The Real Deals (20-12-2012)

7/30/2019 The Real Deals (20-12-2012)

1/9SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

THEREALDEALSIns&OutsofSingaporeRealEstateSingapore

Co. Reg No: 198700034EMICA (P) : 099/03/2012

20 December 2012

Look i ng To 2013Project launches next year. Excluding en-bloced and Executive Condominium sites, around 21 already-sold sites are expectedto be launched next year. We examine the remainder of the Government Land Sales (GLS) sites that have been sold andcompare them to launches and secondary market transactions nearby. We will be focusing on the Farrer and Tanah Merah areas;Farrer sites were one of the highest-priced GLS sites, while Tanah Merah is seeing an explosive incoming supply.

Interest in Farrer could be revived. Evidently, sites on Farrer have had slower take-up rates relative to mass-market projects.Under changes announced by SLA recently, the project completion period for residential en-bloc sites will now start from date ofthe collective sale order, instead of the date of the issue of a Qualifying Certificate. This may prompt developers to en-bloc largersites, such as the en-bloc attempt for Tulip Gardens in 2007. Among the new sites, two sites that were hot favourites for smalldevelopers and funds and achieved the highest GLS prices, indicating there is still an innate price premium for the Farrer area.

Explosive supply in Tanah Merah vicinity. Previously, supply in Tanah Merah was limited and coming solely from the

secondary market. But it was clear that interest in future sites in the area was bound to spike when Optima@ Tanah Merahreceived an overwhelming take-up rate of over 98% within two months in mid-2009. YTD, GLS has released 1,863 units in theTanah Merah vicinity. The recent top bid for New Upper Changi Road (Parcel A) was from Keppel Land at a land cost ofSGD434.6m or SGD791.4psf, a 17.1% premium to the price at which Urban Vistas land was sold in August. Keppels site wasalso sold at 48% above the price that Far East, Fraser Centrepoint and Seikui House jointly paid for their Eco site. A reserve sitejust beside the Eco project will be launched in February 2013 and comprise approximately 600 units. In addition, a commercialsite has been slated between Urban Vista and Optima @ Tanah Merah, which will be a hot seller as it is directly next to the TanahMerah MRT station. However, the commercial sites date of availability is still indefinite.

Figure 1: Year-to-date GLS sites sold yet to launch (ex-EC)

Awarddate Type Location

Tender price $psf Units Developer

Projectname

Jan Res Jalan Lempeng 408 554.4 685 IOI Corp TrilinqJan Res Mount Vernon Road 388.1 495 785 CDL/ Hong LeongFeb Res Jervois Road 118.9 880.7 140 SingLand Mon Jervois

Mar Res Hillview Avenue 243.2 638 370 Kingsford DevelopmentKingsfordHillview Peak

Mar ResTampines Avenue 10/ TampinesAvenue 1 252.8 417.9 600

Lakeside, FCL Topaz & SekisuiHouse

Apr Res Elias Road/ Pasir Ris Drive 3 165.9 471.3 345 Elitist DevelopmentMay Res Boon Lay Way (Jurong Gateway) 369.8 705.9 590 MCL LandJun Res Pasir Ris Drive 3/ Pasir Ris Drive 10 210.1 416.5 495 Capital Development Pte. Ltd.Jun Res Buangkok Drive/ Sengkang Central 301 508.2 580 White Haven Properties Pte. Ltd.Jun Res Sengkang Square / Compassvale Drive 383.3 527.6 710 El Development La FiestaJun Res Farrer Drive 113.2 1,048.5 100 SinglandJun Res Pheng Geck Avenue (Parcel B) 114.8 628 200 Santarli Corp

Aug ResTanah Merah Kechil Road/ TanahMerah Kechil Link 285.2 676 415 Fragrance Group & World Class Urban Vista

Aug Res Bright Hill Drive 291.5 719.8 405 UVD (JV with Sing Land & UOL)Aug Res Farrer Road 45.8 1,107.6 54 Far East SohoSep Res Tai Thong Crescent (Parcel C) 245 793 293 Verwood Holdings and Intrepid Inv

Sept Res Dairy Farm 244.1 615.5 First Shine PropertiesSept Res Prince Charles Crescent 516.3 960.3 Wingstar inv Metro Aus, MaxdinOCt Res New Upper Chang Road (Parcel A) 434.6 791.4 700 Keppel landNov Res Bishan Street 14 505 852.8 Capitaland

Source: Company data, URA

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20 December 2012 Page 2 of 9

THEREALDEALSIns&OutsofSingaporeRealEstate

Farrer could be heating up. Two plots along Farrer were sold this year via the Reserve List. Situated along the bustling FarrerRoad, the Farrer Road site attracted the most bidders a total of 15 bids, with Far East beating Soon Hock Tuas Development by

a narrow 3.3%. The site achieved the highest psf in GLS this year, an ASP of SGD1,108psf. The site area is 2,741.5sqm, andcould house approximately 54 units. The Farrer Drive site, nestled between Sommerville Grandeur and Sommerville Park,received a total of six bids and won by SingLand. It was 5.6% cheaper than the Farrer Road site sold just two months later.

Potential value? While take-up of CapitaLands DLeedons was slow, Leedon Residences was recently launched, renewingoptimism in the area. It has achieved a take-up rate of 25.7% since its launch in Oct 2012, and an ASP of SGD1,985psf. Currentresale transactions of newer projects around Farrer, such as The Levelz and Waterfall Gardens, are achieving ASPs ofSGD1,538psf YTD, approximately 29% cheaper than Leedon Residences and 4% cheaper than DLeedon.

Figure 2: Farrer sites description

Farrer Drive site Farrer Road site

Maximum GFA (sq ft) 107,962.9 41,324Tenure 99 years 99 yearsNo. of units 100 54

Land cost (SGD m)/ psf (SGD) 113.2/ 1,048.5 45.8/ 1,108No. of bids offered 6 15Difference to 2

ndhighest bid (%) 10.1% 3.3%

Source: Company data

Figure 3: 2012 year-to-date average selling prices along Farrer

Project Tenure Completion New Sale ($ psf) Resale ($ psf) Sub Sale ($ psf) Avg. ($ psf)

D'Leedon 99 Yr fm 2010 Uncompleted 1,567 0 1,640 1,567

Leedon Residence Freehold Uncompleted 1,985 0 0 1,985

The Levelz Freehold 2004 0 1,473 0 1,473

Waterfall Gardens Freehold 2010 0 1,605 1,599 1,603

Source: Company data

Figure 4: Farrer Drive site Figure 5: Farrer Road site

Source: URA Source: URA

MOST BIDDED SITEFARRER ROAD SIT EMOST BI DDED FOR SITEFARRER ROAD

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Current transactions. The launch of Eco was widely successful, with take-up rates reaching 53% in the first month of launch.With explosive supply coming onstream, resale prices in older projects have edged up. For example, the average selling price for

Casa Merah YTD has crossed SGD1,000psf, while East Meadows is closing in on the SGD1,000psf mark. Optima @ TanahMerah, sold at between SGD822-874psf in mid-2009, is now seeing sub-sale transactions taking place at an average ofSGD1,224psf YTD. As of the end of last quarter, rental yields in the vicinity range between 3.9% and 4.2%. We estimate that newlaunches will be priced, between SGD1,300 and SGD1,500psf, next year. Assuming rental psf pm averages at SGD4, rentalyields will range between 3.2% and 3.7%. However, we note that as these projects reach TOP in 2016-17, rental rates may besuppressed and rental yields will not be as ideal as they face competition for tenants from one another.

Figure 6: Details on recent GLS sites

Project/siteMaximumGFA (sq ft) Developer

Land cost(SGD m) $ psf Units

No.bids

Differenceto 2nd bid

Eco 647,498 Far East, Fraser Centrepoint, Seikui House 345.9 534.2 748 7 1.50%

Urban Vista 421,906 Fragrance Group, World Class Dev 285.2 676.0 415 13 1.80%

New Upper Changi Road 549,082 Keppel Land 434.6 791.4 700 11 7%New Upper Changi Road

(Parcel B) 583,075 To be launched in February 2013 600Source: URA

Figure 7: Rental yields

Project District25th %

(psf/pm)Median

(psf/pm)75th %

(psf/pm) No. of units ASP Median Yield (%)

Casa Merah 16 3.3 3.7 3.9 15 1098.3 4.0East Meadows 16 3.2 3.2 3.4 24 923.6 4.2The Tanamera 16 2.6 2.8 2.9 12 856 3.9

Source: realis

Figure 8: Year to date resale transactions

Source: Realis

Figure 9: Sites surrounding Tanah Merah MRT station

Source: Onemap.sg

700.0

900.0

1,100.0

1,300.0

1,500.0

Dec-11 Feb-12 Apr-12 May-12 Jul-12 Aug-12 Oct-12 Dec-12

Optima @ Tanah Merah Casa Merah East Meadows The Tanamera

STRONG UPCOMING SUPPLY -TANAH MERAH

Commercial sitePPR 2.8x

Eco (99Yr/12)TOP 2017Far East, Fraser Centrepoint,Sekisui HouseOct12 ASP SGD1,392psfLaunched Sept12

Urban Vista (TBL)Fragrance Group & WorldClass LimitedLand price SGD676psfAwarded Aug 12

Optima @ Tanah Merah (99 Yr/08)JV between Mitsui Fudosan & HongLeong GroupTOP 2012/13Nov12 ASP SGD1,319psf

East Meadow (99 Yr/98)Far EastTOP 2002Nov12 ASP SGD963psf

Casa Merah (99Yr/06)NTUC Choice Homes/Wingtai

TOP 2009Nov12 ASP SGD956psf

GLS (99Yr)Site area 25,794mEst. Units -600

FutureDevelopment

GLS (Sold Oct12)Keppel LandLand price SGD434.6m/791.4 sf

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MARKET SNAPSHOT 20 December 2012Analyst: Alison FOK 65-6433 5745 [email protected]

Propert y Pr ic e Ind ices Index Level ChangeSRPI Overall (Sept 12) 171.1 +1.0%URA PPI (3Q12) 208.0 +0.5%HDB Resale (3Q12) 197.9 +2.0%

Governm ent Land Sales (GLS)Recently Awarded Sites

Site Units AwardedLand price

(S$m)$psfppr

Woodlands Avenue 6/Woodlands Drive 16(EC)

465Opal Pte, BinjaiHoldings

150 302

Dairy Farm Road First Shine Prop &Meadows Bright

244 616

Prince CharlesCrescent

590Wingstar Inv, MetroAus, Maxdin

516 960

New Upper Changi /Bedok Road (Parcel A)

700 Keppel Land 435 791

Jalan Jurong Kechil 240 World Class Dev 74 482

Bishan Street 14 Capitaland 505 853

Alexandra View (ParcelB)

420 Singland 333 970

Sembawang Crescent/

Sembawang Drive (EC) JBE Holdings 212 324

Pasir Ris Drive 3/ PasirRis Rise (EC)

Hao Yuan 207 331

Confirmed List

Site

Sitearea(ha) Units

Est.launch

dateAng Mo Kio Avenue 2/ Ang Mo KioStreet 13

1.8 680 Available

Jurong West Street 41/ Boon Lay Way(Parcel A)

2.2 825 Available

Source: HDB, URA

Reserve ListSite

Site area(ha) Units Status

Stirling Road 2.1 1045 Available

Alexandra View (parcel A) 0.84 Available

Tampines Avenue 10 (Parcel C) 2.3 680 Available

Tampines Avenue 10 (Parcel D) 1.6 470 Available

Jurong West Street 41/ Boon LayWay (Parcel B)

1.9 600 Available

New Upper Changi Road / BedokSouth Avenue 3 (Parcel B)

2.7 595 Available

Source: HDB, URA

Col lect ive Sa lesPending for offer

Site

Landarea (ksq m)

Landprice

(S$m)$psfppr

Tendercloses

Katong Park Towers 27.5 330-3401145-1178

Nov 6

Successful En Bloc Deals

Site Awarded to

Landarea (ksq m)

Landprice

(S$m)$psfppr

Westvale Roxy Pacific 5.8 77.5 883

Thomson ViewConsortium led by

Wee Hur50.2 590 712

Green Lodge Private investor 14.0 192 907

Chateau Eliza Newfort Realty 4.9 92.2 1743

Novena Ville Fragrance Group 4.7 132 1730

Jade Towers Roxy Pacific 8.6 106 807

Bartley Grove Top Global 6.1 74 810

Sam LeongMansion

JV between KSH,Tee Intl, Heeton

and others1.1 40.3 1086

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Primary Market

Totalno. ofunits

Unitssold

to-date

Take-up

rate(%)

Unitssold

(Nov)Median

($psf)

City & Southwest (1-8)

Reflections At KeppelBay 1129 886 78.5% 14 2267V On Shenton 510 290 56.9% 14 2431Seahill 454 286 63.0% 12 1624Cityscape @Farrer Park 250 162 64.8% 11 1443Leedon Residence 381 80 21.0% 7 1862

Orchard/Tanglin/Holland (9-10)

D'Leedon 1715 681 39.7% 133 1431

The Scotts Tower 231 94 40.7% 10 3459

Newton / Bukit Timah / Clementi (11,21)

Balestier / MacPherson / Geylang (12-14)

Edenz Suites 34 31 91.2% 31 1329

Eight Riversuites 862 384 44.5% 15 1307

Sky Green 176 150 85.2% 9 1400

The Viridian 108 48 44.4% 8 1490

East Coast (15-16)

Eco 748 558 74.6% 39 1408

The Tampines Trilliant(EC) 670 600 89.6% 26 806

Aura 83 51 21 41.2% 21 1329

Changi / Pasir Ris (17-18)

The Palette 892 857 96.1% 22 900

Parc Olympia 486 423 87.0% 20 867

Hedges ParkCondominium 501 423 84.4% 17 900

Waterview 696 684 98.3% 17 891

Watercolours 416 282 67.8% 15 739

Palm Isles 429 363 84.6% 14 954

Ripple Bay 679 633 93.2% 10 896

My Manhattan 301 288 95.7% 9 1176

Serangoon / Thomson (19-20)

Waterbay 383 305 79.6% 84 743

Riversails 920 538 58.5% 81 858

Bartley Residences 702 656 93.4% 43 1230

Heron Bay (EC) 394 370 93.9% 23 724

River Isles 610 553 90.7% 21 826

The Luxurie 622 558 89.7% 21 1142

Riversound Residence 590 487 82.5% 16 868Boathouse Residences 493 460 93.3% 13 958Haus@SerangoonGarden 97 85 87.6% 12 1644

Flo Residence 530 520 98.1% 10 898

Kovan Regency 393 379 96.4% 10 1293

West (22-24)

Eco Sanctuary 483 140 29.0% 140 1050

Hillsta 416 275 66.1% 21 1066

Foresque Residences 496 430 86.7% 18 1259

North (25-28)

Skies Miltonia 420 339 80.7% 32 1182

1 Canberra (EC) 665 350 52.6% 25 724

Seletar Park Residence 276 229 83.0% 12 1263

The Nautical 435 390 89.7% 10 893Source: URA

Sec ondary Mark et

District

$psf

Oct12

$psf

Nov12

MoM %

changeCity & Southwest 1,501 1,505 0.3

Orchard/Tanglin/Holland 1,836 1,785 -2.8

Newton/Bukit Timah/Clementi 1,354 1,326 -2.1

Balestier/MacPherson/Geylang 1,113 1,132 1.7

East Coast 1,091 1,107 1.5

Changi/Pasir Ris 827 844 2.1

Serangoon/Thomson 1,004 950 -5.4

West 915 861 -5.9

North 823 824 0.1

Source: URA

Renta l Mark et

District

$psf pm

Sep12

$psf pm

Oct12

MoM %

ChangeCity & Southwest 5.0 4.8 -3.9

Orchard/Tanglin/Holland 4.5 4.5 -0.9

Newton/Bukit Timah/Clementi 3.6 3.6 -0.7

Balestier/MacPherson/Geylang 3.6 3.5 -3.6

East Coast 3.4 3.3 -2.5

Changi/Pasir Ris 2.8 2.8 -0.4

Serangoon/Thomson 3.2 3.0 -5.9

West 2.9 2.9 0.2

North 2.8 2.5 -10.1

Source: URA

Top 5 Resa le Transact ions by $psf

Project Tenure District $psfHelios Residences Freehold 9 3890

Helios Residences Freehold 9 3589

Helios Residences Freehold 9 3499

Marina Collection 99 Yr fm 2007 4 2850

Ardmore II Freehold 10 2718

Source: URA

Bot t om 5 Resa le T ransact ions by $psf

Project Tenure District $psf

Northvale 99 yr fm 1995 23 537

Phoenix Heights 99 Yr fm 1969 23 554

Phoenix Heights 99 Yr fm 1969 23 562

The Florida 99 Yr fm 1997 19 612The Floravale 99 Yr fm 1997 22 615

Source: URA

MARKET SNAPSHOT (CONTD) 20 December 2012Analyst: Alison FOK 65-6433 5745 [email protected]

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Developer District Landbank Tenure Unsold Units

City Dev

1 One Shenton (Marina Bay) 99 20

3 Alexandra Road GLS site (Alexandra Road) 99 5606 South Beach (Beach Road) 99 1189 Futura (Leonie Road) Freehold 1229 Up @ Robertson Quay (Robertson Quay) 99/103 20

10 Boulevard Hotel (Cuscaden Road) Freehold 20310 Lucky Tower (Grange Road) Freehold 17810 Nouvel 18 (Anderson Road) Freehold 15611 Buckley Classique (Buckley Road) Freehold 117 Hedges Park (Flora Road) 99 7818 The Palette (Pasir Ris) 99 35

18Tampines/Upp Changi Rd North (Tampines/Upp Changi RdNorth) Freehold 605

19 H2O Residences (Sengkang West Ave) 99 12519 Bartley Residences (Bartley Road) 99 4619 Mount Vernon GLS site (Bartley Road) 99 78519 Haus @ Serangoon Garden (Serangoon Garden Way) 99 12

Sentosa Residences at W (Sentosa Cove) 99 20715, 19 & 21 Swiss Road (Swiss Club Road) Freehold

Total Unsold Units 3,271

KepLand 1 Marina Bay Suites (Marina Bay) 99 332 Keppel & GE Towers site (Tanjong Pagar) Freehold 5904 Reflections at Keppel Bay (Keppel Bay) 99 2434 Keppel Bay Plot 3 (Keppel Bay) 99 3674 Keppel Bay Plot 4 (Keppel Bay) 99 2344 Keppel Bay Plot 5 (Keppel Bay) 99 94

19 The Luxurie (Sengkang Square) 99 6416 Tanah Merah Site (Tanah Merah) 99 700


CapitaLand

3 The Interlace (Gillman Heights) 99Yr 3029 Urban Resort (Cairnhill Rd) Freehold 379 Orchard Residences (Orchard Road) 99Yr 139 Wharf Residence (Tong Watt Road) 999Yr 5

10 D'Leedon (Farrer Rd) 99Yr 1,03410 The Nassim (Nassim Rd) Freehold 5515 Marine Point (Marine Parade) Freehold 15016 Bedok Residences (Bedok Central) 99Yr 3220 Sky Habitat (Bishan Street 14) 99Yr 36126 Yio Chu Kang site (Yio Chu Kang Rd) Freehold 140


Ho Bee Sentosa Seascape at Sentosa Cove (Sentosa Cove) 99yr 1Sentosa Pinnacle at Sentosa Cove (Sentosa Cove) 99yr 110

11 Trilight (Newton Road) 99Yr 357Total Unsold Units 468

UOL 2 Spottiswoode Residences (Spottiswoode Park) Freehold 1516 Archipelago (Bedok Reservoir Rd) 99yr 319 Bright Hill Drive (Bright Hill) 99yr 40516 St Patricks Road (Upper East Coast) Freehold 170

Total Unsold Units 593

Allgreen 2 Skysuites @ Anson (Enggor Street) 99Yr 1615 The Surrento (West Coast Road) Freehold 1319 RV Residences (River Valley) 999Yr 248

10 Holland Residences (Taman Warna) Freehold 412 Riverbay (Mar Thorma Rd) 999Yr 14712 Riviera 38 (Mar Thorma Rd) 999Yr 521 The Cascadia (Bukit Timah Road) Freehold 2023 Pavilion Park (Phase 2) (Bukit Batok Road) Freehold 62


Wheelock 9 Scotts Square (Scotts Road) Freehold 7110 Ardmore 3 (Ardmore Park) Freehold 83


DEVELOPERS LANDBANK 20 December 2012Analyst: Alison FOK 65-6433 5745 [email protected]

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DEVELOPERS LANDBANK (CONTD) 20 December 2012

Analyst: Alison FOK 65-6433 5745 [email protected]

Developer District Landbank Tenure Unsold Units

GuocoLand

2 Tanjong Pagar GLS white site (Peck Seah / Choon Guan) 99Yr 500

9 Sophia Residence (Mount Sophia) Freehold 210 Leedon Residence (Leedon Heights) 99Yr 30010 Goodwood Residence (Bukit Timah Road) Freehold 7326 The Waterline (Yio Chu Kang Rd) Freehold 3


Bt Sembawang

4 Skyline Residences (Telok Blangah) Freehold 569 The Vermont on Cairnhill (Cairnhill Rd) Freehold 409 Paterson Suites (Paterson Rd) Freehold 249 Paterson Suites II (Paterson Rd) Freehold 889 St Thomas Walk (St Thomas Walk) Freehold 221

27 Watercove Villes (Wak Hassan Drive) Freehold 8028 Nim Road (Nim Road) Freehold 23228 Luxus Hills (Seletar Green) 999yr 146


Frasers Centrepoint

9 Starhub Centre (Cuppage Rd) 99yr 24915 Flamingo Valley (Siglap Rd) Freehold 2916 Waterfront Isle (Bedok Reservoir Rd) 99yr 916 Bedok South GLS site (Bedok South Avenue 3) 99yr 59518 Seastrand (Pasir Ris Drive 3) 99yr 6618 Palm Isles (Flora Drive) 99yr 6619 Boathouse Residences (Hougang) 99yr 3319 Watertown (Punggol) 99yr 2419 Twin Waterfalls (Punggol Way / Punggol Field) 99yr 227 Eight Courtyards (Yishun Ave 2) 99yr 22


Wing Tai

9 Belle Vue Residences (Oxley Walk) Freehold 3810 Le Nouvel Ardmore (Ardmore Park) Freehold 4210 Anderson 18 (Ardmore Park) Freehold 15711 L'VIV (Newton Rd) Freehold 1123 Foresque Residences (Petir Road) 99yr 6610 Nouvel 18 (Anderson Road) Freehold 156


MCL Land

11 Palms @ Sixth Avenue (Six Avenue ) Freehold 3210 NOB Hill (Ewe Boon Rd) Freehold 7015 Casa Nassau (East Coast Rd) Freehold 6516 Uber 388 (Upper East Cost) Freehold 2317 Ripple Bay (Jalan Loyang Besar) 99Yr 4622 Boon Lay (Jurong East) 99Yr 590


SC Global

9 The Marq (Paterson Hill) Freehold 339 Hilltops (Cairnhill Circle) Freehold 1959 Martin No. 38 (Martin Rd) Freehold 219 Sculptura Ardmore (Ardmore Park) Freehold 35

Sentosa Seven Palms (Sentosa Cove) 99Yr 29


Grand Total 14377

Source:HDB,URA

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APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS

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Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further actas market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment bankingservices, advisory and other services for or relating to those companies.

Singapore: As of 20 December 2012, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this researchreport.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in theresearch report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connectedparties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 20 December 2012, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market inissues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investmentservices in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies coveredin this report.

OTHERS

Analyst Certification of Independence

The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part ofthe research analysts compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

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Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capableof understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and politicalfactors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of anyissuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its ownprofessional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Ong Seng Yeow | Executive Director, Maybank Kim Eng Research

The Real Deals (20-12-2012)

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