MCI (P) 129/11/2012 Ref No: SGMN2013_0174 1 of 16

Morning Note

Phillip Securities Research Pte Ltd Singapore

11 September 2013

Weekly Market Outlook Webinar

Webinar videos can be accessed via UniPhillip website - http://www.uniphillip.com/ => Education Programs => Phillip Securities Research Webinars

Source: Phillip Securities Research Pte Ltd

Company Highlights

United Envirotech Ltd. is pleased to announce that on 10 September 2013, the Company has signed a RMB 286 million (SGD 59 million) 30

year Transfer-Operate-Transfer (TOT) cum Build-Operate-Transfer (BOT) agreement (the “Agreement”) with the municipal government of Hong Wei District, Liaoyang City, Liaoning Province, China. Under the terms of the Agreement, UEL will acquire the existing 15,000 m3/day treatment plant for a consideration of RMB 25 million (the “TOT project”). It will upgrade the plant using its advance Membrane Bioreactor (MBR) technology. The BOT project involves adding an additional 45,000 m3/day of treatment capacity to cater to the increase in demand. Upon completion, the plant will have a total treatment capacity of 60,000 m3/day and will treat 30,000 m3/day of municipal wastewater and 30,000 m3/day of industrial wastewater. The upgrading work will commence immediately and is expected to be completed by September 2014. The expansion work is expected to commence in early 2014 and will take 12 months to complete. (Closing Price: S$0.885, +5.988%)

Source: SGX Masnet, The Business Times

Morning Note 11 September 2013

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Morning Commentary

STI: +1.16% to 3123.9 KLCI: +1.03% to 1764.9 JCI: +3.98% to 4358.1 SET: +0.64% to 1393.2 HSI: +0.99% to 22976 HSCEI: +1.60% to 10697 Nikkei: -0.31% to 14423 ASX200: +0.38% to 5201.2 Nifty: +3.81% to 5896.8 S&P500: +0.73% to 1683.9 MARKET OUTLOOK:

This week’s Market Outlook webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research webinar. Apart from giving an update on Telcos and Banks, this week’s macro trading call has been long China (ETF 83188.HK), long Commodities (ETF GSG.US), short SPDR Gold ETF O87.SGX, short US 10yr Treasuries (ETF TBT.US). We released a report on this on Monday (Macro Trader 2013-9-9). (PhillipCFDs and ETFs for trading the market outlook can be found in the webinar slides or the Global Macro report below. PhillipUT Wrap Account offers tactical asset allocation of unit trusts without front loading sales charge.) SECTOR/STRATEGY REPORTS:

- Sector Reports: Banking, 9 Sep / Telecommunications, 9 Sep / Offshore & Marine, 26 Aug / Commodities, 29 May - Country Strategy: China & HK 5 July / S’pore, 18 Jun / Thai, 17 Jun - Global Macro, Asset Strategy: 9 Sep, Update Source: Phillip Securities Research Pte Ltd

Macro Data

China’s factory output growth accelerated to 10.4% in August, the highest in 17 months, while retail sales grew at their fastest pace at

13.4%, adding signs to the world’s second-largest economy regaining some momentum after slowing for more than 2 years. Urban fixed-asset investment, a measure of construction activity, picked up slightly to 20.3% in the first eight months of 2013. Philippines unemployment rate climbed to 7.3% in July 2013 from 7.0% over the same period of last year. According to the National

Statistics Office, out of the 41.178 million Filipinos in the labor force, about 38.175 million are employed (a marginal 1.7% increase from 37.6 million a year ago), leaving about 3.003 million jobless. The 620,000 newly created jobs in July (mostly in agriculture and services sectors) is not sufficient to cater to the fast growing labor force, which increased 1.9% during the period, said Socioeconomic Planning Secretary Arsenio Balisacan. Without new entrants to labor force, Philippine unemployment rate could have slowed to 6.6%, he added. India’s trade deficit narrowed to INR690 billion ($10.9 billion) in Aug as compared to INR733 billion ($12.26 billion) in the preceding month,

as exports improved and imports declined. French industrial production slid for a third month in July. It fell 0.6% from the previous month, under expectations of 0.5%.

Bank of Japan said that Japan’s M2 Money Stock remained unchanged at a seasonally adjusted 3.7%, from 3.7% in the preceding month.

Analysts had expected Japan’s M2 Money Stock to rise to 3.8% last month. India’s exports rose 13.0% and imports fell 0.7% vs. a year earlier.

Australian business confidence surged to the highest level since May 2011. The confidence index for August jumped to 6 from minus 3.

Source: Phillip Securities Research Pte Ltd

Morning Note 11 September 2013

3 of 14

Source: Bloomberg

STI - Index Members

7.6

%

6.6

%

5.6

%

3.0

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2.7

%

2.2

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1.8

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1.5

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1.4

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1.3

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1.2

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1.1

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1.1

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0.8

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0.8

%

0.7

%

0.7

%

0.7

%

0.7

%

0.5

%

0.5

%

0.3

%

0.3

%

0.3

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0.0

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-0.4

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-0.7

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Morning Note 11 September 2013

4 of 14

81.81 -0.01% 290.09 -0.75%

114.82 -1.00% 2.968 +0.00%

1,363.86 +0.10% 15,191.06 +0.85%

535.36 +1.64% Straits Times Index 3,123.89 +1.16%

22,976.65 +0.99% 14,423.36 1.54%

Dollar Index ThomReuters/JefferiesCRB

Crude oil, Brent (US$/bbl) US Treasury 10yr Yield

Gold (US$/Oz) DJI

MSCI Asia x-Japan

Hang Seng Index Nikkei 225 Index

Source: Bloomberg

1.201.401.601.802.002.202.402.602.803.00

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

2,600

2,800

3,000

3,200

3,400

3,600

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

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3

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12,000

13,000

14,000

15,000

16,000

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

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Fe

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r-13

Ap

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Ma

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Jun

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Jul-1

3

Au

g-1

3

16,000

18,000

20,000

22,000

24,000

26,000

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

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Jan

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3

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1,100

1,400

1,700

2,000

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Oct-1

2

Nov-1

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Dec-1

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Jan

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Feb-1

3

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420

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Morning Note 11 September 2013

5 of 14

Company AnalystDate of Last

ReportRating

Target

Price (S$)

Current

Price

Performance since

Last Report

Potential Return

at Current Price

GOLDEN AGRI-RESOURCES LTD Nicholas Ong 5-Aug-13 Neutral 0.50 0.560 5.7% -10.7%

WILMAR INTERNATIONAL LTD Nicholas Ong 7-Aug-13 Accumulate 3.61 3.15 0.0% 14.6%

COURTS ASIA LTD Ken Ang 14-Aug-13 Buy 1.03 0.73 -18.5% 42.1%

GENTING SINGAPORE PLC Ken Ang 7-Aug-13 Neutral 1.40 1.40 4.9% 0.4%

COMBINE WILL INTERNATIONAL H Chan Wai Chee 20-Dec-12 Buy 0.93 0.47 -47.8% 97.9%

CORDLIFE GROUP LTD Change of Analyst 1.31

DBS GROUP HOLDINGS LTD Ken Ang 2-Aug-13 Accumulate 17.50 16.50 -4.3% 6.1%

OVERSEA-CHINESE BANKING CORP Ken Ang 5-Aug-13 Neutral 9.50 10.04 -6.5% -5.4%

UNITED OVERSEAS BANK LTD Ken Ang 2-Aug-13 Accumulate 21.80 20.36 -6.6% 7.1%

SINGAPORE EXCHANGE LTD Ken Ang 4-Jul-13 Buy 8.30 7.47 6.1% 11.1%

AMARA HOLDINGS LTD Lucas Tan 15-Aug-13 Buy 0.74 0.57 -0.9% 31.0%

CAPITALAND LTD Change of Analyst 29-Apr-13 3.04

CAPITAMALLS ASIA LTD Change of Analyst 26-Apr-13 1.93

HO BEE INVESTMENT LTD Lucas Tan 14-Aug-13 Accumulate 2.45 2.06 -4.2% 18.9%

KEPPEL LAND LTD Lucas Tan 19-Apr-13 3.53

OUE LTD Lucas Tan 5-Aug-13 Accumulate 3.24 2.78 -2.8% 16.5%

GLOBAL LOGISTIC PROPERTIES L Change of Analyst 15-Aug-13 Neutral 2.80 2.77 -1.1% 1.1%

GLOBAL PREMIUM HOTELS LTD Chan Wai Chee 9-Nov-12 Buy 0.305 0.25 4.2% 22.0%

STAMFORD LAND CORP LTD Chan Wai Chee 20-Dec-12 Buy 0.76 0.55 -4.4% 39.4%

SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.016 0.023 43.8% -30.4%

Perennial China Retail Trust Change of Analyst 14-Aug-13 Neutral 0.630 0.53 -4.5% 18.9%

CDL HOSPITALITY TRUSTS Change of Analyst 1.56

PARKWAYLIFE REAL ESTATE Change of Analyst 2.32

SABANA SHARIAH COMP IND REIT Change of Analyst 1.13

SATS LTD Change of Analyst 3.08

SIA ENGINEERING CO LTD Change of Analyst 4.61

SINGAPORE TECH ENGINEERING Change of Analyst 4.10

KEPPEL CORP LTD Nicholas Ong 21-Aug-13 Accumulate 12.25 10.45 1.5% 17.2%

SEMBCORP INDUSTRIES LTD Change of Analyst 5.00

SEMBCORP MARINE LTD Nicholas Ong 2-Aug-13 Neutral 4.42 4.40 -3.7% 0.5%

HU AN CABLE HOLDINGS LTD Chan Wai Chee 21-Dec-12 Buy 0.164 0.13 9.6% 30.2%

SUNPOWER GROUP LTD Chan Wai Chee 20-Dec-12 Buy 0.250 0.16 -19.0% 54.3%

PAN-UNITED CORP LTD Joshua Tan 16-Aug-13 Accumulate 1.270 0.84 -2.9% 51.2%

BOUSTEAD SINGAPORE LTD Joshua Tan 30-May-13 Buy 1.935 1.30 -3.2% 49.4%

SINGAPORE AIRLINES LTD Change of Analyst 10.00

TIGER AIRWAYS HOLDINGS LTD Change of Analyst 0.54

NEPTUNE ORIENT LINES LTD Change of Analyst 1.13

SMRT CORP LTD Change of Analyst 1.29

COMFORTDELGRO CORP LTD Change of Analyst 1.87

HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee 21-Dec-12 Buy 0.27 0.300 52.3% -10.0%

EZRA HOLDINGS LTD Nicholas Ong 15-Jul-13 Neutral 1.00 0.890 -6.8% 12.4%

EZION HOLDINGS LTD Nicholas Ong 12-Aug-13 Accumulate 2.71 2.280 -4.2% 18.9%

SINGAPORE TELECOMMUNICATIONS Ken Ang 15-Aug-13 Accumulate 3.99 3.59 -5.8% 11.1%

STARHUB LTD Phillip Research Team 7-Aug-13 Accumulate 4.37 4.13 -2.1% 5.8%

M1 LTD Ken Ang 17-Jul-13 Accumulate 3.55 3.27 7.0% 8.6%

Industrials (Capital Goods)

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Property (Developers)

Property (REITS)

Industrials (Transportation)

Technology & Communications

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd

#

Morning Note 11 September 2013

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Company AnalystDate of Last

ReportRating

Target

Price

(US$)

Current

Price

Performance since

Last Report

Potential Return

at Current Price

GARMIN LTD Wong Yong Kai 1-Aug-13 Trading Sell 40.08 42.65 -6.4% 6.0%

GENWORTH FINANCIAL INC-CL A Wong Yong Kai 1-Aug-13 Trading Buy 17.26 12.57 -3.2% 37.3%

ICONIX BRAND GROUP INC Wong Yong Kai 6-Aug-13 Trading Buy 43.19 34.29 0.6% 26.0%

Source: Phillip Securities Research Pte Ltd

Phillip Securities Research - US Stocks Coverage

Morning Note 11 September 2013

7 of 14

FTSE ST Breakdown (3M % Change)

STI -1.5%

-1.8%

-6.6%

-1.0%

-2.7%-3.0%

-10.3%

0.1%

-9.1%

-4.9%

29.6%

-6.1%

-3.1%

ST China

ST Real Estate

ST Re Invest Trust

ST Oil & Gas

ST Basic Materials

ST Industrials

ST Consumer Goods

ST Consumer Service

ST Telecommunicate

ST Utilites

ST Financials

ST Technology-1.7%

ST Healthcare

Source: Bloomberg

Last % Chg

0.155 18.3

0.122 16.2

0.115 13.9

0.085 13.3

0.500 9.9

Last % Chg

0.022 -26.7

0.440 -18.5

0.008 -11.1

0.009 -10.0

0.410 -7.9

UP

DOWN

UNCHANGED

NEXT-GENERATION SATELLITE CO

Source: Bloomberg Source: SGX

5,059

1,463

331

155

472

Turnover (S$'mn)

A-SONIC AEROSPACE LTD

MERCATOR LINES SINGAPORE LTD

Top Gainers (%)FTSE ST Market Cap. Breakdown (3M % Change)

Turnover ('mn shares)

Top Losers (%)

WEIYE HOLDINGS LTD

UNIONMET SINGAPORE LTD

OCEANUS GROUP LTD-20

ISR CAPITAL LTD

NEO GROUP LTD

IFS CAPITAL LTD

Source: Bloomberg

TOP GLOBAL LTD

-5.5%

-2.9% 5.0%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI

-1.5%

-2.0%

Morning Note 11 September 2013

8 of 14

Source: Bloomberg

World Index

JCI 3.98% 4,358.14

HSI 0.99% 22,976.65

KLCI 1.03% 1,764.95

NIKKEI 1.54% 14,423.36

KOSPI -0.06% 1,992.88

SET 0.64% 1,393.17

SHCOMP 1.15% 2,237.98

SENSEX 3.77% 19,997.10

ASX 0.38% 5,201.17

FTSE 100 0.82% 6,583.99

DOW 0.85% 15,191.06

S&P 500 0.73% 1,683.99

NASDAQ 0.62% 3,729.02 COLOMBO 1.11% 5,667.33

STI 1.16% 3,123.89

Morning Note 11 September 2013

9 of 14

ETF % Change Change Last

ABF SINGAPORE BOND INDX FUND -1.77 -0.02 1.11

CIMB FTSE ASEAN 40 +4.46 +0.44 9.95

DB X-TRACKERS CSI300 UCITS +0.66 +0.05 7.33

DB X-TRACKERS FTSE CHINA 25 +1.95 +0.57 27.66

DB X-TRACKERS FTSE VIETNAM +0.60 +0.13 22.34

DB X-TRACKERS MSCI INDONESIA +6.66 +0.78 12.49

DB X-TRACKERS S&P 500 INV DA -0.65 -0.19 28.96

DB X-TRACKERS CNX NIFTY UCIT +3.55 +3.20 93.23

ISHARES MSCI INDIA INDEX ETF +4.44 +0.23 5.41

LYXOR UCITS ETF CHINA ENTER +1.85 +0.26 14.30

LYXOR ETF JAPAN TOPIX +2.07 +0.02 1.19

LYXOR ETF MSCI AC ASIA EX JP +1.52 +0.07 4.69

LYXOR ETF MSCI EUROPE-B +2.68 +0.37 14.17

LYXOR ETF MSCI INDIA +5.62 +0.63 11.84

LYXOR ETF MSCI TAIWAN +0.99 +0.01 1.02

NIKKO AM SINGAPORE STI ETF +1.27 +0.04 3.20

SPDR GOLD SHARES -0.85 -1.14 132.78

SPDR STRAITS TIMES INDEX ETF +0.96 +0.03 3.15

UNITED SSE 50 CHINA ETF +0.60 +0.01 1.69

ETF Performance

Source: Bloomberg

Morning Note 11 September 2013

10 of 14

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date

9/12/2013 POH TIONG CHOON LOGISTICS Interim 0.0050 SGD Semi-Anl 9/16/2013 9/30/2013

9/13/2013 RIVERSTONE HOLDINGS LTD Interim 0.0230 MYR Semi-Anl 9/17/2013 10/8/2013

9/13/2013 SAKAE HOLDINGS LTD Interim 0.0050 SGD Semi-Anl 9/17/2013 9/24/2013

9/17/2013 CSE GLOBAL LTD Interim 0.0150 SGD Semi-Anl 9/19/2013 9/27/2013

9/17/2013 TELECOM NEW ZEALAND-SP ADR Special Cash 0.0411 USD Semi-Anl 9/19/2013 10/15/2013

9/17/2013 TELECOM NEW ZEALAND-SP ADR Special Cash 0.0411 USD Semi-Anl 9/19/2013 10/15/2013

9/18/2013 OSIM INTERNATIONAL LTD 2nd Interim 0.0200 SGD Quarter 9/20/2013 10/2/2013

9/18/2013 WELSPUN CORP LTD - GDR REG S Regular Cash 7.5340 INR Annual 9/20/2013 N.A.

9/19/2013 TOTAL SA-SPON ADR Regular Cash 0.6682 USD Quarter 9/23/2013 10/15/2013

9/19/2013 ASPIAL CORP LTD Regular Cash 0.0150 SGD Irreg 9/23/2013 11/5/2013

9/25/2013 SINGAPORE EXCHANGE LTD Final 0.1600 SGD Quarter 9/27/2013 10/4/2013

9/25/2013 OUE LTD Special Cash 0.2000 SGD Semi-Anl 9/27/2013 10/9/2013

Corporate Action: Dividend

Source: Bloomberg

EX Date Company Type Subscription Price Currency Term Record Date

9/19/2013 BLUMONT GROUP LTD Rights Issue 0.0500 SGD 1 per 2 9/23/2013

10/9/2013 CHINA ENVIRONMENTAL RESOURCE Open Offer 0.2700 SGD 33 per 10 10/11/2013

Source: Bloomberg

Corporate Action: Rights

Morning Note 11 September 2013

11 of 14

Name Expected Report Date

Falcon Energy Group Ltd 9/11/2013

OKH Global Ltd 9/11/2013

Metax Engineering Corp Ltd 9/12/2013

Low Keng Huat Singapore Ltd 9/12/2013

Dynasty Real Estate Investment Trust 9/12/2013

Kori Holdings Ltd 9/12/2013

GDS Global Ltd 9/12/2013

ITE Electric Co Ltd 9/13/2013

Avi-Tech Electronics Ltd 9/13/2013

Freight Links Express Holdings Ltd 9/13/2013

XMH Holdings Ltd 9/13/2013

Neo Group Ltd 9/13/2013

Ipco International Ltd 9/13/2013

Jacks International Ltd 9/13/2013

Photon Kathaas Productions Ltd 9/18/2013

Datapulse Technology Ltd 9/20/2013

Sysma Holdings Ltd 9/20/2013

Sunright Ltd 9/24/2013

AEC Education PLC 9/24/2013

Nova Resources Ltd 9/25/2013

Asian Plantations Ltd 9/26/2013

T T J Holdings Ltd 9/27/2013

Vicplas International Ltd 9/27/2013

LifeBrandz Ltd 9/27/2013

Xpress Holdings Ltd 9/27/2013

Phorm Corp Ltd 9/27/2013

Yujin International Ltd 9/27/2013

GKE Corp Ltd 10/4/2013

Duty Free International Ltd 10/4/2013

Alternative Energy Ltd 10/4/2013

Cheung Woh Technologies Ltd 10/9/2013

Lian Beng Group Ltd 10/10/2013

Transit-Mixed Concrete Ltd 10/10/2013

TEE International Ltd 10/11/2013

GuocoLand Ltd 10/11/2013

Singapore Press Holdings Ltd 10/11/2013

Nico Steel Holdings Ltd 10/11/2013

GuocoLeisure Ltd 10/11/2013

Second Chance Properties Ltd 10/14/2013

M1 Ltd/Singapore 10/14/2013

Jackspeed Corp Ltd 10/14/2013

K-Green Trust 10/14/2013

Keppel REIT 10/14/2013

EOC Ltd 10/14/2013

Keppel Telecommunications & Transportation Ltd 10/16/2013

Ascendas Real Estate Investment Trust 10/17/2013

Qian Hu Corp Ltd 10/17/2013

Keppel Land Ltd 10/17/2013

Singapore Exchange Ltd 10/17/2013

Keppel Corp Ltd 10/18/2013

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust 10/18/2013

Earnings Announcement - Singapore

Calendar

Source: Bloomberg

Morning Note 11 September 2013

12 of 14

Date Statistic For Survey Prior Date Statistic For Survey Prior

9/11/2013 MBA Mortgage Applications 6-Sep -- 1.30% 9/11/2013 Manpow er Survey 4Q -- 15%

9/11/2013 Wholesale Inventories MoM Jul 0.30% -0.20% 9/13/2013 Unemployment rate SA 2Q F -- 2.10%

9/11/2013 Wholesale Trade Sales MoM Jul 0.50% 0.40% 9/13/2013 Retail Sales Ex Auto YoY Jul -- 2.60%

9/12/2013 Initial Jobless Claims 7-Sep 330K 323K 9/13/2013 Retail Sales YoY Jul -1.50% -4.00%

9/12/2013 Continuing Claims 31-Aug 2968K 2951K 9/13/2013 Retail Sales SA MoM Jul 1.50% -6.90%

9/12/2013 Import Price Index MoM Aug 0.50% 0.20% 9/17/2013 Electronic Exports YoY Aug -- -7.60%

9/12/2013 Import Price Index YoY Aug 0.40% 1.00% 9/17/2013 Non-oil Domestic Exports YoY Aug 2.40% -0.70%

9/12/2013

Bloomberg Sept. United States

Economic Survey 9/17/2013 Non-oil Domestic Exports SA MoM Aug 0.40% -1.10%

9/12/2013 Bloomberg Consumer Comfort 8-Sep -- -32.3 9/18/2013 Automobile COE Open Bid Cat A 18-Sep -- 77304

9/13/2013 Monthly Budget Statement Aug -$151.1B -$190.5B 9/18/2013 Automobile COE Open Bid Cat B 18-Sep -- 77100

9/13/2013 PPI MoM Aug 0.20% 0.00% 9/18/2013 Automobile COE Open Bid Cat E 18-Sep -- 80000

9/13/2013 PPI Ex Food and Energy MoM Aug 0.10% 0.10% 9/23/2013 CPI NSA MoM Aug -- 0.30%

9/13/2013 PPI YoY Aug 1.30% 2.10% 9/23/2013 CPI YoY Aug -- 1.90%

9/13/2013 PPI Ex Food and Energy YoY Aug 1.30% 1.20% 9/26/2013 Industrial Production SA MoM Aug -- -1.90%

9/13/2013 Retail Sales Advance MoM Aug 0.50% 0.20% 9/26/2013 Industrial Production YoY Aug -- 2.70%

Source: BloombergSource: Bloomberg

US Singapore

Economic Announcement

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Important Information

This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (“Phillip Securities Research”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication 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 document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities Research shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources, which Phillip Securities Research has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this publication are based on such information and are expressions of belief of the individual author or the indicated source (as applicable) only. Phillip Securities Research has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete, appropriate or verified or should be relied upon as such. Any such information or Research contained in this publication 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. In no event will 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 preparation or issuance of this report, (i) be liable in any manner whatsoever for any consequences (including but not limited to any special, direct, indirect, incidental or consequential losses, loss of profits and damages) of any reliance or usage of this publication or (ii) accept any legal responsibility from any person who receives this publication, even if it has been advised of the possibility of such damages. You must make the final investment decision and accept all responsibility for your investment decision, including, but not limited to your reliance on the information, data and/or other materials presented in this publication. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material 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 publication 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 publication should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this publication 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 research 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 preparation or 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 preparation or issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this publication, 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 preparation or 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 publication.

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 preparation or 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 preparation or issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold a interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this publication. 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 preparation or issuance of this report, which is not reflected in this material, 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 preparation or 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 preparation or issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this material. 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.

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Section 27 of the Financial Advisers Act (Cap. 110) of Singapore and the MAS Notice on Recommendations on Investment Products (FAA-N01) do not apply in respect of this publication. This material 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 material may not be suitable for all investors and a person receiving or reading this material 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. Please contact Phillip Securities Research at [65 65311240] in respect of any matters arising from, or in connection with, this document. This report is only for the purpose of distribution in Singapore.

Contact Information (Singapore Research Team)

Management

Chan Wai Chee (CEO, Research - Special Opportunities)

+65 6531 1231 General Enquiries

Research Assistant +65 6531 1240 Joshua Tan (Head, Research - Equities & Asset Allocation)

+65 6531 1249

Global Macro, Asset Strategy Financials, Telecoms US Equities

Joshua Tan +65 6531 1249 Ken Ang +65 6531 1793 Wong Yong Kai +65 6531 1685

Telecoms Commodities, Offshore & Marine Real Estate Colin Tan +65 6531 1221 Nicholas Ong +65 6531 5440 Lucas Tan +65 6531 1229

Contact Information (Regional Member Companies) SINGAPORE

Phillip Securities Pte Ltd Raffles City Tower

250, North Bridge Road #06-00 Singapore 179101 Tel +65 6533 6001 Fax +65 6535 6631

Website: www.poems.com.sg

MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450

Kuala Lumpur Tel +603 2162 8841 Fax +603 2166 5099

Website: www.poems.com.my

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Tel +852 2277 6600 Fax +852 2868 5307

Websites: www.phillip.com.hk

JAPAN

Phillip Securities Japan, Ltd. 4-2 Nihonbashi Kabuto-cho Chuo-ku,

Tokyo 103-0026 Tel +81-3 3666 2101 Fax +81-3 3666 6090

Website:www.phillip.co.jp

INDONESIA PT Phillip Securities Indonesia

ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 10220 – Indonesia

Tel +62-21 5790 0800 Fax +62-21 5790 0809

Website: www.phillip.co.id

CHINA Phillip Financial Advisory (Shanghai) Co Ltd

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Postal code 200001 Tel +86-21 5169 9200 Fax +86-21 6351 2940

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Bangkok 10500 Thailand Tel +66-2 6351700 / 22680999

Fax +66-2 22680921 Website www.phillip.co.th

FRANCE King & Shaxson Capital Limited

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Tel +33-1 45633100 Fax +33-1 45636017

Website: www.kingandshaxson.com

UNITED KINGDOM King & Shaxson Capital Limited

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Tel +44-20 7426 5950 Fax +44-20 7626 1757

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UNITED STATES Phillip Futures Inc

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Chicago, IL 60604 USA Tel +1-312 356 9000 Fax +1-312 356 9005

AUSTRALIA PhillipCapital

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Tel +61-03 9629 8288 Fax +61-03 9629 8882

Website: www.phillipcapital.com.au

SRI LANKA Asha Phillip Securities Limited

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Tel: (94) 11 2429 100 Fax: (94) 11 2429 199 Website: www.ashaphillip.net/home.htm

INDIA

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No. 1, C‐Block, 2nd Floor, Modern Center , Jacob

Circle, K. K. Marg, Mahalaxmi Mumbai 400011 Tel: (9122) 2300 2999 Fax: (9122) 6667 9955

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