Singapore Traders Spectrum

Wired Daily
DBS Group Research . Equity 21 September 2010

Today’s Focus
• Initiate coverage on JES International with BUY recommendation and target price of S$0.46.

DBS Research is initiating coverage on JES International with a BUY recommendation and target price of S$0.46. JES is the most undervalued shipyard in the region, trading below book, and has been a laggard over the past one year, underperforming peers by 55% and the STI by 14%. Our analyst believes that JES is poised to play catch as the wheel of fortune turns in its favour. Earnings turnaround is in sight on better operating environment and higher order book. The commencement of a new yard in 2H10 would be a main growth driver in 2010/2011. JES is also in a sweet spot for privatization, in our view. Noble Group is acquiring 100% of Sempra Energy Solutions (SES), power and gas broker, for US$582m (of which US$265m is debt). FY10F-12F EPS revised up by 3-16% assuming SES contributes in last two months of this year. Target price is revised up by 14% to S$1.85; Maintain Hold. Midas announced that it is launching its global offering in conjunction with its secondary listing in HK, which comprises of 220m new shares (90% institutional, 10% HK Retail) at a maximum offer price of HK$6.10 per share (current price @ S$1.05 or HK$6.11) and not more than 10% discount to the average trading price on the date at which the offer price is determined, which is on or about 28 September. Trading of the shares in HK is expected to be on Oct 6. This offering is expected to raise up to net proceeds of c. HK$1.27bn and stated use of the proceeds are for capacity expansion and to repay loans. Based on our analyst’s current estimates, this fund raising will improve Midas net gearing from 10% to a net cash position of nearly S$200m in FY10 but will dilute earnings by around 5% in FY10 and 18% in FY11 and FY12 each. Based on the newly enlarged share cap and roll over to 20x FY11 earnings, TP (previously based on 20x FY10/11) would be largely the same at S$1.19 (previously S$1.21). We remain bullish on the outlook for the company and expect to see contract wins at the end of year or early next year, as China continues to develop its high-speed railway network and metro lines.

US Indices Dow Jones S&P NASDAQ Regional Indices ST Index ST Small Cap Hang Seng HSCEI HSCCI KLCI SET JCI PCOMP KOSPI TWSE Nikkei

Last Close 10,753.62 1,142.71 2,355.83 3,080.98 572.36 21,977.34 12,164.65 4,254.04 1,469.69 923.06 3,370.98 4,053.32 1,832.63 8,186.96 9,626.09

Pts Chg % Chg 145.77 1.37 17.12 1.52 40.22 1.74 4.61 4.23 6.48 -6.54 2.99 2.72 -0.51 206.68 73.97 5.28 28.63 116.59 0.15 0.74 0.03 -0.05 0.07 0.19 -0.06 6.53 1.86 0.29 0.35 1.23

Source: Bloomberg

STI Index Performance Singapore Total Market cap (US$bn) Total Daily Vol (m shrs) 12m ST Index High 12m ST Index Low
Index

523 2,415 3,076 2,584

4,000 STI

3,000

2,000

100-Day MA

1,000 2005

2006

2007

2008

2009

2010

Source: Bloomberg
Stock Picks – Large Cap Rec’n Spore Airlines SATS Ltd UOL Yangzijiang Buy Buy Buy Buy Price ($) 20/09 16.00 2.74 4.30 1.75 Target Price 18.62 3.13 5.11 2.05

Stock Picks – Small Cap Rec’n Biosensors Int'l Group Tiong Seng Holdings PEC Ltd CSE Global ARA Asset Management Buy Buy Buy Buy Buy Price ($) 20/09 0.98 0.28 1.04 1.09 1.13 Target Price 1.20 0.36 1.31 1.25 1.30

Source: Bloomberg, DBS Vickers

Trader’s Spectrum Team – 6533 9688 / 6398 7955 / 6398 7970
www.dbsvickers.com Refer to important disclosures at the end of this report

000 69.5500 8.1250 0. has won two maintenance contracts worth a combined US$63m from Korean low-cost carrier T'Way Air.15%. Kranji and Woodlands and three others in Bukit Timah.000 50. The latest move will raise RHP's stakes in the two PSCs to 60% and 33. The BT project will consist mainly of the supply and installation of drainage and sewerage pipes and pipe fittings.000 150.7400 0. ST Aerospace.5500 0.5550 8. The other is an engine maintenance programme for CFM56-7B engines. is seeking to relist in Singapore in an IPO worth as much as US$600m.000 60.5538 1. Payment for the BT project will be made in stages over a period of six years starting from the date of the completion of the project.three in Tanjong Pagar.000 90. Singapore and Malaysia have finalised a swap deal to resolve a long-standing dispute over land owned by the Malayan Railway within Singapore and paved the way for greater cooperation. Both the PSCs will expire in 2020.2% respectively. PRC. $250m will offered to institutional investors and S$50m will be offered to Singapore retail investors. Of the S$300m.T. Under the agreement. Malaysian Prime Minister Najib Razak has accepted Prime Minister Lee Hsien Loong's revised and 'improved' land swap offer of six Marina South and OphirRochor land parcels. Work on the project is expected to commence in Sep 10 and be completed over a period of about two years.000 2.a move which is expected to add around 2.3950 0.000 50. a provider of semiconductor assembly and testing services which was taken over by buyout firms TPG and Affinity Equity Partners in 2007.7m to raise its stakes in two oil production sharing contracts (PSCs) in Indonesia .O.000 72.000 220.8500 0. Apple and IBM corporate action led gains by technology stocks.1300 8. Henan Sungen Solar Fab Co. One contract is for the maintenance-by-the-hour component support for a Boeing 737-800. Both contracts start immediately and will last 10 years. which is expected to chalk up a projected revenue of over US$300m once the three year contract concludes. 20-Sep-10 20-Sep-10 17-Sep-10 17-Sep-10 17-Sep-10 16-Sep-10 16-Sep-10 16-Sep-10 16-Sep-10 16-Sep-10 15-Sep-10 15-Sep-10 15-Sep-10 15-Sep-10 14-Sep-10 14-Sep-10 Buy/Sell Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back Share Buy-Back No.5525 0. United Test and Assembly Center (UTAC). RH Petrogas is paying US$36. Anwell Technologies' subsidiary.7600 Materials The principal activity of Fujian Obon is the production and trading in light weight energy saving wall material. The bonds will pay a coupon of 2. the distributor/developer has committed to purchase at least 180 megawatts (MW) of solar modules from Anwell over the next three years.Singapore Wired Daily Today’s Focus (Cont’d) According to media report.000 60.0950 8. a unit of listed ST Engineering.000 50. Source: SGX Masnet Page 2 .9950 0.5m for a 70% stake in Fujian OBON Building Share Buy-Back Company GP Industries OCBC GP Industries SC Global Developments Ltd Super Group GP Industries Kinergy Ltd Kinergy Ltd OCBC San Teh Limited GP Industries Hosen Group Ltd OCBC San Teh Limited GP Industries OCBC D.000 100. has landed a deal worth more than US$300m over three years from a solar panel distributor/developer.of shares 50.5500 0.4000 0.000 S$/shr 0. US markets rallied ahead of the FED meeting tonight as investors watch for when the FED will expand its quantitative easing program to include substantial Treasury purchases.000 130. Chip Eng Seng has teamed with Seacare Properties to invest RMB 7.600 barrels of oil per day to the company.8200 0.000 10.000 125. Sinopipe has secured a Build-Transfer contract worth about RMB300m in Heilongjiang province. in lieu of six railway land sites . Singapore Airlines is planning to sell S$300m of 2015 bonds to institutional and retail investors.

0025 ONE-TIER TAX SGD 0.02572 ONE-TIER TAX SGD 0.01 SGD 0. TEE INTERNATIONAL LIMITED TEE INTERNATIONAL LIMITED C & O PHARM TECH (HLDGS) LTD ASL MARINE HOLDINGS LTD BRITISH & MALAYAN TRUSTEES LTD KARIN TECHNOLOGY HLDGS LIMITED MICRO-MECHANICS (HOLDINGS) LTD SIN GHEE HUAT CORPORATION LTD.0015 ONE-TIER TAX SGD 0.018 ONE-TIER TAX Ex Date 21-Sep-10 21-Sep-10 22-Sep-10 30-Sep-10 1-Oct-10 1-Oct-10 1-Oct-10 1-Oct-10 1-Oct-10 6-Oct-10 12-Oct-10 12-Oct-10 18-Oct-10 18-Oct-10 19-Oct-10 20-Oct-10 20-Oct-10 21-Oct-10 21-Oct-10 21-Oct-10 22-Oct-10 25-Oct-10 25-Oct-10 26-Oct-10 27-Oct-10 27-Oct-10 28-Oct-10 1-Nov-10 1-Nov-10 1-Nov-10 3-Nov-10 3-Nov-10 3-Nov-10 3-Nov-10 3-Nov-10 3-Nov-10 4-Nov-10 4-Nov-10 4-Nov-10 4-Nov-10 4-Nov-10 4-Nov-10 8-Nov-10 8-Nov-10 8-Nov-10 8-Nov-10 9-Nov-10 9-Nov-10 9-Nov-10 10-Nov-10 25-Nov-10 Rec.002 ONE-TIER TAX SGD 0.DRP AUD 0.01 ONE-TIER TAX SGD 0.02 SGD 0.0035 ONE-TIER TAX SGD 0.0025 ONE-TIER TAX SGD 0.Singapore Wired Daily Announced Dividends and Capital Issues: 21 Sep – 25 Nov 2010 (by Ex-Date) Company CDW HOLDING LIMITED VIBROPOWER CORPORATION LIMITED SHANGRI-LA ASIA LIMITED CHINA HONGXING SPORTS LIMITED FRAGRANCE GROUP LIMITED LIAN BENG GROUP LTD LIAN BENG GROUP LTD TPV TECHNOLOGY LIMITED YUEXIU PROPERTY CO LIMITED ETIKA INTERNATIONAL HLDGS LTD SINGAPORE EXCHANGE LIMITED UNITED OVERSEAS AUSTRALIA LTD HAI LECK HOLDINGS LIMITED HAI LECK HOLDINGS LIMITED GUOCOLEISURE LIMITED AUSGROUP LIMITED K1 VENTURES LIMITED GUOCOLAND LIMITED SINGAPURA FINANCE LTD SINGAPURA FINANCE LTD RYOBI KISO HOLDINGS LTD. ELLIPSIZ LTD ELLIPSIZ LTD OLAM INTERNATIONAL LIMITED SILVERLAKE AXIS LTD SPINDEX INDUSTRIES LIMITED SPINDEX INDUSTRIES LIMITED AVI-TECH ELECTRONICS LIMITED AVI-TECH ELECTRONICS LIMITED BOARDROOM LIMITED CHINA MERCHANTS HLDGS(PACIFIC) EU YAN SANG INTERNATIONAL LTD EU YAN SANG INTERNATIONAL LTD CHOSEN HOLDINGS LIMITED CHOSEN HOLDINGS LIMITED F J BENJAMIN HOLDINGS LTD PORTEK INTERNATIONAL LIMITED KIAN ANN ENGINEERING LTD PEC LTD.007 ONE-TIER TAX SGD 0.0135 SGD 0.004 ONE-TIER TAX USD 0.02 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0. Date 23-Sep-10 23-Sep-10 24-Sep-10 4-Oct-10 5-Oct-10 5-Oct-10 5-Oct-10 5-Oct-10 5-Oct-10 8-Oct-10 14-Oct-10 14-Oct-10 20-Oct-10 20-Oct-10 21-Oct-10 22-Oct-10 22-Oct-10 25-Oct-10 25-Oct-10 25-Oct-10 26-Oct-10 27-Oct-10 27-Oct-10 28-Oct-10 29-Oct-10 29-Oct-10 1-Nov-10 3-Nov-10 3-Nov-10 3-Nov-10 8-Nov-10 8-Nov-10 8-Nov-10 8-Nov-10 8-Nov-10 8-Nov-10 9-Nov-10 9-Nov-10 9-Nov-10 9-Nov-10 9-Nov-10 9-Nov-10 10-Nov-10 10-Nov-10 10-Nov-10 10-Nov-10 11-Nov-10 11-Nov-10 11-Nov-10 12-Nov-10 29-Nov-10 Paid/ Payable 7-Oct-10 5-Oct-10 8-Oct-10 21-Oct-10 18-Oct-10 15-Oct-10 15-Oct-10 14-Oct-10 26-Oct-10 28-Oct-10 3-Nov-10 3-Nov-10 1-Nov-10 12-Nov-10 2-Nov-10 8-Nov-10 3-Nov-10 3-Nov-10 8-Nov-10 11-Nov-10 11-Nov-10 19-Nov-10 10-Nov-10 10-Nov-10 19-Nov-10 19-Nov-10 15-Nov-10 15-Nov-10 23-Nov-10 23-Nov-10 18-Nov-10 30-Nov-10 19-Nov-10 19-Nov-10 24-Nov-10 24-Nov-10 23-Nov-10 19-Nov-10 24-Nov-10 24-Nov-10 23-Nov-10 23-Nov-10 22-Nov-10 19-Nov-10 26-Nov-10 25-Nov-10 25-Nov-10 25-Nov-10 8-Dec-10 Source: SGX Page 3 .015 ONE-TIER TAX SGD 0.06 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.012 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.0073 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.003 SGD 0.1575 ONE-TIER TAX UNFRANKED.015 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.015 SGD 0.0066 ONE-TIER TAX SGD 0.011 ONE-TIER TAX SGD 0.006 ONE-TIER TAX SGD 0.004 ONE-TIER TAX SGD 0.05 SGD 0.03 ONE-TIER TAX SGD 0. LONGCHEER HOLDINGS LIMITED DATAPULSE TECHNOLOGY LIMITED Type DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND OFFER BONUS DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND Particulars USD 0.035 TAX EXEMPT HKD 0.0015 ONE-TIER TAX HKD 0.1 CNY 0.02 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0. SIN GHEE HUAT CORPORATION LTD.03 ONE-TIER TAX SGD 0.025 ONE-TIER TAX SGD 0.005 SGD 0.08 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.0076 OFFER OF 3 FOR 10 @ HKD 1.01 ONE-TIER TAX SGD 0.0064 ONE-TIER TAX SGD 0.61 OFFER OF 1 FOR 1 SGD 0.008 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0. PEC LTD.

28 37.15 51.1 7. ST: Share Transfer.28 37.12 0.51 9.05 0.39 5.41 6.28 13.22 27.77 27.22 9.73 35.87 37.77 27.17 0.Singapore Wired Daily Substantial Shareholders’ Transactions: 7 Sep 2010 – 16 Sep 2010 Stock BRC Asia Ltd BRC Asia Ltd Low Keng Huat (S) Low Keng Huat (S) United Fiber Sys Valuetronics Hldgs Addvalue Tech Ltd BRC Asia Ltd BRC Asia Ltd BRC Asia Ltd BRC Asia Ltd BRC Asia Ltd Pine Agritech Ltd Pine Agritech Ltd Pine Agritech Ltd Pine Agritech Ltd Pine Agritech Ltd Vallianz Hldgs Ltd Vallianz Hldgs Ltd Vallianz Hldgs Ltd Vallianz Hldgs Ltd Valuetronics Hldgs Viz Branz Ltd WBL Corp Ltd WBL Corp Ltd WBL Corp Ltd Adroit Innovations Ltd Adroit Innovations Ltd Changtian Plastic China Minzhong Food Corp Low Keng Huat (S) Low Keng Huat (S) Nobel Design Hldgs Olam Intl Ltd Pacific Healthcare Hldgs Pacific Healthcare Hldgs Pacific Healthcare Hldgs Pacific Healthcare Hldgs Pan-United Corp Ltd Pine Agritech Ltd Pine Agritech Ltd Pine Agritech Ltd Pine Agritech Ltd Pine Agritech Ltd Vallianz Hldgs Ltd Vallianz Hldgs Ltd Vallianz Hldgs Ltd Vallianz Hldgs Ltd Valuetronics Hldgs Viz Branz Ltd Transacted Date 16-Sep-10 16-Sep-10 15-Sep-10 15-Sep-10 15-Sep-10 15-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 14-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 13-Sep-10 Substantial Shareholder/ Director Lingco Marine Pte Ltd Sia Ling Sing CRSB Marco Low Peng K Wisanggeni Lauw Wong Hing Kwai Michael J Butler Lau Eng Hoe Lau Eng Lin Lau Eng Seng Lau Eng Tiong Sin Teck Guan Achievement Way Corp Dai Yong Hu Golden Revenue Inc Hu Fa Bao Link Crest Ltd Grande Pac Ltd Grande Pac Ltd Lim Keng Hock J Lim Keng Hock J Wong Hing Kwai Ben Chng Beng Beng Aberdeen Asset Mgt Asia Aberdeen Asset Mgt PLC Credit Suisse AG Neo Kim Hock Tan Siew Huang Andrew Barron W Schroder Invest Mgt Grp CRSB Marco Low Peng K Kho Chuan Thye P CGC Affluent Healthcare Hldgs Heartline Hldgs Pte Ltd Kwan Benny Ahadi Sri Widati Ernawan P Ng Han Whatt Achievement Way Corp Dai Yong Hu Golden Revenue Inc Hu Fa Bao Link Crest Ltd Grande Pac Ltd Grande Pac Ltd Lim Keng Hock J Lim Keng Hock J Wong Hing Kwai Ben Chng Beng Beng Deemed Interest Deemed Interest Deemed Interest Deemed Interest Buy/Sell/ Conv Buy Buy Buy Buy Buy Sell Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Sell Buy Sell Buy Sell Buy Buy Buy Buy Sell Sell Sell Sell Buy Buy Buy Buy Buy Buy Buy Buy ST Buy Buy Buy Buy Buy Buy Sell Buy Sell Sell Buy No of Shares ('000) 3000 3000 13636 13415 10000 508 1000 1000 1000 1000 1000 1000 143398 143398 143398 143398 143398 5620 3000 5620 3000 582 1980 2592 2592 2592 12931 87069 449 1095 700 1000 3880 8141 54163 54163 54163 54163 17960 46622 46622 46622 46622 46622 1000 5654 1000 5654 800 450 Price Per Share $ 0.21 35.66 37.33 7. OE: Option Exercise.17 27.65 42.74 53.06 52.18 0.89 0 0 0 0 4.87 37.17 27.02 0.55 %Issued Cap Before Change 3.72 26.22 28.22 9.59 9.11 0.28 13.11 0.33 7.49 39.46 42.35 0. SA: Share Allotment.64 0 0.46 7.28 0.17 28 28.06 52.72 27.28 41.18 0.12 0.06 0 4.49 0 7.35 52.9 5.73 40.73 28 28.15 0.72 9.06 26.72 27.06 42.33 7.91 54.28 28.19 2.27 13.31 35.95 52.9 Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Source: Business Times.28 27.36 6.39 2.46 7.33 37.28 41.28 13.33 7.11 0.97 37.17 9.41 11.41 6.66 37.35 5. PL: Placement Shares Page 4 .28 37.46 7.06 46.06 42.88 37.28 37.04 0.31 9.39 5.65 %Issued Cap After Change 4.25 25.18 0. B/R: Bonus/Rights Issue.46 7.02 6.42 7.73 35.93 52.86 25.11 0.22 0.28 0.

14 28 27.98 35.61 6.1 0.97 11.94 3.09 3.39 Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Source: Business Times.04 8. OE: Option Exercise.37 0.38 6.73 35.57 0 8.95 27.73 40.09 1.01 50.05 0. SA: Share Allotment.2 6.11 5.01 30.9 27.49 6.01 8.19 0.12 0.08 3.44 3. PL: Placement Shares Page 5 .95 37.02 22.92 7.05 5.04 19. ST: Share Transfer.03 0.23 34.61 16.15 5.01 30.3 4.79 6.11 1.69 12.02 0.57 8.19 0 0.3 3.64 9.18 0.65 39.14 11.19 0.83 8.02 60.05 0.08 5.23 11.01 10.76 8.8 0.47 9.01 28.53 30.18 0.91 0.11 5.01 8.19 3.92 0.65 6.14 %Issued Cap After Change 0.05 0.54 0.01 50.14 28.23 0 0 3.03 0.05 0.69 31.15 0.05 0.09 0.95 27.65 34.73 5.16 17.08 0.39 20.12 0.75 60.65 34.05 0.19 %Issued Cap Before Change 0 10.86 3.73 35.88 7.31 35.26 9.01 50.21 3.46 7.Singapore Wired Daily Substantial Shareholders’ Transactions: 7 Sep 2010 – 16 Sep 2010 (Continue) Stock AIMS Amp Cap Ind Reit Ban Joo & Co Ltd Ban Joo & Co Ltd Ban Joo & Co Ltd Ban Joo & Co Ltd Ban Joo & Co Ltd Ban Joo & Co Ltd Ban Joo & Co Ltd Ban Joo & Co Ltd Falmac Ltd Falmac Ltd Natural Cool Hldgs Ltd Pacific Healthcare Hldgs Pacific Healthcare Hldgs Pine Agritech Ltd Pine Agritech Ltd Pine Agritech Ltd Pine Agritech Ltd Pine Agritech Ltd Sound Global Vallianz Hldgs Ltd Vallianz Hldgs Ltd Vallianz Hldgs Ltd Vallianz Hldgs Ltd Cache Log Trust China Ani Healthcare China Fashion Hldgs China Fashion Hldgs Fuxing China Grp Radiance Grp Ltd Sound Global Super Grp Ltd The Style Merchants Vallianz Hldgs Ltd Vallianz Hldgs Ltd Viz Branz Ltd Ascendas Reit Aussino Grp Ltd Devotion Energy Grp Devotion Energy Grp Devotion Energy Grp Devotion Energy Grp Devotion Energy Grp Devotion Energy Grp Devotion Energy Grp King Wan Corp Ltd Sun East Grp Ltd Sunvic Chem Hldgs Ltd Sunvic Chem Hldgs Ltd The Think Environ Co Ltd The Think Environ Co Ltd The Think Environ Co Ltd Vallianz Hldgs Ltd Vallianz Hldgs Ltd Viking Offshore & Marine Transacted Date 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 09-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 08-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 07-Sep-10 Substantial Shareholder/ Director Norman Ip Ka Cheung Ban Joo Investment Family Unit Foundation Great Partner Ind Ltd Hady Hartanto Hardi Koesnadi Lam Ah Seng Rariro Intl Enterprise(HK) Telemedia Pac Grp Gbl Invest Initiative Spore Sho Naganuma Eric Ang Choon Beng Chong Lai Leong W Martin Huang Hsiang S Achievement Way Corp Dai Yong Hu Golden Revenue Inc Hu Fa Bao Link Crest Ltd Morgan Stanley Intl Hldgs Grande Pac Ltd Grande Pac Ltd Lim Keng Hock J Lim Keng Hock J JPMorgan Chase & Co FMR LLC Direct China Hldgs Ltd Wang Jian Hong Peng You GIL Morgan Stanley Intl Hldgs Te Lay Guat Samuel Lin Jr Grande Pac Ltd Lim Keng Hock J Ben Chng Beng Beng CGC Anthony Lim Chang Houchun Cultural Engine Ltd Leadway Mgt Ltd Li Zuqin Ma Ge Market Prospect Comm Ltd Populus Fund Chong Thim Pheng Shi Jiangang Yang Guoqiang Zhu Wuling Asiasons Eco Energy Fd LP Asiasons Invest Ltd Asiasons Private Eqty Inc Grande Pac Ltd Lim Keng Hock J Kwan Chee Seng Buy/Sell/ Conv Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Deemed Interest Buy Sell Buy Buy Buy Buy Sell Buy Buy Buy Buy ST Buy Buy Buy Buy Buy Buy Buy Sell Sell Buy Sell Buy Sell Buy Buy Buy Buy Buy Buy ST Buy Sell Sell Buy Buy Buy Buy Buy Buy Buy Buy Buy Sell Buy Sell Sell Sell Sell Buy Sell Sell Sell Sell No of Shares ('000) 500 600000 600000 600000 600000 600000 600000 600000 600000 24913 24913 600 500 2500 32462 32462 32462 32462 32462 1394 10777 5200 10777 5200 541 2633 3065 3065 10000 9076 1227 2000 11000 6314 6314 1210 19082 578 6262 4735 6262 4735 4276 4276 15272 1000 19000 480 1000 60800 60800 60800 10000 10000 20000 Price Per Share $ 0.47 11.79 28.09 31.26 8.02 60.14 28 10.64 30.03 0 60.75 50.76 6.01 12.01 50.01 37. B/R: Bonus/Rights Issue.91 3.86 11.27 34.02 60.38 7.95 28.01 2.

Singapore Wired Daily September 2010 Mon Tues 1 Wed 2 Thu 3 Fri Purchasing Managers Index Electronics Sector Index 6 7 8 9 10 Singapore Manpower Survey Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E 13 14 Popular Holdings Q1 2011 15 16 17 Electronics Exports (YoY) Non-oil Domestic Exports (YoY) Non-oil Domestic Exports (MoM) 20 21 22 23 24 Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E 27 28 29 Tuan Sing Q3 2010 30 Bank Loans & Advances (YoY) Credit Card Billings Credit Card Bad Debts M1 Money Supply (YoY) M2 Money Supply (YoY) Source: Bloomberg Page 6 .

their directors. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees. in part or in whole.com). DBSVUSA does not have its own investment banking or research department. do not hold interests in the securities recommended in this report (“interest” includes direct or indirect ownership of securities. COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1 2 DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in the subject companies as of 17 September 2010.S. with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps. >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months.e. Opinions expressed are subject to change without notice. DBSVH is a wholly-owned subsidiary of DBS Bank Ltd. Factset (www. including any clarification on disclosures in this disclaimer. Any US persons wishing to obtain further information. Readers should be aware that “TS Take” relies more on assessments of technical factors. DBSVR. directorships and trustee positions). Capital IQ (www.com/financial).rbr. DBS Bank Ltd and/or other affiliates of DBSVUSA received compensation. who should obtain separate legal or financial advice. They are not to be construed as recommendations to trade in the physical commodities or in futures contracts relating to the commodities mentioned in this report. The analyst also certifies that no part of his/her compensation was. defined as follows: STRONG BUY (>20% total return over the next 3 months. directly. 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