MORNING MEETING SUMMARY - 04 June 2019

KGI Securities (Singapore) Pte. Ltd. PlePlease see important disclosures at the end of this publication

Market Indicators

30-May 31-May 3-Jun

Mkt. T/O (S$ mil) 1,052.9 1,198.7 880.6

Stock Advances 149 156 146

Stock Declines 207 227 207

Major Indices

30-May 31-May 3-Jun

DJ Ind Avg 25,169.9 24,815.0 24,819.8

S & P 500 2,788.9 2,752.1 2,744.5

Nasdaq Comp 7,567.7 7,453.1 7,333.0

Hang Seng 27,114.9 26,901.1 26,893.9

STI Index 3,123.46 (+0.18%)

Source: Bloomberg

Commodities

Current

Price % Chge from

Close

Gold (SPOT) US$ / OZ 1,326.85 0.96%

Oil (NYMEX CWTI|) US$ / bbl 53.03 -0.26%

Baltic Dry Index 1096 -0.09%

Exchange Rates

USD : SGD 1.3663 / MYR : SGD 3.0569 Source: Bloomberg

Interest Rates

3-mth Sibor 2.007%

SGS (10 yr) 2.032%

KGI Securities Research Team

Cautious June: May was a month to forget as major equity indices declined between 6% and 10%. June is also shaping up to be a weak month for risk assets, driven by disappointing economic data and rising trade tensions between China and the US. In the short-term, global growth is expected to be negatively impacted as supply chains are shifted from China. The trade war deadlock is unlikely to resolve in the near term, and the Trump-Xi meeting at the G20 summit scheduled for the end of June will be key to watch. The new round of sanctions by the US will significantly increase the risks of China's GDP slowing below 6% and the renminbi breaking through 7.0. Fading expectations. Expectations of a recovery in the second half of 2019 is fast fading. Singapore’s headline PMI fell below 50 in May, the first in three years, while the electronics sector PMI declined for the seventh straight month. Downside risks are exacerbated by heightened scrutiny of the big US technology companies, a view shared by influential politicians on both sides of the major parties. In overnight trading, stocks of Amazon, Facebook, Alphabet and Microsoft, plunged between 3% and 8%. These big technology names have been a key pillar of support for the US markets for years and are widely owned. Hence, liquidation of their shares could cause a deepening of the current risk-off sentiments. Strategy. In the short-term, stocks have been oversold and we expect a technical rebound. However, we are keeping to our view that there could still be opportunities to accumulate at lower price points in the coming weeks. The three local banks’ share prices have declined almost 10% month-on-month and are now offering between 4.5% and 5.3% dividend yields for 2019F. At these levels, UOB provides the best combination of trough valuations on a price-to-book basis and the highest dividend yield among the three banks. The flight to defensive names may benefit companies such as SingTel, which offers an attractive 5.5% dividend yield, higher than what many Singapore REITs are currently yielding.

Accordia Golf Trust (AGT SP; Outperform; TP: S$ 0.700): Improving operations marred by impairment losses - Page 3

Centurion Corporation (CENT SP; Not Rated): Site visit to ASPRI-Westlite Papan and Dwell Selegie - Page 4

KGI Market Ideas

Company Update and Site Visit

Company Name Price

(S$)

52-Week Low

(S$)

Mkt Cap

(S$m)

P/B (x) ROE Forecast

(%)

Dvd Yld

Forecast (%)

DBS 24.05 22.65 61,515 1.21 12.59 5.17

OCBC 10.59 10.36 45,015 1.03 11.27 4.49

UOB 23.58 23.39 39,353 1.07 11.22 5.29

MORNING BUZZ

KGI Securities (Singapore) Pte. Ltd.

Recent In depth Regional Reports 3/6 SG Centurion Corporation (CENT SP; Not Rated): Site visit to ASPRI-Westlite Papan and Dwell

Selegie

31/5 SG Accordia Golf Trust (AGT SP; Maintain Outperform BUY; TP: S$ 0.700): Improving operations marred by impairment losses

31/5 TW Strategy: Taiwanese victims of Trump’s tariffs on Mexico

31/5 TW IT Hardware (Neutral): ODM assemblers to hasten production adjustment plans

31/5 TW EVA Airways (2618 TT; Outperform; TP: NT$ 20.50): Operating margin in uptrend on economies of scale

31/5 TW Mega FHC (2886 TT; Outperform; TP: NT$ 33.50): Flattish 1Q19 earnings YoY; superior cash yield

31/5 HK Ten Pao (1979 HK; Outperform; TP: HK$ 1.050): Positive profit alert; gearing up for trade war

31/5 CN/HK Economy: Mfg. PMI declined; overall PMI steady; May economy to largely stabilize at low level

31/5 TH Monthly Economic Tracker: Executive summary

31/5 TH BTS Group Holdings (BTS TB; Outperform; TP: Bt 12.50): Riding the growing mass transit

31/5 TH Star Petroleum Refining (SPRC TB; Neutral; TP: Bt 9.70): Refinery crying until no more tears

30/5 TW Strategy: Huawei supply chain to suffer if orders are cancelled

30/5 TW AIDC (2634 TT; Outperform; TP: NT$ 42.00): New LEAP engine to boost growth

30/5 HK New Higher Education (2001 HK; Outperform; TP: HK$ 3.60): Investment value emerges

30/5 TH Srisawad Corporation (SAWAD TB; Neutral; TP: Bt 53.00): Least attractive choice among non-banks

29/5 TW Foresee (6576 TT; Outperform; TP: NT$ 102.00): US FP-001 licensing partners to be finalized in 3Q19F

29/5 TW Magnate Technology (4541 TT; Not Rated): Riding growing demand for LEAP engines

29/5 HK Handset: Huawei blacklisting to drag handset supply chain

29/5 TH Economics: MPI in April increased 2.0% YoY, but decreased 17.0% MoM

29/5 TH Bangkok Chain Hospital (BCH TB; Outperform; TP: Bt 21.50): Growth to continue

29/5 TH TOA Paint (Thailand) (TOA TB; Neutral; TP: Bt 32.25): Better cost control

28/5 TW Petrochemicals Sector (Overweight): China ADD on phenol imports; FCFC to be beneficiary

28/5 TW Cub (2231 TT; Outperform; TP: NT$ 365.00): Concerns overdone; mmWave radar projects proliferating

28/5 HK Tsui Wah Holdings (1314 HK; Underperform; TP: HK$ 0.60): Takes time to nurture

28/5 CN/HK Stock Liquidity Monitor: Weekly data – Stock incentive & shareholding changes involving major shareholders

28/5 CN Robam Appliances (002508 CH; Not Rated): Conference call takeaways

28/5 TH Economics: 2019 GDP: Revise down GDP growth rate to 3.3%

28/5 TH Commodities Update: US-China trade war heating up

28/5 TH BTS Group Holdings (BTS TB; Outperform; TP: Bt 12.50): 4Q19 earnings review: In line

27/5 TW Fubon FHC (2881 TT; Neutral; TP: NT$ 47.00): Bank 1Q19 earnings growth offset by life first-year strain

27/5 TW Sunonwealth (2421 TT; Outperform; TP: NT$ 43.00): Margin improvement from 2Q19F to trigger earnings growth

27/5 HK Nissin Foods (1475 TT; Neutral; HK$ 5.20): Valuation upside hinges on execution capability

27/5 CH/HK A-share Weekly: Timeline of Sino-US trade talks uncertain; rising hard Brexit risk; strictly control positions & be wary of rebound

For full reports, please contact Research Department at 6202 1190 or sgp.researchcom@kgi.com

COMPANY UPDATE Business Trust ▪ Singapore

Accordia Golf Trust (AGT SP/ACCO.SI)

May 31, 2019 KGI Securities (Singapore) Pte. Ltd.

AGT declared a 2.13 Sing cents DPU for 2H19, down from 2.20 Sing cents in 2H18. Its full-year 3.77 Sing cents DPU made up 95% of our full-year forecast.

An otherwise good operating performance was marred by JPY17.9bn of impairment losses, resulting in NAV dropping to S$0.71 as at end Mar-19 from S$0.90 as at end Mar-18.

We maintain our OUTPERFORM recommendation on the back of a recovery of its DPU in FY20F.

4Q19 review. Operating income in the quarter rose 5.5% YoY to JPY 10.1bn, driven by increased marketing efforts and better weather conditions. However, it reported a loss of JPY18.5bn due to impairments. AGT would have reported a smaller loss of JPY1.1bn if stripping out the impairments. Impairment details. AGT recognised total impairment losses of JPY17.9bn, of which, JPY13.1bn was for goodwill. The primary driver for the goodwill impairment was due to the decline in corporate valuation, triggered by the potential reduction in cashflows from Northern Country Club Nishikigahara Golf Course. The remaining impairment loss was for the decline in appraisal value of Nishikigahara Golf Course from JPY4.6bn to JPY0.9bn, classified under Property, Plant and Equipment (PPE). AGT‘s valuer had taken a conservative approach to reduce the value of this golf course because of the impact of a flood prevention project by the government, even though the details of the project – such as timing and nature of survey – have not yet been determined. Impact. The impairment losses are non-cash and have no impact on the distributable income. Rather, the impairment losses impacted the loan-to-value (LTV) ratio and NAV. LTV increased to 31% from 29%, while NAV declined to S$0.71 from S$0.90. DPU cut. AGT declared a 2.13 Sing cents DPU for 2H19, down from 2.20 Sing cents in the prior year period. This was slightly below our estimates and was due to higher reserve items. Reserved items increased to JPY1.2bn in 4Q19 from JPY0.3bn in 4Q18 due to cash needed for withholding tax

(JPY559mn), property tax (JPY224mn), trust operations (JPY278mn) and unwinding of upfront fee (JPY225mn). Looking forward. AGT’s full-year DPU of 3.77 Sing cents made up 95% of our 4.0 Sing cents forecast and would have surprised on the upside if not for the increase in reserved items in 4Q19. The absence of the reserve items could have added between 0.5-1.0 Sing cents to the 2H19 dividends. Even with the normalisation of reserved items going forward, we have opted to remain conservative and maintain our FY2020-21F DPU forecasts of 5.2 Sing cents, which implies an attractive 8.9% dividend yield. Valuation & Action: We maintain our Outperform recommendation. Although the discount to NAV has narrowed to 18% because of the impairments, we believe its 8.9% dividend yield provides an attractive spread over REITs and other business trusts. From a wider perspective, we believe that FY20F will be a pivotal year for AGT as Japan’s golf industry consolidates, which we expect to lead to increased market share for the largest players, improved economies of scale and possibly better valuations. Risks: Forex risk to DPU as earnings are mostly in JPY while distributions are in SGD. Macroeconomic environment and adverse weather conditions have the most significant impact on visitor numbers to golf courses.

This report is prepared by KGI Securities (Singapore) under the SGX StockFacts Research Programme. See the last page for important disclosures.

Financials & Key Operating Statistics

YE Mar JPY bn 2018 2019 2020F 2021F 2022F

Revenue 51.5 51.2 50.3 50.1 49.8PATMI 4.1 -12.6 5.9 5.9 5.9Core PATMI 5.8 5.4 5.9 5.9 5.9Core EPS (JPY) 0.5 0.5 0.5 0.5 0.5Core EPS grth (%) 5.7 -7.0 9.2 -0.5 -0.5DPU (SG Cents) 3.9 3.9 5.2 5.2 5.2Div Yield (%) 6.6 6.7 8.9 8.9 8.8Net Margin (%) 8.0 -24.5 11.7 11.7 11.7Loan-to-Value (%) 29.4 30.9 30.7 30.8 31.0ROE (%) 5.1 -19.5 9.1 9.0 8.8Source: Company Data, KGI Research

Improving operations marred by impairment losses Joel Ng / 62 6202 1192 / joel.ng@kgi.com

BUY - Outperform

Price as of 31 May 19 (SGD) 0.59 Performance (Absolute)

12M TP ($) 0.70 1 Month (%) -3.3

Previous TP ($) 0.72 3 Month (%) -6.4

Upside, incl div (%) 26.5 12 Month (%) 3.5

Trading data Perf. vs STI Index (Red)

Mkt Cap ($mn) 643 Absolute (%) 1M -3.3

Issued Shares (mn) 1,099 Absolute (%) 3M -6.4

Vol - 3M Daily avg (mn) 1.0 Absolute (%) 12M 3.5

Val - 3M Daily avg ($mn) 0.6 52 week lo $0.48

Free Float (%) 71.1% 52 week hi $0.64

Major Shareholders Previous Recommendations

MBK Partners 28.9% 4-Apr-19 OP $0.72

Hibiki Path Advisors 6.2% 15-Feb-19 OP $0.61

Daiwa Securities 6.0% 11-Jan-19 N $0.61

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80

100

120

SITE VISIT Real Estate ▪ Singapore

Centurion Corporation Limited (CENT SP)

June 3, 2019 KGI Securities (Singapore) Pte. Ltd.

We visited two of Centurion’s properties in Singapore, a purpose-built workers accommodation (PBWA) development, ASPRI-Westlite Papan and Dwell Selegie, a purpose-built student accommodation property (PBSA).

Centurion remains to be the only locally listed company focusing on foreign worker and student accommodation.

Centurion is currently trading at 3 year historical low P/E of 4.5x and offers a decent dividend yield of 4.8%.

Site visit. Centurion is the only locally listed company focusing on specialised accommodation with a focus on foreign worker and student accommodation. Centurion’s portfolio currently consist of 31 operating assets with a total bed count of 62,656 beds across Singapore, Malaysia, Australia, US, UK and South Korea. Centurion owns and directly manages both the Westlite brand and the Dwell brand which represents their PBWA and PBSA businesses respectively. We visited two of centurion’s properties, ASPRI-Westlite Papan (PBWA) and Dwell Selegie (PBSA).

Figure 1: Centurion’s geographical exposure based on bed count

Source: Company, KGI Securities

ASPRI-Westlite Papan. Westlite Papan is strategically located in Jalan Papan, a 12 minutes’ drive away from Jurong Island. The asset consists of two 18-story blocks with a total capacity of 7900 beds. The average occupancy for the property was above 95% as of end FY18. Most of the workers housed in ASPRI-Westlite Papan works in the energy and chemical industry on Jurong Island. As a joint venture project, Centurion Corporation holds a 51% stake in this property, with the remaining stake held by the Lian Beng Group. Dwell Selegie. Dwell Selegie is located at Short Street and is within close proximity to several campuses including LASELLE College of the Arts, Singapore Management University, Kaplan and Nanyang Academy of Fine Arts (NAFA). Dwell Selegie houses 355 student accommodation beds with an average occupancy of 89% last year. Two education institutions serve as anchor tenants for this property, leasing

approximately half of the total bed count. Dwell Selegie has a residual tenure of about 4 years (3+3+2 years), effective from 2015. Management communicated that this was the reason why extensive renovations was not done at Dwell Selegie (as compared to Dwell branded accommodations abroad). Future bed supply pipeline remains strong. Bed counts in the PBWA segment will see contributions from two Malaysian PBWA properties - Westlite Bukit Minyak (MY) and Westlite Juru (MY) in FY19 and FY20 respectively.

Figure 2: Forecasted future bed supply pipeline by segment

Source: Company, KGI Securities

Valuation & Action: We do not have coverage of Centurion Corporation. Nonetheless, Centurion had been paying out consistent ordinary dividends of at least 2 Scts for the past 3 years, translating to a decent dividend yield of 4.8%. Risks: Forex risk remains a key risk as 37% of FY18’s reported revenue was derived overseas (Euro, RM and AUD). Higher interest expense may continue to reflect in the coming quarters due to Centurion’s debt/total assets ratio of 53%.

Site visit to ASPRI-Westlite Papan and Dwell Selegie Geraldine Wong / 65 6202 1193 / geraldine.wong@kgi.com

Not Rated

Price as of 31 May 19 (SGD) 0.42 Performance (Absolute)

12M TP (S$) - 1 Month (%) -3.5

Previous TP (S$) - 3 Month (%) 4.9

Upside, incl div (%) - 12 Month (%) -9.5

Trading data Perf. vs STI Index (Red)

Mkt Cap ($mn) 349 Absolute (%) 1M -3.5

Issued Shares (mn) 841 Absolute (%) 3M 4.9

Vol - 3M Daily avg (mn) 0.2 Absolute (%) 12M -9.5

Val - 3M Daily avg ($mn) 0.1 52 week lo $0.40

Free Float (%) 26.67 52 week hi $0.48

Major Shareholders Previous Recommendations

Centurion Properties 53.0%

Teo Peng Kwang 7.6%

Lian Beng Group 4.5%

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85

90

95

100

105

MORNING BUZZ

KGI Securities (Singapore) Pte. Ltd.

STI Components and Key Metrics

Ticker Company NameLast Price

(Lcl)

Market Cap

(SGDm)

1 Day

Change

(%)

Total

Return

YTD (%)

Total Return

1 Week (%)

Div Yield

FY18

(%)

Div Yield

FY19

(%)

FINANCIALS

DBS SP DBS 24.06 61,489 (0.9%) 5.0% (4.0%) 5.2% 5.5%

OCBC SP OCBC 10.59 45,015 0.2% (4.1%) (3.6%) 4.5% 4.8%

UOB SP UOB 23.59 39,353 0.4% (1.4%) (4.5%) 5.3% 5.6%

SGX SP SGX 7.37 7,885 (0.1%) 5.1% (3.3%) 4.2% 4.4%

PROPERTIES

HKL SP Hongkong Land USD 6.69 21,577 2.6% 8.5% (2.2%) 3.4% 3.6%

CAPL SP CapitaLand 3.23 13,486 0.3% 7.4% (1.8%) 3.8% 4.0%

CT SP CapitaLand Mal l Trust 2.43 8,963 0.8% 9.5% (0.8%) 4.9% 5.1%

AREIT SP Ascendas REIT 2.89 8,990 (1.0%) 15.5% (2.4%) 5.6% 5.8%

CIT SP City Development 8.26 7,491 0.5% 3.3% (0.6%) 2.4% 2.4%

CCT SP CapitaLand Comm Trust 1.98 7,425 2.6% 15.8% 2.1% 4.5% 4.5%

UOL SP UOL 6.80 5,734 0.6% 12.4% (1.2%) 2.6% 2.6%

TELECOMMUNICATIONS

ST SP SingTel 3.19 52,087 (0.3%) 8.9% 0.6% 5.7% 5.5%

CONSUMER SERVICES AND GOODS

JM SP Jardine Matheson USD 65.10 65,792 1.4% (4.6%) 5.4% 2.6% 2.8%

JS SP Jardine Strategic Holdings 37.97 57,674 1.7% 4.1% 4.6% 0.9% 1.0%

DFI SP Dairy Farm International 7.59 14,074 (0.8%) (14.5%) (3.2%) 3.0% 3.3%

THBEV SP ThaiBev 0.82 20,593 1.2% 37.4% 1.9% 2.7% 3.0%

JCNC SP Jardine C&C 34.31 13,561 1.6% (0.2%) 2.0% 3.8% 4.1%

GENS SP Genting Singapore 0.87 10,490 0.0% (8.9%) (1.1%) 4.3% 4.3%

VMS SP Venture Corp 15.06 4,339 (0.3%) 11.3% (0.1%) 4.7% 4.8%

SPH SP SPH 2.31 3,692 (1.3%) 0.5% (2.5%) 5.2% 5.3%

TRANSPORT

SIA SP Singapore Airl ines 9.09 10,760 (0.2%) (3.5%) (1.6%) 4.1% 3.8%

CD SP ComfortDelGro 2.46 5,327 0.0% 17.2% 0.4% 4.5% 4.7%

COMMODITIES

WIL SP Wilmar 3.32 21,014 0.9% 8.5% (1.2%) 3.4% 3.5%

GGR SP Golden Agri 0.27 3,438 1.9% 12.4% 3.8% 2.0% 3.0%

OFFSHORE & MARINE/INDUSTRIALS

KEP SP Keppel Corp 6.01 10,921 (0.3%) 3.9% (1.5%) 4.0% 4.5%

STE SP ST Engineering 3.98 12,420 1.8% 17.1% 1.5% 3.9% 4.1%

SATS SP SATS 5.03 5,605 (0.8%) 7.9% (0.6%) 3.9% 4.2%

YZJSGD SP Yangzi jiang SGD 1.36 5,366 (0.7%) 12.6% (0.7%) 3.5% 3.6%

SCI SP Sembcorp Industries 2.38 4,254 (1.2%) (5.6%) (3.6%) 2.5% 3.1%

HPHT SP HPH Trust USD 0.23 2,746 2.2% (1.9%) (2.1%) 8.4% 8.5%

Dividend Yield based on Bloomberg consensus. Total return includes dividends. Source: Bloomberg

STI Reserve List (by market cap) - STI next review date: March 2019

Ticker Company NameLast Price

(Lcl)

Market Cap

(SGDm)

1 Day

Change

(%)

Total

Return

YTD (%)

Total Return

1 Week (%)

Div Yield

FY18

(%)

Div Yield

FY19

(%)SUN SP Suntec REIT 1.81 5,058 (0.5%) 4.9% (0.5%) 5.5% 5.5%

MCT SP Mapletree Commercia l Trust 1.95 5,644 2.1% 21.2% 1.0% 4.8% 4.9%

MLT SP Mapletree Logis tics Trust 1.47 5,329 0.7% 20.0% (1.3%) 5.5% 5.7%

KREIT SP Keppel REIT 1.20 4,087 0.0% 7.7% (1.6%) 4.8% 4.8%

MINT SP Maple Industries Trust 2.08 4,205 (1.4%) 12.2% (1.0%) 6.1% 6.3%

Dividend Yield based on Bloomberg consensus. Total return includes dividends. Source: Bloomberg

MORNING BUZZ

KGI Securities (Singapore) Pte. Ltd.

CompanyResults

Ann DatePeriod DPS Ex-Date

Book

ClosePayable

Yield

(%)FYE Registrar

Amara Holdings 27-Feb-19 FY18 SGD 0.01000 4-Jun-19 6-Jun-19 20-Jun-19 SGD 0.475 2.1 Dec-18 Boardroom Corporate & Advisory Svcs

Amara Holdings - Special 27-Feb-19 FY18 SGD 0.01000 4-Jun-19 6-Jun-19 20-Jun-19 SGD 0.475 2.1 Dec-18 Boardroom Corporate & Advisory Svcs

Keong Hong Holdings Ltd 10-May-19 1H19 SGD 0.0250 6-Jun-19 7-Jun-18 18-Jun-19 SGD 0.475 5.3 Sep-18 B.A.C.S. Private Limited

Hafary Holdings Ltd 21-Feb-19 FY18 SGD 0.00500 7-Jun-19 10-Jun-19 20-Jun-19 SGD 0.151 6.4 Dec-18 Boardroom Corp & Advisory Services

Low Keng Huat Singapore Ltd 1-Apr-19 FY19 SGD 0.01500 10-Jun-19 11-Jun-19 20-Jun-19 SGD 0.535 3.7 Jan-19 Kon Choon Kooi Pte Ltd

Shangri-La Asia 20-Mar-19 FY18 HKD 0.1400 10-Jun-19 11-Jun-19 20-Jun-19 HKD 9.810 1.9 Dec-18 Abacus Share Registrars Limited

Accordia Golf Trust 28-May-19 FY19 SGD 0.02130 11-Jun-19 12-Jun-19 21-Jun-19 SGD 0.565 6.8 Mar-19 -

PNE Industries 13-May-19 1H19 SGD 0.0200 12-Jun-19 13-Jun-19 21-Jun-19 SGD 0.785 6.4 Sep-18 Compact Administrative Svcs Pte Ltd

PNE Industries - Special 13-May-19 1H19 SGD 0.0100 12-Jun-19 13-Jun-19 21-Jun-19 SGD 0.785 6.4 Sep-18 Compact Administrative Svcs Pte Ltd

Lung Kee (Bermuda) Hldgs 29-Mar-19 FY18 HKD 0.12000 13-Jun-19 14-Jun-19 28-Jun-19 SGD 0.600 8.0 Dec-18 Computershare HK Investor Services

Sinarmas Land Ltd 26-Feb-19 FY18 SGD 0.0020 17-Jun-19 18-Jun-19 27-Jun-19 SGD 0.240 2.9 Dec-18 B.A.C.S. Private Limited

Asian Pay Television Trust 14-May-19 1Q19 SGD 0.00300 20-Jun-19 21-Jun-19 28-Jun-19 SGD 0.163 31.7 Dec-18 -

IHH Healthcare Bhd 27-Feb-19 FY18 MYR 0.03000 27-Jun-19 28-Jun-19 18-Jul-19 SGD 1.800 0.6 Dec-18 Symphony Share Registrars Sdn Bhd

Kimly 7-May-19 2Q19 SGD 0.0056 2-Jul-19 3-Jul-19 15-Jul-19 SGD 0.235 4.1 Sep-18 Boardroom Corp & Adv Serv Pte Ltd

Chemical Industries Far East Ltd 22-May-19 FY19 SGD 0.0150 9-Jul-19 10-Jul-19 18-Jul-19 SGD 0.710 2.1 Mar-19 B.A.C.S. Private Limited

ISDN Holdings Ltd 26-Feb-19 FY18 SGD 0.0070 9-Jul-19 10-Jul-19 28-Aug-19 SGD 0.225 2.7 Dec-18 Boardroom Corp & Advisory Svcs Pte

Singapore Post 7-May-19 FY19 SGD 0.0200 24-Jul-19 25-Jul-19 7-Aug-19 SGD 0.930 3.8 Mar-18 M & C Services Private Limited

SIA Engrg Co 10-May-19 FY19 SGD 0.0800 24-Jul-19 25-Jul-19 8-Aug-19 SGD 2.420 5.0 Mar-19 M & C Services Pte Ltd

STI Singapore Telecoms 15-May-19 FY19 SGD 0.10700 26-Jul-19 29-Jul-19 15-Aug-19 SGD 3.190 5.5 Mar-19 M & C Services Pte Ltd

STI SATS 17-May-19 FY19 SGD 0.1300 29-Jul-19 30-Jul-19 8-Aug-19 SGD 5.030 3.6 Mar-19 M&C Services Private Limited

Samurai 2K Aerosol 31-May-19 FY19 SGD 0.0050 30-Jul-19 31-Jul-19 8-Aug-19 SGD 0.910 0.7 Mar-19 -

Japan Foods 14-May-19 FY19 SGD 0.0110 30-Jul-19 31-Jul-19 16-Aug-19 SGD 0.430 4.9 Mar-19 B.A.C.S. Private Limited

Boustead Projects 23-May-19 FY19 SGD 0.01500 1-Aug-19 2-Aug-19 16-Aug-19 SGD 0.945 1.6 Mar-19 -

Boustead Projects - Special 23-May-19 FY19 SGD 0.00500 1-Aug-19 2-Aug-19 16-Aug-19 SGD 0.945 1.6 Mar-19 -

STI Singapore Airlines 17-May-19 FY19 SGD 0.2200 1-Aug-19 2-Aug-19 16-Aug-19 SGD 9.090 4.2 Mar-19 M & C Services Pte Ltd

Boustead Singapore Ltd 27-May-19 FY19 SGD 0.02000 1-Aug-19 2-Aug-19 19-Sep-19 SGD 0.780 3.8 Mar-19 Boardroom Corp & Advisory Svcs Pte

Metro Holdings 28-May-19 FY19 SGD 0.0200 3-Aug-19 7-Aug-19 17-Aug-19 SGD 1.000 5.0 Mar-19 Tricor Barbinder Share Registration

Metro Holdings - Special 28-May-19 FY19 SGD 0.0250 3-Aug-19 7-Aug-19 17-Aug-19 SGD 1.000 5.0 Mar-19 Tricor Barbinder Share Registration

Willas-Array Electronics Holdings Ltd 29-May-19 FY19 HKD 0.2000 7-Aug-19 8-Aug-19 26-Aug-19 SGD 0.650 10.2 Mar-19 Compact Administrative Svcs Pte Ltd

Source: SGX Annoucement / Bloomberg

Share Price

3 Jun 19

Appendix 1: Corporate Action

MORNING BUZZ

KGI Securities (Singapore) Pte. Ltd.

3-Jun 4-Jun 5-Jun 6-Jun 7-Jun

10-Jun 11-Jun 12-Jun 13-Jun 14-Jun

17-Jun 18-Jun 19-Jun 20-Jun 21-Jun

24-Jun 25-Jun 26-Jun 27-Jun 28-Jun

SG SG

1-Jul 2-Jul 3-Jul 4-Jul 5-Jul

*Q3

(May 2019) Index of

Industrial Production (May 2019) CPI

Miyoshi

FridayMonday Tuesday Wednesday Thursday

Appendix 2: Financial Calendar

* Tentative

Source: Bloomberg

MORNING BUZZ

KGI Securities (Singapore) Pte. Ltd.

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