1. Healthcare

02 February 2015
Singapore Morning Note
Weekly Market Outlook Webinar
In today’s 11.15am webinar, we will share on Cache Logistics Trust, which we initiated coverage on last week, and think that it is
a key beneficiary of Singapore’s Logistics Hub status.
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
Hi-P International Ltd – Update on profit guidance (Colin Tan)
Recommendation: Buy
Last done price: S$0.70
Target price: S$0.88



Lower revenue yoy in 4Q14 guided in latest issued profit guidance, in contrast to earlier guidance. Profitable 4Q14 guidance
maintained.
Continue to hold positive view of stronger performance in FY15F.
Maintain Buy with target price of S$0.88.
StarHub Ltd – Room for growth amidst TV challenges (Colin Tan)
Recommendation: Accumulate
Last done price: S$4.18
Target price: S$4.40



Pay TV subscription to hold firm in our view.
Expect positive growth in FY15F driven mainly from mobile and fixed network services.
Upgrade to Accumulate with revised target price to S$4.40.
Source: Phillip Securities Research Pte Ltd
Company Results
Company Name
Global Premium Hotels Limited
Revenue
Q/HY/FY
Currency
(Units)
Current
Previous
FY
S$’000
61,529
60,624
Net Profit
Change
(%)
1.5
Current
Previous
21,249
19,371
Change
(%)
9.7
Source: SGX Masnet
Company Highlights
International Healthway Corporation Limited launched a $50,000,000 6% medium term note due 2018, on the back of their earlier
announcement of the potential acquisition of a retail mall in Penang, Malaysia. The amount raised represents 23% of their existing
property asset value and will raise their total debt-to-equity from 230% to 259%. Their market cap is SGD 448.9 mn and trades at
10x trailing 12m PE.
Source: SGX Masnet, The Business Times, Phillip Securities Research
Page | 1
MCI (P) 021/11/2014
Ref. No.: SGMN2015_0022
02 February 2015
Morning Commentary
STI
JCI
HSI
Nifty
NIKKEI
Stoxx 50
-0.81%
0.51%
-0.36%
-1.60%
-0.93%
-0.60%
to
to
to
to
to
to
3,391.2
5,289.4
24,507.1
8,808.9
17,509.6
3,351.4
KLCI
SET
HSCEI
ASX200
S&P 500
-0.05%
-0.32%
-0.14%
-0.78%
-1.30%
to
to
to
to
to
1,781.3
1,581.3
11,720.1
3,621.8
1,995.0
SINGAPORE:
 The Straits Times Index (STI) ended -27.85 points lower or -0.81% to 3391.2, taking the year-to-date performance to
+0.77%.
 The FTSE ST Mid Cap Index declined -0.37% while the FTSE ST Small Cap Index declined -0.11%. The top active stocks were
DBS (-0.85%), SingTel (+0.25%), Keppel Corp (+1.87%), OCBC Bank (-0.67%) and UOB (-0.81%).
 The outperforming sectors today were represented by the FTSE ST Oil & Gas Index (+0.97%). The two biggest stocks of the
FTSE ST Oil & Gas Index are Keppel Corp (+1.87%) and Sembcorp Industries (+0.70%). The underperforming sector was the
FTSE ST Real Estate Holding and Development Index, which declined -1.52% with Hongkong Land Holdings’ share price
declining -0.94% and Global Logistic Properties’ share price declining -2.69%.
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 : China & HK, 2 Jan / Thai, 12 Dec / For SG Strategy, Please see Webinar
Source: Phillip Securities Research Pte Ltd, SGX, Masnet
Macro Data
US
US economy slowed sharply in 4Q2014 – nearly half of 3Q14’s pace – as weak business spending and a wider trade deficit offset the
robust consumer spending.
Consumer spending grew at its fastest pace since 1Q2006 given the tailwind from lower gasoline prices.
Conversely, business spending on equipment posted its largest contraction since the 2Q2009; while slower global growth dragged
on demand and stronger dollar boosted imports, widening trade deficit.
Overall for 214, US gross domestic product (GDP) posted the highest growth in four years.
Fig. 1 US GDP
Inflation pressures were muted and below the Fed's 2% target in the fourth quarter, due largely to a sharp drop in oil prices since
last summer. The personal consumption expenditures (PCE) price index fell at the weakest reading since 1Q2009. Excluding food
and energy, prices rose at the slowest since 2Q2013.
Source: Bloomberg, CEIC, Phillip Securities Research Pte Ltd
Page | 2
02 February 2015
Macro Data (cont.)
US (cont.)
Fig. 2 US GDP Personal Consumption Core Price Index
Europe
Eurozone fell further into deflation in January, raising fresh fears that the economy may be falling into a deflationary trap. Consumer
price index (CPI) posted the biggest drop since the depths of recession in July 2009. Even core inflation, which strips out volatile
elements such as food and energy costs, weakened further in January. The figures prompted warnings that radical action by the
European Central Bank (ECB) may have come too late to shore up the eurozone's flagging recovery, and fuels fear that the ECB's
bond-buying program may not be enough to stave off a downward spiral in prices.
Fig. 3 Eurozone CPI-All Items
On the contrary, Eurozone's unemployment rate in December marked the lowest since Aug 2012, providing a glimmer of good
news.
Fig. 4 Eurozone Unemployment
Source: Bloomberg, CEIC, Phillip Securities Research Pte Ltd
Page | 3
02 February 2015
Macro Data (cont.)
Japan
Japan's industrial production ended two quarters of decline in 4Q2014, suggesting Japan is shaking off last year's technical
recession. On month-on-month basis, factory production in December confirmed that the economy started to recover last quarter
as it rebounded from a surprise drop in November.
Fig. 5 Japan Indices of Industrial Production
In addition, tighter labour markets pushed unemployment rate to its lowest level since 1997, adding on to signs that the economic
recovery is picking up speed.
Fig. 6 Japan Unemployment Rate
However, Japan's inflation slowed further for the fifth straight month in January, as plunging oil prices offset the effects of the
growing domestic economic activity and the aggressive stimulus program.
Fig. 7 Japan CPI
Source: Bloomberg, CEIC, Phillip Securities Research Pte Ltd
Page | 4
02 February 2015
Macro Data (cont.)
China
China’s economy got off to a weak start in 2015 with disappointing manufacturing- and service-sector readings, renewing calls for
the government to introduce more measures to spur growth in the months ahead.
Chinese manufacturing activity continued to wane in January as the manufacturing purchasing managers' index (PMI), fell for the
fourth consecutive month and dropped below the 50-point mark for the first time since October 2012. Of all the five sub-indices,
four dropped in January except that for delivery time. Those for employment and raw material inventories remained under the 50point mark, while the other three sub-indices, including new orders and production, stayed in the expansion zone.
Fig. 8 NBS Manufacturing PMI
Meanwhile, China's service sector activity also slowed in January, but remained at high levels and is still a robust economic driver.
The non-manufacturing PMI saw the lowest reading since last February but is still expanding. Majority sub-indices also dropped.
Fig. 9 NBS Non-Manufacturing PMI
Thailand
Thailand posted a record monthly high current account surplus in December as exports jumped to expansion in December from
November's shortfall.
Fig. 10 Thailand Current Account Balance
Conversely, Thailand's private consumption contracted in December and investment stalled, showing signs that the country's
growth engines remained "slow".
Source: Bloomberg, CEIC, Phillip Securities Research Pte Ltd
Page | 5
02 February 2015
Macro Data (cont.)
Singapore
Unemployment in Singapore remained low in December, with more locals employed while the growth of foreign workers continued
to moderate.
Fig. 11 Singapore Unemployment Rate
Source: Bloomberg, CEIC, Phillip Securities Research Pte Ltd
Page | 6
02 February 2015
Phillip Securities Research - Singapore Stocks Coverage
Company
Consumer Goods
Osim
Banking & Finance
DBS Group
OCBC
SGX
UOB
Healthcare
Raffles Medical
Property (Developers)
Amara
City Development
Global Logististics
Ho Bee Land
OUE
Sinarmas
Chip Eng Seng
Real Estate (Trusts)
Croesus Retail Trust
Real Estate (REITs)
Cache Logistics
Industrials
Boustead
Pan-United
Sarine Technologies
800 Super Holdings
Civmec
Cogent Holdings
Hi-P International
Offshore & Marine
Triyards Holdings
Transport
ComfortDelgro
SMRT Corp
SATS Ltd
SIA Engineering
Technology & Communications
M1
Lantrovision
Silverlake Axis
SingTel
StarHub
Valuetronics
SingPost
Analyst
Date of Last
Report
Rating
Target Price
(S$)
Current
Price
Price Change since Potential Return
Last Report
at Current Price
Caroline Tay
29-Oct-14 Accumulate
2.69
1.94
-13.8%
38.7%
Benjamin Ong
Benjamin Ong
Benjamin Ong
Benjamin Ong
31-Oct-14
31-Oct-14
22-Jan-15
31-Oct-14
21.60
11.00
8.50
25.40
19.79
10.40
7.77
23.18
7.1%
7.3%
-1.6%
3.2%
9.1%
5.8%
9.4%
9.6%
Colin Tan
31-Oct-14 Neutral
3.90
3.97
3.7%
-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
0.540
10.05
2.53
2.07
2.20
0.650
0.910
3.8%
2.8%
-5.9%
4.5%
3.3%
7.4%
9.6%
29.6%
12.0%
19.8%
12.6%
14.5%
47.7%
13.2%
Change of Analyst
29-Aug-14 Buy
1.150
0.945
-5.5%
21.7%
Richard Leow
28-Jan-15 Accumulate
1.30
1.19
-0.8%
-9.7%
Change of Analyst
Change of Analyst
Benjamin Ong
Richard Leow
Kenneth Koh
Richard Leow
Colin Tan
12-Nov-14
13-Nov-14
11-Nov-14
30-Oct-14
14-Nov-14
12-Dec-14
26-Jan-15
2.40
0.950
3.27
0.670
0.690
0.47
0.88
1.80
0.870
2.62
0.520
0.660
0.38
0.71
-2.7%
-1.1%
-15.5%
8.3%
-9.6%
1.4%
-2.1%
33.3%
9.2%
24.8%
28.8%
4.5%
25.3%
24.8%
0.980
0.475
-26.9%
106.3%
Bakhteyar Osama
Buy
Accumulate
Buy
Accumulate
Buy
Accumulate
Accumulate
Accumulate
Accumulate
Buy
Trading Buy
Buy
Neutral
Accumulate
Trading Buy
Neutral
Buy
Buy
1-Dec-14 Buy
Richard Leow
Richard Leow
Richard Leow
Richard Leow
22-Jan-15
30-Jan-15
14-Nov-14
6-Nov-14
Accumulate
Reduce
Neutral
Reduce
2.97
1.570
2.88
3.95
2.87
1.750
2.96
4.36
8.7%
-1.2%
-2.3%
2.7%
3.5%
10.3%
-2.7%
9.4%
Colin Tan
Colin Tan
Colin Tan
Colin Tan
Colin Tan
Kenneth Koh
Colin Tan
20-Jan-15
13-Nov-14
15-Jan-15
13-Nov-14
2-Feb-15
7-Nov-14
4-Dec-14
Accumulate
Buy
Reduce
Accumulate
Accumulate
Buy
Accumulate
4.00
0.720
1.180
4.12
4.40
0.495
2.030
3.75
0.57
1.310
4.08
4.18
0.375
2.140
3.6%
9.6%
1.6%
4.6%
0.0%
10.3%
11.7%
6.7%
26.3%
-9.9%
1.0%
5.3%
32.0%
-5.1%
Phillip Securities Research - US Stocks Coverage
Company
Analyst
BANK OF AMERICA CORP
Wong Yong Kai
FNFV GROUP
Wong Yong Kai
GENWORTH FINANCIAL INC-CL A
Wong Yong Kai
ICONIX BRAND GROUP INC
Wong Yong Kai
NATIONAL INTERSTATE CORP
Wong Yong Kai
OUTERWALL INC
Wong Yong Kai
PRICELINE GROUP INC/THE
Wong Yong Kai
Source: Phillip Securities Research Pte Ltd
* FNFV Group TP adjusted for Remy Intl dividend
Date of Last
Report
20-Aug-14
31-Oct-14
7-Nov-14
14-Nov-14
29-Oct-14
31-Oct-14
15-Jan-15
Rating
Neutral
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Trading Buy
Buy
Target Price Current
(US$)
Price
15.45
15.45
13.59
12.40
12.57
6.98
49.13
33.24
38.06
25.77
79.13
62.08
1435.00
1009.48
Price Change since Potential Return
Last Report
at Current Price
-10.1%
0.0%
21.3%
9.6%
-19.4%
80.1%
-12.3%
47.8%
-7.9%
47.7%
9.7%
27.5%
-2.5%
42.2%
Page | 7
02 February 2015
STI - Index Members
3%
1.9%
2%
0.0%
0.2%
0.4%
0.5%
0.7%
0.7%
0.9%
1%
0%
GLP
-2.7%
-2.4%ComfortDelGro
Jardine Mat.
Wilmar
Capitaland
CDL
SIA Eng.
Hutchison Port
Thai Beverage
Ascendas REIT
SIA
Capitamall Trust
HK Land
SGX
ST Eng.
DBS
UOB
OCBC
Starhub
Olam
SPH
Singtel
Jardine C&C
Genting SP
Sembcorp Mar.
Sembcorp Ind.
Noble Group
Keppel Corp. Ltd
-2.3%Golden Agri-R.
-3%
-2.2% Jardine Stra.
-1.9%
-1.8%
-1.7%
-1.7%
-1.6%
-1.4%
-1.4%
-1.2%
-2%
-1.2%
-0.9%
-0.9%
-0.9%
-0.9%
-0.9%
-0.8%
-0.7%
-0.5%
-0.3%
-1%
Source: Bloomberg
FTSE ST Breakdown (% Change)
ST Technology
ST China
3.4%
-6.9%
ST Real Estate
ST Financials
5.7%
5.2%
ST Re Invest Trust
ST Utilites
1.7%
4.3%
STI 3.6%
ST Telecommunicate
7.4%
ST Oil & Gas
-12.2%
ST Basic Materials
ST Consumer Service
6.4%
-3.9%
ST Healthcare
5.9%
FTSE ST Market Cap. Breakdown (3M % Change)
ST Al l Share
ST Small Cap
3.2%
-3.5%
STI
3.6%
ST Mid Cap
ST Fledgling
4.3%
1.8%
Source: Bloomberg
ST Industrials
ST Consumer Goods
-5.9%
3.5%
Top Gainers (%)
NOVO GROUP LTD
8TELECOM INTERNATIONAL HLDGS
TIGER AIRWAYS HOLDINGS LTD
PACIFIC ANDES RESOURCES DEVE
KINGBOARD COPPER FOIL HLDGS
Last
0.320
0.130
0.345
0.061
0.155
% Chg
39.1
16.1
15.0
10.9
9.9
Top Losers (%)
TERRATECH GROUP LTD
SELECT GROUP LTD
TA CORP LTD
DELONG HOLDINGS LTD
OKP HOLDINGS LTD
Last
0.093
0.400
0.265
0.225
0.210
% Chg
-11.4
-11.1
-10.2
-10.0
-8.7
Source: Bloomberg
Turnover ('mn shares)
Turnover (S$'mn)
UP
DOWN
UNCHANGED
1,518
1,763
212
231
497
Source: SGX
Page | 8
02 February 2015
340
320
300
280
260
240
220
200
96
94
92
90
88
86
84
82
80
78
76
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
-0.81%
3,391.20
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
16,000
Mar-14
Feb-14
18,000
Feb-14
20,000
Mar-14
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
22,000
-0.93%
Nikkei 225 Index
Feb-14
24,000
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
26,000
Mar-14
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
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
Jan-15
Dec-14
1,100
Feb-14
Jan-15
Dec-14
1,400
17,674.39
-0.36%
24,507.05
Hang Seng Index
Nov-14
1,700
Straits Times Index
-0.63%
577.69
MSCI Asia x-Japan
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
19,000
18,000
17,000
16,000
15,000
14,000
13,000
12,000
2,000
-1.45%
17,164.95
DJI
-0.26%
1,283.78
Gold (US$/Oz)
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
3.00
2.80
2.60
2.40
2.20
2.00
1.80
1.60
1.40
1.20
120
110
100
90
80
70
60
50
+0.01%
1.651
US Treasury 10yr Yield
-0.35%
48.40
Crude oil, Brent (US$/bbl)
+2.91%
218.84
TR/CC CRB ER Index
-0.12%
94.69
Dollar Index
Source: Bloomberg
Page | 9
02 February 2015
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
Last
-0.09
-0.10
-1.85
-0.50
-0.19
+1.08
+0.00
-0.58
-0.72
+0.68
+0.77
-0.83
-1.16
-0.52
+1.78
-1.12
+0.25
-0.50
-0.32
-0.42
-0.59
-0.60
+1.06
-1.62
-0.59
-1.19
+0.83
-0.58
-1.37
-1.16
-0.45
-0.00
-0.01
-0.18
-0.17
-0.05
+0.61
+0.00
-0.27
-0.16
+0.03
+0.26
-0.19
-1.70
-0.19
+0.85
-0.09
+0.04
-0.01
-0.01
-0.01
-0.03
-0.06
+0.15
-0.29
-0.03
-0.01
+0.01
-0.02
-1.68
-0.04
-0.01
1.17
10.19
9.54
33.70
26.18
57.09
14.40
45.99
21.98
4.47
33.85
22.81
145.35
36.42
48.56
7.97
16.15
2.00
3.08
1.18
5.02
10.01
14.35
17.59
5.04
1.16
1.70
3.45
121.22
3.41
2.19
Corporate Action: Dividend
EX Date
Company
2/2/2015
GOODLAND GROUP LTD
2/2/2015
CACHE LOGISTICS TRUST
2/2/2015
PARKWAYLIFE REAL ESTATE
2/2/2015
OUE HOSPITALITY TRUST
2/2/2015
CITYSPRING INFRASTRUCTURE
2/2/2015
STARHILL GLOBAL REIT
2/3/2015
FRASER AND NEAVE LTD
2/3/2015
FRASERS CENTREPOINT LTD
2/3/2015
MERMAID MARITIME PCL
2/3/2015
KEONG HONG HOLDINGS LTD
2/3/2015
FORTUNE REIT
2/3/2015
CDL HOSPITALITY TRUSTS
Source: Bloomberg
Type
Net Amount
Currency Frequency
Final
Distribution
Distribution
Distribution
Distribution
Distribution
Final
Final
Regular Cash
Final
Distribution
Distribution
0.0050
0.0215
0.0290
0.0178
0.0082
0.0129
0.0300
0.0620
0.0047
0.0125
0.2080
0.0574
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
USD
SGD
HKD
SGD
Annual
Quarter
Quarter
Quarter
Quarter
Quarter
Semi-Anl
Semi-Anl
Annual
Semi-Anl
Semi-Anl
Semi-Anl
Record
Date
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
Payout Date
2/11/2015
2/27/2015
2/27/2015
2/27/2015
2/13/2015
2/27/2015
2/16/2015
2/16/2015
2/23/2015
2/13/2015
2/27/2015
2/27/2015
Corporate Action: Rights
EX Date
2/3/2015
2/5/2015
Company
Type
DARCO WATER TECHNOLOGIES LTD
Rights Issue
DEL MONTE PACIFIC LTD
Rights Issue
Subscription Price
Currency
SGD
SGD
Term
7 per 5
.493 : 1
Record Date
2/5/2015
2/9/2015
Source: Bloomberg
Page | 10
02 February 2015
Economic Announcement
US
Date
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/2/2015
2/3/2015
2/3/2015
Singapore
Statistic
Personal Income
Personal Spending
PCE Deflator MoM
PCE Deflator YoY
PCE Core MoM
PCE Core YoY
Markit US Manufacturing PMI
Construction Spending MoM
ISM Manufacturing
ISM Prices Paid
ISM New York
Factory Orders
2/3/2015 IBD/TIPP Economic Optimism
2/3/2015 Wards Domestic Vehicle
2/3/2015 Wards Total Vehicle Sales
Source: Bloomberg
For
Survey
Prior
Dec
Dec
Dec
Dec
Dec
Dec
Jan F
Dec
Jan
Jan
Jan
Dec
Feb
Jan
Jan
0.20%
-0.20%
-0.30%
0.80%
0.00%
1.30%
54
0.80%
54.8
40
--2.00%
51.4
13.60M
16.80M
0.40%
0.60%
-0.20%
1.20%
0.00%
1.40%
53.7
-0.30%
55.5
38.5
70.8
-0.70%
51.5
13.46M
16.80M
Date
2/3/2015
2/3/2015
2/4/2015
2/4/2015
2/4/2015
2/7/2015
2/13/2015
2/13/2015
2/13/2015
2/17/2015
2/17/2015
2/17/2015
Statistic
For
Purchasing Managers Index
Jan
Electronics Sector Index
Jan
Automobile COE Open Bid
4-Feb
Automobile COE Open Bid
4-Feb
Automobile COE Open Bid
4-Feb
Foreign Reserves
Jan
Retail Sales Ex Auto YoY
Dec
Retail Sales YoY
Dec
Retail Sales SA MoM
Dec
Electronic Exports YoY
Jan
Non-oil Domestic Exports YoY
Jan
Non-oil Domestic
Exports
Jan
Automobile
COE Open
BidSA
2/18/2015 Cat A
18-Feb
2/18/2015 Automobile COE Open Bid Cat B18-Feb
2/18/2015 Automobile COE Open Bid
18-Feb
Survey
Prior
----------------
49.6
50.5
65001
76889
76790
$256.86B
-0.40%
6.50%
-0.70%
0.40%
2.30%
0.10%
----
Source: Bloomberg
Page | 11
02 February 2015
Calendar
Earnings Announcement - Singapore
Name
Chosen Holdings Ltd
Wing Tai Holdings Ltd
Marco Polo Marine Ltd
OSIM International Ltd
GP Batteries International Ltd
Hafary Holdings Ltd
SIA Engineering Co Ltd
Singapore Post Ltd
SATS Ltd
Eu Yan Sang International Ltd
Regal International Group Ltd
IPC Corp Ltd
Asia Enterprises Holding Ltd
Fragrance Group Ltd
Global Logistic Properties Ltd
Multi-Chem Ltd
Hwa Hong Corp Ltd
Ryobi Kiso Holdings Ltd
Sin Ghee Huat Corp Ltd
Asia-Pacific Strategic Inv Ltd
Versalink Holdings Ltd
Great Eastern Holdings Ltd
Singapore Airlines Ltd
Ascendas Hospitality Trust
Hutchison Port Holdings Trust
FJ Benjamin Holdings Ltd
Boardroom Ltd
PCI Ltd
Chuan Hup Holdings Ltd
Singapura Finance Ltd
British & Malayan Trustees Ltd
Global Yellow Pages Ltd
ICP Ltd
Bukit Sembawang Estates Ltd
GRP Ltd
Perennial China Retail Trust
Asian Micro Holdings Ltd
Oxley Holdings Ltd
British & Malayan Trustees Ltd
Ellipsiz Ltd
Parkson Retail Asia Ltd
DBS Group Holdings Ltd
SBS Transit Ltd
Loyz Energy Ltd
MTQ Corp Ltd
Jasper Investments Ltd
Sing Investments & Finance Ltd
Noel Gifts International Ltd
Metro Holdings Ltd/Singapore
TMC Education Corp Ltd
Source: Bloomberg
Expected Report Date
2/3/2015
2/3/2015
2/3/2015
2/3/2015
2/3/2015
2/3/2015
2/3/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/4/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/5/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/6/2015
2/9/2015
2/9/2015
2/10/2015
2/10/2015
2/10/2015
2/10/2015
2/10/2015
2/10/2015
2/10/2015
2/10/2015
2/10/2015
Page | 12
02 February 2015
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Page | 13
02 February 2015
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Page | 14