S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Market Outlook & Strategy

FSSTI

REVIEW: Along with the regional market rout, the FSSTI suffered a 3.5% mom decline to 3,202.5
in July. Other macro concerns such as Grexit and the sharp decline in oil prices also led to
significant risk aversion. In Singapore, all eyes were on a potential early general election on news
that the report by the Electoral Boundaries Review Committee was completed. During July,
investors sought refuge in defensive sectors such as healthcare (+3.1% mom) and media (+2.5%
mom). Conversely, sectors such as oil services (-16.5% mom) and shipyards (-22.0% mom) were
battered by continued poor external newsflow and lower oil prices on concerns over weaker
global growth and more supply from Iran.
STRATEGY: With limited earnings visibility and mixed external outlook, the FSSTI could range
trade at 3,350-3,420 as investors impose a higher discount to long-term mean valuations. Against
this background and expectations of rising interest rates, we take a selective approach.
Investment themes we advocate are: a) regional growth beneficiaries, b) regulatory changes, c)
sold-down yield stocks, and d) compelling business models. BUYs in the large-cap space include
DBS, CapitaLand, CCT, First Resources, OCBC, Sembcorp Industries, SingPost and SingTel. In
the mid-cap space, we like Silverlake and Wing Tai. Our SELLs include IHH, M1, SIA
Engineering and StarHub.

TOP GAINERS & LOSERS*
(S$)

Jun

Jul

% Chg

(S$)

Jun

NOL

0.82

0.93

CWT

2.02

2.24

Fortune Reit HK$

7.78

Sheng Siong
PLife REIT

Jul

% Chg

13.4

AliPictures2kHKD

10.9

Noble Grp

1.92

1.00

(47.9)

0.76

0.455

8.39

7.8

GoldenAgri

(40.1)

0.41

0.315

(23.2)

0.83

0.895

7.8

China Everbright

2.30

2.43

5.7

Petra

0.985

0.80

(18.8)

3.50

2.87

(18.0)

RafflesMG

4.60

4.79

4.1

Shang Asia 2kHK$

11.62

9.69

(16.6)

SingPost

1.895

1.955

3.2

EzionHldg

1.025

0.865

(15.6)

IHH

2.07

2.13

2.9

Yanlord

1.13

0.965

(14.6)

HPL

3.90

4.00

2.6

SIIC Env

0.195

0.172

(11.8)

SPH

4.08

4.18

2.5

F&N

2.68

2.37

(11.6)

* Top 100 companies by market capitalisation

Refer to last page for important disclosures.

From 1/8/2014 to 31/7/2015

3600
3500
3400
3300
3200
3100
3000
2900
2800
2700
2600
Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

SECTOR RATINGS & STOCK RECOMMENDATIONS
Sector
Aviation
Finance
Healthcare
LandTransport
Media
OilServices
Plantation
Property
REITs
Shipping
Shipyard
Supply Chain
Technology
Telecoms
Others
FSSTI

Jul/Jun (% Chg)
(0.6)
(1.5)
3.1
(5.4)
2.5
(16.5)
(6.9)
(5.6)
(3.7)
13.4
(8.9)
(22.0)
1.7
(2.9)
(1.9)

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

Top Buys
SATS
DBS, OCBC
ComfortDelGro
Ezion, Triyards
First Resources, Bumitama
CapitaLand, Wing Tai
CCT, CDREIT, SGREIT, Sabana REIT
NOL
SCI
Venture
SingTel

(3.5)

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

1

0 (16.a.9 27.0 2.3) (25.8 (59.7 6. n.4 20. 30.2) (3. (3.9 4.653 TECHNOLOGY 15.0 41.0 2.2 17.9 9.4 9.3 21.0 0.3 7.4 2.169 TELECOMS 17.1) 6.573 MEDIA 16.5 6.4 4.3) 16.9 7.a.3) 0.7 1.7 26.6 2.7 5.4 38.3 6.6) 3.8 9.0 32.6 n.1 13.9 1.3 1.4 7.3 (16.1 38.3 0.7 17.a.5 (33.3) 1.2 11. n.9) 1.6 14.3) 1.1 22.5 (1.2 4.3 15.1 (22.6) 33.0 5.S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Sector Performance ------------------.1 4.7) 4.9 9.5 2.5 10.2 1. 46.421 SHIPYARD 7.Yield --------2014 2015F (%) (%) Price/ NTA ps (x) Net Cash (Debt) to Equity (%) Market Cap.8 17.2 (59.7 9.7 3.7) 10.2 3.4 14.a.0) 4.0) (2.8 11.8 31.a. (%) Total Market Cap.886 PLANTATION 14.9 (6.9 4.0 18.8 (129.8 14.235 PROPERTY 8.6 2.767 OTHERS n.a.6 11.0 9.6 23.2 0.5 16.5 2.9) 5.2 138.3 16.4 5.4 3.2 2.6 3.5 10.9 27.1 6.1 5.7 13.631 2 .3 6.0 11.7 n.1 (18.9 31.5 14.2 n.1 (18.a. 19.4 1.7 (103.1 3.8 3.4 6.0 1.4 4.258 LAND TRANSPORT 22.4) 6.5 (17.8 5.8 (36.1 1.0 1.159 FINANCE 12.5 2.0 (68.7 3.1 2.6 6.8 13.6 5.6 1.7 10.0 2.7 0.7 5.EPS Growth -----------2014 2015F 2016F (%) (%) (%) Net Margin (%) ROA (%) ROE (%) --------.5 1.3 74.5 17.0 0.7 7.PE ------------------2014 2015F 2016F (x) (x) (x) ------------.9 3.5 5.7 13.0 n.a.6 0.0 3.9 2.3 10.5 15. 1.0 52.9 (29. (S$m) AVIATION 31.3 5.7) 9.3 5.5 18.8 7.674 REITS 19.8 18.2) 17.6 (9.116 OVERALL 15.0) (2.9 17.4 13.3 3.2 5.0 4.1) 3. n.6 7.7 4.3 10.8) (13.293 SUPPLY CHAIN 10.6) 0.7 22.9 8.396 SHIPPING n.6 33.3 47.5) 0. n.759 OIL SERVICES 4.6 0.6 13.1 0. 12.0 12.9 20.0 (49.4 4.7 0.6 46.9 17.6 (5.7 5.1 8.3 9.1 (4.3 13.5 2.0) 28.0 457.4 3.3) 100.a.6 3.1 6.2 3.5) 6.0 0.0 5.0) 1.3 3.272 HEALTHCARE 56.0 4.2 (58.5 (110.6 30.1 5.7 7.6 2.4 9.5 6.5 20.7 0.8) (7.3) 10.8 7.a.5 13.

0 3. n.0 374.4 5.a.a.886.149 0.0 0.0 12.6 25.8 4.8) (45.2 4.7 7.071.9 3.7 1.9 Ï 4.5 0.2 n.4 38.0 6.5 2.1 11.3) (107.a.9 8.a.3 455.4 548.57 4.5 16.2 7.0 5.4 7.522.0 22.5 39.0 28.61 2.0 845.9) (795.2 n.842.0 303.9 1.2 523.0) 19.1 1.01 1.183.3 48.825 13.541.9 21.2 2.2 0.0 4.441.3 0.0 13.385 12/14 3/15 283.96 0.0) 4.36 1.5 0.3 0.0 Ï 63.844.5 320.6 9.19 7.0 0.544.1 5.0 0.3 15.271.0 65.9 0.3 303.0) 4.19 10.4 Ï 4.20 16. 44.14 0.3 96.6) (197.0 16. 1.5 10.755 918.1 13.2 3.0 10.6 23.7 6.1 Ï 11.9) (545.1 28.9 5.1 28.2 1.14 0.4 56. n.4 36.0 47.5 614.1 3.222.0 12.3) 2.75 35.6 359.8 299.4) (162.9 Ð 12.6 0.942.6 28.38 n.5 2.0 75.27 (79.8 18.7 13.1 116.a.494 2.4 1.a.7 443.5 2.639 4.055.6 Ð 225.a.8 2.9 2. 1.3 3.1 (0.366 87.614.13 4.4 0.134 0.65 2.5 7.4 1.04 2.6 384.0 12.9 34.4 0.5 n.0 0.9 3.a.108.2) 1.06 0.36 0.0 3.76 0.0 3.2) (60.9 13.0 0.5 22.1 16.a.3 18.3 78.5 3.6 11.6 13.4 1.0 14.744.7) 385 0.4 10.1 4.0 4.0 11.5 3.6 32.7 34.45 0.405 12/14 8/14 9/14 12/14 12/14 12/14 8/14 283.4 13.4) (193.0 3.75 1.2 35.62 9.1) (59.0 2.82 1.1 21.1 129.9 13.1 3.385 1.0 1.865 0.1 39.2 8.8 20.497.0 1.0 4.15 0.9 0.0 412.23 11.1 0.7 509.5 0.43 50.0 10.257.9 6.124.25 41.6 6.9 15.7 0.23 0.3 16.5 13.1 24.400 340.2 11.226.4 118.7 12.9 10.1 14.22 1.5 Ð 79.0 58.0 1. n.5 3.8 2.5 0.4 Ð 110.0 59.3 12.9 21.0 4.5 33.735 384 6.0 4.91 33.55 17.1 16.9 Ï 55.440 0.0 (9.6 Net Profit 2015F (S$m) EPS 2016F 2014 2015F 2016F (S$m) (cents) (cents) (cents) 294.0 13.5 2.1 11.0 12.7 11.1 Ï 163.1 2.9 10.0 36.9 6.1 0.9 10.a.9 11.8 100.31 0.a.5 1.0 1.6 30.18 10.9 3.2 733.2 308.104.2 10.0 18.915 0.4 4.6 56.815 6.210.7 6.4 4.2 2.2 208.3 2. 22.9 13.5 3.1 (17.1 0.8 4.3 195.25.3 28.9 5.0 6.7 1.2 22.8 20.49 8.8 9.1 4.2 174.3 5.38 555 3 .683 0.2 12.9 4.4 3.80 24.2) (17.15) (39.6 1.3 Ð 455.2 11.16 4.6 2.9 183.3 2014 (x) PE DPS 2015F 2016F 2014 2015F (x) (x) (cents) (cents) Yield Hist Net 2014 2015F CFPS Margin ROA (%) (%) (S$) (%) (%) ROE (%) No of shares (m) Market Cap.6 1.4 5.0 3.4 17.1 0.2 4.4 198.7 2.464. n.0 13.05 n.9) (45.5 0.7 1.844.0 1.5 12.1 (3.6 2.92 80.06 0.9 10.1 7.049 0.2 3.389.5 111.6 4.53 497 3.426 2.5 2.8 6.5 3.9) (16.4 2.4 16.9 6.1 427.7 4.25 3.9 20.8 7.6 39.6 0.5 10.0 17.8 0.0 18. n.122.601.2 11.0 15.187 356.5 1.2 25.2 14.3 90.6 0.5 2.5 1.7 4.0 Ï 3.4 20.0 3.1 3.4 2.0) OIL SERVICES Ezion Ezra Marco Polo @ Nam Cheong Pacific Radiance Swiber Triyards Sector EZI SP EZRA SP MPM SP NCL SP PACRA SP SWIB SP ETL SP BUY HOLD NR SELL BUY SELL BUY 0.5 30.405 0.3 3.5 3.5 18.3 4.2 11.241.6 (5.15 57.9 11.600 1.6 88.1 11.5 0.3 2.59 0.2 136.3 Ï 102.9 27.0 5.9 2.431 0.9 20.37 27.1 Ð 79.5 15.40 1.5 1.2 1.51 6.8 5.0 0.0 21.5 3.1 22.158.6 14.7 3.22 128 0.3 22.3 20.367.1 5.1 60.8) (110.0 345.3 394.6 203.1 Ð 54.9 19.9 131.0 (264.4 3.6 n.3 119.5 12.0 0.3 34.8 8.5 0.7 4.1 19.4 483.5 316.0 7.0 6.23 0.2 572.7 8.0 4.10 n.0 3.0 15.7) 2.4 39.9 16.5 1.0 0. n.6 27.7) (119.4 3.0 7.2 Ï 308.0 36.3 404.20 12/14 12/14 12/14 6/15 12/14 2.9 86.9) (86.2 12.6 4.249.5 1.7 16.0 26.17 0.83 3.5 11.23 0.a.4 17.0 0.8 HEALTHCARE IHH IHH SP SELL Raffles Medical RFMD SP HOLD Ð Sector 2014 (S$m) 367.7 92.0 4.7 4.3 1.3 21.9 39.0 0.30 0.046.0 3.3 16.6 10.3 21. (S$m) Book Price/ Net Cash/(Debt) to NTA ps NTA ps Mkt Cap Equity (S$) (x) (%) (%) Avg Daily 52-Wk Price Turnover High Low 52-Wk (S$) (S$) ('000) 31.8 5.591 2.5 34.282.911 (101.5 2.0 15.9) (28.01 5.50 1.5 14.8 20.09 0.9 17.23 5.3 11.6 70. 0.758.79 12/14 12/14 292.3 1.4 0.728.4 1.513.5 3.2 10.4 16.1 6.7 6.a.8 2.5) 1.9 3.144 725.3 2.83 n. n.9 11.8 n.8 21.3 Ð 6.7 8.29 138.7 42.99 (9.8 19.5 38.580.4 2.3 6.3 11.0 0.4 12.9 3.055.0 0.6 4.6 55.9 13.0) (6.74 0.0 24.9 51.5 2.25 4.7) 12.3 2.1 0.147.5 19.a.8 1.8 5.8 n.4 (33.0 9.0 0.3 8.52 0.555 (16.0 Ï 1.3) MEDIA SPH Sector SPH SP HOLD 4.6 6.103. 9.8) (12.760 6.a.9 23.7 532.123.48 749.987.0) 2.9) 4.894 0.3 4.2 12.6 0.0 2.0 3.0 3.7 13.509 1.1) (156.1 11.a. 31.0 12.1 8.3 16.0 3.9 3.7 3.0 0.81 0.7 4.8 3.7 Ð 11.52 0.6 19.2 6.8 18.705 20.7 16.1 1.5 15.1 67.225 510 1.3 4.92 27.6 3.9 61.0 1.886.7 0.6 1.10.654 0.8 191.7 2.28 0.a.7 22.9 1.5 91.28 33.35 4.1 8.014.6 1.3 11.5 4.9 324.1 0.14 5.3 8.81 LAND TRANSPORT ComfortDelGro CD SP SMRT MRT SP Sector BUY HOLD 3.0 2.9 5.842.3 0.0 1.0 1.2 0.37 1.3 4.a.5 3.7 1.2 Ï 25.9 136.4 10.3 22.719.6 5.0 0.3 3.0 77.8 387.706 2.0 2.1 0.0 2.74 3.4 348.09 2.1 18.61 3.1 1.513.0 3.0) (9.14 10.3 4.7 293.133 13.6 27.8 10.08 32.1 Ð 511.572.80 0.S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Corporate Statistics Rec Price 31 Jul 15 (S$) Last Year End Company Ticker AVIATION SIA SIA Engg SATS ST Engrg Tigerair Sector SIA SP SIE SP SATS SP STE SP TGR SP SELLÐ SELL BUY HOLD HOLD 10.29 7.0 0.400.2 0.21.0 28.1 26.3 2.6 0.a.97 22.758.9 223.199.1 3.2 22.23 8. n.57 3. n.5 4.0 (26.0 20.2 8.2 25.2 6.0 9.3 3.76 3.18 8/14 404.0 19.1 Ð 145.7 0.0 3.616.30 3/15 3/15 3/15 12/14 3/15 FINANCE ARA DBS OCBC SGX@ UOB@ Sector ARA SP DBS SP OCBC SP SGX SP UOB SP BUY BUY BUY NR NR 1.3 33.1 6.3 10.5 (112.4 3.

196.4 0.8 31.61 1.2 7.440.43 2.6) (46.3 15.1 254.8 11.0) (132.7) (34.5 1.66 3.8 21.7 12.34 0.3) 1.32 3.5 1.0 7.0 0.435 35.0 50.0 8.983.1 20.81 0.92 5.5 5.0 11.9) Ï 52.54 0.9 29.7 28.4 6.4 12.9 4.1 6.7 5.2 6.7 98.0 13.5 2.7 (152.1 1.5 4.48 4.9 5.5 27.3 19.2 7.30 0.07 20.69 6.455 1.4 9.08 0.2 (426.634.9) 52.0 47.007.9 2.5 12.8 3.6 0.05 5.00 0.0 9.38 2.5) (95.837.7) (8.180 3.06 SELL HOLD BUY HOLD BUY 0.757.6 4.0 6.585 0.44 1.9 54.0 3.7 0.4 Rec Price 31 Jul 15 (S$) Company Ticker PLANTATION Bumitama FirstRes GoldenAgri IndoAgri KencanaAgri Wilmar Sector BAL SP FR SP GGR SP IFAR SP KAGR SP WIL SP BUY BUY BUY HOLD HOLD BUY 0.9) (95.5) (77.3 19.8) (84.6 0.7 693.1 5.941.4 10.0 n.90 0.8 (177.0 0.a.2 719. n.2 8.01 1.7 0.0 (28.6 31.1 1.6 54.9 15.57 9.4)1.7) (40.1 560.0 760.1 125.0 10.7 17.168.739.3) 2.7 0.4 10.1 8.0 Ð 26.3 0.6) (57.8 12.1 716.0 1.0 0.2 315.4 0.7 7.24 3.899.8 411.7) (37.6 59.0 21.5 14.293.5 3.1 49.3 107.6 19.4 2.949.3 12.464.469 0.160.2 1.34 31.4 2.094.2 2.3 7.9 1.1 0.4 9.93 212 1.1 2.8 1.0 3.315 0.587.8 1.2 5.0 16.6) (17.14 2.8 7.7 1.935 1.9 1.6 96.745 11.0 14.2 13.0 6.1 4.5 2.5 8.9 3.3 5.59 1.4 2.71 1.8 9.8 15.239.94 9.7 3.6 7.3 6.0 7.1 8.0 4.3 445.151 0.61 0.5 18.6 0.8) (13.1 7.1 5.0) (3.6 0.089.0 SUPPLY CHAIN Noble Group NOBL SP Olam OLAM SP Sector HOLD HOLD 0.429 5.2 1.9 50.02 0.8 32.5) 3.6) (103.3) (17.5 0.3 9.0 1.26 24.2 12.59 1.7 0.6 20.222 1.3 18.4 2.3 2.0 2.5 1.5) (175.17 126 2.4 Ï (12.505 0.044.235.57 1.0 16.39 7.009.168.0 0.8) (2.19 2.8 8.7 6.6 1.454.6 32.4 6.6 5.2 0.3 4.5 11.101 152 257 441 (3.496.0 4.043.4) (59.525 0.8 15.4) (96.0 2.4 42.2 28.8 11.0 218.3 30.5 0.63 5.0) (54.492.3 50.06 2.9 8.653.2 2.2 8.0) Ð 5.1 12.89 316.9 1.6 11.2 42.22 9.36 20.89 1.9 TECHNOLOGY Venture Corp VMS SP Sector BUY 7.32 1.1 1.0 150.148.0 2.787.885 12/14 12/14 6/14 12/14 12/14 12/14 6/14 1.0 2.7 8.35 2.8 149.1 9.5 1.3) (13.9 10.1 27.6 1.99 (11.8 14.3 10. (S$m) Book Price/ Net Cash/(Debt) to NTA ps NTA ps Mkt Cap Equity (S$) (x) (%) (%) Avg Daily 52-Wk Price Turnover High Low 52-Wk (S$) (S$) ('000) 19.4 2.4 18.9 13.4 5.8 801.8 9.6 6.3 0.4 14.1 9.0 BUY 0.3 517.6) 2.85 12/14 139.5) (182.0 0.42 0.8 769.2 68.5 48.4 165.7 7.2 5.4 15.3 16.7 1.90 2.1 132.8 3.5 5.20 PROPERTY CapitaLand City Devt GuocoLand Ho Bee Land OUE Wheelock @ Wing Tai Sector CAPL SP CIT SP GUOL SP HOBEE SP OUE SP WP SP WINGT SP BUY HOLD BUY BUY BUY NR BUY SHIPPING NOL Sector NOL SP SHIPYARD COSCO Corp Keppel Corp Sembcorp Ind Sembcorp Marine Yangzijiang Sector COS SP KEP SP SCI SP SMM SP YZJSGD SP Last Year End EPS 2016F 2014 2015F 2016F (S$m) (cents) (cents) (cents) 2014 (x) PE DPS 2015F 2016F 2014 2015F (x) (x) (cents) (cents) Yield Hist Net 2014 2015F CFPS Margin ROA (%) (%) (S$) (%) (%) ROE (%) No of shares (m) Market Cap.7 1.a.420.8 (100.0 6.1 2.9 11.75 1.8 149.5 16.3 8.7 16.15 1.9 1.3 83.9 2.0 1.3 1.3 1.0 1.0 758.4 3.602.5 2.6 304.4 0.5 5.5 0.0) (61.7 22.1 16.0 43.2 1.7 3.3 329.9 0.0 6.1 5.0 219.6 9.0 0.2) (329.7 143.6 5.33 2.19 3.2 8.8 767.5 3.2) (92.5 1.5 1.9 2.1 3.5 1.9 1.0 1.5 47.16 0.0 44.38 0.7 8.4 1.6 0.3 6.0 3.2 0.9) (130.6 1.5 22.0 Ð 103.4) (46.8 847.91 1.0 9.9 30.5) (67.3 0.76 1.3 981.8 21.93 12/14 (329.0 3.32 0.2 0.885.96 0.7 2.954 0.0 6.9 7.57 2.5 13.339.6 59.0 13.1 15.4 1.7 38.43 2.2 16.1 10.9 0.4 22.4 50.5 2.299 2.6 4.6 20.7 1.38 2.735 6.5 7.4 0.353.03 0.4 3.0 Ð 450.991 1.983.6 1.9 13.1 7.4 4.7 19.3) (18.7) (12.2 9.12 0.3 11.6) (97.734.95 2.2 3.2 1.6 0.4 1.5 15.93 9.8 703.5 1.5 2.0 18.5 0.8 17.2 80.8 163.2 1.8 (0.0 Ð 1.2 4.95 1.9 766.0 16.7) (48.0 0.817.4 3.4 595.1 5.3 13.9 7.5 7.674.076.2 13.7 10.6) (1.432 0.0) (8.6 15.84 12/14 12/14 167.6 5.2 74.0 6.041.420.2 26.0) (204.483.8 10.8 1.3 2.625.29 12/14 12/14 12/14 12/14 12/14 20.8 4.8 2.08 1.89 0.4 76.9 8.3 10.447. n.4 163.a.3 0.0 (10.8 139.5 16.4 856.32 0.0 0.6) (152.5 7.8 2.0) (34.9 1.5 1.0 28.7 4.1 10.29 2.7 2.2 8.6) (69.2 13.274.398 6.7) (263.3 8.05 43.4 39.1 6.6 7.7) (34.6 48.8 2.9 n.S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Corporate Statistics 2014 (S$m) Net Profit 2015F (S$m) 12/14 12/14 12/14 12/14 12/14 12/14 123.4 2.9) (79.3 591.5 8.3 17.2 2.0) (68.90 0.7 41.3 30.2 4.0 112.7) (59.4) 79.8 5.4 2.837.884.109.5 10. n.7 10.3 0.7 1.9 3.67 13.6 5.2) (40.9 733.0 5.3 12.6 793.a.0 6.43 1.1 5.0 88.5 3.1 873.4 0.6) 1.4 0.763.490.735 1.4 6.45 2.0 14.9 17.28 2.79 10.0 3.925 1.468 9.8 1.1 0.38 7.0 46. 46.0 7.1 251.32 0.6 22.3 68.5 14.0 339.6 108.66 5.9 99.3 7.73 4.7 1.2 1.2) (168.7) (1.9 8.0 5.2 12.22 262.9 11.50 3.4 (12.2 3.3 1.413.0 10.0 12.70 2.5 2.7) (30.0) (2.4 8.2 23.28 29.031.2 2.311 378 4 .6 1.5 2.9 9.541.9 1.9 80.3 909.7 5.3 18.381.8 22.3 Ð 0.0 2.9 11.5 6.6 0.2 7.7 3.7 4.5 2.9 411.0 23.1 3.0 1.57 2.1 13.82 0.1 4.2 77.0 5.8 2.5) (63.403.0 0.0 5.6 10.6) (103.7 33.9) (23.7 3.108 3.0 198.4 0.9 481 1.3 2.3) (83.4 0.066.5 0.9 11. 9.6 276.18 0.7 2.1 9.4 16.2 13.22 0.1 7.1 3.8 697.1 4.8 2.1 9.4 21.3) 1.584.630.5 4.3 19.261.6) (174.2 120.6 9.7 27.8 1.6 31.2 1.3 1.7 3.a.0 10.4 6.9) (32.6 0.4) 0.21 0.2) (129.8 621.3 1.5 18.3 4.

5 16.6 15.5 1.0) (34.188.8 6.2 4.694.0 15.54 0.4 15.919.9 23.58 16.6 333.361.4 1.31 0.7 65.0 14.6 12/14 68. 17.1 16.3 34.8 9.3 22.7 10.630 18.5 2.2) 6.966.5 20.30 0.356.943.4) 7.3 18.5) 8.1 0.9 17.S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Corporate Statistics Price 31 Jul 15 (S$) Company Ticker Rec TELECOMS M1 SingTel StarHub Sector M1 SP ST SP STH SP SELL Ð BUY SELL 3.7 4.7 19.8 17.0 4.9 1.37 0.808.32 16.5 (25.7) 3/15 157.6 (5.80 (0.3 15.0 20.897 1.9 1.2 6.6 (59.13 4.9 15.115.a.60 0.1 2.955 1.34 0.005 OVERALL Last Year End 12/14 3/15 12/14 2014 (S$m) 175.5 937.711.2) 9.9 17.3 17.151.5 9.3 3.1 74.10) 10.2 (4.2 17.1 3.9) (7.8 (1.a.2 4.6 285.08 12.0) (12.7 5.4 7.3 1.2 23.1 n.524.0 11.2) 0.6 5.3 6.9) 9.120 1.0 6.5 (7.7 9.6 17.9 2.8 1.9 15.8 7.57 4.046.3 8.781.0 15.6 65.3) 8.4 Ð 173.813.6 8.4 18. 28.4 2.3 19.8 3.7 16.5 5.60 1.529.5 17.7 21.9 17.1 6.296 3.5 239.34 0.16 1.606 29.3 26.863.4) 5 .1) 3.3 5.0 3.1 457.0 12.6) (12.53 0.0 4.0) (204.1 n.1 1.2 58.0 197.2 327.1 3.7 1.6 23.9 1.2 4.5 27.0 23.5 5.99 4.07 67.9 44.7 3.4 33.6 18.0 7.4 5.3) (36.a.83 OTHERS Genting HK US$ Genting SP HPH Trust US$ SingPost SuperGroup Sector GENHK SP GENS SP HPHT SP SPOST SP SUPER SP HOLD BUY BUY BUY HOLD 0.2 (3.8 3.634.4 4.8 15.09 3.2 2.345 0.3) 3.4 13.6 19.3 18.700 1.1 4.4 Ð 4.631.5 4.516 0.5 20.2 3.3 12/14 (2.0 (13.9 0.41 0.4 19.74 2.7 310.932.9) 8.5 370.3 19.9 4.4 1.1 8.1 12/14 517.7 4.8 (10. (136.85 21.47 0.838 209.1 27.1 21.4 1.4 0.8 2.9 15.7 4.1 0.9) 28.1 3.40 0.a.34 3. (S$m) Book Price/ Net Cash/(Debt) to NTA ps NTA ps Mkt Cap Equity (S$) (x) (%) (%) Avg Daily 52-Wk Price Turnover High Low 52-Wk (S$) (S$) ('000) 172.3 17.4 (62.995 1.138 0.5 7.8 4.5 23.2 1.0 5.1 16.2) 12/14 487.3 1.4 14.8 31.10 17.9) 2.2 3.8 17.41 1.5 6.2 609.2 17.9) 0.7 20.3 n.482.4 0.6 9.1 700.625.7 (22.1 9.1 9.8 n.577.084.3 (4.121.2 (32.8 7.5 16.8 Net Profit 2015F (S$m) EPS 2016F 2014 2015F 2016F (S$m) (cents) (cents) (cents) 2014 (x) PE DPS 2015F 2016F 2014 2015F (x) (x) (cents) (cents) Yield Hist Net 2014 2015F CFPS Margin ROA (%) (%) (S$) (%) (%) ROE (%) No of shares (m) Market Cap.4 25.7 3.88 0.327.0 3.0 16.7 0.205.0 20.9 17. 5.4 22.0 1.0 4.209.2 14.7 5.46 3.8 4.1 1.07 18.1 174.7 24.4 306.116.767.0 19.2 19.910 3.0 (33.1 12.8) 12.3 3.2 3.729.5 (30.3) (80.0 7.

5 5.8) (36.9 5.6 6.1 Yield Debt to 2015F 2016F Asset ROA (%) (%) (%) (%) 6.6 6.6 208.075 1.2 381.512.06 0.2 10.7 8.336 8.9 46.0 730.8 11.5) (47.7 8.8 7.8 1.396.2 602.09 2.1 1.0 4.7) (30.5 7.162 Note: If year end is before June.2 10.2 74.3 11.6 6.6 6.9 14.815 2.4 7.90 2.3 6.8 5.6 8.9 5.8 1.7 9.647 1.8 9.9 3.4 846.5 6.0 5.4 9.5 8.855 0.1 5.4 7.0 11.1 7.5 10.89 2.2 2.32 1.0) (36.5) (54.8 3.82 0.8 1.425 2.4 5.0 3.3 Ï 11.685.6 7.6 71.3 33.470.289.826.0 16.6 2.463.3 9.3) (56.82 1.7) (42.5 34.26 2.5 4.399 8.6 29.4) (54.06 0.6) (72.9 2.3 5.2 31.097.2 8.9 3.01 2.1 3.8) (67.7 7.7 916.4) (51.6 983.2 72.S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Corporate Statistics Avg Daily Company Ticker REITs Ascendasreit AscottREIT CACHE CapitaCom Trust CapitaMall Trust CDL Htrust FrasersCT Frasers HTrust Kep REIT MapletreeInd MapletreeLog PLife REIT Sabana REIT Starhill Gbl Suntec REIT Sector AREIT SP ART SP CACHE SP CCT SP CT SP CDREIT SP FCT SP FHT SP KREIT SP MINT SP MLT SP PREIT SP SSREIT SP SGREIT SP SUN SP Rec Price 31 Jul 15 (S$) Last Year End Net Profit 2014 2015F (S$m) (S$m) 2016F (S$m) HOLD HOLD BUY BUY HOLD Ï BUY HOLD BUY BUY HOLD BUY HOLD BUY BUY BUY 2.9 6.0 0.2 56.9 28.6 5.4 7.5 7.0 8.64 1.775 1.7 10.0 6.2 2.8 5.8 1.948.08 1.2 6.0 10.2) (60.6) (45.2 5.9 5.5 5.4 0.885 1.6 3.113.4 60.476.0 65.415 1.5 2.4 3.8) (49.888.1 0.7 2014 (%) 6.0 10.9 5.15 0.2 33.9 2.5 6.4 62.3 5.5) (55.8 11.3 176.925.897.1 5.4 35.2 605.6 6.46 1.2 10.2 10.4 106.8 109.8 2.2 7.4 7.6 6.4 365.7 15.4 100.43 0.8 1.87 1.4 101.2 8.0 8.1 1.2 6.3 5.7 6.9 5.9 5.0 6.7 5.1 9.2 281.01 1.407.534.5 6.0 (47.4 3.0 10.8 90.6 162.1 7.540.5 11.8 228.1 5.761.6 Ð 11.6 7.9 37.3 9.1 2.5 3.4 35.3 7.2 1.6 8.0 0.5 9.32 0.9 2.9 176.3 ROE (%) 5.8 4.6 374.1 7.0 56.25 1.2 7.1 61.19 1.4) (54.3 DPU 2015F 2016F (cents) (cents) 15.1 7.6 12.0 10.4 4.9 104.3 5.2 6.1 5.367.9 147.0 8.5 15.0 6.824 1.6 11.0 2.0 5.3 12.1 9.7 380.525 1.426 8.1 1.5 5.7 38.2 10.9 50.09 5.2) (55.3 107.8 4.9 7.8 1.7 1.0 6.8 6.8 10.852 3.6 1.26 0.927.6 374.5 6.0 7.7 11.0 6.1) (59.5 8.6) (55.9 7.3 1.1 3.7 2.3 149.3 1.0) (41.795 1.1 37.55 1.6 5.748.6 179.6 1.0 34.3 7.1 5.2 11.1) 2.05 1.317 1.2 1.7 8.10 1.665 8.1 2.323 453 908 2.1 9.6 1.2 1.7 12.7 5.28 1.201.0 Book Price/ Net Cash/(Debt) to 52-Wk Price Turnover NTA ps NTA ps Mkt Cap Equity High Low 52-Wk (S$) (x) (%) (%) (S$) (S$) ('000) 2.8 179.03 0.2 Ð 11.198.5) (49.85 0.1 No of shares (m) Market Cap.9 172.9 4.4 124.5 36.3 3. earnings are shown in the previous period @ Consensus forecast 6 .8 3.71 1.42 1.1 1.181.385 1.8 10.32 1.5 6.935 2.1 1.1 10.9 4.9 2014 (cents) EPU 2015F (cents) 2016F (cents) 2014 (cents) 10.6 4.1 41.8 30.5 34.8 184.515.9 182.2) (60.325 1.0 1.7 1.8 7.5) (56.8 305.254 558 5265.9 5.3) (77.3 7.2 52.205 1.00 1.0 8.9 5.705 3/15 12/14 12/14 12/14 12/14 12/14 9/14 9/13 12/14 3/15 3/15 12/14 12/14 6/15 12/14 259.0 1.11 2.0 6.0) (41.97 1.1 3.2 3.0 6.4 784.2 7.5 6.7 1.8) (33.09) (36.9) (46.5 104.76 1.0 8.357.4 176.84 1.437.6 8.8 10.2 8.4 1.6) (60.84 1.3 39.8 6.5 101.92 1.2 1.0) (51.1 6.6 6.4 35.08 1.9 5.6 7.825 0.7 6.2 10.9) (54.1 108.62 1. (S$m) 2.7 6.3 2.56 2.8 7.71 1.

7) 6.1 3.3344 333. (4.7 1.1 2.1 0.9 2.83 1.0) 1. n.a.0 1.a. n. n.7 17.0 3.3 2.a.5 (0.7 2. (4. n.0 (6.7 (2.a.6) 5.0 3.2 1. n.a.a.89 1.6 4. n.3455 340.1) 1.7 (4.6 3.1) (4.1 (1.82 1. n.30 1.8 (5.a. n.a.1 0.6) 2.7 3.1 6.0) 2.9 5.a.1 3.9 2.5 5.a.9 1. n.8 2.a.0) (0.0) 0.35 0. n.3) n.a.5 1.1 1. n.a.a.4) (5.6 3.8 2.3) n.3 1. n.a.5 1.5 2.5 2.9 2.0 15.3482 339.1 1.35 0.3800 361.3 3.1) 4.0 9.8 (1.4400 342.a. 0.0 2.2589 343. n.4 (1.a.5 (0.9 2.3455 340. Source: CEIC.a.3) (0.0 0.0 2. n.0 2.3 1.38 1.8 6.0 1.07 1.9 0.8 3.a.2 4.7 5.9 136.1) 7.8 (6.7 3.4) 3.0 2.a.2 2.a.2) (0.5 5. n. (0.a.a.3 4.0) (0.3 2.01 1.1 (7.1) 4.7 1.8) (1.1 1.5 (1.6 1. n.7 3. n.a.a.5 1. n.38 0.8) 18.1) 0.8 (8. n. n.a.35 0.3) 2.4) 1.8 4.7 6. n. n.4 4.1 (0.4) (0.2 (10.8 1.2 1.6 3.5 2.4) n.5 4.8 3.35 0.7 2. n.8 11.2 1.5 1. n.46 1. n.1) (19.4 10.a.1 105. n.7) 3.4) 4. n.a.5 2.9 2.a. n.4) (14.7) n. n.a.a.a.a. n.6 (0.3150 337. n. n.3) (5.9 4.9 40.a.4 2.a.a.a.7 14.40 1.4) (5.2 1.6 (0.3150 337. n.6) (0.3 7.8) (4.9 2.35 1.2638 336. n.a.a.3 6. UOB-GEMR 7 .a.a.3) 1. n.5) n.1 0.5 5.3 2.9 5. (1.6) 1.a.8) 1.0 4.6 5.0 (3.7 4.a.0) 1.8 4.a. n.5 5. n.1 (0.0 (5.4 7.4) (0.a.9 5. n.a.a.a.a.S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Economics GDP by Sector (Real) (yoy % chg) Total GDP Goods Producing Industries Manufacturing Construction Services Producing Industries Wholesale & Retail Trade Transport & Storage Hotels & Restaurants Information & Communications Financial Services Business Services Trade Figures (Nominal) (yoy % chg) Total Exports Total Imports Non-oil Domestic Exports Monetary Data (End of period) Loans Growth (yoy % chg) M1 (yoy % chg) M2 (yoy % chg) Prime Lending Rate (%) 3mth Interbank Rate (%) Exchange Rates (S$/US$) Foreign Reserves (S$b) Other Macro Variables (yoy % chg) Industrial Production Index (2011=100) Retail Sales Index (Current) Visitor Arrivals Inflation (2009=100) Unemployment Rate sa (%) (end of period) Changes in Employment 2013 2014 2015F 2016F 3Q14 4Q14 1Q15 2Q15 Mar 15 Apr 15 May 15 Jun 15 4. n.a.3 1.3 2.a.5 1.35 1.01 1.3) 0.9 33.5 (5.9) 2.a.8 7. n.9) n.5 (0.1 1.3770 342.9 1.a.2) 6.35 0. n.7 2.5 5.3770 342.0) 4.a.46 1.4 3. n.2 0.82 1.5 3.4) (16.a.5) 2.0 n. n. n.9) 3.41 1. n. n.9 2.8 (1.a. n.4) (2.a. n.2 (3.9 130.8 5.1 123. n. (0.0 2. (8.2 3.1 3.4 (3.3 4.6 (1.9 5.6 12.4 6. n.4 3.5 2. n.7 1.a.1 1.a.0) 2.2 11.5 (9.6 (14. n.a.1 (1.4) 2. n.8 1.4 2.4) n.2 4.4) (12.6 2.6 7.38 0.4 1.6 7.7 3.3 (0.38 2.5 1.a.2 2. n. n.a.8) (6.4 3.1 1.1 3.1 3.a.3 5.35 0.

1 35.9 20.9 0.2 34.9 7.4 3.3 0.0 5.4 0.5 6.7 6.3 46.2 11.7 13.1 12.1 37.2 59.0 27.5 0.6 StarHub Silverlake SGX Dairy Farm 900 US$ M1 DTAC 200US$ AusNet Services Sheng Siong ARA RafflesMG 29.377.369.0 6.5 22.490.3 1.9 1.8 6.7 EzionHldg Citic Envirotech IHH BukitSem CITYDEV UIC JSH 500US$ Sinarmas Fragrance HPL Hist.6 # Based on UOB Kay Hian’s universe * Based on top 100 companies by market cap Source: Bloomberg.345.3 34.6 6.718.8 1.9 46.8 1. UOB Kay Hian 8 .1 7.8 8.4 7.958.7 6.6 Lowest 90 days Volatility (%) # AscottREIT SPH OCBC Bk SingPost CACHE StarHub K-REIT Frasers HTrust MapletreeInd CapitaComm SingTel PRU 500 US$ JMH 400US$ DBS JSH 500US$ OCBC Bk UOB HKLand US$ Wilmar THBEV 65.4 13.344.9 0.7 8. 0.7 1.242.6 5.5 7.3 0.7 OSIM Intl Far East HTrust GuocoLeisure BukitSem Oxley CapitaRChina CWT Sheng Siong EzionHldg Fragrance 1.3 12.842.367.249.1 11.9 24.4 50. Highest Dividend Yield (%) * 165.209.9 0.335.2 8.6 0.8 HPH Trust US$ Oxley Far East HTrust CDL HTrust MapletreeInd MapletreeLog Kep REIT MapletreeGCC AscottREIT AusNet Services Lowest PE (x) # Forward Lowest P/NTA (x) * Hist.7 0.8 20.8 0.6 20.7 4.3 5.5 0.0 5.3 7.273.2 1.7 1.7 52.9 41.0 32.728.0 21.8 6.7 1.0 Highest 90 days Volatility (%) # Ezra Noble Grp Triyards Pac Radiance Swiber NOL EzionHldg CoscoCorp Nam Cheong TigerAir Highest Market Cap (S$m) * 53.8 7.1 Lowest Market Cap (S$m) * 9.648.0 39.917.0 1.5 36.4 0.5 0. Lowest Dividend Yield (%) * Triyards Ezion Pacific Radiance Swiber Noble Group Nam Cheong Ezra Yangzijiang IndoAgri Sembcorp Ind 2.4 Hist.2 13.6 37.S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Ranking By Market Parameters Forward Highest P/NTA (x) * Hist.5 9.1 0.9 7.5 0.6 0.6 3.7 1.9 18.258.2 1. 8.8 11.4 7.4 12.2 41.4 30.4 47.0 40.4 Highest PE (x) # COSCO Corp NOL IHH Raffles Medical SIA Engg SIA HPH Trust US$ SPH Suntec REIT SingPost GoldenAgri Yanlord OUE Ltd Noble Grp Wing Tai Ho Bee Land Yuexiu Prop 2k Perennial Hldgs Wheelock HKLand US$ 0.4 4.4 51.297.136.

5) (3.4) (27.86 1.2 (3.6) (60.025 0.7) HEALTHCARE IHH Raffles Medical Sector 2.7) (80.84 3.5) (8.3) 2.0) (4.7 (19.8) 5.7) (13.6) (2.2) 8.9 (0.7) (17.73 3.6 15.4) 16.2 12.85 0.425 2.7) (16.56 2.4) (14.6) (8.19 3.7) (34.46 1.7) (21.6) (6.8 (12.935 1.7) (7.06 0.90 0.2 (6.78 2.06 0.7 (2.% Change --------------------mom yoy ytd AVIATION SIA SIA Engg SATS ST Engrg Tigerair Sector 10.4) 8.5) (0.7 3.7) (11.2 (12.4) (14.7 (2.1) 3.7 REITS Ascendasreit AscottREIT CACHE CapitaComm CapitaMall CDL Htrust FrasersCT Frasers HTrust Kep REIT MapletreeInd MapletreeLog PLife REIT Sabana REIT Starhill Gbl 9 .275 0.2 (2.9) (41.3) (22.2) (4.8) (10.70 0.6) 3.1) (1.9) 2.97 22.825 0.1 17.9) (1.7) (9.2 (10.5) 13.7) (7.865 0.1 1.1 (5.8) (11.5) 23.29 7.0 (9.885 (8.3) (2.5) 1.7) 1.5 18.25 0.23 0.76 3.4) 2.5) (11.2) 28.145 1.9) (23.23 0.1) (1.1) (20.6) (8.9) 6.7 (1.0 (10.6) (34.075 1.9) (10.2) (16.99 1.0) (10.5) PLANTATION Bumitama FirstRes GoldenAgri IndoAgri KencanaAgri Wilmar Sector 0.69 10.4) (2.5 2.6) (6.08 4.5 (10.525 0.171 0.0) (8.% % Change --------------------mom yoy ytd 0.134 0.3) 8.56 1.3 15.18 7.6) 2.7 0.13 2.8) (51.33 2.69 3.63 2.29 2.185 3.405 0.3 MEDIA SPH Sector 4.6) FINANCE ARA DBS OCBC S'pore Exchange @ UOB@ Sector 1.0 (22.4) (6.18 10.28 0.6) (3.01 1.Price (S$) ---------30/06/15 31/07/15 --------------------.0) (16.6) (6.5 0.3 (2.8 6.0) (5.7 LAND TRANSPORT ComfortDelGro SMRT Sector 3.9) (18.30 0.01 1.8) (15.167 0.4) 1.905 3.13 1.79 2.4) OIL SERVICES Ezion Ezra Marco Polo @ Nam Cheong Pacific Radiance Swiber Company Triyards Sector ---------.0) (66.6) 4.0) (4.9) (24.2) (7.385 (3.07 4.0) (55.25 1.405 (1.41 0.8) (57.28 0.9 0.83 23.2) (16.75 20.00 1.3) 0.7) (2.585 0.1) (13.755 1.4) 15.29 1.4) (22.4) 24.87 (1.4) PROPERTY CapitaLand City Devt GuocoLand Ho Bee Land OUE Wheelock @ Wing Tai Sector 3.5) (15.4) (4.0) (1.8) 2.41 0.3) (5.7) (0.74 3.1 3.155 1.11 1.7 22.925 1.43 0.07 1.61 3.3) 7.99 2.7 (0.3) 7.705 20.60 2.22 9.1 16.1) (5.7) (6.1) (6.7 (6.9 (13.04 0.0 (4.5) (45.0) (48.5) 1.9 1.4 (0.Price (S$) ---------31/07/15 30/06/15 --------------------.82 1.54 3.1) 3.4) (34.0) 1.2) (1.6) (21.39 2.1) (2.30 0.08 1.18 2.525 1.8) (4.8 (3.6) (4.5) (19.8 23.1 (12.56 2.11 2.50 9.1) (39.1 (6.29 10.149 (15.3 (3.13 4.5) 1.735 1.15 1.42 1.S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Performance At A Glance* Company ---------.9 4.5 1.6 (31.9) 10.8) (1.315 0.30 0.7 (6.3) (50.9 (8.20 (6.5 (5.9) 5.0) (1.8) (2.8) (1.3 (1.8) 8.88 2.

85 1.955 1.345 0.60 1.4) 8.3) (13.7) 2.8) (8.7) (4.S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Performance At A Glance* Company Suntec REIT Sector SHIPPING NOL Sector ----------Price (S$)---------31/07/15 30/06/15 1.1 (14.3) 4.95 3.34 0.1) (8.5) 0.455 1.6) (34.0) (68.11 0.2) (12.8) TECHNOLOGY Venture Corp Sector 7.9) (3.8 SHIPYARD COSCO Corp Keppel Corp Sembcorp Ind Sembcorp Marine Yangzijiang Sector OVERALL ---------.4) (7.3) OTHERS Genting HK US$ Genting SP HPH Trust US$ SingPost SuperGroup Sector 0.24 4.1) (8.8 (12.4 (2.5) 11.09 3.9) (15.57 2.22 3.50 3.88 0.9) (23.8) (45.84 1.0) (34.2) (0.9) (37.9) (18.21 3.895 0.895 1.83 (3.415 7.2) (3.1) (15.5) (4.5) (30.82 0.% % Change --------------------mom yoy ytd (1.93 13.4) (2.88 0.4 13.5) (1.3) (3.5 (10.Price (S$) ---------30/06/15 31/07/15 0.61 1.29 (8.3) (13.9) 7.5) (51.7) (4.% Change --------------------mom yoy ytd Company (1.1) (2.8) SUPPLY CHAIN Noble Group Olam Sector 0.8) (8.7 10.9) (39.725 1.76 1.63 1.7) 10 .39 (18.3) (60.84 (40.8) (19.3) (0.72 7.1) (1.2 (9.1) 10.005 --------------------.3) (19.3) TELECOMS M1 S Telecoms StarHub Sector 3.9) (31.2) (8.1) (19.8) 3.7 0.0) (5.7 1.9 (7.705 --------------------.5) (13.5) (2.1 (31.0) (25.2) (3.7 (3.1) (22.9) (16.48 0.1) (2.0) 18.0) (2.13 4.4) (1.0) 1.3 (29.89 2.7) (3.

S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Performance At A Glance* Aviation Finance (31Dec14=100) 106 Healthcare (31Dec14=100) 106 Aviation 104 104 102 FSSTI 102 100 100 FSSTI 98 98 96 96 94 94 Finance Jan Feb Mar Apr May Jun Jul Jan Feb Mar Land Transport (31Dec14=100) 120 118 116 114 112 110 108 106 104 102 100 98 96 Jan Feb Apr May Jun Jul Mar Jul FSSTI 95 90 85 100 80 Oil Services 75 98 70 Media 65 96 Jul Jun 100 102 Jun May 105 FSSTI FSSTI Apr Oil Services 104 May FSSTI (31Dec14=100) 110 Land Transport Apr Healthcare Media (31Dec14=100) 106 Mar (31Dec14=100) 120 118 116 114 112 110 108 106 104 102 100 98 96 Jan Feb Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul 11 .

S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Performance At A Glance* Plantation Property (31Dec14=100) 106 104 REITs (31Dec14=100) 106 (31Dec14=100) 114 112 FSSTI Property 102 102 108 100 106 98 104 Plantation 100 FSSTI 98 102 96 100 94 Jan Feb Mar Apr May Jun Jul 96 FSSTI 98 92 REITs 104 110 94 96 Jan Feb Mar Apr May Jun Jan Jul Feb Mar Shipyard Shipping May Jun (31Dec14=100) 110 110 135 105 105 130 125 FSSTI 100 FSSTI 95 Shipping 100 120 115 90 85 95 110 FSSTI 105 Jul Supply Chain (31Dec14=100) (31Dec14=100) 140 Apr Shipyard Supply Chain 80 75 90 100 70 85 95 Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul 65 Jan Feb Mar Apr May Jun Jul 12 .

S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Performance At A Glance* Technology Others Telecoms (31Dec14=100) 116 (31Dec14=100) 110 (31Dec14=100) 110 114 108 Technology 106 FSSTI 112 Telecoms 110 104 108 102 104 105 100 106 95 Others 102 100 FSSTI 98 100 90 FSSTI 98 96 96 Jan Feb Mar Apr May Jun Jul 85 Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul * Based on UOB Kay Hian’s universe 13 .

S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Diary Of Events Sunday Monday Tuesday Wednesday Thursday Friday – 12 – 2 –3 4 – SCI 2Q15* 9 10 11 – Noble 2Q15* National Day Public Holiday – Super 2Q15* – OUE 2Q15 6 5 – CapitaLand 2Q15* – StarHub 2Q15* – Wilmar 2Q15* 12 – – – – – – – – – – – 7 ARA 2Q15* Ho Bee 2Q15* Yangzijiang 2Q15 Venture 2Q15 13 City Dev 2Q15* ComforDelgro 2Q15* Genting SP 2Q15* SingTel 1Q16* Swiber 2Q15 Bumitama 2Q15 First Resources 2Q15 Saturday 8 SG50 Public Holiday 14 – – – – 15 Olam FY15* ST Engrg 2Q15* Ezion 2Q15* Golden Agri 2Q15 14 .

S i n g a p o r e C o r p o r a t e A ug u st 20 15 G u i d e Diary Of Events Sunday Monday Tuesday Wednesday Thursday Friday Saturday 16 17 18 19 20 –21 22 23 24 25 26 27 28 29 – Genting HK 2Q15 30 – IHH 2Q15 – GuocoLand FY15 – Wing Tai FY15 31 * Confirmed 15 .

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