03/08/2015 Singapore Traders Spectrum

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

DBS Group Research . Equity

3 August 2015

KEY POINTS 

STI – August correction comes early, choppiness between 3150 to 3250 in the week(s) ahead

Straits Times Index 3,600

FTSE Small Cap Index 580

ST Index

3,500



Results season update –FY15F and FY16F revised down by 1.3% and 1% thus far; O&M and consumer stocks lead downgrade

FTSE Small Cap Index

560 540

3,400

520 500

3,300

480

Wired Weekly

3,200

STI’s decline below 3300 to 3200 last week was ahead of our expectations for weakness in August. The funds outflow can be contributed to macro uncertainties and a lacklustre earnings season so far. Currently, there has been a moderate but ongoing cut to earnings. Assuming the downward revision is not significant for the reminder of the reporting season, STI should hold at the 3150 level in the worst case. Meanwhile there is immediate support around 3200 but bounces for now should be capped at the downside gap at 3250. Thus, we expect choppiness from 3150-3250 in the week(s) ahead.

3,100 Jul-14

Attention continues to be on the 2Q results season that is currently panning out, with 40% of the stocks in our coverage reporting corporate results. As of now, earnings for FY15F and FY16F have been revised down by 1.3% and 1.0% respectively. The cut in earnings were mainly from Oil & Gas (Keppel Corp and SembCorp Marine) and Consumer stocks (Osim and SMRT). Key results for this week include SembCorp Industries, StarHub, Wilmar, ComfortDelgro, City Developments, ST Engineering and Olam. Expect index heavyweight banks to lend support to the STI at the two near-term support levels at 3200 and 3150. Between the 2 banks, our preference remains on OCBC with stronger earnings at OCBC-WHB while the potential reach of its differentiated non-interest income franchise should support valuation.

460

Oct-14

Jan-15

Apr-15

STI and 12-mth forward PE

www.dbsvickers.com ed: JS / sa: JC

440 Jul-14

Oct-14

3800

+0.5SD @ 14.5x

US$/barrel 120

3600

Average @ 13.8x

100

Apr-15

Jul-15

Brent Crude Oil

110 90

3400 -0.5SD @ 13.0x

3200

80 70

3000

60

2800

50

2600 Jan-13

Jan-15

Brent Crude Oil

4000

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

40 Jul-14

Oct-14

Jan-15

Apr-15

Jul-15

Source: Datastream, DBS Bank

FTSE Indices 5-Day Performance F T SE Sec t oral Indic es STI Mid Cap Small Cap All Share China Real Estate Real Estate & Dev Real Estate Inv Trust Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Serv ice Telecommunication Utilities F inancials Technology Source: Bloomberg Finance L.P.

Yeo Kee Yan (65) 6682 3706 [email protected]

Jul-15

Index @ 31- J ul- 15 3,202.50 732.82 455.28 768.29 226.72 752.43 766.14 752.60 464.75 120.83 721.17 468.70 1,512.43 782.86 1,059.04 481.88 865.63 387.13

1 Wk % Chg -4.5 -3.0 -2.8 -4.1 -3.8 -3.8 -4.7 -3.0 -7.1 -4.6 -3.6 -2.7 -3.7 -3.2 -5.5 -4.4 -4.1 -4.8

YTD % Chg -4.8 -2.1 -7.5 -4.6 2.2 -0.5 2.7 -3.5 -19.5 -3.7 -10.7 -4.4 30.8 -6.6 3.3 1.7 -2.2 -5.9

Singapore Traders Spectrum Wired Weekly

Singapore Market Summary STI ended the previous week down 150pts (-4.5%), mainly dragged down by weakness in heavyweights banks followed by Keppel Corp, SIA and SGX. There was no specific trigger that ignited the sell-down. Macro economic uncertainties in China and the region, Singapore’s recent weak economic data (e.g. 2Q GDP contraction, uptick in unemployment), lacklustre 2Q results season thus far, pre-election jitters, rate hike jitters and uncertainties ahead of MAS’s October policy meeting are possible reasons for last week’s funds outflow. The sell-down was ahead of our expectation for weakness in August. Nevertheless, attention continues to be on the 2Q results season that is currently panning out. Currently, there is a moderate but on-going cut to earnings but assuming the amount is not significant for the reminder of the reporting season, STI should hold at the 3150 level in the worst case. Meanwhile there is immediate support around 3200 but bounces for now should be capped at the downside gap at 3250.

STI forward PE levels -1 sd 12.25x PE

-0.75 sd 12.63 PE

-0.5 sd 13.01x PE

-0.25 sd 13.39 PE

Avg 13.76x PE

3237 (-16) 3338 (-16)

3438 (-17)

3539 (-17)

3636 (-18)

Avg 15 & 16 3092 (-25) 3188 (-26)

3284 (-27)

3380 (-27)

3473 (-28)

3,310

3,407

3,500

FY16

12-mth fwd

3,117

3,213

Source: DBS Bank

The index is now closer to the lower end of the volatile trading band of 3150 to 3550 that we highlighted in our strategy dated 13 July ( ‘Navigating through uncertainties’). We expect a further overall downward revision to earnings but assuming the amount is not significant for the reminder of the reporting season, STI should hold at the 3150 level in the worst case. Meanwhile there is immediate support around the 3200 but bounces for now should be capped at the downside gap at 3250. Straits Times Index (Daily)

August weakness come early, sell-down in line with region It is a fresh YTD low for the STI and against historic trend, July has been a washout. The Singapore market’s sell-down echoes that of other South East Asian markets. The MSCI South-East Asia Index fell below the important support level of 763. This support-turned-resistance level had held up during the Aug-13 and Feb-14 corrections but finally failed last week. This has a downward move to 700 with temporary support at 724 along the way down. MSCI South East Asia (Daily)

Source: DBS Bank

Look for index heavyweight banks to lend support to the STI at the two near-term support levels at 3200 and 3150. Between the 2 banks, our preference remains OCBC with its stronger earnings at OCBC-WHB while the potential reach of its differentiated non-interest income franchise should support valuation. 2Q15 results update

Source: DBS Bank

Ongoing earnings downward revision, STI 3150 worst case Its mid-way through the results season, and there has been a moderate downward revision to earnings. STI currently trades at 12.63x (-0.75SD) 12-mth forward PE.

Page 2

With two more weeks to go before the end of the results reporting season, 40% of the stocks in our coverage has reported corporate results. Though 67% were within our expectations, 26% reported results below, far exceeding the 8% that beat our expectations. The downward revision to earnings continues. As of now, earnings for FY15F and FY16F have been revised down by 1.3% and 1.0% respectively. Earnings growth for stocks in our coverage is now 6% and 10% for the same period. The cut in earnings were mainly from Oil & Gas and Consumer stocks. Weak consumer sentiment coupled with weak regional currencies against the US$ has led to weaker earnings for consumer discretionary companies, eg OSIM. Others like SMRT were hit by higher costs, which more than offset benefits from fare increase and lower energy costs.

Singapore Traders Spectrum Wired Weekly 10% for FY15F and FY16F; this could affect the overall earnings for SembCorp Industries. For StarHub, our analyst downgraded it to Fully Valued recently on concerns about declining average revenue per user (ARPU).

Key results for this week include SembCorp Industries on Tuesday, StarHub and Wilmar on Wednesday. Both Keppel Corp and SembCorp Marine reported 2Q corporate results that were below our expectations, partly dragged by deferment in projects. There is also downside risk to order win assumptions given slow contract flows YTD. We have already cut earnings for SembCorp Marine by 15% and

For the following week, other big caps stocks to release results include ComfortDelgro, City Developments and ST Engineering on Thursday and Olam on Friday.

Key results released last week Result s Co m pany

Earnings revisio n fr prev qt r (%) FY15F

Target Price Rec'n FY16F Current Prev % chg Curren Prev

FYE

released

Dec Dec

Above Above

nm -

316.4 -

1.08 1.75

1.07 1.73

0.9 0.9

Buy Buy

Hold -

Liner losses reduced on better cost management in 2Q15 Increasing recurring revenue

SMRT SembCorp Marine

Mar Dec

Below Below

(25.0) (15.4)

(25.3) (10.0)

1.27 2.55

1.59 2.89

(20.1) (11.7)

FV Hold

Hold -

Singapore Airlines

Mar

Below

-

-

12.80

Jump in staff and R&M costs 2Q15 results below on lower rigbuilding revenue, associate/JV losses and fair value adjustment Headline profit impressive, boosted by one-off income from equipment transactions; core performance less so

Dec

In line

(2.7)

(7.4)

1.80

Dec

In line

(1.1)

(2.0)

1.66

Dec Dec Mar Jun Jun

In line In line In line In line

(27.3) 7.9 (4.9) 1.2 -

(34.9) (0.1) (5.0) -

0.46 2.69 3.70 7.80 0.91

Co mm ent s o n result s

Abo ve NOL iFAST Corporation Belo w

I n line CapitaLand Retail China Trust CDL Hospitality Trusts Japfa Parkway Life REIT SIA Engineering Singapore Exchange YTL Starhill Global REIT

-

1.64 2.66 -

-

Buy

-

9.5

Buy

Hold

-

Hold

-

1.0 -

Buy Buy FV Hold Buy

Hold -

2Q15 results in line. Soft results, supply remains the challenge Day Old Chick oversupply in Indonesia dragged earnings Results in line, stable operations Weakness at engine MRO centers continue Derivatives driving growth Good growth from Singapore and Australia

Source: DBS Bank

Page 3

Singapore Traders Spectrum Wired Weekly Singapore Market Summary Top large and small / mid cap picks

TOP LARGE CAP PICKS Re com

Pri c e

Ta rg e t Pri c e

Up s i d e

CapitaLand

Buy

3.220

4.11

28%

1) To benefit from easier monetary policies in China, 2) In a sweet spot to recycle some of its stable assets to its REITs, unlocking value and gains for the group

Mapletree Greater China Commercial Trust

Buy

0.980

1.12

15%

1) V isible organic growth 2) Portfolio of quality assets

UOL

Buy

6.700

9.31

39%

1) Strong earnings visibility; recurring revenues contribute c.70%-75% of EBIT. 2) Attractive valuations with deep value.

Compa ny

Ca ta lys t

TOP SMALL / MID CAP PICKS Compa ny China Merchants

Source: DBS Bank

Page 4

Re com

Pri c e

Ta rg e t Pri c e

Up s i d e

Buy

1.015

1.45

43%

Ca ta lys t 1) Organic growth to continue 2) Acquisitions of three toll roads in Guangxi Zhuang Autonomous Region provide more scale and longer-term growth for CMHP

Singapore Traders Spectrum Wired Weekly Major research reports released last week Company

Recommendation Target Price ($) Key Points

Telecom Sector

-

-

1) Data usage is flattening while legacy business is declining; Korea's experience suggests flat data usage once 4G penetration reaches 65%-70% as in Singapore now. 2) Two ways to go for telcos- witness ARPU decline due to flattish data usage; or launch bigger or unlimited data plans as in Korea to defend ARPU 3) Downgrade M1 and StarHub to Fully Valued as we cut FY15F/16F earnings significantly

SMRT

FULLY VALUED (Downgrade from HOLD)

S$1.27 (Prev S$1.59)

1) 1Q16 below expectations; downgrade to Fully Valued with revised TP of S$1.27 2) Disappointment arose from higher staff and R&M costs which more than offset benefits from fare increase and lower energy costs 3) Recent train breakdown throws more uncertainty to earnings visibility; cut forecasts by 20%/18% on revised cost assumptions 4) Upside risk to our recommendation is the transition to rail framework but timing hard to pin down

Neptune Orient Lines

BUY (Upgrade from HOLD)

S$1.08 (17% upside) (Prev S$1.07)

1) Headline numbers boosted by APL Logistics divestment gains, but even core numbers outperform expectations 2) Liner losses reduced on better cost management in 2Q15 3) We now forecast minor profits for NOL in FY15/16 amidst better cost efficiencies and benign oil price environment 4) Upgrade to BUY with TP of S$1.08

Sembcorp Marine

HOLD

S$2.55 (Prev S$2.89)

1) 2Q15 results below on lower rigbuilding revenue, associate/JV losses and fair value adjustment 2) Declared 4 Scts interim DPS, 1 Sct lower than last year, in line with c.40% payout ratio 3) Trimmed FY15/16F PATMI by 15%/10%, largely to reflect the deferments of two Transocean drillships and potentially Petrobras projects 4) Maintain HOLD; TP lowered to S$2.55

Japfa Ltd

BUY (Upgraded from HOLD)

S$0.46

1) Ex fair value changes in bio assets, Japfa Limited (Japfa) delivered 2Q15 core earnings of US$14.3m (36% y-o-y) 2) The drop y-o-y was driven by losses in its Indonesia DOC breeding segment, FX losses and absence of a one-off gain booked in 2Q14 3) Forecasts unchanged; as we believe Japfa should still meet our FY earnings estimates 4) Rating upgraded to BUY; we believe recent sell-off was unjustified

CapitaLand Retail China Trust

BUY (Upgrade from S$1.80 (Prev HOLD) S$1.64)

1) 2) 3) 4)

Singapore Airlines

BUY

S$12.80

1) 1Q16 net profit improved 162% y-o-y to S$91m, but with significant contribution from one-off income from equipment transactions 2) Yields were weaker y-o-y and could continue to be under pressure; hedging losses still substantial 3) Earnings over the next few quarters to improve from lower fuel costs and lower hedging losses 4) Maintain BUY, TP S$12.80

Singapore Exchange HOLD

S$7.80

1) 4Q/FYJun15 earnings were in line; derivatives continued to drive growth; securities market lagged; 16 Scts final DPS declared (full year DPS at 28 Scts) 2) Base DPS raised to 5 Scts per quarter (from 4 Scts) in FY16; dividend policy revised to a minimum of 80% or 20 Scts (from 16 Scts), whichever is higher 3) Securities market remains challenging until further structural enhancements materialise; derivatives will remain the key driver 4) Maintain HOLD, TP S$7.80

iFAST Corporation

BUY

S$1.75 (Prev S$1.73)

1) 2) 3) 4)

HongKong Land

BUY

US$9.32

1) 1H15 underlying earnings, excluding provision writeback, were broadly in line with our estimate 2) Benefitting from tight vacancy and limited new supply in Central’s office market 3) BUY with US$9.32 TP

Global Logistic Properties Wilmar International

BUY

S$3.17

A LEADER IN ITS FIELD

BUY

S$4.05

STEADYING THE SHIP

2Q15 DPU of 2.73 Scts (+5% y-o-y) in line Tailwind from healthy tenant sales and FX Offers high DPU growth amid slowing Singapore focused REITs Upgrade to BUY, TP raised to S$1.80

1H15 net profit up 35% y-o-y, slightly above expectations Singapore and Hong Kong operations continue to grow; Malaysian operations recorded maiden profits FY15F earnings raised by 10% on higher net recurring revenues to AUA Maintain BUY, TP tweaked marginally to S$1.75

Source: DBS Bank

Page 5

Singapore Traders Spectrum Wired Weekly Shanghai Composite Index 5,500

Hang Seng Index 29,000

Shanghai Comp Index

10,100

Hang Seng Index

28,000

4,900

26,000

3,700

25,000

3,100

24,000

9,300 8,900

23,000

2,500

8,500

22,000 Oct-14

12 mth: 1 mth:

Jan-15

Apr-15

Jul-15

69. 9%

YT D:

14. 6%

-13. 4%

1 Wk:

-10. 1%

21,000 Jul-14 12 mth: 1 mth:

Nikkei Index

Oct-14

Jan-15

Apr-15

Jul-15

8,100 Jul-14

Nikkei 225 Index

20,000

3. 8%

12 mth:

-8. 4%

YT D:

-7. 0%

-3. 5%

1 mth:

-7. 2%

1 Wk:

-1. 6%

NASDAQ Index 5,400

Dow Jones

18,500

5,200 5,000

17,500

4,800

17,000

17,000

4,600

16,500

4,400

14,000

16,000

4,200

13,000 Jul-14

15,500 Jul-14

15,000

12 mth: 1 mth:

Oct-14

Jan-15

Apr-15

31. 2% 1. 4%

Jul-15

YT D:

17. 6%

1 Wk:

-0. 8%

12 mth: 1 mth:

USD/SGD 1.42 1.40 1.38 1.36 1.34 1.32 1.30 1.28 1.26 1.24 1.22 Jul-14 12 mth: 1 mth:

Oct-14

Jan-15

Apr-15

10. 5% 2. 1%

Jul-15

YT D:

3. 7%

1 Wk:

0. 5%

4,000 Jul-14

6.15 6.10

Oct-14

Jan-15

Apr-15

Jul-15

0. 6%

YT D:

0. 1%

0. 1%

1 Wk:

0. 0%

Source: Datastream, DBS Bank

Jul-15

-0. 4%

12 mth:

14. 9%

YT D:

8. 3%

0. 1%

1 mth:

2. 8%

1 Wk:

-0. 3%

Euro/USD 1.40

usd/JPY

1.35

120

1.30

Euro/USD

1.25 1.20 1.15

105

1.10

100

1.05

95 Jul-14 12 mth:

Oct-14 20. 8%

1 mth:

1. 3%

Jan-15

Apr-15

Jul-15

1.00 Jul-14

Apr-15

Jul-15

3. 7%

12 mth:

-18. 3%

YT D:

-9. 7%

0. 2%

1 mth:

-2. 0%

1 Wk:

-0. 5%

AUD/SGD 1.20

sgd/RMB

4.80

1.10

4.70

1.05

4.60

1.00

4.50

0.95 Oct-14

Jan-15

YT D:

1.15

4.40 Jul-14

Oct-14

1 Wk:

4.90

1 mth:

Apr-15

YT D:

125

12 mth:

Jan-15

1 Wk:

5.00

usd/RMB

Oct-14

0. 7%

SGD/RMB

6.20

Page 6

Jul-15

110

6.25

1 mth:

Apr-15

115

6.30

12 mth:

Jan-15

Nasdaq

5. 1%

130

USD/RMB

6.05 Jul-14

Oct-14

USD/JPY usd/SGD

Jul-15

YT D:

18,000

16,000

Apr-15

1 Wk:

18,000

19,000

Jan-15

-0. 9%

19,000

21,000

Oct-14

-6. 7%

Dow Jones Industrials

22,000

Taiwan Index

9,700

27,000

4,300

1,900 Jul-14

Taiwan Index

Jan-15

Apr-15

Jul-15

0.90 Jul-14

A$/SGD

Oct-14

Jan-15

Apr-15

Jul-15

-8. 9%

YT D:

-3. 8%

12 mth:

-14. 0%

YT D:

-7. 5%

-1. 9%

1 Wk:

-0. 5%

1 mth:

-3. 0%

1 Wk:

-0. 6%

Singapore Traders Spectrum Wired Weekly Baltic Dry Index 1,600

Volatility Index 28

Baltic Dry Index

1,400

Fed Funds Rate 0.30

Volatility Index

24

1,200

0.20

20

1,000

0.15 16

800

12 mth: 1 mth:

Oct-14

Jan-15

Apr-15

Jul-15

45. 9%

YT D:

40. 7%

37. 5%

1 Wk:

-0. 2%

Brent Crude Oil US$/barrel 120

90 80 70 60 50

1 mth:

Oct-14

Jan-15

Apr-15

Jul-15

-49. 2%

YT D:

-3. 7%

-12. 1%

1 Wk:

-4. 5%

Aluminium

Apr-15

Jul-15

36

650

34

600

32

550

30

12 mth: 1 mth:

Oct-14 -24. 7% -6. 4%

23,000 21,000

1,900

19,000

1,800

17,000

1,700

15,000

1,600 Jul-14

13,000 Jul-14

Oct-14

Jan-15

Apr-15

-14. 2% -3. 8%

Jul-15

YT D:

-5. 9%

1 Wk:

0. 0%

Copper

12 mth:

Jan-15 YT D: 1 Wk:

Apr-15

Jul-15

-15. 9% -3. 4%

5,000 Jul-14

Oct-14

Jan-15

-28. 8%

YT D:

16. 9%

1 Wk:

Apr-15

Jul-15

-16. 3% 8. 6%

12 mth: 1 mth:

Jan-15

Apr-15

-26. 6% -8. 7%

YT D: 1 Wk:

Jul-15 -17. 5% 0. 0%

12 mth: 1 mth:

-18. 6%

YT D:

-6. 2%

1 mth:

-10. 0%

1 Wk:

-2. 3%

Steel (rebar)

1,800 Jul-14

Oct-14

Jan-15

Apr-15

Jul-15

12 mth:

-37. 0%

YT D:

-21. 4%

1 mth:

-5. 4%

1 Wk:

2. 1%

Gold US$/Ounce 1,350

Nickel

Gold

1,300 1,250 1,200 1,150 1,100

12,000 Oct-14

12 mth:

2,000

1 mth:

10,000 Jul-14

Jul-15

2,200

14,000

5,500

Apr-15

2,400

16,000 6,000

Jan-15

2,600

18,000

6,500

Oct-14

2,800

20,000

7,000

28 Jul-14

3,000

US$/MT 22,000

Copper

Jul-15

Soya Oil

RMB/MT 3,200

Tin

Nickel

US$/MT 7,500

Apr-15

Steel

25,000

2,000

Jan-15

US$/Ib 38

Palm Oil

500 Jul-14

Oct-14

Soya Oil

US$/MT

Aluminium

0.00 Jul-14

700

2,100

1 mth:

Jan-15

Tin

US$/MT 2,200

12 mth:

Oct-14

US$/ton 750

Brent Crude Oil

100

12 mth:

0.05

8 Jul-14

Palm Oil

110

40 Jul-14

0.10

12

600 400 Jul-14

Fed Funds Rate

0.25

1,050 Oct-14 -41. 9% -8. 0%

Jan-15 YT D: 1 Wk:

Apr-15 -27. 2% -3. 6%

Jul-15

1,000 Jul-14

Oct-14

Jan-15

Apr-15

Jul-15

12 mth:

-15. 4%

YT D:

-7. 7%

1 mth:

-6. 4%

1 Wk:

0. 2%

Source: Datastream, DBS Bank

Page 7

Singapore Traders Spectrum Wired Weekly

Straits Times Index S/No.

B'berg Code

St oc k Name

1 2 3 4

DBS SP OCBC SP ST SP UOB SP

DBS GROUP HOLDINGS LTD OV ERSEA-CHINESE BANKING CORP SINGAPORE TELECOMMUNICATIONS UNITED OV ERSEAS BANK LTD

5

J M SP

6

HKL SP

7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

KEP SP J S SP CAPL SP THBEV SP WIL SP GLP SP SPH SP SGX SP CD SP CIT SP GENS SP SIA SP CT SP STE SP AREIT SP HPHT SP J CNC SP SCI SP STH SP NOBL SP SMM SP GGR SP OLAM SP SIE SP

12,931 14,631 32,092 9,176

Rel ST I MTD (%)

Rel ST I QT D (%)

Rel ST I YTD (%)

Weight (%)

A c t ual M k t Cap (S$m)

5,662 7,633 22,674 3,397

1 5 1 (0)

1 5 1 (0)

3 3 10 (5)

13.0 11.7 10.8 9.6

50,641 41,685 65,209 35,571 51,222

SGD SGD SGD SGD

20.180 10.29 4.09 22.200

J ARDINE MATHESON HLDGS LTD

USD

54.260

452

708

(1)

(1)

(6)

6.6

HONGKONG LAND HOLDINGS LTD

USD

7.70

3,283

3,145

(3)

(3)

19

4.5

23,766

KEPPEL CORP LTD J ARDINE STRATEGIC HLDGS LTD CAPITALAND LTD THAI BEV ERAGE PCL WILMAR INTERNATIONAL LTD GLOBAL LOGISTICS SINGAPORE PRESS HOLDINGS LTD SINGAPORE EXCHANGE LTD COMF ORTDELGRO CORP LTD CITY DEV ELOPMENTS LTD GENTING SINGAPORE PLC SINGAPORE AIRLINES LTD CAPITAMALL TRUST SINGAPORE TECHNOLOGIES ENG A-REIT HUTCHISON PORT HOLDINGS TRUST J ARDINE CYCLE & CARRIAGE LTD SEMBCORP INDUSTRIES LTD STARHUB LTD NOBLE GROUP LTD SEMBCORP MARINE LTD GOLDEN AGRI-RESOURCES LTD OLAM INTERNATIONAL LTD SIA ENGINEERING CO LTD

SGD USD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD

7.50 30.08 3.22 0.76 3.20 2.30 4.18 7.97 3.010 9.33 0.88 10.74 2.00 3.28 2.42 0.60 29.55 3.57 3.83 0.46 2.61 0.32 1.84 3.61

14,684 318 18,803 22,758 9,848 99,782 5,846 4,423 7,089 1,237 26,865 4,438 23,552 3,323 17,213 49,590 573 7,069 5,554 302,227 3,951 45,427 566 387

8,559 166 11,530 19,102 6,590 35,990 4,132 4,935 6,042 883 17,014 2,243 11,958 1,792 9,581 32,208 323 3,966 2,858 112,563 2,192 48,327 494 648

(5) 3 (5) 2 1 (6) 6 5 (0) (1) 2 4 (4) 3 2 (1) (7) (5) 0 (37) (5) (20) 1 (3)

(5) 3 (5) 2 1 (6) 6 5 (0) (1) 2 4 (4) 3 2 (1) (7) (5) 0 (37) (5) (20) 1 (3)

(10) (7) 2 14 4 (2) 4 7 21 (4) (14) (3) 3 3 7 (8) (24) (15) (3) (55) (15) (27) (4) (10)

3.9 3.4 3.0 2.7 2.4 2.4 2.4 2.4 2.2 2.0 1.9 1.9 1.9 1.8 1.7 1.5 1.2 1.1 0.8 0.8 0.8 0.7 0.3 0.3

13,630 46,250 13,742 18,958 20,465 11,142 6,684 8,529 6,465 8,484 10,602 12,582 6,927 10,201 5,827 5,227 11,679 6,369 6,618 2,979 5,452 4,044 4,491 4,055

Source: Bloomberg Finance L.P.

Page 8

Crncy

L ast Day A v g V ol f or L ast Pric e V ol t he Week 31- J ul- 15 (000 Shrs) (000 Shrs)

Singapore Traders Spectrum Wired Weekly At A Glance Currencies

Announced Dividends and Capital Issues L ast Close

SG$/US$ Yen/US$ US$/Euro AUS$/US$ Pound/US$

    

Pt s c hg

% Chg 1 wk

1.37

0.0

0.1

124.04

0.2

0.2

0.91

0.0

0.1

1.37

(0.0)

(0.3)

1.56

0.0

0.8

L ast Close

Pt s c hg 1w k

% Chg 1 wk

Other Important Indicators

Gold



1093.11

(5.9)

(0.5)

Crude Oil



47.12

(0.9)

(1.8)

US$ Yield 10-y ear



2.18

(0.1)

(3.6)

Important Dates (Singapore) Eve nt Purchasing Managers Index Electronic Exports YoY Nikkei Singapore PMI Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E Foreign Reserves Retail Sales SA MoM Retail Sales YoY Retail Sales Ex Auto YoY Non-oil Domestic Exports SA MoM Non-oil Domestic Exports YoY Electronic Exports YoY GDP YoY GDP SAAR QoQ Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI NSA MoM CPI YoY CPI Core YoY Industrial Production SA MoM Industrial Production YoY Money Supply M1 YoY Money Supply M2 YoY Bank Loans and Advances YoY Credit Card Billings Credit Card Bad Debts Purchasing Managers Index Electronic Exports YoY Market Whole Economy PMI Foreign Reserves Manpower Survey Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E Retail Sales SA MoM Retail Sales YoY Retail Sales Ex Auto YoY

Pe riod Jul Jul Jul Aug Aug Jul Jul Jul Jul Jul Jul Jul Jul 2Q F 2Q F Aug Aug Aug Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Aug Aug Aug Aug 4Q Sep Sep Sep Jul Jul Jul

Da te 3-Aug-15 3-Aug-15 5-Aug-15 5-Aug-15 5-Aug-15 5-Aug-15 6-Aug-15 14-Aug-15 14-Aug-15 14-Aug-15 17-Aug-15 17-Aug-15 17-Aug-15 17-Aug-15 17-Aug-15 19-Aug-15 19-Aug-15 19-Aug-15 24-Aug-15 24-Aug-15 24-Aug-15 26-Aug-15 26-Aug-15 31-Aug-15 31-Aug-15 31-Aug-15 31-Aug-15 31-Aug-15 2-Sep-15 2-Sep-15 3-Sep-15 7-Sep-15 8-Sep-15 9-Sep-15 9-Sep-15 9-Sep-15 15-Sep-15 15-Sep-15 15-Sep-15

Company COURTS ASIA LIMITED GLOBAL LOGISTIC PROP LIMITED KEPPEL INF RA TRUST WEF 2015 PARKWAYLIF E REIT PARKWAYLIF E REIT PARKWAYLIF E REIT PNE INDUSTRIES LTD QIAN HU CORPORATION LIMITED SINGAPORE AIRLINES LTD YONGMAO HOLDINGS LIMITED YONGMAO HOLDINGS LIMITED AIMS AMP CAP INDUSTRIAL REIT AIMS AMP CAP INDUSTRIAL REIT AIMS AMP CAP INDUSTRIAL REIT BOUSTEAD SINGAPORE LIMITED CAPITALAND RETAIL CHINA TRUST CAPITALAND RETAIL CHINA TRUST CDL HOSPITALITY TRUSTS CDL HOSPITALITY TRUSTS IFAST CORPORATION LTD. KING WAN CORPORATION LIMITED SHENG SIONG GROUP LTD CORTINA HOLDINGS LIMITED CORTINA HOLDINGS LIMITED MTQ CORPORATION LIMITED SINGAPORE SHIPPING CORP LTD STAMFORD LAND CORPORATION LTD STAMFORD LAND CORPORATION LTD UNITED ENV IROTECH LTD FISCHER TECH LTD FISCHER TECH LTD HIAP SENG ENGINEERING LTD MYP LTD. OLD CHANG KEE LTD. CHINA F LEXIBLE PACK HLDG LTD FORTUNE REAL ESTATE INV TRUST SINGAPORE POST LIMITED KSH HOLDINGS LIMITED WILLAS-ARRAY ELEC (HLDGS) LTD UNITED OV ERSEAS INSURANCE LTD GP INDUSTRIES LIMITED TAT HONG HOLDINGS LTD POWERMATIC DATA SYSTEMS LTD RAFFLES MEDICAL GROUP LTD GP BATTERIES INT LTD GREAT EASTERN HLDGS LTD TRANSIT-MIXED CONCRETE LTD XMH HOLDINGS LTD. FIRST SPONSOR GROUP LIMITED OSIM INTERNATIONAL LTD FALCON ENERGY GROUP LIMITED

T y pe DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND ENTITL. ENTITL. DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND ENTITL. DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND ENTITL. DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND

Part iculars SGD 0.0129 ONE-TIER TAX SGD 0.055 ONE-TIER TAX 290515 - 300615 SGD 0.0025 TAX EXEMPT 010415 - 300615 SGD 0.0035 TAX EXEMPT 010415 - 300615 SGD 0.0076 010415 - 300615 SGD 0.0224 LESS TAX SHARE CONSOL OFF ER OF 1 FOR 4 SHARE CONSO OFF ER OF 1 F OR 4 SGD 0.17 ONE-TIER TAX SGD 0.002 ONE-TIER TAX SGD 0.006 ONE-TIER TAX DRP SGD 0.00075 TAX EXEMPT DRP SGD 0.00135 DRP SGD 0.0254 LESS TAX SGD 0.02 ONE-TIER TAX DRP SGD 0.0083 TAX EXEMPT DRP SGD 0.0454 010115 - 300615 SGD 0.0088 TAX EXEMPT 010115 - 300615 SGD 0.0381 LESS TAX SGD 0.0068 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.0175 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.004 ONE-TIER TAX SGD 0.006 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.001 ONE-TIER TAX SGD 0.015 ONE-TIER TAX SHARE CONSO OFF ER OF 1 F OR 100 010115 - 300615 HKD 0.2338 TAX EXEMPT SGD 0.015 ONE-TIER TAX SGD 0.015 ONE-TIER TAX HKD 0.06347 SGD 0.03 ONE-TIER TAX SGD 0.018 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SHARE CONSOL OFF ER OF 1 FOR 5 SGD 0.015 ONE-TIER TAX SGD 0.025 ONE-TIER TAX SGD 0.1 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.008 ONE-TIER TAX SGD 0.007 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.01 ONE-TIER TAX

Ex Dat e 3-Aug-15 3-Aug-15 3-Aug-15 3-Aug-15 3-Aug-15 3-Aug-15 3-Aug-15 3-Aug-15 3-Aug-15 3-Aug-15 3-Aug-15 4-Aug-15 4-Aug-15 4-Aug-15 4-Aug-15 4-Aug-15 4-Aug-15 4-Aug-15 4-Aug-15 4-Aug-15 4-Aug-15 4-Aug-15 5-Aug-15 5-Aug-15 5-Aug-15 5-Aug-15 5-Aug-15 5-Aug-15 5-Aug-15 6-Aug-15 6-Aug-15 6-Aug-15 6-Aug-15 6-Aug-15 11-Aug-15 11-Aug-15 11-Aug-15 12-Aug-15 12-Aug-15 13-Aug-15 14-Aug-15 14-Aug-15 17-Aug-15 17-Aug-15 18-Aug-15 18-Aug-15 20-Aug-15 10-Sep-15 23-Sep-15 28-Sep-15 30-Sep-15

Paid/ Pay able 19-Aug-15 20-Aug-15 21-Aug-15 28-Aug-15 28-Aug-15 28-Aug-15

19-Aug-15 24-Aug-15 24-Aug-15 23-Sep-15 23-Sep-15 23-Sep-15 20-Aug-15 22-Sep-15 22-Sep-15 28-Aug-15 28-Aug-15 20-Aug-15 18-Aug-15 25-Aug-15 19-Aug-15 19-Aug-15 21-Aug-15 21-Aug-15 21-Aug-15 21-Aug-15 1-Sep-15 20-Aug-15 20-Aug-15 28-Aug-15 25-Aug-15 27-Aug-15 28-Aug-15 27-Aug-15 21-Aug-15 26-Aug-15 25-Aug-15 26-Aug-15 27-Aug-15 31-Aug-15 2-Sep-15 2-Sep-15 10-Sep-15 25-Sep-15 13-Oct-15 7-Oct-15 23-Oct-15

Upcoming IPOs Company CMC Infocomm Limited

T ot al Shares (m)

Price Range (S$)

Tra d i n g Da te

24.00

$0.25

13-Aug-15

Recent IPO Trading Company Name LHN Ltd GCCP Resources Ltd Singapore O&G Ltd iX Biopharma Ltd NauticAWT Ltd Choo Chiang Holdings Ltd

IPO Share Pric e 0.23 0.23 0.25 0.46 0.20 0.35

L ast Close 0.177 0.117 0.775 0.415 0.265 0.360

ICB Sec t or Name Real Estate Inv estment & Serv ices Basic Materials Basic Materials Basic Materials Basic Materials Basic Materials

IPO Dat e 13/04/2015 30/04/2015 04/06/2015 22/07/2015 23/07/2015 29/07/2015

No. of Share 362 1,193 218 590 189 208

IPO M k t Cap 83 274 55 271 38 73

Surce: Bloomberg Finance L.P.

Page 9

Singapore Traders Spectrum Wired Weekly

August 2015 Mon 3

Tues 4

Wed 5

Thu 6

Biosensors 1Q 16 CWT Ltd 2Q 15 OKP Holdings 2Q 15

APTT 2Q 15 First Ship Lease Trust 2Q 15 Kulicke & Soffa 3Q 15 Perennial Real Estate 4Q 15 Sembcorp Ind 2Q 15

Best World 2Q 15 BreadTalk 2Q 15 CapitaLand 2Q 15 Frasers Centrepoint 3Q 15 Lippo Malls 2Q 15 Rowsley 2Q 15 StarHub 2Q 15 Wilmar International 2Q 15

Ascendas Hospitality 1Q 16 Far East Hospitality 2Q 15 Fragrance Group 2Q 15 Hi-P International 2Q 15 Hong Leong Finance 2Q 15 Religare Health Trust 1Q 16

Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E Nikkei Singapore PMI

Electronic Exports YoY Purchasing Managers Index

10

11 China Sunsine 2Q 15 China Yuchai 2Q 15 CNMC Goldmine 2Q 15 Mewah 2Q 15 Super Group 2Q 15 Vicom 2Q 15

12 Amara Holdings 2Q 15 Hotel Royal 2Q 15 IFS Capital 2Q 15 Rickmers Maritime 2Q 15 SBS Transit 2Q 15

Fri 7

Foreign Reserves

13 City Developments 2Q 15 ComfortDelGro 2Q 15 First Resources 2Q 15 HTL International 2Q 15 IREIT Global 2Q 15 ST Engineering 2Q 15

14 AP Oil 2Q 15 Olam International 2Q 15 Straco Corp 2Q 15

Retail Sales SA MoM Retail Sales YoY Retail Sales Ex Auto YoY

17

18

Electronic Exports YoY GDP SAAR QoQ GDP YoY Non-oil Domestic Exports SA MoM Non-oil Domestic Exports YoY

24

20

21

27

28

Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E

25 Capital Drilling 2Q 15

CPI NSA MoM CPI YoY CPI Core YoY

31 Mortice 4Q 15

Bank Loans and Advances YoY Credit Card Bad Debts Credit Card Billings Money Supply M1 YoY Money Supply M2 YoY

Source: Bloomberg Finance L.P.

Page 10

19

26 Cape Plc 2Q 15

Industrial Production SA MoM Industrial Production YoY

ASL Marine 4Q 15 Axis Offshore 2Q 15 REC Solar 2Q 15

BW LPG 2Q 15 IGG Inc 2Q 15

Singapore Traders Spectrum Wired Weekly

DBS Bank Ltd 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 Traders Spectrum’s product is oriented towards readers with either a short-term trading horizon. It aims to highlight topical themes, which may move stock prices on a daily basis. Readers should be aware that “TS Take” relies more on assessments of technical factors, likely sentiment responses and short term money flows, rather than on fundamental analysis. As such the “TS Take” may from time to time conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by DBS Bank Ltd analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on on an ongoing basis. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd and DBS Vickers Securities (Singapore) Pte Ltd, its respective connected and associated corporations and affiliates (collectively, the “DBS Vickers Group”) only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of the date the report is published, 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). COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Bank Ltd., DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), their subsidiaries and/or other affiliates do not have a proprietary position in the securities recommended in this report as of 30 Jun 2015 except CapitaLand, CapitaLand Retail China Trust, CDL Hospitality Trusts, City Development, ComfortDelgro, Global Logistic Properties, Hong Kong Land, Keppel Corporation, M1, Mapletree Greater China Commercial Trust, Neptune Orient Lines, OCBC, Parkway Life Real Estate Investment Trust, Sembcorp Industries, Sembcorp Marine, SIA Engineering, Singapore Airlines, Singapore Exchange, SMRT, ST Engineering, Starhill Global REIT, StarHub, UOL Group, Wilmar International.

Page 11

Singapore Traders Spectrum Wired Weekly 2.

DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates beneficially own a total of 1% of any class of common equity securities of CapitaLand, Mapletree Greater China Commercial Trust, Starhill Global REIT as of 30 Jun 2015.

3.

Compensation for investment banking services: DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates have received compensation, within the past 12 months, and within the next 3 months may receive or intends to seek compensation for investment banking services from iFAST Corp Ltd, Japfa Ltd, Keppel Corporation. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

RESTRICTIONS ON DISTRIBUTION General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Australia

This report is being distributed in Australia by DBS Bank Ltd. (“DBS”) or DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), both of which are exempted from the requirement to hold an Australian Financial Services Licence under the Corporation Act 2001 (“CA”) in respect of financial services provided to the recipients. Both DBS and DBSVS are regulated by the Monetary Authority of Singapore under the laws of Singapore, which differ from Australian laws. Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.

Hong Kong

This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the Hong Kong Securities and Futures Commission.

Indonesia

This report is being distributed in Indonesia by PT DBS Vickers Securities Indonesia.

Malaysia

This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR"). Recipients of this report, received from ADBSR are to contact the undersigned at 603-2604 3333 in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies.

Singapore

Wong Ming Tek, Executive Director, ADBSR This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No. 198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6327 2288 for matters arising from, or in connection with the report.

Thailand

This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd. Research reports distributed are only intended for institutional clients only and no other person may act upon it.

United Kingdom

This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Conduct Authority. Research distributed in the UK is intended only for institutional clients.

Dubai

This research report is being distributed in The Dubai International Financial Centre (“DIFC”) by DBS Bank Ltd., (DIFC Branch) rd having its office at PO Box 506538, 3 Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it. Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person except in compliance with any applicable U.S. laws and regulations. It is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate.

United States

Other jurisdictions

In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Bank Ltd. 12 Marina Boulevard, Marina Bay Financial Centre Tower 3 Singapore 018982 Tel. 65-6878 8888, Company Regn. No. 196800306E

Page 12