DAILY

19 February, 2009

SINGAPORE
Daybreak

Song Seng Wun +65 62251228 – sg.resenquiries@cimb.com

3950
3750
FSSTI Index
What’s on the table
3550
3350 OCBC Limited (S$4.89)– 4Q08 Results-Rising provisions
3150
2950
2750
OCBC's 4Q08 core net profit of S$250m was below our expectations (S$385m)
2550
2350 and below consensus (S$381m). Key variance was a spike in provisions and
2150
1950
1750
treasury-related losses. Higher provisions came predominantly from higher loan-
1550
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
related SPs. NPLs rose across geographies but notably, in the manufacturing sub-
sector. The key positive was a jump in margins, on higher lending spreads, lower
Source: Bloomberg
deposit costs and favorable money-market activities. We reduce our FY10 EPS
estimate by 5% on lower fee-growth assumptions. Our target price has been
trimmed to S$5.15 from S$5.50 (still based on 1.05x P/BV) on the back of a lower
book value. Our Underperform rating is maintained as credit-cycle concerns
outweigh any emerging positives, for now.

Quick Takes
• Hyflux Ltd (S$1.65) -4Q08 Results- Open the flood gate
• Meiban Group (S$0.15) - Healthy financials to help ride out tough time

News of the Day

• Bharti said it has cornered a 30% revenue market share in the overall mobile
• Obama to ease fears over protectionism
• Market confidence in dollar at stake
• M&C posts lower profits on impairment, revaluation
• TT Int'l in deal to get $50m loan injection
• Two independent directors of Advance SCT resign

INDICES MARKET STATISTICS

Close % Change Ytd (%Chg)
STI 1651.1 0.8 -6.3 STI 52-week range 1,473.8 - 3,269.9
Dow 7555.6 0.0 -13.9 Total turnover (mil units) 833.7
Nasdaq 1468.0 -0.2 -6.9 Total value (S$ mil) 833.6
Nikkei 7534.4 -1.5 -15.0 3-mth avg trading value (S$ mil) 876.6
Hang Seng 13016.0 0.5 -9.5 3-mth avg trading volume (mil) 928.1
KLCI 895.2 -0.4 2.1 Number of gainers 181.0
JCI 1330.6 1.0 -1.8 Number of losers 185.0
SET 439.6 0.3 -2.3 Number of unchanged 185.0
PCI 1892.2 -0.4 1.0 STI Futures 1651.0
TOP ACTIVES ECONOMIC STATISTICS
$ % Change Turnover(m) Close % Chg
GOLDEN AGRI-RESO 0.3 3.6 60.5 S$/US$ 1.5 -0.1
CHINA HONGXING 0.2 -3.0 44.5 Yen/US$ 93.6 -0.2
NOBLE GROUP LTD 1.1 2.8 30.4 3-mth US$ SIBOR 1.2 0.2
STRAITS ASIA RES 0.8 2.5 26.5 3-mth S$ SIBOR 0.7 -1.4
UNITED FIBER SYS 0.0 0.0 25.5 Brent (US$/barrel) 39.1 -0.4
CAPITALAND LTD 2.7 22.1 23.1 DRAM 256-mb (US$) 2.3 0.0

Please read carefully the important disclosures at the end of this publication.
Quick Takes
Hyflux Ltd (S$1.65) -4Q08 Results- Open the flood gate
Core profit above expectation. FY08 core net profit of S$59.8m came in within
consensus and was 16% above our full-year forecasts. The results were largely
underpinned by MENA region, which accounted for 40% of total revenue, driven by the
with progressive EPC recognition of Tlemcen and award of Magtaa.
Record revenue of S$554.2m (+226% yoy) anchored by Municipal segment. Though
no figures were given, we estimated that the top-line include about S$10m related to the
three water treatment plants divested into Hyflux Water Trust (HWT) in 4Q08. Revenue
from municipal sector continued to shine as it increased more than five times from to
S$476.8m (86% of total revenue), attributable to the good progress made both in China
and Algeria. However, this was offset by industrial sector, which disappointed with
turnover of only $76.4m (-25% yoy), as a result of the economic slow down in China.
Margins will trend lower going forward. Spike in cost resulted in gross margin slipping
to 36% in FY08 (vs. 37.6% in FY07) as a result of higher raw material and consumables
(+262% yoy). The group plans to increase headcounts in FY09 as it forged its presence in
activities it engages in, this would add further pressure to margins. Going forward, the
continued shift of sales composition from Industrial to Municipal activities will result in
gradual compression of gross and net margin.
Developments. Hyflux disclosed that its EPC order book sits pretty at S$335m, even
though this figure excludes its three desalination projects. Divestment of the Yangkou
Rudong Wastewater treatment plant into HWT is likely to happen only in 2H09.
Construction of the Magtaa plant in western Algeria is scheduled to be completed in 28
months’ time once the project financing is completed.
EPS forecasts adjusted; target price reduced from S$3.38 to S$2.66, still
based on sum-of-the-parts valuation. Our FY09 forecast is reduced by 3.8%
due to lower margin assumptions, but we lifted our FY10 estimates by 7.5%
higher on revenue recognition. We also introduce FY11 estimates. Hyflux well
position to weather the economic turmoil largely due to the natural of its
municipal activities, pump-primed by governments’ effort in reviving economic
growth through infrastructure projects. Maintain Outperform.
Y Y Y
Meiban Group (S$0.15) - Healthy financials to help ride out tough time
Above expectations. Meiban’s 4Q net profit of S$6.9m (-8% yoy) came in 246% and
108% above consensus and our forecast respectively due to a combination of higher-
than-expected sales, better-than-expected gross margin and opex ratio, forex gains
(S$397k) and tax write-back (S$761k). However, this was partially offset by about $1m
provisions for doubtful debt and stock obsolescence. For the full year, net profit was 32%
and 20% above consensus and our forecast, respectively.
Sales slipped 17% yoy to S$122m in 4Q08, as both contract manufacturing (CM) and
plastic injection molding businesses were hit by lower order from Dyson and Hewlett
Packard, respectively. Qoq, however, the decline was much more muted at only 2% as
we suspect Meiban gained some market share.
EBITDA margin slipped 80bps yoy in 4Q08, but improved 60bps qoq, as the
management has been proactive in curbing expenses in anticipation of the difficult time
ahead. Opex ratio contracted by almost 1% pt qoq despite a slight decline in revenue. As
a result, net profit only slipped 8% yoy, much better than the 49% yoy contraction in
3Q08.
Exited the Dec quarter with S$17m net cash, fairly unchanged from end-Sep. This
represents about 36% of its current market cap. As expected, it declared a 1 cts final and
1 cts special dividend, similar to FY07, translating into a yield of close to 14%.
Operating environment to remain tough in 2009, but this should not come as a
surprise as we had earlier assumed both its CM and plastic injection businesses to
contract 15-20% yoy in 2009. However, we remain optimistic that Meiban, with its healthy
balance sheet, proactive management, and strong free cash flow, will be able to ride out
the tough time ahead.
Forecast and target price unchanged; maintain Outperform. Although 4Q08
numbers came in above our expectations, we are keeping our FY09-10 forecast intact in
view of the limited earnings visibility, especially in 1H09. We have introduced FY11
forecast, and have kept our target price unchanged at 30.5cts, based on 0.7x CY09
P/BV. The stock remains attractive at 3x CY10P/E and less than 0.4x P/BV. Although we
have conservatively assumed no special dividend payment in FY09, projected yield is
still attractive at 7%. Maintain Outperform.
Y Y Y

[ 2 ] CIMB-GK Research Pte Ltd 19 February 2009

Sector/ Economic news
Bharti said it has cornered a 30% revenue market share in the overall mobile.
Bharti says competition in India is intense but the company can continue to grow
revenue market share and is not worried about new entrants. President and CEO Manoj
Kohli said consolidation would come to the Indian market within 3 years and said Airtel
saw no strategic reason yet to acquire domestic rivals. He said the group was looking at
possible deals in other emerging markets in Asia, Asia Pacific or Middle East but said it
was in no hurry. "We're looking at all opportunities but we're not in a hurry. We definitely
don't want to pay more than the asset deserves to be paid, so maybe when that
opportunity comes in one year or two years we'll look. "The values (of emerging market
assets) are definitely better but the seller also has to be at the table." Kohli said he was
not seeing demand for lower tariffs from his customers, more a request for quality, and
said he thought new entrants to the Indian market would struggle for years to come.
Kohli also said he was not concerned by the delay to the auction for third-generation
spectrum, saying Airtel was in a strong financial position and a couple of months delay
would not matter. He said the government had not decided whether to hold the auction
before or after its general election expected by May, and that the auction could run as
late as August or September. (Economic Times of India).Bharti said it has cornered a
30% revenue market share in the overall mobile market. "We have leadership of the
market, (with) a 30% revenue market share now. We don't talk about subscribers (any
more)," Bharti Group Chairman Sunil Mittal told media. The gap between (Bharti) and
the next GSM operator was 10-12m last year. Now the difference is over 25m, he said.
Asked about the company's views on 3G, which has been deferred to the next fiscal,
Mittal said, "There is no issue on time and we are not pushing for it. Let the Government
take that call ... we can offer the first connection within six months of getting 3G
spectrum." Mittal said there is no point keeping the reserve price very high as that may
result in certain areas not getting the bids at all, given the additional factor of the
Government having the right to cancel the bids in case it (government) doesn't get the
money it is expecting. (Economic Times of India)
Y Y Y
Obama to ease fears over protectionism. Us President Barack Obama will try to ease
concerns over US protectionism when he visits Canada later this week, a senior White
House official said on Tuesday.Speaking two days before Mr Obama embarks on his
first overseas trip since taking office last month, Denis McDonough, a senior foreign
policy adviser, said the visit would focus on economics and would underline the need to
avoid protectionist measures. 'One of the lessons from history is to avoid any signals
that suggest that anybody is engaging in practices that may result in further decline of
international trade,' Mr McDonough said.Mr Obama has drawn fire from some quarters
over a campaign promise to renegotiate the North America Free Trade Agreement
(Nafta) between the US, Canada and Mexico. 'In terms of what the president has to offer
on trade, I think he wants to underscore the importance of what is already a very robust
trade relationship,' Mr McDonough said.Concerns have also been raised about a 'Buy
American' provision in the US$787 million stimulus package Mr Obama signed on
Tuesday that trade partners believe could hit their firms. (BT)
Y Y Y

Market confidence in dollar at stake . The international credibility of the US dollar could
be severely damaged, possibly provoking a global currency crisis, if President Barrack
Obama's economic team fails to demonstrate that it is capable of controlling US
borrowing, Toyoo Gyohten, a former vice-minister for international affairs in Japan, said
in Tokyo yesterday. Increased volatility: The fact that there is no alternative to the US
dollar is a major source of concern, says a former Japanese cabinet official He called for
international cooperation to prepare for a possible loss of market confidence in the
greenback and warned of increased volatility in currency markets.The fact that there is
'no alternative' to the dollar at present is a major source of concern, Mr Gyohten told a
symposium. Mr Gyohten, who is president of Japan's Institute for International Monetary
Affairs (IIMA), said that the international monetary regime supported by a dollar standard
is coming under increasing stress as a result of heavy US indebtedness and that
markets would be looking for signs that the new US administration can control the
situation. (BT)
Y Y Y

Company news
[ 3 ] CIMB-GK Research Pte Ltd 19 February 2009
Millennium & Copthorne Hotels (M&C) yesterday announced lower fourth-quarter and
full-year net profits - due chiefly to impairment charges and revaluation deficits - and a
halving in dividends to conserve cash.Recession-hit: M&C, which is about 53% owned
by CDL, reported £4.5m net earnings for the fourth quarter, a fraction of the £68.9m in
the same year-ago period The London-listed hotel arm of City Developments Ltd (CDL)
also warned of rough weather ahead and revealed that group revenue per available
room (RevPAR) for the first five weeks of this year declined 21.2 per cent against the
same period last year, with New York posting the sharpest fall of 41 per cent. The
group's hotels in regional US posted a 23 per cent RevPAR drop, followed by Asia, down
20 per cent, and London, which was 4 per cent lower.M&C, which is about 53 per cent
owned by CDL, reported net earnings of £4.5 million (S$9.78 million) for the fourth
quarter ended Dec 31, 2008, a fraction of the £68.9 million net earnings in the same
year-ago period. (BT)
Y Y Y

Debt - Ridden trading company TT International (TTI) could get a cash injection of $50
million - a proposed investment in the form of a loan from a Hong Kong-based investor.
The company is also in talks with other parties over a retail development.
As part of its restructuring, TTI has also retrenched about 1,000 staff, mostly overseas,
and is looking to close some operations, executive director Julia Tong and corporate
adviser Nicky Tan said yesterday at a news conference.The number of workers
retrenched represents close to 30 per cent of TTI's original headcount of 3,800.The
proposed $50 million loan - with a conversion feature - will come from Hornington
Enterprises, a Hong Kong company that distributes computers, related accessories and
electronics.This will be done in two tranches - $20 million first, then the remainder after
three months. The interest rate will be 12 per cent per annum. (BT)
Y Y Y

Two independent directors (IDs) of copper recycling firm Advance SCT have resigned,
accusing the management of lack of cooperation to help them discharge their duties.
Mr Tea: Was accused by the IDs of not helping them discharge their duties Their
leaving, which took effect on Tuesday, came just days after the abrupt resignation of
founder and group chief executive officer Terrence Tea Yeok Kian.
When Advance SCT announced the resignation of Mr Tea last Friday, it also made
known the desire of non-executive chairman Andy Lim and the IDs to inform
shareholders of their unhappiness with management. The management was accused of
not providing the IDs with sufficient cooperation, assistance and information to help
determine the current state of business and affairs of Advance SCT and its subsidiaries.
The two IDs who stepped down - Wu Shen Kong and Lee Ai Boon - both cited difficulties
in discharging their duties as IDs because of the lack of timely information and regular
updates from management.Following Mr Tea's resignation, Advance SCT has appointed
executive director Kang Hui Huat as acting group CEO. Mr Kang could not be reached
yesterday and Mr Tea declined comment. (BT)
Y Y Y

[ 4 ] CIMB-GK Research Pte Ltd 19 February 2009

Insider transactions - as at 14/02/09
Shareholding
Transacted Substantial Buy/Sell/ No of Shs Price Per % Before % After
Stock
Date Shareholder/Director Conv ('000) Share $ Change Change
Buy
Enzer Corp 05-Feb-09 Lim Keng Hock Jonathan Buy 100 0.12 16.72 16.8
Enzer Corp 06-Feb-09 Tan Lee Peng Buy 124 n.a 6.03 6.13
LMA Intl NV 11-Feb-09 John Lim Kok Min Buy 200 0.12 0.27 0.3
ASA Grp Hldgs 10-Feb-09 Poh Choo Bin Buy 324 n.a 4.87 5.02
Food Empire Hldgs 02-Feb-09 FMR LLC * Buy 543 n.a 5.95 6.05
Swing Media Tech 09-Feb-09 Hui Yan Moon Buy 645 0.05 0 0.07
Swing Media Tech 06-Feb-09 Ip Ming Yan * Buy 645 n.a 54.83 54.9
Hiap Moh Corp 11-Feb-09 Michael Wee Soon Lock * Buy 777 0.4 92.7 93.94
Hiap Moh Corp 11-Feb-09 Ng Kah Lin * Buy 777 n.a 92.7 93.94
Hiap Moh Corp 11-Feb-09 Greenseed Pte Ltd * Buy 778 n.a 3.67 4.91
Auston Intl Grp 04-Feb-09 Ng Kian Aik Paul Buy 1000 n.a 0 0.21
Auston Intl Grp 04-Feb-09 Ng Kian Aik Paul Buy 1000 n.a 0 0.21
Saizen Reit 02-Feb-09 UBS AG * Buy 1045 n.a 5.79 6.02
Hiap Moh Corp 09-Feb-09 Michael Wee Soon Lock * Buy 1543 0.4 90.26 92.7
Ezion Hldgs 09-Feb-09 Larry Glenn Johnson * Buy 6000 n.a 0 0.93
SP Chemicals 04-Feb-09 Asiawide Hldgs * Buy 8670 n.a 94.61 96.19
SP Chemicals 04-Feb-09 Barrington Heights Ltd * Buy 8670 n.a 94.61 96.19
SP Chemicals 04-Feb-09 Cumulus Enterprises Ltd * Buy 8670 n.a 94.61 96.19
SP Chemicals 04-Feb-09 Independent Alliance Ventures * Buy 8670 n.a 94.61 96.19
SP Chemicals 04-Feb-09 Lucas Sasmito * Buy 8670 n.a 94.61 96.19
SP Chemicals 04-Feb-09 SP Chemicals Hldgs Ltd Buy 8670 n.a 94.61 96.19
SP Chemicals 04-Feb-09 Hendrik Sasmito * Buy 8670 n.a 94.61 96.19
SP Chemicals 04-Feb-09 SP Chemicals Hldgs Ltd Buy 8670 n.a 94.61 96.19
SP Chemicals 06-Feb-09 Independent Alliance Ventures * Buy 11405 n.a 96.19 98.27
SP Chemicals 06-Feb-09 Lucas Sasmito * Buy 11405 n.a 96.19 98.27
SP Chemicals 06-Feb-09 SP Chemicals Hldgs Buy 11405 n.a 96.19 98.27
SP Chemicals 06-Feb-09 Hendrik Sasmito * Buy 11405 0.73 96.19 98.27
SP Chemicals 06-Feb-09 Asiawide Hldgs * Buy 11405 n.a 96.19 98.27
SP Chemicals 06-Feb-09 Barrington Heights Ltd * Buy 11405 n.a 96.19 98.27
SP Chemicals 06-Feb-09 Cumulus Enterprises Ltd * Buy 11405 n.a 96.19 98.27
Advance SCT 10-Feb-09 Kang Hui Huat Buy 20000 0.07 0 6.35
Auston Intl Grp 04-Feb-09 Annie Lin * Buy 39000 n.a 1.74 9.96
Auston Intl Grp 04-Feb-09 Atlas Realty Pte Ltd Buy 40000 n.a 0 8.22
Auston Intl Grp 04-Feb-09 Atlas Realty Pte Ltd Buy 40000 n.a 0 8.22
Auston Intl Grp 04-Feb-09 Annie Lin * Buy 40000 n.a 1.74 9.96
Hiap Moh Corp 05-Feb-09 Ng Kah Lin * Buy 47557 n.a 13.09 88.57
Hiap Moh Corp 05-Feb-09 Michael Wee Soon Lock * Buy 47557 0.4 14.77 90.26
Hiap Moh Corp 09-Feb-09 Greenseed Pte Ltd Buy 56090 n.a 0 89.03
Hiap Moh Corp 05-Feb-09 Greenseed * Buy 56861 0.4 0 90.26
SP Chemicals 04-Feb-09 Hendrik Sasmito * Buy 308670 n.a 94.61 96.19

Sell
Enzer Corp 05-Feb-09 Tan Lee Peng Sell 1180 n.a. 7.02 6.03
Fortune Reit 03-Feb-09 Lim Hwee Chiang * Sell 2435 n.a. 1.92 1.62
Singapore Petro 03-Feb-09 Koh Ban Heng * Sell 375 n.a. 0.17 0.1
Keppel Land 02-Feb-09 Schroder Invest Mgt Grp * Sell 2000 n.a. 5.12 4.84
SP Chemicals 30-Jan-09 Concord Asia Hldgs Sell 31777 n.a. 5.79 0
Hotung Invest Hldgs 30-Jan-09 Third Avenue Mgt * Sell 146864 n.a. 13.4 13.98
Hotung Invest Hldgs 30-Jan-09 CIM Invest Mgt * Sell 4269 n.a. 9.72 9.37
Innovalues Ltd 30-Jan-09 Atlantis Invest Mgt * Sell 800 n.a. 10.53 10.28
Innovalues Ltd 29-Jan-09 Atlantis Invest Mgt * Sell 584 n.a. 10.71 10.53
E3 Hldgs 29-Jan-09 Armorcoat Intl Sell 3000 n.a. 6.7 6.5
China Lifestyle 29-Jan-09 Orange capital, LLC * Sell 20000 n.a. 7.89 3.92

Source: The Business Times

ST: Shares transfer, IP: Investment purposes, PL: Placement

[ 5 ] CIMB-GK Research Pte Ltd 19 February 2009

Insider transactions - as at 14/02/09
Shareholding
Transacted Substantial Buy/Sell/ No of Shs Price Per % Before % After
Stock
Date Shareholder/Director Conv ('000) Share $ Change Change

Enzer Corp 05-Feb-09 Tan Lee Peng Sell 1180 n.a 7.02 6.03
Keppel Land 02-Feb-09 Schroder Invest Mgt Grp * Sell 2000 n.a 5.12 4.84
ARA Asset Mgt 06-Feb-09 Prudential Asset Mgt (S'pore) * Sell 2107 n.a 11.09 10.73
Fortune Reit 03-Feb-09 Lim Hwee Chiang * Sell 2435 n.a 1.92 1.62
Hiap Moh Corp 09-Feb-09 Ng Kah Lin * Sell 8243 n.a 13.09 0
Hiap Moh Corp 09-Feb-09 Sie Kam Shuat * Sell 8243 n.a 13.09 0
Hiap Moh Corp 09-Feb-09 Joshua Ng Hock Hwa * Sell 8243 n.a 13.09 0
Hiap Moh Corp 09-Feb-09 Gracefield Invest Pte Ltd Sell 8243 n.a 13.09 0
Hiap Moh Corp 09-Feb-09 Michael Wee Soon Lock * Sell 9304 0.4 14.77 0
Jackspeed Corp 11-Feb-09 Ang Kian Lee Sell 9380 0.09 4.48 0
Olam Intl 09-Feb-09 JPMorgan Chase & Co * Sell 14399 n.a 6.75 5.91
Advance SCT 10-Feb-09 Terence Tea Yeok Kian Sell 20000 0.07 11.79 5.45
Hiap Moh Corp 09-Feb-09 Hiap Moh Hldgs Sell 32130 n.a 51 0

Others
China Hongxing 06-Feb-09 Wasatch Advisors Inc * IP 5664 n.a 6.79 7
Soup Res Grp 02-Feb-09 Then Khek Koon SA 11172 0.01 5.61 5.61
Soup Res Grp 02-Feb-09 Then Khek Koon SA 11458 0.01 5.61 5.61
Soup Res Grp 02-Feb-09 Pang Cheng Jin SA 21721 n.a 10.92 10.92
Soup Res Grp 02-Feb-09 Wong Chi Keong SA 26061 n.a 13.1 13.1
Soup Res Grp 02-Feb-09 Wong Wei Teck SA 27394 0.01 13.77 13.77
Soup Res Grp 02-Feb-09 Mok Yip Peng SA 37122 0.01 18.65 18.65
PacShip Trust 02-Feb-09 YC Chang ST 1300 n.a 0.22 0
RSH Ltd 04-Feb-09 Mohamed Ali Rashed Alabbar ST 70067 n.a 19.87 0
RSH Ltd 04-Feb-09 FZC ST 72548 n.a 0 20.57
Source: The Business Times
ST: Shares transfer, IP: Investment purposes, PL: Placement

[ 6 ] CIMB-GK Research Pte Ltd 19 February 2009

Corporate actions

February 2009

SUN MON TUE WED THU FRI SAT

2 3 4 5 6 7
Results: Results:
4Q08 - Tuan Sing 3Q09 – CSC
3Q09 – SATS

8 9 10 11 12 13 14
Jan 09 Intl Reserves Results: Results: Results: Dec 08 Retail Sales &
Results: 4Q08 - NOL, StarHub, 2Q09 – Tiong Woon, 4Q08 – Comfort Catering Trade Indices
4Q08 Rickmers Capland Ellipsiz, ASL Marine 3Q09 – Yellow Pages Results:
3Q09 Macarthurcook REIT 3Q09 - SIA 2Q09 – Eu Yan Sang 4Q08 – ChSports, DBS
1Q09 - WBL 3Q09 - FJ Ben, Tat Hong

15 16 17 18 19 20 17
Map Tech 4Q08 results Jan 09 Merc Trade 4Q08 Ctrl Govt Debt Venture 4Q08 results 4Q08 Wholesale Trade
Results
4Q08 – Meiban, OCBC

22 23 24 25 26 27 24
Jan 09 CPI Results: Results: Jan 09 IIP 4Q08 GDP *
4Q08 – Rotary, Straits 4Q08 – Aztech, CAO, CSE Results: 4Q08 BOP *
Trading 4Q08 Armstrong, HTL, 4Q08 Ave Mthly Earnings*
Petra, Hiap Hoe, LKT, 4Q08 Biz Receipts
Sembcorp Ind Jan 09 Ctrl Govt Ops
Jan 09 Pdr&Intl Trade Px
Results:
4Q08 - Broadway,
Yongnam, Indofood

March 2009

SUN MON TUE WED THU FRI SAT

2 3 4 5 6 7

8 9 10 11 12 13 14
Feb 09 Intl Reserves* Feb 09 RSCTI
1Q09 results – China Flex

15 16 17 18 19 20 21
Feb 09 Merchandise Trade

22 23 24 25 26 27 28
Feb 09 CPI Feb 09 IIP

29 30 31
Feb 09 PITPI Feb 09 Cent Gov Debt
Feb 09 CPI *
Feb 09 External Debt *

Source: Company, Bloomberg, SGX * Not later than

[ 7 ] CIMB-GK Research Pte Ltd 19 February 2009

Important dates

Ex Date Company Particulars Rec. Date Paid/Payable

16-Feb-09 LIPPO-MAPLETREEINDORETAILTRUSTDIVIDEND : 011008-311208 SGD 0.003 18-Feb-09 27-Feb-09
16-Feb-09 STARPHARM$28000800RCPS5%090227DIVIDEND : SGD 0.03 ONE-TIER TAX 18-Feb-09 27-Feb-09
16-Feb-09 STARPHARM$28000800RCPS5%090227ENTITLEMENT : REDEMPTION SGD 0.6 18-Feb-09 27-Feb-09
16-Feb-09 STARPHARM$28000800RCPS5%090227DIVIDEND : PRO-RATED SGD 0.0047319 ONE-TIER TAX 18-Feb-09 27-Feb-09
19-Feb-09 BOARDROOM LIMITED DIVIDEND : SGD 0.01 INTERIM ONE-TIER TAX 23-Feb-09 5-Mar-09
19-Feb-09 CAPITALAND LIMITED RIGHTS : OFFER OF 1 FOR 2 @ $1.3 23-Feb-09 -
19-Feb-09 RICKMERS MARITIME DIVIDEND : 011008-311208 USD 0.0225 TAX EXEMPT 23-Feb-09 5-Mar-09
20-Feb-09 SUNWAY INTL HLDGS LTD DIVIDEND : HKD 0.005 FINAL 24-Feb-09 -
24-Feb-09 MAVERIC LTD. DIVIDEND : SGD 0.058982 INTERIM ONE-TIER TAX 26-Feb-09 10-Mar-09
26-Feb-09 SECOND CHANCE PROPERTIES LTD DIVIDEND : SGD 0.01 2ND INTERIM ONE-TIER TAX 2-Mar-09 16-Mar-09
26-Feb-09 SILVERLAKE AXIS LTD DIVIDEND : USD 0.003 INTERIM ONE-TIER TAX 2-Mar-09 20-Mar-09
2-Mar-09 KARIN TECHNOLOGY HLDGS LIMITED DIVIDEND : HKD 0.052 INTERIM 4-Mar-09 18-Mar-09
2-Mar-09 UOB 5.05%NCPS 100 DIVIDEND : 150908 - 140309 5.05% PREFERENTIAL 4-Mar-09 16-Mar-09
3-Mar-09 GRP LTD DIVIDEND : SGD 0.01 INTERIM ONE-TIER TAX 5-Mar-09 18-Mar-09
3-Mar-09 LONGCHEER HOLDINGS LIMITED DIVIDEND : SGD 0.012 INTERIM 5-Mar-09 18-Mar-09
3-Mar-09 PERTAMA HOLDINGS LIMITED DIVIDEND : SGD 0.003 SPECIAL ONE-TIER TAX 5-Mar-09 20-Mar-09
3-Mar-09 PERTAMA HOLDINGS LIMITED DIVIDEND : SGD 0.005 INTERIM ONE-TIER TAX 5-Mar-09 20-Mar-09
3-Mar-09 TAI SIN ELECTRIC LIMITED DIVIDEND : SGD 0.005 INTERIM ONE-TIER TAX 5-Mar-09 18-Mar-09
3-Mar-09 TRANSVIEW HOLDINGS LIMITED DIVIDEND : SGD 0.003 1ST & FINAL ONE-TIER TAX 5-Mar-09 27-Mar-09
4-Mar-09 CAPITAMALL TRUST RIGHTS : OFFER OF 9 FOR 10 @ $0.82 6-Mar-09 -
6-Mar-09 CAPITARETAIL CHINA TRUST DIVIDEND : SGD 0.0358 10-Mar-09 25-Mar-09
6-Mar-09 CAPITARETAIL CHINA TRUST DIVIDEND : SGD 0.007 TAX EXEMPT 10-Mar-09 25-Mar-09
18-Mar-09 AVI-TECH ELECTRONICS LIMITED DIVIDEND : SGD 0.005 INTERIM ONE-TIER TAX 20-Mar-09 31-Mar-09
20-Mar-09 QIAN HU CORPORATION LIMITED DIVIDEND : SGD 0.002 1ST & FINAL ONE-TIER TAX 24-Mar-09 6-Apr-09
6-Apr-09 KIAN ANN ENGINEERING LTD DIVIDEND : SGD 0.002 INTERIM ONE-TIER TAX 8-Apr-09 30-Apr-09
9-Apr-09 CEI CONTRACT MANUFACTURING LTDDIVIDEND : SGD 0.00166 2ND & FINAL ONE-TIER TAX 14-Apr-09 24-Apr-09
9-Apr-09 CEI CONTRACT MANUFACTURING LTDDIVIDEND : SGD 0.00232 SPECIAL ONE-TIER TAX 14-Apr-09 24-Apr-09
14-Apr-09 DBS GROUP HOLDINGS LTD DIVIDEND : SGD 0.14 FINAL ONE-TIER TAX 16-Apr-09 29-Apr-09
16-Apr-09 FRAGRANCE GROUP LIMITED DIVIDEND : SGD 0.006 FINAL ONE-TIER TAX 20-Apr-09 29-Apr-09
17-Apr-09 NEPTUNE ORIENT LINES LIMITED DIVIDEND : SGD 0.04 FINAL ONE-TIER TAX 21-Apr-09 5-May-09
20-Apr-09 UNITED INTL SECURITIES LTD DIVIDEND : SGD 0.0115 1ST & FINAL ONE-TIER TAX 22-Apr-09 5-May-09
21-Apr-09 BH GLOBAL MARINE LIMITED DIVIDEND : SGD 0.012 1ST & FINAL ONE-TIER TAX 23-Apr-09 7-May-09
23-Apr-09 KEPPEL TELE & TRAN DIVIDEND : SGD 0.03 1ST & FINAL ONE-TIER TAX 27-Apr-09 11-May-09
28-Apr-09 KEPCORP MBL ICW090703 DIVIDEND : SGD 0.014 FINAL ONE-TIER TAX 30-Apr-09 19-May-09
28-Apr-09 KEPCORP MBL ICW091002 DIVIDEND : SGD 0.017 FINAL ONE-TIER TAX 30-Apr-09 19-May-09
28-Apr-09 KEPPEL CORPORATION LIMITED DIVIDEND : SGD 0.21 FINAL ONE-TIER TAX 30-Apr-09 12-May-09
29-Apr-09 NERATELECOMMUNICATIONS LTD DIVIDEND : SGD 0.03 FINAL ONE-TIER TAX 4-May-09 15-May-09
29-Apr-09 SINGAPORE LAND LIMITED DIVIDEND : SGD 0.2 1ST & FINAL ONE-TIER TAX 4-May-09 20-May-09
30-Apr-09 SBS TRANSIT LTD DIVIDEND : SGD 0.036 FINAL ONE-TIER TAX 5-May-09 15-May-09
30-Apr-09 SINGAPORE PETROLEUM CO LTD DIVIDEND : SGD 0.08 FINAL ONE-TIER TAX 5-May-09 18-May-09
30-Apr-09 VICOM LTD DIVIDEND : SGD 0.0425 FINAL ONE-TIER TAX 5-May-09 15-May-09
4-May-09 COMFORTDELGRO CORPORATION LT DIVIDEND : SGD 0.024 FINAL ONE-TIER TAX 6-May-09 18-May-09
8-May-09 HWA HONG CORPORATION LIMITED DIVIDEND : SGD 0.0125 FINAL ONE-TIER TAX 12-May-09 22-May-09
8-May-09 UNITED INDUSTRIAL CORP LTD DIVIDEND : SGD 0.03 1ST & FINAL ONE-TIER TAX 12-May-09 25-May-09
11-May-09 TOTAL ACCESS COMM PUB CO LTD DIVIDEND : THB 1.5 LESS 10% TAX 13-May-09 25-May-09
Source: SGX - Corporate Actions By Ex-Date

[ 8 ] CIMB-GK Research Pte Ltd 19 February 2009

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