Corporate Guide - Singapore, December 2014

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S i n g a p o r e C o r p o r a t e G u i d e December 2014

2600270028002900300031003200330034003500

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

From 2/12/2013 to 28/11/2014

Market Outlook & Strategy FSSTI REVIEW: The FSSTI enjoyed a 2.3% mom rise in November to 3,350.5. The strong performance was underpinned by banks, which rose 4-7% mom after registering solid 3Q14 results. The most notable development in November was OPECs decision to not cut supply despite the 39% fall in Brent crude oil price from its ytd high. Unsurprisingly, this led to a sharp sell-off in oil-related sectors, such as shipyards (-5% mom) and oil services (-13% mom).

STRATEGY: We have just issued our 1H15 strategy, with a 2015 year-end target of 3,600. Given the limited upside, we think stock-picking remains key to outperforming. Corporate earnings are expected to grow 9% yoy in 2015, underpinned by banks, telcos and plantations. Nevertheless, we think investors will remain cautious in view of disappointing 2014 earnings. In addition, external challenges such as weaker growth in China and the EU as well as an impending rate hike next year could dampen sentiment. FSSTIs FY15F PE of 14.1x is at a 12% discount to its long-term mean of 16.1x. Investment themes to consider include: a) winners and losers of rising interests rates, b) solid oversold stocks, c) AEC/ASEAN Open Skies beneficiaries, and d) regulatory changes. Our key picks in the big-cap space include CapitaLand, CCT, ComfortDelGro, DBS, Keppel Land, OCBC, SingTel, First Resources and Sembcorp Industries. In the mid-cap space, we like Pacific Radiance, Riverstone, Silverlake and Raffles Medical. Our SELLs include SIA Engineering and IHH.

* Refers to business prospects & earnings growth of the sector for the next 12 months.

SECTOR RATINGS & STOCK RECOMMENDATIONS Sector Nov/Oct (% Chg) Weighting* Top Buys

Aviation (3.2) Under Weight Top Sell: SIA Engrg Finance 5.8 Overweight DBS, OCBC Healthcare 0.2 Market Weight Raffles Medical LandTransport 1.6 Overweight ComfortDelGro Media 0.2 Market Weight - OilServices (12.5) Overweight Ezion, Pacific Radiance, Triyards Plantation (3.3) Market Weight First Resources, Bumitama Property 2.5 Overweight Keppel Land, CapitaLand, Wing Tai REITs 2.1 Market Weight CCT, CD REIT Shipping (1.8) Overweight NOL Shipyard (5.1) Market Weight SCI Supply Chain 2.1 Market Weight - Technology (0.9) Overweight Venture Telecoms 2.9 Overweight SingTel,M1 Others 2.1 -

FSSTI 2.3

(S$) Oct Nov % Chg (S$) Oct Nov % Chg

OSIM Intl 1.86 2.16 16.1 THBEV 0.765 0.655 (14.4) UtdEnvirotech 1.465 1.62 10.6 SembMar 3.64 3.13 (14.0) SuntecReit 1.785 1.97 10.4 SIA Engg 4.76 4.11 (13.7) SMRT 1.49 1.63 9.4 EzionHldg 1.51 1.325 (12.3) SIA 9.90 10.78 8.9 GoldenAgri 0.52 0.46 (11.5) Fortune Reit HK$ 7.07 7.69 8.8 ST Engg 3.75 3.37 (10.1) Yangzijiang 1.13 1.225 8.4 F & N 3.15 2.88 (8.6) DBS 18.48 19.83 7.3 GuocoLand 1.905 1.765 (7.3) Jardine C&C 39.90 42.59 6.7 Shang Asia 2kHK$ 11.50 10.72 (6.8) CITYDEV 9.45 10.06 6.5 FirstRes 2.08 1.94 (6.7) * Top 100 companies by market capitalisation

TOP GAINERS & LOSERS*

Refer to last page for important disclosures.

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Sector Performance

Net Cash Total ------------------- PE ------------------- ------------- EPS Growth ------------ Net --------- Yield --------- Price/ (Debt) to Market Market 2013 2014F 2015F 2013 2014F 2015F Margin ROA ROE 2013 2014F NTA ps Equity Cap. Cap. (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (x) (%) (%) (S$m)

AVIATION 27.2 29.8 19.6 (17.1) (14.7) 42.5 4.5 3.3 6.4 4.6 2.9 2.0 29.9 6.6 31,655 FINANCE 14.1 12.6 11.8 (10.4) 9.2 4.8 n.a. 1.0 12.2 3.1 3.2 1.8 n.a. 29.0 139,062 HEALTHCARE 52.9 49.3 39.1 (19.2) 6.5 26.1 11.1 3.1 4.6 0.5 0.5 5.6 (10.1) 3.7 17,763 LAND TRANSPORT 24.7 21.4 19.2 (2.8) 15.5 11.5 6.6 4.6 18.2 2.3 2.8 3.4 (18.2) 1.7 8,042 MEDIA 16.1 17.2 23.1 (25.1) (6.3) (25.8) 33.3 6.2 11.2 9.3 4.9 2.0 (37.0) 1.5 6,943 OIL SERVICES 8.4 9.0 6.5 27.4 (15.8) 37.0 11.4 4.9 13.9 1.7 1.2 1.1 (112.2) 1.0 4,822 PLANTATION 13.1 14.6 12.0 (5.0) (10.7) 22.2 3.7 3.2 7.8 2.4 2.0 1.2 (71.9) 6.6 31,666 PROPERTY 10.5 15.2 14.9 14.8 (31.2) 1.7 31.5 3.9 8.2 3.2 2.4 0.8 (59.8) 7.8 37,513 REITS 20.9 19.3 18.1 7.1 4.6 4.5 54.9 3.5 5.7 5.6 5.9 1.1 (48.1) 8.9 42,800 SHIPPING n.a. n.a. 55.5 n.a. n.a. n.a. (0.9) (0.9) (3.6) 0.0 0.0 1.0 (219.4) 0.4 2,128 SHIPYARD 9.6 10.2 10.0 (10.8) (6.3) 1.9 11.1 5.9 18.1 4.1 4.4 1.6 (36.8) 7.8 37,124 SUPPLY CHAIN 20.5 11.3 12.3 (34.8) 99.3 (14.7) 0.6 2.2 9.5 1.3 2.7 1.4 (139.9) 2.9 13,650 TECHNOLOGY 16.1 15.4 13.4 (6.3) 4.9 14.7 5.6 5.4 7.2 6.5 6.5 1.9 9.2 0.4 2,107 TELECOMS 17.4 17.2 15.8 4.1 0.6 9.1 20.7 9.9 17.2 4.4 4.5 6.1 (37.6) 15.2 72,715 OTHERS 17.2 23.7 22.5 25.9 (27.4) 5.1 25.9 4.3 8.3 3.2 3.2 2.0 (8.0) 6.4 30,839 OVERALL 15.3 15.5 14.1 (3.9) (1.9) 8.0 9.3 2.1 10.2 3.6 3.4 1.7 (33.7) 100.0 478,829

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Corporate Statistics Avg Daily Price Last Net Profit EPS PE DPS Yield Hist Net No of Market Book Price/ Net Cash/(Debt) to 52-Wk Price Turnover Company Ticker Rec 28/11/14 Year 2013 2014F 2015F 2013 2014F 2015F 2013 2014F 2015F 2013 2014F 2013 2014F CFPS Margin ROA ROE Shares Cap. NTA ps NTA ps Mkt Cap Equity High Low 52-Wk (S$) End (S$m) (S$m) (S$m) (cents) (cents) (cents) (x) (x) (x) (cents) (cents) (%) (%) (S$) (%) (%) (%) (m) (S$m) (S$) (x) (%) (%) (S$) (S$) ('000)

AVIATION S I A SIA SP HOLD 10.78 3/14 359.5 428.2 623.9 30. 6 36.4 53.0 35.2 29.6 20.3 46.0 13.0 4.3 1.2 1.63 2.4 1.6 2.7 1,199.9 12,934.4 10.50 1.0 33.5 33.8 10.79 9.41 1,052 SIA Engg SIE SP SELL 4.11 3/14 265.7 194.5 218.1 23.9 17.4 19.3 17.2 23.7 21.2 25.0 15.0 6.1 3.6 0.27 22.6 15.9 20.0 1,121.1 4,607.6 1.08 3.8 7.9 28.7 5.15 4.03 394 SATS SATS SP HOLD 2.93 3/14 180.4 172.5 188.9 16.1 15.4 16.9 18.2 19.0 17.3 13.0 13.0 4.4 4.4 0.23 10.1 9.0 12.8 1,124.1 3,293.5 1.10 2.7 7.0 16.2 3.25 2.92 1,213 ST Engrg STE SP HOLD 3.37 12/13 580.8 562.1 584.8 18.7 18.1 18.8 18.0 18.6 18.0 15.0 14.2 4.5 4.2 0.23 8.8 6.9 29.0 3,119.7 10,513.5 0.42 8.1 4.3 22.9 4.04 3.33 2,431 Tigerair TGR SP SELL 0.31 3/14 (223.0) (295.4) 0.9 (22.6) (19.8) 0.0 n.a. n.a. 687.7 0.0 0.0 0.0 0.0 (0.19) (30.4) (22.2) (172.1) 987.6 306.1 (0.20) n.a. (68.5) 107.3 0.55 0.27 1,731 Sector 1,061.9 1,616.6 1,376.8 15.5 13.2 18.9 27.2 29.8 19.6 4.6 2.9 4.5 3.3 6.4 31,655.1 2.0 16.3 29.9

FINANCE ARA ARA SP BUY 1.73 12/13 74.3 83.7 111.3 8.8 9.9 13.2 19.7 17.5 13.1 5.0 5.0 2.9 2.9 0.09 n.a. 23.3 28.5 845.2 1,462.1 0.36 4.8 n.a. n.a. 1.88 1.635 349 DBS DBS SP BUY 19.83 12/13 3,672.0 3,963.8 4,229.3 150.0 160.7 171.5 13.2 12.3 11.6 58.0 58.0 2.9 2.9 n.a. n.a. 1.0 11.3 2,479.1 49,160.5 12.51 1.6 n.a. n.a. 20.02 15.65 3,773 O C B C OCBC SP BUY 10.48 12/13 2,768.0 3,538.4 3,823.7 75.8 91.5 94.0 13.8 11.5 11.1 33.0 35.5 3.2 3.4 n.a. n.a. 0.9 11.9 3,992.9 41,845.9 5.92 1.8 n.a. n.a. 10.53 8.783 4,353 SGX@ SGX SP NR 7.32 6/14 335.9 320.4 335.3 31.4 30.0 31.3 23.3 24.4 23.4 28.0 28.0 3.8 3.8 0.34 46.7 18.7 35.4 1,071.6 7,844.4 0.57 12.8 10.7 106.4 7.38 6.66 1,439 U O B @ UOB SP NR 24.00 12/13 3,008.0 3,131.6 3,310.2 184.0 194.0 205.0 13.0 12.4 11.7 75.0 75.5 3.1 3.1 n.a. n.a. 1.1 12.8 1,614.5 38,749.1 13.92 1.7 n.a. n.a. 24.24 19.4 2,119 Sector 9,858.2 11,038.1 11,809.8 104.1 113.8 119.2 14.1 12.6 11.8 3.1 3.2 n.a. 1.0 12.2 139,062.0 1.8 n.a. n.a.

HEALTHCARE IHH IHH SP SELL 1.905 12/13 250.7 290.6 375.2 3.1 3.6 4.6 61.7 53.6 41.5 0.8 0.7 0.4 0.4 0.06 9.3 2.4 3.6 8,178.6 15,580.2 0.32 5.9 (5.7) (12.5) 2 1.34 119 Raffles Medical RFMD SP BUY 3.87 12/13 84.9 69.7 79.0 15.4 12.5 14.2 25.1 30.9 27.3 5.0 5.5 1.3 1.4 0.17 24.9 15.9 19.7 564.1 2,183.1 0.91 4.2 5.4 23.1 4.09 2.97 354 Sector 335.6 360.3 454.2 3.9 4.1 5.2 52.9 49.3 39.1 0.5 0.5 11.1 3.1 4.6 17,763.3 5.6 (4.3) (10.1)

LAND TRANSPORT ComfortDelGro CD SP BUY 2.60 12/13 263.2 282.5 299.1 12.4 13.3 14.1 20.9 19.6 18.5 7.0 7.2 2.7 2.8 0.28 7.0 5.3 26.2 2,138.8 5,560.8 0.72 3.6 0.3 0.7 2.73 1.89 4,950 SMRT MRT SP HOLD 1.63 3/14 61.9 93.8 120.3 4.1 6.2 7.9 40.1 26.4 20.6 2.2 4.9 1.3 3.0 0.16 5.3 2.9 7.9 1,522.1 2,481.1 0.54 3.0 (23.0) (68.4) 1.655 1.01 2,350 Sector 325.1 376.3 419.4 8.9 10.3 11.5 24.7 21.4 19.2 2.3 2.8 6.6 4.6 18.2 8,041.9 3.4 (6.9) (18.2)

MEDIA S P H SPH SP HOLD 4.29 8/14 431.0 404.3 300.0 26.7 25.0 18.6 16.1 17.2 23.1 40.0 21.0 9.3 4.9 0.28 33.3 6.2 11.2 1,618.5 6,943.3 2.17 2.0 (19.6) (37.0) 4.35 3.94 2,357 Sector 431.0 404.3 300.0 26.7 25.0 18.6 16.1 17.2 23.1 9.3 4.9 33.3 6.2 11.2 6,943.3 2.0 (19.6) (37.0)

OIL SERVICES Ezion EZI SP BUY 1.325 12/13 200.6 273.9 339.2 17.1 17.2 21.2 7.8 7.7 6.2 0.1 0.0 0.1 0.0 0.26 56.9 9.9 23.8 1,578.950 2,092.1 0.81 1.6 (70.7) (115.6) 2.042 1.31 8,310 Ezra EZRA SP HOLD 0.665 8/14 66.7 56.9 56.1 6.9 5.8 5.8 9.7 11.4 11.6 0.5 0.0 0.8 0.0 0.15 3.0 1.4 4.0 977.896 650.3 1.00 0.7 (269.0) (136.2) 1.51 0.655 4,691 Marco Polo @ MPM SP NR 0.30 9/14 22.3 10.1 18.0 6.6 3.0 5.3 4.6 10.1 5.7 1.4 0.0 4.7 0.0 0.09 9.0 2.3 6.1 340.8 102.2 0.48 0.6 (193.8) (117.7) 0.42 0.29 207 Mencast @ MCAST SP NR 0.43 12/13 15.7 19.4 23.7 5.4 5.4 6.6 7.9 7.9 6.5 3.0 1.6 7.0 3.7 0.08 15.8 6.4 16.3 357.3 153.6 0.20 2.2 (97.2) (142.9) 0.573 0.4 152 Nam Cheong NCL SP BUY 0.38 12/13 81.7 121.4 132.3 3.9 5.8 6.3 9.7 6.6 6.0 1.0 1.5 2.6 4.0 0.04 16.4 12.0 27.3 2,103.144 799.2 0.22 1.8 (25.2) (44.6) 0.50 0.29 7,337 Pacific Radiance PACRA SP BUY 0.855 12/13 71.0 99.3 111.5 12.3 13.7 15.4 6.9 6.2 5.6 2.0 2.1 2.3 2.4 0.14 33.7 8.7 19.6 725.755 620.5 0.74 1.1 (41.7) (47.9) 1.52 0.84 1,326 Swiber SWIB SP SELL 0.315 12/13 77.7 (78.3) 10.4 12.8 (12.8) 1.7 2.5 n.a. 18.6 3.0 0.0 9.5 0.0 0.21 5.9 3.2 13.9 611.4 192.6 1.04 0.3 (574.5) (173.4) 0.68 0.30 1,561 Triyards ETL SP BUY 0.65 8/14 39.1 33.5 47.1 14.6 11.4 14.5 4.5 5.7 4.5 2.0 1.0 3.1 1.5 0.15 9.9 7.8 16.7 324.509 210.9 0.70 0.9 (52.4) (51.2) 0.81 0.61 251 Sector 574.9 536.2 738.2 8.9 7.5 10.3 8.4 9.0 6.5 1.7 1.2 11.4 4.9 13.9 4,821.5 1.1 (108.9) (112.2)

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PLANTATION Bumitama BAL SP BUY 1.07 12/13 102.5 131.8 132.1 5.8 7.5 7.5 18.4 14.3 14.2 1.2 1.5 1.1 1.4 0.07 21.1 8.7 17.2 1,757.5 1,880.6 0.36 3.0 (22.2) (64.1) 1.290.885 807 FirstRes FR SP BUY 1.94 12/13 298.0 214.4 237.0 18.8 13.5 15.0 10.3 14.3 13.0 4.5 4.1 2.3 2.1 0.21 38.0 12.9 22.9 1,584.1 3,073.1 0.77 2.5 (12.0) (27.9) 2.61.8 2,215 GoldenAgri GGR SP HOLD 0.46 12/13 389.4 377.5 526.7 3.0 2.9 4.1 15.2 15.6 11.2 1.1 0.1 2.4 0.1 0.04 4.7 2.3 3.6 12,837.6 5,905.3 0.86 0.5 (57.4) (30.2) 0.615 0.445 31,255 KencanaAgri KAGR SP HOLD 0.22 12/13 (13.4) 22.7 18.3 (1.2) 2.0 1.6 n.a. 11.1 13.8 0.3 0.3 1.1 1.2 (0.00) (3.8) (2.1) (5.5) 1,148.0 252.6 0.19 1.1 (109.1) (124.3) 0.260.205 269 Wilmar WIL SP HOLD 3.21 12/13 1,650.0 1,418.2 1,731.3 25.8 22.2 27.0 12.4 14.5 11.9 8.0 8.3 2.5 2.6 0.38 3.0 3.0 9.0 6,403.4 20,554.9 2.18 1.5 (93.7) (98.4) 3.582.92 6,065 Sector 2,426.5 2,164.5 2,645.4 10.2 9.1 11.1 13.1 14.6 12.0 2.4 2.0 3.7 3.2 7.8 31,666.4 1.2 (74.9) (71.9)

PROPERTY CapitaLand CAPL SP BUY 3.32 12/13 849.8 686.5 776.9 20.0 16.2 18.3 16.6 20.5 18.2 8.0 8.0 2.4 2.4 0.21 21.4 2.3 5.5 4,272.5 14,184.6 3.61 0.9 (92.7) (83.1) 3.482.68 8,387 City Devt CIT SP HOLD 10.06 12/13 670.1 570.0 731.0 73.7 62.7 80.4 13.7 16.0 12.5 16.0 16.0 1.6 1.6 0.93 21.6 4.2 9.0 909.3 9,147.6 8.79 1.1 (41.2) (47.1) 11.188.6 840 GuocoLand GUOL SP BUY 1.765 6/14 40.5 304.2 112.3 3.6 26.5 10.1 49.4 6.7 17.4 5.0 5.0 2.8 2.8 0.26 24.3 3.4 12.0 1,183.4 2,088.7 2.21 0.8 (208.3) (166.0) 2.341.765 186 Ho Bee Land HOBEE SP HOLD 1.985 12/13 591.8 40.3 69.3 87.4 6.0 10.4 2.3 32.9 19.1 8.0 3.0 4.0 1.5 0.88 424.7 21.8 28.7 703.3 1,396.1 3.27 0.6 (57.0) (34.6) 2.451.91 224 Keppel Land KPLD SP BUY 3.37 12/13 885.9 414.5 484.1 57.3 26.8 31.3 5.9 12.6 10.8 13.0 12.0 3.9 3.6 0.58 60.6 7.0 13.5 1,545.9 5,209.7 4.59 0.7 (53.2) (39.1) 3.673.07 2,095 OUE OUE SP BUY 2.04 12/13 (36.6) 46.1 88.4 (4.0) 4.7 9.0 n.a. 43.5 22.6 23.0 4.0 11.3 2.0 (0.02) (8.4) (0.6) (1.2) 981.6 2,002.5 4.01 0.5 (91.4) (49.6) 2.502.01 480 Wheelock @ WP SP NR 1.77 12/13 40.0 159.0 98.2 3.4 13.3 8.2 52.8 13.3 21.6 6.0 6.0 3.4 3.4 0.03 34.2 1.1 1.3 1,196.6 2,117.9 2.66 0.7 (10.8) (7.2) 1.991.52 253 Wing Tai WINGT SP BUY 1.72 6/14 531.1 254.4 151.0 67.8 32.4 19.0 2.5 5.3 9.0 12.0 6.0 7.0 3.5 0.34 31.7 5.2 8.8 793.9 1,365.6 3.82 0.5 (32.9) (14.8) 2.081.65 700 Sector 3,572.6 2,475.1 2,511.2 31.3 21.6 21.9 10.5 15.2 14.9 3.2 2.4 31.5 3.9 8.2 37,512.6 0.8 (72.9) (59.8)

SHIPPING N O L NOL SP BUY 0.82 12/13 (95.4) (159.7) 38.4 (3.7) (6.2) 1.5 n.a. n.a. 55.3 0.0 0.0 0.0 0.0 0.12 (0.9) (0.9) (3.6) 2,595.5 2,128.3 0.83 1.0 (247.8) (219.4) 1.135 0.735 2,593 Sector (95.4) (159.7) 38.4 (3.7) (6.2) 1.5 n.a. n.a. 55.5 0.0 0.0 (0.9) (0.9) (3.6) 2,128.3 1.0 (247.8) (219.4)

SHIPYARD COSCO Corp COS SP SELL 0.605 12/13 30.6 55.0 75.0 1.4 2.5 3.3 44.2 24.6 18.1 1.0 1.0 1.7 1.7 0.10 0.9 0.4 2.3 2,239.2 1,354.7 0.60 1.0 (211.0) (212.4) 0.765 0.57 1,161 Keppel Corp KEP SP HOLD 9.00 12/13 1,845.8 1,620.0 1,600.0 102.3 89.7 88.6 8.8 10.0 10.2 40.0 44.9 4.4 5.0 1.16 14.9 6.2 19.5 1,817.7 16,359.2 5.49 1.6 (16.7) (27.2) 11.389 3,414 Sembcorp Ind SCI SP BUY 4.57 12/13 820.4 772.0 800.0 45.7 43.2 44.8 10.0 10.6 10.2 17.0 18.0 3.7 3.9 0.63 7.6 6.2 17.2 1,787.5 8,169.1 2.69 1.7 (28.3) (44.5) 5.594.53 2,045 Sembcorp Marine SMM SP HOLD 3.13 12/13 555.7 535.3 554.0 26.6 25.6 26.5 11.8 12.2 11.8 13.0 12.8 4.2 4.1 0.31 10.1 8.5 21.7 2,089.8 6,540.9 1.31 2.4 (1.4) (3.2) 4.463.13 2,938 Yangzijiang YZJSGD SP BUY 1.225 12/13 629.9 657.2 678.0 16.4 17.1 17.7 7.5 7.2 6.9 5.0 5.1 4.1 4.2 0.18 21.6 8.1 18.7 3,837.1 4,700.4 1.07 1.1 (13.6) (15.6) 1.240.995 8,996 Sector 3,882.5 3,639.6 3,707.0 33.0 31.0 31.5 9.6 10.2 10.0 4.1 4.4 11.1 5.9 18.1 37,124.4 1.6 (23.3) (36.8)

SUPPLY CHAIN Noble Group NOBL SP HOLD 1.225 12/13 304.6 599.3 667.0 4.2 9.5 10.5 28.8 12.9 11.6 1.2 2.7 1.0 2.2 0.10 0.2 1.2 5.4 6,738.3 8,254.4 0.92 1.3 (83.6) (103.7) 1.480.91 24,208 Olam OLAM SP HOLD 2.16 6/14 362.6 608.5 444.3 14.4 24.7 14.1 15.0 8.8 15.4 4.0 7.5 1.9 3.5 0.34 3.1 3.8 15.4 2,497.9 5,395.4 1.39 1.5 (149.3) (199.5) 2.691.42 4,457 Sector 667.2 1,207.8 1,111.3 6.9 13.7 11.7 20.5 11.3 12.3 1.3 2.7 0.6 2.2 9.5 13,649.8 1.4 (109.6) (139.9)

TECHNOLOGY Venture Corp VMS SP BUY 7.66 12/13 131.1 137.1 157.3 47.7 50.0 57.4 16.1 15.3 13.4 50.0 50.0 6.5 6.5 0.63 5.6 5.4 7.2 275.0 2,106.8 4.03 1.9 7.8 9.2 8.157.15 378 Sector 131.1 137.1 157.3 47.7 50.0 57.4 16.1 15.4 13.4 6.5 6.5 5.6 5.4 7.2 2,106.8 1.9 7.8 9.2

5



TELECOMS M1 M1 SP BUY 3.64 12/13 160.2 171.1 179.6 17.4 18.3 19.2 20.9 19.9 19.0 21.0 14.2 5.8 3.9 0.30 15.9 16.3 43.1 930.9 3,388.6 0.29 12.6 (7.0) (68.3) 3.83 3.160 766 S Telecoms ST SP BUY 3.90 3/14 3,652.0 3,735.9 4,079.5 22.9 23.4 25.6 17.0 16.7 15.3 16.8 17.4 4.3 4.5 0.36 21.7 9.2 15.3 15,943.5 62,179.7 0.75 5.2 (13.7) (35.7) 4.08 3.420 15,416 StarHub STH SP HOLD 4.14 12/13 370.7 313.6 347.0 21.5 18.2 20.2 19.2 22.7 20.5 20.0 20.0 4.8 4.8 0.37 15.7 20.3 587.5 1,726.3 7,146.9 (0.15) n.a. (5.4) (354.9) 4.33 4.000 1,747 Sector 4,182.9 4,220.6 4,606.1 22.5 22.7 24.7 17.4 17.2 15.8 4.4 4.5 20.7 9.9 17.2 72,715.1 6.1 (12.6) (37.6)

OTHERS Genting HK US$ GENHK SP HOLD 0.35 12/13 691.0 192.0 213.8 8.8 2.4 2.7 5.2 19.0 17.2 1.0 1.0 2.2 2.2 0.10 99.6 15.2 21.2 8,036.3 3,668.9 0.48 1.0 15.4 14.6 0.46 0.34 5,438 Genting SP GENS SP BUY 1.14 12/13 589.4 611.7 639.0 4.8 5.0 5.2 23.7 22.7 21.7 1.0 1.0 0.9 0.9 0.08 20.7 4.5 8.4 12,180.6 13,885.9 0.62 1.8 10.8 19.6 1.52 1.005 17,788 HPH Trust US$ HPHT SP BUY 0.685 12/13 270.1 290.4 294.0 3.1 3.3 3.4 28.8 26.8 26.5 6.9 7.0 7.7 7.8 0.08 13.5 1.2 2.5 8,711.1 7,783.5 0.39 2.3 (56.5) (43.4) 0.76 0.6 15,104 SingPost SPOST SP HOLD 1.93 3/14 143.1 153.1 164.1 6.7 7.2 7.7 28.6 26.7 24.9 6.3 6.3 3.2 3.2 0.09 17.4 9.9 42.9 2,144.8 4,139.5 0.22 8.6 10.9 67.0 21.28 5,098 SuperGroup SUPER SP BUY 1.22 12/13 99.9 56.5 61.4 9.0 5.1 5.5 13.6 24.1 22.1 4.5 3.5 3.7 2.9 0.21 17.9 17.5 23.1 1,115.5 1,360.9 0.41 3.0 3.6 10.7 2.035 1.04 1,707 Sector 1,793.5 1,303.7 1,372.4 5.6 4.1 4.3 17.2 23.7 22.5 3.2 3.2 25.9 4.3 8.3 30,838.7 2.0 (5.9) (8.0)

OVERALL 31,301.4 30,979.6 33,851.8 18.0 17.7 19.1 15.3 15.5 14.1 3.6 3.4 9.3 2.1 10.2 478,829.2 1.7 (23.5) (33.7)

6


Corporate Statistics Avg Daily Price Last Net Profit EPU DPU Yield Debt to No of Market Book Price/ Net Cash/(Debt) to 52-Wk Price Turnover Company Ticker Rec 28/11/14 Year 2013 2014F 2015F 2013 2014F 2015F 2013 2014F 2015F 2013 2014F 2015F Asset ROA ROE shares Cap. NTA ps NTA ps Mkt Cap Equity High Low 52-Wk (S$) End (S$m) (S$m) (S$m) (cents) (cents) (cents) (cents) (cents) (cents) (%) (%) (%) (%) (%) (%) (m) (S$m) (S$) (x) (%) (%) (S$) (S$) ('000)

REITs Ascendasreit AREIT SP BUY 2.34 3/14 308.8 344.4 365.5 12.9 14.3 15.2 14.2 14.8 15.5 6.1 6.3 6.6 32.1 4.3 6.5 2,404.1 5,625.5 2.06 1.1 (44.2) (50.0) 2.5 2.06 6,703 AscottREIT ART SP BUY 1.275 12/13 62.5 94.4 100.4 4.8 6.2 6.6 8.4 8.5 9.1 6.6 6.6 7.1 35.1 1.9 3.4 1,535.0 1,957.2 1.32 1.0 (46.7) (55.2) 1.28 1.15 1,007 CACHE CACHE SP BUY 1.175 12/13 57.0 59.9 61.2 7.5 7.7 7.8 8.6 8.6 8.7 7.4 7.3 7.4 28.6 5.5 7.9 780.6 917.2 0.97 1.2 (32.6) (39.4) 1.24 1.055 995 CapitaComm CCT SP BUY 1.685 12/13 217.3 223.8 244.8 7.6 7.8 8.1 8.1 8.4 8.8 4.8 5.0 5.2 30.2 3.1 4.5 2,944.8 4,962.1 1.69 1.0 (43.8) (43.8) 1.73 1.375 7,365 CapitaMall CT SP HOLD 1.98 12/13 349.1 369.7 384.3 10.1 10.7 11.1 10.3 10.8 11.2 5.2 5.4 5.7 34.1 3.5 6.0 3,462.2 6,855.1 1.79 1.1 (35.1) (38.9) 2.09 1.8 7,859 CDL Htrust CDREIT SP BUY 1.735 12/13 103.7 101.2 115.9 10.7 10.3 11.8 11.0 10.7 11.7 6.3 6.2 6.8 30.2 4.7 6.6 980.3 1,700.8 1.60 1.1 (38.6) (41.9) 1.835 1.525 1,162 FrasersCT FCT SP BUY 1.895 9/14 85.8 90.2 101.0 10.4 10.5 11.0 10.9 11.2 11.5 5.8 5.9 6.1 30.2 3.9 5.7 915.8 1,735.4 1.85 1.0 (40.2) (41.0) 2 1.66 1,070 Frasers HTrust FHT SP BUY 0.88 9/13 51.2 52.9 57.1 4.3 4.4 4.8 n.a. 6.1 6.3 n.a. 7.0 7.1 41.0 2.9 5.1 1,192.6 1,049.5 0.83 1.1 (65.3) (68.8) 0.91 0.865 1,524 Kep REIT KREIT SP BUY 1.24 12/13 145.7 145.5 163.1 5.3 5.0 5.1 7.9 7.8 7.0 6.4 6.3 5.6 41.6 2.26 4.0 3,008.4 3,730.4 1.4 0.9 (52.39) (46.4) 1.3 1.1 4563 MapletreeInd MINT SP BUY 1.505 3/14 163.6 168.8 176.6 9.8 9.8 9.9 9.9 10.1 10.2 6.6 6.7 6.8 33.1 5.2 8.5 1,716.4 2,583.2 1.20 1.3 (39.6) (49.6) 1.52 1.255 2,646 MapletreeLog MLT SP HOLD 1.18 3/14 184.2 182.5 179.6 7.6 7.4 7.3 7.4 7.6 7.6 6.2 6.5 6.5 33.2 4.3 8.0 2,468.8 2,913.1 0.97 1.2 (46.7) (56.8) 1.21 0.98 3,199 PLife REIT PREIT SP HOLD 2.35 12/13 63.0 69.5 71.9 10.4 11.5 11.9 10.8 11.7 12.1 4.6 5.0 5.1 34.4 4.2 6.5 605.0 1,421.8 1.63 1.4 (35.4) (51.2) 2.54 2.12 204 Sabana REIT SSREIT SP SELL 0.965 12/13 49.6 44.3 47.9 7.5 6.4 6.8 9.4 7.7 7.8 9.7 7.9 8.1 36.4 4.1 6.8 699.7 675.2 1.08 0.9 (64.7) (57.7) 1.09 0.96 1,159 Starhill Gbl SGREIT SP BUY 0.81 12/13 106.1 105.8 108.0 5.2 4.9 5.0 5.0 5.0 5.0 6.2 6.1 6.1 28.9 3.7 5.7 2,153.2 1,744.1 0.92 0.9 (44.3) (38.9) 0.85 0.75 1,862 Suntec REIT SUN SP BUY 1.97 12/13 104.9 161.0 187.3 4.4 6.4 7.4 9.3 9.4 10.4 4.7 4.8 5.3 34.4 2.7 4.5 2,502.2 4,929.4 2.05 1.0 (56.1) (53.8) 2.01 1.485 9,071 Sector 2,052.4 2,213.8 2,364.4 7.8 8.2 8.5 5.6 5.9 6.0 33.8 3.5 5.7 42,799.9 1.1 (44.7) (47.4)

Note: If year end is before June, earnings are shown in the previous period @ Consensus forecast

7


Economics

2012 2013 2014F 2015F 4Q13 1Q14 2Q14 3Q14 Jul 14 Aug 14 Sep 14 Oct 14

GDP by Sector (Real) (yoy % chg) Total GDP 2.5 3.9 3.2 3.3 4.8 2.3 2.8 2.1 n.a. n.a. n.a. n.a. Goods Producing Industries 1.8 2.5 3.4 2.9 8.9 2.0 1.9 0.3 n.a. n.a. n.a. n.a. Manufacturing 0.3 1.7 3.5 2.9 9.9 1.5 1.9 0.3 n.a. n.a. n.a. n.a. Construction 8.6 6.1 3.3 3.1 6.9 3.7 1.7 0.0 n.a. n.a. n.a. n.a. Services Producing Industries 2.8 5.3 3.3 3.7 3.9 2.6 3.4 2.8 n.a. n.a. n.a. n.a. Wholesale & Retail Trade (0.1) 6.1 4.1 2.9 3.8 1.8 2.0 1.8 n.a. n.a. n.a. n.a. Transport & Storage 5.2 3.2 2.2 2.6 5.5 2.1 0.1 0.7 n.a. n.a. n.a. n.a. Accommodation & Food Services 2.3 4.5 1.3 2.6 2.1 0.4 0.9 1.7 n.a. n.a. n.a. n.a. Information & Communications 6.0 4.3 3.3 5.0 2.5 2.3 2.3 3.7 n.a. n.a. n.a. n.a. Financial Services 1.8 10.8 4.7 5.1 5.7 5.5 10.5 6.6 n.a. n.a. n.a. n.a. Business Services 5.5 4.3 2.8 4.1 3.3 2.4 3.4 3.2 n.a. n.a. n.a. n.a. Trade Figures (Nominal) (yoy % chg) Total Exports (0.4) 0.8 1.7 2.5 7.6 2.8 (1.4) (0.6) (1.6) (1.2) (1.6) (7.0) Total Imports 3.8 (1.4) 1.2 1.5 7.0 3.0 (5.8) (4.2) (3.5) (8.7) (5.1) (5.3) Non-oil Domestic Exports 1.1 (5.6) (1.0) 2.5 (0.3) (3.4) 1.2 4.0 (3.3) 6.0 0.9 (1.5) Monetary Data (End of period) Loans Growth (yoy % chg) 21.3 17.7 11.5 10.0 14.9 12.8 11.1 8.4 10.8 11.8 10.6 9.0 M1 (yoy % chg) 6.5 14.5 4.2 4.5 8.5 2.5 1.9 4.7 2.2 1.7 1.6 4.0 M2 (yoy % chg) 7.2 7.8 1.5 1.9 2.7 0.6 1.7 3.8 1.7 1.5 1.9 2.0 Prime Lending Rate (%) 5.38 5.38 5.35 5.38 5.38 6.38 7.4 8.4 5.35 5.35 5.35 5.35 3mth Interbank Rate (%) 0.38 0.40 0.37 1.00 0.41 0.40 0.41 0.00 0.40 0.41 0.41 0.41 Exchange Rates (S$/US$) 1.2204 1.2589 1.3200 1.3300 1.2672 1.2512 1.2638 1.2714 1.2427 1.2484 1.2638 1.2745 Foreign Reserves (S$b) 316.5 343.8 397.3 431.1 345.9 347.8 336.4 345.8 340.1 341.2 336.4 337.0 Other Macro Variables (yoy % chg) Industrial Production Index (2011=100) 0.5 1.8 2.8 3.2 9.6 1.3 1.9 3.1 3.0 3.8 (1.0) 0.2 Retail Sales Index (Current) 2.7 (5.1) (0.3) 1.4 (4.5) (4.8) 5.5 7.8 5.5 5.4 5.5 0.0 Visitor Arrivals 10.2 7.5 (4.0) 3.0 0.1 (5.7) (4.8) 2.0 (0.9) (8.3) 0.0 0.0 Inflation (2009=100) 4.6 2.4 0.9 1.9 1.0 2.4 0.9 (0.2) 1.2 0.9 0.6 0.1 Unemployment Rate sa (%) (end of period) 1.8 1.8 2.0 2.1 2.0 2.0 1.9 2.0 n.a. n.a. n.a. n.a. Changes in Employment ('000 persons) 129.1 136.3 109.9 105.4 28.3 27.7 27.1 26.8 n.a. n.a. n.a. n.a. Source: CEIC, UOBETR

8


Ranking By Market Parameters

Highest PE (x) # Forward Highest P/NTA (x) * Hist. Highest Dividend Yield (%) * Hist. Highest 90 days Volatility (%) # Highest Market Cap (S$m) *

Tigerair 687.7 StarHub 65.4 Asian Pay TV Tr 10.2 Tigerair 50.7 SingTel 62,179.6 N O L 55.3 Silverlake 11.0 HPH Trust US$ 7.7 EzionHldg 46.2 JMH 400US$ 56,071.6 IHH 41.5 Dairy Farm 900 US$ 10.0 OUE HT 7.3 Swiber 43.6 PRU 500 US$ 55,133.4 S I A 33.0 SGX 10.0 Far East HTrust 6.8 Pac Radiance 43.3 JSH 500US$ 53,483.1 Raffles Medical 27.3 M1 9.7 Oxley 6.7 Nam Cheong 42.2 DBS 49,160.5 Suntec REIT 26.5 DTAC 200US$ 7.0 MapletreeInd 6.6 Ezra 40.2 OCBC Bk 41,845.9 HPH Trust US$ 26.5 AusNet Services 6.5 AscottREIT 6.6 Triyards 35.2 UOB 38,749.1 SingPost 24.9 Petra 6.3 Venture 6.5 Olam 34.6 HKLand US$ 21,237.5 Kep REIT 24.2 ARA 6.2 Kep REIT 6.4 SuperGroup 29.8 Wilmar (Ex-Ezyhealth) 20,554.9 S P H 23.1 SingPost 6.2 CDL HTrust 6.3 ComfortDelGro 27.5 THBEV 16,447.1

Lowest PE (x) # Forward Lowest P/NTA (x) * Hist. Lowest Dividend Yield (%) * Hist. Lowest 90 days Volatility (%) # Lowest Market Cap (S$m) *

Triyards 4.5 Yuexiu Prop 2k 0.4 EzionHldg 0.1 SPH 7.5 HL Fin 1,144.3 Pacific Radiance 5.6 Wing Tai 0.5 UtdEnvirotech 0.2 Frasers HTrust 8.6 St Trdg 1,183.5 Nam Cheong 6.0 OUE Ltd 0.5 IHH 0.4 CACHE 9.1 First REIT 1,183.5 Ezion 6.2 GoldenAgri 0.5 JSH 500US$ 0.7 CapitaMall 9.9 OUE HT 1,195.9 Yangzijiang 6.9 Ho Bee Land 0.6 BukitSem 0.8 AscottREIT 11.1 Asian Pay TV Tr 1,257.2 Wing Tai 9.0 Yanlord 0.6 CITYDEV 0.8 StarHub 11.3 GuocoLeisure 1,279.1 Keppel Corp 10.2 HKLand US$ 0.6 Sinarmas 0.8 Venture 11.6 CapitaRChina 1,320.9 Sembcorp Ind 10.2 Wheelock 0.7 UIC 0.9 K-REIT 12.0 CoscoCorp 1,354.7 Keppel Land 10.8 HL Fin 0.7 Genting SP 0.9 MapletreeLog 12.1 BukitSem 1,356.7 O C B C 11.1 Fortune Reit HK$ 0.7 Noble Grp 1.0 Wilmar 12.1 SuperGroup 1,360.9

# Based on UOB Kay Hians universe * Based on top 100 companies by market cap Source: Bloomberg, UOB Kay Hian

9


Performance At A Glance*

Company ----------Price (S$)---------- ---------------------% Change--------------------- Company ----------Price (S$)---------- ---------------------% % Change--------------------- 31/10/14 28/11/14 mom yoy ytd 31/10/14 28/11/14 mom yoy ytd

AVIATION Triyards 0.665 0.65 (2.3) (3.7) (2.3) S I A 9.90 10.78 8.9 3.1 3.6 Sector (12.5) (22.4) (25.7) SIA Engg 4.76 4.11 (13.7) (15.6) (18.8) SATS 3.10 2.93 (5.5) (8.7) (9.3) PLANTATION ST Engrg 3.75 3.37 (10.1) (16.6) (14.9) Bumitama 1.09 1.07 (1.8) 5.4 13.8 Tigerair 0.315 0.31 (1.6) (39.8) (39.2) FirstRes 2.08 1.94 (6.7) (13.4) (8.5) Sector (3.2) (8.9) (8.6) GoldenAgri 0.52 0.46 (11.5) (20.0) (15.6)

IndoAgri 0.835 0.755 (9.6) (17.5) (14.7) FINANCE KencanaAgri 0.225 0.22 (2.2) (8.3) (10.2) ARA 1.71 1.73 1.2 (6.7) (7.0) Wilmar 3.20 3.21 0.3 (8.8) (6.1) DBS 18.48 19.83 7.3 15.4 16.0 Sector (3.3) (12.0) (8.7) O C B C 9.89 10.48 6.0 3.4 5.9 S'pore Exchange @ 7.00 7.32 4.6 1.2 0.8 PROPERTY U O B @ 23.00 24.00 4.3 14.7 13.0 CapitaLand 3.17 3.32 4.7 9.6 9.6 Sector 5.8 10.2 10.7 City Devt 9.45 10.06 6.5 0.8 4.8

GuocoLand 1.905 1.765 (7.3) (22.9) (21.9) HEALTHCARE Ho Bee Land 1.99 1.985 (0.3) (3.2) (6.4) IHH 1.905 1.905 0.0 20.6 27.0 Keppel Land 3.34 3.37 0.9 (4.3) 0.9 Raffles Medical 3.80 3.87 1.8 24.0 24.4 OUE 2.11 2.04 (3.3) (14.6) (13.3) Sector 0.2 21.0 26.7 Wheelock @ 1.80 1.77 (1.7) 6.0 4.4 Wing Tai 1.79 1.72 (3.9) (14.0) (12.5) LAND TRANSPORT Sector 2.5 (0.1) 1.7 ComfortDelGro 2.64 2.60 (1.5) 32.3 29.4 SMRT 1.49 1.63 9.4 25.9 40.5 REITS Sector 1.6 30.3 32.6 Ascendasreit 2.23 2.34 4.9 5.4 6.4 AscottREIT 1.24 1.275 2.8 7.1 5.8 MEDIA CACHE 1.17 1.175 0.4 3.5 5.4 S P H 4.28 4.29 0.2 0.7 4.1 CapitaComm 1.67 1.685 0.9 13.5 16.2 Sector 0.2 0.7 4.1 CapitaMall 1.97 1.98 0.5 1.8 3.9 CDL Htrust 1.725 1.735 0.6 6.8 5.8 OIL SERVICES FrasersCT 1.945 1.895 (2.6) 7.1 7.7 Ezion 1.51 1.325 (12.3) (24.3) (28.4) Frasers HTrust 0.885 0.88 (0.6) 0.0 0.0 Ezra 0.815 0.665 (18.4) (49.4) (51.6) Kep REIT 1.22 1.24 1.6 4.6 4.6 Marco Polo @ 0.33 0.30 (9.1) (23.1) (23.1) MapletreeInd 1.475 1.505 2.0 11.5 12.7 Mencast @ 0.44 0.43 (2.3) (5.1) (6.9) MapletreeLog 1.175 1.18 0.4 12.4 11.8 Nam Cheong 0.395 0.38 (3.8) 31.0 20.6 PLife REIT 2.39 2.35 (1.7) 5.9 0.0 Pacific Radiance 1.065 0.855 (19.7) (5.0) (3.4) Sabana REIT 0.99 0.965 (2.5) (11.5) (10.6) Swiber 0.395 0.315 (20.3) (50.4) (52.6) Starhill Gbl 0.815 0.81 (0.6) 3.8 3.2

10



Company ----------Price (S$)---------- ---------------------% Change--------------------- 31/10/14 28/11/14 mom yoy ytd

Suntec REIT 1.785 1.97 10.4 26.3 27.9 Sector 2.1 8.1 8.8 SHIPPING N O L 0.835 0.82 (1.8) (23.0) (27.1) Sector (1.8) (23.0) (27.1) SHIPYARD COSCO Corp 0.595 0.605 1.7 (17.7) (19.9) Keppel Corp 9.44 9.00 (4.7) (20.4) (19.6) Sembcorp Ind 4.87 4.57 (6.2) (15.4) (16.8) Sembcorp Marine 3.64 3.13 (14.0) (29.5) (29.7) Yangzijiang 1.13 1.225 8.4 5.2 3.4 Sector (5.1) (18.6) (18.7) SUPPLY CHAIN Noble Group 1.195 1.225 2.5 10.9 14.5 Olam 2.13 2.16 1.4 40.3 40.7 Sector 2.1 20.9 23.6 TECHNOLOGY Venture Corp 7.73 7.66 (0.9) 1.7 (0.3) Sector (0.9) 1.7 (0.3) TELECOMS M1 3.49 3.64 4.3 11.0 11.3 S Telecoms 3.78 3.90 3.2 4.8 6.6 StarHub 4.13 4.14 0.2 (2.6) (3.5) Sector 2.9 4.3 5.7 OTHERS Genting HK US$ 0.345 0.35 1.4 (18.6) (18.6) Genting SP 1.10 1.14 3.6 (22.4) (23.7) HPH Trust US$ 0.675 0.685 1.5 0.7 1.5 SingPost 1.97 1.93 (2.0) 50.8 45.7 SuperGroup 1.18 1.22 3.4 (29.9) (35.8) Sector 2.1 (11.9) (13.4) OVERALL 1.7 0.7 1.5

11



Aviation

90

92

94

96

98

100

102

104

106

108

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

(31Dec13=100)

FSSTI

Aviation

Finance

92949698

100102104106108110112


FSSTI

Finance

(31Dec13=100)

Healthcare

90

95

100

105

110

115

120

125

130

135


FSSTI

Healthcare

(31Dec13=100)

Land Transport

90

95

100

105

110

115

120

125

130

135


FSSTI

Land Transport

(31Dec13=100)

Media

92

94

96

98

100

102

104

106

108


FSSTI

Media

(31Dec13=100)

Oil Services

70

75

80

85

90

95

100

105

110


FSSTI

Oil Services

(31Dec13=100)

12



Plantation

86889092949698

100102104106108


FSSTI

Plantation

(31Dec13=100)

Property

90

92

94

96

98

100

102

104

106

108


FSSTI

Property

(31Dec13=100)

REITs

92

94

96

98

100

102

104

106

108

110


FSSTIREITs

(31Dec13=100)

Shipping

65

70

75

80

85

90

95

100

105

110


FSSTI

Shipping

(31Dec13=100)

Shipyard

80

85

90

95

100

105

110


FSSTI

Shipyard

(31Dec13=100)

Supply Chain

859095

100105110115120125130135140145


FSSTI

Supply Chain

(31Dec13=100)

13



Technology

92

94

96

98

100

102

104

106


FSSTI

Technology

(31Dec13=100)

Telecoms

92

94

96

98

100

102

104

106

108

110


FSSTI

Telecoms

(31Dec13=100)

Others

80

85

90

95

100

105

110


FSSTI

Others

(31Dec13=100)

* Based on UOB Kay Hians universe

14


Diary Of Events

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

Oct 14 Retail Sales

Nov 14 Trade Figures

14 15 17 18 19 20

7 8 9 10 11 12

16

13

1 2 3 4 5 6

15


Diary Of Events

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

Nov 14 CPI

Nov 14 IPI

Nov 14 Money Supply

* Confirmed

28

26 27

30

21 23 24 25

29

22

31

16


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However, UOBKH makes no representation as to the accuracy or completeness of such sources or the Information and UOBKH accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Information. UOBKH and its connected persons may have issued other reports expressing views different from the Information and all views expressed in all reports of UOBKH and its connected persons are subject to change without notice. UOBKH reserves the right to act upon or use the Information at any time, including before its publication herein. Except as otherwise indicated below, (1) UOBKH, its connected persons and its officers, employees and representatives may, to the extent permitted by law, transact with, perform or provide broking, underwriting, corporate finance-related or other services for or solicit business from, the subject corporation(s) referred to in this report; (2) UOBKH, its connected persons and its officers, employees and representatives may also, to the extent permitted by law, transact with, perform or provide broking or other services for or solicit business from, other persons in respect of dealings in the securities referred to in this report or other investments related thereto; (3) the officers, employees and representatives of UOBKH may also serve on the board of directors or in trustee positions with the subject corporation(s) referred to in this report. (All of the foregoing is hereafter referred to as the Subject Business); and (4) UOBKH may otherwise have an interest (including a proprietary interest) in the subject corporation(s) referred to in this report. As of the date of this report, no analyst responsible for any of the content in this report has any proprietary position or material interest in the securities of the corporation(s) which are referred to in the content they respectively author or are otherwise responsible for. Each research analyst of UOBKH who produced this report hereby certifies that (1) the views expressed in this report in any event accurately reflect his/her personal views about all of the subject corporation(s) and securities in this report; (2) the report was produced independently by him/her; (3) he/she does not carry out, whether for himself/herself or on behalf of UOBKH or any other person, any of the Subject Business involving any of the subject corporation(s) or securities referred to in this report; and (4) he/she has not received and will not receive any compensation that is directly or indirectly related or linked to the recommendations or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transaction in respect of the securities in this report. However, the compensation received by each such research analyst is based upon various factors, including UOBKHs total revenues, a portion of which are generated from UOBKHs business of dealing in securities. IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSES Where the report is distributed in Singapore and contains research analyses or reports from a foreign research house, please note: (i) recipients of the analyses or reports are to contact UOBKH (and not the relevant foreign research house) in Singapore in respect of any matters arising from, or in connection with, the analysis or report; and

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(ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, UOBKH accepts legal responsibility for the contents of the analyses or reports IMPORTANT DISCLOSURES FOR U.S. PERSONS This research report was prepared by UOBKH, a company authorized, as noted above, to engage in securities activities in Singapore. UOBKH is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution by UOBKH (whether directly or through its US registered broker dealer affiliate named below) to major U.S. institutional investors in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act). All US persons that receive this document by way of distribution from or which they regard as being from UOBKH by their acceptance thereof represent and agree that they are a major institutional investor and understand the risks involved in executing transactions in securities. Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through UOB Kay Hian (U.S.) Inc (UOBKHUS), a registered broker-dealer in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through UOBKH. UOBKHUS accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to and intended to be received by a U.S. person other than a major U.S. institutional investor. The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (FINRA) and may not be an associated person of UOBKHUS and, therefore, may not be subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account. Analyst Certification/Regulation AC As noted above, each research analyst of UOBKH who produced this report hereby certifies that (1) the views expressed in this report accurately reflect his/her personal views about all of the subject corporation(s) and securities in this report; (2) the report was produced independently by him/her; (3) he/she does not carry out, whether for himself/herself or on behalf of UOBKH or any other person, any of the Subject Business involving any of the subject corporation(s) or securities referred to in this report; and (4) he/she has not received and will not receive any compensation that is directly or indirectly related or linked to the recommendations or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transaction in respect of the securities in this report. However, the compensation received by each such research analyst is based upon various factors, including UOBKHs total revenues, a portion of which are generated from UOBKHs business of dealing in securities. Copyright 2014, UOB Kay Hian Pte Ltd. All rights reserved. http://research.uobkayhian.com MCI (P) 116/03/2014 RCB Regn. No. 198700235E

Corporate Guide - Singapore, December 2014

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Transcript of Corporate Guide - Singapore, December 2014