Morning Note

Fundamental Call Tiger Airways Holdings Results (Derrick Heng) Recommendation: Sell Previous close: S$0.765 Fair value: S$0.65 Turnaround in profits as expected. Outstanding performance from Tiger Airways Singapore on seasonal strength. Start up losses at the JVs remain a drag Switched to SOTP valuation model. Maintain Sell with revised TP of S$0.65.

Phillip Securities Research Pte Ltd Singapore

25 January 2013

Keppel Land Ltd Company Results (Bryan Go) Recommendation: Neutral Previous close: S$4.05 Fair value: S$4.24 Credible set of 4Q12 results in a challenging year with turnover of $471.9mn, +26% y-y PATMI $527.6mn, -55% y-y due to absence of divestment gain China residential sales is improving but we believe the optimism has been priced in Maintain Neutral with higher target price of $4.24

Keppel Corporation Ltd - 4Q12 Results (Nicholas Ong) Recommendation: Accumulate Previous close: S$11.34 Fair value: S$12.38 FY12 earnings in line Dividends up 68% yoy Maintain Accumulate and target price of S$12.38

Source: Phillip Securities Research Pte Ltd

MCI (P) 129/11/2012 Ref No: SGMN2013_0018

1 of 16

Morning Note 25 January 2013

Morning Commentary - STI: +0.53% to 3248.4 - MSCI SE Asia: +0.20% to 881.6 - HSCEI: -0.58% to 12095.8 - HSI: -0.15% to 23598.9 - MSCI APxJ: -0.44% to 477.3 - Euro Stoxx 50: +0.53% to 2722.9 - S&P500: +0.00% to 1494.8 MARKET OUTLOOK: By Joshua Tan, Hd of Research North Koreas announcement of a planned nuclear test with the US in mind caused a huge intra-day reversal in N.Asian markets Chinas CSI300 gave up a 1.8% gain (on the back of better PMI, see Macro data) to close down almost 1%! While the HSCEI, Hang Seng, KOSPI and TWSE all lost ground as well. ASEAN however shrugged off the news and the STI continued to gain ground as we guided earlier in the week, as did Thailands SET. Were thinking sabre rattling from North Korea, Asia should be used to by now. Underlying economic data continues to suggest economic expansion so we expect a resumption of the uptrend. The KLCI was on holiday yesterday. When it re-opens our stance is as we wrote yesterday. We have had a positive rejection off the 50wma/200dma, so it looks like a bounce higher is building legs. Nonetheless, PhillipCFD traders keep your stops tight in case it fails (in which case, a move below the 50wma/200dma, short). Something to note about the KLCI: this is now the SECOND test of the 50wma/200dma in THREE months. Thats not good for what has been a low volatility uptrend. Political risk is mounting as the market perceives a weak mandate for BN this election. Our asset strategy has Malaysia on Marketweight due to political risk. China, and HK strategist inform us that they are renewing their stock pick list: - Hd of China Research: China Merchants Bank (3968 HK), China Life Insurance (2628 HK) - Hd of HK Research: AIA (1299 HK) and HSBC (5 HK) - SG Equity Strategist: SIA for a turnaround play. Pan United, SATS, SGX for profit growth. SIAEC for an excellent long term investment. Capitaland for China exposure. As usual we finish off with our market outlook for the year: we continue to believe that this is a year for stocks and maintain OW on CN, HK, SG, TH and PH markets. Investors looking to invest in the first 4 markets should check out our Country Strategy reports (see below), else invest/trade them thru ETFs/CFDs listed in the Asset Strategy reports (see below). SECTOR/STRATEGY REPORTS: - Sector Reports: Bank, 21 Jan / Property, 16 Jan / Gaming, 4 Jan / REIT, 31 Dec / Telecommunications, 12 Dec / Commodities Sector 3 Dec - Country Strategy: Spore, 26 Dec / China & HK, 19 Dec / Thai, 19 Dec - Global Macro, Asset Strategy: 24 Jan, Update / 4 Jan / US, 21 Dec / ASEAN, 5 Dec
Source: Phillip Securities Research Pte Ltd

2 of 15

Morning Note 25 January 2013

Macro Data In US, jobless claims unexpectedly dropped by 5000 to 330,000 in the week ended on Jan 19, marking the level in 5 years, while the market was predicting a hike to 355,000. The labor market may face a hurdle from higher payroll taxes that took effect this month. As part of a budget agreement, Congress agreed to let the tax that funds Social Security return to its 2010 level of 6.2 percent from 4.2 percent, which exerts some downward but manageable pressure on household consumption going forward In Eurozone, manufacturing PMI rose to 47.5 in Jan, beating the market expected 46.6 and earlier 46.1, indicating a slower contraction in the regions manufacturing sector. Services PMI also improved to 48.3 in Jan from prior 47.8, indicating a slower contraction of activities in service sector. In Germany, manufacturing PMI improved significantly to 48.8, from 46.0 in Dec, indicating a stabilizing manufacturing sector and services PMI hiked to 55.3 from 52.0 in Dec, indicating an accelerating expansion in the nations service sector. In Contrast to Germany, manufacturing PMI in France fell to 43.6, from 45.2 in Dec, indicating a faster contraction in manufacturing business. Services PMI also exacerbated, falling to 42.9 in Jan from 44.6 in Dec, indicating a fast contraction in the nations service sector. European Central Bank President Mario Draghi suggested this week the worst of the debt crisis may be over, saying the darkest clouds have lifted thanks to decisive policy steps last year. In South Korea, GDP grew by 0.4% q-q in 4q12, trailing the market expected 0.5% q-q pace, after the 0.1% q-q gain in 3q12. On y-y basis, GDP rose by 1.5% y-y in 4q12, the same pace as it was in 3q12, while the market was expecting a 1.8% y-y gain. The Bank of Korea lowered its forecast for the nations 2013 growth on 11th Jan to 2.8 percent from an October estimate of 3.2 percent. The economy will expand 3.8 percent next year, and consumer inflation will accelerate to 2.8 percent from this years 2.5 percent, according to the central banks projection. In China, HSBC flash PMI for Jan reported 51.9, beating the market expected 51.7 and the 51.5 reading in Dec, indicating a continued acceleration in the nations manufacturing sector. In Hong Kong, export growth unexpectedly rose to 14.4% y-y in Dec, from the 10.5% y-y pace in Nov, while the market was predicting a slowdown 9.2% y-y. The improved export data is mainly attributable to the rising demand from Chinas re-acceleration and the recent improvement in US retail sales. In Vietnam, inflation accelerated to 7.07% in Jan, exceeding the market expected 6.95% pace, after the 6.81% pace in December. The hiking inflation has limited the central banks scope to add to last months interest-rate cut and bolster the economy.
Source: Phillip Securities Research Pte Ltd

STI - Index Members 4%

2.7% HK Land

3% 2% 1% 0%

1.8%

1.3%

1.2%

1.2%

0.8%

0.8%

0.7%

0.5%

0.5%

0.4%

0.4%

0.4%

0.3%

0.3%

0.3%

0.0%

0.0%

0.0%

0.0% -0.2% -0.2% -0.3% -0.3% -0.4% -0.5% -0.6%

-1% -2% -3% -4% -5%

-0.7%

-0.9% -2.7%

Source: Bloomberg

Jardine C&C

Capitaland

DBS

Singtel

Wilmar

Jardine Mat.

Sembcorp Ind.

Starhub

UOB

Keppel Corp. Ltd

Sembcorp Mar.

SIA Eng.

3 of 15

OCBC

SIA

ComfortDelGro

SGX

IHH

Golden Agri-R.

F&N

CDL

SPH

Jardine Stra.

Genting SP

Noble Group

ST Eng.

Olam

GLP

Capitamalls Asia

Capitamall Trust

Morning Note 25 January 2013

Company Results S/N 1 2 3 4 Company Name Mapletree Commercial Trust Fortune REIT Keppel Corporation Limited Tiger Airways Holdings Ltd Q/HY/FY 3Q FY12/13 FY12 FY12 3Q FY12/13 Currency, Units S$000 HK$000 S$000 S$000 Revenue Current 55,894 1,113,696 13,964,841 247,674 Previous 49,723 909,425 10,082,467 168,422 Change (%) 12.4 22.5 +38.5 +47 Current 222,128 2,342,298 2,237,299 2,019 Net Profit Previous 87,713 3,490,602 1,945,765 -17,437 Change (%) 153.2 (32.9%) +15.0 n.m.

Source: SGX Masnet

Company Highlights Mapletree Commercial Trust is proposing a private placement of up to 197,369,000 new units in MCT, at the issue price of between S$1.14 and S$1.18 per New Unit to raise gross proceeds of approximately S$225.0 million. The Issue Price Range represents a discount of 6.2% and 2.9% respectively to the volume weighted average price of S$1.2151 per unit. The Manager has obtained the approval of unitholders of MCT at the extraordinary general meeting held on 23 January 2013 in respect of the proposed acquisition of a building known as Mapletree Anson as an interested person transaction. The Manager intends to use the net proceeds from the Private Placement to part fund the Acquisition. (Closing price: S$1.215, unchanged) Starhill Global REIT announced that SGREIT proposes to acquire the Plaza Arcade Building, a retail property located in central Perth, for A$48.0 million (approximately S$61.92 million) from Plaza Dato Pty Ltd. The Plaza Arcade is located in the city centre and enjoys dual frontage on Hay Street and Murray Street, the only two retail pedestrian streets in the city. The three-storey property is a heritage-listed building and comprises around 30 speciality tenancies. The acquisition is expected to be approximately 1.9% accretive to SGREITs distribution per unit. The proposed Australian acquisition is expected to be completed within the first quarter of 2013. It will be funded by a combination of debt and proceeds raised from Starhill Global REITs rights issue in 2009. (Closing price: S$0.825, +1.852%) Centurion Corporation Limited announced that Centurion Dormitories Pte. Ltd., a wholly-owned subsidiary of the Company, has entered into a share purchase agreement with Kang Choon Boon to acquire 800,000 issued ordinary shares in the capital of Dormitory Investments Private Limited held by KCB. The Sale Shares represent the remaining 10% of the issued share capital of DIPL that CDPL does not already own. The completion of the Proposed Acquisition has taken place, following which CDPL holds all the issued share capital of DIPL. Accordingly, DIPL has become an indirect wholly-owned subsidiary of the Company. The consideration payable for the Sale Shares is S$4,825,000. (Closing price: S$0.220, +2.326%) Chip Eng Seng Corporation Ltd announced that the Companys wholly-owned subsidiary, CEL Property Pte Ltd has emerged as the top bidder of the land parcel at Yishun Ring Road / Yishun Avenue 9 for mixed commercial & residential development. The tender price for the Site is S$ 212,100,000 or S$8,551 per square meter per plot ratio. The Site has a land area of 8,858.3 sqm and tenure of 99 years. It has an allowable gross plot ratio of 2.8 and a maximum permissible gross floor area of 24,803.24 sqm. The proposed development will comprise condominium units ranging from studio apartments to 4 bedroom apartments and 2 to 3 levels retail podium. The Proposed Development will be financed by internal fund and bank borrowings and is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2013. (Closing price: S$0.680, +2.256%) Intraco Limited having conducted a preliminary review of the draft financial results of the Company and its subsidiaries for the financial year ended 31 December 2012, would like to inform shareholders that the Company is expected to incur a loss. Based on information available, the Board considers it is prudent to make provisions for doubtful debts and write-down in value of inventory, which will likely result in a loss for FY2012. The Company will be announcing its FY2012 results before 1 March 2013. Further details of the Groups performance will be disclosed in the announcement. (Closing price: S$0.605) Yangzijiang Shipbuilding (Holdings) Ltd. announced that Seaspan Corporation has exercised the options to build additional four (4) units of 10,000 TEU containerships with Jiangsu New Yangzi Shipbuilding Co., Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. The total contract value is US$0.36 billion. These four (4) newly developed container vessels which are fuel-efficient and eco-friendly in nature are scheduled for delivery in 2014. The vessels proprietary design meets the current demand for larger capacity vessels with lower emission. (Closing price: S$1.010, +1.000%)
Source: SGX Masnet, The Business Times

4 of 15

+0.03%

+0.33%

+0.53%

-0.06%

Dec-12
Dec-12

13,825.33

10,620.87

Nov-12
Nov-12

3,248.39

Dec12 Nov12 Oct-12 Sep12 Aug12 Jul-12 Jun-12 May12 Apr-12

1.28%

Dec-12

Dec-12

Nov-12

Nov-12

300.42

1.850

Oct-12
Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12

Oct-12

Oct-12

Sep-12 Aug-12 Jul-12 Jun-12

Sep-12

Sep-12

Aug-12

Aug-12

Jul-12

Jul-12

Jun-12

Jun-12

ThomReuters/JefferiesCRB

May-12 Apr-12
Apr-12 Mar-12 Feb-12

May-12

May-12

US Treasury 10yr Yield

Apr-12

Apr-12

Straits Times Index

Nikkei 225 Index

Mar-12 Feb-12 Jan-12

Jan-12

Mar12 Feb12 Jan-12

Mar-12

Mar-12

Feb-12

Feb-12

9,500

8,500

11,500

14,000

13,000

12,000

11,000

340

320

300

280

260

2.40

2.20

2.00

1.80

1.60

1.40

1.20

DJI

10,500

3,300

3,100

2,900

2,700

2,500

7,500

Jan-12

Jan-12

+0.06%

+0.37%

+0.05%

-0.50%

Dec-12 Nov-12
112.72

Dec-12 Nov-12

Dec-12 Nov-12

Dec-12

-0.15%

Dec-12

Nov-12

557.21

79.97

Oct-12 Sep-12 Aug-12 Jul-12 Jun-12

Oct-12 Sep-12 Aug-12 Jul-12 Jun-12

Oct-12 Sep-12 Aug-12 Jul-12 Jun-12

Oct-12

23,598.90

Nov-12

1,667.95

Oct-12

Sep-12

Sep-12

Aug-12

Aug-12

Jul-12

Jul-12

Jun-12

Jun-12

Crude oil, Brent (US$/bbl)

May-12

May-12

May-12

May-12

May-12

Morning Note 25 January 2013

Apr-12 Mar-12
Dollar Index

Apr-12 Mar-12
Gold (US$/Oz)

Apr-12

Apr-12

Apr-12

MSCI Asia x-Japan

Feb-12 Jan-12

Feb-12 Jan-12

Feb-12 Jan-12

Feb-12

Feb-12

1,800

1,700

1,600

1,500

130

120

110

100

84

82

80

78

24,000 23,000 22,000 21,000 20,000 19,000 18,000 17,000

Jan-12

Jan-12

Source: Bloomberg

Hang Seng Index

Mar-12

Mar-12

Mar-12

90

80

580 560 540 520 500 480 460 440 420

5 of 15

Morning Note 25 January 2013

Phillip Securities Res earch - Singapore Stocks Coverage Com pany Analyst Date of Last Report Rating Target Price (S$) 0.680 3.70 1.15 0.93 16.10 8.30 20.95 7.88 3.97 1.93 1.44 4.24 2.83 1.80 0.305 0.76 Current Price (S$) 0.625 3.70 1.44 0.85 14.64 9.70 19.02 7.63 3.94 2.14 1.93 4.05 2.84 1.80 0.26 0.59 0.016 2.060 2.33 1.19 2.94 5.00 3.96 12.38 1.99 2.29 1.17 3.00 4.84 3.83 11.34 5.48 4.79 21-Dec-12 Buy 20-Dec-12 Buy 24-Dec-12 Buy 12-Dec-12 Buy 25-Jan-13 Sell 29-Oct-12 Accumulate 1-Nov-12 Sell 14-Nov-12 Buy 21-Dec-12 Buy 15-Nov-12 Neutral 5-Nov-12 Neutral 22-Jan-13 Neutral 0.164 0.250 0.880 13.40 0.65 1.36 1.35 1.80 0.27 3.06 3.20 2.41 0.13 0.21 0.97 11.13 0.77 1.30 1.67 1.88 0.210 3.47 3.94 2.79 23.3% 22.0% -8.8% 20.4% -15.0% 4.6% -18.9% -4.0% 28.6% -11.8% -18.8% -13.6% 3.5% 1.7% 1.7% -2.0% 3.3% 3.4% 9.2% Diffe rence to Targe t Price (%) 8.8% 0.0% -20.1% 10.1% 10.0% -14.4% 10.1% 3.3% 0.8% -9.8% -25.4% 4.7% -0.4% 0.3% 19.6% 29.9%

Com m oditie s & Supply Chain Managers GOLDEN AGRI-RESOURCES LTD WILMAR INTERNATIONAL LTD Consum er Goods GENTING SINGAPORE PLC COMBINE WILL INTERNATIONAL H Banking & Finance DBS GROUP HOLDINGS LTD OVERSEA-CHINESE BANKING CORP UNITED OVERSEAS BANK LTD SINGAPORE EXCHANGE LTD Property (De velopers ) CAPITALAND LTD CAPITAMALLS ASIA LTD HO BEE INVESTMENT LTD KEPPEL LAND LTD OVERSEAS UNION ENTERPRISE SC GLOBAL DEVELOPMENTS LTD GLOBAL PREMIUM HOTELS LTD STAMFORD LAND CORP LTD SINGXPRESS LAND LTD Property (REITS) CDL HOSPITALITY TRUSTS PARKWAYLIFE REAL ESTATE SABANA SHARIAH COMP IND REIT Industrials (Capital Goods) SATS LTD SIA ENGINEERING CO LTD SINGAPORE TECH ENGINEERING KEPPEL CORP LTD SEMBCORP INDUSTRIES LTD SEMBCORP MARINE LTD HU AN CABLE HOLDINGS LTD SUNPOWER GROUP LTD PAN-UNITED CORP LTD Industrials (Transportation) SINGAPORE AIRLINES LTD TIGER AIRWAYS HOLDINGS LTD NEPTUNE ORIENT LINES LTD SMRT CORP LTD COMFORTDELGRO CORP LTD HENGYANG PETROCHEMICAL LOGIS Technology & Com m unications SINGAPORE TELECOM LTD STARHUB LTD Nicholas Ong Nicholas Ong Magdalene Choong Chan Wai Chee Ken Ang Ken Ang Ken Ang Ken Ang Bryan Go Bryan Go Bryan Go Bryan Go Bryan Go Bryan Go Chan Wai Chee Chan Wai Chee Chan Wai Chee Travis Seah Travis Seah Travis Seah Derrick Heng Derrick Heng Derrick Heng Nicholas Ong Change of Analyst Change of Analyst Chan Wai Chee Chan Wai Chee Joshua Tan Derrick Heng Derrick Heng Derrick Heng Derrick Heng Derrick Heng Chan Wai Chee Ken Ang Ken Ang 24-Dec-12 Accumulate 7-Jan-13 Neutral 21-Nov-12 Neutral 20-Dec-12 Buy 21-Jan-13 Accumulate 12-Nov-12 Reduce 21-Dec-12 Accumulate 23-Jan-13 Accumulate 30-Nov-12 Accumulate 29-Oct-12 Accumulate 8-Nov-12 Neutral 25-Jan-13 Neutral 19-Nov-12 Neutral 14-Jan-13 Neutral 9-Nov-12 Buy 20-Dec-12 Buy 16-Oct-12 Restricted 7-Jan-13 Neutral 9-Nov-12 Accumulate 21-Jan-13 Neutral 7-Nov-12 Accumulate 1-Nov-12 Buy 8-Nov-12 Accumulate 25-Jan-13 Accumulate

M1 LTD Ken Ang Source: Phillip Securities Research Pte Ltd

6 of 15

Morning Note 25 January 2013

FTSE ST Breakdown (3M % Change)

ST Technology
0.3%

ST China
1 9.6%

ST Financials
8.2%

ST Real Estate
1 1 .0%

ST Utilites
1 1 .4%

ST Re Invest Trust
3.6%

ST Telecommunicate
8.2%

STI 6.2%

ST Oil & Gas 1 .8%

ST Basic Materials

ST Consumer Service
4.7%

22.8%

ST Healthcare
8.4%

ST Industrials

ST Consumer Goods
5.0%

5.5%

Source: Bloomberg

FTSE ST Marke t Cap. Break dow n (3M % Change)

Top Gainers (%) JB FOODS LTD CHANGJIANG FERTILIZER HOLDIN DELONG HOLDINGS LTD HL GLOBAL ENTERPRISES LTD CHASWOOD RESOURCES HOLDINGS Top Losers (%) SUPERIOR MULTI-PACKAGING LTD DEBAO PROPERTY DEVELOPMENT TOP GLOBAL LTD UNITED FOOD HOLDINGS LTD KINGBOARD COPPER FOIL HLDGS Source: Bloomberg Turnover ('mn shares) Turnover (S$'mn) UP DOWN UNCHANGED

ST Small Cap 12.8%

ST All Share

6.6%

Last 0.395 0.139 0.465 0.073 0.265 Last 0.140 0.082 0.011 0.053 0.205

% Chg 27.4 25.2 17.7 15.9 15.2 % Chg -11.9 -8.9 -8.3 -7.0 -6.8

STI
ST Mid Cap 6.2% ST Fledgling 21.1%

6.6%

3,618 1,710 250 192 517

Source: Bloomberg

Source: SGX

7 of 15

Morning Note 25 January 2013

World Index

FTSE 100 1.09% 6,264.91

DOW 0.33% 13,825.33 S&P 500 0.00% 1,494.82

KOSPI -0.80% 1,964.48

SHCOMP -0.79% 2,302.60 NIKKEI 1.28% 10,620.87 SENSEX -0.51% 19,923.78 COLOMBO -0.09% 5,878.19 HSI -0.15% 23,598.90

NASDAQ -0.74% 3,130.38

SET 0.69% 1,449.09 KLCI 0.40% 1,635.25

STI 0.53% 3,248.39

JCI 0.05% 4,418.73

ASX 0.47% 4,810.22

Source: Bloomberg

ETF Perform ance ETF ABF SINGAPORE BOND INDX FUND DB X-TRACKERS CSI300 ETF DB X-TRACKERS FTSE CHINA 25 DB X-TRACKERS FTSE VIETNAM DB X-TRACKERS MSCI INDONE DB X-TRACKERS MSCI JAPAN TRN DB X-TRACKERS S&P 500 INV DA DB X-TRACKERS S&P/ASX 200 ISHARES MSCI INDIA INDEX ETF LYXOR ETF COMMODITIES CRB-CD LYXOR ETF MSCI AC ASIA EX JP NIKKO AM SINGAPORE STI ETF SPDR GOLD TRUST SPDR STRAITS TIMES INDEX ETF UNITED SSE 50 CHINA ETF Source: Bloomberg % Change -0.83 +0.36 -0.19 +0.33 +1.12 +0.66 -0.09 +0.66 +0.30 -2.77 +1.65 -0.30 -0.53 +0.92 +0.56 Change -0.01 +0.03 -0.06 +0.08 +0.17 +0.25 -0.03 +0.26 +0.02 -0.08 +0.08 -0.01 -0.87 +0.03 +0.01 Last 1.19 8.28 31.66 24.50 15.31 37.98 33.44 39.45 6.61 2.81 4.92 3.28 162.77 3.30 1.81

8 of 15

Morning Note 25 January 2013

Corporate Action : Dividend EX Date Com pany 1/25/2013 THAI VILLAGE HOLDINGS LTD 1/25/2013 SINOBEST TECHNOLOGY HLDGS 1/25/2013 KEPPEL REIT 1/25/2013 CACHE LOGISTICS TRUST 1/25/2013 K-GREEN TRUST 1/28/2013 OLD CHANG KEE LTD 1/28/2013 SINGAPORE EXCHANGE LTD 1/28/2013 MAPLETREE INDUSTRIAL TRUST 1/28/2013 FRASERS CENTREPOINT TRUST 1/29/2013 MERMAID MARITIME PCL Source: Bloomberg

Type Regular Cash Return of Capital Distribution Distribution Distribution Special Cash 2nd Interim Distribution Distribution Regular Cash

Net Am ount 0.0080 0.0090 0.0197 0.0215 0.0469 0.0500 0.0400 0.0232 0.0240 0.0274

Currency SGD SGD SGD SGD SGD SGD SGD SGD SGD THB

Frequency Annual None Quarter Quarter Semi-Anl Annual Quarter Quarter Quarter Annual

Record Date 1/29/2013 1/29/2013 1/29/2013 1/29/2013 1/29/2013 1/30/2013 1/30/2013 1/30/2013 1/30/2013 1/31/2013

Payout Date 2/13/2013 2/13/2013 2/27/2013 2/27/2013 2/22/2013 2/20/2013 2/6/2013 3/5/2013 2/28/2013 2/22/2013

9 of 15

Morning Note 25 January 2013

Calendar Earning Announcem ent Singapore Nam e Flextronics International Ltd Frasers Commercial Trust GuocoLand Ltd Parkw ay Life Real Estate Investment Trust Singapore Post Ltd SP Corp Ltd Micro-Mechanics Holdings Ltd Ascendas Hospitality Trust Indiabulls Properties Investment Trust CDL Hospitality Trusts SMRT Corp Ltd Starhill Global REIT AMG Bioenergy Resources Holdings Ltd Multi-Chem Ltd SATS Ltd Tuan Sing Holdings Ltd AIMS AMP Capital Industrial REIT CEI Contract Manufacturing Ltd Creative Technology Ltd/Singapore OSIM International Ltd STATS ChipPAC Ltd Aussino Group Ltd CapitaRetail China Trust CH Offshore Ltd Fragrance Group Ltd Global Yellow Pages Ltd Hutchison Port Holdings Trust Hw a Hong Corp Ltd IPC Corp Ltd Mercator Lines Singapore Ltd Oxley Holdings Ltd Karin Technology Holdings Ltd SIA Engineering Co Ltd ASL Marine Holdings Ltd DBS Group Holdings Ltd Ellipsiz Ltd Eu Yan Sang International Ltd Far East Hospitality Trust Gems TV Holdings Ltd Global Logistic Properties Ltd GuocoLeisure Ltd Memstar Technology Ltd Vicom Ltd Amtek Engineering Ltd Biosensors International Group Ltd CapitaMalls Asia Ltd GP Batteries International Ltd Innopac Holdings Ltd Olam International Ltd Raffles Education Corp Ltd SBS Transit Ltd Singapore Airlines Ltd St James Holdings Ltd/Singapore StarHub Ltd Artivision Technologies Ltd Source: Bloomberg Expected Report Date January 25, 2013 January 25, 2013 January 25, 2013 January 25, 2013 January 25, 2013 January 25, 2013 January 26, 2013 January 28, 2013 January 28, 2013 January 29, 2013 January 29, 2013 January 29, 2013 January 30, 2013 January 30, 2013 January 30, 2013 January 30, 2013 January 31, 2013 January 31, 2013 January 31, 2013 January 31, 2013 January 31, 2013 February 1, 2013 February 1, 2013 February 1, 2013 February 1, 2013 February 1, 2013 February 1, 2013 February 1, 2013 February 1, 2013 February 1, 2013 February 1, 2013 February 5, 2013 February 5, 2013 February 6, 2013 February 6, 2013 February 6, 2013 February 6, 2013 February 6, 2013 February 6, 2013 February 6, 2013 February 6, 2013 February 6, 2013 February 6, 2013 February 7, 2013 February 7, 2013 February 7, 2013 February 7, 2013 February 7, 2013 February 7, 2013 February 7, 2013 February 7, 2013 February 7, 2013 February 7, 2013 February 7, 2013 February 8, 2013

10 of 15

Morning Note 25 January 2013

Econom ic Announcem ent US Date 1/25/2013 Statistic Kansas City Fed Manf . Activity Revisions of the Kansas City 1/25/2013 Manuf acturing Activity 1/25/2013 New Home Sales 1/25/2013 New Home Sales MoM 1/28/2013 Durable Goods Orders 1/28/2013 Durables Ex Transportation 1/28/2013 Cap Goods Orders Nondef Ex Air 1/28/2013 Cap Goods Ship Nondef Ex Air 1/28/2013 Pending Home Sales MoM 1/28/2013 Pending Home Sales YoY 1/28/2013 Dallas Fed Manf . Activity 1/29/2013 S&P/CS 20 City MoM% SA 1/29/2013 S&P/CS Composite-20 YoY 1/29/2013 S&P/CaseShiller Home Price Ind 1/29/2013 Consumer Confidence Source: Bloomberg For Jan Survey 1 Prior -2 Singapore Date 1/25/2013 1/25/2013 Dec Dec Dec Dec Dec Dec Dec Dec Jan Nov Nov Nov Jan 385K 2.10% 1.80% 1.00% -1.50% -0.50% --0.70% 5.60% -65 377K 4.40% 0.70% 1.60% 2.70% 1.80% 1.70% 8.90% 6.8 0.66% 4.31% 146.08 65.1 Statistic Industrial Production MoM SA Industrial Production YoY For Dec Dec 4Q P Dec Dec Dec Dec Dec Jan Jan 6-Feb 6-Feb 6-Feb Jan 4Q F Survey -0.70% -4.80% -------------Prior 1.90% 3.10% 1.90% 20.0M 3412.9M 15.90% 5.30% 6.20% 46.6 48.6 ---$259.31B 1.80%

1/31/2013 Unemployment Rate (sa) 1/31/2013 Credit Card Bad Debts 1/31/2013 Credit Card Billings 1/31/2013 Bank Loans & Advances (YoY) 1/31/2013 M1 Money Supply (YoY) 1/31/2013 M2 Money Supply (YoY) 2/4/2013 Electronics Sector Index 2/4/2013 Purchasing Managers Index 2/6/2013 Automobile COE Open Bid Cat A 2/6/2013 Automobile COE Open Bid Cat B 2/6/2013 Automobile COE Open Bid Cat E 2/7/2013 Foreign Reserves 10-22 FEB GDP (annualized) (QoQ) Source: Bloomberg

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Morning Note 25 January 2013 Important Information This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (Phillip Securities Research). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities Research shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources, which Phillip Securities Research has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively, the Research) contained in this publication are based on such information and are expressions of belief of the individual author or the indicated source (as applicable) only. Phillip Securities Research has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete, appropriate or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, (i) be liable in any manner whatsoever for any consequences (including but not limited to any special, direct, indirect, incidental or consequential losses, loss of profits and damages) of any reliance or usage of this publication or (ii) accept any legal responsibility from any person who receives this publication, even if it has been advised of the possibility of such damages. You must make the final investment decision and accept all responsibility for your investment decision, including, but not limited to your reliance on the information, data and/or other materials presented in this publication. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this publication is not indicative of future results. This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This publication should not be relied upon exclusively or as authoritative, without further being subject to the recipients own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this research should take into account existing public information, including any registered prospectus in respect of such product. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this publication, and may have performed services for or solicited business

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Morning Note 25 January 2013 from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this publication. Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment. To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold a interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this publication. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, which is not reflected in this material, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this material. The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction. Section 27 of the Financial Advisers Act (Cap. 110) of Singapore and the MAS Notice on Recommendations on Investment Products (FAA-N01) do not apply in respect of this publication. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. Please contact Phillip Securities Research at [65 65311240] in respect of any matters arising from, or in connection with, this document. This report is only for the purpose of distribution in Singapore.

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Morning Note 25 January 2013 Contact Information (Singapore Research Team)

Chan Wai Chee CEO, Research Special Opportunities +65 6531 1231 yebo@phillip.com.sg Magdalene Choong, CFA Investment Analyst Regional Gaming +65 6531 1791 magdalenechoongss@phillip.com.sg Ken Ang Investment Analyst Financials, Telecoms +65 6531 1793 kenangwy@phillip.com.sg Nicholas Ong Investment Analyst Commodities, Offshore & Marine +65 6531 5440 nicholasonghg@phillip.com.sg

Joshua Tan Head of Research Global Macro, Asset Strategy +65 6531 1249 joshuatan@phillip.com.sg Go Choon Koay, Bryan Investment Analyst Property +65 6531 1792 gock@phillip.com.sg Ng Weiwen Macro Analyst Global Macro, Asset Strategy +65 6531 1735 ngww@phillip.com.sg Research Assistant General Enquiries +65 6531 1240 (Phone) research@phillip.com.sg

Derrick Heng Deputy Head of Research SG Equity Strategist & Transport +65 6531 1221 derrickhengch@phillip.com.sg Travis Seah Investment Analyst REITs +65 6531 1229 travisseahhk@phillip.com.sg Roy Chen Macro Analyst Global Macro, Asset Strategy +65 6531 1535 roychencz@phillip.com.sg

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Morning Note 25 January 2013 Contact Information (Regional Member Companies)

SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore 179101 Tel +65 6533 6001 Fax +65 6535 6631 Website: www.poems.com.sg HONG KONG Phillip Securities (HK) Ltd Exchange Participant of the Stock Exchange of Hong Kong 11/F United Centre 95 Queensway Hong Kong Tel +852 2277 6600 Fax +852 2868 5307 Websites: www.phillip.com.hk INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 10220 Indonesia Tel +62-21 5790 0800 Fax +62-21 5790 0809 Website: www.phillip.co.id THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 10500 Thailand Tel +66-2 6351700 / 22680999 Fax +66-2 22680921 Website www.phillip.co.th UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS Tel +44-20 7426 5950 Fax +44-20 7626 1757 Website: www.kingandshaxson.com AUSTRALIA PhillipCapital Level 12, 15 William Street, Melbourne, Victoria 3000, Australia Tel +61-03 9629 8288 Fax +61-03 9629 8882 Website: www.phillipcapital.com.au

MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel +603 2162 8841 Fax +603 2166 5099 Website: www.poems.com.my JAPAN Phillip Securities Japan, Ltd. 4-2 Nihonbashi Kabuto-cho Chuo-ku, Tokyo 103-0026 Tel +81-3 3666 2101 Fax +81-3 3666 6090 Website:www.phillip.co.jp

CHINA Phillip Financial Advisory (Shanghai) Co. Ltd No 550 Yan An East Road, Ocean Tower Unit 2318, Postal code 200001 Tel +86-21 5169 9200 Fax +86-21 6351 2940 Website: www.phillip.com.cn FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance 75008 Paris France Tel +33-1 45633100 Fax +33-1 45636017 Website: www.kingandshaxson.com

UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL 60604 USA Tel +1-312 356 9000 Fax +1-312 356 9005

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