DJ MARKET TALK: Singapore's STI May Trade Sideways; 3050-3100 Likely 

0039 GMT [Dow Jones] Singapore's STI may spend the day in neutral after Wednesday's hectic earnings-based action. "It's probably going to be pretty sideways. I don't see many cues," says Carey Wong, an analyst at OCBC, noting Wall Street finished fairly flat. He says the index may grind down closer to 3050; "We're still holding the view 3000 is the most important support." 3100 remains a likely cap. The STI ended Wednesday down 0.8%, or 25.73 points, at 3062.11. Among stocks likely in focus, Moody's downgraded SingTel's (Z74.SG) senior unsecured rating to Aa3 from Aa2, keeping a stable outlook. Oil-related plays, such as SembMarine (S51.SG) and Keppel (BN4.SG), may be in focus after oil futures touched three-month highs in New York trade Wednesday. Cordlife (P8A.SG) plans to acquire 10% of China Cord Blood (CO) for US$20.8 million, partly funded by selling its 10% indirect stake in China Stem Cells (South) for US$16.8 million. Crown Speciality Packaging offered to acquire Superior Multi-Packaging (S47.SG) for S$0.14/share. 
 
 

16 August 2012

Disclaimer:

DMG & Partners Securities Pte Ltd may have received compensation from the companies covered in this report

for its corporate finance or its dealing activities; this report is therefore classified as a non-independent report.

Please refer to important disclosures at the end of this publication.

g

Morning Matters

Figure of the Day

Source: topnewgadgetslist.com

Launch of Apple's iPhone 5 will boost Hi-P's

prospects. See 'Scoop of the Day'

Market Indices

Value Chg % Chg

Dow Jones 13,164.8 -7.36 -0.06

S&P 500 1,405.5 +1.60 +0.11

Nasdaq 3,030.9 +13.95 +0.46

FTSE 100

5,833.0 -31.74 -0.54

Nikkei 8,925.0 -4.84 -0.05

Hang Seng 20,052.3 -239.39 -1.18

Shanghai 2,118.9 -23.58 -1.10

KOSPI 1,957.0 - -

STI 3,062.1 -25.73 -0.83

KLCI 1,653.8 +0.88 +0.05

Key Indicators

Value Chg %

Oil Price*

(US$/bbl)

94.33 +0.90 +0.96

Gold Price**

(US$/oz)

1603.1 +4.05 +0.25

US$/S$ 1.2498 +0.00 +0.26

* WTI Crude Future

** Gold Spot

While You Were Sleeping

US markets: Negative

Dow futures: +6 (as at 8am Singapore Time)

US Wrap: The major U.S. equity averages finished mixed in moribund

trading Wednesday with volume once again running extremely light. August

has seen trading in stocks sink to the lowest levels in five years and

Wednesday's session saw a similar lack of interest with just 2.65 billion

shares changing hands on the New York Stock Exchange and 1.54 billion in

play on the Nasdaq. The Dow Jones Industrial Average was down 7 points (-

0.06%) to 13,165. The Nasdaq gained 14 points (+0.46%) to 3031. The

S&P500 edged higher by 2 points (+0.11%) to 1405.53. Notable Stock

movements include Cisco which registered a 1.1% gain in regular session

trading and 5% gain in after hours session on news that it had achieved

profits above that of the consensus and is to increase quarterly dividend by

75%. The benchmark 10-year Treasury was seeing another heavy decline,

losing 21/32, raising the yield to 1.815%, while the greenback was up

0.15%.

The Day Ahead…

Scoop of the Day: Since our update on Hi-P (BUY, TP: S$1.15) on 25 Jul

following its profit warning, the share price has rallied 28%. While we remain

the most bullish on the street in terms of earnings forecast (FY12: Ours -

S$75.4m vs. Consensus – S$63.4m, FY13: Ours – S$96.9m vs. Consensus

– S$80.5m), we are confident that the group will be able to achieve our

targets, given that the component shortage (in-cell display panel) for

Apple’s iPhone 5 supply chain has been resolved. Our channel checks with

Taiwan suppliers indicate that the yield for the in-cell display panel produced

by Sharp has significantly improved and the company is on track for mass

production in September. As such, we are expecting major orders boost for

the supply chain from 4Q onwards, lifting Hi-P’s performance. The stock

remains as the top pick for our Singapore Tech coverage, and we expect

further upside in the near future. Key date to watch for is 12 Sep, which

widely rumored to be the date of iPhone 5’s debut. (Edison Chen)

WHAT’S INSIDE?

On The Platter

Noble: Energy segment supported weak Agri (BUY, S$1.25, TP: S$1.60)

Sembcorp Marine: US$135m contract from Diamond Offshore (BUY,

S$5.18, TP: S$5.70) - Flash

Kingsmen Creatives: An impressive 2Q; Strong balance sheet (BUY,

S$0.71, TP: S$0.83)

HLA: Sharp 2Q12 volume declines for white-goods & engines (SELL,

S$1.71, TP: S$1.38)

Insider Trade Highlights 15 Aug 12

Morning Matters

Figure of the Day

Source: topnewgadgetslist.com

Launch of Apple's iPhone 5 will boost Hi-P's

prospects. See 'Scoop of the Day'

Market Indices

Value Chg % Chg

Dow Jones 13,164.8 -7.36 -0.06

S&P 500 1,405.5 +1.60 +0.11

Nasdaq 3,030.9 +13.95 +0.46

FTSE 100

5,833.0 -31.74 -0.54

Nikkei 8,925.0 -4.84 -0.05

Hang Seng 20,052.3 -239.39 -1.18

Shanghai 2,118.9 -23.58 -1.10

KOSPI 1,957.0 - -

STI 3,062.1 -25.73 -0.83

KLCI 1,653.8 +0.88 +0.05

Key Indicators

Value Chg %

Oil Price*

(US$/bbl)

94.33 +0.90 +0.96

Gold Price**

(US$/oz)

1603.1 +4.05 +0.25

US$/S$ 1.2498 +0.00 +0.26

* WTI Crude Future

** Gold Spot

While You Were Sleeping

US markets: Negative

Dow futures: +6 (as at 8am Singapore Time)

US Wrap: The major U.S. equity averages finished mixed in moribund

trading Wednesday with volume once again running extremely light. August

has seen trading in stocks sink to the lowest levels in five years and

Wednesday's session saw a similar lack of interest with just 2.65 billion

shares changing hands on the New York Stock Exchange and 1.54 billion in

play on the Nasdaq. The Dow Jones Industrial Average was down 7 points (-

0.06%) to 13,165. The Nasdaq gained 14 points (+0.46%) to 3031. The

S&P500 edged higher by 2 points (+0.11%) to 1405.53. Notable Stock

movements include Cisco which registered a 1.1% gain in regular session

trading and 5% gain in after hours session on news that it had achieved

profits above that of the consensus and is to increase quarterly dividend by

75%. The benchmark 10-year Treasury was seeing another heavy decline,

losing 21/32, raising the yield to 1.815%, while the greenback was up

0.15%.

The Day Ahead…

Scoop of the Day: Since our update on Hi-P (BUY, TP: S$1.15) on 25 Jul

following its profit warning, the share price has rallied 28%. While we remain

the most bullish on the street in terms of earnings forecast (FY12: Ours -

S$75.4m vs. Consensus – S$63.4m, FY13: Ours – S$96.9m vs. Consensus

– S$80.5m), we are confident that the group will be able to achieve our

targets, given that the component shortage (in-cell display panel) for

Apple’s iPhone 5 supply chain has been resolved. Our channel checks with

Taiwan suppliers indicate that the yield for the in-cell display panel produced

by Sharp has significantly improved and the company is on track for mass

production in September. As such, we are expecting major orders boost for

the supply chain from 4Q onwards, lifting Hi-P’s performance. The stock

remains as the top pick for our Singapore Tech coverage, and we expect

further upside in the near future. Key date to watch for is 12 Sep, which

widely rumored to be the date of iPhone 5’s debut. (Edison Chen)

WHAT’S INSIDE?

On The Platter

Noble: Energy segment supported weak Agri (BUY, S$1.25, TP: S$1.60)

Sembcorp Marine: US$135m contract from Diamond Offshore (BUY,

S$5.18, TP: S$5.70) - Flash

Kingsmen Creatives: An impressive 2Q; Strong balance sheet (BUY,

S$0.71, TP: S$0.83)

HLA: Sharp 2Q12 volume declines for white-goods & engines (SELL,

S$1.71, TP: S$1.38)

Insider Trade Highlights 15 Aug 12

On the Platter

Noble: Energy segment supported weak Agri (BUY, S$1.25, TP: S$1.

Results in-line with expectations. Noble’s 2Q12 core PATMI grew 10% YoY to US$145m (+7%

QoQ) and accounted for 27% of our full year estimates (versus 24% for consensus) while top line

grew 23% YoY to US$24.2b (+6% QoQ). 2Q12 also saw supply chain asset gains (excluded from

core earnings) of US$50m and a deferred tax credit of US$36m arising from the Gloucester –

Yancoal merger. 1H12 core earnings accounts for 52% of our full year estimate. We expect

continued strength in 2H12 with improvement in weather and extension of Sugar crushing period

to boost contribution from Agriculture. Maintain BUY with TP of S$1.60 based on 14.7x core FY12

EPS, an 8% premium to its five year historical average P/E.

Continued weakness in Agri, expecting better outlook in 2H12. Agri operating income from

supply chain fell 69% YoY to US$51m (+8% QoQ) due to (1) wet weather in Brazil affecting sugar

harvest, and (2) poor crushing margins in China. Crush margins in Argentina benefitted from

tighter market conditions. Management has maintained its full year sugar production targets for

FY12 and will operate its mills for an extended two months to meet this target. We expect

Agriculture profits to strengthen in 2H12, with ramping up of sugar crushing, though China crush

margins could remain muted.

Energy performed; balance sheet strengthening from US$800m cash. Energy operating

income from supply chain grew 37% YoY to US$314m (-10% QoQ) on the back of expansion of its

Oil, Gas & Power division. Separately, Noble’s receipt of cash over the next six months from the

Yancoal merger and other asset disposals will total ~US$800m, strengthening its balance sheet.

As of 30 Jun 12 Noble has US$1.4b in cash with net gearing at 0.88x.

Valuations remain attractive. At 11.0x FY12 P/E, Noble is trading below its five year historical

average of 13.6x, and below its peer average of 12.0x. We believe continued strength in earnings

will drive an upward re-rating for Noble.

Kingsmen Creatives: An impressive 2Q; Strong balance sheet (BUY, S$0.71, TP: S$0.83

Kingsmen once again did well, with its 2Q12 PATMI rising 15.3% YoY (149% QoQ), to S$5.2m, on

the back of revenue growth of 24.1% YoY (51% QoQ) to S$70.9m. The results were in line with

expectations. Revenue growth was largely due to an increased number of theme park and MICE

contracts. Its orderbook has grown considerably, to S$238m, from S$197m a year ago, of which

all is expected to be recorded in FY12. We remain positive on Kingsmen, given its pipeline of

contracts, supported by (1) relatively-strong consumerism in Asia, (2) Singapore as one of the top

MICE destinations in Asia and (3) healthy growth of Asia’s amusement industry. We are keeping

our estimates intact. Kingsmen is currently trading at 7.9x forward earnings, or 5.3x (stripping out

net cash of S$44.9m). Its peer average is 6.6x on ex-cash basis. Maintain BUY with TP of S$0.83

(previously S$0.76).

All business segments expected to remain healthy, despite the economic slowdown. All

business segments recorded growth in 2Q12, led by its exhibitions and museums division.

Management is optimistic of its prospects, as can be seen from the growth in its orderbook.

Strong net cash position. While management has always been constantly keeping in close

contact with its clients to ensure timely collections, the improvement in end 2Q12’s net cash

position (23.4 S¢/share) was largely attributed to a significant amount of progress billings and net

collections received during the quarter. Kingsmen’s operations have always generated positive

cash flows. We are estimating net cash of S$38.0m as at end FY12.

Valuation is attractive. Kingsmen is currently trading at 7.9x forward earnings, or 5.3x stripping

out net cash. Ascribing a P/E of 7x, and taking into account our net cash estimate, we raise our TP

to S$0.83. Maintain BUY, for a stock that has consistently distributed stable and attractive

dividends.

16 August 2012

See important disclosures at the end of this publication

5

DMG Research

HLA: Sharp 2Q12 volume declines for white-goods & engines (SELL, S$1.71, TP: S$1.38)

Leng Seng Choon (+65 6232 3890, [email protected])

Sharp losses at Xinfei and fall in unit diesel engines sold led to earnings disappointment.

HLA reported 2Q12 net profit of S$5m, down 73% YoY, representing 8% of our previous FY12F.

This is below expectations. Besides S$9.2m PAT losses from Xinfei, Yuchai sold 21.5% fewer

diesel engines YoY and halved its PAT YoY to S$21m. There was some marginal cushioning

effect from building materials, which recorded a 9% YoY rise in PAT. The expectations are for

continued weakness for HLA’s China operations in 2H12, due to the overall economic softness.

We cut our FY12F net profit by 49% to S$31m (1H12 of S$18.9m). Our target price is lowered to

S$1.38, based on SOTP valuation. Due to the weak earnings, FY12 interim dividend declared was

a lower 1S¢/share, compared with 3S¢ for FY11 interim. Maintain SELL.

Expect further 2H12 losses at Xinfei. Xinfei sold 731k units of fridges and freezers, down 29%

YoY. This came on the back of systemically weaker demand for white goods. Though Xinfei ASP

fell less than 3% YoY, the volume decline led to S$9.2m PAT losses for Xinfei. Management

believes the new incentive program for energy-saving white goods, effective 1 Jun 2012 for one

year, with incentives ranging from RMB180-400 per unit granted to qualified manufacturers, will

have minimal benefits as the white goods industry move to the low season. We expect further

Xinfei losses in 2H12.

Diesel engine earnings halved YoY. China Yuchai sold 109k units of diesel engines, down

21.5% YoY, due to weaker demand in the commercial vehicle market, especially in the truck

segment. China Yuchai recorded a 14.7% YoY decline in net sales to RMB3.43b

However, the building materials unit performed well (due to robust growth in the construction

industries in bother Singapore and Malaysia) and offset some of the negatives.

• Wilmar - FY12F-14F earnings cut by 21-36%, TP lowered to S$3.00. Stock is bombed out; HOLD call maintained.
• Indofood Agri Resources - Lacking catalysts, downgrade to HOLD, TP cut to S$1.40.

16 August 2012

Disclaimer:

DMG & Partners Securities Pte Ltd may have received compensation from the companies covered in this report

for its corporate finance or its dealing activities; this report is therefore classified as a non-independent report.

Please refer to important disclosures at the end of this publication.

g

Morning Matters

Figure of the Day

Source: topnewgadgetslist.com

Launch of Apple's iPhone 5 will boost Hi-P's

prospects. See 'Scoop of the Day'

Market Indices

Value Chg % Chg

Dow Jones 13,164.8 -7.36 -0.06

S&P 500 1,405.5 +1.60 +0.11

Nasdaq 3,030.9 +13.95 +0.46

FTSE 100

5,833.0 -31.74 -0.54

Nikkei 8,925.0 -4.84 -0.05

Hang Seng 20,052.3 -239.39 -1.18

Shanghai 2,118.9 -23.58 -1.10

KOSPI 1,957.0 - -

STI 3,062.1 -25.73 -0.83

KLCI 1,653.8 +0.88 +0.05

Key Indicators

Value Chg %

Oil Price*

(US$/bbl)

94.33 +0.90 +0.96

Gold Price**

(US$/oz)

1603.1 +4.05 +0.25

US$/S$ 1.2498 +0.00 +0.26

* WTI Crude Future

** Gold Spot

While You Were Sleeping

US markets: Negative

Dow futures: +6 (as at 8am Singapore Time)

US Wrap: The major U.S. equity averages finished mixed in moribund

trading Wednesday with volume once again running extremely light. August

has seen trading in stocks sink to the lowest levels in five years and

Wednesday's session saw a similar lack of interest with just 2.65 billion

shares changing hands on the New York Stock Exchange and 1.54 billion in

play on the Nasdaq. The Dow Jones Industrial Average was down 7 points (-

0.06%) to 13,165. The Nasdaq gained 14 points (+0.46%) to 3031. The

S&P500 edged higher by 2 points (+0.11%) to 1405.53. Notable Stock

movements include Cisco which registered a 1.1% gain in regular session

trading and 5% gain in after hours session on news that it had achieved

profits above that of the consensus and is to increase quarterly dividend by

75%. The benchmark 10-year Treasury was seeing another heavy decline,

losing 21/32, raising the yield to 1.815%, while the greenback was up

0.15%.

The Day Ahead…

Scoop of the Day: Since our update on Hi-P (BUY, TP: S$1.15) on 25 Jul

following its profit warning, the share price has rallied 28%. While we remain

the most bullish on the street in terms of earnings forecast (FY12: Ours -

S$75.4m vs. Consensus – S$63.4m, FY13: Ours – S$96.9m vs. Consensus

– S$80.5m), we are confident that the group will be able to achieve our

targets, given that the component shortage (in-cell display panel) for

Apple’s iPhone 5 supply chain has been resolved. Our channel checks with

Taiwan suppliers indicate that the yield for the in-cell display panel produced

by Sharp has significantly improved and the company is on track for mass

production in September. As such, we are expecting major orders boost for

the supply chain from 4Q onwards, lifting Hi-P’s performance. The stock

remains as the top pick for our Singapore Tech coverage, and we expect

further upside in the near future. Key date to watch for is 12 Sep, which

widely rumored to be the date of iPhone 5’s debut. (Edison Chen)

WHAT’S INSIDE?

On The Platter

Noble: Energy segment supported weak Agri (BUY, S$1.25, TP: S$1.60)

Sembcorp Marine: US$135m contract from Diamond Offshore (BUY,

S$5.18, TP: S$5.70) - Flash

Kingsmen Creatives: An impressive 2Q; Strong balance sheet (BUY,

S$0.71, TP: S$0.83)

HLA: Sharp 2Q12 volume declines for white-goods & engines (SELL,

S$1.71, TP: S$1.38)

Insider Trade Highlights 15 Aug 12

Singapore

Wired Daily

Page 2

raised after rolling forward valuation base to FY13. Our

TP for UOB and OCBC are now at S$21.00 and S$11.00

respectively. Our preference remains with OCBC (Buy). At

current levels, we see limited upside for UOB (Hold).

Moody's Investors Service has downgraded SingTel's

senior unsecured rating and notes to Aa3 from Aa2 while

its rating outlook remains stable, citing a weakening in

key financial parameters over the last year.

Cordlife Group has entered into an agreement to acquire

10% of China Cord Blood Corporation (CCBC) for

approximately US$20.8m. The acquisition is in line with

Cordlife’s strategy to expand its geographical reach in

China to beyond the Guangdong province. At the same

time, Cordlife Group is disposing its 10% stake in China

Stem Cells (South) for US$16.8m, an excess of

approximately S$4.6m over the net asset value as of 31

March 2012.

Otto Marine has secured a time-charter contract for its

Maintenance and Construction/Accommodation

support vessel, Seasafe Supporter, for a firm 500 days

with an option to extend for 2 months. The contract is

expected to generate about US$10.0m for the minimum

scheduled period of the charter.

July 2012 operating results for SIA. SIA recorded 3.2% yo-

y growth in systemwide passenger carriage

while capacity increased by 4.7%. Consequently,

passenger load factor (PLF) fell by 1.1 percentage points

to 80.5%. The number of passengers carried increased by

2.7% y-o-y. Load factors softened across all regions

except for Americas which saw strong summer travel

demand. East Asia region registered the highest decline,

as capacity expansion outpaced the growth in passenger

carriage. Promotional efforts undertaken to boost

carriage will continue to put pressure on passenger yields.

Overall cargo traffic was 3.0% lower y-o-y, while cargo

capacity decreased by 0.1%. Consequently, cargo load

factor (CLF) in July 2012 fell by 2.0 percentage points.

CLF decreased year-on-year for all regions, except for

South West Pacific and West Asia & Africa. Cargo load

factor for the East Asia region declined by 8.1 percentage

points as traffic demand was weak and did not match

capacity.

July home sales climbed 19.8% m-o-m to 2,067 units

after a brief pause in May/June. Excluding ECs, home

sales rose by a strong 41.7% to 1,943 units. While the

market continues to be driven by the mass market

segment where 78% of total new sales were in OCR,

response was mixed for new launches with better located

developments enjoying brisker take-up rates. While sales

momentum could slow ahead of the Hungry Ghost

Month, we expect take-up for the year to remain fairly

robust amid a low interest rate and ample liquidity

environment. However, price momentum would continue

to be moderate with buyers in the low-end segment

showing more resistance to price hikes as well as demand

in this segment becoming more sated. We continue to

prefer non-residential and diversified plays like

Capitaland, CapitaMalls Asia and Global Logistic

Properties.

Dragged down by motor vehicles, retail sales for the

month of June slipped 0.9% y-o-y. Excluding motor

vehicles, retail sales were up 2.3%. Meanwhile, sales

(seasonally adjusted) dipped 0.4% in June compared to

the previous month but were up 1.9% (excluding motor

vehicles) m-o-m. For the month of June, retailers of motor

vehicles saw sales slump by 10.8% y-o-y. Other retail

categories which reported declines during the month

were watches & jewellery as well as optical goods &

books, as sales decreased by 9.2% and 1.1% respectively.

On the other hand, double-digit growth was reported by

retailers of medical goods & toiletries,

telecommunications apparatus & computers and

supermarkets as they registered increases of 17.8%,

11.6% and 10.7% respectively.

In property news, Kovan Lodge - one of the last few older

freehold blocks on Kovan Road - was put up for sale by

tender at an indicative asking price of $31m, or $802 psf

ppr. Comprising a total land area of 27,090 square feet,

the site is said to have the potential to be redeveloped

into a much bigger residential development.

Singapore

Wired Daily

Page 3

Share Buy-Back

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

HG Metal Manufacturing Ltd 15-Aug-12 Share Buy-Back 200,000 0.0800

Macquarie Int'l Infra Fund Ltd 15-Aug-12 Share Buy-Back 2,740,000 0.5537

CSC Holdings Ltd 14-Aug-12 Share Buy-Back 200,000 0.1010

HG Metal Manufacturing Ltd 14-Aug-12 Share Buy-Back 850,000 0.0808

KSH Holdings Limited 14-Aug-12 Share Buy-Back 482,000 0.2100

Koh Brothers Group Limited 14-Aug-12 Share Buy-Back 83,000 0.2050

Macquarie Int'l Infra Fund Ltd 14-Aug-12 Share Buy-Back 1,299,000 0.5500

Overseas-Chinese Banking Corp 14-Aug-12 Share Buy-Back 100,000 9.4200

Pan-United Corporation Ltd 14-Aug-12 Share Buy-Back 130,000 0.6050

Second Chance Properties Ltd 14-Aug-12 Share Buy-Back 527,000 0.3850

Viking Offshore and Marine Ltd 14-Aug-12 Share Buy-Back 112,000 0.1040

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

Source: SGX Masnet

Substantial Shareholders’ Transactions: 2 Aug – 8 Aug 2012

*Deemed Interest

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

Stock Transacted Date Substantial Shareholder/ Director

Buy/Sell/

Conv

No of

Shares

('000)

Price Per

Share $

%Issued Cap

Before

Change

%Issued Cap

After 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 Jichun * Buy 20 0.15 3.54 3.55

GKE Corp 06-Aug-12 Liu Jichun * 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

Singapore

Wired Daily

Page 4

Announced Dividends and Capital Issues: 16 Aug 2012 – 26 Sep 2012 (by Ex-Date)

Source: SGX

Company Type Particulars Ex Date Paid/ Payable

BREADTALK GROUP LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 16-Aug-12 06-Sep-12

MEWAH INTERNATIONAL INC. DIVIDEND SGD 0.003 ONE-TIER TAX 16-Aug-12 03-Sep-12

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

SBS TRANSIT LTD DIVIDEND SGD 0.0135 ONE-TIER TAX 16-Aug-12 30-Aug-12

TYE SOON LTD DIVIDEND SGD 0.00287 ONE-TIER TAX 16-Aug-12 03-Sep-12

VICOM LTD DIVIDEND SGD 0.075 ONE-TIER TAX 16-Aug-12 30-Aug-12

WEE HUR HOLDINGS LTD. DIVIDEND SGD 0.01 ONE-TIER TAX 16-Aug-12 31-Aug-12

ABR HOLDINGS LIMITED DIVIDEND SGD 0.3 ONE-TIER TAX 17-Aug-12 07-Sep-12

COMFORTDELGRO CORPORATION LTD DIVIDEND SGD 0.029 ONE-TIER TAX 17-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

PSL HOLDINGS LTD DIVIDEND SGD 0.001 ONE-TIER TAX 17-Aug-12 04-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

ES GROUP (HOLDINGS) LIMITED DIVIDEND SGD 0.002 ONE-TIER TAX 22-Aug-12 04-Sep-12

PRUDENTIAL PLC DIVIDEND GBP 0.084 22-Aug-12 04-Oct-12

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

UOB-KAY HIAN HOLDINGS LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 22-Aug-12 14-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 3.75% 23-Aug-12 03-Sep-12

NY03100A 180901 INTEREST 4% 23-Aug-12 03-Sep-12

NY05100N 200901 INTEREST 3.25% 23-Aug-12 03-Sep-12

NY07100X 220901 INTEREST 3.13% 23-Aug-12 03-Sep-12

NY09100H 240901 INTEREST 3% 23-Aug-12 03-Sep-12

NZ07100S 270301 INTEREST 3.50% 23-Aug-12 03-Sep-12

NZ10100F 300901 INTEREST 2.88% 23-Aug-12 03-Sep-12

Q & M DENTAL GROUP (S) LIMITED DIVIDEND SGD 0.003 ONE-TIER TAX 23-Aug-12 07-Sep-12

SERIAL SYSTEM LTD DIVIDEND SGD 0.0022 ONE-TIER TAX 23-Aug-12 05-Sep-12

SUPER GROUP LTD. DIVIDEND SGD 0.02 ONE-TIER TAX 23-Aug-12 07-Sep-12

ARA ASSET MANAGEMENT LIMITED DIVIDEND SGD 0.023 ONE-TIER TAX 24-Aug-12 11-Sep-12

CHASEN HOLDINGS LIMITED DIVIDEND SGD 0.006 ONE-TIER TAX 24-Aug-12 06-Sep-12

HAW PAR CORP LTD DIVIDEND FIRST & INTERIM SGD 0.06 ONE-TIER TAX 24-Aug-12 12-Sep-12

HONG LEONG FINANCE LIMITED DIVIDEND SGD 0.04 ONE-TIER TAX 28-Aug-12 14-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

FREIGHT LINKS EXPRESS HOLDINGS DIVIDEND SCRIPDIVSCHEME SGD 0.0045 ONE-TIER TAX 29-Aug-12

GLOBAL INVESTMENTS LIMITED DIVIDEND SGD 0.0075 TAX EXEMPT 29-Aug-12 10-Sep-12

LEE METAL GROUP LTD DIVIDEND SGD 0.005 ONE-TIER TAX 29-Aug-12 14-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

TSIT WING INTL HOLDINGS LTD DIVIDEND HKD 0.015 31-Aug-12 21-Sep-12

HIAP HOE LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 03-Sep-12 21-Sep-12

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

DESIGN STUDIO FURNITURE MFRLTD DIVIDEND SGD 0.0075 ONE-TIER TAX 04-Sep-12 21-Sep-12

KINGSMEN CREATIVES LTD DIVIDEND SGD 0.015 ONE-TIER TAX 04-Sep-12 24-Sep-12

MULTI-CHEM LIMITED DIVIDEND SGD 0.0055 ONE-TIER TAX 04-Sep-12 20-Sep-12

SAKAE HOLDINGS LTD. DIVIDEND SGD 0.005 ONE-TIER TAX 04-Sep-12 20-Sep-12

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

ASTI HOLDINGS LIMITED DIVIDEND SGD 0.0015 ONE-TIER TAX 06-Sep-12 26-Sep-12

MEGACHEM LIMITED DIVIDEND SGD 0.003 TAX EXEMPT 07-Sep-12 28-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

POH TIONG CHOON LOGISTICS LTD DIVIDEND SGD 0.05 ONE-TIER TAX 12-Sep-12 28-Sep-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 2.50% 20-Sep-12 01-Oct-12

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

N508100V 130401 INTEREST 1.63% 20-Sep-12 01-Oct-12

N509100N 141001 INTEREST 1.38% 20-Sep-12 01-Oct-12

N511100W 160401 INTEREST 1.13% 20-Sep-12 01-Oct-12

N710100Z 170401 INTEREST 2.38% 20-Sep-12 01-Oct-12

NA12100N 420401 INTEREST 2.75% 20-Sep-12 01-Oct-12

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