Tiger Airways Holdings: Turnaround story intact

25-Sep 2012 Tuesday 9:47 AM (4233 days ago)

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Tiger Airways Holdings: BUY; S$0.745; Bloomberg Code: TGR SP
Turnaround story intact
Price Target : 12-Month S$ 0.90 (Prev S$ 0.92)

• Operations turning around in Australia as daily sectors rebound to pre-suspension levels
• Singapore was already back in the black last quarter but Australia’s financial recovery will be dampened somewhat by ongoing price war
• Permanent CEO will further steady the ship; fresh ideas should add impetus for growth
• Maintain BUY, TP S$0.90 (12x FYE Mar14 PE)

Tiger Australia operations improving. With the addition of an 11^th aircraft to its fleet, Tiger Australia will be flying 64 sectors per day from October compared to 60 pre-suspension. Load factors have also been encouraging in recent months. However, earnings recovery may be dampened and delayed by the ongoing fare war in Australia between Qantas and Virgin, though this will affect business and premium class more than budget and economy fares. However, taking this into consideration, we now expect a larger net loss of S$7m in FY13, and lowered FY14F net profit by 7% to S$61m.

Appointment of new CEO is a positive. Although Mr. Koay’s substantial management experience lies outside the airline industry, his permanent appointment and strategic skills should help to stabilise the Group’s operations further, as well as provide a fresh perspective. In recent meetings with the media and sell-side analysts, Mr. Koay highlighted that Tiger Airways should be flexible in exploring new growth avenues, including introducing new products and services and offering enhanced connectivity to improve customer experience. Given Tiger’s recent history, fresh ideas could help to spur the Group’s expansion prospects.

Turnaround story intact, maintain BUY call. Despite some near term challenges, Tiger’s recovery story is intact. On this note, we expect the stock to rerate towards our S$0.90 TP, pegged to 12x FY14 PE, as fundamentals continue to improve and management delivers better earnings reports.

This message was edited by stand up n wake up on 25-Sep-2012 @ 10:28 AM

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25-Sep 2012 Tuesday 9:48 AM (4233 days ago)

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Forecasts and Valuation

FY Mar (S$ m) 2011A 2012F 2013F 2014F

Revenue 622 618 844 1,044

EBITDA 60 (52) 41 121

Pre-tax Profit 57 (101) (5) 70

Net Profit 40 (104) (7) 61

Net Pft (Pre Ex.) 27 (95) (7) 61

EPS (S cts) 7.4 (15.8) (0.8) 7.5

EPS Pre Ex. (S cts) 5.0 (14.3) (0.8) 7.5

EPS Gth (%) 3 (313) (95) (982)

EPS Gth Pre Ex (%) (43) (386) (94) (982)

Diluted EPS (S cts) 7.4 (15.8) (0.8) 7.5

Net DPS (S cts) 0.0 0.0 0.0 0.0

BV Per Share (S cts) 35.7 30.3 29.4 36.9

PE (X) 10.0 nm nm 10.0

PE Pre Ex. (X) 14.9 nm nm 10.0

P/Cash Flow (X) 4.3 nm 11.6 4.6

EV/EBITDA (X) 12.4 nm 28.4 9.7

Net Div Yield (%) 0.0 0.0 0.0 0.0

P/Book Value (X) 2.1 2.5 2.5 2.0

Net Debt/Equity (X) 1.8 1.7 2.3 1.9

ROAE (%) 23.2 (47.1) (2.8) 22.5

Earnings Rev (%): - 654.2 (7.1)

Consensus EPS (S cts): N/A 0.2 5.4

Other Broker Recs: B: 3 S: 8 H: 5

ICB Industry : Consumer Services

ICB Sector: Travel & Leisure

Principal Business: Low cost airline in Singapore and Australia

BUY S$0.745 STI : 3,067.93

Price Target : 12-Month S$ 0.90 (Prev S$ 0.92)

Reason for Report : Company update, meeting with management

Potential Catalyst: Sequentially better earnings execution

DBSV vs Consensus: More bullish on loads and yields for FY14F

Turnaround story intact

• Operations turning around in Australia as daily

sectors rebound to pre-suspension levels

• Singapore was already back in the black last

quarter but Australia’s financial recovery will be

dampened somewhat by ongoing price war

• Permanent CEO will further steady the ship;

fresh ideas should add impetus for growth

• Maintain BUY, TP S$0.90 (12x FYE Mar14 PE)

Tiger Australia operations improving. With the addition of

an 11th aircraft to its fleet, Tiger Australia will be flying 64

sectors per day from October compared to 60 pre-suspension.

Load factors have also been encouraging in recent months.

However, earnings recovery may be dampened and delayed

by the ongoing fare war in Australia between Qantas and

Virgin, though this will affect business and premium class

more than budget and economy fares. However, taking this

into consideration, we now expect a larger net loss of S$7m in

FY13, and lowered FY14F net profit by 7% to S$61m.

Appointment of new CEO is a positive. Although Mr.

Koay’s substantial management experience lies outside the

airline industry, his permanent appointment and strategic skills

should help to stabilise the Group’s operations further, as well

as provide a fresh perspective. In recent meetings with the

media and sell-side analysts, Mr. Koay highlighted that Tiger

Airways should be flexible in exploring new growth avenues,

including introducing new products and services and offering

enhanced connectivity to improve customer experience. Given

Tiger’s recent history, fresh ideas could help to spur the

Group’s expansion prospects.

Turnaround story intact, maintain BUY call. Despite some

near term challenges, Tiger’s recovery story is intact. On this

note, we expect the stock to rerate towards our S$0.90 TP,

pegged to 12x FY14 PE, as fundamentals continue to improve

and management delivers better earnings reports

This message was edited by stand up n wake up on 25-Sep-2012 @ 9:50 AM

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25-Sep 2012 Tuesday 9:51 AM (4233 days ago)

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Tiger Australia operations turning around. July 2012 was a

key month for the Australian operations as it commenced at

its new (second) base in Sydney, where three aircraft will be

based over time. It currently has eight aircraft based in

Melbourne. Accordingly, Tiger Australia reported a 30% m-om

increase in carriage (RPK) to 243m p-km in July, but the

increase in passenger numbers was even more impressive at

40%. August operating numbers were similar to July’s

because it did not deploy significant new capacity in the

month.

Load factor improved for the fifth consecutive month, and is

now up to 87% from 84% in July, 82% in June, and about

75% in April-May. This is better than our initial expectations.

Tiger Australia – operating indicators all point north

Source: Company, DBS Vickers

56 sectors now, back to pre-grounding levels soon.

Management indicated that Tiger Australia is currently

operating about 56 sectors per day and expects to ramp up

to over 64 in October. This will be higher than the pregrounding

scale of 60 sectors per day, but is in line because it

added an aircraft to its fleet in August to take it to a total of

11. Tiger Australia will be increasing frequency of popular

existing routes like Sydney - Melbourne, and launch new

routes like Melbourne - Adelaide and Melbourne – Hobart in

the near future.

Some near-term challenges. Tiger Australia is well on its way

towards an operational turnaround after the establishment of

the second base in Sydney. And although higher aircraft

utilisation is a big plus on the cost front, we believe the

ongoing fare wars in Australia between the bigger players,

Qantas and Virgin Australia, is having a negative impact on

industry yields on the domestic front.

Qantas vs. Virgin turf war. Qantas has recently been losing its

grip on the domestic Australian market as Virgin steps up the

ante. Both Qantas and Virgin recorded losses in the 2H FY12

(June FYE), but Virgin managed to record a net profit of

A$22.8m for full year FY12 while Qantas recorded full year

losses of A$224m. Not only do Virgin’s financials look better,

but the airline’s scheme to woo business travellers with

refurbished lounges and a new frequent flyer program is also

bearing fruit. Since the debut of its domestic business class

product last year, Virgin has met its target of achieving 20%

domestic revenues from the corporate and government

markets one year ahead of schedule.

Competition more intense on premier classes. Both Virgin

and Qantas have announced close to 10% capacity additions

over the next six months in a bid to expand/ defend their

respective market shares. This will definitely lead to pressure

on yields in the coming months, although it seems

competition is more intense on business/ premier class seats.

In terms of discounted fares for the business class, Virgin

conceded that the price war is the most aggressive in recent

years. The second chart on the following page shows the

sharp downtrend in business class fares recently, even as we

approach the busy season. Virgin also indicated that a large

proportion of the additional capacity will be on longer eastwest

routes (ex-Perth) using A-330 aircraft, which should not

worry Tiger too much.

For budget fares, we should see the usual end-year uptrend

(see next chart). The trend for budget airline fares is not as

sharply affected by competition. Fares have retreated from

the highs of 2011 – when Tiger exited the market – but we

will see a seasonal uptrend in fares as we move into

September. However, Tiger Australia, with its small share of

the Australian domestic market, is a price-taker at best, which

means it may not be able to raise prices during the high

season to levels earlier envisaged.

Hence, Tiger Australia return to profitability may be delayed

to an extent. But management indicated that the market

share war in Australia cannot last if the industry continues to

make losses in the process, and after a point, rationality

should prevail. To be conservative, we have cut our overall

yield assumptions for FY13/14F by 3-4%.

20%

40%

60%

80%

100%

100

150

200

250

Apr-12

May-12

Jun-12

Jul-12

Aug-12

T iger Airways Australia

Pax ('000) L oad factor

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25-Sep 2012 Tuesday 10:28 AM (4233 days ago)

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Company Focus

Tiger Airways Holdings

Page 6

Maintain BUY rating with new TP of S$0.90. Given the

potential turnaround in earnings next year, we move to a PE

valuation methodology to better capture earnings growth

momentum. Our revised TP of S$0.90 is pegged to 12x FY14

earnings, slightly below what industry bellwethers Ryanair

and Southwest are currently trading at, but at about 20%

premium to median sector valuation of 10x PE to account for

the high growth/ turnaround situation.

Low Cost Carrier Peer Valuation Summary

Company FYE Price

Mkt Cap

(US$m) PER FY13 PER FY14 P/B

EV/EBITDAR

FY12

EV/EBITDAR

FY13

Ryanair Mar 4.463 8324 13.9 12.6 2.0 6.1 5.9

Southwest Airlines Dec 8.84 6569 12.2 9.2 1.0 3.1 2.7

easyJet Sep 593.5 3807 10.3 9.8 1.6 4.2 4.0

AirAsia Dec 2.94 2663 8.4 8.3 1.6 10.6 9.3

Westjet Dec 17.36 2382 10.9 10.0 1.7 2.7 2.5

Gol Linhas Aereas Dec 11.5 1584 33.7 10.6 2.1 N/A N/A

JetBlue Dec 4.97 1413 9.5 7.7 0.8 3.6 3.3

Cebu Pacific Dec 55.55 806 8.8 7.9 1.6 342.3 227.3

Average 13.5 9.5 1.5 5.1 4.6

Median 10.6 9.5 1.6 3.9 3.7

Tiger Airways Mar 0.75 502 N/A 10.0 2.7 9.7 6.1

Source: Bloomberg, DBS Vickers

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25-Sep 2012 Tuesday 10:51 AM (4233 days ago)

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Today’s Focus

• Tiger Airways - Turnaround story intact; maintain BUY, TP

S$0.90

Tiger Airways’ turnaround story is intact. Operations in

Australia are turning around as daily sectors rebound to presuspension

levels. Singapore was already back in the black last

quarter but Australia’s financial recovery will be dampened by

ongoing price war. Our analyst now expects a larger net loss

of S$7m in FY13, and lowered FY14F net profit by 7% to

S$61m. Maintain BUY, TP S$0.90 (Prev S$ 0.92). The

appointment of new CEO, Mr. Koay is a positive. Mr. Koay

highlighted that Tiger Airways should be flexible in exploring

new growth avenues, including introducing new products and

services and offering enhanced connectivity to improve

customer experience. Given Tiger’s recent history, fresh ideas

could help to spur the Group’s expansion prospects.

AusGroup is proposing to :-

1) Demerge all of its subsidiaries into a group headed by its

wholly-owned subsidiary, AGC Australia (AGC). AGC will

then seek a sole listing on the ASX, instead of a dual

listing previously considered.

2) Enter into a reverse takeover and acquire suitable assets

from investor(s) who are yet to be identified.

If the proposed transactions are completed, shareholders of

AusGroup will receive shares in AGC under the distribution inspecie

and still retain their shares in AusGroup, although their

shareholdings in the company will be heavily diluted following

the completion of the reverse takeover. AusGroup will remain

listed on the SGX.

Overall, existing AusGroup shareholders will still own the same

business as they will hold 100% of the shares in AGC, and

also retain their shares in AusGroup (which will be injected

with suitable assets), but their shareholdings in AusGroup will

be diluted.

Wilmar will establish a 50:50 joint venture with Kellogg

Company for the manufacture, sale and distribution of cereal,

wholesome snacks and savory snacks in China. Wilmar will

contribute infrastructure, supply chain scale, an extensive sales

and distribution network in China, as well as local China

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25-Sep 2012 Tuesday 10:51 AM (4233 days ago)

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Sunwu, tks for sharing

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25-Sep 2012 Tuesday 10:55 AM (4233 days ago)

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Wired Daily

Page 2

market expertise to the joint venture, while Kellogg will

contribute a portfolio of globally recognized brands and

products, along with deep cereal and snacks category

expertise.

Rotary Engineering is expected to record a net loss for

coming quarter and nine months ending 30 September

2012. Accordingly, the group is also expected to record a net

loss for FY12, mainly due to a project in Saudi Arabia, which

has experienced problems and resulted in the recognition of

additional cost that significantly impacted the gross margin.

Chasen Holdings had secured its first purified water (PWT)

and wastewater treatment (WWT) Transfer-Operate-Transfer

(TOT) project in Jilin Province, China. The total investment for

acquiring the 30 years concession rights for both plants is up

to RMB300m. The design capacity of the PWT plant is

200,000 cubic metres/day and 60,000 cubic metres/day for

the WWT plant. The PWT plant is expected to start operation

in stages by early 2013 and the WWT plant is expected to

start operation in stages by second quarter of 2013.

Consumer prices rose 3.9% y-o-y in August, faster than

consensus forecast of 3.6%. Inflation in August was the

lowest Singapore has seen since November 2010 after

edging down from July's 4%. Core inflation (excludes

accommodation and private road transport) fell to 2.2% in

August from 2.4% in July, due to slightly lower services

inflation. This was better than the 2.3% market had

expected. Accommodation cost inflation slowed to 7.4% y-oy

from 7.8% in July, as residential property rentals rose at a

more moderate pace. But private road transport cost inflation

accelerated to 6.3% from 5.9% in July, as a slower increase

in car prices was offset by a rebound in petrol prices.

Gross average monthly rentals in CBD locations such as

Marina Bay and Shenton Way, fell roughly 4% q-o-q in Q3.

Further out, in addresses such as Marina Centre (including

Suntec City and Millennia and Centennial towers), North

Bridge Road/Beach Road, Bras Basah and Orchard Road, rents

held pretty firm, according to DTZ. One reason is that the

fringe locations have a more diversified tenant profile; unlike

the tenant profile in Raffles Place and Marina Bay, where

more than half the occupiers are in banking and finance, the

sector feeling the most heat from the ongoing debt crisis in

Europe. Another reason is that the supply of new offices is

much tighter in the fringe areas than in the CBD.

US markets fell modestly with investors starting to shift

towards the sidelines following recent stock market gains

ahead of the upcoming 3Q results season, after US

bellwethers Federal Express and Caterpillar lowered their

earnings forecast. Meanwhile, Chancellor Angela Merkel and

French President Francois Hollande disagreed on a timetable

for starting joint oversight of Europe’s banking sector while

German business confidence unexpectedly fell in September.

Share Buy-Back

Source: SGX Masnet

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

Global Testing Corporation Ltd 24-Sep-12 Share Buy-Back 1,140,000 0.0650

Ho Bee Investment Limited 24-Sep-12 Share Buy-Back 200,000 1.4575

Hotung Investment Hldgs Ltd 24-Sep-12 Share Buy-Back 425,000 0.1472

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

Straco Corporation Limited 24-Sep-12 Share Buy-Back 80,000 0.2400

Viking Offshore and Marine Ltd 24-Sep-12 Share Buy-Back 150,000 0.1120

CDW Holding Limited 21-Sep-12 Share Buy-Back 141,000 0.0900

Cheung Woh Technologies Ltd 21-Sep-12 Share Buy-Back 233,000 0.1800

Global Testing Corporation Ltd 21-Sep-12 Share Buy-Back 300,000 0.0650

Hotung Investment Hldgs Ltd 21-Sep-12 Share Buy-Back 282,000 0.1450

Overseas-Chinese Banking Corp 21-Sep-12 Share Buy-Back 100,000 9.3500

San Teh Limited 21-Sep-12 Share Buy-Back 103,000 0.2900

Straco Corporation Limited 21-Sep-12 Share Buy-Back 237,000 0.2384

Cheung Woh Technologies Ltd 20-Sep-12 Share Buy-Back 76,000 0.1800

CSC Holdings Ltd 20-Sep-12 Share Buy-Back 200,000 0.1003

Global Testing Corporation Ltd 20-Sep-12 Share Buy-Back 118,000 0.0650

Hotung Investment Hldgs Ltd 20-Sep-12 Share Buy-Back 745,000 0.1441

Overseas-Chinese Banking Corp 20-Sep-12 Share Buy-Back 100,000 9.3100

CDW Holding Limited 19-Sep-12 Share Buy-Back 50,000 0.0880

Hotung Investment Hldgs Ltd 19-Sep-12 Share Buy-Back 916,000 0.1420

Hotung Investment Hldgs Ltd 19-Sep-12 Share Buy-Back 100,000 9.3500

Straco Corporation Limited 19-Sep-12 Share Buy-Back 250,000 0.2284

CDW Holding Limited 18-Sep-12 Share Buy-Back 200,000 0.0885

Global Testing Corporation Ltd 18-Sep-12 Share Buy-Back 270,000 0.0640

Overseas-Chinese Banking Corp 18-Sep-12 Share Buy-Back 100,000 9.3300

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Substantial Shareholders’ Transactions: 13 Sep – 20 Sep 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

Substant ial Shareholder/ Director

Buy /Sell

/ Conv

No of

('000)

Price Per

Share $

%Issued

Cap Before

Change

%Issued

Cap A f t er

Change

Pacific Healthcare 20-Sep-12 Pacific Investments Buy 50 - 8.02 8.03

Pacific Healthcare 20-Sep-12 William Chong * Buy 50 0.1 12.39 12.4

Serial System 20-Sep-12 Goh Bak Heng Buy 615 0.1 35.5 35.57

BRC Asia 19-Sep-12 Lim Siak Meng Buy 400 0.14 4.5 4.55

GK Goh 19-Sep-12 Lim Keng J in Sell 54 0.76 0.81 0.8

Serial System 19-Sep-12 Goh Bak Heng Buy 200 0.1 35.48 35.5

TMC Education 19-Sep-12 Chin Kon Yuen * Buy 8 0.07 16.2 16.21

TMC Education 19-Sep-12 Yeow Cheng Khim Buy 8 0.07 16.2 16.21

BRC Asia 18-Sep-12 Lim Siak Meng Buy 600 0.13 4.43 4.5

China Yuanbang Prop 18-Sep-12 Chen J ianfeng * Buy 770 0.09 1.36 1.48

GK Goh 18-Sep-12 Lim Keng J in Sell 43 0.75 0.82 0.81

Haw Par Corp 18-Sep-12 Wee Ee-Chao * Buy 293 6.57 31.07 31.22

Haw Par Corp 18-Sep-12 Wee Ee Lim * Buy 293 6.57 31.01 31.16

Haw Par Corp 18-Sep-12 Wee Cho Yaw * Buy 293 6.57 33.12 33.27

HLN Tech 18-Sep-12 Wa Kok Liang Buy 200682 - 14.26 14.71

HTL Int'l 18-Sep-12 Tay Kheng Hee Sell 10 0.34 0.38 0.38

Hutchison Port Trust 18-Sep-12 The Capital Grp Companies * Sell 35506 - 10.39 9.98

Neo Group 18-Sep-12 Liew Oi Peng * Buy 230 0.34 70.9 71.06

Neo Group 18-Sep-12 Neo Kah Kiat Buy 230 0.34 70.9 71.06

Nordic Group 18-Sep-12 Chang Yeh Hong Buy 531 0.09 51.22 51.35

Pacific Healthcare 18-Sep-12 Pacific Investments Buy 20 - 8.01 8.02

Pacific Healthcare 18-Sep-12 William Chong * Buy 20 0.1 12.38 12.39

Popular Holdings 18-Sep-12 Chou Cheng Ngok * Buy 2714 0.23 57.18 57.5

Popular Holdings 18-Sep-12 World Holdings Pte Ltd Buy 2714 - 56.93 57.25

Popular Holdings 18-Sep-12 Chou Cheng Ngok * Buy 1200 0.23 57.03 57.18

8Telecom Int'l 17-Sep-12 Ye Tianyun Buy 100 0.14 2.64 2.66

Action Asia 17-Sep-12 J ack Li * Sell 139 0.14 0.03 0

BRC Asia 17-Sep-12 Sia Ling Sing * Buy 1103 0.13 27.58 27.71

BRC Asia 17-Sep-12 Lingco Marine * Buy 1103 0.13 5.49 5.62

BRC Asia 17-Sep-12 Lingco Hldgs Buy 1103 - 5.49 5.62

Cosmosteel Hldgs 17-Sep-12 Ong Chin Sum Buy 333 0.17 20.96 21.08

Ley Choon Grp 17-Sep-12 Toh Chew Leong * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Toh Swee Kim * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Toh Choo Huat * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Seow Soon Kee * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Toh Chew Chai * Buy 1426 0.22 62.02 62.31

Ley Choon Grp 17-Sep-12 Zheng Choon Hldg Buy 1426 0.22 62.02 62.31

Neo Group 17-Sep-12 Liew Oi Peng * Buy 352 0.33 70.66 70.9

Neo Group 17-Sep-12 Neo Kah Kiat Buy 352 0.33 70.66 70.9

San Teh 17-Sep-12 Gui Kim Young Buy 200 0.3 0.15 0.2

Select Group 17-Sep-12 Go Mei Lin Buy 1349 - 7.06 8.01

TMC Education 17-Sep-12 Chin Kon Yuen * Buy 1 0.07 16.2 16.2

TMC Education 17-Sep-12 Chin Kon Yuen Buy 1 0.07 16.2 16.2

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Substantial Shareholders’ Transactions: 13 Sep – 20 Sep 2012 (Cont’d)

*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

('000)

Price Per

Share $

%Issued

Cap Before

Change

%Issued

Cap A f t er

Change

BRC Asia 14-Sep-12 Lim Siak Meng Buy 974 0.13 4.32 4.43

China J ishan 14-Sep-12 J in Guan Liang * Buy 4 0.08 71.32 71.32

China J ishan 14-Sep-12 J in Cheng Int'l Hldgs Buy 4 0.08 71.32 71.32

Cogent Hldgs 14-Sep-12 Tan Yeow Khoon * Buy 500 0.11 1.94 2.04

Hartawan Hldgs 14-Sep-12 Cynthia Tan * Buy 192 0.14 22.97 22.99

Hartawan Hldgs 14-Sep-12 Winstedt Chong Buy 192 0.14 0.08 0.1

Haw Par Corp 14-Sep-12 MacKenzie F inancial Corp * Buy 2032 - 6.99 5.96

Haw Par Corp 14-Sep-12 MacKenzie Inc, IGM F inancial * Sell 2032 - 6.99 5.96

Haw Par Corp 14-Sep-12 Gelco Entp, Nordex Inc, Pansolo Hldg * Sell 2032 - 6.99 5.96

Haw Par Corp 14-Sep-12 Paul Desmarais * Sell 2032 - 6.99 5.96

Haw Par Corp 14-Sep-12 Wee Cho Yaw * Buy 258 6.59 32.99 33.12

Haw Par Corp 14-Sep-12 Wee Ee Lim * Buy 258 6.59 30.88 31.01

Haw Par Corp 14-Sep-12 Wee Ee-Chao * Buy 258 6.59 30.94 31.07

HTL Int'l 14-Sep-12 Tay Kheng Hee Sell 30 0.33 0.39 0.38

Lee Kim Tah Hldgs 14-Sep-12 Lee Kim Tah Investments Buy 24500 - 66.44 71.29

Ley Choon Grp 14-Sep-12 Toh Chew Leong * Buy 1600 0.22 61.7 62.02

Ley Choon Grp 14-Sep-12 Toh Swee Kim * Buy 1600 0.22 61.7 62.02

Ley Choon Grp 14-Sep-12 Toh Choo Huat * Buy 1600 0.22 61.7 62.02

Ley Choon Grp 14-Sep-12 Seow Soon Kee * Buy 1600 - 61.7 62.02

Ley Choon Grp 14-Sep-12 Toh Chew Chai * Buy 1600 - 61.7 62.02

Ley Choon Grp 14-Sep-12 Zheng Choon Hldg Buy 1600 - 61.7 62.02

Perrenial China Trust 14-Sep-12 Pua Seck Guan * Buy 100 0.49 4.24 4.25

Perrenial China Trust 14-Sep-12 Kuok Khoon Hong * Buy 100 0.49 17.23 17.24

Sound Global 14-Sep-12 Wen Yibo Buy 3033 0.57 0.22 0.46

Sri Trang Agro-Industry 14-Sep-12 Prasit Panidkul Sell 200 0.63 0.6 0.58

TMC Education 14-Sep-12 Chin Kon Yuen * Buy 50 0.07 16.17 16.2

TMC Education 14-Sep-12 Yeow Cheng Khim Buy 50 0.07 16.17 16.2

8Telecom Int'l 13-Sep-12 Ye Tianyun Buy 21 0.14 2.63 2.64

Ley Choon Grp 13-Sep-12 Toh Chew Leong * Buy 1000 0.23 61.49 61.7

Ley Choon Grp 13-Sep-12 Toh Swee Kim * Buy 1000 0.23 61.49 61.7

Ley Choon Grp 13-Sep-12 Toh Choo Huat * Buy 1000 0.23 61.49 61.7

Ley Choon Grp 13-Sep-12 Seow Soon Kee * Buy 1000 - 61.49 61.7

Ley Choon Grp 13-Sep-12 Toh Chew Chai * Buy 1000 - 61.49 61.7

Ley Choon Grp 13-Sep-12 Zheng Choon Hldg Buy 1000 - 61.49 61.7

Loy z Energy 13-Sep-12 Yip Chee Meng Sell 175 0.5 0.06 0

Nam Cheong Ltd 13-Sep-12 Lau Liong Kii * Sell 2000 0.22 0.85 0.75

Osim Int'l 13-Sep-12 Richard Leow Sell 100 1.35 0.43 0.41

Perrenial China Trust 13-Sep-12 HPRY Holdings * Buy 200 - 14.03 14.04

Perrenial China Trust 13-Sep-12 Pua Seck Guan * Buy 200 0.49 4.22 4.24

Perrenial China Trust 13-Sep-12 Kuok Khoon Hong * Buy 200 0.49 17.21 17.23

Raffles Education 13-Sep-12 Oei Hong Leong Buy 8688 - 4.86 5.88

Raffles Education 13-Sep-12 Oei Hong Leong * Buy 101 - 1.28 1.3

Sakari Resources 13-Sep-12 PTT Mining , PTT Public Co Ltd, PTT Int'l Co * Buy 7975 - 45.27 45.97

SC Global 13-Sep-12 Chong Sae Peng Buy 4688 1.05 0.16 1.29

Sound Global 13-Sep-12 Wen Yibo Buy 967 0.57 0.15 0.22

Tianjin Zhong Xin 13-Sep-12 Pure Heart Value Investm Fd Buy 10 - 9.39 9.39

AsianBookie Tipsters Championship
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25-Sep 2012 Tuesday 10:57 AM (4233 days ago)

#10

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Page 5

Announced Dividends and Capital Issues: 25 Sep 2012 – 14 Dec 2012 (by Ex-Date)

Company Type Particulars Ex Date Paid/ Payable

RAFFLES EDUCATION CORP LTD RIGHTS OFFER OF 1 FOR 5 @ SGD 0.14 25-Sep-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

JB FOODS LIMITED DIVIDEND SGD 0.01 ONE-TIER TAX 03-Oct-12 17-Oct-12

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

P99 HOLDINGS LIMITED ENTITL. SHARE CONSOL OFFER OF 1 FOR 5 03-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

ASPIAL CORPORATION LIMITED DIVIDEND SCRIPDIVSCHEME SGD 0.0075 ONE-TIER TAX 08-Oct-12 27-Nov-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

AMTEK ENGINEERING LTD DIVIDEND SGD 0.022 ONE-TIER TAX 01-Nov-12 23-Nov-12

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

PERTAMA HOLDINGS LIMITED DIVIDEND SGD 0.0152 ONE-TIER TAX 01-Nov-12 16-Nov-12

SINGAPURA FINANCE LTD DIVIDEND SGD 0.06 ONE-TIER TAX 01-Nov-12 15-Nov-12

SPINDEX INDUSTRIES LIMITED DIVIDEND SGD 0.018 ONE-TIER TAX 02-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

HUPSTEEL LTD DIVIDEND SGD 0.005 ONE-TIER TAX 05-Nov-12 20-Nov-12

EU YAN SANG INTERNATIONAL LTD DIVIDEND SGD 0.01 ONE-TIER TAX 06-Nov-12 23-Nov-12

MICRO-MECHANICS (HOLDINGS) LTD DIVIDEND SGD 0.02 ONE-TIER TAX 06-Nov-12 22-Nov-12

OLAM INTERNATIONAL LIMITED DIVIDEND SGD 0.04 ONE-TIER TAX 06-Nov-12 20-Nov-12

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

SILVERLAKE AXIS LTD DIVIDEND SGD 0.008 ONE-TIER TAX 07-Nov-12 28-Nov-12

PEC LTD. DIVIDEND SGD 0.025 ONE-TIER TAX 08-Nov-12 26-Nov-12

ACE ACHIEVE INFOCOM LIMITED DIVIDEND CNY 0.003 09-Nov-12 28-Nov-12

TEE INTERNATIONAL LIMITED DIVIDEND SGD 0.0125 ONE-TIER TAX 20-Nov-12 03-Dec-12

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

NX11100X 210601 INTEREST 0.0225 22-Nov-12 03-Dec-12

TEE INTERNATIONAL LIMITED DIVIDEND SGD 0.005 ONE-TIER TAX 14-Dec-12 28-Dec-12

Source: SGX

AsianBookie Tipsters Championship
Member of Team:
AB Charity
(Est. Apr 2012)
Team Ranked: #17 - Team Score (Top 50 Members): AB$ 7,179,375 Total Members: 122

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