DJ MARKET TALK: Singapore's STI May Stall; 3040 Support Eyed 

0052 GMT [Dow Jones] Singapore's STI may remain stuck in neutral amid a lack of strong cues from offshore markets and ahead of Friday's big show in Jackson Hole. "Traders have been looking for clues from the data released in the lead-up to the Jackson Hole Fed meeting this Friday. But again they are none the wiser on which path Bernanke will decide to take," says Justin Harper, market strategist at IG Markets Singapore, in a note. The STI ended Tuesday 4.42 points lower at 3040.07; 3040 support will likely be closely watched, while resistance at the 3088 year-to-date high likely won't be troubled. Among stocks likely in focus, Olam (O32.SG) reported its fiscal 4Q12 net profit fell 19.6% on year to S$114.8 million, weighed by cotton market events. SGX filings show ThaiBev (Y92.SG) raised its stake in Fraser & Neave (F99.SG) to 29% over the last two weeks, just shy of the 30% threshold requiring a mandatory general offer. SembMarine's (S51.SG) Brazilian unit landed a $674 million Petrobras-related contract to build two FPSOs
 
 

*DJ IHH Healthcare +2.4% at S$1.27; 2Q12 Net Profit +426% at MYR403.5 Mln
 
 

DJ MARKET TALK: SembMarine May Not React Much To US$675M Job Win 

0058 GMT [Dow Jones] SembMarine (S51.SG) may not react much to its Brazilian unit landing a US$674 million contract for two FPSOs from a Petrobras-related consortium. While the contracts appear to be significantly below the two Petrobras-related contracts that peer Keppel (BN4.SG) landed earlier this month for a total US$950 million, "it could be differences in the scope of work," says OSK analyst Jason Saw. "Generally, I think this is in line with market expectations." The stock ended Tuesday up 0.2% at S$5.00
 
 

 

Daily Review, 29 August 2012 Page 1 of 5

SGX-ST Member, SGX-DT (CNCM)

Daily Review

29 August 2012

LIM & TAN SECURITIES PTE LTD

20 CECIL STREET

#09-00 EQUITY PLAZA

SINGAPORE 049705

TEL: 65330595 FAX: 65332368

www.limtan.com.sg

RCB Reg No. 197301030W

OLAM

S$1.99-OLAM.SI

 Olam’s 14% profit drop in Q4 ended Jun ’12 is

unlikely to affect its share price by much.

 Olam’s first drop in net profit (as well as dividend)

for the full fiscal year has been well publicized, ever

since the 1% y-o-y drop in the Dec ’11 quarter which

worsened to -23% in Q3 ended Mar ’12. See exhibit

below.

 However concerns that Olamn’s successful model

(acquisitions using shares as currency) may have

run its course as high valuations become a thing of

the past. Historic PE based on 2011/12’s profit is

13.2x.

 With the Chandrai family and CEO Verghese

having demonstrated readiness to buy shares at

<$1.90, we believe the $1.525 low reached this year

will likely hold.

 As such, we are moving our rating to HOLD from SELL.

Net Profit DPS

2006 87.232 1.5+1.5

2007 109.047 1.75+1.75

2008 167.703 2.5

2009 252.029 3.5

2010 359.469 2+2.5

2011 429.841 5.0

2012 370.908 4.0

Note: Profit in $ mln and dps in cents.

Daily Review, 29 August 2012 Page 2 of 5

SGX-ST Member, SGX-DT (CNCM)

F & N

S$8.30-FRNM.SI

 Thai Beverage has confirmed its purchase of

36,762,500 F&N shares last week, which raised its

stake to just 1% below the threshold.

 Many expect Charoen S to mount a full bid for F&N;

which if so would have to be no less than $8.88 that

he paid OCBC / GE / Lee Family for the initial

22% stake.

 Question is, is there time to stop the F&N /

Heineken deal.

Daily Review, 29 August 2012 Page 3 of 5

SGX-ST Member, SGX-DT (CNCM)

 As warned by management on 21 Aug ’12, Longcheer’s

4Q ended June ’12 loss widened to Rmb75.4mln from

year ago’s loss of Rmb56.7mln, dragging full year loss

to Rmb94.8mln, deepening from last year’s loss of

Rmb72.2mln.

 Impairment of trade and other receivables increased

to Rmb98.4mln for the quarter, up from Rmb2.66mln

a year ago as debts due from Shanghai QL Telecom

were deemed impaired as they remain in financial

difficulties.

 If not for the impairment, the company would have

been Rmb23mln in the black for the quarter as the

higher margined 3G phones contributed to 75% of

their business, up from only 10% a year ago.

LONGCHEER

S$0.082-LONG.SI

 While the 3G business is expected to continue to be

a growth driver going forward, management warned

that heightened competitive pressures in this market

will pressure profit margins.

 The company’s financial position has weakened

considerably in the past year with cash down from

Rmb254mln to Rmb119mln while debts rose from

Rmb120mln to Rmb167mln.

 While the stock price has declined 18% since its profit

warning on 21 Aug ’12, its still high accounts

receivables of Rmb521mln (despite having impaired

Rmb98.4mln) and management’s warning of continued

margin pressures suggest that investors should

continue to avoid the stock. (The stock hit a low of 7

cents in Jan ’12 while in late 2011 it hit a an all time

low of 6 cents)

Daily Review, 29 August 2012 Page 4 of 5

SGX-ST Member, SGX-DT (CNCM)

 As warned by management on 13 Aug ’12, Qingmei

swung into its first quarterly loss since listing 2 years

ago in 4Q ended June ’12 at Rmb41mln against profit

of Rmb65mln a year ago and Rmb14mln a quarter ago.

 And management expects to face a continued

challenging market environment in the year ahead due

to the Eurozone crisis, over-inventory in the channels

and weak consumer demand.

QINGMEI

S$0.067-QMEI.SI

 Last year’s final dividend of Rmb0.1292 was

discontinued despite its cash holdings of Rmb582mln.

 While its cash represents slightly more than 2x its

current market cap of S$45.5mln, the numerous blowups

of S-Chips in the past few years and

discontinuation of dividends suggest investors should

continue to avoid the stock.

August 29, 2012

DMG & Partners Securities Pte Ltd may have received compensation from the company(s) 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.

See important disclosures at the end of this publication 1

See important disclosures at the end of this publication

DMG Research

DMG Research

OSK Research

DOMSGK Reesseeaarrcchh

SINGAPORE EQUITY

Investment Research

DMG & Partners Research 4QFY12 Results Review Private Circulation Only

SUPPLY CHAIN

Leng Seng Choon, CFA

+65 6232 3890

[email protected]

Olam BUY

Price S$1.99

Previous S$2.56

Target S$2.56

Supply Chain

Olam is a supply chain manager focusing on

agriculture soft commodities. Acquisitions

remain one of its growth strategies.

Stock Profile/Statistics

Bloomberg Ticker OLAM SP

STI 3040.1

Issued Share Capital (m) 2390.2

Market Capitalisation (S$m) 4756.5

52 week H L Price (S$) 2.76 1.525

Average Volume (3m) '000 15975.4

YTD Returns (%) -6.6

Net gearing (x) 1.81

Altman Z-score 2.4

Beta 1.64

ROCE/WACC 0.94

Book Value/share (S$) 1.39

Major Shareholders (%)

Kewalram 20.2

Temasek Holdings 16.3

Share Performance (%)

Month Absolute Rela tive

1m 10.6% 9.2%

3m 17.4% 8.9%

6m -14.2% -17.4%

12m -14.6% -23.5%

6-month Share Price Performance

Food segments remain strong

Olam reported 4QFY12 net profit of S$110m, down 14% YoY. If we strip out the

effects from biological gains exceeding our forecast, adjusted net profit would be

S$71m, below our S$91m forecast. This weakness is due to higher expenses.

There was YoY earnings weakness from the industrial raw materials space, but

food continues to power ahead. We lowered our FY13 net profit forecast by 6% to

factor in continued cotton and wood weakness and higher costs. Remain positive

on food, which accounted for 87% share of net contribution. Olam trades at a

FY13F P/E of 10.8x, which is inexpensive versus FY13F net profit growth of 21%.

Maintain BUY with an unchanged target price of S$2.56, derived from a 3-stage

DCF valuation model. Our TP translates to a FY13 P/E of 13.9x, which is lower

than the historical average of 17x.

Food still thriving. The three food segments collectively recorded FY12 NC

growth of 32%. In contrast, the industrial raw materials suffered a 41% plunge in

NC, with cotton origination affected by extreme market volatility, demand

illiquidity and declining volumes. As the food segments account for 87% share of

NC, overall NC still recorded a respectable 13% growth.

Still aiming for FY16 target net profit of US$1b. Olam has made cumulative

capex of S$4.4b thus far, and has already committed another S$1.7b, the bulk of

which will be utilised in FY13 & FY14. Olam plans to achieve its FY16 target

US$1b PAT without raising fresh equity. Olam will use the debt capital market to

source for funding for its investments. Olam’s lower gearing also provides scope

for more debt to drive its acquisitions.

FYE Jun (S$m) FY10 FY11 FY12 FY13F FY14F

R evenue 10,642 15,928 17,145 19,068 21,435

Net Profit 359.5 429.8 370.9 449.3 588.5

% chg YoY 42.6% 19.6% -13.7% 21.1% 31.0%

Net Profit -Recurring 272.2 372.8 357.9 424.3 564.5

Consensus 449.1 590.9

EPS (S¢) 17.9 20.2 15.3 18.4 24.1

DPS (S¢) 4.5 5.0 4.0 5.5 7.2

Div Yield 2.3% 2.5% 2.0% 2.8% 3.6%

ROE 22.2% 21.3% 14.2% 14.2% 16.7%

ROA 5.4% 4.2% 2.8% 3.0% 3.6%

P/E (x) 11.1 9.8 13.0 10.8 8.3

P/B (x) 2.3 2.1 1.6 1.5 1.3

Source: Company data and DMG Estimates

See important disclosures at the end of this publication 2

See important disclosures at the end of this publication

OSK Research

DOMSGK Reesseeaarrcch

Other key highlights

Biological gains were S$46m ahead of our expectation. The bulk of the gains

were operational in nature ie due to crops maturity and yield improvement over

time. The non-operational component, which is attributed to changes in crop

prices and discount rates, is small.

Costs spiked up YoY in 4QFY12, which management attributed to 1) new

businesses such as palm, rubber and fertilisers (which are not contributing to

revenue as yet), 2) acquisitions which have yet to realise their full earnings

potential, and 3) higher inflation rates in some countries that they operate.

Taking a longer term perspective, NC expanded a 3-year CAGR of 32%, with

the three food segments each achieving between 36% & 40%. The weakness

came from industrial raw materials, which still managed a mild 6% CAGR. We

believe Olam is able to maintain its growth trend for the three food segments,

and this will drive earnings growth over the next few years.

Balance sheet strength has improved. Net debt to equity of 1.81x is an

improvement from Jun 11's 2.22x. Adjusted for RMIs and secured debtors,

adjusted net gearing is a much lower 0.37x.

Wood and cotton seen to remain soft. Management guided that the global

economic weakness could lead to continued softness for the industrial raw

materials segment, although they saw some growth in the months of Jul and

Aug. We assume this segment will remain weak in the months ahead.

Figure 1: Our 3-stage DCF Valuation

Discounted Cash Flow Model (DCF)

Growth Rate till 2016 25.0%

Terminal Growth Rate (2021 onwards) 4.0%

WACC 9.0%

- Cost of debt after tax 6.4%

- Cost of equity 14.6%

- Risk-free rate (10-yr) 1.5%

- Market risk premium 8.5%

- Beta 1.5

Capital structure

- Debt 69%

- Common Equity 31%

Source: DMG estimates

• Ascendas Hospitality Trust - Poised to deliver growth; initiate coverage with BUY recommendation and target price of S$ 0.95.

Singapore

Wired Daily

Page 2

including information exchange and the listing of more

Shandong companies on SGX. Shandong Finance Office is

the government body which drives the financial development

of the province and helps Shandong businesses in their

structuring and fund-raising plans.

Mapletree Logistics Trust announced the acquisition of

Hyundai Logistics Centre in South Korea for KRW 22.5bn

(S$24.5m) at an estimated initial yield of 9.0%. The

acquisition comprises of 2 blocks of 3-storey dry warehouses

in Gyeonggi-do, one of the largest logistics cluster in South

Korea. The property is leased to E-Land World and Korea

Environment & Resources Corporation (ENVICO) who are

understood to be reputable companies with strong credit

standing. In conjunction with the acquisition, MLT has also

announced the divestment of 30 Woodlands Loop in

Singapore for S$15.5m. The sale price represents a 50% and

41% premium above its purchase price and latest valuation.

We estimate exit yield is estimated to be c 5.8%. The above

deals are expected to be accretive to unitholders distributions

when completed. In terms of financial impact, while yield

enhancing, it is likely to be minimal at <1% of net property

income and distributions. Gearing is also expected to remain

stable at c37%. No change to BUY call and TP of S$1.14.

Stock offers prospective yields of close to c 6.3-6.5%.

Mr Oei Hong Leong has called off talks to buy a substantial

stake in Intraco after he failed to secure promises of support

from the major shareholders of seller Hanwell Holdings,

according to BT. This will deprive Intraco shareholders of a

potential 70 cent-per-share general offer from Mr Oei, who

has said that he would offer to take the company private if

he could acquire the Hanwell bloc.

LMA International has been awarded a three-year Sole

Supply Agreement for its LMA laryngeal mask range of

products with the Ramsay Healthcare Group in Australia. The

Ramsay Healthcare Group is the largest provider of private

healthcare in Australia with over 50 private hospitals.

Loyz Energy has inked a milestone exploration and

production (E&P) deal in US which could potentially

contribute quickly to earnings and cash flow. It has signed an

agreement to participate in drilling of 80 onshore wells in

resource-rich plains of Colorado & North Dakota, in return

for 20% share of net revenue Interest which is convertible

into working Interest. Loyz and Rex Oil & Gas (a major

technology partner of Loyz Energy) will provide 2 rigs for the

project.

Pteris Global is placing a strategic stake to an entity within

Chinese conglomerate China International Marine

Containers’ (CIMC) group of companies. The placement

involves the placing of 82.2m new shares at S$0.13 per

share. The issue price represents an approximate 14.8%

premium over the last average traded price. Following the

completion of the placement, CIMC will hold approximately

14.99% of the enlarged issued share capital of Pteris Global

and will be invited to take up one board seat.

Sunpower has secured a RMB24.5m new contract from a

subsidiary of Shanghai-listed petroleum gas refinery Zhejiang

Haiyue. New order comes hot on the heels after RMB39.9m

contract from the same customer in June 2012.

Singapore

Wired Daily

Page 3

Share Buy-Back

Source: SGX Masnet

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

CDW Holding Limited 28-Aug-12 Share Buy-Back 200,000 0.0930

Food Empire Holdigns Limited 28-Aug-12 Share Buy-Back 50,000 0.4200

Global Testing Corporation Ltd 28-Aug-12 Share Buy-Back 420,000 0.0616

HG Metal Manufacturing Ltd 28-Aug-12 Share Buy-Back 265,000 0.0800

Macquarie Int'l Infra Fund Ltd 28-Aug-12 Share Buy-Back 460,000 0.5250

Overseas-Chinese Banking Corp 28-Aug-12 Share Buy-Back 100,000 9.2000

Pan-United Corporation Ltd 28-Aug-12 Share Buy-Back 170,000 0.6200

Second Chance Properties Ltd 28-Aug-12 Share Buy-Back 36,000 0.3900

Wee Hur Holdings Ltd 28-Aug-12 Share Buy-Back 1,121,000 0.2800

CDW Holding Limited 27-Aug-12 Share Buy-Back 100,000 0.0930

GK Goh Holdings 27-Aug-12 Share Buy-Back 5,000 0.7200

Global Testing Corporation Ltd 27-Aug-12 Share Buy-Back 500,000 0.0610

Golden Ocean Group Limited 27-Aug-12 Share Buy-Back 1,075,000 NOK 4,00

HG Metal Manufacturing Ltd 27-Aug-12 Share Buy-Back 500,000 0.0800

Koh Brothers Group Limited 27-Aug-12 Share Buy-Back 45,000 0.2050

KSH Holdings Limited 27-Aug-12 Share Buy-Back 470,000 0.2200

Macquarie Int'l Infra Fund Ltd 27-Aug-12 Share Buy-Back 1,000,000 0.5250

Overseas-Chinese Banking Corp 27-Aug-12 Share Buy-Back 100,000 9.2400

Pan-United Corporation Ltd 27-Aug-12 Share Buy-Back 150,000 0.6200

Second Chance Properties Ltd 27-Aug-12 Share Buy-Back 576,000 0.3900

Wee Hur Holdings Ltd 27-Aug-12 Share Buy-Back 205,000 0.2800

CDW Holding Limited 24-Aug-12 Share Buy-Back 100,000 0.0930

Hisaka Holdings 24-Aug-12 Share Buy-Back 1,407,000 0.3221

Macquarie Int'l Infra Fund Ltd 24-Aug-12 Share Buy-Back 505,000 0.5270

Overseas-Chinese Banking Corp 24-Aug-12 Share Buy-Back 100,000 9.2700

Second Chance Properties Ltd 24-Aug-12 Share Buy-Back 608,000 0.3900

Wee Hur Holdings Ltd 24-Aug-12 Share Buy-Back 2,170,000 0.2800

Global Testing Corporation Ltd 23-Aug-12 Share Buy-Back 1,467,000 0.0600

Golden Ocean Group Limited 23-Aug-12 Share Buy-Back 25,000 NOK 4,00

Koh Brothers Group Limited 23-Aug-12 Share Buy-Back 50,000 0.2050

Overseas-Chinese Banking Corp 23-Aug-12 Share Buy-Back 100,000 9.3400

San Teh Limited 23-Aug-12 Share Buy-Back 484,000 0.2900

Second Chance Properties Ltd 23-Aug-12 Share Buy-Back 999,000 0.3900

Viking Offshore and Marine Ltd 23-Aug-12 Share Buy-Back 36,000 0.1080

Wee Hur Holdings Ltd 23-Aug-12 Share Buy-Back 152,000 0.2800

Global Testing Corporation Ltd 22-Aug-12 Share Buy-Back 200,000 0.0600

Golden Ocean Group Limited 22-Aug-12 Share Buy-Back 86,489 NOK 4,00

HG Metal Manufacturing Ltd 22-Aug-12 Share Buy-Back 1,300,000 0.0800

Koh Brothers Group Limited 22-Aug-12 Share Buy-Back 124,000 0.2050

KSH Holdings Limited 22-Aug-12 Share Buy-Back 110,000 0.2253

Overseas-Chinese Banking Corp 22-Aug-12 Share Buy-Back 100,000 9.3200

Second Chance Properties Ltd 22-Aug-12 Share Buy-Back 2,000,000 0.3900

Viking Offshore and Marine Ltd 22-Aug-12 Share Buy-Back 150,000 0.1070

Wee Hur Holdings Ltd 22-Aug-12 Share Buy-Back 229,000 0.2800

This message was edited by Lucky3902 on 29-Aug-2012 @ 3:36 PM

Singapore

Wired Daily

Page 4

Substantial Shareholders’ Transactions: 16 Aug – 23 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

Pacific Healthcare 23-Aug-12 William Cheong * Buy 12 0.1 11.9 11.9

Marco Polo Marine 22-Aug-12 Lee Wan Tang Buy 2000 0.34 0.72 1.31

Pacific Healthcare 22-Aug-12 Pacific Investments Buy 12 na 7.53 7.53

Aspial Corporation 21-Aug-12 Koh Wee Seng Buy 386 0.37 14.21 14.23

Pacific Healthcare 21-Aug-12 Pacific Investments Buy 50 na 7.52 7.53

Pacific Healthcare 21-Aug-12 William Cheong * Buy 50 0.1 11.89 11.9

Starhub 21-Aug-12 Neil Montefiore Sell 420 3.6 0.04 0.02

Sunpower Group 21-Aug-12 Artur Jurczakowski Sell 400 na 7.81 7.69

UIS 21-Aug-12 Laxey Partners Ltd * Sell 2005 na 9.95 8.95

Aspial Corporation 17-Aug-12 Koh Wee Seng Buy 100 0.37 14.2 14.21

HLH Group 17-Aug-12 Wang Kai Yuen Buy 3600 0.03 0.03 0.12

Jasper Investm 17-Aug-12 Phillip Jeffrey Saile Sell 1800 0.06 0.14 0.1

Liongold Corp 17-Aug-12 Nomura Holdings * Buy 1007 0 4.93 5.06

Liongold Corp 17-Aug-12 Nomura Intl Sell 268 na 3.88 3.84

Liongold Corp 17-Aug-12 Nomura Intl * Buy 1260 na 1.05 1.21

M Development 17-Aug-12 Vslue Capital Asset Mgtm Sell 68000 na 14.06 6.17

M Development 17-Aug-12 Lin Chung Ming Buy 57000 0.01 0.2 6.2

M Development 17-Aug-12 Vslue Capital Asset Mgtm Sell 51899 na 6.17 0.15

Marco Polo Marine 17-Aug-12 Lai Qin Zhi * Buy 2000 0.34 57.61 58.2

Marco Polo Marine 17-Aug-12 Lee Wan Tang * Buy 2000 0.34 56.89 57.48

MFS Technology 17-Aug-12 Dato Tan Bian Ee Buy 1256 0.12 0.28 0.48

Nobel Design 17-Aug-12 Patrick Kho * Buy 179 na 6.22 6.32

PCI 17-Aug-12 Peh Kwee Chim * Buy 900 0.45 76.33 76.78

PCI 17-Aug-12 Chuan Hup Hldgs * Buy 900 na 76.33 76.78

Stamford Tyres 17-Aug-12 Dawn Wee * Buy 50 0.34 31.22 31.24

Stamford Tyres 17-Aug-12 Wee Kok Wah Buy 50 0.34 15.93 15.95

CSE Global 16-Aug-12 Amundi Group * Buy 60 na 5.99 6

CSE Global 16-Aug-12 Amundi S A * Buy 60 na 5.99 6

CSE Global 16-Aug-12 Amundi Group * Buy 79 na 5.99 6

CSE Global 16-Aug-12 Amundi S A * Buy 79 na 5.99 6

Liongold Corp 16-Aug-12 Nomura Intl * Sell 1424 na 1.23 1.05

Liongold Corp 16-Aug-12 Nomura Holdings * Sell 1235 na 5.08 4.93

Nobel Design 16-Aug-12 Patrick Kho Buy 439 na 7.78 8.04

OCBC 16-Aug-12 Lai Teck Poh Sell 30 0.4 0.01 0.01

Pacific Healthcare 16-Aug-12 Pacific Investments Buy 1 na 7.52 7.52

Pacific Healthcare 16-Aug-12 William Cheong * Buy 1 0.1 11.89 11.89

Sky One Hldgs 16-Aug-12 Teo Chew Seng Sell 387 0.32 0.12 0

Stamford Tyres 16-Aug-12 Dawn Wee * Buy 5 0.33 31.22 31.22

Stamford Tyres 16-Aug-12 Wee Kok Wah Buy 5 0.33 15.93 15.93

Sunvic Chemical 16-Aug-12 Jiao Xingkun Buy 300 0.32 0.04 0.1

Techcomp Hldgs 16-Aug-12 Kabouter Fund Buy 113 na 5.96 6.01

Singapore

Wired Daily

Page 5

Announced Dividends and Capital Issues: 29 Aug 2012 – 22 Nov 2012 (by Ex-Date)

Source: SGX

Company Type Particulars Ex Date Paid/ Payable

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

SAIZEN REAL ESTATE INV TRUST DIVIDEND SGD 0.0063 TAX EXEMPT 29-Aug-12 18-Sep-12

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

TAT SENG PACKAGING GROUP LTD DIVIDEND SGD 0.01 ONE-TIER TAX 29-Aug-12 17-Sep-12

FIRST RESOURCES LIMITED DIVIDEND SGD 0.0125 ONE-TIER TAX 30-Aug-12 20-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

HONG LEONG ASIA LTD. DIVIDEND SGD 0.01 ONE-TIER TAX 03-Sep-12 20-Sep-12

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

CHINAMOBILE ADR 10 DIVIDEND APPROXIMATE USD 0.94735 04-Sep-12 09-Oct-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

PEOPLE'S FOOD HOLDINGS LIMITED DIVIDEND CNY 0.01 06-Sep-12 25-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 0.005 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

TPV TECHNOLOGY LIMITED DIVIDEND USD 0.0046 01-Oct-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

SELECT GROUP LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 04-Oct-12 22-Oct-12

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

UMS HOLDINGS LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 11-Oct-12 31-Oct-12

YUEXIU PROPERTY CO LIMITED DIVIDEND HKD 0.042 12-Oct-12 15-Nov-12

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

ELLIPSIZ LTD DIVIDEND USD 0.0016 ONE-TIER TAX 24-Oct-12 15-Nov-12

BRITISH & MALAYAN TRUSTEES LTD DIVIDEND SGD 0.027 TAX EXEMPT 29-Oct-12 12-Nov-12

BOARDROOM LIMITED DIVIDEND SGD 0.02 ONE-TIER TAX 30-Oct-12 23-Nov-12

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

ASL MARINE HOLDINGS LTD DIVIDEND SGD 0.0175 ONE-TIER TAX 01-Nov-12 19-Nov-12

CHOSEN HOLDINGS LIMITED DIVIDEND SGD 0.0066 ONE-TIER TAX 05-Nov-12 23-Nov-12

F J BENJAMIN HOLDINGS LTD DIVIDEND SGD 0.01 ONE-TIER TAX 05-Nov-12 27-Nov-12

PARKSON RETAIL ASIA LIMITED DIVIDEND SGD 0.03 ONE-TIER TAX 06-Nov-12 23-Nov-12

NX09100W 190601 INTEREST 2.50% 22-Nov-12 03-Dec-12

NX11100X 210601 INTEREST 2.25% 22-Nov-12 03-Dec-12