*DJ Singapore's STI Down 0.4% At 2999.92; Breaks Key 3000 Support
 
 

*DJ Fraser & Neave Shareholders to Meet By End Sept to Vote on Heineken Offer for Asia Pacific Breweries - Source
 
 

*DJ OCBC Launches $1 Billion, 10.5-Year Bond at Tsys +255 BPs

 

Daily Review, 05 September 2012 Page 1 of 4

SGX-ST Member, SGX-DT (CNCM)

Daily Review

05 September 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

S-REITS

 Bloomberg has a piece on the S-Reits sector this

morning, saying it has been the best performing so

far this year: averaging 37% (yield + capital gains), twice

the gains in the US, UK and Japan, the other major

reit markets. (S-Reits offer an average 6.,46% yield

presently.)

 One of the reasons cited for this is the pace of

acquisitions, accounting for a third of total

acquisitions by reits in the region since 2009,

second to Japan.

 The report also highlights the wide gap between yields

of reits and 10-year government bonds: 413 basis

points here vs 192 bp in Australia.

 While we remain bullish on S-Reits, we believe there

are warning signs to look out for, especially when reits

gain on every acquisition they make (eg the Mapletree

Group of reits). Price to book will be the ratio to watch

closely rather than the yield.

 For instance, retail reits like CapitaMalls trust,

Fraser Centrepoint are trading at >20% premium.

Daily Review, 05 September 2012 Page 2 of 4

SGX-ST Member, SGX-DT (CNCM)

HI-P

S$0.93-HIPS.SI

 In response to Business Times article on 4 Sept ’12

where analysts from DMG, CIMB and DBS were

quoted to have said that Hi-P’s $300mln investment

in a new production facility in Nantong Economic

Technological Development by mid-2013 was to cater

to a new contract from Apple, management clarified

that the company serves customers in different

industries and is currently working on multiple

projects from existing and new customers.

 According to management, the new facility can serve

projects in the pipeline and also as part of the overall

manufacturing consolidation strategy.

 It is widely known in the industry that suppliers of

Apple are highly sensitive to news linking them to

Apple for fear that it may not go down well with Apple,

currently the largest and most-watched company in

world. We understand that several of Apple’s

suppliers were cut-off in the past due to information

leaks or using their connection to raise funds.

 While Hi-P’s list of existing and new customers

include Research In Motion, Apple, Amazon,

Nike, P&G, Colgate, Seagate and Motorola,

Apple is the best performing as well as having the best

prospects amongst them and this understandably

would be the best answer for analysts to link the

company’s huge investments this year as well as next

of close to $500mln to increase their production

capacity by 60-70%.

 We maintain our BUY recommendation on Hi-P.

Daily Review, 05 September 2012 Page 3 of 4

SGX-ST Member, SGX-DT (CNCM)

 Strengthening its early entry into China’s power

industry, Midas announced that it has secured 2 new

contracts from Xian Swtichgear Electric Co

(XSEC) and Xian XD High Voltage Apparatus

Co worth a total of Rmb123.4mln.

 Delivery of the contracts are expected between 2012-

2013.

 Midas has also signed a strategic cooperation

agreement with XSEC for a 1 year period with an

option to renew for another year upon expiry where

Midas will continue to enjoy preferred supplier status

as long as the company is able to uphold its high

standard of manufacturing and its products are priced

competitively. The agreement will also facilitate the

exchange of information relating to aluminium alloy

specification requirements in China’s power industry.

MIDAS

S$0.355-MIDS.SI

 The Rmb123.4mln would increase Midas’ order books

by 21% to Rmb700.4mln and is the biggest contract

that Midas has secured thus far from the power

industry in China.

 While the new contract win is positive, given Midas’

high exposure to the railway sector in China, we

believe a more sustainable re-rating will likely only

happen when Midas’ resumes winning the higher

margined high speed railway contracts.

 With valuations still in line with its peers and

customers in China and Hong Kong, we are

maintaining our HOLD recommendation.

Singapore

Wired Daily

Page 2

Midas announced this morning that it has secured 2

contracts from leading power industry players for the supply

of aluminium alloy tubings worth RMB123.4mil. This is also

a pretty sizable win as it makes up >10% of Midas' annual

revenue. The contracts are from Xian XD Switchgear Electric

Co., Ltd with Xian XD High Voltage Apparatus Co., Ltd

worth RMB100.3mil and RMB23.1mil respectively. The

delivery of these contracts is expected to be made over

2012 and 2013. Additionally, Midas has also signed a

Strategic Cooperation Agreement with Xian Switchgear

Electric, with an option to renew for another year. Under

the terms of agreement, Midas will continue to enjoy

preferred supplier status as long as it upholds it’s widely

recognised high standard of manufacturing and its products

are priced competitively. Our analyst sees this as a positive

for Midas as it 1) raises the Group's order book to

RMB700mil and 2) demonstrates the Group's ability to

diversify into other industries and expand its business. This

was recently talked about in our report issued last Friday.

Maintain BUY, TP S$0.49, based on 1x FY12 P/B. Stock is

trading at just 0.7x P/B.

Super Group is re-rated on potential to be an entrenched

Southeast Asian coffee player over the medium term. Our

analyst raises the valuation peg to 16x on FY13F and

earnings revision of 4.3%/ 2.6% for FY12F/FY13F. The

stock’s TP is lifted to $2.18 (from $1.88). Although bigger

and stronger, Super’s positive prospects are already priced

in for the next 12 months. In addition, the stock trades at

15.3x FY13F (+1 SD) above historical mean and 1.15x PEG.

Thus, maintain HOLD. Our analyst says to accumulate only

when price corrects by c.12%.

Singapore’s August PMI gave a mixed picture. Overall

manufacturing PMI declined by 0.7pts to 49.1 but in contrast,

the electronics PMI reverted back to expansion territory.

Electronics PMI rose by 1.5pts to 50.7 in the month. Still, our

economist sounds the caution in celebrating early. One has to

be realistic about the current global economic conditions. The

PMIs of key export markets have been slipping and the US SEMI

book-to-bill ratio for the electronics industry has dipped below

parity level, signalling a cyclical decline in global electronics

demand. In addition, overall manufacturing new orders are still

falling, implying more downsides to export sales and industrial

production in the coming months. This will consequently weigh

down on the manufacturing as well as the overall GDP growth.

On electronics, although yearend festive season demand may

offer some respite, the overall global trend is still downwards as

far as demand is concerned. The falling stocks in finished

goods, decline in employment and imports, generally imply that

manufacturers are not optimistic about the demand in the near

future.

Singapore

Wired Daily

Page 3

Share Buy-Back

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

CDW Holding Limited 04-Sep-12 Share Buy-Back 200,000 0.0920

Golden Ocean Group Limited 04-Sep-12 Share Buy-Back 718,024 NOK 4,00

Macquarie Int'l Infra Fund Ltd 04-Sep-12 Share Buy-Back 3,000,000 0.5300

Overseas-Chinese Banking Corp 04-Sep-12 Share Buy-Back 100,000 9.2200

Sarin Technologies Ltd 04-Sep-12 Share Buy-Back 88,000 0.9200

Second Chance Properties Ltd 04-Sep-12 Share Buy-Back 551,000 0.3950

Viking Offshore and Marine Ltd 04-Sep-12 Share Buy-Back 30,000 0.1080

Avi-Tech Electronics Limited 03-Sep-12 Share Buy-Back 400,000 0.0730

CSC Holdings Ltd 03-Sep-12 Share Buy-Back 200,000 0.1000

Macquarie Int'l Infra Fund Ltd 03-Sep-12 Share Buy-Back 500,000 0.5267

Overseas-Chinese Banking Corp 03-Sep-12 Share Buy-Back 100,000 9.2600

Sarin Technologies Ltd 03-Sep-12 Share Buy-Back 12,000 0.9200

Second Chance Properties Ltd 03-Sep-12 Share Buy-Back 678,000 0.3947

Anchun International Hldgs Ltd 31-Aug-12 Share Buy-Back 100,000 0.0510

CDW Holding Limited 31-Aug-12 Share Buy-Back 200,000 0.0930

Food Empire Holdigns Limited 31-Aug-12 Share Buy-Back 50,000 0.4200

Global Testing Corporation Ltd 31-Aug-12 Share Buy-Back 480,000 0.0620

Macquarie Int'l Infra Fund Ltd 31-Aug-12 Share Buy-Back 799,000 0.5250

Overseas-Chinese Banking Corp 31-Aug-12 Share Buy-Back 50,000 9.2600

Pan-United Corporation Ltd 31-Aug-12 Share Buy-Back 64,000 0.6200

Ryobi Kiso Holdings Ltd 31-Aug-12 Share Buy-Back 412,000 0.1194

Second Chance Properties Ltd 31-Aug-12 Share Buy-Back 43,000 0.3900

Viking Offshore and Marine Ltd 31-Aug-12 Share Buy-Back 50,000 0.1100

Anchun International Hldgs Ltd 30-Aug-12 Share Buy-Back 300,000 0.0501

CDW Holding Limited 30-Aug-12 Share Buy-Back 250,000 0.0920

Food Empire Holdigns Limited 30-Aug-12 Share Buy-Back 100,000 0.4200

Macquarie Int'l Infra Fund Ltd 30-Aug-12 Share Buy-Back 2,770,000 0.5250

Memtech International Ltd 30-Aug-12 Share Buy-Back 20,000 0.0770

Osim International Ltd 30-Aug-12 Share Buy-Back 450,000 1.2570

Overseas-Chinese Banking Corp 30-Aug-12 Share Buy-Back 100,000 9.2100

Pan-United Corporation Ltd 30-Aug-12 Share Buy-Back 207,000 0.6186

Ryobi Kiso Holdings Ltd 30-Aug-12 Share Buy-Back 497,000 0.1190

Second Chance Properties Ltd 30-Aug-12 Share Buy-Back 1,528,000 0.3900

Anchun International Hldgs Ltd 29-Aug-12 Share Buy-Back 1,300,000 0.0500

CDW Holding Limited 29-Aug-12 Share Buy-Back 200,000 0.0930

Food Empire Holdigns Limited 29-Aug-12 Share Buy-Back 50,000 0.4200

Global Testing Corporation Ltd 29-Aug-12 Share Buy-Back 785,000 0.0621

Macquarie Int'l Infra Fund Ltd 29-Aug-12 Share Buy-Back 726,000 0.5250

Memtech International Ltd 29-Aug-12 Share Buy-Back 1,000,000 0.0730

Overseas-Chinese Banking Corp 29-Aug-12 Share Buy-Back 100,000 9.2100

Pan-United Corporation Ltd 29-Aug-12 Share Buy-Back 57,000 0.6193

Second Chance Properties Ltd 29-Aug-12 Share Buy-Back 287,000 0.3900

Source: SGX Masnet

Singapore

Wired Daily

Page 4

Substantial Shareholders’ Transactions: 23 Aug – 30 Aug 2012

Stock Transacted Date Substantial Shareholder/ Director

Buy/Sell/

Conv

No of

Shares

('000)

Price Per

Share $

%Issued Cap

Before

Change

%Issued Cap

After Change

Jiutian Chemical 30-Aug-12 Anyag Longyu (HK) Dev * Buy 550 an 28.49 28.52

Swing Media Tech 30-Aug-12 Hui Yan Moon Buy 220 0.09 0.46 0.52

Swing Media Tech 30-Aug-12 Janies Ip * Buy 220 na 23.78 23.84

BRC Asia 29-Aug-12 Lingco Hldgs Buy 1826 0.13 5.28 5.49

Hartawan Hldgs 29-Aug-12 Cynthia Tan * Buy 268 0.14 22.94 22.97

Hartawan Hldgs 29-Aug-12 Winstedt Chong Buy 268 0.14 0.05 0.08

Hersing Corp 29-Aug-12 Harry Chua Buy 125 0.23 0.27 0.29

Raffles Education 29-Aug-12 Doris Chung * Buy 39 na 14.05 14.06

Raffles Education 29-Aug-12 Chew Hua Seng Buy 39 0.35 32.15 32.15

San Teh 29-Aug-12 Gui Kim Young * Buy 150 0.29 0.17 0.21

Swing Media Tech 29-Aug-12 Janies Ip * Buy 860 na 23.55 23.78

Swing Media Tech 29-Aug-12 Hui Yan Moon * Buy 860 0.09 0.23 0.46

TMC Education 29-Aug-12 Chin Kon Yuen * Buy 1 0.07 16.17 16.17

TMC Education 29-Aug-12 Yeow Cheng Khim Buy 1 0.07 16.17 16.17

BRC Asia 28-Aug-12 Sia Ling Sing * Buy 1826 0.13 27.37 27.58

BRC Asia 28-Aug-12 Lingco Marine * Buy 1826 na 5.28 5.49

Hartawan Hldgs 28-Aug-12 Cynthia Tan * Buy 314 0.14 22.9 22.94

Hartawan Hldgs 28-Aug-12 Winstedt Chong Buy 314 0.14 0.01 0.05

JB Foods 28-Aug-12 Tey How Keong Buy 500 0.29 0.13 0.25

KS Energy 28-Aug-12 Richard James Wiluan Buy 43 na 55.35 55.36

KS Energy 28-Aug-12 Rija Holdings * Buy 43 na 55.35 55.36

KS Energy 28-Aug-12 Kris Taenar Wiluan * Buy 43 0.72 55.35 55.36

KS Energy 28-Aug-12 Pacific One Energy Buy 43 na 55.35 55.36

LMA Int'l 28-Aug-12 Porter Olin LLC * Sell 1500 na 14.12 13.64

M Development 28-Aug-12 Value Capital Asset Mgmt Sell 130476 na 12.9 0

Pacific Healthcare 28-Aug-12 Pacific Investments Buy 1 na 7.53 7.53

Pacific Healthcare 28-Aug-12 William Cheong * Buy 1 0.1 11.9 11.9

Raffles Education 28-Aug-12 Doris Chung * Buy 261 na 14.02 14.05

Raffles Education 28-Aug-12 Chew Hua Seng Buy 261 0.35 32.12 32.15

Sakari Resources 28-Aug-12 PTT Mining , PTT Pub Co, PTT Int'l Buy 73158 na 0 6.43

Swing Media Tech 28-Aug-12 Janies Ip * Buy 850 na 23.32 23.55

Swing Media Tech 28-Aug-12 Hui Yan Moon Buy 850 0.09 0 0.23

Tung Lok Restaurants 28-Aug-12 Goi Seng Hui * Buy 1412 0.21 16.86 17.87

Tung Lok Restaurants 28-Aug-12 Tee Yih Jia Buy 1412 0.21 16.86 17.87

C&G Env 27-Aug-12 C&G Hldgs (HK) Buy 16800 na 77.87 79.6

C&G Env 27-Aug-12 Lam Chik Tsan * Buy 16800 na 77.87 79.6

C&G Env 27-Aug-12 Lin Yan * Buy 16800 0.11 77.87 79.6

Giken Sakata 27-Aug-12 Tan Kay Guan Buy 250 7.5 0.06 0.25

JB Foods 27-Aug-12 Tey How Keong Buy 500 0.29 0 0.13

Sri Trang Agro-Industry 27-Aug-12 Prasit Panidkul Sell 500 0.59 0.67 0.63

Teledata 27-Aug-12 Tsai Feng-An * Buy 14105 na 13.49 14.27

Teledata 27-Aug-12 Viktoria Capital * Buy 14105 na 13.49 14.27

Teledata 27-Aug-12 Meritus Resources Buy 14105 na 13.49 14.27

AEM Hldgs 24-Aug-12 Orion Phoenix Buy 560 na 23.87 24

AEM Hldgs 24-Aug-12 Novo Tellus PE Fund 1 * Buy 560 na 23.87 24

CordLife Group 24-Aug-12 Yee Pinh Jeremy Buy 100 0.53 0.66 0.7

CSE Global 24-Aug-12 Amundi Group * Sell 56 na 6 5.99

CSE Global 24-Aug-12 Amundi S A * Sell 56 na 6 5.99

Intraco 24-Aug-12 Melanie Chew Ng Fung Ning * Buy 1769 na 22.28 24.07

Intraco 24-Aug-12 Chew Leong Chee * Buy 1769 na 22.28 24.07

Intraco 24-Aug-12 Resource Pacific Hldgs * Buy 1769 na 22.28 24.07

Intraco 24-Aug-12 Aisa Resource Corp * Buy 1769 na 22.28 24.07

Intraco 24-Aug-12 Representations Int'l * Buy 1769 na 22.28 24.07

Intraco 24-Aug-12 Macondray & Co * Buy 1769 na 22.28 24.07

Intraco 24-Aug-12 Amtrek Investment Buy 1769 na 22.28 24.07

M Development 24-Aug-12 Value Capital Asset Mgmt Sell 17874 na 14.7 12.9

Sri Trang Agro-Industry 24-Aug-12 Prasit Panidkul Sell 200 0.58 0.7 0.7

CapitaRetail China Trt 23-Aug-12 AIA Group * Buy 404 1.48 4.95 5.01

China Jishan 23-Aug-12 Jin Guan Liang * Buy 4 0.08 71.31 71.31

China Jishan 23-Aug-12 Jin Cheng Int'l Hldgs Buy 4 0.08 71.31 71.31

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

Sri Trang Agro-Industry 23-Aug-12 Prasit Panidkul Sell 200 0.59 0.7 0.7

SunPower Group 23-Aug-12 Artur Jurczakowski Sell 400 na 7.57 7.45

*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 5

Announced Dividends and Capital Issues: 5 Sep 2012 – 31 Oct 2012 (by Ex-Date)

Source: SGX

Company Ty pe Part iculars Ex Date

Paid/

Pay able

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

DIAGEO ADR 10 DIVIDEND APPROXIMATE USD 1.708365 05-Sep-12 26-Oct-12

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

KOON HOLDINGS LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 06-Sep-12 25-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

LUNG KEE (BERMUDA) HLDGS LTD DIVIDEND HKD 0.06 10-Sep-12 27-Sep-12

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

SURFACE MOUNT TECH (HLDGS) LTD ENTITL. SHARE CONSOL OFFER OF 1 FOR 15 10-Sep-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

SHANGRI-LA ASIA LIMITED DIVIDEND HKD 0.1 25-Sep-12 10-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

GENTING SPS$500M5.125% PERPSEC BONDS INT 180412 - 171012 5.125% 11-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

UNITED OVERSEAS AUSTRALIA LTD DIVIDEND UNFRANKED,DRP AUD 0.005 15-Oct-12 01-Nov-12

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

GUOCOLAND LIMITED DIVIDEND SGD 0.05 ONE-TIER TAX 18-Oct-12 15-Nov-12

GUOCOLEISURE LIMITED DIVIDEND SGD 0.02 22-Oct-12 08-Nov-12

CORDLIFE GROUP LIMITED DIVIDEND SGD 0.018 ONE-TIER TAX 24-Oct-12 14-Nov-12

ELLIPSIZ LTD DIVIDEND SGD 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

KARIN TECHNOLOGY HLDGS LIMITED DIVIDEND HKD 0.071 29-Oct-12 15-Nov-12

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

SIN GHEE HUAT CORPORATION LTD. DIVIDEND SGD 0.02 ONE-TIER TAX 30-Oct-12 14-Nov-12

AUSGROUP LIMITED DIVIDEND SGD 0.0036 ONE-TIER TAX 31-Oct-12 21-Nov-12

AUSGROUP LIMITED DIVIDEND SGD 0.0064 ONE-TIER TAX 31-Oct-12 21-Nov-12

GEMS TV HOLDINGS LIMITED DIVIDEND SGD 0.0095 31-Oct-12 15-Nov-12

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

KIAN ANN ENGINEERING LTD DIVIDEND SGD 0.0082 ONE-TIER TAX 31-Oct-12 14-Nov-12

RYOBI KISO HOLDINGS LTD. DIVIDEND SGD 0.003 ONE-TIER TAX 31-Oct-12 14-Nov-12

0306 GMT [Dow Jones] STOCK CALL: Don't be a shrinking violet on equities, Nomura says. "We would not want to lower risk now - particularly as key factors within Asia and globally may be on the verge of sizeable improvement." Things "feel" worse than economic data bear out, with the 2.7% Asia-Pacific ex-Japan pullback since Aug. 23 a mild and reassuringly drama-free consolidation after the 13% rally since early June, it says. While China's growth is a key concern, stimulus only works with a customary lag, it says. "The China boost is coming; that, plus ongoing tail-risk-reducing policy modifications in Europe and a U.S. property recovery should keep the rerisking trade alive." It keeps its bias for more cyclical, growth and reflation-sensitive markets and sectors. It upgrades Taiwan to Overweight from Neutral, cuts Australia to Underweight from Overweight and downgrades India to Underweight from Neutral. It remains Underweight on emerging Asean, especially Malaysia, Indonesia and the Philippines, but raises Thailand to Overweight as a stand-out preference. It keeps Singapore at Neutral. It upgrades the tech sector to Overweight from Neutral, downgrades materials to Neutral from Overweight and upgrades consumer discretionary to Overweight from Neutral. Singapore companies on its focus list are Keppel (BN4.SG), DBS (D05.SG) and Golden Agri (E5H.SG).