Sg Weekly 270513

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27/05/2013

Group Research. Equity 27 May 2013

Singapore Traders Spectrum

Wired WeeklyRefer to important disclosures at the end of this report

Straits Times Index FTSE Small Cap Index

2,600

2,700

2,800

2,900

3,000

3,100

3,200

3,300

3,400

3,500

3,600

May-12 Aug-12 Nov-12 Feb-13 May-13

400

440

480

520

560

600

640

May-12 Aug-12 Nov-12 Feb-13 May-13 STI and 12-mth forward PE Brent Crude Oil

Source: Datastream, DBSV Research

FTSE Indices 5-Day PerformanceIndex @ 1 Wk % YTD %

FTSE Sectoral Indices 23-May-13 Chg ChgSTI 3,393.17 -1.7 7.1

Mid Cap 824.18 -2.8 6.6

Small Cap 590.60 -1.3 13.3

All Share 833.42 -1.9 7.4

China 244.81 -0.8 3.2

Real Estate 815.06 -3.2 4.0

Real Estate & Dev 803.85 -1.8 1.6

Real Estate Inv Trust 844.79 -4.8 7.7

Oil & Gas 735.53 -0.6 0.4Basic Materials 203.52 -2.3 2.5

Industrials 858.73 -1.9 6.1

Consumer Goods 525.01 0.8 3.5

Health Care 1,421.15 0.2 5.8

Consumer Service 876.37 -2.4 4.3

Telecommunication 1,035.97 -1.5 19.2

Utilities 437.78 6.5 24.3

Financials 875.45 -2.5 8.0

Technology 535.86 -0.9 3.0

Source: DBS Vickers, Bloomberg Finance L.P

Janice Chua (65) 6398 7954 [email protected] /Ling Lee Keng (65) 6398 7970 [email protected]

Refer to important disclosures at the end of this reportsa: YM

KEY POINT Buying opportunity after weak China data anduncertainties over QE3 Value unlocking plays - UOL, Keppel Land and WingTai Laggards Oil & Gas stocks - Nam Cheong, Ezion,

CSE Global and Keppel Corp Other attractive picks - ComfortDelgro, Kreuz andDel Monte.Wired WeeklyThe twin effect of weak China manufacturing data and

uncertainties over QE3 has caused regional markets to

tumble. The weak China PMI entrenched fears that its

economic recovery has stalled and that a weaker

recovery may be imminent. On the other hand, concerns

over whether and when the Fed may begin to scale back

QE3 continued to hog the limelight.

Against this backdrop, the STI shed 1.8% last Thursday,

and now trades at slightly below 14.7x (+0.5SD) 12-mth

forward PE. Some of our BUY calls have now become

more attractive after the drop in share price. We believe

this could be an opportunity to accumulate stocks that

we like. Among our Buy calls that underperformed the

market are value unlocking plays - UOL Group, KeppelLand and Wing Tai ; laggards Oil & Gas stocks - KeppelCorp, Nam Cheong, CSE Global and Ezion; and otherattractive picks - ComfortDelgro, Kreuz and Del Monte.For the STI, we maintain our view for it to trade along

the 14.7x (+0.5SD) 12-mth forward PE that should lift it

to 3650 (14.7x FY14F PE) by year end.

Singapore economy bounced back to expansion in 1Q13

but outlook for the manufacturing sector remains dicey.

Growth will remain below potential while inflation will

stay higher than normal.

2400

2600

2800

3000

3200

3400

3600

3800

Jan- 12 Jul-12 Jan- 13 Jul-13 Jan- 14

Average @ 13.9x

-0.5SD @ 13.1x

-1SD @ 12.3x

+0.5SD @ 14.7x

85

90

95

100

105

110

115

120

125


US$/barrel

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Buying opportunity after weak China data and uncertaintiesover QE3Regional markets were hit by weak data out of China,entrenching fears that its economic recovery has stalled and

that a weaker recovery may be imminent. The latest flash

HSBC Purchasing Managers' Index (PMI) shows China's

factory activity shrank for the first time in seven months in

May as new orders fell. The PMI fell to 49.6, slipping under

the 50-point level for the first time since October. The HSBC

flash PMI comes about a week before the final reading and

is the earliest indicator of how the Chinese economy is

faring each month.

Concerns over whether and when the Fed may begin to

scale back QE3 continued to hog the limelight. The FOMC

minutes released last Wednesday fueled the flames of

uncertainty. Fed chairman Ben Bernanke wants to wait and

see how the economics data unfold before tapering back on

QE, but some members of the monetary policy committee

were willing to wind down QE3 as soon as in June if the

economic recovery becomes sustainable.

The STI shed 1.8% last Thursday, and now trades at slightly

below 14.7x (+0.5SD) 12-mth forward PE. Some of our BUY

calls have now become more attractive after the drop in

share price. We believe this could be an opportunity to

accumulate stocks that we like. Among our Buy calls that

underperformed the market are value unlocking plays - UOLGroup, Keppel Land and Wing Tai; laggards Oil & Gas stocks- Keppel Corp, Nam Cheong, CSE Global and Ezion; andotherattractive picks - ComfortDelgro, Kreuz and DelMonte.

Value unlocking playsWe highlighted UOL Group, Keppel Land and Wing Tai inour recent strategy report as potential value unlocking plays.

With earnings growth at a tepid 2% in 2013 and the

Singapore market PE re-rated to +0.5SD PE, there leaves

little room for upside on earnings potential. We turn ourfocus to asset plays; the Singapore market is undervalued at

1.5x P/BV, vs 2.3x for South-East Asian.

UOL GroupWe see value in UOLs strategic holdings which have deep

underlying value, large commercial portfolio and residential

development activities, which provides strong recurrent and

non-recurrent income. The successful delisting of Pan Pacific

Hotels Group will enable the group to have greater flexibility

over its hotel operations. At the same time, we see

significant value in UOL through its 43.4% stake in UIC,

which in turns owns c80% of Singapore Land, one of the

largest office landlords and hotel owners in

Singapore. Should this portfolio be divested into a REIT in

the future, this could unlock tremendous value for

shareholders.

Keppel LandWe believe Keppel Lands equity story has been

strengthened with the recent strategic alliance with Vanke,

which will enable both developers to tap opportunities in

China and Singapore. With the strong performance of its

REIT, Keppel REIT, we believe there is opportunity for the

latter to consider the purchase of a one third share of MBFC

Tower 3 from its parent. If materialised, this would not only

further lighten Keppel Lands balance sheet and gearing for

further capital recycling but also create

a pool of cash proceeds for potential special dividend.

Wing TaiWing Tai is a value buy, trading at 38% discount to its RNAV

and we expect upcoming launches such as The Tembusu

and Prince Charles Crescent site to underpin share price

performance.

Laggards in Oil & GasIn the same strategy report, we also highlighted Oil & Gas

laggards Keppel Corp, Nam Cheong, CSE Global and Ezion.Oil and gas stocks have lagged the STI since April, triggered

by the dip in oil prices and disappointing 1Q results. Recent

weakness in oil prices has been partly triggered by weak

GDP growth in China and the US and partly seasonal due to

refinery shutdowns in Asia. Oil price has since rebounded

back to above US$100pbl.

Relative performance since April

Source: DBS Vickers

0.91

0.95

0.99

1.03

1.07

1.11

Ezion

STI

NCL

Keppel

CSE

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Keppel CorpWe expect Keppel Corp to benefit from a resumption of

orders for semi-submersibles, while jack up market remains

hot. Keppel Corp has been a laggard behind other bluechips in Singapore.

Nam CheongNam Cheong has announced significant contract wins of

S$110m and the pace of sale of vessels -13 vessels YTD - has

outperformed expectations. The group is on track to deliver

on its newbuild program of 19 vessels in FY13 and 25

vessels in FY14, leading to net profit CAGR of 20%. We

expect stronger quarterly earnings going forward, which

should underpin re-rating of the stock.

CSE GlobalCSE is a bombed out cyclical; we upgraded the stock ahead

of contract wins in 2H13. The stock is among the cheapest

under our oil and gas coverage, trading at 8x PE, offering

growth of 12% and dividend yield of 5%. Low gearing

provides headroom for acquisitions to boost growth.

EzionWe like Ezions growth prospects, ability to grow order

backlog and high earnings visibility. Growth prospects firm;

expect further fleet expansion, supported by sound

financials and strengthening cash flow.

Other attractive picksOther than those that we highlighted earlier, other buying

opportunities can be found in ComfortDelgro, Kreuz, andDel Monte.

ComfortDelgroShare price shed a whopping 11.7% last Thursday on heavy

volume. It was reported that Singapore Labour Foundation

(SLF) is selling 8% stake or about 170m share at S$1.94 pershare. SLF owns 11.93% stake before the sale. The reason

for selling such a huge stake and at such a huge discount

from last traded price is not known at this stage. At this

juncture, there is also no information on the buyer(s) of the

stake. Fundamentally, we do not see any changes in the

operations with the change in ownership. In fact, CD just

reported a reasonable set of 1Q results with net profit up by

8% y-o-y, despite cost challenges.

KreuzCurrent valuation is undemanding, given its earnings

delivery track record to date, healthy growth prospects andstrong FY13F ROE of close to 25%. Kreuz, which provides

subsea services to the offshore oil & gas industry,

Fundamentals for the subsea sector, where Kreuz provides

subsea services to the offshore oil & gas industry, continue

to be robust. The subsea market is expected to be one of

the brightest spots in offshore O&G services, backed by an

increase in the development of oil and gas fields in deeper

waters /harsher environments and development of marginal

fields which need tie-backs to existing infrastructure.

Del MonteDel Monte presents an opportunity for investors to leverage

on the robust growth of the Philippines economy. Visible

earnings growth drivers are in place, supported mainly by: (i)

rising domestic sales and larger distribution network; (ii)

continued growth of the S&W brand in the Asia Pacific

region; (iii) expiry / revision of long term supply contracts to

lift margins in FY15F.

Key Data for Stock Picks

Source: DBS Vickers

Mkt Price Target % chg EPS EPS Price / Div Net Debt /Cap (S$) Price % fr Gth (%) Gth (%) PE (x) PE (x) BV (x) Yld (%) Equity

Company (S$m) 23-May (S$) Upside 22-May Rcmd 13F 14F 13F 14F 12A 13F 12AValue unlockingWing Tai 1,730.5 2.21 2.50 13 (3.9) Buy 32.5 (23.4) 5.8 7.6 0.83 5.1 0.17

UOL 5,483.9 7.12 8.21 15 (3.4) Buy 60.3 (11.6) 12.1 13.7 0.89 2.1 0.20

Keppel Land 6,214.1 4.02 4.68 16 (3.1) Buy (24.7) (10.7) 17.3 19.4 0.98 2.0 0.22

Oil & Gas LaggardsNam Cheong 567.8 0.27 0.36 33 (3.6) Buy 46.6 9.7 8.3 7.0 2.11 1.8 0.38

Ezion 2,204.9 2.29 2.52 10 (3.4) Buy 71.6 74.1 14.9 8.6 3.77 0.0 0.76

CSE Global 425.8 0.83 0.97 18 (2.4) Buy 11.6 10.9 8.1 7.3 1.71 4.9 0.20

Keppel Corp 19,713.8 10.91 13.00 19 (2.0) Buy (16.6) 3.2 12.3 11.9 2.12 4.1 0.20

Other att ractive picksComfort Delgro 4,074.7 1.93 2.19 14 (11.7) Buy 5.2 3.5 15.5 14.9 2.01 3.6 0.00

Kreuz 387.1 0.70 0.78 12 (5.4) Buy 38.8 9.5 7.1 6.3 1.97 1.4 0.10

Del Monte 1,141.0 0.88 0.97 10 (3.8) Buy 16.9 8.8 26.6 20.6 3.63 2.8 0.39

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Weak growth momentumSingapore Sub par growthSingapore economy bounced back to expansion even when

the advance estimate predicted a contraction. The final GDP

figure for 1Q13 expanded by 1.8% QoQ saar (0.2% YoY).

However, outlook for the manufacturing sector remains

dicey although some signs of recovery in the electronics

sector have been evident lately. Indeed, the growth

performance in the manufacturing sector has been

disappointing in the first two months of the year due to the

festive season slump and an unexpected pullback in

pharmaceutical production.

While production output did rebound in March, theturnaround was weaker than anticipated. Moreover, the

Singapore economy is also hampered by the current

restructuring process. The supply side constraint due to the

curbs in inflow of foreign workers has continued to weigh

down on growth performance. Growth will remain below

potential while inflation will stay higher than normal. This

year will be another year when the growth rate will come in

below the inflation rate (see chart below). So despite the

anticipated gradual cyclical improvement in the second half

of the year, the growth outlook remains weighed down by

this structural drag.

Singapore Y-o-Y GDP growth vs CPI

Source: DBS Vickers

China and US Recovery path tepidOn the global front, growth momentum is expected to

remain weak in the near term. Chinas economic growth in

the first quarter has disappointed and economic data from

the US hasnt been encouraging. Our economist had

recently revised GDP forecast for China downward to 8%

from 8.5% previously.

The latest flash HSBC Purchasing Managers' Index (PMI)

shows China's factory activity shrank for the first time in

seven months in May as new orders fell. The PMI fell to49.6, slipping under the 50-point level for the first time since

October. The HSBC flash PMI comes about a week before

the final reading and is the earliest indicator of how the

Chinese economy is faring each month.

For US, growth is expected to be slow at 1.7% this year.

While we maintain the view that this year will mark the start

of a gradual normalisation process for the global economy,

the recovery path is still expected to be tepid.

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Top large and small / mid cap picks for the coming week TOP LARGE CAP PICKSCompany Recom Price TargetPrice Upside CatalystMapletree Greater China

Commercial Trust

Buy 1.045 1.22 16% 1) Offers investors an attractive opportunity to own iconic, best-of-breed

commercial assets.

2) Res ilient ca shflow with strong organic growth drivers

OUE Trading Buy 3.050 3.52 * 15% Potential Reit spin off

UOL Buy 7.12 8.21 15% Privatisation of PPHG gives more operational flex and potential for RNAV

expansion

SPH Buy 4.370 4.75 9% 1) Possible asset value realisation through establishment of REIT.

2) Potential for special dividend payout if the listing of the REIT is

successful.

Thai Beverage Public Buy 0.695 0.80 15% 1) Market leader in spirits, green tea and strong distribution.

2) Trading below global/regional F&B peers PE range

3) Potential inclusion in MSCI could be catalyst

* Technical Target

TOP SMALL / MID CAP PICKSCompany Recom Price Ta rget Price Ups ide Cata lys tPerennial China Retail Trust Buy 0.600 0.84 40% 1) Attractive valuations

2) Operations ramping up, new development assets to extend earnings

and RNAV growth visibility

Pan-United Corp Buy 1.010 1.16 15% 1) Higher valuation on PAN as port business CXP is undervalued

2) Stock to re-rate on buoyant construction demand

Tat Hong Holdings Buy 1.465 1.80 23% 1) One of the largest crane distribution/rental companies in the world

2) Positive on fleet utilisation and rates on tight crane supply cranes

China Merchants Buy 0.890 1.07 20% 1) Recent acquisitions has transformed CMH into a quality, China pure

express way play

2) More acquisitions could be on the way as the Group scales up and

builds its track record

3) CMP commitment to pay at least S 5.5cts annual \dividend provides

firm dividend yield of c. 7%

Kreuz Holdings Buy 0.695 0.78 12% 1) Healthy orderbook visibility

2) Attractive valuations Source: DBSV Research

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Major research reports released last week

Source: DBSV Research

Company / Sector Recommendation Target Price ($) Key Points

Singapore Strategy - - 1) Further re-rating tough with tepid GDP and earnings growth

2) P/BV valuation not excessive, look for value buys and value unlocking potential

3) Hunt for stocks with potential upside in dividend yields

4) Laggard oil and gas sector offers highest returns

Sheng Siong Group BUY

(Upgrade from HOLD)

S$ 0.76 (Prev S$ 0.72) 1) Expect more earnings upside from better operating costs and efficiencies

2) Raise earnings by 5.0%/3.5%

3) Price weakness presents opportunities to accumulate

4) Upgrade to BUY with higher TP of S$0.76

CSE Global BUY

(Upgrade from HOLD)

S$ 0.97 (Prev S$ 0.85) 1) 1Q13 net profit of S$12.7m (flat y-o-y) was in line but new order win of S$95m (up 11% y-o-y)

was below our S$110m estimate.

2) CSE has guided for core profit to improve in FY13F. Revival of higher margin offshore project s

in North America to drive growth despite lower revenue.

3) Our revised TP of S$0.97 implies potentia l returns of 22%. At 8x FY13F PE, CSE is trading below

its historical avg. of 9.6x and at 50% discount to STIs 16x.

Global Logist ic Propert ies BUY S$ 3.31 (Prev S$ 2.93) 1) Maiden upcoming 4QFY13 result post asset divestment into GLP J-REIT

2) Organic growth from rental and value hikes

3) Maintain BUY with higher TP of S$3.31

Re ligare Heal th Trus t BUY S$ 1.06 (P rev S$ 0.97) 1) Expect maiden di st ribution of 8% annua li sed payout in FY13 resul ts announcement on 21 May

2) Share price appreciation panning out as expected; still has 8.3% yield and upside to revised TP

3) Recent drop in Indian bond yields and stable INR positive for RHT

4) Maintain BUY, TP raised to S$1.06

Tiger Airways Holdings BUY S$ 0.79 (Prev S$ 0.95) 1) Operating profit of S$12.7m above est imates but associate losses dragged net earnings

2) Upcoming divestment of stake in Tiger Australia stake and recent round of fund raising

bolsters balance sheet to support growth trajectory

3) Tiger Singapore/ Mandala should benefit from expansion of Singapore-Indonesia bilaterals

4) Maintain BUY with revised TP of S$0.79

Ying Li International BUY S$ 0.55 1) 1Q13 revenue recognition was slow as expected, but margins were above expectations2) Four blocks of Intl Plaza have been structurally completed and are expected to be delivered in

2013/2014.

3) Phase V of Intl Plaza (office) will launch pre-sales in Jun

4) BUY with S$0.55TP

ComfortDelgro BUY S$ 2.19 1) SLF paring 8% stake does not change fundamentals

2) Reasons not disclosed, we have made our own deductions

3) Remaining top 10 shareholders are international funds

4) No change in fundamentals; weakness is an opportunity to accumulate; Retain BUY, TP:

S$2.19

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Shanghai Composite Index Hang Seng Index Taiwan Index

12 mth: -3.0% YTD: 1.5% 12 mth: 22.2% YTD: 2.7% 12 mth: 15.4% YTD: 9.1%1 mth: 2.7% 1 Wk: 3.5% 1 mth: 5.5% 1 Wk: 0.9% 1 mth: 5.4% 1 Wk: 1.0%

1,900

2,000

2,100

2,200

2,300

2,400

2,500


6,500

6,800

7,100

7,400

7,700

8,000

8,300

8,600


17,000

18,000

19,000

20,000

21,000

22,000

23,000

24,000

25,000


Nikkei Index Dow Jones Industrials NASDAQ Index

12 mth: 79.0% YTD: 50.3% 12 mth: 22.4% YTD: 16.8% 12 mth: 22.0% YTD: 14.7%1 mth: 15.2% 1 Wk: 3.5% 1 mth: 5.1% 1 Wk: 0.2% 1 mth: 7.1% 1 Wk: -0.2%

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,00017,000


11,500

12,000

12,500

13,000

13,500

14,000

14,500

15,000

15,50016,000


2,6002,7002,8002,9003,0003,1003,2003,3003,4003,5003,600


USD/SGD USD/JPY Euro/USD

12 mth: -0.6% YTD: 3.7% 12 mth: 29.0% YTD: 18.9% 12 mth: 0.8% YTD: -2.5%1 mth: 2.1% 1 Wk: 1.7% 1 mth: 4.0% 1 Wk: 0.9% 1 mth: -1.6% 1 Wk: -0.2%

1.19

1.21

1.23

1.25

1.27

1.29

1.31


75

80

85

90

95

100

105

110


1.15

1.20

1.25

1.30

1.35

1.40


USD/RMB SGD/RMB A$/SGD

12 mth: -3.0% YTD: -1.6% 12 mth: -2.4% YTD: -4.5% 12 mth: -2.1% YTD: -3.1%1 mth: -0.8% 1 Wk: -0.2% 1 mth: -2.4% 1 Wk: -1.4% 1 mth: -3.4% 1 Wk: 0.0%

6.10

6.14

6.18

6.22

6.26

6.30

6.34

6.38

6.42


4.70

4.75

4.80

4.85

4.90

4.95

5.00

5.05

5.10

5.15

5.20


1.20

1.22

1.24

1.26

1.28

1.30

1.32


Source: Datastream, DBS Research

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Baltic Dry Index Volatility Index Fed Funds Rate

12 mth: -26.4% YTD: 18.6%1 mth: -6.7% 1 Wk: -3.7%

500

700

900

1,100

1,300


10

12

14

16

18

20

22

24

26

28


0.00

0.05

0.10

0.15

0.200.25

0.30


Brent Crude Oil Palm Oil Soya Oil

12 mth: -5.9% YTD: -6.3% 12 mth: -22.9% YTD: 10.2% 12 mth: 0.4% YTD: 6.2%1 mth: 4.1% 1 Wk: 1.7% 1 mth: 4.0% 1 Wk: 1.1% 1 mth: 2.3% 1 Wk: 0.3%

80

85

90

95

100

105

110

115

120

125


600

700

800

900

1000

1100


42

44

46

48

50

52

54

56

58


Aluminium Tin Steel

12 mth: -7.3% YTD: -6.8% 12 mth: 8.9% YTD: -8.4% 12 mth: -14.9% YTD: -0.8%1 mth: -0.8% 1 Wk: 1.1% 1 mth: 3.2% 1 Wk: 3.5% 1 mth: 1.7% 1 Wk: 0.6%

1600

1700

1800

1900

2000

2100

2200


16000

18000

20000

22000

24000

26000


3200

3400

3600

3800

4000

4200

4400


Copper Nickel Gold

12 mth: -4.5% YTD: -5.8% 12 mth: -10.3% YTD: -11.1% 12 mth: -13.2% YTD: -17.0%1 mth: 7.8% 1 Wk: 3.8% 1 mth: -0.8% 1 Wk: 1.9% 1 mth: -3.2% 1 Wk: -1.1%

6500

7000

7500

8000

8500


14000

15000

16000

17000

18000

19000


1200

1300

1400

1500

1600

1700

1800


Source: Datastream, DBS Research

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Straits Times IndexLast Price Last Day Vol

Avg Vol for theWeek Rel STI MTD Rel STI QTD Rel STI YTD Weight

Actual MktCap

S/No. B'berg Code Stock Name Crncy 23-May-13 (000 Shrs) (000 Shrs) (%) (%) (%) (%) (S$m)1 DBS SP DBS GROUP HOLDINGS LTD SGD 17.15 8,211 4,179 2 5 8 10.32 41,857

2 OCBC SP OVERSEA-CHINESE BANKING CORP SGD 10.86 4,937 2,930 (1) (1) 4 10.24 37,307

3 ST SP SINGAPORE TELECOMMUNICAT IONS SGD 3.96 25,942 19,872 0 8 13 10.09 63,133

4 UOB SP UNITED OVERSEAS BANK LTD SGD 21.67 3,127 2,198 1 4 2 8.89 34,132

5 JM SP JARDINE MATHESON HLDGS LTD USD 66.15 319 267 1 (1) (0) 6.56 53,937

6 KEP SP KEPPEL CORP LTD SGD 10.91 5,529 4,597 1 (5) (8) 5.41 19,714

7 JS SP JARDIN E STRA TEGIC HLDGS LTD USD 40.16 258 643 2 (1) 6 3.92 56,475

8 HKL SP HONGKONG LAND HOLDINGS LTD USD 7.15 1,983 1,304 (2) (6) (5) 3.53 20,324

9 THBEV SP THAI BEVERAGE PCL SGD 0.70 48,524 50,360 14 11 69 3.27 17,451

10 CAPL SP CAPITALAND LTD SGD 3.66 15,948 11,186 (3) 1 (8) 3.25 15,582

11 GENS SP GENTING SINGAPORE PLC SGD 1.48 25,064 12,729 (5) (4) (1) 3.13 18,031

12 GLP SP GLOBAL LOGISTICS SGD 2.86 33,833 16,193 3 7 (4) 2.98 13,606

13 WIL SP WILMAR INTERNATIONAL LTD SGD 3.34 6,686 4,567 (0) (6) (7) 2.45 21,364

14 SPH SP S INGAPORE PRESS HOLDINGS LTD SGD 4.37 6,599 3,785 (3) (5) 1 2.43 6,990

15 CIT SP CITY DEVELOPMENTS LTD SGD 10.85 2,663 1,204 (4) (7) (23) 2.23 9,866

16 STE SP S INGAPORE TECHNOLOGIES ENG SGD 4.13 5,767 2,714 (7) (7) 1 2.23 12,816

17 SGX SP SINGAPORE EXCHANGE LTD SGD 7.57 2,614 1,416 0 (4) 1 2.16 8,094

18 CT SP CAPITAMALL TRUST SGD 2.17 20,237 9,695 (7) 1 (5) 1.95 7,503

19 S IA SP SINGAPORE AIRLINES LTD SGD 10.83 1,395 1,503 (3) (3) (6) 1.90 12,698

20 JCNC SP JARDINE CYCLE & CARRIAGE LTD SGD 46.86 333 236 (5) (11) (10) 1.62 16,669

21 SCI SP SEMBCORP INDUSTRIES LTD SGD 4.97 5,410 4,519 (1) (7) (12) 1.54 8,881

22 HPHT SP HUTCHISON PORT HOLDINGS TRUST SGD 0.81 41,500 20,507 (3) (7) (5) 1.42 7,056

23 NOBL SP NOBLE GROUP LTD SGD 1.05 31,976 25,298 (7) (16) (16) 1.39 6,927

24 SMM SP SEMBCORP MARINE LTD SGD 4.42 6,969 7,289 2 (3) (11) 1.28 9,236

25 CD SP COMFORTDELGRO CORP LTD SGD 1.93 242,695 52,267 (4) (2) 1 1.25 4,075

26 GGR SP GOLDEN AGRI -RESOURCES LTD SGD 0.57 68,829 53,401 7 (4) (19) 1.20 6,919

27 STH SP STARHUB LTD SGD 4.26 6,661 4,093 (11) (5) 5 1.12 7,324

28 CMA SP CAP ITAMA LLS AS IA LTD SGD 2.02 7,981 5,711 (5) (4) (3) 0.96 7,863

29 OLAM SP OLAM INTERNATIONAL LTD SGD 1.83 11,847 8,491 9 4 11 0.90 4,374

30 S IE SP SIA ENGINEERIN G CO LTD SGD 5.05 1,128 855 (1) 4 8 0.39 5,597

Source: Bloomberg Finance L.P, DBS Vickers

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Source:Bloomberg Finance L.P

At A GlanceCurrencies

Other Important Indicators

Important Dates (Singapore)Event Period DateIndustrial Production MoM SA Apr 23-May-13

Industrial Production YoY Apr 23-May-13

CPI (MOM) - NSA Apr 23-May-13

CPI (YoY) Apr 23-May-13

Credit Card Bad Debts Apr 31-May-13

Credit Card Billings Apr 31-May-13

M1 Money Supply (YoY) Apr 31-May-13

M2 Money Supply (YoY) Apr 31-May-13

Bank Loans & Advances (YoY) Apr 31-May-13

Electronics Sector Index May 3-Jun-13

Purchasing Managers Index May 3-Jun-13

Automobile COE Open Bid Cat A Jun 5-Jun-13

Automobile COE Open Bid Cat B Jun 5-Jun-13

Automobile COE Open Bid Cat E Jun 5-Jun-13Foreign Reserves May 7-Jun-13

Singapore Manpower Survey 3Q 11-14 Jun

Unemployment Rate (sa) 1Q F 14-Jun-13

Retail Sales Ex Auto (YoY) Apr 14-Jun-13

Retail Sales (YoY) Apr 14-Jun-13

Retail Sales (MoM) sa Apr 14-Jun-13

Electronic Exports (YoY) May 17-Jun-13

Non-oil Domestic Exports (YoY) May 17-Jun-13

Non-oil Domestic Exp SA (MoM) May 17-Jun-13

Automobile COE Open Bid Cat A Jun 19-Jun-13

Automobile COE Open Bid Cat B Jun 19-Jun-13

Automobile COE Open Bid Cat E Jun 19-Jun-13

CPI (MOM) - NSA May 24-Jun-13

CPI (YoY) May 24-Jun-13

Industrial Production MoM SA May 26-Jun-13

Credit Card Bad Debts May 28-Jun-13

Credit Card Billings May 28-Jun-13

M1 Money Supply (YoY) May 28-Jun-13

M2 Money Supply (YoY) May 28-Jun-13

Bank Loans & Advances (YoY) May 28-Jun-13

Automobile COE Open Bid Cat A Jul 3-Jul-13

Automobile COE Open Bid Cat B Jul 3-Jul-13

Automobile COE Open Bid Cat E Jul 3-Jul-13

Electronics Sector Index Jun 3-Jul-13

Purchasing Managers Index Jun 3-Jul-13

GDP (annualized) (QoQ) 2Q A 08-15 Jul

GDP (YoY) 2Q A 08-15 Jul

Foreign Reserves Jun 08-12 Jul

Retail Sales Ex Auto (YoY) May 15-Jul-13

Retail Sales (YoY) May 15-Jul-13

Retail Sales (MoM) sa May 15-Jul-13

Electronic Exports (YoY) Jun 17-Jul-13

Non-oil Domestic Exports (YoY) Jun 17-Jul-13

Non-oil Domestic Exp SA (MoM) Jun 17-Jul-13

Automobile COE Open Bid Cat A Jul 17-Jul-13

Automobile COE Open Bid Cat B Jul 17-Jul-13

Automobile COE Open Bid Cat E Jul 17-Jul-13

CPI (MOM) - NSA Jun 23-Jul-13

CPI (YoY) Jun 23-Jul-13

Industrial Production MoM SA Jun 26-Jul-13

Industrial Production YoY Jun 26-Jul-13

Unemployment Rate (sa) 2Q P 31-Jul-13

Credit Card Bad Debts Jun 31-Jul-13

Credit Card Billings Jun 31-Jul-13

M1 Money Supply (YoY) Jun 31-Jul-13

M2 Money Supply (YoY) Jun 31-Jul-13

Bank Loans & Advances (YoY) Jun 31-Jul-13

Announced Dividends and Capital IssuesCompany Type Particulars Ex Date Paid/ PayableJACKS INTERNATIONAL LIMITED DIVIDEND SGD 0.003 ONE-TIER TAX 27-May-13 12-Jun-13

PETROCHINA ADR 10 DIVIDEND APPROXIMATE USD 1.888301 27-May-13

SP AUSNET DIVIDEND INT INCOME,DRP AUD 0.02649 LESS TAX 27-May-13 28-Jun-13

SP AUSNET DIVIDEND FULLYFRANK,DRP AUD 0.01367 27-May-13 28-Jun-13

SP AUSNET DIVIDEND RET CAPITAL,DRP AUD 0.00084 27-May-13 28-Jun-13

TPV TECHNOLOGY LIMITED DIVIDEND USD 0.0097 27-May-13 07-Jun-13

BUMITAMA AGRI LTD. DIVIDEND SGD 0.012 ONE-TIER TAX 28-May-13 20-Jun-13

EUNETWORKS GROUP LIMITED ENTITL. SHARE CONSOL OFFER OF 1 FOR 50 28-May-13

NTEGRATOR INTERNATIONAL LTD BONUS 1 WT FOR 2 SH OFFER OF 1 FOR 2 28-May-13

MAXI-CASH FIN SVCS CORP LTD BONUS OFFER OF 1 FOR 5 29-May-13

VIBROPOWER CORPORATION LIMITED DIVIDEND SGD 0.0038 ONE-TIER TAX 29-May-13 18-Jun-13

WBL CORPORATION 2.5%CB140610 INTEREST 101212 - 090613 2.5% 29-May-13 10-Jun-13

KINGSMEN CREATIVES LTD DIVIDEND SGD 0.025 ONE-TIER TAX 30-May-13 12-Jun-13

CHINA TELECOM ADR 10 DIVIDEND APPROXIMATE USD 0.985596 31-May-13 29-Jul-13

CHINAMOBILE ADR 10 DIVIDEND APPROXIMATERATE USD 1.030857 31-May-13 08-Jul-13

INDIABULLS PROPERTIES INVTRUST DIVIDEND 011012 - 310313 SGD 0.000166 TAX EXEMPT 31-May-13 21-Jun-13

TAN CHONG INT'L LTD DIVIDEND HKD 0.07 31-May-13 13-Jun-13

OCBC BK 4.2% NCPS DIVIDEND 201212 - 190613 4.2% ONE-TIER TAX 03-Jun-13 20-Jun-13

OCBC BK 5.1%NCPS 100 DIVIDEND 201212 - 190613 5.1% ONE-TIER TAX 03-Jun-13 20-Jun-13

RELIGARE HEALTH TRUST DIVIDEND 191012 - 310313 SGD 0.0355 04-Jun-13 24-Jun-13

SHANGRI-LA ASIA LIMITED DIVIDEND HKD 0.1 04-Jun-13 18-Jun-13

YUEXIU PROPERTY CO LIMITED DIVIDEND HKD 0.022 04-Jun-13 26-Jun-13

YUEXIU PROPERTY CO LIMITED DIVIDEND HKD 0.031 04-Jun-13 26-Jun-13

AEM HOLDINGS LTD DIVIDEND SGD 0.0035 ONE-TIER TAX 05-Jun-13 21-Jun-13

LEE METAL GROUP LTD DIVIDEND SGD 0.002 ONE-TIER TAX 06-Jun-13 24-Jun-13

LOW KENG HUAT (SINGAPORE) LTD DIVIDEND SGD 0.03 ONE-TIER TAX 06-Jun-13 18-Jun-13LOW KENG HUAT (SINGAPORE) LTD DIVIDEND SGD 0.015 ONE-TIER TAX 06-Jun-13 18-Jun-13

SAKAE HOLDINGS LTD. DIVIDEND SGD 0.01 ONE-TIER TAX 06-Jun-13 21-Jun-13

ETIKA INTERNATIONAL HLDGS LTD DIVIDEND SGD 0.003 ONE-TIER TAX 07-Jun-13 28-Jun-13

CITY DEVELOPMENTS LTD NCCPS DIVIDEND 3.9% ONE-TIER TAX 10-Jun-13 01-Jul-13

SINARMAS LAND LIMITED DIVIDEND SGD 0.0038 ONE-TIER TAX 10-Jun-13 25-Jun-13

AMARA HOLDINGS LTD DIVIDEND SGD 0.006 ONE-TIER TAX 11-Jun-13 26-Jun-13

FUJIAN ZHENYUN PLAS IND CO LTD DIVIDEND CNY 0.0247 TAX EXEMPT 11-Jun-13 28-Jun-13

YANZHOU COAL MINING ADR 10 DIVIDEND APPROXIMATE USD 0.501779 11-Jun-13 22-Jul-13

VODAFONE ADR 10 DIVIDEND APPROXIMATE USD 1.028795 12-Jun-13 07-Aug-13

OXLEY HOLDINGS LIMITED DIVIDEND SGD 0.001 ONE-TIER TAX 13-Jun-13 27-Jun-13

OSIM INTERNATIONAL LTD DIVIDEND SGD 0.01 ONE-TIER TAX 19-Jun-13 03-Jul-13

HUANENG POWER INTL ADR 10 DIVIDEND APPROXIMATE USD 1.210048 20-Jun-13

N708100S 150701 INTEREST 2.88% 21-Jun-13 01-Jul-13

NX03100Z 130701 ENTITL. REDEMPTION SGD 1 21-Jun-13 01-Jul-13

NX03100Z 130701 INTEREST 2.25% 21-Jun-13 01-Jul-13

NX04100F 140701 INTEREST 3.63% 21-Jun-13 01-Jul-13

SINGAPORE POST LIMITED DIVIDEND SGD 0.025 ONE-TIER TAX 02-Jul-13 15-Jul-13

BERGER INTERNATIONAL LIMITED DIVIDEND SGD 0.0028 ONE-TIER TAX 03-Jul-13 25-Jul-13

ENGRO CORPORATION LIMITED DIVIDEND SGD 0.03 ONE-TIER TAX 03-Jul-13 26-Jul-13

HUPSTEEL LTD DIVIDEND SGD 0.005 ONE-TIER TAX 04-Jul-13 17-Jul-13

UMS HOLDINGS LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 09-Jul-13 26-Jul-13

WBL CORPORATION LIMITED DIVIDEND SGD 0.05 ONE-TIER TAX 09-Jul-13 01-Aug-13

SIA ENGINEERING CO LTD DIVIDEND SGD 0.15 ONE-TIER TAX 23-Jul-13 07-Aug-13

N212100H 140201 INTEREST 0.25% 24-Jul-13 01-Aug-13

N213100S 150201 INTEREST 0.25% 24-Jul-13 01-Aug-13

SMRT CORPORATION LTD DIVIDEND SGD 0.01 ONE-TIER TAX 29-Jul-13 14-Aug-13

SINGAPORE AIRLINES LTD DIVIDEND SGD 0.17 ONE-TIER TAX 30-Jul-13 16-Aug-13

BOUSTEAD SINGAPORE LIMITED DIVIDEND SCRIPDIVSCHEME SGD 0.03 ONE-TIER TAX 31-Jul-13 23-Sep-13




Upcoming IPOs

Recent IPO TradingCompany Name Eqy Init Po Sh Px PX_CLOSE ICB Sector Name EQY_INIT_PO_DTLogistics Holdings Limited 0.23 0.210 Construction & Materials 1/18/2013Halycon Agri Corp 0.36 0.720 Chemicals 2/1/2013

Overseas Education 0.48 0.675 General Retailers 2/7/2013

Mapletree Greater China 0.93 1.045 Real Estate Investment Trusts 3/7/2013

GDS Global Ltd 0.25 0.260 Construction & Materials 4/19/2013

Croesus Retail Trust 0.93 1.025 Real Estate Investment Trusts 5/10/2013

Company T otal Shares (m) Price Range (S$) T rading DateAsian Pay Television Trust 942.63 $1.00 29-May-13

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Diary May 2013

DBS Group Q1 13 Cosco Corp Q1 13

Elec & Eltek Q1 13 Sembcorp Marine Q1 13Forterra Trust Q1 13 Roxy-Pacific Holdings Q1 13Genting Spore Q1 13

Lippo Malls Indonesia Retail Q1 13

UOB Q1 13

Electronics Sector Index

Purchasing Managers Index

Singapore Post FY13 Osim Int'l Q1 13 ARA Asset Mgmt Q1 13 Ezion Q1 13 Amtek Q3 13Perennial China Retail Q1 13 ASL Marine Q3 13 Fortune Reits Q1 13 Best World Int'l Q1 13ST Engineering Q1 13 Ellipsiz Q3 13 Frencken Group Q1 13 FNN Q2 13

Far East Hospitality Q1 13 Kreuz Holdings Q1 13 Hotel Royal Q1 13Hi-P Int'l Q1 13 Parkson Retail Asia Q3 13 IFS Capital Q1 13

Sembcorp Industries Q1 13 Parkway Life REIT Q1 13 Pan Pacific Hotels Q1 13

WBL Q2 13 StarHub Q1 13 Saizen REIT Q3 13

Wilmar Int'l Q1 13 UOL Group Q1 13

Vicom Q1 13

Automobile COE Open Bid Cat A

Automobile COE Open Bid Cat B

Foreign Reserves Automobile COE Open Bid Cat E

Bumitama Agri Q1 13 (Aft mkt) ComfortDelgro Q1 13 Hiap Hoe Q1 13 SIA Q4 13

China Yuchai Q1 13 CSE Global Q1 13 Hong Leong Asia Q1 13

City Developments Q1 13 First Resources Q1 13 Olam International Q3 13

First Resources Q1 13 Haw Par Q1 13 Petra Foods Q1 13

Golden Agri Q1 13 HTL Int'l Q1 13 SATS FY 13

SBS Transit Q13 Kencana Agri Q1 13 Singtel FY 13

Super Group Q1 13 Mewah International Q1 13 United Engineers Q1 13

Superbowl Holdings Q1 13 Midas Q1 13

Yanlord Land Q1 13 NOL Q1 13

SIA Engineering FY13 Monthly Property Sales DataSwiber Q1 13 Retail Sales Ex Auto (YoY) Electronic Exports (YoY)

XinRen Aluminium Q1 13 Retail Sales (YoY) GDP QoQ (16-24 May) Non-oil Domestic Exports (YoY)

Retail Sales (MoM) sa GDP YoY (16-24 May) Non-oil Domestic Exp SA (MoM)

Boustead Singapore 4Q 13 Global Logistic Properties FY13

Religare Health Trust 4Q 13

Industrial Production MoM SA

Automobile COE Open Bid Cat A Industrial Production YoY

Automobile COE Open Bid Cat B CPI (MOM) - NSA

Automobile COE Open Bid Cat E CPI (YoY)

Yoma Strategic 4Q 13 Tat Hong FY13 Avago Technologies Q2 13 Nexus Floating Q1 13

M1 Money Supply (YoY)

M2 Money Supply (YoY)

Credit Card Bad Debts

Credit Card Billings

Bank Loans & Advances (YoY)

20 21 22 23 24

27 28 29 30 31

13 14 15 16 17

6 7 8 9 10

1 2 3Mon Tues Wed Thu Fri

Source: Bloomberg Finance L.P, DBS Vickers

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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 (DBSRGO). For access, please contact your DBSV salesperson.

This report is written independently of the Bank and does not take into account any confidential information, which may be in the possession ofcertain officers in the Bank. This document is for information purposes only and does not constitute or form part of an offer, solicitation orinvitation of any offer to buy or subscribe for any securities in Singapore.

Traders Spectrums product is oriented towards readers with either a short-term trading horizon. It aims to highlight topical themes, which maymove stock prices on a daily basis. Readers should be aware that TS Take relies more on assessments of technical factors, likely sentimentresponses and short term money flows, rather than on fundamental analysis. As such the TS Take may from time to time conflict withfundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by DBSVickers Research analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered orcommented on on an ongoing basis.

GENERAL DISCLOSURE/DISCLAIMERThis 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 isintended 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 meansor (ii) redistributed without the prior written consent of DBSVR. It is being distributed in the United States by DBSV US, which acceptsresponsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein shouldcontact 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 toDBSVR, DBSVS, and/or DBSVH) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressedare subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document doesnot have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is forthe information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separateindependent legal or financial advice. DBSVR accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claimsfor 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 ofDBS 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 thesecurities 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 securit ies mentioned herein and may also perform or seek to perform broking, investment banking and otherbanking 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 canbe 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 andassumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates onwhich the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actualresults. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIEDUPON 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 thecommodity 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 researchdepartment, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US personswishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussedin this document should contact DBSVUSA exclusively.

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ANALYST CERTIFICATIONThe research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companiesand their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensationwas, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of 27 May 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 DISCLOSURES1. DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in company mentioned as of

22 May 2013.

2. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered broker-dealer, beneficially own a total of 1% or more of any class of common equity securities of the Keppel Reit, Mapletree GreaterChina Commercial Trust, Perennial China Retail Trust as of 27 May 2013.

3. Compensation for investment banking services:i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA have received compensation, within the past 12 months,

and within the next 3 months receive or intends to seek compensation for investment banking services from UOL, KeppelLand, Wing Tai, Nam Cheong, Ezion, Keppel Corp, Mapletree Greater China Commercial Trust, Perennial China Retail Trust,China Merchants, Global Logistics Properties, Religare Health Trust.

ii. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investmentbanking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain furtherinformation, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed inthis document should contact DBSVUSA exclusively.

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Australia This report is being distributed in Australia by DBSVR and DBSVS, which are exempted from the requirement to hold anAustralian financial services licence under the Corporation Act 2001 [CA] in respect of financial services provided to therecipients. DBSVR and DBSVS are regulated by the Monetary Authority of Singapore [MAS] under the laws of Singapore,which differ from Australian laws. Distribution of this report is intended only for wholesale investors within the meaning

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