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6 November 2014
Singapore Morning Note
Weekly Market Outlook Webinar
Register HERE for Monday’s 11.15am webinar if you have not already done so.
Our webinars are an opportunity for clients, remisiers, and sales staff, to ask questions on our coverage and the market's direction.
We hope to have as many of you as possible.
Archived Webinar videos can be accessed via UniPhillip website - http://www.uniphillip.com/=> Education Programs => Phillip
Securities Research Webinars
In this week's archived webinar, we featured updates on the following SG stocks under coverage: OSIM, Sin Heng Heavy
Machinery, SMRT, DBS, UOB, OCBC, Raffles Medical; as well as US stocks under coverage: National Interstate, Sodastream, FNF
Ventures, and Outerwall.
Source: Phillip Securities Research Pte Ltd
Fundamental Call
StarHub Ltd – No upside surprises (Colin Tan)
Recommendation: Neutral
Previous Close: S$ 4.18
Target Price: S$ 4.25




3Q14 service revenue down 0.6%y-y to S$552.7m on declining broadband revenue despite growth in other segments.
iPhone demand drives higher sale of equipment, leading to 2.3%y-y gain in revenue at S$552.7m.
Net profit gained 2.5%y-y at S$97.7m, benefiting from S$17.4m of NGNBN adoption grant income recognised in 3Q. However,
YTD net profit for 9M14 was down 3.8% y-y at S$276m, impacted by decline in broadband revenue
Maintain Neutral with revised TP of S$4.25.
SIA Engineering Company Ltd - Escalation of maintenance hours, signalling a paradigm shift to a new normal (Richard Leow)
Recommendation: Reduce
Closing price: S$4.48
Target price: S$3.95





2QFY15 Revenue dipped 3.0%y-y to S$285.2mn; out-paced by 44.2%y-y plunge in operating profit to S$15.9mn.
Share of profits from Associates & JVs dropped 36.2%y-y to S$29.1mn.
Consequently, PATMI plunged 40.7%y-y to S$42.1mn.
2QFY15 Interim dividend of 6.0 Cents declared. (2QFY14: 7.0 Cents)
Downgrade to "Reduce" Rating and lower TP of S$3.95. (Previous S$4.92)
Source: Phillip Securities Research Pte Ltd
Page | 1
MCI (P) 033/11/2013
Ref. No.: SGMN2014_0214
6 November 2014
Company Results
S/N
1
2
3
4
5
Company Name
Revenue
Q/HY/FY
Currency
(Units)
Current
Previous
1H
3Q
3Q
3Q
3Q
HKD mn
SGD mn
SGD mn
SGD mn
SGD mn
1,254
592
1,712
21
101
1,243
579
1,659
0
188
Valuetronics Holdings
Starhub
Sembcorp Marine
Rowsley
Hyflux
Net Profit
Change
(%)
0.9
2
3
nm
(46)
Current
Previous
70
98
139
53
13
73
95
138
(3)
24
Change
(%)
(4)
3
1
nm
(45)
Source: SGX Masnet
Company Highlights
Earnings take: Sembcorp Marine Ltd
By Investment Analyst, Benjamin Ong
Sembcorp Marine reported 3Q14 revenue of S$1.71bn which was 3.2% higher YoY and 27.7% higher q-q. PATMI of S$132mn was
1.5% higher but flat QoQ, due mainly to higher revenue recognition for rig building projects. Operating margins were flat y-y but
declined q-q from 11.5% to 10.0% due to more conservative recognition on the drillships. Repair revenue is up 5.0% q-q but
remains weak as it declined 22.8% y-y. Net order book as of 5th Nov is S$12.6bn and they secured S$1.7bn of order wins from the
last quarter, bringing YTD order wins to S$4.2bn, exceeding our previous full-year forecast. Their first drillship has left Singapore
and is scheduled for delivery in June/July 2015. Management continues to receive enquiries for high spec, harsh condition jackups
and deepwater and ultra-deepwater floaters. In our view, we believe order win momentum should slow down going into 2015 from
suppressed oil prices which do not bode well for E&P capex. This in turn could be a drag on rig demand and day-rates, particularly in
the floater market. One upside risk would be more production related order wins.
Target price remains at S$3.70 with unchanged rating of Reduce as there is a change of analyst and coverage is under review.
Singapore Exchange Limited said its securities and derivatives markets experienced an outage, as a result of multiple power supply
issues, affecting SGX’s hardware providing market participants’ connectivity. The outage did not arise from a cyber-attack. (Closing
Price: S$7.070, +0.426%)
Source: SGX Masnet, The Business Times, Phillip Securities Research
Page | 2
6 November 2014
Morning Commentary
STI
JCI
HSI
Nifty
NIKKEI
Stoxx 50
0.19%
-0.08%
-0.63%
0.17%
0.44%
1.89%
to
to
to
to
to
to
3,287.7
5,066.8
23,695.6
8,338.3
16,937.3
3,091.5
KLCI
SET
HSCEI
ASX200
S&P 500
-0.44%
-0.49%
-0.99%
1.22%
0.57%
to
to
to
to
to
1,839.3
1,577.4
10,622.0
3,500.8
2,023.6
SINGAPORE:
 The Straits Times Index (STI) ended +5.97 points higher or +0.18% to 3287.54, taking the year-to-date performance to
+3.88%.
 The FTSE ST Mid Cap Index declined -0.15% while the FTSE ST Small Cap Index declined -0.41%. The top active stocks were
SingTel (+0.27%), DBS (+1.32%), UOB (+0.95%), Genting Sing (-2.77%) and Global Logistic (unchanged).
 The outperforming sectors today were represented by the FTSE ST Health Care Index (+0.70%). The two biggest stocks of
the FTSE ST Health Care Index are Raffles Medical Group (+4.71%) and Biosensors International Group (unchanged). The
underperforming sector was the FTSE ST Technology Index, which declined -1.14% with Silverlake Axis’s share price gaining
+0.37% and STATS ChipPAC’s share price unchanged. The FTSE ST Consumer Services Index declined -0.53%. The FTSE ST
Real Estate Index declined -0.06%. The FTSE ST Utilities Index declined -0.17%.
 Further downside supports are at 3200, 3150 and 3060
SECTOR/STRATEGY REPORTS:
- Sector Reports
: Transport, 21 Aug / US Oil & Gas, 9 July / Banking, 30 June / Offshore & Marine, 7 April /
Commodities, 21 Mar / Telecommunications, 10 Mar / Property, 16 Dec
- Country Strategy
: China & HK, 3 Nov / Thai, 8 Oct / For SG Strategy, Please see Webinar
Source: Phillip Securities Research Pte Ltd, SGX, Masnet
Macro Data
U.S.A.
Companies added more workers in October than the previous month, a sign employment growth is still on track for its best
performance in 15 years, a private payrolls report showed. The 230,000 increase in employment, the most since June, followed a
revised 225,000 gain the prior month, figures from Roseland, New Jersey-based ADP Research Institute showed today. The median
forecast of 44 economists surveyed by Bloomberg called for an advance of 220,000. The hiring gains reflect sustained consumerspending gains in the face of a global slowdown, helped by a drop in fuel prices. Even as employers hold down firings and add to
staffs, workers may need a faster pace of wage gains to support the purchases that make up the biggest part of the economy.
Japan
Wages in Japan rose by the most in more than six years amid efforts by Prime Minister Shinzo Abe and the central bank to spur
sustained price gains in the world’s third-largest economy. Average monthly salaries excluding bonuses and overtime payments
rose 0.5 percent in September from a year earlier to 242,211 yen ($2,124), the largest increase since February 2008, the labor
ministry said in Tokyo today. The total cash earnings including bonuses and overtime payments advanced for a seventh month and
summer bonuses were the biggest in six years. While the labor market is tightening, earnings adjusted for inflation still fell 2.9
percent, a 15th straight monthly drop, underscoring the challenge that remains for Abe in stoking the economy. The job-toapplicants ratio reached the highest level in more than 20 years in recent months, encouraging companies to boost wages to attract
workers.
China
Growth in China's services sector slowed to its lowest pace in three months in October, as new business cooled amid ongoing real
estate woes, signaling that the world’s second-largest economy faces continued headwinds moving into the fourth quarter, a
private survey showed. The latest signs of a slowdown in the economy – the weakness in services sector (which the private survey
coincided with the decline in an official services index earlier in the week) and decelerating third-quarter growth – could prompt
policymakers to announce more stimulus measures. The HSBC/Markit China services purchasing managers' index (PMI) fell to 52.9
in October - the lowest since July - from 53.5 in September, although most major components of the index remain solid. New
business sub-index dipped to 53.1 in October from 53.2 in October, but sub-indexes measuring employment and outstanding
business both inched up, painting a mixed picture.
Source: Phillip Securities Research Pte Ltd
Page | 3
6 November 2014
Macro Data (cont.)
Hong Kong
Hong Kong’s HSBC/Markit manufacturing PMI fell to 47.7 in October - its biggest margin since September 2011 - from 49.8 a month
ago, reflecting the impact pro-democracy protests are having on the economy and signaling a further slowdown. The slowdown in
economic activity deepened as new orders and output fell at an accelerated pace – with a number of companies surveyed
attributing the drop to recent political protests that have blocked key roads and hurt business activity for more than a month. This
is also increasingly being felt in the labour market, with private sector firms reduced staffing levels for the seventh consecutive
month in October, and the rate of job losses was the quickest in 16 months, posing further downside risk to consumption. The
numbers also add pressure on government officials to take remedial action as the economy suffers from the protracted street
protests even though financial markets and central bank officials have downplayed its impact.
Official forecasts for real GDP growth is between 2-3% for the full year, compared with 2.9% in 2013.
India
Services sector activity in India stagnated during October amid weaker growth of new business orders, as the HSBC India Services
Business Activity Index, that tracks changes in activity at Indian services companies, fell to 50.0 in October from September’s 51.6.
The stagnation in services sector activity follows five successive months of growth amid fall in new business orders, the report said.
Meanwhile, the headline HSBC Composite Output Index, that maps the manufacturing as well as the services sector output, stood
at 51, down from 51.8 in September, indicating that growth of private sector output in India eased to the weakest in five months.
However, services sector firms in India remained highly optimistic regarding prospects for activity growth in the coming year, with
business sentiment posted its strongest reading in three months.
Indonesia
Indonesia’s gross domestic product (GDP) grew 5.01% on-year in the third quarter, marking a fresh five-year low, underscoring the
challenges faced by the new President Joko Widodo trying to turn around Southeast Asia’s largest economy. That followed by a
5.12% expansion in the previous quarter, which was also the slowest rate since the 3Q2009, when growth slipped to 4.3%.
Exports fell 0.7% on-year in the third quarter (vs -1.04% in 2Q2014); while imports contracted 3.63% (vs -5.02% in 2Q2014).
Meanwhile, investment rose 4.02% on-year (vs +4.53% in 2Q2014). Growth in private consumption, which accounts for more than
half of the GDP, decelerated slightly.
The data also showed that growth in manufacturing and several services sector slowed, most notably trade, transport and
communication, and financial services. Growth in manufacturing, which accounts for almost a quarter of GDP, slowed to 4.61% onyear in the third quarter (vs +5.04% in 2Q2014). Mining sector gained 0.31% after contracting in the first half of the year, after PT
Freeport Indonesia and PT Newmont Nusa Tenggara reached an agreement with the government to resume exports of copper
concentrates.
Thailand
Thailand’s central bank left its benchmark interest rate unchanged at 2% for a fifth straight meeting, but said there was still room to
cut rates if needed as economic growth slows. The Bank of Thailand (BOT) said it would cut its economic growth forecasts for 2014
and 2015 from 1.5% and 4.8%, respectively, when it meets next month, but noted exports were poised to gradually pick up next
year with the global recovery.
“The committee projects sustained economic recovery in 2015, and deems that the current monetary policy is sufficiently
accommodative and does not hinder the ongoing recovery,” the monetary policy committee (MPC) said in a statement. Mathee
Supapongse, committee secretary, told a news conference that the central bank did not expect a big impact from the Bank of
Japan’s bond buying programme on Thailand and it had measures to cope with any effects.
Source: Phillip Securities Research Pte Ltd
Page | 4
6 November 2014
Phillip Securities Research - Singapore Stocks Coverage
Company
Commodities & Supply Chain Managers
FIRST RESOURCES LTD
GOLDEN AGRI-RESOURCES LTD
WILMAR INTERNATIONAL LTD
Consumer Goods
DEL MONTE PACIFIC LTD
GENTING SINGAPORE PLC
OSIM INTERNATIONAL LTD
Banking & Finance
DBS GROUP HOLDINGS LTD
OVERSEA-CHINESE BANKING CORP
SINGAPORE EXCHANGE LTD
UNITED OVERSEAS BANK LTD
Healthcare
RAFFLES MEDICAL GROUP LTD
Property
AMARA HOLDINGS LTD
CITY DEVELOPMENTS LTD
GLOBAL LOGISTIC PROPERTIES L
HO BEE LAND LTD
OUE LTD
SINARMAS LAND LTD
CHIP ENG SENG CORP LTD
Property (Trusts)
CROESUS RETAIL TRUST
Industrials
BOUSTEAD SINGAPORE LTD
PAN-UNITED CORP LTD
SIN HENG HEAVY MACHINERY LTD
SARINE TECHNOLOGIES LTD
800 SUPER HOLDINGS LTD
CIVMEC LTD
Offshore & Marine
EZION HOLDINGS LTD
EZRA HOLDINGS LTD
KEPPEL CORP LTD
SEMBCORP MARINE LTD
KIM HENG OFFSHORE & MARINE H
Transport
COMFORTDELGRO CORP LTD
SMRT CORP LTD
SATS LTD
SIA ENGINEERING CO LTD
Technology & Communications
M1 LTD
LANTROVISION SINGAPORE LTD
SILVERLAKE AXIS LTD
SINGAPORE TELECOMMUNICATIONS
STARHUB LTD
VALUETRONICS HOLDINGS LTD
SINGAPORE POST LTD
Analyst
Date of Last
Report
Rating
Target Price
(S$)
Current
Price
Performance since
Last Report
Potential Return
at Current Price
Caroline Tay
Caroline Tay
Change of Analyst
14-Aug-14 Buy
15-Aug-14 Neutral
9-May-14 Accumulate
2.58
0.550
3.61
2.05
0.505
3.13
-0.5%
-4.7%
-6.3%
25.9%
8.9%
15.3%
Colin Tan
Change of Analyst
Caroline Tay
16-Sep-14 Accumulate
5-Nov-13 Neutral
29-Oct-14 Accumulate
0.605
1.490
2.69
0.540
1.055
1.73
2.9%
-29.7%
-23.3%
12.0%
41.2%
55.9%
Benjamin Ong
Benjamin Ong
Benjamin Ong
Benjamin Ong
31-Oct-14
31-Oct-14
23-Oct-14
31-Oct-14
21.60
11.00
7.30
25.40
19.20
10.07
7.07
23.40
3.9%
3.9%
3.1%
4.2%
12.5%
9.2%
3.3%
8.5%
Colin Tan
31-Oct-14 Neutral
3.90
4.00
4.4%
-2.5%
Caroline Tay
Change of Analyst
Caroline Tay
Caroline Tay
Caroline Tay
Caroline Tay
Wong Yong Kai
13-Aug-14
15-Aug-14
5-Nov-14
12-Aug-14
5-Aug-14
25-Sep-14
12-Aug-14
0.700
11.26
3.03
2.50
2.61
0.970
1.030
0.525
9.41
2.69
2.00
2.13
0.610
0.880
-7.9%
-3.8%
0.0%
-9.1%
-10.1%
-5.4%
6.0%
33.3%
19.7%
12.6%
25.0%
22.5%
59.0%
17.0%
Change of Analyst
29-Aug-14 Buy
1.150
0.945
-5.5%
21.7%
Joshua Tan
Joshua Tan
Kenneth Koh
Benjamin Ong
Richard Leow
Kenneth Koh
18-Aug-14
15-Aug-14
5-Nov-14
12-Aug-14
30-Oct-14
27-Oct-14
Buy
Accumulate
Accumulate
Accumulate
Trading Buy
Accumulate
2.40
1.190
0.182
3.27
0.670
0.800
1.84
0.925
0.185
3.11
0.495
0.755
4.0%
-10.2%
-0.5%
3.0%
3.1%
2.7%
30.4%
28.6%
-1.6%
5.1%
35.4%
6.0%
Change of Analyst
Change of Analyst
Change of Analyst
Change of Analyst
Benjamin Ong
4-Aug-14
14-Apr-14
17-Apr-14
5-May-14
13-Aug-14
Accumulate
Neutral
Neutral
Reduce
Buy
2.67
1.090
11.35
3.70
0.290
1.470
0.790
9.49
3.68
0.205
-31.3%
-26.2%
-15.2%
9.4%
-19.6%
81.6%
38.0%
19.6%
-0.5%
41.5%
Richard Leow
Richard Leow
Richard Leow
Richard Leow
14-Aug-14
3-Nov-14
23-Jul-14
6-Nov-14
Accumulate
Reduce
Neutral
Reduce
2.85
1.370
3.05
3.95
2.58
1.600
3.13
4.48
0.8%
-7.4%
-1.6%
0.0%
10.5%
14.4%
-2.6%
11.8%
Colin Tan
Colin Tan
Colin Tan
Colin Tan
Colin Tan
Kenneth Koh
Colin Tan
17-Oct-14
21-Aug-14
28-Aug-14
15-Aug-14
6-Nov-14
14-Aug-14
15-Oct-14
Buy
Accumulate
Accumulate
Neutral
Neutral
Accumulate
Accumulate
3.95
0.720
1.320
3.97
4.25
0.590
2.070
3.64
0.57
1.360
3.77
4.20
0.345
1.950
5.8%
-11.6%
17.7%
-2.6%
0.5%
-31.7%
7.4%
8.5%
26.3%
-2.9%
5.3%
1.2%
71.0%
6.2%
Target Price
(US$)
15.45
17.16
16.79
47.12
38.06
82.83
74.71
79.13
11.00
21.00
57.62
96.14
Current
Price
15.45
13.51
14.07
39.74
28.98
71.56
57.38
61.65
5.14
21.89
59.22
100.84
Performance since
Last Report
-10.1%
2.6%
0.6%
1.6%
3.6%
1.7%
-0.7%
9.0%
-31.0%
2.1%
20.3%
17.4%
Potential Return
at Current Price
0.0%
27.0%
19.3%
18.6%
31.3%
15.8%
30.2%
28.4%
114.0%
-4.1%
0.0%
0.0%
Possible
Current Performance since
Price (Est.)
Price
Last Presentation
USD 38.98 USD 42.10
31.6%
SGD 2.11
SGD 2.38
31.7%
Potential Return
at Current Price
0.0%
0.0%
Buy
Accumulate
Accumulate
Accumulate
Buy
Accumulate
Accumulate
Accumulate
Accumulate
Buy
Trading Buy
Phillip Securities Research - US Stocks Coverage
Date of Last
Report
BANK OF AMERICA CORP
Wong Yong Kai
19-Aug-14
FNFV GROUP
Wong Yong Kai
31-Oct-14
GENWORTH FINANCIAL INC-CL A
Wong Yong Kai
31-Jul-14
ICONIX BRAND GROUP INC
Wong Yong Kai
21-Feb-14
NATIONAL INTERSTATE CORP
Wong Yong Kai
29-Oct-14
NATIONAL OILWELL VARCO INC
Wong Yong Kai
30-Sep-13
OIL STATES INTERNATIONAL INC
Wong Yong Kai
30-Sep-13
OUTERWALL INC
Wong Yong Kai
31-Oct-14
PERION NETWORK LTD
Wong Yong Kai
7-Aug-14
SODASTREAM INTERNATIONAL LTD
Kenneth Koh
30-Oct-14
SEAGATE TECHNOLOGY
Wong Yong Kai
19-Aug-14
WESTERN DIGITAL CORP
Wong Yong Kai
19-Aug-14
* NOV, OIS Target Price have been adjusted for individual spin-offs.
BAC, STX, WDC current price and performance are as of 18 Aug 2014.
Company
Analyst
Rating
Neutral
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Neutral
Trading Sell
Trading Sell
Phillip Securities Research - Webinar Highlights
Company
Analyst
Date of Last
Rating
Presentation
23-Dec-13 Non-Rated
4-Nov-13 Non-Rated
InterContinental Hotels (NYSE)
Wong Yong Kai
United Engineers (SGX)
Wong Yong Kai
Source: Phillip Securities Research Pte Ltd
* IHG, UE current price and performance are as of 10 July 2014.
Page | 5
6 November 2014
STI - Index Members
3.4%
4%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.3%
0.4%
0.5%
0.5%
0.6%
0.7%
0.8%
0.8%
0.9%
1.3%
1.4%
2%
0%
-1.3%
-1.3%
-1.3%
-0.6%
-0.5%
-0.4%
-0.4%
-0.3%
-2%
-3.2%
-2.8%
-4%
-6%
ST Eng.
Genting SP
Jardine Stra.
Wilmar
CDL
Sembcorp Ind.
Capitamall Trust
HK Land
Keppel Corp. Ltd
Jardine C&C
Capitaland
Ascendas REIT
Hutchison Port
Golden Agri-R.
GLP
Noble Group
Thai Beverage
Singtel
SGX
SPH
Jardine Mat.
OCBC
SIA
ComfortDelGro
Sembcorp Mar.
UOB
DBS
Starhub
Olam
-6.7%SIA Eng.
-8%
Source: Bloomberg
FTSE ST Breakdown (% Change)
ST Technology
6.2%
ST China
-0.5%
ST Real Estate
ST Financials
-1.0%
1.2%
ST Re Invest Trust
ST Utilites
-3.5%
0.0%
STI-1.0%
ST Telecommunicate
-3.7%
ST Oil & Gas
-13.2%
ST Basic Materials
ST Consumer Service
-6.4%
-12.0%
ST Healthcare
-10.4%
FTSE ST Market Cap. Breakdown (3M % Change)
ST Al l Share
ST Sma l l Ca p
-5.3%
-1.6%
STI
-1.0%
ST Mid Cap
-2.8%
Source: Bloomberg
ST Fl edgl i ng
-5.5%
ST Industrials
ST Consumer Goods
-1.0%
-0.2%
Top Gainers (%)
LI HENG CHEMICAL FIBRE TECH
GOODLAND GROUP LTD
GIKEN SAKATA SINGAPORE LTD
KLW HOLDINGS LTD
SHC CAPITAL ASIA LTD
Last
0.108
0.300
0.305
0.018
0.210
% Chg
12.5
11.1
7.0
5.9
5.0
Top Losers (%)
MDR LTD
BLUMONT GROUP LTD
MONEYMAX FINANCIAL SERVICE L
CSC HOLDINGS LTD
SIA ENGINEERING CO LTD
Last
0.005
0.021
0.280
0.061
4.480
% Chg
-16.7
-12.5
-8.2
-7.6
-6.7
Source: Bloomberg
Turnover ('mn shares)
Turnover (S$'mn)
UP
DOWN
UNCHANGED
754
620
126
226
584
Source: SGX
Page | 6
6 November 2014
340
320
300
280
260
90
88
86
84
82
80
78
76
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
+0.19%
3,287.66
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
+0.58%
17,484.53
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Mar-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
16,000
Jan-14
24,000
Jan-14
18,000
Dec-13
Nov-13
26,000
Dec-13
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
6,000
16,000
Nov-13
3,600
3,400
3,200
3,000
2,800
2,600
620
600
580
560
540
520
500
480
460
440
420
Feb-14
12,000
1,100
Feb-14
14,000
1,400
Jan-14
16,000
1,700
Dec-13
18,000
2,000
Jan-14
80
Dec-13
90
0.44%
Nikkei 225 Index
Nov-13
10,000
8,000
18,000
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
12,000
20,000
Nov-13
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
14,000
22,000
Nov-13
Oct-14
100
16,937.32
-0.63%
23,695.62
Hang Seng Index
Sep-14
110
Straits Times Index
-0.64%
567.71
MSCI Asia x-Japan
Aug-14
120
DJI
+0.14%
1,140.65
Gold (US$/Oz)
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
3.20
3.00
2.80
2.60
2.40
2.20
2.00
1.80
1.60
1.40
1.20
130
+0.01%
2.342
US Treasury 10yr Yield
-3.32%
82.53
Crude oil, Brent (US$/bbl)
+0.29%
268.27
TR/CC CRB ER Index
+0.57%
87.48
Dollar Index
17,000
15,000
13,000
Source: Bloomberg
Page | 7
6 November 2014
ETF Performance
ETF
ABF SINGAPORE BOND INDX FUND
CIMB FTSE ASEAN 40
DBX CSI 300
DB X-TRACKERS FTSE CHINA 50
DBX FTSE VIETNAM
DBX MSCI EUROPE (DR)
DBX MSCI INDONESIA
DBX MSCI JAPAN
DBX MSCI TAIWAN
DB X-TRACKERS MSCI WORLD TRN
DBX S&P 500
DBX S&P500 INVERSE
DBX CNX NIFTY
DBX S&P/ASX 200 (DR)
DBX EURO STX 50 (DR)
ISHARES MSCI INDIA INDEX ETF
LYXOR UCITS ETF CHINA ENTER
LYXOR ETF COMMODITIES THOMSO
LYXOR UCITS ETF HANG SENG IN
LYXOR ETF JAPAN TOPIX
LYXOR UCITS ETF ASIA EX JP
LYXOR ETF MSCI EMER MKTS-B
LYXOR ETF MSCI EUROPE-B
LYXOR ETF MSCI INDIA
LYXOR ETF MSCI KOREA-USD B
LYXOR ETF MSCI TAIWAN
LYXOR ETF MSCI WORLD-E
NIKKO AM SINGAPORE STI ETF
SPDR GOLD SHARES
SPDR STRAITS TIMES INDEX ETF
UNITED SSE 50 CHINA ETF
Source: Bloomberg
% Change
Change
Last
+0.00
-1.22
+0.00
-0.85
-0.68
-0.86
-0.76
-2.12
-0.78
-0.45
-0.18
-0.65
-0.20
-0.57
-1.36
-0.64
-1.15
-1.59
-0.33
+0.00
-0.79
-0.96
-0.62
+0.18
-1.19
-0.60
-0.47
+0.30
-1.26
+0.00
-1.23
+0.00
-0.13
+0.00
-0.27
-0.20
-0.49
-0.11
-1.00
-0.17
-0.02
-0.06
-0.15
-0.28
-0.23
-0.66
-0.05
-0.17
-0.04
-0.01
+0.00
-0.04
-0.10
-0.09
+0.03
-0.06
-0.01
-0.01
+0.01
-1.42
+0.00
-0.02
1.14
10.51
6.30
27.18
26.87
62.41
14.16
43.85
20.44
4.38
31.10
25.23
113.73
41.40
53.94
6.47
13.02
2.87
2.77
1.15
4.94
10.26
16.14
14.24
5.61
1.09
1.71
3.34
126.52
3.27
1.43
Corporate Action: Dividend
EX Date
Company
11/6/2014
LCD GLOBAL INVESTMENTS LTD
11/6/2014
SINGAPURA FINANCE LTD
11/6/2014
WING TAI HOLDINGS LTD
11/6/2014
WING TAI HOLDINGS LTD
11/6/2014
TAI SIN ELECTRIC LTD
11/6/2014
LUM CHANG HOLDINGS LTD
11/6/2014
UNION STEEL HOLDINGS LTD
11/6/2014
CHINA MINING INTERNATIONAL
11/7/2014
SILVERLAKE AXIS LTD
11/7/2014
SILVERLAKE AXIS LTD
11/7/2014
SIM LIAN GROUP LTD
11/7/2014
SIN HENG HEAVY MACHINERY LTD
Source: Bloomberg
Type
Regular Cash
Regular Cash
Regular Cash
Special Cash
Final
Final
Regular Cash
Special Cash
Final
Special Cash
Regular Cash
Final
Net Amount
0.0100
0.0414
0.0300
0.0300
0.0150
0.0125
0.0025
0.0170
0.0120
0.0060
0.0460
0.0065
Type
Rights Issue
Subscription Price
1.0000
Currency
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
Frequency
Annual
Annual
Annual
N/A
Semi-Anl
Semi-Anl
Annual
Annual
Quarter
N/A
Annual
Semi-Anl
Record Date
11/10/2014
11/10/2014
11/10/2014
11/10/2014
11/10/2014
11/10/2014
11/10/2014
11/10/2014
11/11/2014
11/11/2014
11/11/2014
11/11/2014
Payout Date
11/20/2014
11/19/2014
11/24/2014
11/24/2014
11/18/2014
11/21/2014
11/25/2014
11/18/2014
11/27/2014
11/27/2014
11/27/2014
11/28/2014
Corporate Action: Rights
EX Date
11/6/2014
Company
SINGAPURA FINANCE LTD
Currency
SGD
Term
1 per 1
Record Date
11/10/2014
Source: Bloomberg
Page | 8
6 November 2014
Economic Announcement
US
Date
Statistic
11/6/2014 Challenger Job Cuts YoY
11/6/2014 RBC Consumer Outlook Index
11/6/2014 Initial Jobless Claims
11/6/2014 Continuing Claims
11/6/2014 Nonfarm Productivity
11/6/2014 Unit Labor Costs
11/6/2014 Bloomberg Consumer Comfort
11/7/2014 Change in Nonfarm Payrolls
11/7/2014 Two-Month Payroll Net Revision
11/7/2014 Change in Private Payrolls
11/7/2014 Change in Manufact. Payrolls
11/7/2014 Unemployment Rate
11/7/2014 Underemployment Rate
11/7/2014 Average Hourly Earnings MoM
11/7/2014 Average Hourly Earnings YoY
Source: Bloomberg
Singapore
For
Survey
Prior
Oct
Nov
1-Nov
25-Oct
3Q P
3Q P
2-Nov
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
--285K
2365K
1.50%
0.50%
-232K
-223K
10K
5.90%
-0.20%
2.10%
-24.40%
53.2
287K
2384K
2.30%
-0.10%
37.2
248K
-236K
4K
5.90%
11.80%
0.00%
2.00%
Date
Statistic
11/7/2014 Foreign Reserves
11/14/2014 Retail Sales Ex Auto YoY
11/14/2014 Retail Sales YoY
11/14/2014 Retail Sales SA MoM
11/17/2014 Electronic Exports YoY
11/17/2014 Non-oil Domestic Exports YoY
11/17/2014 Non-oil Domestic Exports SA
11/19/2014 Automobile COE Open Bid Cat A
11/19/2014 Automobile COE Open Bid Cat B
11/19/2014 Automobile COE Open Bid Cat E
11/24/2014 CPI NSA MoM
11/24/2014 CPI YoY
11/24/2014 CPI Core YoY
11/24/2014 GDP SAAR QoQ
11/24/2014 GDP YoY
Source: Bloomberg
For
Survey
Prior
Oct
Sep
Sep
Sep
Oct
Oct
Oct
19-Nov
19-Nov
19-Nov
Oct
Oct
Oct
3Q F
3Q F
----------------
$266.14B
-1.60%
5.40%
5.30%
-4.00%
0.90%
-8.80%
----0.10%
0.60%
-1.20%
2.40%
Page | 9
6 November 2014
Calendar
Earnings Announcement - Singapore
Name
Ascott Residence Trust
Asian Pay Television Trust
Jadason Enterprises Ltd
TIH Ltd
Ryobi Kiso Holdings Ltd
Global Testing Corp Ltd
Ellipsiz Ltd
CSC Holdings Ltd
Tiong Woon Corp Holding Ltd
Aspial Corp Ltd
NSL Ltd/Singapore
Memstar Technology Ltd
Sunningdale Tech Ltd
GP Batteries International Ltd
Lantrovision Singapore Ltd
Beng Kuang Marine Ltd
Jason Marine Group Ltd
Singapore Post Ltd
CWT Ltd
Sembcorp Industries Ltd
Singapore Airlines Ltd
Ascendas Hospitality Trust
Eu Yan Sang International Ltd
Mun Siong Engineering Ltd
BH Global Corp Ltd
Chiwayland International Ltd
(C) JP Nelson Holdings
Ezion Holdings Ltd
Kulicke & Soffa Industries Inc
Far East Hospitality Trust
FJ Benjamin Holdings Ltd
Thakral Corp Ltd
Hyflux Ltd
Hock Lian Seng Holdings Ltd
China Merchants Holdings Pacific Ltd
Penguin International Ltd
Stamford Land Corp Ltd
TA Corp Ltd
Swissco Holdings Ltd
Bonvests Holdings Ltd
Lum Chang Holdings Ltd
SIIC Environment Holdings Ltd
Wee Hur Holdings Ltd
Saizen REIT
China Environment Ltd
Pacific Century Regional Developments Ltd
Raffles Education Corp Ltd
Nera Telecommunications Ltd
Singapore Reinsurance Corp Ltd
Boardroom Ltd
Source: Bloomberg
Expected Report Date
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/6/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
11/7/2014
Page | 10
6 November 2014
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6 November 2014
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Macro | Equities
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Page | 12