall our HK strategist recently raised the year-end target for the HSI to 33,500 and that for the HSCEI to 18,400. Upon the pullback towards support, SIP-qualified investors who wish to ride the anticipated continued strength in the Hong Kong equity market can look at the Tracker Fund of Hong Kong Ltd (2800 HK), Hang Seng Investment – HSI (2833 HK) and LYXOR UCITS ETF HANG SENG INDEX (HSI SP)

that track the Hang Seng Index, iShares MSCI Hong Kong ETF (EWH US) that tracks the MSCI Hong Kong and the Hang Seng Investment – HShare (2828 HK) and LYXOR UCITS ETF CHINA ENTERPRISE (ASI SP) that track the HSCEI.


Wired Weekly

China rate cut helps liquidity, positive for selective S-chips and property

The PBOC cut its benchmark lending rates by 25bps yesterday. This lowered the 1 year lending rate to 5.1%. The central bank also cut benchmark deposit rates by 25-30bps and lifted the deposit rate ceiling from 1.3x to1.5x. Our HK strategist expects more accommodative measures in 2Q-3Q. The next move will likely be a RRR cut.

While the rate cut affirms the macro environment is poor, it is a market positive event as liquidity improves further. This underpins the China/HK markets that could have a positive spill-over effect on selective S-chips. Property stocks with China exposure such as Capitaland should also benefit from lower lending costs.

S-chips with good fundamentals should be underpinned once the HSI and HSCEI resume their rising trend. Among the S-chips, we like China Merchants and Yangzijiang.

China Merchants earnings are underpinned by the acquisition of Jiurui Expressway. The stock offers an attractive yield of 6.1% and our fundamental TP is S$1.42 (ex-bonus). The near-term support is S$1.08-1.10.

Yangzijiang continues to deliver steady results. It secured new orders worth USD238mil in April. Orderbook stands at USD4.61bil as at end-1Q15, translating to a healthy book-to-bill of 1.9x. Management does not rule the possibility of dual-listing in HK/China if fund-raising is required to finance major M&As. If true, this could fuel further upside. Our fundamental TP is S$1.62. We peg near-term support at c.S$1.39.

S-chips and property exposure

Source: DBS Bank

1Q15 results

This week will be the last week for the 1Q15 results reporting season. So far, slightly more than half of the stocks we cover have reported results. 64% came in within our expectations but the underperformers beat those that outperformed by 3:1. Key disappointment came from SembCorp Industries, where weaker than expected earnings were seen across the board, with Utilities the key underperformer; Japfa was affected by oversupply of chicks, weak purchasing power, and weaker Rupiah. We have downgraded our call to HOLD for both stocks. The O&M stocks – SembCorp Marine, Ezra, POSH, Cosco Corp – also underperformed.

On the earnings front, we have trimmed FY15F and FY16F earnings by 1.2% and 0.6% respectively, as compared to the previous quarter. We are now expecting earnings growth of 10% p.a. for FY15F and FY16F, for our basket of stocks.

Key results this week include SIA Engineering (SIE), ST Engineering, SIA, Genting Singapore (GENS), UOL, ComfortDelgro, Ezion and City Developments. We expect SIE to report a 26% decline in net profit for FY Mar 15. This also implies lower dividends in FY15 compared to FY14. We would rather buy ST Engineering for a more stable growth profile and >4% yield. We expect SIA to be on track for earnings recovery. For GENS, we project a bigger fall in 1Q15 VIP volumes (-25% y-o-y). Thus, we expect the Group to report weak 1Q15 results.

CompanyPrice 7 May 2015

Target Price

Target Return

Mkt Cap (S$m)

PER 15 (x )

PER 16 (x )

EPS Growth 15 (%)

EPS Growth 16 (%)

Div Y ield 14 (%)

Net Debt / Equit y 15 (%)

P/BV 14 (x )

CapitaLand 3.600 4.11 14% 15,361 21.5 19.7 -38.5 9.2 2.5 0.6 0.9

China Merchants 1.110 1.42 28% 1,182 11.9 11.0 -3.1 8.5 6.2 0.2 1.2

Yangzijiang 1.435 1.62 13% 5,499 8.0 7.4 -7.3 8.2 4.1 cash 1.3


Wired Weekly

Key results released last week

Source: DBS Bank

Result s

Company FYE released FY15F FY16F Current Prev % chg Curren Prev Comment s on result sAbove

Frasers Hospitality Trust Sep above 1.0 0.9 0.95 0.94 1.1 Buy - 2Q15 DPU of 1.38 Scts, 4% ahead of IPO forecast

BelowCosco Corp Dec below 0.5 - 0.49 - - FV - 1Q15 earnings back in the black but still weakF&N Sep Below 2.8 - 2.80 - - Hold - Dragged by weaker soft drinks and printing and publishing

performanceJapfa Dec Below 0.5 0.8 0.54 0.76 (29.6) Hold Buy DOC oversupply, weak purchasing power, and weaker Rupiah (i.e.

FX l ) i h d d f aOSIM Dec Below 1.8 1.9 1.82 1.94 (6.3) Hold - 1Q15 earnings below expectations, dragged by weak consumer sentiment across all markets

PACC Offshore Services Holdings

Dec Below 0.5 - 0.50 - - Hold - Results disappoint again as margins continue to falter amidst weak oil price environment

Petra Food Dec Below 3.0 3.3 3.01 3.29 (8.4) FV - Weak consumer sentiment, weaker IDRSembcorp Industries Dec Below 4.3 4.3 4.30 4.30 - Hold Buy Weaker than expected earnings across the board; Utilities key

underperformerSMRT Mar Below 1.9 1.9 1.88 1.90 (1.1) Buy - Higher repair and maintenance expensesTiger Airways Mar below 0.4 0.4 0.42 0.39 7.7 Buy - Losses narrow in 4Q15

-In line -CapitaLand Dec In line 4.1 - 4.11 - - Buy - Operating performance improves albeit slowlyChina Merchant Hldgs Dec In line 1.4 - 1.42 - - Buy - Slow start to 2015 in terms of toll revenue growthNoble Group Dec In line 0.9 1.1 0.95 1.12 (15.5) Hold - Weak 1Q15 core profit was expected due to abnormally high

margins in 1Q14Venture Corporation Dec In line 8.4 - 8.40 - - Hold Buy Growth in Life Science, Communication offset Printing decline.

Earnings revision fr prev qt r (%) Target Price Rec'n


Wired Weekly

Top large and small / mid cap picks

Source: DBS Bank

TOP LARGE CAP PICKS

Company Recom Pric eTa rge t Pric e

Ups ide Cata lys t

CapitaLand Buy 3.580 4.11 15% 1) Portfolio-wide improvement; performance underpinned by higher contributions from China2) Streamlined structure enables group to be more nimble

Frasers Centrepoint Ltd Buy 1.835 2.36 29% 1) Locked-in unrecognized revenues of S$3.9bn to underpin growth2) Targeting to derive 60-70% of its income base from recurring revenues3) Cheap valuations

Mapletree Greater China Commercial Trust

Buy 1.035 1.15 11% 1) V isible organic growth2) Portfolio of quality assets

OCBC Buy 10.450 12.70 22% 1) Merged OCBC-WHB to deepen its capabilities in Greater China2) Divestments in non-core (non-financial related) assets plus scrip div idend to buffer capital3) Strong core banking business; wealth management and insurance to remain key ROE drivers4) Our preferred Singapore bank pick.

UOL Buy 7.610 9.31 22% 1) Strong earnings v isibility ; recurring revenues contribute c.70%-75% of EBIT.2) Attractive valuations with deep value.

Yangzijiang Buy 1.455 1.62 11% 1) Yangzijiang is the best proxy to the shipping and shipbuilding recovery . 2) Valuation is undemanding at c.8x PE and 1.1x P/BV, with c.4% yield and 16% ROE.

TOP SMALL / MID CAP PICKSCompany Recom Pric e

Ta rge t Pric e

Ups ide Cata lys t

China Merchants Buy 1.115 1.42 27% 1) Organic growth to continue2) J iurui E’way acquisition to drive future growth

Ezion Holdings Buy 1.245 1.55 24% 1) The most resilient O&G play; on the back of long-term charter contract of 3-5 years and relatively better outlook for liftboats in Asia Pacific.2) Top pick in O&G sector

SMRT Buy 1.610 1.88 17% 1) Earnings recovery in progress2) Expect recovery to continue on lower energy costs, higher fares


Wired Weekly

Major research reports released last week

Source: DBS Bank

Company / Sector Recommendation Target Price ($) Key Points

Singapore Banks - - 1) MAS announces banks that qualify as D-SIB - DBS, OCBC, UOB, Citibank, Maybank, Stanchart and HSBC2) Singapore banks are well capitalised; no pressure to raise capital3) D-SIB foreign banks would need to locally incorporate their operations (eg. Maybank)

CapitaLand BUY S$ 4.11 (Prev S$ 3.88)

1) 1Q15 results in line2) Main business units delivering steady increases in performance3) BUY maintained, TP raised to S$4.11

China Merchants Hldgs (Pacific)

BUY S$ 1.42 1) Excluding a one-off gain in 1Q14, 1Q15 earnings rose 8% y-o-y to HK$142m2) Revenue grew 6% y-o-y to HK$494m, driven by Yongtaiwen E’way and newly acquired Jiurui E’way3) Further upside from potential acquisitions4) Maintain BUY, and ex-dividend TP of S$1.42

Cosco Corporation FULLY VALUED S$0.49 1) 1Q15 results below; cut FY15/16F earnings by 17%/12%2) Lingering concerns over drillship and cylindrical rig sagas; more deferment/cancellations likely3) Recent share price rally is unjustifiable4) Maintain FULLY VALUED; TP S$0.49

F&N HOLD S$ 2.80 1) 2Q15 results marginally below, dragged by weaker soft drinks and printing and publishing performance2) DPS of 2 Scts declared, similar to 1H143) No updates on valuation of MBL as yet4) Maintain HOLD, TP: S$2.80

Frasers Hospitality Trust

BUY S$ 0.95 (Prev S$ 0.94)

1) 2Q15 DPU of 1.38 Scts, 4% ahead of IPO forecast2) Softer near term outlook for Singapore and Malaysia3) Australia, Japan and UK to benefit from growth in international visitors and firmer corporate demand4) Maintain BUY, TP raised slightly to S$0.95

Japfa Ltd HOLD (Downgrade from BUY)

S$ 0.54 (Prev S$ 0.76

1) 1Q15 core earnings fell 77% y-o-y, below estimates2) DOC oversupply, weak purchasing power, and weaker Rupiah (i.e. FX losses) weighed down performance3) Near term outlook still challenging; FY15F/16F earnings cut by 38%/27%; TP lowered to S$0.544) Downgrade to HOLD; no near-term catalysts

M1 HOLD S$ 3.65 (Prev S$ 4.05)

1) M1 has surprised us by taking a minority share in a telecom player in Oman2) We are not excited by its investment in a new mobile reseller in a saturated market with 4 mobile players and multiple mobile resellers3) Maintain HOLD with lower TP of S$3.65 as we assume 80% probability of entry of 4th mobile player in Singapore

Noble Group HOLD S$ 0.95 (Prev S$ 1.12)

1) Weak 1Q15 core profit was expected due to abnormally high margins in 1Q142) Expect seasonal uplift in earnings3) But low ROE and uncertainty over upfront profits booked for offtakes to cap share price performance4) Maintain HOLD, TP lowered to S$0.95

OSIM International HOLD S$ 1.82 (Prev S$ 1.94)

1) 1Q15 earnings below expectations, dragged by weak consumer sentiment across all markets2) Dividend of 1 Sct declared3) Cut FY15F/FY16F earnings by 10%/14%4) Maintain HOLD with lower TP of S$1.82

PACC Offshore Services Holdings

HOLD S$ 0.50 1) Results disappoint again as margins continue to falter amidst weak oil price environment2) First SSAV to drive earnings for rest of FY15; but contract for second SSAV not secured yet3) Cut FY15/16 earnings by 28%/13% on lower day rate/utilisation assumptions for OSV/T&I fleet4) Maintain HOLD with TP of S$0.50

Sembcorp Industries HOLD (Downgrade from BUY)

S$ 4.30 (Prev S$ 4.80)

1) 1Q15 below; trimmed FY15/16F core PATMI by 11/10%2) Singapore power’s performance could get worse before it gets better3) Key mitigating factor– India power plants to contribute more meaningfully from 2016 onwards4) Downgrade to HOLD; TP lowered to S$4.30

SMRT BUY S$ 1.88 (Prev S$ 1.90)

1) 4Q15 earnings were a tad lower than expected due to higher R&M; FY15 registered net profit growth 47% y-o-y to S$91m2) Non-fare revenue remains the main profit contributor; bus segment post lower losses3) Expect recovery to continue on lower energy costs, higher fares4) Maintain BUY, TP revised to S$1.88

Tiger Airways Holdings

BUY S$ 0.42 (Prev S$ 0.39)

1) Core 4Q15 results slightly below expectations2) Yield recovery encouraging while jet fuel costs remain low and below our US$90 assumption3) We expect Tigerair to post its first full-year profit in five years come FY164) Maintain BUY with higher TP of S$0.42

Venture Corporation HOLD (Downgrade from BUY)

S$ 8.40 1) 1Q15 net profit of S$32.6m (+6% y-o-y) in line with our expectations2) Higher R&D costs and tax rate drive down net margin3) Medical & Life Science likely to be the key growth driver4) Downgrade to HOLD on limited upside; unchanged TP of S$8.40


Wired Weekly

Shanghai Composite Index Hang Seng Index Taiwan Index

Nikkei Index Dow Jones Industrials NASDAQ Index

USD/SGD USD/JPY Euro/USD

USD/RMB SGD/RMB A$/SGD

Source: Datastream, DBS Bank

1,9002,2002,5002,8003,1003,4003,7004,0004,3004,6004,900


Shanghai Comp Index

21,000

22,000

23,000

24,000

25,000

26,000

27,000

28,000

29,000


Hang Seng Index

8,1008,3008,5008,7008,9009,1009,3009,5009,7009,900

10,100


Taiwan Index

13,000

14,000

15,000

16,000

17,000

18,000

19,000

20,000

21,000

22,000


Nikkei 225 Index

15,500

16,000

16,500

17,000

17,500

18,000

18,500

19,000


Dow Jones

3,800

4,000

4,200

4,400

4,600

4,800

5,000

5,200


Nasdaq

1.221.241.261.281.301.321.341.361.381.401.42


usd/SGD

95

100

105

110

115

120

125


usd/JPY

1.00

1.05

1.10

1.15

1.20

1.25

1.30

1.35

1.40


Euro/USD

6.05

6.10

6.15

6.20

6.25

6.30


usd/RMB

4.40

4.50

4.60

4.70

4.80

4.90

5.00

5.10


sgd/RMB

1.02

1.04

1.06

1.08

1.10

1.12

1.14

1.16

1.18

1.20


A$/SGD


Wired Weekly

Baltic Dry Index Volatility Index Fed Funds Rate

Brent Crude Oil Palm Oil Soya Oil

Aluminium Tin Steel

Copper Nickel Gold

Source: Datastream, DBS Bank

400

600

800

1,000

1,200

1,400

1,600


Baltic Dry Index

8

12

16

20

24

28


Volatility Index

0.00

0.05

0.10

0.15

0.20

0.25

0.30


Fed Funds Rate

40

50

60

70

80

90

100

110

120


Brent Crude OilUS$/barrel

550

600

650

700

750

800

850


Palm OilUS$/ton

28

30

32

34

36

38

40

42

44


Soya OilUS$/Ib

1,600

1,700

1,800

1,900

2,000

2,100

2,200


AluminiumUS$/MT

13,000

15,000

17,000

19,000

21,000

23,000

25,000


TinUS$/MT

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400


Steel (rebar)RMB/MT

5,000

5,500

6,000

6,500

7,000

7,500


CopperUS$/MT

10,000

12,000

14,000

16,000

18,000

20,000

22,000


NickelUS$/MT

1,100

1,150

1,200

1,250

1,300

1,350


GoldUS$/Ounce


Wired Weekly

Straits Times Index


Last PriceLast Day

V olA v g V ol for

the WeekRel ST I MT D

Rel ST I QTD

Rel ST I YT D Weight

A ctual Mk t Cap

S/No. B'berg Code Stock Name Crncy 08-May -15 (000 Shrs) (000 Shrs) (%) (%) (%) (%) (S$m)

1 DBS SP DBS GROUP HOLDINGS LTD SGD 21.05 2,943 3,253 1 3 (0) 12.4 52,1792 OCBC SP OVERSEA-CHINESE BANKING CORP SGD 10.45 2,583 5,028 (1) (1) (3) 10.8 41,6103 ST SP SINGAPORE TELECOMMUNICATIONS SGD 4.32 9,297 19,151 (1) (2) 8 10.7 68,8724 UOB SP UNITED OVERSEAS BANK LTD SGD 24.16 2,452 2,519 (0) 5 (4) 9.7 38,709

5 JM SP JARDINE MATHESON HLDGS LTD USD 61.90 232 443 1 (2) (1) 6.7 56,744

6 HKL SP HONGKONG LAND HOLDINGS LTD USD 8.05 1,239 2,670 0 6 17 4.3 24,128

7 KEP SP KEPPEL CORP LTD SGD 8.78 3,376 5,415 2 (3) (3) 4.3 15,909

8 JS SP JARDINE STRATEGIC HLDGS LTD USD 34.72 66 91 2 (1) (1) 3.5 51,839

9 CAPL SP CAPITALAND LTD SGD 3.580 10,300 14,340 (2) (0) 6 3.1 15,275

10 GLP SP GLOBAL LOGISTICS SGD 2.68 6,744 11,106 (2) 1 5 2.7 12,971

11 THBEV SP THAI BEVERAGE PCL SGD 0.74 12,021 17,856 4 (4) 4 2.4 18,456

12 SGX SP SINGAPORE EXCHANGE LTD SGD 8.55 3,601 3,204 1 5 7 2.4 9,158

13 WIL SP WILMAR INTERNATIONAL LTD SGD 3.20 5,709 4,939 (1) (2) (4) 2.3 20,465

14 SPH SP SINGAPORE PRESS HOLDINGS LTD SGD 4.13 3,328 3,270 (0) (2) (4) 2.2 6,604

15 GENS SP GENTING SINGAPORE PLC SGD 1.025 26,238 14,343 1 11 (8) 2.1 12,370

16 CIT SP CITY DEVELOPMENTS LTD SGD 10.280 1,050 855 (3) 2 (2) 2.1 9,349

17 CD SP COMFORTDELGRO CORP LTD SGD 3.000 3,987 6,229 (1) 4 13 2.0 6,427

18 SIA SP SINGAPORE AIRLINES LTD SGD 11.77 1,046 1,385 (3) (2) (1) 2.0 13,762

19 STE SP SINGAPORE TECHNOLOGIES ENG SGD 3.65 2,464 2,577 2 5 5 1.9 11,347

20 CT SP CAPITAMALL TRUST SGD 2.13 7,567 9,616 (2) (3) 2 1.9 7,376

21 AREIT SP A-REIT SGD 2.46 9,196 12,726 1 (5) 1 1.6 5,918

22 HPHT SP HUTCHISON PORT HOLDINGS TRUST SGD 0.67 26,989 19,084 0 (4) (5) 1.5 5,836

23 JCNC SP JARDINE CYCLE & CARRIAGE LTD SGD 41.23 178 241 3 0 (6) 1.4 14,666

24 SCI SP SEMBCORP INDUSTRIES LTD SGD 4.37 5,164 2,692 (2) 3 (4) 1.3 7,796

25 NOBL SP NOBLE GROUP LTD SGD 0.83 48,059 47,859 (3) (10) (30) 1.3 5,594

26 GGR SP GOLDEN AGRI-RESOURCES LTD SGD 0.42 27,891 16,057 (0) (2) (12) 0.9 5,328

27 SMM SP SEMBCORP MARINE LTD SGD 3.00 1,376 2,840 2 3 (11) 0.8 6,266

28 STH SP STARHUB LTD SGD 4.27 1,083 1,446 2 (2) 0 0.8 7,369

29 OLAM SP OLAM INTERNATIONAL LTD SGD 2.00 46 167 0 1 (4) 0.3 4,881

30 SIE SP SIA ENGINEERING CO LTD SGD 4.14 322 475 (0) 3 (4) 0.3 4,643


Wired Weekly


At A Glance Currencies

Other Important Indicators

Important Dates (Singapore)

Announced Dividends and Capital Issues

Upcoming IPOs

Nil

Recent IPO Trading

Last Close

Pt s chg

% Chg 1 wk

SG$/US$ 1.33 0.0 0.1

Yen/US$ 119.97 (0.2) (0.2)

US$/Euro 0.89 (0.0) (0.3)

AUS$/US$ 1.26 (0.0) (1.0)

Pound/US$ 1.54 0.0 1.9

Last Close

Pt s chg 1wk

% Chg 1 wk

Gold 1187.43 8.8 0.8

Crude Oil 58.94 (0.2) (0.4)

US$ Yield10-year 2.16 0.0 2.1

Event Period DateGDP YoY 1Q F 11-May-15Retail Sales SA MoM Mar 15-May-15Retail Sales YoY Mar 15-May-15Retail Sales Ex Auto YoY Mar 15-May-15Non-oil Domestic Exports YoY Apr 18-May-15Non-oil Domestic Exports SA MoM Apr 18-May-15Electronic Exports YoY Apr 18-May-15Automobile COE Open Bid Cat A May 20-May-15Automobile COE Open Bid Cat B May 20-May-15Automobile COE Open Bid Cat E May 20-May-15GDP SAAR QoQ 1Q F 20-May-15CPI NSA MoM Apr 25-May-15CPI YoY Apr 25-May-15CPI Core YoY Apr 25-May-15Industrial Production SA MoM Apr 26-May-15Industrial Production YoY Apr 26-May-15Money Supply M1 YoY Apr 29-May-15Money Supply M2 YoY Apr 29-May-15Bank Loans and Advances YoY Apr 29-May-15Purchasing Managers Index May 2-Jun-15Electronics Sector Index May 2-Jun-15Automobile COE Open Bid Cat A Jun 3-Jun-15Automobile COE Open Bid Cat B Jun 3-Jun-15Automobile COE Open Bid Cat E Jun 3-Jun-15Foreign Reserves May 8-Jun-15Manpower Survey 3Q 9-Jun-15Retail Sales YoY Apr 15-Jun-15Retail Sales Ex Auto YoY Apr 15-Jun-15Retail Sales SA MoM Apr 15-Jun-15Electronic Exports YoY May 17-Jun-15Non-oil Domestic Exports YoY May 17-Jun-15Non-oil Domestic Exports SA MoM May 17-Jun-15Automobile COE Open Bid Cat A Jun 17-Jun-15Automobile COE Open Bid Cat B Jun 17-Jun-15Automobile COE Open Bid Cat E Jun 17-Jun-15CPI NSA MoM May 23-May-15CPI YoY May 23-May-15CPI Core YoY May 23-May-15Industrial Production SA MoM May 26-May-15Industrial Production YoY May 26-May-15Purchasing Managers Index Jun 2-Jul-15Electronics Sector Index Jun 2-Jul-15Foreign Reserves Jun 7-Jul-15GDP YoY 2Q A 7-Jul-15GDP SAAR QoQ 2Q A 7-Jul-15Automobile COE Open Bid Cat A Jul 8-Jul-15Automobile COE Open Bid Cat B Jul 8-Jul-15Automobile COE Open Bid Cat E Jul 8-Jul-15Retail Sales YoY May 15-Jul-15Retail Sales Ex Auto YoY May 15-Jul-15Retail Sales SA MoM May 15-Jul-15Electronic Exports YoY Jun 16-Jul-15Non-oil Domestic Exports YoY Jun 16-Jul-15Non-oil Domestic Exports SA MoM Jun 16-Jul-15Automobile COE Open Bid Cat A Jul 22-Jul-15Automobile COE Open Bid Cat B Jul 22-Jul-15Automobile COE Open Bid Cat E Jul 22-Jul-15CPI NSA MoM Jun 23-Jul-15CPI YoY Jun 23-Jul-15CPI Core YoY Jun 23-Jul-15Industrial Production SA MoM Jun 24-Jul-15Industrial Production YoY Jun 24-Jul-15Unemployment rate SA 2Q 30-Jul-15

Company T y pe Part iculars Ex Date Paid/ Pay able

CAPTII LIMITED ENTITL. SHARE CONSOL OFFER OF 1 FOR 10 11-May-15

CHINA UNICOM HK LTD ADR 10 DIV IDEND APPROXIMATE USD 0.290585 11-May-15 22-Jun-15

DBS S$800M 4.7% NCPS DIV IDEND SGD 2.33068 ONE-TIER TAX 11-May-15 22-May-15

HAFARY HOLDINGS LIMITED DIV IDEND SGD 0.005 ONE-TIER TAX 11-May-15 25-May-15

HL GLOBAL ENTERPRISES LIMITED ENTITL. SHARE CONSO OFFER OF 1 FOR 10 11-May-15

HONG FOK CORPORATION LTD DIV IDEND SGD 0.01 ONE-TIER TAX 11-May-15 28-May-15

HONG FOK CORPORATION LTD DIV IDEND SGD 0.01 ONE-TIER TAX 11-May-15 28-May-15

MFG INTEGRATION TECHNOLOGY LTD DIV IDEND SGD 0.005 ONE-TIER TAX 11-May-15 28-May-15

SP CORPORATION LIMITED ENTITL. SHARE CONSOL OFFER OF 1 FOR 10 11-May-15

SRI TRANG AGRO-INDUSTRY PCL DIV IDEND THB 0.4 LESS TAX 11-May-15 27-May-15

SUPER GROUP LTD. DIV IDEND SGD 0.021 ONE-TIER TAX 11-May-15 22-May-15

WHEELOCK PROPERTIES (S) LTD DIV IDEND SGD 0.06 ONE-TIER TAX 11-May-15 28-May-15

ANNAIK LIMITED DIV IDEND SGD 0.002 ONE-TIER TAX 12-May-15 26-May-15

CHINA MERCHANTS HLDGS(PACIF IC) BONUS OFFER OF 1 FOR 20 12-May-15

CHINA MERCHANTS HLDGS(PACIF IC) DIV IDEND SGD 0.035 ONE-TIER TAX 12-May-15 03-Jun-15

CNMC GOLDMINE HOLDINGS LIMITED DIV IDEND SGD 0.00225 ONE-TIER TAX 12-May-15 25-May-15

CNMC GOLDMINE HOLDINGS LIMITED DIV IDEND SGD 0.0015 ONE-TIER TAX 12-May-15 25-May-15

COGENT HOLDINGS LIMITED DIV IDEND SGD 0.0118 ONE-TIER TAX 12-May-15 25-May-15

COGENT HOLDINGS LIMITED DIV IDEND SGD 0.0258 ONE-TIER TAX 12-May-15 25-May-15

GLOBAL INVACOM GROUP LIMITED DIV IDEND SGD 0.00525 ONE-TIER TAX 12-May-15 25-May-15

HO BEE LAND LIMITED DIV IDEND SGD 0.05 ONE-TIER TAX 12-May-15 29-May-15

LHT HOLDINGS LIMITED DIV IDEND SGD 0.007 ONE-TIER TAX 12-May-15 25-May-15

MEGACHEM LIMITED DIV IDEND SGD 0.007 ONE-TIER TAX 12-May-15 29-May-15

NOBEL DESIGN HOLDINGS LTD DIV IDEND SGD 0.0065 ONE-TIER TAX 12-May-15 28-May-15

PENGUIN INTERNATIONAL LIMITED DIV IDEND SGD 0.005 ONE-TIER TAX 12-May-15 28-May-15

PENGUIN INTERNATIONAL LIMITED DIV IDEND SGD 0.005 ONE-TIER TAX 12-May-15 28-May-15

POH TIONG CHOON LOGISTICS LTD DIV IDEND SGD 0.0175 ONE-TIER TAX 12-May-15 29-May-15

SINGAPORE KITCHEN EQUIPMENTLTD DIV IDEND SGD 0.0015 ONE-TIER TAX 12-May-15 28-May-15

VALUEMAX GROUP LIMITED DIV IDEND SGD 0.0088 ONE-TIER TAX 12-May-15 28-May-15

ANNICA HOLDINGS LIMITED RIGHTS OFFER OF 1 FOR 1 @ SGD 0.003 13-May-15

BAKER TECHNOLOGY LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 13-May-15 27-May-15

CITYSPRING INFRASTRUCT TRUST DIV IDEND 010415 - 170515 SGD 0.004235 TAX EXEMPT 13-May-15 26-May-15

CITYSPRING INFRASTRUCT TRUST DIV IDEND SGD 0.0198 TAX EXEMPT 13-May-15 26-May-15

CITYSPRING INFRASTRUCT TRUST DIV IDEND 010115 - 310315 SGD 0.0082 TAX EXEMPT 13-May-15 26-May-15

FAR EAST ORCHARD LIMITED DIV IDEND DRP SGD 0.06 ONE-TIER TAX 13-May-15 30-Jun-15

HONG LEONG ASIA LTD. DIV IDEND SGD 0.02 ONE-TIER TAX 13-May-15 26-May-15

JARDINE CYCLE & CARRIAGE LTD DIV IDEND USD 0.67 ONE-TIER TAX 13-May-15 25-Jun-15

KEPPEL INFRASTRUCTURE TRUST DIV IDEND 010115 - 170515 SGD 0.0293 TAX EXEMPT 13-May-15 26-May-15KEPPEL INFRASTRUCTURE TRUST ENTITL. 2.106CITFOR1KIT 13-May-15

ROYAL DUTCH SHELL A ADR 10 DIV IDEND USD 0.799 13-May-15 22-Jun-15

UNITED OVERSEAS AUSTRALIA LTD DIV IDEND UNFRANKED, DRP AUD 0.02 13-May-15 05-Jun-15

ZAGRO ASIA LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 13-May-15 29-May-15

LUNG KEE (BERMUDA) HLDGS LTD DIV IDEND HKD 0.07 14-May-15 04-Jun-15

UNITED FOOD HOLDINGS LIMITED DIV IDEND CNY 0.0047 14-May-15 05-Jun-15

AZTECH GROUP LTD. ENTITL. SHARE CONSOL OFFER OF 1 FOR 10 15-May-15

KINGSMEN CREATIVES LTD DIV IDEND SGD 0.025 ONE-TIER TAX 15-May-15 29-May-15

OUE LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 15-May-15 29-May-15

YANLORD LAND GROUP LIMITED DIV IDEND SGD 0.013 ONE-TIER TAX 15-May-15 05-Jun-15

ASIA ENTERPRISES HOLDING LTD DIV IDEND SGD 0.0125 ONE-TIER TAX 18-May-15 29-May-15

ASIA ENTERPRISES HOLDING LTD DIV IDEND SGD 0.0025 ONE-TIER TAX 18-May-15 29-May-15

BREADTALK GROUP LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 18-May-15 29-May-15

HOTEL ROYAL LTD DIV IDEND SGD 0.05 ONE-TIER TAX 18-May-15 29-May-15

YANGZIJ IANG SHIPBLDG HLDGS LTD DIV IDEND SGD 0.055 ONE-TIER TAX 18-May-15 28-May-15

INNOVALUES LIMITED DIV IDEND SGD 0.006 ONE-TIER TAX 19-May-15 03-Jun-15

INNOVALUES LIMITED DIV IDEND SGD 0.008 ONE-TIER TAX 19-May-15 03-Jun-15

VALLIANZ HOLDINGS LIMITED DIV IDEND USD 0.0005 ONE-TIER TAX 19-May-15 15-Jun-15

HSBC ADR 10 DIV IDEND USD 0.5 20-May-15 08-Jul-15

SERIAL SYSTEM LTD DIV IDEND SGD 0.0075 ONE-TIER TAX 20-May-15 02-Jun-15

HAW PAR CORP LTD DIV IDEND SGD 0.14 ONE-TIER TAX 21-May-15 04-Jun-15

INCH KENNETH KAJANG RUBBER PLC DIV IDEND MYR 0.0109 ONE-TIER TAX 21-May-15 02-Jun-15

TPV TECHNOLOGY LIMITED DIV IDEND USD 0.00128 25-May-15 09-Jun-15

KOH BROTHERS GROUP LIMITED DIV IDEND SGD 0.005 ONE-TIER TAX 26-May-15 16-Jun-15

KOH BROTHERS GROUP LIMITED DIV IDEND SGD 0.003 ONE-TIER TAX 26-May-15 16-Jun-15

LOW KENG HUAT (SINGAPORE) LTD DIV IDEND SGD 0.02 ONE-TIER TAX 28-May-15 11-Jun-15

LOW KENG HUAT (SINGAPORE) LTD DIV IDEND SGD 0.03 ONE-TIER TAX 28-May-15 11-Jun-15

SHANGRI-LA ASIA LIMITED DIV IDEND HKD 0.06 28-May-15 11-Jun-15

SINARMAS LAND LIMITED DIV IDEND SGD 0.005 ONE-TIER TAX 28-May-15 15-Jun-15

OCBC BK 4.2% NCPS DIV IDEND SGD 0.021 ONE-TIER TAX 29-May-15 22-Jun-15

Company NameIPO Share

Price Last Close ICB Sector Name IPO DateNo. of Share

IPO Mkt Cap

Versalink Holdings Ltd 0.30 0.197 Household Goods & Home Construction 24/09/2014 135 41ISEC Healthcare Ltd 0.28 0.480 Health Care Equipment & Serv ices 28/10/2014 459 128Serrano Ltd/Singapore 0.23 0.180 Construction & Materials 28/10/2014 150 35MS Holdings Ltd 0.25 0.199 Industrial Engineering 07/11/2014 102 26Zico Holdings Inc 0.30 0.405 Support Serv ices 11/11/2014 267 80UG Healthcare Corp Ltd 0.22 0.240 Health Care Equipment & Serv ices 08/12/2014 188 40Huationg Global Ltd 0.20 0.210 Construction & Materials 09/12/2014 151 30mm2 Asia Ltd 0.25 0.395 Media 09/12/2014 207 52iFAST Corp Ltd 0.95 1.300 Media 11/12/2014 260 247Keppel DC REIT 0.93 1.040 Real Estate Investment Trusts 12/12/2014 883 821LHN Limited 0.23 0.161 Real Estate Investment & Serv ices 13/04/2015 362 83GCCP Resources Ltd 0.23 0.125 Basic Materials 30/04/2015 1,193 274


Wired Weekly

May 2015


Mon Tues Wed Thu Fri

Hi-P International 1Q 15 ARA Asset Management 1Q 15 China Yuchai 1Q 15 Ascendas Hospitality Trust 4Q 15IGG Inc 1Q 15 OUE Commercial Reit 1Q 15 F & N 2Q 15 Aspial Corp 1Q 15Kulicke & Soffa Industries 2Q 15 Fragrance Group 1Q 15 Fortune Reit 1Q 15OSIM International 1Q 15 Frencken Group 1Q 15 Frasers Centrepoint Ltd 2Q 15Tiger Airways FY 15 IREIT Global 1Q 15 IFS Capital Ltd 1Q 15

Lippo Malls 1Q 15 Straco Corp 1Q 15OUE Hospitality Trust 1Q 15 OUE Ltd 1Q 15Sembcorp Industries 1Q 15Wilmar International 1Q 15

Automobile COE Open Bid Cat AElectronics Sector Index Automobile COE Open Bid Cat BPurchasing Managers Index Automobile COE Open Bid Cat E Foreign Reserves

CSE Global 1Q 15 APTT 1Q 15 Amara Holdings 1Q 15 Croesus Retail Trust 3Q 15 Amtek Engineering 3Q 15Vallianz Holdings 1Q 15 ASL Marine 3Q 15 City Developments 1Q 15 CWT Ltd 1Q 15 StarHub 1Q 15Vicom 1Q 15 Best World Intl 1Q 15 ComfortDelGro 1Q 15 Genting Singapore 1Q 15 United Engineers 1Q 15OKP Holdings 1Q 15 Challenger 1Q 15 Ezion 1Q 15 Global Logistic Properties 4Q 15

CNMC Goldmine 1Q 15 First Ship Lease 1Q 15 Haw Par Corp 1Q 15Golden Agri 1Q 15 Parkson Retail Asia 3Q 15 Hotel Royal 1Q 15InterOil Corp 1Q 15 Saizen REIT 3Q 15 HTL International 1Q 15Kingsmen Creatives 1Q 15 ST Engineering 1Q 15 Mewah International 1Q 15SBS Transit 1Q 15 Midas Holdings 1Q 15SIA Engineering 4Q 15 Otto Marine 1Q 15Singapore Post 4Q 15 SATS 4Q 15Super Group 1Q 15 Singapore Airlines 4Q 15Thakral Corp 1Q 15 SingTel 4Q 15UOL Group 1Q 15 Swiber Holdings 1Q 15

Retail Sales SA MoMRetail Sales YoYRetail Sales Ex Auto YoY

Accordia Golf Trust 4Q 15 BW LPG 1Q 15

Automobile COE Open Bid Cat AElectronic Exports YoY Automobile COE Open Bid Cat BNon-oil Domestic Exports SA MoM Automobile COE Open Bid Cat ENon-oil Domestic Exports YoY GDP SAAR QoQ

Biosensors 4Q 15 REC Solar ASA 1Q 15 Tat Hong 4Q 15

CPI NSA MoM Bank Loans and Advances YoYCPI YoY Industrial Production SA MoM Money Supply M1 YoYCPI Core YoY Industrial Production YoY Money Supply M2 YoY

1

11 12 13 14 15

4 5 6 7 8

25 26 27 28 29

18 19 20 21 22


Wired Weekly

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

Share price appreciation + dividends Traders Spectrum’s product is oriented towards readers with either a short-term trading horizon. It aims to highlight topical themes, which may move stock prices on a daily basis. Readers should be aware that “TS Take” relies more on assessments of technical factors, likely sentiment responses and short term money flows, rather than on fundamental analysis. As such the “TS Take” may from time to time conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by DBS Bank Ltd analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on on an ongoing basis. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd and DBS Vickers Securities (Singapore) Pte Ltd, its respective connected and associated corporations and affiliates (collectively, the “DBS Vickers Group”) only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk

assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of the date the report is published, the analyst and his/her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report (“interest” includes direct or indirect ownership of securities).


Wired Weekly

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 Mar 2015 except Yangzijiang Shipbuilding CapitaLand, Sembcorp Industries, Sembcorp Marine, Ezra Holdings, Cosco Corporation, SIA Engineering, ST Engineering, Singapore Airlines, Genting Singapore, UOL Group, ComfortDelgro, City Development, Frasers Hospitality Trust, Noble Group, Venture Corporation , Mapletree Greater China Commercial Trust, OCBC, Ezion Holdings, SMRT, UOB, M1

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 Frasers Hospitality Trust, Mapletree Greater China Commercial Trust as of 31 Mar 2015.

3.

Compensation for investment banking services: DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates have received compensation, within the past 12 months, and within the next 3 months may receive or intends to seek compensation for investment banking services Japfa Ltd, Ezra Holdings, PACC Offshore Services Holdings, Genting Singapore, UOL Group, Frasers Hospitality Trust, F & N, Tiger Airways Holdings, Frasers Centrepoint Ltd, Ezion Holdings, SMRT, Maybank. 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.

Wong Ming Tek, Executive Director, ADBSR

Singapore 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.


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Dubai

This research report is being distributed in The Dubai International Financial Centre (“DIFC”) by DBS Bank Ltd., (DIFC Branch) having its office at PO Box 506538, 3rd 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

11/05/2015 wired weekly - dbs bank | singapore · wired weekly refer to important ... attractive...

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