Singapore Traders Spectrum

Wired Daily
Refer to important disclosures at the end of this report

DBS Group Research . Equity

11 July 2013

Todays Focus
Plantation Companies - In a weak CPO price environment, prefer Bumitama, First Resources and Wilmar.
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 15,291.7 1,652.6 3,520.8 3,188.0 568.1 20,904.6 9,215.1 3,971.1 1,768.7 1,388.4 4,478.6 6,308.2 1,824.2 8,011.7 14,416.6

Pts Chg (8.7) 0.3 16.5 9.4 (3.1) 221.6 163.9 19.0 2.2 (10.3) 74.8 (18.8) (6.2) 40.5 (56.3)

% Chg (0.1) 0.0 0.5 0.3 (0.5) 1.1 1.8 0.5 0.1 (0.7) 1.7 (0.3) (0.3) 0.5 (0.4)

US stocks ended mixed but futures are higher after FED Chairman Ben Bernanke reassured that interest rates will stay low for a long time even as the FED minutes showed members debating whether to halt bond this year. 10-year treasury yields fell 2.576% while the USD weakened. Against the SGD, the USD weakened to 1.265 from 1.28 last week. STI is expected to rebound, testing the 3220 (38.2% upward retracement) level and while an overshoot to 3246 is even possible. These levels remain below the 13.9x (average) 12mth forward PE of 3266. Malaysias Jun13 palm oil stockpile dropped 9% m-o-m to 1.647m MT c.11% below forecast as same month output came in 10% below expectations. Flat Jun13 palm oil exports were partly compensated by higher domestic consumption. Given YTD numbers and Ramadan slowdown, we cut Jul13 output forecasts by 3% to 1.656m MT. Jul13 stockpile may further drop to 1.593m MT. Productivity may deteriorate if low prices persist. In a weak CPO price environment, we recommend stocks with young age profile, decent volume growth, trading at a discount to peers, have relatively low unit cost of production, and strong balance sheet. For SGX listed stocks, we believe Bumitama Agri, First Resources and Wilmar fit these criteria. Asian Telecom Sector update: Among mature markets, Hong Kong is likely to benefit more than Singapore from 4G networks. For the emerging markets, China and Thailand are monetizing 3G better than Indonesia. Our top picks in Singapore are StarHub and M1. As roaming revenue bottom out in 2013, average revenue per user (ARPU) is set to rise in 2014F due to the impact of data re-pricing. M1 and StarHub are expected to benefit more from potentially higher excess data charges. StarHub to benefit from rising popularity of Android phones while M1. StarHub & M1 had net debt to EBITDA of 0.5x & 0.6x respectively at the end of 1Q13 versus 1.0x for SingTel. StarHub is likely to raise annual DPS (from 20 Scts currently) after spectrum auction in Aug 2013. For SingTel, weaker regional currencies (AUD, INR, IDR) and huge investments into Myanmar and Digital Life business are the key risks.

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

588 2,217 3,454 2,929

4,000 STI 100-Day MA 2,000

3,000

1,000 2006 2007 2008 2009 2010 2011 2012 2013

Source: Bloomberg Finance L.P

Stock Picks Large Cap Recn ST Engineering ComfortDelgro UOL Thai Beverage Public Stock Picks Small /Mid Cap Recn Del Monte Pan-United Corp China Merchants Nam Cheong Buy Buy Buy Buy Price ($) 10 Jul 0.850 0.900 0.870 0.270 Target Price ($) 0.97 1.16 1.07 0.36 Buy Buy Buy Buy Price ($) 10 Jul 4.080 1.910 6.56 0.620 Target Price ($) 4.80 2.19 8.21 0.80

Source: Bloomberg Finance L.P, DBS Vickers

Traders Spectrum Team 6327 2288 / 6398 7955 / 6398 7970

www.dbsvickers.com

Singapore Wired Daily

OUE Hospitality Trust (OUE H-Trust) - the real estate investment trust of OUE that is heading for a listing - is looking to raise as much as $613.6m from its initial public offering of stapled securities at between 88 and 90 cents each. The amount comprises $391.1m from an offering of 434.6m stapled securities and $222.5m from a separate subscription for 247.2m stapled units from cornerstone investors. Based on the 88-90 cent price range, the distribution yield for the full year 2013 could range from 6.99% to 7.15%. The preliminary prospectus shows that OUE H-Trust is a hospitality stapled group consisting of OUE Hospitality Real Estate Investment Trust (OUE H-Reit) and OUE Hospitality Business Trust (OUE H-BT). OUE, as vendor of the initial portfolio of properties, will receive about 626.8m units as part consideration. These units represent 47.9% of the total number of stapled securities in issue when OUE Hospitality Trust is listed, assuming an over-allotment option is not exercised. Tiger Airways Singapore posted a 22% y-o-y rise in passenger traffic in June, while capacity was boosted by 21.7%, giving rise to a 0.3 percentage point increase in load factor to 86.5% for the month. Passenger traffic came in at 787 million revenue passenger-kilometres (RPK), while capacity for the month was 910 million available seat-kilometres (ASK). For the 12-month period ended June, Tigerair Singapore saw a 22.6% increase in traffic to 8.4 billion RPK, outpacing the 18% increase in capacity. Passenger load factor was 3.1 percentage points higher at 84%. Meanwhile, Tigerair Australia registered a 60% growth in passenger traffic to 299 million RPK while capacity increased 48% to 339 million ASK. As a result, passenger load factor rose 6.5 percentage points to 88.2%. Global Logistic Properties has signed an agreement to develop BMW's largest distribution centre in China. Construction starts this year. The agreement, signed with BMW's joint venture with Brilliance Auto, will see a 75,000 square metre built-to-suit facility developed at GLP's Lingang logistics park in Shanghai. China's exports shrank 3.1% in June to US$174.32 billion from a year earlier, the first decline in more than three and a half years and the biggest since October 2009. Imports were down 0.7% at US$147.19 billion. The country's overall trade for the month fell 2% to US$321.51 billion, taking the trade surplus to US$27.13 billion. In the six months to June, overall trade came to US$1.998 trillion, up 8.6% y-o-y, with the trade surplus hitting US$107.95 billion. Exports rose 10.4% to US$1.05 trillion while imports grew 6.7% at US$944.87 billion. China has set a 10% trade growth target for this year. In 2012, overall trade expanded 6.2% to US$3.87 trillion, missing the official 10% growth target. Weak global demand is clouding China's trade growth prospects. Global shipments of personal computers slumped 10.9% in the second quarter, the fifth straight quarterly decline in a market that has been devastated by the popularity of tablets, according to research firm Gartner. Marking the longest decline in the PC industry's history, HewlettPackard in the June quarter lost ground to Lenovo, now the world's leading personal computer maker with a market share of 16.7%.

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Share Buy-Back
Company CSC Holdings Ltd GP Industries Limited Ov erseas-Chinese Banking Corp Pacific Century Regional Dev ts AEM Holdings Ltd Ban Leong Technologies Limited GP Industries Limited Longcheer Holdings Limited Pacific Century Regional Dev ts Ov erseas-Chinese Banking Corp Hong Leong Corporation Ov erseas-Chinese Banking Corp AEM Holdings Ltd GP Industries Limited Hupsteel Ltd Ov erseas-Chinese Banking Corp Pacific Century Regional Dev ts United F ood Holdings Limited AEM Holdings Ltd CSC Holdings Ltd Hupsteel Ltd Pacific Century Regional Dev ts Popular Holdings Limited Ov erseas-Chinese Banking Corp United F ood Holdings Limited D.O.T . 10-J ul-13 10-J ul-13 10-J ul-13 10-J ul-13 09-J ul-13 09-J ul-13 09-J ul-13 09-J ul-13 09-J ul-13 09-J ul-13 08-J ul-13 08-J ul-13 05-J ul-13 05-J ul-13 05-J ul-13 05-J ul-13 05-J ul-13 05-J ul-13 04-J ul-13 04-J ul-13 04-J ul-13 04-J ul-13 04-J ul-13 04-J ul-13 04-J ul-13 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 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.of shares 300,000 49,000 200,000 10,000 125,000 90,000 40,000 2,284,000 9,000 60,000 3,000 130,000 550,000 60,000 250,000 150,000 3,000 700,000 450,000 150,000 280,000 3,000 495,000 200,000 566,000 S$/shr 0.1022 0.5050 10.0900 0.2200 0.0910 0.2028 0.5000 0.1580 0.2200 9.9400 0.1380 9.8700 0.0920 0.5050 0.2250 9.9200 0.2200 0.0530 0.0910 0.1026 0.2249 0.2200 0.2700 9.8500 0.0539

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Singapore Wired Daily

Substantial Shareholders Transactions: 28 Jun 3 Jul 2013

Stock Transacted Date Substantial Shareholder/ Director Buy/Sell/ Conv No of Shares ('000) 1000 1000 4680 5232 1250 41 678 678 678 678 1000 1000 10906 1500 30 3700 3700 47366 169 653 500 500 1200 96 19459 19459 19459 378 378 378 71454 71454 71454 1113 1113 1113 54106 900 530 530 530 642 2684 2468 44 1113 100 Price Per Share $ %Issued Cap %Issued Cap Before After Change Change 37.59 5.33 8.52 41.36 12.85 80.21 57.68 57.68 57.68 57.68 37.42 5.16 7.19 5.39 80.21 19.00 19.00 14.38 6.80 25.86 73.41 73.41 14.11 15.27 85.45 85.45 85.45 57.61 57.61 57.61 38.43 38.43 38.43 57.39 57.39 57.39 24.08 13.71 5.93 5.93 5.93 9.99 41.73 38.37 80.19 57.39 34.01 37.75 5.50 10.25 43.82 13.04 80.22 57.81 57.81 57.81 57.81 37.59 5.33 11.20 6.02 80.21 19.95 19.95 19.95 6.83 26.10 73.42 73.42 14.65 15.28 90.53 90.53 90.53 57.68 57.68 57.68 19.76 19.76 19.76 57.61 57.61 57.61 27.82 14.11 6.06 6.06 6.06 10.11 42.21 38.82 80.21 57.61 33.96

CWT Ltd CWT Ltd Lantrovision Ltd Tsit Wing Int'l Second Chance S'pore Land KS Energy KS Energy KS Energy KS Energy CWT Ltd CWT Ltd ASJ Hldgs Global Invacom S'pore Land Oriental Grp Oriental Grp Oriental Grp AIMS AMP Cap Venture Corp Fragrance Grp Fragrance Grp Technics Oil & Gas Aspial Corp Sup Multi-Pack Sup Multi-Pack Sup Multi-Pack KS Energy KS Energy KS Energy St. James Hldgs St. James Hldgs St. James Hldgs KS Energy KS Energy KS Energy Ascendas Hospitality Technics Oil & Gas Croesus Retail Tr Croesus Retail Tr Croesus Retail Tr Raffles Med Raffles Med Raffles Med Singapore Land KS Energy Karin Tech

03-Jul-13 03-Jul-13 03-Jul-13 03-Jul-13 03-Jul-13 03-Jul-13 03-Jul-13 03-Jul-13 03-Jul-13 03-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 02-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 30-Jun-13 30-Jun-13 30-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13 28-Jun-13

Loi Kai Meng Loi Kai Meng (Pte) Ltd Chan Thye Yuan Wong Tat Tong Mohamed Salleh John Gokongwei, Jr Kris Taenar Wiluan Pacific One Energy Rija Hldgs Richard James Wiluan Loi Kai Meng Loi Kai Meng (Pte) Ltd Chia Soon Loi Neo Chee Beng John Gokongwei, Jr Dingji Inv Wu Dingrong Wu Dingrong George Wang Aberdeen Asset Mgt PLC Koh Wee Meng Lim Wan Looi Ting Yew Sue Koh Wee Seng Pianissimo Ltd Polaris Incorp SMP Inv (S) PL Pac One Energy Rija Hldgs Richard James Wiluan Dennis Foo Jong Long Gordon Foo Chuan Wei Jenny Kwan Lai Wan Pacific One Energy Rija Holdings Richard James Wiluan Jurong Town Corp Ting Yew Sue Target Value Fund Target Asset Mgmt Teng Ngiek Lian Loo Choon Yong Loo Choon Yong Raffles Medical Hldgs John Gokongwei, Jr Kris Taenar Wiluan Ng Yuk Wing

Buy Buy Buy

1.46 1.46 0.28 na 0.45 9.00 0.48 0.48 0.48 0.48 1.44 1.44 na 0.16 9.01 0.14 0.14 0.12 1.67 7.28 0.24 0.24 0.84 0.40 0.18 0.18 0.18 0.47 0.47 0.47 0.45 0.45 0.45 0.88 0.84 0.95 0.95 0.95 3.01 3.01 3.01 8.92 0.45 0.32

* * * * * * *

Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy

* * * * * * *

Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy

* * * * * * * * * * *

Buy Buy Buy Buy Buy Buy Sell Sell Sell Buy Buy Buy Buy Buy Buy

* * * * * *

Buy Buy Buy Buy Buy Buy Buy Sell

*Deemed Interest Source: Business Times; SA: Share Allotment; ST: Share Transfer, B/R: Bonus/Rights Issue; OE: Option Exercise; PL: Placement Shares

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Singapore Wired Daily

Announced Dividends and Capital Issues: 10 Jul 2013 22 Nov 2013 (by Ex-Date)
Company MEGHMANI ORGANICS LIMITED MOYA ASIA LIMITED FAR EAST HOSPITALITY TRUST METRO HOLDINGS LIMITED METRO HOLDINGS LIMITED GLOBAL LOGISTIC PROP LIMITED SIA ENGINEERING CO LTD N212100H 140201 N213100S 150201 COURTS ASIA LIMITED JAPAN FOODS HOLDING LTD. JAPAN FOODS HOLDING LTD. SMRT CORPORATION LTD SINGAPORE AIRLINES LTD BAN LEONG TECHNOLOGIES LIMITED BOUSTEAD SINGAPORE LIMITED BOUSTEAD SINGAPORE LIMITED BUKIT SEMBAWANG ESTATES LTD BUKIT SEMBAWANG ESTATES LTD MTQ CORPORATION LIMITED VALUETRONICS HOLDINGS LIMITED SATS LTD. SATS LTD. GP BATTERIES INT LTD KING WAN CORPORATION LIMITED SINGTEL TAT HONG HOLDINGS LTD CORTINA HOLDINGS LIMITED CORTINA HOLDINGS LIMITED HIAP SENG ENGINEERING LTD POWERMATIC DATA SYSTEMS LTD WILLAS-ARRAY ELEC (HLDGS) LTD GP INDUSTRIES LIMITED GP INDUSTRIES LIMITED TRANSIT-MIXED CONCRETE LTD NY01100F 160901 NY03100A 180901 NY05100N 200901 NY07100X 220901 NY09100H 240901 NZ07100S 270301 NZ10100F 300901 FALCON ENERGY GROUP LIMITED A-SONIC AEROSPACE LIMITED POPULAR HOLDINGS LIMITED NOVO GROUP LTD. N509100N 141001 N511100W 160401 N513100T 180401 N710100Z 170401 NA12100N 420401 NX09100W 190601 NX11100X 210601 Type DIVIDEND ENTITL. DIVIDEND DIVIDEND DIVIDEND DIVIDEND DIVIDEND INTEREST INTEREST 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 INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST DIVIDEND DIVIDEND DIVIDEND DIVIDEND INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST Particulars INR 0.05 SCH OF ARRANGE OFFER OF 1 FOR 1 APPROXIMATE SGD 0.019 LESS TAX SGD 0.02 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.04 ONE-TIER TAX SGD 0.15 ONE-TIER TAX 0.0025 0.0025 SGD 0.0101 ONE-TIER TAX SGD 0.006 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.17 ONE-TIER TAX SGD 0.011 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.03 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.02 ONE-TIER TAX SGD 0.04 ONE-TIER TAX SGD 0.11 ONE-TIER TAX SCRIPDIVSCHEME SGD 0.02 ONE-TIER TAX HKD 0.08 SGD 0.06 ONE-TIER TAX SGD 0.04 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.1 ONE-TIER TAX SGD 0.025 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.01 ONE-TIER TAX HKD 0.06132 SGD 0.015 ONE-TIER TAX SGD 0.015 ONE-TIER TAX SGD 0.01 ONE-TIER TAX 0.0375 0.04 0.0325 0.03125 0.03 0.035 0.02875 SGD 0.005 ONE-TIER TAX SGD 0.0017 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.01 ONE-TIER TAX 0.01375 0.01125 0.005 0.02375 0.0275 0.025 0.0225 Ex Date 17-Jul-13 17-Jul-13 18-Jul-13 19-Jul-13 19-Jul-13 23-Jul-13 23-Jul-13 24-Jul-13 24-Jul-13 29-Jul-13 29-Jul-13 29-Jul-13 29-Jul-13 30-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13 31-Jul-13 01-Aug-13 02-Aug-13 02-Aug-13 05-Aug-13 05-Aug-13 05-Aug-13 05-Aug-13 06-Aug-13 06-Aug-13 06-Aug-13 06-Aug-13 06-Aug-13 14-Aug-13 14-Aug-13 20-Aug-13 23-Aug-13 23-Aug-13 23-Aug-13 23-Aug-13 23-Aug-13 23-Aug-13 23-Aug-13 27-Aug-13 30-Aug-13 09-Sep-13 10-Sep-13 23-Sep-13 23-Sep-13 23-Sep-13 23-Sep-13 23-Sep-13 22-Nov-13 22-Nov-13 Paid/ Payable 07-Aug-13 11-Sep-13 01-Aug-13 01-Aug-13 12-Aug-13 07-Aug-13 01-Aug-13 01-Aug-13 21-Aug-13 15-Aug-13 15-Aug-13 14-Aug-13 16-Aug-13 14-Aug-13 23-Sep-13 23-Sep-13 15-Aug-13 15-Aug-13 19-Sep-13 16-Aug-13 16-Aug-13 16-Aug-13 27-Aug-13 16-Aug-13 23-Aug-13 16-Aug-13 22-Aug-13 22-Aug-13 28-Aug-13 27-Aug-13 23-Aug-13 29-Aug-13 29-Aug-13 10-Sep-13 02-Sep-13 02-Sep-13 02-Sep-13 02-Sep-13 02-Sep-13 02-Sep-13 02-Sep-13 18-Sep-13 17-Sep-13 25-Sep-13 04-Oct-13 01-Oct-13 01-Oct-13 01-Oct-13 01-Oct-13 01-Oct-13 02-Dec-13 02-Dec-13

Source: SGX

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July 2013
Mon 1 2 Tues 3 Wed 4 Thu 5 Fri

Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E Electronics Sector Index Purchasing Managers Index

10
EOC 3Q 13

11

12

15
Fortune REIT 2Q 13 Keppel REIT 2Q 13 K-Green Trust 2Q 13 SPH 3Q 13

16
M1 2Q 13

17
CapitaCommercial Trust 2Q 13 CapitaLand Ltd 2Q 13 Keppel Land Ltd 2Q 13 Keppel T&T 2Q 13 Sabana Shari'ah 2Q 13

18
CapitaRetail China Trust 2Q 13 Keppel Corp Ltd 2Q 13

19
CapitaMall Trust 2Q 13

Monthly Property Sales Data Retail Sales Ex Auto (YoY) Retail Sales (YoY) Retail Sales (MoM) sa

Electronic Exports (YoY) Non-oil Domestic Exports (YoY) Non-oil Domestic Exp SA (MoM) Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E

22
SIA Engineering 1Q 2014

23
Singapore Exchange 4Q 2013

24
Cache Logistics Trust 2Q 13 Frasers Commercial Trust 3Q 13 Mapletree Commercial Trust 1Q 14

25
Flextronics 1Q 14 Fraser Centrepoint Trust 3Q 13 Fraser Commercial Trust 3Q 13 Mapletree Industrial Trust 1Q 14 Singapore Airlines 1Q 14

26

CPI (MOM) - NSA CPI YoY

Industrial Production MoM SA Industrial Production YoY

29
XP Power 1H 13

30
Osim International 2Q 13 UOI 2Q 13

31

Unemployment Rate (sa) Credit Card Bad Debts Credit Card Billings M1 Money Supply (YoY) M2 Money Supply (YoY) Bank Loans & Advances (YoY)

Source: Bloomberg Finance L.P

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DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, 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% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends

DBS Vickers Research is available on the following electronic platforms: DBS Vickers (www.dbsvresearch.com); Thomson (www.thomson.com/financial); Factset (www.factset.com); Reuters (www.rbr.reuters.com); Capital IQ (www.capitaliq.com) and Bloomberg (DBSR GO). For access, please contact your DBSV salesperson. Traders Spectrums product is oriented towards readers with a short-term trading horizon. It aims to highlight topical themes, which may move stock prices on a daily basis. Readers should be aware that TS Take relies more on assessments of technical factors, likely sentiment responses and short term money flows, rather than on fundamental analysis. As such the TS Take may from time to time conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by DBS Vickers Research analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on an ongoing basis. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers Research (Singapore) Pte Ltd ("DBSVR"), a direct wholly-owned subsidiary of DBS Vickers Securities (Singapore) Pte Ltd ("DBSVS") and an indirect wholly-owned subsidiary of DBS Vickers Securities Holdings Pte Ltd ("DBSVH"). This report is intended for clients of DBSV Group only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVR. It is being distributed in the United States by DBSV US, which accepts responsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBS Vickers Securities (USA) Inc (DBSVUSA) directly and not its affiliate. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBSVR, DBSVS, and/or DBSVH) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. DBSVR accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. DBSVH is a wholly-owned subsidiary of DBS Bank Ltd. DBS Bank Ltd along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. DBSVR, DBSVS, DBS Bank Ltd and their associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by DBSVR, DBSVS and/or DBSVH (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

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ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of 11 July 2013, the analyst and his / her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report (interest includes direct or indirect ownership of securities, directorships and trustee positions). COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1 DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in companies mentioned as of 9 July 2013. 2 DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered broker-dealer, may beneficially own a total of 1% or more of any class of common equity securities in the subject companies as of 11 July 2013. Compensation for investment banking services: i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA have received compensation, have within the past 12 months, and within the next 3 months receive or intend to seek compensation for investment banking services from UOL, China Merchants Nam Cheong, Starhub, Tiger Airways, Global Logistic Properties. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

ii.

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