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 Important Information This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (“Phillip Securities Research”). 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Page | 13 02 February 2015 Contact Information (Singapore Research Team) Management Chan Wai Chee (CEO, Research - Special Opportunities) Macro | Equities Soh Lin Sin Bakhteyar Osama [email protected] Research Operations Officer Jaelyn Chin [email protected] Market Analyst | Equities Kenneth Koh [email protected] US Equities Wong Yong Kai [email protected] Real Estate Caroline Tay REITs Dehong Tan [email protected] [email protected] Finance | Offshore Marine Benjamin Ong [email protected] Telecoms | Technology Colin Tan [email protected] [email protected] SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore 179101 Tel +65 6533 6001 Fax +65 6535 6631 Website: www.poems.com.sg [email protected] Transport & Logistics Richard Leow, [email protected] CFTe Contact Information (Regional Member Companies) MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel +603 2162 8841 Fax +603 2166 5099 Website: www.poems.com.my HONG KONG Phillip Securities (HK) Ltd 11/F United Centre 95 Queensway Hong Kong Tel +852 2277 6600 Fax +852 2868 5307 Websites: www.phillip.com.hk JAPAN Phillip Securities Japan, Ltd. 4-2 Nihonbashi Kabuto-cho Chuo-ku, Tokyo 103-0026 Tel +81-3 3666 2101 Fax +81-3 3666 6090 Website: www.phillip.co.jp INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 10220 – Indonesia Tel +62-21 5790 0800 Fax +62-21 5790 0809 Website: www.phillip.co.id CHINA Phillip Financial Advisory (Shanghai) Co Ltd No 550 Yan An East Road, Ocean Tower Unit 2318, Postal code 200001 Tel +86-21 5169 9200 Fax +86-21 6351 2940 Website: www.phillip.com.cn THAILAND Phillip Securities (Thailand) Public Co. 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