LIM & TAN SECURITIES

16 COLLYER QUAY #15-00 INCOME @ RAFFLES SINGAPORE 049318

TEL: 65330595
www.limtan.com.sg
RCB REG NO. 197301030W

DAILY REVIEW | 24 MARCH 2022

MAJOR MARKET INDICES FINANCIAL MARKETS
1D MTD YTD
CLOSE (%) (%) (%) On the back of surging oil and gas prices as Russia demanded “unfriendly”
FSSTI Index 3,364.3 0.4 3.8 7.7 European customers to pay them in Russian “Roubles” instead of US
dollars, US stocks declined 1.2%-1.3% over night. Profit taking also set in
INDU Index 34,358.5 -1.3 1.4 -5.4 a er last week’s strong rebound. (For more details please refer to other
SPX Index 4,456.2 -1.2 1.9 -6.5 highlights.)
CCMP Index 13,922.6 -1.3 1.2 -11.0
UKX Index 7,460.6 -0.2 0.0 1.0
IDEA OF THE DAY
NKY Index 28,040.2 3.0 5.7 -2.6
HSI Index 22,154.1 1.2 -2.5 -5.3 ST Engineering noted that they are mindful of the short-term pressure
SHCOMP Index 3,271.0 0.3 -5.5 -10.1 to deliver results, yet at the same me, they will stay focused in the
VIX Index 23.6 2.7 -21.8 36.9 execu on of its strategic plan for greatest impact in the long term.
ST Engineering believes that recent trends and developments have
reinforced the strategy that they first shared in 2018.
SG MARKET SUMMARY
ST Engineering added that during Nov-21, they had presented their next
Daily Market Value (S$'m) 1,357.6 five-year plan (2022-2026). To recap, their strategy to achieve sustainable
growth is built around four strategic areas, namely:- (i) Ride the recovery
Daily Market Volume (mln) 1,578.4 in Commercial Aerospace; (ii) Drive growth in Smart City; (iii) Expand
52-week STI High 3,466.2 Interna onal Defense business and; (iv) Strengthen core businesses.
52-week STI Low 3,024.0
ST Engineering noted that the business environment today, however,
is dynamic and ever evolving. COVID-19 has brought about digital
KEY INTEREST RATES transforma on and wider sustainability adop on. ST Engineering believes
that there are strategic business opportuni es for the Group. As a result,
1D MTD YTD
ST Engineering has overlaid its strategic objec ves with its ambi on to
CLOSE (%) (%) (%)
grow the digital business comprising Cloud, AI Analy cs and Cyber - the
value of which was demonstrated during the pandemic.
3 Mth SGD SIBOR 0.7 0.0 17.4 58.4
3 Mth Swap Offer Rate 0.9 1.4 69.8 154.2 ST Engineering noted that it had ac vely evaluated what ‘emerging
stronger from the pandemic’ means to the Group, and they have set
SG 10 YR Bond Yield 2.3 4.8 22.1 39.1
specific financial targets. By 2026 (from 2020 as the base year), ST
US 10 YR Bond Yield 2.3 0.5 26.3 52.6 Engineering expects its revenue for its Commercial Aerospace business
to exceed S$3.5bln, and its Smart City business to more than double to
S$3.5bln.
US FUTURES
1D MTD YTD In addi on, ST Engineering is driving growth in digital businesses and they
As at 8.00am SG time CLOSE (%) (%) (%) expect the Cloud, AI Analy cs and Cyber businesses to triple to more than
S$500mln. Along with other core businesses, ST Engineering expects to
Dow Jones 34,413.7 -0.1 1.7 -5.4 drive total Group revenue to more S$11bln, growing at a CAGR of two to
S&P 500 4,409.4 0.0 0.9 -7.3 three mes global GDP growth rate, with net profits growing in tandem
NASDAQ 14,095.3 -0.1 -0.9 -13.6 with revenue.
Undergirding this target is a greater emphasis on moving forward with
its ESG agenda, where ST Engineering is targe ng to grow sustainability-
COMMODITIES linked businesses. ST Engineering will pursue businesses that contribute
towards the reduc on of GHG emission that solve urban and city issues
1D MTD YTD
CLOSE and contribute towards the circular economy. ST Engineering will also
(%) (%) (%)
look at new opportuni es such as novel materials, products and systems
Gold 1,945.7 0.1 1.9 6.4 solu ons.
Crude Oil 116.6 4.4 21.8 51.5
To sustain its technology and engineering core, ST Engineering will
Baltic Dry 2,546.0 -1.7 24.8 14.8 con nue to spend up to 5% of its annual revenue on R&D, of which 75%
Crude Palm Oil 6,312.0 1.9 6.2 0.0 will be on digital technologies. Addi onally, ST Engineering will con nue
to strengthen its competency framework for engineering and technology
staff, to be er develop relevant skills, abili es and support career
FSSTI INDEX progression.
3600

3500
Looking ahead, we believe that the guidance given by ST Engineering in
3400
52-week price chart their five-year plan provides good visibility for investors. We also con nue
3300 to like that the increase in its order book in 2H21 (currently at $19.3
3200 billion) has led to increased revenue visibility moving forward. Also, the
3100
rising geopoli cal risks is likely to see increased orders for their defense
3000

2900
business while the reopening of air-travel in the various parts of the world
2800
will see be er orders for their MRO business.
2700

2600 At S$4.11, market cap of ST Engineering is $12,672mln, FY22 P/E is

2500
21.7x, P/B is 5.3x, dividend yield is 3.6% and net gearing is 53.9%. We
2400

2300
are maintaining an Accumulate ra ng on ST Engineering based on a
2200
consensus target price of $4.41, represen ng upside of 10.9% from
03/21 05/21 07/21 09/21 11/21 01/22
current share price if we were to include its dividends. We believe that
Source: Bloomberg ST Engineering will con nue to benefit from the “scarcity premium” as
investors con nue to look for “safe haven” defense stocks to hide in.

Singapore Research Team

Tel: 6533 0595
Email: research@limtan.com.sg

Please see research disclaimer on last page Page 1

OTHER HIGHLIGHTS
Ascendas Indian Trust ($1.21, down 2 cents) is pleased to announce that
it has entered into defini ve agreements for the proposed acquisi on
of all of the issued share capital of Anomalous Infra Private Limited,
which owns a 0.33 million square feet warehouse at the Arshiya Free
Trade Warehousing Zone, Panvel, Navi Mumbai. This is a recently
constructed opera onal warehouse and is being acquired from the
Arshiya Group as part of the forward purchase agreement executed
in July 2019. a-iTrust had acquired six opera ng warehouses from the
Vendor with total leasable area of 0.83 million square feet in February
2018. Similar to these six warehouses, the seventh warehouse will also
be leased and operated by a subsidiary of the Vendor for a period of six
years. The acquisi on of this warehouse is expected to be completed
shortly.
The gross acquisi on considera on for this seventh warehouse is
approximately INR2.15 billion1 (S$38.7 million). It comprises an upfront
payment of INR1.94 billion (S$34.9 million) and an addi onal deferred
considera on of up to INR0.21 billion (S$3.8 million) to be paid over the
next four years, upon achievement of certain performance milestones.
Mr. Sanjeev Dasgupta, Chief Execu ve Officer of the Trustee-Manager
said, “The acquisi on enables a-iTrust to further expand its presence
in the logis cs sector. Given the unique benefits offered by the FTWZ
logis cs segment, we are seeing growing demand in this space and this
acquisi on puts us in a good posi on to capitalise on this growth.”
AIT’s market cap stands at S$1.4bln and currently trades at 12.8x
forward PE. Dividend yield stands at 5.9% and consensus target price
stands at S$1.60, represen ng 32.2% downside from current share.
Keppel Infrastructure Trust ($0.56, up 0.5 cents) wishes to announce
that as part of its proac ve por olio management strategy, it is
currently undertaking a strategic review of its 100% stake in Ixom
Holdings Pte Ltd (“Ixom”) with a view to poten ally unlocking value
from the business so as to further KIT’s growth and maximise long term
Unitholder returns. This exercise is part of KIT’s regular asset review
process in line with its refreshed strategy following the strategic review
conducted at the end of 2021.
Acquired by KIT in 2019, Ixom is amongst the leading industrial
infrastructure businesses in Australia and New Zealand, supplying
FSSTI STOCK SELECTION
HIGHEST CONSENSUS FORWARD DIV YIELD (%)
1 FRASERS LOGISTICS TRUST 5.62
2 ASCENDAS REIT 5.60
3 CAPITALAND INTEGRATED COMM 5.28
4 JARDINE CYCLE & CARRIAGE 5.15
5 MAPLETREE INDUSTRIAL TRUST 5.15
LOWEST CONSENSUS FORWARD P/E (X)
1 YANGZIJIANG SHIPBUILDING 6.83
2 JARDINE CYCLE & CARRIAGE 7.69
3 JARDINE MATHESON 9.94
4 OCBC BANK 10.28
5 SEMBCORP INDUSTRIES 10.74
Source: Bloomberg Estimates (FSSTI Universe)
Please see research disclaimer on last page
and distribu ng cri cal water treatment chemicals and industrial
and specialty chemicals which are key to fundamental industries.
Ixom is the sole manufacturer of liquefied chlorine, as well as the
leading manufacturer of caus c soda in Australia. The chemicals
manufactured and distributed by Ixom are components used in a
range of industries including the water treatment, dairy, agriculture,
mining and construc on sectors. Chemical manufacturing and
supplies from Ixom were classified as essen al services during the
pandemic and Ixom con nued to operate through the pandemic.
The Trustee-Manager will be appoin ng a financial adviser in
connec on with the strategic review and may, through the financial
adviser, undertake preliminary discussions with various par es to
evaluate the viability of op ons available.
KIT’s market cap stands at S$2.77bln and forward PE stands at 30.8x
and PB is at 1.6x with a 6.6% yield. Consensus target price stands at
$0.61, represen ng 8.9% upside from current share price.
Wall Street Journal reported that U.S. stocks declined and oil prices
jumped, as concerns about rising energy prices, supply shortages
and infla on ra led investors once again.
The declines followed sharp gains by major U.S. stock indexes
Tuesday as investors shrugged off worries that infla on will push the
na on’s economy into a recession. On Wednesday, however, some
of that confidence faded a er Brent crude, the interna onal oil
benchmark, moved higher again.
Adding to those concerns Wednesday: Russia said on Tuesday that
oil exports via a pipeline from Kazakhstan to the Black Sea may
temporarily fall by around 1 million barrels a day—represen ng
about 1% of global oil demand—ci ng storm damage. Repairs could
take up to two months, Russian officials said.
Futures on Brent crude gained $6.12 a barrel, or 5.3%, to $121.60,
the third-highest se lement value of the year and the highest since
March 8. Brent crude has surged 56% this year amid an expanding
global economy as the coronavirus pandemic waned and concerns
about supplies due to Russia’s invasion of Ukraine.
LOWEST TRAILING P/B (X)
1 HONGKONG LAND 0.33
2 UOL GROUP 0.59
3 JARDINE MATHESON 0.61
4 SINGAPORE AIRLINES 0.70
5 YANGZIJIANG SHIPBUILDING 0.77
LOWEST TRAILING EV/EBITDA (X)
1 YANGZIJIANG SHIPBUILDING 0.41
2 COMFORTDELGRO 4.94
3 DAIRY FARM 6.10
4 JARDINE CYCLE & CARRIAGE 6.81
5 SEMBCORP INDUSTRIES 8.83
Page 2
SHARE TRANSACTIONS 21 - 23 MARCH

Transacted Market New Stake

Company Party Buy Sell Price (S$) Price (S$) Balance (%)
ACQUISITIONS
Challenger Technologies Tan Keng Soon 100,000 - 0.58 - 60,376,324 15.03
Crea ve Technology George Yeo 25,200 - 2.502 - 210,350 0.30
Mul -Chem Foo Fang Yong 84,800 - 1.842 - 162,400 0.18

DISPOSALS
Nanofilm Technologies Intl The Capital Group Companies Inc - 625,656 2.58 - 32,477,721 4.94

SHARE BUYBACK

Company No. of shares Price Cumula ve Of Maximum

($)0.014 Purchases (%)

Global Investments 500,000 0.155 70,895,100 44.4

Hong Fok Corpora on 192,800 0.78 1,112,800 1.3
HongKong Land Holdings 300,000 US$4.959 54,411,450 58.6
OCBC 100,000 12.21 30,580,100 6.8
Raffles Medical Group 592,900 1.14 13,292,900 7.1
Valuetronics Holdings 385,400 0.523 2,927,300 6.7

Please see research disclaimer on last page Page 3

FUND FLOW DATA

Top 10 Institution Net Buy (+) Stocks (S$M) Week of 14 Mar Top 10 Institution Net Sell (-) Stocks (S$M) Week of 14 Mar
UOB 58.1 Singtel (41.7)
Keppel Corporation 29.6 OCBC (30.7)
Riverstone Holdings 25.1 Mapletree North Asia Commercial Trust (27.9)
Mapletree Logistics Trust 20.1 CapitaLand Investment (21.0)
Wilmar International 13.6 Hongkong Land (16.7)
CapitaLand Integrated Commercial Trust 10.9 Frasers Logistics & Commercial Trust (14.9)
SIA 10.7 DBS (13.9)
UMS Holdings 10.6 Ascendas REIT (13.9)
Jardine Cycle & Carriage 8.8 Yangzijiang Shipbuilding (12.7)
Keppel REIT 7.3 Venture Corporation (11.7)

Top 10 Retail Net Buy (+) Stocks (S$M) Week of 14 Mar Top 10 Retail Net Sell (-) Stocks (S$M) Week of 14 Mar
Mapletree North Asia Commercial Trust 29.5 UOB (54.9)
Yangzijiang Shipbuilding 16.7 Keppel Corporation (25.5)
Venture Corporation 12.4 SIA (23.1)
Rex International 8.2 OCBC (22.6)
Geo Energy Resources 7.3 SGX (18.7)
Hongkong Land 7.1 Riverstone Holdings (14.1)
Frasers Logistics & Commercial Trust 5.4 CapitaLand Integrated Commercial Trust (13.8)
Lendlease Global Commercial REIT 3.3 City Developments (11.7)
SPH REIT 3.0 Wilmar International (10.5)
Sasseur REIT 2.8 Thai Beverage (6.9)
Definition: Institutional fund flow is derived by subtracting retail account flow and MMAT flow from TOTAL ST markets flows.
Net buy/sell amount is derived by subtracting total sell amount from total buy amount
Definition: Retail fund flow is derived by subtracting institutional investors account flow and MMAT flow from TOTAL ST markets flows.
Net buy/sell amount is derived by subtracting total sell amount from total buy amount
Note: Fund flow data for all SGX-listed companies only

Week of 14 Mar 2022

Institutional investors net sell (-S$33 7m) vs (-S$62 2m) a week ago

Week of 14-Mar-22 SGX Sector Classification

Consumer
Institutional Investors Consumer Energy/ Financial Health Materials & Real Estate (excl.
Non- Industrials
net buy/sell (S$M) Cyclicals Oil & Gas Services care Resources REITs)
Cyclicals

21-Feb-22 17.3 27.3 7.6 (427.2) (1.6) (27.3) (4.4) 23.1

28-Feb-22 15.6 (6.6) 15.6 (463.6) (6.8) 68.5 1.9 (37.2)
7-Mar-22 17.8 36.2 (11.1) (23.8) (1.7) (67.2) 1.0 4.2
14-Mar-22 12.7 43.9 (10.8) (3.0) 24.1 (3.8) 2.9 (17.4)

Technology
Institutional Investors
REITs (Hardware/ Telcos Utilities
net buy/sell (S$M)
Software)

21-Feb-22 (17.2) (15.7) 147.2 14.9

28-Feb-22 64.2 (55.8) (28.8) 16.7
7-Mar-22 (5.3) (41.9) 25.5 4.0
14-Mar-22 (34.8) (3.5) (44.8) 0.7

Source: Singapore Exchange. Sectors are categorized by SGX. REITs refer to Real Estate Investment Trusts.
Definition: Institutional fund flow is derived by subtracting retail account flow and MMAT flow from TOTAL ST markets flows.
Net buy/sell amount is derived by subtracting total sell amount from total buy amount

Please see research disclaimer on last page Page 4

FUND FLOW DATA

Week of 14-Mar-22 SGX Sector Classification

Retail Investors net Consumer Consumer Energy/ Financial Health Materials & Real Estate
Industrials
buy/sell (S$M) Cyclicals Non-Cyclicals Oil & Gas Services care Resources (excl. REITs)

21-Feb-22 (18.0) (27.9) (10.4) 421.0 12.8 53.6 3.2 (4.4)

28-Feb-22 (18.4) (9.7) (19.3) 348.6 4.2 (74.4) (0.7) 29.8
7-Mar-22 (22.5) (27.8) 17.1 105.5 2.2 76.8 0.0 (6.8)
14-Mar-22 (16.7) (43.6) 17.5 (98.5) (14.4) (14.0) (2.6) 0.2

Technology
Retail Investors net
REITs (Hardware/ Telcos Utilities
buy/sell (S$M)
Software)

21-Feb-22 (4.9) 22.5 (104.2) (19.0)

28-Feb-22 (41.6) 40.6 12.9 (15.4)
7-Mar-22 (36.3) 55.4 (24.4) 2.1
14-Mar-22 18.3 2.8 (1.1) (1.1)

Source: Singapore Exchange. Sectors are categorized by SGX. REITs refer to Real Estate Investment Trusts.
Definition: Retail fund flows derived by subtracting institutional investors account flow and MMAT flow from TOTAL ST markets flows.
Net buy/sell amount derived by subtracting total sell amount from total buy amount
Note: Fund flow data for all SGX-listed companies only
https://www2.sgx.com/research-education/data-reports

Institution Retail
Stock Net Buy (+) / Net Buy (+) /
STI Constituents - Week of 14 Mar
Code Net Sell (-) Net Sell (-)
(S$M) (S$M)
Ascendas REIT A17U (13.9) (2.0)
CapitaLand Integrated Commercial Trust C38U 10.9 (13.8)
CapitaLand Investment 9CI (21.0) 0.0
City Developments C09 6.4 (11.7)
ComfortDelGro C52 2.3 (4.3)
Dairy Farm International D01 (3.3) 2.5
DBS D05 (13.9) (2.6)
Frasers Logistics & Commercial Trust BUOU (14.9) 5.4
Genting Singapore G13 (2.0) (2.3)
Hongkong Land H78 (16.7) 7.1
Jardine Cycle & Carriage C07 8.8 (6.6)
Jardine Matheson J36 (1.4) (0.9)
Keppel Corporation BN4 29.6 (25.5)
Keppel DC REIT AJBU 3.3 (1.1)
Mapletree Commercial Trust N2IU (2.5) (1.8)
Mapletree Industrial Trust ME8U 0.4 (0.1)
Mapletree Logistics Trust M44U 20.1 (2.1)
OCBC O39 (30.7) (22.6)
SATS S58 (4.2) 1.3
Sembcorp Industries U96 1.6 (1.9)
SGX S68 4.7 (18.7)
SIA C6L 10.7 (23.1)
Singtel Z74 (41.7) (3.8)
ST Engineering S63 4.0 (4.9)
Thai Beverage Y92 6.1 (6.9)
UOB U11 58.1 (54.9)
UOL Group U14 (6.2) 2.6
Venture Corporation V03 (11.7) 12.4
Wilmar International F34 13.6 (10.5)
Yangzijiang Shipbuilding BS6 (12.7) 16.7
Overall Net Buy (+) / Net Sell (-) (S$M) (16.0) (174.1)

Source: Singapore Exchange.

https://www2.sgx.com/research-education/data-reports

Please see research disclaimer on last page Page 5

DIVIDENDS (LIST IS NOT EXHAUSTIVE)

Last Day First Day Date

Company Amount Cum-Dividend Ex-Dividend Payable

Thakral Corpora on 2¢ interim 24 Mar 25 Mar 08 Apr

Lendlease Global Commercial Trust 1¢ 28 Mar 29 Mar 27 Apr
DBS Group Holdings 36¢ final 07 Apr 08 Apr 22 Apr
Qian Hu Corpora on 0.3¢ final 08 Apr 11 Apr 26 Apr
Sri Trang Agro Industry PLC 2.0382¢ final 18 Apr 19 Apr 06 May

Sri Trang Gloves PLC 2.6765¢ final 18 Apr 19 Apr 05 May

The Straits Trading Company 8¢ final 18 Apr 19 Apr 06 May
Great Eastern Holdings 55¢ final 22 Apr 25 Apr 05 May
SembCorp Industries 3¢ final 25 Apr 26 Apr 10 May
ST Engineering 10¢ final 25 Apr 26 Apr 10 May

Wilmar Interna onal 10.5¢ final 25 Apr 26 Apr 06 May

APAC Realty 4¢ final 27 Apr 28 Apr 10 May
China Everbright Water 1.19¢ final 27 Apr 28 Apr 18 May
IFS Capital 0.78¢ final 27 Apr 28 Apr 13 May
Keppel Corpora on 21¢ final 27 Apr 28 Apr 12 May

UOB Group 60¢ final 27 Apr 28 Apr 13 May

Delfi 1.44¢ final / 0.64¢ special 28 Apr 29 Apr 13 May
ISEC Healthcare 0.3¢ final 28 Apr 29 Apr 11 May
Pan United Corpora on 1.1¢ final 28 Apr 29 Apr 13 May
Avi-Tech Holdings 0.75¢ interim 03 May 04 May 17 May

City Developments 8¢ final / 1¢ special 03 May 04 May 26 May

Food Empire Holdings 1.62¢ final / 0.58¢ special 03 May 04 May 20 May
Hong Leong Asia 2¢ final 03 May 04 May 17 May
Hwa Hong Corpora on 1¢ final 03 May 04 May 19 May
Singapore O&G 0.9¢ final 03 May 04 May 20 May

UMS Holdings 2¢ final 03 May 04 May 20 May

Chip Eng Seng Corpora on 2¢ final 04 May 05 May 20 May
CSE Global 1.5¢ final 04 May 05 May 18 May
Frencken Group 4.13¢ final 04 May 05 May 18 May
Golden Agri Resources 1.077¢ final 04 May 05 May 17 May

OKP Holdings 0.7¢ final 04 May 05 May 17 May

Singapore Land Group 3.5¢ final 04 May 05 May 27 May
Vicom 3.24¢ final / 2¢ special 04 May 05 May 25 May
Wee Hur Holdings 0.3¢ final 04 May 05 May 20 May
Aztech Global 5¢ final 05 May 06 May 18 May

Colex Holdings 0.45¢ final / 7.55¢ special 05 May 06 May 19 May

First Resources 5.1¢ final 05 May 06 May 19 May
iFAST Corpora on 1.4¢ final 05 May 06 May 15 May
Indofood Agri Resources 0.8¢ final 05 May 06 May 20 May
OCBC 28¢ final 05 May 06 May 20 May

Sarine Technologies US1¢ final 05 May 06 May 19 may

SBS Transit 2.45¢ final 05 May 06 May 26 May
United Overseas Insurance 8.5¢ final / 8¢ special 05 May 06 May 20 May
UOL Group 15¢ final 05 May 06 May 20 May

Please see research disclaimer on last page Page 6

DIVIDENDS (LIST IS NOT EXHAUSTIVE)

Last Day First Day Date

Company Amount Cum-Dividend Ex-Dividend Payable

A-Sonic Aerospace 0.5¢ final / 4.8¢ special 06 May 09 May 25 May

Centurion Corpora on 0.5¢ final 06 May 09 May 27 May
Challenger Technologies 2.8¢ final 06 May 09 May 20 May
ComfortDelgro Corpora on 2.1¢ final 06 May 09 May 27 May
Haw Par Corpora on 15¢ final 06 May 09 May 26 May

Ho Bee Land 10¢ final 06 May 09 May 20 May

Hock Lian Seng Holdings 1.25¢ final 06 May 09 May 20 May
Isetan 3¢ final 06 May 09 May 18 May
Mewah Interna onal 0.81¢ final 06 May 09 May 20 May
Nanofilm Technologies Interna onal 1¢ final 06 May 09 May 20 May

OUE 1¢ final 06 May 09 May 26 May

Sheng Siong Group 3.1¢ final 06 May 09 May 20 May
Straco Corpora on 1¢ final 06 May 09 May 24 May
Telechoice Interna onal 0.125¢ final 06 May 09 May 25 May
Venture Corpora on 50¢ final 06 May 09 May 24 May

AP Oil 1¢ final 09 May 10 May 26 May

CDW Holdings US0.7¢ final 09 May 10 May 20 May
Global Tes ng Corpora on 20¢ final 09 May 10 May 13 May
Hong Leong Finance 8.25¢ final 09 May 10 May 27 May
Mul -Chem 6.9¢ final 09 May 10 May 23 May

Overseas Educa on 1.3¢ final 09 May 10 May 20 May

Bonvest Holdings 0.75¢ final 10 May 11 May 26 May
Credit Bureau Asia 1.7¢ final 11 May 12 May 03 Jun
Hosen Group 0.2¢ final 11 May 12 May 27 May
Tat Seng Packaging Group 2.5¢ final 11 May 12 May 27 May

AEM Holdings 5¢ final 12 May 13 May 19 May

LHT Holdings 3¢ final 17 May 18 May 31 May
SIIC Environment Holdings 1¢ final 18 May 19 May 31 May
Uni-Asia Group 3¢ final / 2¢ special 18 May 19 May 31 May
Jardine Cycle & Carriage US65¢ final 27 May 30 May 29 Jun

Megachem 1.2¢ final 09 Jun 10 Jun 29 Jun

Sinarmas Land 0.09¢ final 10 Jun 13 Jun 23 Jun

Please see research disclaimer on last page Page 7

WHAT’S AHEAD

Sun Mon
M Tue Wed
2022 Thu Fri Sat
1 2 3 4 5

Golden-Agri Resources (AM)

Hotel Royal
World Precision
Machinery

6 7 8 9 10 11 12

Del Monte Pacific

Top Glove Corpora on US CPI YOY

13 14 15 16 17 18 19

US FOMC Interest Rate

Decision

20 21 22 23 24 25 26

US Crude Oil Stocks

Change

27 28 29 30 31

Second Chance Proper es US Chicago PMI

Please see research disclaimer on last page Page 8

WHAT’S AHEAD

Sun Mon
A
Tue Wed
2022 Thu Fri Sat

1 2

SPH REIT

3 4 5 6 7 8 9

10 11 12 13 14 15 16

17 18 19 20 21 22 23

Mapletree Commercial Trust

24 25 26 27 28 29 30

Please see research disclaimer on last page Page 9

SGX WATCH-LIST

29 Companies Entry Date

Under SGX Watch-List Into Watch-List

Abterra Ltd 05-Jun-18

AEI Corp 04-Dec-19
ASL Marine 04-Dec-19
A-Sonic Aerospace 05-Jun-17
ASTI Holdings 06- Jun-19
China ShenShan 04-Dec-19
Cosmosteel 05-Jun-18
Debao Property 04-Dec-19
Dragon Group 04-Mar-15
Eneco Energy 04-Dec-19

Fabchem China 05-Dec-18

Full Apex (Holdings) 05-Jun-17
Informa cs Educa on 05-Dec-17
Interra Resources 05-Dec-17
KS Energy Limited 05-Jun-18
KTL Global Limited 04-Dec-19
Manha an Resources Ltd 05-Dec-18
Mencast Holdings Ltd 06-Jun-19
NGSC Limited 03-Dec-08
Nico Steel Holdings Limited 05-Sep-16

Ossia Interna onal Limited 05-Dec-17

Parkson Retail Asia Limited 04-Dec-19
Plastoform Holdings Limited 05-Jun-18
Raffles Infrastructure 06-Jun-19
Reenova Investment 04-Dec-19
SMI Vantage 04-Dec-19
United Food Holdings Limited 06-Jun-19
USP Group Limited 04-Dec-19
XMH Holdings Ltd 04-Dec-19

Source: h ps://www.sgx.com/regula on/watch-list

Please see research disclaimer on last page Page 10

3

RESEARCH DISCLAIMER

This report is intended for clients of Lim & Tan Securities Pte Ltd [herein after termed as LTS] only and no part of this
document may be –

i. Copied, photocopied, duplicated, stored or reproduced in any form by any means or

ii. Re-distributed or disseminated, directly or indirectly, to any other person in whole or in part, for any purpose
without the prior consent of LTS.

This research report is prepared for general circulation. It does not have regard to the specific investment objectives,
financial situation and particular needs of any specific recipient of this research report. You should independently
evaluate particular investments and consult your independent financial adviser before making any investments or
entering into any transaction in relation to any securities or investment instruments mentioned in this report.

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by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication,
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The information and opinions presented in this research report have been obtained or derived from sources believed
by LTS to be reliable. Their accuracy, completeness or correctness is, however, not guaranteed. Opinions and views
expressed in this report are subject to change without notice, and no part of this publication is to be construed as an
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ANALYST DISCLOSURE

As of the date of this report, the research analysts primarily responsible for the content of this research report do not
have a financial interest* in the securities of the companies as recommended in this report.

* Includes direct or indirect ownership of securities or Futures Contracts (excluding the amount of securities or Futures Contracts
owned), directorships or trustee positions.

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