MCI (P) 129/11/2012 Ref No: SGMN2013_0036 1 of 16

Phillip Securities Research Pte Ltd

Singapore

Morning Note

22 February 2013

Fundamental Call Capitaland Ltd – Company Results (Bryan Go) Recommendation: Accumulate Previous close: S$3.90 Fair value: S$4.05

Reported 4Q12 revenue of $1,110.9mn, +5%y-y, and PATMI of $262.7mn, -45%y-y Sales momentum in China continued to improve and we expect that to be reflected in its earnings in the next 2 years We are positive to note that the management is reviewing its non-core assets and further details to improve ROE will be coming out in

the next 3 to 6 months. Maintain Accumulate with higher target price of $4.05

Genting - Results (Ken Ang) Recommendation: Neutral Previous close: S$1.50 Fair value: S$1.41

4Q12 NPAT of S$133 million, EBITDA of S$333 million Unchanged Full Year Dividend of S$0.01 declared Positive on Strong VIP volumes, new customers, improving economic environment Maintain “Neutral” on current share price, based on 13X EV/EBITDA, with new TP of S$1.41.

Source: Phillip Securities Research Pte Ltd

Morning Note 22 February 2013

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Morning Commentary - STI: -0.64% to 3287.6 - SET: -1.16% to 1528.7 - JCI: -0.04% to 4632.4 - KLCI: +0.04% to 1614.1 - HSCEI: -2.20% to 11426.2 - Hang Seng: -1.72% to 22906.7 - Nikkei 225:-1.39% to 11309.1 - ASX200: -1.58% to 3312.9 - India NIFTY: -1.53% to 5852.3 - S&P500: -0.63% to 1502.4 Wilmar Update: First take By Nicholas Ong, Investment Analyst Wilmar’s (Neutral, TP: S$3.70) 4Q results were better than expected, thanks to better higher profit from all except Plantations division, which was affected by lower CPO prices. However, FY12 core net profit decreased 23% yoy to US$1.2bn, hit by lower contributions from Oilseeds & Grains and Plantations division. Reported earnings were lower at US$1.3bn, due to lower net gains from biological assets. 4Q12 core profit jumped 52% yoy on better refining and crushing profits. Qoq, core profit rose 3%, on higher sales volumes from Palm & Laurics division. The group declared a final dividend of S$0.03, bringing the FY12 total dividend to S$0.05, versus total of S$0.061 last year. We will be providing further updates after the analyst briefing today. MARKET OUTLOOK: By Ng Weiwen, Macro Analyst Consistent with what we guided in our morning commentary yesterday, the STI pulled back to its 10dma support level -which is likely to continue treading along going forth. Today, the STI will might retrace lower on account of on weaker-than-expected PMI readings in the US and EZ, possibly hanging precariously below its 10dma. Near-term support at 3250 level. 3319 (52-week high) will be the immediate resistance level, followed by 3400 psychological resistance level and subsequently 3800 major key resistance. In Singapore, data released this morning indicated that real GDP grew 1.3% for the whole of 2012, a 0.1%pt upward revision from advance est and in line with our house forecast of 1.4% (Dec 5. ASEAN macro strategy). Looking ahead, we are forecasting real GDP growth of around 2.0% in 2013 as Singapore receives a boost from the global cyclical upturn. But we reckon that economic restructuring (which entails tighter foreign worker restrictions) as well as a strong Singapore dollar will likely continue to weigh on Singapore’s manufacturing sector. A low growth and high inflation environment is typically a negative for equities. In Japan, the Nikkei 225 has been lethargic in recent days. Yesterday, the Nikkei slipped but still perched above its 10dma support level. The broader question is: Can the Nikkei challenge the 14,000 resistance level (attained in mid 2008) before the after recently surpassing its 2011 pre-tsunami levels? Well, much of it depends on how much more can the Yen weaken? USDJPY rally has faltered and has been consolidating in a range in recent days, confronted with strong resistance at the 95 level. Key event risks that could trigger a breakout from the consolidation range and jolt the sleepy Nikkei are as follows: (i) upcoming nomination of the next BoJ Governor (to be announced by next week). Please refer to our 20th Feb morning commentary on how to enter tactical trading positions ahead of this particular event risk. (ii) 4th April maiden monetary policy meeting (under the new BoJ leadership). Risks are to the downside. Markets might be left disappointed by the maiden monetary policy meeting outcome in view of high expectations of aggressive monetary easing already priced in. But do note a weak Yen (more specifically cheap credit and fiscal pump priming) is not the panacea for Japan’s structural problems. Instead, Japan might be plagued with fiscal sustainability woes. If Japan tumbles down the hill with Abe failing to reflate the economy, these increased fiscal spending will merely add on Japan’s ballooning debt burden and consequently portend downsides to its AA- sovereign credit rating. In Greater China, selling pressure is likely to intensify for the HSCEI as well as HSI if the indices continue to hug their respective lower bollinger band which they pierced through as of yesterday’s close. The CSI 300 is testing its 40dma support level. Downward pressure is likely to persist after China affirmed that the government will likely continue with tightening measures to rein in increases in property prices. In the US, the SPX and DJIA slipped for the second consecutive day on weaker-than-expected PMI readings in the US and EZ. Chart technicals suggest that the bears overwhelmed the bulls throughout the trading session overnight. At this juncture, we reckon there is a slightly less than even chance of the S&P 500 and DJIA clearing above their strong technical resistance levels of 1575 (triple top) and 14200 (double top) respectively -in the immediate near term- owing to lingering uncertainties in view of macro risk events ahead (such as a disorderly sequestration) as well as the likely lagged adverse effect of the payroll tax hikes on consumption-which has yet to be priced into this 'complacent' market. Immediate macro risks on the horizon –this weekend and next week- which would trigger short bouts of volatility in the markets are as follows (i) 24th -25thFeb Italian elections this weekend. A governing majority by Berlusconi (though not our base case scenario) will cast doubt on Italian reform commitments. (ii) Political gridlock (again!) in negotiations over the impending 1st March sequestration in the US.

Morning Note 22 February 2013

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(All equity indices mentioned in this note are tradable with Phillip CFDs or ETFs) SECTOR/STRATEGY REPORTS: - Sector Reports: Bank, 1 Feb / Property, 16 Jan / Gaming, 4 Jan / REIT, 31 Dec / Telecommunications, 12 Dec / Commodities, 3 Dec - Country Strategy: Thai, 7 Feb / China & HK, 28 Jan / S’pore, 26 Dec - Global Macro, Asset Strategy: 24 Jan, Update / 4 Jan / US, 21 Dec / ASEAN, 5 Dec

Source: Phillip Securities Research Pte Ltd

Morning Note 22 February 2013

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Macro Data In the US, the Markit manufacturing PMI slipped 0.6pts m-m to 55.2 in Feb (flash est). The Philadelphia Fed manufacturing survey headline registered a sharper decline, slumping from -5.8 in Jan to -12.5 in Feb. Nonetheless, we expect manufacturing activity to continue to expand in view of a capex rebound. Separately, housing data indicate that existing home sales rose 0.4% to 4.9 mn saar in Jan. Recall housing starts declined 8.5% to 890,000 saar in Jan, reversing from a 15.7% surge in Dec. The NAHB survey headline slipped down 1 pt m-m to 46 in Feb. Though the reading was weaker-than-expected, we reckon that it is consistent with Dec's decline in new home sales, thus a housing inventory bubble of sorts is actually avoided. In the EZ, the economy continues to contract. Composite PMI slipped from a reading of 48.6 in Jan to a two-month low of 47.3 in Feb (flash est), larger due to weaker activity in the services sector. In Singapore, the economy expanded by 1.3% y-y for the whole of 2012. On a q-q saa basis, growth came in at 3.3% in 4q12, reversing from the 4.6% contraction in 3q12. Source: Phillip Securities Research Pte Ltd

Source: Bloomberg

STI - Index Members

0.5%

0.4%

0.2%

0.0%

0.0%

0.0%

0.0%

0.0%

-0.2%

-0.3%

-0.3%

-0.4%

-0.4%

-0.4%

-0.4%

-0.4%

-0.5%

-0.5%

-0.5%

-0.5%

-0.6%

-0.7%

-0.7%

-1.0%

-1.3%

-1.3%

-1.6%

-1.7%

-2.1% -2.7%

-5%

-3%

-1%

1%

3%

5%

SIA

GLP

Sem

bcorp Mar.

Starhub

Olam

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Golden A

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Morning Note 22 February 2013

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Company Results

Revenue Net Profit S/N Company Name Q/HY/FY Currency,

Units Current Previous Change (%) Current Previous Change

(%)

1 GENTING SINGAPORE PLC FY S$’000 2,948,075 3,223,088 (9) 587,505 1,024,086 (43)

2 COSCO CORPORATION (S) LTD FY S$’000 3,734,261 4,162,921 (10) 105,685 139,671 (24)

3 EZION HOLDINGS LIMITED FY US$'000 158,669 106,951 48.4 78,841 58,117 35.7

4 CAPITALAND LIMITED FY S$’000 3,301,363 3,019,569 9.3 930,347 1,057,311 (12.0)

5 CHIP ENG SENG CORPORATION LTD FY S$’000 617,132 359,980 71.4 81,272 123,695 (34.3)

6 NATURAL COOL HOLDINGS LIMITED FY S$’000 142,863 136,920 4.34 987 (3,474) NM

7 SEMBCORP MARINE LTD FY S$’000 4,430, 123 3,960,230 11.9 538,453 751,903 (28.4) 8 QAF LTD FY S$’000 984,172 976,981 1 34,465 59,162 (42)

9 UNITED FOOD HOLDINGS LIMITED FY RMB’000 5,488,005 5,373,140 2.14 (255,050) 21,539 N/M

10 HYFLUX LTD FY S$’000 682,384 481,975 42 60,994 53,027 15

11 SHENG SIONG GROUP LTD FY S$’000 637,317 578,443 10.2 41,677 27,256 52.9

12 ISETAN (SINGAPORE) LTD FY S$’000 354,234 365,045 (2.96) 10,073 12,131 (16.96)

13 MUN SIONG ENGINEERING LIMITED FY S$’000 73,081 66,419 10.0 1,365 6,326 (78.4)

14 TA CORPORATION LTD FY S$’000 371,099 284,685 30.4 39,621 27,915 41.9

15 HEALTHWAY MEDICAL CORP LTD FY S$’000 81,179 78,230 3.8 7 ,602 (63,374) n.m.

Source: SGX Masnet

Company Highlights Abterra Ltd. expects to report a further loss for FY2012 due to: 1. Substantial increase in currency translation loss from the deposit paid for the acquisition of 54.42% of equity interest in Zuoquan Xinrui Metallurgy Mine Co., Ltd which is denominated in RMB, due to weakening in RMB. 2. Decrease in revenue due to the the inadequacy of suitable credit facilities held by the Group, which limited trading activities in FY2012. (Closing price: S$0.700, -2.1%) Adventus Holdings Limited wishes to announce that the results for FY2012 have been affected by operating losses, provisions for non-trade receivables, and impairments to fixed assets. The continuing adverse market conditions in the advanced materials industry throughout 2012 have had a negative impact on the Company’s subsidiaries’ financial results, and consequently, the Company’s consolidated financial results. (Closing price: S$0.029, -6.5%) China Sunsine Chemical Holdings Ltd is expected to report a significantly lower profit for FY2012. due to the decrease in gross profit margin resulted from higher cost of raw materials and reduced selling price. (Closing price: S$0.225, -%) Frencken Group Limited wishes to inform that it now expects to report a higher than anticipated loss for FY2012 due mainly to the impairment losses for goodwill and deferred development costs coupled with an increase in income tax expenses arising from the reversal of deferred tax asset recognised in previous financial years for a subsidiary within the EMS Division. The aforesaid items have no impact on the Group’s cash flow. (Closing price: S$ 0.210, -2.3%) Midas Holdings Limited wishes to inform the shareholders of the Company and potential investors that the Company expects to record a significant drop in its unaudited revenue and net profit for the year ended 31 December 2012 (“FY2012”) as compared to the last year (“FY2011”). This is mainly due to: Lower revenue; Higher operating expenses and finance costs; and Share of loss from its associated company, Nanjing SR Puzhen Rail Transport Co., Ltd. (Closing price: S$ 0.550, -1.8%) Source: SGX Masnet, The Business Times

Morning Note 22 February 2013

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81.36 +0.35% 293.13 -1.17%

116.73 -0.53% 1.977 -0.03%

1,576.40 +0.07% 13,880.62 -0.34%

554.21 -1.41% Straits Times Index 3,287.60 -0.64%

22,906.67 -1.72% 11,309.13 -1.39%

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

1.201.401.601.802.002.202.40

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

2,500

2,700

2,900

3,100

3,300

3,500

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

12,000

13,000

14,000

15,000

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

17,00018,00019,00020,00021,00022,00023,00024,00025,000

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

7,500

8,500

9,500

10,500

11,500

12,500

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

1,500

1,600

1,700

1,800

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

78

80

82

84

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

260

280

300

320

340

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

80

90

100

110

120

130

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

420440460480500520540560580

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Morning Note 22 February 2013

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Company Analyst Date of Last Report

Rating Target Price (S$)

Current Price (S$)

Difference to Target Price (%)

GOLDEN AGRI-RESOURCES LTD Nicholas Ong 24-Dec-12 Accumulate 0.680 0.650 4.6%WILMAR INTERNATIONAL LTD Nicholas Ong 7-Jan-13 Neutral 3.70 3.68 0.5%

GENTING SINGAPORE PLC Ken Ang 22-Feb-13 Neutral 1.41 1.50 -6.0%COMBINE WILL INTERNATIONAL H Chan Wai Chee 20-Dec-12 Buy 0.93 0.75 24.0%

DBS GROUP HOLDINGS LTD Ken Ang 7-Feb-13 Accumulate 15.80 15.15 4.3%OVERSEA-CHINESE BANKING CORP Ken Ang 18-Feb-13 Reduce 8.84 10.00 -11.6%UNITED OVERSEAS BANK LTD Ken Ang 21-Dec-12 Accumulate 20.95 19.46 7.7%SINGAPORE EXCHANGE LTD Ken Ang 23-Jan-13 Accumulate 7.88 7.64 3.1%

CAPITALAND LTD Bryan Go 22-Feb-13 Accumulate 4.05 3.90 3.8%CAPITAMALLS ASIA LTD Bryan Go 8-Feb-13 Neutral 2.11 2.10 0.5%HO BEE INVESTMENT LTD Bryan Go 8-Nov-12 Neutral 1.44 1.95 -26.2%KEPPEL LAND LTD Bryan Go 25-Jan-13 Neutral 4.24 4.23 0.2%OVERSEAS UNION ENTERPRISE Bryan Go 19-Nov-12 Neutral 2.83 2.92 -3.1%SC GLOBAL DEVELOPMENTS LTD Bryan Go 14-Jan-13 Neutral 1.80 1.80 0.3%GLOBAL PREMIUM HOTELS LTD Chan Wai Chee 9-Nov-12 Buy 0.305 0.27 13.0%STAMFORD LAND CORP LTD Chan Wai Chee 20-Dec-12 Buy 0.76 0.57 34.5%SINGXPRESS LAND LTD Chan Wai Chee 16-Oct-12 Restricted 0.017

CDL HOSPITALITY TRUSTS Travis Seah 31-Jan-13 Neutral 2.130 2.03 4.9%PARKWAYLIFE REAL ESTATE Travis Seah 28-Jan-13 Accumulate 2.45 2.39 2.5%SABANA SHARIAH COMP IND REIT Travis Seah 21-Jan-13 Neutral 1.19 1.24 -4.0%

SATS LTD Derrick Heng 31-Jan-13 Accumulate 3.33 2.94 13.3%SIA ENGINEERING CO LTD Derrick Heng 6-Feb-13 Buy 6.10 4.85 25.8%SINGAPORE TECH ENGINEERING Derrick Heng 18-Feb-13 Accumulate 4.50 4.26 5.6%KEPPEL CORP LTD Nicholas Ong 25-Jan-13 Accumulate 12.38 11.66 6.2%SEMBCORP INDUSTRIES LTD Change of Analyst 5.46SEMBCORP MARINE LTD Change of Analyst 4.73HU AN CABLE HOLDINGS LTD Chan Wai Chee 21-Dec-12 Buy 0.164 0.13 22.4%SUNPOWER GROUP LTD Chan Wai Chee 20-Dec-12 Buy 0.250 0.20 27.6%PAN-UNITED CORP LTD Joshua Tan 24-Dec-12 Buy 0.880 0.95 -6.9%

SINGAPORE AIRLINES LTD Derrick Heng 13-Feb-13 Accumulate 13.00 10.93 18.9%TIGER AIRWAYS HOLDINGS LTD Derrick Heng 25-Jan-13 Sell 0.65 0.74 -11.6%NEPTUNE ORIENT LINES LTD Derrick Heng 29-Oct-12 Accumulate 1.36 1.22 11.5%SMRT CORP LTD Derrick Heng 30-Jan-13 Sell 1.41 1.62 -12.7%COMFORTDELGRO CORP LTD Derrick Heng 13-Feb-13 Neutral 1.83 1.93 -5.2%HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee 21-Dec-12 Buy 0.27 0.250 8.0%

SINGAPORE TELECOM LTD Ken Ang 15-Feb-13 Neutral 3.31 3.53 -6.2%STARHUB LTD Ken Ang 8-Feb-13 Reduce 3.61 4.20 -14.0%M1 LTD Ken Ang 22-Jan-13 Neutral 2.41 2.80 -13.9%

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Property (Developers)

Property (REITS)

Industrials (Capital Goods)

Industrials (Transportation)

Technology & Communications

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd

Morning Note 22 February 2013

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FTSE ST Breakdown (3M % Change)

STI 10.1%

10.9%

10.5%

9.9%

26.5%10.1%

14.0%

10.7%

9.2%

12.3%

9.6%

16.9%

12.6%

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 Technology18.3%

ST Healthcare

Source: Bloomberg

Last % Chg0.005 25.00.124 14.80.540 13.70.052 10.60.135 9.8

Last % Chg0.014 -12.50.036 -10.00.030 -9.10.200 -9.10.138 -7.4

IFS CAPITAL LTD

EQUATION CORP LTDLOTTVISION LTD

8TELECOM INTERNATIONAL HLDGS

SAMKO TIMBER LTDSource: Bloomberg

CONSCIENCEFOOD HOLDINGS LTD

ICP LTDGSH CORP LTD

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

Turnover ('mn shares)

Top Losers (%)

CEFC INTERNATIONAL LTD

UNCHANGED

ARMARDA GROUP LTD

Source: Bloomberg Source: SGX

5,7481,661

103418434

Turnover (S$'mn)UPDOWN

19.6%

11.6% 32.9%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI10.1%

10.8%

Morning Note 22 February 2013

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Source: Bloomberg

World Index

JCI -0.04% 4,632.40

HSI -1.72% 22,906.67

KLCI 0.04% 1,614.05

NIKKEI -1.39% 11,309.13

KOSPI -0.47% 2,015.22

SET -1.16% 1,528.74

SHCOMP -2.97% 2,325.95 SENSEX -1.62% 19,325.36

ASX -2.33% 4,980.09

FTSE 100 -1.62% 6,291.54

DOW -0.34% 13,880.62

S&P 500 -0.63% 1,502.42

NASDAQ -1.04% 3,131.49 COLOMBO -0.08% 5,726.11

STI -0.64% 3,287.60

ETF % Change Change LastABF SINGAPORE BOND INDX FUND -0.42 -0.01 1.18CIMB FTSE ASEAN 40 -1.25 -0.14 11.10DB X-TRACKERS CSI300 UCITS -3.65 -0.31 8.19DB X-TRACKERS FTSE CHINA 25 -0.40 -0.12 29.87DB X-TRACKERS FTSE VIETNAM -6.50 -1.79 25.75DB X-TRACKERS MSCI JAPAN TRN -0.18 -0.07 38.75DB X-TRACKERS MSCI TAIWAN -2.06 -0.39 18.58DB X-TRACKERS MSCI WORLD TRN +1.11 +0.04 3.63DB X-TRACKERS S&P 500 UCITS -1.48 -0.37 24.68DB X-TRACKERS S&P 500 INV DA +1.79 +0.58 32.90DB X-TRACKERS S&P CNX NIFTY -1.87 -2.09 109.44ISHARES MSCI INDIA INDEX ETF -1.87 -0.12 6.30LYXOR ETF CHINA ENTERPRISE -6.99 -1.12 14.90LYXOR ETF COMMODITIES CRB-CD +1.08 +0.03 2.80LYXOR ETF MSCI KOREA-USD B +0.56 +0.03 5.40NIKKO AM SINGAPORE STI ETF -0.60 -0.02 3.34SPDR GOLD TRUST -2.44 -3.79 151.80SPDR STRAITS TIMES INDEX ETF -1.20 -0.04 3.28

ETF Perform ance

Source: Bloomberg

Morning Note 22 February 2013

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EX Date Company Type Net Amount Currency Frequency Record Date Payout Date2/22/2013 TOTAL ACCESS COMM-FOREIGN Regular Cash 1.4940 THB Irreg 2/26/2013 4/12/20132/25/2013 WESTMINSTER TRAVEL LTD Interim 0.0928 HKD Irreg 2/27/2013 3/12/20132/25/2013 SILVERLAKE AXIS LTD 2nd Interim 0.0070 SGD Quarter 2/27/2013 3/15/20132/25/2013 LUM CHANG HOLDINGS LTD Interim 0.0075 SGD Semi-Anl 2/27/2013 3/14/20132/26/2013 COSMOSTEEL HOLDINGS LTD Regular Cash 0.0125 SGD Annual 2/28/2013 3/14/20132/26/2013 JAYA HOLDINGS LTD Interim 0.0050 SGD Irreg 2/28/2013 3/15/20132/27/2013 DIAGEO PLC-SPONSORED ADR Regular Cash 1.1272 USD Semi-Anl 3/1/2013 4/12/20133/4/2013 TAI SIN ELECTRIC LTD Interim 0.0075 SGD Semi-Anl 3/6/2013 3/15/20133/4/2013 VIZ BRANZ LTD Interim 0.0100 SGD Irreg 3/6/2013 3/20/20133/5/2013 KARIN TECHNOLOGY HOLDINGS Interim 0.0720 HKD Semi-Anl 3/7/2013 3/21/2013

Corporate Action : Dividend

Source: Bloomberg

Morning Note 22 February 2013

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Name Expected Report DateAA Group Holdings Ltd February 22, 2013Action Asia Ltd February 22, 2013Adventus Holdings Ltd February 22, 2013AEM Holdings Ltd February 22, 2013Aspial Corp Ltd February 22, 2013Aztech Group Ltd February 22, 2013Baker Technology Ltd February 22, 2013Banyan Tree Holdings Ltd February 22, 2013Beng Kuang Marine Ltd February 22, 2013Breadtalk Group Ltd February 22, 2013CarrierNet Global Ltd February 22, 2013China Environment Ltd February 22, 2013Chip Eng Seng Corp Ltd February 22, 2013Cityneon Holdings Ltd February 22, 2013CNA Group Ltd February 22, 2013CWT Ltd February 22, 2013Declout Ltd February 22, 2013Design Studio Furniture Manufacturer Ltd February 22, 2013Dyna-Mac Holdings Ltd February 22, 2013Dynasty Real Estate Investment Trust February 22, 2013Enviro-Hub Holdings Ltd February 22, 2013ES Group Holdings Ltd February 22, 2013Fuji Offset Plates Manufacturing Ltd February 22, 2013Geo Energy Resources Ltd February 22, 2013Global Palm Resources Holdings Ltd February 22, 2013Global Telecommunications Infrastructure Trust February 22, 2013Global Testing Corp Ltd February 22, 2013Heeton Holdings Ltd February 22, 2013Hi-P International Ltd February 22, 2013HL Global Enterprises Ltd February 22, 2013Hock Lian Seng Holdings Ltd February 22, 2013Hyflux Ltd February 22, 2013Interra Resources Ltd February 22, 2013ITE Electric Co Ltd February 22, 2013Jason Parquet Holdings Ltd February 22, 2013JEP Holdings Ltd February 22, 2013Jubilee Industries Holdings Ltd February 22, 2013Kian Ho Bearings Ltd February 22, 2013Kingboard Copper Foil Holdings Ltd February 22, 2013Kitchen Culture Holdings Ltd February 22, 2013Koon Holdings Ltd February 22, 2013Kori Holdings Ltd February 22, 2013Kreuz Holdings Ltd February 22, 2013Lee Metal Group Ltd February 22, 2013LHT Holdings Ltd February 22, 2013Manufacturing Integration Technology Ltd February 22, 2013Metal Component Engineering Ltd February 22, 2013Natural Cool Holdings Ltd February 22, 2013Neptune Orient Lines Ltd/Singapore February 22, 2013New Toyo International Holdings Ltd February 22, 2013OM Holdings Ltd February 22, 2013Otto Marine Ltd February 22, 2013Progen Holdings Ltd February 22, 2013Religare Health Trust February 22, 2013Rokko Holdings Ltd February 22, 2013Source: Bloomberg

Earning Announcement – Singapore

Calendar

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Date Statistic For Survey Prior Date Statistic For Survey Prior2/25/2013 Chicago Fed Nat Activity Index Jan -- 0.02 2/22/2013 GDP (annualized) (QoQ) 4Q F 2.00% 1.80%2/25/2013 Dallas Fed Manf. Activity Feb -- 5.5 2/22/2013 GDP (YoY) 4Q F 1.20% 1.10%2/26/2013 S&P/CS 20 City MoM% SA Dec 0.55% 0.63% 2/25/2013 CPI (MOM) - NSA Jan -- 0.70%2/26/2013 S&P/CS Composite-20 YoY Dec 6.65% 5.52% 2/25/2013 CPI (YoY) Jan 4.10% 4.30%2/26/2013 S&P/CaseShiller Home Price Ind Dec -- 145.82 2/26/2013 Industrial Production MoM SA Jan 6.00% 5.40%2/26/2013 S&P/Case-Shiller US HPI YOY% 4Q -- 3.64% 2/26/2013 Industrial Production YoY Jan 4.00% -0.60%2/26/2013 S&P/Case-Shiller US HPI 4Q -- 135.67 2/28/2013 M1 Money Supply (YoY) Jan -- 9.00%2/26/2013 House Price Index MoM Dec 0.60% 0.60% 2/28/2013 M2 Money Supply (YoY) Jan -- 7.20%2/26/2013 House Price Purchase Index QoQ 4Q -- 1.10% 2/28/2013 Credit Card Bad Debts Jan -- 19.1M2/26/2013 Richmond Fed Manufact. Index Feb -- -12 2/28/2013 Credit Card Billings Jan -- 3694.5M2/26/2013 Consumer Confidence Feb 61.2 58.6 2/28/2013 Bank Loans & Advances (YoY) Jan -- 16.70%2/26/2013 New Home Sales Jan 385K 369K 3/4/2013 Electronics Sector Index Feb -- 49.92/26/2013 New Home Sales MoM Jan 4.30% -7.30% 3/4/2013 Purchasing Managers Index Feb -- 50.22/27/2013 MBA Mortgage Applications 22-Feb -- -1.70% 04-08 MAR Foreign Reserves Feb -- $258.84B2/27/2013 Durable Goods Orders Jan -4.40% 4.60% 3/6/2013 Automobile COE Open Bid Cat A 6-Mar -- --

US SingaporeEconomic Announcement

Source: BloombergSource: Bloomberg

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