Corporate Guide - Singapore, June 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 June 2015

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Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

From 2/6/2014 to 29/5/2015

Market Outlook & Strategy FSSTI REVIEW: May was a month to forget as the FSSTI retreated 2.7% mom to 3,392.1, in line with most ASEAN markets. 1Q15 reporting season ended on a poor note as 42% of the companies in our coverage universe disappointed. As a result, we cut market EPS growth forecast for 2015 to 8.6% (from 11.7%). Other than banks, most of the sectors’ results were in line or below market expectations. Sectors which outperformed the FSSTI include plantations (+3.5% mom) and healthcare (+2.5% mom), with the latter primarily driven by Raffles Medical which soared 11.7% mom after announcing details of its new hospital venture in China. Oil services continued to trend down, falling 13% mom after a weak set of 1Q15 results.

STRATEGY: We have a year-end target of 3,660 for the FSSTI and think investors should adopt a selective approach on limited earnings visibility and external uncertainties such as weaker growth in and rising interest rates in 2H15. Upside is likely limited as FSSTI’s FY15F PE of 14.8x is at a small 5% discount to 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 May/Apr (% Chg) Weighting* Top Buys

Aviation (5.4) Market Weight SATS Finance (4.2) Overweight DBS, OCBC Healthcare 2.5 Market Weight - LandTransport (1.6) Market Weight ComfortDelGro Media (0.7) Market Weight - OilServices (13.1) Overweight Ezion, Triyards Plantation 3.5 Overweight Wilmar,First Resources, Bumitama Property (2.4) Overweight CapitaLand, Wing Tai REITs (1.7) Market Weight CCT, CDREIT, SGREIT, Sabana REIT Shipping (10.6) Overweight NOL Shipyard (2.1) Market Weight SCI Supply Chain (5.1) Market Weight - Technology (7.6) Overweight Venture Telecoms (6.7) Market Weight SingTel Others (7.1) -

FSSTI (2.7)

(S$) Apr May % Chg (S$) Apr May % Chg

PRU 500 US$ 21.65 25.00 15.5 EzionHldg 1.205 1.025 (14.9) FirstRes 1.78 2.03 14.0 OSIM Intl 2.03 1.755 (13.5) RafflesMG 4.03 4.50 11.7 NOL 1.135 1.015 (10.6) GuocoLand 1.90 2.09 10.0 Genting SP 1.025 0.92 (10.2) GuocoLeisure 0.92 1.01 9.8 M1 3.56 3.22 (9.6) HKLand US$ 8.10 8.61 6.3 SIIC Env 0.225 0.205 (8.9) SATS 3.19 3.39 6.3 Silverlake 1.27 1.165 (8.3) THBEV 0.715 0.75 4.9 Noble Grp 0.865 0.795 (8.1) Wilmar 3.26 3.36 3.1 Petra 3.88 3.57 (8.0) Haw Par 8.94 9.20 2.9 Semb Corp 4.52 4.16 (8.0)

* 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 32.7 17.6 18.9 (18.6) 56.5 (1.7) 4.0 2.8 5.6 3.2 4.0 2.0 27.6 6.9 33,206 FINANCE 12.1 11.9 10.8 10.2 2.4 9.7 n.a. 1.1 13.0 3.2 3.2 1.6 n.a. 29.1 139,553 HEALTHCARE 58.5 47.6 38.6 6.5 22.3 23.4 11.2 3.2 4.7 0.6 0.5 5.8 (9.7) 4.4 21,039 LAND TRANSPORT 24.0 21.1 18.7 14.7 14.0 13.1 7.1 5.0 12.5 2.5 2.6 3.7 (16.4) 1.9 9,003 MEDIA 16.6 23.6 23.6 (6.3) (29.5) (0.0) 33.3 6.2 11.2 5.0 4.3 1.9 (15.9) 1.4 6,726 OIL SERVICES 5.7 6.5 4.7 3.5 (20.1) 38.9 13.1 4.8 13.0 1.7 0.6 0.7 (110.0) 0.7 3,483 PLANTATION 16.2 12.8 11.3 (18.0) 27.1 13.3 3.0 2.4 5.9 2.0 2.3 1.1 (68.1) 6.9 33,153 PROPERTY 8.7 19.6 16.8 46.2 (57.9) 16.4 38.0 4.3 10.1 2.2 2.1 0.8 (59.5) 7.1 34,229 REITS 20.8 18.2 17.3 (1.7) 11.0 4.4 52.7 3.3 5.1 5.8 5.9 1.0 (48.8) 9.1 43,560 SHIPPING n.a. 66.4 13.2 n.a. n.a. 402.4 (3.0) (2.8) (13.3) 0.0 0.3 1.2 (232.9) 0.6 2,639 SHIPYARD 9.1 10.4 10.8 2.3 (12.2) (3.9) 10.6 5.5 17.0 4.5 4.2 1.4 (54.0) 7.6 36,353 SUPPLY CHAIN 13.6 12.2 10.3 13.9 3.1 17.7 0.6 1.8 7.5 5.1 3.0 1.1 (129.3) 2.2 10,306 TECHNOLOGY 15.4 14.4 13.2 6.7 7.4 9.1 5.7 5.6 7.6 6.4 6.4 1.7 13.7 0.5 2,158 TELECOMS 17.5 16.7 15.5 3.4 4.6 7.6 20.9 9.9 17.4 4.4 4.7 5.9 (35.9) 15.8 75,816 OTHERS n.a. 20.8 18.5 n.a. n.a. 12.1 (22.2) (3.8) (7.1) 3.6 3.7 1.7 (7.0) 5.9 28,119 OVERALL 16.1 14.8 13.6 (4.2) 7.0 8.8 9.0 1.8 9.1 3.5 3.6 1.6 (33.6) 100.0 479,345

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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 29/5/15 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 11.35 3/15 367.9 988.1 811.7 31.4 84.6 69.6 36.1 13.4 16.3 22.0 50.0 1.9 4.4 1.65 2.4 1.6 2.9 1,199.9 13,618.3 10.23 1.1 25.6 28.0 12.91 9.57 1,181 SIA Engg SIE SP SELL 3.91 3/15 183.3 145.2 136.2 16.4 12.9 12.0 23.9 30.3 32.5 14.5 12.0 3.7 3.1 0.20 16.4 10.9 13.6 1,121.9 4,386.6 1.13 3.5 9.8 32.5 5.15 3.91 526 SATS SATS SP BUY 3.39 3/15 195.7 215.8 239.3 17.4 19.8 22.0 19.5 17.1 15.4 14.0 14.5 4.1 4.3 0.23 11.2 9.7 13.7 1,124.1 3,810.5 1.21 2.8 8.5 22.5 3.41 2.83 1,291 ST Engrg STE SP HOLD 3.40 12/14 532.0 511.7 509.9 17.1 16.4 16.3 19.9 20.7 20.9 15.0 14.0 4.4 4.1 0.23 8.1 6.2 25.0 3,122.5 10,616.7 0.48 7.1 5.8 27.9 3.95 3.14 2,774 Tigerair TGR SP HOLD 0.31 3/15 (264.2) 25.2 56.1 (17.7) 0.8 2.2 n.a. 37.3 13.8 0.0 0.0 0.0 0.0 (0.15) (39.0) (26.3) (107.0) 2,497.5 774.2 0.08 3.9 0.4 1.6 0.44 0.22 6,319 Sector 1,014.6 1,886.0 1,753.2 12.6 19.8 19.4 32.7 17.6 18.9 3.2 4.0 4.0 2.8 5.6 33,206.3 2.0 14.6 27.6 FINANCE ARA ARA SP BUY 1.76 12/14 87.5 111.3 90.9 10.4 13.2 10.8 17.0 13.4 16.4 5.0 6.1 2.8 3.5 0.10 n.a. 22.6 28.3 845.2 1,487.5 0.43 4.1 n.a. n.a. 1.83 1.55 455 DBS DBS SP BUY 20.30 12/14 4,046.0 4,318.9 4,826.0 163.0 173.0 193.5 12.5 11.7 10.5 58.0 58.0 2.9 2.9 n.a. n.a. 1.0 11.6 2,509.5 50,942.9 13.36 1.5 n.a. n.a. 21.23 16.72 3,560 O C B C OCBC SP BUY 10.20 12/14 3,842.0 3,690.6 3,939.2 91.9 89.0 95.7 11.1 11.5 10.7 36.0 36.0 3.5 3.5 n.a. n.a. 1.0 14.4 3,992.9 40,727.8 6.49 1.6 n.a. n.a. 10.92 9.104 4,253 SGX@ SGX SP NR 8.43 6/14 320.4 345.1 391.6 30.0 32.2 36.5 28.1 26.2 23.1 28.0 29.5 3.3 3.5 0.34 46.7 18.7 35.4 1,071.6 9,033.9 0.67 12.5 7.9 81.0 8.86.8 2,117 U O B @ UOB SP NR 23.14 12/14 3,249.0 3,297.3 3,633.8 198.0 204.2 225.1 11.7 11.3 10.3 75.0 77.7 3.2 3.4 n.a. n.a. 1.1 12.6 1,614.5 37,360.5 15.29 1.5 n.a. n.a. 25.05 21.53 2,095 Sector 11,544.9 11,763.2 12,881.5 114.8 117.5 128.9 12.1 11.9 10.8 3.2 3.2 n.a. 1.1 13.0 139,552.6 1.6 n.a. n.a. HEALTHCARE IHH IHH SP SELL 2.25 12/14 292.1 368.0 458.0 3.6 4.5 5.6 62.9 50.1 40.3 1.1 0.9 0.5 0.4 0.06 10.3 2.7 4.1 8,216.1 18,486.2 0.37 6.0 (4.8) (12.0) 2.25 1.59 408 Raffles Medical RFMD SP BUY 4.50 12/14 67.6 73.9 87.1 12.1 13.1 15.4 37.2 34.5 29.2 5.5 5.5 1.2 1.2 0.14 18.1 11.0 13.4 567.3 2,553.0 0.98 4.6 4.5 20.5 4.56 3.6 337 Sector 359.8 441.8 545.1 4.1 5.0 6.2 58.5 47.6 38.6 0.6 0.5 11.2 3.2 4.7 21,039.3 5.8 (3.7) (9.7) LAND TRANSPORT ComfortDelGro CD SP BUY 3.06 12/14 283.5 316.0 345.0 13.3 14.9 16.2 23.0 20.6 18.9 8.3 8.0 2.7 2.6 0.30 7.0 5.5 13.1 2,146.2 6,567.4 0.74 4.1 2.3 6.7 3.26 2.33 6,323 SMRT MRT SP HOLD 1.60 3/15 91.0 110.0 136.6 6.0 7.2 9.0 26.8 22.1 17.8 3.3 4.0 2.0 2.5 0.19 7.4 3.9 11.0 1,522.1 2,435.4 0.56 2.9 (27.3) (77.4) 1.815 1.405 1,731 Sector 374.5 425.9 481.6 10.2 11.7 13.2 24.0 21.1 18.7 2.5 2.6 7.1 5.0 12.5 9,002.8 3.7 (5.7) (16.4) MEDIA S P H SPH SP HOLD 4.16 8/14 404.3 285.0 285.0 25.0 17.6 17.6 16.6 23.6 23.6 21.0 18.0 5.0 4.3 0.28 33.3 6.2 11.2 1,616.9 6,726.5 2.15 1.9 (8.7) (15.9) 4.35 4.06 2,636 Sector 404.3 285.0 285.0 25.0 17.6 17.6 16.6 23.6 23.6 5.0 4.3 33.3 6.2 11.2 6,726.5 1.9 (8.7) (15.9) OIL SERVICES Ezion EZI SP BUY 1.025 12/14 283.4 294.5 380.9 20.9 18.4 23.8 4.9 5.6 4.3 0.1 0.1 0.1 0.1 0.31 57.9 8.7 20.6 1,579.490 1,619.0 0.96 1.1 (95.4) (101.4) 1.915 0.935 13,020 Ezra EZRA SP HOLD 0.39 8/14 56.9 54.1 74.3 5.8 5.6 7.5 6.7 7.0 5.2 0.0 0.0 0.0 0.0 0.15 3.0 1.4 4.0 1,016.875 396.6 1.00 0.4 (534.9) (157.5) 1.202 0.385 5,741 Marco Polo @ MPM SP NR 0.265 9/14 10.1 16.7 34.2 3.0 4.9 10.0 8.9 5.4 2.6 0.0 1.0 0.0 3.8 0.09 9.0 2.3 6.1 340.8 90.3 0.52 0.5 (171.7) (86.9) 0.38 0.26 138 Nam Cheong NCL SP SELL 0.295 12/14 116.9 67.7 90.8 5.6 3.2 4.3 5.3 9.2 6.8 1.5 0.6 5.1 2.2 0.06 15.6 11.3 28.4 2,103.144 620.4 0.23 1.3 (35.6) (45.2) 0.50 0.29 6,542 Pacific Radiance PACRA SP BUY 0.59 12/14 86.6 54.1 78.3 11.9 7.5 10.8 4.9 7.9 5.5 3.0 0.0 5.1 0.0 0.17 39.7 8.4 16.6 725.755 428.2 0.81 0.7 (82.3) (60.1) 1.52 0.59 1,871 Swiber SWIB SP SELL 0.19 12/14 27.5 10.7 33.7 4.5 1.2 3.7 4.2 16.2 5.2 0.0 0.0 0.0 0.0 0.14 3.0 1.0 4.3 918.9 174.6 0.76 0.3 (623.6) (156.9) 0.50 0.14 4,935 Triyards ETL SP BUY 0.475 8/14 33.5 38.1 49.6 11.4 11.7 15.3 4.2 4.0 3.1 1.0 1.0 2.1 2.1 0.15 9.9 7.8 16.7 324.509 154.1 0.79 0.6 (71.7) (41.2) 0.81 0.38 558 Sector 614.8 535.9 741.8 9.4 7.5 10.5 5.7 6.5 4.7 1.7 0.6 13.1 4.8 13.0 3,483.2 0.7 (160.6) (110.0)

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PLANTATION Bumitama BAL SP BUY 0.98 12/14 123.0 108.2 150.4 7.0 6.2 8.6 14.0 15.9 11.4 2.8 1.4 2.9 1.4 0.08 20.0 9.3 19.6 1,757.5 1,722.4 0.38 2.6 (27.1) (67.6) 1.28 0.9 517 FirstRes FR SP BUY 2.03 12/14 219.7 194.8 247.5 13.9 12.3 15.6 14.6 16.5 13.0 3.6 3.7 1.7 1.8 0.16 28.2 9.0 16.5 1,584.1 3,215.7 0.82 2.5 (7.8) (17.9) 2.49 1.75 1,990 GoldenAgri GGR SP BUY 0.42 12/14 143.9 323.9 404.0 1.1 2.5 3.1 37.5 16.6 13.3 0.6 1.1 1.4 2.6 0.03 1.5 0.8 1.3 12,837.6 5,391.8 0.89 0.5 (72.4) (32.6) 0.58 0.395 30,723 IndoAgri IFAR SP HOLD 0.745 12/14 80.9 99.1 107.2 5.7 6.9 7.5 13.1 10.7 9.9 0.4 0.6 0.5 0.7 0.12 5.1 2.0 5.5 1,447.8 1,078.6 0.84 0.9 (72.1) (51.1) 1.035 0.66 1,335 KencanaAgri KAGR SP HOLD 0.20 12/14 9.2 9.6 18.5 0.8 0.8 1.6 25.1 24.0 12.4 0.0 0.3 0.0 1.4 0.02 4.1 1.4 4.2 1,148.0 229.6 0.19 1.1 (124.0) (132.2) 0.255 0.185 213 Wilmar WIL SP BUY 3.36 12/14 1,464.9 1,851.7 2,007.9 22.9 28.9 31.4 14.7 11.6 10.7 7.5 8.0 2.2 2.4 0.36 2.7 2.5 7.4 6,403.4 21,515.4 2.38 1.4 (90.7) (92.0) 3.42 2.92 5,113 Sector 2,041.6 2,587.3 2,935.5 8.1 10.3 11.7 16.2 12.8 11.3 2.0 2.3 3.0 2.4 5.9 33,153.4 1.1 (76.0) (68.1) PROPERTY CapitaLand CAPL SP BUY 3.49 12/14 1,160.8 719.8 766.9 27.3 15.2 16.2 12.8 23.0 21.6 9.0 8.0 2.6 2.3 0.28 29.6 2.6 7.1 4,274.2 14,916.9 3.94 0.9 (92.3) (79.7) 3.79 2.93 9,238 City Devt CIT SP HOLD 10.52 12/14 769.6 621.0 733.1 83.2 68.3 80.6 12.6 15.4 13.0 16.0 16.0 1.5 1.5 1.07 20.4 4.1 9.5 909.3 9,565.8 9.43 1.1 (30.6) (34.2) 10.95 9.15 860 GuocoLand GUOL SP BUY 2.09 6/14 304.2 112.3 125.2 26.5 10.1 11.3 7.9 20.7 18.5 5.0 5.0 2.4 2.4 0.26 24.3 3.4 12.0 1,109.8 2,319.4 2.32 0.9 (200.0) (168.7) 2.22 1.71 201 Ho Bee Land HOBEE SP BUY 2.25 12/14 315.0 72.2 82.6 47.2 10.8 12.4 4.8 20.8 18.2 5.0 3.0 2.2 1.3 0.89 316.3 9.4 12.8 703.3 1,582.5 3.73 0.6 (57.1) (34.4) 2.38 1.91 254 OUE OUE SP BUY 2.17 12/14 1,094.0 88.4 96.9 120.2 9.0 9.9 1.8 24.1 22.0 2.0 4.0 0.9 1.8 1.22 262.7 16.7 32.4 981.6 2,130.1 4.35 0.5 (85.4) (46.0) 2.50 1.99 425 Wheelock @ WP SP NR 1.81 12/14 43.1 87.2 99.1 3.6 7.3 8.3 50.3 24.9 21.9 6.0 6.0 3.3 3.3 0.05 43.6 1.1 1.4 1,196.6 2,165.8 2.66 0.7 (12.3) (8.4)1.99 1.71 248 Wing Tai WINGT SP BUY 1.95 6/14 254.4 49.4 132.8 32.4 6.2 16.7 6.0 31.4 11.7 6.0 6.0 3.1 3.1 0.34 31.7 5.2 8.8 793.9 1,548.2 3.90 0.5 (22.7) (11.4) 2.14 1.57 1,435 Sector 3,941.2 1,750.2 2,036.6 39.9 16.8 19.6 8.7 19.6 16.8 2.2 2.1 38.0 4.3 10.1 34,228.7 0.8 (72.1) (59.5) SHIPPING N O L NOL SP BUY 1.015 12/14 (329.2) 39.7 199.6 (12.7) 1.5 7.7 n.a. 66.1 13.2 0.0 0.3 0.0 0.3 0.06 (3.0) (2.8) (13.3) 2,599.9 2,638.9 0.84 1.2 (209.1) (232.9) 1.2 0.735 5,024 Sector (329.2) 39.7 199.6 (12.7) 1.5 7.7 n.a. 66.4 13.2 0.0 0.3 (3.0) (2.8) (13.3) 2,638.9 1.2 (209.1) (232.9) SHIPYARD COSCO Corp COS SP SELL 0.525 12/14 20.9 13.8 15.2 0.9 0.6 0.7 56.5 85.4 77.4 0.5 0.5 1.0 1.0 0.08 0.5 0.2 1.5 2,239.2 1,175.6 0.63 0.8 (317.0) (263.6) 0.745 0.465 2,200 Keppel Corp KEP SP HOLD 8.75 12/14 1,884.8 1,510.0 1,410.0 103.8 83.1 77.6 8.4 10.5 11.3 48.0 41.5 5.5 4.7 1.18 14.2 6.1 18.8 1,817.9 15,906.7 5.92 1.5 (28.1) (41.2) 11.15 7.91 4,744 Sembcorp Ind SCI SP BUY 4.16 12/14 801.1 767.0 760.0 44.3 42.8 42.4 9.4 9.7 9.8 16.0 16.0 3.8 3.8 0.61 7.4 5.2 15.3 1,787.5 7,436.2 2.95 1.4 (53.0) (69.0) 5.54 4.05 2,840 Sembcorp Marine SMM SP HOLD 3.01 12/14 560.1 513.0 486.0 26.8 24.6 23.3 11.2 12.3 12.9 13.0 12.3 4.3 4.1 0.32 9.6 7.2 19.9 2,089.8 6,290.2 1.46 2.1 (14.4) (29.2) 4.15 2.85 3,442 Yangzijiang YZJSGD SP BUY 1.445 12/14 716.1 686.1 681.8 18.7 17.9 17.8 7.7 8.1 8.1 5.5 5.4 3.8 3.7 0.21 22.7 8.1 17.8 3,837.1 5,544.6 1.22 1.2 (15.8) (18.7) 1.525 1.02 9,093 Sector 3,983.0 3,489.9 3,353.0 33.8 29.7 28.5 9.1 10.4 10.8 4.5 4.2 10.6 5.5 17.0 36,353.3 1.4 (38.3) (54.0) SUPPLY CHAIN Noble Group NOBL SP HOLD 0.795 12/14 167.3 507.8 585.2 2.0 7.8 9.0 39.3 10.2 8.9 5.0 2.7 6.3 3.5 0.00 0.2 0.7 2.5 6,739.5 5,357.9 0.89 0.9 (101.7) (84.0) 1.48 0.78 28,062 Olam OLAM SP HOLD 1.985 12/14 591.0 339.4 411.6 23.9 10.7 13.0 8.3 18.5 15.2 7.5 5.0 3.8 2.5 0.32 3.0 3.7 16.7 2,492.9 4,948.4 1.34 1.5 (161.8) (204.2) 2.69 1.925 1,482 Sector 758.3 847.2 996.8 8.5 8.7 10.3 13.6 12.2 10.3 5.1 3.0 0.6 1.8 7.5 10,306.3 1.1 (130.5) (129.3) TECHNOLOGY Venture Corp VMS SP BUY 7.81 12/14 139.8 149.8 163.4 50.9 54.6 59.6 15.4 14.3 13.1 50.0 50.0 6.4 6.4 0.66 5.7 5.6 7.6 276.3 2,157.8 4.59 1.7 12.3 13.7 8.67 7.28 402 Sector 139.8 149.8 163.4 50.9 54.6 59.6 15.4 14.4 13.2 6.4 6.4 5.7 5.6 7.6 2,157.8 1.7 12.3 13.7

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TELECOMS M1 M1 SP SELL 3.22 12/14 175.8 183.5 189.2 18.9 19.6 20.2 17.0 16.4 15.9 18.9 15.8 5.9 4.9 0.31 16.3 17.5 44.5 936.8 3,016.5 0.36 8.9 (7.8) (52.4) 3.99 3.180 1,114 S Telecoms ST SP BUY 4.13 3/15 3,781.5 4,046.0 4,356.4 23.7 25.3 27.3 17.4 16.3 15.1 17.5 19.0 4.2 4.6 0.37 22.0 9.3 15.6 15,943.5 65,846.7 0.80 5.2 (12.8) (34.0) 4.57 3.630 16,807 StarHub STH SP SELL 4.02 12/14 370.5 306.6 333.8 21.5 17.7 19.3 18.7 22.7 20.9 20.0 20.0 5.0 5.0 0.32 15.5 19.1 285.4 1,729.7 6,953.2 (0.10) n.a. (6.7) (204.3) 4.46 4.000 1,781 Sector 4,327.8 4,536.1 4,879.3 23.3 24.3 26.2 17.5 16.7 15.5 4.4 4.7 20.9 9.9 17.4 75,816.4 5.9 (12.0) (35.9) OTHERS Genting HK US$ GENHK SP HOLD 0.36 12/14 487.1 205.4 234.9 6.1 2.6 2.9 8.0 19.0 16.7 1.4 1.4 2.8 2.8 0.07 67.4 9.7 12.3 8,036.3 3,908.2 0.53 0.9 9.1 8.4 0.42 0.34 3,314 Genting SP GENS SP BUY 0.92 12/14 517.3 609.7 700.2 4.2 5.0 5.7 21.7 18.4 16.0 1.0 1.0 1.1 1.1 0.07 18.1 4.0 7.0 12,081.1 11,114.6 0.60 1.5 22.4 33.6 1.355 0.905 19,874 HPH Trust US$ HPHT SP BUY 0.66 12/14 (2,808.7) 304.3 320.9 (32.2) 3.5 3.7 n.a. 25.5 24.2 7.1 7.3 8.0 8.2 n.a. (136.2) (13.3) (30.9) 8,711.1 7,766.8 0.41 2.2 (60.9) (62.7) 0.76 0.65 15,714 SingPost SPOST SP BUY 1.885 3/15 157.6 174.2 197.6 6.8 8.4 9.5 27.5 22.5 19.9 6.3 6.3 3.3 3.3 0.10 17.1 8.0 12.2 2,146.9 4,046.8 0.38 5.0 8.5 31.0 2.16 1.605 5,828 SuperGroup SUPER SP HOLD 1.15 12/14 68.8 58.3 65.2 6.2 5.2 5.8 18.6 22.0 19.7 3.1 3.1 2.7 2.7 0.08 12.7 11.2 14.3 1,115.5 1,282.8 0.47 2.4 6.4 15.6 1.56 1.04 1,613 Sector (1,577.9) 1,352.0 1,518.8 (4.9) 4.2 4.7 n.a. 20.8 18.5 3.6 3.7 (22.2) (3.8) (7.1) 28,119.3 1.7 (5.2) (7.0) OVERALL 29,695.0 32,488.7 35,297.4 16.9 18.1 19.7 16.1 14.8 13.6 3.5 3.6 9.0 1.8 9.1 479,344.9 1.6 (24.1) (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 29/5/15 Year 2014 2015F 2016F 2011 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 2.40 3/15 259.2 365.5 381.3 10.8 15.2 15.8 14.6 15.5 16.1 6.1 6.5 6.7 33.6 3.3 5.3 2,406.1 5,774.7 2.08 1.2 (46.7) (53.8) 2.71 2.19 8,117 AscottREIT ART SP BUY 1.285 12/14 74.2 104.1 107.0 4.9 6.8 7.0 8.2 9.0 9.4 6.4 7.0 7.3 35.1 1.9 3.5 1,540.4 1,979.4 1.32 1.0 (46.2) (55.2) 1.32 1.2 1,148 CACHE CACHE SP BUY 1.16 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 7.4 782.9 908.2 0.98 1.2 (47.9) (56.7) 1.24 1.13 1,189 CapitaComm CCT SP BUY 1.615 12/14 228.6 280.2 312.1 7.8 9.1 10.0 8.5 8.6 9.5 5.2 5.3 5.9 29.9 3.6 4.5 2,948.5 4,761.8 1.72 0.9 (46.4) (43.4) 1.935 1.57 8,179 CapitaMall CT SP SELL 2.17 12/14 374.9 374.4 380.4 10.8 10.8 11.0 10.8 11.0 11.2 5.0 5.1 5.1 32.0 3.9 6.1 3,463.6 7,516.0 1.83 1.2 (28.5) (33.8) 2.28 1.885 8,737 CDL Htrust CDREIT SP BUY 1.715 12/14 104.8 115.9 119.5 10.7 11.8 12.0 11.0 11.4 11.7 6.4 6.7 6.8 32.2 4.4 6.5 983.7 1,687.0 1.62 1.1 (44.2) (46.9) 1.815 1.625 1,282 FrasersCT FCT SP HOLD 2.13 9/14 90.2 101.0 101.4 10.5 11.0 11.0 11.2 11.5 11.6 5.3 5.4 5.4 28.6 3.9 5.7 916.5 1,952.1 1.86 1.1 (35.5) (40.7) 2.15 1.835 1,238 Frasers HTrust FHT SP BUY 0.87 9/13 52.9 56.6 60.8 4.4 4.7 5.1 6.1 6.2 6.6 7.0 7.1 7.6 39.6 2.9 5.1 1,204.6 1,048.0 0.86 1.0 (61.0) (61.8) 0.92 0.86 939 Kep REIT KREIT SP BUY 1.195 12/14 147.3 162.4 184.8 5.2 5.1 5.7 7.2 7.0 7.2 6.1 5.8 6.0 36.5 2.09 3.5 3,187.2 3,808.7 1.4 0.9 (64.63) (55.1) 1.3 1.2 4916.4 MapletreeInd MINT SP HOLD 1.595 3/15 176.9 176.6 179.9 10.3 9.9 9.8 10.4 10.2 10.1 6.5 6.4 6.3 25.9 5.2 8.2 1,747.3 2,787.0 1.32 1.2 (36.0) (43.4) 1.64 1.385 2,658 MapletreeLog MLT SP HOLD 1.165 3/15 172.4 179.6 182.2 7.0 7.3 7.3 7.5 7.6 7.7 6.4 6.5 6.6 34.1 3.8 7.0 2,476.2 2,884.8 1.03 1.1 (52.9) (60.1) 1.26 1.12 3,024 PLife REIT PREIT SP HOLD 2.35 12/14 62.3 71.9 72.9 10.3 11.9 12.0 11.5 12.1 12.3 4.9 5.1 5.2 35.0 3.9 6.2 605.0 1,421.8 1.71 1.4 (30.8) (42.3) 2.46 2.28 368 Sabana REIT SSREIT SP BUY 0.86 12/14 39.1 46.8 50.4 5.6 6.3 6.1 7.3 7.3 7.1 8.5 8.5 8.3 37.4 3.1 5.1 729.2 627.1 1.06 0.8 (74.5) (60.3) 1.065 0.84 887 Starhill Gbl SGREIT SP BUY 0.875 12/14 108.6 108.0 110.5 5.0 5.0 5.1 5.1 5.0 5.1 5.8 5.7 5.8 28.6 3.7 5.4 2,153.2 1,884.1 0.93 0.9 (40.7) (38.2) 0.89 0.775 2,203 Suntec REIT SUN SP HOLD 1.80 12/14 149.3 185.3 211.8 6.0 7.3 8.3 9.3 10.4 10.8 5.2 5.8 6.0 34.8 1.8 2.9 2,510.8 4,519.4 2.10 0.9 (63.8) (54.5) 2.01 1.715 8,276 Sector 2,097.5 2,389.3 2,520.9 7.7 8.6 9.0 5.8 5.9 6.1 33.0 3.3 5.1 43,560.1 1.0 (46.0) (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 Dec 14 Jan 15 Feb 15 Mar 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) (1.6) (16.1) 0.7 (9.3) Total Imports (1.4) (0.4) 1.5 2.0 3.0 (5.8) (5.9) (16.2) (13.4) (20.5) (14.8) (14.2) Non-oil Domestic Exports (5.6) (0.5) (1.0) 2.1 (3.4) 1.2 0.5 4.4 4.3 (9.7) 18.5 2.2 Monetary Data (End of period) Loans Growth (yoy % chg) 17.7 11.6 6.3 6.6 12.8 11.1 7.5 3.3 4.3 3.3 2.3 0.5 M1 (yoy % chg) 14.8 4.2 4.5 4.0 2.5 1.9 4.1 1.8 0.1 3.1 2.3 1.2 M2 (yoy % chg) 7.8 1.9 1.9 2.5 0.6 1.7 2.6 3.3 2.6 3.3 3.9 4.5 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 0.67 0.77 1.01 0.89 Exchange Rates (S$/US$) 1.26 1.32 1.44 1.38 1.25 1.26 1.32 1.38 1.3378 1.3549 1.3770 1.3482 Foreign Reserves (S$b) 343.8 337.8 342.4 361.2 347.8 336.4 337.8 343.5 336.4 339.7 342.1 339.6 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) 1.2 (3.3) (5.5) (8.7) Retail Sales Index (Current) (5.1) 0.4 1.4 1.2 95.9 97.2 106.0 n.a. (5.4) 14.9 2.1 n.a. Visitor Arrivals 7.5 (3.0) 3.0 2.5 (5.6) (5.2) (1.3) (1.6) (6.9) (4.0) (7.4) n.a. Inflation (2009=100) 2.4 1.0 0.8 1.5 2.2 1.0 (0.0) (0.3) (0.4) (0.3) (0.3) (0.5) 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, UOBETR

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 77.4 StarHub 30.6 Asian Pay TV Tr 9.0 TigerAir 48.8 SingTel 65,846.6 IHH 40.3 Silverlake 11.3 HPH Trust US$ 8.0 Swiber 48.2 PRU 500 US$ 64,274.0 SIA Engg 32.5 SGX 10.2 Oxley 7.2 Noble Grp 46.2 JMH 400US$ 58,012.2 Raffles Medical 29.2 AliPictures2kHKD 10.1 MapletreeInd 6.5 Triyards 45.9 DBS 50,942.9 HPH Trust US$ 24.2 Dairy Farm 900 US$ 8.9 MapletreeLog 6.4 EzionHldg 40.6 JSH 500US$ 50,327.7 S P H 23.6 AusNet Services 8.7 Far East HTrust 6.4 Ezra 37.7 OCBC Bk 40,727.8 OUE 22.0 DTAC 200US$ 7.2 CDL HTrust 6.4 Pac Radiance 36.8 UOB 37,360.6 Suntec REIT 21.6 M1 6.7 Venture 6.4 CoscoCorp 35.0 HKLand US$ 27,366.1 CapitaLand 21.6 ARA 5.5 AscottREIT 6.4 SuperGroup 34.0 Wilmar 21,515.4 StarHub 20.9 Petra 5.3 MapletreeGCC 6.1 GoldenAgri 33.1 THBEV 18,832.5

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

Triyards 3.1 GoldenAgri 0.4 EzionHldg 0.1 SPH 8.6 Asian Pay TV Tr 1,321.9 Ezion 4.3 OUE Ltd 0.5 UtdEnvirotech 0.2 OCBC Bk 9.3 Fragrance 1,344.0 Ezra 5.2 Wing Tai 0.5 IHH 0.5 Frasers HTrust 9.7 BukitSem 1,356.7 Swiber 5.2 Yanlord 0.6 Sinarmas 0.7 K-REIT 10.1 OSIM Intl 1,367.4 Pacific Radiance 5.5 Ho Bee Land 0.6 CITYDEV 0.8 DBS 10.3 GuocoLeisure 1,381.8 Nam Cheong 6.8 Yuexiu Prop 2k 0.6 BukitSem 0.8 AscottREIT 10.6 Biosensors 1,407.7 Yangzijiang 8.1 Fortune Reit HK$ 0.6 JSH 500US$ 0.8 CDL HTrust 11.5 PLife REIT 1,421.8 Noble Group 8.9 Perennial Hldgs 0.7 UIC 0.9 CACHE 11.5 Far East HTrust 1,425.0 KencanaAgri 9.6 Wheelock 0.7 OUE Ltd 0.9 UOB 12.3 Oxley 1,429.9 Sembcorp Ind 9.8 Haw Par 0.7 HPL 1.0 MapletreeLog 12.4 CapitaRChina 1,456.0

# 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 --------------------- 30/4/15 29/5/15 mom yoy ytd 30/4/15 29/5/15 mom yoy ytd

AVIATION Triyards 0.51 0.475 (6.9) (22.8) (6.9) S I A 12.20 11.35 (7.0) 9.0 (2.2) Sector (13.1) (43.8) (13.1) SIA Engg 4.19 3.91 (6.7) (21.8) (7.3) SATS 3.19 3.39 6.3 8.7 11.1 PLANTATION ST Engrg 3.62 3.40 (6.1) (12.1) 0.0 Bumitama 0.985 0.98 (0.5) (18.3) (6.2) Tigerair 0.35 0.31 (11.4) (28.6) 17.0 FirstRes 1.78 2.03 14.0 (19.1) 8.6 Sector (5.4) (4.5) (0.5) GoldenAgri 0.42 0.42 0.0 (27.0) (8.7)

IndoAgri 0.73 0.745 2.1 (25.5) 2.8 FINANCE KencanaAgri 0.195 0.20 2.6 (14.9) 0.0 ARA 1.73 1.76 1.7 0.0 3.5 Wilmar 3.26 3.36 3.1 4.7 3.7 DBS 21.09 20.30 (3.7) 20.1 (1.5) Sector 3.5 (6.5) 1.7 O C B C 10.68 10.20 (4.5) 7.8 (2.5) S'pore Exchange @ 8.52 8.43 (1.1) 22.4 7.9 PROPERTY U O B @ 24.49 23.14 (5.5) 2.5 (5.7) CapitaLand 3.69 3.49 (5.4) 9.4 5.4 Sector (4.2) 11.2 (2.3) City Devt 10.67 10.52 (1.4) 1.5 2.4

GuocoLand 1.90 2.09 10.0 (4.1) 17.4 HEALTHCARE Ho Bee Land 2.32 2.25 (3.0) 0.9 15.4 IHH 2.22 2.25 1.4 40.2 22.3 Keppel Land 4.45 4.45 0.0 27.9 30.1 Raffles Medical 4.03 4.50 11.7 22.6 15.7 OUE 2.21 2.17 (1.8) (10.7) 6.4 Sector 2.5 37.8 21.4 Wheelock @ 1.92 1.81 (5.7) 0.6 2.8 Wing Tai 1.96 1.95 (0.5) 0.0 19.3 LAND TRANSPORT Sector (2.4) 6.7 9.5 ComfortDelGro 3.07 3.06 (0.3) 31.3 17.7 SMRT 1.685 1.60 (5.0) 10.3 1.3 REITS Sector (1.6) 24.9 12.7 Ascendasreit 2.47 2.40 (2.8) (2.4) 0.8 AscottREIT 1.275 1.285 0.8 4.5 1.2 MEDIA CACHE 1.18 1.16 (1.7) (4.1) 0.0 S P H 4.19 4.16 (0.7) 1.5 (1.2) CapitaComm 1.695 1.615 (4.7) (4.4) (8.0) Sector (0.7) 1.5 (1.2) CapitaMall 2.19 2.17 (0.9) 4.8 6.4 CDL Htrust 1.715 1.715 0.0 (1.2) (1.4) OIL SERVICES FrasersCT 2.07 2.13 2.9 11.2 12.4 Ezion 1.205 1.025 (14.9) (44.1) (8.5) Frasers HTrust 0.915 0.87 (4.9) (1.1) (1.1) Ezra 0.44 0.39 (11.4) (62.6) (25.7) Kep REIT 1.23 1.195 (2.8) (8.4) (2.0) Marco Polo @ 0.275 0.265 (3.6) (29.3) (3.6) MapletreeInd 1.61 1.595 (0.9) 10.8 7.4 Nam Cheong 0.335 0.295 (11.9) (24.4) (6.3) MapletreeLog 1.23 1.165 (5.3) (1.7) (1.7) Pacific Radiance 0.705 0.59 (16.3) (34.4) (25.3) PLife REIT 2.45 2.35 (4.1) (0.8) (1.3) Swiber 0.198 0.19 (4.0) (60.7) (16.3) Sabana REIT 0.865 0.86 (0.6) (18.9) (8.5)

10



Company ----------Price (S$)---------- --------------------- % Change --------------------- Company ---------- Price (S$) ---------- --------------------- % % Change --------------------- 30/4/15 29/5/15 mom yoy ytd 30/4/15 29/5/15 mom yoy ytd

Starhill Gbl 0.875 0.875 0.0 4.8 9.4 OTHERS

Suntec REIT 1.77 1.80 1.7 0.3 (8.2) Genting HK US$ 0.37 0.36 (2.7) (7.7) 2.9 Sector (1.7) 0.0 0.1 Genting SP 1.025 0.92 (10.2) (31.6) (14.8) HPH Trust US$ 0.675 0.66 (2.2) (12.0) (4.3) SHIPPING SingPost 1.91 1.885 (1.3) 14.6 (1.8) N O L 1.135 1.015 (10.6) 3.0 20.8 SuperGroup 1.49 1.15 (22.8) (22.3) 0.4 Sector (10.6) 3.0 20.8 Sector (7.1) (19.3) (8.0) SHIPYARD OVERALL (3.7) 0.3 0.5 COSCO Corp 0.605 0.525 (13.2) (28.1) (6.3) Keppel Corp 8.72 8.75 0.3 (17.7) (1.1) Sembcorp Ind 4.52 4.16 (8.0) (23.1) (6.5) Sembcorp Marine 2.97 3.01 1.3 (26.9) (7.7) Yangzijiang 1.465 1.445 (1.4) 43.1 19.9 Sector (2.1) (15.7) (1.0) SUPPLY CHAIN Noble Group 0.865 0.795 (8.1) (42.6) (30.3) Olam 2.02 1.985 (1.7) (15.2) (1.7) Sector (5.1) (32.1) (19.0) TECHNOLOGY Venture Corp 8.45 7.81 (7.6) 7.1 (0.8) Sector (7.6) 7.1 (0.8) TELECOMS M1 3.56 3.22 (9.6) (9.0) (10.8) S Telecoms 4.43 4.13 (6.8) 5.9 5.9 StarHub 4.23 4.02 (5.0) (4.3) (3.1) Sector (6.7) 4.2 4.2

11



Aviation

96

98

100

102

104

106

Jan Feb Mar Apr May

(31Dec14=100)

FSSTI

Aviation

Finance

94

96

98

100

102

104

106

Jan Feb Mar Apr May

FSSTI

Finance

(31Dec14=100)

Healthcare

9698

100102104106108110112114116118120

Jan Feb Mar Apr May

FSSTI

Healthcare

(31Dec14=100)

Land Transport

9698

100102104106108110112114116118120

Jan Feb Mar Apr May

FSSTI

Land Transport

(31Dec14=100)

Media

96

98

100

102

104

106

Jan Feb Mar Apr May

FSSTI

Media

(31Dec14=100)

Oil Services

8486889092949698

100102104106108

Jan Feb Mar Apr May

FSSTI

Oil Services

(31Dec14=100)

12



Plantation

96

98

100

102

104

106

Jan Feb Mar Apr May

FSSTI

Plantation

(31Dec14=100)

Property

9698

100102104106108110112114

Jan Feb Mar Apr May

FSSTI

Property

(31Dec14=100)

REITs

96

98

100

102

104

106

Jan Feb Mar Apr May

FSSTI

REITs

(31Dec14=100)

Shipping

95100105110115120125130135140

Jan Feb Mar Apr May

FSSTI

Shipping

(31Dec14=100)

Shipyard

92

94

96

98

100

102

104

106

Jan Feb Mar Apr May

FSSTI

Shipyard

(31Dec14=100)

Supply Chain

80

85

90

95

100

105

110

Jan Feb Mar Apr May

FSSTI

Supply Chain

(31Dec14=100)

13



Technology

96

98

100

102

104

106

108

110

Jan Feb Mar Apr May

FSSTI

Technology

(31Dec14=100)

Telecoms

9698

100102104106108110112114116

Jan Feb Mar Apr May

FSSTI

Telecoms

(31Dec14=100)

Others

90

95

100

105

110

Jan Feb Mar Apr May

FSSTI

Others

(31Dec14=100)

* Based on UOB Kay Hian’s universe

14


Diary Of Events

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

Vesak Day

– –

–

– Retail Sales (Apr 15)

– Trade Figures (May 15)

14 15 17 18 19 20

7 8 9 10 11 12

16

13

1 2 2 3 4 5 6 1

15


Diary Of Events

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

– CPI (May 15)

– – – IPI (May 15)

– Money Supply (May 15)

* Confirmed

26 27 21 23 24 25 22

28 30 29

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. 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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, June 2015