15/09/2014 Singapore Traders Spectrum

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

DBS Group Research . Equity KEY POINTS 

Rising interest rate environment favours companies with net cash – SembCorp Industries, Semb Marine, Singapore Post, Yangzijiang & Keppel Corp are large caps we like

15 Sep 2014 Straits Times Index 3,500

FTSE Small Cap Index FTSE Small Cap Index

600

STI Index

3,400

580

3,300

560

3,200



Thai Beverage – Buy on dips to S$0.72, take profit around S$0.80

Wired Weekly STI looks contented by just tracking along its 14.1x (+0.25SD) 12-mth forward PE. Its continuation should see it head to 3365 by end-Sept and 3435 by year-end based on current earnings forecast. In the event that the earnings revision cycle turns positive, we see the STI heading for 3530 or 14.48x (+0.5SD) FY15F PE. Our regional strategist is concerned that a rise in UST yields could spook the re-pricing of risk assets that include ASEAN markets in 4Q, resulting in profit taking, given regional markets’ good YTD performances. Should this occur, we will peg support at 13.7x (avg) 12-mth forward PE, given stable macro conditions. This places support at 3270, which will rise to 3340 by year-end. The “buy on pullback” setting continues, barring major unforeseen negative events. The FOMC meeting falls on Wednesday. Consensus expects the Fed to reduce monthly bond purchases to USD15bn, positioning QE on track to end in October. Investors will keep a close watch on the Fed’s statement for clues on how long the benchmark interest rate will be kept low after bond purchases end. The impending end to the Fed’s QE gives long-term UST yields room to trend higher in the coming months. Interest rate hikes will be one of the key investment themes next year. More forward looking investors can opt for early positioning opportunities into this theme. Investors should be ready to rotate out of debt-laden stocks into companies with net cash or low debt levels. Some of the big cap names are SembCorp Industries, Semb Marine, Singapore Post, Yangzijiang and Keppel Corp. The list of Singapore stocks under our coverage with “BUY” recommendations that are in net cash is shown on the next page. Shares of Thai Beverage have performed well following our analyst’s upgrade of the stock’s TP to S$0.80 last week. As technical oscillators approach the overbought level and the distance to TP narrows, we advocate taking profit should the stock heads closer to S$0.80 but look to buy again at the S$0.7-0.725 support area.

Yeo Kee Yan (65) 6682 3706 [email protected] www.dbsvickers.com Ed: TH / sa: YM

540

3,100

520

3,000 2,900 Sep-13

500 Dec-13

Mar-14

Jun-14

Sep-14

STI and 12-mth forward PE 3600 3500 3400 3300 3200 3100 3000 2900 2800 2700 2600 Dec-12

+0.5SD @ 14.5x Average @ 13.7x -0.5SD @ 13.0x

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Brent Crude Oil Brent Crude Oil

118 114 110 106 102 98 94

Jun-13

Dec-13

Jun-14

Source: Datastream, DBS Bank

Dec-14

90 Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

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

Index @ 12- Sep- 14 3,345.55 776.13 547.15 811.69 230.41 760.34 760.43 774.03 727.14 163.98 835.89 525.59 1,259.86 840.62 1,025.23 505.27 850.34 450.19

Source: DBS Bank, Bloomberg Finance L.P.

1 Wk % Chg 0.1 -0.6 -0.5 0.0 -0.5 -0.6 -1.0 -0.2 -0.9 -0.8 -0.1 0.7 0.1 -1.3 -0.3 -1.3 0.3 0.2

YTD % Chg 5.6 7.6 0.9 5.6 2.4 7.4 6.5 8.4 -5.9 -12.8 11.4 9.1 9.3 1.4 6.0 8.0 6.0 18.3

Singapore Traders Spectrum Wired Weekly

Singapore Market Summary

rise to 3340 by year-end. The “buy on pullback” setting continues, barring unforeseen negative events.

STI ended the week up 4pts at 3345 as the low-volatility trend continued. The index has gained 18pts month-to-date, led by DBS Group, Jardine Matheson, Jardine Strategic and Thai Beverage. Trading activity was muted as volatility stayed low ahead of this week’s FOMC meeting that could shed light on the timing of US interest rate hike. Last week’s S$785m average daily value of shares traded fell below the YTD average of S$1.05bn.

STI 12-mth forward PE levels -0.25 sd 13.3 PE FY15

3,240

3,338

3,435

3,528

12-mth forward PE at end-Sept

3175

3270

3365

3456

Source: DBS Bank

STI looks contented by just tracking along its 14.1x (+0.25SD) 12-mth forward PE. Its continuation should see it head to 3365 by end-Sept and 3435 by year-end based on current earnings forecast. In the event that the earnings revision cycle turns positive, we see the STI heading for 3530 or 14.48x (+0.5SD) FY15F PE.

Positioning early into a rising interest rate environment Our regional strategist says the impending end to the Fed’s QE will give long-term UST yields room to trend higher in the coming months. We talked about rising interest rates on this space last week. Interest rate hikes will be one of the key investment themes next year. More forward looking investors can opt for early positioning opportunities into this theme. Investors should be ready to rotate out of debt-laden stocks into companies with net cash or low debt levels. Some of the big cap names are SembCorp Industries, Semb Marine, Singapore Post, Yangzijiang and Keppel Corp.

Our regional strategist is concerned that a rise in UST yields could spook the re-pricing of risk assets that include ASEAN markets in 4Q, resulting in profit taking, given the markets’ good YTD performances. Should this occur, we will peg support at 13.7x (avg) 12-mth forward PE, given stable macro conditions. This places support at 3270, which will Stocks under our coverage that are ‘BUYs’ and with net cash Company

Pric e 11 T arget Sep 2014 Price

T arget Ret urn

Sect or M k t Cap PER 14 PER 15 EPS EPS Div P/BV (S$m) (x) (x) Grow t h Grow t h Y ield 13 (x) 14 (%) 15 (%) 13 (%)

OCBC

9.720

12.05

24%

Banking

38,203

12.9

11.9

-1.0

8.7

3.4

SembCorp Industries

5.190

6.00

16%

Oil & Gas

9,275

11.8

10.5

-3.4

12.2

3.2

1.8

SembCorp Marine

3.860

4.82

25%

Oil & Gas

8,065

13.9

12.1

8.2

14.9

3.4

3.0

1.4

Yangzijiang

1.195

1.60

34%

Industrials

4,579

7.0

7.2

3.9

-2.3

4.1

1.3

Singapore Post

1.750

2.12

21%

Industrials

3,700

23.1

20.2

1.1

14.3

3.6

9.6

V enture Corporation

7.920

8.80

11%

Technology

2,176

15.0

13.7

10.3

9.4

6.3

1.2

OSIM International

2.610

3.26

25%

Consumer Goods

2,034

16.2

14.4

18.5

12.8

2.3

7.2

ARA Asset Management

1.765

2.00

13%

Financials

1,492

18.0

17.7

11.6

2.0

2.8

5.4

United Envirotech

1.390

1.66

19%

Industrials

1,269

23.2

17.4

190.2

33.5

0.2

4.4

Sheng Siong Group

0.660

0.78

19%

Consumer Services

913

20.8

21.0

13.1

-1.3

3.9

6.1

Yoma Strategic Holdings

0.700

0.88

26%

Industrials

904

53.3

39.3

35.7

35.5

0.0

2.2

Rex International

0.665

1.15

73%

Oil & Gas

728

42.8

10.7

nm

301.3

0.0

5.5

Kim Heng Offshore & Marine

0.240

0.30

24%

Oil & Gas

170

8.9

6.8

-14.4

30.0

5.0

2.3

V aluetronics

0.435

0.65

49%

Industrials

163

6.7

6.7

22.1

0.3

3.0

1.6

Source: DBS Bank

Page 2

Avg 13.7x +0.25 sd +0.5 sd PE 14.1 PE 14.48x PE

Singapore Traders Spectrum Wired Weekly Thai Bev – Buy dips to c.S$0.72, take profit at c.S$0.80 Our analyst raised FY15F/16F estimates for Thai Bev by 4% last week. Upside surprise could come from a faster-thanexpected turnaround in non-alcoholic beverage segment and/or beer contribution. Further catalysts could come from the eventual divestment/ monetisation of its 28.5% stake in FCL and/or restructuring of its stake in F&N. The

fundamental TP is lifted to S$0.80. The stock has risen from a low of S$0.615 since beginning August. Its technical oscillators 8-wk RSI and weekly stochastics are currently overbought at 86 and 83 respectively. Further gains from here will stretch the oscillators and lift the stock closer to its channel return (resistance) line. Support is at S$0.70-0.725. For traders already positioned in the stock, look to lock in gains near S$0.80 and buy on dips to $0.72.

Thai Beverage (Daily)

Source: DBS Research

Around the Region ASEAN markets could see 4Q volatility – Our regional equity strategist says with expectations of weaker growth in the Eurozone and Japan compared to the US and the ECB/Japan’s QE entry compared to US QE exit, the two more direction implications for Asia are the USD and UST yield directions. Barring an escalation in geopolitical risks or a shock to the US economy, the impending end to the Fed’s QE suggests that long-term UST yields have room to trend higher in the coming months. This could spook the repricing of risk assets that include ASEAN markets in 4Q. Although macro conditions are a lot more stable compared to a year ago, ASEAN markets’ outperformance this year could drive investors to lock in profits before the year ends. Prefer large over small Chinese banks – Our HK/China analyst notes that in the recently concluded 2Q results season, large banks scored better in providing higher NIM, slower new NPL formation before write-offs and disposals, slower increase in overdue loans, and more prudent NPL classification and capital trends. Large banks also have less exposure to non-standard credit investments and will be less impacted by the upcoming deposit insurance scheme and deposit rate liberalisation. Our analyst remains bullish on Chinese banks and expects a rebound in credit growth and a soft landing for property markets to rebuild confidence in the sector. Picks are Agricultural Bank of China (1288) and China Merchants Bank (3968). CPO price recovery only gradual, Genting Plantations & TSH Resources oversold - Malaysia’s end-Aug14 palm oil stockpile soared 22% m-o-m; on stronger-than-expected 22% m-o-m jump in output and flat exports. Sep14 stockpile

forecast at 2.091m MT, as output moderates 13% m-o-m while exports expand 4% m-o-m. Our plantation analyst reckons that while CPO discount to soybean oil has narrowed, the subsequent recovery may be gradual. Still, some plantation stocks are oversold following the recent price correction. Malaysian companies Genting Plantations and TSH Resources are our analyst’s picks. Singapore-listed plantation stocks are not in the “BUY” radar screen for the sector. Plantation companies Companies

Malaysia - RM Genting Plantations TSH Resources Singapore - S$ Bumitama Agri First Resources Indofood Agri R. Golden Agri R. Wilmar Int’l

Price on 9 Sept

Mkt Cap

LCY

US$m

LCY

3 mth

12 mth

Rating

9.96 3.43

2,393 961

12.60 4.00

(11.6) (3.9)

4.8 48.5

BUY BUY

1.15 2.07 0.87 0.51 3.17

1,600 2,604 970 5,200 16,111

1.23 2.14 0.97 0.54 3.30

0.0 (13.0) (9.0) (12.1) (0.9)

17.4 8.4 9.5 (8.9) 2.3

HOLD HOLD HOLD NR HOLD

Target Price

Performance (%)

Source: DBS Bank

The Week Ahead The US FOMC releases its monetary policy statement this Wednesday and is forecast to reduce monthly bond purchases to USD15bn, keeping QE on track to end in October. Investors will keep a close watch on the Fed’s statement for clues on how long the benchmark interest rate will be kept low after bond purchases end.

Page 3

Singapore Traders Spectrum Wired Weekly Views from our Economists Singapore’s 2014 inflation expectation lowered to 1.5% but picks up to 2.8% in 2015 Our Singapore economist has lowered the 2014F inflation to 1.5% from 2.1%. This adjustment takes into account the lower-than-expected inflation readings over the past months, which currently stands at just 1.6% YTD. Headline CPI inflation reading has fallen due to the drop in COE premiums in recent months. However, this is policy-driven. Underlying cost pressures within the economy have been high. Higher business costs

Page 4

due to wage pressure and rapid increase in rental have been passed on to consumers. With both factors unlikely to ebb in the near term, inflation is set to rise in 2015. That is, while the inflation forecast for 2014 has been lowered to 1.5%, CPI is expected to show a higher reading of 2.8% in 2015. Inflation will be higher in 2015 and growth is set to remain slow (3.0% in 2014 and 3.6% in 2015). The MAS is unlikely to change its policy stance as the downside risk to growth remains manageable. Our economist expects the current policy stance of a gradual appreciation of the Sing NEER to continue.

Singapore Traders Spectrum Wired Weekly

Top large and small / mid cap picks

TOP LARGE CAP PICKS Recom

P rice

T a rge t P rice

Upside

CapitaLand

Buy

3.290

3.84

17%

1) Portfolio-wide improvement; performance underpinned by higher contributions from China 2) Streamlined structure enables group to be more nimble

Global Logistic Properties

Buy

2.870

3.42

19%

1) Strong execution track record and leadership position in the Asian modern logistics warehouse market 2) Growth drivers in place, development acceleration impact likely to be felt from next 18-24 months

Singapore Post

Buy

1.750

2.12

21%

1) SPOST’s low-cost carrier model for e-commerce logistics across Asia is better than high cost – high speed model of the likes of Fedex and DHLs. 2) Recent postal rate hike of 12-30% to mitigate the pressure on traditional post business and we expect to see double-digit earnings growth for the group going forward. 3) With over S$500m net cash, future acquisitions could boost FY16F earnings by 20% or more.

Recom

P rice

T a rge t P rice

Upside

China Merchants

Buy

0.940

1.32

40%

1) Organic growth to continue 2) Jiurui E’way acquisition to drive future growth

Mapletree Greater China Commercial Trust

Buy

0.955

1.04

9%

1) Visible organic growth 2) Portfolio of quality assets

Nam Cheong

Buy

0.455

0.52

14%

1) Continues to ride on OSV cycle with sustained flow of vessel sale contracts. 2) Catalysts from contract wins and details of Nam Cheong’s own designs expected later this year

Pacific Radiance Ltd

Buy

1.405

1.62

15%

1) Strategy to grow fleet and expand in key emerging geographies such as Mexico, where the Group has established a JV. 2) Potential to book higher margins.

Venture Corporation

Buy

7.860

8.80

12%

1) Expect a stronger 2H, underpinned by new product launches and further traction with new customers. 2) Continues to ride on broader economic recovery.

Company

Catalyst

TOP SMALL / MID CAP PICKS Company

Catalyst

Source: DBS Bank

Page 5

Singapore Traders Spectrum Wired Weekly Major research reports released last week Company / Sector Recommendation Target Price ($) Key Points

Sembcorp Marine

BUY

S$ 4.82

Scaling up

Thai Beverage Public Company

BUY

S$ 0.80 (Prev S$ 0.68)

1) 2) 3) 4)

China Merchants Hldgs (Pacific)

BUY

S$ 1.32

1) Jiurui Expressway acquisition approved and parent company converts its RCPS 2) Company can sustain its 7-Sct annual dividend payout comfortably, assuming full dilution (including outstanding convertible bonds) 3) Our previous TP of S$1.32 already takes into account dilution from RCPS and convertible bonds but we have yet to update our numbers and TP for the Jiurui acquisition 4) Maintain BUY and S$1.32 TP for now

Croesus Retail Trust BUY

S$ 1.10

1) Acquires One’s Mall in Greater Tokyo for JPY11bn, a 5% discount to the independent market valuation 2) Acquisition partially funded by recent S$72.2m share placement 3) Maintain BUY, TP of S$1.10

Source: DBS Bank

Page 6

Reaffirm BUY with higher TP of S$0.80 Project growth to continue into 2H14, FY15 Corporate restructuring an added catalyst on top of positive operating performance Upside revision to FY15 forecasts possible if management sustains strong margins

Singapore Traders Spectrum Wired Weekly Shanghai Composite Index 2,400

Hang Seng Index 26,000

Shanghai Comp Index

Taiwan Index 10,000

Hang Seng Index

25,000

2,300

9,400

24,000

2,200

9,100

23,000 2,100

8,800 8,500

22,000

8,200

2,000

21,000

1,900 Sep-13

20,000 Sep-13

12 mth: 1 mth:

Dec-13

Mar-14

3. 1% 4. 1%

Jun-14

YT D: 1 Wk:

Sep-14

9. 2% 0. 2%

7,900 Dec-13

12 mth: 1 mth:

Nikkei Index

Mar-14

7. 5% -0. 1%

Jun-14

YT D: 1 Wk:

Sep-14

5. 8% -2. 5%

17,500

Nikkei 225 Index

15,000

12,000

14,500 Dec-13 10.3% 4.9%

Mar-14

Jun-14

YTD: 1 Wk:

-2.3% 1.5%

12 mth: 1 mth:

USD/SGD

3,600 3,400 Dec-13

Mar-14

11.2% 2.9%

Jun-14

YTD: 1 Wk:

Sep-14

2.8% -0.1%

usd/JP Y

1.23

Dec-13

Mar-14

Jun-14

Sep-14

102

1.34

100

1.32

98

1.30

96

1.28

94 Sep-13

5.05

Mar-14

Jun-14

Sep-14

1.26 Sep-13

0.2% -0.5%

Mar-14 YTD: 1 Wk:

Jun-14

Sep-14 1.3% -0.1%

Sep-13 12 mth: 1 mth:

Jun-14

Sep-14

A$/SGD

1.12

4.70 Dec-13

Sep-14

1.14

4.75

6.00

Jun-14

1.16

4.80

6.05

Mar-14

1.18

4.85

6.10

Dec-13

1.20

4.90

6.15

9.9% 0.6%

Euro/U S D

1.22

sgd/RMB

4.95

6.20

YTD: 1 Wk:

Sep-14

A$/SGD

5.00

6.25

12 mth: 1 mth:

Dec-13

SGD/RMB

6.30

Jun-14

1.36

USD/RMB Usd/RMB

23.3% 4.6%

Mar-14

1.38

106

1.25

Sep-13

12 mth: 1 mth:

Dec-13

1.40

104

1.21 Sep-13

Sep-13

Euro/USD

108 1.27

Nasdaq

3,800

110

usd/S GD

8. 3% -1.1%

4,000

USD/JPY

1.29

YT D: 1 Wk:

Sep-14

4,200

Sep-13

Sep-14

Jun-14

4,400

15,500

13,000

Mar-14

4,600

16,000 14,000

13. 6% 1. 7%

4,800

Dow Jones

16,500

15,000

12 mth: 1 mth:

12 mth: 1 mth:

Dec-13

NASDAQ Index

17,000

16,000

Sep-13

7,600 Sep-13

Dow Jones Industrials

17,000

Taiwan Index

9,700

1.10 Dec-13 0.6% -1.5%

Mar-14 YTD: 1 Wk:

Jun-14

Sep-14 1.3% -1.1%

Sep-13 12 mth: 1 mth:

Dec-13 -1.7% 0.2%

Mar-14 YTD: 1 Wk:

2.4% -0.8%

Source: Datastream, DBS Bank

Page 7

Singapore Traders Spectrum Wired Weekly

Baltic Dry Index 2,500

Volatility Index

Fed Funds Rate

22

Baltic Dry Index

0.30

Volatility Index

20 2,000

18

0.20

16

1,500

0.15

14

0.10

12

1,000

0.05

10 500 Sep-13 12 mth: 1 mth:

0.00

8 Dec-13 -27.1% 41.9%

Mar-14

Jun-14

YTD: 1 Wk:

Sep-14

Sep-13

Dec-13

Mar-14

Jun-14

Sep-13

Sep-14

Palm Oil Brent Crude Oil

US$/l 46

Palm Oil

900

44

110

850

42

800

40

750

38

700

36

650

34

600

32

105 100 95 Dec-13

Mar-14

Mar-14

Jun-14

Sep-14

Soya Oil

US$/Ton 950

115

90 Sep-13

Dec-13

-47.9% 3.4%

Brent Crude Oil US$/barrel

Fed Funds Rate

0.25

Jun-14

Sep-14

550 Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

30 Sep-13

Soya Oil

Dec-13

Mar-14

Jun-14

Sep-14

12 mth:

-12. 7%

YT D:

-12. 3%

12 mth:

-9. 9%

YT D:

-18. 5%

12 mth:

-21. 6%

YT D:

-9.0%

1 mth:

-5. 3%

1 Wk:

-4. 2%

1 mth:

-6. 2%

1 Wk:

1. 5%

1 mth:

-5. 9%

1 Wk:

-0.6%

Aluminium

Tin

US$/MT

Steel

US$/MT 25000

Aluminium

RMB/MT 3800

Tin

2150

3600

24000

2050

3400

23000

1950

Steel (rebar)

3200

1850

22000

1750

21000

1650 Sep-13

20000 Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

3000 2800 Dec-13

Mar-14

Jun-14

Sep-14

2600 Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

12 mth:

18.2%

YT D:

17. 3%

12 mth:

-7. 7%

YT D:

-5. 8%

12 mth:

-19. 3%

YT D:

-15. 0%

1 mth:

5. 7%

1 Wk:

-0. 9%

1 mth:

-6. 2%

1 Wk:

-1. 9%

1 mth:

-9. 0%

1 Wk:

-4.7%

Copper

Nickel

US$/MT 7500

Gold

US$/MT 22000

Copper

US$/Ounce 1450

Nickel

20000 7000

6500

1350

18000

1300

16000

1250 1200

14000

Sep-13

1150

12000

6000 Dec-13

Mar-14

Jun-14

Sep-14

Sep-13

Gold

1400

1100 Dec-13

Mar-14

Jun-14

Sep-14

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

12 mth:

-3.9%

YTD:

-7.0%

12 mth:

33.3%

YTD:

32.5%

12 mth:

-9.1%

YTD:

2.6%

1 mth:

-1.8%

1 Wk:

-1.3%

1 mth:

-1.8%

1 Wk:

-5.1%

1 mth:

-5.8%

1 Wk:

-2.4%

Source: Datastream, DBS Bank

Page 8

Singapore Traders Spectrum Wired Weekly

Straits Times Index S/No.

B'berg Code

St ock Name

Crnc y

1 2 3

DBS SP OCBC SP ST SP

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

SGD SGD SGD

L ast Day A v g V ol f or Last Price V ol t he Week 12- Sep- 14 (000 Shrs) (000 Shrs)

Rel ST I MTD (%)

Rel ST I QT D (%)

Rel ST I YTD (%)

Weight (%)

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

3 (7) 1

11.33 10.48 9.96

45,560 38,400 62,180

18.52 9.77 3.90

2,312 8,550 11,875

2,152 6,521 10,689

3 (3) (0)

8 2 (1)

4

UOB SP

UNITED OV ERSEAS BANK LTD

SGD

23.04

1,533

1,443

(0)

(0)

3

9.61

36,894

5

J M SP

J ARDINE MATHESON HLDGS LTD

USD

62.03

238

184

2

2

13

6.59

53,327

6

KEP SP

KEPPEL CORP LTD

SGD

10.70

2,507

1,476

(2)

(4)

(10)

5.37

19,441

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

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

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

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

37.29 6.89 2.87 3.290 0.74 1.17 3.19 4.21 7.30 9.86 3.680 1.39 2.00 10.12 2.520 5.18 2.360 0.71 43.75 0.51 3.87 4.15 2.560 4.62

60 1,643 6,660 9,972 86,383 13,824 5,425 2,493 1,686 534 2,760 14,989 5,672 812 4,103 3,467 4,711 9,908 149 24,878 2,338 1,908 3,257 677

115 1,494 17,344 8,627 26,623 25,202 4,563 1,631 1,649 529 2,170 11,839 5,292 571 3,806 2,167 4,520 10,235 107 30,156 1,286 1,314 1,438 466

2 0 0 (1) 4 (5) 0 1 (0) (2) (0) 2 (1) (0) (0) 1 (0) (2) (3) (2) (3) (1) (4) 0

2 1 4 0 17 (15) (3) (2) 2 (6) (6) (1) (2) (5) (2) (6) (0) (4) (4) (12) (8) (3) (4) (11)

11 11 (6) 3 31 (27) (12) (3) (5) (3) (13) 24 (1) (8) 20 (11) 2 (0) 16 (13) (19) (9) 61 (14)

3.69 3.59 3.03 2.89 2.60 2.43 2.36 2.35 2.10 2.04 2.00 1.85 1.81 1.79 1.78 1.63 1.61 1.60 1.53 1.14 1.13 0.85 0.44 0.36

52,772 19,577 13,889 14,010 18,581 14,326 20,413 6,734 7,810 8,966 11,480 9,363 6,906 11,862 5,388 9,257 5,674 6,185 15,562 6,483 8,085 7,156 6,248 5,178

Source: Bloomberg Finance L.P.

Page 9

Singapore Traders Spectrum Wired Weekly At A Glance Currencies

Announced Dividends and Capital Issues Pt s c hg

% Chg 1 wk

1.26

0.0

0.9

107.33

2.2

2.1

(0.0)

(0.1)

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

    

0.77 1.11

0.0

4.0

1.63

(0.0)

(0.4)

Pt s c hg 1w k

% Chg 1 wk

Other Important Indicators Last Close Gold



Crude Oil



92.27

(1.0)

(1.1)

US$ Yield 10-year



2.61

0.2

6.2

1228.22 (40.7)

(3.2)

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

Pe riod 2Q F Jul Jul Jul Aug Aug Aug Sep Sep Sep Aug Aug Aug Aug Aug Aug Aug Aug Aug Sep Sep Sep Oct Oct Oct 3Q A Aug Aug Aug Sep Sep Sep Oct Oct Oct Sep Sep Sep Sep Sep Sep Sep Sep Sep 3Q P Oct Oct Nov Nov Nov Oct Sep Sep Sep 3Q F Oct Oct Oct Oct Nov Nov Nov Oct Oct

Source: Bloomberg Finance L.P. Page 10

Da te 15-Sep-14 15-Sep-14 15-Sep-14 15-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 23-Sep-14 23-Sep-14 26-Sep-14 26-Sep-14 30-Sep-14 30-Sep-14 30-Sep-14 30-Sep-14 30-Sep-14 1-Oct-14 1-Oct-14 7-Oct-14 9-Oct-14 9-Oct-14 9-Oct-14 10-Oct-14 15-Oct-14 15-Oct-14 15-Oct-14 17-Oct-14 17-Oct-14 17-Oct-14 22-Oct-14 22-Oct-14 22-Oct-14 24-Oct-14 24-Oct-14 24-Oct-14 24-Oct-14 31-Oct-14 31-Oct-14 31-Oct-14 31-Oct-14 31-Oct-14 31-Oct-14 4-Nov-14 4-Nov-14 5-Nov-14 5-Nov-14 5-Nov-14 7-Nov-14 14-Nov-14 14-Nov-14 14-Nov-14 15-Nov-14 15-Nov-14 17-Nov-14 17-Nov-14 17-Nov-14 19-Nov-14 19-Nov-14 19-Nov-14 24-Nov-14 24-Nov-14

Company NEO GROUP LIMITED SAKAE HOLDINGS LTD. TAN CHONG INT'L LTD ASIAN PAY TELEV ISION TRUST J ACKS INTERNATIONAL LIMITED YUEXIU PROPERTY CO LIMITED YUEXIU PROPERTY CO LIMITED BOARDROOM LIMITED CIMB S&P ASIA PACIFIC DIV IDEND CIMB S&P ASIA PACIFIC DIV IDEND RIV ERSTONE HOLDINGS LIMITED TOTAL ADR 10 SIA $300M 2.15%B150930 N509100N 141001 N509100N 141001 N511100W 160401 N513100T 180401 N710100Z 170401 NA12100N 420401 OSIM INTERNATIONAL LTD SHANGRI-LA ASIA LIMITED LIAN BENG GROUP LTD LIAN BENG GROUP LTD SINGAPORE EXCHANGE LIMITED SELECT GROUP LIMITED UMS HOLDINGS LIMITED GENTING SPS$500M5.125% PERPSEC TEE LAND LIMITED F RAGRANCE GROUP LIMITED UNITED OV ERSEAS AUSTRALIA LTD CORDLIFE GROUP LIMITED ELLIPSIZ LTD KARIN TECHNOLOGY HLDGS LIMITED GUOCOLAND LIMITED RYOBI KISO HOLDINGS LTD. F J BENJ AMIN HOLDINGS LTD GUOCOLEISURE LIMITED KTL GLOBAL LIMITED BRITISH & MALAYAN TRUSTEES LTD BRITISH & MALAYAN TRUSTEES LTD ASL MARINE HOLDINGS LTD SPINDEX INDUSTRIES LIMITED AMTEK ENGINEERING LTD MICRO-MECHANICS (HOLDINGS) LTD PARKSON RETAIL ASIA LIMITED EU YAN SANG INTERNATIONAL LTD MULTI-CHEM LIMITED OLAM INTERNATIONAL LIMITED OLAM INTERNATIONAL LIMITED SINGAPURA FINANCE LTD TAI SIN ELECTRIC LIMITED SILV ERLAKE AXIS LTD SILV ERLAKE AXIS LTD TEE INTERNATIONAL LIMITED CHOSEN HOLDINGS LIMITED ACE ACHIEV E INF OCOM LIMITED SANTAK HOLDINGS LIMITED NX09100W 190601 NX11100X 210601 NY14100E 290701

T y pe DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND RIGHTS DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND INTEREST INTEREST ENTITL. INTEREST INTEREST INTEREST INTEREST DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND INTEREST DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND INTEREST INTEREST INTEREST

Part ic ulars SGD 0.0105 ONE-TIER TAX SGD 0.005 ONE-TIER TAX HKD 0.025 010114 - 300614 SGD 0.0412 TAX EXEMPT SGD 0.003 ONE-TIER TAX HKD 0.049 OF F ER OF 33 F OR 100 @ HKD 1.25 SCRIPDIV SCHEME SGD 0.02 ONE-TIER TAX USD 0.0452 USD 0.0098 ONE-TIER TAX MYR 0.0235 ONE-TIER TAX USD 0.68919 300314 - 290914 2.15% 0.01375 REDEMPTION 100% 0.01125 0.005 0.02375 0.0275 SGD 0.02 ONE-TIER TAX HKD 0.06 SGD 0.0125 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.16 ONE-TIER TAX SGD 0.007 ONE-TIER TAX SGD 0.01 ONE-TIER TAX 180414 - 171014 5.125% SGD 0.0075 ONE-TIER TAX SGD 0.001 ONE-TIER TAX UNF RANK;DRP AUD 0.005 SGD 0.01 ONE-TIER TAX SGD 0.0036 ONE-TIER TAX HKD 0.078 SGD 0.05 ONE-TIER TAX SGD 0.003 ONE-TIER TAX SGD 0.0025 ONE-TIER TAX SGD 0.02 SGD 0.0044668 ONE-TIER TAX SGD 0.1 ONE-TIER TAX SGD 0.027 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.022 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.025 ONE-TIER TAX SGD 0.022 ONE-TIER TAX SGD 0.0027 ONE-TIER TAX SGD 0.025 ONE-TIER TAX SGD 0.05 ONE-TIER TAX SGD 0.05 ONE-TIER TAX SGD 0.015 ONE-TIER TAX SGD 0.006 ONE-TIER TAX SGD 0.012 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.0072 ONE-TIER TAX CNY 0.002 SGD 0.005 ONE-TIER TAX 0.025 0.0225 0.02875

Ex Dat e 15-Sep-14 15-Sep-14 16-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 17-Sep-14 18-Sep-14 18-Sep-14 18-Sep-14 18-Sep-14 18-Sep-14 19-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 23-Sep-14 30-Sep-14 30-Sep-14 1-Oct-14 2-Oct-14 7-Oct-14 9-Oct-14 9-Oct-14 13-Oct-14 15-Oct-14 21-Oct-14 23-Oct-14 23-Oct-14 24-Oct-14 24-Oct-14 28-Oct-14 28-Oct-14 28-Oct-14 30-Oct-14 30-Oct-14 31-Oct-14 31-Oct-14 3-Nov -14 3-Nov -14 3-Nov -14 4-Nov -14 4-Nov -14 4-Nov -14 4-Nov -14 6-Nov -14 6-Nov -14 7-Nov -14 7-Nov -14 10-Nov -14 11-Nov -14 12-Nov -14 14-Nov -14 21-Nov -14 21-Nov -14 23-Dec-14

Paid/ Pay able 24-Sep-14 24-Sep-14 25-Sep-14 26-Sep-14 2-Oct-14 5-Nov -14 11-Nov -14 30-Sep-14 30-Sep-14 9-Oct-14 10-Oct-14 30-Sep-14 1-Oct-14 1-Oct-14 1-Oct-14 1-Oct-14 1-Oct-14 1-Oct-14 2-Oct-14 7-Oct-14 16-Oct-14 16-Oct-14 13-Oct-14 24-Oct-14 28-Oct-14 20-Oct-14 3-Nov -14 28-Oct-14 4-Nov -14 7-Nov -14 13-Nov -14 6-Nov -14 18-Nov -14 5-Nov -14 19-Nov -14 17-Nov -14 12-Nov -14 20-Nov -14 20-Nov -14 12-Nov -14 19-Nov -14 20-Nov -14 19-Nov -14 13-Nov -14 21-Nov -14 20-Nov -14 13-Nov -14 13-Nov -14 19-Nov -14 18-Nov -14 27-Nov -14 27-Nov -14 27-Nov -14 21-Nov -14 28-Nov -14 26-Nov -14 01-Dec-14 01-Dec-14 02-J an-15

Upcoming IPOs NIL

Recent IPO Trading Company Name

IPO Share Pric e

L ast Close

ICB Sec t or Name

IPO Dat e

No. of Share

IPO M k t Cap

Eurosports Global Ltd

0.28

0.260

General Retailers

17/01/2014

265

74

Kim Heng Offshore & Marine

0.25

0.240

Oil Equipment, Serv ices & Distribution

22/01/2014

710

178

OUE Commercial Real Estate In

0.80

0.805

Real Estate Investment Trusts

27/01/2014

869

695

Talkmed Group Ltd

0.20

1.070

Health Care Equipment & Serv ices

30/01/2014

657

131

Pacc Offshore Serv ices Holding

1.15

0.870

Industrial Transportation

25/04/2014

1,820

2,093

QT V ascular Ltd

0.28

0.405

Pharmaceuticals & Biotechnology

29/04/2014

756

212

IPS Securex Holdings Ltd

0.35

0.445

Support Serv ices

30/06/2014

75

26

SMJ International Holdings Ltd

0.28

0.210

Household Goods & Home Construction

30/06/2014

78

22

Starburst Holdings Ltd

0.31

0.630

Aerospace & Defense

10/07/2014

250

78

F rasers Hospitality Trust

0.88

0.885

Real Estate Investment Trusts

14/07/2014

1,193

1,050

Spackman Entertainment Grou

0.26

0.345

Media

22/07/2014

395

103

F irst Sponsor Group Ltd

1.50

1.255

Real Estate Inv estment & Serv ices

22/07/2014

590

885

Alliance Mineral Assets Ltd

0.23

0.335

Mining

25/07/2014

394

91

Terratech Group Ltd

0.23

0.162

Mining

30/07/2014

615

141 1,066

Accordia Golf Trust

0.97

0.870

Trav el & Leisure

01/08/2014

1,099

IREIT Global

0.88

0.895

Real Estate Investment Trusts

13/08/2014

419

369

J apfa Ltd

0.80

0.865

F ood Producers

15/08/2014

1,765

1,412

Singapore Traders Spectrum Wired Weekly September 2014 Mon

Tues

Wed

Thu

Fri

1

2

3

4

5

10

11

12

17

18

19

25

26

Purchasing Managers Index Electronics Sector Index

8

Foreign Reserves

9

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

Manpower Survey

15

16

Electronic Exports YoY Non-oil Domestic Exports YoY Non-oil Domestic Exports SA MoM Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E

Unemployment rate SA Retail Sales Ex Auto YoY Retail Sales YoY Retail Sales SA MoM

22

23

CPI NSA MoM CPI YoY

29

24

Industrial Production SA MoM Industrial Production YoY

30

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

Source: Bloomberg Finance L.P.

Page 11

Singapore Traders Spectrum Wired Weekly DBS Bank Ltd recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends Traders Spectrum’s product is oriented towards readers with either a short-term trading horizon. It aims to highlight topical themes, which may move stock prices on a daily basis. Readers should be aware that “TS Take” relies more on assessments of technical factors, likely sentiment responses and short term money flows, rather than on fundamental analysis. As such the “TS Take” may from time to time conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by DBS Bank Ltd analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on on an ongoing basis. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd and DBS Vickers Securities (Singapore) Pte Ltd, its respective connected and associated corporations and affiliates (collectively, the “DBS Vickers Group”) only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of 31 Aug 2014,the analyst and his/her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report (“interest” includes direct or indirect ownership of securities). COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Bank Ltd., DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), their subsidiaries and/or other affiliates do not have a proprietary position in the securities recommended in this report as of 31 Jul 2014 except for OCBC, Sembcorp Industries, Sembcorp Marine, Yangzijiang Shipbuilding, Singapore Post, Venture Corporation , Indofood Agri Resources, Golden Agri Resources, CapitaLand, Global Logistic Properties, Mapletree Greater China Commercial Trust, Thai Beverage Public Company, Croesus Retail Trust, Wilmar, First Resoruces.

Page 12

Singapore Traders Spectrum Wired Weekly 2.

DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates beneficially own a total of 1% of any class of common equity securities of the Mapletree Greater China Commercial Trust, Croesus Retail Trust as of 31 Jul 2014.

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 have receive or intends to seek compensation for investment banking services from of Singapore Post, United Envirotech, Yoma Strategic Holdings, Nam Cheong Ltd, Pacific Radiance Ltd DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

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

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

Hong Kong

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

Indonesia

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

Malaysia

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

Singapore

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

Thailand

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

United Kingdom

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

Dubai

This research report is being distributed in The Dubai International Financial Centre (“DIFC”) by DBS Bank Ltd., (DIFC Branch) rd having its office at PO Box 506538, 3 Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it.

United States

Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person except in compliance with any applicable U.S. laws and regulations. It is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate.

Other jurisdictions

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

Page 13