31 October 2014
United Overseas Bank Ltd Double digit growth in fees and commission drives a strong quarter
Rating:
(Upgraded from Neutral)
SINGAPORE | REGIONAL BANKS | QUARTERLY RESULTS
UOB delivered a solid set of results for 3Q14, reporting a net profit of S$866m, up 7.2% q-q and 9M14 net profit was up 10.2% y-y NIM remain stable at 1.71%, in line with our expectations, proving that concerns over deposit cost spiralling out of control was undue Fees and commission delivered a superb quarter, growing 15.8% q-q, driven by investment-related and loan-related fees Main surprise this quarter was UOB’s net trading income which rocketed 68% q-q from higher treasury customer flows and trading income Our view on UOB is unchanged: we like their overall resilient earnings profile, strong capital position and cautious business approach Upgrade to "Accumulate”, with an adjusted TP of S$25.40 based on a FY15E BVPS of S$17.49 and P/B of 1.45X as we roll over our valuation and remain confident in their disciplined business approach
What is the news? UOB announced its 3Q14 results on 30 Oct 2014. Net profit grew q-q to S$866m (+7.2% q-q), driven by strong growth in fees and commission and record high net trading income. Net interest income grew 2.7% with broad based loans growth of 1.5% and NIM remained stable at 1.71%, in line with our previous forecast. Deposit gathering efforts were intensified with UOB growing their deposits by 3.8% (SGD and USD account for 87% of growth) to address previous concerns of a tightening LDR. Overall LDR consequentially fell to 85.8%. Fee income growth was driven by investment-related (+21.4%) and loan-related (+32.6%) q-q, a stark improvement over a muted 1H14. Non-interest income was a surprise again as trading income skyrocketed 68% q-q, largely due to increased treasury customer flows. Credit quality continues to be benign at 1.2% NPL ratio. The increase in housing NPL is largely due to borrowings for investment in a Singapore high-end residential project (total NPL for this is S$166m).
25.40 0.90 22.46 17.1%
Company Description UOB Ltd provi des a wi de ra nge of fi na nci a l s ervi ces i ncl udi ng ba nki ng, i ns ura nce, a nd a s s et ma na gement. Its ma i n opera ti ons a re i n Southea s t As i a , i ncl udi ng Si nga pore a nd Ma l a ys i a , wi th more tha n 500 offi ces i n 19 countri es a nd terri tori es .
Company Data Raw Beta (Past 2yrs weekly data)
1.13
Market Cap. (USD mn / SGD mn)
28128 / 35967
3M Average Daily T/O (mn)
1.8
Closing Px in 52 week range 19.36
24.24
0%
50%
100%
25.00 24.00 23.00 22.00 21.00 20.00 19.00 18.00
30 25 20 15 10 5 0
UOB SP EQU ITY
Major Shareholders 1. Wee Inves tments Pte Ltd 2. Wa h Hi n & Co Pte Ltd 3. Ha rbor Ca pi ta l Advi s ors Inc
Jul-14
Volume, mn
Apr-14
Jan-14
Investment Actions?
Target Price (SGD) Forecast Dividend (SGD) Closing Price (SGD) Potential Upside
Oct-13
How do we view this? Management believes that fee growth momentum should continue to be maintained for the rest of the year; we had pencilled in a 6% y-y growth for FY14 and this remains unchanged. We like that UOB has been able to ramp up their efforts to grow their deposit base without driving up funding cost. The resultant lower LDR should provide some comfort to concerns over a less “liquid” balance sheet but we still remain on our view that the liquidity coverage ratio (LCR) would be a better measure of liquidity than LDR. Full-loaded CET 1 is at a comfortable 12.6%. We remain confident in UOB maintaining their stable earnings profile and growing their overseas contribution (9M14: 37.6% of PBT) and a disciplined business approach. Impairment coverage and asset quality remains robust. We have revised our FY15E estimates slightly (EPS +7%) on stronger non-interest income as UOB continues to provide effective solutions to their client base.
Accumulate
STI rebased
(%) 7.76 5.07 2.46
Valuation Method P/B Mul ti pl e Analyst Benjamin Ong benja mi nongcw@phi l l i p.com.s g +65 65311535
Since our last report on 1 Aug 2014 when we maintained a “Neutral” rating (due to stretched valuations) despite strong fundamentals, UOB’s share price has corrected by -7.6%. UOB’s resilient earnings profile and a disciplined business approach remain intact. Based on a FY15E BVPS of S$17.49 and P/B of 1.45X, we derive a new TP of S$25.40 as we roll over our valuation to FY15 and upgrade our rating to “Accumulate”.
Page | 1 MCI (P) 046/11/2013 Ref. No.: SG2014_0165
United Overseas Bank Ltd 31 October 2014 Key Financial Summary FYE Dec FY11 FY12 FY13 FY14F FY15F Net i nteres t i ncome (SGD mn) 3,679 3,916 4,119 4,402 4,773 Non i nteres t i ncome (SGD mn) 2,021 2,578 2,601 3,088 3,284 NPAT, a dj. (SGD mn) 2,325 2,802 3,008 3,193 3,424 EPS, a dj. (SGD) 1.42 1.72 1.83 2.01 2.07 P/E (X),a dj. 15.8 11.1 12.3 11.1 10.9 BVPS (SGD) 13.23 14.56 15.36 16.40 17.49 P/B (X) 1.3 1.3 1.5 1.4 1.3 DPS (SGD) 0.60 0.70 0.75 0.80 0.90 Di v. Yi el d (%) 3.4% 3.7% 3.3% 3.6% 4.0% Source: Bl oomberg, PSR es t. *Forwa rd mul ti pl es a nd yi el ds a re ba s ed on current pri ce a nd hi s tori ca l mul ti pl es a nd yi el ds a re ba s ed on hi s tori ca l pri ces Results at a glance (SGD mn) 3Q14 NII 1,156 Fees & Comm 475 Other NII 341 Total Revenue 1,972 Expens es 800 Net Profit 866 Source: Compa ny, PSR
3Q13 y-y (%) 2Q14 q-q (%) 1,046 11% 1,124 3% 407 17% 410 16% 211 62% 350 -3% 1,664 19% 1,884 5% 715 12% 787 2% 730 19% 808 7%
Table 1. Growth in revenue $m Net i nteres t i ncome Net fee a nd comm i nc Other non-i nteres t i nc Total
Comments Loa ns growth of 1.5% Invt-rel a ted & l oa n-rel a ted Trea s ury cus tomer fl ows
3Q14 1,156 475 341 1,972
3Q13 1,046 407 211 1,664
%y-y ch 10.5% 16.7% 61.6% 18.5%
2Q14 1,124 410 350 1,884
%q-q ch 2.8% 15.9% -2.6% 4.7%
Table 2. Fee and commission income $m Credi t ca rd Fund ma na gement Inves tment-rel a ted Loa n-rel a ted Servi ce cha rges Tra de-rel a ted Other Di vi dend i ncome Rental i ncome Total
3Q14 72 46 118 131 28 70 11 14 28 518
3Q13 66 37 101 93 27 72 11 12 27 446
%y-y ch 9.1% 24.3% 16.8% 40.9% 3.7% -2.8% 0.0% 16.7% 3.7% 16.1%
2Q14 71 38 97 99 26 69 11 27 30 468
%q-q ch 1.4% 21.1% 21.6% 32.3% 7.7% 1.4% 0.0% -48.1% -6.7% 10.7%
Table 3. Other non-interest income $m Net tra di ng i ncome Tra di ng i ncome/(l os s ) Non-tra di ng i nc/(l os s ) AFS a s s ets Other i ncome Total other non i nt i nc
3Q14 258 222 36 14 272
3Q13 142 8 86 48 29 171
%y-y ch 81.7% -100.0% 158.1% -25.0% -51.7% 59.1%
2Q14 250 132 118 43 293
%q-q ch 3.2% n.m. 68.2% -69.5% -67.4% -7.2%
United Overseas Bank Ltd 31 October 2014 Table 4. Loans by Industries $m Tpt, s tora ge & comms Bui l di ng a nd cons truction Ma nufa cturi ng Fi na nci a l i ns titutions Genera l commerce Profes s i ona l s & Pri i nv Hous i ng l oa ns Others Total l oa ns
3Q14 8,963 25,128 17,080 29,569 26,782 25,530 53,755 9,137 195,944
3Q13 8,110 22,836 15,037 26,479 21,779 24,497 49,744 8,046 176,528
%y-y ch 10.5% 10.0% 13.6% 11.7% 23.0% 4.2% 8.1% 13.6% 11.0%
2Q14 9,219 24,478 16,936 30,937 25,098 25,369 52,800 8,304 193,141
%q-q ch -2.8% 2.7% 0.9% -4.4% 6.7% 0.6% 1.8% 10.0% 1.5%
Table 5. Loans by currencies $m Si nga pore dol l a r US dol l a r Ma l a ys i a n ri nggi t Tha i ba ht Indones i a n rupi a h Others Total l oa ns
3Q14 106,517 31,653 24,860 9,757 4,613 18,543 195,943
3Q13 99,474 24,392 22,623 8,915 4,363 16,761 176,528
%y-y ch 7.1% 29.8% 9.9% 9.4% 5.7% 10.6% 11.0%
2Q14 105,765 30,290 24,373 9,447 4,547 18,718 193,140
%q-q ch 0.7% 4.5% 2.0% 3.3% 1.5% -0.9% 1.5%
Table 6. Profit before tax by Business segments $m 3Q14 Group Retai l 329 Grp Whol es a l e 593 Gl oba l Mkts a nd IM 170 Others (45) Total NPBT 1,047
3Q13 305 532 21 57 915
%y-y ch 7.9% 11.5% 709.5% -178.9% 14.4%
2Q14 306 501 176 (10) 973
%q-q ch 7.5% 18.4% -3.4% 350.0% 7.6%
Table 7. Profit before tax by Geographical segments $m 3Q14 3Q13 Si nga pore 663 553 Ma l a ys i a 173 145 Tha i l a nd 47 38 Indones i a 16 44 Grea ter Chi na 73 53 Others 76 83 Total NPBT 1,048 916 Source (tabl es 1-7): Compa ny, Phi l l i p Securi ties Res ea rch
%y-y ch 19.9% 19.3% 23.7% -63.6% 37.7% -8.4% 14.4%
2Q14 672 136 16 16 71 63 974
%q-q ch -1.3% 27.2% 193.8% 0.0% 2.8% 20.6% 7.6%
United Overseas Bank Ltd 31 October 2014 Fig 1: Net interest margin Net interest income - LHS
3.00
NIM-RHS
1.95 1.98 1.92 1.84 1.76 1.7 1.71 1.71 1.74 1.73 1.71 1.71
2.50
2.00 1.50 1.00
0.50
3Q14
2Q14
1Q14
4Q13
43.8 43.1 41.7 41.4
35.0
5.0
0.00
55.0
38
44
42
42
44
48
43
45.0 44
44
45
43
44
35.0 25.0 15.0 5.0
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
Cus l oans
LDR (%) - RHS
150,000 90
-5.0
84
83
86
86 83
1.4
1.4
1.5
1.3
1.2
1.1
1.1
1.2
1.2
1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00
3Q14
1.2
2Q14
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
Fig 7: Growth in selected asset items
1.6 1.4
1Q14
86
Total cumulat ive i mpairment as % of NPA
4Q13
87
88
NPL (%) - RHS
160 140 120 100 80 60 40 20 -
3Q13
88
94 92 90 88 86 84 82 80 78 76
2Q13
86
65.0
Net prof i t margin (%) - RHS
Fig 6: NPA, NPL Cus dep
87
Net profit - LHS
1Q12
200,000
900 800 700 600 500 400 300 200 100 0
4Q11
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
-5.0
Fig 5: Deposits, Loans, LDR
Fig 8: CAR
Loans to nonbank customers
Cash equivalents
Financial assets and investments
300,000
25
Ti er 1 CAR
Total CAR
20
250,000 200,000
15
150,000
10
100,000
5
50,000
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
Fig 10: EPS and NBV ROE - RHS
12.10
-
4Q11
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
Fig 9: ROE and ROA
1.3 1.2 1.2 1.1 1.1 1.0 1.0 0.9 0.9 0.8
3Q13
41.6 44.2 43
15.0
-
2Q13
45.1
25.0
350,000
1Q13
42.3 41.5 41.3 41.3
-
30.00
10.00 4Q12
45.0
50,000
40.00
20.00
3Q12
65.0
Ef f iciency ratio (%) - RHS
55.0
100,000
33.8
41.6 39.9 42.4 41.4 38.7 39.1 38.2 37.1 37.1 36.7 40.3
Fig 4: Net profit margin Expenses - LHS
4Q11
800 700 600 500 400 300 200 100 0
50.00
2Q12
Fig 3: Efficiency ratio
NonII/total i ncome (%) - RHS60.00
Non-i nterest income - LHS
1Q12
0.00
900 800 700 600 500 400 300 200 100 0
4Q11
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
1200 1150 1100 1050 1000 950 900 850 800
Fig 2: NonII/Total revenue
13.10
10.70
12.10 12.20 11.60
ROA - LHS
13.10
11.70
Diluted NAV - RHS
12.80 12.40 12.50 12.90
Diluted EPS exclude extra items - LHS
18.0
2.2
16.0
2.0
18.00
14.0
1.8
12.0
1.6
10.0
1.4
8.0
1.2
10.00
6.0
1.0
8.00
14.0 14.6 13.2 13.7 13.7
15.2 14.9 14.9 15.4
16.5 15.9 16.2
16.00 14.00
12.00
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
United Overseas Bank Ltd 31 October 2014 Fig 11: Revenue by geographical segment
Fig 12: Geo segment breakdown
Indon, 103 , 5% Tha i , 184 , 9% S'pore, 1,156 , 59% S'pore
M'sia
Thai
Indon
G. China
M's i a, 275 , 14%
Other
Fig 13: Revenue by Business segment
Fig 14: Net interest income trend 1,400
900 800 700 600 500 400 300 200 100 -
Net interest income
SMA
1,200
1,000 800 600
400 200
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
Fig 15: Fee and Commission trend
3Q12
-
2Q12
Others
1Q12
Group Wholesale Global markets
4Q11
Group retail
Fig 16: Other noninterest income trend
500
Net fee and commission income
SMA
400 300
200 100
Other noni nterest income trend
SMA
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
400 350 300 250 200 150 100 50 -
4Q11
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
1Q12
4Q11
-
Other, 113 , 6%
G. Chi na , 140 , 7%
1,400 1,200 1,000 800 600 400 200 -
United Overseas Bank Ltd 31 October 2014 For Financial Summary at the end of report FYE Dec Income Statement (SGD mn) Net Interes t Income Fees a nd Commi s s i on Other Non i nteres t i ncome Total operating income Opera ti ng expens es Provi s i ons Operating profit As s oci a tes & JVs Profit Before Tax Ta xa ti on Profit After Tax Non-control l i ng Interes t Net Income, reported Net Income, adj.
FYE Dec Per share data (SGD) EPS, reported EPS, a dj. DPS BVPS
FY11 3,679 1,318 703 5,700 2,452 533 2,715 92 2,807 467 2,340 15 2,325 2,325
FY11 1.43 1.42 0.60 13.23
FY12 3,916 1,508 1,070 6,494 2,746 485 3,263 87 3,350 530 2,820 18 2,802 2,802
FY12 1.72 1.72 0.70 14.56
FY13 4,119 1,731 870 6,720 2,898 429 3,393 191 3,584 559 3,025 17 3,008 3,008
FY13 1.83 1.83 0.75 15.36
FYE Dec FY11 FY12 FY13 Cashflow Statements (SGD mn) PBT 3,248 3,748 3,584 Adjus tments 163 (387) (2,555) Op ca s h before WC cha nges 3,411 3,361 1,029 WC cha nges (12,369) 3,571 (3,827) Cashflow from ops (8,958) 6,932 (2,798) Cashflow from investments (17) (68) (31) Cashflow from financing 6,163 (50) 2,457 Net change in cash (4,747) 5,897 (703) CCE, end 22,396 28,293 21,245
FY14F
FY15F
4,402 1,836 1,252 7,491 3,122 651 3,718 120 3,838 626 3,212 19 3,193 3,193
4,773 1,953 1,331 8,057 3,250 727 4,080 120 4,200 756 3,444 21 3,424 3,424
FY14F 2.01 2.01 0.80 16.40
FY14F
FYE Dec FY11 Balance Sheet (SGD mn) Ca s h ba l wi th centra l ba nks 26,786 Due from ba nks 18,770 Inves tment s ecuri ti es 14,354 Loa ns to non-ba nk cus tomers 141,191 Others 35,855 Total Assets 236,956 Due to ba nks 19,750 Due to non-ba nk cus tomers 169,460 Debts i s s ued 11,786 Others 12,817 Total liabilities 213,813 Sha rehol der's equi ty 22,967 Non-control l i ng i nteres t 177 Total Equity 23,144
FY12
FY13
FY14F
FY15F
33,056 15,991 11,129 152,930 39,794 252,900 21,538 182,029 12,800 11,261 227,628 25,080 192 25,272
26,881 31,412 12,140 178,857 34,940 284,230 13,706 214,548 18,981 10,417 257,652 26,389 189 26,578
47,805 26,089 9,532 192,956 44,162 320,545 34,981 226,636 19,550 10,730 291,897 28,439 208 28,648
49,900 26,545 9,072 206,666 45,288 337,471 35,287 240,201 20,137 11,051 306,676 30,565 229 30,794
FY15F 2.07 2.07 0.90 17.49
FY15F
3,838 4,200 164 162 4,001 4,362 18,268 (655) 22,269 3,707 (129) (128) (824) (990) 20,679 1,822 41,924 43,746
FYE Dec FY11 FY12 FY13 FY14F FY15F Supplementary items CET1 CAR (%) n/a n/a 13.2% 14.6% 14.8% Ti er 1 CAR (%) 13.5% 14.7% 13.2% 15.4% 15.5% Tota l CAR (%) 16.7% 19.1% 16.6% 16.9% 17.0% Source: Compa ny Da ta , PSR es t
FYE Dec FY11 FY12 FY13 FY14F FY15F Valuation Ratios P/E (X), a dj. 15.8 11.1 12.3 11.1 10.9 P/B (X) 1.3 1.3 1.5 1.4 1.3 Di vi dend Yi el d (%) 3.4% 3.7% 3.3% 3.6% 4.0% Growth & Margins (%) Growth Net i nteres t i ncome 4.2% 6.4% 5.2% 6.9% 8.4% Non i nteres t i ncome -10.9% 27.6% 0.9% 18.7% 6.3% Pre provi s i on opera ti ng profi t -1.7% 13.9% 3.5% 11.5% 7.6% Opera ti ng i ncome -11.2% 20.2% 4.0% 9.6% 9.8% Net i ncome, reported -13.8% 20.5% 7.4% 6.2% 7.2% Margins Net i nteres t ma rgi n 1.92% 1.87% 1.72% 1.71% 1.74% Key Ratios (%) ROE 11.1% ROA 1.1% RORWA 1.9% Non-i nteres t/tota l i ncome ra ti o 35.5% Cos t/i ncome ra ti o 43.0% Loa n/depos i t ra ti o 83.3% NPL ra ti o 1.40 Source: Compa ny Da ta , PSR es t
12.3% 1.2% 2.1% 39.7% 42.3% 84.0% 1.52
12.4% 1.1% 2.0% 38.7% 43.1% 83.4% 1.14
11.8% 1.0% 1.8% 41.2% 41.7% 85.1% 1.27
11.7% 1.0% 1.8% 40.8% 40.3% 86.0% 1.38
United Overseas Bank Ltd 31 October 2014 Ratings History Market Price Target Price
26 25 24 23 22 21 20 19 18 17 16 15 14
Source: Bl oomberg, PSR Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
1 2 3 4 5 PSR Rating System Total Returns Recommendation Rating > +20% Buy 1 +5% to +20% Accumul a te 2 -5% to +5% Neutra l 3 -5% to -20% Reduce 4 <-20% Sel l 5 Remarks We do not ba s e our recommenda tions entirel y on the a bove qua ntitative return ba nds . We cons i der qua l i tative fa ctors l i ke (but not l i mi ted to) a s tock's ri s k rewa rd profi l e, ma rket s entiment, recent ra te of s ha re pri ce a ppreci a tion, pres ence or a bs ence of s tock pri ce ca tal ys ts , a nd s pecul a tive undertones s urroundi ng the s tock, before ma ki ng our fi na l recommenda tion
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United Overseas Bank Ltd 31 October 2014 Contact Information (Singapore Research Team) Management Chan Wai Chee (CEO, Research - Special Opportunities) Joshua Tan (Head, Research - Equities & Macro) Macro | Equities Soh Lin Sin Bakhteyar Osama
+65 6531 1516 +65 6531 1793
Finance | Offshore Marine Benjamin Ong
+65 6531 1535
Telecoms | Technology Colin Tan
+65 6531 1221
SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore 179101 Tel +65 6533 6001 Fax +65 6535 6631 Website: www.poems.com.sg
Research Operations Officer Jaelyn Chin +65 6531 1240
+65 6531 1231 +65 6531 1249 Market Analyst | Equities Kenneth Koh +65 6531 1791
Real Estate Caroline Tay
US Equities Wong Yong Kai
+65 6531 1685
+65 6531 1792
Transport & Logistics Richard Leow, CFTe +65 6531 1735 Contact Information (Regional Member Companies) MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel +603 2162 8841 Fax +603 2166 5099 Website: www.poems.com.my
HONG KONG Phillip Securities (HK) Ltd 11/F United Centre 95 Queensway Hong Kong Tel +852 2277 6600 Fax +852 2868 5307 Websites: www.phillip.com.hk
JAPAN Phillip Securities Japan, Ltd. 4-2 Nihonbashi Kabuto-cho Chuo-ku, Tokyo 103-0026 Tel +81-3 3666 2101 Fax +81-3 3666 6090 Website: www.phillip.co.jp
INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 10220 – Indonesia Tel +62-21 5790 0800 Fax +62-21 5790 0809 Website: www.phillip.co.id
CHINA Phillip Financial Advisory (Shanghai) Co Ltd No 550 Yan An East Road, Ocean Tower Unit 2318, Postal code 200001 Tel +86-21 5169 9200 Fax +86-21 6351 2940 Website: www.phillip.com.cn
THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 10500 Thailand Tel +66-2 6351700 / 22680999 Fax +66-2 22680921 Website www.phillip.co.th
FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance 75008 Paris France Tel +33-1 45633100 Fax +33-1 45636017 Website: www.kingandshaxson.com
UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS Tel +44-20 7426 5950 Fax +44-20 7626 1757 Website: www.kingandshaxson.com
UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL 60604 USA Tel +1-312 356 9000 Fax +1-312 356 9005 Website: www.phillipusa.com
AUSTRALIA Phillip Capital Limited Level 12, 15 William Street, Melbourne, Victoria 3000, Australia Tel +61-03 9629 8288 Fax +61-03 9629 8882 Website: www.phillipcapital.com.au
SRI LANKA Asha Phillip Securities Limited No-10 Prince Alfred Tower, Alfred House Gardens, Colombo 03, Sri Lanka Tel: (94) 11 2429 100 Fax: (94) 11 2429 199 Website: www.ashaphillip.net
TURKEY PhillipCapital Menkul Degerler Dr. Cemil Bengü Cad. Hak Is Merkezi No. 2 Kat. 6A Caglayan 34403 Istanbul, Turkey Tel: 0212 296 84 84 Fax: 0212 233 69 29 Website: www.phillipcapital.com.tr
DUBAI Phillip Futures DMCC Member of the Dubai Gold and Commodities Exchange (DGCX) Unit No 601, Plot No 58, White Crown Bldg, Sheikh Zayed Road, P.O.Box 212291 Dubai-UAE Tel: +971-4-3325052 / Fax: + 971-4-3328895 Website: www.phillipcapital.in
INDIA PhillipCapital (India) Private Limited No.1, 18th Floor Urmi Estate 95, Ganpatrao Kadam Marg Lower Parel West, Mumbai 400-013 Maharashtra, India Tel: +91-22-2300 2999 / Fax: +91-22-2300 2969 Website: www.phillipcapital.in
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