Co. Reg No: 198700034E MICA (P) : 099/03/2012

Singapore Sector Update

18 December 2013

Banks

Overweight (unchanged)

A Sensitivity Analysis Higher interest rate has its good and bad. With the odds of the US Federal Reserve tapering its quantitative easing programme on the rise, interest rates are set to rise. The implications will manifest in banks’ net interest margin (NIM), asset quality and loan growth. In this report, we conduct a sensitivity analysis on earnings assuming a 1ppt change in loan growth, a 5bps rise in NIM and a 5bps increase in credit charge (as a proportion of net loans).

NG Wee Siang, CFA [email protected] (65) 6432 1467

Most sensitive to NIM changes but less so to loan growth. Based on our estimates, every 5bps increase in NIM will raise FY14F-15F EPS of our universe by 4% on average. The earnings uplift is significant after the past few years of depressed NIMs. We believe DBS would benefit the most compared to its peers, given its strong deposit franchise. However, we would add that banks’ earnings are much less sensitive to a change in loan growth in the year the loans are disbursed because the additional interest income earned or lost will substantially be offset or cushioned by additional or lower collective impairment to be set aside as required by the regulators. What about a 5bps increase in credit charge? The earnings impact ranges from 2.5% to 3.1%, with a slight variation from bank to bank. As a proportion of average net loans, our universe set aside an average credit charge-off of 24bps in 2012, the lowest since 2006. We expect credit charge-off to rise to 27bps in 2013 and 30bps in 2014, before improving to 28bps in 2015. DBS is our top sector pick. Of the three Singapore banks under our coverage, we believe DBS is best positioned to take advantage of a rising interest rate environment, given its liquid balance sheet and strong deposit franchise with cheap funds accounting for 58.4% of total deposits. We have a BUY call on DBS with SGD19.70 TP, based on 14x FY14F core EPS, a slight premium to its rolling PER average since 2005.

Banking sector – peer comparison table Stock

Rec

DBS BUY UOB BUY OCBC HOLD Sector average

Price* (SGD)

TP (SGD)

Upside (%)

16.53 20.13 9.83

19.70 23.40 11.30

19.2 16.2 15.0

PER (x) FY14F FY15F 11.7 11.2 12.2 11.7

9.9 9.9 10.7 10.2

P/BV (x) FY14F FY15F 1.1 1.2 1.3 1.2

1.0 1.1 1.2 1.1

ROAE (%) FY14F FY15F 10.0 11.1 10.8 10.6

*Share price as of 17 Dec 2013 Source: Maybank KE

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

11.0 11.6 11.5 11.4

Div. yield (%) FY14F FY15F 3.4 3.2 3.6 3.4

3.6 3.2 3.9 3.6

Banking

How sensitive are banks to NIM changes? Assessing the earnings impact for every 5bps increase in NIM  We expect a moderate increase in rates with 3M Impact on EPS for every 5bps increase in NIM Singapore dollar SIBOR rising to 1.0% by end-2015 and 2.0% by end-2016 (currently 0.4%).  Banks have suffered several years of persistent compression in NIM due to the depressed interest rate environment.  Based on our estimates, banks, in particular DBS, are very sensitive to changes in NIM. Every 5bps increase in NIM would lift EPS by 4% on average.

Source: Maybank KE

Industry NIM vs 3M SGD SIBOR  We project 3M Singapore dollar SIBOR to rise to 1.0% by end-2015 and to 2.0% by end-2016 (currently 0.4%).  Our projection could prove conservative in the event that Singapore dollar SIBOR rises earlier and more sharply than expected.

Rising short-term rates will boost NIM (%) 2.4

Net interest margin (LHS)

(%) 4.0

Avg SIBOR (RHS)

2.3

3.5

2.2

3.0

2.1

2.5

2.0

2.0

1.9

1.5

1.8

1.0

1.6

0.5

1.5

0.0

1Q02 3Q02 1Q03 3Q03 1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 1Q13 3Q13

1.7

Source: DBS Group, UOB, OCBC, Bloomberg

Sector NIM trend  After four consecutive years of consistent decline, we expect NIM to stay depressed throughout 2014, before strengthening in 2015.

Sector NIM to bottom out in 2014 before edging higher

 Despite the uptick, our projected industry NIM over the next three years remains below the 16-year average of 1.94%.

Source: DBS Group, UOB, OCBC, Maybank KE estimates

18 December 2013

Page 2 of 14

Banking

How sensitive are banks to credit cost changes? Assessing the earnings impact for every 5bps increase in credit cost  For every 5bps increase in credit cost, the impact on Impact on EPS for every 5bps increase in credit cost earnings ranges from 2.5% to 3.1%, with a slight variation from bank to bank.  We expect credit charge-off to rise to 27bps in 2013 and 30bps in 2014, before improving to 28bps in 2015.  Higher interest rate could affect the quality of bank assets. However, asset quality is more likely to stay resilient and a significant slippage appears remote at this juncture.  Our view is premised on the decent household and corporate balance sheets, as well as reasonably strong economic growth. Source: Maybank KE

How sensitive are banks to loan growth changes? Assessing the earnings impact for every 1ppt change in loan growth  We estimate negligible earnings impact for every Impact on EPS for every 1ppt change in loan growth 1ppt change in loan growth.  Banks’ earnings are much less sensitive to loan growth in the year the loans are disbursed. For example, a 1ppt increase in loan growth (vs our forecast) will translate into higher interest income earned which will substantially be offset by the quantum of collective impairment to be set aside as required by the regulators. On the flip side, a 1ppt decrease in loan growth (vs our forecast) will see the lower interest income earned being cushioned by a smaller collective impairment being set aside.  Under MAS Notice 612, banks have to set aside a minimum 1% of on- and off-balance sheet credit exposures (adjusted for collaterals held). Source: Maybank KE

18 December 2013

Page 3 of 14

Banking

Figure 1: Investment thesis Share TP price* (SGD) (SGD) DBS 19.70 16.53

UOB

OCBC

23.40

11.30

Upside (%) 19.2

20.13

Rec

16.2

9.83

Investment thesis  Fundamental changes should strengthen its franchise.

BUY

BUY

15.0

HOLD



Its decent presence in Greater China puts it in good stead to ride on a stronger economic wave in China.



Key beneficiary of higher interest rate (expected in early 2015) and the internationalisation of CNY.



Risk to TP: Unexpected departure of key personnel.



Catalysts: Consistent earnings delivery and a sharp rise in interest rate.



A disciplined and cost-conscious management team.



Has the largest exposure to the more resilient ASEAN exSingapore markets (24.1% 9M13 PBT).



Strong focus on liquidity management with all regional operations required to be fully funded in local currencies.



Risk to TP: Thailand operations being marred by the ongoing political turmoil.



Catalyst: A sharp rise in interest rate.



The market has to warm up to the new CEO Samuel Tsien – a corporate banker – in leading a consumer cum SME-centric OCBC.



Its potential bid for Wing Hang Bank (worth SGD6.6b at 2x P/BV) may hold back investor interest in the stock.



Has a more volatile earnings profile given outsize contribution from its 87%-owned Great Eastern Holdings.



Risks to TP: 1) Paying up for Wing Hang Bank; and 2) capital market stays depressed for a prolonged period.



Catalysts: A strong pick-up in the capital market and a sharp rise in interest rate.

*Share prices as of 17 December 2013 Source: Maybank KE estimates

Figure 2: Sector rolling PER band

Figure 3: Sector rolling P/BV band (x) 2.1

(x) 18.0 +1SD = 15.0x

+1SD = 1.6x

15.0 Mean = 13.2x

1.6 Mean = 1.4x

12.0 -1SD = 11.4x

1.1

-1SD = 1.2x

9.0

6.0 Feb-05

Nov-06

Aug-08

May-10

Source: Bloomberg, Maybank KE estimates

18 December 2013

Feb-12

Nov-13

0.6 Feb-05

Nov-06

Aug-08

May-10

Feb-12

Nov-13

Source: Bloomberg, Maybank KE estimates

Page 4 of 14

Banking

Appendix

18 December 2013

Page 5 of 14

Banking

Figure 4: DBS rolling PER band

Figure 5: DBS rolling P/BV band (x)

(x) 18.0

2.3 2.0

+1SD = 14.8x

15.0

Mean = 12.8x 12.0

1.7

+1SD = 1.5x Mean = 1.3x

1.4

-1SD = 10.8x

1.1

-1SD = 1.1x

9.0 0.8

6.0 Feb-05

Nov-06

Aug-08

May-10

Feb-12

Nov-13

Source: Bloomberg, Maybank KE

0.5 Feb-05

Nov-06

Aug-08

May-10

Feb-12

Nov-13

Source: Bloomberg, Maybank KE

Figure 6: UOB rolling PER band

Figure 7: UOB rolling P/BV band (x) 2.4

(x) 18.0

2.2

16.0

+1SD = 14.8x

14.0

2.0

Mean = 12.9x

+1SD = 1.7x

1.8 1.6

Mean = 1.5x

12.0 1.4

-1SD = 11.0x

10.0

1.2

-1SD = 1.2x

1.0

8.0 0.8

6.0 Feb-05

Nov-06

Aug-08

May-10

Feb-12

Nov-13

Source: Bloomberg, Maybank KE

0.6 Feb-05

Aug-08

May-10

Feb-12

Nov-13

Source: Bloomberg, Maybank KE

Figure 8: OCBC rolling PER band

Figure 9: OCBC rolling P/BV band

(x) 21.0

(x) 2.4

19.0

2.2

17.0

Nov-06

2.0

+1SD = 16.0x Mean = 14.1x

15.0

1.8

+1SD = 1.7x Mean = 1.5x

1.6

13.0

1.4

-1SD = 12.2x

11.0

1.2

-1SD = 1.2x

1.0

9.0

0.8

7.0 Feb-05

Nov-06

Aug-08

Source: Bloomberg, Maybank KE

18 December 2013

May-10

Feb-12

Nov-13

0.6 Feb-05

Nov-06

Aug-08

May-10

Feb-12

Nov-13

Source: Bloomberg, Maybank KE

Page 6 of 14

Banking

Figure 10: Key P&L and balance sheet data (SGD m) 2010 Net interest income DBS 4,318.0 UOB 3,531.9 OCBC 2,946.9

2011

2012

2013F

2014F

2015F

2016F

4,825.0 3,678.0 3,410.4

5,285.0 3,917.0 3,747.7

5,624.0 4,096.8 3,911.4

5,943.0 4,387.8 4,279.2

6,702.1 4,852.9 4,833.3

8,000.0 5,708.8 5,855.5

Fee income DBS UOB OCBC

1,397.0 1,163.3 982.8

1,542.0 1,318.1 1,137.1

1,579.0 1,507.8 1,198.3

1,989.1 1,697.3 1,282.0

2,193.0 1,742.5 1,391.8

2,493.4 1,833.2 1,543.5

2,899.1 1,977.2 1,764.0

Core non-interest income DBS UOB OCBC

2,748.0 2,036.3 2,377.8

2,759.0 2,021.0 2,211.3

2,779.0 2,577.9 2,898.1

3,394.4 2,545.2 2,829.3

3,502.9 2,566.0 2,962.0

3,928.1 2,691.9 3,183.9

4,522.1 2,895.7 3,503.3

Core operating income DBS UOB OCBC

7,066.0 5,568.2 5,324.7

7,584.0 5,698.9 5,621.7

8,064.0 6,495.0 6,645.8

9,018.4 6,642.0 6,740.7

9,445.9 6,953.7 7,241.2

10,630.2 7,544.8 8,017.2

12,522.1 8,604.5 9,358.9

Overhead expenses DBS UOB OCBC

2,925.0 2,257.8 2,253.6

3,303.0 2,442.7 2,429.9

3,614.0 2,755.2 2,694.7

4,012.2 2,890.9 2,833.6

4,377.2 3,052.8 3,130.0

4,788.7 3,242.6 3,409.9

5,271.6 3,448.8 3,718.5

Core pre-provision profit DBS UOB OCBC

3,123.0 3,299.5 3,016.4

4,281.0 3,245.8 3,130.4

4,450.0 3,732.4 3,891.2

5,006.2 3,751.2 3,846.6

5,068.8 3,900.9 4,050.1

5,841.6 4,302.2 4,545.5

7,250.6 5,155.6 5,578.0

911.0 473.8 134.0

722.0 523.2 221.4

417.0 476.4 271.4

791.9 418.3 302.0

811.3 571.8 461.6

840.0 549.2 488.7

893.2 560.4 541.8

Core operating profit DBS UOB OCBC

2,212.0 2,825.6 2,882.3

3,559.0 2,722.6 2,909.0

4,033.0 3,256.1 3,619.7

4,214.3 3,332.9 3,544.6

4,257.5 3,329.2 3,588.5

5,001.6 3,753.0 4,056.9

6,357.3 4,595.3 5,036.2

Core pre-tax profit DBS UOB OCBC

2,314.0 2,964.7 2,880.2

3,686.0 2,815.7 2,916.2

4,157.0 3,343.4 3,646.3

4,325.9 3,450.7 3,603.1

4,375.8 3,417.6 3,623.5

5,125.8 3,845.9 4,093.7

6,491.5 4,695.5 5,074.8

Core net profit (net of preference share dividends) DBS 1,616.0 2,972.0 UOB 2,463.9 2,334.8 OCBC 2,163.3 2,190.1

3,343.0 2,795.3 2,735.1

3,442.3 2,824.9 2,708.6

3,480.7 2,833.4 2,716.7

4,107.1 3,188.9 3,087.4

5,321.1 3,896.2 3,875.4

Provisions DBS UOB OCBC

Total net loans DBS UOB OCBC

151,698.0 112,439.9 104,989.2

194,275.0 141,191.3 133,556.9

209,395.0 152,929.8 142,376.5

240,804.3 175,869.3 163,021.1

261,272.6 191,697.5 177,693.0

287,399.9 210,867.3 195,462.3

321,887.9 234,062.7 218,917.7

Total assets DBS UOB OCBC

283,710.0 213,778.5 229,282.8

340,847.0 236,957.7 277,757.6

353,033.0 252,899.5 295,943.5

394,467.4 277,864.0 329,604.2

425,754.9 300,270.4 356,529.3

464,068.9 327,155.1 387,467.2

511,000.0 359,076.5 425,424.7

Source: DBS Group, UOB, OCBC, Maybank KE estimates

18 December 2013

Page 7 of 14

Banking

Figure 11: Key ratios – profitability (%) 2010 Non-interest income/core operating income DBS 38.9 UOB 36.6 OCBC 44.7

2011

2012

2013F

2014F

2015F

2016F

36.4 35.5 39.3

34.5 39.7 43.6

37.6 38.3 42.0

37.1 36.9 40.9

37.0 35.7 39.7

36.1 33.7 37.4

Fee income/core operating income DBS UOB OCBC

19.8 20.9 18.5

20.3 23.1 20.2

19.6 23.2 18.0

22.1 25.6 19.0

23.2 25.1 19.2

23.5 24.3 19.3

23.2 23.0 18.8

Cost/income DBS UOB OCBC

41.4 40.5 42.3

43.6 42.9 43.2

44.8 42.4 40.5

44.5 43.5 42.0

46.3 43.9 43.2

45.0 43.0 42.5

42.1 40.1 39.7

Cost/average assets DBS UOB OCBC

1.1 1.1 1.1

1.1 1.1 1.0

1.0 1.1 0.9

1.1 1.1 0.9

1.1 1.1 0.9

1.1 1.0 0.9

1.1 1.0 0.9

SP/average net loans DBS UOB OCBC

0.4 0.2 0.1

0.1 0.1 0.1

0.1 0.3 0.1

0.2 0.1 0.1

0.2 0.2 0.2

0.2 0.2 0.2

0.2 0.2 0.1

GP/RWA DBS UOB OCBC

0.8 1.6 1.0

0.9 1.5 0.9

1.0 1.5 1.0

0.9 1.4 1.0

0.9 1.4 1.0

0.9 1.4 1.0

0.9 1.3 1.0

Loan-deposit ratio DBS UOB OCBC

78.3 79.0 85.1

86.2 83.3 86.4

86.2 84.0 86.2

86.6 86.3 88.9

86.6 85.9 88.1

86.7 85.5 87.7

87.5 85.3 87.7

Net loan growth DBS UOB OCBC

16.2 13.3 29.8

28.1 25.6 27.2

7.8 8.3 6.6

15.0 15.0 14.5

8.5 9.0 9.0

10.0 10.0 10.0

12.0 11.0 12.0

Customer deposit growth DBS UOB OCBC

5.6 17.1 22.5

16.3 19.1 25.3

7.8 7.4 6.8

14.5 12.0 11.0

8.5 9.5 10.0

9.8 10.5 10.5

11.0 11.3 12.0

Source: DBS Group, UOB, OCBC, Maybank KE estimates

18 December 2013

Page 8 of 14

Banking

Figure 12: Key ratios – asset quality (%) 2010 Gross NPL DBS 2.1 UOB 2.2 OCBC 1.1

2011

2012

2013F

2014F

2015F

2016F

1.5 1.8 1.1

1.3 1.8 0.8

1.3 1.5 0.8

1.3 1.5 0.9

1.2 1.3 0.9

1.0 1.2 0.7

SP/NPLs DBS UOB OCBC

40.0 43.2 27.2

45.0 38.1 21.0

46.3 40.7 25.9

40.4 36.8 19.4

42.6 35.3 20.5

50.9 37.5 26.8

52.8 38.1 31.8

GP/NPLs DBS UOB OCBC

51.3 81.3 90.6

72.7 98.1 84.9

79.6 83.2 115.2

79.7 98.3 113.8

78.5 95.3 105.5

87.1 104.8 112.8

98.5 111.8 133.5

GP/net loans DBS UOB OCBC

0.96 1.53 1.03

0.98 1.38 0.90

0.99 1.27 0.94

1.01 1.26 0.91

1.01 1.28 0.95

0.99 1.26 0.96

0.99 1.23 0.99

99.5 118.9 118.8

126.0 124.3 106.6

141.8 122.2 141.8

116.7 118.2 130.8

117.9 117.2 124.1

134.3 127.5 137.6

147.3 136.8 162.9

Tier 1 DBS UOB OCBC

15.1 15.3 16.3

12.9 13.5 14.4

14.0 14.7 16.6

12.3 12.6 14.9

12.1 12.5 14.5

11.9 12.3 14.2

11.8 12.4 13.9

CAR DBS UOB OCBC

18.4 19.8 17.6

15.8 16.7 15.7

17.1 18.0 18.5

14.9 16.3 16.5

14.6 15.9 16.0

14.2 15.4 15.5

13.9 15.2 15.1

Average lending yields DBS UOB OCBC

2.43 2.95 2.93

2.40 2.94 2.91

2.45 2.97 2.82

2.30 2.66 2.55

2.33 2.66 2.54

2.49 2.82 2.70

3.07 3.41 3.27

Average cost of funds DBS UOB OCBC

0.64 0.89 1.04

0.69 1.05 1.12

0.81 1.13 1.13

0.75 1.03 1.04

0.82 1.06 1.09

0.94 1.19 1.24

1.43 1.70 1.73

Interest spread DBS UOB OCBC

1.79 2.06 1.89

1.71 1.89 1.79

1.64 1.84 1.69

1.55 1.63 1.50

1.51 1.60 1.45

1.55 1.62 1.47

1.64 1.72 1.54

Net interest margin DBS UOB OCBC

1.84 2.09 1.98

1.77 1.92 1.86

1.70 1.87 1.77

1.62 1.69 1.61

1.58 1.66 1.58

1.64 1.68 1.62

1.77 1.81 1.78

Provision coverage DBS UOB OCBC

Source: DBS Group, UOB, OCBC, Maybank KE estimates

18 December 2013

Page 9 of 14

Banking

Figure 13: Key valuation summary 2010

2011

2012

2013F

2014F

2015F

2016F

110.0 160.4 66.5

121.9 149.0 65.4

135.9 178.0 81.2

139.4 179.2 80.5

141.0 179.8 80.7

166.3 202.3 91.5

215.2 247.2 114.4

Cash core EPS growth (%) DBS UOB OCBC

27.0 26.4 11.9

10.8 (7.1) (1.5)

11.4 19.4 24.1

2.6 0.7 (0.9)

1.1 0.3 0.3

17.9 12.5 13.4

29.4 22.2 25.0

PER (x) DBS UOB OCBC

15.0 12.5 14.8

13.6 13.5 15.0

12.2 11.3 12.1

11.9 11.2 12.2

11.7 11.2 12.2

9.9 9.9 10.7

7.7 8.1 8.6

P/BV (x) DBS UOB OCBC

1.4 1.6 1.7

1.4 1.5 1.6

1.3 1.4 1.4

1.2 1.3 1.4

1.1 1.2 1.3

1.0 1.1 1.2

1.0 1.0 1.1

P/NTA (x) DBS UOB OCBC

1.8 2.1 2.2

1.6 1.9 2.0

1.5 1.7 1.7

1.4 1.5 1.6

1.3 1.4 1.5

1.2 1.3 1.4

1.1 1.2 1.3

Cash core ROE (%) DBS UOB OCBC

10.1 13.7 12.3

10.7 11.7 11.4

11.0 12.8 12.5

10.5 11.8 11.3

10.0 11.1 10.8

11.0 11.6 11.5

13.1 13.1 13.4

Cash core ROA (%) DBS UOB OCBC

1.0 1.2 1.3

1.0 1.0 1.1

1.0 1.1 1.2

0.9 1.1 1.1

0.8 1.0 1.0

0.9 1.0 1.0

1.1 1.1 1.1

Net dividend yield (%) DBS UOB OCBC

3.4 3.5 3.1

3.4 3.0 3.1

3.4 3.0 3.4

3.4 3.0 3.6

3.4 3.2 3.6

3.6 3.2 3.9

3.9 3.7 4.1

11.48 12.53 5.66

12.21 13.23 6.01

12.98 14.56 6.95

13.81 15.73 7.24

14.67 16.80 7.68

15.74 18.09 8.20

17.28 19.74 8.92

NTA/share (SGD) DBS UOB OCBC

9.41 9.69 4.46

10.17 10.45 4.86

10.99 11.80 5.84

11.82 13.09 6.13

12.71 14.15 6.57

13.78 15.45 7.09

15.32 17.09 7.81

Net DPS (cents) DBS UOB OCBC

56.0 70.0 30.0

56.0 60.0 30.0

56.0 60.0 33.0

56.0 60.0 35.0

56.0 65.0 35.0

60.0 65.0 38.0

64.0 75.0 40.0

Dividend payout ratio (% of cash core earnings - net of preference share dividends) DBS 48.7 43.9 40.9 39.9 UOB 43.6 40.3 33.7 33.5 OCBC 45.9 46.8 41.4 44.5

39.4 36.2 44.3

35.8 32.1 42.4

29.5 30.3 35.5

Cash core EPS (cents) DBS UOB OCBC

BVPS (SGD) DBS UOB OCBC

Share prices as of 17 December 2013 Source: DBS Group, UOB, OCBC, Maybank KE estimates

18 December 2013

Page 10 of 14

Banking

RESEARCH OFFICES REGIONAL WONG Chew Hann, CA Regional Head, Institutional Research (603) 2297 8686 [email protected] Alexander GARTHOFF Institutional Product Manager (852) 2268 0638 [email protected] ONG Seng Yeow Regional Head, Retail Research (65) 6432 1453 [email protected]

MALAYSIA WONG CHEW HANN, CA Head of Research (603) 2297 8686 [email protected]  Strategy DESMOND CH’NG, ACA (603) 2297 8680 [email protected]  Banking & Finance LIAW THONG JUNG (603) 2297 8688 [email protected]  Oil & Gas – Regional  Shipping ONG CHEE TING, CA (603) 2297 8678 [email protected]  Plantations – Regional MOHSHIN AZIZ (603) 2297 8692 [email protected]  Aviation – Regional  Petrochem YIN SHAO YANG, CPA (603) 2297 8916 [email protected]  Gaming – Regional  Media TAN CHI WEI, CFA (603) 2297 8690 [email protected]  Power  Telcos WONG WEI SUM, CFA (603) 2297 8679 [email protected]  Property & REITs LEE YEN LING (603) 2297 8691 [email protected]  Building Materials  Glove producers CHAI LI SHIN (603) 2297 8684 [email protected]  Plantation  Construction & Infrastructure KANG CHUN EE (603) 2297 8675 [email protected]  Consumer IVAN YAP (603) 2297 8612 [email protected]  Automotive LEE Cheng Hooi, Regional Chartist (603) 2297 8694 [email protected] Tee Sze Chiah, Head of Retail Research (603) 2297 6858 [email protected]

HONG KONG / CHINA Howard WONG Head of Research (852) 2268 0648 [email protected]  Oil & Gas - Regional Alexander LATZER (852) 2268 0647 [email protected]  Metals & Mining - Regional Jacqueline KO, CFA (852) 2268 0633 [email protected]  Consumer Karen KWAN (852) 2268 0640 [email protected]  HK & China Property Osbert TANG, CFA (852) 2268 0800 [email protected]  Transport & Industrials Philip TSE, CFA FRM (852) 2268 0643 [email protected]  HK & China Property Simon QIAN, CFA (852) 2268 0634 [email protected]  Telecom & Internet Steven CHAN (852) 2268 0645 [email protected]  Banking & Financials Warren LAU (852) 2268 0644 [email protected]  Technology – Regional William YANG (852) 2268 0675 [email protected]  Technology – Regional

INDIA Jigar SHAH Head of Research (91) 22 6623 2601 [email protected]  Oil & Gas  Automobile  Cement Anubhav GUPTA (91) 22 6623 2605 [email protected]  Metal & Mining  Capital goods  Property Urmil SHAH (91) 22 6623 2606 [email protected]  Technology  Media

18 December 2013

ECONOMICS Suhaimi ILIAS Chief Economist  Singapore | Malaysia (603) 2297 8682 [email protected]

JUNIMAN Chief Economist, BII  Indonesia (62) 21 29228888 ext 29682 [email protected]

Luz LORENZO  Philippines (63) 2 849 8836 [email protected]

Josua PARDEDE Economist / Industry Analyst, BII  Indonesia (62) 21 29228888 ext 29695 [email protected]

Tim LEELAHAPHAN  Thailand (662) 658 1420 [email protected]

SINGAPORE NG Wee Siang Head of Research (65) 6432 1467 [email protected]  Banking & Finance Gregory YAP (65) 6432 1450 [email protected]  SMID Caps – Regional  Technology & Manufacturing  Telcos Wilson LIEW (65) 6432 1454 [email protected]  Property Developers ONG Kian Lin (65) 6432 1470 [email protected]  S-REITs James KOH (65) 6432 1431 [email protected]  Consumer - Regional YEAK Chee Keong, CFA (65) 6432 1460 [email protected]  Offshore & Marine Derrick HENG (65) 6432 1446 [email protected]  Transport (Land, Shipping & Aviation) Wei Bin (65) 6432 1455 [email protected]  Commodity  Logistics  S-chips Alison FOK (65) 6432 1447 [email protected]  Small & Mid Caps  Construction John CHEONG (65) 6432 1461 [email protected]  Small & Mid Caps  Healthcare

INDONESIA Lucky ARIESANDI, CFA (62) 21 2557 1127 [email protected]  Base metals  Mining  Oil & Gas  Wholesale Pandu ANUGRAH (62) 21 2557 1137 [email protected]  Automotive  Heavy equipment  Plantation  Toll road Rahmi MARINA (62) 21 2557 1128 [email protected]  Banking  Multifinance Adi N. WICAKSONO (62) 21 2557 1128 [email protected]  Generalist Anthony YUNUS (62) 21 2557 1139 [email protected]  Cement  Infrastructure  Property

PHILIPPINES Luz LORENZO Head of Research (63) 2 849 8836 [email protected]  Strategy Laura DY-LIACCO (63) 2 849 8840 [email protected]  Utilities  Conglomerates  Telcos Lovell SARREAL (63) 2 849 8841 [email protected]  Consumer  Media  Cement Rommel RODRIGO (63) 2 849 8839 [email protected]  Conglomerates  Property  Ports/ Logistics  Gaming Katherine TAN (63) 2 849 8843 [email protected]  Banks  Construction Ramon ADVIENTO (63) 2 849 8845 [email protected]  Mining

THAILAND Sukit UDOMSIRIKUL Head of Research (66) 2658 6300 ext 5090 [email protected] Mayuree CHOWVIKRAN (66) 2658 6300 ext 1440 [email protected]  Strategy Padon Vannarat (66) 2658 6300 ext 1450 [email protected]  Strategy Surachai PRAMUALCHAROENKIT (66) 2658 6300 ext 1470 [email protected]  Auto  Conmat  Contractor  Steel Suttatip PEERASUB (66) 2658 6300 ext 1430 [email protected]  Media  Commerce Sutthichai KUMWORACHAI (66) 2658 6300 ext 1400 [email protected]  Energy  Petrochem Termporn TANTIVIVAT (66) 2658 6300 ext 1520 [email protected]  Property Woraphon WIROONSRI (66) 2658 6300 ext 1560 [email protected]  Banking & Finance Jaroonpan WATTANAWONG (66) 2658 6300 ext 1404 [email protected]  Transportation  Small cap. Chatchai JINDARAT (66) 2658 6300 ext 1401 [email protected]  Electronics

Institutional Research Maria LAPIZ Head of Institutional Research Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 [email protected]  Consumer / Materials Jesada TECHAHASDIN, CFA (66) 2658 6300 ext 1394 [email protected]  Financial Services Kittisorn PRUITIPAT, CFA, FRM (66) 2658 6300 ext 1395 [email protected]  Real Estate

VIETNAM Le Hong Lien, ACCA Head of Institutional Research (84) 844 55 58 88 x 8181 [email protected]  Strategy  Consumer  Diversified  Utilities Thai Quang Trung, CFA, Deputy Manager, Institutional Research (84) 844 55 58 88 x 8180 [email protected]  Real Estate  Construction  Materials Truong Thanh Hang (84) 844 55 58 88 x 8085 [email protected]  Consumer Le Nguyen Nhat Chuyen (84) 844 55 58 88 x 8082 [email protected]  Oil & Gas Nguyen Thi Ngan Tuyen Head of Retail Research (84) 844 55 58 88 x 8081 [email protected]  Food and Beverage  Oil & Gas Sony Tra Mi (84) 844 55 58 88 x 8084 [email protected]  Pharmaceutical Trinh Thi Ngoc Diep (84) 844 55 58 88 x 8242 [email protected]  Technology  Utilities  Construction Dang Thi Kim Thoa (84) 844 55 58 88 x 8083 [email protected]  Consumer Nguyen Trung Hoa (84) 844 55 58 88 x 8088 [email protected]  Steel  Sugar  Resources

Page 11 of 14

Banking APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report. This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect. 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. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report. Malaysia Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis. Singapore This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law. Thailand The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect. US This research report prepared by MKE is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations. UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

18 December 2013

Page 12 of 14

Banking DISCLOSURES Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities JSC (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies. Singapore: As of 18 December 2013, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report. Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report. Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. As of 18 December 2013, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report. MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. Reminder Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Ong Seng Yeow | Executive Director, Maybank Kim Eng Research

Definition of Ratings Maybank Kim Eng Research uses the following rating system: BUY

Return is expected to be above 10% in the next 12 months (excluding dividends)

HOLD SELL

Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends) Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

Some common terms abbreviated in this report (where they appear): Adex = Advertising Expenditure BV = Book Value CAGR = Compounded Annual Growth Rate Capex = Capital Expenditure CY = Calendar Year DCF = Discounted Cashflow DPS = Dividend Per Share EBIT = Earnings Before Interest And Tax EBITDA = EBIT, Depreciation And Amortisation EPS = Earnings Per Share EV = Enterprise Value

18 December 2013

FCF = Free Cashflow FV = Fair Value FY = Financial Year FYE = Financial Year End MoM = Month-On-Month NAV = Net Asset Value NTA = Net Tangible Asset P = Price P.A. = Per Annum PAT = Profit After Tax PBT = Profit Before Tax

PE = Price Earnings PEG = PE Ratio To Growth PER = PE Ratio QoQ = Quarter-On-Quarter ROA = Return On Asset ROE = Return On Equity ROSF = Return On Shareholders’ Funds WACC = Weighted Average Cost Of Capital YoY = Year-On-Year YTD = Year-To-Date

Page 13 of 14

Banking



Malaysia

Maybank Investment Bank Berhad (A Participating Organisation of Bursa Malaysia Securities Berhad) 33rd Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur Tel: (603) 2059 1888; Fax: (603) 2078 4194 Stockbroking Business: Level 8, Tower C, Dataran Maybank, No.1, Jalan Maarof 59000 Kuala Lumpur Tel: (603) 2297 8888 Fax: (603) 2282 5136



Singapore

Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Research Pte Ltd 9 Temasek Boulevard #39-00 Suntec Tower 2 Singapore 038989



Hong Kong

Kim Eng Securities (HK) Ltd Level 30, Three Pacific Place, 1 Queen’s Road East, Hong Kong



Tel: (852) 2268 0800 Fax: (852) 2877 0104



Philippines

Maybank ATR Kim Eng Securities Inc. 17/F, Tower One & Exchange Plaza Ayala Triangle, Ayala Avenue Makati City, Philippines 1200



Tel: (63) 2 849 8888 Fax: (63) 2 848 5738



South Asia Sales Trading

Kevin FOY [email protected] Tel: (65) 6336-5157 US Toll Free: 1-866-406-7447

Thailand

Maybank Kim Eng Securities (Thailand) Public Company Limited 999/9 The Offices at Central World, 20th - 21st Floor, Rama 1 Road Pathumwan, Bangkok 10330, Thailand Tel: (66) 2 658 6817 (sales) Tel: (66) 2 658 6801 (research)



Maybank Kim Eng Securities (London) Ltd 6/F, 20 St. Dunstan’s Hill London EC3R 8HY, UK



Tel: (44) 20 7621 9298 Dealers’ Tel: (44) 20 7626 2828 Fax: (44) 20 7283 6674

Tel: (65) 6336 9090 Fax: (65) 6339 6003



London

Indonesia

PT Maybank Kim Eng Securities Plaza Bapindo Citibank Tower 17th Floor Jl Jend. Sudirman Kav. 54-55 Jakarta 12190, Indonesia

Vietnam

In association with

Maybank Kim Eng Securities JSC 1st Floor, 255 Tran Hung Dao St. District 1 Ho Chi Minh City, Vietnam Tel : (84) 844 555 888 Fax : (84) 838 38 66 39

Maybank Kim Eng Securities USA Inc 777 Third Avenue, 21st Floor New York, NY 10017, U.S.A. Tel: (212) 688 8886 Fax: (212) 688 3500



India

Kim Eng Securities India Pvt Ltd 2nd Floor, The International 16, Maharishi Karve Road, Churchgate Station, Mumbai City - 400 020, India Tel: (91).22.6623.2600 Fax: (91).22.6623.2604

Tel: (62) 21 2557 1188 Fax: (62) 21 2557 1189



New York



Saudi Arabia In association with

Anfaal Capital Villa 47, Tujjar Jeddah Prince Mohammed bin Abdulaziz Street P.O. Box 126575 Jeddah 21352 Tel: (966) 2 6068686 Fax: (966) 26068787

North Asia Sales Trading

Alex TSUN [email protected] Tel: (852) 2268 0228 US Toll Free: 1 877 837 7635

www.maybank-ke.com | www.maybank-keresearch.com

18 December 2013

Page 14 of 14

Singapore Banks

Dec 18, 2013 - the most compared to its peers, given its strong deposit franchise. ...... securities mentioned in this report, perform services for or solicit business.

973KB Sizes 3 Downloads 282 Views

Recommend Documents

Singapore Banks
May 6, 2015 - Figure 10: Investment theses .... Banks have alternative funding sources in short-term commercial papers ...... Utilities & Renewable Energy.

ASEAN Financials: Singapore banks – Rate rises, the ...
trading securities held by a research analyst account. | September 9, 2015. ASEAN Financials ..... and gas services sector, especially as low oil prices put further exploration on hold. In fact OCBC has already ..... INM000011203), and depository par

Singapore Strategy 2018 Singapore Budget - Amazon AWS
Feb 20, 2018 - PT RHB Sekuritas Indonesia is not an insider as defined in the Capital Market Law and the information contained in this report is not considered as insider information prohibited by law. Insider means: a. a commissioner, director or em

Singapore Banks-Still the safest place in the ASEAN ...
12. 12. 12.1. 11.9. 6.0. 2.6. RHBC. RHBC MK Reduce. 6.20. 5.10 2.4. 2.2. 0.8. 0.7. 8.5. 7.4. 10. 10. 6.2. 6.3. 3.7. 1.3. AMM. AMM MK Reduce. 4.90. 3.50 4.0. 3.9 ...... Pratik Burman Ray. +65 6658 0611 [email protected]. Albert Tam. +852 2822 4395

Singapore Strategy 2018 Singapore Budget - Amazon AWS
Feb 20, 2018 - views expressed in this research report. RHBHK had an investment banking services client relationships during the past 12 months with: -. RHBHK has received compensation for investment banking services, during the past 12 months from:

PDF-DOWNLOAD Bye Bye Banks?: How Retail Banks ...
Now the retail banking business model ... future of financial services. ... Lloyds Banking Group "James Haycock is a key voice for how the banking industry ...

Singapore Exchange Ltd - PhillipCapital
Jul 7, 2014 - securities business succeed in lifting volumes. Key re-rating catalyst ... Analyst. Benjamin Ong [email protected]. +65 65311535.

Singapore REITs
... the absence of income support at MBFC Tower 1 and 2, which we expect to run out by FY15F. ...... Action: Neutral; income support absence likely = FY16F decline ...... Online availability of research and conflict-of-interest disclosures. Nomura ..

singapore -
mr Brendan Wauters, president & ceo, Senoko energy pte Ltd ... system and efficient operations management system to encourage environmental protection and ...

Property - Singapore
Apr 1, 2014 - Investors should consider this report as only a single factor in making their .... comparable peers given the complex company structure. ... Lynch International Bank Ltd., Frankfurt Branch; Merrill Lynch (South Africa): Merrill.

Genting Singapore
May 15, 2015 - positioned to take advantage of new casino markets or to ... remains hopeful of the casino bill being passed sometime ..... by the Monetary Authority of Singapore under the laws of Singapore, which differ from Australian laws.

Singapore Conglomerates
We recently concluded a US marketing trip and observed, on average, greater investor ... Our SOTP-based target prices are as follows: KEP S$13.40, SMM.

Singapore Developers
2013E. 2014E. 2015E. Home prices. - Luxury. 2,000. 2,250. 2,800. 2,780. 2,800. 2,800. 2,604. 2,344. - Prime. 1,300. 1,300. 1,600. 1,670. 1,700. 1,700. 1,581. 1,423 ...... SSL Dev. The Stratum. Mass. 900. 827. 9. 57. Apr-12. Nov-12. Kheng Long. Topiar

Singapore Strategy - Amazon AWS
Feb 6, 2018 - Our Alpha list: we remove Memtech given its YTD outperformance, and add STE and. China Sunsine; others ... seasonally stronger for the company and we believe its business momentum is still strong with no ..... Spain: This document is a

Singapore Airlines
Singapore Airlines (LHS) .... This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR") (formerly known as HwangDBS Vickers.

Singapore Telecommunications
to the recent rate cuts by the Reserve Bank of Australia. ..... New Zealand: In New Zealand, this report is for distribution only to persons whose principal business ...

Singapore Strategy - DBS Bank
Jul 15, 2014 - Spillover interest from the euphoria in Indonesia over Jokowi's win ... Growth in e- commerce and online marketing/purchase leads to higher demand .... cautious on banks with exposure to Hong Kong/China. Sector growth ...

Singapore Airlines
Sep 20, 2013 - domestic market and have an initial start-up capital of. $100m. ... forthcoming this time round. Over the long .... is provided pursuant to the approval by MAS of research distribution arrangements under Paragraph 11 of the First.

Singapore Strategy
(Thai Beverage, Osim), Healthcare (IHH, Raffles Medical) and. Oil & Gas ... Health Care. 132. 132. 204. 54%. 54%. Industrials. 5,517. 1,043. 641. -88%. -39%. Oil & Gas. 1,078. 1,020. 1,244. 15%. 22%. Real Estate. 2,298. 836. 2,251. -2%. 169% ..... tr

Singapore Airlines
Jul 15, 2014 - J.P. Morgan does and seeks to do business with companies covered in its research ... worse-than-expected competition from low-cost carriers ...... covered companies by visiting https://jpmm.com/research/disclosures, calling ...

Singapore REITs - DBS Bank
20 Feb 2018 - economists expect the positive momentum to flow through to the services sector. In 2018, services will be the main driver of. Singapore's GDP growth; this sector is ... in the services industry. 2014 ...... Completes S$100m equity raisi