MCI (P) 129/11/2012 Ref No: SGMN2012_0122 1 of 16

Morning Note

Phillip Securities Research Pte Ltd Singapore

27 June 2013

Morning Commentary

- STI: +0.47% to 3104.4 - SET: +2.87% to 1424.4 - JCI: +3.82% to 4587.7 - KLCI: +0.70% to 1740.8 - HSCEI: +3.31% to 9164.64 - Hang Seng: +2.43% to 20338.6 - Nikkei 225: -1.04% to 12834 - ASX200: +1.03% to 3260.3 - India NIFTY: -0.36% to 5588.7 - S&P500: +0.96% to 1603.3 MARKET OUTLOOK: By Ng Weiwen, Macro Analyst Should we trade or fade the bounce? Markets are bouncing up –but not exactly convincingly. The STI managed to poke its head thru’ and close above the 3100 level (albeit slightly). The doji formed at Wed’s market close sums it all – Markets are undecided! As long as the STI does not decisively clear above the 3230 resistance level, downward bias will still likely persist with 3000 as the psychological support. In US, the S&P 500 also just managed to close a tad above the psychological 1600 level, notwithstanding downward revisions to US 1q13 GDP ( owing to revisions in consumer services). Reckon the Fed is likely to look beyond this print in its FOMC deliberations. In fact, after a brief bout of USD weakness upon the weaker-than-expected GDP release, the trend reversed and EUR/USD pierced thru' and closed below 1.30 at the end of NY session for the first time in almost 3 weeks. Notwithstanding a short-term rebound (as the PBoC acts to calm markets’ frayed nerves), reckon that downward bias is likely to persist as HSI and HSCEI have collapsed below their 50dma as well as 200dma. Malaysia KLCI –which has been the most resilient equity indice in ASEAN at this juncture- is looking vulnerable, having broken below the low of the immediate post-election rally daily candle and hugging its lower bollinger band, portending near term weakness. Should it close the post-election relief rally gap, reckon that support will be pegged at the psychological 1700 level. It’s not exactly all gloom and doom. We might be seeing signs of an end of the corrective wave for the Nikkei, consistent with our earlier guidance during our Mon morning webinar. But before we jump the gun, the Nikkei has to consolidate decisively above the 13k level before we can reasonably assign high odds of a bounce. SECTOR/STRATEGY REPORTS: - Sector Reports: Bank, 1 Apr / REIT, 28 Mar / Commodities, 6 Mar / Transportation, 28 Feb / Telecommunications, 28 Feb / Property, 16 Jan / Gaming, 4 Jan - Country Strategy: Thai, 8 May / China & HK, 24 Apr / S’pore, 8 Mar - Global Macro, Asset Strategy: ASEAN, 8 May / 12 Apr, Update / US, 20 Mar / 4 Mar, Update Source: Phillip Securities Research Pte Ltd

Morning Note 27 June 2013

2 of 14

Macro Data

In US, GDP expanded 1.8% q-q saa in 1q13 based on revised est., weaker than the 2.4% reported earlier, owing to smaller increases in personal consumption expenditures than previously est. In Singapore, manufacturing output rose 1.2% m-m sa in March, from an upward revised 3.6%. On a y-y basis, manufacturing output rose 2.1% y-y. Ex-BMS, manufacturing output rose 1.0% m-m sa, suggesting that the manufacturing recovery is broadening (driven by electronics). With US core capex orders registering strong gains, Singapore’s manufacturing sector might also receive a positive boost. In France, nominal GDP rose by 0.5% q-q in 1Q13, after the 0.1% q-q growth in 4Q12. Household consumption rose by 0.2% q-q, after the 0.2% q-q growth in 4Q12. Investment fell by 0.6% q-q, after the 0.7% q-q drop in 4Q12. Exports fell by 0.5% q-q in 1Q13, after the 0.5% q-q drop in 4Q12. On y-y basis, GDP grew by 1.3% y-y in 1Q13, compared to the 1.1% y-y growth in 4Q12. ECB policy makers including President Mario Draghi said they'll maintain a loose monetary stance for as long as needed, while urging euro area governments to cut their deficits and boost investment. Source: Phillip Securities Research Pte Ltd

Source: Bloomberg

STI - Index Members

2.6

%

2.0

%

2.0

% 1.7

% 1.4

%

1.3

%

1.3

%

1.3

%

1.2

%

1.2

%

1.2

%

1.1

%

0.9

%

0.8

%

0.8

%

0.5

%

0.5

%

0.4

%

0.3

%

0.3

%

0.3

%

0.0

%

0.0

%

0.0

%

0.0

%

-0.2

%

-0.3

% -0.8

% -1.4

%

-2.8

%

-4%

-3%

-2%

-1%

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Morning Note 27 June 2013

3 of 14

Company Results

S/N Company Name Q/HY/FY Currency,

Units

Revenue Net Profit

Current Previous Change

(%) Current Previous

Change (%)

nil Source: SGX Masnet

Company Highlights

Sin Heng Heavy Machinery Limited announced that the Company is proposing to undertake a renounceable underwritten rights issue of 114,805,000 new ordinary shares at an issue price of S$0.16 for each Rights Share, on the basis of one Rights Share for every four existing ordinary shares (excluding treasury shares) in the capital of the Company held by Entitled Shareholders as at a time and date to be determined by the Directors for the purposes of determining the Shareholders’ entitlement under the Rights Issue, fractional entitlements to be disregarded. The Rights Shares will be issued under the 2012 General Mandate obtained at the 2012 AGM. As at the date hereof, the existing issued and paid-up capital (excluding treasury shares) of the Company consists of 459,220,000 Shares (Closing price: 0.225, -6.250%) CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has secured a contract to manage its first Ascott-branded serviced residence in India. Slated to open by 2016, the 160-unit Ascott Ireo City Gurgaon is also Ascott’s first serviced residence in Gurgaon. The management contract was awarded by Ireo Private Limited, the flagship Special Purpose Vehicle (SPV) of the IREO Funds, India’s first and largest private equity fund dedicated to the Indian real estate sector. (Closing price: 3.050, +1.329%) Sembcorp Industries announced that its joint venture in India, Thermal Powertech Corporation India, has signed an agreement with Mahanadi Coal Fields, a subsidiary of Coal India, for the supply of approximately 2.1 million tonnes per year of domestic coal over 20 years for its 1,320-megawatt power plant. The agreement will commence once the plant becomes operational in the second half of 2014. Sembcorp owns a 49% stake in TPCIL through its wholly-owned subsidiary, Sembcorp Utilities, while Gayatri Energy Ventures, a wholly-owned subsidiary of Gayatri Projects, owns the other 51% in TPCIL. In addition to this fuel supply agreement, the company has also secured a coal supply contract for one million tonnes per year of coal over 10 years with PT Bayan Resources in February 2012. Together, both contracts will supply approximately 60% of the plant’s total coal requirement. TPCIL is currently working with the relevant authorities in India to secure another fuel supply agreement for the plant by the later part of this year. (Closing price: 4.890, +0.411%) Riverstone Holdings Limited announced the issue and allotment of an aggregate of 281,000 ordinary shares in the capital of the Company at the exercise price of S$0.31 each, pursuant to the exercise of the 281,000 warrants. These new shares will be listed and quoted on the Singapore Exchange Securities Trading Limited on 27 June 2013. The new shares issued shall rank pari passu in all respects with the existing shares of the Company. (Closing price: 0.500, -1.961%) Macquarie APTT Management Pte. Limited as trustee-manager of Asian Pay Television Trust notes that Taiwan Broadband Communications Group has received approval from the National Communications Commission of Taiwan to commence the partial expansion of its Hybrid Fibre Coaxial cable network. As noted in the APTT prospectus dated 16 May 2013, TBC recently applied to expand the cable network in one of its five franchise areas. If implemented, the expansion would provide TBC with the opportunity to deliver its suite of services to up to an additional 400,000 homes in the greater Taichung area. The Trustee-Manager and TBC management are evaluating the opportunity and will keep the market appropriately informed of further developments. (Closing price: 0.840, -0.592%) Tuan Sing Holdings Limited announced that it has entered into a Sale and Purchase Agreement with Robinson Point (Cayman) Limited pursuant to which the Company shall acquire from the Vendor the entire issued share capital of Robinson Point Limited which legally and beneficially holds the entire issued share capital of 39 Robinson Road Pte. Ltd. The Investment Asset is a 21-storey freehold commercial building with car park spaces. The building has a total gross floor area of approximately 169,250 square feet and a net lettable area of approximately 135,270 square feet. Currently, the building is fully rented to third party tenants with durations of mainly three years. The aggregate consideration for the Share Acquisition will be satisfied wholly in cash and is arrived at on a willing-buyer and willing-seller basis after arms-length negotiations, based on the adjusted consolidated net asset value of the Target Companies as at 1 October 2013 after taking into account the value of the Investment Asset agreed to be S$348,931,000. (Closing price: 0.340, 0%) Keppel REIT, through CFS Managed Property Limited as its Australian sub-trust trustee, has entered into an agreement with United Super Investments (8 Exhibition Street) Pty Ltd for the acquisition of their 50% interest in 8 Exhibition Street in Melbourne, Australia. 8 Exhibition Street is located in the prime part of the Melbourne Central Business District and is one of the city’s architectural landmarks. Rising on top of the historic Herald and Weekly Times Building, the 35-storey freehold prime commercial building has a total net lettable area of approximately 480,309 sf with 3,304 sf of ancillary retail space on the ground floor. The building has a 4.5 star NABERS energy rating. The acquisition of the 50% interest in the Property, which is expected to be immediately accretive to Keppel REIT’s distribution per unit, is at a price of A$160.2 million or approximately S$192.4 million1. The Manager intends to fund the Acquisition with an optimal combination of equity and debt to provide DPU accretion to Unitholders, and work towards achieving an optimum level of gearing. (Closing price: 1.285, +1.181%) Source: SGX Masnet, The Business Times

Morning Note 27 June 2013

4 of 14

82.90 -0.09% 276.79 -0.44%

101.71 +1.09% 2.535 +0.00%

1,226.65 +0.52% 14,910.14 +1.02%

489.03 +1.65% Straits Times Index 3,104.40 +0.47%

20,338.55 +2.43% 12,834.01 -1.04%

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

1.20

1.40

1.60

1.80

2.00

2.20

2.40

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

2,600

2,800

3,000

3,200

3,400

3,600

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

12,000

13,000

14,000

15,000

16,000

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

16,000

18,000

20,000

22,000

24,000

26,000

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

1,200

1,500

1,800

2,100

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Jun-1

3

76

78

80

82

84

86

Jun-1

2

Jul-1

2

Aug-1

2

Sep-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Ma

r-13

Apr-1

3

Ma

y-13

Jun-1

3

260

280

300

320

340

Jun-1

2

Jul-1

2

Aug-1

2

Sep-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb

-13

Ma

r-13

Apr-1

3

Ma

y-13

80

90

100

110

120

130

Jun-1

2

Jul-1

2

Aug

-12

Sep

-12

Oct-1

2

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-1

3

Apr-1

3

May-1

3

420

440

460

480

500

520

540

560

580

Jun-1

2

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-1

3

Feb

-13

Mar-1

3

Apr-1

3

May-1

3

Morning Note 27 June 2013

5 of 14

Company AnalystDate of Last

ReportRating

Target Price

(S$)

Current

Price (S$)

Difference to

Target Price (%)

GOLDEN AGRI-RESOURCES LTD Nicholas Ong 14-May-13 Neutral 0.55 0.550 0.0%

WILMAR INTERNATIONAL LTD Nicholas Ong 9-May-13 Accumulate 3.70 3.13 18.2%

COURTS ASIA LTD Ken Ang 30-May-13 Buy 1.14 0.92 23.9%

GENTING SINGAPORE PLC Ken Ang 3-May-13 Neutral 1.40 1.34 4.5%

COMBINE WILL INTERNATIONAL H Chan Wai Chee 20-Dec-12 Buy 0.93 0.53 75.5%

CORDLIFE GROUP LTD Change of Analyst 0.90

DBS GROUP HOLDINGS LTD Ken Ang 3-May-13 Neutral 17.20 15.66 9.8%

OVERSEA-CHINESE BANKING CORP Ken Ang 2-May-13 Reduce 8.70 9.97 -12.7%

UNITED OVERSEAS BANK LTD Ken Ang 3-May-13 Neutral 21.35 19.49 9.5%

SINGAPORE EXCHANGE LTD Ken Ang 17-Apr-13 Accumulate 8.00 7.14 12.0%

AMARA HOLDINGS LTD Joshua Tan 24-Jun-13 Buy 0.74 0.57 29.8%

CAPITALAND LTD Change of Analyst 29-Apr-13 3.05

CAPITAMALLS ASIA LTD Change of Analyst 26-Apr-13 1.78

HO BEE INVESTMENT LTD Phillip Research Team 3-May-13 Buy 2.52 1.96 28.6%

KEPPEL LAND LTD Change of Analyst 19-Apr-13 3.36

OVERSEAS UNION ENTERPRISE Change of Analyst 8-May-13 2.75

GLOBAL LOGISTIC PROPERTIES L Roy Chen 27-May-13 Neutral 2.90 2.62 10.7%

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

STAMFORD LAND CORP LTD Chan Wai Chee 20-Dec-12 Buy 0.76 0.60 27.7%

SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.016 0.030 -46.7%

Perennial China Retail Trust Roy Chen 8-May-13 Accumulate 0.670 0.53 26.4%

CDL HOSPITALITY TRUSTS Change of Analyst 1.70

PARKWAYLIFE REAL ESTATE Change of Analyst 2.27

SABANA SHARIAH COMP IND REIT Change of Analyst 1.15

SATS LTD Change of Analyst 3.26

SIA ENGINEERING CO LTD Change of Analyst 5.08

SINGAPORE TECH ENGINEERING Change of Analyst 4.08

KEPPEL CORP LTD Nicholas Ong 19-Apr-13 Accumulate 12.34 10.54 17.1%

SEMBCORP INDUSTRIES LTD Change of Analyst 4.89

SEMBCORP MARINE LTD Nicholas Ong 31-May-13 Neutral 4.42 4.26 3.8%

HU AN CABLE HOLDINGS LTD Chan Wai Chee 21-Dec-12 Buy 0.164 0.10 65.7%

SUNPOWER GROUP LTD Chan Wai Chee 20-Dec-12 Buy 0.250 0.17 46.2%

PAN-UNITED CORP LTD Joshua Tan 1-Mar-13 Buy 1.210 0.90 35.2%

BOUSTEAD SINGAPORE LTD Joshua Tan 30-May-13 Buy 1.935 1.31 47.7%

SINGAPORE AIRLINES LTD Change of Analyst 9.99

TIGER AIRWAYS HOLDINGS LTD Change of Analyst 0.62

NEPTUNE ORIENT LINES LTD Change of Analyst 1.08

SMRT CORP LTD Change of Analyst 1.46

COMFORTDELGRO CORP LTD Change of Analyst 1.81

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

SINGAPORE TELECOM LTD Ken Ang 16-May-13 Accumulate 4.07 3.60 13.1%

STARHUB LTD Ken Ang 10-May-13 Accumulate 4.40 4.05 8.6%

M1 LTD Ken Ang 29-Apr-13 Accumulate 3.55 3.02 17.5%

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd

# adjust for pref shares conversion to ord shares. Project valuation remains constant. Conversion $ and interest added to valuation.

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Property (Developers)

Property (REITS)

Industrials (Capital Goods)

Industrials (Transportation)

Technology & Communications

#

Morning Note 27 June 2013

6 of 14

FTSE ST Breakdown (3M % Change)

STI -6.3%

-7.3%

-7.7%

-7.7%

-17.0%-9.9%

-10.9%

-4.3%

-10.7%

-10.1%

-4.8%

0.5%

-0.3%

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-12.4%

ST Healthcare

Source: Bloomberg

Last % Chg

0.061 48.8

1.320 17.3

0.009 12.5

4.180 8.6

1.195 6.2

Last % Chg

0.290 -12.1

0.270 -10.0

0.090 -10.0

0.115 -9.4

0.050 -7.4

TOP GLOBAL LTD

LOYZ ENERGY LIMITED

T T J HOLDINGS LTD

BLUMONT GROUP LTD

CHINA MINING INTERNATIONAL

Source: Bloomberg

ENVIRO-HUB HOLDINGS LTD

FUXING CHINA GROUP LTD

STX PAN OCEAN CO LTD

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

Turnover ('mn shares)

Top Losers (%)

SUPER GROUP LTD

UNCHANGED

FULL APEX HOLDINGS LTD

Source: Bloomberg Source: SGX

1,929

1,348

202

179

566

Turnover (S$'mn)

UP

DOWN

-3.6%

-10.6% -2.4%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI

-6.3%

-6.8%

Morning Note 27 June 2013

7 of 14

Source: Bloomberg

World Index

JCI 3.82% 4,587.73

HSI 2.43% 20,338.55

KLCI 0.70% 1,740.76

NIKKEI -1.04% 12,834.01

KOSPI 1.84% 1,816.30

SET 2.87% 1,424.38

SHCOMP -0.41% 1,951.50

SENSEX -0.41% 18,552.12

ASX 0.71% 4,765.50

FTSE 100 1.04% 6,165.48

DOW 1.02% 14,910.14

S&P 500 0.96% 1,603.26

NASDAQ 0.85% 3,376.22 COLOMBO -0.22% 6,072.68

STI 0.47% 3,104.40

ETF % Change Change Last

CIMB FTSE ASEAN 40 +0.58 +0.06 10.43

DB X-TRACKERS CSI300 UCITS +0.45 +0.03 6.75

DB X-TRACKERS FTSE VIETNAM -1.50 -0.33 21.62

DB X-TRACKERS MSCI INDONESIA +3.60 +0.51 14.69

DB X-TRACKERS S&P 500 UCITS -0.19 -0.05 25.92

DB X-TRACKERS CNX NIFTY UCIT -0.45 -0.43 95.63

DBX-TRACKERS EURO STXX 50 +1.05 +0.42 40.36

ISHARES MSCI INDIA INDEX ETF -0.36 -0.02 5.52

LYXOR ETF CHINA ENTERPRISE +2.19 +0.26 12.14

LYXOR ETF COMMODITIES CRB-CD -0.77 -0.02 2.57

LYXOR ETF HANG SENG INDEX 10 +0.78 +0.02 2.58

LYXOR ETF JAPAN TOPIX -0.54 -0.01 1.11

NIKKO AM SINGAPORE STI ETF +1.29 +0.04 3.15

SPDR GOLD TRUST -4.25 -5.28 119.02

SPDR STRAITS TIMES INDEX ETF -0.32 -0.01 3.14

UNITED SSE 50 CHINA ETF -3.27 -0.05 1.48

ETF Performance

Source: Bloomberg

Morning Note 27 June 2013

8 of 14

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

7/2/2013 SINGAPORE POST LTD Final 0.0250 SGD Quarter 7/4/2013 7/15/2013

7/3/2013 ENGRO CORP LTD Regular Cash 0.0300 SGD Annual 7/5/2013 7/26/2013

7/3/2013 BERGER INTERNATIONAL LTD Regular Cash 0.0028 SGD Irreg 7/5/2013 7/25/2013

7/4/2013 HUPSTEEL LTD Interim 0.0050 SGD Semi-Anl 7/8/2013 7/17/2013

7/9/2013 WBL CORP LTD Interim 0.0500 SGD Semi-Anl 7/11/2013 8/1/2013

7/9/2013 UMS HOLDINGS LTD Interim 0.0100 SGD Quarter 7/11/2013 7/26/2013

7/17/2013 MEGHMANI ORGANICS LTD-SDR Regular Cash 0.0500 INR Annual 7/19/2013 8/7/2013

7/23/2013 SIA ENGINEERING CO LTD Final 0.1500 SGD Semi-Anl 7/25/2013 8/7/2013

7/23/2013 GLOBAL LOGISTIC PROPERTIES L Final 0.0400 SGD Annual 7/25/2013 8/12/2013

7/29/2013 SMRT CORP LTD Final 0.0100 SGD Semi-Anl 7/31/2013 8/14/2013

7/29/2013 COURTS ASIA LTD Final 0.0101 SGD Irreg 7/31/2013 8/21/2013

7/29/2013 JAPAN FOODS HOLDING LTD Special Cash 0.0060 SGD Semi-Anl 7/31/2013 8/15/2013

Corporate Action : Dividend

Source: Bloomberg

Morning Note 27 June 2013

9 of 14

Name Expected Report Date

Freight Links Express Holdings Ltd 6/27/2013

AMG Bioenergy Resources Holdings Ltd 6/27/2013

Second Chance Properties Ltd 6/28/2013

Khong Guan Flour Milling Ltd 6/28/2013

Ipco International Ltd 6/28/2013

Popular Holdings Ltd 6/28/2013

Scorpio East Holdings Ltd 6/28/2013

Sysma Holdings Ltd 6/28/2013

Nova Resources Ltd 6/28/2013

Phorm Corp Ltd 6/28/2013

Cheung Woh Technologies Ltd 7/9/2013

EOC Ltd 7/10/2013

Ezra Holdings Ltd 7/12/2013

Miyoshi Precision Ltd 7/12/2013

Nera Telecommunications Ltd 7/12/2013

Singapore Press Holdings Ltd 7/15/2013

Qian Hu Corp Ltd 7/15/2013

Triyards holdings Ltd 7/15/2013

Photon Kathaas Productions Ltd 7/15/2013

M1 Ltd/Singapore 7/16/2013

K-Green Trust 7/16/2013

Keppel REIT 7/16/2013

Keppel Telecommunications & Transportation Ltd 7/17/2013

Ascendas Real Estate Investment Trust 7/17/2013

K1 Ventures Ltd 7/17/2013

CapitaMall Trust 7/18/2013

Keppel Land Ltd 7/18/2013

Berger International Ltd 7/18/2013

Aztech Group Ltd 7/18/2013

AIMS AMP Capital Industrial REIT 7/19/2013

Suntec Real Estate Investment Trust 7/19/2013

Keppel Corp Ltd 7/19/2013

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust 7/19/2013

Mapletree Logistics Trust 7/19/2013

CapitaCommercial Trust 7/19/2013

Fortune Real Estate Investment Trust 7/19/2013

OKP Holdings Ltd 7/19/2013

Raffles Medical Group Ltd 7/23/2013

Baker Technology Ltd 7/23/2013

First Ship Lease Trust 7/23/2013

SIA Engineering Co Ltd 7/23/2013

First Real Estate Investment Trust 7/23/2013

Forterra Trust 7/24/2013

Ascendas India Trust 7/24/2013

TEE International Ltd 7/24/2013

Samudera Shipping Line Ltd 7/24/2013

Starhill Global REIT 7/24/2013

Singapore Exchange Ltd 7/24/2013

Frasers Centrepoint Trust 7/25/2013

SATS Ltd 7/25/2013

Biosensors International Group Ltd 7/25/2013

Singapore Airlines Ltd 7/25/2013

ASJ Holdings Ltd 7/25/2013

Earning Announcement – Singapore

Source: Bloomberg

Morning Note 27 June 2013

10 of 14

Date Statistic For Survey Prior Date Statistic For Survey Prior

6/27/2013 Personal Income May 0.20% 0.00% 6/28/2013 Credit Card Bad Debts May -- 20.4M

6/27/2013 Personal Spending May 0.30% -0.20% 6/28/2013 Credit Card Billings May -- 3334.1M

6/27/2013 PCE Deflator (MoM) May 0.10% -0.30% 6/28/2013 M1 Money Supply (YoY) May -- 14.10%

6/27/2013 PCE Deflator (YoY) May 1.10% 0.70% 6/28/2013 M2 Money Supply (YoY) May -- 9.60%

6/27/2013 Initial Jobless Claims 22-Jun 345K 354K 6/28/2013 Bank Loans & Advances (YoY) May -- 20.00%

6/27/2013 PCE Core (MoM) May 0.10% 0.00% 7/3/2013 Automobile COE Open Bid Cat A 3-Jul -- 69903

6/27/2013 Continuing Claims 15-Jun 2953K 2951K 7/3/2013 Automobile COE Open Bid Cat B 3-Jul -- 81751

6/27/2013 PCE Core (YoY) May 1.10% 1.10% 7/3/2013 Automobile COE Open Bid Cat E 3-Jul -- 83001

6/27/2013 Bloomberg Consumer Comfort 23-Jun -- -29.4 7/3/2013 Electronics Sector Index Jun -- 51.4

6/27/2013 Pending Home Sales MoM May 1.00% 0.30% 7/3/2013 Purchasing Managers Index Jun -- 51.1

6/27/2013 Pending Home Sales YoY May 8.30% 13.90% 7/8/2013 Foreign Reserves Jun -- $258.38B

6/27/2013 Kansas City Fed Manf. Activity Jun 3 2 08-14 JUL GDP (annualized) (QoQ) 2Q A -- 1.80%

6/28/2013 NAPM-Milw aukee Jun 45.2 40.67 08-14 JUL GDP YoY 2Q A -- 0.20%

6/28/2013 Chicago Purchasing Manager Jun 55 58.7 7/15/2013 Retail Sales Ex Auto (YoY) May -- 0.20%

6/28/2013 U. of Michigan Confidence Jun F 83 82.7 7/15/2013 Retail Sales (YoY) May -- -0.50%

Source: BloombergSource: Bloomberg

US Singapore

Economic Announcement

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Contact Information (Singapore Research Team)

Chan Wai Chee Joshua Tan Ken Ang CEO, Research Head of Research Investment Analyst

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Global Macro, Asset Strategy China Macro & Equities Commodities, Offshore & Marine +65 6531 1735 +65 6531 1535 +65 6531 5440

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