DJ MARKET TALK: Singapore's STI May Stumble; 3000-3040 Range Likely
 

0047 GMT [Dow Jones] Singapore's STI may stumble, tracking offshore cues, with players likely taking a wait-and-see approach before China PMI data and the outcomes of central bank meetings. "Overnight markets continued to lighten long risk-asset positions ahead of two days packed with event risk," says Andrew Taylor, markets strategist at GFT Markets, in a note, citing "plenty of interest to exit short-term plays ahead of the FOMC and ECB meetings." He adds the buying-on-rumor-selling-on-fact situation led risk assets to overshoot, likely leading to readjustments to more realistic levels before the announcements. The STI ended Tuesday up 0.1% at 3036.40. 3000 likely remains support, while the around 3040 year-to-date high offers resistance. Among stocks likely in focus, CapitaLand (C31.SG) reported 2Q12 net profit slipped 3.3% on year to S$385.9 million, while Thai Beverage (Y92.SG) received an SGX waiver from holding an extraordinary board meeting on its F&N (F99.SG) stake buy, allowing faster deal completion and likely speeding up receiving an F&N board seat. Vietnam state media reported a Wilmar (F34.SG)-FFM Bhd. JV started construction of a $47 million wheat-flour mill in Vietnam.
 
 
 

DJ MARKET TALK: F&N Deals In Focus As ThaiBev Speeds Stake Buy
 

0058 GMT [Dow Jones] The Fraser & Neave (F99.SG) merger cast is set for another day in the limelight after Thai Beverage (Y92.SG) received an SGX waiver from holding an extraordinary board meeting on its F&N (F99.SG) stake buy, allowing faster deal completion and likely speeding up receiving an F&N board seat. ThaiBev also increased its F&N stake to 24.1% from 23.9%. "ThaiBev looks to have improved its position" as the clock ticks on F&N to decide whether to accept Heineken's (HEIA.AE) S$50/share offer to buy its Asia Pacific Breweries (A46.SG) stake, says Justin Harper, market strategist at IG Markets Singapore, in a note. "We are expecting more jockeying for position among the interested parties," he says, but adds, "time is running (out) for Japanese brewer Kirin (2503.TO), which has so far failed to react to a prized Asian asset slipping from its control." ThaiBev ended Tuesday down 1.5%, or a half-cent, at S$0.32. F&N ended down 1.9% at S$8.18
 
 
 

DJ CapitaLand 2Q Net Profit Falls 3.3% to S$385.9 Mln on Higher Finance Costs
 

 By Chun Han Wong 

SINGAPORE--CapitaLand Ltd. (C31.SG), Southeast Asia's largest developer by market value, said Wednesday its second-quarter net profit eased 3.3% from a year earlier as the group incurred greater finance costs from borrowings and foreign-exchange losses.
Net profit for the three-month period ended June 30 was S$385.9 million, compared with S$399 million in the same period year earlier, the Singapore-based company in a statement.
Revenue for quarter rose 16.5% to S$862.5 million from S$740.4 million, helped by higher sales in Singapore, China and Australia, as well as greater income from its shopping-mall business.
Excluding revaluations and impairments, the net profit for the second quarter was higher at S$179.5 million compared with S$171.3 million, CapitaLand said.
"Singapore and China will remain as the group's key markets for new investments. The underlying fundamentals of the housing sector in the two markets remain sound, driven by new home formation, rising urbanisation and growing wealth creation," CapitaLand Chief Executive Liew Mun Leong said in the statement.
 

SUMMARY

1. F&N ($8.18, down 16) / AP BREW ($50, unch):

Thai Beverage bought 3 mln F&N shares at $8.08

a share, lifting its stake to 24.% from 23.9%. More

importantly, it has applied to the SGX for a waiver

from having to seek shareholders approval at an EGM

for the purchase of OCBC’s / Great Eastern’s

combined 22% stake in F&N. Rationale: so as to be

able to vote on Heineken’s $50 a share offer for

F&N’s 40% stake in APB. F&N has to decide by this

Friday Aug 3rd. We do not expect F&N to request

for another extension.

2. FINANCIAL MARKETS: Europe Stoxx Europe

600 fell 1% (first drop in 4 days) while S&P500 fell

0.4% ahead of (a) FOMC meeting that ends today in

Washington and where consensus is that Bernanke

is unlikely to announce the much awaited QE3,

which they expect only at the next FOMC meeting

on Sept 12; and (b) ECB meeting tomorrow, where

the key question is, will the fiercely independent

president of the Bundesbank play ball with ECB’s

President Draghi.

3. OTHERS: (i) CFO of LIONGOLD ($1.27, down 2)

has resigned after almost 4 years with the company that

has been aggressively making acquisitions. (ii) EPFR’s

latest update shows continued strong inflows into high

yielding funds, be they Bonds, Municipal Bonds or

Dividend Equity. (iii) UBS lost US$356 mln from being

inundated with ******** shares at the latter’s IPO.

(iv) ARTIVISION (19.7, cents, down 0.1), a once

popular penny stock, reported $1.216 mln loss on

revenue of $71,000 for Q1 ended June ’12. The

company whose NAV is only 0.52 cent, has a market

cap of $105 mln!

YAMADA GREEN RESOURCES

S$0.164-YAMA.SI

 Giving its first profit warning since listing (Oct ’10),

Yamada warned that 4Q ended June ’12 will be loss

making due to (a) loss from changes in fair value of

biological assets; (b) lower gross profit from sales of

self-cultivated Shiitake mushrooms this quarter; and

(c) higher operating expenses due to share option

payments.

 June’12 quarter’s loss compares to year ago’s profit

of Rmb7.2mln and quarter ago’s profit of Rmb81.5mln.

 Since our last update on the company on 1 June ’12,

Yamada’s share price which had already fallen from its

post IPO listing high of 37 cents to 17.9 cents has

continued to decline to 16.4 cents, not far from its all

time historical low of 16 cents (in Dec ’11). Its IPO

price in Oct ’10 was 22 cents.

 While Yamada’s price to book has de-rated from 4x

during its listing in Oct ’10 to about 1x currently, its

Singapore listed peer China Minzhong is currently

trading at only 0.5x while peers in Hong Kong are even

worse at only 0.4x.

 Given the unexpected profit warning for the June ’12

quarter and the upcoming low season for the Sept ’12

quarter, we are downgrading our call to SELL.

APPLE / HI-P

S$0.745-HIPS.SI

 Bloomberg reported that Hi-P’s major customer

Apple is preparing to introduce the next version of

the iPhone in Sept ’12 (one month earlier than

previously reported) in what will be a design overhaul

of the traditional iPhone.

 The new iPhone will have a larger screen, thinner body

and is expected to work with faster long-term evolution

wireless networks being introduced by the telecom

companies.

 The new iPhone will be Apple’s first design change

since 2010.

 iPhone accounts for close to half of Apple’s revenues

and was the main reason for last quarter’s

disappointing results as consumers held back

purchases in anticipation of the new iPhone launch

later this year.

 Apple’s founder Steve Jobs was reported to have

worked closely on the redesign of the new iPhone

before his death in Oct ’11.

 As evidence of the upcoming launch, Bloomberg

highlighted the big increase in prepayments for

components in Apple’s latest results.

 Hi-P as a key supplier to Apple is also ramping up

capacity in preparation to serve Apple in 2H 2012.

 We maintain BUY on Hi-P.

SINGAPORE EQUITY

Investment Research

DMG & Partners Research News Flash Private Circ

OCBC NEUTRAL

Price S$9.55

Previous S$8.54

Target S$8.54

Weak GEH non-participating fund performance

GEH 2Q12 earnings were within expectations. Great Eastern Holdings (GEH)

reported 2Q12 net profit of S$81.4m, down 31% YoY. Earnings were dented by

weaker investment performance from less favourable market conditions. This is

in line with our expectations of weaker insurance profitability, which we

highlighted in our OCBC preview note dated 16 Jul 12. This set of results

reaffirms our view that OCBC’s 2Q12 net profit would be sharply softer QoQ. We

maintain NEUTRAL recommendation on OCBC, with a target price of S$8.54

(from current traded S$9.55), pegged to 1.3x book – this has factored in the gains

from the recent sale of F&N and APB stakes.

Expect OCBC to record weak 2Q12 insurance income. 2Q12 insurance

operations profit was S$75.9m, down 33% YoY. The weakness was largely due

to the non-participating fund segment, which recorded S$1.7m profit versus

2Q11’s S$46.9m. Falling interest rates, widening credit spreads and declining

equity prices led to overall mark-to-market losses. This will translate to weaker

OCBC 2Q12 insurance income.

GEH has declared an interim tax exempt (one-tier) dividend of 10S¢ per share.

Today’s Focus

 Sakari Resources - Tough quarters ahead; downgrade to

HOLD with lower TP of S$1.40

US and European stocks fell ahead of the FED and ECB policy

meetings this week, hardly surprising considering the built up

in expectations late last week. Our economist thinks it’s still

too early for the FED to pull the trigger on additional stimulus.

It was only two meetings ago that they raised the growth

outlook for 2012 and while Europe has made a lot of

headlines and remains a big risk, US growth isn’t appreciably

different from April when officials said things were looking up.

Our economist added that would be easier to vote for more

stimulus if there were something more visible dramatic to

hang the decision on. The FOMC is a slow moving vehicle. Our

economist places 30-for/70-against odds for Fed action today.

2Q12 earnings for Sakari Resources were below on one-off

spike in taxes. ASPs are set to decline sequentially, while

production ramp up may not be as strong as expected earlier.

Management has guided for a slower ramp up amidst the low

return environment. With coal price recovery likely delayed,

the slower production ramp up at Jembayan, and a higher

effective tax rate, our analyst has cut FY12/13 EPS estimates by

about 10-11% and downgraded the stock to HOLD with lower

TP of S$1.40 (Prev S$ 1.80). Potential dividend yield of ~6%

provides downside support but the lack of momentum in coal

prices could cap share price performance in the near term.

Cambridge Industrial Trust reported an improved set of 2Q12

results. Acquisitions and asset enhancement initiatives are

expected to underpin earnings growth in the coming quarters.

Portfolio rebalancing continues, and redeployment is key. The

manager has 4 properties (worth S$198m) for sale – amongst

them are two properties, valued at S$101.6m, which will be

compulsorily acquired by SLA in Jan 13. We understand that

plans are underway to redeploy capital towards new

acquisitions. Maintain BUY, TP raised to S$0.65 (Prev S$ 0.58).

CREIT continues to offer attractive prospective FY12-13F yields

of 8.0-8.4%. Downside risks to our estimates hinges on the

slower than projected deployment of divestment proceeds.

US Indices Last Close Pts Chg % Chg

Dow Jones  13,008.7 (64.3) (0.5)

S&P  1,379.3 (6.0) (0.4)

NASDAQ  2,939.5 (6.3) (0.2)

Regional Indices

ST Index  3,036.4 3.6 0.1

ST Small Cap  457.3 0.3 0.1

Hang Seng  19,796.8 211.4 1.1

HSCEI  9,674.3 150.8 1.6

HSCCI  3,848.0 32.1 0.8

KLCI  1,631.6 (0.8) (0.0)

SET  1,199.3 6.0 0.5

JCI  4,142.3 43.2 1.1

PCOMP  5,307.7 29.8 0.6

KOSPI  1,882.0 38.2 2.1

TWSE  7,270.5 111.6 1.6

Nikkei  8,695.1 59.6 0.7

STI Index Performance

Singapore

1,000

2,000

3,000

4,000

2006 2007 2008 2009 2010 2011 2012

100-Day MA

Index

STI

Total Market cap (US$bn)

Total Daily Vol (m shrs)

12m ST Index High

12m ST Index Low

Source: Bloomberg

Stock Picks – Large Cap

Rec’n Price ($)

31/7

Target Price

($)

SembCorp Industries Buy 5.290 6.00

SembCorp Marine Buy 4.860 5.85

SingTel Take profit 3.580 3.29

City Development Take profit 11.700 10.85

UOB Take profit 20.000 19.50

Stock Picks – Small Cap

Rec’n Price ($)

31/7

Target Price

($)

STX OSV Holdings Buy 1.575 2.00

Ezion Holdings Buy 0.945 1.35

Bumitama Agri Buy 1.120 1.35

Nam Cheong Buy 0.180 0.24

Source: Bloomberg, DBS Vickers

Singapore

Wired Daily

Page 2

CapitaMalls Asia is acquiring two projects in Japan and

Qingdao, China. The Japan deal is immediately earnings

accretive. With the latest purchases, CMA’s gearing is

likely to move to a still very manageable 30% by year-end

from 25% in 2Q12. Our analyst has raised FY12 and

FY13 numbers to factor in these latest acquisitions as well

as 1H12 results. Maintain Buy, TP raised to $2.08 (Prev S$

2.06).

Sunpower Group has clinched a RMB55.1m deal with

Beijing Huatai Runda Energy Technology for the provision

of four sets of waste heat boiler systems. These orders

will be partially delivered this year and is expected to

boost its FY2012 performance.

1H12 loan growth still holding up but trends are clearly

moderating. Jun-12 loans grew 21% y-o-y, a steady

declining trend when compared to earlier this year (Jan-

12: 28% y-o-y). But this is within expectation. Banks have

already guided for a slower trend into 2012. Q-o-q, loan

growth is holding up at 4.6%, following an incremental

1.7% m-o-m growth in Jun-12. Business loans still led

growth, while consumer loans remain fairly stable. YTD

Jun-12 loan growth stood at 7.6%. With expectations of

a slower 2H12, our analyst believes our 12% 2012 loan

growth forecast remains intact. Deposit growth still

lagged loans at 8% y-o-y and literally flat q-o-q and m-om.

YTD deposit growth was only at 2%. Loan-to-deposit

ratio further crept up to 92%, the highest since Jul-01.

In property news, a tie-up between Fragrance Group and

World Class Land pipped CapitaLand unit Areca

Investment by 1.8% to emerge as the highest bidder for a

plum 99-year leasehold private condo site diagonally

opposite Tanah Merah MRT Station that drew a massive

13 bids. They have submitted a joint bid of S$285.2m for

the 13,998.5 sqm site. The break-even cost is about

$1,000 psf and launch price could be about $1,300-

1,400 psf on average.

China announced a jump in planned railway spending.

The Ministry of Railways, the nation's largest corporate

debt issuer, plans to spend RMB470bn (S$91.8bn) on

railroads and bridges this year, according to a bond

prospectus issued on Monday. The new target exceeds

last year's RMB461bn in spending. At the same time,

Chinese officials are signalling the slowdown isn't deep

enough to warrant a return to the RMB700bn level of

railway construction funds in 2010.

Share Buy-Back

Company D.O.T . Buy /Sell No.of shares S$/shr

Ho Bee Investment Limited 30-Jul-12 Share Buy-Back 400,000 1.2200

Ho Bee Investment Limited 27-Jul-12 Share Buy-Back 300,000 1.2167

Ho Bee Investment Limited 26-Jul-12 Share Buy-Back 394,000 1.2150

AEM Holdings Ltd 25-Jul-12 Share Buy-Back 2,500,000 0.0850

HG Metal Manufacturing Ltd 25-Jul-12 Share Buy-Back 20,000 0.0820

Ho Bee Investment Limited 25-Jul-12 Share Buy-Back 426,000 1.2138

Ho Bee Investment Limited 24-Jul-12 Share Buy-Back 563,000 1.2094

San Teh Limited 24-Jul-12 Share Buy -Back 242,000 0.2900

CNA Group Ltd 23-Jul-12 Share Buy-Back 25,000 0.1076

HG Metal Manufacturing Ltd 23-Jul-12 Share Buy-Back 1,071,000 0.0829

Ho Bee Investment Limited 23-Jul-12 Share Buy-Back 450,000 1.2094

KSH Holdings Limited 20-Jul-12 Share Buy-Back 488,000 0.2450

Viking Offshore and Marine 20-J ul-12 Share Buy-Back 40,000 0.1080

Hyflux Ltd 19-Jul-12 Share Buy-Back 240,000 1.4104

Pan-United Corporation Ltd 19-Jul-12 Share Buy-Back 105,000 0.5831

Wee Hur Holdings Ltd 19-Jul-12 Share Buy-Back 260,000 0.2800

Hyflux Ltd 18-Jul-12 Share Buy-Back 661,000 1.4137

Pan-United Corporation Ltd 18-Jul-12 Share Buy-Back 164,000 0.5792

Overseas-Chinese Banking Corp 17-J ul-12 Share Buy-Back 200,000 9.2700

Wee Hur Holdings Ltd 17-Jul-12 Share Buy-Back 625,000 0.2800

SGX Masnet

Singapore

Wired Daily

Page 3

Substantial Shareholders’ Transactions:19 July – 26 July 2012

Stock

Transacted

Date

Substant ial Shareholder/ Director

Buy /Sell

/ Conv

No of

Shares

('000)

Price Per

Share $

%Issued

Cap Before

Change

%Issued

Cap A f ter

Change

C&G Env Protect 26-Jul-12 C&G Hldgs (HK) Ltd Buy 18000 na 76.02 77.87

C&G Env Protect 26-Jul-12 Lam Chik Tsan * Buy 18000 na 76.02 77.87

C&G Env Protect 26-Jul-12 Lin Yan * Buy 18000 0.12 76.02 77.87

C&G Env Protect 25-Jul-12 C&G Hldgs (HK) Ltd Buy 19300 na 74.04 76.02

C&G Env Protect 25-Jul-12 Lam Chik Tsan * Buy 19300 na 74.04 76.02

C&G Env Protect 25-Jul-12 Lin Yan * Buy 19300 na 74.04 76.02

Popular Hldgs 24-Jul-12 Chou Cheng Ngok * Buy 900 0.22 56.67 56.78

Popular Hldgs 24-Jul-12 World Hldgs Buy 900 na 56.67 56.78

C&G Env Protect 23-Jul-12 C&G Hldgs (HK) Ltd Buy 19246 na 72.06 74.04

C&G Env Protect 23-Jul-12 Lam Chik Tsan * Buy 19246 na 72.06 74.04

C&G Env Protect 23-Jul-12 Lin Yan * Buy 19246 0.11 72.06 74.04

M Dev 23-Jul-12 Value Capital Asset Mgt Sell 37791 na 14.88 9.54

Oxley Hldgs 23-J ul-12 Tee Wee Sien Buy 254 na 12.52 12.54

SingTel 23-J ul-12 Chua Sock Koong * Buy 788 3.44 0.05 0.06

Ecowise Hldgs 20-J ul-12 Chu Sai Keaw * Sell 12034 na 7.58 6.28

Ecowise Hldgs 20-J ul-12 Lee Moi Sung * Sell 12034 na 7.58 6.28

Ecowise Hldgs 20-J ul-12 Sun Organization Sdn Bhd Sell 12034 na 7.58 6.28

Oxley Hldgs 20-J ul-12 Tee Wee Sien Buy 200 na 12.51 12.52

Oxley Hldgs 20-J ul-12 Ching Chiat Kwong Buy 952 0.4 14 14.06

HG Metal 20-Jul-12 Tan Kim Seng Buy 300 na 0.3 0.57

Pteris Global 20-J ul-12 Amy Lim * Buy 260 na 11.66 11.71

Pteris Global 20-J ul-12 Winmark Investments Buy 260 na 11.66 11.71

Pteris Global 20-J ul-12 Tan Tien Hin Winston * Buy 260 0.12 11.66 11.71

Hanwell Hldgs 20-J ul-12 John Chen Sell 835 0.28 15.02 0

SingTel 20-J ul-12 Chua Sock Koong * Buy 1571 3.46 0.07 0.08

San Teh 20-Jul-12 Poh Choo Bin Buy 162 na 6.69 6.73

HG Metal 20-Jul-12 Tan Kim Seng Buy 300 na 0.3 0.33

Oxley Hldgs 19-J ul-12 Ching Chiat Kwong Buy 371 0.4 13.97 14

Samko Timber 19-J ul-12 Sampoerna Forestry Buy 219 na 39.78 39.79

*Deemed Interest

Source: Business Times; SA: Share Allotment; ST: Share Transfer, B/R: Bonus/Rights Issue; OE: Option Exercise; PL: Placement Shares

Singapore

Wired Daily

Page 4

Announced Dividends and Capital Issues: 1 Aug 2012 – 22 Nov 2012 (by Ex-Date)

Company Type Particulars Ex Date Paid/ Payable

AEM HOLDINGS LTD DIVIDEND SGD 0.0035 ONE-TIER TAX 01-Aug-12 17-Aug-12

BAN LEONG TECHNOLOGIES LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 01-Aug-12 16-Aug-12

BROTHERS (HOLDINGS) LIMITED DIVIDEND SGD 0.004 ONE-TIER TAX 01-Aug-12 23-Aug-12

FORTUNE REAL ESTATE INV TRUST DIVIDEND 010112 - 300612 HKD 0.1582 TAX EXEMPT 01-Aug-12 29-Aug-12

JASON MARINE GROUP LIMITED DIVIDEND SGD 0.002 ONE-TIER TAX 01-Aug-12 21-Aug-12

KSH HOLDINGS LIMITED BONUS OFFER OF 1 FOR 10 01-Aug-12

KSH HOLDINGS LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 01-Aug-12 23-Aug-12

MTQ CORPORATION LIMITED DIVIDEND SCRIPDIVSCHEME SGD 0.02 ONE-TIER TAX 01-Aug-12 19-Sep-12

BOUSTEAD SINGAPORE LIMITED DIVIDEND SGD 0.03 ONE-TIER TAX 02-Aug-12 21-Aug-12

TAT HONG HOLDINGS LTD DIVIDEND SGD 0.015 ONE-TIER TAX 02-Aug-12 22-Aug-12

TOTAL ACCESS COMM PUB CO LTD DIVIDEND THB 2.27 LESS TAX 02-Aug-12 22-Aug-12

GLOBAL YELLOW PAGES LIMITED DIVIDEND SGD 0.002 ONE-TIER TAX 03-Aug-12 28-Aug-12

KING WAN CORPORATION LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 03-Aug-12 17-Aug-12

METRO HOLDINGS LIMITED DIVIDEND SGD 0.02 ONE-TIER TAX 03-Aug-12 17-Aug-12

METRO HOLDINGS LIMITED DIVIDEND SGD 0.04 ONE-TIER TAX 03-Aug-12 17-Aug-12

PAN HONG PROPERTY GROUP LTD DIVIDEND SGD 0.01 03-Aug-12 30-Aug-12

UNITED ENVIROTECH LTD DIVIDEND SGD 0.003 ONE-TIER TAX 03-Aug-12 17-Aug-12

SINGTEL DIVIDEND SGD 0.09 ONE-TIER TAX 06-Aug-12 24-Aug-12

WILLAS-ARRAY ELEC (HLDGS) LTD DIVIDEND HKD 0.06088 06-Aug-12 21-Aug-12

WILLAS-ARRAY ELEC (HLDGS) LTD DIVIDEND HKD 0.01826 06-Aug-12 21-Aug-12

ZAGRO ASIA LIMITED OFFER OFFER OF 32 FOR 100 @ SGD 0.15 06-Aug-12

HIAP SENG ENGINEERING LTD DIVIDEND SGD 0.005 ONE-TIER TAX 07-Aug-12 28-Aug-12

POWERMATIC DATA SYSTEMS LTD DIVIDEND SGD 0.01 ONE-TIER TAX 07-Aug-12 27-Aug-12

GP BATTERIES INT LTD DIVIDEND SGD 0.015 ONE-TIER TAX 08-Aug-12 28-Aug-12

FISCHER TECH LTD DIVIDEND SGD 0.006 ONE-TIER TAX 13-Aug-12 30-Aug-12

RAFFLES MEDICAL GROUP LTD DIVIDEND SGD 0.01 ONE-TIER TAX 13-Aug-12 31-Aug-12

TRANSIT-MIXED CONCRETE LTD DIVIDEND SGD 0.01 ONE-TIER TAX 17-Aug-12 07-Sep-12

CSC HOLDINGS LTD DIVIDEND SGD 0.0009 ONE-TIER TAX 23-Aug-12 07-Sep-12

NY01100F 160901 INTEREST 3.75% 23-Aug-12 03-Sep-12

NY03100A 180901 INTEREST 0.04 23-Aug-12 03-Sep-12

NY05100N 200901 INTEREST 0.0325 23-Aug-12 03-Sep-12

NY07100X 220901 INTEREST 0.03125 23-Aug-12 03-Sep-12

NY09100H 240901 INTEREST 0.03 23-Aug-12 03-Sep-12

NZ07100S 270301 INTEREST 0.035 23-Aug-12 03-Sep-12

NZ10100F 300901 INTEREST 0.02875 23-Aug-12 03-Sep-12

CAPITARETAIL CHINA TRUST DIVIDEND 010112 - 300612 SGD 0.0482 5-Sep-12 26-Sep-12

POPULAR HOLDINGS LIMITED DIVIDEND SGD 0.008 ONE-TIER TAX 7-Sep-12 26-Sep-12

NOVO GROUP LTD. DIVIDEND SGD 0.01 ONE-TIER TAX 10-Sep-12 04-Oct-12

FRAGRANCE GROUP LIMITED BONUS OFFER OF 1 FOR 1 14-Sep-12

N507101E 121001 INTEREST 0.025 20-Sep-12 01-Oct-12

N507101E 121001 ENTITL. REDEMPTION 100% 20-Sep-12 01-Oct-12

N508100V 130401 INTEREST 0.01625 20-Sep-12 01-Oct-12

N509100N 141001 INTEREST 0.01375 20-Sep-12 01-Oct-12

N511100W 160401 INTEREST 0.01125 20-Sep-12 01-Oct-12

N710100Z 170401 INTEREST 0.02375 20-Sep-12 01-Oct-12

NA12100N 420401 INTEREST 0.0275 20-Sep-12 01-Oct-12

K1 VENTURES LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 31-Oct-12 14-Nov-12

NX09100W 190601 INTEREST 0.025 22-Nov-12 03-Dec-12

NX11100X 210601 INTEREST 0.0225 22-Nov-12 3-Dec-12

Source: SGX

Wednesday, 01 August 2012 Asian Daily

- 4 of 56 -

Top of the pack ...

Global Equity Strategy ----------------------------------------------------------------------------------------

What to do about China?

Wednesday, 01 August 2012 Asian Daily

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Asia Equity Strategy -------------------------------------------------------------------------------------------

New report: The most expensive defensive stocks

Wednesday, 01 August 2012 Asian Daily

- 6 of 56 -

PT Telkom (Telekomunikasi Indo.) ------------------------------------- Maintain OUTPERFORM

Telkomsel revenue growth 10.1% YoY, earnings growth 21.1% YoY EPS: ◄► TP: ◄►

Wednesday, 01 August 2012 Asian Daily

- 7 of 56 -

Pakistan Cement Sector ------------------------------- Initiating Coverage with OVERWEIGHT

New report: The tide has turned

Wednesday, 01 August 2012 Asian Daily

- 8 of 56 -

Regional

Asia Equity Strategy -------------------------------------------------------------------------------------------

New report: Reporting season scorecard—Not all cyclicals are missing

Wednesday, 01 August 2012 Asian Daily

- 9 of 56 -

GEM Equity Strategy -------------------------------------------------------------------------------------------

New report: Cyclical defensive valuation gap at 2008 lows