Morning Note
17 November 2014
Singapore Morning Note
Weekly Market Outlook Webinar
Earnings season is still in full swing! In today's 11.15am webinar, we give updates on Pan United, Boustead, ComfortDelGro,
SATS, Singtel, Silverlake Axis, Lantrovision, Sarine, Sinarmas Land, Amara, Ho Bee Land and Iconix.
Register HERE for TODAY’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
Source: Phillip Securities Research Pte Ltd
Fundamental Call
Civmec Ltd. Revenue outperforms, but shrinking orderbook is a concern (Kenneth Koh)
Recommendation: Neutral
Last traded: $0.73
Target Price: $0.69
Total revenue up 140% y/y to S$170m beating expectations of $150m.
Gross margin remained stable q/q at 11.7%.
Admin costs remained steady at S$4.9m, highlighting that the current level of fixed costs supports a significantly higher
revenue base.
NPAT increased 38% to S11.1m (1Q14: S$8.0m), slightly lower than our expectations at S$11.9m, mainly due to higher finance
costs and increased tax expense.
Orderbook shrinks to $S213m (1Q14: S$301m).
Management believes their processes are now “mature and robust” to consider expansion into Singapore and SEA with the
appointment of a regional manager, which will be used as a platform for both organic growth and acquisition opportunities.
Though we are positive on the company longer term, it is a concern that their orderbook has shrunk to S$213m. Unless they
win more orders in the quarters to come, it is possible for FY15 revenues to be under expectations.
Vis-à-vis, we adopt a more careful approach this year, and decrease our revenue and NPAT growth forecast for FY15 to +5%
and -3% respectively, waiting on Civmec to show improvement in order flows.
Our revised forecast implies an EPS of 6.9 SG cents, or a FY15 FW PE of 10.6x. Rating Civmec to 10x FW PE implies a TP of
S$0.69.
Iconix Brand Group – Slow & Steady FCF Machine (Wong Yong Kai)
Recommendation: Trading Buy
Previous Close: USD 37.90
Fair Value: USD 49.13
Iconix continued to outperform beyond our conservative projections.
Latin America JV reacquired for $45m, which adds another $22m royalties.
Peanuts animated movie is scheduled for release in Q1 2016. Iconix has entered into over 180 merchandising deals, including
Forever 21, Uniqlo and H&M, and also stands to collect a royalty off the gross box office tickets.
Maintain <Trading Buy> call, with higher revised TP of USD 49.13, representing 29.6% upside.
Source: Phillip Securities Research Pte Ltd
Page | 1
MCI (P) 021/11/2014
Ref. No.: SGMN2014_0221
17 November 2014
Company Results
S/N
1
2
Company Name
QT Vascular
Sino Grandness Food
Revenue
Q/HY/FY
Currency
(Units)
Current
Previous
3Q14
3Q14
US$ mn
RMB mn
3.4
1,021.7
1.3
743.9
Net Profit
Change
(%)
> 100
37.3
Current
Previous
-3.7
218.3
-12.4
168.2
Change
(%)
-70.4
29.8
Source: SGX Masnet
Company Highlights
Spackman Entertainment Group Limited, one of Korea’s leading entertainment production groups, announced that it has entered
into a non-binding memorandum of understanding with an independent third party, Suk Young Jung, which sets forth general terms
and conditions for the proposed acquisition of 51% or more of the issued and outstanding share capital of Novus Mediacorp Co.,
Ltd. (“Novus”). (Closing Price S$0.27, 0%)
Libra Group Limited is pleased to announce that the Company had, through its wholly-owned subsidiary, Kin Xin Engineering Pte.
Ltd., been awarded the following contracts: (1) a sub-contract for the supply, fabrication, delivery and installation of airconditioning and mechanical ventilation system (the “First Contract”) for a proposed condominium housing development at
Tampines Street 86 worth S$5,350,000 from China Jingye Engineering Corporation Limited (Singapore Branch). The Company had
commenced work on the First Contract and the First Contract is scheduled to be completed in July 2016; and (2) a sub-contract for
works in relation to certain electrical, air-conditioning and mechanical ventilation system, building management system, and lab
equipment (the “Second Contract”) for proposed additions and alterations involving the new erection of a 4-storey teaching
facilities building (Block 8A) at Temasek Polytechnic at 21 Tampines Avenue 1 worth S$4,145,000 from Builder 90 Pte. Ltd. The
Company had commenced work on the Second Contract and the Second Contract is scheduled to be completed in August 2015.
(Closing Price S$0.20, 0%)
Source: SGX Masnet, The Business Times, Phillip Securities Research
Morning Commentary
STI
JCI
HSI
Nifty
NIKKEI
Stoxx 50
0.32%
0.02%
0.28%
0.38%
0.56%
0.10%
to
to
to
to
to
to
3,315.7
5,049.5
24,087.4
8,389.9
17,490.8
3,060.0
KLCI
SET
HSCEI
ASX200
S&P 500
-0.11%
-0.08%
-0.36%
0.25%
0.02%
to
to
to
to
to
1,813.8
1,575.9
10,761.5
3,555.5
2,039.8
SINGAPORE:
The Straits Times Index (STI) ended +10.74 points higher or +0.32% to 3315.67, taking the year-to-date performance to
+4.76%.
The FTSE ST Mid Cap Index declined -0.04% while the FTSE ST Small Cap Index declined -0.25%. The top active stocks were
SingTel (+1.28%), Keppel Corp (-1.83%), DBS (+1.08%), CapitaLand (+0.93%) and Global Logistic (-1.53%).
The outperforming sectors today were represented by the FTSE ST Telecommunications Index (+1.08%). The two biggest
stocks of the FTSE ST Telecommunications Index are SingTel (+1.28%) and StarHub (-0.74%). The underperforming sector
was the FTSE ST Oil & Gas Index, which declined -1.68% with Keppel Corp’s share price declining -1.83% and Sembcorp
Industries’s share price declining -0.86%.
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
Consumer Confidence rose more than forecast in November, reaching a seven-year high and indicating Americans will be in the
mood to step up holiday spending. The Thomson Reuters/University of Michigan preliminary sentiment index increased to 89.4,
exceeding the highest estimate in a Bloomberg survey and the strongest since July 2007, from a final reading of 86.9 in October.
The median projection called for a gain to 87.5. A stronger labor market, cheaper fuel costs, and near-record stock prices are
brightening consumers’ spirits as the busiest time of the year for retailers gets under way. Bigger wage gains would probably drive
Page | 2
17 November 2014
sentiment and boost household spending, which accounts for almost 70 percent of the economy.
China
Chinese banks extended 548.3 billion yuan (US$89.5 billion) in new loans, the People's Bank of China (PBoC) said in a statement,
down more than a third from the 857.2 billion yuan lent in September, as authorities worked to rein in credit growth.
Hong Kong
Hong Kong's economy grew 2.7% on-year in the third quarter, underpinned by a revival in domestic consumption and a much
smaller drop in tourist spending compared with the previous quarter. However, uncertainty surrounding the Occupy protests
prompted the government to revise its full-year forecast to the lower end of its earlier estimate, at 2.2%. In August it predicted real
gross domestic product (GDP) growth for the year of 2-3%. The government warned: "Looking ahead, the rather encouraging
developments in the third quarter may not be able to extend in the fourth quarter, in light of disruptions to economic activities due
to the Occupy Movement since late September."
India
India's wholesale inflation cooled to a fresh five-year low as fuel and food prices fell, firing hopes the hawkish central bank could
finally start cutting interest rates and spur stumbling economic growth. The Wholesale Price Index (WPI), India's inflation measure
with the biggest goods basket, slipped to 1.77% on-year in October, down from 2.4% in September, marking its weakest since
September 2009, as the fuel-import-reliant nation benefits from tumbling global oil prices. The annual wholesale inflation decline
was also helped by bountiful harvests which pushed down food prices. The cost of onions, an Indian cooking pot staple, has fallen
nearly 60% on-year. Central bank governor Raghuram Rajan, himself, has signalled caution on rate-cut hopes. "Base effects will
temper inflation in the next few months -- only to reverse towards the end of the year," Rajan said in a recent speech. "The Reserve
Bank will look through base effects."
Singapore
The Republic’s retail sales in September gained 5.5% on-year, mainly driven by motor vehicle sales, which surged 30%, according to
the Department of Statistics. Excluding motor vehicles, total retail sales grew 0.6% on-year. Meanwhile, the total retail sales value
in September came in at about S$3.1 billion, up marginally from the S$3.0 billion in September 2013. Sales of medical goods and
toiletries rose by 6.9% on-year, while sales in telecommunication apparatus and computers increased 3.5%. In contrast, retail sales
of recreation goods declined 7.1%, and furniture and household equipment fell 6.9%. Meanwhile, the food and beverage services
index fell 0.4% on-year, following a 3.3% decline in sales by food caterers and a 0.4% dip in sales by restaurants.
Malaysia
Malaysia's economic growth slipped to 5.6% on-year for the third quarter from 6.5% in the previous quarter, on private sector
demand while export growth cooled considerably. According to Bank Negara, 3Q net exports rose 11.4%, significantly lower than
the 91% rise in the 2Q.
In quarterly terms, GDP rose 0.9% on-quarter in the third quarter.
"While risks to growth have increased, the Malaysian economy is expected to remain on a steady growth path. Although exports
will benefit from the recovery in the advanced economies and from regional demand, the trend is likely to moderate, reflecting
both the high base effect from 2013 and lower commodity prices,” Bank Negara governer Zeti Aziz said. "While private
consumption may moderate, investment activity will be supported by continued flow of ongoing and new projects by the private
and public sectors. Going forward, domestic demand will remain the key driver of growth," she added. Central bank expects growth
to still come in at between 5.5- 6% this year, and between 5-6% in 2015, on "improved performance in the first half of this year and
in the light of challenging environment."
Malaysia’s current account surplus narrowed to 7.6 billion in the third quarter from 16 billion ringgit in the previous quarter. Export
growth eased to 2.8% in the third quarter from 8.8% in second, while import growth weakened to 2.2% from 3.9%.
Source: Phillip Securities Research Pte Ltd
Page | 3
17 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
1.95
0.465
3.15
-5.3%
-12.3%
-5.7%
32.3%
18.3%
14.6%
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
0.520
1.045
1.96
-1.0%
-30.4%
-12.9%
16.3%
42.6%
37.2%
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
19.71
10.24
7.34
23.29
6.7%
5.7%
7.0%
3.7%
9.6%
7.4%
-0.5%
9.1%
Colin Tan
31-Oct-14 Neutral
3.90
3.83
0.0%
1.8%
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
0.510
9.51
2.57
2.00
2.10
0.595
0.910
-1.9%
-2.8%
-4.5%
0.8%
-1.4%
-1.7%
9.6%
37.3%
18.4%
17.9%
16.8%
20.0%
61.3%
13.2%
Change of Analyst
29-Aug-14 Buy
1.150
0.950
-5.0%
21.1%
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
0.875
0.181
2.95
0.555
0.740
1.4%
-0.6%
-2.7%
-4.8%
15.6%
1.4%
28.0%
8.6%
0.6%
10.8%
20.7%
-6.8%
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
1.455
0.795
9.13
3.46
0.193
-32.0%
-25.7%
-18.4%
14.8%
1.6%
83.5%
37.1%
24.3%
-6.9%
19.2%
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
1.590
2.97
4.09
-0.4%
-6.7%
-2.0%
8.7%
9.2%
13.8%
-3.0%
3.4%
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
3.56
0.54
1.310
3.95
4.05
0.345
1.945
3.5%
3.8%
-1.9%
1.3%
-3.1%
1.5%
0.3%
11.0%
33.3%
0.8%
4.3%
4.9%
43.5%
4.4%
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
14.32
9.41
37.95
28.42
71.34
56.65
64.41
5.67
22.64
59.22
100.84
Performance since
Last Report
-10.1%
8.7%
8.7%
0.1%
1.6%
1.4%
-2.0%
13.8%
-23.9%
5.6%
20.3%
17.4%
Potential Return
at Current Price
0.0%
19.8%
33.6%
29.5%
33.9%
16.1%
31.9%
22.9%
93.9%
-7.2%
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
17 November 2014
STI - Index Members
0.0%
0.0%
0.2%
0.3%
0.4%
0.4%
0.5%
0.9%
1%
0.9%
1.0%
1.1%
1.3%
1.7%
2%
1.9%
2.0%
3%
0%
-1.8%
-1.5%
-1.4%
-3%
-1.4%
-1.1%
-1.1%
-0.9%
-0.8%
-0.7%
-2%
-0.6%
-0.4%
-0.2%
-0.1%
-0.1%
-1%
-4%
-5%
-6%
-8%
Keppel Corp. Ltd
GLP
SIA Eng.
Sembcorp Mar.
Jardine Mat.
Golden Agri-R.
Sembcorp Ind.
Noble Group
Starhub
Wilmar
ComfortDelGro
CDL
Jardine Stra.
SIA
Hutchison Port
ST Eng.
Jardine C&C
Capitamall Trust
UOB
OCBC
SPH
Ascendas REIT
Capitaland
Genting SP
DBS
Singtel
HK Land
SGX
Thai Beverage
-6.6% Olam
-7%
Source: Bloomberg
FTSE ST Breakdown (% Change)
ST Technology
2.0%
ST China
-1.8%
ST Real Estate
ST Financials
-1.2%
2.3%
ST Re Invest Trust
ST Utilites
1.5%
0.4%
STI 0.0%
ST Telecommunicate
0.7%
ST Oil & Gas
-16.5%
ST Basic Materials
ST Consumer Service
-4.4%
-13.8%
ST Healthcare
-10.7%
FTSE ST Market Cap. Breakdown (3M % Change)
ST Al l Share
ST Sma l l Ca p
-6.5%
-0.9%
STI
0.0%
ST Mid Cap
-2.7%
Source: Bloomberg
ST Fl edgl i ng
-6.5%
ST Industrials
ST Consumer Goods
-0.7%
-1.2%
Top Gainers (%)
ENVIRO-HUB HOLDINGS LTD
HLH GROUP LTD
EASTERN HOLDINGS LTD
EUNETWORKS GROUP LTD
INNOPAC HOLDINGS LTD
Last
0.052
0.013
0.360
0.875
0.009
% Chg
23.8
18.2
18.0
15.9
12.5
Top Losers (%)
CHINA GAOXIAN FIBRE FABRIC
TOP GLOBAL LTD
CHINA YUANBANG PROPERTY HOLD
PARKSON RETAIL ASIA LTD
CHINA SUNSINE CHEMICAL HLDGS
Last
0.029
0.006
0.085
0.800
0.445
% Chg
-17.1
-14.3
-10.5
-10.1
-10.1
Source: Bloomberg
Turnover ('mn shares)
Turnover (S$'mn)
UP
DOWN
UNCHANGED
1,517
1,050
191
239
506
Source: SGX
Page | 5
17 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
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-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
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
16,000
Jan-14
18,000
Dec-13
Nov-13
20,000
Dec-13
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
22,000
0.56%
Nikkei 225 Index
Nov-13
24,000
-0.10%
17,634.74
+0.32%
3,315.67
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
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
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
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
Nov-13
100
17,490.83
+0.28%
24,087.38
Hang Seng Index
Oct-14
110
Straits Times Index
-0.13%
571.43
MSCI Asia x-Japan
Sep-14
120
DJI
-0.49%
1,188.75
Gold (US$/Oz)
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
3.20
3.00
2.80
2.60
2.40
2.20
2.00
1.80
1.60
1.40
1.20
130
-0.02%
2.320
US Treasury 10yr Yield
-3.93%
77.74
Crude oil, Brent (US$/bbl)
+0.85%
266.79
TR/CC CRB ER Index
+0.09%
87.60
Dollar Index
17,000
15,000
13,000
Source: Bloomberg
Page | 6
17 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
+0.17
+0.38
+0.00
-0.06
-0.27
-0.39
-0.21
+0.17
-0.32
-0.44
-0.38
+0.35
-0.30
-0.05
-0.48
-0.39
-0.54
-2.01
+0.33
-0.08
+0.00
-0.68
-0.42
-0.06
-1.19
-0.09
+0.17
+0.00
-0.69
+0.30
+0.59
Last
+0.00
+0.04
+0.00
-0.02
-0.08
-0.22
-0.03
+0.08
-0.07
-0.02
-0.13
+0.08
-0.41
-0.02
-0.23
-0.03
-0.08
-0.05
+0.01
-0.00
+0.00
-0.07
-0.06
-0.01
-0.06
-0.00
+0.00
+0.00
-0.77
+0.01
+0.01
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
17 November 2014
Economic Announcement
US
Date
Statistic
11/18/2014 PPI Final Demand MoM
11/18/2014 PPI Ex Food and Energy MoM
11/18/2014 PPI Final Demand YoY
11/18/2014 PPI Ex Food and Energy YoY
11/18/2014 NAHB Housing Market Index
11/19/2014 Net Long-term TIC Flows
11/19/2014 Total Net TIC Flows
11/19/2014 MBA Mortgage Applications
11/19/2014 Housing Starts
11/19/2014 Housing Starts MoM
11/19/2014 Building Permits
11/19/2014 Building Permits MoM
11/20/2014 Fed Releases Minutes from Oct.
11/20/2014 CPI MoM
11/20/2014 CPI Ex Food and Energy MoM
Source: Bloomberg
Singapore
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
Statistic
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
11/26/2014 Industrial Production SA MoM
11/26/2014 Industrial Production YoY
11/28/2014 Credit Card Bad Debts
11/28/2014 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
Oct
Oct
Oct
----------------
64900
70890
71300
-0.10%
0.60%
-1.20%
2.40%
-3.30%
-1.20%
24.4M
3888.9M
10.60%
1.60%
1.90%
Page | 8
17 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
17 November 2014
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17 November 2014
Contact Information (Singapore Research Team)
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Macro | Equities
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Page | 11
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