You are on page 1of 9

Singapore Morning Note 10 July 2017

Research Official Website: www.stocksbnb.com


MARKET WATCH RESEARCH REPORT
Singapore Indices Level 1D D 1D % Thai Beverage The dominant and expansive giant
FTSE ST Straits Time 3,229.0 2.7 0.1
FTSE ST Financial 909.9 0.6 0.1 Recommendation: Accumulate (Initiation), Last Close Price: S$0.91
FTSE ST Real Estate 810.3 (2.0) (0.2) Target Price: S$1.05, Analyst: Soh Lin Sin
FTSE ST Industrials
FTSE ST Consumer Service
800.4
753.0
3.5
0.6
0.4
0.1
8% p.a. earnings growth from premiumization, growing share in beer and tapping
FTSE ST Telecommunicate 974.0 (5.2) (0.5) the vast CLMV market
FTSE ST Oil & Gas 357.6 (1.2) (0.3) Commands 90% market share in spirits with S$1bn cash-flow generated yearly
FTSE ST Consumer Good 513.4 (0.7) (0.1)
FTSE ST Utilities 385.0 (2.4) (0.6) Faster growing F&N, Oishi and Sermsuk brands become the beachhead for 2020
FTSE ST Healthcare 1,366.8 (14.9) (1.1) target of 50% earnings from non-alcoholic beverage
FTSE ST Technology 237.4 (2.1) (0.9)
FTSE ST Basic Material 99.0 (0.4) (0.4) Initiate coverage with Accumulate rating with a SOTP-derived TP of S$1.05.
FTSE ST Mid-Cap 731.6 (1.3) (0.2)
FTSE ST Catalist 483.8 0.1 0.0
All stocks
BREAKING NEWS
Up: 101
Unchanged: 360 Frasers Centrepoint Limited Frasers Centrepoint Limited wishes to announce that its
Down: 197 indirect subsidiary, Geneba Properties N.V. has, through its wholly-owned subsidiary
Total Volume (mn shares) 1,393.4 (658.7) (32.1)
Total Value (S$ mn) 863.9 (246.0) (22.2)
Geneba RE19 B.V., entered into a conditional sale and purchase agreement to acquire
76.5% of the issued and paid-up capital of Harder, Gutperle, Harder & Gutperle GmbH GbR,
Top gainers (mktcap >S$100m) S$ D % resulting in the Company becoming an indirect subsidiary of FCL.
Hotung 2.160 0.165 8.3
Cosco Shipping 0.305 0.020 7.0
HC Surgical 0.695 0.025 3.7 G.K. Goh Holdings Limited An article was published in the Australian Financial Review
Best World 1.370 0.045 3.4
Banyan Tree 0.550 0.015 2.8
entitled GK Goh rethinks Opal Aged Care Investment. This report was also carried on
Moya Holdings 0.116 0.003 2.7 Bloomberg. The article states that GK Goh Holdings is considering cashing in its chips at
local residential aged care operator, Opal Aged Care. Street Talk understands GK Goh has
Top losers (mktcap >S$100m) S$ D %
Noble Group 0.575 (0.065) (10.2) started talking to parties that may be interested in taking a stake [in Opal]. There is no
Place Holdings 0.031 (0.003) (8.8) truth to either statement.
Zhongmin Baihui 0.985 (0.095) (8.8)
Sarine 1.450 (0.065) (4.3)
Samko Timber 0.046 (0.002) (4.2) UnUsUaL Limited UnUsUaL Entertainment Pte Ltd, a wholly-owned subsidiary of
Gallant Venture 0.144 (0.006) (4.0) UnUsUaL Limited, will be staging global superstar Justin Biebers Purpose World Tour
concert on 7 October 2017, at the National Stadium, together with joint concert promoter,
AEG Presents.
FSSTI INDEX
3,400 Starhub Limited The Board wishes to announce that the Company has entered into a
3,300 separate conditional sale and purchase agreement (the Phases 2 and 3 Agreement) with
3,200 Tham Soh Mui (Tan Sumei), Steve Ting Tuan Toon and Wong Swee Ping, Shirley (the
3,100 Phases 2 and 3 Sellers), pursuant to which the Phases 2 and 3 Sellers have agreed to sell,
3,000 and the Company has agreed to purchase, an aggregate of 11,270,000 Shares in the capital
2,900 of ASTL (the Phases 2 and 3 Sale Shares), representing 49 per cent. of the entire issued
2,800 share capital of ASTL, in two phases following the completion of the Phase 1 Acquisition.
2,700
2,600 Triyards Holdings Limited The Board of Directors of TRIYARDS Holdings Limited wishes to
Mar-17

May-17
Jan-17
Oct-16

Nov-16
Jul-16

Dec-16

Apr-17

Jun-17
Aug-16

Sep-16

Feb-17

announce that the Board considers it appropriate to issue a profit guidance with respect to
the unaudited consolidated financial results of the Group for the third quarter ended 31
REL. PERFORMANCE BY MARKET CAP May 2017 (the 3Q FY2017 Results).
3,500
3,400
Source: SGX Masnet, Phillip Securities Research
3,300
3,200 WEEKLY MARKET OUTLOOK WEBINAR
3,100
3,000 Register HERE for TODAYS 11.15am webinar if you have not already done so.
2,900
2,800 Our webinars are an opportunity for clients, remisiers, and sales staff, to ask questions on
2,700
Jul-16 Oct-16 Jan-17 Apr-17 our coverage and the market's direction. We hope to have as many of you as possible.

STI (LargeCap) MidCap Catalist In this weeks webinar, we feature our new initiation Thai Beverage Plc (ThaiBev), a
leading beverage producer in Thailand, as well as one of Asia's largest beverage producer.
Source: Bloomberg; PSR While the beverage giant continues to assert its market leading positions in Thai spirits
and ready-to-drink green tea markets, it is also snatching up its competitor's lunch in beer
industry. Find out how it will rise up to become the leading total beverage producer and
distributor in the ASEAN region. We also provide a weekly update on our SG Strategy.

Archived webinars available.

Page | 1
MCI (P) 094/09/2016 Ref. No.: SGMN2017_0120
Singapore Morning Note

MARKET WATCH
Asia-Pacific Level D % YTD (%) Hang Seng Index
27,000
Nikkei 225 JP ||||| 19,929.09 114.9 0.6 4.9
KOSPI KO 2,379.87 2.0 0.1 17.5
25,000
CSI 300 CN | 3,655.93 (4.2) (0.1) 10.4
HSCEI CN |||||||| 10,251.83 (94.5) (0.9) 9.1 23,000
Taiex TW |||||| 10,297.25 (71.0) (0.7) 11.3
Hang Seng HK |||| 25,340.85 (124.4) (0.5) 15.2 21,000
Sensex IN 31,360.63 (8.7) (0.0) 17.8
Nifty IN 9,665.80 (8.8) (0.1) 18.1 19,000
SET TH 1,569.44 (0.2) (0.0) 1.7 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17
KLCI MY ||||| 1,759.93 (10.6) (0.6) 7.2
CSI300
STI SG 3,229.01 2.7 0.1 12.1 3,600
JCI ID ||||| 5,814.79 (34.8) (0.6) 9.8
Phil Comp PH 7,889.33 1.0 0.0 15.3 3,400
S&P/ASX 200 AU |||| 5,703.57 27.0 0.5 1.1

US/Europe Level D % YTD (%) 3,200


DJIA US |||| 21,414.34 94.3 0.4 8.4
NASDAQ Comp US |||||||||| 6,153.08 63.6 1.0 14.3
3,000
S&P 500 US |||||| 2,425.18 15.4 0.6 8.3 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17
FTSE 100 UK | 7,350.92 13.6 0.2 2.9
DAX GR 12,388.68 7.4 0.1 7.9 Yen
120
CAC 40 FR | 5,145.16 (7.2) (0.1) 5.8
Euro STOXX 50 EU 3,463.84 1.8 0.1 5.3 115
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VIX US 11.19 (1.4) (10.8) (20.3)
110
Currencies X-Rate D % YTD (%)
105
Yen JP ||||||||| 113.92 0.07 (0.06) 2.6
Won KO ||| 1,154.32 (4.22) 0.37 4.8
100
RMB CN |||||||||| 6.8057 0.00 (0.06) 2.0 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17
NT$ TW 30.59 (0.00) 0.01 5.7
HK$ HK 7.81 (0.00) 0.01 (0.7) Euro
Rs IN || 64.60 (0.18) 0.28 5.2 1.2
RM MY 4.30 (0.00) 0.08 4.4
S$ SG 1.38 (0.00) 0.04 4.7
P PH | 50.63 (0.08) 0.16 (2.0) 1.1
Rp ID |||||||| 13,399 7.00 (0.05) 0.6
A$ AU 0.76 0.00 0.04 5.5
Euro EU 1.14 0.00 0.01 8.4
GBP UK 1.29 0.00 0.02 4.5 1.0
Bt TH 34.12 (0.03) 0.08 5.1 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17

Bonds (10 year) Yield D % YTD (%) Brent


60.0
Singapore SG ||||||| 2.23 0.07 3.47 (10.0)
United States USD 2.39 - - (2.4) 55.0
Japan JPY |||||||||| 0.09 0.00 4.60 97.8
United Kingdom GBP |||||||||| 1.31 (0.01) (0.84) 5.3 50.0
Germany DEM |||| 0.57 0.01 1.96 175.5
Malaysia MYR 3.96 0.00 0.08 (6.3) 45.0
Indonesia IDR ||||||| 7.17 0.24 3.45 (10.1)
40.0
Jun-16 Sep-16 Dec-16 Mar-17 Jun-17
Commodity Price D % YTD (%)
Brent $/bbl 46.7 0.37 0.79 (20.0)
Gold $/t oz | 1,211.6 1.84 0.15 5.2
Copper $/mt || 264.7 0.45 0.17 5.1
Palm Oil RM/mt || 2,554.0 (7.00) (0.27) (11.1)
CRB Index |||||||||| 172.6 (1.87) (1.07) (10.4)

Source: Bloomberg; PSR

Page | 2
Singapore Morning Note
Top Active Stocks
VOLUME (unit) VALUE (S$)
NOBLE GROUP LTD 40,281,800 SINGAPORE TELECOMMUNICATIONS 76,030,100
MOYA HOLDINGS ASIA LTD 36,065,800 DBS GROUP HOLDINGS LTD 63,777,900
VALLIANZ HOLDINGS LTD 29,812,000 OVERSEA-CHINESE BANKING CORP 36,599,750
GKE CORP LTD 27,215,800 COMFORTDELGRO CORP LTD 36,595,180
JADASON ENTERPRISES LTD 23,888,000 UNITED OVERSEAS BANK LTD 31,393,840

SINGAPORE COMPANY 52 WEEK HIGH /LOW


Yesterdays New 52 Week High Yesterdays New 52 Week Low
Name Mkt Cap (SGD mn) Close Price YTD % Name Mkt Cap (SGD mn) Close Price YTD %
DESIGN STUDIO GROUP LTD 165.3 0.635 29.3 CHINA YUANBANG PROPERTY HOLD 13.0 0.187 (33.2)
GLOBAL PALM RESOURCES HOLDIN 82.9 0.420 29.2 COMFORTDELGRO CORP LTD 4,888.0 2.260 (8.5)
HC SURGICAL SPECIALISTS LTD 104.0 0.695 13.0 DELFI LTD 1,228.4 2.010 (9.5)
HG METAL MANUFACTURING LTD 66.9 0.525 69.4 FIRST SHIP LEASE TRUST 46.5 0.073 (54.1)
HOTUNG INVESTMENT HOLDINGS 208.9 2.160 44.5 KING WAN CORP LTD 55.9 0.160 (5.9)
MEGHMANI ORGANICS LTD-SDR 256.9 0.505 68.3 KS ENERGY LTD 14.8 0.028 (69.9)
UNITED FOOD HOLDINGS LTD 51.5 0.390 1,292.9 RAFFLES MEDICAL GROUP LTD 2,309.7 1.305 (8.7)
ROWSLEY LTD 312.7 0.066 (46.3)

Singapore Companies ADR Premiums and Discounts


Company ADR Ticker ADR Close % Chg Local Equiv. Local Close ADR % Prem Shares Per ADR
DBS Bank DBSDY 60.23 0.99 20.80 20.83 -0.13 4
Jardine Matheson JMHLY 65.18 0.82 65.18 64.95 0.35 1
Jardine Strategic JSHLY 21.22 1.73 42.44 42.67 -0.54 1
United Overseas Bank UOVEY 33.67 0.54 23.26 23.22 0.17 2

FTSE Straits Times Index (FSSTI)


FSSTI Top Gainers S$ D % YTD (%) 1Y (%)
ComfortDelgro 2.260 0.030 1.3 (8.5) (18.7) FSSTI: Forward P/E
GoldenAgri 0.380 0.005 1.3 (11.6) 10.1
16 PE 5yr Ave
Yangzijiang 1.250 0.015 1.2 53.4 42.0
HPH Trust 0.450 0.005 1.1 3.4 0.0 15
SATS 5.100 0.040 0.8 5.2 18.3 14
FSSTI Top Losers S$ D % YTD (%) 1Y (%)
Wilmar 3.340 (0.040) (1.2) (7.0) 2.1
13
ST Engineering 3.640 (0.040) (1.1) 12.7 14.5 12
SIA Engineering 4.060 (0.040) (1.0) 20.5 10.3
11
StarHub 2.700 (0.020) (0.7) (3.9) (28.8)
CityDev 10.760 (0.070) (0.6) 30.4 35.5 10
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

FSSTI: Forward P/B


1.60
PB 5yr Ave
1.40

1.20

1.00

0.80
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Source: Bloomberg; PSR

Page | 3
Singapore Morning Note
SINGAPORE COMPANY DIVIDENDS DATES
Ex-date Company Status Amount Indicated Yield (%) Record date Payment date
10 Jul 17
Silverlake Axis Special Cash 0.013 4.87 7/12/2017 7/28/2017

24 Jul 17
Metro Special Cash 0.030 1.68 7/26/2017 8/7/2017

25 Jul 17
SingPost Final 0.005 2.56 7/27/2017 8/10/2017
SIA Engineering Special Cash 0.050 3.20 7/27/2017 8/8/2017
SATS Final 0.110 3.33 7/27/2017 8/11/2017

26 Jul 17
Cortina Special Cash 0.010 2.41 7/28/2017 8/7/2017

27 Jul 17
Valuetronics Special Cash 0.050 4.37 7/31/2017 8/11/2017

31 Jul 17
Japan Foods Final 0.013 4.30 8/2/2017 8/18/2017

Source: Bloomberg

Page | 4
Singapore Morning Note
SINGAPORE CORPORATE EARNINGS CALENDAR

JULY 2017
SUN MON TUE WED THU FRI SAT
25 26 27 28 29 30 01
Courts Asia Ltd: 2017 Q4 NPAT Del Monte Pac Lt: 2017 Q4 NPAT
SGD2.6m, -38% yoy USD2.9m, -85% yoy
Vibrant Group Lt: 2017 Q4 NPAT
SGD-7.3m, -25% yoy
Second Chance Pr: 2017 Q3 NPAT
SGD5.4m, 72% yoy

02 03 04 05 06 07 08

09 10 11 12 13 14 15
Miyoshi: Q3 Conf Cheung Woh Tech: Q1 Est SPH Reit: Q3 Conf Soilbuild Business Sp.: Q2 Conf Keppel Corp: Q2 Conf

Yorkshire Hldgs Ltd: Y Est SPH: Q3 Conf


FCL: Q3 Est
Triyards: Q3 Est
HC Surgical Specialist: Y Est

16 17 18 19 20 21 22
Healthway Medical: Q1 Est Keppel Reit: Q2 Conf CCT: Q2 Conf Ascott Residence Tr.: Q2 Conf Ascendas Reit: Q1 Est
Keppel Infra. Trust: Q2 Conf M1: Q2 Conf CMT: Q2 Conf
Keppel DC Reit: Q2 Conf UOI: Q2 Conf SATS: Q1 Conf
First Reit: Q2 Conf Qian Hu: Q2 Conf Suntec Reit: Q2 Est
Frasers Com Trust: Q3 Est
Ascendas India Trust: Q1 Est
Cache Logistics Trust: Q2 Conf
Sabana Reit: Q2 Est

23 24 25 26 27 28 29
Fortune Reit: S1 Est SIA Engineering: Q1 Est OCBC: Q2 Conf UOB: Q2 Conf
Greater Eastern: Q2 Conf Yoma: Q1 Est Singapore Airlines: Q1 Conf Jardine C&C: Q2 Est
Mapletree Log Trust: Q1 Est AA Reit: Q1 Est SGX: Y Conf UIC: Q2 Est
Raffles Medical: Q2 Est Mapletree Com Tr.: Q1 Conf Mapletree Gtr China: Q1 Conf
Parkway Life Reit: Q2 Conf HPH Trust: Q2 Est Starhill Global Reit: Y Est
MYP: Q1 Est SembMarine: Q2 Conf CDL Hospitality: Q2 Est
SP Corp: Q2 Est Citic Envirotech: Q2 Est Frasers Hospitality: Q3 Est
Lereno Bio-Chem: Q1 Est CRCT: Q2 Est FE Hospitality Trust: Q2 Est

Source: Bloomberg; PSR

Page | 5
Singapore Morning Note
SINGAPORE & US ECONOMIC CALENDAR

JULY 2017
SUN MON TUE WED THU FRI SAT
25 26 27 28 29 30 01
US:Durable Goods Orders May (- US:Conf. Board Consumer Confidence US:MBA Mortgage Applications Jun US:GDP Annualized QoQ 1Q T US:Personal Income May
0.8%)[-0.5%]{-1.1%} Jun (118p)[116p]{119p} (0.6%)[-]{-6.2%} (1.2%)[1.2%]{1.4%} (0.4%)[0.3%]{0.4%}

US:Wholesale Inventories MoM May (- US:Initial Jobless Claims Jun US:Personal Spending May
0.5%)[0.2%]{0.3%} (241K)[241K]{244K} (0.4%)[0.1%]{0.1%}
US:Chicago Purchasing Manager Jun
(59.4p)[58.0p]{65.7p}
US:U. of Mich. Sentiment Jun F
(94.5p)[94.5p]{95.1p}

02 03 04 05 06 07 08
SG:Purchasing Managers Index Jun SG:Automobile COE Open Bid Cat A US:MBA Mortgage Applications Jun (- US:Change in Nonfarm Payrolls Jun
(50.8p)[50.6p]{50.9p} Jul (42.8K)[-]{42.8K} 6.2%)[-]{1.4%} (138K)[176K]{222K}
US:Markit US Manufacturing PMI Jun US:Factory Orders May (-0.2%)[- US:ADP Employment Change Jun US:Unemployment Rate Jun
F (52.1p)[52.2p]{52.0p} 0.5%]{-0.8%} (253K)[189K]{158K} (4.3%)[4.3%]{4.4%}
US:ISM Manufacturing Jun US:Durable Goods Orders May F (- US:Initial Jobless Claims Jul
(54.9p)[55.3p]{57.8p} 1.1%)[0.3%]{-0.8%} (244K)[243K]{248K}
US:Construction Spending MoM May (- US:Trade Balance May (-$47.6b)[-
1.4%)[0.2%]{0.0%} $46.3b]{-$46.5b}

09 10 11 12 13 14 15
SG:GDP YoY 2Q A (2.7%)[-]{-} US:Wholesale Inventories MoM May SG:Retail Sales YoY May (2.6%)[-]{-} US:PPI Final Demand MoM Jun US:CPI MoM Jun (-0.1%)[0.0%]{-}
(0.3%)[0.3%]{-} (0.0%)[0.0%]{-}
SG:GDP SAAR QoQ 2Q A (-1.3%)[-]{-} US:MBA Mortgage Applications Jul US:Initial Jobless Claims Jul (248K)[-]{- US:Retail Sales Advance MoM Jun (-
(1.4%)[-]{-} } 0.3%)[0.2%]{-}
US:Industrial Production MoM Jun
(0.0%)[0.3%]{-}
US:U. of Mich. Sentiment Jul (95.1p)[-
]{-}

16 17 18 19 20 21 22

23 24 25 26 27 28 29

30 31 NOTES: Previous stats number (), forecast [] and actual {}

Source: Bloomberg; PSR

Page | 6
Singapore Morning Note
PHILLIP SECURITIES RESEARCH SINGAPORE STOCKS COVERAGE
Change since last Upside to TP
Company Analyst Last report Rating Target Price (S$) Price (S$) report (%) (%)
Consumer Goods
Fraser & Neave Soh Lin Sin 11-May-17 Neutral 2.310 2.360 (0.8) (2.1)
Sheng Siong Soh Lin Sin 3-May-17 Accumulate 1.060 0.995 1.5 6.5
Old Chang Kee Soh Lin Sin 2-Jun-17 Buy 0.980 0.825 (0.6) 18.8
Banking & Finance
DBS Jeremy Teong 3-May-17 Reduce 17.240 20.830 0.0 (17.2)
OCBC Jeremy Teong 11-May-17 Reduce 8.480 10.690 1.2 (20.7)
SGX Jeremy Teong 21-Apr-17 Neutral 7.450 7.360 (1.5) 1.2
UOB Jeremy Teong 2-May-17 Reduce 19.200 23.220 1.8 (17.3)
iFAST Corporation Ltd Jeremy Teong 5-May-17 Accumulate 0.780 1.035 41.8 (24.6)
Healthcare
Raffles Medical Soh Lin Sin 25-Apr-17 Accumulate 1.490 1.305 (6.1) 14.2
Q&M Dental Soh Lin Sin 15-May-17 Reduce 0.650 0.655 (7.1) (0.8)
Singapore O&G Ltd Soh Lin Sin 15-May-17 Accumulate 0.790 0.605 (9.7) 30.6
Health Management International Soh Lin Sin 17-May-17 Buy 0.830 0.610 0.8 36.1
Real Estate
CapitaLand Limited Peter Ng & Dehong Tan 27-Apr-17 Accumulate 4.190 3.490 (7.2) 20.1
Global Logistic Properties Peter Ng 23-May-17 Neutral 2.870 2.850 (2.4) 0.7
Chip Eng Seng Corporation Ltd Peter Ng 8-May-17 Buy 0.900 0.725 2.8 24.1
Sinarmas Land Peter Ng 16-May-17 Buy 0.730 0.430 (5.5) 69.8
Ho Bee Land Dehong Tan 26-Apr-17 Accumulate 2.640 2.340 (1.3) 12.8
Hock Lian Seng Holdings Peter Ng 11-May-17 Accumulate 0.570 0.495 5.3 15.2
City Developments Ltd Peter Ng & Dehong Tan 15-May-17 Accumulate 11.070 10.760 1.2 2.9
Centurion Corporation Ltd Jeremy Teong 19-May-17 Accumulate 0.480 0.500 12.4 (4.0)
UOL Group Ltd Peter Ng 16-May-17 Accumulate 7.640 7.510 7.3 1.7
Investment Trusts
Cache Logistics Trust Richard Leow 21-Apr-17 Reduce 0.750 0.940 6.2 (20.2)
Capitaland Commercial Trust Dehong Tan 3-May-17 Neutral 1.630 1.695 4.0 (3.8)
CapitaLand Retail China Trust Dehong Tan 24-Apr-17 Neutral 1.440 1.635 9.4 (11.9)
Croesus Retail Trust Dehong Tan 29-Jun-17 Accept Offer 1.080 1.180 (0.4) (8.5)
First REIT Dehong Tan 18-Apr-17 Neutral 1.320 1.340 (1.1) (1.5)
Fraser Centrepoint Trust Dehong Tan 26-Apr-17 Neutral 2.040 2.100 (2.3) (2.9)
Keppel DC REIT Richard Leow 18-Apr-17 Neutral 1.150 1.265 2.8 (9.1)
Soilbuild Business Space REIT Richard Leow 13-Apr-17 Neutral 0.660 0.730 6.6 (9.6)
Mapletree Industrial Trust Richard Leow 26-Apr-17 Neutral 1.800 1.835 (0.3) (1.9)
CapitaLand Mall Trust Dehong Tan & Peter Ng 12-Jun-17 Neutral 2.01 1.96 1.0 2.8
Industrials
800 Super Holdings Richard Leow 15-May-17 Accumulate 1.570 1.280 (3.4) 22.7
Cogent Holdings Richard Leow 15-May-17 Buy 1.180 0.760 (3.2) 55.3
Nam Lee Pressed Metal Industries Richard Leow 16-May-17 Buy 0.520 0.370 4.2 40.5
Conglomerate
Sembcorp Industries Ltd Chen Guangzhi 29-May-17 Accumulate 3.500 3.150 (0.9) 11.1
Materials
CNMC Goldmine Holdings Ltd Chen Guangzhi 17-May-17 Buy 0.680 0.290 (1.7) 134.5
Geo Energy Resources Ltd Chen Guangzhi 24-May-17 Buy 0.450 0.245 (5.8) 83.7
Oil and Gas
China Aviation Oil Chen Guangzhi 21-Apr-17 Buy 2.000 1.670 1.2 19.8
Sembcorp Marine Chen Guangzhi 2-May-17 Neutral 1.580 1.670 1.2 (5.4)
Ezion Holdings Limited Chen Guangzhi 15-May-17 Buy 0.400 0.235 (20.3) 70.2
Utilities
China Everbright Water Ltd Chen Guangzhi 15-May-17 Accumulate 0.570 0.485 (1.0) 17.5
Transportation
ComfortDelgro Richard Leow 15-May-17 Accumulate 3.020 2.260 (11.4) 33.6
SATS Richard Leow 22-May-17 Neutral 5.080 5.100 0.4 (0.4)
SIA Engineering Richard Leow 15-May-17 Neutral 3.700 4.060 2.0 (8.9)
Technology & Communications
Asian Pay TV Trust Paul Chew 16-May-17 Buy 0.64 0.57 3.6 12.3
Source: Phillip Securities Research Pte Ltd

Page | 7
Singapore Morning Note
Important Information
This report is prepared and/or distributed by Phillip Securities Research Pte Ltd ("Phillip Securities Research"), which is a holder of a financial advisers license under
the Financial Advisers Act, Chapter 110 in Singapore.
By receiving or reading this report, you agree to be bound by the terms and limitations set out below. Any failure to comply with these terms and limitations may
constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in
part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately.
The information and any analysis, forecasts, projections, expectations and opinions (collectively, the Research) contained in this report has been obtained from
public sources which Phillip Securities Research believes to be reliable. However, Phillip Securities Research does not make any representation or warranty, express
or implied that such information or Research is accurate, complete or appropriate or should be relied upon as such. Any such information or Research contained in
this report is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or
to supply any corrections, updates or releases in connection therewith.
Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this report are as of the date indicated and are subject to change at any time
without prior notice. Past performance of any product referred to in this report is not indicative of future results.
This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This report should not be relied upon exclusively or as
authoritative, without further being subject to the recipients own independent verification and exercise of judgment. The fact that this report has been made
available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this report is suitable or
appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this report involve significant risks and may not be
suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an
independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product
should not be considered to be a disclosure of all risks or a complete discussion of such risks.
Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this
report should take into account existing public information, including any registered prospectus in respect of such product.
Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or
persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but
not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading
activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors,
employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this
report, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected
to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided
advice or investment services to such companies and investments or related investments, as may be mentioned in this report.
Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or
persons involved in the issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or
options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the
foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between
US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return
of the investment.
To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its
officers, directors, employees or persons involved in the issuance of this report, may at any time engage in any of the above activities as set out above or otherwise
hold an interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this report. Accordingly,
information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its
officers, directors, employees or persons involved in the issuance of this report, which is not reflected in this report, and Phillip Securities Research, or persons
associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this
report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or
persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the issuance of
this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this report.
The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where
such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any
registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.
This report is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any
particular person. The products mentioned in this report may not be suitable for all investors and a person receiving or reading this report should seek advice from a
professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the
specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products.
This report is not intended for distribution, publication to or use by any person in any jurisdiction outside of Singapore or any other jurisdiction as Phillip Securities
Research may determine in its absolute discretion.

IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSES
Where the report contains research analyses or reports from a foreign research house, please note:
(i) recipients of the analyses or reports are to contact Phillip Securities Research (and not the relevant foreign research house) in Singapore at 250 North
Bridge Road, #06-00 Raffles City Tower, Singapore 179101, telephone number +65 6533 6001, in respect of any matters arising from, or in connection
with, the analyses or reports; 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,
expert investor or institutional investor, Phillip Securities Research accepts legal responsibility for the contents of the analyses or reports.

Page | 8
Singapore Morning Note
Contact Information (Singapore Research Team)
Head of Research Research Operations Officer
Paul Chew paulchewkl@phillip.com.sg Mohamed Amiruddin - amiruddin@phillip.com.sg

Consumer | Healthcare Property | Infrastructure Macro


Soh Lin Sin - sohls@phillip.com.sg Peter Ng - peterngmc@phillip.com.sg Pei Sai Teng - peist@phillip.com.sg

Transport | REITs (Industrial) REITs (Commercial, Retail, Healthcare) | Property Technical Analysis
Richard Leow, CFTe, FRM - Dehong Tan - tandh@phillip.com.sg Jeremy Ng - jeremyngch@phillip.com.sg
richardleowwt@phillip.com.sg

Banking and Finance US Equity Oil & Gas | Energy


Jeremy Teong - jeremyteongfh@phillip.com.sg Ho Kang Wei - hokw@phillip.com.sg Chen Guangzhi - chengz@phillip.com.sg

Contact Information (Regional Member Companies)


SINGAPORE MALAYSIA HONG KONG
Phillip Securities Pte Ltd Phillip Capital Management Sdn Bhd Phillip Securities (HK) Ltd
Raffles City Tower B-3-6 Block B Level 3 Megan Avenue II, 11/F United Centre 95 Queensway
250, North Bridge Road #06-00 No. 12, Jalan Yap Kwan Seng, 50450 Hong Kong
Singapore 179101 Kuala Lumpur Tel +852 2277 6600
Tel +65 6533 6001 Tel +603 2162 8841 Fax +852 2868 5307
Fax +65 6535 6631 Fax +603 2166 5099 Websites: www.phillip.com.hk
Website: www.poems.com.sg Website: www.poems.com.my

JAPAN INDONESIA CHINA


Phillip Securities Japan, Ltd. PT Phillip Securities Indonesia Phillip Financial Advisory (Shanghai) Co Ltd
4-2 Nihonbashi Kabuto-cho Chuo-ku, ANZ Tower Level 23B, No 550 Yan An East Road,
Tokyo 103-0026 Jl Jend Sudirman Kav 33A Ocean Tower Unit 2318,
Tel +81-3 3666 2101 Jakarta 10220 Indonesia Postal code 200001
Fax +81-3 3666 6090 Tel +62-21 5790 0800 Tel +86-21 5169 9200
Website: www.phillip.co.jp Fax +62-21 5790 0809 Fax +86-21 6351 2940
Website: www.phillip.co.id Website: www.phillip.com.cn

THAILAND FRANCE UNITED KINGDOM


Phillip Securities (Thailand) Public Co. Ltd King & Shaxson Capital Limited King & Shaxson Capital Limited
15th Floor, Vorawat Building, 3rd Floor, 35 Rue de la Bienfaisance 75008 6th Floor, Candlewick House,
849 Silom Road, Silom, Bangrak, Paris France 120 Cannon Street,
Bangkok 10500 Thailand Tel +33-1 45633100 London, EC4N 6AS
Tel +66-2 6351700 / 22680999 Fax +33-1 45636017 Tel +44-20 7426 5950
Fax +66-2 22680921 Website: www.kingandshaxson.com Fax +44-20 7626 1757
Website www.phillip.co.th Website: www.kingandshaxson.com

UNITED STATES AUSTRALIA SRI LANKA


Phillip Capital Inc Phillip Capital Limited Asha Phillip Securities Limited
141 W Jackson Blvd Ste 3050 Level 10, 330 Collins Street 2nd Floor, Lakshmans Building,
The Chicago Board of Trade Building Melbourne, Victoria 3000, Australia No. 321, Galle Road,
Chicago, IL 60604 USA Tel +61-03 9629 8288 Colombo 03, Sri Lanka
Tel +1-312 356 9000 Fax +61-03 9629 8882 Tel: (94) 11 2429 100
Fax +1-312 356 9005 Website: www.phillipcapital.com.au Fax: (94) 11 2429 199
Website: www.phillipusa.com Website: www.ashaphillip.net

INDIA TURKEY DUBAI


PhillipCapital (India) Private Limited PhillipCapital Menkul Degerler Phillip Futures DMCC
No.1, 18th Floor, Urmi Estate Dr. Cemil Beng Cad. Hak Is Merkezi Member of the Dubai Gold and
95, Ganpatrao Kadam Marg No. 2 Kat. 6A Caglayan Commodities Exchange (DGCX)
Lower Parel West, Mumbai 400-013 34403 Istanbul, Turkey Unit No 601, Plot No 58, White Crown Bldg,
Maharashtra, India Tel: 0212 296 84 84 Sheikh Zayed Road, P.O.Box 212291
Tel: +91-22-2300 2999 / Fax: +91-22-2300 2969 Fax: 0212 233 69 29 Dubai-UAE
Website: www.phillipcapital.in Website: www.phillipcapital.com.tr Tel: +971-4-3325052 / Fax: + 971-4-3328895

CAMBODIA
Phillip Bank Plc
Ground Floor of B-Office Centre,#61-64,
Norodom Blvd Corner Street 306,Sangkat
Boeung Keng Kang 1, Khan Chamkamorn,
Phnom Penh, Cambodia
Tel: 855 (0) 7796 6151/855 (0) 1620 0769
Website: www.phillipbank.com.kh

Page | 9