• Noble Group - Likely bottomed out on Aug 6, technical objective tweaked slightly higher to $1.34 (from $1.28) and $1.53 (from $1.48) in coming month(s)

Singapore

Wired Daily

Page 2

ComfortDelgro’s 2Q12 results were within expectations.

Weakness in Singapore bus business is mitigated by

other geographical and business divisions. An interim

dividend of 2.9Scts was declared for 1H12 (1H11: 2.7

Scts). With its low net gearing of just 4% as of June

2012, we believe the group has the ability to further raise

its payout ratio from 53% in FY11. We believe this should

provide a boost to share price. Maintain BUY, TP at

S$1.86. We continue to like CD for its stable earnings

growth profile, geographical diversification despite

challenges for its bus business in Singapore.

SingTel reported 1Q13 results this morning. Underlying

net profit of S$850m (-2.6% YoY) was 6-7% below

consensus expectations. Optus’ weakness was the key

surprise due to cut in mobile termination rates and

competitive plans in the market. Optus maintains its

stable EBITDA guidance for FY13F. HOLD with unchanged

TP of S$3.25. Near-term cost-pressures from mobile

advertising is another concern.

2Q12 net profit of RM22.9m for Nam Cheong was within

estimates. No change to Nam Cheong’s shipbuilding

programme, with strong growth potential from higher

PSV sales in FY13. 2H12 earnings should be seasonally

stronger; Maintain BUY with S$0.24 TP.

STX OSV’s 2Q12 net profit of NOK278m (up 1% y-o-y)

was in line with expectations. 1H12 net profit of

NOK548m makes up 51% of our analyst’s full year

estimates. Operating margin of 13% was slightly lower

than our estimate of 14%, but still within range. Total

order intake YTD in 2012 amounts to NOK7.3bn, on track

to meet our new order win estimate of NOK10.0bn in

FY12. The group has declared a special interim dividend

of 13Scts. At current prices, this implies a yield of 8.4%.

Maintain BUY. Will provide more details after briefing

today.

Excluding one-off S$10m gain, CSE Global’s 2Q12 core

profit of S$11.1m was broadly in line with our S$12m

estimate. New order win of S$115m was also inline. CSE

has declared a surprise interim dividend of 1.5 Scts, first

time ever. Our current recommendation is BUY with

S$0.90 TP. Will provide more details after briefing today.

2Q12 results for Banyan Tree Holdings were supported by

an improvement in hotel operations and property sales.

Forward bookings were slightly higher than 1Q12 but

Thailand’s outlook remains flattish. Maintain HOLD, TP

revised lower to S$0.68 (Prev S$ 0.77).

Tiger Airways’ load factor in Australia improved for the

4th consecutive month, and is now up to 84% from 82%

in June, and 74-75% in April-May. The higher carriage

and load factors bode well for improved operating results

from Tiger Australia in coming quarters as it ramps up to

pre-grounding scale by October 2012, and utilization of

aircraft improves. We continue to believe that the carrier

will move steadily towards profitability and we expect the

group as a whole to be profitable by the last quarter of

CY2012 (3QFY13). Maintain BUY and S$0.92 TP. Current

level is a good accumulate opportunity for the anticipated

turnaround story. We maintain our positive technical view

for upside to $0.93 followed by $1.14 for the stock (refer

to reported titled "Don't Despair" on August 6) in the

months ahead.

LMA International had entered into an agreement with

Teleflex to sell the group’s assets at a price equivalent to

approximately S$0.62 per share being around 50%

premium over yesterday’s closing price. If the sale is

approved by shareholders, it is the Board’s intention to

dissolve LMA and distribute the proceeds less certain

costs to be borne by the group.

Thai Beverage has raised its stake in F&N to 26.2% from

24.1%. The move will likely give ThaiBev a greater say in

F&N’s response to Heineken's US$4.06 bn bid to acquire

F&N’s stake in Asia Pacific Breweries.

Cosco Corporation has secured a US$170m contract from

Talland Navigation, a subsidiary of Foresight, to build (1)

one unit Jackup Drilling Rig. The rig is scheduled to be

delivered in the first quarter of 2015.

QingMei Group expects to incur a loss and report lower

sales for 4Q FY12 as compared with the same

corresponding period in last year, due to factors including

excessive channel inventory for the downstream business,

which together with the current global economic

downturn, has impacted the Group's overall sales orders.

The management would also expect difficult and

challenging times ahead, for at least 2 more quarters.

Singapore

Wired Daily

Page 3

Share Buy-Back

SGX Masnet

Substantial Shareholders’ Transactions: 2 Aug – 8 Aug 2012

Stock

T ransacted

Date

Substantial Shareholder/ Director

Buy /Sell

/ Conv

No of

Shares

('000)

Price Per

Share $

%Issued

Cap Before

Change

%Issued

Cap A fter

Change

Aspial Corp 08-Aug-12 Koh Wee Seng Buy 600 0.39 14.13 14.17

Oceanus Group 07-Aug-12 Yu De Hua * Sell 1100 na 17.47 17.42

Oceanus Group 07-Aug-12 Yu Yang Sell 1100 na 8.22 8.18

GKE Corp 07-Aug-12 Liu J ichun * Buy 20 0.15 3.54 3.55

GKE Corp 06-Aug-12 Liu J ichun * Buy 700 0.15 3.39 3.54

GKE Corp 06-Aug-12 Kwan Chee Seng Buy 1010 na 5.31 5.53

IPC Corp 06-Aug-12 Oei Hong Leong Buy 19539 na 23.10 25.39

GKE Corp 06-Aug-12 Kwan Chee Seng Buy 1010 na 5.31 5.53

Hartawan Holdings 03-Aug-12 Lian Seng Investment Buy 1000 na 9.99 10.11

CapitaLand 03-Aug-12 Liew Mun Leong Sell 1000 3.08 0.08 0.06

Tianjin Zhong 03-Aug-12 Pure Heart Value Investm Fd Buy 107 na 9.29 9.34

Grand Banls Yachts 02-Aug-12 Shinetown Ltd Sell 2291 na 7.07 4.68

LionGold Corp 02-Aug-12 Nomura International * Buy 4877 1.26 1.00 1.61

LionGold Corp 02-Aug-12 Nomura Holdings * Buy 4877 na 4.66 5.26

*Deemed Interest

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

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

Koh Brothers Group Limited 13-Aug-12 Share Buy-Back 65,000 0.2050

Macquarie Int'l Infra Fund Ltd 13-Aug-12 Share Buy-Back 858,000 0.5518

Overseas-Chinese Banking Corp 13-Aug-12 Share Buy-Back 100,000 9.3700

Pan-United Corporation Ltd 13-Aug-12 Share Buy-Back 415,000 0.5978

Second Chance Properties Ltd 13-Aug-12 Share Buy-Back 3,043,000 0.3850

Straco Corporation Limited 13-Aug-12 Share Buy-Back 220,000 0.2050

Wee Hur Holdings Ltd 13-Aug-12 Share Buy-Back 650,000 0.2850

Macquarie Int'l Infra Fund Ltd 10-Aug-12 Share Buy-Back 1,888,000 0.5487

Overseas-Chinese Banking Corp 10-Aug-12 Share Buy-Back 100,000 9.3800

Pan-United Corporation Ltd 10-Aug-12 Share Buy-Back 305,000 0.6092

Second Chance Properties Ltd 10-Aug-12 Share Buy-Back 940,000 0.3800

Wee Hur Holdings Ltd 10-Aug-12 Share Buy-Back 670,000 0.2850

AEM Holdings Ltd 08-Aug-12 Share Buy-Back 4,350,000 0.0810

Koh Brothers Group Limited 08-Aug-12 Share Buy-Back 50,000 0.2050

Overseas-Chinese Banking Corp 08-Aug-12 Share Buy-Back 100,000 9.3700

Wee Hur Holdings Ltd 08-Aug-12 Share Buy-Back 500,000 0.2850

Overseas-Chinese Banking Corp 07-Aug-12 Share Buy-Back 100,000 9.5100

Singapore

Wired Daily

Page 4

Announced Dividends and Capital Issues: 14 Aug 2012 – 22 Nov 2012 (by Ex-Date)

Source: SGX

Company Type Particulars Ex Date Paid/ Payable

SINGAPORE POST LIMITED DIVIDEND SGD 0.0125 ONE-TIER TAX 14-Aug-12 31-Aug-12

SOUP RESTAURANT GROUP LIMITED DIVIDEND SGD 0.0035 ONE-TIER TAX 14-Aug-12 31-Aug-12

CHANGYOU.COM ADR 10 DIVIDEND USD 3.76 15-Aug-12 21-Sep-12

DAIRY FARM INT'L HOLDINGS LTD DIVIDEND USD 0.065 15-Aug-12 10-Oct-12

DBS GROUP HOLDINGS LTD DIVIDEND SCRIPDIVSCHEME SGD 0.28 ONE-TIER TAX 15-Aug-12 08-Oct-12

HONGKONG LAND HOLDINGS LIMITED DIVIDEND USD 0.06 15-Aug-12 10-Oct-12

HSBC ADR 10 DIVIDEND USD 0.45 15-Aug-12 04-Oct-12

JARDINE MATHESON HLDGS LTD DIVIDEND SCRIP OPTION USD 0.35 15-Aug-12 10-Oct-12

JARDINE STRATEGIC HLDGS LTD DIVIDEND SCRIP OPTION USD 0.07 15-Aug-12 10-Oct-12

MANDARIN ORIENTAL INTL LTD DIVIDEND USD 0.02 15-Aug-12 10-Oct-12

SEMBCORP MARINE LTD DIVIDEND SGD 0.05 ONE-TIER TAX 15-Aug-12 31-Aug-12

SWING MEDIA TECHNOLOGY GRP LTD DIVIDEND SCRIPDIVSCHEME SGD 0.002 15-Aug-12 05-Oct-12

ROXY-PACIFIC HOLDINGS LIMITED DIVIDEND SGD 0.0067 ONE-TIER TAX 16-Aug-12 31-Aug-12

ELEC & ELTEK INT CO LTD DIVIDEND USD 0.09 ONE-TIER TAX 17-Aug-12 06-Sep-12

PERENNIAL CHINA RETAIL TRUST DIVIDEND 010112 - 300612 SGD 0.019 TAX EXEMPT 17-Aug-12 12-Sep-12

PETRA FOODS LIMITED DIVIDEND SGD 0.0263 ONE-TIER TAX 17-Aug-12 03-Sep-12

RICKMERS MARITIME DIVIDEND 010412 - 300612 USD 0.006 TAX EXEMPT 17-Aug-12 05-Sep-12

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

UNITED OVERSEAS INSURANCE LTD DIVIDEND SGD 0.03 ONE-TIER TAX 17-Aug-12 03-Sep-12

GREAT EASTERN HLDGS LTD DIVIDEND SGD 0.1 ONE-TIER TAX 21-Aug-12 05-Sep-12

INNOVALUES LIMITED DIVIDEND SGD 0.006 ONE-TIER TAX 21-Aug-12 12-Sep-12

CHALLENGER TECHNOLOGIES LTD DIVIDEND SGD 0.01 ONE-TIER TAX 22-Aug-12 07-Sep-12

SARIN TECHNOLOGIES LTD DIVIDEND USD 0.0125 LESS TAX 22-Aug-12 05-Sep-12

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

MACQUARIE INT'L INFRA FUND LTD DIVIDEND SGD 0.0275 23-Aug-12 10-Sep-12

MAXI-CASH FIN SVCS CORP LTD DIVIDEND SGD 0.005 ONE-TIER TAX 23-Aug-12 07-Sep-12

NY01100F 160901 INTEREST 0.0375 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

OVERSEAS UNION ENTERPRISE LTD DIVIDEND SGD 0.03 ONE-TIER TAX 28-Aug-12 13-Sep-12

QAF LTD DIVIDEND SGD 0.01 ONE-TIER TAX 28-Aug-12 12-Sep-12

SINGAPORE REINSURANCE COR LTD DIVIDEND SGD 0.005 TAX EXEMPT 28-Aug-12 12-Sep-12

CAPITAMALLS ASIA LIMITED DIVIDEND SGD 0.01625 ONE-TIER TAX 29-Aug-12 13-Sep-12

OSIM INTERNATIONAL LTD DIVIDEND SGD 0.01 ONE-TIER TAX 29-Aug-12 12-Sep-12

OSIM INTERNATIONAL LTD DIVIDEND SGD 0.01 ONE-TIER TAX 29-Aug-12 12-Sep-12

TAN CHONG INT'L LTD DIVIDEND HKD 0.02 29-Aug-12 13-Sep-12

SAKARI RESOURCES LIMITED DIVIDEND USD 0.02 TAX EXEMPT 30-Aug-12 13-Sep-12

STAMFORD TYRES CORPORATIONLTD DIVIDEND SGD 0.015 ONE-TIER TAX 30-Aug-12 18-Sep-12

UNITED OVERSEAS BANK LTD DIVIDEND SGD 0.2 ONE-TIER TAX 30-Aug-12 13-Sep-12

UOB 5.05%NCPS 100 DIVIDEND 150312 - 140912 5.05% ONE-TIER TAX 03-Sep-12 17-Sep-12

CAPITARETAIL CHINA TRUST DIVIDEND 010112 - 300612 SGD 0.0482 05-Sep-12 26-Sep-12

POPULAR HOLDINGS LIMITED DIVIDEND SGD 0.008 ONE-TIER TAX 07-Sep-12 26-Sep-12

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

RIVERSTONE HOLDINGS LIMITED DIVIDEND MYR 0.022 ONE-TIER TAX 12-Sep-12 05-Oct-12

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

TOTAL ADR 10 DIVIDEND APPROXIMATE USD 0.587795 19-Sep-12 18-Oct-12

GP INDUSTRIES LIMITED DIVIDEND SGD 0.015 ONE-TIER TAX 20-Sep-12 04-Oct-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

SINGAPORE EXCHANGE LIMITED DIVIDEND SGD 0.15 TAX EXEMPT 26-Sep-12 12-Oct-12

LIAN BENG GROUP LTD DIVIDEND SGD 0.01 ONE-TIER TAX 03-Oct-12 19-Oct-12

LIAN BENG GROUP LTD DIVIDEND SGD 0.01 ONE-TIER TAX 03-Oct-12 19-Oct-12

FRAGRANCE GROUP LIMITED DIVIDEND SGD 0.0005 ONE-TIER TAX 05-Oct-12 18-Oct-12

GLOBAL PREMIUM HOTELS LIMITED DIVIDEND SGD 0.002 ONE-TIER TAX 16-Oct-12 30-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 03-Dec-12

SING TEL

S$3.39-STEL.SI

 Strip out the exceptionals (largely gain from sale of

AFS Investments), underlying profit actually fell

3%, instead of the 3% gain as reported for Q1 ended

Jun ’12.

 Optus Australia and pedestrian performance by

associates (dragged down by Bharti of India, which

recently reported a sharp earnings slide) are to blame,

 We remain Neutral, preferring StarHub for its more

attractive yield: 5.4% at $3.72 vs Sing Tel’s 4.7% based

on 15.8 cents paid in respect for ye Mar ’12.

 The recent strong performance of Sing Tel: share price

hitting a high of $3.62 after a clear dividend policy was

spelled out, is largely over.

Daily Review, 14 August 2012 Page 2 of 4

SGX-ST Member, SGX-DT (CNCM)

 Underlying profit would have been on par with the

same period last year, rather than down 37.7% to

$137.7 mln as reported, if not for exceptionals last

year

CITY DEV

S$11.98-CTDM.SI

 Q2 ’11 had benefitted from the sale of The

Corporate Building and Studio M Hotel.

 NAV is $7.66 a share.

 Maintain HOLD.

Daily Review, 14 August 2012 Page 3 of 4

SGX-ST Member, SGX-DT (CNCM)

SUMMARY

 Armstrong’s (26 cents, unchanged) 2Q ’12 profit of

$2.1mln was flat yoy, helped by $0.8mln in fair value

gain on derivative contracts. If not, profit would have

declined by $0.8mln, below expectations due to

weaker than expected sales from hard disk drives and

higher than expected cost pressures. Looking ahead,

the hard disk drive sector (27% of sales) and

automotive sector (27% of sales) may grow less than

expected. While the stock has declined 5.5% since

our downgrade in early July ’12, its 13x core PE ratio

(above its historical average 12x) is still not attractive

enough, hence we would continue to await better

entry levels.

 Li Heng’s (14.3 cents, down 0.2 cents) 2Q ’12 profit

fell 70% yoy to Rmb11mln, dragging 1H ’12 profit down

68% to Rmb22mln hurt by weaker than expected

export demand and higher operating costs and

management continues to warn of very challenging

outlook in 2H ’12 both from exports as well as

domestic customers. We would continue to avoid the

stock.

 As warned by management, China Essence (7.7

cents, down 0.1 cent) 1Q to June ’12 bottom-line loss

deepened to Rmb36mln from Rmb3.8mln last year due

to higher raw material costs. Management expects the

operating to remain challenging in the next quarter

and their financial position remains weak with

outstanding convertible bonds worth HK$200mln and

are still in negotiations with DBS to refinance the

overdue term loan. We would continue to avoid the

stock.

 Qingmei (7.7 cents, up 0.1 cent) warned that it will

incur its first loss since listing for 4Q ended June ’12

due to excess inventories in the channels and weaker

than expected demand conditions and management

also expects the difficult and challenging times to

continue for the next 2 quarters at least. We would

continue to avoid the stock.