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MCI (P) 129/11/2012 Ref No: SGMN2012_0080 1 of 16
Morning Note
Phillip Securities Research Pte Ltd Singapore
26 April 2013
Fundamental Call
CapitaMalls Asia Ltd – Company Results (Bryan Go) Recommendation: Neutral Previous close: S$2.04 Fair value: S$2.11
1Q13 revenue increased 30%y-y to $91.5mn, PATMI increased 9.6%y-y
Better results were attributable to higher fee income, contributions from newly acquired/opened malls, as well as improvement in existing portfolio
We believe its current price has reflected the relevant improvement.
Maintain Neutral with fair value unchanged at $2.11
Source: Phillip Securities Research Pte Ltd
Morning Note 26 April 2013
2 of 15
Morning Commentary
- STI: +0.45% to 3337.7 - SET: +1.31% to 1574.3 - JCI: -0.34% to 4994.5 - KLCI: -0.06% to 1706.3 - HSCEI: +1.30% to 10772.8 - Hang Seng: +0.98% to 22401.2 - Nikkei 225: +0.60% to 13926.1 - ASX200: +0.26% to 3397.1 - India NIFTY: +1.36% to 5916.3 - S&P500: +0.40% to 1585.2 OCBC – Great Eastern 1Q13 results highlight by Ken Ang Great Eastern Holdings Limited reported 1Q13 profit of S$207.5 million. This represents a 21.0% y-y, and 8.0% q-q decline. Profit from life assurance declined 19.2% y-y, 15.2% q-q, to S$178.2 million, due to weaker contributions from non-participating funds. Contributions from non-participating funds declined 36.7% y-y, 27.1% q-q, from exceptionally high contribution levels registered last year. We note that New Business Embedded Value (NBEV), which is a measure of long term profitability of new sales, declined 7.1% y-y in 1Q13. NBEV had previously also registered a 21.4% y-y decline in 4Q12. On a positive note, Great Eastern guided that a high proportion of Profit from Insurance Business to be recurring in nature. This portion has been consistently more than S$100 million in the last five quarters, and represents 71.0% of 1Q13’s total Profit from Insurance Business. 1Q13’s Profit from life assurance was above our forecast of S$130 million, and is expected to contribute positively to OCBC’s 1Q13 results. MARKET OUTLOOK: By Ng Weiwen, Macro Analyst Main key risk event today (for the Nikkei as well as risk sentiment) will be BOJ’s monetary policy meeting (which we do not expect any new major policy announcements and shift from Kuroda’s dovish stance earlier in April). Keep a close eye on BoJ’s inflation forecasts and revisions for FY 2013 thru’ 2015 as that would given an indication of the BoJ’s commitments to end an era of deflation and reflate the economy. Any positive policy surprise could provide the catalyst for the USD/JPY to clear the elusive psychological 100 level and consequently boost the Nikkei (with is already at multi-year high). In the US, the S&P500 continued to inch up (silently) on the back of reassurance that the labour market is gradually healing based on lower-than-expected initial jobless claims data as well as hopes of an ECB rate cut next week. UK narrowly avoided a triple-dip recession and that sent the cable (GBP/USD) wild (+ 130 pips) on release of the 1q13 GDP data, after trading in a relatively tight range in recent days. But do fade this rally in the cable; it’s likely to be unsustainable in view of the broader economic climate. Disappointing EZ PMIs (esp Germany) have increased the odds of a rate cut at the next monetary meeting on 2nd May. We are pencilling in a possible 25 bps cut in refinancing rate, with no change to the deposit rate floor. Though, we caution that a rate cut –even if materialise- may not actually boost the real economy (esp for economies that need it most). HSI gapped up (slightly) above its 20dma. But reckon that any technical rebound is likely to be limited unless the HSI decisively clears above 22.5k level which markets have yet to attempt. STI next stop: 3400 psychological hurdle; key support pegged at 3320/3250. In Singapore, the main event risk will be March industrial production data –scheduled for release at 1pm today. The Singapore dollar has been strong of late, with the USD/SGD slipping to 1.2371 intra-day low during Asian session yesterday. But that was largely due to PBoC’s record yuan fixing. Looking ahead, USD/SGD is likely to remain stable without significant impetus either direction. (All equity indices mentioned in this note are tradeable with Phillip CFDs or ETFs) SECTOR/STRATEGY REPORTS: - Sector Reports: Bank, 1 Apr / REIT, 28 Mar / Commodities, 6 Mar / Transportation, 28 Feb / Telecommunications, 28 Feb / Property, 16 Jan / Gaming, 4 Jan - Country Strategy: China & HK, 24 Apr / Thai, 5 Apr / S’pore, 8 Mar - Global Macro, Asset Strategy: 12 Apr, Update / US, 20 Mar / 4 Mar, Update / ASEAN, 5 Dec
Source: Phillip Securities Research Pte Ltd
Morning Note 26 April 2013
3 of 15
Macro Data
In the US, the labour market is healing (albeit slowly). Initial jobless claims slumped by 16k wk-on-wk to 339k for the week ending Apr 20 from the preceding week figure (which was revised higher). The 4-week moving average of claims declined by 5k, as compared to the 4k gain in the preceding week. This suggest that the recent large upward swing in claims in the second half of March is likely to be transitory, distorted by seasonal effects. (by Ng Weiwen) In Philippine, the central bank (BSP) stood pat in April, maintaining the key policy rate while cutting the rate on its special deposit account by 50 bps, likely in an attempt to temper the appreciation of the Philippine peso, rather than stimulating growth per se. (By Ng Weiwen) In South Korea, GDP grew by 0.9% q-q in 1q13, beating the market expected 0.7% q-q pace, after the 0.3% q-q gain in 4q12. On y-y basis, GDP grew by 1.5% y-y, the same pace as the 1.5% y-y pace achieved in 4q12. The better than expected GDP data would likely refrain from the further benchmark rate cut in the near term. (by Roy Chen) Source: Phillip Securities Research Pte Ltd
Source: Bloomberg
STI - Index Members
4.4
%
3.9
%
3.6
%
2.7
%
2.6
%
1.5
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1.5
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1.3
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1.3
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1.2
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1.2
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1.1
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1.1
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0.8
%
0.7
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0.7
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0.6
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0.5
%
0.4
%
0.2
%
0.0
%
-0.4
%
-0.7
%
-0.8
%
-0.9
%
-0.9
%
-0.9
%
-1.5
%
-1.7
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-2.6
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-15%
-10%
-5%
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15%
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Morning Note 26 April 2013
4 of 15
Company Results
S/N Company Name Q/HY/FY Currency,
Units
Revenue Net Profit
Current Previous Change
(%) Current Previous
Change (%)
1 BAKER TECHNOLOGY LTD
1Q S$’000 25,059 35,101 (29) 3,247 13,605 (76)
2 EUCON HOLDING LTD 1Q S$’000 17,921 16,980 6 (2,524) (6,065) N.M.
3 DUTY FREE INTERNATIONAL LTD
FY RM '000 154,171 141,692 8.8 19,469 21,302 (8.6)
4 CREATIVE TECHNOLOGY LTD
3Q S$’000 33,831 44,886 (24.7) (10,445) (1,575) N.M.
5 CHINA ENVIRONMENT LTD
1Q RMB'000 60,915 79,421 (23.3) 7,146 15,716 (54.5)
6 SHENG SIONG GROUP LTD
1Q S$’000 179,390 159,796 12.3 10,503 16,838 (37.6)
7 LH GROUP LTD 1Q S$’000 3,409 1,652 106.36 (312) (1,268) N.M.
8 NICO STEEL HOLDINGS LTD
FY USD’000 34,080 41,260 (17) 131 3,273 (96)
9 TECHNICS OIL & GAS LTD
HY S$’000 19,368 85,125 (77) 765 12,541 (94)
10 CHINA MERCHANTS HLDGS (PACIFIC)
1Q HK$'000 436,355 343,255 (27) 128,429 112,184 14
11 GREAT EASTERN HLDGS LTD
1Q S$’mil 1,620.1 1,470.0 10 207.5 262.5 (21)
12 CAPITAMALLS ASIA LTD 1Q S$’000 91,518 70,890 29.1 73,233 66,828 9.6
Source: SGX Masnet
Company Highlights
Raffles Education Corporation Limited announced that it intends to issue S$50,000,000 5.9% Fixed Rate Notes due 2018 (the "Notes"). The Notes will be issued under the S$300,000,000 Medium Term Note Programme established by the Company on 22 February 2012 (the "Programme"). The Hongkong and Shanghai Banking Corporation Limited and United Overseas Bank Limited have been appointed as the joint lead managers and bookrunners for the Notes. (Closing price: S$ 0.330, 1.538%) Riverstone Holdings Limited announced the issue and allotment of an aggregate of 8,415,880 ordinary shares in the capital of the Company at the exercise price of S$0.31 each, pursuant to the exercise of the 8,415,880 warrants. These new shares has been listed and quoted on the Singapore Exchange Securities Trading Limited on 26 April 2013. (Closing price: S$0.490, +1.031%) AIMS AMP Capital Industrial REIT Management Limited, as manager of AIMS AMP Capital Industrial REIT, announced that further to its announcement dated 17 April 2013 in relation to the proposed private placement of new units in AIMSAMPIREIT (the “New Units”) to
institutional and other investors (the “Private Placement”) and its announcement dated 17 April 2013 in relation to the close of the Private
Placement, approval in-principle has been obtained today from Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing of, dealing in, and quotation on the Main Board of the SGX-ST of, 68,750,000 New Units which are to be issued pursuant to the Private Placement at an issue price of S$1.60 per New Unit. (Closing price: S$1.785, +2.586%)
Source: SGX Masnet, The Business Times
Morning Note 26 April 2013
5 of 15
82.74 -0.37% 287.13 +1.50%
101.26 +1.42% 1.708 +0.00%
1,467.88 -0.21% 14,700.80 +0.17%
545.71 +0.90% Straits Times Index 3,337.71 +0.45%
22,401.24 +0.98% 13,926.08 0.60%
Dollar Index ThomReuters/JefferiesCRB
Crude oil, Brent (US$/bbl) US Treasury 10yr Yield
Gold (US$/Oz) DJI
MSCI Asia x-Japan
Hang Seng Index Nikkei 225 Index
Source: Bloomberg
1.20
1.40
1.60
1.80
2.00
2.20
2.40
Apr-1
2
May-1
2
Jun-1
2
Jul-1
2
Aug-12
Sep-12
Oct-1
2
Nov-12
Dec-12
Jan-1
3
Feb
-13
Mar-1
3
2,500
2,700
2,900
3,100
3,300
3,500
Apr-1
2
May-1
2
Jun-1
2
Jul-1
2
Aug-12
Sep-12
Oct-1
2
Nov-12
Dec-12
Jan-1
3
Feb
-13
Mar-1
3
12,000
13,000
14,000
15,000
16,000
Apr-1
2
May-1
2
Jun-1
2
Jul-1
2
Aug-12
Sep-12
Oct-1
2
Nov-12
Dec-12
Jan-1
3
Feb
-13
Mar-1
3
18,000
19,000
20,000
21,000
22,000
23,000
24,000
Apr-1
2
May-1
2
Jun-1
2
Jul-1
2
Aug-12
Sep-12
Oct-1
2
Nov-12
Dec-12
Jan-1
3
Feb
-13
Mar-1
3
7,500
8,500
9,500
10,500
11,500
12,500
13,500
14,500
Apr-1
2
May-1
2
Jun-1
2
Jul-1
2
Aug-12
Sep-12
Oct-1
2
Nov-12
Dec-12
Jan-1
3
Feb
-13
Mar-1
3
1,000
1,300
1,600
1,900
Apr-1
2
May-1
2
Jun-1
2
Jul-1
2
Aug-12
Sep-12
Oct-1
2
Nov-12
Dec-12
Jan-1
3
Feb
-13
Mar-1
3
Apr-1
3
78
80
82
84
86
Apr-1
2
Ma
y-12
Jun-1
2
Jul-1
2
Aug-1
2
Sep-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan-1
3
Feb
-13
Ma
r-13
260
280
300
320
340
Apr-1
2
Ma
y-12
Jun-1
2
Jul-1
2
Aug-1
2
Sep-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan-1
3
Feb
-13
Ma
r-13
80
90
100
110
120
130
Apr-1
2
May-1
2
Jun-1
2
Jul-1
2
Aug
-12
Sep
-12
Oct-1
2
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-1
3
420
440
460
480
500
520
540
560
580
Apr-1
2
May-1
2
Jun-1
2
Jul-1
2
Aug-12
Sep-12
Oct-1
2
Nov-12
Dec-12
Jan-1
3
Feb
-13
Mar-1
3
Morning Note 26 April 2013
6 of 15
Company AnalystDate of Last
ReportRating
Target Price
(S$)
Current Price
(S$)
Difference to Target
Price (%)
GOLDEN AGRI-RESOURCES LTD Nicholas Ong 22-Apr-13 Neutral 0.55 0.565 -2.7%
WILMAR INTERNATIONAL LTD Nicholas Ong 22-Apr-13 Accumulate 3.70 3.35 10.4%
COURTS ASIA LTD Ken Ang 25-Mar-13 Buy 1.14 0.96 18.8%
GENTING SINGAPORE PLC Ken Ang 22-Feb-13 Neutral 1.41 1.48 -4.7%
COMBINE WILL INTERNATIONAL H Chan Wai Chee 20-Dec-12 Buy 0.93 0.63 48.8%
CORDLIFE GROUP LTD Derrick Heng 8-Apr-13 Buy 0.84 0.71 19.1%
DBS GROUP HOLDINGS LTD Ken Ang 7-Feb-13 Accumulate 15.80 16.18 -2.3%
OVERSEA-CHINESE BANKING CORP Ken Ang 18-Feb-13 Reduce 8.84 10.96 -19.3%
UNITED OVERSEAS BANK LTD Ken Ang 28-Feb-13 Accumulate 20.95 20.91 0.2%
SINGAPORE EXCHANGE LTD Ken Ang 17-Apr-13 Accumulate 8.00 7.53 6.2%
CAPITALAND LTD Bryan Go 22-Feb-13 Accumulate 4.05 3.58 13.1%
CAPITAMALLS ASIA LTD Bryan Go 26-Apr-13 Neutral 2.11 2.04 3.4%
HO BEE INVESTMENT LTD Bryan Go 1-Mar-13 Buy 2.29 2.10 9.0%
KEPPEL LAND LTD Bryan Go 19-Apr-13 Neutral 4.24 4.01 5.7%
OVERSEAS UNION ENTERPRISE Bryan Go 1-Apr-13 Accumulate 3.24 3.10 4.5%
GLOBAL LOGISTIC PROPERTIES L Roy Chen 7-Feb-13 Neutral 2.77 2.75 0.7%
GLOBAL PREMIUM HOTELS LTD Chan Wai Chee 9-Nov-12 Buy 0.305 0.26 17.3%
STAMFORD LAND CORP LTD Chan Wai Chee 20-Dec-12 Buy 0.76 0.59 29.9%
SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.016 0.034 -52.9%
CDL HOSPITALITY TRUSTS Change of Analyst 2.05
PARKWAYLIFE REAL ESTATE Change of Analyst 2.65
SABANA SHARIAH COMP IND REIT Change of Analyst 1.34
SATS LTD Derrick Heng 31-Jan-13 Accumulate 3.33 3.13 6.4%
SIA ENGINEERING CO LTD Derrick Heng 6-Feb-13 Buy 6.10 4.96 23.0%
SINGAPORE TECH ENGINEERING Derrick Heng 18-Feb-13 Accumulate 4.50 4.54 -0.9%
KEPPEL CORP LTD Nicholas Ong 19-Apr-13 Accumulate 12.34 10.82 14.0%
SEMBCORP INDUSTRIES LTD Change of Analyst 5.11
SEMBCORP MARINE LTD Nicholas Ong 26-Mar-13 Neutral 4.69 4.26 10.1%
HU AN CABLE HOLDINGS LTD Chan Wai Chee 21-Dec-12 Buy 0.164 0.14 18.8%
SUNPOWER GROUP LTD Chan Wai Chee 20-Dec-12 Buy 0.250 0.18 38.1%
PAN-UNITED CORP LTD Joshua Tan 1-Mar-13 Buy 1.210 0.95 28.0%
BOUSTEAD SINGAPORE LTD Joshua Tan 25-Feb-13 Buy 1.800 1.39 29.5%
SINGAPORE AIRLINES LTD Derrick Heng 13-Feb-13 Accumulate 13.00 10.90 19.3%
TIGER AIRWAYS HOLDINGS LTD Derrick Heng 6-Mar-13 Sell 0.65 0.68 -3.7%
NEPTUNE ORIENT LINES LTD Derrick Heng 25-Feb-13 Neutral 1.32 1.12 17.9%
SMRT CORP LTD Derrick Heng 1-Apr-13 Sell 1.20 1.51 -20.5%
COMFORTDELGRO CORP LTD Derrick Heng 13-Feb-13 Neutral 1.83 1.94 -5.4%
HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee 21-Dec-12 Buy 0.27 0.235 14.9%
SINGAPORE TELECOM LTD Ken Ang 15-Feb-13 Neutral 3.31 3.78 -12.4%
STARHUB LTD Ken Ang 8-Feb-13 Reduce 3.61 4.58 -21.2%
M1 LTD Ken Ang 17-Apr-13 Neutral 2.58 3.27 -21.1%
# adjust for pref shares conversion to ord shares. Project valuation remains constant. Conversion $ and interest added to valuation.
Commodities & Supply Chain Managers
Consumer Goods
Banking & Finance
Property (Developers)
Property (REITS)
Industrials (Capital Goods)
Industrials (Transportation)
Technology & Communications
Phillip Securities Research - Singapore Stocks Coverage
Source: Phillip Securities Research Pte Ltd
#
Morning Note 26 April 2013
7 of 15
FTSE ST Breakdown (3M % Change)
STI 2.1%
5.2%
-8.9%
1.1%
-12.6%1.1%
1.4%
-5.0%
8.9%
1.2%
0.3%
2.9%
10.5%
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-7.0%
ST Healthcare
Source: Bloomberg
Last % Chg
0.005 25.0
0.100 17.6
0.149 15.5
0.170 13.3
0.011 10.0
Last % Chg
0.168 -16.0
0.018 -10.0
0.147 -5.8
0.018 -5.3
0.173 -4.4
YONGMAO HOLDINGS LTD
AUSSINO GROUP LTD
EQUATION CORP LTD
TOP GLOBAL LTD
TT INTERNATIONAL LTD
Source: Bloomberg
UNITED FIBER SYSTEM LTD
ICP LTD
C&G ENVIRONMENTAL PROTECTION
Top Gainers (%)FTSE ST Market Cap. Breakdown (3M % Change)
Turnover ('mn shares)
Top Losers (%)
ACTION ASIA LTD
UNCHANGED
WILLAS-ARRAY ELECTRONICS
Source: Bloomberg Source: SGX
2,172
1,713
244
191
509
Turnover (S$'mn)
UP
DOWN
4.3%
4.4% 3.2%
ST All Share
ST Fledgling
ST Small Cap
ST Mid Cap
STI
2.1%
2.6%
Morning Note 26 April 2013
8 of 15
Source: Bloomberg
World Index
JCI -0.34% 4,994.52
HSI 0.98% 22,401.24
KLCI -0.06% 1,706.34
NIKKEI 0.60% 13,926.08
KOSPI 0.84% 1,951.60
SET 1.31% 1,574.25
SHCOMP -0.86% 2,199.31
SENSEX 1.19% 19,406.85
ASX 1.72% 5,102.43
FTSE 100 0.17% 6,442.59
DOW 0.17% 14,700.80
S&P 500 0.40% 1,585.16
NASDAQ 0.62% 3,289.99 COLOMBO 0.85% 5,933.73
STI 0.45% 3,337.71
ETF % Change Change Last
CIMB FTSE ASEAN 40 +2.11 +0.24 11.60
DB X-TRACKERS CSI300 UCITS -1.40 -0.11 7.72
DB X-TRACKERS FTSE CHINA 25 +1.26 +0.35 28.03
DB X-TRACKERS MSCI EUROPE IN -0.06 -0.03 50.34
DB X-TRACKERS MSCI INDONESIA -1.54 -0.27 17.26
DB X-TRACKERS MSCI JAPAN TRN +1.64 +0.72 44.68
DB X-TRACKERS CNX NIFTY UCIT -0.13 -0.14 110.60
DB X-TRACKERS S&P/ASX 200 UC +1.22 +0.50 41.56
ISHARES MSCI INDIA INDEX ETF -1.10 -0.07 6.30
LYXOR ETF CHINA ENTERPRISE +2.34 +0.32 14.00
LYXOR ETF COMMODITIES CRB-CD +0.78 +0.02 2.60
LYXOR ETF HANG SENG INDEX 10 +2.54 +0.07 2.83
LYXOR ETF MSCI AC ASIA EX JP +1.91 +0.09 4.81
LYXOR ETF MSCI EMER MKTS-B -0.20 -0.02 10.23
LYXOR ETF MSCI KOREA-USD B +0.40 +0.02 5.02
LYXOR ETF MSCI TAIWAN +0.20 +0.00 0.99
NIKKO AM SINGAPORE STI ETF +0.60 +0.02 3.36
SPDR GOLD TRUST +1.56 +2.15 139.75
SPDR STRAITS TIMES INDEX ETF +1.20 +0.04 3.36
UNITED SSE 50 CHINA ETF -1.17 -0.02 1.69
ETF Performance
Source: Bloomberg
Morning Note 26 April 2013
9 of 15
EX Date Company Type Net Amount Currency Frequency Record Date Payout Date
4/26/2013 SINGAPORE TECH ENGINEERING Special Cash 0.0980 SGD Semi-Anl 4/30/2013 5/17/2013
4/26/2013 COSCO CORP SINGAPORE LTD Regular Cash 0.0200 SGD Annual 4/30/2013 5/17/2013
4/26/2013 UPP HOLDINGS LTD Regular Cash 0.0015 SGD Annual 4/30/2013 5/15/2013
4/26/2013 PAN PACIFIC HOTELS GROUP LTD Regular Cash 0.0400 SGD Annual 4/30/2013 5/10/2013
4/26/2013 GLOBAL PALM RESOURCES HOLDIN Regular Cash 0.0040 SGD Annual 4/30/2013 5/14/2013
4/26/2013 UOL GROUP LTD Regular Cash 0.1500 SGD Annual 4/30/2013 5/10/2013
4/26/2013 AIMS AMP CAPITAL INDUSTRIAL Pro Rata 0.0085 SGD Quarter 4/30/2013 6/18/2013
4/26/2013 MAPLETREE COMMERCIAL TRUST Pro Rata 0.0113 SGD Quarter 4/30/2013 5/27/2013
4/29/2013 OVERSEA-CHINESE BANKING CORP Final 0.1700 SGD Semi-Anl 5/2/2013 5/17/2013
4/29/2013 KOH BROTHERS GROUP LTD Regular Cash 0.0035 SGD Annual 5/2/2013 5/29/2013
4/29/2013 EZION HOLDINGS LTD Regular Cash 0.0010 SGD Annual 5/2/2013 5/16/2013
4/29/2013 MUN SIONG ENGINEERING LTD Regular Cash 0.0015 SGD Annual 5/2/2013 5/16/2013
Corporate Action : Dividend
Source: Bloomberg
Morning Note 26 April 2013
10 of 15
Name Expected Report Date
Ascott Residence Trust April 26, 2013
Starhill Global REIT April 26, 2013
CapitaLand Ltd April 26, 2013
Nera Telecommunications Ltd April 26, 2013
GMG Global Ltd April 26, 2013
GuocoLand Ltd April 26, 2013
CDL Hospitality Trusts April 26, 2013
Texchem-Pack Holdings Singapore Ltd April 26, 2013
SP Corp Ltd April 26, 2013
Eucon Holding Ltd April 26, 2013
Top Global Ltd April 26, 2013
Jackspeed Corp Ltd April 26, 2013
Jiutian Chemical Group Ltd April 26, 2013
Ascendas India Trust April 26, 2013
China Aviation Oil Singapore Corp Ltd April 26, 2013
United Industrial Corp Ltd April 26, 2013
Singapore Land Ltd April 26, 2013
Singapore Post Ltd April 26, 2013
Mun Siong Engineering Ltd April 26, 2013
China Merchants Holdings Pacif ic Ltd April 26, 2013
Advanced Integrated Manufacturing Corp Ltd April 26, 2013
Shanghai Asia Holdings Ltd April 26, 2013
Far East Orchard Ltd April 26, 2013
HL Global Enterprises Ltd April 26, 2013
Nico Steel Holdings Ltd April 26, 2013
Duty Free International Ltd April 26, 2013
Serial System Ltd April 26, 2013
Asian Plantations Ltd April 26, 2013
Amaru Inc April 26, 2013
Frasers Commercial Trust April 29, 2013
Raffles Medical Group Ltd April 29, 2013
Broadw ay Industrial Group Ltd April 29, 2013
Fragrance Group Ltd April 29, 2013
Global Premium Hotels Ltd April 29, 2013
Ascendas Hospitality Trust April 29, 2013
Aztech Group Ltd April 29, 2013
Indofood Agri Resources Ltd April 29, 2013
Alternative Energy Ltd April 29, 2013
Oversea-Chinese Banking Corp Ltd April 30, 2013
SMRT Corp Ltd April 30, 2013
Hutchison Port Holdings Trust April 30, 2013
Ho Bee Investment Ltd April 30, 2013
Tuan Sing Holdings Ltd April 30, 2013
OKP Holdings Ltd April 30, 2013
San Teh Ltd April 30, 2013
Aspial Corp Ltd April 30, 2013
Sunmoon Food Co Ltd April 30, 2013
LH Group Ltd April 30, 2013
Del Monte Pacif ic Ltd April 30, 2013
Viking Offshore and Marine Ltd April 30, 2013
Lindeteves-Jacoberg Ltd April 30, 2013
Multi-Chem Ltd April 30, 2013
Pacif ic Century Regional Developments Ltd April 30, 2013
United Overseas Insurance Ltd April 30, 2013
Venture Corp Ltd April 30, 2013
Source: Bloomberg
Earning Announcement – Singapore
Calendar
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Date Statistic For Survey Prior Date Statistic For Survey Prior
4/26/2013 GDP QoQ (Annualized) 1Q A 3.00% 0.40% 4/26/2013 Industrial Production MoM SA Mar 7.10% -0.70%
4/26/2013 Personal Consumption 1Q A 2.80% 1.80% 4/26/2013 Industrial Production YoY Mar -3.00% -16.60%
4/26/2013 GDP Price Index 1Q A 1.30% 1.00% 4/29/2013 Unemployment Rate (sa) 1Q P 1.90% 1.80%
4/26/2013 Core PCE QoQ 1Q A 1.10% 1.00% 4/30/2013 M1 Money Supply (YoY) Mar -- 14.00%
4/26/2013 U. of Michigan Confidence Apr F 73.5 72.3 4/30/2013 M2 Money Supply (YoY) Mar -- 9.70%
26-27 APR Employment Cost Index Revisions 4/30/2013 Credit Card Bad Debts Mar -- 19.3M
4/29/2013 Personal Income Mar 0.40% 1.10% 4/30/2013 Credit Card Billings Mar -- 2953.2M
4/29/2013 Personal Spending Mar 0.10% 0.70% 4/30/2013 Bank Loans & Advances (YoY) Mar -- 19.60%
4/29/2013 PCE Deflator (MoM) Mar 0.00% 0.40% 5/2/2013 Electronics Sector Index Apr -- 51.9
4/29/2013 PCE Deflator (YoY) Mar -- 1.30% 5/2/2013 Purchasing Managers Index Apr -- 50.6
4/29/2013 PCE Core (MoM) Mar 0.10% 0.10% 5/7/2013 Foreign Reserves Apr -- $258.17B
4/29/2013 PCE Core (YoY) Mar 1.30% 1.30% 5/8/2013 Automobile COE Open Bid Cat A 8-May -- --
4/29/2013 Pending Home Sales MoM Mar 1.00% -0.40% 5/8/2013 Automobile COE Open Bid Cat B 8-May -- --
4/29/2013 Pending Home Sales YoY Mar -- 5.00% 5/8/2013 Automobile COE Open Bid Cat E 8-May -- --
4/29/2013 Dallas Fed Manf. Activity Apr -- 7.4 10-18 MAY GDP (annualized) (QoQ) 1Q F -- -1.40%
Source: BloombergSource: Bloomberg
US Singapore
Economic Announcement
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