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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
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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
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+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
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No. 12, Jalan Yap Kwan Seng, 50450
Kuala Lumpur
Tel +603 2162 8841
Fax +603 2166 5099
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+65 6531 1221
SINGAPORE
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US Equities
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HONG KONG
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PT Phillip Securities Indonesia
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UNITED KINGDOM
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Page | 11