MCI (P) 033/11/2013 Ref No: SGMN2013_0223 1 of 16

Morning Note

Phillip Securities Research Pte Ltd Singapore

20 November 2013

Weekly Market Outlook Webinar

Register HERE for the Monday webinar if you have not already done so.

Archived Webinar videos can be accessed via UniPhillip website - www.uniphillip.com => Education Programs => Phillip Securities Research Webinars

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 BRC Asia Limited FY13 SGD MN 425.0 388.4 9 35.7 16.5 116 Source: SGX Masnet

Morning Note 20 November 2013

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Company Highlights

Singapore Technologies Engineering Ltd announced that its electronics arm, Singapore Technologies Electronics Limited (ST Electronics),

has sold its entire 21.13% equity stake in Trusted Hub Ltd to Trusted Hub Ltd’s existing shareholder and President, Mr Wong Yaw Ming, for a cash consideration of S$1,200,000. This consideration was arrived at on a willing buyer, willing seller basis, taking into account the company’s past performance, current and projected financials. The divestment is part of an ongoing review by ST Electronics to streamline capabilities, optimise resources and divest minority investments that are no longer strategic to its business. This exercise is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year. (Closing Price: $4.040, 1.000%) Charisma Energy Services Limited wish to inform that the change of the Company’s trading counter name from “YHM Group Limited” to

“Charisma Energy” on the Catalist of the Singapore Exchange Securities Trading Limited will take effect on Wednesday, 20 November 2013 at 9.00 a.m. (Closing Price: $0.057, - %) Atlantic Navigation Holdings (Singapore) Limited announced that it has, through its wholly owned subsidiary, Atlantic Maritime Group FZE,

entered into shipbuilding contracts for the construction and delivery of a 75-metre platform supply vessel and a 6,400 BHP anchor handling tug supply vessel. These shipbuilding contracts are part of the Group’s continuing programme to upgrade and expand its operating fleet. The new vessels will increase the size of the fleet owned by the Group to 15 vessels and provide additional capabilities and capacity to meet the needs of its clients. Both vessels will be built in Guangzhou province in China. The AHTS is expected to be delivered in March 2014 while the PSV is scheduled for a March 2015 delivery. The total contract value for the aforementioned vessels is approximately US$28.7 million. The Group will be using internal resources to fund the building of the vessels, and they are not expected to have a significant impact on the Group’s earnings and tangible asset value for the financial year ending 2013. (Closing Price: $0.315, -12.500%) Swissco Holdings Limited announced that it has placed orders for 3 more vessels worth an aggregate of S$35 million (excluding owner supplied equipment) consisting of two anchor handling tug supply vessels, and one Multipurpose Utility Tug. The two units of AHTS with 80 tons bollard pull will be built at a Northern Chinese shipyard, while the multipurpose utility tug will be built at a Southern Chinese Yard. The newbuild vessels are expected to be delivered in FY2015, adding to the Group’s fleet capabilities. As part of its overall strategy in maintaining a competitive fleet of vessels available for charter, Swissco continuously renews its fleet to maintain a low age profile. This is complemented by expanding the fleet to improve the range of vessels offered and capabilities. (Closing Price: $0.290, - %) MoneyMax Financial Services Ltd. announced today that it has been included in the listing of the MSCI Singapore Micro Cap Index. (Closing Price: $0.330, - %) Westminster Travel Limited announced that the Company has, on 17 November 2013, entered into a: (a) conditional sale and purchase agreement with Corporate Travel Management (UK) Limited, pursuant to which the Company has agreed to sell and CTM has agreed to purchase, 751 ordinary shares amounting to 75.1% of the issued and paid-up share capital of the Company’s wholly owned subsidiary, Wealthy Aim Investments Limited for a cash consideration (“CTM Disposal Consideration”) of HK$354,146,490 (equivalent to S$56,951,385*); and (b) conditional sale and purchase agreement with Ever Prestige Investments Limited, pursuant to which the Company has agreed to sell and EPI has agreed to purchase, 249 ordinary shares amounting to 24.9% of the issued and paid-up share capital of WAIL for a cash consideration of HK$117,420,074 (equivalent to S$18,882,683*). The Disposal Consideration represents: (a) 154.76% to the Company’s market capitalisation (or a premium of 54.76% to the market capitalisation) of S$49.00 million and (b) 28.97% premium to the highest market capitalisation of S$58.80 million achieved by the Company since its listing on 23 January 2009 (based on the highest closing price of S$0.21 per Share on 5 October 2009). (Closing Price: $ - , - %) Source: SGX Masnet, The Business Times

Morning Note 20 November 2013

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Morning Commentary

STI: -0.34% to 3192.1 KLCI: +0.82% to 1807.2 JCI: +0.11% to 4398.3 SET: -0.81% to 1412.4 HSI: -0.01% to 23657 HSCEI: +0.51% to 11365 Nifty: +0.23% to 6203.3 ASX200: -0.59% to 5352.9 Nikkei: -0.25% to 15126 S&P500: -0.20% to 1787.9 MARKET OUTLOOK:

This week’s webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research Webinar. In it, we feature Sin Heng Heavy Machinery, Boustead, Starhub and Genting. This webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research Webinar. SECTOR/STRATEGY REPORTS:

- Sector Reports : Commodities,18 Sep / Banking, 9 Sep / Telecommunications, 9 Sep / Offshore & Marine, 26 Aug - Country Strategy : S’pore, 20 Sep / China & HK 1 Nov / Thai, 6 Nov - Macro Trader : 9 Sep, Update Source: Phillip Securities Research Pte Ltd

Macro Data

China:

China attracted 5.8 percent more foreign direct investment (FDI) inflows in the first ten months of 2013 from the same period a year ago, although the number of new enterprises established by foreign investment was down 9.2 percent y-o-y to 18,184. The Commerce Ministry said that October's FDI was up 1.2 percent y-o-y, marking the ninth straight monthly increase in the FDI while giving a total FDI inflow of US$97.03 billion in the January-October period. Eurozone:

German investor confidence rose to the highest level in more than four years, signaling that the economic recovery in Europe’s largest economy remains on track even after a third-quarter slowdown. It climbed for a fourth month to 54.6 in November. That’s the strongest reading since October 2009 and up from 52.8 the prior month. Economists predicted an increase to 54, according to the median of 40 estimates in a Bloomberg News survey. Source: Phillip Securities Research Pte Ltd

Morning Note 20 November 2013

4 of 14

Source: Bloomberg

STI - Index Members

2.5

% 2.2

%

1.7

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Morning Note 20 November 2013

5 of 14

80.70 -0.15% 272.47 -0.16%

108.33 -0.03% 2.703 -0.00%

1,275.65 -0.09% 15,967.03 -0.06%

557.59 +0.37% Straits Times Index 3,192.08 -0.34%

23,657.81 -0.01% 15,126.56 -0.25%

Dollar Index ThomReuters/JefferiesCRB

Crude oil, Brent (US$/bbl) US Treasury 10yr Yield

Gold (US$/Oz) DJI

MSCI Asia x-Japan

Hang Seng Index Nikkei 225 Index

Source: Bloomberg

1.201.401.601.802.002.202.402.602.803.00

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

Nov-1

3

2,600

2,800

3,000

3,200

3,400

3,600

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

12,000

13,000

14,000

15,000

16,000

Nov-1

2

Dec-1

2

Jan

-13

Feb-1

3

Mar-1

3

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

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Oct-1

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16,000

18,000

20,000

22,000

24,000

26,000

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

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-13

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3

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g-1

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Oct-1

3

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

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Morning Note 20 November 2013

6 of 14

Company AnalystDate of Last

ReportRating

Target

Price (S$)

Current

Price

Performance since

Last Report

Potential Return

at Current Price

GOLDEN AGRI-RESOURCES LTD Nicholas Ong 13-Nov-13 Neutral 0.50 0.595 5.3% -16.0%

WILMAR INTERNATIONAL LTD Nicholas Ong 8-Nov-13 Accumulate 3.88 3.62 4.9% 7.2%

COURTS ASIA LTD Ken Ang 14-Nov-13 Neutral 0.71 0.66 -5.0% 7.6%

GENTING SINGAPORE PLC Ken Ang 5-Nov-13 Neutral 1.49 1.45 -4.0% 3.1%

DBS GROUP HOLDINGS LTD Ken Ang 2-Nov-13 Accumulate 17.50 16.95 1.6% 3.2%

OVERSEA-CHINESE BANKING CORP Ken Ang 2-Nov-13 Neutral 9.55 10.44 0.8% -8.5%

UNITED OVERSEAS BANK LTD Ken Ang 6-Nov-13 Accumulate 21.20 21.01 1.0% 0.9%

MONEYMAX FINANCIAL SERVICES LTD Colin Tan 28-Oct-13 Buy 0.48 0.33 -17.5% 45.5%

SINGAPORE EXCHANGE LTD Ken Ang 18-Oct-13 Buy 7.90 7.29 0.8% 8.4%

AMARA HOLDINGS LTD Lucas Tan 14-Nov-13 Buy 0.74 0.56 0.9% 33.3%

HO BEE LAND LTD Lucas Tan 14-Aug-13 Accumulate 2.45 2.01 -6.5% 21.9%

OUE LTD Lucas Tan 11-Nov-13 Accumulate 2.82 2.48 5.1% 13.7%

GLOBAL LOGISTIC PROPERTIES L Phillip Research Team 15-Aug-13 Neutral 2.80 3.00 7.1% -6.7%

SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.022 0.022 37.5% 0.0%

Perennial China Retail Trust Phillip Research Team 14-Aug-13 Neutral 0.630 0.55 -1.8% 15.6%

KEPPEL CORP LTD Nicholas Ong 2-Oct-13 Accumulate 12.25 11.03 6.4% 11.1%

SEMBCORP MARINE LTD Nicholas Ong 6-Nov-13 Neutral 4.33 4.43 -1.6% -2.3%

SIN HENG HEAVY MACHINERY LTD Kenneth Koh 18/4/2013 Buy 0.265 0.21 0.0% 26.2%

PAN-UNITED CORP LTD Joshua Tan 14-Nov-13 Accumulate 1.260 1.00 3.1% 26.0%

BOUSTEAD SINGAPORE LTD Joshua Tan 12-Nov-13 Buy 2.050 1.57 12.1% 30.6%

EZRA HOLDINGS LTD Nicholas Ong 28-Oct-13 Neutral 1.18 1.340 8.9% -11.9%

EZION HOLDINGS LTD Nicholas Ong 18-Nov-13 Accumulate 2.53 2.070 -2.8% 22.2%

SINGAPORE TELECOMMUNICATIONS Colin Tan 15-Nov-13 Accumulate 4.06 3.71 -2.1% 9.4%

STARHUB LTD Colin Tan 8-Nov-13 Accumulate 4.52 4.32 0.2% 4.6%

M1 LTD Colin Tan 16-Oct-13 Accumulate 3.55 3.24 -6.4% 9.6%

Company AnalystDate of Last

ReportRating

Target

Price

(US$)

Current

Price

Performance since

Last Report

Potential Return

at Current Price

BANK OF AMERICA CORP Wong Yong Kai 3-Oct-13 Trading Sell 8.68 15.20 -8.1% 42.9%

GARMIN LTD Wong Yong Kai 1-Aug-13 Trading Sell 40.08 47.70 -19.0% 16.0%

GENWORTH FINANCIAL INC-CL A Wong Yong Kai 20-Sep-13 Trading Buy 18.04 14.77 21.4% 22.1%

ICONIX BRAND GROUP INC Wong Yong Kai 6-Aug-13 Trading Buy 43.19 37.97 11.4% 13.7%

NATIONAL OILWELL VARCO INC Wong Yong Kai 30-Sep-13 Trading Buy 90.92 83.16 5.1% 9.3%

OIL STATES INTERNATIONAL INC Wong Yong Kai 30-Sep-13 Trading Buy 120.83 103.99 0.1% 16.2%

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd

Source: Phillip Securities Research Pte Ltd

# adjust for pref shares conversion to ord shares. Project valuation remains constant. Conversion $ and interest added to valuation.

Property (Developers)

Property (REITS)

Industrials (Transportation)

Technology & Communications

Industrials (Capital Goods)

Phillip Securities Research - US Stocks Coverage

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

#

Morning Note 20 November 2013

7 of 14

FTSE ST Breakdown (3M % Change)

STI 2.0%

1.0%

6.1%

-1.3%

-10.9%2.1%

4.1%

7.7%

3.5%

1.6%

-39.8%

1.9%

0.8%

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 Technology2.1%

ST Healthcare

Source: Bloomberg

Last % Chg

0.265 23.3

0.150 14.5

0.230 9.5

0.084 6.3

0.340 6.3

Last % Chg

0.315 -12.5

0.008 -11.1

0.365 -9.9

0.093 -9.7

0.530 -7.8

ATLANTIC NAVIGATION HOLDINGS

TOP GLOBAL LTD

DUKANG DISTILLERS HOLDINGS L

RH PETROGAS LTD

Source: Bloomberg

ARTIVISION TECHNOLOGIES LTD

516

Turnover (S$'mn)

C&G ENVIRONMENTAL PROTECTION

SAMKO TIMBER LTD

Top Gainers (%)FTSE ST Market Cap. Breakdown (3M % Change)

Turnover ('mn shares)

Top Losers (%)

FU YU CORP LTD

ASIATRAVEL.COM HOLDINGS LTD

UP

DOWN

UNCHANGED

TRITECH GROUP LIMITED

Source: Bloomberg Source: SGX

1,690

892

176

264

-1.3%

-0.7% -2.2%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI

2.0%

1.3%

Morning Note 20 November 2013

8 of 14

Source: Bloomberg

World Index

JCI 0.11% 4,398.34

HSI -0.01% 23,657.81

KLCI 0.82% 1,807.16

NIKKEI -0.25% 15,126.56

KOSPI -0.34% 2,024.64

SET -0.81% 1,412.44

SHCOMP -0.19% 2,193.13

SENSEX 0.19% 20,890.82

ASX -0.59% 5,352.90

FTSE 100 -0.38% 6,698.01

DOW -0.06% 15,967.03

S&P 500 -0.20% 1,787.87

NASDAQ -0.44% 3,931.55 COLOMBO -0.26% 5,809.15

STI -0.34% 3,192.08

Morning Note 20 November 2013

9 of 14

ETF % Change Change Last

DB X-TRACKERS CSI300 UCITS -1.58 -0.12 7.49

DB X-TRACKERS FTSE CHINA 25 +0.98 +0.30 31.06

DB X-TRACKERS FTSE VIETNAM +1.15 +0.28 24.59

DB X-TRACKERS MSCI INDONESIA +0.88 +0.11 12.55

DB X-TRACKERS MSCI JAPAN TRN -0.25 -0.12 47.20

DB X-TRACKERS MSCI WORLD TRN -0.48 -0.02 4.18

DB X-TRACKERS S&P 500 UCITS -0.61 -0.18 29.44

DB X-TRACKERS S&P 500 INV DA +0.45 +0.12 26.90

ISHARES MSCI INDIA INDEX ETF +2.07 +0.12 5.92

LYXOR UCITS ETF CHINA ENTER +0.99 +0.15 15.25

LYXOR ETF COMMODITIES THOMSO -1.56 -0.04 2.53

LYXOR UCITS ETF HANG SENG IN +1.34 +0.04 3.03

LYXOR ETF JAPAN TOPIX -0.40 -0.01 1.24

LYXOR ETF MSCI EMER MKTS-B +0.10 +0.01 10.19

LYXOR ETF MSCI INDIA +1.95 +0.25 13.05

LYXOR ETF MSCI KOREA-USD B +4.78 +0.26 5.70

LYXOR ETF MSCI TAIWAN -0.10 -0.00 1.03

NIKKO AM SINGAPORE STI ETF -0.31 -0.01 3.24

SPDR GOLD SHARES -0.73 -0.91 123.08

SPDR STRAITS TIMES INDEX ETF -0.61 -0.02 3.24

UNITED SSE 50 CHINA ETF -1.84 -0.03 1.60

ETF Performance

Source: Bloomberg

Morning Note 20 November 2013

10 of 14

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date

11/20/2013 GRP LTD Final 0.0100 SGD Semi-Anl 11/22/2013 12/2/2013

11/20/2013 SP AUSNET Income 0.0240 AUD Semi-Anl 11/22/2013 12/23/2013

11/20/2013 SP AUSNET Income 0.0240 AUD Semi-Anl 11/22/2013 12/23/2013

11/20/2013 SP AUSNET Income 0.0240 AUD Semi-Anl 11/22/2013 12/23/2013

11/20/2013 SINGAPORE AIRLINES LTD Interim 0.1000 SGD Semi-Anl 11/22/2013 12/3/2013

11/20/2013 SINGAPORE AIRLINES LTD Interim 0.1000 SGD Semi-Anl 11/22/2013 12/3/2013

11/20/2013 VODAFONE GROUP PLC-SP ADR Regular Cash 0.5469 USD Semi-Anl 11/22/2013 2/5/2014

11/20/2013 TAT HONG HOLDINGS LTD Interim 0.0100 SGD Semi-Anl 11/22/2013 12/2/2013

11/21/2013 AZEUS SYSTEMS HOLDINGS LTD Regular Cash 0.1038 HKD Annual 11/25/2013 12/4/2013

11/22/2013 GP BATTERIES INTL LTD Omitted N.A. SGD Semi-Anl N.A. N.A.

11/25/2013 CIVMEC LTD Regular Cash 0.0070 SGD Annual 11/27/2013 12/16/2013

11/25/2013 SERIAL SYSTEM LTD Special Cash 0.0025 SGD Semi-Anl 11/27/2013 12/4/2013

Corporate Action: Dividend

Source: Bloomberg

Morning Note 20 November 2013

11 of 14

Name Expected Report Date

Blumont Group Ltd 11/21/2013

Armstrong Industrial Corp Ltd 11/21/2013

Cedar Strategic Holdings Ltd 11/21/2013

CosmoSteel Holdings Ltd 11/21/2013

Ossia International Ltd 11/21/2013

Dynasty Real Estate Investment Trust 11/22/2013

Food Junction Holdings Ltd 11/22/2013

Mclean Technologies Bhd 11/22/2013

Falcon Energy Group Ltd 11/22/2013

Kori Holdings Ltd 11/22/2013

Technics Oil & Gas Ltd 11/22/2013

Etika International Holdings Ltd 11/22/2013

NH Ceramics Ltd 11/22/2013

GDS Global Ltd 11/22/2013

Asian Pay Television Trust 11/22/2013

ISOTEAM LTD 11/22/2013

Singapore Kitchen Equipment Ltd 11/22/2013

Hisaka Holdings Ltd 11/26/2013

PNE Industries Ltd 11/26/2013

Marco Polo Marine Ltd 11/26/2013

BRC Asia Ltd 11/26/2013

Starland Holdings Ltd 11/26/2013

Chew's Group Ltd 11/27/2013

PNE Micron Holdings Ltd 11/27/2013

Goodland Group Ltd 11/27/2013

Keong Hong Holdings Ltd 11/28/2013

Amplefield Ltd 11/28/2013

Craft Print International Ltd 11/28/2013

Nexus Floating Production Ltd 11/28/2013

AMG Bioenergy Resources Holdings Ltd 11/28/2013

Asiatravel.com Holdings Ltd 11/29/2013

Casa Holdings Ltd 11/29/2013

Nam Lee Pressed Metal Industries Ltd 11/29/2013

Avago Technologies Ltd 12/4/2013

Stamford Tyres Corp Ltd 12/6/2013

Popular Holdings Ltd 12/10/2013

XMH Holdings Ltd 12/11/2013

Low Keng Huat Singapore Ltd 12/11/2013

Datapulse Technology Ltd 12/12/2013

LifeBrandz Ltd 12/13/2013

Freight Links Express Holdings Ltd 12/13/2013

Ipco International Ltd 12/13/2013

Scorpio East Holdings Ltd 12/13/2013

Xpress Holdings Ltd 12/13/2013

Novo Group Ltd/Singapore 12/13/2013

Mortice Ltd 12/18/2013

Transview Holdings Ltd 12/27/2013

ecoWise Holdings Ltd 12/27/2013

Second Chance Properties Ltd 1/3/2014

Cheung Woh Technologies Ltd 1/7/2014

TEE International Ltd 1/8/2014

Earnings Announcement - Singapore

Calendar

Source: Bloomberg

Morning Note 20 November 2013

12 of 14

Date Statistic For Survey Prior Date Statistic For Survey Prior

11/20/2013 MBA Mortgage Applications 15-Nov -- -1.80% 11/20/2013 Automobile COE Open Bid Cat A 20-Nov -- 7260900.00%

11/20/2013 Retail Sales Advance MoM Oct 0.10% -0.10% 11/20/2013 Automobile COE Open Bid Cat B 20-Nov -- 8457800.00%

11/20/2013 Retail Sales Ex Auto MoM Oct 0.10% 0.40% 11/20/2013 Automobile COE Open Bid Cat E 20-Nov -- 8900100.00%

11/20/2013 Retail Sales Ex Auto and Gas Oct 0.20% 0.40% 11/21/2013 GDP SAAR QoQ 3Q F -0.30% -1.00%

11/20/2013 Retail Sales Control Group Oct 0.30% 0.50% 11/21/2013 GDP YoY 3Q F 5.30% 5.10%

11/20/2013 CPI MoM Oct 0.00% 0.20% 11/25/2013 CPI NSA MoM Oct -- 0.10%

11/20/2013 CPI Ex Food and Energy MoM Oct 0% 0.10% 11/25/2013 CPI YoY Oct -- 1.60%

11/20/2013 CPI YoY Oct 1.00% 1.20% 11/26/2013 Industrial Production SA MoM Oct -- 3.70%

11/20/2013 CPI Ex Food and Energy YoY Oct 1.70% 1.70% 11/26/2013 Industrial Production YoY Oct -- 9.30%

11/20/2013 CPI Core Index SA Oct 23493.80% 23458.90% 11/29/2013 Credit Card Bad Debts Oct -- 19.8M

11/20/2013 CPI Index NSA Oct 23360.00% 23414.90% 11/29/2013 Credit Card Billings Oct -- 3393.6M

11/20/2013 Existing Home Sales Oct 5.15M 5.29M 11/29/2013 Money Supply M1 YoY Oct -- 15.30%

11/20/2013 Existing Home Sales MoM Oct -2.70% -1.90% 11/29/2013 Money Supply M2 YoY Oct -- 7.50%

11/20/2013 Business Inventories Sep 0.30% 0.30% 11/29/2013 Bank Loans and Advances YoY Oct -- 15.70%

11/21/2013 12/2/2013 Foreign Reserves Nov -- $271.78B

US Singapore

Economic Announcement

Source: BloombergSource: Bloomberg

Fed Releases Minutes from Oct 29-30 FOMC Meeting

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Macro | Asset Allocation | Equities Financials US Equities

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Colin Tan +65 6531 1221 Nicholas Ong +65 6531 5440 Lucas Tan +65 6531 1229 Market Analyst | Equities

Kenneth Koh +65 6531 1791

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