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S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Market Outlook & Strategy

FSSTI

REVIEW: The FSSTI continued its fine run in March, rising 2.5% mom after rebounding 2.8%
mom in February. Sentiment was helped by the Feds clarification that despite improvements in
the economy, the Fed intends to keep monetary policy accommodative while inflation is below the
Feds long-term objective, and unemployment remains high. On the local front, M&A remains a
focus with Temasek making a cash offer for Olam. With this together with the perception of
improving global economic growth, commodity stocks such as Noble and plantation stocks
outperformed the broader market.
STRATEGY: We have a year-end target of 3,400 for FSSTI and given the upside of only 7%, we
would only buy selectively. In terms of valuation, the markets FY14F PE of 14.2x is trading at a
12% discount to its long-term mean of 16.2x. Investment themes for outperformance include: a)
management changes, b) winners/losers of tapering, c) asset monetisation/M&A, and d) stocks
with pricing power. Our top picks in the big cap space include SingTel, DBS, CCT, Venture and
Keppel Corp. In the mid cap space, we like Sino Grandness, Osim, Pacific Radiance, Nam
Cheong, RH Petrogas, Bumitama and Overseas Education. We have SELLs on Tiger Airways
and Genting Singapore.

TOP GAINERS & LOSERS*


(S$)

Feb

Mar

% Chg

Olam

(S$)

Feb

Mar

% Chg

1.775

2.22

25.1

Shang Asia 2k

13.50

12.00

(11.1)

Sinarmas

0.48

0.57

18.8

SIIC Env

0.184

0.172

(6.5)

Fragrance

0.22

0.255

15.9

GLP

2.83

2.65

(6.4)

39.24

45.33

15.5

SuperGroup

3.69

3.48

(5.7)

Noble Grp

1.03

1.185

15.0

Yangzijiang

1.135

1.08

(4.8)

UE

1.82

2.07

13.7

Yanlord

1.12

1.07

(4.5)

DTAC 200

3.10

3.50

12.9

Biosensors

0.975

0.935

(4.1)

IndoAgri

0.87

0.975

12.1

EzionHldg

2.25

2.16

(4.0)

JMH 400

58.10

63.08

8.6

St Trdg

3.50

3.38

(3.4)

THBEV

0.56

0.605

8.0

Kep REIT

1.175

1.14

(3.0)

Jardine C&C

* Top 100 companies by market capitalisation

Refer to last page for important disclosures.

From 1/3/2013 to 31/3/2014

3600
3400
3200
3000
2800
2600
Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

SECTOR RATINGS & STOCK RECOMMENDATIONS


Sector
Aviation
Finance
Healthcare
LandTransport
Media
OilServices
Plantation
Property
REITs
Shipping
Shipyard
Supply Chain
Technology
Telecoms
Others
FSSTI

Mar/Feb (% Chg)
1.6
0.6
(1.2)
1.9
1.2
(0.6)
2.0
3.3
1.1
4.7
1.4
18.9
(1.2)
1.3
0.1

Weighting*
Market Weight
Overweight
Market Weight
Market Weight
Market Weight
Overweight
Overweight
Overweight
Market Weight
Overweight
Market Weight
Market Weight
Overweight
Overweight
-

Top Buys
SIA
DBS
Raffles Medical
ComfortDelgro
Pacific Radiance, Nam Cheong
Bumitama, First Resources
Keppel Land, Ho Bee
CCT, Suntec REIT
NOL
Keppel Corp, Yangzijiang
Venture
SingTel, M1
-

2.5

* Refers to business prospects & earnings growth of the sector for the next 12 months.

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Sector Performance
------------------- PE ------------------2013
2014F
2015F
(x)
(x)
(x)

------------- EPS Growth -----------2013


2014F
2015F
(%)
(%)
(%)

Net
Margin
(%)

ROA
(%)

ROE
(%)

--------- Yield --------2013


2014F
(%)
(%)

Price/
NTA ps
(x)

Net Cash
(Debt) to
Equity
(%)

Market
Cap.
(%)

Total
Market
Cap.
(S$m)

AVIATION

27.0

22.9

20.4

(11.7)

18.0

12.0

5.4

3.9

7.6

3.3

3.6

2.0

28.6

7.4

33,683

FINANCE

11.8

11.4

10.2

(10.4)

2.9

12.2

n.a.

1.0

12.1

3.6

3.6

1.6

n.a.

25.7

116,997

HEALTHCARE

40.2

37.1

29.2

(19.2)

8.2

26.8

11.1

3.1

4.6

0.7

0.2

4.5

(8.5)

3.0

13,496

LAND TRANSPORT

17.3

16.0

14.3

(0.4)

8.3

11.7

7.1

5.0

19.4

3.1

3.3

2.6

(16.3)

1.3

5,778

MEDIA

15.8

22.6

22.6

(25.1)

(31.2)

0.0

34.8

7.3

11.9

9.5

4.4

2.1

(27.6)

1.5

6,791

OIL SERVICES

9.9

9.6

8.0

13.6

(9.7)

21.3

8.9

4.3

11.6

2.3

1.6

1.1

(82.8)

1.0

4,367

PLANTATION

14.9

10.5

9.4

(7.4)

41.7

11.9

3.6

3.1

7.5

2.0

2.0

1.3

(66.7)

8.2

37,490

PROPERTY

10.2

15.4

13.1

14.8

(34.9)

17.7

31.7

3.9

8.4

3.2

2.5

0.8

(42.0)

8.0

36,475

REITS

17.8

17.6

16.7

13.7

(0.8)

4.4

54.7

3.5

5.7

6.2

6.4

1.0

(49.1)

8.4

38,119

SHIPPING

n.a.

20.7

8.0

n.a.

n.a.

157.8

(0.9)

(0.9)

(3.6)

0.0

0.8

1.1

(187.0)

0.6

2,579

SHIPYARD

11.3

11.7

10.9

(10.8)

(3.7)

6.9

11.1

5.9

18.1

3.5

3.8

2.0

(12.3)

9.6

43,791

SUPPLY CHAIN

21.1

15.1

14.0

(32.4)

40.3

8.4

0.5

1.7

7.2

1.3

2.0

1.7

(153.1)

2.9

13,314

TECHNOLOGY

15.6

14.0

12.6

(6.3)

12.1

10.5

5.6

5.4

7.2

6.7

6.7

1.8

12.5

0.5

2,052

TELECOMS

16.4

15.5

13.9

4.1

5.8

11.6

18.7

9.4

16.7

4.8

4.9

5.8

(33.4)

15.1

68,646

OTHERS

17.9

21.5

21.2

25.5

(16.3)

1.2

26.5

4.3

8.3

3.0

2.8

2.1

(11.3)

7.0

31,865

OVERALL

14.5

14.2

12.7

(3.4)

1.1

11.4

9.1

2.1

10.1

3.7

3.6

1.7

(28.8)

100.0

455,443

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Corporate Statistics
Rec

Price
31/3/14
(S$)

Last
Year
End

2013
(S$m)

Net Profit
2014F
(S$m)

EPS
2015F 2013 2014F 2015F
(S$m) (cents) (cents) (cents)

Company

Ticker

AVIATION
SIA
SIA Engg
SATS
ST Engrg
Tigerair
Sector

SIA SP
SIE SP
SATS SP
STE SP
TGR SP

BUY
SELL
HOLD
HOLD
SELL

10.47
4.84
3.04
3.82
0.405

3/13
3/13
3/13
12/13
3/13

390.3
266.4
188.5
580.8
(180.5)
1,245.7

FINANCE
ARA
DBS
HL Fin @
OCBC
S'pore Exchange
UOB@
Sector

ARA SP
DBS SP
HLF SP
OCBC SP
SGX SP
UOB SP

HOLD
BUY
NR
BUY
NR
NR

1.845
16.17
2.74
9.51
6.94
21.65

12/13
12/13
12/13
12/13
6/13
12/13

74.3
83.7
111.3
3,672.0 3,725.6 4,375.2
70.1
81.0
93.0
2,768.0 3,022.0 3,290.9
335.9
340.9
379.9
3,008.0 2,987.3 3,241.1
9,928.2 10,240.6 11,491.4

HEALTHCARE
IHH
IHH SP
Raffles Medical RFMD SP
Sector

HOLD
BUY

1.44
3.21

12/13
12/13

250.7
84.9
335.6

289.6
74.5
364.2

LAND TRANSPORT
ComfortDelGro CD SP
SMRT
MRT SP
Sector

BUY
HOLD

1.985
1.02

12/13
3/13

MEDIA
SPH
Sector

SPH SP

HOLD

4.20

OIL SERVICES
ASL Marine @
Ezra
Marco Polo @
Mencast @
Mermaid @
Nam Cheong
Pacific Radiance
Swiber
Triyards
Sector

ASL SP
EZRA SP
MPM SP
MCAST SP
MMT SP
NCL SP
PACRA SP
SWIB SP
ETL SP

NR
HOLD
NR
NR
NR
BUY
BUY
HOLD
BUY

0.70
1.09
0.385
0.585
0.45
0.335
1.055
0.665
0.64

423.3
533.0
283.4
294.6
203.5 223.2
603.4
623.4
(40.9)
(25.0)
1,472.6 1,649.1

2013
(x)

PE
DPS
2014F 2015F 2013 2014F
(x)
(x) (cents) (cents)

Yield
Hist
Net
2013 2014F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)

ROE
(%)

No of
Shares
(m)

Market
Cap.
(S$m)

Book Price/ Net Cash/(Debt) to


NTA ps NTA ps Mkt Cap Equity
(S$)
(x)
(%)
(%)

Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)

32.5
23.9
16.8
18.7
(18.3)
16.6

35.3
25.4
18.1
19.4
(4.1)
19.5

44.4
26.4
19.9
20.0
(2.5)
21.9

32.2
20.3
18.1
20.4
n.a.
27.0

29.7
19.0
16.8
19.7
n.a.
22.9

23.6
18.3
15.3
19.1
n.a.
20.4

19.5
21.5
15.0
15.0
0.0

26.0
23.0
16.0
14.7
0.0

1.9
4.4
4.9
3.9
0.0
3.3

2.5
4.8
5.3
3.8
0.0
3.6

1.66
0.28
0.25
0.23
(0.10)

2.5
23.6
10.2
8.8
(5.2)
5.4

1.7
16.7
9.0
6.9
(4.3)
3.9

2.9
21.1
12.7
29.0
(20.3)
7.6

1,199.9
1,115.2
1,124.1
3,117.0
986.4

12,562.4 10.94
5,397.4 1.11
3,417.1 1.06
11,906.8 0.48
399.5 0.17
33,683.3

1.0
4.4
2.9
8.0
2.4
2.0

32.6
8.2
7.1
4.8
(30.5)
15.5

30.7
34.4
17.6
27.3
(73.4)
28.6

11.45
5.32
3.53
4.56
0.74

9.41
4.59
2.93
3.56
0.39

957
335
1,432
2,351
1,016

8.8
150.0
15.9
78.0
31.4
184.0
101.2

9.9
151.1
18.3
84.2
31.8
187.8
104.2

13.2
177.6
21.0
92.1
35.4
203.8
116.9

21.0
10.8
17.3
12.2
22.1
11.8
11.8

18.6
10.7
15.0
11.3
21.8
11.5
11.4

14.0
9.1
13.1
10.3
19.6
10.6
10.2

5.0
58.0
12.0
34.0
28.0
75.0

5.0
58.0
12.0
34.0
29.2
74.6

2.7
3.6
4.4
3.6
4.0
3.5
3.6

2.7
3.6
4.4
3.6
4.2
3.4
3.6

0.09
n.a.
n.a.
n.a.
0.34
n.a.

n.a.
n.a.
n.a.
n.a.
47.0
n.a.
n.a.

23.3
1.0
0.6
0.9
19.1
1.1
1.0

28.5
11.3
4.3
11.9
39.0
12.8
12.1

845.2
2,450.6
442.9
3,441.2
1,071.6
1,590.5

1,559.3 0.33
39,626.9 11.65
1,213.7 3.72
32,725.6 6.05
7,437.2 0.65
34,434.2 12.73
116,996.9

5.6
1.4
0.7
1.6
10.7
1.7
1.6

n.a.
n.a.
n.a.
n.a.
9.4
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
87.1
n.a.
n.a.

1.975
17.9
2.82
11.2
7.85
22.1

1.56
15.18
2.47
9.05
6.66
19.3

539
4,086
57
3,970
1,610
2,127

3.1
15.4
3.9

3.6
13.4
4.2

4.6
15.8
5.3

46.6
20.8
40.2

40.4
23.9
37.1

31.3
20.3
29.2

0.8
5.0

0.0
5.0

0.5
1.6
0.7

0.0
1.6
0.2

0.06
0.17

9.3
24.9
11.1

2.4
15.9
3.1

3.6
19.7
4.6

8,135.2
554.8

11,714.7
1,780.9
13,495.7

0.31
0.85

4.6
3.8
4.5

(7.6)
14.7
(4.7)

(12.8)
55.3
(8.5)

1.8
3.54

1.34
2.86

308
357

263.2
70.0
333.2

281.2
298.0
12.4
80.7 106.3 4.6
361.9
404.2
9.2

13.2
5.3
9.9

14.0
7.0
11.1

16.0
22.2
17.3

15.0
19.2
16.0

14.2
14.6
14.3

7.0
2.1

7.1
2.4

3.5
2.0
3.1

3.6
2.3
3.3

0.28
0.15

7.0
7.4
7.1

5.3
4.2
5.0

26.2
10.7
19.4

2,129.1
1,521.5

4,226.3
1,551.9
5,778.2

0.69
0.51

2.9
2.0
2.6

0.5
(32.3)
(8.3)

1.1
(63.7)
(16.3)

2.21
1.55

1.7
1.01

5,621
1,288

8/13

431.0
431.0

300.0
300.0

300.0
300.0

27.0
27.0

18.6
18.6

18.6
18.6

15.6
15.8

22.6
22.6

22.6
22.6

40.0

18.6

9.5
9.5

4.4
4.4

0.31

34.8
34.8

7.3
7.3

11.9
11.9

1,616.9

6,791.2
6,791.2

1.99

2.1
2.1

(13.8)
(13.8)

(27.6)
(27.6)

4.68

3.91

3,773

6/13
8/13
9/13
12/13
9/13
12/13
12/13
12/13
8/13

45.3
66.7
22.3
15.7
19.6
81.7
71.0
77.7
39.1
439.1

34.5
44.0
17.7
19.6
65.9
88.6
78.1
74.2
30.8
453.2

34.2
79.7
23.6
23.7
70.0
109.0
93.1
75.5
37.8
546.5

10.8
6.9
6.6
5.4
2.5
3.9
12.3
12.8
14.6
6.8

8.2
4.5
5.2
6.6
4.7
4.2
10.8
11.3
10.4
6.1

8.1
7.9
6.9
8.0
5.0
5.2
12.8
11.5
12.8
7.4

6.5
15.9
5.9
10.8
18.3
8.6
8.6
5.2
4.4
9.9

8.6
24.4
7.4
8.9
9.7
8.0
9.8
5.9
6.1
9.6

8.6
13.8
5.6
7.3
9.1
6.5
8.2
5.8
5.0
8.0

2.0
0.5
1.4
3.0
1.1
1.0
2.0
3.0
2.0

2.0
0.5
1.2
2.6
0.6
1.1
2.0
0.0
0.0

2.9
0.5
3.6
5.1
2.4
3.0
1.9
4.5
3.1
2.3

2.9
0.5
3.1
4.4
1.3
3.3
1.9
0.0
0.0
1.6

0.20
0.15
0.11
0.08
0.07
0.04
0.14
0.21
0.17

9.7
4.3
23.9
15.8
5.8
16.4
33.7
5.9
11.4
8.9

4.6
1.9
7.2
6.4
2.5
12.0
8.7
3.2
10.3
4.3

12.0
5.4
14.7
16.3
3.5
27.3
19.6
13.9
24.9
11.6

422.0
977.896
340.8
296.1
1,413.1
2,103.144
725.755
611.4
295.009

295.4
1,065.9
131.2
173.2
635.9
704.6
765.7
406.6
188.8
4,367.2

0.92
0.95
0.46
0.20
0.47
0.17
0.65
1.00
0.63

0.8
1.1
0.8
2.9
1.0
1.9
1.6
0.7
1.0
1.1

(134.9)
(139.3)
(109.0)
(60.5)
8.9
(26.8)
(37.6)
(207.9)
(55.6)
(80.2)

(97.4)
(120.4)
(88.4)
(100.6)
8.3
(52.1)
(60.7)
(138.9)
(53.8)
(82.8)

0.75
1.51
0.44
0.605
0.55
0.35
1.09
0.81
0.82

0.59
0.82
0.34
0.47
0.27
0.24
0.84
0.59
0.60

184
7,176
301
131
3,011
6,763
1,914
3,232
218

374.0
87.7
461.7

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Corporate Statistics
Avg Daily

2013
(S$m)

Net Profit
2014F
(S$m)

12/13
12/13
12/13
12/13
12/13
12/13
12/13

102.5
298.0
389.4
65.9
(13.4)
26.2
1,650.0
2,518.6

135.6
275.4
518.1
92.9
32.8
42.2
2,473.8
3,570.7

147.8
299.6
572.7
110.2
41.7
57.5
2,767.7
3,997.2

5.8
18.8
3.0
4.6
(1.2)
1.7
25.8
9.4

7.7
17.4
4.0
6.4
2.9
2.8
38.6
13.4

8.4
18.9
4.5
7.6
3.6
3.8
43.2
15.0

17.8
12.4
19.0
21.1
n.a.
28.8
13.4
14.9

13.5
13.5
14.2
15.2
7.7
17.9
9.0
10.5

12.4
12.4
12.9
12.8
6.1
13.1
8.0
9.4

1.2
4.5
1.1
0.1
0.3
0.9
8.0

1.8
5.2
0.4
0.1
1.5
0.7
8.7

1.2
1.9
1.9
0.1
1.1
1.7
2.3
2.0

1.7
2.2
0.7
0.1
6.9
1.4
2.5
2.0

0.07
0.21
0.04
0.11
(0.00)
0.03
0.38

21.1
38.0
4.7
4.1
(3.8)
0.7
3.0
3.6

8.7
12.9
2.3
1.6
(2.1)
1.8
3.0
3.1

17.2 1,757.5
22.9 1,584.1
3.6 12,837.6
4.2 1,447.8
(5.5) 1,148.0
3.7 1,507.1
9.0 6,403.4
7.5

1,827.8
3,706.7
7,381.6
1,411.6
252.6
753.5
22,155.8
37,489.6

0.32
0.71
0.85
0.77
0.18
0.47
2.09

3.2
3.3
0.7
1.3
1.2
1.1
1.7
1.3

(20.8)
(7.4)
(38.6)
(36.7)
(97.7)
(33.9)
(82.4)
(60.8)

(65.0)
(21.9)
(25.8)
(35.6)
(118.1)
(36.0)
(96.4)
(66.7)

2.89
10.10
2.19
2.18
3.36
2.24
1.65
1.83

12/13
12/13
6/13
12/13
12/13
12/13
12/13
6/13

849.8
670.1
40.5
591.8
885.9
(36.6)
40.0
531.1
3,572.6

724.6
683.9
69.2
82.9
433.9
75.5
105.2
189.7
2,364.9

816.4
778.7
206.1
88.2
499.7
85.4
142.1
165.4
2,782.0

20.0
73.7
3.6
87.4
57.3
(4.0)
3.4
67.8
31.3

17.0
73.8
5.9
11.8
28.1
7.7
8.8
23.9
20.4

19.1
84.2
17.4
12.5
32.3
8.7
11.9
20.8
24.0

14.5
13.7
61.3
2.5
5.9
n.a.
49.3
2.7
10.2

17.0
13.7
37.4
18.5
12.0
29.1
18.8
7.7
15.4

15.1
12.0
12.6
17.4
10.4
25.8
13.9
8.8
13.1

8.0
16.0
5.0
8.0
12.0
23.0
6.0
12.0

8.0
16.0
5.0
3.0
13.0
4.0
6.0
6.0

2.8
1.6
2.3
3.7
3.6
10.3
3.6
6.6
3.2

2.8
1.6
2.3
1.4
3.9
1.8
3.6
3.3
2.5

0.21 21.4
0.93 21.6
0.04
6.0
0.88 424.7
0.58 60.6
(0.02) (8.4)
0.03 34.2
0.68 39.9
31.7

2.3
4.2
0.5
21.8
7.0
(0.6)
1.1
11.8
3.9

5.5
9.0
1.7
28.7
13.5
(1.2)
1.3
20.9
8.4

4,272.0
909.3
1,183.4
703.3
1,545.9
981.6
1,196.6
793.9

12,346.0
9,183.9
2,591.6
1,533.3
5,194.3
2,198.8
1,974.3
1,452.9
36,475.1

3.67
8.63
2.12
3.48
4.52
3.13
2.51
3.53

0.8
1.2
1.0
0.6
0.7
0.7
0.7
0.5
0.8

(53.8)
(21.3)
(162.2)
(23.0)
(55.2)
(91.5)
(8.8)
(32.8)
(51.2)

(41.3)
(24.9)
(167.6)
(15.1)
(41.0)
(69.6)
(5.8)
(17.0)
(42.0)

3.84
11.7
2.34
2.23
4.20
3.01
1.98
2.39

BUY

0.995

12/13

(95.4)
(95.4)

124.6
124.6

321.3
321.3

(3.7)
(3.7)

4.8
4.8

12.4
12.4

n.a.
n.a.

20.7
20.7

8.0
8.0

0.0

0.8

0.0
0.0

0.8
0.8

0.12

(0.9)
(0.9)

(0.9)
(0.9)

(3.6)
(3.6)

2,591.8

2,578.8
2,578.8

0.92

1.1
1.1

(190.3)
(190.3)

(187.0)
(187.0)

1.19

HOLD
BUY
BUY
HOLD
BUY

0.715
10.89
5.49
4.05
1.08

12/13
12/13
12/13
12/13
12/13

30.6
1,845.8
820.4
555.7
629.9
3,882.5

63.0
1,725.0
863.0
556.3
534.5
3,741.9

93.0
1,790.0
905.0
590.0
622.1
4,000.1

1.4
102.3
45.7
26.6
16.4
33.0

2.8
95.0
48.3
26.6
13.9
31.8

4.2
98.6
50.6
28.2
16.2
34.0

52.2
10.6
12.0
15.2
6.6
11.3

25.4
11.5
11.4
15.2
7.8
11.7

17.2
11.0
10.8
14.3
6.7
10.9

1.0
40.0
17.0
13.0
5.0

2.0
47.8
18.0
13.3
4.2

1.4
3.7
3.1
3.2
4.6
3.5

2.8
4.4
3.3
3.3
3.9
3.8

0.10
1.16
0.63
0.31
0.18

0.9
14.9
7.6
10.1
21.6
11.1

0.4
6.2
6.2
8.5
8.1
5.9

2.3
19.5
17.2
21.7
18.7
18.1

2,239.2
1,601.1
1,815.312 19,768.7
1,787.5
9,813.6
2,089.8
8,463.5
3,837.1
4,144.0
43,791.0

0.59
5.32
2.64
1.27
0.97

1.2
2.0
2.1
3.2
1.1
2.0

(109.6)
(7.8)
3.6
10.7
(17.7)
(6.3)

(131.3)
(15.8)
7.1
34.0
(19.8)
(12.3)

0.915
11.38
5.5
4.63
1.24

0.665 1,880
10.01 3,752
4.66 2,453
3.9 3,319
0.795 10,746

SELL
HOLD

1.185
2.22

12/13
6/13

267.4
362.6
630.0

511.8
368.0
879.8

516.9
436.7
953.6

4.2
14.4
7.1

8.1
15.1
10.0

8.2
17.9
10.9

27.9
15.5
21.1

14.7
14.7
15.1

14.5
12.4
14.0

1.1
4.0

2.6
3.8

1.0
1.8
1.3

2.2
1.7
2.0

0.10
0.23

0.2
1.7
0.5

1.2
2.5
1.7

5.4
10.2
7.2

6,660.2
2,442.4

0.74
1.17

1.6
1.9
1.7

(83.0)
(145.3)
(108.4)

(110.3)
(226.2)
(153.1)

1.24
2.24

0.785 25,235
1.405 5,728

Company

Ticker

PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri
KencanaAgri
Mewah
Wilmar
Sector

BAL SP
FR SP
GGR SP
IFAR SP
KAGR SP
MII SP
WIL SP

BUY
BUY
BUY
HOLD
HOLD
SELL
BUY

1.04
2.34
0.575
0.975
0.22
0.50
3.46

PROPERTY
CapitaLand
City Devt
GuocoLand
Ho Bee Land
Keppel Land
OUE
Wheelock
Wing Tai
Sector

CAPL SP
CIT SP
GUOL SP
HOBEE SP
KPLD SP
OUE SP
WP SP
WINGT SP

BUY
BUY
HOLD
BUY
BUY
BUY
BUY
BUY

SHIPPING
NOL
Sector

NOL SP

SHIPYARD
COSCO Corp
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector

COS SP
KEP SP
SCI SP
SMM SP
YZJSGD SP

SUPPLY CHAIN
Noble Group
NOBL SP
Olam
OLAM SP
Sector

Rec

Price
31/3/14
(S$)

Last
Year
End

EPS
2015F 2013 2014F 2015F
(S$m) (cents) (cents) (cents)

2013
(x)

PE
DPS
2014F 2015F 2013 2014F
(x)
(x) (cents) (cents)

Yield
Hist
Net
2013 2014F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)

ROE
(%)

No of
Shares
(m)

Market
Cap.
(S$m)

7,892.3
5,422.1
13,314.5

Book Price/ Net Cash/(Debt) to


NTA ps NTA ps Mkt Cap Equity
(S$)
(x)
(%)
(%)

52-Wk Price Turnover


High Low 52-Wk
(S$)
(S$)
('000)
1.09
2.5
0.615
1.23
0.325
0.53
3.65

0.885
706
1.645 2,206
0.495 46,533
0.72 1,923
0.215
153
0.41
880
3.02 7,055

2.68 10,092
8.6
933
1.915
110
1.895
373
3.07 2,648
2.17 1,101
1.52
181
1.67
727

0.94

3,133

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Corporate Statistics
Rec

Price
31/3/14
(S$)

TECHNOLOGY
Venture Corp
VMS SP
Sector

BUY

7.46

TELECOMS
M1
S Telecoms
StarHub
Sector

M1 SP
ST SP
STH SP

BUY
BUY
BUY

OTHERS
Genting HK US$
Genting SP
HPH Trust US$
SingPost
SuperGroup
Sector

GENHK SP
GENS SP
HPHT SP
SPOST SP
SUPER SP

HOLD
SELL
BUY
BUY
HOLD

Company

OVERALL

Ticker

Last
Year
End

Avg Daily

2013
(S$m)

Net Profit
2014F
(S$m)

EPS
2015F 2013 2014F 2015F
(S$m) (cents) (cents) (cents)

12/13

131.1
131.1

147.0
147.0

162.4
162.4

47.7
47.7

53.5
53.5

59.1
59.1

15.6
15.6

14.0
14.0

12.6
12.6

50.0

50.0

6.7
6.7

6.7
6.7

0.63

5.6
5.6

5.4
5.4

3.47
3.65
4.20

12/13
3/13
12/13

160.2
3,654.7
370.7
4,185.6

158.2
3,888.0
381.9
4,428.2

174.8
4,356.1
409.9
4,940.8

17.4
22.9
21.5
22.5

17.1
24.4
22.2
23.8

18.9
27.3
23.8
26.6

19.9
15.9
19.5
16.4

20.3
15.0
18.9
15.5

18.4
13.4
17.7
13.9

21.0
17.2
20.0

13.7
18.3
20.0

6.1
4.7
4.8
4.8

4.0
5.0
4.8
4.9

0.30
0.35
0.37

15.9
19.3
15.7
18.7

0.39
1.335
0.65
1.36
3.48

12/13
12/13
12/13
3/13
12/13

691.0
589.4
270.1
128.1
99.9
1,778.5

293.2
699.8
267.0
137.7
87.1
1,484.8

325.6
640.5
285.0
147.9
104.3
1,503.3

8.8
4.8
3.1
6.6
17.9
5.7

3.8
5.7
3.1
7.1
15.6
4.8

4.2
5.2
3.3
7.6
18.7
4.8

5.6
27.7
26.4
20.6
19.4
17.9

13.0
23.3
26.7
19.1
22.3
21.5

11.7
25.5
25.0
17.8
18.6
21.2

1.0
1.0
6.7
6.3
9.0

0.0
1.0
6.7
6.3
9.0

2.0
0.7
8.1
4.6
2.6
3.0

0.0
0.7
8.2
4.6
2.6
2.8

0.10
0.08
0.08
0.09
0.21

31,452.3 32,103.1 35,802.1

18.1

18.3

20.3

14.5

14.2

12.7

3.7

3.6

2013
(x)

PE
DPS
2014F 2015F 2013 2014F
(x)
(x) (cents) (cents)

Yield
Hist
Net
2013 2014F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)

ROE
(%)
7.2
7.2

No of
Shares
(m)

Market
Cap.
(S$m)

Book Price/ Net Cash/(Debt) to


NTA ps NTA ps Mkt Cap Equity
(S$)
(x)
(%)
(%)

52-Wk Price Turnover


High Low 52-Wk
(S$)
(S$)
('000)

275.0

2,051.6
2,051.6

4.10

1.8
1.8

11.2
11.2

12.5
12.5

8.70

16.3
8.7
20.3
9.4

43.1
926.7
14.8 15,943.5
587.5 1,723.0
16.7

3,215.6
58,193.8
7,236.8
68,646.1

0.33
0.74
(0.17)

10.4
4.9
n.a.
5.8

(6.1)
(12.1)
(5.8)
(11.2)

(49.5)
(31.3)
(508.6)
(33.4)

3.52
4.09
4.76

2.890 1,064
3.420 19,037
3.860 2,017

99.6
20.7
13.5
20.7
17.9
26.5

15.2
4.5
1.2
9.1
17.5
4.3

21.2 7,793.2
8.4 12,237.2
2.5 8,711.1
43.1 1,938.7
23.1
557.7
8.3

3,825.0
16,336.7
7,125.9
2,636.6
1,940.9
31,865.2

0.47
0.59
0.42
0.08
0.83

1.0
2.3
1.9
17.4
4.2
2.1

6.6
9.4
(64.0)
5.1
5.1
(7.9)

6.9
21.0
(42.9)
39.6
21.1
(11.3)

0.52
1.64
0.86
1.4
5.05

0.37 7,763
1.29 19,052
0.6 17,527
1.225 3,234
3.03
683

9.1

2.1

1.7

(20.2)

(28.8)

10.1

455,442.8

7.06

368

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Corporate Statistics
Company

Ticker

REITs
Ascendasreit
AscottREIT
CACHE
CapitaComm
CapitaMall
CDL Htrust
FrasersCT
Kep REIT
MapletreeInd
MapletreeLog
PLife REIT
Sabana REIT
Starhill Gbl
Suntec REIT
Sector

AREIT SP
ART SP
CACHE SP
CCT SP
CT SP
CDREIT SP
FCT SP
KREIT SP
MINT SP
MLT SP
PREIT SP
SSREIT SP
SGREIT SP
SUN SP

Avg Daily

Rec

Price
31/3/14
(S$)

Last
Year
End

Net Profit
2013
2014F
(S$m)
(S$m)

2015F
(S$m)

BUY
HOLD
BUY
BUY
HOLD
BUY
BUY
BUY
BUY
BUY
HOLD
HOLD
BUY
BUY

2.26
1.195
1.135
1.485
1.89
1.655
1.78
1.14
1.365
1.045
2.44
1.03
0.79
1.66

3/13
12/13
12/13
12/13
12/13
12/13
9/13
12/13
3/13
3/13
12/13
12/13
12/13
12/13

335.9
62.5
57.0
217.3
349.1
103.7
85.8
145.7
162.3
183.5
63.0
49.6
106.1
214.5
2,136.0

380.8
94.2
63.4
241.2
384.3
110.4
87.6
167.0
170.5
195.4
70.2
52.5
108.0
163.1
2,288.6

365.6
92.0
59.5
223.7
369.7
101.8
87.2
141.3
166.6
192.1
68.7
51.7
105.8
143.0
2,168.6

2013
(cents)

EPU
2014F
(cents)

2015F
(cents)

2013
(cents)

14.0
4.8
7.5
7.6
10.1
10.7
10.4
5.3
9.7
7.5
10.4
7.5
5.2
9.5
8.5

15.2
6.0
7.6
7.8
10.7
10.4
10.6
5.0
9.7
7.8
11.3
7.4
4.9
6.3
8.5

15.8
6.2
8.1
8.0
11.1
11.2
10.6
5.9
9.6
7.9
11.6
7.5
5.0
7.1
8.9

14.3
8.4
8.6
8.1
10.3
11.0
10.9
7.9
9.8
7.1
10.8
9.4
5.0
9.3

DPU
2014F 2015F
(cents) (cents)

15.5
8.4
8.5
8.4
10.8
10.8
11.0
8.0
9.9
7.4
11.6
8.8
5.0
9.8

16.1
8.7
9.0
8.6
11.2
11.5
11.1
7.3
9.9
7.5
11.8
8.9
5.0
10.7

2013
(%)

6.3
7.0
7.6
5.5
5.4
6.6
6.1
6.9
7.2
6.7
4.4
9.1
6.3
5.6
6.2

Yield
Debt to
2014F 2015F Asset ROA
(%)
(%)
(%)
(%)

6.9
7.0
7.5
5.6
5.7
6.5
6.2
7.0
7.3
7.1
4.7
8.6
6.3
5.9
6.4

7.1
7.3
7.9
5.8
5.9
7.0
6.2
6.4
7.2
7.2
4.8
8.6
6.3
6.5
6.5

29.6
35.1
28.8
28.6
34.4
29.7
29.7
39.6
36.3
33.7
32.8
36.2
28.7
38.0
33.6

4.5
1.9
5.5
3.1
3.5
4.7
4.2
2.26
5.0
3.7
4.2
4.1
3.7
2.7
3.5

ROE
(%)

7.1
3.4
7.9
4.5
6.0
6.6
6.3
4.0
8.3
7.2
6.5
6.8
5.7
4.5
5.7

No of
shares
(m)

Market
Cap.
(S$m)

2,402.5
1,525.1
777.4
2,880.9
3,459.9
975.8
826.0
2,794.3
1,690.4
2,448.7
605.0
692.0
2,153.2
2,493.8

5,429.7
1,822.5
882.4
4,278.1
6,539.3
1,614.9
1,470.3
3,185.5
2,307.4
2,558.9
1,476.2
712.7
1,701.0
4,139.7
38,118.6

Book Price/
Net Cash/(Debt) to
52-Wk Price Turnover
NTA ps NTA ps Mkt Cap Equity High Low 52-Wk
(S$)
(x)
(%)
(%)
(S$)
(S$)
('000)

1.98
1.32
0.98
1.70
1.74
1.63
1.77
1.4
1.11
0.93
1.63
1.09
0.92
2.18

1.1
0.9
1.2
0.9
1.1
1.0
1.0
0.8
1.2
1.1
1.5
0.9
0.9
0.8
1.0

(38.9)
(50.2)
(30.5)
(45.8)
(40.0)
(38.4)
(38.1)
(81.38)
(44.7)
(51.4)
(32.1)
(60.4)
(46.3)
(72.0)
(49.0)

(44.4)
(55.2)
(35.4)
(39.8)
(43.6)
(38.8)
(38.3)
(66.5)
(55.5)
(58.0)
(48.1)
(56.9)
(39.6)
(61.5)
(49.4)

2.86
1.455
1.445
1.745
2.45
2.13
2.34
1.6
1.61
1.35
2.82
1.385
0.99
2

2.06
1.141
1.055
1.315
1.8
1.5
1.66
1.1
1.255
0.98
2.12
1.005
0.75
1.465

8,083
1,335
1,493
7,662
8,332
1,596
1,118
7040
2,896
3,767
493
1,572
2,162
8,537

Note:
If year end is before June, earnings are shown in the previous period

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Economics
GDP by Sector (Real) (yoy % chg)
Total GDP
Goods Producing Industries
Manufacturing
Construction
Services Producing Industries
Wholesale & Retail Trade
Transport & Storage
Accommodation & Food Services
Information & Communications
Financial Services
Business Services
Trade Figures (Nominal) (yoy % chg)
Total Exports
Total Imports
Non-oil Domestic Exports
Monetary Data (End of period)
Loans Growth (yoy % chg)
M1 (yoy % chg)
M2 (yoy % chg)
Prime Lending Rate (%)
3mth Interbank Rate (%)
Exchange Rates (S$/US$)
Foreign Reserves (S$b)
Other Macro Variables (yoy % chg)
Industrial Production Index (2011=100)
Retail Sales Index (Current)
Visitor Arrivals
Inflation (2009=100)
Unemployment Rate sa (%) (end of period)
Changes in Employment ('000 persons)

2012

2013

2014F

2015F

1Q13

2Q13

3Q13

4Q13

Nov 13

Dec 13

Jan 14

Feb 14

1.9
1.4
0.3
8.7
2.0
(1.4)
3.4
2.3
6.2
1.3
5.9

4.1
2.2
1.7
5.9
5.3
4.9
3.0
3.0
5.5
10.6
5.1

4.3
5.8
5.5
8.0
3.6
2.7
5.4
2.9
4.3
4.0
4.1

4.0
3.9
3.6
5.3
4.3
2.7
4.3
3.0
6.4
6.2
4.8

0.6
(4.5)
(6.3)
5.6
3.2
(0.1)
(1.0)
2.5
5.1
12.5
4.4

4.2
1.6
0.8
6.6
5.7
6.1
2.6
3.7
5.7
10.3
6.0

5.8
5.4
5.3
6.6
6.3
6.3
5.8
3.6
6.0
10.0
5.2

5.5
6.6
7.0
4.8
5.9
7.3
4.8
2.2
5.0
9.7
4.6

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

(0.4)
3.8
1.1

0.8
(1.4)
(5.6)

9.5
1.5
7.0

5.6
2.7
3.4

(8.3)
(9.2)
(11.7)

(0.2)
(3.9)
(5.1)

5.8
5.9
(3.6)

6.0
1.5
(1.9)

0.9
(3.3)
(8.9)

8.9
3.4
6.0

4.2
(0.9)
(3.3)

11.3
6.7
9.1

21.3
7.2
7.2
5.38
0.38
1.2204
316.5

17.7
13.8
7.8
5.38
0.40
1.2589
343.8

15.3
13.1
11.0
5.38
0.56
1.3300
397.3

12.6
12.8
11.1
5.38
1.70
1.3100
431.1

19.2
12.3
8.9
5.38
0.38
1.2466
321.9

18.8
15.9
9.5
5.38
0.37
1.2595
327.2

16.2
15.2
7.4
5.38
0.37
1.2622
338.4

16.7
11.7
5.5
5.38
0.40
1.2589
343.8

17.4
11.9
5.2
5.38
0.40
1.2476
339.2

17.0
9.9
4.3
5.38
0.40
1.2589
343.8

16.5
10.7
3.6
5.35
0.41
1.2726
345.6

14.6
7.8
2.4
5.35
0.40
1.2659
346.9

0.5
2.7
10.2
4.6
1.8
129.1

1.8
(5.1)
7.0
2.4
1.8
134.9

5.0
2.5
6.0
3.3
2.0
138.8

6.0
1.4
6.2
2.9
2.3
121.7

(6.3)
(4.3)
8.5
4.0
1.9
28.9

1.0
(0.6)
9.9
1.6
2.1
33.7

5.3
(7.3)
11.8
1.8
1.8
33.1

7.1
(8.0)
(2.2)
2.0
1.8
40.6

6.7
(8.7)
(4.5)
2.6
n.a.
n.a.

6.4
(5.5)
(1.1)
1.5
n.a.
n.a.

4.4
0.1
0.0
1.4
n.a.
n.a.

12.8
n.a.
n.a.
0.4
n.a.
n.a.

* Advanced estimates
Source: CEIC, UOB Economic-Treasury Research

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Ranking By Market Parameters


Forward

Highest P/NTA (x) *

Hist.

Highest Dividend
Yield (%) *

40.4
37.4
29.7
29.1
26.7
26.5
25.4
24.4
23.9
23.3

StarHub
Dairy Farm 900 US$
SGX
Silverlake
M1
DTAC 200US$
SingPost
OSIM
ARA
SP AusNet

87.4
10.3
9.2
8.6
8.1
7.7
7.6
7.2
7.1
6.5

HPH Trust US$


AscottREIT
Kep REIT
Far East HTrust
MapletreeInd
Venture
CDL HTrust
MapletreeLog
Starhill Gbl
FrasersCT

Lowest PE (x) #

Forward

Lowest P/NTA (x) *

Hist.

Lowest Dividend
Yield (%) *

Swiber
Triyards
Wing Tai
KencanaAgri
Yangzijiang
Nam Cheong
Wilmar
Pacific Radiance
DBS
OCBC

5.9
6.1
7.7
7.7
7.8
8.0
9.0
9.8
10.7
11.3

Highest PE (x) #
IHH
GuocoLand
SIA
OUE
HPH Trust US$
Suntec REIT
COSCO Corp
Ezra
Raffles Medical
Genting SP

Wing Tai
Yanlord
Yuexiu Prop 2k
HKLand US$
Fortune Reit HK$
Ho Bee Land
Wheelock
GoldenAgri
HPH Trust US$
OUE Ltd

0.5
0.6
0.6
0.6
0.6
0.6
0.7
0.7
0.7
0.7

EzionHldg
Yeo HS
IHH
Sinarmas
JSH 500US$
BukitSem
Genting SP
CITYDEV
IndoAgri
UIC

Hist.

Highest 90 days Volatility (%) #

8.1
7.0
6.9
6.9
6.8
6.7
6.6
6.6
6.3
6.1

Ezra
Mermaid
Nam Cheong
Olam
FirstRes
TigerAir
Noble Grp
SuperGroup
GoldenAgri
Genting HK US$

Hist.

Lowest 90 days
Volatility (%) #

0.0
0.4
0.5
0.7
0.7
0.7
0.7
0.8
0.9
1.0

Venture
K-REIT
AscottREIT
DBS
OCBC Bk
SingPost
SuntecReit
SGX
MapletreeLog
SPH

Highest Market Cap (S$m) *


41.6
38.0
33.6
30.5
29.5
29.0
28.9
28.2
28.2
28.2

SingTel
JMH 400US$
JSH 500US$
PRU 500 US$
DBS
UOB
OCBC Bk
Wilmar
Kep Corp
HKLand US$

58,193.8
54,287.0
50,800.4
40,969.6
39,627.0
34,434.2
32,725.6
22,155.8
19,768.8
19,249.1

Lowest Market Cap


(S$m) *
10.6
10.7
11.0
11.1
11.2
11.7
11.7
12.3
12.5
12.7

CMProp 100 HK$


Yeo HS
UE
St Trdg
BukitSem
IndoAgri
Far East HTrust
Gallant
Wing Tai
FrasersCT

1,269.7
1,338.7
1,356.9
1,379.4
1,403.3
1,411.6
1,447.2
1,447.5
1,452.9
1,470.3

# Based on UOB Kay Hians universe


* Based on top 100 companies by market cap
Source: Bloomberg, UOB Kay Hian

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Performance At A Glance*
Company

Price (S$)
28/2/14
31/3/14

--------- % Change --------mom


yoy
ytd

AVIATION
SIA
SIA Engg
SATS
ST Engrg
Tigerair
Sector

10.22
4.72
2.99
3.80
0.425

10.47
4.84
3.04
3.82
0.405

2.4
2.5
1.7
0.5
(4.7)
1.6

(3.7)
2.1
0.0
(11.4)
(40.4)
(6.0)

0.6
(4.3)
(5.9)
(3.5)
(20.6)
(2.7)

FINANCE
ARA
DBS
HL Fin
OCBC
S'pore Exchange
UOB
Sector

1.76
16.52
2.68
9.56
6.88
20.63

1.845
16.17
2.74
9.51
6.94
21.65

4.8
(2.1)
2.2
(0.5)
0.9
4.9
0.6

(3.9)
1.1
(1.4)
(10.7)
(9.9)
6.2
(2.0)

(0.8)
(5.4)
(0.4)
(6.8)
(4.4)
1.9
(3.6)

HEALTHCARE
IHH
Raffles Medical
Sector

1.46
3.22

1.44
3.21

(1.4)
(0.3)
(1.2)

2.5
(2.1)
1.9

(4.0)
3.2
(3.1)

LAND TRANSPORT
ComfortDelGro
SMRT
Sector
MEDIA
SPH
Sector
OIL SERVICES
ASL Marine
Ezion
Ezra
Marco Polo
Mencast
Mermaid
Nam Cheong
Pacific Radiance
Swiber
Triyards
Sector

1.93
1.025

1.985
1.02

2.8
(0.5)
1.9

3.9
(35.4)
(10.7)

(1.2)
(12.1)
(4.4)

4.15

4.20

1.2
1.2

(6.3)
(6.3)

1.9
1.9

0.70
2.25
1.065
0.39
0.59
0.455
0.34
0.975
0.65
0.65

0.70
2.16
1.09
0.385
0.585
0.45
0.335
1.055
0.665
0.64

0.0
(4.0)
2.3
(1.3)
(0.8)
(1.1)
(1.5)
8.2
2.3
(1.5)
(0.6)

(2.1)
19.5
(5.6)
(9.4)
11.6
28.6
26.4
17.2
(0.7)
(20.0)
11.3

1.4
(2.7)
(20.7)
(1.3)
12.5
(9.1)
6.3
19.2
0.0
(3.8)
(3.3)

Company

Price (S$)
28/2/14
31/3/14

--------- % Change --------mom


yoy
ytd

PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri
KencanaAgri
Mewah
Wilmar
Sector

0.975
2.21
0.555
0.87
0.24
0.47
3.45

1.04
2.34
0.575
0.975
0.22
0.50
3.46

6.7
5.9
3.6
12.1
(8.3)
6.4
0.3
2.0

1.5
27.9
(0.9)
(21.1)
(32.3)
5.3
0.3
1.0

10.6
10.4
5.5
10.2
(10.2)
6.4
1.2
3.3

PROPERTY
CapitaLand
City Devt
GuocoLand
Ho Bee Land
Keppel Land
OUE
Wheelock
Wing Tai
Sector

2.85
9.39
2.20
2.19
3.21
2.211
1.56
1.85

2.89
10.10
2.19
2.18
3.36
2.24
1.65
1.83

1.4
7.6
(0.5)
(0.5)
4.7
1.3
5.8
(1.1)
3.3

(18.1)
(10.9)
(5.6)
13.0
(14.7)
(22.4)
(14.3)
(3.9)
(13.6)

(4.6)
5.2
(3.1)
2.8
0.6
(4.8)
(2.7)
(6.9)
(1.1)

REITS
Ascendasreit
AscottREIT
CACHE
CapitaComm
CapitaMall
CDL Htrust
FrasersCT
Frasers Comm
Kep REIT
MapletreeInd
MapletreeLog
PLife REIT
Sabana REIT
Starhill Gbl
Suntec REIT
Sector

2.16
1.155
1.13
1.465
1.90
1.63
1.75
1.265
1.175
1.35
1.035
2.29
1.025
0.78
1.665

2.26
1.195
1.135
1.485
1.89
1.655
1.78
1.255
1.14
1.365
1.045
2.44
1.03
0.79
1.66

4.6
3.5
0.4
1.4
(0.5)
1.5
1.7
(0.8)
(3.0)
1.1
1.0
6.6
0.5
1.3
(0.3)
1.1

(13.1)
(10.4)
(13.0)
(6.3)
(9.6)
(19.3)
(16.8)
(11.0)
(16.2)
(2.8)
(14.0)
(3.6)
(18.6)
(11.2)
(7.8)
(11.0)

2.7
(0.8)
1.8
2.4
(0.8)
0.9
1.1
(1.2)
(3.8)
2.2
(0.9)
3.8
(4.6)
0.6
7.8
1.2

0.95

0.995

4.7
4.7

(16.0)
(16.0)

(11.6)
(11.6)

SHIPPING
NOL
Sector

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Performance At A Glance*
Company

Price (S$)
28/2/14
31/3/14

--------- % Change --------mom


yoy
ytd

SHIPYARD
COSCO Corp
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector

0.69
10.47
5.41
4.11
1.135

0.715
10.89
5.49
4.05
1.08

3.6
4.0
1.5
(1.5)
(4.8)
1.4

(21.4)
0.7
5.8
(8.6)
11.3
(0.3)

(5.3)
(2.7)
0.0
(9.0)
(8.9)
(4.1)

SUPPLY CHAIN
Noble Group
Olam
Sector

1.03
1.775

1.185
2.22

15.0
25.1
18.9

(2.5)
29.1
8.3

10.7
44.6
22.4

TECHNOLOGY
Venture Corp
Sector

7.55

7.46

(1.2)
(1.2)

(13.9)
(13.9)

(2.9)
(2.9)

TELECOMS
M1
S Telecoms
StarHub
Sector

3.40
3.60
4.18

3.47
3.65
4.20

2.1
1.4
0.5
1.3

17.2
1.7
(3.4)
1.7

6.1
(0.3)
(2.1)
(0.2)

0.395
1.345
0.625
1.32
3.69

0.39
1.335
0.65
1.36
3.48

(1.3)
(0.7)
4.0
3.0
(5.7)
0.1

(13.3)
(10.7)
(23.5)
9.2
(10.8)
(12.4)

(9.3)
(10.7)
(3.7)
2.6
(8.4)
(8.1)

1.6

(3.6)

(1.6)

OTHERS
Genting HK US$
Genting SP
HPH Trust US$
SingPost
SuperGroup
Sector
OVERALL
* Based on UOB Kay Hians universe

10

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Performance At A Glance*
Aviation

Healthcare

Finance
(31Dec13=100)
102

(31Dec13=100)
102

(31Dec13=100)
100
FSSTI

100

FSSTI

98

100

FSSTI

98

98

96

96

96

94

94

Finance

92

92
Jan

(31Dec13=100)
102

Feb

Feb

Land Transport

Mar

Media

100

FSSTI

97

94

Land Transport

Jan

Feb

Mar

Oil Services

102

96

95

94

94

FSSTI

98

96

Oil Serv ices

92

93

90

92

92

Mar

100

99
98

96

Feb

104

Media

101

98

Jan

(31Dec13=100)

(31Dec13=100)
102

FSSTI

92
90

Jan

Mar

100

Healthcare

94

Av iation

Jan

Feb

Mar

Jan

Feb

Mar

11

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Performance At A Glance*
Plantation

REITs

Property
(31Dec13=100)

(31Dec13=100)
102

(31Dec13=100)
106
104

Plantation

102

100

102

FSSTI

98

100
98

FSSTI

96

98
FSSTI

96

96

94

94
92
90
Jan

Feb

Property

92

94

90

92
Jan

Mar

Shipping

Feb

Mar

Jan

Shipyard

(31Dec13=100)
102

(31Dec13=100)
120

(31Dec13=100)
102

100

FSSTI

98
96

100

FSSTI

90
Shipping

Shipy ard

92

86
Jan

Feb

Mar

Supply Chain

115

FSSTI

95
90

90

84

Supply Chain

100

94

88

Mar

105

96

92

Feb

110

98

94

REITs

100

85
Jan

Feb

Mar

Jan

Feb

Mar

12

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Performance At A Glance*
Telecoms

Technology
(31Dec13=100)
102

(31Dec13=100)

(31Dec13=100)
102

100

FSSTI

102

Telecoms

100

98

98

96

96

Others

100

FSSTI

98
96

Technology

94

FSSTI

94

94

92

92

92

90

Jan

Feb

Mar

Jan

Feb

Mar

Others

Jan

Feb

Mar

* Based on UOB Kay Hians universe

13

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Diary Of Events
Monday

Sunday

Tuesday

Wednesday

Thursday

Friday

Saturday

10

11

12

SPH 2Q14*
Ezra 2Q14
Triyards 2Q14

13

14
Keppel REIT 1Q14*

15
Feb 14 Retail Sales
Keppel Land 1Q14*
A-REIT FY14

16
Keppel Corp 1Q14*
M1 1Q14

17

Mar 14 Trade Figures


CapitaMall Trust 1Q14
FCT 2Q14
Mapletree Log FY14
Sabana REIT 1Q14

18

19

14

S i n g a p o r e

C o r p o r a t e

A pr i l 2 01 4

G u i d e

Diary Of Events
Monday

Sunday
20

21

Tuesday
22
Mapletree Ind FY13

27

28

29
Raffles Medical 1Q14
Indofood Agri 1Q14
Wheelock 1Q14

Wednesday
23

Mar 14 CPI
Cache 1Q14*
SGX 3Q14*
HL Finance 1Q14

Thursday
24

Friday
25

Saturday
26

Mar 14 IPI
CapitaLand 1Q14
Ascott REIT 1Q14
CDL H-Trust 1Q14
Starhill Global 1Q14
Suntec REIT 1Q14

30

1Q14 Unemployment
OCBC 1Q14*
DBS 1Q14*
UOB 1Q14*
SMRT FY14
Ho Bee 1Q14
HPHT 1Q14

* Confirmed

15

S i n g a p o r e

C o r p o r a t e

G u i d e

A pr i l 2 01 4

Disclosures
As of 02 April 2014, the analyst and his/her immediate family do not hold positions in the respective securities recommended in this report.
We have based this document on information obtained from sources we believe to be reliable, but we do not make any representation or warranty nor accept any responsibility or
liability as to its accuracy, completeness or correctness. Expressions of opinion contained herein are those of UOB Kay Hian Research Pte Ltd only and are subject to change without
notice. 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 the addressee only and is not to be taken as substitution for the exercise of judgement by the addressee. This document is not and
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employees may own or have positions in any securities mentioned herein or any securities related thereto and may from time to time add to or dispose of any such securities. UOB
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