22 December 2014
Singapore Morning Note
Weekly Market Outlook Webinar
In today's 11.15am webinar, we give an in-depth analysis on the Singapore Banking sector, the Leading Performers on the STI.
We will focus on key trends and themes for the next year.
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
Company Highlights
Hyflux Ltd announced that a consortium comprising Hyflux Ltd and National Power and Water Co., LLC has received a letter of
award for an international tender to design, build, own and operate an independent water project in Qurayyat, Sultanate of
Oman (Qurayyat IWP) from the government-owned Oman Power and Water Procurement Company SAOC (OPWP). The project is
worth an estimated US$250 Million. Hyflux’s role includes turnkey engineering, procurement and construction (EPC) as well
as operations and maintenance of the plant. The value of the EPC contract is US$210 million. (Closing Price: S$0.795, +7.432%)
Source: SGX Masnet, The Business Times, Phillip Securities Research
Morning Commentary
STI
JCI
HSI
Nifty
NIKKEI
Stoxx 50
1.11%
0.61%
1.25%
0.81%
2.39%
-0.40%
to
to
to
to
to
to
3,279.5
5,144.6
23,116.6
8,225.2
17,621.4
3,141.3
KLCI
SET
HSCEI
ASX200
S&P 500
0.94%
-0.16%
0.61%
1.17%
0.46%
to
to
to
to
to
1,716.0
1,514.4
11,400.2
3,515.7
2,070.7
SINGAPORE:
 The Straits Times Index (STI) ended +35.88 points higher or +1.11% to 3279.53, taking the year-to-date performance to
+3.62%.
 The FTSE ST Mid Cap Index gained +0.07% while the FTSE ST Small Cap Index declined -0.09%. The top active stocks were
SingTel (-1.29%), DBS (+2.05%), Keppel Corp (+1.90%), OCBC Bank (+1.58%) and UOB (+1.28%).
 The outperforming sectors today were represented by the FTSE ST Technology Index (+2.13%). The two biggest stocks of
the FTSE ST Technology Index are Silverlake Axis (+2.92%) and STATS ChipPAC (+1.16%). The underperforming sector was
the FTSE ST Telecommunications Index, which declined -1.19% with SingTel’s share price declining -1.29% and StarHub’s
share price declining -0.25%.
 Price resistance at 3350 and 3270. Downside supports are at 3200, 3150 and 3060. Price is attempting a short term
bounce on oversold RSI and Stocastics, Immediate price catalysts include stabilization of oil prices.
SECTOR/STRATEGY REPORTS:
- Sector Reports : Banking, 19 Dec / Telecommunications, 15 Dec / Property, 8 Dec / Transport, 18 Nov / US Oil & Gas, 9 July /
Offshore & Marine, 7 April / Commodities, 21 Mar
- Country Strategy : Thai, 12 Dec / China & HK, 2 Dec / For SG Strategy, Please see Webinar
Source: Phillip Securities Research Pte Ltd, SGX, Masnet
Page | 1
MCI (P) 021/11/2014
Ref. No.: SGMN2014_0246
22 December 2014
Macro Data
Eurozone
The eurozone's current account surplus narrowed in October from an upwardly revised surplus in September, as the surplus on
both goods and services shrank, data from the European Central Bank (ECB) showed Friday. The region reported a surplus of 20.5
billion euros in October, down from a record high of EUR32.0 billion in September. The surplus for goods fell to EUR19.3 billion in
October from EUR21.6 billion in September, while the services surplus narrowed to EUR5.5 billion from EUR10.4 billion. For the 12
months to October, the surplus reflects 2.5% of the eurozone's gross domestic product (GDP).
Japan
The Bank of Japan (BOJ) stood pat on monetary policy Friday despite a rapid fall in global oil prices that threatens the central bank’s
efforts to generate 2% inflation. The central bank left its key interest rate unchanged at 0.1%, as BOJ Governor Haruhiko Kuroda
said that Japan’s economic recovery continues at a modest pace. The BOJ decided by an 8-1 vote to keep buying enough
government bonds to boost monetary base at an annual pace of about 80 trillion yen. Policymakers said the economy continues to
recover moderately as a trend while inflation expectations seem to be rising. The Bank will also purchase exchange-traded funds
(ETFs) and Japan real estate investment trusts (J-REITs) so that their amounts outstanding will increase at an annual pace of about 3
trillion yen and about 90 billion yen respectively. As for CP and corporate bonds, the Bank will maintain their amounts outstanding
at about 2.2 trillion yen and about 3.2 trillion yen respectively.
Oil prices have fallen more than 25% since late October, when the BOJ expanded its monetary easing program, citing the decline in
oil prices as a threat to its quest to defeat more than a decade of deflation. BOJ Governor Haruhiko Kuroda played down concerns
over oil prices, and expressed more optimism about Japan’s economy. Considering the extent of the decline in oil prices, it “may be
difficult” for Japan’s inflation rate to pick up until early summer, he said. But “from a slightly long-term perspective,” lower energy
costs will actually put upward pressure on prices by stimulating economic growth, keeping Japan’s inflation rate on course toward
the 2% target “in or around” the year through March 2016, he said. While emphasizing his optimistic price outlook, Mr. Kuroda
acknowledged that unless Japanese companies raise wages, putting more real money into consumers’ pockets, the BOJ could fall
short of its target. “For us to achieve 2% inflation and make it sustainable, continued wage growth is absolutely essential,” he said.
Japan all industry activity dropped slightly in October after recovering in the previous month, figures from the Ministry of Economy,
Trade and Industry showed Friday. The all industry activity index fell 0.1% on-month in October, reversing a revised 1.4% gain in
September. Tertiary industry activity dropped 0.2%; while industrial output climbed 0.4%, much slower than the 2.9% growth in the
prior month. Production in the construction sector advanced 1.1%, which was the third consecutive monthly rise. On a yearly basis,
all industry activity declined 1.0% in October, following a 0.6% fall in September.
The leading index dropped to 104.5 in October, upwardly revised from the first estimate of 104.0, final figures from the Cabinet
Office showed Friday. This marked the lowest reading since May, when it was at 104.3. In September, the score was at 106.2.
Meanwhile, the coincident index rose to a downwardly revised reading of 109.9 in October. The October reading was initially
estimated at 110.2. The lagging index also rose to 118.6 from 118.2 in September.
Hong Kong
Hong Kong posted a HKD68.0 billion balance of payments (BOP) surplus (representing 11.8% of its GDP) for 3Q14, compared with a
surplus of $12.2 billion (equivalent to 2.4% of GDP) in 2Q14, according to the preliminary data released by the Census and Statistics
Department (C&SD) showed on Friday. The current account recorded a surplus of HKD43.3 billion (or 7.5% of GDP) in 3Q14,
compared with a surplus of $31.6 billion (or 5.8% of GDP) in the same quarter of 2013. At the end of 3Q14, Hong Kong's gross
external debt amounted to HKD9,801.6 billion (or 444% of GDP), compared with HKD9,942.7 billion (or 457% of GDP) at the end of
2Q14.
India
India’s foreign exchange reserves increased $2.17 billion to $316.8 billion for the week ended Dec. 12, according to the data
released by the Reserve Bank of India (RBI). According to the RBI's weekly statistical supplement, foreign currency assets, the
biggest component of the forex reserves, gained $2.40 billion to $292.36 billion in the week under review, offsetting the $867.4
million decline in the previous week (Dec. 5). India's reserve position with the International Monetary Fund (IMF) fell $253.5 million
and stood at $1.26 billion. Among other components of reserves, while the value of special drawing rights (SDR) rose $19.9 million
to $4.22 billion during the week, the value of gold in reserves remain unchanged at $18.98 billion. The bullion had declined by
$753.2 million in the previous week.
Source: Phillip Securities Research Pte Ltd
Page | 2
22 December 2014
Phillip Securities Research - Singapore Stocks Coverage
Company
Consumer Goods
DEL MONTE PACIFIC LTD
OSIM INTERNATIONAL LTD
Banking & Finance
DBS GROUP HOLDINGS LTD
OVERSEA-CHINESE BANKING CORP
SINGAPORE EXCHANGE LTD
UNITED OVERSEAS BANK LTD
Healthcare
RAFFLES MEDICAL GROUP LTD
Property
AMARA HOLDINGS LTD
CITY DEVELOPMENTS LTD
GLOBAL LOGISTIC PROPERTIES L
HO BEE LAND LTD
OUE LTD
SINARMAS LAND LTD
CHIP ENG SENG CORP LTD
Property (Trusts)
CROESUS RETAIL TRUST
Industrials
BOUSTEAD SINGAPORE LTD
PAN-UNITED CORP LTD
SARINE TECHNOLOGIES LTD
800 SUPER HOLDINGS LTD
CIVMEC LTD
COGENT HOLDINGS LTD
Offshore & Marine
EZION HOLDINGS LTD
EZRA HOLDINGS LTD
KEPPEL CORP LTD
SEMBCORP MARINE LTD
KIM HENG OFFSHORE & MARINE H
TRIYARDS HOLDINGS LTD
Transport
COMFORTDELGRO CORP LTD
SMRT CORP LTD
SATS LTD
SIA ENGINEERING CO LTD
Technology & Communications
M1 LTD
LANTROVISION SINGAPORE LTD
SILVERLAKE AXIS LTD
SINGAPORE TELECOMMUNICATIONS
STARHUB LTD
VALUETRONICS HOLDINGS LTD
SINGAPORE POST LTD
Analyst
Date of Last
Report
Rating
Target Price
(S$)
Current
Price
Price Change since Potential Return
Last Report
at Current Price
Colin Tan
Caroline Tay
16-Sep-14 Accumulate
29-Oct-14 Accumulate
0.605
2.69
0.500
1.99
-4.8%
-11.6%
21.0%
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
19.93
10.26
7.73
23.75
7.8%
5.9%
12.7%
5.7%
8.4%
7.2%
-5.6%
6.9%
Colin Tan
31-Oct-14 Neutral
3.90
3.84
0.3%
1.6%
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
10.09
2.42
1.92
2.01
0.580
0.860
-1.9%
3.2%
-10.0%
-3.3%
-5.6%
-4.1%
3.6%
37.3%
11.6%
25.2%
21.7%
25.4%
65.5%
19.8%
Change of Analyst
29-Aug-14 Buy
1.150
0.890
-11.0%
29.2%
Joshua Tan
Joshua Tan
Benjamin Ong
Richard Leow
Kenneth Koh
Richard Leow
12-Nov-14
13-Nov-14
11-Nov-14
30-Oct-14
14-Nov-14
12-Dec-14
Buy
Neutral
Accumulate
Trading Buy
Neutral
Buy
2.40
0.950
3.27
0.670
0.690
0.47
1.69
0.825
2.58
0.460
0.680
0.37
-8.6%
-6.3%
-16.8%
-4.2%
-6.8%
-1.4%
42.0%
15.2%
26.7%
45.7%
1.5%
-28.8%
Change of Analyst
Change of Analyst
Change of Analyst
Change of Analyst
Benjamin Ong
Bakhteyar Osama
4-Aug-14
14-Apr-14
17-Apr-14
5-May-14
7-Nov-14
1-Dec-14
Accumulate
Neutral
Neutral
Reduce
Buy
Buy
2.67
1.090
11.35
3.70
0.230
0.980
1.105
0.530
8.60
3.19
0.152
0.475
-48.4%
-50.5%
-23.1%
21.4%
-20.0%
-26.9%
141.6%
105.7%
32.0%
-16.0%
51.3%
106.3%
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
2.49
1.570
2.86
3.91
-5.0%
-5.4%
-5.6%
12.7%
14.5%
12.7%
0.7%
-1.0%
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
4-Dec-14
Buy
Buy
Neutral
Accumulate
Neutral
Buy
Accumulate
3.95
0.720
1.320
4.12
4.25
0.495
2.030
3.53
0.55
1.235
3.82
4.06
0.345
1.850
2.6%
4.8%
-7.5%
-2.1%
-2.9%
1.5%
-3.4%
11.9%
32.1%
6.9%
7.9%
4.7%
43.5%
9.7%
Target Price
(US$)
17.16
12.57
49.13
38.06
79.13
6.88
Current
Price
14.64
8.59
33.31
28.67
74.22
4.94
Buy
Accumulate
Accumulate
Accumulate
Buy
Accumulate
Accumulate
Accumulate
Accumulate
Buy
Trading Buy
Phillip Securities Research - US Stocks Coverage
Company
Analyst
FNFV GROUP
GENWORTH FINANCIAL INC-CL A
ICONIX BRAND GROUP INC
NATIONAL INTERSTATE CORP
OUTERWALL INC
PERION NETWORK LTD
Wong Yong Kai
Wong Yong Kai
Wong Yong Kai
Wong Yong Kai
Wong Yong Kai
Wong Yong Kai
Date of Last
Report
31-Oct-14
7-Nov-14
14-Nov-14
29-Oct-14
31-Oct-14
12-Dec-14
Rating
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Price Change since Potential Return
Last Report
at Current Price
11.2%
17.2%
-0.8%
46.3%
-12.1%
47.5%
2.5%
32.8%
31.2%
6.6%
6.5%
39.3%
Page | 3
22 December 2014
STI - Index Members
5%
0.0%
0.0%
0.1%
0.1%
0.3%
0.4%
0.7%
0.8%
1%
0.9%
1.2%
1.3%
1.3%
2%
1.6%
1.9%
2.0%
2.1%
2.1%
2.2%
2.9%
2.9%
3%
2.9%
3.1%
3.4%
3.9%
4%
0%
SIA Eng.
Capitamall Trust
Ascendas REIT
Starhub
Hutchison Port
Thai Beverage
SIA
Jardine Stra.
HK Land
GLP
SPH
ComfortDelGro
ST Eng.
Jardine Mat.
Wilmar
UOB
OCBC
Keppel Corp. Ltd
DBS
SGX
CDL
Sembcorp Mar.
Noble Group
Genting SP
Capitaland
Sembcorp Ind.
Olam
Jardine C&C
-1.3%Singtel
-2%
-1.1% Golden Agri-R.
-0.5%
-0.5%
-0.4%
-0.2%
-1%
Source: Bloomberg
FTSE ST Breakdown (% Change)
ST Technology
-9.6%
ST China
-4.5%
ST Real Estate
ST Financials
-0.7%
3.3%
ST Re Invest Trust
ST Utilites
-6.4%
1.9%
STI-0.5%
ST Telecommunicate
0.3%
ST Oil & Gas
-21.3%
ST Basic Materials
ST Consumer Service
0.1%
-22.1%
ST Healthcare
-10.3%
FTSE ST Market Cap. Breakdown (3M % Change)
ST Al l Share
ST Sma l l Ca p
-9.7%
-1.7%
STI
-0.5%
ST Mid Cap
-4.0%
Source: Bloomberg
ST Fl edgl i ng
-7.0%
ST Industrials
ST Consumer Goods
-8.4%
-5.7%
Top Gainers (%)
TOP GLOBAL LTD
TA CORP LTD
SPACKMAN ENTERTAINMENT GROUP
ASIA ENTERPRISES HOLDING LTD
SUNTAR ECO-CITY LTD
Last
0.007
0.335
0.250
0.200
0.160
% Chg
16.7
11.7
11.1
11.1
10.3
Top Losers (%)
BLUE SKY POWER HOLDINGS LTD
YONGMAO HOLDINGS LTD
TPV TECHNOLOGY LTD
BH GLOBAL CORP LTD
PARKSON RETAIL ASIA LTD
Last
0.100
0.115
0.285
0.115
0.750
% Chg
-27.5
-14.8
-9.5
-8.7
-8.5
Source: Bloomberg
Turnover ('mn shares)
Turnover (S$'mn)
UP
DOWN
UNCHANGED
1,305
1,227
250
190
499
Source: SGX
Page | 4
22 December 2014
340
320
300
280
260
92
90
88
86
84
82
80
78
76
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
+1.11%
3,279.53
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
+0.15%
17,804.80
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
16,000
Mar-14
18,000
Mar-14
Dec-13
20,000
Jan-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
22,000
2.39%
Nikkei 225 Index
Dec-13
24,000
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
26,000
Jan-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
3,600
3,400
3,200
3,000
2,800
2,600
620
600
580
560
540
520
500
480
460
440
420
Dec-13
1,100
Feb-14
1,400
Jan-14
1,700
Dec-13
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
19,000
18,000
17,000
16,000
15,000
14,000
13,000
12,000
2,000
Feb-14
80
Jan-14
90
Dec-13
100
17,621.40
+1.25%
23,116.63
Hang Seng Index
Nov-14
110
Straits Times Index
+1.16%
554.72
MSCI Asia x-Japan
Oct-14
120
DJI
-0.10%
1,196.35
Gold (US$/Oz)
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
3.20
3.00
2.80
2.60
2.40
2.20
2.00
1.80
1.60
1.40
1.20
130
-0.05%
2.162
US Treasury 10yr Yield
+2.65%
61.30
Crude oil, Brent (US$/bbl)
+1.02%
240.29
TR/CC CRB ER Index
+0.05%
89.65
Dollar Index
Source: Bloomberg
Page | 5
22 December 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
DB X-TRACKERS MSCI TAIWAN IN
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
-0.60
+1.09
+0.32
+1.10
-1.21
+1.58
+1.51
+1.08
+1.25
+1.80
+2.21
-1.90
+1.59
+1.83
+0.97
+1.25
+1.09
-0.90
+1.75
+0.87
+1.46
+1.46
+1.71
+1.44
+1.84
+1.91
+2.20
+1.20
-0.21
+0.61
+1.47
Last
-0.01
+0.11
+0.03
+0.35
-0.31
+0.88
+0.21
+0.49
+0.26
+0.08
+0.75
-0.43
+2.08
+0.66
+0.47
+0.09
+0.17
-0.02
+0.05
+0.01
+0.07
+0.14
+0.24
+0.23
+0.09
+0.02
+0.04
+0.04
-0.24
+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
12/26/2014
CNMC GOLDMINE HOLDINGS LTD
12/29/2014
OSIM INTERNATIONAL LTD
12/29/2014
OCI CO LTD - GDR REG S
12/29/2014
HANWHA CHEMICAL CORP-144A
12/29/2014
POSCO- SPON ADR
12/29/2014
YOUNGONE CORP-GDR
12/30/2014
HUPSTEEL LTD
12/31/2014
FALCON ENERGY GROUP LTD
1/2/2015
GOLDEN AGRI-RESOURCES LTD
1/8/2015
SECOND CHANCE PROPERTIES LTD
2/3/2015
FRASER AND NEAVE LTD
2/3/2015
FRASERS CENTREPOINT LTD
Source: Bloomberg
Type
Interim
3rd Interim
Regular Cash
Regular Cash
Regular Cash
Regular Cash
Interim
Interim
Interim
Final
Final
Final
Net Amount
0.0015
0.0100
N.A.
N.A.
N.A.
N.A.
0.0100
0.0050
0.0041
0.0150
0.0300
0.0620
Currency
SGD
SGD
USD
USD
USD
USD
SGD
SGD
SGD
SGD
SGD
SGD
Frequency
Irreg
Quarter
Annual
Annual
Semi-Anl
Annual
Semi-Anl
Semi-Anl
Semi-Anl
Semi-Anl
Semi-Anl
Semi-Anl
Record Date
12/30/2014
12/31/2014
12/31/2014
12/31/2014
12/31/2014
12/31/2014
1/2/2015
1/5/2015
1/6/2015
1/12/2015
2/5/2015
2/5/2015
Payout Date
1/20/2015
1/8/2015
N.A.
N.A.
N.A.
N.A.
1/14/2015
1/15/2015
1/15/2015
1/21/2015
2/16/2015
2/16/2015
Page | 6
22 December 2014
Economic Announcement
US
Date
Statistic
12/22/2014 Chicago Fed Nat Activity Index
12/22/2014 Existing Home Sales
12/22/2014 Existing Home Sales MoM
12/23/2014 Durable Goods Orders
12/23/2014 Durables Ex Transportation
12/23/2014 Cap Goods Orders Nondef Ex Air
12/23/2014 GDP Annualized QoQ
12/23/2014 Cap Goods Ship Nondef Ex Air
12/23/2014 Personal Consumption
12/23/2014 GDP Price Index
12/23/2014 Core PCE QoQ
12/23/2014 FHFA House Price Index MoM
12/23/2014 Univ. of Michigan Confidence
12/23/2014 Richmond Fed Manufact. Index
12/23/2014 New Home Sales
Source: Bloomberg
Singapore
For
Survey
Prior
Nov
Nov
Nov
Nov
Nov
Nov
3Q T
Nov
3Q T
3Q T
3Q T
Oct
Dec F
Dec
Nov
0.25
5.20M
-1.10%
2.90%
1.00%
0.70%
4.30%
1.00%
-1.40%
-0.30%
93.3
7
460K
0.14
5.26M
1.50%
0.40%
-0.90%
-1.30%
3.90%
-0.40%
2.20%
1.40%
1.40%
0.00%
93.8
4
458K
Date
Statistic
12/23/2014 CPI NSA MoM
12/23/2014 CPI YoY
12/23/2014 CPI Core YoY
12/24/2014 Bloomberg Dec. Singapore
12/26/2014 Industrial Production SA MoM
12/26/2014 Industrial Production YoY
12/31/2014 Credit Card Bad Debts
12/31/2014 Credit Card Billings
12/31/2014 Bank Loans and Advances YoY
12/31/2014 Money Supply M1 YoY
12/31/2014 Money Supply M2 YoY
1/7/2015 Foreign Reserves
1/13/2015 GDP YoY
1/13/2015 GDP SAAR QoQ
1/15/2015 Retail Sales Ex Auto YoY
Source: Bloomberg
For
Survey
Prior
Nov
Nov
Nov
0.50%
-0.20%
1.70%
-0.40%
0.10%
1.70%
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Dec
4Q A
4Q A
Nov
0.50%
0.40%
----------
2.60%
0.20%
26.4M
3896.4M
9.00%
4.00%
2.00%
$260.55B
2.80%
3.10%
1.90%
Page | 7
22 December 2014
Calendar
Earnings Announcement - Singapore
Name
MS Holdings Ltd
Transcorp Holdings Ltd
ecoWise Holdings Ltd
Second Chance Properties Ltd
8I Holdings Ltd
EMAS Offshore Ltd
Triyards Holdings Ltd
TEE International Ltd
Ezra Holdings Ltd
Qian Hu Corp Ltd
Lian Beng Group Ltd
Cheung Woh Technologies Ltd
Duty Free International Ltd
Miyoshi Precision Ltd
Singapore Press Holdings Ltd
GKE Corp Ltd
TEE Land Ltd
Versalink Holdings Ltd
Yoma Strategic Holdings Ltd
Cambridge Industrial Trust
Ascendas Real Estate Investment Trust
GuocoLeisure Ltd
First Real Estate Investment Trust
M1 Ltd/Singapore
Keppel REIT
Keppel Infrastructure Trust
Mapletree Logistics Trust
Jaya Holdings Ltd
Ascott Residence Trust
Frasers Centrepoint Trust
Cache Logistics Trust
Keppel Telecommunications & Transportation Ltd
Mapletree Industrial Trust
CapitaMall Trust
Singapore Exchange Ltd
Keppel Land Ltd
Frasers Commercial Trust
Mapletree Commercial Trust
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
CapitaCommercial Trust
Keppel Corp Ltd
Suntec Real Estate Investment Trust
Tiger Airways Holdings Ltd
Ascendas India Trust
Mapletree Greater China Commercial Trust
Fortune Real Estate Investment Trust
Starhill Global REIT
GuocoLand Ltd
Parkway Life Real Estate Investment Trust
Technics Oil & Gas Ltd
Source: Bloomberg
Expected Report Date
12/22/2014
12/26/2014
12/26/2014
12/31/2014
12/31/2014
1/7/2015
1/9/2015
1/9/2015
1/9/2015
1/9/2015
1/13/2015
1/13/2015
1/13/2015
1/14/2015
1/14/2015
1/14/2015
1/15/2015
1/15/2015
1/16/2015
1/16/2015
1/16/2015
1/16/2015
1/16/2015
1/20/2015
1/20/2015
1/20/2015
1/20/2015
1/21/2015
1/21/2015
1/21/2015
1/21/2015
1/21/2015
1/21/2015
1/22/2015
1/22/2015
1/22/2015
1/22/2015
1/22/2015
1/22/2015
1/23/2015
1/23/2015
1/23/2015
1/23/2015
1/23/2015
1/23/2015
1/23/2015
1/23/2015
1/23/2015
1/23/2015
1/23/2015
Page | 8
22 December 2014
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22 December 2014
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Macro | Equities
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Page | 10