Morning Buzz Wednesday, 26 March 2014

AmFraser Research Team www.amfraserdirect.com.sg

STI Index (previous day Close)

3,104.17 (-0.25%)

STOCK IN FOCUS BOUSTEAD UNIT WINS WATER TREATMENT DEAL A subsidiary of Boustead Singapore Ltd has clinched a "major multimillion dollar contract" to design and supply water and wastewater treatment facilities in Indonesia.

Source: Bloomberg

MAJOR STOCK INDICES DJ Ind Avg

16,367.88

0.56%

1,865.62

0.44%

S & P 500 Nasdaq Comp Hang Seng

4,234.27

0.19%

21,732.32

-0.52%

Vol (mil) Val (S$ mil)

7.2 40.6 Source: Bloomberg

COMMODITIES Gold (SPOT) US$ Oil (NYMEX WTI) Baltic Dry

1,312.58

0.10%

99.30

0.11%

1,578.00

-1.50%

Source: Bloomberg

EXCHANGE RATES

The latest contract has raised the Boustead group's order book backlog (as at the end of December 2013 plus new orders since then) to $400 million. In a statement yesterday, Boustead said its wholly owned subsidiary, Boustead Salcon Water Solutions Pte Ltd, secured the contract from "one of the world's largest employee-owned engineering, procurement, and construction (EPC) corporations". Under the contract, Boustead Salcon will design and supply water and wastewater treatment facilities for the balance of plant (BOP) scope of a 2,000 MW coal-fired thermal power plant, located in Indonesia. Under a power purchase agreement, the power plant will supply electricity to Indonesia's national power corporation, PLN, for 25 years. Said Michael Teo, CEO of Boustead Salcon: "This (contract) further strengthens our position as the preferred complete technology provider for the water and wastewater BOP portion in the energy sector, having undertaken more than 90 projects in the global energy industry." Boustead Salcon has secured over $35 million in water contracts in FY2014 ending March 31, 2014. Boustead added that the contract is not expected to have a material impact on the profitability, earnings per share or net tangible asset value per share of the Boustead group in the current financial year.

USD : SGD 1.2686 / MYR : SGD 0.3843 / HKD : SGD 0.1636 Source: Bloomberg

INTEREST RATES

NEWS BUZZ  KrisEnergy: Secures US$100m revolving credit facility

3-mth Sibor

0.406%

SGS (10yr)

2,493% Source: Bloomberg

AmFraser Securities Pte Ltd

 Genting HK: Gets SGX nod for secondary listing  Addvalue: Sells subsidiary for $330m 1

AmFraser

Wednesday, 26 March 2014

News Buzz KrisEnergy Ltd (S$0.745) KrisEnergy secures US$100m revolving credit facility INDEPENDENT upstream oil and gas company KrisEnergy has secured a US$100 million revolving credit facility maturing in March 2016, with an option to extend for an additional year. The facility - to be signed by its subsidiary KrisEnergy (Asia) - will be used for the acquisition of hydrocarbon assets, general corporate purposes and working capital requirements. Genting HK (S$0.40) Genting HK gets SGX nod for secondary listing Genting Hong Kong has received the in-principle approval from Singapore Exchange (SGX) for a secondary listing by way of introduction on the main board. The global entertainment and hospitality company, whose brands include Star Cruises and Resorts World Manila, has a primary listing on the Hong Kong Stock Exchange (HKSE), with shares also quoted and traded on the GlobalQuote platform of SGX.

Addvalue Technologies Ltd (S$0.063) Addvalue to sell subsidiary for $330m Satellite communications group Addvalue Technologies (Addvalue) is selling a wholly owned subsidiary, Addvalue Communications Pte Ltd (AVC), for $330 million in cash. The group entered into a conditional sale and purchase agreement with an unrelated third party buyer on Monday. The buying company deals primarily with data security and related product development. Source: The Business Times / Bloomberg / Straits Times

AmFraser Securities Pte Ltd

2

AmFraser

Wednesday, 26 March 2014

Corporate Action Dividend Company

Results Period Ann Date

AIMS Property Secs Fund - Est Distribution

DPS AUD 0.000901

Share Price 25-Mar-14

Yield (%)

Ex-Date

Book Close

Payable

27-Mar-14

31-Dec-13

20-Jun-14

SGD

0.096

0.9

Qian Hu Corp

10-Jan-14 FY13 SGD

0.00100

31-Mar-14

2-Apr-14

15-Apr-14

SGD

0.083

1.2

M1

20-Jan-14 FY13 SGD

0.07100

11-Apr-14

15-Apr-14

25-Apr-14

SGD

3.400

2.1

M1 - Special

20-Jan-14 FY13 SGD

0.07100

11-Apr-14

15-Apr-14

25-Apr-14

SGD

3.400

2.1

StarHub

06-Feb-14 FY13 SGD

0.05000

16-Apr-14

21-Apr-14

30-Apr-14

SGD

4.100

1.2

Great Eastern Hldgs

07-Feb-14 FY13 SGD

0.40000

22-Apr-14

24-Apr-14

8-May -14

SGD

18.500

2.2

Great Eastern Hldgs - Special

07-Feb-14 FY13 SGD

0.05000

22-Apr-14

24-Apr-14

8-May -14

SGD

18.500

0.3

Keppel Land

22-Jan-14 FY13 SGD

0.13000

22-Apr-14

24-Apr-14

8-May -14

SGD

3.220

4.0

Keppel Corp

23-Jan-14 FY13 SGD

0.30000

23-Apr-14

25-Apr-14

7-May -14

SGD

10.660

2.8

SembCorp Marine

24-Feb-14 FY13 SGD

0.06000

25-Apr-14

29-Apr-14

14-May -14 SGD

3.990

1.5

SembCorp Marine - Special

24-Feb-14 FY13 SGD

0.02000

25-Apr-14

29-Apr-14

14-May -14 SGD

3.990

0.5

Ov ersea-Chinese Banking Corp

14-Feb-14 FY13 SGD

0.17000

28-Apr-14

30-Apr-14

20-Jun-14

9.420

1.8

SGD

* Include Ordinary, Cash, Special, Bonus, Variable and Base

Rights & Bonus Issue Book Close

Crediting Date / Payable

Listing Date

24-Mar-14

26-Mar-14

3-Apr-14

-

1 OUE Hospitality Trust Stapled Security for every six 6 shares held

18-Mar-14

20-Mar-14

31-Mar-14

-

Super Grp

1 Bonus share for every 1 share held

26-May-14

28-May-14

-

-

Tritech Grp

1 Wrts for every 2 existing share held

20-Mar-14

24-Mar-14

-

-

Company

Particulars

Fraser & Neave Cash Distribution

Cash distribution of S$0.42 per share pursuant to the Capital Reduction

OUE

Ex-Date

Source: SGX Annoucement

BUYOUTS

Offer Price

Remarks

Closing Date

Offeror

Communication Design Int'l

SGD 0.085

All Cash

5.30 p.m. on 21 April 2014

LPW Invts Pte. Ltd.

Fu Yu Corporation Ltd

SGD 0.09

Partial Offer

5.30 p.m. on 21 Apr 2014

Mr Ng Hock Ching

Singapore Land Ltd

SGD 9.40

All Cash

5.30 p.m. on 7 April 2014

UIC Enterprise Pte Ltd

Source: SGX Annoucement * Fu Yu Corp: Each Relevant Shareholder will be entitled to accept the Partial Offer in respect of 10.3% of the Relevant Shares (for example, 103 Shares for every 1,000 Shares) held. A Relevant Shareholder may accept the Partial Offer in respect of all or any part of his Relevant Percentage Offer Shares. Each Relevant Shareholder may, in addition, tender Shares that are in excess of the number of his Relevant Percentage Offer Shares (the “Excess Shares”) for acceptance under the Partial Offer in the event that any one or more Relevant Shareholders do not accept their full entitlement of their respective Relevant Percentage Offer Shares, but subject to balloting.

AmFraser Securities Pte Ltd

3

AmFraser

Wednesday, 26 March 2014

Financial Calendar Monday

Tuesday 24-Mar

Wednesday 25-Mar

SG (Feb 2014): CPI

Thursday 26-Mar

*Q4: Sound Global

Friday 27-Mar

*Q4: Lung Kee Bermuda

28-Mar SG: 2Q14 Real Estate Statistics

Q2: Second Chance *Q4: ChinaVision Media

1-Apr-14

2-Apr

3-Apr

4-Apr

7-Apr

8-Apr

9-Apr

10-Apr

11-Apr

14-Apr

15-Apr

16-Apr

17-Apr

18-Apr

31-Mar *Q4: Tan Chong Int'l

Good Friday

21-Apr

22-Apr Q4: Mapletree Industrial Trust

23-Apr

24-Apr

25-Apr

*Q1: Ttl Access Communication

* Tentative Source: Company; Bloomberg

AmFraser Securities Pte Ltd

4

AmFraser

Wednesday, 26 March 2014

Disclaimer This report is prepared by AmFraser Securities Pte Ltd (“AmFraser”), which is a holder of a capital markets services licence and an exempt financial adviser in Singapore. This report is provided for information only and is not an offer or a solicitation to deal in securities or to enter into any legal relations, nor an advice or a recommendation with respect to such securities. This report is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any recipient hereof. You should independently evaluate particular investments and consult an independent financial adviser before dealing in any securities mentioned in this report. This report is confidential. This report may not be published, circulated, reproduced or distributed in whole or in part by any recipient of this report to any other person without the prior written consent of AmFraser. This report is not intended for distribution, publication to or use by any person in any jurisdiction outside Singapore or any other jurisdiction as AmFraser may determine in its absolute discretion, where the distribution, publication or use of this report would be contrary to applicable law or would subject AmFraser and its connected persons (as defined in the Financial Advisers Act, Chapter 110 of Singapore) to any registration, licensing or other requirements within such jurisdiction. The information or views in the report (“Information”) has been obtained or derived from sources believed by AmFraser to be reliable. However, AmFraser makes no representation as to the accuracy or completeness of such sources or the Information and AmFraser accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Information. AmFraser and its connected persons may have issued other reports expressing views different from the Information and all views expressed in all reports of AmFraser and its connected persons are subject to change without notice. AmFraser reserves the right to act upon or use the Information at any time, including before its publication herein. Except as otherwise indicated below, (1) AmFraser, its connected persons and its officers, employees and representatives may, to the extent permitted by law, transact with, perform or provide broking, underwriting, corporate finance-related or other services for or solicit business from, the subject corporation(s) referred to in this report; (2) AmFraser, its connected persons and its officers, employees and representatives may also, to the extent permitted by law, transact with, perform or provide broking or other services for or solicit business from, other persons in respect of dealings in the securities referred to in this report or other investments related thereto; and (3) the officers, employees and representatives of AmFraser may also serve on the board of directors or in trustee positions with the subject corporation(s) referred to in this report. (All of the foregoing is hereafter referred to as the “Subject Business”.) However, as of the date of this report, neither AmFraser nor its representative(s) who produced this report (each a “research analyst”), has any proprietary position or material interest in, and AmFraser does not make any market in, the securities which are recommended in this report. Each research analyst of AmFraser who produced this report hereby certifies that (1) the views expressed in this report accurately reflect his/ her personal views about all of the subject corporation(s) and securities in this report; (2) the report was produced independently by him/ her; (3) he/she does not carry out, whether for himself/herself or on behalf of AmFraser or any other person, any of the Subject Business involving any of the subject corporation(s) or securities referred to in this report; and (4) he/she has not received and will not receive any compensation that is directly or indirectly related or linked to the recommendations or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transaction in respect of the securities in this report. However, the compensation received by each such research analyst is based upon various factors, including AmFraser’s total revenues, a portion of which are generated from AmFraser’s business of dealing in securities. Copyright 2014. AmFraser Securities Pte Ltd. All rights reserved.

______________________________ LEE Wing How for AmFraser Securities Pte Ltd

AmFraser Securities Pte Ltd

5