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THEEDGE SINGAPORE | THE WEEK OF APRIL 9, 2012

| BY MICHELLE TEO |
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sian stocks slumped on April 4 on
growing concern that the US Federal
Reserve might not carry out a third
round of quantitative easing (QE3).
In Singapore, the Straits Times Index
fell the most since March 6, declining 1% from
a day before to close at 2,985.04 on April 4.
Traders inferred from minutes taken during
a US Federal Reserve policy meeting on March
13 that the Fed would hold off on yet another
round of monetary stimulus, unless US eco-
nomic growth falters. Successive rounds of
stimulus by major central banks around the
world have lifted markets over the last two
years and, some analysts say, also artificially
improved economic data.
Tham Mun Hon, regional strategist at May-
bank Kim Eng, says in an April 4 report that the
world needs to begin looking beyond liquidity
injections as a solution to its economic woes.
He points out that the response to the 2008 glo-
bal financial crisis, which essentially transferred
debt from the private to the public sector, has
caused overall indebtedness to rise.
Furthermore, reliance on monetary stimulus
alone has not given the economy a sustainable
boost. Instead, it has compressed business cy-
cles. For instance, in 2011 alone, the economy
swung from a recovery in the first half to re-
cession-like conditions in the later part of the
year, Tham notes. “There is only one source
of wealth creation in the long run, and that is
the real economy.”
Rising inflation
Tham also warns that inflation could return
sooner than expected and, while it may not
stall the global economic recovery, it “may be
sufficient to take the wind out of an earnings
recovery cycle in Asia”. He argues that QE has
affected investors’ perceptions of relative as-
set values and how they price market risk. “It
has led to greater demand for ‘riskier assets’
such as equities and alternative instruments
such as commodities.”
Yet, the monetary stimulus might not be
feeding real economic activity in a sustaina-
ble way, but driving up asset prices and infla-
tion, some market watchers say. Once infla-
tion risks become more apparent, they add,
the Fed and other major central banks might
need to rethink their policies.
Where does that leave investors? On the one
hand, holding on to cash or buying bonds isn’t a
good idea in the face of looming inflation. On the
other hand, inflation could squeeze profit mar-
gins at many businesses too, hurting corporate
stocks and bonds. In fact, analysts see little scope
for earnings upgrades for the rest of 2012.
Energy and commodity plays
As such, investors should focus on compa-
nies with strong pricing power and sustaina-
ble top line growth. “To this end, keeping an
overweight on energy and commodities will
be the best way forward. It allows us to ben-
efit from any better-than-expected economic
growth and at the same time hedge against
another liquidity-fuelled stock market rally,”
says Tham. He recommends stocks exposed to
Asian growth, in sectors like energy, commod-
ities, consumption, banks and property.
In terms of Singapore stocks, Maybank Kim
Eng is “overweight” on the offshore and marine
(O&M) players and commodity traders. Among
the brokerage’s key picks are Noble Group, on
a potential boost from the possible spin-off of
its agri business, and Sembcorp Marine, which
is expected to secure up to US$4 billion in new
order wins in the next 12 months.
Already, SembMarine has secured about $2.5
billion in orders this year, most recently a US$568
million ($715.5 million) contract to build a harsh-
environment semi-submersible. Its rival, Keppel
Corp, this month scored a US$205 million con-
tract for a jack-up rig, as well as US$170 million
in floating production, storage and offloading
contracts from repeat customers.
Where smaller O&M plays are concerned,
lift boat operator Ezion Holdings is also a fa-
vourite among analysts. CIMB Research has
highlighted Ezion’s order momentum, including
the recent US$80 million service rig contract
from an oil major in Central America, which
the brokerage believes to be Pemex. In its view,
the stock’s “valuations are undemanding”, al-
though it hit a 52-week high on April 4.
Meanwhile, as the property sector remains
volatile, given that the high cost of housing in
Singapore is still a politically charged issue, May-
bank Kim Eng sees a “better risk-reward trade-
off in other real estate segments”. The brokerage
prefers CapitaMalls Asia (CMA), noting that
its current share price has discounted its Chi-
na exposure. “CMA is still the de facto market
leader in Singapore, where we believe that re-
tail malls as an asset class will be the outper-
formers in the commercial property segment in
the next 24 months.”
HIGHS&LOWS
No QE3 for now
Analysts recommend focusing on companies with pricing power and top-line growth
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HIGHLIGHT
Hunting for undervalued, overlooked
stocks that could play catch-up
INVESTING IDEAS PG20
Insider Moves ................... 22
Brokers’ Digest ................. 24
Global markets round-up ... 25
Singapore companies’
earnings estimates ............ 26
Bonds ................................ 27
Right Timing ...................... 28
Hot Stock .......................... 29
Trading Ideas .................... 30
March 28 3 4 30 April 2 29
March 28 3 4 30 April 2 29
v
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(
m
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0
350
3015.98
2985.04
Straits Times
v
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250
1583.75
1599.27
KLCI
13199.55
13126.21
v
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(
m
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200
199.55 9.5 133
13126.21 6.21 1
Dow Jones
2
10182.57
9819.99
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2000
10182.57
9819.99 81 9
Nikkei
v
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22000
Hang Seng
20790.98
20885.42
4
March 28 April 2 3 30 29
March 28 April 2 3 30 29
3 March 28 30 April 2 29
April 10, 2009 April 4, 2012
Sembcorp Marine
Volume (‘000) Price ($)
5.23
0
20000
40000
60000
80000
100000
120000
1.5
2.5
3.5
4.5
5.5
6.5
Nov 27, 2009 April 4, 2012
CapitaMalls Asia
Volume (‘000) Price ($)
1.61
0
50000
100000
150000
200000
250000
300000
1.0
1.3
1.9
2.2
2.5
2.8
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CAPITAL INVESTING IDEAS
20 • THEEDGE SINGAPORE | APRIL 9, 2012
Low-priced laggards
Looking for laggards
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COMPANY PRICE MARKET CAP CHANGE YTD PER P/B
($) ($ MILLION) (%) (TIMES) (TIMES)
Overseas Union Enterprise 2.39 2,174.7 13.8 7.0 0.74
SC Global Developments 1.06 439.5 7.1 3.3 0.67
Fortune REIT HK$4.13 HK$6,974.9 9.8 2.1 0.53
Frasers Commercial Trust 0.86 548.5 16.2 8.5 0.45
Sino Grandness Food Industry Group 0.41 108.7 6.5 3.6 0.98
Dukang Distillers Holdings 0.36 283.4 -7.8 6.2 0.96
Golden Agri-Resources 0.80 9,650.3 11.2 6.2 0.96
CH Offshore 0.39 275.0 11.4 6.0 0.90
| BY JOAN NG |
G
lobal stock markets are up signifi-
cantly this year, thanks to a liquid-
ity boost provided by the European
Central Bank’s long-term refinan-
cing operation and the US Federal
Reserve’s accommodative stance, as well as
pent-up demand from investors for better re-
turns and more risk. The Singapore market has
certainly benefited from these trends, with the
Straits Times Index up some 13.9% this year,
and the FTSE ST All Share Index up 15%.
Is it too late to join the party? Certainly, in-
vestors ought to maintain a nimble stance af-
ter such a strong rally. Yet, there seems little
risk in the short term of liquidity drying up.
So, for the moment, there could be more up-
side to be had by rotating into stocks that have
lagged behind. But where should one look for
likely prospects?
We screened the local market for stocks that
have lagged the All Share Index this year (as
at April 2). We then narrowed down the list
by focusing on stocks that are trading below
book value, and at less than 10 times histori-
cal earnings. And, we tried to stick with com-
panies that we judged to have some kind of
hard assets in their books. We whittled down
the list further by only considering
stocks that have some positive ana-
lyst coverage. With some addition-
al judicious selection, we came up
with a list of eight stocks that we
think could play catch-up in the
months ahead.
Property at bargain prices
Among them are two property stocks
that are trading at steep discounts
to their respective book values, and
appear to be bargains relative to
their peers.
Overseas Union Enterprise (OUE)
owns and manages Meritus Hotels &
Resorts, a hotel chain that includes
the Mandarin Orchard Singapore and
Marina Mandarin Singapore. Adjoining
the Mandarin Orchard Singapore, it
has a retail property called Mandarin
Gallery, and it is developing a luxury
residential development on Leonie
Hill Road called Twin Peaks.
This year, OUE’s earnings could
also see a lift from its commercial
property OUE Bayfront. The recent-
ly completed 18-storey office tower
was built on the site of the former
Overseas Union House and is linked
by an aerial mall bridge to the Raf-
fles Place MRT station. A key tenant
is Bank of America Merrill Lynch.
Analysts say the commercial envi-
ronment is challenging but shows signs of im-
provement. “Office preleasing, though slow, is
creeping up,” says Donald Chua, an analyst at
CIMB Research, in a report.
Chua has an “outperform” call on OUE
and sees upside potential to his conservative
office estimates. He calculates that OUE’s re-
valued net asset value (RNAV) is $3.90 a share,
versus the stock price of $2.39. According to
Bloomberg figures, it trades at 74% of its book
value per share.
Then, there is SC Global Developments, the
developer of uber-luxury residential properties.
The stock hasn’t been popular over the past
year because of growing concerns about sev-
eral government curbs to property speculation.
Notably, the introduction of the 10% Additional
Buyer’s Stamp Duty on foreigner purchases in
December has resulted in demand for luxury
residential property slowing significantly. On
April 2, the Urban Redevelopment Authority
released flash estimates showing that private
residential property prices declined slightly
in 1Q2012 compared with 4Q2011 — the first
price decline since 2Q2009.
Yet, SC Global is no ordinary luxury de-
veloper. Its properties are targeted at the very
top end of the market, where prices have con-
sistently defied pessimists. And, the compa-
ny prefers to simply sit on its unsold units
than cut its prices. Indeed, the stratospheric
prices it charges for its developments enable
it to stay profitable even without selling too
many units. Late last year, it sold a unit at
The Marq on Paterson Hill at a record price
of $6,841 psf.
AmFraser analyst Lau Wei Chong, the only
analyst with a “buy” call on the stock, puts SC
Global’s RNAV at $2.55 a share. The stock is
trading at $1.06 or 67% of its book value.
Yields for less
Other stocks in our list of low-priced laggards
are a couple of real-estate investment trusts
(REITs) that offer reasonable yields, and that
are trading below their book values.
One of them is Fortune REIT, which holds
16 retail malls and properties in Hong Kong.
Of these properties, two were added to the
portfolio in February. The Belvedere Garden
property in Tsuen Wan has a gross rentable
area of 276,862 sq ft and is 98.7% occupied.
The Provident Centre property in North Point
has a gross rentable area of 180,238 sq ft and
is 92.3% occupied.
According to the company’s circular, the
net property income yield of the two proper-
ties for FY2010 was 4.2%. This is higher than
the net property income yield of 3.9% for For-
tune REIT’s existing properties in FY2010. If the
properties had been acquired in January 2011,
Fortune REIT’s distribution per unit (DPU) for
1H2011 would have increased by 6.7%.
In a report, OCBC Investment Research
noted that retail sales numbers in Hong Kong
have been strong recently. February retail sales
rose 15.7% y-o-y, compared with a 14.9% in-
crease in January. The numbers are especial-
ly encouraging “since Chinese New Year fell
in January instead of February this year”, the
report says. Fortune REIT is trading at 52% of
its book value and OCBC estimates an FY2012
dividend yield of 7.2%.
Meanwhile, Frasers Commercial Trust,
which has properties in Singapore, Japan
and Australia, also looks like an interest-
ing catch-up play. In a recent report, May-
bank Kim Eng Research analyst Anni Kum
says that Frasers Commercial Trust is one of
the most undervalued REITs in Singapore.
“However, it may not stay undervalued that
long if catalysts that could lift DPU signifi-
cantly or cut gearing materialise.” In fact,
since we compiled our list, shares of Fras-
ers Commercial Trust have since outrun the
All Share Index.
In Singapore, its properties include 55 Mar-
ket Street, China Square Central, KeyPoint and
Alexandra Technopark. The authorities have
recently granted an outline planning permis-
sion for the redevelopment of KeyPoint, which
could be rezoned from purely commercial to
include residential. This may allow Frasers
Commercial Trust to sell the property for a
good price. Kum also sees potential for pos-
itive rental reversions at China Square Cen-
tral as Frasers Commercial Trust is expected
to have only just taken over direct
management of the building. The
completion of the Telok Ayer MRT
station next year could boost rents
there as well.
Growth in China
Elsewhere in the market, some S-
chips look tempting as a result of pro-
longed, sector-wide aversion that has
pushed their valuations down.
Among the possible gems in the
rough are Sino Grandness Food In-
dustry Group, which sells canned
fruits and vegetables such as as-
paragus, mushrooms and peaches.
The company disappointed inves-
tors recently with a 42.5% decline
in earnings for 4Q2011, which was
due mainly to a jump in expenses
as well as costs associated with the
issuance of convertible bonds. But
the stock, currently trading at 3.6
times historical earnings, is cheap.
It also trades just a shade under its
book value.
Sino Grandness is also growing
its businesses. In 4Q, it managed a
36.2% increase in revenue. The most
exciting division is its new beverage
business, which reported a 123.7%
increase in revenue and 143.5% in-
crease in gross profit for the year.
FY2011 marked the first time that
both revenue and gross profit contributions
from the beverage division exceeded contri-
butions from asparagus, formerly its biggest
money-spinner. Gross margins on beverages
are also significantly higher than on aspar-
agus, or other major products such as long
beans and mushrooms.
UOB KayHian analyst Brandon Ng has a
“buy” call on the stock as he sees Sino Grand-
ness riding the beverage sales momentum to
drive earnings this year. The company has
secured a new supplier to produce its bottled
juices, which will double its capacity from
Hunting for undervalued, overlooked
stocks that could play catch-up
Another China stock with an expansion story is Dukang Distillers Holdings, which makes baijiu, a fiery white spirit native to China
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CAPITAL
THEEDGE SINGAPORE | APRIL 9, 2012 • 21
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70,000 tonnes to 140,000 tonnes a year. Ag-
gressive advertising in China should also in-
crease brand awareness, Ng adds.
Another China stock with an expansion sto-
ry is Dukang Distillers Holdings. The com-
pany makes baijiu, a fiery white spirit native
to China. Previously, it sold baijiu under a
mass-market brand Siwu. But the company
has since acquired a business producing the
mid- to high-end Dukang baijiu, which has a
2,000-year heritage in Henan province. Du-
kang baijiu has since become the company’s
primary growth driver.
Alison Fok, an analyst at Maybank Kim
Eng, says this shift in product strategy bodes
well for the company as gross margins on
Dukang baijiu are better than margins on
the Siwu brand. And Dukang Distillers is ex-
panding its presence overseas. In November,
the company signed a letter of intent with
Lotte Chilsung Beverage Co, a South Kore-
an beverage company, to distribute Dukang
baijiu through Lotte’s distribution network
of over 90 hotels, supermarkets and depart-
mental stores.
Despite a 22% increase in revenue for the
three months to December and a 55.2% in-
crease in earnings, shares of Dukang Distillers
are down 7.8% this year. UOB KayHian ana-
lyst Tan Jun Da estimates that Dukang Distill-
ers trades at about 6.7 times forecast earnings.
On average, its peers are valued at 21.9 times
forecast earnings.
Cyclical stories
To round up our list, we have two companies
in the palm oil and oil and gas sectors. Golden
Agri-Resources, which owns oil palm planta-
tions and processes and refines palm oil, has
lagged the Straits Times Index this year — it
is up just 11.2%. Its price-to-earnings multiple
is a mere 6.2 times and it is valued at 96% of
its book value. This is partly due to 4Q2011 re-
sults that disappointed investors. Earnings fell
36% partly on higher fertiliser costs.
But the prices of crude palm oil (CPO) have
continued to hold up so far this year and may
even be boosted if biodiesel fever returns. Crude
oil prices are back up above US$100 a barrel,
which makes it more likely that the search for
alternative fuel sources will intensify. In a re-
port, Arya Sen, an equity analyst with Jeffer-
ies Singapore, writes that CPO prices recent-
ly rose above US$1,100 per metric ton for the
first time since June 2011. However, the high
CPO prices are still not reflected in the shares
of Golden Agri, Sen says.
In the oil and gas space, CH Offshore is
one of the few stocks that has yet to catch up
with its peers in terms of share price appre-
ciation this year. The company has a fleet of
anchor handling tug supply (AHTS) vessels
that it charters out for oil and gas exploration
and production in shallow and deep waters.
As exploration and production activity increas-
es, CH Offshore should enjoy improving de-
mand for its vessels.
DBS Vickers analyst Jeremy Thia believes
that day rates for AHTS vessels have bottomed
and sees the charter market recovering this
year. He projects CH Offshore’s earnings will
bottom out this year at US$28 million, down
8% y-o-y, before recovering to grow 22% y-
o-y in FY2013 on higher fleet utilisation rates
and better margins from positive operating
leverage.
| BY LAWRENCE C STRAUSS |
A
s family values go, frugality and
prudence are high on the list, es-
pecially if the family manages oth-
er people’s money. The Johnson
family has long embraced these
values in running Franklin Resources, and
clients of the 65-year-old money-management
firm have been grateful beneficiaries.
Shareholders haven’t done too poorly,
either, except in the financial-crisis-ridden
years of 2007 and 2008, and this year they
are sitting especially pretty.
Shares have surged 28%, to US$123, and
look set to keep rising, given a bullish back-
drop for equities, the funds’ strong perform-
ance, and the company’s exposure to mul-
tiple asset classes and a global customer
base. Some on Wall Street expect Franklin,
based in San Mateo, California, to trade up
to the mid-US$140 in the next year, as the
company builds its diversified platform to
power further earnings growth.
Franklin earned US$1.9 billion ($2.3 bil-
lion), or US$8.62 a share, in the fiscal year
ended Sept 30, on revenue of US$7 billion,
with most of its profit coming from man-
agement fees. Earnings were up 36% from
fiscal 2010 as assets under management, or
AUM, rose sharply.
Earnings are expected to rise just 3%
in the current fiscal year, to US$8.87, but
growth could accelerate in fiscal 2013, lead-
ing to per-share profits of US$9.80. Franklin
trades for 14 times this fiscal year’s earn-
ings forecast, and 12.5 times next year’s
outlook, at the low end of the asset man-
agement industry’s range. Strip out the com-
pany’s US$4.9 billion of net cash, worth
US$18 a share, and the valuation is even
more compelling.
As investors bailed out of the financial
markets amid a historic credit crunch in
2008, Franklin’s assets under management
dived 22%, to US$638 billion. But money
has flowed in steadily since, with 44% of
assets parked in fixed-income, 41% in equi-
ties and 14% in hybrid funds. “We love that
they are one of the most diversified fran-
chises,” says John Miller, a portfolio man-
ager at Ariel Capital Management, which
owns the stock.
Asset diversity insulates Franklin some-
what when one asset class is out of favour,
as equities were for much of last year. CEO
Greg Johnson, a grandson of Franklin’s found-
er, says the company is bullish on stocks,
however. With yields so scarce, “we think
equities are the right place to go,” he says.
“The risk-return is better for equities over
the next decade.”
Another of Franklin’s attractions is the
geographic diversity of its client base. About
a third of its assets are held by clients out-
side the US so the company’s fortunes don’t
hinge on business in just one region.
A strong global retail-distribution net-
work also sets Franklin apart from peers.
“Investors don’t put as much premium on
that as they ought to,” says Marc Irizarry,
an analyst at Goldman Sachs. Irizarry has a
Buy rating on the stock, with a price target
of US$130. The performance of Franklin’s
funds has been more than decent. Based on
10-year returns, the company finished first
in Barron’s latest fund-family ranking and
funds such as Franklin Rising Dividends and
Franklin Federal Tax-Free Income recently
have been in the top quartile in their Morn-
ingstar categories.
Franklin’s strong international flavour
owes in part to its 1992 acquisition of Tem-
pleton, Galbraith & Hansberger, a pioneer in
international investing, while its value-ori-
ented offerings were bolstered by the 1996
offering of Mutual Series.
Templeton Global Bond Fund, the US$77.5
billion flagship, has been a recent worry,
as poor bets on foreign currencies triggered
heavy outflows last year. But with the fund
up 6.7% this year, and in the top 4% of its
Morningstar category, flows appear to be
stabilising.
The Johnson family has always played
a central role at Franklin, and two sons of
founder Rupert H Johnson own a third of
the shares, worth around US$8 billion. The
Johnsons have been good stewards of capi-
tal, allocating funds for smart acquisitions,
stock buybacks and dividends. Franklin pays
an annual dividend of US$1.08 a share, and
yields 0.9%. It also paid a special dividend
of US$2 a share in December, and has paid
other “specials” in the past.
One potential threat to Franklin and oth-
er active money managers is the growing
popularity of cheap exchange-traded funds,
which control US$1.5 trillion of US-based
assets. Lacking the requisite scale, the com-
pany hasn’t entered the ETF market. Then
again, there might be no need to, so long as
active management pays, and pays well.
Franklin’s shares are inexpensive, rela-
tive to those of peers, and even cheaper if
one excludes US$18 a share of net cash on
the company’s balance sheet. —
©
2012
Dow Jones & Co, Inc
Fund giant Franklin Resources
is rolling in money
Nice assets
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COMPANY/TICKER RECENT 12-MONTH EPS PER AUM
PRICE (US$) CHG (%) 2012E (US$) 2012E (US$ BIL)
BlackRock (BLK) 199.59 7.0 13.20 15.1 3,500
Franklin Resources (BEN)* 123.29 2.6 8.87 13.9 727
Invesco (IVZ) 26.13 2.6 1.90 13.8 668
T Rowe Price (TROW) 64.10 -1.6 3.27 19.6 490
*September fiscal year. E=Estimate; AUM=Assets under management
Franklin’s shares are inexpensive, relative to those of peers, and even cheaper if one
excludes US$18 a share of net cash on the company’s balance sheet
Greg Johnson, grandson of Franklin’s founder and the CEO, is bullish on company stocks
‘08 ‘09 ‘10 ‘11 March 29,
2012
Franklin Resources
Price (US$)
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150
120
90
60
30
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Another of
Franklin’s attractions
is its geographic
diversity. A third of
its assets are held by
clients outside the
US so the company’s
fortunes don’t hinge
on business in just
one region.
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22 • THEEDGE SINGAPORE | APRIL 9, 2012
CAPITAL INSIDER MOVES
MARCH 22 ABTERRA LTD 509,000 GENERAL NICE DEVELOPMENT LTD — 81,075,976 OPEN MARKET PURCHASE (21/3)
MARCH 26 ABTERRA LTD 75,000 GENERAL NICE DEVELOPMENT LTD — 81,150,976 OPEN MARKET PURCHASE (22/3)
MARCH 29 ABTERRA LTD 55,000 GENERAL NICE DEVELOPMENT LTD — 81,205,976 OPEN MARKET PURCHASE (26/3)
MARCH 26 ASIATRAVEL.COM HLDGS LTD 300,000 GOH KHOON LIM 800,000 22,649,000 OPEN MARKET PURCHASE (26/3)
MARCH 27 ASIATRAVEL.COM HLDGS LTD 300,000 GOH KHOON LIM 1,100,000 22,649,000 OPEN MARKET PURCHASE (27/3)
MARCH 28 ASIATRAVEL.COM HLDGS LTD 100,000 GOH KHOON LIM 1,200,000 22,649,000 OPEN MARKET PURCHASE (28/3)
APRIL 2 ASIATRAVEL.COM HLDGS LTD 100,000 GOH KHOON LIM 1,300,000 22,649,000 OPEN MARKET PURCHASE (2/4)
MARCH 30 BIOSENSORS INT’L GROUP LTD -4,478,000 FMR LLC, FIL LTD, EDWARD C JOHNSON 3D — 99,004,000 SALES IN OPEN MARKET AT OWN DISCRETION (29/3)
APRIL 2 BREADTALK GROUP LTD -544,000 KEYWISE GREATER CHINA OPPORTUNITIES MASTER FUND 33,362,000 — OPEN MARKET TRANSACTION (2/2)
APRIL 2 BREADTALK GROUP LTD -799,000 KEYWISE GREATER CHINA OPPORTUNITIES MASTER FUND 30,282,000 — OPEN MARKET TRANSACTION (20/2)
MARCH 28 CAPITARETAIL CHINA TRUST 100,000 NG KOK SIONG 110,000 — OPEN MARKET PURCHASE (27/3)
APRIL 2 CAMBRIDGE INDUSTRIAL TRUST 285,341 MICHAEL PATRICK DWYER — 9,382,245 OTHERS (2/4)
APRIL 2 CAMBRIDGE INDUSTRIAL TRUST 285,341 VICTOR ONG WEI TAK — 9,382,245 OTHERS (2/4)
MARCH 27 CENTURION CORP LTD 500,000 LEE KERK CHONG 30,216,271 — OPEN MARKET PURCHASE (26/3)
APRIL 2 CENTURION CORP LTD 9,250,000 LOW KIM KANG DAVID 19,301,500 468,869,206 OPEN MARKET PURCHASE (30/3)
MARCH 28 CHINA HEALTHCARE LTD 2,502,000 HEMMA HOLDING LTD 92,659,087 2,986,250 OTHERS (27/3)
APRIL 2 CHINA MINZHONG FOOD CORP LTD 6,611,000 FRANKLIN RESOURCES INC — 36,350,000 ACQUISITION OF SHARES (29/3)
APRIL 2 CHINA MINZHONG FOOD CORP LTD 6,611,000 TEMPLETON WORLDWIDE INC — 36,160,000 ACQUISITION OF SHARES (29/3)
MARCH 20 CMZ HLDGS LTD 169,000 SHAO KESHENG — 281,762,148 OTHERS (20/3)
MARCH 20 COGENT HLDGS LTD 7,977,000 TAN YEOW KHOON 316,975,775 7,977,000 PURCHASE (19/3)
MARCH 21 CSE GLOBAL LTD 5,154,000 AMUNDI SA — 27,148,000 OPEN MARKET PURCHASE (13/3)
MARCH 15 DEBAO PROPERTY DEVELOPMENT LTD 233,000 YUAN LE SHENG 14,603,000 605,930,232 OPEN MARKET PURCHASE (14/3)
MARCH 16 DEBAO PROPERTY DEVELOPMENT LTD 200,000 YUAN LE SHENG 14,803,000 605,930,232 OPEN MARKET PURCHASE (15/3)
MARCH 19 DEBAO PROPERTY DEVELOPMENT LTD 150,000 YUAN LE SHENG 14,953,000 605,930,232 OPEN MARKET PURCHASE (16/3)
MARCH 23 DEBAO PROPERTY DEVELOPMENT LTD 700,000 YUAN LE SHENG 15,653,000 605,930,232 OPEN MARKET PURCHASE (21/3)
MARCH 30 DEBAO PROPERTY DEVELOPMENT LTD 8,000 YUAN LE SHENG 15,661,000 605,930,232 OPEN MARKET PURCHASE (27/3)
MARCH 30 DUTY FREE INTERNATIONAL LTD 100,000 CHEW SOO LIN 1,308,615 133,000 OPEN MARKET PURCHASE (29/3)
MARCH 30 DUTY FREE INTERNATIONAL LTD 250,000 CHEW SOO LIN 1,558,615 133,000 OPEN MARKET PURCHASE (30/3)
MARCH 19 8TELECOM INT’L HLDGS CO LTD 302,000 YE TIANYUN 9,840,000 332,212,250 OPEN MARKET PURCHASE (16/3)
MARCH 23 8TELECOM INT’L HLDGS CO LTD 20,000 YE TIANYUN 9,860,000 332,212,250 OPEN MARKET PURCHASE (22/3)
MARCH 26 8TELECOM INT’L HLDGS CO LTD 100,000 YE TIANYUN 9,960,000 332,212,250 OPEN MARKET PURCHASE (23/3)
MARCH 29 8TELECOM INT’L HLDGS CO LTD 104,000 YE TIANYUN 10,064,000 332,212,250 OPEN MARKET PURCHASE (28/3)
MARCH 29 ELEC & ELTEK INT CO LTD -20,000 CHAN SAI KIT, PHILLIP 48,000 656,481 OPEN MARKET SALE (27/3)
MARCH 29 ELEC & ELTEK INT CO LTD -20,000 CHAN SAI KIT, PHILLIP 48,000 636,481 OPEN MARKET SALE (28/3)
APRIL 2 ELEC & ELTEK INT CO LTD -159,000 CHAN SAI KIT, PHILLIP 48,000 477,481 OPEN MARKET SALE (2/4)
MARCH 28 ELEKTROMOTIVE GROUP LTD 4,332,000 LAU WING TAT 37,432,000 — OPEN MARKET PURCHASE (13/3)
MARCH 28 ELEKTROMOTIVE GROUP LTD 1,035,000 LAU WING TAT 38,467,000 — OPEN MARKET PURCHASE (15/3)
MARCH 26 EU YAN SANG INTERNATIONAL LTD -654,000 ABERDEEN ASSET MANAGEMENT ASIA LTD — 52,843,100 OTHERS (23/3)
MARCH 20 EXCELPOINT TECHNOLOGY LTD 90,000 ALBERT PHUAY YONG HEN 239,006,520 12,990,840 OPEN MARKET PURCHASE (19/3)
MARCH 21 EXCELPOINT TECHNOLOGY LTD 200,000 ALBERT PHUAY YONG HEN 239,206,520 12,990,840 OPEN MARKET PURCHASE (20/3)
MARCH 27 EXCELPOINT TECHNOLOGY LTD 40,000 ALBERT PHUAY YONG HEN 239,246,520 12,990,840 OPEN MARKET PURCHASE (27/3)
MARCH 30 EZRA HLDGS LTD 3,700,000 FMR LLC, FIL LTD, EDWARD C JOHNSON 3D — 50,989,000 OTHERS (28/3)
MARCH 29 FREIGHT LINKS EXPRESS HLDGS 30,000 KHUA KIAN KEONG 56,810,706 1,184,554,004 OPEN MARKET PURCHASE (28/3)
MARCH 27 GALLANT VENTURE LTD 1,500,000 LIM HOCK SAN 1,500,000 — OPEN MARKET PURCHASE (26/3)
MARCH 28 GALLANT VENTURE LTD 207,000 LIM HOCK SAN 1,707,000 — OPEN MARKET PURCHASE (27/3)
MARCH 28 GOODPACK LTD -160,000 UNIVERSITIES SUPERANNUATION SCHEME LTD 24,726,500 — SALES IN OPEN MARKET AT OWN DISCRETION (28/3)
The information in Insider Moves is provided as a service to readers. The explanations filed are at times abridged, indirect interest dec larations summarised together with direct interests and figures totalled for space. While every effort is made to ensure accuracy, the information presented
is not the official record of shareholder filings. Readers who are interested should check the original filings filed with the SGX.
FILING COMPANY SHARES ACQUIRED DIRECTOR/SUBSTANTIAL SHARES HELD AFTER CHANGE REASON
DATE (DISPOSED) SHAREHOLDER DIRECT DEEMED
Substantial shareholder Goh Khoon Lim
raises stake in Asiatravel.com
E
| BY GWYNETH YEO |
G
oh Khoon Lim, a substantial
shareholder of Asia travel.
com Holdings, has been
buying shares of the on-
line travel and hotel reser-
vation service provider. From March
26 to April 2, Goh bought 800,000
shares in four transactions. Bloom-
berg figures showed the stock traded
at prices between 32.5 and 34 cents
over that period. His last acquisition
of 100,000 shares on April 2 brought
his final direct shareholding to 1.3
million shares, or 0.54% of the com-
pany. Goh also has a deemed interest
of 9.34% in Asiatravel.com through
his 20% interest in 28 Holdings, an-
other substantial shareholder.
On March 8, Asiatravel.com an-
nounced a partnership with Thai
Ticket Major Co (TTM), a ticket-
ing service provider. TTM provides
ticketing services for performances,
exhibitions and inter-provincial bus
services through a network of more
than 100 ticketing counters and out-
lets located at shopping centres and
post offices in Thailand. TTM also
has a real-time ticketing system for
online purchases through call cen-
tres, websites and mobile phones.
The partnership enables Asiatravel.
com to sell its travel packages through
TTM’s ticketing network in the king-
dom and is the group’s first overseas
partnership.
For 1Q2012 ended Dec 31, the
group reported revenue of $26 mil-
lion, a decline of 8.9% from the same
quarter a year ago. The drop in sales
was due to the massive floods and
intense competition in Thailand, the
end of a transport and tour service
contract with a major airline and a
slowdown in Indonesian subsidiary
AT Express. The quarter also saw a
net loss of $612,000, compared with
earnings of $679,000 in 1Q2011.
Meanwhile, Yuan Le Sheng, execu-
tive chairman and CEO of Debao Prop-
erty Development, has been acquir-
ing shares in the China-based property
developer. From March 14 to 27, Yuan
acquired about 1.3 million shares at 7.8
to 8.5 cents each. His latest transaction
of 8,000 shares brought his final direct
stakeholding to 15.7 million shares, or
1.39% of the company.
For the group’s FY2011 ended Dec
31, revenue declined 49% to RMB447
million ($88.9 million) from a year
ago. The fall in revenue resulted from
a decrease in property development
sales, as only 37,600 sq m of gross
floor area were sold and recognised
in FY2011, compared with 127,000
sq m in FY2010. However, this was
mitigated by a higher average selling
price achieved over the same period,
from the sales contribution of Shan-
shui Longpan’s Phase 1 villas, a lux-
ury residential development. Gross
profit margin increased 13 percent-
age points to 33% in FY2011 from
FY2010. The group recorded earnings
of RMB55.7 million in FY2011, com-
pared with a net loss of RMB104.6
million in FY2010.
Elsewhere, Yeow Cheng Khim,
executive director of TMC Educa-
tion Corp, has been buying shares in
the training and education provider.
From March 21 to 29, Yeow bought
42,000 shares at prices between 6.4
and 6.6 cents each. Her final direct
shareholding as at March 29 stood
at 26.8 million shares, or 16% of
the company.
On Feb 24, the group announced
that it had sold its office unit located
at 111 North Bridge Road to Orange
Castle for $1.9 million. The vacant
property had a total area of about
990 sq ft and a net asset value of
$718,976 as at June 30, 2011. The net
proceeds of $1.88 million from the
sale will be used for general work-
ing capital purposes.
Volume (’000) Price ($)
April 9, 2010 April 3, 2011
Debao Property Devt Ltd
Volume (’000) Price ($)
April 3, 2009 April 3, 2012
Asiatravel.com Hldgs Ltd
0
5000
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15000
20000
25000
0
0.1
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0.33
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0.6
0.7
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30000
35000
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45000
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0.096
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G
Market
capitalisation April 3, 2012 $83.41 mil
52-week high May 5, 2011 41 cents
52-week low Oct 13, 2011 24 cents
PER —
Gross dividend yield —
Net loss FY2011 ended
Sept 30 $1.6 mil
Earnings FY2010 ended
Sept 30 $1.63 mil
Market
capitalisation April 3, 2012 $108 mil
52-week high April 4, 2011 16.5 cents
52-week low Dec 13, 2011 2.9 cents
PER 9.77 times
Gross dividend yield 4.89%
Earnings FY2011 ended
Dec 31 $10.83 mil
Net loss FY2010 ended
Dec 31 $25.47 mil
CAPITAL INSIDER MOVES
THEEDGE SINGAPORE | APRIL 9, 2012 • 23
Share buybacks
APRIL 2 HERSING CORP LTD 80,000 KHOO CHIN WAH 16,600,000 33,100,000 OPEN MARKET PURCHASE (30/3)
MARCH 19 HTL INT’L HLDGS LTD 10,000 PHUA YONG TAT 3,776,000 194,498,530 OPEN MARKET PURCHASE (16/3)
MARCH 19 HTL INT’L HLDGS LTD 183,000 PHUA YONG TAT 3,959,000 194,498,530 OPEN MARKET PURCHASE (19/3)
MARCH 23 HTL INT’L HLDGS LTD 48,000 PHUA YONG SIN 439,000 194,202,530 OPEN MARKET PURCHASE (23/3)
MARCH 26 HONG FOK CORP LTD 100,000 CHEONG SIM ENG 76,329,300 31,915,363 OPEN MARKET PURCHASE (26/3)
APRIL 2 HYFLUX LTD 8,393,000 MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC — 51,533,030 OTHERS (30/3)
MARCH 20 IFS CAPITAL LTD 22,000 LEE SOON KIE 11,949,000 — OPEN MARKET PURCHASE (19/3)
MARCH 21 IFS CAPITAL LTD 26,000 LEE SOON KIE 1,240,900 — OPEN MARKET PURCHASE (21/3)
MARCH 22 IFS CAPITAL LTD 7,000 LEE SOON KIE 1,247,900 — OPEN MARKET PURCHASE (22/3)
MARCH 28 JUNMA TYRE CORD CO LTD 20,000 YANG PEIXING 15,080,000 — OPEN MARKET PURCHASE (28/3)
MARCH 21 KHONG GUAN FLOUR MILLING LTD 80,000 GOH TEE KIA 414,000 1,893,000 OPEN MARKET PURCHASE (19/3)
MARCH 29 KHONG GUAN FLOUR MILLING LTD 60,000 GOH TEE KIA 414,000 1,953,000 OPEN MARKET PURCHASE (27/3)
MARCH 21 KS ENERGY LTD 96,000 PACIFIC ONE ENERGY LTD 226,858,690 — OPEN MARKET PURCHASE (19/3)
MARCH 23 KS ENERGY LTD 92,000 PACIFIC ONE ENERGY LTD 226,950,690 — OPEN MARKET PURCHASE (21/3)
MARCH 27 LHT HLDGS LTD 4,000 YAP MUI KEE 24,025,130 — OPEN MARKET PURCHASE (26/3)
APRIL 2 LHT HLDGS LTD 28,000 YAP MUI KEE 24,053,130 — OPEN MARKET PURCHASE (30/3)
MARCH 26 LIANG HUAT ALUMINIUM LTD -1,500,000 TAN YONG KEE 209,744,653 223,742,574 SALES OF SHARES (23/3)
MARCH 27 LIANG HUAT ALUMINIUM LTD -1,000,000 TAN YONG KEE 208,744,653 223,742,574 SALES OF SHARES (26/3)
MARCH 29 LIANG HUAT ALUMINIUM LTD -1,300,000 TAN YONG KEE 207,444,653 223,742,574 SALES OF SHARES (27/3)
MARCH 29 LIANG HUAT ALUMINIUM LTD -1,200,000 TAN YONG KEE 206,244,653 223,742,574 SALES OF SHARES (28/3)
MARCH 29 LIANG HUAT ALUMINIUM LTD -2,000,000 TAN YONG KEE 204,244,653 223,742,574 SALES OF SHARES (29/3)
MARCH 20 MAPLETREE INDUSTRIAL TRUST 20,000 SEAH CHOO MENG 216,000 20,000 OPEN MARKET PURCHASE (19/3)
MARCH 22 MULTI-CHEM LTD 596,000 FOO SUAN SAI 142,157,500 101,380,500 OPEN MARKET PURCHASE (21/3)
MARCH 28 MULTI-CHEM LTD 173,000 FOO SUAN SAI 142,330,500 101,380,500 OPEN MARKET PURCHASE (27/3)
MARCH 29 MULTI-CHEM LTD 459,000 FOO SUAN SAI 142,789,500 101,380,500 OPEN MARKET PURCHASE (28/3)
MARCH 20 NAM CHEONG LTD 300,000 DATUK TIONG SU KOUK 241,546,832 894,317,685 OPEN MARKET PURCHASE (19/3)
MARCH 26 OSIM INT’L LTD 300,000 PETER LEE HWAI KIAT 2,804,000 796,000 OPEN MARKET PURCHASE (26/3)
MARCH 29 OSIM INT’L LTD 99,000 PETER LEE HWAI KIAT 2,804,000 895,000 OPEN MARKET PURCHASE (29/3)
MARCH 20 OVERSEAS UNION ENTERPRISE LTD -152,000 KIN CHAN — 619,143,410 DISPOSAL OF SHARES (19/3)
MARCH 22 OVERSEAS UNION ENTERPRISE LTD -226,000 KIN CHAN — 618,917,410 OTHERS (21/3)
MARCH 26 OVERSEAS UNION ENTERPRISE LTD -1,000 KIN CHAN — 618,916,410 OTHERS (23/3)
MARCH 27 PLASTOFORM HLDGS LTD -750,000 KONKIN LTD 407,250,000 — SALES IN OPEN MARKET (23/3)
APRIL 2 POPULAR HLDGS LTD 3,173,000 CHOU CHENG NGOK — 464,069,075 OPEN MARKET PURCHASE (30/3)
MARCH 27 PTERIS GLOBAL LTD 151,000 WINMARK INVESTMENTS PTE LTD 53,800,000 — OPEN MARKET PURCHASE (23/3)
MARCH 30 PUBLIC BANK BHD 1,735,333 EMPLOYEES PROVIDENT FUND BOARD 430,366,014 — OTHERS (27/3)
APRIL 2 PUBLIC BANK BHD 412,567 EMPLOYEES PROVIDENT FUND BOARD 430,778,581 — OTHERS (28/3)
MARCH 26 RH PETROGAS LTD 201,000 TAN SRI DATUK SIR TIONG HIEW KING 559,000 315,389,486 OPEN MARKET PURCHASE (23/3)
MARCH 30 RH PETROGAS LTD 21,000 TAN SRI DATUK SIR TIONG HIEW KING 580,000 315,389,486 OPEN MARKET PURCHASE (29/3)
MARCH 21 ROXY-PACIFIC HLDGS LTD 180,000 TEO HONG LIM 62,949,000 304,660,000 OPEN MARKET PURCHASE (21/3)
MARCH 26 SERIAL SYSTEM LTD 109,000 GOH BAK HENG 311,174,698 — OPEN MARKET PURCHASE (26/3)
MARCH 27 SERIAL SYSTEM LTD 2,050,000 GOH BAK HENG 313,224,698 — OPEN MARKET PURCHASE (27/3)
MARCH 29 SERIAL SYSTEM LTD 250,000 GOH BAK HENG 313,474,698 — OPEN MARKET PURCHASE (29/3)
MARCH 28 SING HLDGS LTD 1,356,000 LEE SZE HAO 8,002,000 136,490,746 OPEN MARKET PURCHASE (26/3)
MARCH 28 STATS CHIPPAC LTD -2,333,000 MARATHON ASSET MANAGEMENT LLP — 152,433,000 OPEN MARKET SALE (27/3)
MARCH 20 SUNPOWER GROUP LTD -500,000 ARTUR JURCZAKOWSKI 33,597,000 — SALES IN OPEN MARKET AT OWN DISCRETION (19//3)
MARCH 21 SUNPOWER GROUP LTD -500,000 ARTUR JURCZAKOWSKI 33,097,000 — SALES IN OPEN MARKET AT OWN DISCRETION (20/3)
MARCH 28 TIANJIN ZHONG XIN PHARM GROUP -1,924,000 CHEAH CO LTD 27,980,000 SALES IN OPEN MARKET AT OWN DISCRETION (27/3)
MARCH 21 TMC EDUCATION CORP LTD 1,000 YEOW CHENG KHIM 26,754,000 75,766,600 OPEN MARKET PURCHASE (21/3)
MARCH 22 TMC EDUCATION CORP LTD 30,000 YEOW CHENG KHIM 26,784,000 75,766,600 OPEN MARKET PURCHASE (22/3)
MARCH 23 TMC EDUCATION CORP LTD 10,000 YEOW CHENG KHIM 26,794,000 75,766,600 OPEN MARKET PURCHASE (23/3)
MARCH 30 TMC EDUCATION CORP LTD 1,000 YEOW CHENG KHIM 26,795,000 75,766,600 OPEN MARKET PURCHASE (29/3)
APRIL 2 TTJ HLDGS LTD 1,265,000 TH INVESTMENTS PTE LTD 12,763,000 40,107,000 OPEN MARKET PURCHASE (2/4)
MARCH 27 TUNG LOK RESTAURANTS 2000 LTD 230,000 ANTICA CAPITAL PTE LTD 14,500,000 — OTHERS (27/3)
MARCH 26 UOB-KAY HIAN HLDGS LTD 80,000 UIP HLDGS LTD 119,676,976 — OPEN MARKET PURCHASE (23/3)
MARCH 28 UOB-KAY HIAN HLDGS LTD 419,000 UIP HLDGS LTD 120,095,976 — OPEN MARKET PURCHASE (26/3)
MARCH 30 UOB-KAY HIAN HLDGS LTD 51,000 UIP HLDGS LTD 120,146,976 — OPEN MARKET PURCHASE (28/3)
MARCH 26 UNITED INDUSTRIAL CORP LTD 132,000 WEE CHO YAW 24,000 661,054,565 OPEN MARKET PURCHASE (23/3)
MARCH 28 UNITED INDUSTRIAL CORP LTD 162,000 WEE CHO YAW 24,000 661,216,565 OPEN MARKET PURCHASE (27/3)
APRIL 2 UNITED INDUSTRIAL CORP LTD 33,000 WEE CHO YAW 24,000 661,249,565 OPEN MARKET PURCHASE (30/3)
MARCH 28 VASHION GROUP LTD -70,000,000 NGAI KAT MAN 297,740,000 — SALES IN OPEN MARKET AT OWN DISCRETION (27/3)
MARCH 28 VIZ BRANZ LTD 115,000 BEN CHNG BENG BENG 178,732,144 — OPEN MARKET PURCHASE (27/3)
APRIL 2 VIZ BRANZ LTD 545,000 BEN CHNG BENG BENG 179,277,144 — OPEN MARKET PURCHASE (29/3)
MARCH 29 WANXIANG INT’L LTD 9,008,785 WANBANG JOINT INVESTMENT PTE LTD 315,115,698 — OTHERS (29/3)
MARCH 20 XMH HLDGS LTD 4,000 HONG PIAN TEE 104,000 — OPEN MARKET PURCHASE (16/3)
MARCH 20 XMH HLDGS LTD 130,000 HONG PIAN TEE 234,000 — OPEN MARKET PURCHASE (19/3)
MARCH 20 XMH HLDGS LTD 150,000 HONG PIAN TEE 384,000 — OPEN MARKET PURCHASE (20/3)
APRIL 2 XMH HLDGS LTD 53,000 HONG PIAN TEE 437,000 — OPEN MARKET PURCHASE (2/4)
FILING COMPANY SHARES ACQUIRED DIRECTOR/SUBSTANTIAL SHARES HELD AFTER CHANGE REASON
DATE (DISPOSED) SHAREHOLDER DIRECT DEEMED
DATE COMPANY SHARES ACQUIRED SHARE PRICE CUMULATIVE
HIGH LOW NET OUTSTANDING
TREASURY SHARES
DATE COMPANY SHARES ACQUIRED SHARE PRICE CUMULATIVE
HIGH LOW NET OUTSTANDING
TREASURY SHARES
MARCH 27 ASIATRAVEL.COM HLDGS LTD 50,000 0.330 0.330 10,596,000
MARCH 27 CDW HLDGS LTD 230,000 0.096 0.096 24,545,000
MARCH 28 CDW HLDGS LTD 450,000 0.095 0.095 24,995,000
MARCH 30 CDW HLDGS LTD 109,000 0.096 0.096 25,104,000
MARCH 27 HUPSTEEL LTD 50,000 0.205 0.205 5,140,000
MARCH 30 HUPSTEEL LTD 70,000 0.205 0.205 5,210,000
MARCH 26 HYFLUX LTD 5,000 1.500 1.500 14,310,000
MARCH 26 KOH BROTHERS GROUP LTD 82,000 0.210 0.210 12,822,000
MARCH 27 KOH BROTHERS GROUP LTD 46,000 0.210 0.210 12,868,000
MARCH 30 KOH BROTHERS GROUP LTD 180,000 0.225 0.220 13,048,000
APRIL 2 KOH BROTHERS GROUP LTD 90,000 0.220 0.220 13,138,000
MARCH 26 LUM CHANG HLDGS LTD 60,000 0.300 0.300 9,821,000
MARCH 27 LUM CHANG HLDGS LTD 11,000 0.300 0.300 9,832,000
MARCH 28 LUM CHANG HLDGS LTD 74,000 0.301 0.301 9,906,000
MARCH 30 LUM CHANG HLDGS LTD 52,000 0.305 0.305 9,958,000
APRIL 2 LUM CHANG HLDGS LTD 24,000 0.304 0.304 9,982,000
MARCH 26 OVERSEA-CHINESE BANKING CORP 100,000 8.860 8.860 4,066,795
MARCH 27 OVERSEA-CHINESE BANKING CORP 100,000 8.880 8.880 4,102,323
MARCH 28 OVERSEA-CHINESE BANKING CORP 100,000 8.880 8.880 4,122,992
MARCH 30 OVERSEA-CHINESE BANKING CORP 130,000 8.880 8.880 4,134,020
APRIL 2 OVERSEA-CHINESE BANKING CORP 200,000 8.960 8.960 4,197,847
MARCH 26 SINGAPORE AIRLINES LTD 252,000 10.840 10.760 21,707,419
MARCH 27 SINGAPORE AIRLINES LTD 442,000 10.820 10.740 22,138,969
MARCH 28 SINGAPORE AIRLINES LTD 254,000 10.800 10.760 22,381,759
MARCH 29 SINGAPORE AIRLINES LTD 401,000 10.780 10.750 22,782,759
MARCH 30 SINGAPORE AIRLINES LTD 304,000 10.780 10.720 23,079,494
APRIL 3 SINGAPORE AIRLINES LTD 108,000 10.770 10.740 23,187,494
24 • THEEDGE SINGAPORE | APRIL 9, 2012
CAPITAL BROKERS’ DIGEST
q-o-q — Quarter-on-quarter
y-o-y — Year-on-year
DCF — Discounted cash flow
Ebitda — Earnings before interest, taxes, depreciation and amortisation
EPS — Earnings per share
FY — Financial year
NAV — Net asset value
NTA — Net tangible assets
P/BV — Price-to-book value
PEG — Price earnings to growth
PER — Price-to-earnings ratio
ROE — Return on equity
Every week, The Edge Singapore brings you digested excerpts of research
reports of Singapore Exchange-listed companies available in the public domain
or received from brokers. Investors interested in research on companies are
also encouraged to register for free access to reports from stockbrokers that
participate in the SGX-Monetary Authority of Singapore Research Incentive Scheme
(research.sgx.com).
Disclaimer: The Edge Publishing Pte Ltd does not accept any liability whatsoever
for any direct, indirect or consequential losses (including loss of profit) or damages
that may arise from the use of information or opinions in this publication. The
information and opinions in this publication are not to be considered as an offer to
sell or buy any of the securities discussed. Opinions expressed are subject to change
without notice. The brokers may, from time to time, have interests or positions
in the securities mentioned. The Edge Singapore welcomes brokers submitting
their reports for investor information to theedgespore@bizedge.com.
| COMPILED BY RAHAYU MOHAMAD |
Amtek Engineering (April 3: 75.5 cents)
BUY (initiating coverage). The privatisation of Amtek
in 2007 ushered in new management members. Amtek is
well positioned to meet the stringent demands of OEMs
in the next wave of outsourcing. A conscious effort to
focus on high-margin business segments could translate
into opportunities for margin expansion for Amtek. Its
share price has tumbled to almost half of its IPO price
of $1.30, buffeted by tech sector supply chain woes and
economic uncertainties. Although FY June 2012 will be a
tough year, we believe earnings are close to bottoming out
and expect recovery growth from 4QFY2012. Accumulate
now at attractive valuations with 5.1% dividend yield.
Price target of $1.09, pegged at 11x FY June 2013F PER.
— Maybank Kim Eng Research (April 2)
Ascott Residence Trust (April 3: $1.09)
UPGRADE TO BUY. As European concerns reach an
interlude, we reevaluate ART’s risk-reward proposition
with a bottom-up analysis of its asset exposure. Currently,
40% of its assets are in Europe, spilt mostly between
France (21%) and the UK (15%). While French and UK
GDP growth is likely to be curtailed in FY2012/13, we
see lower odds of long-term economic fractures. At this
juncture, we judge that ART shares are attractive given
a robust yield of 7.9%, which should underpin the share
price, and an undemanding P/B ratio of 0.8x, which
provides a reasonable margin of safety for bear-case
fair-value write-downs. Refinancing risks are also fairly
limited with ART’s relatively healthy gearing of 41% and
a maturity profile that is well spread out. An increased
$1.12 fair value estimate (versus 98 cents previously),
mostly due to lower capitalisation rates for European
assets. — OCBC Investment Research (April 2)
Cache Logistics Trust (April 3: $1)
MAINTAIN BUY. Being one of the lower geared SREITs,
we see Cache Logistics Trust’s recent placement exercise
as a pre-emptive move to leverage on potential growth
opportunities. The placement was well received by
investors, netting proceeds of $57.1 million (after
related expenses), which will be utilised for funding
a previously announced acquisition and repayment of
debt. Gearing post placement is expected to drop to
about 27% (from 29% previously). An update with
management reiterates our view that Cache is poised
to continue its growth trajectory in the medium term,
with the manager sourcing regionally for acquisitions.
Price target adjusted slightly to $1.11. Stock continues
to offer attractive prospective yields of 8.6% to 8.8%.
— DBS Vickers Securities (April 3)
China Southern Airlines (April 3: US$22.93,
HK$3.60)
UNDERWEIGHT. China Southern Airlines released
its 2011 earnings after the market close on March 29.
Like its peers, 4Q2011 was its first loss-making quarter
since 2Q09 — it posted a loss of RMB0.08 per share. Its
4Q2011 operating margin dropped to -17%, with yield per
RTK (revenue tonne km) -20% y-o-y versus fuel prices
+26% y-o-y. Surprisingly, the company recommended
a dividend for the first time in 10 years of RMB0.20
per share. We believe this may avail management of
a funding channel from the domestic equity market,
which takes dividend payments as a prerequisite for a
secondary equity offering. Our 12-month price target of
HK$4.10 for China Southern is based on a P/B multiple
of 0.9x applied to our estimate for 2012. — Barclays
Capital Research (March 30)
DBS Group Holdings (April 3: $13.79)
MAINTAIN SELL. With Singapore, Hong Kong and Greater
China accounting for about 86% of 2011 pretax, DBS’s
earnings are susceptible to a slowdown in China and the
global economies, while corporate/treasury exposure add
to the volatility. Valuations reflect the low prospective
ROE of 10.3% that we are projecting, with downside
risk, in our view. DBS currently trades at a 2012 P/BV
of 1.1x, which is about 1 SD below its mean of 1.4x.
Understandably, valuations are not demanding at this
stage but the low P/BV very much reflects the group’s
prospective ROE of 10.3%. With earnings risks to the
downside, we believe lower valuations are still justified
and our price target of $11.50 continues to peg the stock
to a prospective 2012 P/BV of 0.9x. This compares to a
P/BV trough of 0.6x during the global financial crisis.
— Maybank Kim Eng Research (March 30)
Fraser and Neave (April 3: $6.66)
MAINTAIN BUY. F&N announced that one of its 100%-
owned subsidiaries, FCL (China) Pte Ltd, is proposing
to privatise its 56.17%-owned HK-listed entity, Frasers
Property (China) Ltd (FPC). We believe the rationale
for this exercise is that the current traded price does
not reflect its value as FPC is trading at about a 43%
discount to its NAV. We continue to see value in F&N,
as it is trading at a 24% discount to our RNAV ($9.02),
with the potential to progressively unlock value over the
longer term — APB, F&N Bhd, Times Publishing and
properties, among others. In the meantime, the group’s
earnings will benefit from the strong performance of its
brewery unit and stable investment property earnings,
coupled with $1.7 billion in unrecognised property
development sales in Singapore. Price target of $7.70
based on 15% discount to RNAV of $9.02. — DBS Vickers
Securities (March 30)
Mapletree Logistic Trust (April 3: 94 cents)
MAINTAIN OUTPERFORM. MLT has continued to expand
its overseas portfolio by acquiring 11 third-party assets
totalling $387.6 million year-to-date. These include two
warehouses in Malaysia, seven in Japan and another
two in South Korea. Net property income yield for the
assets ranged between 6.2% and 9.9%, with property
expenses and maintenance borne by the tenants. To
fund the acquisitions, the management issued $350
million of perpetual securities (perps), rated Baa3 by
Moody’s, priced at 5.375%. This is favourable over
MLT’s current dividend yield of almost 7%. We factor
in MLT’s recent acquisitions funded using perpetual
securities and also increase our acquisition assumptions
for 2012, raising our distribution per unit estimates
in tandem. Our dividend discount model price target
(discount rate 9%) rises accordingly to $1 (from 92
cents). — CIMB Research (March 30)
Nam Cheong (April 3: 19.7 cents)
MAINTAIN INCREASE EXPOSURE. Nam Cheong
announced the sale contracts for three AHTS vessels
worth a total of US$36.8 million. These vessels were
part of its build-to-stock series and will be sold to new
Singaporean customers. As the vessels will be delivered
in 2Q and 3QFY2012, the bulk of the sales (about 11.4%
of our FY2012F) will be recognised in this FY. This
contract is further evidence of Nam Cheong’s ability to
construct the right type of vessels, as well as surging
demand for more OSVs in the emerging oil-and-gas
markets. Two of the vessels will be operated under a
long-term charter contract with Petrobras while the
other will conduct work in Asia-Pacific. Intrinsic value
of 23 cents. — SIAS Research (March 29)
Petrochina (April 3: US$141.17, HK$11.14)
OVERWEIGHT. PetroChina’s management update emphasised
the company’s strategy to further build on its integrated
energy model overseas and expand its domestic natural gas
footprint. The company expects to capitalise on China’s tight
natural gas market as well as benefit from the country’s
gradual move to a netback market price linked to oil
products in the medium term. Acquisition activity is likely
to focus on developing corporate and key resource-holders
partnerships to ensure a 50% international bias in the
group’s production mix as well as to reinforce its existing
trading platform. We continue to see PetroChina’s valuation
premium to its global peers as a price worth paying for
its diversified energy portfolio geared to China’s pricing
reform and high demand growth market. Price target of
HK$13.50. We raise our FY2012 to 2015E EPS forecasts.
— Barclays Capital Research (March 30)
Sembcorp Industries (April 3: $5.31)
MAINTAIN BUY. We expect 1Q2012 results from its utilities
business to remain strong on the back of firm energy
demand, a full quarter contribution from additional gas
imports from West Natuna and absence of integration
costs and purchase price allocations from the acquisition
of WSN Environmental Solutions that dented 4Q2011
results. Earnings from subsequent quarters may be
affected by the planned maintenance shutdown of its
Singapore co-generation plant but this will be offset by
the additional gas imports and commencement of full
operations in Salalah Independent Water and Power Plant
by 2H2012. Sembcorp Marine looks set to win a US$650
million harsh environment semi-sub order from Seadrill.
— Phillip Securities Research (March 30)
Sembcorp Marine (April 3: $5.27)
MAINTAIN OUTPERFORM. Sembcorp Marine announced
this morning that it has secured a US$568 million semi-sub
drilling rig order from North Atlantic Drilling, a subsidiary
of Seadrill. The order drought of semi-sub drilling rigs
since 2009 has left only 12 units due for delivery in 2012
to 2014 versus a total of 110 jack-up rigs and drillships.
The rig value is lower than those awarded during the peak
in 2008 of about US$640 million (F&G design), mainly
due to cheaper equipment cost. However, we expect
prices to climb as more orders come in. Stay invested
for more newsflow of order wins. Sembcorp Marine
could trade above 18x PER or 1SD above its five-year
trading mean on stronger-than-expected non-Brazilian
orders, we believe. Price target of $6.28, still based on
18x CY2013 PER. No change to our EPS estimates and
non-Petrobras order assumption of $2 billion for 2012.
— CIMB Research (April 3)
Singapore Exchange (April 3: $6.98)
DOWNGRADE TO ACCUMULATE. SGX will be announcing
its 3Q2012 results on April 17. Compared with 2Q2012,
securities trading values to date have shown marked
improvements, improving q-o-q from a Securities Daily
Average Value (SDAV) of $1.12 billion to $1.4 billion
quarter to date, based on Bloomberg data. SGX also
recently announced a new organisation structure, in
which the organisation will have five business units
— Derivatives, Listings, Market Data & Access, Post-trade
and Securities. Based on the high potential for an increase
in trading values and total revenue as discussed above,
we ascribe a higher PER of 25.0X as compared with the
current PER of 3.6X. This gives us a new price target of
$7.34. — Phillip Securities Research (April 2)
E
THEEDGE SINGAPORE | APRIL 9, 2012 • 25

Shares retreat as Fed minutes
soften stimulus bias
April 4—Asian shares fell on Wednesday after
the minutes from the US Federal Reserve’s March
meeting reduced expectations of further stimulus
measures to spur growth, leaving investors looking
for more clues to the global economic outlook.
European equity markets will likely follow
the weak Asian mood, with financial spreadbet-
ters predicting major European markets to open
as much as 0.8% lower. US stock futures were
down 0.4%.
Fed policymakers remained focused on a still-
elevated jobless rate while noting signs of slightly
stronger growth, but the minutes suggested the
appetite for further quantitative easing, so-called
QE3, has waned significantly in the light of an
improving US economy. Along with falling stocks,
gold extended losses from Tuesday’s 2% while
the US dollar held on to gains.
MSCI’s broadest index of Asia-Pacific shares
outside Japan fell 0.8%. Japan’s Nikkei average
fell more than 2%, and below the key 10,000
points level, to a one-month low, raising concerns
that Tokyo’s strong equities rally so far this year
was screeching to a halt.
“The minutes do not suggest any change in
the Fed’s broad policy stance, and the central
bank still stands ready to take additional easing
measures if economic conditions worsen,” said
Makoto Noji, senior strategist at SMBC Nikko
Securities. “While the US economy is firming
now, signs of slowdown in Australia, China and
the euro zone would eventually put downside
risks to the export-reliant US economy.”
Hong Kong and Shanghai markets were closed
for a public holiday.
Spot gold fell 0.1% to US$1,645 an ounce
while US gold futures slipped as much as 1.8%
to US$1,642 an ounce. Copper fell 0.7% to
US$8,510 a tonne on waning hopes for more
Fed stimulus.
Mining firms weighed on Australian shares
while the Australian dollar tumbled to a fresh
11-week low of US$1.0263 after the country’s
trade balance surprisingly showed a deficit in
February.
Diminished expectations of QE3 — the crea-
tion of money by the central bank to buy assets
— lifted the US dollar index against a basket of
key currencies to its highest since March 26. But
the US dollar struggled to gain further against the
yen after recovering from Tuesday’s three-week
low of ¥81.55.
Whether gold closes the week above or below
its 55-week moving average, which stands at
US$1,642, will set the direction for not only bullion
prices but also the US dollar, analysts say.
“Everything is linked through the phenomenon
of massive cash supply from central banks,” said
a Singapore-based trader. “The minutes seem to
support a view that the Fed is not going to pump
more and more cash into the markets.”
More Fed stimulus would be tantamount to
printing money and depreciate the US dollar’s
value, which in turn would enhance the appeal
of gold.
The markets will face key US non-farm payrolls
data on Friday, which could offer further evidence
for a reduced need of additional monetary meas-
ures to spur faster economic growth.
The US economy likely notched up a fourth
month of solid job growth in March and is ex-
pected to have added 203,000 jobs last month,
according to a Reuters survey, after non-farm
payrolls rose 227,000 in February.
Reuters Support: (1 800) 776 7188
Dealing Code HELP | Customer zone: www.reuters.com/customers | Product info: www.reuters.com/productinfo
Gold extends losses as US stimulus
hopes fade
April 4—Gold struggled to regain lost ground
on Wednesday after tumbling nearly 2% in
the previous session, as the minutes of the
US Federal Reserve’s last policy meeting
showed diminishing appetite for further
monetary stimulus. Expectations of another
round of quantitative easing had boosted
gold’s appeal as a hedge against inflation and
pushed prices to US$1,790.30 in February,
the highest level since last November.
Policymakers at the US central bank be-
lieved that the gradually improving economy
had lessened the need for more monetary eas-
ing, even though they remained cautious about
a broad pickup in economic activities.
The minutes came just a week after Fed
chairman Ben Bernanke hinted at the possi-
bility of further stimulus, which drove stocks
and commodities higher and cut the yields in
US Treasuries. “Everything is linked through
the phenomenon of massive cash supply
from central banks,” said a Singapore-based
trader. “The minutes seem to support a view
that the Fed is not going to pump more and
more cash into the markets.”
Spot gold edged down 0.1% to US$1,643.30
an ounce by 0633 GMT, after posting its big-
gest one-day decline in three weeks. Prices
dropped below US$1,640 on Tuesday. US
gold dropped 1.6% to US$1,645.00, tracking
weaker spot prices.
A firmer US dollar, which hit a one-
week high against a basket of currencies,
also weighed on commodities priced in the
greenback. “The US economy seems to be
somewhat on its own in terms of growth
‘ramp-up’ just as Europe nears recession,
while China’s growth remains suspect despite
this weekend’s stronger PMI number,” said
INTL FCStone analyst Ed Meir in a research
note. “This means the US dollar will likely
push higher from here, not necessarily a fertile
backdrop for either metal (gold or silver).”
US Treasuries had their largest selloff in
COMMODITIES
GLOBAL MARKETS
CREDIT DEFAULT SWAPS
Weak Spanish auction adds
to FOMC-inspired widening
April 4—As expected, European credit markets took their
directional stance this morning from last night’s FOMC
minutes, and the less dovish than expected tone in those
minutes led to some relatively aggressive widening across
the board on the open.
Those initial moves saw the iTraxx Main index open
three basis points wider at 126bps, while the Crossover
was 11bps wider at 618bps — both perilously close to their
Series 17 respective wides of 127.5 and 621bps.
It is, however, a very busy session in terms of sched-
uled events, all of which could have a material effect on
market direction.
The first of those events came in the form of a swathe
of European PMI service and composite data. In the main
the services data managed to beat the flash estimates from
a couple of weeks ago.
Most impressive was Spain, where the number came
in at 46.3 versus expectations of 42.0, the highest print
since July.
France and Germany also marginally beat expectations,
with Service PMI coming in at 50.1 and 52.1 respectively
versus expectations of 50.0 and 51.8.
The areawide number came in at 49.2 versus 48.7 and the
only country to miss flash estimates was Italy, which came
in at 44.3 versus expectations of 44.5. Composite numbers
exhibited a similar trend with the area-wide number com-
ing in at 49.1 versus a flash estimate of 48.7.
Rates as at April 4 (%)
DEPOSIT RATE GOV BOND
1M 3M 6M 1Y 10Y
AUD 4.2900 4.4600 4.5800 4.7800 4.0650
CNY 3.1000 3.3000 3.5000 3.5500
HKD 0.1400 0.3600 0.5000 0.8600 1.3450
IDR 4.8460 4.1650 4.5750 4.9470 5.9030
INR 6.2100 7.5340 7.1340 6.5090 8.6930
JPY 0.0300 0.1700 0.2200 0.4400 1.0200
MYR 1.9720 2.2020 2.6000 2.6480 3.6420
NZD 2.9000 2.5000 2.8500 3.3000 4.1200
PHP 3.3360 2.3680 2.4560 2.4400 5.7640
THB 2.5340 2.6940 2.7340 3.0290 3.8600
TWD 0.0350 0.1620 0.0750 0.2830 1.2800
USD 0.2400 0.4300 0.5800 0.8100 2.2538
Most actively traded CDS in
basis points (April 4)
NAME LAST CCY TERM RANK CLOSE
Wells Fargo 87 USD CDSSN SNRFOR 87
Mexico 118 USD CDSSN SNRFOR 113
Turkey 230 USD CDSSN SNRFOR 229
Russian Fedrtn 184 USD CDSSN SNRFOR 179
UBS AG 170 EUR CDSSN SNRFOR 170
Brazil 118 USD CDSSN SNRFOR 120
Electrolux 72 EUR CDSSN SNRFOR 60
Gazprom 250 USD CDSSN SNRFOR 242
E
Performance of SGD against Asian currencies (April 4, 2011 to April 4, 2012)
E
three weeks on Tuesday as the Fed officials
disappointed the market that had expected
more bond purchasing and persistently low
real interest rates.
Adding to evidence on improving US
economy, new orders for US factory goods
rebounded in February and firms increased
orders for capital goods.
The sharp drop in prices attracted some
physical buying interest from bullion dealers
in Asia, though Hong Kong and China are
closed for a public holiday, dealers said.
“Prices below US$1,640 are still attractive
to physical buyers,” said a Singapore-based
dealer, who added that India’s imports
remained depressed as the jewellers’ strike
drags into the third week.
Platinum group metals held up relatively
well during the sell-off on Tuesday, on strong
US auto sales data. Spot platinum was little
changed at US$1,634.74, and spot palladium
traded nearly flat at US$648.75. Gold’s
premium over platinum has narrowed to
below US$10 from nearly US$45 last week,
as platinum outstripped gold on weekly
performance charts.
E
Precious-metals prices (April 4)
METAL LAST CHANGE PCT CHG YTD PCT CHG TURNOVER
SPOT GOLD 1643.30 -1.53 -0.09 5.08
SPOT SILVER 32.38 -0.24 -0.74 16.94
SPOT PLATINUM 1634.74 -0.11 -0.01 17.35
SPOT PALLADIUM 648.75 0.15 +0.02 -0.57
COMEX GOLD JUN2 1645.00 -27.00 -1.61 4.99 14773
COMEX SILVER MAY2 32.41 -0.86 -2.59 16.08 4305
EURO/DOLLAR 1.3205
DOLLAR/YEN 82.64
COMEX gold and silver contracts show the most active months
Daily Thomson Reuters Jefferies CRB Commodity
Index with 50- & 100-day moving average
-10 -5 0 5 10 15 20
SGDAUD
SGDCNY
SGDHKD
SGDIDR
SGDINR
SGDJPY
SGDMYR
SGDNZD
SGDPHP
SGDTHB
SGDTWD
SGDUSD
%
Performance in %
-0.11
-3.77
0.63
5.06
14.82
-0.96
1.33
-6.50
-1.41
2.64
0.28
0.06
26 • THEEDGE SINGAPORE | APRIL 9, 2012
CAPITAL FACTSET ESTIMATES CONSENSUS SINGAPORE
The Edge/FactSet Estimates Consensus Table
pre sents the earnings forecast of Singaporean eq-
uities using the latest and more robust FactSet
metho do logy that provides more timely and use ful
infor mation.
FactSet utilises only the latest estimates in
calculating the consensus. Any estimates that
are more than 75 days old are discarded to avoid
the possibility of old forecasts polluting the
consensus.
The latest 45-day forecast EPS not only gives
you the more robust consensus but also a glimpse
of the earnings trend, while the Recommendation
Consensus Rating is the scale that measures how
the analysts feel about a stock.
FactSet offers instant access to accurate fi-
nancial data and analytics to thousands of in-
vestment professionals around the world. Our
CO combines more than 200 databases from
industry-leading suppliers and clients’ own pro-
prietary data into a single powerful information
system, making FactSet a one-stop source for
financial information.
Glossary to FactSet Estimates Consensus Table
• Price: Closing price as of stated date
• Market Capitalisation ($): Market capitalisa-
tion ($) in millions
• Recommendation Consensus Rating: The
following rating is assigned to each type of
re commendation provided by participating
brokers:
1 = positive (strong buy)
1.5 = overweight
2 = neutral
2.5 = underweight
3 = negative (strong sell)
– = no recommendation from brokers at that
point of time
The average of all recommendations is then calcu-
lated to give the consensus rating
• No of Estimates (75 days): Number of esti-
mates that are less than 75 days old and are
included in the consensus calculation
• PER 2012: The forecast PE ratio for year 2012
(NA — unable to calculate, for example nega-
tive earnings per share figures)
• EPS 2012 (75 days): The forecast earnings per
share for year 2011 using estimates from the lat-
est 75 days
• EPS 2012 (45 days): The forecast earnings per
share for year 2011 using estimates from the lat-
est 45 days
• EPS Growth: Earnings per share growth com-
pared to last year (R = Recovery)
• 6-month performance: Six-month price per-
formance for that equity
• 6-month performance relative to STI: Six-
month price performance relative to the Straits
Times Index.
Disclaimer
In no event will FactSet or The Edge be responsible
for special, indirect, incidental or consequential
damages that may be incurred or experienced on
account of entering into or relying on the data.
FactSet acts solely as a transmitter of informa-
tion provided by certain brokers, certain corpora-
tions and certain other sources.
Neither FactSet, any source or any third par-
ty which FactSet contracts to effect transmission
makes any warranty of merchantability or fitness
for a particular purpose with respect to the FactSet
financial information, nor shall any of them be li-
able for any error or omission in the information
supplied to The Edge or its subscribers or the accu-
racy, completeness or timeliness of the data.
COMPANY PRICE MARKET RECOMMENDATION RECOMMENDATION NO OF PER 2012 2012 EPS 2012 EPS 2012 EPS 6-MONTH
CAPITALISATION CONSENSUS 75 DAYS CONSENSUS 75 DAYS ESTIMATES (X) (75 DAYS) (45 DAYS) GROWTH (%) PERFORMANCE
($ MIL) AS OF 03/04/12 AS OF 10/01/12 (75 DAYS) (%)
E
/
AIMS AMP CAPITAL INDUSTRIAL REIT 1.14 505.99 1.00 1.00 2 10.41 0.11 0.12 -1.94 14.57
AMTEK ENGINEERING LTD 0.75 389.06 1.63 1.75 4 8.77 0.08 0.11 -18.10 15.50
ARA ASSET MANAGEMENT LTD 1.58 1,175.53 1.29 1.33 7 16.68 0.10 0.10 9.78 32.91
ARMSTRONG INDUSTRIAL CORP 0.32 160.53 2.00 2.33 2 11.05 0.03 0.03 96.88 36.96
ASCENDAS INDIA TRUST 0.83 638.76 1.50 1.63 3 12.77 0.07 0.06 3.81 7.79
ASCENDAS REAL ESTATE 2.01 4,211.85 2.08 1.90 10 15.07 0.13 0.13 0.57 -0.98
ASCOTT RESIDENCE TRUST 1.09 1,206.11 1.57 1.86 6 17.50 0.06 0.07 14.07 7.43
ASIAN PLANTATIONS LTD 261.00 126.52 1.00 1.00 2 NA -9.02 -9.02 R+ 2.15
ASL MARINE HLDGS LTD 0.61 236.33 1.40 1.33 5 8.71 0.07 0.08 5.26 23.23
AVAGO TECHNOLOGIES LTD 38.69 9,436.61 1.20 1.27 13 14.33 2.70 2.70 0.00 18.07
BANYAN TREE HLDGS LTD 0.68 513.95 2.00 2.00 1 96.43 0.01 0.01 250.00 3.85
BIOSENSORS INTERNATIONAL GROUP LTD 1.55 2,588.03 1.21 1.25 7 14.30 0.11 0.11 -51.49 27.05
BOUSTEAD SPORE LTD 0.90 450.52 1.00 1.00 1 8.95 0.10 0.10 42.86 9.82
BREADTALK GROUP LTD 0.58 163.50 1.75 1.75 2 11.49 0.05 0.05 23.17 22.11
BROADWAY INDUSTRIAL GROUP 0.46 185.32 1.50 2.50 2 7.98 0.06 0.05 R+ 40.00
BUKIT SEMBAWANG ESTATES 4.83 1,266.07 1.50 2.00 1 4.98 0.97 0.97 64.41 30.54
CACHE LOGISTICS TRUST 1.00 698.87 1.30 1.25 5 12.59 0.08 0.07 2.50 3.65
CAMBRIDGE INDUSTRIAL TRUST 0.54 636.22 1.75 1.17 4 12.00 0.05 0.05 -35.06 17.39
CAPITACOMMERCIAL TRUST 1.23 3,459.62 1.62 1.57 13 17.60 0.07 0.07 -1.29 21.78
CAPITAL DRILLING LTD 85.00 114.40 1.00 1.00 1 8.27 10.27 10.27 23.78 -2.30
CAPITALANDLTD 3.11 13,321.12 1.55 1.59 18 20.06 0.16 0.15 -26.55 25.91
CAPITAMALL TRUST 1.82 6,009.25 1.40 1.50 9 19.21 0.09 0.09 11.90 -0.82
CAPITAMALLS ASIA LTD 1.65 6,356.07 1.30 1.35 19 27.42 0.06 0.06 -32.14 34.84
CAPITARETAIL CHINA TRUST 1.24 850.70 1.50 2.00 5 13.72 0.09 0.07 -50.00 6.01
CDL HOSPITALITY TRUSTS 1.75 1,673.99 1.57 1.60 12 15.91 0.11 0.12 -1.20 15.89
CEREBOS PACIFIC LTD 5.57 1,761.62 1.50 1.50 1 14.28 0.39 0.39 39.29 17.02
CH OFFSHORE LTD 0.40 274.99 1.50 1.50 1 6.90 0.06 0.06 -3.33 8.11
CHINA MERCHANTS HLDGS 0.69 589.40 1.50 1.50 1 7.50 0.09 0.09 35.29 18.97
CHINA SUNSINE CHEMICAL HLDGS LTD 0.26 125.38 2.00 1.00 1 5.69 0.05 0.05 16.82 10.64
CITY DEVELOPMENTS LTD 11.17 10,320.57 2.59 2.24 21 15.56 0.72 0.71 -15.29 16.48
COMFORTDELGRO CORP LTD 1.55 3,262.50 1.67 1.53 15 13.05 0.12 0.12 5.50 18.32
CONSCIENCEFOOD HLDG LTD 0.22 85.19 1.50 1.17 1 4.30 0.05 0.05 0.00 10.82
COSCO CORP SINGAPORE LTD 1.16 2,608.72 2.66 2.60 17 18.93 0.06 0.06 -1.64 24.19
CSE GLOBAL LTD 0.83 425.76 1.50 1.38 5 7.55 0.11 0.11 119.98 1.22
CWT LTD 1.29 758.54 1.13 1.30 4 10.89 0.12 0.12 36.31 36.51
DBS GROUP HLD LTD 14.18 34,340.98 1.50 1.50 22 11.25 1.26 1.21 0.76 19.76
ECS HLDGS 0.56 204.63 1.00 1.00 1 4.71 0.12 0.12 20.20 9.80
ELEC & ELTEK INTERNATIONAL CO LTD 2.74 514.03 1.50 1.50 2 9.24 0.30 0.30 -1.96 -2.49
EOC LTD 5.10 576.96 1.00 1.67 1 2.57 1.98 1.98 107.45 -17.74
EZION HLDGS LTD 0.98 818.82 1.13 1.13 8 8.63 0.11 0.11 15.12 104.17
EZRA HLDGS LTD 1.16 1,124.58 1.43 1.60 7 11.87 0.10 0.10 35.86 36.47
FIRST RESOURCES LTD 1.93 2,831.79 1.25 1.13 10 13.18 0.14 0.15 3.37 56.28
FIRST SHIP LEASE TRUST 0.22 140.75 2.75 2.00 2 NA -0.00 -0.01 R+ -23.21
FJ BENJAMIN HLDGS LTD 0.34 193.36 2.00 1.33 1 10.00 0.03 0.03 3.03 4.62
FORTUNE REAL ESTATE INV TRUST 4.10 6,518.84 1.31 1.44 7 17.53 0.23 0.23 18.45 20.94
FRASER & NEAVE LTD 6.76 9,515.38 1.33 1.25 9 14.64 0.45 0.45 -19.73 16.75
FRASERS CENTREPOINT TRUST 1.53 1,250.26 1.42 1.54 5 17.06 0.09 0.09 -53.36 5.90
FRASERS COMMERCIAL TRUST 0.85 535.76 1.25 1.33 3 13.97 0.06 0.07 -21.62 6.25
GENTING SINGAPORE PLC 1.71 20,798.27 1.52 1.50 22 18.94 0.09 0.09 12.50 10.72
GLOBAL LOGISTIC PROPERTIES 2.21 10,111.41 1.22 1.19 9 22.93 0.10 0.09 0.00 33.54
GLOBAL PALM RESOURCES HLDGS LTD 0.23 99.11 2.00 2.00 1 12.49 0.02 0.02 -48.86 6.98
GMG GLOBAL LTD 0.15 1,105.32 1.50 1.75 2 13.90 0.01 0.01 -15.63 -6.74
GOLDEN AGRI-RESOURCES LTD 0.80 9,528.79 1.40 1.21 15 12.07 0.07 0.07 -11.37 29.27
GOODPACK 1.76 880.04 1.90 2.10 5 13.95 0.13 0.12 11.57 15.46
GREAT EASTERN HLDGS LTD 13.80 6,579.12 1.25 1.50 2 13.19 1.05 1.15 29.42 11.29
HIAP SENG ENGINEERING LTD 0.32 95.68 2.50 2.00 1 7.50 0.04 0.04 40.00 18.87
HI-P INTERNATIONAL LTD 0.97 873.87 2.00 2.17 3 13.11 0.07 0.07 48.00 83.02
HO BEE INVESTMENT LTD 1.42 1,039.65 2.17 2.00 3 10.88 0.13 0.13 -53.47 6.79
HONG LEONG ASIA LTD 1.96 727.25 2.00 2.00 1 8.52 0.23 0.23 187.50 30.67
HONG LEONG FINANCE LTD 2.52 1,118.89 1.83 1.88 3 13.26 0.19 0.19 -17.39 12.50
HU AN CABLE HLDGS LTD 0.16 141.30 1.00 1.00 1 3.04 0.05 0.05 28.57 -23.72
HUTCHISON PORT HLDGS TRUST 0.76 6,662.30 1.46 1.42 14 22.67 0.03 0.03 3.95 12.59
HYFLUX 1.51 1,288.77 2.09 2.36 10 15.24 0.09 0.09 79.41 1.34
INDOFOOD AGRI RESOURCES LTD 1.58 2,251.29 1.80 1.68 14 10.60 0.15 0.15 0.72 27.53
JARDINE CYCLE & CARRIAGE LTD 49.29 17,177.37 1.50 1.00 2 12.28 4.01 3.93 9.14 17.41
JAYA HLDG LTD 0.57 439.87 1.00 1.00 2 12.11 0.05 0.04 -56.18 17.71
K REAL ESTATE INVESTMENT TRUST ASIA 0.96 2,450.20 2.00 2.15 8 24.00 0.05 0.05 -16.38 3.65
KENCANA AGRI LTD 0.36 401.81 1.75 1.75 2 19.61 0.02 0.02 66.23 4.41
KEPPEL CORP LTD 10.92 19,692.36 1.30 1.20 21 12.41 0.88 0.87 4.76 40.90
KEPPEL LAND LTD 3.48 5,173.16 1.89 1.81 19 13.86 0.25 0.26 -55.17 34.36
KINO BIOTECH CO LTD 44.90 994.08 1.00 2.00 2 11.42 3.17 1.89 9.66 -40.13
KREUZ HLDGS LTD 0.35 172.38 1.00 1.00 1 5.56 0.06 0.06 -22.65 13.11
KSH HLDGS LTD 0.24 82.55 2.00 1.00 2 4.23 0.06 0.08 35.85 11.91
KULICKE & SOFFA 12.65 932.57 1.75 1.50 2 9.04 1.11 1.40 -36.13 69.57
LIAN BENG GROUP 0.43 227.80 1.00 1.00 1 3.63 0.12 0.12 16.50 21.43
M1 LTD 2.55 2,313.31 1.93 1.64 8 13.90 0.18 0.19 2.28 3.66
MAPLETREE COMMERCIAL TRUST 0.89 1,632.77 1.31 1.31 8 16.39 0.05 0.05 10.48 8.59
MAPLETREE INDUSTRIAL TRUST LTD 1.10 1,791.70 1.45 1.32 10 13.11 0.08 0.08 3.09 1.38
MAPLETREE LOGISTICS TRUST 0.95 2,096.63 1.32 1.37 12 14.32 0.07 0.07 3.13 11.18
MEWAH INTERNATIONAL INC 0.54 798.74 2.33 2.50 7 11.91 0.05 0.05 28.77 24.42
MICLYN EXPRESS OFFSHORE LTD 2.24 623.87 1.21 1.21 7 9.57 0.23 0.23 19.98 47.37
MIDAS HLDGS LTD 0.38 463.07 1.90 2.00 5 11.36 0.03 0.03 -5.57 0.00
MORTICE LTD 57.00 27.19 1.00 1.00 1 14.05 4.06 4.06 14.60 0.88
NEPTUNE ORIENT LINES LTD 1.43 3,658.28 2.10 2.26 23 NA -0.03 -0.03 R+ 30.59
OKP HLDGS 0.62 187.92 1.25 1.25 2 7.05 0.09 0.08 -0.31 11.71
OLAM INTERNATIONAL LTD 2.37 5,764.08 1.42 1.28 18 13.94 0.17 0.17 5.08 4.41
OM HLDGS LTD 0.40 265.81 2.50 2.50 2 266.67 0.00 0.00 R+ -32.77
OSIM INTL 1.26 951.45 1.17 1.00 6 12.06 0.10 0.11 11.08 16.13
OTTO MARINE LTD 0.13 240.08 2.50 2.50 3 NA -0.01 -0.01 R+ -5.93
OVERSEA-CHINESE BANKING CORP 8.99 30,694.11 1.83 1.90 23 13.03 0.69 0.69 4.77 10.58
OVERSEAS UNION ENTERPRISES 2.37 2,306.76 1.82 1.66 13 18.81 0.12 0.13 20.00 10.23
PAN UNITED CORP 0.52 291.91 1.50 1.50 1 8.97 0.06 0.06 5.45 23.81
PARKSON RETAIL ASIA LTD 1.46 988.86 1.88 1.80 4 20.62 0.07 0.07 25.38 R+
PARKWAY LIFE REAL ESTATE INVESTMENT TRUST 1.81 1,085.92 1.75 1.75 3 17.75 0.10 0.10 5.94 -1.09
PEC LTD 0.75 191.37 1.67 1.75 3 11.72 0.06 0.07 -45.76 -3.23
PERENNIAL CHINA RETAIL TRUST 0.52 583.28 1.75 1.38 4 42.92 0.01 0.01 125.88 13.19
PETRA FOODS LTD 2.45 1,485.11 1.50 1.83 3 16.26 0.15 0.15 16.23 40.00
PHOTON KATHAAS PRODUCTIONS LTD 0.41 8.70 1.00 1.00 1 6.04 0.07 0.07 42.55 -10.99
RAFFLES EDUCATION 0.47 402.22 2.00 2.00 2 21.63 0.02 0.02 -56.53 3.33
RAFFLES MEDICAL GROUP 2.32 1,241.53 1.63 1.50 8 21.09 0.11 0.11 13.42 3.57
RH PETROGAS LTD 0.49 223.84 1.00 1.00 2 35.27 0.01 0.01 60.47 -7.55
RICKMERS MARITIME TRUST 0.31 131.34 2.00 2.00 1 3.12 0.10 0.10 -20.70 -3.17
ROTARY ENGRG LTD 0.71 403.18 2.25 2.25 2 12.46 0.06 0.06 8.18 21.37
SABANA SHARI’AH COMPLIANT REIT 0.96 608.62 1.50 1.50 3 11.43 0.08 0.08 -39.60 11.63
SAKARI RESOURCES LTD 2.34 2,649.25 1.33 1.59 9 10.55 0.22 0.22 4.10 17.00
SATS LTD 2.55 2,762.03 1.67 1.58 12 14.82 0.17 0.18 14.29 15.91
SC GLOBAL DEVT LTD 1.06 443.83 2.67 2.25 3 6.34 0.12 0.12 -62.03 -6.64
SEMBCORP INDUSTRIES LTD 5.32 9,445.82 1.35 1.31 17 12.37 0.43 0.43 -4.44 55.56
SEMBCORP MARINE LTD 5.31 11,025.74 1.26 1.32 23 16.04 0.33 0.33 -4.96 63.38
SHENG SIONG GROUP LTD 0.49 677.93 1.63 1.50 4 15.31 0.03 0.03 60.00 19.51
SIA ENGINEERING CIE 4.04 4,423.11 1.64 1.69 6 15.54 0.26 0.25 5.72 6.32
SINGAPORE AIRLINES LTD 10.81 12,716.45 1.90 1.91 20 21.20 0.52 0.53 29.87 -5.42
SINGAPORE EXCHANGE LTD 6.93 7,437.14 2.07 1.85 9 24.75 0.29 0.28 2.28 4.52
SINGAPORE LAND 6.01 2,474.86 2.50 2.33 2 11.90 0.51 0.47 -22.82 2.74
SINGAPORE POST LTD 1.02 1,970.28 1.64 1.92 7 12.90 0.08 0.08 0.00 -0.49
SINGAPORE PRESS HLDGS LTD 3.88 6,316.21 1.70 2.00 5 15.86 0.25 0.25 0.67 3.19
SINGAPORE TECHNOLOGIES ENGINEERING LTD 3.23 9,967.26 1.46 1.50 13 17.89 0.18 0.18 5.88 14.95
SINGAPORE TELECOM 3.12 50,217.33 1.73 1.50 21 12.48 0.25 0.25 8.70 -1.89
SKYWEST AIRLINES LTD 24.88 52.13 1.00 1.00 2 10.34 2.41 2.13 9.69 17.75
SMRT 1.74 2,637.49 2.18 2.04 14 17.40 0.10 0.10 7.81 -0.29
SOUND GLOBAL LTD 0.61 767.54 1.38 1.38 4 8.74 0.07 0.07 10.27 45.24
STARHILL GLOBAL REAL ESTATE INVESTMENT TRUST 0.65 1,243.53 1.17 1.38 7 13.64 0.05 0.05 5.10 11.21
STARHUB LTD 3.15 5,323.63 1.95 1.89 20 16.58 0.19 0.19 5.50 10.14
STX OSV HLDGS LTD 1.77 2,082.70 1.41 1.35 10 8.83 0.20 0.20 -32.80 87.77
SUNTEC REAL ESTATE INVESTMENT TRUST 1.25 2,789.30 1.75 1.88 11 15.43 0.08 0.09 -31.66 8.70
SUPER GROUP LTD 1.90 1,006.72 1.70 1.58 5 17.27 0.11 0.11 20.88 21.41
SWIBER HLDGS LTD 0.67 340.59 1.38 1.63 4 6.60 0.10 0.10 40.47 30.39
TAT HONG HLDGS 0.94 471.16 1.63 2.00 5 10.01 0.09 0.09 28.30 35.51
TECHNOVATOR INTERNATIONAL LTD 1.20 596.80 1.00 1.00 1 5.44 0.22 0.22 8.37 R+
TEE INTERNATIONAL LTD 0.25 91.36 1.00 1.00 1 3.21 0.08 0.08 77.27 -1.96
TIGER AIRWAYS HLDGS LTD 0.77 631.55 2.20 2.33 10 38.50 0.02 0.02 R+ 1.35
TIONG SENG HLDGS LTD 0.22 164.70 1.50 1.50 2 5.55 0.04 0.04 9.96 16.22
UNITED ENGINEERINGS 2.51 725.93 1.50 1.50 2 7.62 0.33 0.33 -63.00 41.01
UNITED ENVIROTECH LTD 0.35 162.38 1.00 1.00 1 12.78 0.03 0.03 0.00 16.95
UNITED INDUSTRIAL CORP LTD 2.73 3,844.58 2.50 2.50 1 18.45 0.15 0.15 33.33 2.63
UNITED OVERSEAS BANK LTD 18.28 29,185.48 1.88 2.00 24 11.87 1.54 1.54 7.46 7.53
UOL GROUP LTD 4.69 3,641.47 1.44 1.11 7 9.57 0.49 0.49 -30.00 12.74
VENTURE CORP LTD 8.60 2,337.86 1.44 1.71 9 13.74 0.63 0.63 9.63 28.74
WHEELOCK PROPERTIES (SINGAPORE) LTD 1.86 2,255.51 2.00 2.00 1 16.91 0.11 0.11 -31.25 14.46
WILMAR INTERNATIONAL LTD 4.90 31,369.80 2.00 1.66 23 14.94 0.33 0.33 8.67 -7.02
WING TAI HLDGS LTD 1.28 1,016.23 1.81 1.81 8 7.11 0.18 0.19 -26.37 4.92
XINREN ALUMINIUM HLDGS LTD 0.36 389.79 1.50 1.50 2 4.55 0.08 0.08 -0.23 10.94
XP POWER PLC 1,140.00 216.97 1.50 1.00 5 11.62 98.11 98.11 -8.43 7.34
YANLORD LAND GROUP LTD 1.26 2,465.14 2.23 2.00 11 11.08 0.11 0.11 3.77 77.47
YHI INTERNATIONAL LTD 0.37 210.45 1.50 1.50 1 5.62 0.07 0.07 30.00 30.36
YONGNAM HLDGS 0.26 320.07 1.38 1.38 5 4.91 0.05 0.05 3.92 10.64
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THEEDGE SINGAPORE | APRIL 9, 2012 • 27
CAPITAL BONDS
PSB joins eurobond rush
after sovereign deal
April 3: Russian mid-sized lender Promsvyaz-
bank (PSB) joined other local corporate borrow-
ers on Tuesday in a rush to issue Eurobonds,
after the country’s bumper US$7 billion sov-
ereign issue reopened the window on interna-
tional debt markets.
External debt markets had been largely closed
for Russian borrowers since last summer as in-
vestors demanded higher premiums to accept
the risk from emerging markets on the edge of
euro zone sovereign debt crisis.
Since the start of 2012, Russian borrowers
have raised over US$13 billion via Eurobond
issues — half of the total for the whole last
year — as global risk sentiment improved fol-
lowing the European Central Bank’s massive
liquidity injections.
IFR, a Thomson Reuters news and market
Singapore corporate bonds
NAME COUPON (%) MATURITY DATE CURRENCY BID ASK BID YIELD ASK YIELD CLOSE PRICE TIME DATE CONTRIB REF
E
AREIT 0713 5 JULY 22, 2013 SGD 103.528 103.628 2.197 2.12 103.528 2:52:05 APRIL 04, 2012 TR PRICING
ASCENDAS 0414 5.15 APRIL 29, 2014 SGD 104.072 104.172 3.082 3.033 104.072 7:12:06 APRIL 04, 2012 TR PRICING
ASCOTT CAP 0514 5.15 MAY 28, 2014 SGD 105.457 105.587 2.507 2.446 105.457 7:12:06 APRIL 04, 2012 TR PRICING
ASCOTT CAP 0812 4.38 AUGUST 14, 2012 SGD 100.835 100.885 1.949 1.806 100.835 2:32:06 APRIL 04, 2012 TR PRICING
ASCOTT CAP 0912 3.58 SEPTEMBER 28, 2012 SGD 100.777 100.827 1.873 1.766 100.777 1:52:06 APRIL 04, 2012 TR PRICING
CAPITA TREA 1014 3.8 OCTOBER 30, 2014 SGD 102.657 102.787 2.72 2.668 102.657 7:42:06 APRIL 04, 2012 TR PRICING
CITY DEV 0412 3.38 APRIL 25, 2012 SGD 100.036 100.04 2.465 2.369 100.036 0:03:44 APRIL 04, 2012 TR PRICING
CITY DEV 1114 3.82 NOVEMBER 13, 2014 SGD 103.177 103.307 2.546 2.495 103.177 7:42:06 APRIL 04, 2012 TR PRICING
DBS 0721 4.47 JULY 15, 2021 SGD 104.944 105.344 3.22 3.122 104.944 8:40:03 APRIL 04, 2012 TR PRICING
DBS CAP PERP5.75 5.75 NA SGD 108.893 109.893 4.104 3.929 108.893 0:06:35 APRIL 04, 2012 TR PRICING
F&N 1015 3.62 OCTOBER 13, 2015 SGD 105.011 105.171 2.128 2.082 105.011 7:22:07 APRIL 04, 2012 TR PRICING
F&N TREA 0316 5.5 MARCH 18, 2016 SGD 111.255 111.415 2.478 2.438 111.255 8:52:06 APRIL 04, 2012 TR PRICING
F&N TREA 0612 3.405 JUNE 11, 2012 SGD 100.236 100.256 1.961 1.845 100.236 0:03:44 APRIL 04, 2012 TR PRICING
FCT 0612 4.8 JUNE 18, 2012 SGD 100.235 100.255 3.462 3.357 100.235 0:03:44 APRIL 04, 2012 TR PRICING
HDB 0214 3.56 FEBRUARY 23, 2014 SGD 104.842 104.849 0.961 0.957 104.842 7:40:03 APRIL 04, 2012 TR PRICING
HDB 0217 3.55 FEBRUARY 14, 2017 SGD 109.105 109.12 1.595 1.592 109.105 8:40:03 APRIL 04, 2012 TR PRICING
HDB 0223 3.63 FEBRUARY 27, 2023 SGD 110.251 110.282 2.546 2.543 110.251 8:40:03 APRIL 04, 2012 TR PRICING
HDB 0316 3.73 MARCH 07, 2016 SGD 109.028 109.043 1.358 1.354 109.028 8:40:03 APRIL 04, 2012 TR PRICING
HDB 0619 3.35 JUNE 11, 2019 SGD 108.228 108.259 2.109 2.105 108.228 8:40:03 APRIL 04, 2012 TR PRICING
HDB 0712 1.795 JULY 03, 2012 SGD 100.306 100.313 0.539 0.511 100.306 0:03:08 APRIL 04, 2012 TR PRICING
HDB 0713 3.455 JULY 15, 2013 SGD 103.062 103.069 1.035 1.03 103.062 8:40:03 APRIL 04, 2012 TR PRICING
HDB 0716 3.995 JULY 14, 2016 SGD 110.708 111.587 1.405 1.206 110.708 8:16:00 APRIL 04, 2012 BNP PARIBAS
HDB 0718 3.95 JULY 15, 2018 SGD 112.951 112.982 1.761 1.756 112.951 8:40:03 APRIL 04, 2012 TR PRICING
HDB 1015 3.2 OCTOBER 12, 2015 SGD 107.556 107.571 1.009 1.005 107.556 8:40:03 APRIL 04, 2012 TR PRICING
HDB 1016 3.622 OCTOBER 18, 2016 SGD 109.926 109.941 1.358 1.355 109.926 8:40:03 APRIL 04, 2012 TR PRICING
HDB 0415 3.375 APRIL 21, 2015 SGD 106.964 106.979 1.044 1.039 106.964 8:40:03 APRIL 04, 2012 TR PRICING
HK LAND TSY 1015 3.65 OCTOBER 05, 2015 SGD 102.76 102.92 2.813 2.766 102.76 7:22:07 APRIL 04, 2012 TR PRICING
HSBC FINANC 0214 4.07 FEBRUARY 24, 2014 SGD 102.023 102.123 2.953 2.899 102.023 7:12:06 APRIL 04, 2012 TR PRICING
JTC 1012 4.826 OCTOBER 24, 2012 SGD 102.595 102.67 0.005 -0.131 102.595 3:43:10 APRIL 04, 2012 TR PRICING
LTA 0613 2.159 JUNE 19, 2013 SGD 101.232 101.239 1.126 1.12 101.232 8:40:03 APRIL 04, 2012 TR PRICING
LTA 0512 4.08 MAY 21, 2012 SGD 101.8 101.807 -9.838 -9.891 101.8 3:43:10 APRIL 04, 2012 TR PRICING
LTA 0516 4.17 MAY 10, 2016 SGD 110.108 110.123 1.61 1.606 110.108 8:40:03 APRIL 04, 2012 TR PRICING
LTA 0623 2.9 JUNE 19, 2023 SGD 102.754 102.785 2.615 2.612 102.754 8:40:03 APRIL 04, 2012 TR PRICING
MAYBANK PERP 6 6 NA SGD 107.087 108.087 4.694 4.518 107.087 0:06:35 APRIL 04, 2012 TR PRICING
OCBC 5.1 NA SGD 107.02 108.02 -0.285 -1.011 107.02 7:42:06 APRIL 04, 2012 TR PRICING
OCBC 1117 3.78 NOVEMBER 28, 2017 SGD 100.808 101.048 2.487 2.106 100.808 0:06:34 APRIL 04, 2012 TR PRICING
OCBC CAPITAL 5.1 NA SGD 106.8 107.8 3.893 3.724 106.8 3:43:11 APRIL 04, 2012 TR PRICING
OCBC PERP4.5 4.5 NA SGD 103.448 104.448 0.185 -1.024 103.448 2:52:05 APRIL 04, 2012 TR PRICING
OCBCCAP PERP3.93 3.93 NA SGD 99.198 100.198 4.216 3.852 99.198 3:43:11 APRIL 04, 2012 TR PRICING
PSA CORP 0619 4 JUNE 05, 2019 SGD 108.708 109.038 2.654 2.606 108.708 8:02:05 APRIL 04, 2012 TR PRICING
PSA CORP 0715 2.83 JULY 06, 2015 SGD 103.863 104.023 1.602 1.552 103.863 6:22:09 APRIL 04, 2012 TR PRICING
PUB 0818 3.9 AUGUST 31, 2018 SGD 113.041 113.072 1.738 1.734 113.041 8:40:03 APRIL 04, 2012 TR PRICING
PUB 1014 3.095 OCTOBER 08, 2014 SGD 105.296 105.311 0.953 0.947 105.296 7:40:03 APRIL 04, 2012 TR PRICING
PUB 1015 3.18 OCTOBER 26, 2015 SGD 107.11 107.125 1.135 1.131 107.11 8:40:03 APRIL 04, 2012 TR PRICING
PUB 1020 3.52 OCTOBER 26, 2020 SGD 110.411 110.442 2.18 2.176 110.411 8:40:03 APRIL 04, 2012 TR PRICING
PUB 1027 3.62 OCTOBER 12, 2027 SGD 107.184 107.215 3.036 3.034 107.184 7:20:03 APRIL 04, 2012 TR PRICING
SEMB FINANC 0414 5 APRIL 21, 2014 SGD 105.49 105.59 2.216 2.167 105.49 7:02:06 APRIL 04, 2012 TR PRICING
SENGKANG 1112 4.88 NOVEMBER 20, 2012 SGD 100.198 100.273 4.55 4.425 100.198 1:42:06 APRIL 04, 2012 TR PRICING
SENGKANG 1112 8 NOVEMBER 20, 2012 SGD 106.559 108.148 5.581 5.02 106.559 8:54:44 NOVEMBER 25, 2009 DBS
SP 0513 4.05 MAY 04, 2013 SGD 102.68 102.78 1.51 1.417 102.68 2:52:05 APRIL 04, 2012 TR PRICING
SINGPOST 0413 3.13 APRIL 11, 2013 SGD 101.737 101.812 1.375 1.301 101.737 7:42:06 APRIL 04, 2012 TR PRICING
SINGPOST 1013 4.51 OCTOBER 14, 2013 SGD 98.095 100.043 5.059 4.498 98.095 8:54:48 NOVEMBER 25, 2009 DBS
SP 0412 0.575 APRIL 27, 2012 SGD 99.854 99.858 3.542 3.455 99.854 0:06:34 APRIL 04, 2012 TR PRICING
SP 0415 3.385 APRIL 27, 2015 SGD 105.789 105.919 1.434 1.392 105.789 6:22:09 APRIL 04, 2012 TR PRICING
SP 0815 4.19 AUGUST 18, 2015 SGD 107.991 108.151 1.73 1.683 107.991 7:22:07 APRIL 04, 2012 TR PRICING
SP 0820 4.665 AUGUST 18, 2020 SGD 114.211 114.571 2.75 2.705 114.211 8:22:05 APRIL 04, 2012 TR PRICING
SP 1012 2.8 OCTOBER 30, 2012 SGD 100.811 100.886 1.32 1.185 100.811 1:42:06 APRIL 04, 2012 TR PRICING
SP 1018 4.84 OCTOBER 22, 2018 SGD 114.47 114.76 2.43 2.385 114.47 7:52:07 APRIL 04, 2012 TR PRICING
ST TREA 0414 3.98 APRIL 02, 2014 SGD 104.716 104.816 1.549 1.499 104.716 6:52:05 APRIL 04, 2012 TR PRICING
UOB 0919 4.1 SEPTEMBER 03, 2019 SGD 103.082 103.412 2.756 2.616 103.082 7:12:06 APRIL 04, 2012 TR PRICING
UOB PERP5.05 5.05 NA SGD 105.795 106.795 0.953 0.28 105.795 7:42:06 APRIL 04, 2012 TR PRICING
of this month, according to a source close
to the deal.
VTB, Russia’s second-largest lender, is also
on the market with a five-year issue of at least
US$500 million, unofficially guiding investors
towards a yield of 6% to 6.1%, IFR and a bank-
ing source said.
A source added that VTB already has “a
very strong response to guidance”, with ad-
vance orders of US$1.5 billion. VTB plans to
price the deal on Wednesday. All three com-
panies declined to comment.
Following last week’s sovereign eurobond
offer of US$7 billion maturing in five, 10 and
30 years, Russian corporate issuers have new
benchmarks to price off while investors are
keener to put liquidity to work.
The cost of insuring Russia’s debt against
default for five years is trading at 180.5 basis
points, according to Markit, down from over
220bps in February as opposition protests un-
settled investors.
Prime Minister Vladimir Putin’s March 4
presidential election victory, while it prompt-
ed opposition allegations of ballot fraud,
has calmed investor nerves, and the politi-
cal transition until his May 7 inauguration
is on track.
Current Russian five-year CDS prices are
also lower than the iTraxx SovX CEEMEA in-
dex, which includes such countries as Hunga-
ry and Kazakhstan, and now trades at 268.6
ps, showing investors’ relative preference for
Russia risk.
“We believe that Russian companies will
offer the market enough interesting invest-
ment opportunities in the near future,” Gleb
Shpilevoy, a Vienna-based analyst with Raif-
feisen Bank International, said in a note on
Tuesday. — Reuters
analysis service, said on Tuesday that private-
ly-owned Promsvyazbank plans to start a road-
show for a Eurobond offering worth at least
US$500 million on April 9.
Russian coking coal miner Raspadskaya
may also raise US$300 million to US$500
million via a Eurobond deal in the middle
Singapore benchmark bonds
YIELD LAST PRICE
SG1YT 0.299 99.828
SG5YT 0.612 108.65
SG10YT 1.711 104.55
US1YT 0.1968 0.195
US5YT 1.0564 99
8
/11
US10YT 2.2376 97
29
/32
28 • THEEDGE SINGAPORE | APRIL 9, 2012
CAPITAL RIGHT TIMING
An uneasy calm
Since directional movement continues to fall,
the Straits Times Index is probably still in its
rangebound consolidation phase, stuck be-
tween 3,021 and 2,906. As directional move-
ment reaches lower levels, volatility is likely
to recede, which implies that the market is un-
likely to break either upwards or downwards
in the next week or so. There could be situa-
tional interest in selected offshore and marine
stocks, though. Dealers suggest that Swiber
Holdings and Kreuz Holdings could be gear-
ing up for corporate action. Their uptrends
are not as evident as that of Ezion Holdings,
which is at a new high, they say.
Elsewhere, the release of the minutes for
the March 13 meeting by the US Federal Re-
serve, dampening prospects for a third round
of quantitative easing, spooked US and Euro-
pean markets.
The Hang Seng Index (20,790) has weakened
against the STI. The index is below its 50-day
moving average at 20,977. There is support at
20,350, at the neckline of what could turn into
a double top if broken. The still-declining 200-
day moving average is at 20,061. The trend of
21-day RSI is downwards, following a negative
divergence with price, but falling ADX should
stymie the extent of any decline.
VIX stays low
The Volatility Index or VIX (15.6) crept mar-
ginally higher between March 30 and April 3,
but continues to hover near its one-year lows.
In the short term, prices may trend sideways
as ADX is also falling, and is now a low lev-
el of 13, confirming a rangebound trend. The
50-day moving average has fallen to 17.4. If
the VIX breaks above this level, it may mean
heightened volatility for the US markets.
The Dow Jones Industrial Index (13,199)
is likely to move sideways with its uptrend in-
tact. ADX is falling and is a relatively low 15,
and the DIs are neutral, suggesting that the
DJIA, too, is in a consolidation phase. The
new resistance is at 13,250. Support stays at
the 12,950 to 13,000 range, and the rising 50-
day moving average is at 12,962. A breakout
of the resistance is unlikely as indicators are
not supportive of such a move.
The Standard & Poor’s 500 (1,413) is the
stronger US equity benchmark. It moved
slightly higher during the week, maintain-
ing a break above 1,400. Since ADX is at a
relatively high level and RSI is intact, this in-
dex should remain quite resilient. In the near
term, prices may ease but any downward
movement should be supported at the old
Chart A Chart B Chart C
GETTING TECHNICAL
| BY MICHAEL KAHN |

F
irst, let’s get this out of the way
— I fought the trend and the
trend won. Despite my bearish
pronouncements, the stock market
rumbled its way higher in 1Q2012
with nary a hiccup. The gain of 12%
in Standard & Poor’s 500 index was
indeed the best opening to a year
since 1998. And the Nasdaq beat
that with an 18% increase.
But expecting the performance of
2Q to come close to the performance
of 1Q may be a bit of a pipe dream,
even for the most bullish among us.
Such a sustained pace is more often
seen at the start of bull markets and
not in a market that has already dou-
bled in three years.
My market concerns over the past
few months were due to a mounting
war chest of negative technical evi-
dence. But I underestimated the last-
ing and multiplying effects of the US
Federal Reserve’s continued low in-
terest-rate policy and injections of li-
quidity via its bond-buying campaign
(quantitative easing).
However, the market’s strong gains
did not negate the technical negatives
that were in place and now there are
several disturbing new ones devel-
oping. The rising trend itself is the
sole technical reason to stick with
stocks. And until it cracks, there is
not much for a bear to do.
The trendline to watch on the
S&P 500 originates at the Novem-
ber 2011 low (see chart). Later this
week, this line will cross the 1,400
level, which is more or less in the
middle of the index’s range over the
past two weeks.
The positive, of course, is that the
S&P 500 and the Nasdaq are still notch-
ing higher highs and higher lows.
But an argument in favour of a
stock-market pullback is questiona-
ble momentum. Price momentum, or
price inertia if you prefer a different
spin, is one of the major supporting
arguments in chart analysis. Strong
price action should come with good
momentum, good volume and hap-
py sentiment. When these indictors
start to fall down, the rising trend
may be in jeopardy.
Volume has been low for months
but, clearly, that did not cause any
problems. In March, sentiment went
from bullish to excessively bullish,
according to many surveys of inves-
tor and trader opinion. That’s gener-
ally viewed as a troubling sign, since
stock markets tend to benefit from a
wall of worry. Yet, stocks continued
higher last month.
But now, fading momentum joins
the other technical negatives. These
supporting indicators are all in po-
sition to cast doubt on the staying
power of the rally, and that makes
the rising price trend susceptible to
shocks from both inside and outside
the market.
Of course, there can be news and
events coming out of the blue, such
as natural disasters and scandals,
that can shake investor confidence
in a hurry. But there is a short list
of potential shocks that are more
realistic, including such possibili-
ties as a major stumble by the be-
loved Apple, military escalation
in Iran and the Middle East, and a
gallon of regular gasoline soaring
Forces lining up against the bull market
breakout level of 1,376 and the
rising 50-day moving average of
1,366. There is a target of 1,440
but this may take a few months
to attain because the pace of as-
cent has slowed.
STI (2,985)
Long term: down; medium term:
flat; short term: up

Short term
RSI (Chart B) is falling after a
negative divergence.
ADX (Chart B) is still falling and
the DIs are neutral.
Stochastics (Chart B) is rising and is in mid
range.

Medium term
Quarterly momentum (Chart A) remains
above its own moving average but continues
to lose steam.
Long term
Annual momentum (Chart C) has resumed
its decline and the smoothed momentum con-
tinues to decline.
24-month ROC (Chart C) is turning down and
the smoothed indicator continues to fall.
ADX appears to be entrenched
in a gradual downtrend and the
DIs are neutral for the time being,
but they could turn negative during
the next few sessions. Meanwhile,
21-day RSI is forming a downtrend
after a negative divergence with
price. Five-day stochastics is ris-
ing, but this is a short-term indi-
cator. It is the still-intact quarterly
momentum that is providing sus-
tenance for the STI. All in, though,
these indicators continue to indi-
cate a rangebound market.
The long-term indicators haven’t
changed. Raw annual momentum
is starting to retreat and the smoothed annual
momentum continues to decline. On the other
hand, raw 104-week ROC is turning down and
the smoothed indicator continues to fall.
The index is likely to trade within a range,
with the 3,021 level — attained on Feb 21 —
acting as resistance. Support has been estab-
lished at 2,906. The other levels to note are
the rising 50-day moving average at 2,973
and the flattening 200-day moving average at
2,868, unchanged from a week ago. The ear-
lier break above 2,900 indicated two eventual
upside targets, at 3,100 and 3,300, which have
yet to be attained, but the resumption of the
uptrend may be several weeks away.
E
| BY GOOLA WARDEN |
Oct 10, 2011 April 2, 2012
Standard & Poor’s 500
($SPX,D) Dynamic, 0:00-24:00 (Delayed)
E
S
IG
N
A
L
momentum(relative strength index)
50
67.84
1150.00
1200.00
1250.00
1300.00
1350.00
1400.00
RSI(14,C)
past US$4 nationally.
Another negative on stock
prices might be the econom-
ic problems in Europe com-
ing back to the fore. Inves-
tors would be justified in
being nervous after looking
at the stock indices of Italy
and Spain, which are members of the
so-called PIIGS countries along with
Portugal, Ireland and Greece.
These European bourses put in
terrible performances in the second
half of last month. While the S&P
500 Index gained a fraction and the
German market lost 3.9%, Italy lost
6.4% and Spain lost 5.6%. Both It-
aly and Spain broke down below re-
spective technical supports and 200-
day moving averages.
In other words, these markets are
not getting any healthier and, if they
start to get worse, the negative tone
could easily spill out to the domestic
marketplace. So, too, could it cause a
flight into the comparative safety of
the US dollar. Given the inverse re-
lationship stocks have had with the
greenback so far in 2012, it could be
a catalyst to send stocks lower.
Also, the yields offered by long-
er maturities in the Treasury market
are creeping higher and may start
to compete with stocks for inves-
tor dollars.
But, again, until trendlines sup-
porting the major domestic indices
are broken to the downside, it is all
“could have” and “should have”. The
trend remains up.
However, it would not hurt to
take some money off the table, even
if you believe the rally is not over. —
©
2012 Dow Jones & Co, Inc
Michael Kahn is author of three books
on technical analysis, most recently A
Beginner’s Guide to Charting the Fi-
nancial Markets, and was chief tech-
nical analyst for BridgeNews
E
CAPITAL HOT STOCKS
THEEDGE SINGAPORE | APRIL 9, 2012 • 29
HONG FOK CORP (59 cents) — Takes a breather
Selected small-cap lower liners have run up by 40% to 80% in a matter of days. According
to market pundits, the market takes the following form: In the initial stage, blue chips start
to move after astute investors have accumulated stock. Then the quality stocks — with less
blue blood — tend to move. During this phase, the top-tier stocks can take a breather. Fi-
nally, the laggards, lower liners and concept stocks make their move. Usually, this last seg-
ment’s activity points are followed by an overall corrective phase. The evidence shows this
lower-liner sector has moved, and an overall correction could follow.
FRAGRANCE GROUP (44 cents) — Decelerating uptrend
SIM LIAN GROUP (63 cents) — Fatigue to set in OXLEY HOLDINGS (41 cents) — Overextended
ROXY PACIFIC HOLDINGS (56 cents) — Early signs of fatigue SEE HUP SENG (24 cents) — Ready to break out
A temporary correction is underway for which support appears at 60 cents. A move be-
low 60 cents is a sign of weakness, and a test of 55 cents will imply that the accelerated
upmove is over. For now, quarterly momentum is in rising mode, though it is significant-
ly overextended, making a downturn imminent. Additionally, prices have gone too far
above their moving averages and are unlikely to move any further. The detrend (differ-
ence between price and moving average) is at its highest level in two years. Resistance is
at 65 cents, and the largest gains may be over for the time being.
The largest gains could be over for the time being, following the 40% surge in prices since
the start of the year. While quarterly momentum remains intact in its uptrend, with ADX
rising and DIs positively placed, hints of fatigue have emerged from the clear negative
divergence between price and volume. Volume, according to Dow Theory, goes with the
trend. Here, rising prices are being accompanied by falling volume, a sign that prices are
losing up momentum. Preliminary negative divergence is also setting in between 21-day
RSI and price. Support is at 60 cents and a break below this level would be the start of a
top formation. Resistance is at the current level of 63 cents.
Prices are overextended and appear poised for a pullback. The company, with its very
high net-debt-to-equity ratio, has seen its share price surge 83% in five trading sessions
on a significant rise in volume. Such a move is not sustainable, especially since the mov-
ing averages are still flattish, hovering around the 33.5 to 34 cent level, and quite a dis-
tance below prices. It will take time for them to catch up and, more likely than not, pric-
es could retreat towards the moving averages. Support is at 40.5 cents, and resistance
appears at 43.5 cents.
The up momentum has been broken by a short sideways range. Volume had started to
fall off as prices rose, suggesting that genuine buyers were not following through with de-
mand. Quarterly momentum remains intact, as does ADX, and the DIs are still positive-
ly placed. But 21-day RSI has formed a clear negative divergence with price and appears
poised for a failures swing, when it breaks support. In this event, prices could experience
a deeper correction. Immediate support is at 55 cents and a breakdown could see prices
falling towards the rising 50-day moving average at 47 cents.
Short-term indicators have turned up, including the slightly longer term 21-day RSI, sug-
gesting that prices should be able to break above the flattening 50-day moving average at
25 cents. ADX has flattened after falling and the DIs are just turning positive. Interesting-
ly, a white candle and a doiji on April 2 and 3 were accompanied by a significant rise in
volume, suggesting some buying. Support has been established at 21.5 cents and the im-
pending break above 25 cents provides the impetus for prices to test 30 cents.
The main uptrend is still intact, but prices could be in the early stages of building a top.
This is likely to be characterised by some weeks of sideways movement. Volume is re-
ceding on black and white candle days as it normally does during a sideways range that
could turn into a top. So far, quarterly momentum is intact, but 21-day RSI is falling af-
ter a minor negative divergence. ADX is also falling, suggesting the largest gains are over.
It could mean that it is time for astute investors to take some money off the table. Sup-
port/breakdown is at 44 cents, and a breakdown points to a decline to 40 cents. Resist-
ance has been established at 49 cents.
Third liners on the run
30 • THEEDGE SINGAPORE | APRIL 9, 2012
The China Syndrome
| BY DARYL GUPPY |
T
he China market is closed this week
for the Qingming Festival, so it’s a
useful time to reflect on some wider
China issues that have an impact on
business in that country. The robust-
ness of the Chinese economy is often our fo-
cus, but we should not forget the sustained
demands for more access to China markets.
Foreign direct investment in China is growing,
but it provides traps for the unwary. High-pro-
file Western business failures mask the same
type of problems faced by smaller companies
looking to expand into China.
Recently, I spoke with an eager potential
business exporter to China. He exhibited all
the signs of the China Syndrome, a dangerous
infection that often leads to financial ruin.
The China Syndrome is a collection of
untested beliefs about China and the business
opportunities offered.
Here are some of the symptoms:
* China has billions of customers, so I only
need to get a very, very small fraction to
make a fortune with my business;
* China is a competition desert, so there is
room for my product or service;
* The emerging middle class is hungry for
my product;
* China is desperate for foreign knowledge
and expertise to replace their outdated
thinking; and
* Apart from the language, China is pretty
similar to any other country.
Let’s take them one at a time.
The idea that China has billions of customers
is a modern variation on the Shanghai Tailors
dream. This was a dream of British cotton
merchants, who calculated that if every Chinese
added just an inch to their shirt
tails, then all the merchants would
enjoy untold wealth. There are
millions of potential customers,
but getting them to buy your
product or service requires a lot
of research and effort. It takes
as much effort, if not more, to
gather Chinese customers as it
does to gather customers in your
home country.
China is not a competition
desert. For every product and
service you can think of, there
are most likely established local
competitors already in China. The Chinese
market is sophisticated and well developed.
This is not an emerging market. It has emerged
and is now the world’s second-largest economy.
It’s foolish to think there are business and
service niches that are not already filled. Your
product or service has to compete against
other businesses, which have the advantage
of local knowledge. China is not a soft option
for exports.
There is a large and emerging middle class
and this is changing some consumer habits.
So, where does your product or service fit
into the rankings on a world scale? If it’s
not globally competitive, then it will not be
competitive or attractive to the emerging middle
class in China. China is not an export market
for second-rate services or products. Success
requires world-class standards.
There was a time when China was desperate
for foreign knowledge and experience. This has
changed and the foreign premium has shrunk.
China is not interested in aping foreign ideas and
behaviours, nor do they regard
their thinking as outdated. These
assumptions of Western cultural
superiority are misplaced and
bad for business.
The differences in China go
well beyond language. China is
vastly different from any other
country. Business may be a
universal language, but it has
many different dialects. The
skills and experience learnt in
other business cannot be easily
or directly transferred to doing
business in China.
The Shanghai Index fall below 2,360
confirmed the parabolic trend analysis. A
parabolic trend is defined by a curved trend
line that is a fixed quadrant of an ellipse.
When these trends collapse, they collapse very
rapidly. The collapse of the Shanghai Index
trend was complicated by a small retreat and
rebound prior to the full-blown collapse.
Downside targets use the two support
features below the support level near 2,300.
The first lower support feature is near 2,200.
This was the upper level of the consolidation
area in December 2011 and January 2012.
The second lower support feature is the
value of the long-term down trend line A,
which is now near 2,185.
Investors will watch for consolidation
activity to develop between 2,185 and 2,200.
They will also watch for the development of a
Relative Strength Indicator divergence signal,
which is created when the index develops
rally, retreat and rebound behaviour during
the consolidation period. This pattern usually
takes several weeks to develop.
The market retreat may develop into a
long-term powerful double-bottom reversal
pattern. This pattern develops if the index
continues to fall to support near 2,140. A
rebound from this level creates a long-term
double-bottom pattern.
Investors are very cautious until the index
shows which type of pattern is developing.
Daryl Guppy is a well-known internation-
al financial technical analysis expert. For
more than four years, he has provided week-
ly Shanghai Index analyses for Shanghai Se-
curity News and other mainland Chinese me-
dia. Guppy appears regularly on CNBC Asia
and is known as ‘The Chart Man’. He is a na-
tional board member of the Australia China
Business Council.
SHANGHAI
INDEX DAILY
PARABOLIC TREND
TRENDLINE A
CAPITAL TRADING IDEAS

LISTINGS
CORPORATE/
CAPITAL MARKETS
April 10
Topic: Following Trends: The Secret of
Successful Traders
Highlights: Why trade using trends? Find
out who are the legendary trend followers.
Demonstration Phillip Futures’ platforms
Time: 7pm to 8pm
Venue: Raffles City Tower Level 7
Online registration: www.
phillipfutures.com.sg/en/knowledge/
seminars_events.aspx
April 14
Topic: Value Investing Programme
– A Guide to Value Investing Seminar
Highlights: What exactly is value
investing? Different assumptions in value
investing. Strategy analysis (also known
as industry analysis). What tools to use
for valuation?
Time: 9.30am to 12.30pm
Venue: SGX Auditorium, Level 2,
SGX Centre 1
Organiser: SGX Academy
Tel: 6327 5438
Email: register@sgxacademy.com
Online registration: www.
sgxacademy.com
April 18
Topic: The Essentials of Trading Warrants
Highlights: Benefits of trading
warrants; understanding warrants;
how to get started trading warrants
Time: 6.30pm to 8pm
Venue: SGX Auditorium, Level 2,
SGX Centre 1
Organisers: Macquarie and SGX
Academy
Tel: 6327 5438
Email: register@sgxacademy.com
Online registration: www.
sgxacademy.com
April 18
Topic: Money Management Key Element
in Trading Success
Highlights: Position sizing: How much
risk do you place on each trade? How
is volatility handled? Risk management;
Importance of risk-reward concept
Time: Noon to 1pm
Venue: Robinson Towers Phillip Investor
Centre
Online registration: www.
phillipfutures.com.sg/en/knowledge/
seminars_events.aspx
INDUSTRY/TECHNOLOGY
April 17 to 20
Topic: Food & Hotel Asia 2012
Highlights: To offer a true all-rounded
food and hospitality experience,
FHA2012 also has a series of eventful
activities including culinary competitions
and insightful conferences that
complement the showfloor buzz for all
exhibitors and attendees alike.
Venue: Singapore Expo
Organiser: Singapore Exhibition
Services Pte Ltd
Email: cheryl@sesallworld.com/boon@
sesallworld.com
Website: www.foodnhotelasia.com
April 21
Topic: Investment in REITs
Highlights: What exactly is REIT? How
does a REIT maximises its profits? Which
REIT is suitable for your investment
portfolio?
Time: 9.30am to 12.30pm
Venue: SGX Auditorium, Level 2,
SGX Centre 1
Organiser: SGX Academy
Tel: 6327 5438
Email: register@sgxacademy.com
Online registration: www.
sgxacademy.com
April 22 to 27
Topic: Singapore Maritime Week 2012
Highlights: An anchor event of
the Singapore Maritime Week, the
Singapore Maritime Lecture is an
opportunity to hear from, and dialogue
with a notable personality on maritime
matters.
Organiser: Maritime and Port Authority
of Singapore
Tel: 6375 1614
Email: smw@mpa.gov.sg
Website: www.smw.sg
E
C
hina’s premier called the country’s big
banks a monopoly that needed to be
broken to get money flowing to cash-
starved private firms, as the nation’s econ-
omy appears to have skidded to its slowest
growth in three years.
China’s state banks make money “far
too easily”, state media quoted Premier
Wen Jiabao as saying on Tuesday in com-
ments that reignited debate over the role
of banking in cushioning the descent of
the high-flying economy, the world’s sec-
ond largest.
“Frankly, our banks make profits far too
easily. A small number of major banks oc-
cupy a monopoly position, meaning one
can only go to them for loans and capital,”
Wen was quoted as telling local businesses
at a roundtable discussion.
“Getting private capital into the finance
sector essentially means we have to break
up their monopoly,” Wen said.
A senior economic official revealed the
economy might have grown 8.4% in the
first quarter from a year earlier, the slowest
growth since the second quarter of 2009,
when China began to accelerate out of the
global financial crisis. Such a result would
be in line with private economists’ forecasts
and with efforts by Chinese policymakers to
engineer a gradual slowdown in the econo-
my, which had been speeding along at an
unsustainable rate of more than 10 percent
two years ago.
State banks prefer to lend to other state
firms, starving smaller entrepreneurial com-
panies that must then borrow from infor-
mal lenders at high rates.
Recently, Beijing approved financial re-
forms for Wenzhou — known as the country’s
cradle of private enterprise — to encourage
private investment in local banks.
Experts said the need for financial reforms
was apparent, though it remained to be seen
whether the views of Wen would translate
into action under the new leadership.
“This is a time in China’s economic his-
tory where future growth, and future jobs,
depend heavily on small and medium en-
terprises and the private sector,” said Wil-
liam Overholt, senior research fellow at
the Kennedy School of Government at Har-
vard University and author of “Asia, Amer-
ica, and the Transformation of Geopolitics
— Reuters
China’s Wen urges
break-up of bank
monopoly as
growth slows
E
THEEDGE SINGAPORE | APRIL 9, 2012 • 31
CAPITAL
SHAREHOLDERentitlements
Announced dividends and capital issues: April 6 to June 30, 2012 (by ex-date)
COMPANY TYPE PARTICULARS EX DATE REC. DATE PAID/
PAYABLE
YOMA STRATEGIC (HOLDINGS) Dividend $0.005 one-tier tax April 9 April 11 April 25
KIAN ANN ENGINEERING Dividend $0.0033 one-tier tax April 9 April 11 April 30
M1 LIMITED Dividend $0.079 one-tier tax April 11 April 13 April 26
CHINA FISHERY GROUP Dividend $0.045 April 12 April 16 April 25
STRAITS TRADING Dividend $0.04 one-tier tax April 16 April 18 May 4
STARHUB Dividend $0.05 one-tier tax April 16 April 18 April 30
PACIFIC ANDES RESOURCES Dividend $0.0108 April 16 April 18 April 27
FRAGRANCE GROUP Dividend $0.005 one-tier tax April 16 April 18 April 26
CEI CONTRACT MANUFACTURING Dividend $0.001 one-tier tax April 19 April 23 May 7
CEI CONTRACT MANUFACTURING Dividend $0.0016 one-tier tax April 19 April 23 May 7
HERSING CORPORATION Dividend $0.01 one-tier tax April 20 April 24 May 8
SINGAPORE TECH ENGINEERING Dividend $0.04 one-tier tax April 23 April 25 May 17
SINGAPORE TECH ENGINEERING Dividend $0.085 one-tier tax April 23 April 25 May 17
MEIBAN GROUP Dividend $0.002 one-tier tax April 23 April 25 May 8
MEIBAN GROUP Dividend $0.001 one-tier tax April 23 April 25 May 8
KEPPEL TELE & TRAN Dividend $0.035 one-tier tax April 23 April 25 May 7
GREAT EASTERN (HOLDINGS) Dividend $0.27 one-tier tax April 23 April 25 May 9
CAPITAMALLS ASIA Dividend $0.015 one-tier tax April 23 April 25 May 9
KEPPEL LAND Dividend $0.20 one-tier tax April 24 April 26 June 15
UNITED INTL SECURITIES Dividend $0.05 one-tier tax April 25 April 27 May 11
TREK 2000 INTERNATIONAL Dividend $0.0075 one-tier tax April 25 April 27 May 17
SING (HOLDINGS) Dividend $0.01 one-tier tax April 25 April 27 May 11
SEMBCORP MARINE Dividend $0.14 one-tier tax April 25 April 27 May 11
SEMBCORP MARINE Dividend $0.06 one-tier tax April 25 April 27 May 11
KEPPEL CORP Dividend $0.26 one-tier tax April 25 April 27 May 9
IFS CAPITAL Dividend $0.0175 one-tier tax April 25 April 27 May 11
UOL GROUP Dividend $0.05 one-tier tax April 26 April 30 May 14
UOL GROUP Dividend $0.10 one-tier tax April 26 April 30 May 14
STX OSV (HOLDINGS) Dividend $0.10 one-tier tax April 26 April 30 May 16
SEMBCORP INDUSTRIES Dividend $0.02 one-tier tax April 26 April 30 May 15
SEMBCORP INDUSTRIES Dividend $0.15 one-tier tax April 26 April 30 May 15
PAN-PACIFIC HOTELS GRP Dividend $0.04 one-tier tax April 26 April 30 May 14
PAN-UNITED CORP Dividend $0.02 one-tier tax April 26 April 30 May 15
DESIGN STUDIO FURNITURE MFRL Dividend $0.02 one-tier tax April 26 April 30 May 15
COLEX (HOLDINGS) Dividend $0.005 one-tier tax April 26 April 30 May 14
BENG KUANG MARINE Dividend $0.002 one-tier tax April 26 April 30 May 14
WHEELOCK PROPERTIES (S) Dividend $0.06 one-tier tax April 27 May 2 May 18
TUAN SING (HOLDINGS) Dividend $0.003 one-tier tax April 27 May 2 Jun 18
ROTARY ENGINEERING Dividend $0.02 one-tier tax April 27 May 2 May 17
OVERSEA-CHINESE BANKING CORP Dividend $0.15 one-tier tax April 27 May 2 May 18
LMA INTERNATIONAL N.V Dividend $0.01 tax-exempt April 27 May 2 May 15
VICOM Dividend $0.075 one-tier tax April 30 May 3 May 14
VICOM Dividend $0.032 one-tier tax April 30 May 3 May 14
THAI BEVERAGE PUBLIC CO Dividend THB0.22 less tax April 30 May 3 May 24
SINGAPORE REINSURANCE CORP Dividend $0.005 tax exempt April 30 May 3 May 15
SBS TRANSIT Dividend $0.028 one-tier tax April 30 May 3 May 14
MEWAH INTERNATION INC Dividend $0.005 one-tier tax April 30 May 3 May 17
KOH BROTHERS GROUP Dividend $0.0035 one-tier tax April 30 May 3 May 18
GK GOH (HOLDINGS) Dividend $0.02 one-tier tax April 30 May 3 May 18
GK GOH (HOLDINGS) Dividend $0.04 one-tier tax April 30 May 3 May 18
GOLDEN AGRI-RESOURCES Dividend $0.0184 April 30 May 3 May 15
FRENCKEN GROUP Dividend $0.0061 April 30 May 3 May 18
COSCO CORP (S) Dividend $0.03 one-tier tax April 30 May 3 May 18
CITY DEVELOPMENTS Dividend $0.08 one-tier tax April 30 May 3 May 18
CITY DEVELOPMENTS Dividend $0.05 one-tier tax April 30 May 3 May 18
UE E&C Dividend $0.04 one-tier tax May 2 May 4 May 17
UE E&C Dividend $0.02 one-tier tax May 2 May 4 May 17
TELECHOICE INTERNATIONAL Dividend $0.016 one-tier tax May 2 May 4 May 18
TA CORPORATION Dividend $0.012 one-tier tax May 2 May 4 May 18
SC GLOBAL DEVELOPMENTS Dividend $0.02 one-tier tax May 2 May 4 May 21
SARIN TECHNOLOGIES Dividend US$0.01 less tax May 2 May 2 May 17
Q & M DENTAL GROUP(S) Dividend $0.0075 one-tier tax May 2 May 4 May 18
MEMTECH INTERNATIONAL Dividend $0.008 one-tier tax May 2 May 4 May 18
KINERGY Dividend $0.01 one-tier tax May 2 May 4 May 23
HYFLUX Dividend $0.021 one-tier tax May 2 May 4 May 17
COMFORTDELGRO CORP Dividend $0.033 one-tier tax May 2 May 4 May 15
ASIA ENTERPRISES (HOLDING) Dividend $0.0105 one-tier tax May 2 May 4 May 23
UNITED ENGINEERS ORD Dividend $0.05 one-tier tax May 3 May 7 May 18
UNITED ENGINEERS ORD Dividend $0.10 one-tier tax May 3 May 7 May 18
UNITED ENGINEERS Dividend $0.075 one-tier tax May 3 May 7 May 18
UMS (HOLDINGS) Dividend $0.01 one-tier tax May 3 May 7 May 22
UMS (HOLDINGS) Dividend $0.02 one-tier tax May 3 May 7 May 22
TECHCOMP (HOLDINGS) Dividend HK$0.062 tax exempt May 3 May 7 May 18
SAKARI RESOURCES Dividend US$0.0583 tax exempt May 3 May 7 May 18
OKP (HOLDINGS) Dividend $0.02 one-tier tax May 3 May 7 May 28
LEE METAL GROUP Dividend $0.01 one-tier tax May 3 May 7 May 25
JADASON ENTERPRISES Dividend $0.005 one-tier tax May 3 May 7 May 18
HU AN CABLE (HOLDINGS) Dividend $0.007 one-tier tax May 3 May 7 May 21
HOE LEONG CORP Dividend $0.015 one-tier tax May 3 May 7 May 21
HOE LEONG CORP Dividend $0.005 one-tier tax May 3 May 7 May 21
GUTHRIE GTS Dividend $0.0425 one-tier tax May 3 May 7 May 21
GUTHRIE GTS Dividend $0.0125 one-tier tax May 3 May 7 May 21
CWT Dividend $0.025 one-tier tax May 3 May 7 May 22
CHIP ENG SENG CORP Dividend $0.04 one-tier tax May 3 May 7 May 18
ARA ASSET MANAGEMENT Dividend $0.027 one-tier tax May 3 May 7 May 22
YEO HIAP SENG Dividend $0.01 one-tier tax May 4 May 8 May 28
WILMAR INTERNATIONAL Dividend $0.031 one-tier tax May 4 May 8 May 18
VENTURE CORP Dividend $0.55 one-tier tax May 4 may 8 May 18
SHC CAPITAL Dividend $0.0018 one-tier tax May 4 May 8 May 25
SEE HUP SENG Dividend $0.0025 one-tier tax May 4 May 8 May 23
PETRA FOODS Dividend $0.0261 one-tier tax May 4 May 8 May 18
NET PACIFIC FIN (HOLDINGS) Dividend HK$0.0057 one-tier tax May 4 May 8 May 21
MULTI-CHEM Dividend $0.0055 one-tier-tax May 4 May 8 May18
MDR Dividend $0.00016 one-tier tax May 4 May 8 May 22
AURIC PACIFIC GROUP Dividend $0.03 one-tier tax May 4 May 8 May 24
AEI CORP Dividend $0.01 one-tier tax May 4 May 8 May 18
YHI INTERNATIONAL Dividend $0.0196 one-tier tax May 7 May 9 May 22
UNITED OVERSEAS INSURANCE Dividend $0.12 one-tier tax May 7 May 9 May 22
UNITED OVERSEAS BANK Dividend $0.40 one-tier tax May 7 May 9 May 22
TIONG SENG (HOLDINGS) Dividend $0.01 one-tier tax May 7 May 9 May 24
SINGAPORE LAND Dividend $0.20 one-tier tax May 7 May 9 May 22
MEGACHEM Dividend $0.01 one-tier tax May 7 May 9 May 25
LEE KIM TAH (HOLDINGS) Dividend $0.015 one-tier tax May 7 May 9 May 18
HONG LEONG ASIA Dividend $0.05 one-tier tax May 7 May 9 May 21
HONG LEONG FINANCE Dividend $0.08 one-tier tax May 7 May 9 May 25
HOCK LIAN SENG (HOLDINGS) Dividend $0.02 one-tier tax May 7 May 9 May 24
FOOD EMPIRE (HOLDINGS) Dividend $0.01052 one-tier tax May 7 May 9 May 30
CEREBOS PACIFIC Dividend $0.19 one-tier tax May 7 May 9 May 18
CEREBOS PACIFIC Dividend $0.06 one-tier tax May 7 May 9 May 18
CAPITALAND Dividend $0.06 one-tier tax May 7 May 9 May 22
CAPITALAND Dividend $0.02 one-tier tax May 7 May 9 May 22
BBR (HOLDINGS) Dividend $0.008 one-tier tax May 7 May 9 May 18
BAKER TECHNOLOGY Dividend $0.01 one-tier tax May 7 May 9 May 24
ADV INTEGRATED MFG CORP Dividend $0.0018 one-tier tax May 7 May 9 May 18
UOB-KAY HIAN (HOLDINGS) Dividend $0.06 one-tier tax May 8 May 10 May 25
SHENG SIONG GROUP Dividend $0.0177 one-tier tax May 8 May 10 May 25
SAN TEH LTD Dividend $0.01 one-tier tax May 8 May 10 May 25
POH TIONG CHOON LOGISTICS Dividend $0.015 one-tier tax May 8 May 10 May 29
MFG INTEGRATION TECHNOLOGY Dividend $0.0025 one-tier tax May 8 May 10 May 25
KOYO INTERNATIONAL Dividend $0.006 one-tier tax May 8 May 10 May 22
KINGSMEN CREATIVES Dividend $0.025 one-tier tax May 8 May 10 May 25
HWA HONG CORP Dividend $0.01 one-tier tax May 8 May 10 May 23
HIAP HOE Dividend $0.0025 one-tier tax May 8 May 10 May 25
DYNAMIC COLOURS Dividend $0.0075 one-tier tax May 8 May 10 May 28
CSE GLOBAL Dividend $0.02 one-tier tax May 8 May 10 May 13
CHINA XLX FERTILISER Dividend RMB0.037 one-tier tax May 8 May 10 May 25
ADAMPAK Dividend $0.01 one-tier tax May 8 May 10 May 25
WORLD PRECISION MACHINERY Dividend RMB0.135 one-tier tax May 9 May 11 June 1
VIKING OFFSHORE AND MARINE Dividend $0.002 one-tier tax May 9 May 11 May 25
TSIT WING INTERNATIONAL (HOLDINGS) Dividend HK$0.031 May 9 May 11 May 31
SUPERBOWL (HOLDINGS) Dividend $0.0025 one-tier tax May 9 May 11 May 25
LUNG KEE (BERMUDA) (HOLDINGS) Dividend HK$0.13 May 9 May 11 May 29
KIAN HO BEARINGS Dividend $0.01 one-tier tax May 9 May 11 May 23
JARDINE CYCLE & CARRIAGE Dividend $0.01 one-tier tax May 9 May 11 May 23
HTL INTERNATIONAL (HOLDINGS) Dividend $0.01 one-tier tax May 9 May 11 May 28
ELEC & ELTEK INTERNATIONAL CO Dividend US$0.12 one-tier tax May 9 May 11 May 25
DBS GROUP (HOLDINGS) Dividend $0.28 one-tier tax May 9 May 11 NA
UNITED OVERSEAS AUSTRALIA Dividend Unfranked, DRP A$0.015 May 10 May 14 May 31
UNITED INDUSTRIAL CORP Dividend $0.03 one-tier tax May 10 May 14 May 25
SUPER GROUP Dividend $0.038 one-tier tax May 10 May 14 May 28
KOON (HOLDINGS) Dividend $0.005 one-tier tax May 10 May 14 May 30
HO BEE INVESTMENT Dividend $0.04 one-tier tax May 10 May 14 May 31
FIRST RESOURCES Dividend $0.025 one-tier tax May 10 May 14 May 31
CHALLENGER TECHNOLOGIES Dividend $0.012 one-tier tax May 10 May 14 May 25
LHT (HOLDINGS) Dividend $0.005 one-tier tax May 11 May 15 May 25
SOUND GLOBAL Dividend $0.01 one-tier tax May 15 May 17 May 31
OVERSEAS UNION ENTERPRISE Dividend $0.08 one-tier tax May 15 May 17 May 31
OVERSEAS UNION ENTERPRISE Dividend $0.03 one-tier tax May 15 May 17 May 31
UNITED FOOD (HOLDINGS) Dividend RMB0.0039 May 21 May 23 June 12
MIDAS (HOLDINGS) Dividend $0.005 one-tier tax May 16 May 18 June 4
UNITED FOOD (HOLDINGS) Dividend RMB0.0039 May 21 May 23 June 12
BONVESTS (HOLDINGS) Dividend $0.015 one-tier tax May 21 May 23 June 11
HAW PAR CORP Dividend $0.14 one-tier tax May 22 May 24 June 5
TPV TECHNOLOGY Dividend US$0.0091 May 28 May 30 June 8
CHINA UNICOM HK (ADR 10) Dividend Approx USD 0.142685 May 29 May 31 June 25
SHANGRI-LA ASIA Dividend HK$0.10 May 30 June 1 June 13
TAN CHONG INTERNATIONAL Dividend HK$0.055 May 31 June 4 June 15
LOW KENG HUAT LTD Dividend $0.01 one-tier tax June 6 June 8 June 23
LOW KENG HUAT LTD Dividend $0.03 one-tier tax June 6 June 8 June 23
YUEXIU PROPERTY CO Dividend HK$0.045 June 7 June 11 June 28
SINARMAS LAND Dividend $0.0029 one-tier tax June 7 June 11 June 28
FUJIAN ZHENYUN PLAS IND CO Dividend RMB0.0119 tax exempt June 12 June 14 June 29
TOTAL ADR 10 Dividend $0.003 one-tier tax June 14 June 18 June 29
ENVIRO-HUB (HOLDINGS) Dividend $0.003 one-tier tax June 14 June 18 June 29
ACTION ASIA Dividend $0.008 one-tier tax June 14 June 18 June 28
ZAGRO ASIA Dividend $0.01 one-tier tax June 18 June 20 June 29
COMPANY TYPE PARTICULARS EX DATE REC. DATE PAID/
PAYABLE
Monday, April 9
Singapore
Foreign Reserves (March)
Mun Siong Engineering Ltd AGM
Tuesday, April 10
Singapore
Youcan Foods International Ltd AGM
Wednesday, April 11
Singapore
GDP (y-o-y, 1QA)
Capitaretail China Trust AGM
First Ship Lease Trust AGM
Neptune Orient Lines Ltd AGM
US MBA Mortgage Applications
US Import Price Index (y-o-y, March)
Thursday, April 12
Singapore
Capitamall Trust AGM
Macquarie Int’l Infra Fund Ltd AGM
Sabana Shari’ah Compliant Reit AGM
Starhub Ltd AGM, EGM
Van Der Horst Energy Ltd AGM
US Trade Balance (Feb)
US Producer Price Index (y-o-y, March)
US Producer Price Index Ex Food & Energy (y-o-y, March)
Friday, April 13
Singapore
Retail Sales (y-o-y, Feb)
Retail Sales Ex Auto (y-o-y, Feb)
Ace Achieve Infocom Ltd Shareholders’ meeting
Asia Enterprises Holding Ltd AGM
Capitamalls Asia Ltd AGM
US Consumer Price Index (y-o-y, March)
US Consumer Price Index Ex Food & Energy (y-o-y, March)
— Compiled by Rahayu Mohamad
MARKETdiary
32 • THEEDGE SINGAPORE | APRIL 9, 2012
THE EDGE SINGAPORE’S 10TH ANNIVERSARY CELEBRATIONS
Part of The Edge Singapore editorial team (from left): Kelvin Tan, Frankie Ho, Joan Ng, Gwyneth Yeo, Kang Wan Chern, Michelle Teo, Audrey Simon, Sunita Sue
Leng, Benjamin Paul, Goola Warden
The Edge Singapore’s marketing team: Jeffrey Wong, Windy Tan, Charis Liang, Cecilia Kay, Caitlin Lai, Nor Asmain and Colin Tan
Jean Tan, head of marketing, and Madeline Ho, regional
head, FIL Investment Management
Josandi Thor (CIMB Singapore), Karen Chan (Pacom Media), Irene Chua
(MICEnet Asia) and Catherine Ang ( Montblanc)
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From left: B K Tan, The Edge Singapore
MD Edward Stanislaus, editor Ben Paul and
executive chairman Tong Kooi Ong
T
he Edge Singapore celebrated
its 10th Anniversary as Sin-
gapore’s No 1 business and
investment weekly in grand
style on March 30 at Stellar
at 1-Altitude, One Raffles Place.
Joining the staff for the party were
250 well-wishers including advertis-
ers, corporate communications and
investor relations executives as well
as Tong Kooi Ong, owner of The Edge
Singapore.
The event also marked the appoint-
ment of Edward Stanislaus as managing
director of the company with the retire-
ment of Tan Boon Kean, who has led
the team since it started in 2002.
We’re
10!
E
THEEDGE SINGAPORE | APRIL 9, 2012 • 33
THE EDGE SINGAPORE’S 10TH ANNIVERSARY CELEBRATIONS
Kelvin Tan, with Justin Harper, Greg Barker and Natasha Gilbert of IG Markets
Lim Geok Khoon (KHL Printing), B K Tan and Erin Choi (BlackRock) Sharon Seetho (Kreab Gavin Anderson) and Gerald Teo (Rolex)
Sunita Sue Leng, Adeline Wong (OCBC), Isabella Chia (OCBC) and Betty Fong (OCBC)
Joan Ng and Peter Heng (Golden Agri)
Jeffrey Wong, Lim Yen Nee (Saxo Capital Markets) and Colin Tan
Edward Stanislaus, Selina Ang (Ital Auto), Cedric De Souza and Mohan Krishnan (AXA Asia)
Lorna Tan, senior vice-president, corporate communications,
and Vivian Song of CapitaLand
Elaine Lim, managing director, and Holly Huang, senior
consultant, Citigate
Miguel Rivero (Initiative), with Joyce Lee, Josephine Tang, Bridget Luis , Jeff Franco and Crystal Sim, all of
Universal McCann
Peggy Wong and Wong Keng Yak from KHL Printing
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The moon-phase indication needs to be
periodically corrected.
About once every four generations.
The SAXONI A ANNUAL CALENDAR provi des f i ve di f f erent ti me i ndi cati ons at
a gl ance: the ti me of day, outsi ze date, day of week, month, and moon phase.
The l atter, mathemati cal l y speaki ng, onl y needs to be adj usted by one day every
122 years. Thi s accuracy of 99. 998% i s generated by the bi di recti onal sel f -
wi ndi ng movement . Al l of the 476 i ndi vi dual parts are fi ni shed wi th the utmost
care, even t he ones you cannot see t hrough t he sapphi re- cryst al caseback.
Thi s mi cromechani cal t reasure wi l l st i l l gl eam wi t h i t s ori gi nal per f ect i on
when t he moon- phase di spl ay needs t o be cor rect ed f or t he f i r st t i me.
The SAXONIA ANNUAL CALENDAR. Exclusively at:
Sincere Fine Watches: |ar|ra 3a, Sards lc|: (6b} 6684 9782 · la|as||ra,a S.C. |çcc Arr C|t, lc|: (6b} 6788 O618 · Surtcc C|t, lc|: (6b} 6887 b1bO
Scotts Squarc lc|: (6b} 6686 O6OO · Sincere Haute Horlogerie: The Shopping Gallery at Hilton Tel: (65) 6738 9971
34 • THEEDGE SINGAPORE | APRIL 9, 2012
PubIIshed by The Idge Publishing Pte Ltd 1¸o CecII SLreeL #1¸-oo SInguµore o6q¸q¸ · PrInLed by KHL Printing Co Pte Ltd ¸; ¡oyung DrIve SInguµore ¸o8q68