Corporate Guide - Singapore, July 2015

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S i n g a p o r e C o r p o r a t e G u i d e July 2015

Market Outlook & Strategy FSSTI REVIEW: The FSSTI declined 2.2% mom in June leading to a 3.8% qoq decline in 2Q15 and nullifying the 2.4% gain in 1Q15 as the Greek debt crisis took its toll on Global equities. The decline in June is in line with the 2.2% decline in the DJIA despite dovish comments from the Feds. The decline was led by shipping that saw a steep 19.2% mom drop due to weaker-than-expected freight rates, followed by an 8.7% mom decline in oil services exasperated by concerns over Ezra’s dilutive rights offering and a 6.7% decline in healthcare as investors took profits on IHH. Telcos stood out as the notable outperforming sector eking out a 1.5% mom gain in June, suggesting a defensive positioning by investors amid the volatile macro-economic environment.

STRATEGY: We have a year-end target of 3,660 for the FSSTI. Investors should adopt a selective approach on limited earnings visibility and external uncertainties such as rising interest rates in 2H15. Upside is likely limited as FSSTI’s 2015F PE of 14.7x is at a small 5% discount to the long-term mean valuation of 15.5x. Investment themes we favour include: a) regional growth beneficiaries, b) regulatory changes, c) deep value stocks/strong recurrent earnings, and d) compelling business models. BUYs in the large-cap space include DBS, OCBC, CapitaLand, CCT, SingTel, SATS, First Resources and Sembcorp Industries. In the mid-cap space, we like Wing Tai and Ezion. Our SELLs include SIA Engineering, StarHub, Nam Cheong and IHH.

* Refers to business prospects & earnings growth of the sector for the next 12 months.

SECTOR RATINGS & STOCK RECOMMENDATIONS Sector Jun/May (% Chg) Weighting* Top Buys

Aviation (2.6) Market Weight SATS Finance 0.1 Overweight DBS, OCBC Healthcare (6.7) Market Weight Raffles Medical LandTransport 0.7 Market Weight ComfortDelGro Media (1.9) Market Weight - OilServices (8.7) Overweight Ezion, Triyards Plantation (2.2) Overweight Wilmar,First Resources, Bumitama Property (1.6) Overweight CapitaLand, Wing Tai REITs (1.8) Market Weight CCT, CDREIT, SGREIT, Sabana REIT Shipping (19.2) Overweight NOL Shipyard (5.5) Market Weight SCI Supply Chain (4.8) Market Weight - Technology (1.2) Overweight Venture Telecoms 1.5 Market Weight SingTel Others (2.8) -

FSSTI (2.2)

(S$) May Jun % Chg (S$) May Jun % Chg

GuocoLand 2.09 2.39 14.4 AliPictures2kHKD 3.55 1.92 (45.9) SATS 3.39 3.69 8.8 NOL 1.015 0.82 (19.2) Ascendasreit 2.40 2.46 2.5 Sinarmas 0.715 0.615 (14.0) Fragrance 0.20 0.205 2.5 Jardine C&C 38.29 33.10 (13.6) ComfortDelGro 3.06 3.13 2.3 Oxley 0.485 0.44 (9.3) RafflesMG 4.50 4.60 2.2 UE 2.71 2.46 (9.2) THBEV 0.75 0.765 2.0 JSH 500US$ 33.24 30.27 (8.9) SingTel 4.13 4.21 1.9 AusNet Services 1.57 1.435 (8.6) DBS 20.30 20.69 1.9 GLP 2.76 2.53 (8.3) Biosensors 0.80 0.815 1.9 OUE Ltd 2.17 1.99 (8.3)

* Top 100 companies by market capitalisation

TOP GAINERS & LOSERS*

Refer to last page for important disclosures.

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Sector Performance

Net Cash Total ------------------- PE ------------------- ------------- EPS Growth ------------ Net --------- Yield --------- Price/ (Debt) to Market Market 2014 2015F 2016F 2014 2015F 2016F Margin ROA ROE 2014 2015F NTA ps Equity Cap. Cap. (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (x) (%) (%) (S$m)

Aviation 31.9 19.6 17.1 (18.6) 37.1 20.8 4.0 2.8 5.6 3.3 3.9 1.9 27.6 6.8 32,363

Finance 12.2 11.9 10.9 10.2 2.3 9.7 n.a. 1.1 13.0 3.2 3.2 1.6 n.a. 29.7 140,400

Healthcare 54.6 46.1 37.4 6.5 18.0 23.3 11.2 3.2 4.7 0.6 0.5 5.4 (9.7) 4.2 19,650

Land Transport 24.2 21.3 18.8 14.7 14.0 13.1 7.1 5.0 12.5 2.5 2.6 3.7 (16.4) 1.9 9,065

Media 16.3 23.1 23.2 (6.3) (29.5) (0.0) 33.3 6.2 11.2 5.1 4.4 1.9 (15.9) 1.4 6,597

Oil Services 5.6 6.5 4.9 3.9 (39.3) 33.2 13.1 4.8 13.0 1.7 0.6 0.5 (110.0) 0.7 3,456

Plantation 15.9 12.6 11.1 (18.0) 26.1 13.4 3.0 2.4 5.9 2.1 2.3 1.1 (68.1) 6.9 32,464

Property 8.5 19.2 16.5 46.2 (58.0) 16.4 38.0 4.3 10.1 2.3 2.2 0.8 (59.5) 7.1 33,555

REITs 20.4 18.0 17.0 (1.7) 10.3 5.1 52.7 3.3 5.1 5.9 6.0 1.0 (48.8) 9.1 42,845

Shipping n.a. 53.9 10.7 n.a. n.a. 402.4 (3.0) (2.8) (13.3) 0.0 0.4 1.0 (232.9) 0.5 2,134

Shipyard 8.6 9.8 10.2 2.3 (12.3) (3.9) 10.6 5.5 17.0 4.8 4.4 1.4 (54.0) 7.3 34,336

Supply Chain 12.9 11.6 9.9 13.9 2.9 17.7 0.6 1.8 7.5 5.3 3.2 1.1 (129.3) 2.1 9,809

Technology 15.3 14.2 13.1 6.7 7.4 9.1 5.7 5.6 7.6 6.5 6.5 1.7 13.7 0.5 2,133

Telecoms 17.8 17.0 15.8 3.4 4.6 7.6 20.9 9.9 17.4 4.3 4.6 5.9 (35.9) 16.3 76,991

Others n.a. 20.3 18.1 n.a. n.a. 12.1 (22.2) (3.8) (7.1) 3.7 3.8 1.6 (7.0) 5.8 27,450

OVERALL 15.9 14.7 13.4 (4.2) 4.6 9.9 9.0 1.8 9.1 3.6 3.6 1.6 (33.6) 100.0 473,247

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Corporate Statistics Avg Daily Price Last Net Profit EPS PE DPS Yield Hist Net No of Market Book Price/ Net Cash/(Debt) to 52-Wk Price Turnover Company Ticker Rec 30 Jun 15 Year 2014 2015F 2016F 2014 2015F 2016F 2014 2015F 2016F 2014 2015F 2014 2015F CFPS Margin ROA ROE shares Cap. NTA ps NTA ps Mkt Cap Equity High Low 52-Wk (S$) End (S$m) (S$m) (S$m) (cents) (cents) (cents) (x) (x) (x) (cents) (cents) (%) (%) (S$) (%) (%) (%) (m) (S$m) (S$) (x) (%) (%) (S$) (S$) ('000)

AVIATION S I A SIA SP HOLD 10.73 3/15 367.9 754.3 946.2 31.4 64.6 81.2 34.2 16.6 13.2 22.0 45.0 2.1 4.2 1.65 2.4 1.6 2.9 1,199.9 12,874.4 10.23 1.0 27.1 28.0 12.91 9.57 1,182 SIA Engg SIE SP SELL 3.84 3/15 183.3 145.2 136.2 16.4 12.9 12.0 23.5 29.8 32.0 14.5 12.0 3.8 3.1 0.20 16.4 10.9 13.6 1,122.9 4,311.9 1.13 3.4 10.0 32.5 5.15 3.82 530 SATS SATS SP BUY 3.69 3/15 195.7 215.8 239.3 17.4 19.8 22.0 21.2 18.6 16.8 14.0 14.5 3.8 3.9 0.23 11.2 9.7 13.7 1,124.1 4,147.8 1.21 3.0 7.8 22.5 3.72 2.83 1,354 ST Engrg STE SP HOLD 3.30 12/14 532.0 511.7 509.9 17.1 16.4 16.3 19.3 20.1 20.3 15.0 14.0 4.5 4.2 0.23 8.1 6.2 25.0 3,122.5 10,304.2 0.48 6.9 5.9 27.9 3.85 3.14 2,808 Tigerair TGR SP HOLD 0.29 3/15 (264.2) 25.2 56.1 (17.7) 0.8 2.2 n.a. 34.9 12.9 0.0 0.0 0.0 0.0 (0.15) (39.0) (26.3) (107.0) 2,497.5 724.3 0.08 3.6 0.4 1.6 0.40 0.22 6,016 Sector 1,014.6 1,652.1 1,887.6 12.6 17.3 20.9 31.9 19.6 17.1 3.3 3.9 4.0 2.8 5.6 32,362.6 1.9 15.0 27.6 FINANCE ARA ARA SP BUY 1.75 12/14 87.5 111.3 90.9 10.4 13.2 10.8 16.9 13.3 16.3 5.0 6.1 2.9 3.5 0.10 n.a. 22.6 28.3 845.2 1,479.0 0.43 4.1 n.a. n.a. 1.83 1.55 463 DBS DBS SP BUY 20.69 12/14 4,046.0 4,318.9 4,826.0 163.0 173.0 193.5 12.7 12.0 10.7 58.0 58.0 2.8 2.8 n.a. n.a. 1.0 11.6 2,513.3 52,000.8 13.36 1.5 n.a. n.a. 21.416.81 3,632 O C B C OCBC SP BUY 10.18 12/14 3,842.0 3,690.6 3,939.2 91.9 89.0 95.7 11.1 11.4 10.6 36.0 36.0 3.5 3.5 n.a. n.a. 1.0 14.4 4,055.2 41,282.0 6.49 1.6 n.a. n.a. 10.92 9.104 4,506 SGX @ SGX SP NR 7.83 6/14 320.4 345.2 391.8 30.0 32.2 36.6 26.1 24.3 21.4 28.0 29.5 3.6 3.8 0.34 46.7 18.7 35.4 1,071.6 8,391.0 0.67 11.6 8.5 81.0 8.86.8 2,273 U O B @ UOB SP NR 23.07 12/14 3,249.0 3,293.0 3,621.4 198.0 204.0 224.3 11.7 11.3 10.3 75.0 77.8 3.3 3.4 n.a. n.a. 1.1 12.6 1,614.5 37,247.5 15.29 1.5 n.a. n.a. 25.05 21.53 2,188 Sector 11,544.9 11,759.1 12,869.3 114.8 117.5 128.8 12.2 11.9 10.9 3.2 3.2 n.a. 1.1 13.0 140,400.3 1.6 n.a. n.a. HEALTHCARE IHH IHH SP SELL 2.07 12/14 292.1 352.3 438.5 3.6 4.3 5.4 57.8 48.1 38.7 1.1 0.9 0.5 0.4 0.06 10.3 2.7 4.1 8,220.0 17,015.3 0.37 5.6 (5.2) (12.0) 2.25 1.67 395 Raffles Medical RFMD SP BUY 4.60 12/14 67.6 73.9 87.1 12.1 13.1 15.4 38.0 35.2 29.9 5.5 5.5 1.2 1.2 0.14 18.1 11.0 13.4 572.7 2,634.2 0.98 4.7 4.3 20.5 4.68 3.75 358 Sector 359.8 426.2 525.6 4.1 4.9 6.0 54.6 46.1 37.4 0.6 0.5 11.2 3.2 4.7 19,649.6 5.4 (3.9) (9.7) LAND TRANSPORT ComfortDelGro CD SP BUY 3.13 12/14 283.5 316.0 345.0 13.3 14.9 16.2 23.6 21.1 19.3 8.3 8.0 2.6 2.6 0.30 7.0 5.5 13.1 2,147.2 6,720.8 0.74 4.2 2.3 6.7 3.27 2.36 6,496 SMRT MRT SP HOLD 1.54 3/15 91.0 110.0 136.6 6.0 7.2 9.0 25.8 21.3 17.2 3.3 4.0 2.1 2.6 0.19 7.4 3.9 11.0 1,522.1 2,344.1 0.56 2.8 (28.4) (77.4) 1.815 1.405 1,583 Sector 374.5 425.9 481.6 10.2 11.7 13.2 24.2 21.3 18.8 2.5 2.6 7.1 5.0 12.5 9,064.9 3.7 (5.7) (16.4) MEDIA S P H SPH SP HOLD 4.08 8/14 404.3 285.0 285.0 25.0 17.6 17.6 16.3 23.1 23.1 21.0 18.0 5.1 4.4 0.28 33.3 6.2 11.2 1,616.9 6,597.1 2.15 1.9 (8.9) (15.9) 4.35 4.05 2,766 Sector 404.3 285.0 285.0 25.0 17.6 17.6 16.3 23.1 23.2 5.1 4.4 33.3 6.2 11.2 6,597.1 1.9 (8.9) (15.9) OIL SERVICES Ezion EZI SP BUY 1.025 12/14 283.4 293.4 379.5 20.9 18.4 23.7 4.9 5.6 4.3 0.1 0.1 0.1 0.1 0.31 57.9 8.7 20.6 1,580.706 1,620.2 0.96 1.1 (95.3) (101.4) 1.915 0.935 13,489 Ezra EZRA SP HOLD 0.171 8/14 56.9 53.8 48.4 3.5 1.4 1.3 4.8 12.1 13.3 0.0 0.0 0.0 0.0 0.15 3.0 1.4 4.0 2,948.933 504.3 1.00 0.2 (420.7) (157.5) 0.726 0.148 11,432 Marco Polo @ MPM SP NR 0.25 9/14 10.1 16.7 34.2 3.0 4.9 10.0 8.4 5.1 2.5 0.0 1.0 0.0 4.0 0.09 9.0 2.3 6.1 340.8 85.2 0.52 0.5 (182.0) (86.9) 0.37 0.24 136 Nam Cheong NCL SP SELL 0.275 12/14 116.9 64.8 86.9 5.6 3.1 4.1 4.9 8.9 6.7 1.5 0.6 5.5 2.2 0.06 15.6 11.3 28.4 2,103.144 578.4 0.23 1.2 (38.2) (45.2) 0.50 0.27 6,270 Pacific Radiance PACRA SP BUY 0.525 12/14 86.6 53.9 78.0 11.9 7.4 10.7 4.4 7.1 4.9 3.0 0.0 5.7 0.0 0.17 39.7 8.4 16.6 725.755 381.0 0.81 0.6 (92.5) (60.1) 1.52 0.51 1,879 Swiber SWIB SP SELL 0.167 12/14 27.5 10.7 33.6 4.5 1.2 3.7 3.7 14.3 4.6 0.0 0.0 0.0 0.0 0.14 3.0 1.0 4.3 918.9 153.5 0.76 0.2 (709.4) (156.9) 0.48 0.14 5,038 Triyards ETL SP BUY 0.41 8/14 33.5 38.0 49.4 11.4 11.7 15.2 3.6 3.5 2.7 1.0 1.0 2.4 2.4 0.15 9.9 7.8 16.7 324.509 133.0 0.79 0.5 (83.1) (41.2) 0.81 0.38 574 Sector 614.8 531.4 710.1 8.5 5.2 6.9 5.6 6.5 4.9 1.7 0.6 13.1 4.8 13.0 3,455.6 0.5 (161.9) (110.0)

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PLANTATION Bumitama BAL SP BUY 0.99 12/14 123.0 106.6 148.2 7.0 6.1 8.4 14.1 16.3 11.7 2.8 1.4 2.8 1.4 0.08 20.0 9.3 19.6 1,757.5 1,740.0 0.38 2.6 (26.9) (67.6) 1.28 0.9 499 FirstRes FR SP BUY 2.04 12/14 219.7 194.1 246.6 13.9 12.3 15.6 14.7 16.6 13.1 3.6 3.7 1.7 1.8 0.16 28.2 9.0 16.5 1,584.1 3,231.5 0.82 2.5 (7.8) (17.9) 2.47 1.75 1,973 GoldenAgri GGR SP BUY 0.41 12/14 143.9 322.7 402.5 1.1 2.5 3.1 36.6 16.3 13.1 0.6 1.1 1.4 2.6 0.03 1.5 0.8 1.3 12,837.6 5,263.4 0.89 0.5 (74.2) (32.6) 0.56 0.395 30,247 IndoAgri IFAR SP HOLD 0.70 12/14 80.9 97.6 105.6 5.7 6.8 7.4 12.3 10.2 9.5 0.4 0.5 0.5 0.8 0.12 5.1 2.0 5.5 1,447.8 1,013.4 0.84 0.8 (76.8) (51.1) 1.01 0.66 1,228 KencanaAgri KAGR SP HOLD 0.185 12/14 9.2 9.6 18.4 0.8 0.8 1.6 23.2 22.2 11.6 0.0 0.3 0.0 1.5 0.02 4.1 1.4 4.2 1,148.0 212.4 0.19 1.0 (134.0) (132.2) 0.25 0.181 173 Wilmar WIL SP BUY 3.28 12/14 1,464.9 1,845.2 2,000.8 22.9 28.8 31.2 14.3 11.4 10.5 7.5 8.0 2.3 2.4 0.36 2.7 2.5 7.4 6,403.4 21,003.1 2.38 1.4 (93.0) (92.0) 3.42 2.92 5,250 Sector 2,041.6 2,575.8 2,922.2 8.1 10.2 11.6 15.9 12.6 11.1 2.1 2.3 3.0 2.4 5.9 32,463.8 1.1 (77.7) (68.1) PROPERTY CapitaLand CAPL SP BUY 3.50 12/14 1,160.8 719.8 766.9 27.3 15.2 16.2 12.8 23.1 21.7 9.0 8.0 2.6 2.3 0.28 29.6 2.6 7.1 4,274.3 14,959.9 3.94 0.9 (92.0) (79.7) 3.79 2.93 9,703 City Devt CIT SP HOLD 9.78 12/14 769.6 621.0 733.1 83.2 68.3 80.6 11.8 14.3 12.1 16.0 16.0 1.6 1.6 1.07 20.4 4.1 9.5 909.3 8,893.0 9.43 1.0 (32.9) (34.2) 10.95 9.15 1,063 GuocoLand GUOL SP BUY 2.39 6/14 304.2 112.3 125.2 26.5 10.1 11.3 9.0 23.6 21.2 5.0 5.0 2.1 2.1 0.26 24.3 3.4 12.0 1,109.8 2,652.3 2.32 1.0 (174.9) (168.7) 2.45 1.71 226 Ho Bee Land HOBEE SP BUY 2.11 12/14 315.0 68.0 77.6 47.2 10.2 11.6 4.5 20.7 18.2 5.0 3.0 2.4 1.4 0.89 316.3 9.4 12.8 703.3 1,484.0 3.73 0.6 (60.8) (34.4) 2.38 1.91 258 OUE OUE SP BUY 1.99 12/14 1,094.0 88.4 96.9 120.2 9.0 9.9 1.7 22.1 20.2 2.0 4.0 1.0 2.0 1.22 262.7 16.7 32.4 981.6 1,953.4 4.35 0.5 (93.1) (46.0) 2.46 1.94 432 Wheelock @ WP SP NR 1.755 12/14 43.1 87.2 99.1 3.6 7.3 8.3 48.8 24.1 21.2 6.0 6.0 3.4 3.4 0.05 43.6 1.1 1.4 1,196.6 2,100.0 2.66 0.7 (12.7) (8.4)1.99 1.71 243 Wing Tai WINGT SP BUY 1.905 6/14 254.4 49.4 132.8 32.4 6.2 16.7 5.9 30.6 11.4 6.0 6.0 3.1 3.1 0.34 31.7 5.2 8.8 793.9 1,512.4 3.90 0.5 (23.2) (11.4) 2.14 1.57 1,473 Sector 3,941.2 1,745.9 2,031.7 39.9 16.8 19.5 8.5 19.2 16.5 2.3 2.2 38.0 4.3 10.1 33,555.1 0.8 (73.5) (59.5) SHIPPING N O L NOL SP BUY 0.82 12/14 (329.2) 39.6 198.9 (12.7) 1.5 7.7 n.a. 53.6 10.7 0.0 0.3 0.0 0.4 0.06 (3.0) (2.8) (13.3) 2,602.9 2,134.4 0.84 1.0 (258.5) (232.9) 1.2 0.735 5,651 Sector (329.2) 39.6 198.9 (12.7) 1.5 7.7 n.a. 53.9 10.7 0.0 0.4 (3.0) (2.8) (13.3) 2,134.4 1.0 (258.5) (232.9) SHIPYARD COSCO Corp COS SP SELL 0.48 12/14 20.9 13.8 15.2 0.9 0.6 0.7 51.6 78.0 70.8 0.5 0.5 1.0 1.0 0.08 0.5 0.2 1.5 2,239.2 1,074.8 0.63 0.8 (346.7) (263.6) 0.745 0.465 2,299 Keppel Corp KEP SP HOLD 8.22 12/14 1,884.8 1,510.0 1,410.0 103.8 83.1 77.6 7.9 9.9 10.6 48.0 41.5 5.8 5.1 1.18 14.2 6.1 18.8 1,817.9 14,943.2 5.92 1.4 (29.9) (41.2) 11.15 7.91 4,896 Sembcorp Ind SCI SP BUY 3.89 12/14 801.1 767.0 760.0 44.3 42.8 42.4 8.8 9.1 9.2 16.0 16.0 4.1 4.1 0.61 7.4 5.2 15.3 1,787.5 6,953.6 2.95 1.3 (56.7) (69.0) 5.54 3.85 3,036 Sembcorp Marine SMM SP HOLD 2.84 12/14 560.1 513.0 486.0 26.8 24.6 23.3 10.6 11.6 12.2 13.0 12.3 4.6 4.3 0.32 9.6 7.2 19.9 2,089.8 5,934.9 1.46 1.9 (15.3) (29.2) 4.15 2.76 3,477 Yangzijiang YZJSGD SP BUY 1.415 12/14 716.1 682.9 678.7 18.7 17.8 17.7 7.6 7.9 8.0 5.5 5.3 3.9 3.8 0.21 22.7 8.1 17.8 3,837.1 5,429.5 1.22 1.2 (16.1) (18.7) 1.525 1.05 8,788 Sector 3,983.0 3,486.7 3,349.9 33.8 29.6 28.5 8.6 9.8 10.2 4.8 4.4 10.6 5.5 17.0 34,336.0 1.4 (40.5) (54.0) SUPPLY CHAIN Noble Group NOBL SP HOLD 0.76 12/14 167.3 506.0 583.1 2.0 7.8 8.9 37.6 9.8 8.5 5.0 2.7 6.6 3.6 0.00 0.2 0.7 2.5 6,739.5 5,122.0 0.89 0.9 (106.3) (84.0) 1.46 0.63 31,540 Olam OLAM SP HOLD 1.88 12/14 591.0 339.4 411.6 23.9 10.7 13.0 7.9 17.5 14.4 7.5 5.0 4.0 2.7 0.32 3.0 3.7 16.7 2,492.9 4,686.7 1.34 1.4 (170.8) (204.2) 2.69 1.8 1,345 Sector 758.3 845.4 994.8 8.5 8.7 10.3 12.9 11.6 9.9 5.3 3.2 0.6 1.8 7.5 9,808.7 1.1 (137.1) (129.3) TECHNOLOGY Venture Corp VMS SP BUY 7.72 12/14 139.8 149.8 163.4 50.9 54.6 59.6 15.2 14.1 13.0 50.0 50.0 6.5 6.5 0.66 5.7 5.6 7.6 276.3 2,133.0 4.59 1.7 12.4 13.7 8.67 7.32 384 Sector 139.8 149.8 163.4 50.9 54.6 59.6 15.3 14.2 13.1 6.5 6.5 5.7 5.6 7.6 2,133.0 1.7 12.4 13.7

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TELECOMS M1 M1 SP HOLD 3.24 12/14 175.8 183.5 189.2 18.9 19.6 20.2 17.1 16.5 16.0 18.9 15.8 5.8 4.9 0.31 16.3 17.5 44.5 936.9 3,035.6 0.36 9.0 (7.8) (52.4) 3.99 3.160 1,224 SingTel ST SP BUY 4.21 3/15 3,781.5 4,046.0 4,356.4 23.7 25.3 27.3 17.7 16.6 15.4 17.5 19.0 4.2 4.5 0.37 22.0 9.3 15.6 15,943.6 67,122.5 0.80 5.3 (12.5) (34.0) 4.57 3.630 18,163 StarHub STH SP SELL 3.95 12/14 370.5 306.6 333.8 21.5 17.7 19.3 18.4 22.3 20.5 20.0 20.0 5.1 5.1 0.32 15.5 19.1 285.4 1,729.8 6,832.7 (0.10) n.a. (6.8) (204.3) 4.46 3.700 1,829 Sector 4,327.8 4,536.1 4,879.3 23.3 24.3 26.2 17.8 17.0 15.8 4.3 4.6 20.9 9.9 17.4 76,990.8 5.9 (11.8) (35.9) OTHERS Genting HK US$ GENHK SP HOLD 0.345 12/14 487.1 204.7 234.0 6.1 2.6 2.9 7.7 18.2 16.0 1.3 1.3 2.9 2.9 0.07 67.4 9.7 12.3 8,482.5 3,939.3 0.53 0.9 9.1 8.4 0.42 0.34 3,211 Genting SP GENS SP BUY 0.895 12/14 517.3 609.7 700.2 4.2 5.0 5.7 21.2 17.9 15.6 1.0 1.0 1.1 1.1 0.07 18.1 4.0 7.0 12,081.7 10,813.1 0.60 1.5 23.0 33.6 1.34 0.895 20,653 HPH Trust US$ HPHT SP BUY 0.63 12/14 (2,808.7) 303.4 320.0 (32.2) 3.5 3.7 n.a. 24.3 23.1 7.1 7.3 8.4 8.6 n.a. (136.2) (13.3) (30.9) 8,711.1 7,387.4 0.41 2.1 (64.1) (62.7) 0.75 0.625 15,982 SingPost SPOST SP BUY 1.895 3/15 157.6 174.2 197.6 6.8 8.4 9.5 27.7 22.7 20.0 6.3 6.3 3.3 3.3 0.10 17.1 8.0 12.2 2,148.7 4,071.7 0.38 5.0 8.5 31.0 2.16 1.7 5,231 SuperGroup SUPER SP HOLD 1.11 12/14 68.8 58.3 65.2 6.2 5.2 5.8 18.0 21.2 19.0 3.1 3.1 2.8 2.8 0.08 12.7 11.2 14.3 1,115.5 1,238.2 0.47 2.4 6.7 15.6 1.56 1.04 1,648 Sector (1,577.9) 1,350.4 1,517.0 (4.9) 4.2 4.7 n.a. 20.3 18.1 3.7 3.8 (22.2) (3.8) (7.1) 27,449.7 1.6 (5.3) (7.0) OVERALL 29,694.8 32,184.1 35,338.2 16.9 17.6 19.4 15.9 14.7 13.4 3.6 3.6 9.0 1.8 9.1 473,246.8 1.6 (24.4) (33.6)

6


Corporate Statistics Avg Daily Price Last Net Profit EPU DPU Yield Debt to No of Market Book Price/ Net Cash/(Debt) to 52-Wk Price Turnover Company Ticker Rec 30 Jun 15 Year 2014 2015F 2016F 2014 2015F 2016F 2014 2015F 2016F 2014 2015F 2016F Asset ROA ROE shares Cap. NTA ps NTA ps Mkt Cap Equity High Low 52-Wk (S$) End (S$m) (S$m) (S$m) (cents) (cents) (cents) (cents) (cents) (cents) (%) (%) (%) (%) (%) (%) (m) (S$m) (S$) (x) (%) (%) (S$) (S$) ('000)

REITs Ascendasreit AREIT SP HOLD 2.46 3/15 259.2 365.5 381.3 10.8 15.2 15.8 14.6 15.5 16.1 5.9 6.3 6.6 33.6 3.3 5.3 2,407.7 5,923.1 2.08 1.2 (45.5) (53.8) 2.71 2.19 8,348 AscottREIT ART SP HOLD 1.29 12/14 74.2 104.1 107.0 4.9 6.8 7.0 8.2 9.0 9.4 6.4 6.9 7.3 35.1 1.9 3.5 1,540.4 1,987.1 1.32 1.0 (46.0) (55.2) 1.32 1.2 1,192 CACHE CACHE SP BUY 1.155 12/14 56.8 61.2 65.8 7.3 7.8 8.3 8.6 8.7 9.3 7.4 7.5 8.0 36.1 5.1 7.4 782.9 904.3 0.98 1.2 (48.1) (56.7) 1.24 1.13 1,334 CapitaCom Trust CCT SP BUY 1.56 12/14 228.6 280.2 312.1 7.8 9.1 10.0 8.5 8.6 9.5 5.4 5.5 6.1 29.9 3.6 4.5 2,948.5 4,599.7 1.72 0.9 (48.0) (43.4) 1.935 1.5 8,339 CapitaMall Trust CT SP SELL 2.15 12/14 374.9 374.4 380.4 10.8 10.8 11.0 10.8 11.0 11.2 5.0 5.1 5.2 32.0 3.9 6.1 3,463.6 7,446.7 1.83 1.2 (28.8) (33.8) 2.28 1.885 8,878 CDL Htrust CDREIT SP BUY 1.63 12/14 104.8 104.9 109.5 10.7 10.7 11.1 11.0 10.6 11.0 6.7 6.5 6.7 32.2 4.4 6.5 983.7 1,603.4 1.62 1.0 (46.5) (46.9) 1.815 1.6 1,275 FrasersCT FCT SP HOLD 2.06 9/14 90.2 101.0 101.4 10.5 11.0 11.0 11.2 11.5 11.6 5.4 5.6 5.6 28.6 3.9 5.7 916.5 1,888.0 1.86 1.1 (36.7) (40.7) 2.15 1.84 1,260 Frasers HTrust FHT SP BUY 0.86 9/13 52.9 56.6 60.8 4.4 4.7 5.1 6.1 6.2 6.6 7.1 7.2 7.6 39.6 2.9 5.1 1,206.0 1,037.1 0.86 1.0 (61.6) (61.8) 0.92 0.835 890 Kep REIT KREIT SP BUY 1.145 12/14 147.3 162.4 184.8 5.2 5.1 5.7 7.2 7.0 7.2 6.3 6.1 6.3 36.5 2.09 3.5 3,187.2 3,649.4 1.4 0.8 (67.45) (55.1) 1.3 1.1 5065 MapletreeInd MINT SP HOLD 1.56 3/15 176.9 176.6 179.9 10.3 9.9 9.8 10.4 10.2 10.1 6.7 6.5 6.5 25.9 5.2 8.2 1,760.7 2,746.7 1.32 1.2 (36.5) (43.4) 1.64 1.385 2,906 MapletreeLog MLT SP HOLD 1.13 3/15 172.4 179.6 182.2 7.0 7.3 7.3 7.5 7.6 7.7 6.6 6.7 6.8 34.1 3.8 7.0 2,476.2 2,798.1 1.03 1.1 (54.5) (60.1) 1.26 1.1 3,133 PLife REIT PREIT SP HOLD 2.30 12/14 62.3 71.9 72.9 10.3 11.9 12.0 11.5 12.1 12.3 5.0 5.3 5.3 35.0 3.9 6.2 605.0 1,391.5 1.71 1.3 (31.5) (42.3) 2.46 2.26 408 Sabana REIT SSREIT SP BUY 0.85 12/14 39.1 46.8 50.4 5.6 6.3 6.1 7.3 7.3 7.1 8.6 8.6 8.4 37.4 3.1 5.1 729.2 619.8 1.06 0.8 (75.4) (60.3) 1.05 0.84 924 Starhill Gbl SGREIT SP BUY 0.88 12/14 108.3 113.7 124.6 5.0 5.3 5.7 5.1 5.0 5.2 5.7 5.7 5.9 28.6 3.7 5.4 2,181.2 1,919.5 0.93 1.0 (40.0) (38.2) 0.89 0.775 2,273 Suntec REIT SUN SP BUY 1.725 12/14 149.3 176.0 208.8 6.0 7.0 8.2 9.3 10.0 10.7 5.4 5.8 6.2 34.8 1.8 2.9 2,510.8 4,331.1 2.10 0.8 (66.6) (54.5) 2.01 1.705 8,167 Sector 2,097.2 2,374.7 2,522.0 7.7 8.5 9.0 5.9 6.0 6.2 33.0 3.3 5.1 42,845.4 1.0 (46.7) (48.1)

Note: If year end is before June, earnings are shown in the previous period @ Consensus forecast

7


Economics

2013 2014 2015F 2016F 2Q14 3Q14 4Q14 1Q15 Feb-15 Mar-15 Apr-15 May-15

GDP by Sector (Real) (yoy % chg) Total GDP 4.4 2.9 2.9 3.4 2.3 2.8 2.1 2.6 n.a. n.a. n.a. n.a. Goods Producing Industries 2.5 2.7 1.7 2.7 1.7 1.6 (0.8) (1.4) n.a. n.a. n.a. n.a. Manufacturing 1.7 2.6 1.3 2.6 1.3 1.7 (1.3) (2.7) n.a. n.a. n.a. n.a. Construction 6.3 3.0 3.3 3.0 3.0 1.1 0.7 3.1 n.a. n.a. n.a. n.a. Services Producing Industries 6.1 3.2 3.3 3.7 2.6 3.3 3.1 3.8 n.a. n.a. n.a. n.a. Wholesale & Retail Trade 6.7 1.7 3.5 3.4 1.6 2.1 0.6 4.1 n.a. n.a. n.a. n.a. Transport & Storage 3.5 1.7 1.5 3.5 2.0 0.1 (0.4) 1.5 n.a. n.a. n.a. n.a. Hotels & Restaurants 3.3 1.1 (0.0) 1.2 0.1 1.0 1.3 (0.4) n.a. n.a. n.a. n.a. Information & Communications 7.6 3.6 4.5 4.7 3.2 4.0 4.4 4.6 n.a. n.a. n.a. n.a. Financial Services 12.2 7.7 5.8 5.5 5.1 9.9 10.3 7.9 n.a. n.a. n.a. n.a. Business Services 4.9 2.9 3.0 3.5 2.2 2.6 2.9 2.8 n.a. n.a. n.a. n.a. Trade Figures (Nominal) (yoy % chg) Total Exports 0.8 1.3 2.5 2.0 2.8 (1.4) (3.6) (5.6) (16.1) 0.6 (9.4) (10.0) Total Imports (1.4) (0.4) 1.5 2.0 3.0 (5.8) (5.9) (16.2) (20.5) (14.8) (14.3) (19.6) Non-oil Domestic Exports (5.6) (0.5) (1.0) 2.1 (3.4) 1.2 0.5 4.4 (9.7) 18.5 2.2 (0.2) Monetary Data (End of period) Loans Growth (yoy % chg) 17.7 11.6 6.3 6.6 12.8 11.1 7.5 2.3 3.3 2.3 0.6 (0.1) M1 (yoy % chg) 14.8 4.2 4.5 4.0 2.5 1.9 4.1 2.3 3.1 2.3 1.2 0.8 M2 (yoy % chg) 7.8 1.9 1.9 2.5 0.6 1.7 2.6 3.9 3.3 3.9 4.5 4.9 Prime Lending Rate (%) 5.38 5.35 5.38 5.38 5.38 5.38 5.35 5.35 5.35 5.35 5.35 5.35 3mth Interbank Rate (%) 0.40 0.46 1.30 2.07 0.40 0.41 0.46 1.01 0.77 1.01 0.89 0.83 Exchange Rates (S$/US$) 1.2589 1.3150 1.4400 1.3800 1.2512 1.2638 1.3150 1.3770 1.3549 1.3770 1.3482 1.3344 Foreign Reserves (S$b) 343.8 337.8 342.4 361.2 347.8 336.4 337.8 340.8 340.9 340.8 333.7 337.4 Other Macro Variables (yoy % chg) Industrial Production Index (2011=100) 1.8 2.9 1.3 2.5 1.4 1.8 (1.1) (2.5) (3.3) (5.1) (9.1) (2.3) Retail Sales Index (Current) (5.1) 0.4 1.4 1.2 95.9 97.2 106.0 n.a. 14.7 1.9 5.0 n.a. Visitor Arrivals 7.5 (3.0) 3.0 2.5 (5.6) (5.2) (1.3) (1.6) (4.0) (7.4) (3.0) n.a. Inflation (2009=100) 2.4 1.0 0.8 1.5 2.2 1.0 (0.0) (0.3) (0.3) (0.3) (0.5) (0.4) Unemployment Rate sa (%) (end of period) 1.9 1.9 2.1 2.1 2.0 1.9 1.9 1.8 n.a. n.a. n.a. n.a. Changes in Employment 136.3 130.1 105.4 123.1 27.7 33.4 40.7 0.3 n.a. n.a. n.a. n.a.

Source: CEIC, UOB-GEMR

8


Ranking By Market Parameters

Highest PE (x) # Forward Highest P/NTA (x) * Hist. Highest Dividend Yield (%) * Hist. Highest 90 days Volatility (%) # Highest Market Cap (S$m) *

COSCO Corp 78.0 StarHub 30.1 HPH Trust US$ 8.4 Ezra 54.4 SingTel 67,122.4 N O L 53.6 Silverlake 11.4 Oxley 7.9 Noble Grp 48.8 PRU 500 US$ 63,196.4 IHH 48.1 SGX 9.5 CDL HTrust 6.7 Triyards 47.1 JMH 400US$ 53,367.4 Raffles Medical 35.2 Dairy Farm 900 US$ 8.3 MapletreeInd 6.7 Swiber 43.8 DBS 52,000.8 Tigerair 34.9 AusNet Services 8.0 MapletreeLog 6.6 EzionHldg 38.7 JSH 500US$ 45,668.1 Wing Tai 30.6 DTAC 200US$ 7.2 Far East HTrust 6.6 Pac Radiance 38.5 OCBC Bk 41,282.0 SIA Engg 29.8 M1 6.7 Venture 6.5 CoscoCorp 36.0 UOB 37,247.6 Suntec REIT 24.7 ARA 5.5 MapletreeGCC 6.4 NOL 32.1 HKLand US$ 25,970.3 HPH Trust US$ 24.3 AliPictures2kHKD 5.5 AscottREIT 6.4 SuperGroup 32.1 Wilmar 21,003.2 GuocoLand 23.6 Petra 5.2 Kep REIT 6.3 Nam Cheong 30.5 THBEV 19,209.2

Lowest PE (x) # Forward Lowest P/NTA (x) * Hist. Lowest Dividend Yield (%) * Hist. Lowest 90 days Volatility (%) # Lowest Market Cap (S$m) *

Triyards 3.5 GoldenAgri 0.4 EzionHldg 0.1 AscottREIT 8.4 OSIM Intl 1,289.5 Ezion 5.6 OUE Ltd 0.5 UtdEnvirotech 0.2 SPH 9.0 Oxley 1,297.2 Pacific Radiance 7.1 Wing Tai 0.5 IHH 0.5 K-REIT 10.3 BukitSem 1,325.6 Yangzijiang 7.9 Yanlord 0.5 BukitSem 0.8 CACHE 10.5 GuocoLeisure 1,361.3 Nam Cheong 8.9 Ho Bee Land 0.6 Sinarmas 0.8 Frasers HTrust 10.6 Fragrance 1,377.6 Sembcorp Ind 9.1 Yuexiu Prop 2k 0.6 CITYDEV 0.8 OCBC Bk 11.0 Far East HTrust 1,380.4 Noble Group 9.8 Fortune Reit HK$ 0.6 UIC 0.9 SingPost 11.3 PLife REIT 1,391.5 Keppel Corp 9.9 Perennial Hldgs 0.6 JSH 500US$ 0.9 CDL HTrust 12.4 First REIT 1,393.3 IndoAgri 10.2 Wheelock 0.7 Fragrance 1.0 UOB 12.4 Biosensors 1,436.6 Wilmar 11.4 UOL 0.7 OUE Ltd 1.0 MapletreeInd 12.9 CapitaRChina 1,461.7

# Based on UOB Kay Hian’s universe * Based on top 100 companies by market cap Source: Bloomberg, UOB Kay Hian

9


Performance At A Glance*

Company ---------- Price (S$) ---------- --------------------- % Change --------------------- Company ---------- Price (S$) ---------- --------------------- % % Change --------------------- 29/05/15 30/06/15 mom yoy ytd 29/05/15 30/06/15 mom yoy ytd

AVIATION Triyards 0.475 0.41 (13.7) (34.9) (19.6) S I A 11.35 10.73 (5.5) 3.5 (7.5) Sector (8.7) (49.7) (21.6) SIA Engg 3.91 3.84 (1.8) (24.0) (9.0) SATS 3.39 3.69 8.8 17.5 21.0 PLANTATION ST Engrg 3.40 3.30 (2.9) (13.2) (2.9) Bumitama 0.98 0.99 1.0 (17.8) (5.3) Tigerair 0.31 0.29 (6.5) (22.3) 9.4 FirstRes 2.03 2.04 0.5 (14.3) 9.1 Sector (2.6) (6.0) (3.0) GoldenAgri 0.42 0.41 (2.4) (26.1) (10.9)

IndoAgri 0.745 0.70 (6.0) (28.9) (3.4) FINANCE KencanaAgri 0.20 0.185 (7.5) (24.5) (7.5) ARA 1.76 1.75 (0.6) (1.7) 2.9 Wilmar 3.36 3.28 (2.4) 2.8 1.2 DBS 20.30 20.69 1.9 23.5 0.4 Sector (2.2) (7.0) (0.5) O C B C 10.20 10.18 (0.2) 9.8 (2.7) S'pore Exchange @ 8.43 7.83 (7.1) 12.7 0.3 PROPERTY U O B @ 23.14 23.07 (0.3) 2.4 (6.0) CapitaLand 3.49 3.50 0.3 9.4 5.7 Sector 0.1 12.3 (2.2) City Devt 10.52 9.78 (7.0) (4.4) (4.8)

GuocoLand 2.09 2.39 14.4 12.7 34.3 HEALTHCARE Ho Bee Land 2.25 2.11 (6.2) (6.2) 8.2 IHH 2.25 2.07 (8.0) 23.6 12.5 Keppel Land 4.45 4.45 0.0 31.7 30.1 Raffles Medical 4.50 4.60 2.2 13.0 18.3 OUE 2.17 1.99 (8.3) (18.1) (2.5) Sector (6.7) 22.1 13.2 Wheelock @ 1.81 1.755 (3.0) (2.0) (0.3) Wing Tai 1.95 1.905 (2.3) (3.3) 16.5 LAND TRANSPORT Sector (1.6) 5.8 7.8 ComfortDelGro 3.06 3.13 2.3 25.2 20.4 SMRT 1.60 1.54 (3.8) (0.6) (2.5) REITS Sector 0.7 17.3 13.5 Ascendasreit 2.40 2.46 2.5 7.0 3.4 AscottREIT 1.285 1.29 0.4 5.3 1.6 MEDIA CACHE 1.16 1.155 (0.4) (3.3) (0.4) S P H 4.16 4.08 (1.9) (2.2) (3.1) CapitaComm 1.615 1.56 (3.4) (8.2) (11.1) Sector (1.9) (2.2) (3.1) CapitaMall 2.17 2.15 (0.9) 8.9 5.4 CDL Htrust 1.715 1.63 (5.0) (7.4) (6.3) OIL SERVICES FrasersCT 2.13 2.06 (3.3) 8.7 8.7 Ezion 1.025 1.025 0.0 (40.9) (8.5) Frasers HTrust 0.87 0.86 (1.1) (2.3) (2.3) Ezra 0.236 0.171 (27.5) (73.5) (46.1) Kep REIT 1.195 1.145 (4.2) (10.5) (6.1) Marco Polo @ 0.265 0.25 (5.7) (29.6) (9.1) MapletreeInd 1.595 1.56 (2.2) 9.1 5.1 Nam Cheong 0.295 0.275 (6.8) (30.4) (12.7) MapletreeLog 1.165 1.13 (3.0) (3.0) (4.6) Pacific Radiance 0.59 0.525 (11.0) (41.7) (33.5) PLife REIT 2.35 2.30 (2.1) (2.5) (3.4) Swiber 0.19 0.167 (12.1) (63.6) (26.4) Sabana REIT 0.86 0.85 (1.2) (18.7) (9.6)

10



Company ----------Price (S$)---------- --------------------- % Change --------------------- Company ---------- Price (S$) ---------- --------------------- % % Change --------------------- 29/05/15 30/06/15 mom yoy ytd 29/05/15 30/06/15 mom yoy ytd

Starhill Gbl 0.875 0.88 0.6 6.7 10.0 OTHERS Suntec REIT 1.80 1.725 (4.2) (4.7) (12.0) Genting HK US$ 0.36 0.345 (4.2) (12.7) (1.4) Sector (1.8) 0.2 (1.7) Genting SP 0.92 0.895 (2.7) (32.7) (17.1) HPH Trust US$ 0.66 0.63 (4.5) (12.5) (8.7) SHIPPING SingPost 1.885 1.895 0.5 9.2 (1.3) N O L 1.015 0.82 (19.2) (13.7) (2.4) SuperGroup 1.15 1.11 (3.5) (21.3) (3.1) Sector (19.2) (13.7) (2.4) Sector (2.8) (20.8) (10.5) SHIPYARD OVERALL (1.5) (0.7) (1.1) COSCO Corp 0.525 0.48 (8.6) (32.9) (14.3) Keppel Corp 8.75 8.22 (6.1) (23.8) (7.1) Sembcorp Ind 4.16 3.89 (6.5) (27.6) (12.6) Sembcorp Marine 3.01 2.84 (5.6) (30.7) (12.9) Yangzijiang 1.445 1.415 (2.1) 31.0 17.4 Sector (5.5) (21.1) (6.5) SUPPLY CHAIN Noble Group 0.795 0.76 (4.4) (44.5) (33.3) Olam 1.985 1.88 (5.3) (27.1) (6.9) Sector (4.8) (37.4) (22.9) TECHNOLOGY Venture Corp 7.81 7.72 (1.2) (0.3) (1.9) Sector (1.2) (0.3) (1.9) TELECOMS M1 3.22 3.24 0.6 (7.7) (10.2) S Telecoms 4.13 4.21 1.9 9.4 7.9 StarHub 4.02 3.95 (1.7) (5.3) (4.8) Sector 1.5 7.1 5.8

11



Aviation

94

96

98

100

102

104

106

Jan Feb Mar Apr May Jun

(31Dec14=100)

FSSTI

Aviation

Finance

94

96

98

100

102

104

106


FSSTI

Finance

(31Dec14=100)

Healthcare

9698

100102104106108110112114116118120


FSSTI

Healthcare

(31Dec14=100)

Land Transport

9698

100102104106108110112114116118120


FSSTI

Land Transport

(31Dec14=100)

Media

96

98

100

102

104

106


FSSTI

Media

(31Dec14=100)

Oil Services

75

80

85

90

95

100

105

110


FSSTI

Oil Services

(31Dec14=100)

12



Plantation

96

98

100

102

104

106


FSSTI

Plantation

(31Dec14=100)

Property

9698

100102104106108110112114


FSSTI

Property

(31Dec14=100)

REITs

96

98

100

102

104

106


FSSTI

REITs

(31Dec14=100)

Shipping

95100105110115120125130135140


FSSTI

Shipping

(31Dec14=100)

Shipyard

92

94

96

98

100

102

104

106


FSSTI

Shipyard

(31Dec14=100)

Supply Chain

70

75

80

85

90

95

100

105

110


FSSTI

Supply Chain

(31Dec14=100)

13



Technology

96

98

100

102

104

106

108

110


FSSTI

Technology

(31Dec14=100)

Telecoms

9698

100102104106108110112114116


FSSTI

Telecoms

(31Dec14=100)

Others

90

95

100

105

110


FSSTI

Others

(31Dec14=100)

* Based on UOB Kay Hian’s universe

14


Diary Of Events

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

– –

–

– SPH 3Q15*

– Ezra 3Q15 – Triyards 3Q15

–

– Retail Sales May 15

– Trade Figures Jun 15 – Sabana REIT 2Q15

– CCT 3Q15

Hari Raya Puasa

12 13 15 16 17 18

5 6 7 8 9 10

14

11

1 2 1 2 3 4

15


Diary Of Events

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

– Cache 2Q15* – First Resources 2Q15* – M1 2Q15*

– Mapletree Ind 1Q16* – ART 2Q15 – Keppel REIT 2Q15 – MLT 1Q16

– Mapletree Comm 1Q16* – SATS 1Q16 – FCT 3Q15 – Suntec REIT 2Q15

– CPI Jun 15 – ST Engineering 2Q15 – A-REIT 1Q16 – Capitamall Trust 2Q15

– IPI Jun 15 – SIA Engineering 1Q16 – CD REIT 2Q15 – Keppel Corp 2Q15 – HPHT 2Q15

– DBS 2Q15

– SGX FY15* – Raffles Medical 2Q15

– SIA 1Q16 – SMRT 1Q16

– Money Supply Jun 15 – Indofood Agri 2Q15* – OCBC 2Q15* – Ezion 2Q15 – OUE 2Q15 – COSCO 2Q15

* Confirmed

24 25 19 21 22 23 20

26 28 27 31 29 30

16


Disclosures/Disclaimers This report is prepared and/or distributed by UOB Kay Hian Pte Ltd (“UOBKH”), which is a holder of a capital markets services licence and an exempt financial adviser in Singapore. This report is provided for information only and is not an offer or a solicitation to deal in securities or to enter into any legal relations, nor an advice or a recommendation with respect to such securities. This report is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any recipient hereof. Advice should be sought from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the recommendation, before the person makes a commitment to purchase the investment product. This report is confidential. This report may not be published, circulated, reproduced or distributed in whole or in part by any recipient of this report to any other person without the prior written consent of UOBKH. This report is not intended for distribution, publication to or use by any person in any jurisdiction outside Singapore or any other jurisdiction as UOBKH may determine in its absolute discretion, where the distribution, publication or use of this report would be contrary to applicable law or would subject UOBKH and its connected persons (as defined in the Financial Advisers Act, Chapter 110 of Singapore) to any registration, licensing or other requirements within such jurisdiction. The information or views in the report (“Information”) has been obtained or derived from sources believed by UOBKH to be reliable. However, UOBKH makes no representation as to the accuracy or completeness of such sources or the Information and UOBKH accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Information. UOBKH and its connected persons may have issued other reports expressing views different from the Information and all views expressed in all reports of UOBKH and its connected persons are subject to change without notice. UOBKH reserves the right to act upon or use the Information at any time, including before its publication herein. Except as otherwise indicated below, (1) UOBKH, its connected persons and its officers, employees and representatives may, to the extent permitted by law, transact with, perform or provide broking, underwriting, corporate finance-related or other services for or solicit business from, the subject corporation(s) referred to in this report; (2) UOBKH, its connected persons and its officers, employees and representatives may also, to the extent permitted by law, transact with, perform or provide broking or other services for or solicit business from, other persons in respect of dealings in the securities referred to in this report or other investments related thereto; (3) the officers, employees and representatives of UOBKH may also serve on the board of directors or in trustee positions with the subject corporation(s) referred to in this report. (All of the foregoing is hereafter referred to as the “Subject Business”); and (4) UOBKH may otherwise have an interest (including a proprietary interest) in the subject corporation(s) referred to in this report. As of the date of this report, no analyst responsible for any of the content in this report has any proprietary position or material interest in the securities of the corporation(s) which are referred to in the content they respectively author or are otherwise responsible for. Each research analyst of UOBKH who produced this report hereby certifies that (1) the views expressed in this report in any event accurately reflect his/her personal views about all of the subject corporation(s) and securities in this report; (2) the report was produced independently by him/her; (3) he/she does not carry out, whether for himself/herself or on behalf of UOBKH or any other person, any of the Subject Business involving any of the subject corporation(s) or securities referred to in this report; and (4) he/she has not received and will not receive any compensation that is directly or indirectly related or linked to the recommendations or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transaction in respect of the securities in this report. However, the compensation received by each such research analyst is based upon various factors, including UOBKH’s total revenues, a portion of which are generated from UOBKH’s business of dealing in securities. IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSES Where the report is distributed in Singapore and contains research analyses or reports from a foreign research house, please note: (i) recipients of the analyses or reports are to contact UOBKH (and not the relevant foreign research house) in Singapore in respect of any matters arising from, or in connection with, the analysis or report; and

17


(ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, UOBKH accepts legal responsibility for the contents of the analyses or reports IMPORTANT DISCLOSURES FOR U.S. PERSONS This research report was prepared by UOBKH, a company authorized, as noted above, to engage in securities activities in Singapore. UOBKH is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution by UOBKH (whether directly or through its US registered broker dealer affiliate named below) to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). All US persons that receive this document by way of distribution from or which they regard as being from UOBKH by their acceptance thereof represent and agree that they are a major institutional investor and understand the risks involved in executing transactions in securities. Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through UOB Kay Hian (U.S.) Inc (“UOBKHUS”), a registered broker-dealer in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through UOBKH. UOBKHUS accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to and intended to be received by a U.S. person other than a major U.S. institutional investor. The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and may not be an associated person of UOBKHUS and, therefore, may not be subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account. Analyst Certification/Regulation AC As noted above, each research analyst of UOBKH who produced this report hereby certifies that (1) the views expressed in this report accurately reflect his/her personal views about all of the subject corporation(s) and securities in this report; (2) the report was produced independently by him/her; (3) he/she does not carry out, whether for himself/herself or on behalf of UOBKH or any other person, any of the Subject Business involving any of the subject corporation(s) or securities referred to in this report; and (4) he/she has not received and will not receive any compensation that is directly or indirectly related or linked to the recommendations or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transaction in respect of the securities in this report. However, the compensation received by each such research analyst is based upon various factors, including UOBKH’s total revenues, a portion of which are generated from UOBKH’s business of dealing in securities. Copyright 2015, UOB Kay Hian Pte Ltd. All rights reserved. http://research.uobkayhian.com RCB Regn. No. 197000447W

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Corporate Guide - Singapore, July 2015