Singapore Company Focus

Genting Singapore Refer to important disclosures at the end of this report

Bloomberg: GENS SP | Reuters: GENS.SI

DBS Group Research . Equity

15 May 2015

HOLD S$1.015 STI : 3,455.78

Still facing headwinds

Price Target : 12-Month S$ 0.96 (Prev S$ 1.00) Reason for Report : 1Q15 Results, earnings/TP revisons Potential Catalyst: Recovery in VIP market/opening of Japanese market Where we differ: Below consensus on lower sales Analyst Mervin SONG CFA +65 6682 3715 [email protected]

Price Relative S$

Relative Index 216

2.2

196

2.0

176

1.8

156

1.6

136

1.4

116 96

1.2

76

1.0

56

0.8 May-11

May-12

May-13

Genting Singapore (LHS)

Forecasts and Valuation FY Dec (S$ m) Revenue EBITDA Pre-tax Profit Net Profit Net Pft (Pre Ex.) EPS (S cts) EPS Pre Ex. (S cts) EPS Gth (%) EPS Gth Pre Ex (%) Diluted EPS (S cts) Net DPS (S cts) BV Per Share (S cts) PE (X) PE Pre Ex. (X) P/Cash Flow (X) EV/EBITDA (X) Net Div Yield (%) P/Book Value (X) Net Debt/Equity (X) ROAE (%) Earnings Rev (%): Consensus EPS (S cts): Other Broker Recs:

May-14

36 May-15

Relative STI INDEX (RHS)

2014A 2,862 1,158 805 517 517 4.2 4.2 (12) (12) 4.3 1.0 61.1 24.1 24.1 13.0 9.9 1.0 1.7 CASH 7.0

2015F 2,922 1,133 713 474 474 3.9 3.9 (8) (8) 3.9 1.0 64.0 26.0 26.0 12.2 9.6 1.0 1.6 CASH 6.3

2016F 3,052 1,201 792 540 540 4.4 4.4 14 14 4.5 1.0 67.5 22.8 22.8 13.0 8.6 1.0 1.5 CASH 6.8

2017F 3,182 1,256 859 595 595 4.9 4.9 10 10 4.9 1.0 71.4 20.7 20.7 12.3 7.8 1.0 1.4 CASH 7.1

(13) 4.5 B: 9

(8) 5.2 S: 3

(8) 5.4 H: 10

ICB Industry : Consumer Services ICB Sector: Travel & Leisure Principal Business: Genting Singapore Plc (GENS) operates Resorts World Singapore which is one of the largest fully integrated resorts in South East Asia.

Source of all data: Company, DBS Bank, Bloomberg Finance L.P

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



Another weak quarter with 1Q15 net profit down 73% y-o-y to S$62.7m



VIP segment continues to underperform with rolling chip volumes down c.50% y-o-y



Outlook for VIP market remains challenging; FY1517F earnings cut by 8-13%



Maintain HOLD, TP lowered to S$0.96

1Q15 results below. On the back of 22% y-o-y decline in 1Q15 Marina Bay Sands’ VIP rolling chip volumes, we had expected Genting Singapore (GENS) to report a weak set of results. However, contrary to our expectations of a 25% y-o-y decline, Genting Singapore registered a c.50% drop in VIP volumes which was further compounded by a low win rate of 2.5%, below the 2.85% theoretical win rate. This resulted in adj. EBITDA and net profit falling 43% and 73% to S$228.1m and S$62.7m respectively. The drop in the VIP business was due to a decline in the number of visits from players outside South East Asia as well as lower amounts gambled per visit. The mass/slot segments on the other hand, reported a more modest 8% drop in gross gaming revenues. Although provisions for bad debts sequentially fell (S$76m versus S$82m in 4Q14), it remains elevated, with collections still a challenge. Challenging outlook to persist. Due to the uncertain macro climate on the back of a slowing Chinese economy and anticorruption crackdown, GENS guided that there are no imminent signs of a turnaround in its VIP business and it is adopting a more cautious approach in granting credit. To better reflect this and the weak 1Q15 results, we now assume a 15% drop in VIP rolling chip in FY15 versus 5% decline previously. This results in 8-13% cuts in FY15-17F earnings and a reduction in DCF-based TP to S$0.96 from S$1.00. Maintain HOLD. While we positive on the ability of GENS to execute on its upcoming Jeju project and the prospects of Japan legalising casinos in the medium term, we maintain our HOLD call due to expectations of a decline in FY15 earnings. At A Glance Issued Capital (m shrs) Mkt. Cap (S$m/US$m) Major Shareholders Genting Bhd (%) RWL (%) GHL (%) Free Float (%) Avg. Daily Vol.(‘000)

12,085 12,266 / 9,259 52.6 8.0 6.0 47.4 22,898

Company Focus Genting Singapore

INVESTMENT THESIS Profile Genting Singapore Plc (GENS) operates Resorts World Singapore which is one of the largest fully integrated resorts in South East Asia. The company is also in the process of developing an integrated resort in Jeju, South Korea in partnership with Landing International Development Limited.

Rationale Limited near term re-rating catalysts  With a slowing VIP market due to anti corruption crackdown in China, GENS scaling back its VIP business in light of heightened credit risks and increased competition in the mass market space, we see limited catalysts for the stock near term. In addition, with recent press reports indicating that the Chinese government may clamp down on its citizens visiting overseas casinos and no clear visibility when the VIP business will return to its prior high growth rates, GENS is unlikely to revert back to trade at its historical earnings multiples in the near term.   Strong balance sheet  While the near term outlook is challenging, GENS remains in a strong financial position with net cash. Thus, it is well positioned to take advantage of new casino markets or to conduct capital management initiatives. Should GENS reactivate its buyback programme, this should temper any potential near term weakness in the share price post a weaker than expected 1Q15 results.   Front-runner to win Japan IR licence  Given GENS’ strong track record in developing integrated resorts, we believe GENS is well positioned to potentially win a casino license in Japan if it is legalised. GENS remains hopeful of the casino bill being passed sometime this year.  

Valuation We have reduced our DCF-based target price to S$0.96 from S$1.00 after lower our earnings estimates. With a weak near term outlook, we maintain our HOLD recommendation. Note our valuation does not include the proposed Jeju integrated resort, given limited details on the project and the JV having yet to obtain the all the necessary regulatory approvals.

Risks Stronger SGD  A strong SGD versus regional currencies such as CNY, IDR and MYR may deter tourists to Singapore and in turn impact visitors to GENS’ theme parks and casino. Slower Chinese economic growth and anti corruption drive  A large proportion of the GENS’ VIP customers originate from China. A slowdown in economic growth in China as well as the anti corruption drive by the Chinese government has led to a slowdown in VIP volumes. Should this continue, there could be further downside risk to our earnings estimates.   GENS extends credit to its VIP customers. In the event, it is unable to recover its receivables, GENS may face higher bad debts.  GENS extends credit to its VIP customers. In the event, it is unable to recover its receivables, GENS may face higher levels of bad debts.  

Source: DBS Bank

Page 2

Company Focus Genting Singapore



1Q15 results briefing highlights  The main drag for the c.50% y-o-y fall in VIP rolling chip volumes was a reduction in the number of players and the frequency of visits from players outside South East Asia. In addition, the average spend of players gambling at GENS’ property was down y-o-y.  Collection of receivables remains challenging. Thus, to better manage its credit risks and collections, GENS has made some changes to its commission structure.  The Jeju authorities have recently passed the casino ordinance. This is another step towards GENS obtaining a license for the integrated resort it is developing with Landing International in Jeju, Korea. GENS is also currently in the process of negotiating with the authorities for the total number of tables for the proposed casino. The final agreement will likely only be known sometime next year.



Dip in bad debt provisions in 1Q15 but it remains elevated

GENS underperforms MBS in 1Q15 y-o-y change in VIP rolling chip volumes 80% 60% 40% 20% 0% 1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

-20% -40%

Spike in impairment loss on receivables in 4Q14 but some improvement in 1Q15

90 80 70 60 50 40 30 20 10 0 1Q11

MBS

-60%

The Japanese authorities have tabled legislation to legalise casinos in Japan. GENS remains optimistic the legislation will be passed sometime this year. The new Jurong Hotel recently held its soft opening. Only 144 rooms out of the 557 rooms are available at the moment. However, more rooms will become available as the hotel approaches its scheduled full opening date sometime in June. GENS guided that forward bookings for the hotel are encouraging with all the rooms set aside for GENS’s reward members fully booked. The hotel is also providing 24 hour shuttle buses to Resorts World Sentosa. It is still early days but GENS remains positive on the ability of its new hotel to drive visitors to its property on Sentosa.

3Q11

GENS

1Q12

3Q12

1Q13

3Q13

Impairment loss on receivables

First time in 6 quarters, GENS’ VIP rolling chip market share drops below 50%

9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 1Q14

3Q14

1Q15

% of trade receivables

Run of “bad luck” in VIP continues, although up from depressed levels in 3Q-4Q14

100% 90%

3.5%

80% 70%

3.0%

60% 50%

2.5%

40% 30%

2.0%

20% 10% 0% 1Q13

2Q13

3Q13

4Q13 GENS

1Q14 MBS

Source: Company, DBS Bank estimates

Page 3

2Q14

3Q14

4Q14

1.5% 1Q12

3Q12

VIP win rate

1Q13

3Q13

Lower bound - 2.7%

1Q14

3Q14

1Q15

Upper bound - 3.0%

Company Focus Genting Singapore

Forward P/BV

-1sd: 25.7x

24.0 -2sd: 21.9x

22.0

2.0

Jan-15

Jul-14

Jan-14

Jul-13

Jan-13

Jul-12

Jan-12

Jan-11

Jul-11

1.0

20.0

Source: Bloomberg Finance L.P., DBS Bank

-1sd: 1.8x

1.5

-2sd: 1.1x

Jan-15

26.0

Avg: 2.5x

2.5

Jul-14

Avg: 29.4x

28.0

+1sd: 3.2x

3.0

Jan-14

30.0

3.5

Jul-13

+1sd: 33.1x

32.0

+2sd: 3.9x

4.0

Jan-13

34.0

Jul-12

+2sd: 36.8x

36.0

(x) 4.5

Jan-12

38.0

Jul-11

(x)

Jan-11

Forward PE

Source: Bloomberg Finance L.P., DBS Bank

Forward EV/EBITDA (x) 19.0 +2sd: 17.6x

17.0

+1sd: 15.5x

15.0

Avg: 13.4x

13.0

-1sd: 11.3x

11.0

-2sd: 9.2x Jan-2015

Jul-2014

Jan-2014

Jul-2013

Jan-2013

Jul-2012

Jan-2012

Jul-2011

7.0

Jan-2011

9.0

Source: Bloomberg Finance L.P., DBS Bank

Gaming peer comp Company

FYE

Curncy

Price

Rec

Target Price

Mkt Cap US$m

FY14/ 15F

FY15/ 16F

FY16/ 17F

FY14/ 15F

FY15/ 16F

FY16/ 17F

Macau Galaxy Ent Sands China SJM Holdings Wynn Macau MGM China Melco Crown

Dec Dec Jan Feb Mar Apr

HKD HKD HKD HKD HKD USD

36.55 31.95 10.26 15.06 14.84 19.01

NR NR NR NR NR NR

N/A N/A N/A N/A N/A N/A

20,065 33,258 7,487 10,095 7,275 10,335

19.5 13.0 13.7 18.7 9.9 15.2

17.8 19.0 15.4 17.0 15.0 31.2

17.1 18.5 20.4 13.0 15.6 22.8

13.4 10.7 7.8 15.8 8.6 12.2

12.0 14.6 9.7 13.1 13.7 10.9

11.1 14.0 12.1 9.4 14.0 8.0

Singapore Genting Singapore*

Dec

SGD

1.02

Hold

0.96

9,429

24.1

26.0

22.8

9.9

9.6

8.6

* DBS Bank estimates , the rest based on consensus estimates Source: Bloomberg Finance L.P., DBS Bank

Page 4

PE

EV/EBITDA

Company Focus Genting Singapore

Income Statement (S$ m) FY Dec Revenue Cost of Goods Sold Gross Profit Other Opng (Exp)/Inc Operating Profit Other Non Opg (Exp)/Inc Associates & JV Inc Net Interest (Exp)/Inc Exceptional Gain/(Loss) Pre-tax Profit Tax Minority Interest Preference Dividend Net Profit Net Profit before Except. EBITDA Growth Revenue Gth (%) EBITDA Gth (%) Opg Profit Gth (%) Net Profit Gth (%) Margins & Ratio Gross Margins (%) Opg Profit Margin (%) Net Profit Margin (%) ROAE (%) ROA (%) ROCE (%) Div Payout Ratio (%) Net Interest Cover (x)

Source: Company, DBS Bank

Page 5

2013A

2014A

2015F

2016F

2017F

2,847 (1,885) 962 (227) 736 88 37 (15) 0 846 (138) (118) 0 589 589 1,158

2,862 (1,869) 994 (255) 739 47 11 8 0 805 (170) (118) 0 517 517 1,158

2,922 (1,887) 1,035 (321) 714 (31) 11 20 0 713 (121) (118) 0 474 474 1,133

3,052 (1,939) 1,113 (331) 782 (31) 11 31 0 792 (135) (118) 0 540 540 1,201

3,182 (2,005) 1,178 (341) 836 (31) 11 43 0 859 (146) (118) 0 595 595 1,256

(3.4) (14.9) (24.2) 1.1

0.5 0.0 0.4 (12.2)

2.1 (2.1) (3.3) (8.4)

4.4 6.0 9.5 13.9

4.3 4.5 7.0 10.2

33.8 25.8 20.7 8.4 4.5 5.1 20.7 48.3

34.7 25.8 18.1 7.0 4.0 4.9 23.4 NM

35.4 24.4 16.2 6.3 3.8 5.1 25.5 NM

36.5 25.6 17.7 6.8 4.3 5.7 22.4 NM

37.0 26.3 18.7 7.1 4.8 6.2 20.3 NM

Decline in FY15 earnings due to a 15% drop in VIP rolling chip volumes.

Margins Trend 27.0% 25.0% 23.0% 21.0% 19.0% 17.0% 15.0% 2013A

2014A

Operating Margin %

2015F

2016F

2017F

Net Income Margin %

Company Focus Genting Singapore

4Q2014

1Q2015

900

25%

800

20%

700

15%

600

10%

500

5%

(1.1) (25.1) (43.0) (8.4)

0.2 19.9 39.1 (29.7)

43.0 35.4 27.6

35.8 27.6 13.6

33.8 23.5 15.1

23.7 13.6 14.0

28.5 18.8 9.8

2013A

2014A

2015F

2016F

2017F

Net Fixed Assets Invts in Associates & JVs Other LT Assets Cash & ST Invts Inventory Debtors Other Current Assets Total Assets

6,095 37 744 4,895 56 1,116 131 13,074

5,809 133 425 5,011 54 1,101 139 12,672

5,710 144 405 4,921 58 1,131 139 12,508

5,511 155 384 4,834 60 1,265 139 12,348

5,312 165 364 4,877 62 1,406 139 12,326

ST Debt Creditor Other Current Liab LT Debt Other LT Liabilities Shareholder’s Equity Minority Interests Total Cap. & Liab.

522 758 166 1,703 277 9,647 0 13,074

519 596 428 1,185 242 9,703 0 12,672

519 643 428 637 242 10,039 0 12,508

519 661 428 39 242 10,459 0 12,348

1 684 428 39 242 10,933 0 12,326

379 2,670 133.0 189.3 13.7 0.2 4.3 4.2 CASH CASH 17.6 3.2

270 3,308 141.3 170.5 13.8 0.2 4.1 4.0 CASH CASH 11.5 3.6

257 3,766 139.4 154.1 13.8 0.2 3.9 3.8 CASH CASH 26.0 4.1

375 4,276 143.3 156.7 14.1 0.2 3.9 3.8 CASH CASH 35.9 5.0

497 4,838 153.2 154.8 14.0 0.3 5.8 5.7 CASH CASH 502.0 6.4

Balance Sheet (S$ m) FY Dec

Non-Cash Wkg. Capital Net Cash/(Debt) Debtors Turn (avg days) Creditors Turn (avg days) Inventory Turn (avg days) Asset Turnover (x) Current Ratio (x) Quick Ratio (x) Net Debt/Equity (X) Net Debt/Equity ex MI (X) Capex to Debt (%) Z-Score (X)

Source: Company, DBS Bank

Page 6

200

-10%

100

-15%

0

-20%

Revenue

1Q2015

(14.1) (19.1) (27.0) (4.8)

-5%

4Q2014

(9.4) (21.6) (29.2) (55.2)

0%

300

3Q2014

19.6 59.9 106.2 62.8

Growth Revenue Gth (%) EBITDA Gth (%) Opg Profit Gth (%) Net Profit Gth (%) Margins Gross Margins (%) Opg Profit Margins (%) Net Profit Margins (%)

400

2Q2014

639 (457) 182 (62) 120 (4) 1 2 0 120 (28) (29) 63 63 228

1Q2014

638 (487) 151 (65) 86 66 (2) 3 0 155 (36) (30) 89 89 190

4Q2013

645 (427) 218 (66) 152 9 (3) 4 0 161 (34) (30) 97 97 254

3Q2013

751 (482) 269 (61) 208 (43) 5 1 0 170 (38) (29) 102 102 314

2Q2013

829 (473) 356 (63) 293 15 11 0 0 319 (62) (29) 228 228 400

1Q2013

Revenue Cost of Goods Sold Gross Profit Other Oper. (Exp)/Inc Operating Profit Other Non Opg (Exp)/Inc Associates & JV Inc Net Interest (Exp)/Inc Exceptional Gain/(Loss) Pre-tax Profit Tax Minority Interest Net Profit Net profit bef Except. EBITDA

Revenue Trend 3Q2014

4Q2012

Quarterly / Interim Income Statement (S$ m) FY Dec 1Q2014 2Q2014

Revenue Growth % (QoQ)

Decline in profits in 1Q15 due to c.50% drop in VIP rolling chip volumes and low 2.5% win rate.

Asset Breakdown (2015) Net Fixed Assets 53.6%

Debtors 10.6%

Assocs'/JVs 1.4%

Inventory 0.5% Bank, Cash and Liquid Assets 33.9%

Strong balance sheet with GENS in a net cash position.

Company Focus Genting Singapore

Cash Flow Statement (S$ m) FY Dec

Capital Expenditure 2013A

2014A

2015F

2016F

2017F

846 422 (215) (37) (262) 912 821 (392) 0 68 0 (476) (800) (122) (494) 2 (164) (779) 4 (753) 8.8 3.5

805 419 (153) (11) (358) 1,058 956 (195) 0 (98) 0 363 70 (122) (531) (169) (159) (982) 24 67 10.7 6.2

713 419 (121) (11) 13 713 1,014 (300) 0 0 0 0 (300) (121) (548) (17) (118) (804) 0 (90) 8.2 5.9

792 419 (135) (11) (118) 792 949 (200) 0 0 0 0 (200) (121) (597) 0 (118) (836) 0 (87) 8.8 6.2

859 419 (146) (11) (122) 859 1,000 (200) 0 0 0 0 (200) (121) (518) 0 (118) (757) 0 43 9.2 6.6

450

Pre-Tax Profit Dep. & Amort. Tax Paid Assoc. & JV Inc/(loss) Chg in Wkg.Cap. Other Operating CF Net Operating CF Capital Exp.(net) Other Invts.(net) Invts in Assoc. & JV Div from Assoc & JV Other Investing CF Net Investing CF Div Paid Chg in Gross Debt Capital Issues Other Financing CF Net Financing CF Currency Adjustments Chg in Cash Opg CFPS (S cts) Free CFPS (S cts)

400 350 300 250 200 150 100 50 0 2013A

2014A

Source: Company, DBS Bank

Target Price & Ratings History

S$ 1.35

S.No .

1.25

1: 2:

1.15 1.05

2 1

0.95 0.85 May-14

Sep-14

Jan-15

May-15

Not e : Share price and Target price are adjusted for corporate actions.

Source: DBS Bank

Page 7

2015F

2016F

Capital Expenditure (-)

Cl o s i n g Ta rg e t Pri c e Pri c e 12 Nov 14 1.02 1.08 25 Feb 15 0.98 1.00 Da te

R a ti n g Hold Hold

2017F

Company Focus Genting Singapore

DBS Bank 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 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 of 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 have a proprietary position in Genting Singapore recommended in this report as of 31 Mar 2015. 2.

DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates may beneficially own a total of 1% of any class of common equity securities of the company mentioned as of 31 Mar 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 Genting Singapore.

Page 8

Company Focus Genting Singapore

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.

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Indonesia

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Malaysia

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Wong Ming Tek, Executive Director, ADBSR Singapore

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