Heeton

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Company FundamentalsCompany Fundamentals\Company Profile

COMPANY PROFILEF ig u r e s i n Si n g a p o r e D o l l a r s

A Wright Investors' Service Research Report:

Heeton Holdings Ltd440 Wheelers Farms Road

Milford, CT 06461 U.S.A.

Wright Quality Rating:DCD10

Heeton Holdings Limited (Heeton) is primarily engaged in the development of upscale

residential properties. Heeton is also engaged in property investment. Its portfolio of

investment property includes Tampines Mart, The Woodgrove, and Sun Plaza. It has

three segments: the property investment segment is engaged in the leasing of

residential, retail and commercial properties; property development segment is

involved in the development and sale of private residential properties, and corporate

segment is involved in Group-level corporate services and treasury functions. In

September 2011, it incorporated two new subsidiaries, MHP Pte. Ltd. and UniqueConsortium Pte. Ltd. In November 2011, the Company incorporated Unique Capital

Pte. Ltd. and Unique Rezi Pte. Ltd. On November 15, 2011, its wholly ownedsubsidiary, MHP Pte. Ltd., and 73.99% owned associated company, Dalvey

Hospitality Co., Ltd, acquired 49% and 51% interest respectively in Econolodge Co.,

Ltd.

Stock Price (1/11/2013): 0.65

Stock Chart

Recent stock performance

1 Week -3.0%

4 Weeks 3.2%

13 Weeks 25.2%

52 Weeks 69.7%

Non Executive ChairmanKhai Cheng Toh

Executive Managing Director

& Chief Executive Officer

Giap Eng Toh

Officers

Earnings / Dividends (as of 9/30/2012)

Earnings Dividends

Most Recent Qtr 0.01 0.01

Last 12 Months 0.07 0.01

Ratio Analysis

Key Data

Ticker:

5DP

2011 Sales:

82,500,000

Major Industry:Construction

Sub Industry:

Diversified Construction

Cos.

Country:

Singapore

Currency:

Singapore Dollars

Fiscal Year Ends:

December

Employees54

Exchanges:

SIN OTH

Share Type:

Ordinary

Market Capitalization:

144,380,670

Total Shares

Outstanding:

223,846,000

Closely Held Shares:

N/A

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Price / Earnings Ratio 9.21 Dividend Yield 1.55%

Price / Sales Ratio 1.75 Payout Ratio 14.29%

Price / Book Ratio 0.64 % Held by Insiders N/A

Address

Hong Heng Mansions 60 Sembawang RoadSingapore 779088

SINGAPORE

Phone+65 6 4561188

Home Page

http://www.heeton.com

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Company Fundamentals\Comparative Business Analysis

Comparative Business Analysis: Heeton Holdings LtdReport Date: January 16, 2013

Company Description

Heeton Holdings Limited (Heeton) is primarily engaged in the development of upscale residential properties.

Heeton is also engaged in property investment. Its portfolio of investment property includes Tampines Mart, The

Woodgrove, and Sun Plaza. It has three segments: the property investment segment is engaged in the leasing oresidential, retail and commercial properties; property development segment is involved in the development and

sale of private residential properties, and corporate segment is involved in Group-level corporate services and

treasury functions. In September 2011, it incorporated two new subsidiaries, MHP Pte. Ltd. and Unique

Consortium Pte. Ltd. In November 2011, the Company incorporated Unique Capital Pte. Ltd. and Unique Rezi Pte.

Ltd. On November 15, 2011, its wholly owned subsidiary, MHP Pte. Ltd., and 73.99% owned associated company

Dalvey Hospitality Co., Ltd, acquired 49% and 51% interest respectively in Econolodge Co., Ltd.

Competitor Analysis

Heeton Holdings Ltd operates within the Apartment building operators sector. This analysis compares HeetonHoldings Ltd with three other companies: Roxy Pacific Holdings Ltd (2011 sales of 183.65 million Singapore

Dollars [US$149.68 million] of which 72% was Property Development), Hwa Hong Corporation Limited (29.43

million Singapore Dollars [US$23.98 million] of which 58% was Rental & Investment), and Anchor Land Holdings

Inc. which is based in Philippines (2.70 billion Philippine Pesos [US$66.16 million] of which 98% was Condominium

Sales).

Sales Analysis

Sales levels dropped significantly in the third quarter of 2012 versus the previous year's third quarter.During the third quarter of 2012, sales at Heeton Holdings Ltd totalled 9.44 million Singapore Dollars. This is a

drop of 82.8% from the 54.85 million Singapore Dollars in sales at the company during the third quarter in 2011.

During the first three quarters of 2012, sales totalled 28.93 million Singapore Dollars, which is 58.7% lower than

through the first three quarters of 2011. During the year ended December of 2011, sales at Heeton Holdings Ltd

were 82.50 million Singapore Dollars (US$67.24 million). This is an increase of 121.8% versus 2010, when the

company's sales were 37.19 million Singapore Dollars. Sales of Property Development saw an increase that was

more than double the company's growth rate: sales were up 250.7% in 2011, from 17.89 million Singapore Dollars

to 62.72 million Singapore Dollars. Not all segments of Heeton Holdings Ltd experienced an increase in sales in2011: sales of Other fell 1.9% to 105,000.00 Singapore Dollars. (However, this segment's sales were only a very

small portion of the company's overall sales).

Recent Sales at Heeton Holdings Ltd

(Figures in Millions of Singapore Dollars)

During the past five years, sales of Property Development have become increasingly important to the company,

and in 2011 accounted for 76% of the total sales at Heeton Holdings Ltd, versus only 57% of total sales in 2007

Sales of Property Investment accounted for only 24% of sales in 2011, versus 36% in 2007. The company's sales

increased faster in 2011 than at all three comparable companies. While Heeton Holdings Ltd enjoyed a sales

increase of 121.8%, the other companies saw smaller increases: Roxy Pacific Holdings Ltd sales were were down15.3%, Hwa Hong Corporation Limited decreased 43.3%, and Anchor Land Holdings Inc. experienced growth of

7.7%. The company currently employs 54. With sales of 82.50 million Singapore Dollars (US$67.24 million) , this

equates to sales of US$1,245,139 per employee.

Sales Com arisons Fiscal Year endin 2011

46 49 4756

37

83

200620072008200920102011

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Recent Stock Performance

For the 52 weeks ending 1/11/2013, the stock of this company was up 69.7% to 0.65 Singapore Dollars.

During the past 13 weeks, the stock has increased 25.2%. During the 12 months ending 9/30/2012, earnings per

share totalled 0.07 Singapore Dollars per share. Thus, the Price / Earnings ratio is 9.21. These 12 month earningsare lower than the earnings per share achieved during the last fiscal year of the company, which ended in

December of 2011, when the company reported earnings of 0.11 per share. Earnings per share rose 21.8% in

2011 from 2010. Note that the earnings number includes a 0.02 pre-tax credit and nominal amount pre-tax

charge in 2011.. The P/E ratio of 9.2 is lower than the P/E ratios of all three comparable companies, which are

currently trading between 11.8 and 64.3 times earnings. This company is currently trading at 1.75 times sales.

This is at a lower ratio than all three comparable companies, which are trading between 3.17 and 7.99 times the

annual sales. Heeton Holdings Ltd is trading at 0.64 times book value. Since the price to book ratio is less than 1

this means that theoretically, the net value of the assets is greater than the value of a company as a going

concern. The company's price to book ratio is lower than that of all three comparable companies, which aretrading between 1.21 and 3.13 times book value. This company is trading at lower earnings, book and sales

multiples than the three comparable companies.

Summary of company valuations (as of 1/11/2013).

The market capitalization of this company is 144.38 million Singapore Dollars (US$117.67 million) .

Dividend Analysis

During the 12 months ending 9/30/2012, Heeton Holdings Ltd paid dividends totalling 0.01 Singapore Dollars per

share. Since the stock is currently trading at 0.65 Singapore Dollars, this implies a dividend yield of 1.6%. Heeton

Holdings Ltd has increased its dividend during each of the past 5 fiscal years (in 2006, the dividends were 0.00

Singapore Dollars per share). During the same 12 month period ended 9/30/2012, the Company reported earnings

of 0.07 Singapore Dollars per share. Thus, the company paid 14.3% of its profits as dividends.

Profitability Analysis

On the 82.50 million Singapore Dollars in sales reported by the company in 2011, the cost of goods sold totalled46.15 million Singapore Dollars, or 55.9% of sales (i.e., the gross profit was 44.1% of sales). This gross profit

margin is lower than the company achieved in 2010, when cost of goods sold totalled 44.1% of sales. The grossmargin in 2011 was the lowest of the previous five years (in 2010, the gross margin had been as high as 55.9%)

In 2011, earnings before extraordinary items at Heeton Holdings Ltd were 25.50 million Singapore Dollars, or

30.9% of sales. This profit margin is lower than the level the company achieved in 2010, when the profit margin

was 56.3% of sales. Earnings before extraordinary items have grown for each of the past 3 years (and since

2009, earnings before extraordinary items have grown a total of 43%). The company's return on equity in 2011

was 12.2%. This was an improvement over the 11.6% return the company achieved in 2010. (Extraordinary item

have been excluded).

Profitability Comparison

Company

Sales

(US$mlns)

Sales

Growth

Sales/

Emp (US$) Largest Region

Heeton Holdings Ltd 67.238 121.8% 1,245,139 N/A

Roxy Pacific Holdings Ltd 149.676 -15.3% N/A N/A

Hwa Hong Corporation Limited 23.984 -43.3% 138,635 Singapore (75.0%)

Anchor Land Holdings Inc. 66.156 7.7% 238,829 N/A

Company P/EPrice/

BookPrice/Sales

52 WkPr Chg

Heeton Holdings Ltd 9.2 0.64 1.75 69.70%

Roxy Pacific Holdings Ltd 11.8 2.06 3.17 80.74%

Hwa Hong Corporation Limited 64.3 1.21 7.99 -16.28%

Anchor Land Holdings Inc. 12.3 3.13 4.37 81.82%

GrossProfit EBITDA

Earnings

before

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During the third quarter of 2012, Heeton Holdings Ltd reported earnings per share of 0.01 Singapore Dollars. This

is a drop of 78% versus the third quarter of 2011, when the company reported earnings of 0.06 Singapore Dollarper share.

Inventory Analysis

This company has more than three year's of sales in inventory. As of December 2011, the value of the

company's inventory totalled 265.58 million Singapore Dollars. Since the cost of goods sold was 46.15 million

Singapore Dollars for the year, the company had 2,101 days (i.e., 5.8 years!) of inventory on hand (another way

to look at this is to say that the company turned over its inventory 0.2 times per year). In terms of inventory

turnover, this is a significant improvement over December 2010, when the company's inventory was 270.98

million Singapore Dollars, equivalent to 6,027 days in inventory. The 2,101 days in inventory is higher than thethree comparable companies, which had inventories between 2 and 1,101 days sales at the end of 2011.

Financial Position

As of December 2011, the company's long term debt was 299.14 million Singapore Dollars and total liabilities (i.e.

all monies owed) were 391.05 million Singapore Dollars. The long term debt to equity ratio of the company is

1.33. As of December 2011, the accounts receivable for the company were 9.67 million Singapore Dollars, which

is equivalent to 43 days of sales. This is slightly higher than at the end of 2010, when Heeton Holdings Ltd had

34 days of sales in accounts receivable. The 43 days of accounts receivable at Heeton Holdings Ltd are lowerthan all three comparable companies: Roxy Pacific Holdings Ltd had 78 days, Hwa Hong Corporation Limited had

425 days, while Anchor Land Holdings Inc. had 191 days outstanding at the end of the fiscal year 2011.

Financial Positions

Company Year Margin Margin extras

Heeton Holdings Ltd 2011 44.1% N/A 30.9%

Heeton Holdings Ltd 2010 55.9% N/A 56.3%

Roxy Pacific Holdings Ltd 2011 35.6% 22.0% 27.0%

Hwa Hong Corporation Limited 2011 60.2% 29.7% 7.3%

Anchor Land Holdings Inc. 2011 43.3% 28.2% 31.2%

Company Year

LT Debt/

Equity

DaysAR

Days

Inv.

Heeton Holdings Ltd 2011 1.33 43 2,101

Roxy Pacific Holdings Ltd 2011 0.41 78 1,101

Hwa Hong Corporation Limited 2011 0.00 425 2

Anchor Land Holdings Inc. 2011 1.04 191 1,025

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: Heeton Holdings LtdPe r S h a r e - S in g a p o r e D o l l a r s

Year PriceValue Ratios Equity Capital Earnings Dividends

Fiscal Yr

Ends:December

Market

PriceLast

Price/

EarningsRatio

Price/

BookRatio

DividendYield

%

EarnedGrowth

% Profit

Rate(ROE)

Book

ValueBegin Yr

12 Month

EarningsPer Share

% Change

%

PayoutRatio

12 Month

DividendPer Shar

2003 0.31 13.4 n/c 0.7% 5.7% 6.3% n/a AD 0.02 45.8% 8.8% 0.0

2004 0.26 16.8 0.6 0.8% 3.3% 3.8% 0.41 AD 0.02 -32.0% 12.9% 0.0

2005 0.24 11.5 0.6 1.3% 4.3% 5.0% 0.42 ABD 0.02 34.8% 14.4% 0.0

2006 0.32 14.3 0.7 1.3% 4.1% 5.0% 0.44 AD 0.02 6.7% 17.9% 0.0

2007 0.60 2.5 1.3 1.0% 52.6% 53.9% 0.45 ABD 0.24 985.7% 2.5% 0.0

2008 0.19 6.1 0.3 3.7% 3.4% 4.4% 0.71 D 0.03 -87.0% 22.3% 0.0

2009 0.42 5.3 0.6 1.9% 9.8% 10.9% 0.73 ABDE 0.08 153.8% 10.0% C 0.0

2010 0.48 5.1 0.6 2.3% 10.2% 11.6% 0.81 ABDE 0.09 17.3% 11.8% 0.0

2011 0.36 3.2 0.4 3.6% 10.8% 12.2% 0.93 0.11 21.8% 11.4% 0.0

2012 0.65 n/c 0.6 0.0% n/c n/c 1.00 n/a n/c n/c 0.0

1/11/2013 0.65 8.8 0.6 1.6% n/a n/a 1.00 0.07 n/c 14.3% 0.0

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT- INCLUDES OR EXCLUDES EXTRAORDINARY

CHARGE OR CREDIT, INCLS 0.02 PRETAX CR IN 2009, INCLS 0.25 PRETAX CR AND NOM PRETAX CHG IN 2007, INCLS

NOM PRETAX CR IN 2006, INCLS NOM PRETAX CHG IN 2005, INCLS NOM PRETAX CHG IN 2004, INCLS NOM PRETAXCHG IN 2002

(B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED FRS 103 BUSINES

COMBINATIONS (REVISED) AND FRS 27 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS IN 2010, NOEARNINGS IMPACT, - ADOTPED FRS 1, (A) FRS 18, (A) FRS 23, (A) FRS 32, (A) FRS 101, (A) FRS 102, (A) FRS 107

FRS 108, IMPROVEMENTS TO FRS ISSUED IN 2008, INT FRS 113, INT FRS 116, AMENDMENTS TO INT FRS 109 AND

INT FRS 118 IN 2009, NO EARNINGS IMPACT, ADOPTED FRS 40 FOR INVESTMENT PROPERTY, EARNINGS IMPACT NO

SPECIFIED, ADOPTED FRS 1 REVISED, FRS 8 REVISED, FRS 10 REVISED, FRS 16 REVISED, FRS 17 REVISED, FRS 21REVISED, FRS 24 REVISED, FRS 27 REVISED, FRS 31 REVISED, FRS 32 REVISED, FRS 33 REVISED, FRS 38 REVISED

AND FRS 39 FINANCIAL INSTRUMENTS RECOGNITION AND MEASUREMENT AND FRS 103 BUSINESS COMBINATIONS,

EARNINGS IMPACT NOT SPECIFIED, ADOPTED SAS 12 FOR INCOME TAXES IN 2002, EARNINGS IMPACT NOT

SPECIFIED

(C): EXCLS NOM SPECIAL DIVIDEND IN 2009

(D): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON

AVERAGE SHARES OUTSTANDING

(E): INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO 0.02 IN 2010, INCLS GAIN/(LOSS) FROM

DISCONTINUED OPERATIONS EQUAL TO 0.0054 IN 2009

(F): EARNINGS PER SHARE ESTIMATED USING NET INCOME AFTER PREFERRED DIVIDEND DIVIDED BY THE YEAR END

SHARES OUTSTANDING OR THE LATEST SHARES AVAILABLE

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Company Fundamentals\Sales Analysis

SALES ANALYSIS: Heeton Holdings LtdF i g u r e s i n a c t u a l a m o u n t s o f S in g a p o r e D o l l a r s

Year

Sales

Cost of

Goods Sold

Earnings before

Interest,

Taxes, Depreciation,

and

Amortization

(EBITDA)

After Tax Income

before Extraordinary

Charges and Credits Employees

Amount

in

actual

amounts

Year-to-

year

Growth

Amount

i n

a c t u a l

a m o u n t s

% ofSales

Amount

in

actual

amounts

% of

Sales

Amount

in

actual

amounts

% of

Sales Number

Sales

Per

Employee

After Tax

Income

PerEmploye

2002 39,903,000 n/c 25,401,000 63.7% 9,642,000 24.2% 3,173,000 8.0% 60 665,050 52,88

2003 29,953,000 -24.9% 14,809,000 49.4% 10,899,000 36.4% 4,142,000 13.8% 48 624,021 86,29

2004 29,400,000 -1.8% 13,273,000 45.1% 10,148,000 34.5% 3,139,000 10.7% 54 544,444 58,13

2005 42,425,000 44.3% 23,420,000 55.2% 13,163,000 31.0% 4,231,000 10.0% n/a n/a n/

2006 46,383,000 9.3% 24,855,000 53.6% 16,647,000 35.9% 4,523,000 9.8% n/a n/a n/

2007 49,252,000 6.2% 26,007,000 52.8% 73,929,000 150.1% 53,702,000 109.0% n/a n/a n/

2008 46,940,000 -4.7% 23,972,000 51.1% 17,860,000 38.0% 7,037,000 15.0% n/a n/a n/

2009 55,536,000 18.3% 27,993,000 50.4% 23,900,000 43.0% 17,851,000 32.1% n/a n/a n/

2010 37,194,000 -33.0% 16,412,000 44.1% 27,079,000 72.8% 20,924,000 56.3% n/a n/a n/

2011 82,500,000 121.8% 46,147,000 55.9% 40,213,000 48.7% 25,501,000 30.9% n/a n/a n/

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Company Fundamentals\Price Analysis

PRICE ANALYSIS: Heeton Holdings LtdPe r S h a r e - S in g a p o r e D o l l a r s

Quarter

High

Price

Low

Price

Closing

Price

Quarterly

%Change

12 months

%Change

2003 Jul-Sep 0.310 0.220 0.220 n/a n/a

Oct-Dec 0.395 0.220 0.305 38.6% n/a

2004 Jan-Mar 0.345 0.250 0.275 -9.8% n/a

Apr-Jun 0.285 0.220 0.250 -9.1% n/a

Jul-Sep 0.310 0.235 0.290 16.0% 31.8%

Oct-Dec 0.290 0.245 0.260 -10.3% -14.8%

2005 Jan-Mar 0.295 0.235 0.235 -9.6% -14.5%

Apr-Jun 0.275 0.190 0.230 -2.1% -8.0%

Jul-Sep 0.290 0.210 0.255 10.9% -12.1%

Oct-Dec 0.295 0.210 0.240 -5.9% -7.7%

2006 Jan-Mar 0.245 0.195 0.230 -4.2% -2.1%

Apr-Jun 0.250 0.210 0.210 -8.7% -8.7%

Jul-Sep 0.230 0.180 0.225 7.1% -11.8%

Oct-Dec 0.355 0.225 0.320 42.2% 33.3%

2007 Jan- Mar 0.510 0.310 0.500 56.3% 117.4%

Apr-Jun 1.000 0.500 0.930 86.0% 342.9%

Jul-Sep 1.170 0.575 0.800 -14.0% 255.6%

Oct-Dec 0.850 0.545 0.595 -25.6% 85.9%

2008 Jan-Mar 0.580 0.380 0.390 -34.5% -22.0%

Apr-Jun 0.410 0.325 0.345 -11.5% -62.9%

Jul-Sep 0.355 0.180 0.190 -44.9% -76.3%

Oct-Dec 0.220 0.150 0.190 0.0% -68.1%

2009 Jan-Mar 0.230 0.155 0.185 -2.6% -52.6%

Apr-Jun 0.350 0.170 0.260 40.5% -24.6%

Jul-Sep 0.510 0.250 0.425 63.5% 123.7%

Oct-Dec 0.455 0.370 0.420 -1.2% 121.1%

2010 Jan- Mar 0.510 0.405 0.480 14.3% 159.5%

Apr-Jun 0.595 0.470 0.510 6.3% 96.2%

Jul-Sep 0.580 0.485 0.500 -2.0% 17.6%

Oct-Dec 0.530 0.455 0.480 -4.0% 14.3%

2011 Jan-Mar 0.520 0.410 0.455 -5.2% -5.2%

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Apr-Jun 0.505 0.435 0.480 5.5% -5.9%

Jul-Sep 0.500 0.355 0.365 -24.0% -27.0%

Oct-Dec 0.400 0.300 0.360 -1.4% -25.0%

2012 Jan- Mar 0.470 0.325 0.450 25.0% -1.1%

Apr-Jun 0.500 0.390 0.410 -8.9% -14.6%

Jul-Sep 0.565 0.415 0.555 35.4% 52.1%

Oct-Dec 0.655 0.510 0.650 17.1% 80.6%

1/11/2013 0.645 25.2% 69.7%

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Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS: Heeton Holdings LtdPe r Sh a r e - S in g a p o r e D o l l a r s

F is c a l Y e a r En d s i n D e c e m b e r

(A):INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT- INCLUDES OR EXCLUDES

EXTRAORDINARY CHARGE OR CREDIT, INCLS 0.02 PRETAX CR IN 2009, INCLS 0.25 PRETAX CR AND NOM

PRETAX CHG IN 2007, INCLS NOM PRETAX CR IN 2006, INCLS NOM PRETAX CHG IN 2005, INCLS NOM PRETA

CHG IN 2004

(B):INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS- - ADOPTED FRS 103

BUSINESS COMBINATIONS (REVISED) AND FRS 27 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENT

IN 2010, NO EARNINGS IMPACT, - ADOTPED FRS 1, (A) FRS 18, (A) FRS 23, (A) FRS 32, (A) FRS 101, (A) FRS 102,

(A) FRS 107, FRS 108, IMPROVEMENTS TO FRS ISSUED IN 2008, INT FRS 113, INT FRS 116, AMENDMENTS TO

INT FRS 109 AND INT FRS 118 IN 2009, NO EARNINGS IMPACT, ADOPTED FRS 40 FOR INVESTMENT PROPERT

EARNINGS IMPACT NOT SPECIFIED, ADOPTED FRS 1 REVISED, FRS 8 REVISED, FRS 10 REVISED, FRS 16

REVISED, FRS 17 REVISED, FRS 21 REVISED, FRS 24 REVISED, FRS 27 REVISED, FRS 31 REVISED, FRS 32

REVISED, FRS 33 REVISED, FRS 38 REVISED AND FRS 39 FINANCIAL INSTRUMENTS RECOGNITION AND

MEASUREMENT AND FRS 103 BUSINESS COMBINATIONS, EARNINGS IMPACT NOT SPECIFIED

(C): EXCLS NOM SPECIAL DIVIDEND IN 2009

(D):BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, (U ):BASED ON AVERAGE SHARES OUTSTANDING

(E): INCLS GAIN/(LOSS) FROM DISCONTINUED OPERATIONS EQUAL TO 0.02 IN 2010, INCLS GAIN/(LOSS)

FROM DISCONTINUED OPERATIONS EQUAL TO 0.0054 IN 2009

Fiscal

Years

Earnings Per Share Dividends Per Share

12 Months QuarterlyReportedEarnings 12 Months QuarterlyReportedDividends

Earnings

%

Change

Q1Mar.

Q2Jun.

Q3Sep.

Q4Dec. Dividends

%

Change

Q1Mar.

Q2Jun.

Q3Sep.

Q4Dec.

%

Payo

2002 0.02 n/c n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a 0.0

2003 AD0.02 45.8% n/a 0.01 n/a 0.01 0.00 n/c n/a n/a n/a 0.00 0.0

2004 AD0.02 -32.0% n/a 0.01 n/a 0.01 0.00 0.0% n/a n/a n/a 0.00 12.9

2005 ABD0.02 34.8% n/a 0.01 n/a 0.01 0.00 50.0% n/a n/a n/a 0.00 9.6

2006 AD0.02 6.7% n/a 0.01 n/a 0.01 0.00 33.3% n/a n/a n/a 0.00 13.5

2007 ABD0.24 985.7% n/a 0.22 n/a 0.02 0.01 50.0% n/a n/a n/a 0.01 1.7

2008 D0.03 -87.0% n/a 0.01 n/a 0.02 0.01 16.7% n/a 0.00 n/a 0.00 30.2

2009 ABDE0.08 153.8% 0.01 0.03 0.01 0.03 C0.01 14.3% n/a 0.00 n/a 0.01 6.92010 ABDE0.09 17.3% 0.03 0.03 0.02 0.02 0.01 37.5% n/a 0.00 n/a 0.01 10.7

2011 0.11 21.8% 0.01 0.03 0.06 0.02 0.01 18.2% n/a 0.00 n/a 0.01 9.7

2012 n/a n/c 0.01 0.02 0.01 n/a n/a n/c n/a n/a n/a n/a n/c

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Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Heeton Holdings LtdFigures are expressed as Percent of Total Assets.Total Assets are in millions of Singapore Dollars.

Fiscal Year 2011 2010 2009 2008 2007

Fiscal Year End Date 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007

Assets

Total Assets 615.2 582.0 572.1 569.4 497.6

Cash & Short TermInvestments

2.8% 3.4% 3.4% 4.9% 6.2%

Cash

Short Term Investments

Receivables (Net) 1.6% 0.6% 1.0% 0.4% 0.6%

Inventories -Total 43.2% 46.6% 45.4% 46.5% 36.2%

Raw Materials

Work in Process

Finished Goods

Progress Payments &Other

Prepaid Expenses

Other Current Assets 0.2% 0.3% 3.8% 0.2% 1.4%

Current Assets - Total 47.8% 50.9% 53.6% 52.0% 44.4%

Long Term Receivables

Investment in AssociatedCompanies

10.8% 6.2% 3.5% 1.8% 2.6%

Other Investments 41.3% 42.8% 42.7% 0.4% 0.5%

Property Plant andEquipment - Gross

1.0% 1.0% 1.0% 7.0% 8.1%

Accumulated Depreciation 0.9% 0.9% 0.9% 3.1% 3.4%

Property Plant andEquipment Net

0.1% 0.1% 0.1% 3.9% 4.7%

Other Assets 0.0% 0.0% 0.0% 41.9% 47.9%

Deferred Charges

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Tangible Other Assets

Intangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Shareholders'Equity

Total Liabilities &Shareholders' Equity

615.2 582.0 572.1 569.4 497.6

Accounts Payable 1.5% 1.0% 0.6% 0.5% 0.5%

Short Term Debt & CurrentPortion of Long Term Debt

9.0% 12.0% 17.1% 11.7% 10.4%

Accrued Payroll

Income Taxes Payable

Dividends Payable

Other Current Liabilities 1.9% 2.0% 3.7% 3.1% 3.2%

Current Liabilities - Total 12.4% 15.0% 21.3% 15.4% 14.1%

Long Term Debt 48.6% 46.4% 44.3% 53.1% 50.9%

Long Term Debt ExcludingCapitalized Leases

48.6% 46.3% 44.3% 53.1% 50.9%

Capitalized LeaseObligations 0.0% 0.0% 0.0% 0.0% 0.0%

Provision for Risks andCharges

Deferred Income

Deferred Taxes 2.3% 2.6% 2.4% 2.2% 2.4%

Deferred Taxes - Credit 2.3% 2.6% 2.4% 2.2% 2.4%

Deferred Taxes - Debit 0.0% 0.0% 0.0% 0.0% 0.0%Deferred Tax Liability inUntaxed Reserves

Other Liabilities 0.2% 0.3% 0.3% 0.4% 0.4%

Total Liabilities 63.6% 64.2% 68.4% 71.1% 67.9%

Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest -0.0% 0.0% 0.0% 0.1% 0.1%

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Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock Issued forESOP

ESOP Guarantees -Preferred Issued

Common Equity 36.4% 35.8% 31.6% 28.8% 32.1%


100.0% 100.0% 100.0% 100.0% 100.0%

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Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Heeton Holdings LtdFigures are the Percent Changes from the Prior Year.

Fiscal Year 2011 2010 2009 2008 2007


Assets

Total Assets 5.7% 1.7% 0.5% 14.4% 46.8%


-12.7% 2.3% -30.7% -9.5% 434.9%

Cash


Receivables (Net) 178.7% -40.8% 144.9% -16.9% -54.0%

Inventories -Total -2.0% 4.3% -1.8% 46.9% 71.2%

Raw Materials

Work in Process

Finished Goods


Prepaid Expenses

Other Current Assets -30.7% -90.9% 1,769.4% -83.3% 1,390.5%

Current Assets - Total -0.8% -3.5% 3.7% 34.1% 87.6%



84.0% 78.6% 99.5% -20.9% 0.4%

Other Investments 2.1% 1.9% 10,572.6% 0.0% 39.6%

Property Plant andEquipment - Gross 0.3% 2.5% -85.3% -0.3% -81.9%

AccumulatedDepreciation

0.6% 1.9% -70.5% 3.6% 8.8%


-2.2% 7.1% -97.0% -3.2% -88.8%

Other Assets 0.0% 0.0% -100.0% 0.0% 120,409.6%

Deferred Charges

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Intangible Other Assets 0.0% 0.0% 0.0% 0.0% -44.9%

Total Assets 5.7% 1.7% 0.5% 14.4% 46.8%



5.7% 1.7% 0.5% 14.4% 46.8%

Accounts Payable 68.4% 75.4% 2.5% 16.1% 34.7%


-20.9% -28.7% 46.9% 29.3% -18.4%

Accrued Payroll


Dividends Payable

Other Current Liabilities -3.9% -43.4% 17.1% 11.5% 125.7%

Current Liabilities - Total -12.8% -28.5% 39.2% 24.8% -2.7%

Long Term Debt 10.9% 6.4% -16.2% 19.4% 55.7%

Long Term DebtExcluding CapitalizedLeases

10.9% 6.4% -16.2% 19.4% 55.8%

Capitalized LeaseObligations

11.2% 376.7% -73.2% 69.7% -47.6%


Deferred Income

Deferred Taxes -4.3% 7.7% 11.6% 5.1% 568.0%

Deferred Taxes - Credit -4.3% 7.6% 11.7% 5.0% 564.8%

Deferred Taxes - Debit 0.0% -33.3% 100.0% -40.0% 0.0%

Deferred Tax Liability inUntaxed Reserves

Other Liabilities -1.2% -9.8% -16.5% 0.1% 17.3%

Total Liabilities 4.7% -4.5% -3.4% 19.9% 41.5%

Non-Equity Reserves

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Minority Interest -100.0% 0.2%

Preferred Stock

Preferred Stock Issuedfor ESOP

ESOP Guarantees -

Preferred Issued

Common Equity 7.6% 15.2% 10.2% 2.9% 58.8%


5.7% 1.7% 0.5% 14.4% 46.8%

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Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Heeton Holdings LtdFigures in millions of Singapore Dollars.

Fiscal Year 2011 2010 2009 2008 2007


Assets

Total Assets 567.3 512.0 456.6 400.9 343.2


22.9 20.6 19.0 15.6 10.3

Cash


Receivables (Net) 4.9 4.2 4.2 3.3 2.9

Inventories -Total 248.3 216.2 179.4 145.0 108.1

Raw Materials

Work in Process

Finished Goods


Prepaid Expenses

Other Current Assets 6.7 6.5 6.2 2.0 1.8

Current Assets - Total 282.7 247.5 208.8 165.8 123.2



29.1 18.4 11.2 7.1 5.1

Other Investments 150.4 99.9 50.4 1.6 1.2

Property Plant andEquipment - Gross 19.7 62.9 104.7 146.3 179.9

Accumulated Depreciation 10.1 12.2 14.0 15.5 14.2


9.5 50.7 90.7 130.8 165.7

Other Assets 95.5 95.5 95.5 95.6 47.9

Deferred Charges

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Intangible Other Assets 0.1 0.1 0.1 0.2 0.2

Total Assets 567.3 512.0 456.6 400.9 343.2



567.3 512.0 456.6 400.9 343.2

Accounts Payable 4.8 3.3 2.5 2.2 2.0


68.3 69.8 73.3 62.6 54.9

Accrued Payroll


Dividends Payable

Other Current Liabilities 15.7 14.8 14.2 11.7 9.7

Current Liabilities - Total 88.7 87.9 90.0 76.5 66.6

Long Term Debt 275.7 248.4 217.9 197.9 169.2

Long Term Debt ExcludingCapitalized Leases

275.6 248.4 217.8 197.8 169.1

Capitalized Lease

Obligations 0.1 0.1 0.1 0.1 0.1


Deferred Income

Deferred Taxes 13.5 11.0 8.0 5.2 2.8

Deferred Taxes - Credit 13.5 11.0 8.0

Deferred Taxes - Debit 0.0 0.0 0.0

Deferred Tax Liability inUntaxed Reserves

Other Liabilities 1.8 1.8 1.5 1.2 0.8

Total Liabilities 379.7 349.2 317.4 280.8 239.4

Non-Equity Reserves 0.0 0.0 0.0 0.0 0.0

Minority Interest 0.2 0.2 0.2 0.3 0.2

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Preferred Stock 0.0 0.0 0.0 0.0 0.0

Preferred Stock Issued forESOP

ESOP Guarantees -Preferred Issued

Common Equity 187.4 162.7 139.0 119.9 103.6Total Liabilities &Shareholders' Equity

567.3 512.0 456.6 400.9 343.2

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Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Heeton Holdings LtdFigures are expressed as Percent of Net Sales or Revenues.Net Sales or Revenues are in millions of Singapore Dollars.

Fiscal Year 2011 2010 2009 2008 2007

Net Sales or Revenues 82.5 37.2 55.5 46.9 49.3

Cost of Goods Sold 55.9% 44.1% 50.4% 51.1% 52.8%

Depreciation, Depletion & Amortization 0.3% 0.8% 0.5% 3.1% 2.9%

Gross Income 43.7% 55.1% 49.1% 45.8% 44.3%

Selling, General & Administrative Expenses 4.5%

Other Operating Expenses

Operating Expenses - Total

Operating Income 34.2% 39.6% 33.1% 31.6% 31.3%

Extraordinary Credit - Pretax 5.3% 12.1% 6.1% 0.0% 114.7%

Extraordinary Charge - Pretax 0.1% 0.0% 0.0% 0.0% 0.3%

Non-Operating Interest Income 2.5% 4.1% 1.3% 1.9% 1.3%

Reserves - Increase/Decrease

Pretax Equity in Earnings

Other Income/Expense - Net 6.4% 16.2% 2.0% 1.4% 0.3%

Earnings before Interest, Taxes, Depreciation &Amortization (EBITDA)

48.7% 72.8% 43.0% 38.0% 150.1%

Earnings before Interest & Taxes(EBIT) 48.4% 72.1% 42.6% 34.9% 147.2%

Interest Expense on Debt 9.2% 18.7% 5.2% 10.4% 14.7%

Interest Capitalized

Pretax Income 39.2% 53.3% 37.4% 24.5% 132.5%

Income Taxes 7.5% 9.0% 6.8% 4.9% 24.1%

Minority Interest -0.0% 0.0% -0.8% 0.0% -0.0%

Equity in Earnings -0.8% -0.8% -1.4% -4.6% 0.6%

After Tax Other Income/Expense

Discontinued Operations 0.0% 12.7% 2.2%

Net Income before Extraordinary Items/PreferredDividends

30.9% 56.3% 32.1% 15.0% 109.0%

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Extraordinary Items & Gain/Loss Sale of Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income after Preferred Dividends - available toCommon

30.9% 56.3% 32.1% 15.0% 109.0%

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Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Heeton Holdings LtdFigures are the Percent Changes from the Prior Year.

Fiscal Year 2011 2010 2009 2008 2007

Net Sales or Revenues 121.8% -33.0% 18.3% -4.7% 6.2%

Cost of Goods Sold 181.2% -41.4% 16.8% -7.8% 4.6%

Depreciation, Depletion & Amortization 0.7% 6.1% -82.1% 2.6% -4.9%

Gross Income 75.9% -24.8% 26.9% -1.4% 8.9%

Selling, General & AdministrativeExpenses



Operating Income 91.6% -19.8% 23.8% -3.6% 8.1%

Extraordinary Credit - Pretax -2.2% 32.4% -

100.0%88,146.9%

Extraordinary Charge - Pretax 411.1% -

100.0%

Non-Operating Interest Income 32.7% 105.0% -15.3% 42.3% 493.3%



Other Income/Expense - Net -12.1% 447.1% 69.8% 424.2% -82.3%

Earnings before Interest, Taxes,Depreciation & Amortization (EBITDA)

48.5% 13.3% 33.8% -75.8% 344.1%

Earnings before Interest & Taxes(EBIT) 49.0% 13.4% 44.3% -77.4% 379.0%

Interest Expense on Debt 9.3% 142.8% -41.3% -32.6% -16.7%


Pretax Income 62.9% -4.5% 80.6% -82.4% 913.0%

Income Taxes 85.7% -12.1% 63.8% -80.5% 551.0%

Minority Interest -

44,900.0%

Equity in Earnings -

788.1%


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Discontinued Operations-

100.0%288.6%

Net Income before ExtraordinaryItems/Preferred Dividends

21.9% 17.2% 153.7% -86.9% 1,087.3%

Extraordinary Items & Gain/Loss Sale of

Assets

Preferred Dividend Requirements

Net Income after Preferred Dividends -available to Common

21.9% 17.2% 153.7% -86.9% 1,087.3%

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Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Heeton Holdings LtdFigures in millions of Singapore Dollars.

Fiscal Year 2011 2010 2009 2008 2007

Net Sales or Revenues 54.3 47.1 48.1 42.9 39.5

Cost of Goods Sold 28.1 23.8 25.2 22.3 20.5

Depreciation, Depletion & Amortization 0.7 1.0 1.3 1.6 1.6

Gross Income 25.4 22.2 21.6 19.0 17.4

Selling, General & Administrative Expenses



Operating Income 18.3 15.5 14.8 12.8 11.6

Extraordinary Credit - Pretax 13.8 12.9 12.0 11.3 11.3

Extraordinary Charge - Pretax 0.0 0.0 0.0 0.1 0.1

Non-Operating Interest Income 1.2 0.8 0.6 0.4 0.2



Other Income/Expense - Net 2.6 1.7 0.6 0.4 0.3

Earnings before Interest, Taxes, Depreciation & Amortization(EBITDA)

36.6 31.9 29.1 26.3 25.0

Earnings before Interest & Taxes(EBIT) 35.8 30.9 27.8 24.8 23.3

Interest Expense on Debt 5.9 6.1 6.0 6.2 6.0


Pretax Income 29.9 24.8 21.9 18.6 17.4

Income Taxes 5.5 4.6 4.3 3.7 3.5

Minority Interest -0.1 -0.1 -0.2 -0.1 -0.1

Equity in Earnings -0.7 -0.6 -0.5 -0.4 0.0


Discontinued Operations

Net Income before Extraordinary Items/Preferred Dividends 25.0 20.8 17.5 14.5 13.9

Extraordinary Items & Gain/Loss Sale of Assets 0.0 0.0 0.0 0.0 0.0

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Preferred Dividend Requirements 0.0 0.0 0.0 0.0 0.0

Net Income after Preferred Dividends - available to Common 25.0 20.8 17.5 14.5 13.9

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Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Heeton Holdings LtdCurrency figures are in millions of Singapore Dollars.Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year 2011 2010 2009 2008 2007


Total Capital 523.3 478.2 434.4 467.2 413.5

Percent of Total Capital

Short Term Debt 10.6% 14.6% 22.5% 14.3% 12.5%

Long Term Debt 57.2% 56.4% 58.4% 64.8% 61.3%

Other Liabilities 0.3% 0.3% 0.4% 0.4% 0.5%

Total Liabilities 74.7% 78.1% 90.1% 86.6% 81.7%

Minority Interest -0.0% 0.0% 0.0% 0.1% 0.1%

Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Retained Earnings 30.0% 29.5% 28.1% 22.6% 24.4%

Common Equity 42.8% 43.6% 41.6% 35.1% 38.6%

Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%

Year to Year Net Changes

Short Term Debt -1.5 -2.8 3.1 1.5 -1.2

Long Term Debt 2.9 1.6 -4.9 4.9 9.1

Other Liabilities -0.0 -0.0 -0.0 0.0 0.0

Total Liabilities 1.7 -1.8 -1.4 6.7 9.9

Minority Interest -0.0 0.0 -0.0 0.0 0.0

Preferred Stock 0.0 0.0 0.0 0.0 0.0

Retained Earnings 1.6 1.9 1.7 0.5 6.0

Common Equity 1.6 2.8 1.7 0.5 5.9

Total Capital 4.5 4.4 -3.3 5.4 15.0

Year to Year PercentChanges

Short Term Debt -20.9% -28.7% 46.9% 29.3% -18.4%

Long Term Debt 10.9% 6.4% -16.2% 19.4% 55.7%

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Other Liabilities -1.2% -9.8% -16.5% 0.1% 17.3%

Total Liabilities 4.7% -4.5% -3.4% 19.9% 41.5%

Minority Interest -100.0% 0.2%

Preferred Stock

Retained Earnings 11.5% 15.3% 15.7% 4.9% 146.9%

Common Equity 7.6% 15.2% 10.2% 2.9% 58.8%

Total Capital 9.4% 10.1% -7.0% 13.0% 57.1%

Total Liabilities & CommonEquity

Total Liabilities 391.0 373.6 391.2 404.8 337.7

Net Change in Liabilities as% of Total Liabilities

4.5% -4.7% -3.5% 16.6% 29.3%

Common Equity 224.2 208.4 180.9 164.1 159.5

Net Change in CommonEquity as% of Common Equity

7.1% 13.2% 9.2% 2.8% 37.0%

Cash Flow

Operating Activities 17.6 5.4 21.4 -64.6 -59.6

Financing Activities 12.1 -13.5 -14.2 59.1 76.5

Investing Activities 32.2 -9.1 10.8 0.2 0.7

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Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: Heeton Holdings Ltd

Fiscal Year 2011 2010 2009 2008 2007


Receivables Turnover 8.5 10.7 9.5 19.6 17.1

Receivables - Number ofDays

29.1 27.1 20.5 33.8

Inventory Turnover 0.2 0.1 0.1 0.2

Inventory - Number of Days 2,089.4 3,419.6 3,386.9 2,003.1

Gross Property, Plant &Equipment Turnover

13.6 6.2 9.4 1.2 1.2

Net Property, Plant &

Equipment Turnover

116.7 51.4 82.3 2.1 2.1

Depreciation, Depletion &Amortization% of Gross Property, Plant &Equipment

4.7% 4.6% 4.5% 3.7% 3.6%

Depreciation, Depletion &AmortizationYear to Year Change

0.0 0.0 -0.1 0.0 -0.0

Depreciation, Depletion &

AmortizationYear to Year % Change

0.7% 6.1% -82.1% 2.6% -4.9%

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Financial Ratio Analyses\Asset Utilization

Asset Utilization: Heeton Holdings LtdFigures are expressed as the ratio of Net Sales.Net Sales are in millions of Singapore Dollars.

Fiscal Year 2011 2010 2009 2008 2007


Net Sales 82.5 37.2 55.5 46.9 49.3

Cash & Cash Equivalents 20.8% 52.9% 34.6% 59.1% 62.2%

Short-Term Investments

Accounts Receivable 11.7% 9.3% 10.5% 5.1% 5.8%

Inventories 321.9% 728.6% 467.9% 563.8% 365.9%

Other Current Assets 1.7% 5.4% 39.6% 2.5% 14.3%

Total Current Assets 356.1% 796.2% 552.6% 630.5% 448.3%

Total Long Term Receivables& Investments

388.6% 766.3% 476.1% 26.5% 30.7%


Investments in AssociatedCompanies

80.6% 97.1% 36.4% 21.6% 26.0%

Other Investments 308.1% 669.2% 439.7% 4.9% 4.6%

Property, Plant & Equipment -Gross

7.3% 16.3% 10.6% 85.4% 81.7%

Accumulated Depreciation 6.5% 14.3% 9.4% 37.7% 34.7%

Property Plant & Equipment -Net

0.9% 1.9% 1.2% 47.8% 47.0%

Other Assets 0.1% 0.3% 0.2% 508.3% 484.5%

Total Assets 745.8% 1,564.7% 1,030.1% 1,213.1% 1,010.4%

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Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Heeton Holdings Ltd

Fiscal Year 2011 2010 2009 2008 2007


EBIT/Total Interest Expense 5.2 3.9 8.2 3.4 10.0

EBIT/Net Interest 7.2 4.9 11.1 4.1 10.9

EBIT/(Total Interest Exp +Pfd Div)

5.2 3.9 8.2 3.4 10.0

EBIT/Dividends on CommonShares

16.2 12.0 19.2 7.7 81.0

EBIT/(Dividends on Common+ Pfd)

16.2 12.0 19.2 7.7 81.0

EBITDA/Total InterestExpense 5.3 3.9 8.3 3.7 10.2

EBITDA/Net Interest 7.2 5.0 11.3 4.5 11.2

EBITDA/(Total Interest Exp +Pfd Div)

5.3 3.9 8.3 3.7 10.2

EBITDA/Dividends on ComShares

16.3 12.1 19.4 8.4 82.6

EBITDA/(Dividends on Com +

Pfd)16.3 12.1 19.4 8.4 82.6

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Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Heeton Holdings Ltd

Fiscal Year 2011 2010 2009 2008 2007


Long Term Debt % of EBIT 749.2% 1,006.9% 1,072.6% 1,847.4% 349.7%

Long Term Debt % ofEBITDA

743.9% 996.5% 1,060.8% 1,694.5% 342.9%

Long Term Debt % of TotalAssets

48.6% 46.4% 44.3% 53.1% 50.9%

Long Term Debt % of TotalCapital

57.2% 56.4% 58.4% 64.8% 61.3%

Long Term Debt % of ComEquity

133.4% 129.5% 140.2% 184.4% 158.9%

Total Debt % of EBIT 887.5% 1,267.5% 1,487.1% 2,254.5% 420.8%

Total Debt % of EBITDA 881.3% 1,254.4% 1,470.6% 2,067.9% 412.6%

Total Debt % of Total Assets 57.6% 58.4% 61.4% 64.9% 61.3%

Total Debt % of Total Capital 67.7% 71.0% 80.9% 79.0% 73.8%

Total Debt % of Total Capital& Short Term Debt

61.3% 62.0% 66.0% 69.2% 65.6%

Total Debt % of CommonEquity 158.1% 163.0% 194.3% 225.0% 191.2%

Minority Interest % of EBIT -0.0% 0.0% 0.0% 2.7% 0.6%

Minority Interest % of EBITDA -0.0% 0.0% 0.0% 2.5% 0.6%

Minority Interest % of TotalAssets

-0.0% 0.0% 0.0% 0.1% 0.1%

Minority Interest % of TotalCapital

-0.0% 0.0% 0.0% 0.1% 0.1%

Minority Interest % of ComEquity

-0.0% 0.0% 0.0% 0.3% 0.3%

Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of TotalAssets

0.0% 0.0% 0.0% 0.0% 0.0%

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Preferred Stock % of TotalCapital

0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of TotalEquity

0.0% 0.0% 0.0% 0.0% 0.0%

Common Equity % of TotalAssets

36.4% 35.8% 31.6% 28.8% 32.1%

Common Equity % of TotalCapital

42.8% 43.6% 41.6% 35.1% 38.6%

Total Capital % of TotalAssets

85.1% 82.2% 75.9% 82.1% 83.1%

Capital Expenditure % ofSales

0.3% 1.0% 0.0% 1.0% 0.3%

Fixed Assets % of CommonEquity

0.3% 0.3% 0.4% 13.7% 14.5%

Working Capital % of TotalCapital

41.6% 43.7% 42.5% 44.6% 36.4%

Dividend Payout 9.7% 10.7% 6.9% 30.2% 1.7%

Funds From Operations % ofTotal Debt

5.7% 2.0% 4.0% 1.2% 1.9%

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Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: Heeton Holdings Ltd

Fiscal Year 2011 2010 2009 2008 2007


Total Current Assets % Net

Sales

356.1% 796.2% 552.6% 630.5% 448.3%

Cash % of Current Assets

Cash & Equivalents % ofCurrent Assets

5.8% 6.6% 6.3% 9.4% 13.9%

Quick Ratio 0.4 0.3 0.2 0.3 0.5

Receivables % of CurrentAssets

3.3% 1.2% 1.9% 0.8% 1.3%

Receivable Turnover -number of days 29.1 27.1 20.5 33.8

Inventories % of CurrentAssets

90.4% 91.5% 84.7% 89.4% 81.6%

Inventory Turnover - numberof days

2,089.4 3,419.6 3,386.9 2,003.1

Inventory to Cash &Equivalents - number of days

23.3 26.1 26.6 37.7 61.2

Receivables % of TotalAssets

1.6% 0.6% 1.0% 0.4% 0.6%

Current Ratio 3.9 3.4 2.5 3.4 3.1

Total Debt % of Total Capital 61.3% 62.0% 66.0% 69.2% 65.6%

Funds from Operations % ofCurrent Liabilities

26.5% 7.7% 11.5% 5.1% 8.1%

Funds from Operations % ofLong Term Debt

6.7% 2.5% 5.5% 1.5% 2.3%

Funds from Operations % ofTotal Debt

5.7% 2.0% 4.0% 1.2% 1.9%

Funds from Operations % ofTotal Capital

3.9% 1.4% 3.2% 1.0% 1.4%

Cash Flow (in milllions ofSingapore Dollars)

Operating Activities 17.6 5.4 21.4 -64.6 -59.6

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Financing Activities 12.1 -13.5 -14.2 59.1 76.5

Investing Activities 32.2 -9.1 10.8 0.2 0.7

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Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Heeton Holdings LtdFigures are expressed as per unit of respective shares.Figures are in Singapore Dollars.

Fiscal Year 2011 2010 2009 2008 2007


Sales 0.37 0.17 0.25 0.21 0.22

Operating Income 0.13 0.07 0.08 0.07 0.07

Pre-tax Income 0.14 0.09 0.09 0.05 0.29

Net Income (ContinuingOperations)

Net Income Before ExtraItems

0.11 0.09 0.08 0.03 0.24

Extraordinary Items

Net Income AfterExtraordinary Items

0.11 0.09 0.08 0.03 0.24

Net Income Available toCommon Shares

0.11 0.09 0.08 0.03 0.24

Fully Diluted Earnings 0.11 0.09 0.08 0.03 0.24

Common Dividends 0.01 0.01 0.01 0.01 0.01

Cash Earnings 0.09 0.03 0.06 0.02 0.03

Book Value 1.00 0.93 0.81 0.73 0.71

Retained Earnings 0.70 0.63 0.55 0.47 0.45

Assets 2.75 2.60 2.56 2.54 2.22

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Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Heeton Holdings LtdCurrency figures are in Singapore Dollars.

Fiscal Year 2011 2010 2009 2008 2007


Gross Income Margin 43.7% 55.1% 49.1% 45.8% 44.3%

Operating Income Margin 34.2% 39.6% 33.1% 31.6% 31.3%

Pretax Income Margin 39.2% 53.3% 37.4% 24.5% 132.5%

EBIT Margin 48.4% 72.1% 42.6% 34.9% 147.2%

Net Income Margin 30.9% 56.3% 32.1% 15.0% 109.0%

Return on Equity - Total 12.0% 10.8% 10.3% 4.3% 41.3%

Return on Invested Capital 5.7% 3.8% 2.2% 15.1%

Return on Assets 5.3% 4.6% 3.5% 2.0% 14.3%

Asset Turnover 0.1 0.1 0.1 0.1 0.1

Financial Leverage 158.1% 163.0% 194.3% 225.0% 191.2%

Interest Expense on Debt 7,608,000 6,959,000 2,866,000 4,879,000 7,241,000

Effective Tax Rate 19.2% 16.8% 18.3% 20.2% 18.2%

Cash Flow % Sales 24.5% 18.1% 25.3% 9.5% 11.6%

Selling, General &Administrative Expenses % ofSales

4.5%

Research & DevelopmentExpense

Operating Income Return OnTotal Capital

9.4% 10.1% -7.0% 13.0% 57.1%

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Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Heeton Holdings LtdCurrency figures are in millions of U.S. Dollars.

Wright Quality Rating DCD10

Investment Acceptance Rating DCD10Total Market Value of Shares Outstanding - Three Year Average 83

- Current Year 118

Public Market Value (Excludes Closely Held) - Three Year Average 83

- Current Year 118

Trading Volume - Three Year Average 0

- Current Year 0

Turnover Rate - Three Year Average 0.0%

- Current Year 0.0%

Stock Exchange ListingsSIN OTH

Number of Institutional Investors 0

Number of Shareholders

Closely Held Shares as % of Total Shares Outstanding 0.0%

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Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Heeton Holdings Ltd


Financial Strength Rating DCD10

Total Shareholders' Equity (Millions of U.S. Dollars) 200

Total Shareholders' Equity as % Total Capital 52.9%

Preferred Stock as % of Total Capital 0.0%

Long Term Debt as % of Total Capital 47.1%

Long Term Debt (Millions of Singapore Dollars) 218

Lease Obligations (Millions of Singapore Dollars) 0

Long Term Debt including Leases (Millions of Singapore Dollars) 218Total Debt as % of Total Capital 61.5%

Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & PreferredDividends

4.7

Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & PreferredDividends

6.4

Operating Cash to Fixed Charges 0.4

Cash Dividend Coverage Ratio 1.7

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Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Heeton Holdings Ltd


Profitability & Stability Rating DCD10

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 13.2%

- Basic Trend -4.0%

Cash Earnings Return on Equity - Time-Weighted Average 5.9%

- Basic Trend 0.7%

Cash Earnings Return on Equity - Stability Index 43.0%

Return On Assets (Time-Weighted Average) 3.4%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 2.9%Operating Income as % of Total Assets (Time-Weighted Average) 3.4%

Operating Income as % of Total Capital (Adjusted Rate) 4.8%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 2.9%

Operating Income as % of Total Assets (Time-Weighted Average) 3.4%

Operating Income as % of Total Capital (Adjusted Rate) 4.8%

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Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Heeton Holdings LtdFigures are expressed on a Per Share Basis.


Growth Rating DCD10Normal Earnings Growth 16.6%

Cash Earnings Growth 25.0%

Cash Earnings Stability Index 58.2%

Earned Equity Growth 12.1%

Dividend Growth 25.0%

Operating Income Growth 10.1%

Assets Growth 7.7%

Sales/Revenues Growth 6.8%

Copyright2000-2012. Distributed by Wright Investors' Service, Inc. All Rights Reserved.Except for quotations by established news media, no pages in this report may be reproduced,stored in a retrieval system, or transmitted for commercial purposes, in any form or by anymeans, electronic, mechanical, photocopying, recording, or otherwise without prior writtenpermission. Information is believed reliable, but accuracy, completeness and opinions are notguaranteed. This report is provided for general information only, is not to be consideredinvestment advice, and should not be relied upon for investment decisions.

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