18 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 Pan United, Boustead, ComfortDelGro, SATS, Singtel, Silverlake Axis, Lantrovision, Sarine, Sinarmas Land, Amara, Ho Bee Land and Iconix. Source: Phillip Securities Research Pte Ltd Company Highlights Centurion Corporation Limited announced that Westlite Dormitory (Penang Juru) Sdn. Bhd. (“Dormitory (Penang Juru)”), an indirect wholly-owned subsidiary of the Company, has won an open tender from Penang Development Corporation (“PDC”), a government statutory board in Penang, Malaysia in respect of the proposal submitted by Dormitory (Penang Juru) to design, build and operate a purpose-built workers village (the “Proposed Development”) on the land (the “Land”) located at Juru in Central District of Province Wellesley, Penang, Malaysia (near Bukit Minyak Industrial Park). The Group has accepted the letter of offer from PDC on 14 November 2014. The price payable for the Land is MYR20,800,000 (equivalent to SGD8,062,000). In addition, Centurion will pay PDC an amount of MYR2,400,000 (equivalent to SGD930,230), which will be payable equally over two tranches upon the commencement of operation of the Phase 1 and Phase 2 of the Proposed Development respectively. (Closing Price S$0.535, -0.93%) Midas Holdings Limited announced that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd has secured ontracts worth RMB151.7 million for the supply of high-speed train car body components. Awarded by CNR Changchun Railway Vehicle Co., Ltd, the new contracts will see Jilin Midas supply aluminium alloy extrusion profiles and certain fabricated parts for high-speed trains that will operate at speeds of up to 250km/hr and 350km/hr. Slated for delivery in 2014 and 2015, these contracts are expected to contribute positively to Midas’ financial performance for the financial years ending December 31, 2014 and 2015. (Closing Price S$0.295, -7.81%) Boustead Singapore Limited announced that its 88.2%-owned subsidiary, Esri Australia Pty Ltd (“Esri Australia”) – an exclusive distributor of worldleading Esri geo-spatial technology and the number one provider of geographic information systems (“GIS”) in Australia – has been awarded a landmark A$16.5 million contract (approximately S$18.6 million) from the Australian Government Department of Defence. The three-year Contract includes the provision of Esri ArcGIS software, professional services, training and after-sales software services to Defence. (Closing Price S$1.875, 0%) CSE Global Limited, a provider of integrated solutions to the oil and gas(O&G) industry, announced that its wholly-owned US subsidiary, CSE W-Industries, Inc. has won two contracts from a US energy company valued at US$17 million (approximately S$ 22 million) for a deepwater project in the Gulf of Mexico. Work has commenced for the two contracts, slated for offshore execution from Q4 2014 to Q4 2015. (Closing Price S$0.66, -2.94%) Source: SGX Masnet, The Business Times, Phillip Securities Research Page | 1 MCI (P) 021/11/2014 Ref. No.: SGMN2014_0222 18 November 2014 Morning Commentary STI JCI HSI Nifty NIKKEI Stoxx 50 -0.81% 0.09% -1.21% 0.49% -2.96% 0.81% to to to to to to 3,288.7 5,053.9 23,797.1 8,430.8 16,973.8 3,084.8 KLCI SET HSCEI ASX200 S&P 500 -0.40% -0.43% -1.93% 0.21% 0.07% to to to to to 1,806.5 1,569.1 10,554.3 3,562.9 2,041.3 SINGAPORE: The Straits Times Index (STI) ended -27.00 points lower or -0.81% to 3288.67, taking the year-to-date performance to +3.91%. The FTSE ST Mid Cap Index declined -0.48% while the FTSE ST Small Cap Index declined -0.98%. The top active stocks were SingTel (-0.51%), DBS (-2.08%), Global Logistic (-1.95%), ThaiBev (-5.92%) and CapitaLand (-0.31%). The outperforming sectors today were represented by the FTSE ST Real Estate Investment Trusts Index (-0.17%). The two biggest stocks of the FTSE ST Real Estate Investment Trusts Index are CapitaMall Trust (unchanged) and Ascendas REIT (0.44%). The underperforming sector was the FTSE ST Basic Materials Index, which declined -4.73% with Midas Holdings’ share price declining -7.81% and Geo Energy Resources’ share price declining -4.44%. Currently consolidating at resistance at 3310, a successful break out implies a move to 52 week high at 3380. 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 Industrial production in the U.S. unexpectedly dropped in October, weighed down by declines at utilities, mines and automakers that signal manufacturing started the fourth quarter on soft footing. Output fell 0.1 percent after a 0.8 percent increase in September that was smaller than previously estimated, figures from the Federal Reserve in Washington showed today. The median forecast in a Bloomberg survey of 83 economists projected a 0.2 percent gain. Factory production rose 0.2 percent, matching the prior month’s advance that was also revised down. A pickup in manufacturing is needed to help bolster the expansion, now is its sixth year, as global growth from Europe and Japan to emerging markets cools. Rising consumer confidence and the drop in gasoline prices are brightening the outlook for holiday sales, indicating factories will get a lift in the next few months. Japan A slide in stocks of unsold goods last quarter signals that Japan’s companies were challenged in managing their plans for the April sales-tax increase, the first since 1997. While businesses drew down their inventories in the six months ahead of the bump, they saw their stockpiles surge in the April-to-June quarter. A subsequent tumble helps explain the surprise 1.6 percent annualized contraction in gross domestic product last quarter, reported by the Cabinet Office today. Stabilization of inventories would aid a bounce-back in GDP in the final three months of 2014. A bigger question from today’s release is what companies will do with capital investment after last month indicating their willingness to spend more. India India’s exports contracted by 5.04% to USD26 billion in October while imports grew 3.62% to USD39.45 billion, pushing up the trade deficit as gold imports shot up during the month. Gold imports last month surged 280.39% to USD 4.17 billion from USD 1.09 billion a year ago. As a result, trade deficit widened to $13.35 billion in October from $10.59 billion in the corresponding period last year, according to data released by the Commerce Ministry. During April-October period of the current fiscal, the country’s exports are up 4.72% to USD189.79 billion, while imports are up 1.86% to USD273.55 billion. Trade deficit during the seven month period of 2014-15 stands at USD83.75 billion as against USD 87.31 billion in the same period last fiscal. Source: Phillip Securities Research Pte Ltd Page | 2 18 November 2014 Macro Data (cont.) Thailand Thailand's economy grew 1.1% q-o-q saar in the third quarter, and 0.6% y-o-y, as exports contracted, the National Economic and Social Development Board (NESDB) said. The agency revised up growth in April-June from the previous three months to 1.1% from 0.9%. Notwithstanding that the economy avoided a technical recession in the second quarter, the pace of recovery has been slow. The weak outlook has raised new doubts the junta can quickly turn the economy around even after pledging to roll out infrastructure spending and other measures to boost consumption, forcing the authorities to again cut the country's growth forecast for the year. Thailand's planning agency trimmed its economic growth forecast for this year to 1.0% from 1.5-2.0% seen in August, citing weak exports. That would be the weakest growth since 2011, when devastating flooding cut growth to 0.1%. In 2013, the economy expanded 2.9%. Singapore Singapore's non-oil domestic exports (NODX) fell 1.5% on-year in October, in contrast to the 0.9% growth in September, due to a decrease in both electronic and non-electronic shipments, International Enterprise (IE) Singapore reported. On a month-on-month seasonally adjusted basis, NODX rose 1.1% in October, recovering from the previous month's 8.8% decline. Meanwhile, non-oil re-exports (NORX) contracted 5.4% on-year in October, compared to the 4.2% rise in the previous month, due to a decrease in both electronic and non-electronic goods. Singapore's non-oil exports tend to be volatile because a significant portion comprises pharmaceuticals and oil rigs that can vary sharply from month to month. IE Singapore has forecast that Singapore's 2014 NODX will fall 1-2% this year. Hong Kong The unemployment rate in Hong Kong remained unchanged at a seasonally adjusted 3.3% in the three-month period ended October, the Census and Statistics Department said. Commenting on the labor market, “both total employment and labour force registered moderate year-on-year growth," said Matthew Cheung, the Secretary for Labour and Welfare. On the short-term outlook, Cheung said, "The latest figures still indicated a largely steady employment situation up to October. However, as labor market indicators are lagging in nature, and with the impact of the 'Occupy Movement' on the domestic economy only likely to surface progressively in the coming few months, we need to closely monitor the potential impact on employment and the income of grassroots workers." Source: Phillip Securities Research Pte Ltd Page | 3 18 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 1.97 0.455 3.17 -4.4% -14.2% -5.1% 31.0% 20.9% 13.9% 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 0.515 1.045 1.99 -1.9% -30.4% -11.6% 17.5% 42.6% 35.2% 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 19.30 10.19 7.28 23.00 4.4% 5.2% 6.1% 2.4% 11.9% 7.9% 0.3% 10.4% Colin Tan 31-Oct-14 Neutral 3.90 3.82 -0.3% 2.1% Caroline Tay Change of Analyst Caroline Tay Caroline Tay Caroline Tay Caroline Tay Wong Yong Kai 13-Nov-14 15-Aug-14 5-Nov-14 14-Nov-14 7-Nov-14 13-Nov-14 12-Aug-14 0.700 11.26 3.03 2.33 2.52 0.960 1.030 0.515 9.59 2.52 2.00 2.09 0.590 0.905 -1.0% -1.9% -6.3% 0.8% -1.9% -2.5% 9.0% 35.9% 17.4% 20.2% 16.8% 20.6% 62.7% 13.8% 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 12-Nov-14 13-Nov-14 5-Nov-14 11-Nov-14 30-Oct-14 14-Nov-14 Buy Neutral Accumulate Accumulate Trading Buy Neutral 2.40 0.950 0.182 3.27 0.670 0.690 1.88 0.870 0.180 2.94 0.520 0.745 1.4% -1.1% -3.2% -5.2% 8.3% 2.1% 28.0% 9.2% 1.1% 11.2% 28.8% -7.4% 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 7-Nov-14 Accumulate Neutral Neutral Reduce Buy 2.67 1.090 11.35 3.70 0.230 1.400 0.770 9.16 3.38 0.187 -34.6% -28.0% -18.1% 16.7% -1.6% 90.7% 41.6% 23.9% -9.5% 23.0% Richard Leow Richard Leow Richard Leow Richard Leow 14-Nov-14 3-Nov-14 14-Nov-14 6-Nov-14 Accumulate Reduce Neutral Reduce 2.85 1.370 2.88 3.95 2.61 1.600 2.96 4.08 -0.4% -7.4% -2.3% 8.9% 9.2% 14.4% -2.7% 3.2% Colin Tan Colin Tan Colin Tan Colin Tan Colin Tan Kenneth Koh Colin Tan 17-Oct-14 13-Nov-14 12-Nov-14 13-Nov-14 6-Nov-14 7-Nov-14 7-Nov-14 Buy Buy Neutral Accumulate Neutral Buy Accumulate 3.95 0.720 1.320 4.12 4.25 0.495 2.030 3.64 0.54 1.255 3.93 4.06 0.340 1.920 5.8% 2.9% -6.0% 0.8% -2.9% 0.0% -1.0% 8.5% 34.6% 5.2% 4.8% 4.7% 45.6% 5.7% Target Price (US$) 15.45 17.16 12.57 49.13 38.06 82.83 74.71 79.13 11.00 21.00 57.62 96.14 Current Price 15.45 14.55 9.33 37.98 28.52 71.82 55.72 63.54 5.77 22.68 59.22 100.84 Performance since Last Report -10.1% 10.5% 7.7% 0.2% 2.0% 2.1% -3.6% 12.3% -22.6% 5.8% 20.3% 17.4% Potential Return at Current Price 0.0% 17.9% 34.7% 29.4% 33.5% 15.3% 34.1% 24.5% 90.6% -7.4% 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 7-Nov-14 ICONIX BRAND GROUP INC Wong Yong Kai 14-Nov-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 | 4 18 November 2014 STI - Index Members 0.0% 0.0% 0.0% 0.0% 0.2% 0.2% 0.3% 0.3% 0.6% 1% 0.8% 1.0% 2% 0% -2.3% -2.2% -2.1% -2.0% -1.9% -3% -1.7% -1.2% -1.2% -1.1% -0.8% -0.7% -2% -0.7% -0.5% -0.5% -0.4% -0.3% -0.2% -1% -4.0% -4% -5% -7% Olam Sembcorp Mar. Golden Agri-R. DBS Noble Group GLP ST Eng. UOB SPH Sembcorp Ind. SGX Hutchison Port HK Land Singtel OCBC Ascendas REIT Capitaland SIA Eng. ComfortDelGro Capitamall Trust Genting SP Jardine Stra. SIA Starhub Jardine C&C Keppel Corp. Ltd Wilmar CDL Jardine Mat. -5.9% Thai Beverage -6% Source: Bloomberg FTSE ST Breakdown (% Change) ST Technology -1.4% ST China -2.4% ST Real Estate ST Financials -1.3% 1.5% ST Re Invest Trust ST Utilites -1.0% -0.1% STI-0.7% ST Telecommunicate 0.6% ST Oil & Gas -17.0% ST Basic Materials ST Consumer Service -4.1% -17.9% ST Healthcare -10.3% FTSE ST Market Cap. Breakdown (3M % Change) ST Al l Share ST Sma l l Ca p -7.3% -1.6% STI -0.7% ST Mid Cap -3.2% Source: Bloomberg ST Fl edgl i ng -6.9% ST Industrials ST Consumer Goods -2.7% -2.2% Top Gainers (%) YUUZOO CORP LTD TOP GLOBAL LTD SUNPOWER GROUP LTD HENGXIN TECHNOLOGY LTD ASIA FASHION HOLDINGS LTD Last 0.380 0.007 0.142 0.215 0.094 % Chg 18.8 16.7 14.5 10.8 10.6 Top Losers (%) JK TECH HOLDINGS LTD GLOBAL TECH HOLDINGS LTD SPACKMAN ENTERTAINMENT GROUP MIDAS HOLDINGS LTD LTC CORP LTD Last 0.280 0.015 0.240 0.295 0.665 % Chg -12.5 -11.8 -11.1 -7.8 -7.6 Source: Bloomberg Turnover ('mn shares) Turnover (S$'mn) UP DOWN UNCHANGED 1,226 1,030 152 318 466 Source: SGX Page | 5 18 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 Jan-14 -0.81% 3,288.67 Oct-14 Sep-14 Aug-14 Jul-14 Jun-14 May-14 Apr-14 +0.07% 17,647.75 Oct-14 Sep-14 Aug-14 Jul-14 Jun-14 May-14 Apr-14 Mar-14 Mar-14 Feb-14 Oct-14 Sep-14 Aug-14 Jul-14 Jun-14 May-14 Apr-14 Mar-14 Feb-14 Jan-14 16,000 Dec-13 Nov-13 18,000 Dec-13 Oct-14 Sep-14 Aug-14 Jul-14 Jun-14 May-14 Apr-14 Mar-14 Feb-14 Jan-14 Dec-13 20,000 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 Jan-14 14,000 1,400 Dec-13 16,000 1,700 -2.96% Nikkei 225 Index Nov-13 22,000 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 24,000 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 18,000 2,000 Jan-14 80 Dec-13 90 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 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 26,000 Nov-13 Oct-14 100 16,973.80 -1.21% 23,797.08 Hang Seng Index Sep-14 110 Straits Times Index -0.63% 567.85 MSCI Asia x-Japan Aug-14 120 DJI +0.03% 1,186.55 Gold (US$/Oz) Jul-14 Jun-14 May-14 Apr-14 Mar-14 Feb-14 Jan-14 Dec-13 Nov-13 3.20 3.00 2.80 2.60 2.40 2.20 2.00 1.80 1.60 1.40 1.20 130 +0.02% 2.340 US Treasury 10yr Yield +1.13% 78.62 Crude oil, Brent (US$/bbl) +0.24% 267.42 TR/CC CRB ER Index +0.50% 87.96 Dollar Index 17,000 15,000 13,000 Source: Bloomberg Page | 6 18 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 -0.34 -0.19 -0.92 -1.89 -0.27 +0.21 +0.70 -1.49 -0.60 -0.22 -0.06 +0.48 +0.80 -0.05 +0.36 +0.91 -1.63 +1.23 -0.99 -1.68 -0.59 +0.00 +0.21 +0.47 +0.60 -1.38 -0.17 -0.59 +3.04 -0.60 -1.75 Last -0.00 -0.02 -0.07 -0.60 -0.08 +0.12 +0.10 -0.69 -0.13 -0.01 -0.02 +0.11 +1.11 -0.02 +0.17 +0.07 -0.24 +0.03 -0.03 -0.02 -0.03 +0.00 +0.03 +0.08 +0.03 -0.02 -0.00 -0.02 +3.37 -0.02 -0.03 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 11/18/2014 SINGAPORE POST LTD 11/18/2014 NOBLE GROUP LTD 11/18/2014 LIPPO MALLS INDONESIA RETAIL 11/20/2014 CHINA YUANBANG PROPERTY HOLD 11/20/2014 DATAPULSE TECHNOLOGY LTD 11/20/2014 ASCENDAS INDIA TRUST 11/20/2014 JASON MARINE GROUP LTD 11/20/2014 RELIGARE HEALTH TRUST 11/20/2014 VODAFONE GROUP PLC-SP ADR 11/21/2014 HAFARY HOLDINGS LTD 11/21/2014 KING WAN CORP LTD 11/21/2014 AUSNET SERVICES Source: Bloomberg Type 2nd Interim Special Cash Distribution Regular Cash Regular Cash Distribution Interim Distribution Regular Cash Interim Interim Income Net Amount 0.0125 0.0300 0.0069 0.0100 0.0022 0.0240 0.0050 0.0361 0.5494 0.0100 0.0070 0.0198 Currency SGD USD SGD CNY SGD SGD SGD SGD USD SGD SGD AUD Frequency Quarter Annual Quarter Irreg Annual Semi-Anl Irreg Semi-Anl Semi-Anl Irreg Semi-Anl Semi-Anl Record Date 11/20/2014 11/20/2014 11/20/2014 11/24/2014 11/24/2014 11/24/2014 11/24/2014 11/24/2014 11/24/2014 11/25/2014 11/25/2014 11/25/2014 Payout Date 11/28/2014 12/5/2014 12/5/2014 12/4/2014 12/2/2014 12/10/2014 12/5/2014 12/10/2014 2/4/2015 12/4/2014 12/9/2014 12/24/2014 Page | 7 18 November 2014 Economic Announcement US Date 11/18/2014 11/18/2014 11/18/2014 11/18/2014 11/18/2014 11/19/2014 11/19/2014 11/19/2014 11/19/2014 11/19/2014 11/19/2014 11/19/2014 Singapore Statistic PPI Final Demand MoM PPI Ex Food and Energy MoM PPI Final Demand YoY PPI Ex Food and Energy YoY NAHB Housing Market Index Net Long-term TIC Flows Total Net TIC Flows MBA Mortgage Applications Housing Starts Housing Starts MoM Building Permits Building Permits MoM Fed Releases Minutes from Oct. 11/20/2014 28-29 FOMC Meeting 11/20/2014 CPI MoM 11/20/2014 CPI Ex Food and Energy MoM Source: Bloomberg For Survey Prior Oct Oct Oct Oct Nov Sep Sep 14-Nov Oct Oct Oct Oct -0.10% 0.10% 1.20% 1.50% 55 ---1025K 0.80% 1038K 0.60% -0.10% 0.00% 1.60% 1.60% 54 $52.1B $74.5B -0.90% 1017K 6.30% 1018K 1.50% Oct Oct -0.10% 0.10% 0.10% 0.10% Date 11/19/2014 11/19/2014 11/19/2014 11/24/2014 11/24/2014 11/24/2014 11/24/2014 11/24/2014 11/26/2014 11/26/2014 11/28/2014 11/28/2014 Statistic Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E CPI NSA MoM CPI YoY CPI Core YoY GDP SAAR QoQ GDP YoY Industrial Production SA MoM Industrial Production YoY Credit Card Bad Debts Credit Card Billings 11/28/2014 Bank Loans and Advances YoY 11/28/2014 Money Supply M1 YoY 11/28/2014 Money Supply M2 YoY Source: Bloomberg For Survey Prior 19-Nov 19-Nov 19-Nov Oct Oct Oct 3Q F 3Q F Oct Oct Oct Oct ------------- 64900 70890 71300 -0.10% 0.60% -1.20% 2.40% -3.30% -1.20% 24.4M 3888.9M Oct Oct Oct ---- 10.60% 1.60% 1.90% Page | 8 18 November 2014 Calendar Earnings Announcement - Singapore Name Viking Offshore and Marine Ltd BRC Asia Ltd Halcyon Agri Corp Ltd Hengxin Technology Ltd LionGold Corp Ltd MFS Technology Ltd Eu Yan Sang International Ltd TIH Ltd Chew's Group Ltd CosmoSteel Holdings Ltd Mclean Technologies Bhd GDS Global Ltd Craft Print International Ltd Rowsley Ltd China Energy Ltd Teledata Singapore Ltd S I2I Ltd Avi-Tech Electronics Ltd Regal International Group Ltd Frasers Hospitality Trust Accordia Golf Trust IREIT Global Marco Polo Marine Ltd Datapulse Technology Ltd PNE Industries Ltd Amplefield Ltd Starland Holdings Ltd Technics Oil & Gas Ltd Keong Hong Holdings Ltd Nam Lee Pressed Metal Industries Ltd Goodland Group Ltd PNE Micron Holdings Ltd Casa Holdings Ltd Asiatravel.com Holdings Ltd Envictus International Holdings Ltd Mortice Ltd Avago Technologies Ltd Low Keng Huat Singapore Ltd Stamford Tyres Corp Ltd Popular Holdings Ltd KOP Ltd Vibrant Group Ltd LifeBrandz Ltd Ipco International Ltd XMH Holdings Ltd Xpress Holdings Ltd T T J Holdings Ltd Asaplus Resources Ltd MS Holdings Ltd Axis Offshore Pte Ltd Source: Bloomberg Expected Report Date 11/18/2014 11/19/2014 11/19/2014 11/19/2014 11/19/2014 11/19/2014 11/20/2014 11/20/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/21/2014 11/26/2014 11/27/2014 11/27/2014 11/27/2014 11/28/2014 11/28/2014 11/28/2014 11/28/2014 11/28/2014 11/28/2014 11/28/2014 11/28/2014 11/28/2014 12/2/2014 12/3/2014 12/5/2014 12/5/2014 12/9/2014 12/10/2014 12/11/2014 12/12/2014 12/12/2014 12/12/2014 12/12/2014 12/12/2014 12/12/2014 12/15/2014 12/16/2014 Page | 9 18 November 2014 Important Information This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (“Phillip Securities Research”). 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Page | 10 18 November 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 Research Operations Officer Jaelyn Chin +65 6531 1240 +65 6531 1231 +65 6531 1249 Market Analyst | Equities Kenneth Koh +65 6531 1791 Finance | Offshore Marine Benjamin Ong +65 6531 1535 Real Estate Caroline Tay Telecoms | Technology Colin Tan 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 +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 US Equities Wong Yong Kai +65 6531 1685 +65 6531 1792 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. 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