Вы находитесь на странице: 1из 10

SINGAPORE

CIMB TRADERAM
Retail Research
Contact: Jonathan Ng – +65 6210-8650 – jonathan.ng@cimb.com 19 February 2009

What’s Relevant Singapore Events


Corporate news ► 19 February
• OCBC’s 4Q08 core net profit of S$250m was below our expectations (S$385m) and below Venture – 4QFY08 results
consensus (S$381m). We are not too negative on trading losses as the difference between ► 20 February
OCBC and DBS might simply be a matter of adoption of new accounting rules. Key positive was
a significant jump in margins, as higher lending spreads, lower deposit costs and favorable China XLX Fertilizer – 4QFY08 results
money market activities weighed in. Yesterday, Chief Executive Officer, David Conner, also ► 23 February
mentioned that he will only consider staff retrenchment as a last resort. Maintain Underperform Raffles Medical Group – 4QFY08 results
and cut target price to S$5.15 (from S$5.50). January 2009 - CPI
• Neptune Orient Line’s target price was raised to S$1.20 (from S$1.10) by a foreign brokerage
house. We maintain Underperform with a target price of S$1.00. ► 24 February
• ST Engineering’s target price was cut to S$2.33 (from S$2.50) by a foreign brokerage house. Rotary – 4QFY08 results
We maintain Underperform with a target price of S$2.38. Straits Trading – 4QFY08 results
• Hyflux’s target price was cut to S$2.50 (from S$3.00). Sembcorp Marine – 4QFY08 results
Markets Del Monte – 4QFY08 results
• U.S. markets see-sawed through Wednesday before ending mixed as the Obama
► 25 February
administration’s US$275bn plan failed to curb worries about the worsening economy. The Dow
managed to carve out a negligible gain of 3.3pts after being propped up by defensive stocks Aztech – 4QFY08 results
such as Wal-Mart. CAO – 4QFY08 results
• Asian indices ended in a ‘red-green rojak’. The Hang Seng Index managed to rise 0.6% or CSE Global – 4QFY08 results
70.6pts despite HSBC weighing heavily on the index, as investors indulged in a round of short-
covering. The land of the cherry blossoms however was not as lucky as the Nikkei fell 1.5% or IPO news
111.1pts to close at its lowest since 27-Oct. The KLCI also lost 3.3pts to 895.2pts due to global
economic worries. Japan Foods has lodged a preliminary offer
• Singapore shares bucked the trend by rising 13.1pts to 1,651.1pts as stocks became document with the Singapore Exchange Securities
increasingly attractive as prices hovered near October-lows. However trading sentiment still Trading Limited (the "SGX-ST") acting as an agent
remained morose with only 827m shares worth S$808m changing hands. We expect investors on behalf of the Monetary Authority of Singapore
to do a bit of bargain hunting today though trading price range is likely to remain narrow. (the "Authority"). A copy of the preliminary offer
document can be accessed on the website of the
Trades for the Day SGX-ST at (http://www.sgxcatalist.com).

Fundamentally…
Selected Statistics
• Asia-Pacific Strategic Investments (APSI SP; S$0.145 - SELL) – APSI reflected a net loss of
Indices Level % chg Ytd % chg
S$1.8m for 2QFY09 as demand for pre-need burial niches continue to falter. Maintain our Sell Straits Times Index 1,651.06 +0.8% -6%
FSTC ST China Index 170.77 +0.9% -8%
recommendation but cut target price to S$0.11 (from S$0.14) based on 2x P/BV. Dow Jones 7,555.63 +0.0% -14%

• China Essence Group (CESS SP; S$0.215 – BUY) – A muted 3Q with unit sales being offset S&P 500 Index
CSI 300 Index
788.42
2,275.84
-0.1%
-4.6%
-13%
+25%
by ASP decline and margin erosion on higher raw material price. Reducing forecasts to factor in Hang Seng Index
Crude Oil (US$/barrel)
13,016.00
34.70
+0.5%
+0.2%
-10%
-22%
higher potato cost and lower margin. TP raised to S$0.34 as peer CY09 P/BV has moved up to Gold Spot (US$/oz) 981.33 -0.4% +11%

0.5x from 0.4x previously. Top volume Last price % chg Vol (m)
GOLDEN AGRI-RESO SGD 0.29 +3.6% 60.5
Technically… CHINA HONGXING SGD 0.16 -3.0% 44.5
NOBLE GROUP LTD SGD 1.11 +2.8% 30.4
• Oversea-Chinese Banking Corp (OCBC SP; S$4.89 – SELL) – Breaking below the S$4.80 STRAITS ASIA RES
UNITED FIBER SYS
SGD 0.82
SGD 0.03
+2.5%
+0.0%
26.5
25.5
support level is bearing over the immediate term. CAPITALAND LTD SGD 2.68 +22.1% 23.1

• Meiban Group (MEI SP; S$0.145 – BUY) – The breakout could lift the stock towards the Top gainers Last price % chg Vol (m)
EASTGATE TECH SGD 0.02 +50.0% 0.2
S$0.165-S$0.17 resistance next. JADE TECH HLDG SGD 0.02 +50.0% 3.9

• Venture Corp (VMS SP; S$4.00 – SELL) – A breakdown below S$4.00 would likely see the CHINA YONGSHENG
GLOBAL VOICE GRO
SGD 0.02
SGD 0.02
+50.0%
+33.3%
0.1
10.4
continuation of a longer term downtrend towards the S$3.60-3.65 levels next. DYNAMIC COLOURS
ABTERRA LTD
SGD 0.09
SGD 0.03
+28.6%
+25.0%
0.0
11.4

Top losers Last price % chg Vol (m)


STI Chart & Summary JETS TECHNICS IN
INNO-PAC HLDGS
SGD 0.01
SGD 0.01
-50.0%
-33.3%
0.2
0.1
After yesterday’s breakdown of its 2-week TUNG LOK RESTAUR
LANTROVISION SIN
SGD 0.09
SGD 0.02
-29.2%
-25.0%
0.0
0.1
trading range, the STI rebounded slightly to AUSTON INTL GRP
SUPERBOWL HLDG
SGD 0.02
SGD 0.11
-25.0%
-24.1%
0.3
0.0
close at 1,651.1. We continue to see weakness
ahead after the bearish breakdown. Minor
support levels at 1,636 and 1,570 would be
tested again soon. The index is likely to retest
its Oct lows of 1,473 in the coming weeks.
Technical indicators are supportive of our
bearish view with the MACD and RSI hooking
downwards again.

Please read carefully the important disclosures at the end of this publication.
SINGAPORE

Trend Spotter
Retail Research
Contact: Kong Seh Siang: +603-2084-9289 - sehsiang.kong@cimb.com 19 February 2009

Oversea-Chinese Banking Corp. (OCBC SP; S$4.89) – SELL

FY09P/E: 10.5x, P/BV: 1.0x

• If it breaks below the S$4.80 support level, sentiment may turn bearish over
the immediate term. Next support is much weaker at S$4.65, S$4.41 and
S$3.90.
• Technical indicators are showing signs of exhaustion. MACD has confirmed its
dead cross and stayed negative while RSI is still flat.
• Sell now ahead of the breakdown. Resistance is seen at S$5.15 and S$5.48
levels. Unless it can cut above these resistances to reverse the short-term
bearish trend, any intermittent rebound may not be sustainable.

OCBC Bank offers a comprehensive range of banking services and financial


solutions in consumer banking, business banking, international banking, global
treasury and investment management. The OCBC Group has diverse
subsidiaries that are involved in financial futures, regional stockbroking, trustee,
nominee and custodian services, property development and hotel management.

Meiban Group (MEI SP; S$0.145) – BUY

FY09P/E: 5.4x, P/BV: 0.4x

• The stock broke out of its consolidation triangle after taking out its resistance at
S$0.14.
• Both indicators are still showing positive signs.
• Aggressive investors could buy on weakness but put a stop below the S$0.12
level. The breakout could lift the stock towards the S$0.165-S$0.17 resistance
next. Other investors should just stand aside for now.

Meiban produces injection moulded plastic products for multinational customers


in the consumers electronics and computer sectors in the electronic industry, eg.
plastic parts in audio, video and hi-fi equipment and personal computers, printers
and computer keyboards.

Venture Corp (VMS SP; S$4.00) – SELL

FY09P/E: 4.7x, P/BV: 0.6x

• The stock has broken out above its medium term trend line resistance.
However, it is currently trading below the 30-day SMA at S$4.16. The next
resistance is at S$4.70.
• MACD is still marginally positive but RSI has hooked downwards. Mixed
indicators suggest that it is still in consolidation.
• After failing to close above its 30-day SMA after trying 3 times, suggest that the
buying momentum is weak. There should have been a rally after the breakout
of its medium term trend line but it appears that there is none forthcoming. A
breakdown below S$4.00 would likely see the continuation of a longer term
downtrend towards the S$3.60-S$3.65 levels next.

Venture offers high value-added and highly efficient manufacturing services to


MNCs using state-of-the-art manufacturing process technology and test
development capability. In addition, Venture provides an excellent range of pre-
manufacturing services including design, prototyping and engineering services,
as well as post-manufacturing services including after-sales repairs,
customisation and fulfillment logistics.
SINGAPORE

SGX Research Incentive Scheme

Contact: Michelle Tan – +65 6210-8671 – Michelle.tan@cimb.com 19 February 2009

Price @18/2/09: S$0.145


APSI SP
Asia-Pacific Strategic Investments 52-week range (SGD): 0.135– 0.32
SELL; TP:S$0.11
Market cap – S$85.6m

2QFY09 losses come as no surprise Financial summary


• Staying in negative territory. 2QFY09 registered a net loss of FYE Jun 2007 2008 2009F 2010F 2011F
S$1.8m, in line with our expectations. Gross margins fell to 55% in Revenue (RM m) 31.6 24.6 25.1 28.8 31.7
2QFY09 from 77% a year ago as the Group had just completed major EBITDA (RM m) 14.1 6.1 (2.4) (1.2) 0.4
infrastructure works for its Semenyih Memorial Hills project. Likewise, EBITDA margins (%) 44.6% 24.9% 9.6% -4.0% 1.3%
Pretax profit (RM m) 13.2 6.0 (2.8) (1.2) 0.4
gross margins also deteriorated from 77% to 61% h-o-h. Both
Net profit (RM m) 7.9 4.1 (2.8) (1.2) 0.3
operating margins and net margins plummeted into the ‘red’ as for
EPS (RM cts) 1.6 0.8 (0.5) (0.2) 0.0
2QFY09 on the back of higher operating expenses. EPS (S cts) 0.7 0.3 (0.2) (0.1) 0.0
• New contributions mitigated top line ‘slide’. Revenue in 1HFY09 EPS growth (%) N/A -50% -160% -59% 125%
dropped by RM4.3m to RM11.4m as compared to RM15.7m in the P/E (x) 21.1 44.3 n.m. n.m. n.m.
prior corresponding period. However this was mitigated by new Gross DPS (S cts) - - - - -
contributions to revenue from the sales of comlumbaria, the provision Dividend yield (%) 0% 0% 0% 0% 0%
of funeral services along with the construction of tombs. Revenue P/NTA (x) 4.4 3.3 2.7 2.8 2.8
from other bereavement care services also rose of RM52,000 in ROE (%) 23.4% 8.4% -4.3% -1.6% 0.4%
1HFY08 to RM518,000 in 1HFY09. Net cash per share (S$) 0.01 0.01 0.02 0.02 0.01
Net cash (S$ m) 3.3 5.2 13.6 10.2 8.1
P/CF (x) neg. neg. neg. neg. neg.
Key risk
EV/EBITDA (x) 13.8 31.8 (81.1) (167.4) 465.8
• Collectibility of trade receivables. A high amount of trade
receivables which stood at RM27.5m as of 2QFY09 continues to Source: CIMB-GK Research, Company
highlight concerns over the collection of bad debt and future earnings Technical recommendation
recognition. Most of this still constitute old outstanding debt reported
in 1QFY09. Total revenue as of 1HFY09 was RM11.4m.

What we like
• Products have an indefinite shelf life. Due to the nature of APSI’s
products (burial and columbaria niches), there is no risk of
obsolescence and can be sold for a stable price indefinitely.

What we dislike
• Low traction. The stock has been faced with a lack of trading interest
which hinders any potential share price movement.
• Control of operating expenses remains a worry. Higher general
Source: Bloomberg
and administrative expenses caused the Group to dive under. These
expenses were primarily attributed to the expansion of distribution • Technical SELL
channels in anticipation of increased retail sales. Staff and salary • Stock has been trading in a sideways trading band of S$0.18-0.26
benefits were also relatively high at RM2.1m as APSI seeks to since Aug-07 with occasional false breakouts. However, the stock
continually improve its management team. fell below the range recently and has yet to climb back. So, this
breakdown is bearish.
Outlook looks bleak • Next downside target is S$0.12 and S$0.10.
• Earnings prospects likely to remain difficult. The ailing economy • Technical indicators continue to portray weakness. Daily MACD is
and political unrest in Malaysia have had an adverse impact on all bearish while RSI is turning down.
sectors in the country. Management expects to face trying conditions • Continue to sell as the immediate term trend is down. Resistance is
as demand for its pre-need segment (primary revenue generator) at S$0.18 and S$0.22.
dwindles along with domestic consumer spending.

Recommendation – Maintain SELL


• We maintain our earnings forecasts as we believe it has already
factored in the decreased demand for pre-need burial plots and niches
in Malaysia.
• We maintain our SELL recommendation but cut target price to S$0.11
(from S$0.14) based on 2x P/BV, the industry peer average. This
translates to 24.1% downside.
SINGAPORE

SGX Research Incentive Scheme

Contact: William Tng – +65 6210-8676 – William.tng@cimb.com 19 February 2009

Price @18/02/09: S$0.215


CESS SP
China Essence Group Ltd 52-week range (SGD): 0.21 – 0.75
BUY; TP: S$0.34
Market cap – S$84.3m

A muted third quarter • Note that in line with our earlier reluctance to factor in potato protein
and potato fibre sales, we continue to assume zero contribution to be
Results summary conservative. We factor in capex associated with these new segments
FYE Mar (RMB) 3QFY09 3QFY08 yoy % qoq % 9MFY09 9MFY08 yoy % 2QFY09
chg chg chg though as the Company is going ahead with the building of these
Revenue 352.6 330.3 6.8 62.9 712.3 588.8 21.0 216.5 plants.
Gross profit 143.9 148.2 (2.9) 62.9 295.3 268.3 10.1 88.3
Pre tax profit 98.4 107.7 (8.7) 77.7 198.2 199.2 (0.5) 55.4 • There is some risk that China Essence could face challenges in selling
Net profit 81.2 100.8 (19.5) 81.2 161.3 174.7 (7.7) 44.8 the potato protein as this is a substitute product and users may need
Gross profit margin* 40.8 44.9 (4.1) (0.0) 40.8 stronger persuasion to switch from the traditional products’ whose
Pre tax profit margin* 27.9 32.6 (4.7) 2.3 25.6 prices are not at risk of rising for the moment.
Net profit margin* 23.0 30.5 (7.5) 2.3 20.7
• Maintain BUY with S$0.34 target price, pegged to the sector average
EPS (RMB)** 0.2 0.3 (19.5) 81.6 0.4 0.5 (8.7) 0.1 P/BV of 0.5x. The sector was previously trading at 0.4x P/BV.
NAV (RMB)** 2.6 2.3 15.9
* margin changes in percentage points
** as reported by Company
Forecast & valuation
FYE Mar 2007 2008 2009F 2010F 2011F
Results highlights Revenue (RMB m) 521.2 858.8 968.3 1,000.8 1,259.1
• 9M results were 71.4% of consensus and 69.8% of our full year EBITDA (RMB m)
EBITDA margins (%)
215.9
41.4
334.1
38.9
385.2
39.8
422.1
42.2
513.7
40.8
forecast. Pretax profit (RMB m) 194.6 278.5 244.4 254.8 319.4
• 3Q sales grew just 7% yoy as the key potato starch segment saw its Net profit (RMB m)
EPS (RMB cts)
147.1
38.3
238.0
61.2
197.5
50.4
201.3
51.3
252.3
64.3
16.4% yoy volume growth being offset by a 7.4% yoy ASP decrease. EPS growth (%) +9% +60% -18% +2% +25%

• Overall gross margin fell by 4.1 percentage points as gross profit P/E (x)
FD EPS (RMB cts)
2.5
38.3
1.6
51.9
1.9
43.0
1.9
43.9
1.5
55.0
margins fell across all product segments on higher potato prices (70% FD P/E (x) 2.5 1.9 2.2 2.2 1.7
Gross DPS (RMB cts) 2.4 6.3 5.0 5.1 6.4
of cost of goods sold). Dividend yield (%) 2.5 6.6 5.2 5.3 6.7
• On a positive note, operating expenses fell but higher interest expense P/NTA (x) 0.6 0.4 0.4 0.3 0.3
ROE (%) 24.2 31.9 20.3 17.5 18.6
due to more borrowings to fund capex and non-cash amortization of Net gearing (%) cash cash 25.3 21.4 13.3
interest expense on its convertible bond and the expiry of tax benefits Net cash per share (RMB cts) 64.15 41.12 net debt net debt net debt
P/CF (x) 2.3 1.4 1.3 1.2 0.9
led to a 19% yoy decline in net profit. EV/EBITDA (x) 3.0 2.0 1.7 1.6 1.3
CIMB-GK/Consensus (x) - - 1.31 1.37 1.04

Cautious outlook
• China Essence does not appear to be immune from the effects of the
Peer valuation
global economic slowdown. The Company is reducing its ASP by
RMB500 per tonne in January as its customers are reducing their
prices to sustain demand. Peer valuation
• Construction of its new potato starch plants have progressed Mkt Cap CY09
satisfactorily. The Company commented that large-scale production of Company (S$ mil) P/BV (x) Div Yield (%)
potato protein has commenced in late September 2008 but it appears Celestial Nutrifoods 159.1 0.45 6.3
that no sales have been recorded as yet. The potato fibre plant is likely Pine Agritech 285.0 0.61 3.3
to commence production in May 09.
Simple average 0.53 4.8
• No interim dividend was declared.
Source: Bloomberg, CIMB-GK Research

Recommendation – maintain BUY


• China Essence’s margins have been declining as potato cost rose and Technical SELL
customers are facing difficulty in accepting higher prices.
55.0 Quarterly gross margin trend

50.0

45.0
(%)

40.0

35.0
• Broke below its medium term downtrend resistance but have yet to
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
rally. Support is now at S$0.20. MACD and RSI are negative.
• Break below S$0.20 could send the stock lower towards S$0.175 and
• We have adjusted our forecasts to factor in higher potato prices and possibly S$0.155.
ASP erosion. However, our target price is not much affected since we • Resistance is seen at S$0.235-0.25.
are valuing the Company on a P/BV basis.
SINGAPORE

Insider Transactions Retail Research


19February 2009

Updated 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
Hiap Moh Corp 09-Feb-09 Charles Yeo Sell 150 0.4 0.24 0
Fortune Reit 10-Feb-09 Lim Hwee Chiang * Sell 195 2.15 1.57 1.55
Mirach Energy Ltd 11-Feb-09 FMR LLC * Sell 240 n.a 9.06 8.97
Hiap Moh Corp 09-Feb-09 Stephen Ng Kah Seen Sell 303 0.4 0.48 0
Hiap Moh Corp 09-Feb-09 David Ng Kah Seat Sell 303 0.4 0.48 0
Rickmers Maritime 09-Feb-09 FMR LLC * Sell 374 n.a 10.03 9.94
Source: The Business Times
ST: Shares transfer, IP: Investment purposes, PL: Placement
SINGAPORE

Insider Transactions Retail Research


19February 2009

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

Spore Petroleum 03-Feb-09 Koh Ban Heng * Sell 375 n.a 0.17 0.1
Fortune Reit 05-Feb-09 Lim Hwee Chiang * Sell 445 2.15 1.62 1.57
Hiap Moh Corp 09-Feb-09 Ng Yek-Soon Joshua Sell 604 n.a 0.96 0
Time Watch Invest 06-Feb-09 UOBAM * Sell 754 n.a 7.15 6.95
Hiap Moh Corp 09-Feb-09 Ng Kah Lin Sell 1060 n.a 1.68 0
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

Source: The Business Times


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

Corporate Actions Retail Research


19 February 2009

February 2009
SUN MON TUE WED THU FRI SAT
1 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 21
Results Jan 09 Merc Trade 4Q08 Ctrl Govt Debt Results 4Q08 Wholesale Trade
4Q08 – Map Tech, OKP Results 4Q08 – Venture, ARA Results
4Q08 – Meiban, OCBC 4Q08 – MCL Land

22 23 24 25 26 27 28
Jan 09 CPI Results: Results: Jan 09 IIP 4Q08 GDP *
4Q08 – Rotary, Straits 4Q08 – Aztech, CAO. CSE Results: 4Q08 BOP *
Trading, Sembcorp Marine, 4Q08 Armstrong, HTL, 4Q08 Ave Mthly Earnings*
Del Monte Petra, Hiap Hoe, LKT, 4Q08 Biz Receipts
Eastern Asia Tech, Jan 09 Ctrl Govt Ops
Sembcorp Ind Jan 09 Pdr&Intl Trade Px
Results:
4Q08 - Broadway,
Indofood, Yongnam

Source: Company, Bloomberg, SGX * Not later than

March 2009
SUN MON TUE WED THU FRI SAT

2 3 4 5 6 7
Results: Results:
4Q08 - Mandarin Oriental 4Q08 - Jardine
Matheson, Jardine
Strategic
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


SINGAPORE

Important Dates Retail Research


19 February 2009

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
9

DISCLAIMER
This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where
such distribution, publication, availability or use would be contrary to law or regulation.
By accepting this report, the recipient hereof represents and warrants that he is entitled to receive such report in accordance with the restrictions set forth below and agrees to be bound by
the limitations contained herein (including the “Restrictions on Distributions” set out below). Any failure to comply with these limitations may constitute a violation of law. This publication is
being supplied to you strictly on the basis that it will remain confidential. No part of this report may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or
(ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB.
CIMB, its affiliates and related companies, their directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this
research report or any securities related thereto and may from time to time add to or dispose of, or may be materially interested in, any such securities. Further, CIMB, its affiliates and its
related companies do and seek to do business with the company(ies) covered in this research report and may from time to time act as market maker or have assumed an underwriting
commitment in securities of such company(ies), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking,
advisory or underwriting services for or relating to such company(ies) as well as solicit such investment, advisory or other services from any entity mentioned in this report. The views
expressed in this report accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be
directly or indirectly related to the inclusion of specific recommendations(s) or view(s) in this report. CIMB prohibits the analyst(s) who prepared this research report from receiving any
compensation, incentive or bonus based on specific investment banking transactions or for providing a specific recommendation for, or view of, a particular company. However, the
analyst(s) may receive compensation that is based on his/their coverage of company(ies) in the performance of his/their duties or the performance of his/their recommendations and the
research personnel involved in the preparation of this report may also participate in the solicitation of the businesses as described above. In reviewing this research report, an investor
should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additional information is, subject to the duties of confidentiality,
available on request.
The term “CIMB” shall denote where applicable the relevant entity distributing the report in that particular jurisdiction where mentioned specifically below shall be a CIMB Group Sdn Bhd’s
affiliates, subsidiaries and related companies.
(i) As of 18 February 2009, CIMB has a proprietary position in the following securities in this report:
(a) Oveseas Chinese Banking Corporation, Venture Corporation, Hyflux Ltd and Neptune Orient Lines
(ii) As of 19 February 2009, the analysts, Jonathan Ng, William Tng and Kong Seh Siang, who prepared this report, have an interest in the securities in the following company or
companies covered or recommended in this report:
(a) -
The information contained in this research report is prepared from data believed to be correct and reliable at the time of issue of this report. This report does not purport to contain all the
information that a prospective investor may require. CIMB or any of its affiliates does not make any guarantee, representation or warranty, express or implied, as to the adequacy, accuracy,
completeness, reliability or fairness of any such information and opinion contained in this report and accordingly, neither CIMB nor any of its affiliates nor its related persons shall be liable in
any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage
thereof.
This report is general in nature and has been prepared for information purposes only. It is intended for circulation amongst CIMB and its affiliates’ clients generally and does not have regard
to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information and opinions in this report are not and
should not be construed or considered as an offer, recommendation or solicitation to buy or sell the subject securities, related investments or other financial instruments thereof.
Investors are advised to make their own independent evaluation of the information contained in this research report, consider their own individual investment objectives, financial situation
and particular needs and consult their own professional and financial advisers as to the legal, business, financial, tax and other aspects before participating in any transaction in respect of
the securities of company(ies) covered in this research report. The securities of such company(ies) may not be eligible for sale in all jurisdictions or to all categories of investors.
Australia: Despite anything in this report to the contrary, this research is provided in Australia by CIMB-GK Research Pte. Ltd. (“CIMB-GK”) and CIMB-GK notifies each recipient and each
recipient acknowledges that CIMB-GK is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cwlth) in respect of financial
services provided to the recipient. CIMB-GK is regulated by the Monetary Authority of Singapore under the laws of Singapore, which differ from Australian laws. This research is only
available in Australia to persons who are “wholesale clients” (within the meaning of the Corporations Act 2001 (Cwlth)) and is supplied solely for the use of such wholesale clients and shall
not be distributed or passed on to any other person. This research has been prepared without taking into account the objectives, financial situation or needs of the individual recipient.
France: Only qualified investors within the meaning of French law shall have access to this report. This report shall not be considered as an offer to subscribe to, or used in connection with,
any offer for subscription or sale or marketing or direct or indirect distribution of financial instruments and it is not intended as a solicitation for the purchase of any financial instrument.
Hong Kong: This report is issued and distributed in Hong Kong by CIMB-GK Securities (HK) Limited (“CGHK”) which is licensed in Hong Kong by the Securities and Futures Commission
for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 6 (advising on corporate finance) activities. Any investors wishing to purchase or otherwise deal in the securities
covered in this report should contact the Head of Sales at CIMB-GK Securities (HK) Limited. The views and opinions in this research report are our own as of the date hereof and are
subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Services Authority apply to a recipient, our obligations owed to such
recipient therein are unaffected. CGHK has no obligation to update its opinion or the information in this research report.
This publication is strictly confidential and is for private circulation only to clients of CGHK. This publication is being supplied to you strictly on the basis that it will remain confidential. No
part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in
whole or in part, for any purpose without the prior written consent of CGHK. Unless permitted to do so by the securities laws of Hong Kong, no person may issue or have in its possession
for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the securities covered in this report, which is directed at, or the contents
of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong).
Indonesia: This report is issued and distributed by PT CIMB-GK Securities Indonesia (“CIMB-GKI”). The views and opinions in this research report are our own as of the date hereof and
are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Services Authority apply to a recipient, our obligations owed to such
recipient therein are unaffected. CIMB-GKI has no obligation to update its opinion or the information in this research report.
This publication is strictly confidential and is for private circulation only to clients of CIMB-GKI. This publication is being supplied to you strictly on the basis that it will remain confidential. No
part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in
whole or in part, for any purpose without the prior written consent of CIMB-GKI. Neither this report nor any copy hereof may be distributed in Indonesia or to any Indonesian citizens
wherever they are domiciled or to Indonesia residents except in compliance with applicable Indonesian capital market laws and regulations.
Malaysia: This report is issued and distributed by CIMB Investment Bank Berhad (“CIMB”). The views and opinions in this research report are our own as of the date hereof and are subject
to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Services Authority apply to a recipient, our obligations owed to such recipient therein
are unaffected. CIMB has no obligation to update its opinion or the information in this research report.
This publication is strictly confidential and is for private circulation only to clients of CIMB. This publication is being supplied to you strictly on the basis that it will remain confidential. No part
of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in
whole or in part, for any purpose without the prior written consent of CIMB.
New Zealand: In New Zealand, this report is for distribution only to persons whose principal business is the investment of money or who, in the course of, and for the purposes of their
business, habitually invest money pursuant to Section 3(2)(a)(ii) of the Securities Act 1978.
Singapore: This report is issued and distributed by CIMB-GK Research Pte Ltd (“CIMB-GKR”). Recipients of this report are to contact CIMB-GKR in Singapore in respect of any matters
arising from, or in connection with, this report. The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and
Markets Act of the United Kingdom or the rules of the Financial Services Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMB-GKR has no
obligation to update its opinion or the information in this research report.
This publication is strictly confidential and is for private circulation only. If the recipient of this research report is not an accredited investor, expert investor or institutional investor, CIMB-
GKR accepts legal responsibility for the contents of the report without any disclaimer limiting or otherwise curtailing such legal responsibility. This publication is being supplied to you strictly
on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed
on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB-GKR.
As of 18 February 2009CIMB-GK Research Pte Ltd does not have a proprietary position in the recommended securities in this report.
Sweden: This report contains only marketing information and has not been approved by the Swedish Financial Supervisory Authority. The distribution of this report is not an offer to sell to
any person in Sweden or a solicitation to any person in Sweden to buy any instruments described herein and may not be forwarded to the public in Sweden.
Taiwan: This research report is not an offer or marketing of foreign securities in Taiwan. The securities as referred to in this research report have not been and will not be registered with the
Financial Supervisory Commission of the Republic of China pursuant to relevant securities laws and regulations and may not be offered or sold within the Republic of China through a public
offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Law of the Republic of China that requires a registration or approval of the
Financial Supervisory Commission of the Republic of China.
Thailand: This report is issued and distributed by CIMB-GK Securities (Thailand) Ltd (“CIMB-GKT”). The views and opinions in this research report are our own as of the date hereof and
are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Services Authority apply to a recipient, our obligations owed to such
recipient therein are unaffected. CIMB-GKT has no obligation to update its opinion or the information in this research report.
This publication is strictly confidential and is for private circulation only to clients of CIMB-GKT. This publication is being supplied to you strictly on the basis that it will remain confidential.
No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other
person in whole or in part, for any purpose without the prior written consent of CIMB-GKT.
United Arab Emirates: The distributor of this report has not been approved or licensed by the UAE Central Bank or any other relevant licensing authorities or governmental agencies in the
United Arab Emirates. This report is strictly private and confidential and has not been reviewed by, deposited or registered with UAE Central Bank or any other licensing authority or
governmental agencies in the United Arab Emirates. This report is being issued outside the United Arab Emirates to a limited number of institutional investors and must not be provided to
any person other than the original recipient and may not be reproduced or used for any other purpose. Further, the information contained in this report is not intended to lead to the sale of
investments under any subscription agreement or the conclusion of any
other contract of whatsoever nature within the territory of the United Arab Emirates.
United Kingdom: This report is being distributed by CIMB-GK Securities (UK) Limited only to, and is directed at selected persons on the basis that those persons are (a) persons falling
within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the “Order”) who have professional experience in investments of this type or (b) high net
worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order, (all such persons together being referred to as “relevant
persons”). A high net worth entity includes a body corporate which has (or is a member of a group which has) a called-up share capital or net assets of not less than (a) if it has (or is a
subsidiary of an undertaking which has) more than 20 members, £500,000, (b) otherwise, £5 million, the trustee of a high value trust or an unincorporated association or partnership with
assets of no less than £5 million. Directors, officers and employees of such entities are also included provided their responsibilities regarding those entities involve engaging in investment
activity. Persons who do not have professional experience relating to investments should not rely on this document.
United States: This research report is distributed in the United States of America by CIMB-GK Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB-GK
Research Pte Ltd solely to persons who qualify as "Major U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only
for Institutional Investors and investment professionals whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who
have professional experience in such investments. Any person who is not an Institutional Investor must not rely on this communication. However, the delivery of this research report to any
person in the United States of America shall not be deemed a recommendation to effect any transactions in the securities discussed herein or an endorsement of any opinion expressed
herein. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB-GK Securities (USA) Inc.
Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as
defined in the laws and regulations of such jurisdictions.
CIMB-GK Research is a participant in the SGX Research Incentive Scheme and receives a compensation of S$7,500 per stock per annum covered under the Scheme.

RETAIL RESEARCH RECOMMENDATION FRAMEWORK

STOCK RECOMMENDATIONS SECTOR RECOMMENDATIONS


BUY: The stock's total return is expected to be +15% or better over the next three OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high
months. number of stocks that are expected to have total returns of +15% or better over the next
three months.
HOLD: The stock's total return is expected to range between +15% and -15% over the NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an
next three months. equal number of stocks that are expected to have total returns of +15% (or better) or -
15% (or worse), or (ii) stocks that are predominantly expected to have total returns that
will range from +15% to -15%; both over the next three months.
SELL: The stock's total return is expected to be -15% or worse over the next three UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a
months. high number of stocks that are expected to have total returns of -15% or worse over the
next three months.
CIMB-GK Research Pte Ltd (Co. Reg. No. 198701620M)