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MCI (P) 129/11/2012 Ref No: SGMN2013_0143 1 of 16
Morning Note
Phillip Securities Research Pte Ltd Singapore
26 July 2013
Weekly Market Outlook Webinar
Webinar videos can be accessed via UniPhillip website - http://www.uniphillip.com/ => Education Programs => Phillip Securities Research Webinars
Source: Phillip Securities Research Pte Ltd
Fundamental Call
SGX – Update (Ken Ang) Recommendation: BUY Previous close: S$7.57 Fair value: S$8.30
SGX reported 4Q13 underlying net profit of S$102.6 million, and Total revenue of S$202.3 million.
Underlying net profit beat expectations, while higher FY13 dividend of S$0.28 (FY12: S$0.27) was declared.
Maintain “BUY” with TP of S$8.30, based on unchanged PE multiple of 24X FY14 earnings. Source: Phillip Securities Research Pte Ltd
Company Results
S/N Company Name Q/HY/FY Currency,
Units
Revenue Net Profit
Current Previous Change
(%) Current Previous
Change (%)
1 AIMS AMP Capital Industrial REIT
1Q S$ mn 24.5 20.9 17.1 10.7 11.0 (2.6)
2 Singapore Airlines 1Q S$ mn 3,840 3,777 1.7 121.8 78.0 56.2
3 SATS 1Q S$ mn 434.5 437.9 (0.8) 46.2 41.3 11.9
4 Stamford Land 1Q S$ mn 64.4 60.9 5.8 6.3 4.5 41.3
5 Mapletree Industrial Trust 1Q S$ mn 75.1 66.9 12.3 39.8 35.8 11.1
6 First Ship Lease Trust 2Q US$ mn 21.3 29.2 (27.2) (7.2) (2.5) N.M.
7 Tee International FY S$ mn 216.3 143.6 50.6 13.1 19.1 (31.7)
8 Tee Land FY S$ mn 29.7 7.9 275.0 2.0 1.5 32.1
9 Singapore Shipping 1Q US$ mn 9.1 5.0 82.8 2.0 1.3 55.7 Source: SGX Masnet
Morning Note 26 July 2013
2 of 12
Morning Commentary
STI: -1.19% to 3235.7 KLCI: -0.09% to 1808.4 JCI: -0.93% to 4674.1 SET: -2.98% to 1456.7 HSI: -0.31% to 21900 HSCEI: -0.26% to 9752.6 Nikkei: -1.14% to 14562 ASX200: +0.01% to 5035.6 Nifty: -1.39% to 5907.5 S&P500: +0.26% to 1690.3 MARKET OUTLOOK:
For our short term tactical outlook, please see our latest webinar slides: www.uniphillip.com > education programs > Phillip Securities Research webinar. Apart from the market outlook we feature the REIT sector – should you hold it, buy it, or sell it? For our longer term outlook on markets, please see our latest Global Macro Asset Strategy report below. (PhillipCFDs and ETFs for trading the market outlook can be found in the webinar slides above or the Global Macro report below. PhillipUT Wrap Account offers tactical asset allocation of unit trusts without front loading sales charge.) SECTOR/STRATEGY REPORTS:
- Sector Reports: Banking, 8 Jul / Telecommunications, 5 June / Commodities, 29 May / Offshore & Marine, 27 May - Country Strategy: China & HK 5 July / S’pore, 18 Jun / Thai, 17 Jun - Global Macro, Asset Strategy: 8 Jul, Update / ASEAN, 8 May / US, 20 Mar Source: Phillip Securities Research Pte Ltd
Macro Data
US initial job claims rose by 7,000 to a seasonally adjusted rate of 343,000 claims. While the week-to-week numbers can be volatile, the four week moving average fell to just over 345,000 claims. So far this year, layoffs have been on the decline as employers continue to add new jobs every month. Non-defense capital goods orders excluding aircraft increased 0.7% after rising by a revised 2.2% in May. Economists had expected this category to rise by only 0.5% after a previously reported 1.5% gain in May. This crucial data point suggests stronger 2H13 growth than in 1H13, in line with our expectations. European M3 money supply increased 2.3% yoy which was less than expectations of 3.0%, and the M3 3-month average increased 2.8% which was also less than expectations of 3.0%.The ECB also reports that loans to private sector dropped 1.6% from a year earlier. German business confidence rose for a third month in July, indicating that Europe’s largest economy is recovering. The business climate index rose to 106.2 from 105.9 in June slightly beating out estimates of 106.1. Italy’s confidence index increased to 97.3 from a revised 95.8 in June, also beating out expectations of 95.5. Philippine’s central bank held it’s benchmark rate it pays lenders for overnight deposits at a record-low 3.5% which was in line with expectations. In South Korea, preliminary for GDP rose by 1.1% q-q in 2Q13, beating the market expected 0.8% q-q pace, after the 0.8% q-q gain in 2Q13. On y-y basis, GDP grew by 2.3%, the most in 2 years, compared to market expected 2.0% y-y gain and the 1.5% y-y gain in 1Q13. Department store sales rose by 4.1% y-y in June, compared to the 1.0% y-y gain in May. In Hong Kong, exports unexpectedly contracted by 0.2% y-y in June, while the market was predicting a 2.4% y-y gain, underlining the slowdown in Mainland China. Imports rose by 1.4% in June, compared to the 1.7% y-y gain in May. Source: Phillip Securities Research Pte Ltd
Morning Note 26 July 2013
3 of 12
Source: Bloomberg
STI - Index Members
1.8
%
0.3
%
0.1
%
0.0
%
0.0
%
-0.2
%
-0.2
%
-0.3
%
-0.3
%
-0.5
%
-0.6
%
-0.6
%
-0.7
%
-0.7
%
-0.9
%
-1.0
%
-1.1
%
-1.2
%
-1.3
%
-1.3
%
-1.4
%
-1.5
%
-1.5
%
-1.8
%
-1.8
%
-2.2
% -2.6
%
-2.7
%
-2.8
%
-3.8
%
-5%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
Cap
itam
all T
rust
Cap
itala
nd
HK
Lan
d
Wilm
ar
SIA
Sin
gte
l
DB
S
Ola
m
F&
N
ST
Eng
.
SG
X
Se
mb
co
rp In
d.
Go
lde
n A
gri-R
.
Ja
rdin
e S
tra.
Sta
rhu
b
Se
mb
co
rp M
ar.
Nob
le G
rou
p
OC
BC
Cap
itam
alls
Asia
SIA
En
g.
Ge
ntin
g S
P
Com
fortD
elG
ro
SP
H
CD
L
Ke
pp
el C
orp
. Ltd
UO
B
Th
ai B
eve
rag
e
GL
P
Ja
rdin
e C
&C
Ja
rdin
e M
at.
Morning Note 26 July 2013
4 of 12
81.97 -0.39% 286.90 -0.29%
107.68 -0.57% 2.571 -0.02%
1,333.90 -0.05% 15,555.61 +0.09%
523.20 -0.54% Straits Times Index 3,235.68 -1.19%
21,900.96 -0.31% 14,562.93 -1.14%
Source: Bloomberg
Gold (US$/Oz) DJI
MSCI Asia x-Japan
Hang Seng Index Nikkei 225 Index
Dollar Index ThomReuters/JefferiesCRB
Crude oil, Brent (US$/bbl) US Treasury 10yr Yield
1.201.401.601.802.002.202.402.602.803.00
Jul-1
2
Au
g-1
2
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Feb-1
3
Mar-1
3
Ap
r-13
May-1
3
Jun
-13
2,600
2,800
3,000
3,200
3,400
3,600
Jul-1
2
Au
g-1
2
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Feb-1
3
Mar-1
3
Ap
r-13
May-1
3
Jun
-13
12,000
13,000
14,000
15,000
16,000
Jul-1
2
Au
g-1
2
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Feb-1
3
Mar-1
3
Ap
r-13
May-1
3
Jun
-13
16,000
18,000
20,000
22,000
24,000
26,000
Jul-1
2
Au
g-1
2
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Feb-1
3
Mar-1
3
Ap
r-13
May-1
3
Jun
-13
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Jul-1
2
Au
g-1
2
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Feb-1
3
Mar-1
3
Ap
r-13
May-1
3
Jun
-13
1,100
1,400
1,700
2,000
Jul-1
2
Au
g-1
2
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Feb-1
3
Mar-1
3
Ap
r-13
May-1
3
Jun
-13
Jul-1
3
76
78
80
82
84
86
Ju
l-12
Au
g-1
2
Se
p-1
2
Oct-1
2
No
v-1
2
De
c-1
2
Ja
n-1
3
Fe
b-1
3
Mar-1
3
Ap
r-13
May-1
3
Ju
n-1
3
260
280
300
320
340
Ju
l-12
Au
g-1
2
Se
p-1
2
Oct-1
2
No
v-1
2
De
c-1
2
Ja
n-1
3
Fe
b-1
3
Mar-1
3
Ap
r-13
May-1
3
Ju
n-1
3
80
90
100
110
120
130
Ju
l-12
Aug-1
2
Sep-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Ja
n-1
3
Feb
-13
Ma
r-13
Apr-1
3
Ma
y-1
3
Ju
n-1
3
420
440
460
480
500
520
540
560
580
Jul-1
2
Au
g-1
2
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Feb-1
3
Mar-1
3
Ap
r-13
May-1
3
Jun
-13
Morning Note 26 July 2013
5 of 12
Company AnalystDate of Last
ReportRating
Target Price
(S$)
Current Price
(S$)
Difference to Target
Price (%)
GOLDEN AGRI-RESOURCES LTD Nicholas Ong 14-May-13 Neutral 0.55 0.545 0.9%
WILMAR INTERNATIONAL LTD Nicholas Ong 9-May-13 Accumulate 3.70 3.16 17.1%
COURTS ASIA LTD Ken Ang 30-May-13 Buy 1.14 0.94 21.9%
GENTING SINGAPORE PLC Ken Ang 3-May-13 Neutral 1.40 1.37 2.2%
COMBINE WILL INTERNATIONAL H Chan Wai Chee 20-Dec-12 Buy 0.93 0.53 77.1%
CORDLIFE GROUP LTD Change of Analyst 1.08
DBS GROUP HOLDINGS LTD Ken Ang 8-Jul-13 Accumulate 17.20 16.74 2.7%
OVERSEA-CHINESE BANKING CORP Ken Ang 8-Jul-13 Neutral 9.90 10.50 -5.7%
UNITED OVERSEAS BANK LTD Ken Ang 8-Jul-13 Accumulate 21.35 21.50 -0.7%
SINGAPORE EXCHANGE LTD Ken Ang 26-Jul-13 Buy 8.30 7.57 9.6%
AMARA HOLDINGS LTD Lucas Tan 24-Jun-13 Buy 0.74 0.58 28.7%
CAPITALAND LTD Change of Analyst 29-Apr-13 3.22
CAPITAMALLS ASIA LTD Change of Analyst 26-Apr-13 1.96
HO BEE INVESTMENT LTD Lucas Tan 3-May-13 Buy 2.52 2.12 18.9%
KEPPEL LAND LTD Change of Analyst 19-Apr-13 3.69
OVERSEAS UNION ENTERPRISE Lucas Tan 15-Jul-13 Accumulate 3.24 2.82 14.9%
GLOBAL LOGISTIC PROPERTIES L Roy Chen 27-May-13 Neutral 2.90 2.86 1.4%
GLOBAL PREMIUM HOTELS LTD Chan Wai Chee 9-Nov-12 Buy 0.305 0.26 19.6%
STAMFORD LAND CORP LTD Chan Wai Chee 20-Dec-12 Buy 0.76 0.60 26.7%
SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.016 0.021 -23.8%
Perennial China Retail Trust Roy Chen 8-May-13 Accumulate 0.670 0.57 18.6%
CDL HOSPITALITY TRUSTS Change of Analyst 1.69
PARKWAYLIFE REAL ESTATE Change of Analyst 2.50
SABANA SHARIAH COMP IND REIT Change of Analyst 1.18
SATS LTD Change of Analyst 3.34
SIA ENGINEERING CO LTD Change of Analyst 4.93
SINGAPORE TECH ENGINEERING Change of Analyst 4.38
KEPPEL CORP LTD Nicholas Ong 19-Jul-13 Accumulate 12.25 10.55 16.1%
SEMBCORP INDUSTRIES LTD Change of Analyst 5.08
SEMBCORP MARINE LTD Nicholas Ong 31-May-13 Neutral 4.42 4.49 -1.6%
HU AN CABLE HOLDINGS LTD Chan Wai Chee 21-Dec-12 Buy 0.164 0.11 54.7%
SUNPOWER GROUP LTD Chan Wai Chee 20-Dec-12 Buy 0.250 0.18 38.9%
PAN-UNITED CORP LTD Joshua Tan 1-Mar-13 Buy 1.210 0.91 33.0%
BOUSTEAD SINGAPORE LTD Joshua Tan 30-May-13 Buy 1.935 1.46 32.5%
SINGAPORE AIRLINES LTD Change of Analyst 10.25
TIGER AIRWAYS HOLDINGS LTD Change of Analyst 0.61
NEPTUNE ORIENT LINES LTD Change of Analyst 1.05
SMRT CORP LTD Change of Analyst 1.46
COMFORTDELGRO CORP LTD Change of Analyst 1.99
HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee 21-Dec-12 Buy 0.27 0.300 -10.0%
EZRA HOLDINGS LTD Nicholas Ong 15-Jul-13 Neutral 1.00 0.870 14.9%
SINGAPORE TELECOM LTD Ken Ang 16-May-13 Accumulate 4.07 3.90 4.4%
STARHUB LTD Ken Ang 10-Jun-13 Accumulate 4.40 4.29 2.6%
M1 LTD Ken Ang 17-Jul-13 Accumulate 3.55 3.32 6.9%
Company AnalystDate of Last
ReportRating
Target Price
(US$)
Current Price
(US$)
Difference to Target
Price (%)
GARMIN LTD Wong Yong Kai 12-Apr-13 Trading Buy 39.55 37.21 6.3%
GENWORTH FINANCIAL INC-CL A Wong Yong Kai 7-Jun-13 Trading Buy 15.22 13.37 13.8%
Industrials (Transportation)
Technology & Communications
Phillip Securities Research - Singapore Stocks Coverage
Source: Phillip Securities Research Pte Ltd
# adjust for pref shares conversion to ord shares. Project valuation remains constant. Conversion $ and interest added to valuation.
Industrials (Capital Goods)
Phillip Securities Research - US Stocks Coverage
Commodities & Supply Chain Managers
Consumer Goods
Banking & Finance
Property (Developers)
Property (REITS)
#
Morning Note 26 July 2013
6 of 12
FTSE ST Breakdown (3M % Change)
STI -3.4%
-4.4%
-2.7%
-7.2%
-4.4%-6.4%
-8.9%
-1.0%
-13.2%
-8.8%
-1.5%
11.9%
2.7%
ST China
ST Real Estate
ST Re Invest Trust
ST Oil & Gas
ST Basic Materials
ST Industrials
ST Consumer Goods
ST Consumer Service
ST Telecommunicate
ST Utilites
ST Financials
ST Technology-6.0%
ST Healthcare
Source: Bloomberg
Last % Chg
0.079 25.4
1.810 17.5
0.060 13.2
0.070 11.1
0.445 8.5
Last % Chg
0.181 -13.8
0.220 -8.3
0.089 -8.2
0.017 -5.6
0.470 -5.1
UNITED FOOD HOLDINGS LTD
AVIC INTERNATIONAL MARITIME
EASTERN HOLDINGS LTD
CENTURION CORP LTD
RH PETROGAS LTD
Source: Bloomberg
ARMARDA GROUP LTD
WEIYE HOLDINGS LTD
STX PAN OCEAN CO LTD
Top Gainers (%)FTSE ST Market Cap. Breakdown (3M % Change)
Turnover ('mn shares)
Top Losers (%)
CHINA ENERGY LTD
UNCHANGED
COURAGE MARINE GROUP LTD
Source: Bloomberg Source: SGX
3,837
1,394
211
254
492
Turnover (S$'mn)
UP
DOWN
-2.4%
-7.9% 3.1%
ST All Share
ST Fledgling
ST Small Cap
ST Mid Cap
STI
-3.4%
-4.1%
Morning Note 26 July 2013
7 of 12
Source: Bloomberg
World Index
JCI -0.93% 4,674.12
HSI -0.31% 21,900.96
KLCI -0.09% 1,808.42
NIKKEI -1.14% 14,562.93
KOSPI -0.13% 1,909.61
SET -2.98% 1,456.68
SHCOMP -0.60% 2,021.17
SENSEX -1.42% 19,804.76
ASX 0.01% 5,035.61
FTSE 100 -0.49% 6,587.95
DOW 0.09% 15,555.61
S&P 500 0.26% 1,690.25
NASDAQ 0.71% 3,605.19 COLOMBO -0.67% 6,038.16
STI -1.19% 3,235.68
ETF % Change Change Last
ABF SINGAPORE BOND INDX FUND +0.43 +0.01 1.16
CIMB FTSE ASEAN 40 +1.47 +0.16 11.06
DB X-TRACKERS CSI300 UCITS -1.82 -0.13 7.00
DB X-TRACKERS MSCI JAPAN TRN -0.35 -0.16 45.86
DB X-TRACKERS S&P 500 UCITS -0.61 -0.17 27.72
DB X-TRACKERS CNX NIFTY UCIT -1.34 -1.40 102.82
DBX-TRACKERS EURO STXX 50 +1.41 +0.61 43.84
ISHARES MSCI INDIA INDEX ETF -2.49 -0.15 5.88
LYXOR ETF COMMODITIES CRB-CD -2.55 -0.07 2.67
LYXOR ETF MSCI AC ASIA EX JP -1.30 -0.06 4.56
LYXOR ETF MSCI INDIA -1.57 -0.21 13.18
NIKKO AM SINGAPORE STI ETF -0.30 -0.01 3.30
SPDR GOLD TRUST -1.58 -2.05 127.33
SPDR STRAITS TIMES INDEX ETF -1.20 -0.04 3.29
UNITED SSE 50 CHINA ETF +0.66 +0.01 1.53
ETF Performance
Source: Bloomberg
Morning Note 26 July 2013
8 of 12
EX Date Company Type Net Amount Currency Frequency Record Date Payout Date
7/26/2013 HOUR GLASS LTD/THE Regular Cash 0.0550 SGD Annual 7/30/2013 8/7/2013
7/29/2013 SMRT CORP LTD Final 0.0100 SGD Semi-Anl 7/31/2013 8/14/2013
7/29/2013 COURTS ASIA LTD Final 0.0101 SGD Irreg 7/31/2013 8/21/2013
7/29/2013 JAPAN FOODS HOLDING LTD Special Cash 0.0060 SGD Semi-Anl 7/31/2013 8/15/2013
7/29/2013 JAPAN FOODS HOLDING LTD Special Cash 0.0060 SGD Semi-Anl 7/31/2013 8/15/2013
7/29/2013 CAPITACOMMERCIAL TRUST Distribution 0.0401 SGD Semi-Anl 7/31/2013 8/29/2013
7/29/2013 ASCOTT RESIDENCE TRUST Pro Rata 0.0408 SGD Semi-Anl 7/31/2013 8/28/2013
7/29/2013 FRASERS CENTREPOINT TRUST Distribution 0.0285 SGD Quarter 7/31/2013 8/29/2013
7/29/2013 STARHILL GLOBAL REIT Distribution 0.0119 SGD Quarter 7/31/2013 8/23/2013
7/30/2013 SINGAPORE AIRLINES LTD Final 0.1700 SGD Semi-Anl 8/1/2013 8/16/2013
7/30/2013 SINGAPORE SHIPPING CORP LTD Regular Cash 0.0100 SGD Annual 8/1/2013 8/22/2013
7/30/2013 STAMFORD LAND CORP LTD Regular Cash 0.0200 SGD Annual 8/1/2013 8/22/2013
Corporate Action: Dividend
Source: Bloomberg
EX Date Company Type Subscription Price Currency Term Record Date
7/29/2013 WE HOLDINGS LTD Rights Issue 0.0150 SGD 1 per 1 7/31/2013
Source: Bloomberg
Corporate Action: Rights
Morning Note 26 July 2013
9 of 12
Name Expected Report Date
Flextronics International Ltd 7/26/2013
Nera Telecommunications Ltd 7/26/2013
First Real Estate Investment Trust 7/26/2013
Lian Beng Group Ltd 7/26/2013
GMG Global Ltd 7/26/2013
CDL Hospitality Trusts 7/26/2013
Broadway Industrial Group Ltd 7/26/2013
Mercator Lines Singapore Ltd 7/26/2013
Multi-Chem Ltd 7/26/2013
Mun Siong Engineering Ltd 7/26/2013
Polaris Limited 7/26/2013
SP Corp Ltd 7/26/2013
Indiabulls Properties Investment Trust 7/26/2013
Rickmers Maritime 7/26/2013
OKP Holdings Ltd 7/29/2013
Photon Kathaas Productions Ltd 7/29/2013
XP Power Ltd 7/29/2013
Hutchison Port Holdings Trust 7/30/2013
SMRT Corp Ltd 7/30/2013
Tuan Sing Holdings Ltd 7/30/2013
Baker Technology Ltd 7/30/2013
OSIM International Ltd 7/30/2013
Singapore Post Ltd 7/30/2013
Riverstone Holdings Ltd 7/30/2013
GKE Corp Ltd 7/30/2013
Lereno Bio-Chem Ltd 7/30/2013
United Overseas Insurance Ltd 7/30/2013
GP Batteries International Ltd 7/30/2013
Kulicke & Soffa Industries Inc 7/30/2013
AMG Bioenergy Resources Holdings Ltd 7/30/2013
Great Eastern Holdings Ltd 7/31/2013
BH Global Corp Ltd 7/31/2013
K1 Ventures Ltd 7/31/2013
Samudera Shipping Line Ltd 7/31/2013
Soup Restaurant Group Ltd 7/31/2013
Texchem-Pack Holdings Singapore Ltd 7/31/2013
Artivision Technologies Ltd 7/31/2013
Parkway Life Real Estate Investment Trust 8/1/2013
DBS Group Holdings Ltd 8/1/2013
SembCorp Marine Ltd 8/1/2013
Roxy-Pacific Holdings Ltd 8/1/2013
Lippo Malls Indonesia Retail Trust 8/1/2013
Aztech Group Ltd 8/1/2013
ASJ Holdings Ltd 8/1/2013
Cosco Corp Singapore Ltd 8/1/2013
Kingboard Copper Foil Holdings Ltd 8/1/2013
IPC Corp Ltd 8/1/2013
Excelpoint Technology Ltd 8/1/2013
Elec & Eltek International Co Ltd 8/1/2013
HL Global Enterprises Ltd 8/1/2013
China Aviation Oil Singapore Corp Ltd 8/1/2013
Earnings Announcement - Singapore
Source: Bloomberg
Morning Note 26 July 2013
10 of 12
Date Statistic For Survey Prior Date Statistic For Survey Prior
7/26/2013 Univ. of Michigan Confidence Jul F 84 83.9 7/26/2013 Industrial Production MoM Jun -0.50% 1.20%
7/29/2013 Pending Home Sales MoM Jun -0.012 0.067 7/26/2013 Industrial Production YoY Jun -3.50% 2.10%
7/29/2013 Pending Home Sales YoY Jun -- 12.50% 7/31/2013 Unemployment Rate 2Q P -- 1.90%
7/29/2013 Dallas Fed Manf. Activity Jul 650.00% 650.00% 7/31/2013 Credit Card Bad Debts Jun -- 22.6M
7/30/2013 S&P/CS 20 City MoM SA May 1.40% 1.72% 7/31/2013 Credit Card Billings Jun -- 3571.2M
7/30/2013 S&P/CS Composite-20 YoY May 12.43% 12.05% 7/31/2013 M1 Money Supply (YoY) Jun -- 15.40%
7/30/2013
S&P/CaseShiller Home Price Index
NSA May -- 152.37 7/31/2013 M2 Money Supply (YoY) Jun -- 9.90%
7/30/2013 Consumer Confidence Index Jul 81 81.4 7/31/2013 Bank Loans & Advances (YoY) Jun -- 18.80%
7/31/2013 MBA Mortgage Applications 41481 -- -0.012 8/1/2013 Electronics Sector Index Jul -- 51.2
7/31/2013 ADP Employment Change Jul 180K 188K 8/1/2013 Purchasing Managers Index Jul -- 51.7
7/31/2013
Bureau of Economic Analysis
Release Annual Revisions of GDP 05-16 AUG GDP (annualized) (QoQ) 2Q F -- 15.20%
7/31/2013 Employment Cost Index 2Q 0.004 0.003 05-16 AUG GDP YoY 2Q F -- 3.70%
7/31/2013 GDP Annualized QoQ 2Q A 1.00% 1.80% 8/7/2013 Automobile COE Open Bid Cat A 7-Aug -- 73989
7/31/2013 Personal Consumption 2Q A 0.014 2.60% 8/7/2013 Automobile COE Open Bid Cat B 7-Aug -- 76389
7/31/2013 GDP Price Index 2Q A 0.011 0.012 8/7/2013 Automobile COE Open Bid Cat E 7-Aug -- 76802
Source: BloombergSource: Bloomberg
US Singapore
Economic Announcement
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Important Information
This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (“Phillip Securities Research”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities Research shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources, which Phillip Securities Research has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this publication are based on such information and are expressions of belief of the individual author or the indicated source (as applicable) only. Phillip Securities Research has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete, appropriate or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, (i) be liable in any manner whatsoever for any consequences (including but not limited to any special, direct, indirect, incidental or consequential losses, loss of profits and damages) of any reliance or usage of this publication or (ii) accept any legal responsibility from any person who receives this publication, even if it has been advised of the possibility of such damages. You must make the final investment decision and accept all responsibility for your investment decision, including, but not limited to your reliance on the information, data and/or other materials presented in this publication. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this publication is not indicative of future results. This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This publication should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this research should take into account existing public information, including any registered prospectus in respect of such product.
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Section 27 of the Financial Advisers Act (Cap. 110) of Singapore and the MAS Notice on Recommendations on Investment Products (FAA-N01) do not apply in respect of this publication. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. Please contact Phillip Securities Research at [65 65311240] in respect of any matters arising from, or in connection with, this document. This report is only for the purpose of distribution in Singapore.
Contact Information (Singapore Research Team)
Management
Chan Wai Chee (CEO, Research - Special Opportunities)
+65 6531 1231 General Enquiries
Research Assistant +65 6531 1240 Joshua Tan (Head, Research - Equities & Asset Allocation)
+65 6531 1249
Global Macro, Asset Strategy Financials, Telecoms US Equities
Joshua Tan +65 6531 1249 Ken Ang +65 6531 1793 Wong Yong Kai +65 6531 1685
Greater China Macro & Equities Commodities, Offshore & Marine Real Estate Roy Chen +65 6531 1535 Nicholas Ong +65 6531 5440 Lucas Tan +65 6531 1229
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Kuala Lumpur Tel +603 2162 8841 Fax +603 2166 5099
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Tokyo 103-0026 Tel +81-3 3666 2101 Fax +81-3 3666 6090
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