S i n g a p o r e

C o r p o r a t e

S ep t em be r 2 0 1 5

G u i d e

Market Outlook & Strategy

FSSTI

REVIEW: The global market rout continued in August and FSSTI was not spared, declining 8.8%
mom to 2,921.44. Market confidence was clearly shaken by external uncertainties, particularly
over China’s economic outlook and fears of a currency war after the devaluation of the renminbi.
The uncertainties over the timing of the interest rate hike by the Fed also led to investor
uncertainties. On the local front, a better-than-expected 2Q15 GDP growth did not provide the
market lift. With the uncertain outlook, the Ministry of Trade and Industry (MTI) narrowed their
2015 GDP forecast to 2.0% to 2.5%, from 2.0% to 4.0% earlier. Company-specific news
dominated corporate newsflow as Silverlake was hit by another short-seller report. On a more
positive note, stocks such as Ezra and Olam received a lift after announcing new strategic
partners.
STRATEGY: With an uncertain external outlook and limited earnings visibility, the FSSTI is
expected to remain volatile. Against a difficult background and expectations of rising interest
rates, we would take a selective approach and would focus on liquid blue chips with reasonable
yield and strong financials. Investment themes we advocate are: a) resilient yield in low growth
environment, b) favourable risk-reward profile, c) M&A, and d) quality franchise at reasonable
valuations. On our BUY list are DBS, CapitaLand, CCT, SingTel, SingPost, SATS, STE,
ComfortDelGro and Sembcorp Industries. Our SELLs include SIA Engineering and Nam Cheong.
TOP GAINERS & LOSERS*
(S$)

Jul

Aug

% Chg

Pan Ocean

3.40

4.30

26.5

AliPictures2kHKD

1.00

1.20

20.0

0.455

0.545

19.8

Yuexiu Prop 2k

Noble Grp
Olam
Yanlord
Petra

(S$)

Jul

Aug

% Chg

Silverlake

0.97

0.56

(42.3)

Dairy Farm 900 US$

8.27

6.50

(21.4)

0.305

0.24

(21.3)
(21.3)

1.84

2.07

12.5

UE

2.49

1.96

0.965

1.085

12.4

FirstRes

1.90

1.525

(19.7)

2.87

2.94

2.4

Bumitama

0.925

0.75

(18.9)
(15.7)

Venture

7.85

8.01

2.0

GuocoLand

Sinarmas

0.555

0.565

1.8

ARA

1.31

1.32

0.8

1.525

1.535

0.7

AusNet Services
MapletreeInd

2.29

1.93

1.705

1.44

(15.5)

CDL HTrust

1.56

1.32

(15.4)

Yangzijiang

1.29

1.10

(14.7)

* Top 100 companies by market capitalisation

Refer to last page for important disclosures.

From 1/9/2014 to 31/8/2015

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

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

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

Aug/Jul (% Chg)
(6.4)
(12.4)
(9.3)
(7.9)
(5.7)
(19.0)
(10.7)
(10.1)
(7.0)
(11.3)
(8.6)
15.4
2.0
(8.1)
(11.9)

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

Top Buys
SATS, ST Engrg
DBS, OCBC
ComfortDelGro
Ezion, Triyards
Wilmar,First Resources, Bumitama
CapitaLand, Wing Tai
CCT, MLT, ART, SGREIT
NOL
SCI
Venture
SingTel

(8.8)

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

1

6 (103.376 LAND TRANSPORT 21.0 1.5 4.1 4.8 5.5 2.5 10.8) (13.0 414.3 9.9 3.8) (7.2 3.3 14.2) 7.8 14.371 OIL SERVICES 3. 40.0 0.4 16.2 12.5 n.1 46.7 (57. (3.0 (10.3 6.0 2.7 3.9 8.9 (73.5 0.4 1. n.6 13.1 (31. n.0 (133.4 22.7 10.0 12.5 0.a.4 0.6 37.5) 1.3 (1.8 7.5 17.0 0.7) 10.9 7.1 5.4 9.5) (4.6 33.9 2.9 (16.9 28.5 6.4 (119.7 0.1 45.8 9.4 n.2 (0.5) 0.8 21.6 9.3 5.0 1.4 (22.S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Sector Performance ------------------.9 16.1 9.8 5.5 6. 19.2) 6.5 14.7 (6.9 3.165 OVERALL 14.1 (62.8 13.1 4.9) 1.2) (3.8 6.6 6.3 14.5 2.883 2 .5 11.2 5.872 PROPERTY 7.4 (2.0) 2.9 9.8) 100.7 24.9 13.1 4.896 MEDIA 15.8 4.6) 64.0 n.4 4.4) 4.4 (33.2 20.2 6.1 5.2 (53.2 8.7 2. (S$m) AVIATION 29.6 5. 1.7 0.4 7.5 0.3 38.7 7.6 1.3 15.7 5.0) (2.0 20.3) 0.0 2. 18.a.2 (18.a.9 2.a.4) 16.603 SUPPLY CHAIN 11.147 SHIPYARD 7.2 4.5 16.5 2.2 (4.4 4.0 3.a. 29.0 52.7 3.1) 4.9 (53.833 TECHNOLOGY 15.0) 5.1) 10.2 14.1 19.3 30.8 24.5 2.2 121.213 TELECOMS 15.2 10.618 REITS 18.a.6 3.096 FINANCE 10.6 0.9 (50.2 (1.6 9.2) 4.6 6.8 13.8 25.0 2.1 8.3 10.5 3.3) (25.1 13.7) 6.1 3.7 3.2 18.1 17.4 n.3) 9.EPS Growth -----------2014 2015F 2016F (%) (%) (%) Net Margin (%) ROA (%) ROE (%) --------.5 6.6 37.6 2.0 5.0 2.1 3.9 17.4) 6. (%) Total Market Cap.Yield --------2014 2015F (%) (%) Price/ NTA ps (x) Net Cash (Debt) to Equity (%) Market Cap.5 21.7) 6.2 6.8 0.0 13.6 9.9 28.6 68.2 (22.2 8.8 5.338 PLANTATION 13.a.4 18.7 14.7) 2.a.4 5.2 11.6 1.a.0 7.8 8.1 4.4 1.5 11.6 7.2 1.1 3.6 2.503 SHIPPING n.3 (18.1 6.PE ------------------2014 2015F 2016F (x) (x) (x) ------------.6) 5.a. n.0) 24.3 (16.714 OTHERS n.4 1.0) 1.9 10.7 0.3 4.2 15.0 5.2 9.3 12. n.8 1.4 4.137 HEALTHCARE 51.5 26.6) 0.8 1.

22.2 30.4 3.2 2.684.9 2.7 21.0 15.3 4.9 10. 44.2 6.0 3.25.4 16.3 8.616.19 9.8 5.0 13.5 14.3 90.0 10.5) (12.0 3.8 118.0 9.1 2.0 1.8 0.1 6.7 20.a.523.4 4.59 0.535 15.1 55.9Ï 11.57 8.7 22.735 419 LAND TRANSPORT ComfortDelGro CD SP SMRT MRT SP Sector BUY HOLD 2.7 Ï 536.2 2.125 0.5 71.3 382.505.0 58.873.9 3.0 15.2 21.124.7 12.91 33.9 3.4 348.886 0.2 136.4 5.6 1.4) 2.2 25.3 11.5) (1.0 1.7 8.8 17.109 0.3 14.35 3.3 16.5) (9.3 11.4 17.1 0.1 725.9 13.8 918.6 0.3 3.9 5.0 15.3 4.6 11.9 10.3 18.7 4.6 225.1 31.0 21.0 3.0 3.1 15.26 19.036.5 2.931.3 6.4 37.5 0.09 5.8 13.055.663 87.8 17.9 2.36 0.5 38.0 7.07 0.8 1.27 (79.902.0 0.1 0.9 6.38 12/14 12/14 12/14 6/15 12/14 2014 (S$m) 367.3 2.0 11.7 0.2 2.896. n.9 1.223.75 31.a.6 359.6 39.7 3.52 0.0 0.0 845.28 33.2 11.93 4.5 1.0 4.1 3.376.8 21.5) (16. 1.2) 1.3 39.1 19. 0.9 36.1 51.2 0.9 0.1 17.7) 19.2 n.2 228.970 0.0 6.4 18.72 0.498.6 9.4Ð 102.6 19.5 0.6 8.1 67.5 614.19 7.7 34.199.4 18.580.096.9 11.0 (264.2 1.5 2.5 (4.5 118.22 1.5 12.12 1.9 1.0 3.9 13.a.05 n.5) (9.6 14.8 2.3 13.6 102.6 21.3 1.4 0.9 10.383.3 4.51 497 4.842. n.1 3.4 340.1 2.0 28.27 3/15 3/15 3/15 12/14 3/15 FINANCE ARA DBS OCBC SGX @ UOB@ Sector ARA SP DBS SP OCBC SP SGX SP UOB SP BUY BUY BUY NR NR 1.8 17.4 3.9 4.57 3.138.a.8 20.127.53 7.0 0.1 13.9 6.a.5 316.1 12.0 6.4 0.01 4.7 3.42 0.8 15.15 57.4 0.354 0.50 3.0 25.9) 4.9 3.0 2.3 16.9 8.5 n.217.36 1.1 2.5 13.3 345.9 1.25 36.3 303.4 4.9) (94.8) (28.0 3.44 17.3 5.8 333.1 3.9 5.7 21.2 174.915 0.0 3.5 28.2 4.4 4.75 1.1 527. n.3 18.4 3.5 320.56 3.774 MEDIA SPH Sector SPH SP HOLD 3.0 18.0 12.157 OIL SERVICES Ezion Ezra Marco Polo @ Nam Cheong Pacific Radiance Swiber Triyards Sector EZI SP EZRA SP MPM SP NCL SP PACRA SP SWIB SP ETL SP BUY BUYÏ NR SELL BUY SELL BUY 0.2 12.0 75.30 0.1 116.82 1.18 127 0.1 8.9) (196.5 39.2 (0.8 4.8 4.38 n.6 25.a.57 3.3 13.a.5 1.4 7.0 23.31 0.2 25.0 0.5 5.7 3.7Ð 338.415.1 28.3 11.9 2.8 5.16 4.4 35.21 0.6 13.80 0.942 2.4 0.0 1.0 10.06 0.8 19.1 0.8 2.2 573.13 0.7 31.1 16.3 11.122.92 80.6 1.0 3.8 5.47 1.1 13.317 482 1.4 412.0 28.83 2.4 2.9 1.2 13.071.5 1.9 3.0 12.5 1.7 9.0 6.4 29.3 4.99 (10.3 1.3) (234. n.370.0 0.3 8.5) (109.1 6.5 4.0 10.1 11.1 15.4 n.0 110.8 Ð 20.0 3.0 3.3 22.5 1.147 0.053.1) (74.0) 2.5 15.0) (0.6 2.09 1.4 0.9 636.6 4.1 145.815 6.65 2.8 6.0 14.0 3.1 1.6 45.08 30.5 16.37 12/14 12/14 292.8 2.5 25.2 35.8 0.671 0.7 0.2) (22.1 0.14 0.5 111. (S$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$) ('000) 31.a.0 1.8 Ð 163.6 0.2 2.7 6.29 1.0 (26.859.3 4.3 3.2 4.5 10.81 1. 1.2 7.8 10.0 0. n.656 2.4 1.289.8 125.74 0.5 2.1 4.6 0.8 184.1 0.095 18.41 44.136.5 33.8 5.942.9 1.3 195.1 7.3 15.20 2.8 18.39 17.0 63.1 47.6 309.6 197.9 1.6 Net Profit 2015F (S$m) EPS 2016F 2014 2015F 2016F (S$m) (cents) (cents) (cents) 294.93 7.055 4.2 11.6 9.0 92.7 2014 (x) PE DPS 2015F 2016F 2014 2015F (x) (x) (cents) (cents) Yield Hist Net 2014 2015F CFPS Margin ROA (%) (%) (S$) (%) (%) ROE (%) No of shares (m) Market Cap.9 3.370.4 3.148.21 0.4 4.8 3.0 105.7) 12.2 9.0 4.2 3.42 674.2 4.5 198.9 15.86 3.0 9.3 Ï 51.2) (37.1) (162.2 14.6 4.7 24.0 n.1 12.9 13.4 21.0 0.25 3.780.2 4.0 3.4 56.3) (107.14 5.6 376.8 4.0 7.23 8.0 2.5 2.3 1.1 1.7 13.103.4) (156.9 10.9 8.670.7 39.6 1.09 0.7 6.001.0 18.a.0 22.a.0 20.7 0.6 53.0 0.8 10.2) (83.2 0.1 0.5 91.0 415.213.94 8/14 404.3 16.10.0 3.3 0.8 2.4 6.0 2.8 n. n.123.419.3 0.2 3.a.6 1.249.226.a.06 0.9 3.5 0.0 96.9 0.2 0.014.7 2.2 4.8 n.4 20.0 0.22 12/14 3/15 283.7 1.12 121.9 3.3 6.75 0.15 0.2 12.3 8.2 9.6 12.9 98.S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Corporate Statistics Rec Price 31 Aug 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 SELL SELL BUY BUYÏ HOLD 9.4 9.9 19.8 18.4 (146.0 9.8 29.0 36. n.1 (17.9 (9.1 211.0 4.614.92 3.21.0 3.7 1.1 10.0 1.9 10.3 9.5 Ð 46.76 8.4 9.0 1.444 HEALTHCARE IHH IHH SP Raffles Medical RFMD SP Sector HOLDÏ HOLD 1.a.9 324.841.1 Ï 69.9 63.63 6.1 0.0 3.1 60.9) 4.5 0.0 1.0 374.77 0.0 12.3 1.2 303.8 35.5 3.0 12.1 2.5 3.315 0.4 1.9 2.6 56.2 308.1 11.111 0.2 308.0 3.1 20.0 5.0 0.5 10.a.0 Ð 4.880 6.1 79.0 0.544.5 2.0 7.1 17.5 70.636.23 577 3 . n.2 9.6 3.9 495.15) (39.8 0.5 Ð 5.5 404.5 3.0 20.2 1.5) 2.0 20.9 10.2 9.7 11.2 1.5 21.7 13.7 13.870.14 10. 10.5 11.81 382 0.1 0.6 2.a.0 9.1 18.0) (254.2 12.6 0.a.7) (118.5 2.1 28.9 2.1 4.3 19. 29.4 1.70 0.6 2.3 4.4 27.0 0.a.9 6.8 211.96 0.0 21.755 1.2 14.2 9.a.4 16.48 1.325 12/14 8/14 9/14 12/14 12/14 12/14 8/14 283.9 19.10 n.2) (80.9 183.9) (16.9 0.4 17.6 27.513.046.25 3.9 13.476 2.2 208.586.9 3.0) (562.51 0.5 32.2 0.1 (0.23 11.5 24.83 n.3 1.0) 4.1 4.3 33.1 18.2 3.5 0.3 16.0 0.2 Ð 4.92 3.0 (5.20 16.37 25.8) (119.1 0.7 532.6 9.189.0 0.4 0.5) 1.9 11. n.4 36.7 7.0 36.80 24.4 1.17 0.0 76.1 3.6)3.9 86.6 5.a.5 2.3 455.1 5.6 1.337.3 455.0 1.3 404.4 384.

1 12/14 12/14 12/14 12/14 12/14 SUPPLY CHAIN Noble Group NOBL SP Olam OLAM SP Sector HOLD BUYÏ 0.9 ROE (%) No of shares (m) Market Cap.0 0.8 17.0 16.4 9.4 1.1 4.375 6.435 1.4 703.0 5.525 0.6 11.6) (72.1 5.0 6.4 0.4 13.8) (83.7 14.5 3.455 9.35 1.3 1.2) (98.91 263 1.053.0 28.42 2.9 2.148.2 315.6 0.8 14.8 2.0 47.5 8.1 132.283.7 3.0 13.3 0.6 10.32 2.6 0.913 0.5 1.8 621.36 0.9 0.47 194 1.949.9 0. n.2) (36.5 8.81 0.7 8.9 9.13 BUY 2.7 11.0 33.5 18.2 6.2 9.0 2.56 (3.6) (73.3) (62.9 8.6 Ï 23.2 120.9 8.1 11.645 12/14 12/14 6/15 12/14 12/14 12/14 6/15 1.6 1.9 1.2 5.3 1.1) (22.1 716.9 9.837.6 2.542.2) (42.2 4.5 47.7 12.1 105.2 1.0 16.3) (195.6 0.995 1.2 1.1 1.9 8.00 0.3 981.1 3.1 2.9 5.3 7.4 19.9 99.2 719.5 Ð 256.3 7.a.2 6.0 28.7 5.0 2.9 7.8 15.0) (140.805 1.1 40.9 1.2 68.3 9.0 7.405 43. n.1 6.70 4.9 5.0 3.5 1.6 0.537 8.7 39.5 5.5) (302.0 1.031.1 53.8 28.0 450.240 1.0 4.602.8 1.3 530.9 3.8) (13.8 149.1 4.4 3.0 9.5 0.4 50.2) (329.4 3.2) 0.492.815.0 219.0) (103.0 88.0 1.7 2.9 0.7 27.4 0.9 50.95 2.93 1.3 0.6 304.9 149.7 Ð 18.6 12.2 80.0 13.8 0.7 12.32 0.8 Ð 1.8) (155.0 (158.6 7.2 41.8 694.61 0.4 41.806.5 4.4 0.2 1.5 5.6) (157.8 14.0 0.9 1.9 1.525 0.4 5.6 1.1 560.2 1.1 3.315 HOLD 0.757.4 1.7 2.0 4.5 1.0 0.7) (12.6 4.9 15.602.0 226.9) (23.0) (3.8) (34.3 0.5 16.0 43.8 149.7 0.32 3 2.525 BUY 0.1 (494.0 50.2 12.71 164 1.99 5.160.12 0.1 12/14 139.3 591.5 41.9 (40.3 18.8 801.51 1.6 15.3 8.67 8.75 BUY 1.5 1.5 8.4 68.3) 2.6) 1.6 0.2 1.7 5.8) (202.0 3.01 2014 (x) PE DPS 2015F 2016F 2014 2015F (x) (x) (cents) (cents) Yield Hist Net 2014 2015F CFPS Margin ROA (%) (%) (S$) (%) (%) 7.0 1.5 10.9 4.6 6.3 18.2 11.6 7.5 16.6 (172.79 10.2 1.196.5 2.3 1.32 2.0 7.318.9 9.4) 1.2 8.5 6.3 12.7 (105.0) SHIPYARD COSCO Corp Keppel Corp Sembcorp Ind Sembcorp Marine Yangzijiang Sector COS SP KEP SP SCI SP SMM SP YZJSGD SP SELL HOLD BUY HOLD HOLDÐ 0.3) (205.884.349 449 4 .13 134 2.2 18.5 0.79 1.403.3 2.837.4 16.3 6.9 8.2 37.4 0.0 5.8 22.1 9.6 9.415.0 2.6 0.6 1.a.8 2.7 15.7 0.9 7.05 43.7 19.735 6.7 10.75 10.673.2 3.274.322.69 6.043.1 2.2 74.91 0.a.3) (92.0 103.2) (119.5 1.4 0.1 254.0 16.7 1.66 5.8 2.1 0.2 0.0 6.7 1.4 4.9 733.9 SHIPPING NOL Sector NOL SP BUY 0.644 2.2 8.22 262.7 4.353.68 1.2 3.3) (13.6 7.9 Ð 329.0) (2.79 0.6 54.03 0.2 0.685 463 1.15 2.920.981.9 19.8) (31. (S$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) 19.464.5) (112.2 9.8) (2.306.0 0.01 2.6 7.a.0 0.8) (90.089.1 21.8) (13.8) (114.1 8.27 0.06 20.6 27.0 3.6 5.9 5.041.39 1.8 3.094.1 5.3 19.16 0.08 1.2 7.8 (12.6 1.0 Ð 748.61 5.8 1.7 5.0 10.3 10.023.48 3.3 909.7 5.28 29.1) (46.6 159.14 (57.7 11.0 758.2 6.0) (55.2 18.1 1.6 5.5 48.6 22.21 22.1 12.941.07 20.a.0 8.7 6.3 16.5 16.6) 2.8 3.8 9.3 7.3 2.99 1.7 0.82 8.147.17 1.98 1.936 0.30 2.4 163.9 12.4 4.8 736.5 1.0 (10.1 14.1 40.4) 79.0 Ð 44.6 793.7 8.0 0.2 8.0 5.145 1.5 Ð 1.7) (1.44 1.2 4.1 9.0 1.0 3.90 2.9 1.6 59.6 0.7) (133.2 2.2 18.6 5.213.0Ï 189.7 3.771.1 2.9 80.6 14.213.4) (33.6 10.6 2.45 2.7 3.4 16.4 3.113.355 6.6 96.6 20.5 2.4 9.8 0.187.5 50.7 3.5 7.32 0.30 0.2 0.8 13.4Ð 2.1 5.1) (100.5 9.2 1.4 76.9) (54.0 23.0 Ï 149.3 445.3 12.43 2.7 9.68 463 1.7 7.0Ï 411.994.89 316.5 0.4 6.6 59.42 0.1 17.6 107.735 10.6 1.3 11.1 125.08 0.6 0.7) (57.8)2.9 906.8 54.3 19.8 21.5 6.2) (9.7 1.6 0.9 11.28 30.3 4.8 2.7 9.5 16.4 10.545 2.1 2.0 9.5 1.5 2.92 1.1 n.5 2.6 28.44 1.1) (21.6 8.983.5 15.9 0.9 1.1 5.0 0.6 2.492 5.1 3.2 Ð 97.0 9.6) (103.4 766.1 6.6 8.584.833.1 2.6 6.4 9.21 0.48 SELL Ð 0.4 2.7 1.3 7.3 12.6 2.7) 1.5 0.7) 3.9 1.7 Ï 630.1 4.817.5 10.2 3.1 839.1 12.8 1.9 2.1 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 BUY Ï BUY BUY BUY NR BUY 2.9) (50.2 1.825 12/14 (329.434.8) (81.440.183.0 26.9 0.6 2.0 5.8 769.4 10.5 7.6 1.082 0.0 28.992.4 13.0 6.570 3.8 2.33 1.7 17.5 14.6 276.0 0.617.7 Ð 9.7 143.2 0.0 5.20 19.62 4.7 611.787.8 (0.4 5.871.6) (36.2 26.3 11. n.521 0.7 0.4) (156.6 0.1 2.0 Ð 418.0) (42.5 3.9 9.8 0.1 7.8 4.147.5 10.1 7.0 8.2 2.3 28.5 27.2 9.38 2.9) (23.0 6.8 2.6 1.6 1.8 2.36 2.0 7.1 2.5) (40.20 0.6) (13.24 3.249.8 0.4 3.7) (73.0 2.84 3.1 8.3 83.0 0.0 8.93 9.3 1.681 0.4 12/14 12/14 167.02 0.1 150.8 32. 8.19 0.8 711.7 26.9 1.3 18.6) (1.7 5.07 TECHNOLOGY Venture Corp VMS SP Sector BUY 8.9 17.6 1.2) (68.2 1.771 5.2 7.2 7.6 4.89 1.0) 5.8 15.2 77.6 5.5 0.4 13.1 4.4 2.9 0.18 0.2 n.6 6.9 17.8 30.26 3.3) (19. 39.00 0.7 16.8 139.8 2.160.220.447.18 2.5 2.403.4 39.1 1.6) (67.6 32.2 163.0 6.36 20.9 3.7 0.239.0 5.85 12/14 12/14 12/14 12/14 12/14 12/14 123.0 10.S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Corporate Statistics Price 31 Aug 15 (S$) Last Year End 2014 (S$m) Net Profit 2015F (S$m) EPS 2016F 2014 2015F 2016F (S$m) (cents) (cents) (cents) Company Ticker Rec PLANTATION Bumitama FirstRes GoldenAgri IndoAgri KencanaAgri Wilmar Sector BAL SP FR SP GGR SP IFAR SP KAGR SP WIL SP BUY 0.739.0) (172.4 9.7 17.0 376.8 53.551 3.0 6.

903.5 5.285.4 16. (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) 16.4 1.5 20.084.3 1.4 1.14) 9.8 6.6 15.2 197.3 8.37 0.9 19.546.3 10.0 4.428 0.4 335.78 0.3 21.84 (0.5 4.4 14.1 12.1 (1.1 0.a.9 3.66 0.2 1.781.4 9.4 1.3) (33.3 10.2 1.51 16.0) (28.0 6.5 937.7 8.3 12.45 0.46 2.5 14.2 18.4 Ï 21.2 2.456.8 (1.77 0.8 29.1 0.5 285.729.7 5.4 n.0 3.242.331.7 14.5 4.800 1.1 7 Ð23.5 22.9 174.32 ROE (%) No of shares (m) Market Cap.4 Ð 1.0 1.0 15.7 59.628.9 4.0 (1.S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Corporate Statistics Company Ticker TELECOMS M1 SingTel StarHub Sector M1 SP ST SP STH SP HOLDÏ BUY HOLDÏ 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 OVERALL Rec Price 31 Aug 15 (S$) 2.8 (30.1 3.0 0.5 18.2 18.2 (3.1 1.0 15.a.905.428 3.99 4.3 6.4) 3.79 Last Year End 12/14 3/15 12/14 2014 (S$m) 175.5 1.327.7 6.8) (80.0) 14.2 4.a.9 14.9 9.7) 3/15 157.3 33.9 16.943.7 5.3 17.8 4.8 3.8 18.7 6.2 3.1 9.1 18.9 17.5 Ð 55.5 9.0 5.6 7.9 4.4 1.5) 8.5 6.0 24. 26.4 881.4 4.9) 28.30 0.6 49.6 12/14 68.07 67.6) (31.8 17.6 8.7 319.74 2.40 0.3 19.9 3.8 1. (136.3 3.8 19.a.5 4.714.9 23.9 Ï 347.94 3.725 22.8 16.241.8 15.8) (343.5 370.0 7 Ð4.4 3.712.0 11.5 484.1 4.2) (8.7 4.730 1.665 0.8 2014 (x) PE DPS 2015F 2016F 2014 2015F (x) (x) (cents) (cents) Yield Hist Net 2014 2015F CFPS Margin ROA (%) (%) (S$) (%) (%) 18.5 3.0 7.4 Ð 637.420 1.577.9) 2.5 1.186.5 38.31 0.8 31.7 (22.3 214.353 3.8) 9.4 4.8 29.0 15.9 44.10 17.0 12.4 14.4 23.9 17.3) (12.41 1.3 1.630 20.5 4.9 20.8 1.5 Ð 318.9) 8.745 1.54 0.4 2.754.3 15.4 173.4) (11.525 1.0 14.127 0.694.5 7.2 15.4 4.1 n.4 18.5 3.59 0.5 (59.7 17.026.86 0.151.5 (7.750.3 3.4 0.1 12/14 517.2) 6. 16.16 1.2) 9.8 17.3 22.0 7.1 414.8 5.3 18.711.0 68.8 5.8 6.3 4.2 (32.482.07 18.115.2) 0.9 16.5 20.0 (13.554 4.8 n.8) 12.3 12/14 (2.74 3.9 (69.1 (11.3 3.2 (4.2 28.5 15.41 0.2 24.1) 3.0 9.9) Net Profit 2015F (S$m) EPS 2016F 2014 2015F 2016F (S$m) (cents) (cents) (cents) 172.4 0.6 3.08 12.4 20.2 20.7 3.5 25.0) 0.808.2 n.24 0.0 15.7 4.3 2.8 12/14 487.3) 8.8 5 .4 (28.305. 5.3 1.8 18.8 19.0 12.0 4.471.0 13.4 0.9 17.4 15.31 0.3 19.830.57 4.9 14.865 3.7 245.

4 35.2 10.5 6.543.1 7.0 10.5 5.9 46.196 1.S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 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 BUYÏ BUYÏ BUY BUY HOLD BUY HOLD BUY BUY HOLD BUY HOLD BUY BUY BUY Price 31 Aug 15 (S$) Last Year End Net Profit 2014 2015F (S$m) (S$m) 2016F (S$m) 2.3 9.4 124.8 3.8 2.25 1.9 2014 (cents) EPU 2015F (cents) 2016F (cents) 2014 (cents) 10.6 5.8 11.3 12.2 10.2 916.5 104.9 (51.6 6.2 5.2 6.815 2.205 1.4 176.7 1.8 1.4) (45.3 5.5 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$) ('000) 2.3 5.9 792.6 8.2 6.428.2 3.4 62.5 1.1 0.1) (59.2 11.4) (41.0 10.3 985.2 7.5 4.535 0.8 5.46 1.28 1.8 30.5 9.01 1.6 71.9 50.76 1.1 9.848.7) (82.0 5.7 2014 (%) 6.3 5.2 381.845 1.0 1.2) (60.1 2.9 1.2) (75.4 106.5 6.4 566.369.4 365.8 7.703.512.2 1.09 0.1 9.1 9.5 11.924.2 31.3 1.9 8.9 28.7 7.2) (60.3 9.3 107.8 7.5 6.2) (56.3 7.6) (60.8 184.6 11.0 8.9 2.300.9 7.7 15.6 8.98 2.8 10.0 6.8 4.0 5.4 3.8 7.2 8.5 6.5 7.9 172.0 56.32 1.2) (55.0) (41.2 8.9) (56.62 1.925 2.6 6.8 10.783.6 374.0 10.4 1.9 0.464.3 1.1 5.695 1.9 7.8 179.097.5) (64.0 34.2 10.5 36.4 9.835 0.7 5.6 5.0 11.3 5.9 37.1 7.53 3/15 12/14 12/14 12/14 12/14 12/14 9/14 9/13 12/14 3/15 3/15 12/14 12/14 6/15 12/14 259.255 527 5456.3 1.4) (51.3 3.4 3.5 3.0 10.1 2.2 6.1) (60.26 2.3 0.4 1.4 9.9 8.0 1.2 7.84 1.4 5.935 2.3 7.5) (47.8 5.06 0.6 8.3) (39.7 8.0 730.3 1.3 5.6 11.2 56.8 10.7 12.14 1.8 1.2 10.2 10.8) (43.1 6.94 1.5 9.1 9.32 1.77 1.1 6.011.367.8 305.928.478.9 147.6 3.18 0.181.4 4.5 1.1 5.1 3.2 11.71 1.8 7.6 179.5 10.9 5.4 35.2 2.84 1.2 281.4 5.7 7.215 1.950.2 52.1) (107.0 6.494 1.8 1.98 1.3 11.626 503 914 2.3 33.357 Note: If year end is before June.1 6.68 0.651.90 2.8 228.0 4.1 5.33 1.89 2.2) (38.10 1.5) (75.8 90.2 6. (S$m) 2.8 109.448 8.2 72.745 0.32 0.985 3.6 162.5 15.5 8.7) 2.2 33.1 3.1 37.1 5.5 6.3 11.6 374.1 3.0 3.8 9.06) (36.0) (41.8 3.3 176.6 1.775 0.2 7.92 1.379.8 1.64 1.4 6.2 7.09 5.360 1.7 11.92 1.4) (57.4) (54.2 7.0 0.0 6.32 1.9 0.2 3.1 1.1 7.6 3.7 380.6 12.1 61.1 108.3 39.6 7.5 101.5 6.23 1.1 No of shares (m) Market Cap.407.0 7.1 5.3 9.2 10.01 2.6 8.8 7.200.0 0.7 7.0 2.060 9.6 29.8 2.136.8 8.7 1.6 7.7 10.2 8.503.9 3.515.9 14.7 38.8 11.761.4) (54.8 38.3 DPU 2015F 2016F (cents) (cents) 15.0 65.7 5.1 10.4 605.679.9 6.5 34.0 6.5) (42.3 7.8) (55.0 16.9 104.71 0.6 Yield Debt to 2015F 2016F Asset ROA (%) (%) (%) (%) 6.15 0.025 0.71 1.8) (52.0 8.4 100.4 35.5 2.5 6.3 149.425 9.2 7.6 6.357.3 7.9 2.2 74.97 1. earnings are shown in the previous period @ Consensus forecast 6 .2 784.225 1.8 7.3 2.7 9.4 7.85 0.01 1.0 8.7 5.5 2.9 3.2 2.9 7.28 0.4) (62.5) (55.9 182.6 208.7 0.8 8.7 5.9 176.4 6.1 7.296 1.945 0.5 5.35 0.9 5.4 60.9 34.6 6.7 8.4 101.05 1.570 9.7 0.3 1.5 7.3 ROE (%) 5.7 2.9 4.

38 342. n.35 0.6) (0.1 0.9 130.9 2.4) n.5 5.a.7 1.4) (5.1) 4.0 n.3482 339.2 1.9 (6.7 2.3 4.4 7.5 1.9 5.3) n.a.9 0.8 11.0 2.a.82 1.6 5.8 5.0 15. n.1 4.7 3.a.5 3. n.0 2.1) n.a.1 105.1 0.a. n.1 (1.5) n.7 14.9) (0.4 (3. n. n.5 (4.3) 0.1) 7.a.0 1.3616 340.3 5.46 1.5 3. n. n. n.8 (3.82 1.8 1.8) (1.6 2.1 6.2 4. n.7 1.8) 1.1 (1.35 0.a.4) 2.5) 4.83 1.6 4.6 3.9 2.8 2.35 0.a.3 6. n. n.a.S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Economics 2013 2014 2015F 2016F 3Q14 4Q14 1Q15 2Q15 Apr-15 May-15 Jun-15 Jul-15 GDP by Sector (Real) (yoy % chg) Total GDP Goods Producing Industries Manufacturing Construction Services Producing Industries Wholesale & Retail Trade Transport & Storage Accommodation & Food Services Information & Communications Financial Services Business Services 4.9 2.1 3. n. n.1 1.a.9 (0.4) (5.1 1. n. n.9 2.8 3.6) (12.a.01 1.9 7.3 1.2 1.a.4) (0.0 2.3 1.a.9 5.a.9) 5.5 1.a.0 2.38 1. n. n.0) 1.5 1.2 5. n.6) (5.a.3) (6. n.0 9.4 2. n.26 343.a.8 2.88 1.4 2.4) (14.a. n.a.9 136.a.a.a.a.4 6.a.a.7 (2.5) 2.0 2. n.40 1.a. n.0 3.4) n.5 2.a.7 2.a.0 (0.07 1.8 (1.a.3) (0.4) 1.3 (8.6 2. n. n.2 (10.1) 0.2) (4.8 7.8 6.6 2.9 (2.38 2.a.4) 1.8 1.a.4 (1.35 0.6 7.5 (5.3 2.5) (0.1 2.9) 2.2 11.9 2.9 0.7 1.4 5. n.9 5.8 (5.2) (0.2) 4. n.2) (4.5 4.35 340.4 3.44 342.a.5) (2.0) 4.46 1.2 (3.4) 2.5 7.1 3.2 1.5 (1.3 2. n.2 1.1 (9.9 2.6 5.35 0.35 0. Source: CEIC.9 1.32 337.4 4.35 1.2 2.1) 6.1 3.3) 2. (4.8) 4.8 (6. (1.9 40.a.30 1.7 2. n.1 2.38 0.2 (0.a.4 (0.8 4. n.6 1.3 2. n.a. (6.a.5 5.6) 4.9) (0. Trade Figures (Nominal) (yoy % chg) Total Exports Total Imports Non-oil Domestic Exports 0.8) 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) 17.5 (1.5 2.5 5.9) 2.38 361.9 1.3 0. n.3 4.0 2.0) 1.8 3.6 3.7) (16.3 7.3) 2.a.89 1.0) 6.5 2. n. n.9) 0.6 6.38 0. n.3455 340.8) 2.4 3.1) (4.1 1. n.41 1.8) 5.26 336. n.0) 2.1) (19.a.35 0.1 (1.1 123. n.6 12.a.a.0) 2.4 1.7 (8.0 4.9 2.9 33.7 6. n.a.a. UOB-GEMR 7 .a.a.a.a.5 5.a.5 1. n.2 2.8 0.4 10.8 (1.5 3.32 337.0 0.2 4.a.8 3.7 3.9 1.a.0) (9. n.1 (0.9 4.0 (5.6 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 1.1) (0.0 1.2) (0.0) (0.1 (0.2) 1.6 (0.a.8 4. n. n.3 (0. n.3344 333.6 (0.8 3.3 2. (0.a.2 (0. n.3 4.3) 1.a. n.5 (0.6) 1.a. n.1 1.7 5.

4 66.8 38.171.8 0.8 38.5 7.5 0.828.6 0.8 54.158.224.938.9 0.3 18.5 45. Lowest 90 days Volatility (%) # Triyards Swiber Pacific Radiance Ezion Noble Group Ezra IndoAgri Nam Cheong Yangzijiang Sembcorp Ind 1.7 8.2 Highest PE (x) # COSCO Corp NOL IHH Raffles Medical SIA Engg SIA SPH HPH Trust US$ PLife REIT SingPost GoldenAgri Wing Tai OUE Ltd Yuexiu Prop 2k Yanlord Genting HK US$ Ho Bee Land Noble Grp Perennial Hldgs Wheelock 0.1 10.5 6.3 7.5 # Based on UOB Kay Hian’s universe * Based on top 100 companies by market cap Source: Bloomberg.1 6.7 36.213.5 5.6 1.9 0.0 1.3 3.S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Ranking By Market Parameters Forward Highest P/NTA (x) * Hist.9 Noble Grp Triyards Ezra EzionHldg Pac Radiance Nam Cheong Swiber NOL TigerAir FirstRes Lowest PE (x) # Forward Lowest P/NTA (x) * Hist. UOB Kay Hian 8 .9 18.051.9 22.2 1.0 44.7 56.8 61.9 3.4 7.9 6.217.3 49. Highest Dividend Yield (%) * Hist.0 39.5 0.4 5.4 5.9 1.6 1.9 18.628.6 16.2 18.6 7.8 StarHub SGX DTAC 200US$ AusNet Services M1 Dairy Farm 900 US$ Golden Energy Silverlake Sheng Siong ARA 40.0 7.7 6.227.9 18.5 1.6 0.0 18.1 Lowest Market Cap (S$m) * 12. Highest 90 days Volatility (%) # 159.7 19.2 31.8 18.7 6.0 Asian Pay TV Tr HPH Trust US$ CDL HTrust MapletreeLog Silverlake Kep REIT Kep Corp CapitaRChina Kep Infra Tr MapletreeGCC 10.3 7.4 0.8 18.289.7 7.0 6.636.2 38.8 1.4 5.164.5 1.1 15.1 SPH StarHub CACHE SuntecReit Ho Bee CapitaComm SingPost K-REIT AscottREIT MapletreeInd Highest Market Cap (S$m) * 81.249.8 8.7 48.6 40.5 0.1 47.0 1.5 17. Lowest Dividend Yield (%) * Hist.1 8.1 SingTel PRU 500 US$ JMH 400US$ JSH 500US$ DBS OCBC Bk UOB HKLand US$ Wilmar THBEV 59.5 0.049.0 1.5 1.8 6.210.0 7.4 29.7 17.184.4 0.0 1.6 Citic Envirotech IHH BukitSem Sinarmas CITYDEV UIC JSH 500US$ Oxley Fragrance HPL 0.1 25.4 0.9 0.248.5 43.9 Pac Cent Oxley Asian Pay TV Tr CapitaRChina Biosensors ARA CWT BukitSem UE Fragrance 1.6 17.283.162.0 31.5 6.4 20.3 0.3 0.9 2.

28 0.3) 0.7) (33.8) (18.13 0.7) (10.0) (22.405 0.0) (2.0) (21.2) (8.5) (8.61 3.0) PLANTATION Bumitama FirstRes GoldenAgri IndoAgri KencanaAgri Wilmar Sector 0.6) (3.7) (0.315 0.2 4.33 1.4) (8.9) (7.51 1.4 (17.5 (16.0) (12.705 20.43 0.1) 16.0) (15.147 0.9) (21.2) (17.5) (6.0) (6.1) (51.1 (22.0 (22.4) 8.79 1.7) 3.775 0.6) (3.9) 12.7) (4.8) (28.7 (9.4) (65.0) (15.1) 2.33 2.945 0.93 1.38 (15.27 (7.8) (9.20 0.1) (35.6 (15.1) (0.9) (24.8) REITS Ascendasreit AscottREIT CACHE CapitaComm CapitaMall CDL Htrust FrasersCT Frasers HTrust Kep REIT MapletreeInd MapletreeLog PLife REIT Sabana REIT Starhill Gbl 9 .8) (1.2 (13.4) (14.5) (33.2) (6.9 (9.8) (14.13 2.8 1.2) (44.98 2.72 0.00 1.645 (12.5) (8.5) (5.315 0.0) (20.1) (15.425 2.76 8.01 1.1) (11.2) (5.5) (14.0 (6.3) (60.735 1.6) 17.87 2.6) 2.7 (11.4) (5.4) (10.8) (14.08 1.8) (4.4) (1.075 1.315 0.29 2.6 (11.3 5.97 22.1) (8.42 1.745 0.01 1.13 4.92 1.7) (5.S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Performance At A Glance* Company ---------.0) (17.6) (3.3) (13.8) (19.23 0.28 0.90 0.30 9.6) (7.7) (12.1) (22.6) (53.23 0.111 (16.7) (36.6) (12.3) (4.865 0.6) 2.77 (7.21 0.2) (25.7) (21.5) (17.82 1.44 17.7) (13.134 0.3 (11.9) (9.7) (59.0) (73.935 1.3) (6.2) (18.7) (6.92 3.19 3.% Change --------------------mom yoy ytd AVIATION SIA SIA Engg SATS ST Engrg Tigerair Sector 10.07 0.4) (8.6) (10.6) (12.9) (31.5 8.7) (5.0) (5.1) (5.25 1.9) (12.1) (6.5) (40.2) 4.9) (19.925 1.5) (8.1) (68.8) FINANCE ARA DBS OCBC S'pore Exchange @ UOB@ Sector 1.4) (6.0) (58.0) (24.7) (6.9) (5.3) (15.8) (35.149 0.82 8.25 1.76 3.18 10.32 1.535 0.4) (19.0) (8.9) (10.0) (12.3) (47.0) (23.9) 0.81 1.3) (1.85 (18.50 3.1) 1.4) (31.Price (S$) ---------31/08/15 31/07/15 --------------------.8) (15.93 7.56 3.74 3.8) 0.3) (21.2) (15.20 1.23 1.3) PROPERTY CapitaLand City Devt GuocoLand Ho Bee Land OUE Wheelock @ Wing Tai Sector 3.405 0.22 (6.585 0.4 2.7) (80.22 9.01 1.29 7.3) (19.93 4.2) 0.5) (22.0) 1.8) (15.4) 0.48 0.1) (12.8 3.385 2.7) 0.5) (36.0) (14.1) (67.825 0.18 3.6 (16.5) (60.6) (9.805 1.56 2.0) (13.% % Change --------------------mom yoy ytd 0.1) HEALTHCARE IHH Raffles Medical Sector LAND TRANSPORT ComfortDelGro SMRT Sector MEDIA SPH Sector OIL SERVICES Ezion Ezra Marco Polo @ Nam Cheong Pacific Radiance Swiber Company Triyards Sector ---------.4) (5.8) (23.5) (38.9) (10.75 1.9 12.885 2.7) (14.5) (12.525 1.7) (0.94 (5.Price (S$) ---------31/07/15 31/08/15 --------------------.8) (3.525 0.26 19.11 2.98 1.6) (11.7) 1.37 (9.0 (17.79 1.9) (24.1) (21.5) (6.0) (39.6) 6.325 (19.0 9.06 0.995 1.

77 0.5) (12.39 0.8) (5.0) (22.1) SUPPLY CHAIN Noble Group Olam Sector 0.10 (8.7) (23.34 0.8) 10 .4) (28.5 15.2) (0.2) 1.0 2.83 2.7) (23.% Change --------------------mom yoy ytd Company (10.8 1.0) 7.39 1.1) (22.6) (13.3) (36.545 2.57 2.6) (21.2) (33.31 0.85 8.9) (7.6) (4.% % Change --------------------mom yoy ytd (8.955 1.455 1.8 TELECOMS M1 S Telecoms StarHub Sector 3.9) (11.9) (21.0) (22.6) (37.5) TECHNOLOGY Venture Corp Sector 7.5) Keppel Corp Sembcorp Ind Sembcorp Marine Yangzijiang Sector OVERALL ---------.2) (39.2) (8.1) (11.3) (31.5 (30.005 0.0) (21.4) (11.79 --------------------.84 3.9) (44.9) (27.6) (3.42 2.6) (34.7) (22.8) OTHERS Genting HK US$ Genting SP HPH Trust US$ SingPost SuperGroup Sector 0.2 (41.0) (52.8) (4.7) (8.3) (17.8) (48.13 4.4) (14.8 12.0) (16.93 0.1) 3.61 1.525 1.0) (11.78 0.6) (5.4 (59.09 3.6) (18.1) (8.8) (11.2) (10.74 3.94 3.3) (11.4) (8.825 --------------------.53 0.3) (27.3) (33.7) (8.Price (S$) ---------31/07/15 31/08/15 0.8) (12.50 3.1) (26.2) 2.705 1.07 19.5) (9.9) (17.6) (4.01 2.7) (9.88 0.0 (0.375 (3.84 0.8) (5.29 6.5) (14.S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Performance At A Glance* Company Suntec REIT Sector SHIPPING NOL Sector SHIPYARD COSCO Corp ----------Price (S$)---------31/08/15 31/07/15 1.9) (1.60 1.9) (12.3) (7.66 (6.9) (17.8) (1.

S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Performance At A Glance* Aviation Finance (31Dec14=100) 110 Aviation 105 Healthcare (31Dec14=100) 120 (31Dec14=100) 110 FSSTI 105 115 Healthcare 110 100 100 FSSTI 95 105 95 90 90 85 85 100 Finance FSSTI 95 90 80 85 80 80 Jan Feb Mar Apr May Jun Jul Aug Jan Feb Mar Apr Land Transport May Jun Jul Aug 105 110 100 105 Media 95 100 95 90 FSSTI 90 85 85 80 80 Feb Mar Apr May Jun Mar Jul Aug Jan Feb Mar Apr May Apr May Jun Jul Aug Oil Services FSSTI Land Transport Jan Feb Media (31Dec14=100) 110 (31Dec14=100) 120 115 Jan Jun Jul Aug (31Dec14=100) 110 105 100 95 90 85 80 75 70 65 60 55 50 45 Jan Feb FSSTI Oil Services Mar Apr May Jun Jul Aug 11 .

S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Performance At A Glance* Plantation Property (31Dec14=100) 115 (31Dec14=100) 110 FSSTI 105 105 95 100 Plantation 90 95 85 90 80 85 75 Feb Mar Property Apr May Jun Jul Aug 100 90 85 80 80 Jan Feb Mar Apr May Jun Jul Aug Jan Feb Mar Shipyard 105 FSSTI 100 95 Shipyard 90 85 80 75 Jun Jul Aug Jan Feb Mar Apr May Apr May Jun Jul Aug Supply Chain 110 May FSSTI 95 FSSTI (31Dec14=100) Apr REITs 105 Shipping (31Dec14=100) 140 135 130 Shipping 125 120 115 110 105 100 FSSTI 95 90 85 80 Jan Feb Mar (31Dec14=100) 110 110 100 Jan REITs Jun Jul Aug (31Dec14=100) 110 105 100 95 90 85 80 75 70 65 60 55 Jan Feb FSSTI Supply Chain Mar Apr May Jun Jul Aug 12 .

S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Performance At A Glance* Technology Others Telecoms (31Dec14=100) 110 (31Dec14=100) 120 (31Dec14=100) 110 105 Technology 100 115 105 Telecoms 110 105 95 95 100 FSSTI FSSTI 90 95 90 80 85 80 80 Jan Feb Mar Apr May Jun Jul Aug Others 85 90 85 FSSTI 100 75 Jan Feb Mar Apr May Jun Jul Aug Jan Feb Mar Apr May Jun Jul Aug * 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 S ep t em be r 2 0 1 5 G u i d e Diary Of Events Sunday 6 Monday –37 Tuesday Wednesday Thursday Friday Saturday 1 2 3 4 – 52 8 9 10 11 12 – x Polling Day 13 14 15 – Jul 15 Retail Sales 16 17 18 19 – Aug 15 Trade Figures 14 .

S i n g a p o r e C o r p o r a t e S ep t em be r 2 0 1 5 G u i d e Diary Of Events Sunday 20 Monday 21 Tuesday 22 Wednesday 23 Thursday 24 Friday 25 – Aug 15 CPI Saturday 26 – Aug 15 IPI Hari Raya Aidil Adha 27 28 29 30 – Aug 15 Money Supply * Confirmed 15 .

the subject corporation(s) referred to in this report. before the person makes a commitment to purchase the investment product. no analyst responsible for any of the content in this report has any proprietary position or material interest in the securities of the corporation(s) which are referred to in the content they respectively author or are otherwise responsible for. where the distribution. Except as otherwise indicated below. financial situation and the particular needs of any recipient hereof. However. (3) the officers. publication.S i n g a p o r e C o r p o r a t e G u i d e S ep t em be r 2 0 1 5 Disclosures/Disclaimers This report is prepared by UOB Kay Hian Private Limited (“UOBKH”). This report may not be published. availability or use of this report would be contrary to applicable law or would subject UOBKH and its connected persons (as defined in the Financial Advisers Act. This report is prepared for general circulation. (All of the foregoing is hereafter referred to as the “Subject Business”). including before its publication herein. UOBKH and its connected persons may have issued other reports expressing views different from the Information and all views expressed in all reports of UOBKH and its connected persons are subject to change without notice. employees and representatives of UOBKH may also serve on the board of directors or in trustee positions with the subject corporation(s) referred to in this report. perform or provide broking or other services for or solicit business from. corporate finance-related or other services for or solicit business from. Advice should be sought from a financial adviser regarding the suitability of the investment product. and (4) UOBKH may otherwise have an interest (including a proprietary interest) in the subject corporation(s) referred to in this report. other persons in respect of dealings in the securities referred to in this report or other investments related thereto. its connected persons and its officers. state. UOBKH reserves the right to act upon or use the Information at any time. country or any other jurisdiction as UOBKH may determine in its absolute discretion. (2) UOBKH. taking into account the specific investment objectives. licensing or other requirements within such jurisdiction. UOBKH makes no representation as to the accuracy or completeness of such sources or the Information and UOBKH accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Information. underwriting. nor an advice or a recommendation with respect to such securities. to the extent permitted by law. As of the date of this report. It does not have regard to the specific investment objectives. its connected persons and its officers. perform or provide broking. transact with. which is a holder of a capital markets services licence and an exempt financial adviser in Singapore. This report is not directed to or intended for distribution to or use by any person or any entity who is a citizen or resident of or located in any locality. to the extent permitted by law. Chapter 110 of Singapore) to any registration. financial situation or particular needs of any person in receipt of the recommendation. transact with. This report is confidential. The information or views in the report (“Information”) has been obtained or derived from sources believed by UOBKH to be reliable. (1) UOBKH. circulated. employees and representatives may. reproduced or distributed in whole or in part by any recipient of this report to any other person without the prior written consent of UOBKH. 16 . This report is provided for information only and is not an offer or a solicitation to deal in securities or to enter into any legal relations. employees and representatives may also.

dealing or corporate finance advisory services or transaction in respect of the securities in this report. This research report is provided for distribution by UOBKH (whether directly or through its US registered broker dealer affiliate named below) to “major U.S. However. subject to the terms set out below. to the extent that it is delivered to and intended to be received by a U. as amended (the “Exchange Act”). Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through UOBKH. (2) the report was produced independently by him/her. a company authorized. any of the Subject Business involving any of the subject corporation(s) or securities referred to in this report.S.S. may not be subject to applicable restrictions under FINRA Rules on communications with a subject company. PERSONS This research report was prepared by UOBKH. Any U.S. Analyst Certification/Regulation AC Each research analyst of UOBKH who produced this report hereby certifies that (1) the views expressed in this report accurately reflect his/her personal views about all of the subject corporation(s) and securities in this report. therefore. a portion of which are generated from UOBKH’s business of dealing in securities.S.S. and (4) he/she has not received and will not receive any compensation that is directly or indirectly related or linked to the recommendations or views expressed in this report or to any sales. to engage in securities activities in Singapore. rules regarding the preparation of research reports and the independence of research analysts. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U. All US persons that receive this document by way of distribution from or which they regard as being from UOBKH by their acceptance thereof represent and agree that they are a major institutional investor and understand the risks involved in executing transactions in securities. therefore. (3) he/she does not carry out. UOBKH is not a registered broker-dealer in the United States and. including UOBKH’s total revenues. institutional investor.S i n g a p o r e C o r p o r a t e G u i d e S ep t em be r 2 0 1 5 IMPORTANT DISCLOSURES FOR U. a registered broker-dealer in the United States. 17 . whether for himself/herself or on behalf of UOBKH or any other person.S. The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and may not be an associated person of UOBKHUS and. the compensation received by each such research analyst is based upon various factors.) Inc (“UOBKHUS”). is not subject to U. trading.S. as noted above. person other than a major U. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through UOB Kay Hian (U. UOBKHUS accepts responsibility for the contents of this research report. public appearances and trading securities held by a research analyst account. Securities Exchange Act of 1934.

Any U.5 of Code of Conduct with the listed corporation covered in this report.S. the analysis or report.S. or in connection with. Indonesia This report is distributed in Indonesia by PT UOB Kay Hian Securities.S. Singapore This report is distributed in Singapore by UOB Kay Hian Private Limited ("UOBKH"). or to any U. which is regulated by the Securities and Futures Commission of Hong Kong.Where the report is distributed in Singapore and contains research analyses or reports from a foreign research house. which accepts responsibility for its contents.K. or institutional investor. It is being distributed in the (‘U. which is regulated by the Securities and Exchange Commission of Thailand. UOBKH accepts legal responsibility for the contents of the analyses or reports only to the extent required by law. No. please note recipients of the analyses or reports are to contact PT UOBKH (and not the relevant foreign research house) in Indonesia in respect of any matters arising from. publication or use of this report would be contrary to applicable law or regulation. UOB Kay Hian Pte Ltd. and (ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor. General This report is not intended for distribution. http://research. Neither the analyst(s) preparing this report nor his associate. Hong Kong This report is distributed in Hong Kong by UOB Kay Hian (Hong Kong) Limited ("UOBKHHK"). United Kingdom This report is being distributed in the UK by UOB Kay Hian (U. by UOB Kay Hian (US) Inc. at +603-21471988. the analysis or report. 16. please note: (i) recipients of the analyses or reports are to contact UOBKHHK (and not the relevant foreign research house) in Hong Kong in respect of any matters arising from. person or entity except in compliance with applicable U. which is regulated by Financial Services Authority of Indonesia (OJK). United States of America This report cannot be distributed into the U. person or entity receiving this report and wishing to effect transactions in any securities referred to in the report should contact UOB Kay Hian (US) Inc. please note: (i) recipients of the analyses or reports are to contact UOBKH (and not the relevant foreign research house) in Singapore in respect of any matters arising from. 16. the recipients of the analyses or reports are to contact UOBKHM (and not the relevant foreign research house) in Malaysia.S.) Limited. laws and regulations. Copyright 2015. Thailand This report is distributed in Thailand by UOB Kay Hian Securities (Thailand) Public Company Limited.S. 197000447W 18 . Malaysia Where the report is distributed in Malaysia and contains research analyses or reports from a foreign research house. or in connection with. which is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Conduct Authority.S i n g a p o r e C o r p o r a t e G u i d e S ep t em be r 2 0 1 5 Reports are distributed in the respective countries by the respective entities and are subject to the additional restrictions listed in the following table. Where the report is distributed in Indonesia and contains research analyses or reports from a foreign research house. which is a holder of a capital markets services licence and an exempt financial adviser regulated by the Monetary Authority of Singapore. UOBKHHK does not have financial interests and business relationship specified under Para. or in connection with. in respect of any matters arising from. Where the report is distributed in Hong Kong and contains research analyses or reports from a foreign research house. and (ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Hong Kong who is not a professional investor. directly.uobkayhian. the analysis or report as UOBKHM is the registered person under CMSA to distribute any research analyses in Malaysia. publication to or use by any person or entity who is a citizen or resident of or located in any country or jurisdiction where the distribution. UOBKHHK accepts legal responsibility for the contents of the analyses or reports only to the extent required by law. expert investor or institutional investor. All rights reserved. the analysis or report.S.com RCB Regn.4 of Code of Conduct in the listed corporation covered in this report.’) U. or in connection with. has trading and financial interest and relevant relationship specified under Para. Research distributed in the UK is intended only for institutional clients.