MCI (P) 129/11/2012 Ref No: SGMN2013_0143 1 of 16

Morning Note

Phillip Securities Research Pte Ltd Singapore

26 July 2013

Weekly Market Outlook Webinar

Webinar videos can be accessed via UniPhillip website - http://www.uniphillip.com/ => Education Programs => Phillip Securities Research Webinars

Source: Phillip Securities Research Pte Ltd

Fundamental Call

SGX – Update (Ken Ang) Recommendation: BUY Previous close: S$7.57 Fair value: S$8.30

SGX reported 4Q13 underlying net profit of S$102.6 million, and Total revenue of S$202.3 million.

Underlying net profit beat expectations, while higher FY13 dividend of S$0.28 (FY12: S$0.27) was declared.

Maintain “BUY” with TP of S$8.30, based on unchanged PE multiple of 24X FY14 earnings. Source: Phillip Securities Research Pte Ltd

Company Results

S/N Company Name Q/HY/FY Currency,

Units

Revenue Net Profit

Current Previous Change

(%) Current Previous

Change (%)

1 AIMS AMP Capital Industrial REIT

1Q S$ mn 24.5 20.9 17.1 10.7 11.0 (2.6)

2 Singapore Airlines 1Q S$ mn 3,840 3,777 1.7 121.8 78.0 56.2

3 SATS 1Q S$ mn 434.5 437.9 (0.8) 46.2 41.3 11.9

4 Stamford Land 1Q S$ mn 64.4 60.9 5.8 6.3 4.5 41.3

5 Mapletree Industrial Trust 1Q S$ mn 75.1 66.9 12.3 39.8 35.8 11.1

6 First Ship Lease Trust 2Q US$ mn 21.3 29.2 (27.2) (7.2) (2.5) N.M.

7 Tee International FY S$ mn 216.3 143.6 50.6 13.1 19.1 (31.7)

8 Tee Land FY S$ mn 29.7 7.9 275.0 2.0 1.5 32.1

9 Singapore Shipping 1Q US$ mn 9.1 5.0 82.8 2.0 1.3 55.7 Source: SGX Masnet

Morning Note 26 July 2013

2 of 12

Morning Commentary

STI: -1.19% to 3235.7 KLCI: -0.09% to 1808.4 JCI: -0.93% to 4674.1 SET: -2.98% to 1456.7 HSI: -0.31% to 21900 HSCEI: -0.26% to 9752.6 Nikkei: -1.14% to 14562 ASX200: +0.01% to 5035.6 Nifty: -1.39% to 5907.5 S&P500: +0.26% to 1690.3 MARKET OUTLOOK:

For our short term tactical outlook, please see our latest webinar slides: www.uniphillip.com > education programs > Phillip Securities Research webinar. Apart from the market outlook we feature the REIT sector – should you hold it, buy it, or sell it? For our longer term outlook on markets, please see our latest Global Macro Asset Strategy report below. (PhillipCFDs and ETFs for trading the market outlook can be found in the webinar slides above or the Global Macro report below. PhillipUT Wrap Account offers tactical asset allocation of unit trusts without front loading sales charge.) SECTOR/STRATEGY REPORTS:

- Sector Reports: Banking, 8 Jul / Telecommunications, 5 June / Commodities, 29 May / Offshore & Marine, 27 May - Country Strategy: China & HK 5 July / S’pore, 18 Jun / Thai, 17 Jun - Global Macro, Asset Strategy: 8 Jul, Update / ASEAN, 8 May / US, 20 Mar Source: Phillip Securities Research Pte Ltd

Macro Data

US initial job claims rose by 7,000 to a seasonally adjusted rate of 343,000 claims. While the week-to-week numbers can be volatile, the four week moving average fell to just over 345,000 claims. So far this year, layoffs have been on the decline as employers continue to add new jobs every month. Non-defense capital goods orders excluding aircraft increased 0.7% after rising by a revised 2.2% in May. Economists had expected this category to rise by only 0.5% after a previously reported 1.5% gain in May. This crucial data point suggests stronger 2H13 growth than in 1H13, in line with our expectations. European M3 money supply increased 2.3% yoy which was less than expectations of 3.0%, and the M3 3-month average increased 2.8% which was also less than expectations of 3.0%.The ECB also reports that loans to private sector dropped 1.6% from a year earlier. German business confidence rose for a third month in July, indicating that Europe’s largest economy is recovering. The business climate index rose to 106.2 from 105.9 in June slightly beating out estimates of 106.1. Italy’s confidence index increased to 97.3 from a revised 95.8 in June, also beating out expectations of 95.5. Philippine’s central bank held it’s benchmark rate it pays lenders for overnight deposits at a record-low 3.5% which was in line with expectations. In South Korea, preliminary for GDP rose by 1.1% q-q in 2Q13, beating the market expected 0.8% q-q pace, after the 0.8% q-q gain in 2Q13. On y-y basis, GDP grew by 2.3%, the most in 2 years, compared to market expected 2.0% y-y gain and the 1.5% y-y gain in 1Q13. Department store sales rose by 4.1% y-y in June, compared to the 1.0% y-y gain in May. In Hong Kong, exports unexpectedly contracted by 0.2% y-y in June, while the market was predicting a 2.4% y-y gain, underlining the slowdown in Mainland China. Imports rose by 1.4% in June, compared to the 1.7% y-y gain in May. Source: Phillip Securities Research Pte Ltd

Morning Note 26 July 2013

3 of 12

Source: Bloomberg

STI - Index Members

1.8

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%

0.1

%

0.0

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0.0

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-0.3

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-0.3

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-0.5

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-0.6

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-0.6

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-0.7

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-0.7

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Morning Note 26 July 2013

4 of 12

81.97 -0.39% 286.90 -0.29%

107.68 -0.57% 2.571 -0.02%

1,333.90 -0.05% 15,555.61 +0.09%

523.20 -0.54% Straits Times Index 3,235.68 -1.19%

21,900.96 -0.31% 14,562.93 -1.14%

Source: Bloomberg

Gold (US$/Oz) DJI

MSCI Asia x-Japan

Hang Seng Index Nikkei 225 Index

Dollar Index ThomReuters/JefferiesCRB

Crude oil, Brent (US$/bbl) US Treasury 10yr Yield

1.201.401.601.802.002.202.402.602.803.00

Jul-1

2

Au

g-1

2

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

-13

Feb-1

3

Mar-1

3

Ap

r-13

May-1

3

Jun

-13

2,600

2,800

3,000

3,200

3,400

3,600

Jul-1

2

Au

g-1

2

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

-13

Feb-1

3

Mar-1

3

Ap

r-13

May-1

3

Jun

-13

12,000

13,000

14,000

15,000

16,000

Jul-1

2

Au

g-1

2

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

-13

Feb-1

3

Mar-1

3

Ap

r-13

May-1

3

Jun

-13

16,000

18,000

20,000

22,000

24,000

26,000

Jul-1

2

Au

g-1

2

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

-13

Feb-1

3

Mar-1

3

Ap

r-13

May-1

3

Jun

-13

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Jul-1

2

Au

g-1

2

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

-13

Feb-1

3

Mar-1

3

Ap

r-13

May-1

3

Jun

-13

1,100

1,400

1,700

2,000

Jul-1

2

Au

g-1

2

Se

p-1

2

Oct-1

2

Nov-1

2

Dec-1

2

Jan

-13

Feb-1

3

Mar-1

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May-1

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Jun

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Jul-1

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76

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Apr-1

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420

440

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520

540

560

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Morning Note 26 July 2013

5 of 12

Company AnalystDate of Last

ReportRating

Target Price

(S$)

Current Price

(S$)

Difference to Target

Price (%)

GOLDEN AGRI-RESOURCES LTD Nicholas Ong 14-May-13 Neutral 0.55 0.545 0.9%

WILMAR INTERNATIONAL LTD Nicholas Ong 9-May-13 Accumulate 3.70 3.16 17.1%

COURTS ASIA LTD Ken Ang 30-May-13 Buy 1.14 0.94 21.9%

GENTING SINGAPORE PLC Ken Ang 3-May-13 Neutral 1.40 1.37 2.2%

COMBINE WILL INTERNATIONAL H Chan Wai Chee 20-Dec-12 Buy 0.93 0.53 77.1%

CORDLIFE GROUP LTD Change of Analyst 1.08

DBS GROUP HOLDINGS LTD Ken Ang 8-Jul-13 Accumulate 17.20 16.74 2.7%

OVERSEA-CHINESE BANKING CORP Ken Ang 8-Jul-13 Neutral 9.90 10.50 -5.7%

UNITED OVERSEAS BANK LTD Ken Ang 8-Jul-13 Accumulate 21.35 21.50 -0.7%

SINGAPORE EXCHANGE LTD Ken Ang 26-Jul-13 Buy 8.30 7.57 9.6%

AMARA HOLDINGS LTD Lucas Tan 24-Jun-13 Buy 0.74 0.58 28.7%

CAPITALAND LTD Change of Analyst 29-Apr-13 3.22

CAPITAMALLS ASIA LTD Change of Analyst 26-Apr-13 1.96

HO BEE INVESTMENT LTD Lucas Tan 3-May-13 Buy 2.52 2.12 18.9%

KEPPEL LAND LTD Change of Analyst 19-Apr-13 3.69

OVERSEAS UNION ENTERPRISE Lucas Tan 15-Jul-13 Accumulate 3.24 2.82 14.9%

GLOBAL LOGISTIC PROPERTIES L Roy Chen 27-May-13 Neutral 2.90 2.86 1.4%

GLOBAL PREMIUM HOTELS LTD Chan Wai Chee 9-Nov-12 Buy 0.305 0.26 19.6%

STAMFORD LAND CORP LTD Chan Wai Chee 20-Dec-12 Buy 0.76 0.60 26.7%

SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.016 0.021 -23.8%

Perennial China Retail Trust Roy Chen 8-May-13 Accumulate 0.670 0.57 18.6%

CDL HOSPITALITY TRUSTS Change of Analyst 1.69

PARKWAYLIFE REAL ESTATE Change of Analyst 2.50

SABANA SHARIAH COMP IND REIT Change of Analyst 1.18

SATS LTD Change of Analyst 3.34

SIA ENGINEERING CO LTD Change of Analyst 4.93

SINGAPORE TECH ENGINEERING Change of Analyst 4.38

KEPPEL CORP LTD Nicholas Ong 19-Jul-13 Accumulate 12.25 10.55 16.1%

SEMBCORP INDUSTRIES LTD Change of Analyst 5.08

SEMBCORP MARINE LTD Nicholas Ong 31-May-13 Neutral 4.42 4.49 -1.6%

HU AN CABLE HOLDINGS LTD Chan Wai Chee 21-Dec-12 Buy 0.164 0.11 54.7%

SUNPOWER GROUP LTD Chan Wai Chee 20-Dec-12 Buy 0.250 0.18 38.9%

PAN-UNITED CORP LTD Joshua Tan 1-Mar-13 Buy 1.210 0.91 33.0%

BOUSTEAD SINGAPORE LTD Joshua Tan 30-May-13 Buy 1.935 1.46 32.5%

SINGAPORE AIRLINES LTD Change of Analyst 10.25

TIGER AIRWAYS HOLDINGS LTD Change of Analyst 0.61

NEPTUNE ORIENT LINES LTD Change of Analyst 1.05

SMRT CORP LTD Change of Analyst 1.46

COMFORTDELGRO CORP LTD Change of Analyst 1.99

HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee 21-Dec-12 Buy 0.27 0.300 -10.0%

EZRA HOLDINGS LTD Nicholas Ong 15-Jul-13 Neutral 1.00 0.870 14.9%

SINGAPORE TELECOM LTD Ken Ang 16-May-13 Accumulate 4.07 3.90 4.4%

STARHUB LTD Ken Ang 10-Jun-13 Accumulate 4.40 4.29 2.6%

M1 LTD Ken Ang 17-Jul-13 Accumulate 3.55 3.32 6.9%

Company AnalystDate of Last

ReportRating

Target Price

(US$)

Current Price

(US$)

Difference to Target

Price (%)

GARMIN LTD Wong Yong Kai 12-Apr-13 Trading Buy 39.55 37.21 6.3%

GENWORTH FINANCIAL INC-CL A Wong Yong Kai 7-Jun-13 Trading Buy 15.22 13.37 13.8%

Industrials (Transportation)

Technology & Communications

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd

# adjust for pref shares conversion to ord shares. Project valuation remains constant. Conversion $ and interest added to valuation.

Industrials (Capital Goods)

Phillip Securities Research - US Stocks Coverage

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Property (Developers)

Property (REITS)

#

Morning Note 26 July 2013

6 of 12

FTSE ST Breakdown (3M % Change)

STI -3.4%

-4.4%

-2.7%

-7.2%

-4.4%-6.4%

-8.9%

-1.0%

-13.2%

-8.8%

-1.5%

11.9%

2.7%

ST China

ST Real Estate

ST Re Invest Trust

ST Oil & Gas

ST Basic Materials

ST Industrials

ST Consumer Goods

ST Consumer Service

ST Telecommunicate

ST Utilites

ST Financials

ST Technology-6.0%

ST Healthcare

Source: Bloomberg

Last % Chg

0.079 25.4

1.810 17.5

0.060 13.2

0.070 11.1

0.445 8.5

Last % Chg

0.181 -13.8

0.220 -8.3

0.089 -8.2

0.017 -5.6

0.470 -5.1

UNITED FOOD HOLDINGS LTD

AVIC INTERNATIONAL MARITIME

EASTERN HOLDINGS LTD

CENTURION CORP LTD

RH PETROGAS LTD

Source: Bloomberg

ARMARDA GROUP LTD

WEIYE HOLDINGS LTD

STX PAN OCEAN CO LTD

Top Gainers (%)FTSE ST Market Cap. Breakdown (3M % Change)

Turnover ('mn shares)

Top Losers (%)

CHINA ENERGY LTD

UNCHANGED

COURAGE MARINE GROUP LTD

Source: Bloomberg Source: SGX

3,837

1,394

211

254

492

Turnover (S$'mn)

UP

DOWN

-2.4%

-7.9% 3.1%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI

-3.4%

-4.1%

Morning Note 26 July 2013

7 of 12

Source: Bloomberg

World Index

JCI -0.93% 4,674.12

HSI -0.31% 21,900.96

KLCI -0.09% 1,808.42

NIKKEI -1.14% 14,562.93

KOSPI -0.13% 1,909.61

SET -2.98% 1,456.68

SHCOMP -0.60% 2,021.17

SENSEX -1.42% 19,804.76

ASX 0.01% 5,035.61

FTSE 100 -0.49% 6,587.95

DOW 0.09% 15,555.61

S&P 500 0.26% 1,690.25

NASDAQ 0.71% 3,605.19 COLOMBO -0.67% 6,038.16

STI -1.19% 3,235.68

ETF % Change Change Last

ABF SINGAPORE BOND INDX FUND +0.43 +0.01 1.16

CIMB FTSE ASEAN 40 +1.47 +0.16 11.06

DB X-TRACKERS CSI300 UCITS -1.82 -0.13 7.00

DB X-TRACKERS MSCI JAPAN TRN -0.35 -0.16 45.86

DB X-TRACKERS S&P 500 UCITS -0.61 -0.17 27.72

DB X-TRACKERS CNX NIFTY UCIT -1.34 -1.40 102.82

DBX-TRACKERS EURO STXX 50 +1.41 +0.61 43.84

ISHARES MSCI INDIA INDEX ETF -2.49 -0.15 5.88

LYXOR ETF COMMODITIES CRB-CD -2.55 -0.07 2.67

LYXOR ETF MSCI AC ASIA EX JP -1.30 -0.06 4.56

LYXOR ETF MSCI INDIA -1.57 -0.21 13.18

NIKKO AM SINGAPORE STI ETF -0.30 -0.01 3.30

SPDR GOLD TRUST -1.58 -2.05 127.33

SPDR STRAITS TIMES INDEX ETF -1.20 -0.04 3.29

UNITED SSE 50 CHINA ETF +0.66 +0.01 1.53

ETF Performance

Source: Bloomberg

Morning Note 26 July 2013

8 of 12

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date

7/26/2013 HOUR GLASS LTD/THE Regular Cash 0.0550 SGD Annual 7/30/2013 8/7/2013

7/29/2013 SMRT CORP LTD Final 0.0100 SGD Semi-Anl 7/31/2013 8/14/2013

7/29/2013 COURTS ASIA LTD Final 0.0101 SGD Irreg 7/31/2013 8/21/2013

7/29/2013 JAPAN FOODS HOLDING LTD Special Cash 0.0060 SGD Semi-Anl 7/31/2013 8/15/2013

7/29/2013 JAPAN FOODS HOLDING LTD Special Cash 0.0060 SGD Semi-Anl 7/31/2013 8/15/2013

7/29/2013 CAPITACOMMERCIAL TRUST Distribution 0.0401 SGD Semi-Anl 7/31/2013 8/29/2013

7/29/2013 ASCOTT RESIDENCE TRUST Pro Rata 0.0408 SGD Semi-Anl 7/31/2013 8/28/2013

7/29/2013 FRASERS CENTREPOINT TRUST Distribution 0.0285 SGD Quarter 7/31/2013 8/29/2013

7/29/2013 STARHILL GLOBAL REIT Distribution 0.0119 SGD Quarter 7/31/2013 8/23/2013

7/30/2013 SINGAPORE AIRLINES LTD Final 0.1700 SGD Semi-Anl 8/1/2013 8/16/2013

7/30/2013 SINGAPORE SHIPPING CORP LTD Regular Cash 0.0100 SGD Annual 8/1/2013 8/22/2013

7/30/2013 STAMFORD LAND CORP LTD Regular Cash 0.0200 SGD Annual 8/1/2013 8/22/2013

Corporate Action: Dividend

Source: Bloomberg

EX Date Company Type Subscription Price Currency Term Record Date

7/29/2013 WE HOLDINGS LTD Rights Issue 0.0150 SGD 1 per 1 7/31/2013

Source: Bloomberg

Corporate Action: Rights

Morning Note 26 July 2013

9 of 12

Name Expected Report Date

Flextronics International Ltd 7/26/2013

Nera Telecommunications Ltd 7/26/2013

First Real Estate Investment Trust 7/26/2013

Lian Beng Group Ltd 7/26/2013

GMG Global Ltd 7/26/2013

CDL Hospitality Trusts 7/26/2013

Broadway Industrial Group Ltd 7/26/2013

Mercator Lines Singapore Ltd 7/26/2013

Multi-Chem Ltd 7/26/2013

Mun Siong Engineering Ltd 7/26/2013

Polaris Limited 7/26/2013

SP Corp Ltd 7/26/2013

Indiabulls Properties Investment Trust 7/26/2013

Rickmers Maritime 7/26/2013

OKP Holdings Ltd 7/29/2013

Photon Kathaas Productions Ltd 7/29/2013

XP Power Ltd 7/29/2013

Hutchison Port Holdings Trust 7/30/2013

SMRT Corp Ltd 7/30/2013

Tuan Sing Holdings Ltd 7/30/2013

Baker Technology Ltd 7/30/2013

OSIM International Ltd 7/30/2013

Singapore Post Ltd 7/30/2013

Riverstone Holdings Ltd 7/30/2013

GKE Corp Ltd 7/30/2013

Lereno Bio-Chem Ltd 7/30/2013

United Overseas Insurance Ltd 7/30/2013

GP Batteries International Ltd 7/30/2013

Kulicke & Soffa Industries Inc 7/30/2013

AMG Bioenergy Resources Holdings Ltd 7/30/2013

Great Eastern Holdings Ltd 7/31/2013

BH Global Corp Ltd 7/31/2013

K1 Ventures Ltd 7/31/2013

Samudera Shipping Line Ltd 7/31/2013

Soup Restaurant Group Ltd 7/31/2013

Texchem-Pack Holdings Singapore Ltd 7/31/2013

Artivision Technologies Ltd 7/31/2013

Parkway Life Real Estate Investment Trust 8/1/2013

DBS Group Holdings Ltd 8/1/2013

SembCorp Marine Ltd 8/1/2013

Roxy-Pacific Holdings Ltd 8/1/2013

Lippo Malls Indonesia Retail Trust 8/1/2013

Aztech Group Ltd 8/1/2013

ASJ Holdings Ltd 8/1/2013

Cosco Corp Singapore Ltd 8/1/2013

Kingboard Copper Foil Holdings Ltd 8/1/2013

IPC Corp Ltd 8/1/2013

Excelpoint Technology Ltd 8/1/2013

Elec & Eltek International Co Ltd 8/1/2013

HL Global Enterprises Ltd 8/1/2013

China Aviation Oil Singapore Corp Ltd 8/1/2013

Earnings Announcement - Singapore

Source: Bloomberg

Morning Note 26 July 2013

10 of 12

Date Statistic For Survey Prior Date Statistic For Survey Prior

7/26/2013 Univ. of Michigan Confidence Jul F 84 83.9 7/26/2013 Industrial Production MoM Jun -0.50% 1.20%

7/29/2013 Pending Home Sales MoM Jun -0.012 0.067 7/26/2013 Industrial Production YoY Jun -3.50% 2.10%

7/29/2013 Pending Home Sales YoY Jun -- 12.50% 7/31/2013 Unemployment Rate 2Q P -- 1.90%

7/29/2013 Dallas Fed Manf. Activity Jul 650.00% 650.00% 7/31/2013 Credit Card Bad Debts Jun -- 22.6M

7/30/2013 S&P/CS 20 City MoM SA May 1.40% 1.72% 7/31/2013 Credit Card Billings Jun -- 3571.2M

7/30/2013 S&P/CS Composite-20 YoY May 12.43% 12.05% 7/31/2013 M1 Money Supply (YoY) Jun -- 15.40%

7/30/2013

S&P/CaseShiller Home Price Index

NSA May -- 152.37 7/31/2013 M2 Money Supply (YoY) Jun -- 9.90%

7/30/2013 Consumer Confidence Index Jul 81 81.4 7/31/2013 Bank Loans & Advances (YoY) Jun -- 18.80%

7/31/2013 MBA Mortgage Applications 41481 -- -0.012 8/1/2013 Electronics Sector Index Jul -- 51.2

7/31/2013 ADP Employment Change Jul 180K 188K 8/1/2013 Purchasing Managers Index Jul -- 51.7

7/31/2013

Bureau of Economic Analysis

Release Annual Revisions of GDP 05-16 AUG GDP (annualized) (QoQ) 2Q F -- 15.20%

7/31/2013 Employment Cost Index 2Q 0.004 0.003 05-16 AUG GDP YoY 2Q F -- 3.70%

7/31/2013 GDP Annualized QoQ 2Q A 1.00% 1.80% 8/7/2013 Automobile COE Open Bid Cat A 7-Aug -- 73989

7/31/2013 Personal Consumption 2Q A 0.014 2.60% 8/7/2013 Automobile COE Open Bid Cat B 7-Aug -- 76389

7/31/2013 GDP Price Index 2Q A 0.011 0.012 8/7/2013 Automobile COE Open Bid Cat E 7-Aug -- 76802

Source: BloombergSource: Bloomberg

US Singapore

Economic Announcement

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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 recipient’s 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 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.

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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.

Contact Information (Singapore Research Team)

Management

Chan Wai Chee (CEO, Research - Special Opportunities)

+65 6531 1231 General Enquiries

Research Assistant +65 6531 1240 Joshua Tan (Head, Research - Equities & Asset Allocation)

+65 6531 1249

Global Macro, Asset Strategy Financials, Telecoms US Equities

Joshua Tan +65 6531 1249 Ken Ang +65 6531 1793 Wong Yong Kai +65 6531 1685

Greater China Macro & Equities Commodities, Offshore & Marine Real Estate Roy Chen +65 6531 1535 Nicholas Ong +65 6531 5440 Lucas Tan +65 6531 1229

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

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

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11/F United Centre 95 Queensway Hong Kong

Tel +852 2277 6600 Fax +852 2868 5307

Websites: www.phillip.com.hk

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

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

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

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Bangkok 10500 Thailand Tel +66-2 6351700 / 22680999

Fax +66-2 22680921 Website www.phillip.co.th

FRANCE King & Shaxson Capital Limited

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Tel +33-1 45633100 Fax +33-1 45636017

Website: www.kingandshaxson.com

UNITED KINGDOM King & Shaxson Capital Limited

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Tel +44-20 7426 5950 Fax +44-20 7626 1757

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UNITED STATES Phillip Futures Inc

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Chicago, IL 60604 USA Tel +1-312 356 9000 Fax +1-312 356 9005

AUSTRALIA PhillipCapital

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Tel +61-03 9629 8288 Fax +61-03 9629 8882

Website: www.phillipcapital.com.au

SRI LANKA Asha Phillip Securities Limited

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Colombo 2, Sri Lanka Tel: (94) 11 2429 100 Fax: (94) 11 2429 199

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INDIA PhillipCapital (India) Private Limited

No. 1, C‐ Block, 2nd Floor, Modern Center , Jacob Circle, K. K. Marg, Mahalaxmi

Mumbai 400011 Tel: (9122) 2300 2999 Fax: (9122) 6667 9955

Website: www.phillipcapital.in