Phillip Securities Research Pte Ltd 22 December 2011 Singaporeresearch.cyberquote.com.hk/page/htm/kc/share... · 12/21 3/21 6/21 9/21 12/21 Source: Bloomberg Hong Kong Local stock

(MICA (P) 027/12/2010)

Ref No: RM2011_0252 Phillip Securities Research Pte Ltd

22 December 2011

Singapore � The STI advanced 2.25% to 2673, Euro Stoxx 50 fell 0.8%, the S&P500 rose

0.2% to 1243. � Significantly the Nasdaq retreated 1% as tech stocks declined on Oracle's sales

and profit miss. US tech sector, which comprises 20% of the S&P500 declined 2% offsetting gains in oil related stocks, and defensives like consumers staples and healthcare. Global weakness and the Eurozone crisis have started to weigh on investment decisions.

� In the Eurozone, there was record participation by banks in the ECB's three year loan and other liquidity backstop programmes, which underscore how much EZ banks have been shut out of short term credit markets. Measures of systemic risk, Libor-OIS, continue to creep up every week. This crisis is not over yet - looking forward, markets will have to contend with rising debt-GDP ratios as countries miss budget deficit targets this year and post GDP contractions for 2H11 (Italy just posted negative 3q11, 4q will be worse).

� We remain bears on the larger trend for the STI and S&P500 unless (1) the Eurozone process for fiscal integration actually addresses its suboptimal growth path, and (2) lead econ indicators globally flip positive.

Close +/- % +/-FSSTI 2673.32 58.87 2.25P/E (x) 6.54P/Bv (x) 1.28

4.10Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

3500

12/21 3/21 6/21 9/21 12/21

Source: Bloomberg

Hong Kong � Local stock soared as investors’ concerns over the European sovereign debt

crisis were eased. The HSI and HSCEI gained 336.25 points and 210.70 points to18416.45 and 9950.71 respectively. Market volume was 41.324 billion.

� Due to the lending cost of Spain reduced, benchmark index soared at the beginning for about 400 points, and HSI moved between 18300 and 18400 thereafter.

� Technically, HSI recovered 10 SMA (18395) yesterday, as we expect the benchmark index is forming a double bottom and it is highly possible for a short term rebound, meanwhile, investors are suggested to hold derivatives for grasping profit during trading hours. We expect the market may still fluctuate in short term, with the uncertainty in European sovereign debt, it is not a good time to hold equities.

� We peg resistance for the HSI at 18650 and support at 18000

Close +/- % +/-HSI INDEX 18416.45 336.25 1.86P/E (x) 8.34P/Bv (x) 1.32

3.72Dividend Yield

HANG SENG INDEX

16000

18000

20000

22000

24000

26000

12/21 3/21 6/21 9/21 12/21

Source: Bloomberg

Regional Market Focus 22 December 2011

2

Thailand � Thai stocks rebounded sharply in line with overseas stock markets. The SET

index stayed in positive territory throughout the day before the main index finished the session up 10.46 points at 1,043.75 points on Wed. Trading volume was moderate. Big-cap energy and bank shares led the market’s gains in addition to buying in selective stocks on news. TUF shares rose after it said it plans to make a tender offer for PPC. Shares in SCC also gained after it announced it plans to raise its stake in TPC to 69%.

� Overall sentiment is improving following yesterday’s market rebound and return of foreign buying in both equities and futures markets but key factors surrounding the market remain largely unchanged. Europe’s debt crisis is still a major negative drag on the market. With just a few days before Christmas, we believe trading is likely to be subdued especially in the absence of fresh cues. Thai stocks are therefore expected to trade in a tighter range. The upside target for the SET index is seen around 1051 but the downside would be limited by LTF/RMF buying towards the end of the year. The downside target is seen around 1036 and 1030.

� In our view, selective trading still makes sense for the Thai stock market but investors should gradually sell into strength around resistance.

� Resistance on the main index is seen at 1051 and support at 1036, 1030 today.

Close +/- % +/-SET INDEX 1043.75 10.46 1.01P/E (x) 12.79P/Bv (x) 1.97

3.51Dividend Yield

STOCK EXCH OF THAI INDEX

800

900

1000

1100

1200

12/21 3/21 6/21 9/21 12/21

Source: Bloomberg

Indonesia � Jakarta Composite Index (JCI) was closed higher at 3,794.267, added 1.12%

from its previous close, tracking the US markets rally yesterday. The JCI was moving within the range of 3,752.790 – 3,808.391.

� All sectors were closed in green, led by Construction Sector (+2.24%), followed by trade and service sector (+2.00%). The breadth of the market was positive with 141 shares advancing as compared to 75 that fell and 89 shares were unchanged. The total turnover on the regular market was IDR 3.63 trillion (USD 400.66 million).

� Today we estimate the JCI would find the support-resistance level at 3,690 – 3,880.

Close +/- % +/-JCI Index 3794.27 41.93 1.12P/E (x) 16.75P/Bv (x) 2.81

2.18Dividend Yield

JAKARTA COMPOSITE INDEX

3000

3200

3400

3600

3800

4000

4200

4400

12/21 3/21 6/21 9/21 12/21

Source: Bloomberg

Sri Lanka � The market activity exhibited a slowdown during the day. The retailer driven

market closed the day in negative territory recording the lowest turnover and volume levels for the year to date. The All Share Price Index (ASPI) recorded a drop of 9.11 points to close the day at 5,842.83. The more liquid Milanka Price Index (MPI) neither gained nor loss points for the day and closed flat at 5,088.25. The market capitalization was LKR 2.13Tn.

� The dull market condition produced lowest turnover & volumes level; a privately negotiated transaction on JKH.N for the amount of 80.6Mn towards the end of the trading day increased the closing turnover level above LKR300Mn. 201 counters traded during the day to record a turnover of LKR 375.9Mn which is a marginal reduction of 1.6% compared to the previous trading day.

� The day recorded a total of 4,802 trades which resulted in 13.8Mn shares changing hands. Price losers outnumbered the price gainers by 100:55. The foreign transactions recorded a net inflow of LKR 85.9Mn.

Close +/- % +/-CSEALL Index 5842.83 -9.11 -0.16P/E (x) 12.75P/Bv (x) 2.03

1.99Dividend Yield

SRI LANKA COLOMBO ALL SH

5500

6000

6500

7000

7500

8000

12/21 3/21 6/21 9/21 12/21

Source: Bloomberg


3

Hong Kong Sector Update—PRC Coal Industry Update � Domestic Spot coal prices continues their losing streaks for three consecutive weeks after the implementation of price cap. As at 19th

Dec, thermal Coal with 5800 kCal/kg at QHD priced at RMB 880-890/t. � As at 18th Dec, the inventory at QHD was 7.16mt, which closes to the saturated volume. Although the maximum capacity of QHD is

10mt, it would be difficult for further turnover once the inventory level reaches 8mt. � The NDRC’s price cap not only exerts downward pressure on trading ports’ spot prices but the mine month prices also. � For the first 10 months 2011, production volume of Inner Mongolia, Shanxi and Shaansi recorded 28.21% yoy growth, 19.85% yoy

growth and 14.53% yoy growth respectively. � Downward pressure on near term domestic spot coal prices comes from robust growth of production volume in major coal producing

provinces and high import volume starting from July. � Lowering coal demand from energy intensive industries would cause the inventory at QHD to cluster at relatively high level. � We reiterate our view that China Shenhua <1088 HK> would be would top pick in this sector as it would be benefited by its vertically

integrated business model, economy of scale, possible asset injection and the least impacted by the price cap. Thailand Tourism and Leisure – Sector Update Recommendation: NEUTRAL � Hotel sector net profits surged as much as 706.3% YoY in 9M11. On a normalized basis, hotel sector profits soared 307.7% YoY. � CENTEL delivered the best earnings growth in the sector in 9M11 as its profits skyrocketed 434.5% YoY. � Excluding ex-items, hotel sector profits are projected to grow by 55.2% in 2012. � We maintain a ‘NEUTRAL’ position in the tourism and leisure space. Our top pick is CENTEL with a 2012 price target of Bt12.10/share,

based on its cheap valuation, the lowest in the sector. Big C Supercenter – Trade Flash Recommendation: BUY Previous close: Bt117 Fair value: Bt150 � BIGC said in a filing to the stock exchange yesterday that the extraordinary general meeting of shareholders to approve the capital-

raising plan will be postponed to next year. The maturity date of short-term loans due in Jan 2012 that BIGC borrowed to fund the acquisition of shares in CenCar Limited has also been extended for another six months without penalties.

� The delay in capital-raising plan may cause BIGC’s 2012 net profit to fall short of our growth target of 46.7% but the decrease seems insignificant.

� We reiterate a ‘BUY’ rating on BIGC with a pre-XR price target of Bt150/share. Thai Union Frozen Products – Trade Flash Recommendation: BUY Previous close: Bt57.25 Fair value: Bt70.50 � TUF plans to make a tender offer to buy all shares in Pakfood Plc (PPC) after an agreement was reached with major shareholders of

PPC to acquire up to 40% of PPC. The tender offer price will be PPC’s net book value per share as of Dec 31, 2011. The acquisition is expected to cost TUF between Bt900m-Bt1b if it can acquire 100% of PPC.

� PPC’s net book value is estimated to be Bt30/share as of Dec 31, 2011, a significant discount to current market prices of Bt49.75/share. For this reason, we believe PPC’s existing shareholders may not accept the tender offer.

� This acquisition would help expand TUF’s shrimp markets especially in the US. In our view, the deal would be positive for TUF in the long term. We maintain a ‘BUY’ rating on TUF with a price target of Bt70.50/share.


4

Market News

US � Home sales rose in November, adding to hints of recovery, but updated data showed the housing crash was much deeper than

previously thought. The National Association of Realtors said on Wednesday that sales of previously owned homes increased 4 percent from October to an annual rate of 4.42 million units. At November's sales pace, the 2.58 million unsold homes on the market represented a 7.0 month's supply, the lowest since February 2007 and a sign the backlog of inventory that has been weighing on the market was clearing. The rise in sales and drop in inventory was the latest suggestion the housing sector, which triggered the 2007-09 recession, may be on the cusp of a recovery. Data on Tuesday showed housing starts scaled a 1-1/2 year high in November. (Source: Reuters)

� The number of new home foreclosures jumped by more than 21 percent in the third quarter from the second as banks moved more

aggressively after a pause to review how they deal with troubled borrowers, according to a report released by a bank regulator on Wednesday. In the final months of 2010 some big lenders, including Bank of America Corp and Wells Fargo, suspended foreclosure proceedings as they responded to criticism over shoddy paperwork used to support foreclosures. With those reviews completed, the pace of foreclosures is picking up. The report, by the Office of the Comptroller of the Currency (OCC), said that the large increase in new foreclosures also occurred because banks have "exhausted alternatives to foreclosure for the large inventory of seriously delinquent mortgages working through" the system. With both the economy and the housing market showing some signs of improvement, the number of new foreclosures in the third quarter was 11.8 percent less than a year ago. (Source: Reuters)

� Applications for home mortgages slipped last week, led by a drop in purchase demand as low interest rates were not enough to entice

home buyers, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.6 percent in the week ended Dec 16. The MBA's seasonally adjusted index of refinancing applications dipped 1.6 percent, while the gauge of loan requests for home purchases lost 4.9 percent. (Source: Reuters)

Singapore

� Singapore’s retail rents remained stagnant in the fourth quarter of this year, and prime retail rent is likely to stay flat come 2012, say market watchers. Average gross fixed rent of prime first-storey space in the Orchard/Scotts Road area was unchanged at $40.20 per square foot (psf) per month in Q4, representing a one per cent year-on-year increase, said DTZ. 'With the deteriorating economic outlook, retailers are more cautious about business expansion and are thus more selective in taking up new space,' said Anna Lee, director of DTZ Singapore Retail. (Source: BT Online)

� As the office leasing market starts to weaken, some landlords have begun to offer bigger incentives to clinch tenants. They have

increased agent commissions from one month's rental to between 1.2 months and two months' rent on a typical two or three-year lease. The landlord of a brand new Grade A office development keen to maintain high headline rental levels in the building is said to be prepared to offer a 5-6 month rent-free period for a 2,500 square foot space - from 1-2 months half a year ago, BT understands. (Source: BT Online)

� Taxi companies bidding strongly for certificates of entitlement (COEs) pushed up the small car premium yesterday, leading some motor

distributors to contemplate the link to the recent cab fare increase. 'First, they make life difficult for commuters by raising taxi fares. Now, they are making life difficult for the rest of us by raising the COE premium,' said one sales manager half in jest. Taxi operators compete with motor distributors for Category A COEs (for cars below 1,600cc). In the final COE bidding exercise of the year yesterday, Cat A slipped $2,391 to $50,001. Cat B - for cars above 1,600cc - fell $2,347 to $70,003, while Cat E - the open category which currently tracks Cat B - plunged $3,340 to $71,000. Elsewhere, Cat C - for goods vehicles - fell by $420 to $39,589, while Cat D - for motorcycles - was $421 lower at $1,481. (Source: BT Online)

� Tourists are likely to increase their spending here by an average of 9 per cent to $2,381 over the next two years, according to a survey

by Visa. The global travel intentions survey polled over 10,000 respondents from 23 countries to ask them about their past and future travel plans. Those who are most likely to travel to Singapore come from India where 16 per cent of the respondents stated their intention to visit Singapore in the next two years. This is closely followed by visitors from Malaysia and China where one in ten stated their intention to do the same. (Source: BT Online)

Greater China Region � Substantial outflow of money for two consecutive months from China, RRR may reduce again before or after the new yaer. Data show

that as of late November, the Chinese foreign exchange reached CNY 25.459031 trillion, compared with October decreased CNY 27.9 billion. The central bank data released in October, Chinese foreign exchange reduced CNY 24.9 billion the first monthly recorded negative growth in last four years. November trade surplus came in US$ 14.528 billion, down 34.9% y/y. The latest Commerce Department data shows that the actual injection of foreign capital in November reached US$ 8.757 billion, down 9.76% y/y. (Source: www.hexun.com)

� China's Premier Wen Jiabao said China will stabilise export policy, including on rebates, and provide capital support to small companies.

He also told the nation's banks to clean up lending policies that have left some businesses struggling with excessive borrowing costs as slowing export growth and other pressures eat into profits, state newspapers reported yesterday. Mr Wen made the remarks while visiting Suzhou in China's east, where many manufacturers rely on exports for growth. He warned of tough times, promised more government support for technological upgrades, and also told lenders to offer more financing support to small enterprises. (Source: BT Online)


5

Thailand � Foreign investors turned net buyers of Thai equities worth Bt852.17m on Wed. (Source: Bisnews) � TDRI warned the Chinese economy shows signs of a sharp contraction, affecting the global economy. (Source: Krungthep Turakij) � Deputy PM and Commerce Minister Kittiratt Na-Ranong said he wants the Bank of Thailand’s Monetary Policy Committee to cut its policy

interest rate again at its next meeting. (Source: Bisnews) � Thailand’s economy is estimated to grow between 4.5%-5.5% in 2012, according to the Office of the National Economic and Social

Development Board (NESDB). Economic expansion next year will be boosted by the government’s post-flood projects to rebuild the country, particularly the water resource management project. (Source: Bangkok Post)

� SCC said its board approved the increase of its shareholding in TPC to 69% from 45%. PTTEP also won bids for two onshore petroleum

blocks in Myanmar. (Sources: Post Today and Khao Hoon)

Indonesia � Investment in the oil and gas sector is projected to grow by USD 3.4 billion next year, to reach USD 18.3 billion, from this year’s target

thanks largely to new projects in its downstream business and construction of some floating gas terminals. On the other hand, investment target this year is estimated to be surpassed, consisting of USD 12 billion in the oil and gas production and USD 1.5 billion to USD 2 billion in exploration activities. Of total investment target in 2012, investment in the upstream business is projected to make up the bulk of it, some USD 15.8 billion or 86.3% of the total, while downstream business takes up the remaining USD 2.4 billion, revealed Director General of Oil and Gas at Energy and Mineral Resources Ministry (ESDM). To help realize the government’s investment plan, state oil and gas firm Pertamina (Persero) has already allocated IDR 52.8 trillion fund. The company plans to work on a number of energy infrastructure projects which form part of the Master Plan of Acceleration and Expansion for Indonesian Economic Development (MP3EI). They are West Java-based Floating Storage and Regasification Unit, a refinery plant for residual Fluid Catalytic Cracking (RFCC) in Cilacap, a production facility of Cepu Block together with ExxonMobil that would start operation in 2014. (Source: Bisnis Indonesia)

� Ministry of Agriculture is poised to provide incentive to investor that are interested to invest its capital in the agribusiness sector in the

border areas and inhabited outer islands. Minister of Agriculture said that food and plantation in the border areas has a great potential but it’s currently no managed well. Therefore, a breakthrough is needed to accelerate the agricultural development in the border areas. Ministry of Agriculture admitted the infrastructure in border areas has not been well developed. Therefore, the government should provide incentives for investors in that area. According to it, when the investor has built infrastructure in border areas, it can be compensated by tax and other liabilities. Related to the Master Plan for the Acceleration and Expansion of Indonesia's Economic Growth (MP3EI) in Borneo corridor, three connectivity will be developed in southern, central and northern Borneo. (Source: Bisnis Indonesia)

Sri Lanka

� Sri Lanka's overnight money rates spiked over 9.75 percent and gilt backed repurchase deals touched 8.45 percent Wednesday amid defence of a dollar peg and festival demand for cash. Sri Lanka has a policy rate of 8.50 percent to inject money and the Central Bank announced a 12 billion rupee cash auction cool markets. On Tuesday the Central Bank injected 7.0 billion rupees from a cash auction at an average yield of 7.94 percent, up from 7.76 percent a day earlier. Money rates rose as much as around 9.87 percent on Wednesday from 9.73 percent a day earlier. Dealers say that the steep rise in call money which are loaned 'clean' is partly due small banks which do not have enough liquid assets to borrow cheaper in the repo market. (LBO)

� Colombo port has handled its first ship capable of carrying 10,000 containers and will soon be the only port in south Asia to handle even

bigger cargo vessels given new deep-water terminals under construction. APL Chongqing docked at the state-run Jaya Container Terminal, the main transshipment facility in Colombo. The vessel is operated by APL, the container shipping arm of the Singapore-based Neptune Orient Lines (NOL), and is one of a pair of new-builds received by APL from Korean ship builder Hyundai Heavy Industries this month. The two vessels have been deployed on the Far East-Europe South China Express loop known as 'SCX'. (LBO)

� According to the data released by the Department of Census and Statistics Wednesday, The economic output of Sri Lanka as measured

by Gross Domestic Product (GDP) for the 3rd Quarter 2011 has recorded an 8.4 percent growth compared to the same quarter in 2010. In the third quarter of 2011 the highest contribution to the GDP was from the service sector with a 59.2 percent while the industry sector's contribution was 29.1 percent and agriculture sector contributed 11.7 percent. The services sector at current market prices has brought in US$ 8.53 billion to the Q3 GDP of US$ 14.47 billion. Contribution from industry sector stood at US$ 4.21 billion and agricultural sector contributed US$ 1.73 billion. (ColomboPage)


6

Dollar Index 80.00 +0.21%

70

75

80

85

12/2

2/1

0

1/2

2/1

1

2/2

2/1

1

3/2

2/1

1

4/2

2/1

1

5/2

2/1

1

6/2

2/1

1

7/2

2/1

1

8/2

2/1

1

9/2

2/1

1

10/2

2/1

1

11/2

2/1

1

Source: Bloomberg

Gold 1615.23 -0.13%

1200

1400

1600

1800

2000

12/2

2/1

0

1/2

2/1

1

2/2

2/1

1

3/2

2/1

1

4/2

2/1

1

5/2

2/1

1

6/2

2/1

1

7/2

2/1

1

8/2

2/1

1

9/2

2/1

1

10/2

2/1

1

11/2

2/1

1

12/2

2/1

1

Source: Bloomberg

Crude oil 98.52 +1.34%

70

80

90

100

110

120

12/2

2/1

0

1/2

2/1

1

2/2

2/1

1

3/2

2/1

1

4/2

2/1

1

5/2

2/1

1

6/2

2/1

1

7/2

2/1

1

8/2

2/1

1

9/2

2/1

1

10/2

2/1

1

11/2

2/1

1

Source: Bloomberg

US Treasury 10yr Yield 1.9668 +2.26%

1.5

2

2.5

3

3.5

4

12/2

2/1

0

1/2

2/1

1

2/2

2/1

1

3/2

2/1

1

4/2

2/1

1

5/2

2/1

1

6/2

2/1

1

7/2

2/1

1

8/2

2/1

1

9/2

2/1

1

10/2

2/1

1

11/2

2/1

1

Source: Bloomberg

DJI 12107.74 +0.03%

10000

10500

11000

11500

12000

12500

13000

12/2

2/1

0

1/2

2/1

1

2/2

2/1

1

3/2

2/1

1

4/2

2/1

1

5/2

2/1

1

6/2

2/1

1

7/2

2/1

1

8/2

2/1

1

9/2

2/1

1

10/2

2/1

1

11/2

2/1

1

Source: Bloomberg

S&P 500 INDEX 1243.72 +0.19%

1050

1100

1150

1200

1250

1300

1350

1400

12/ 2

2/1

0

1/2

2/ 1

1

2/2

2/ 1

1

3/ 2

2/1

1

4/ 2

2/1

1

5/ 2

2/1

1

6/ 2

2/1

1

7/2

2/1

1

8/2

2/1

1

9/2

2/1

1

10/2

2/ 1

1

11/2

2/ 1

1

Source: Bloomberg

SHCOMP 2191.15 -1.12%

2300

2550

2800

3050

3300

12/2

2/1

0

1/2

2/1

1

2/2

2/1

1

3/2

2/1

1

4/2

2/1

1

5/2

2/1

1

6/2

2/1

1

7/2

2/1

1

8/2

2/1

1

9/2

2/1

1

10/2

2/1

1

11/2

2/1

1


7

Source: Bloomberg

Major World Indices

Indices % Chg Chg Last Indices % Chg Chg Last

TEL AVIV 100 INDEX -1.27 -12.66 982.18 ALL ORDINARIES INDX -0.81 -34.10 4156.10

HANG SENG INDEX +1.86 +336.25 18416.45 S&P/TSX COMPOSITE INDEX +0.31 +36.65 11753.53

JAKARTA COMPOSITE INDEX +1.12 +41.93 3794.27 FTSE 100 INDEX -0.55 -29.86 5389.74

FTSE Bursa Malaysia KLCI +1.35 +19.81 1484.98 CAC 40 INDEX -0.82 -24.92 3030.47

KOSPI INDEX +3.09 +55.35 1848.41 DAX INDEX -0.95 -55.50 5791.53

NIKKEI 225 +1.48 +123.50 8459.98 DOW JONES INDUS. AVG +0.03 +4.16 12107.74

STOCK EXCH OF THAI INDEX +1.01 +10.46 1043.75 S&P 500 INDEX +0.19 +2.42 1243.72

SHANGHAI SE COMPOSITE -1.12 -24.78 2191.15 NASDAQ COMPOSITE INDEX -0.99 -25.76 2577.97

TAIWAN TAIEX INDEX +4.56 +303.84 6966.48 NYSE Arca Gold BUGS -0.09 -0.45 513.47

BSE SENSEX 30 INDEX +3.36 +510.13 15685.21

SRI LANKA COLOMBO ALL SH -0.16 -9.11 5842.83

Source: Bloomberg Source: Bloomberg

Top Value & Volume

Singapore

Top 10 Value Last % Chg Chg Value Top 10 Volume Last % Chg Chg Volume

DBS GROUP HLDGS

11.70 +3.91 +0.440 60,847,300 GOLDEN AGRI-RESOURCES LTD

0.70 +1.45 +0.010 30,190,000

SINGAP TELECOMM

3.10 +1.64 +0.050 49,107,460 GENTING SINGAPORE PLC

1.53 +1.66 +0.025 30,023,000

GENTING SINGAPOR

1.53 +1.66 +0.025 45,771,700 GMG GLOBAL LTD 0.11 +1.82 +0.002 22,900,000

OCBC BANK 8.00 +1.91 +0.150 45,708,180 SINGAPORE TELECOM LTD

3.10 +1.64 +0.050 15,941,000

UNITED OVERSEAS

15.75 +4.24 +0.640 42,895,760 LIONGOLD CORP LTD

0.86 +1.18 +0.010 12,874,000

KEPPEL CORP LTD

9.22 +2.44 +0.220 33,183,010 OLAM INTERNATIONAL LTD

2.19 +1.86 +0.040 12,407,000

OLAM INTERNATION

2.19 +1.86 +0.040 27,192,990 NOBLE GROUP LTD 1.19 +3.03 +0.035 12,215,000

GOLDEN AGRI-RESO

0.70 +1.45 +0.010 20,988,650 GLOBAL LOGISTIC PROPERTIES L

1.72 +3.30 +0.055 10,710,000

SEMBCORP MARINE

3.83 +2.68 +0.100 20,094,700 SAKARI RESOURCES LTD

1.92 +4.92 +0.090 10,514,000

SAKARI RES LTD 1.92 +4.92 +0.090 19,941,400 NEPTUNE ORIENT LINES LTD

1.15 +3.60 +0.040 10,410,000


Hong Kong


PING AN INSURA-H 51.50 -2.65 -1.40 1,608,395,000 BANK OF CHINA-H 2.87 +1.41 +0.04 284,317,514

CHINA CONST BA-H 5.52 +1.47 +0.08 1,487,967,000 CHINA CONST BA-H

5.52 +1.47 +0.08 270,077,954

CHINA MOBILE 73.80 +1.65 +1.20 1,291,010,000 IND & COMM BK-H 4.77 +2.58 +0.12 260,504,794 IND & COMM BK-H 4.77 +2.58 +0.12 1,237,293,000 AGRICULTURAL-H 3.32 +4.08 +0.13 112,965,111

CNOOC LTD 13.52 +0.15 +0.02 1,013,469,000 GCL-POLY ENERGY

2.17 +4.83 +0.10 98,037,716

KUNLUN ENERGY CO

11.02 +9.11 +0.92 843,807,000 CHINA TELECOM-H

4.34 -1.36 -0.06 89,930,632

BANK OF CHINA-H 2.87 +1.41 +0.04 817,880,400 CHINA PETROLEU-H

8.23 +2.36 +0.19 84,866,481

PETROCHINA CO-H 9.43 +3.40 +0.31 764,203,500 PETROCHINA CO-H

9.43 +3.40 +0.31 81,185,770

CHINA PETROLEU-H 8.23 +2.36 +0.19 696,449,500 KUNLUN ENERGY CO

11.02 +9.11 +0.92 77,638,606

HSBC HLDGS PLC 59.15 +2.51 +1.45 627,830,600 CNOOC LTD 13.52 +0.15 +0.02 74,826,960



8

Thailand

Top 10 Value Last % Chg Chg Value Top 10 Volume Last % Chg Chg Volume PTT GLOBAL CHEM 62.75 +2.45 +1.50 1,158,788,000 G STEEL PCL 0.37 -9.76 -0.04 403,909,800

PTT EXPL & PROD 171.50 +3.63 +6.00 1,050,573,000 JASMINE INTL PCL

2.16 +0.00 +0.00 352,402,200

THAI OIL PCL 60.00 +0.84 +0.50 1,163,314,000 TRUE CORP PCL 3.32 +3.11 +0.10 188,709,000

PTT PCL 321.00 +1.58 +5.00 995,319,000 TMB BANK PCL 1.61 +2.55 +0.04 184,900,100

SIAM COMM BK PCL 117.50 +2.17 +2.50 812,142,000 SOLUTION CORNER

0.40 +8.11 +0.03 164,941,200

KASIKORNBANK PCL

125.00 +1.63 +2.00 803,395,000 IRPC PCL 4.54 +2.71 +0.12 135,912,800

JASMINE INTL PCL 2.16 +0.00 +0.00 768,087,000 KARMARTS PCL 3.64 +11.66 +0.38 112,528,700

KRUNG THAI BANK 15.20 +0.66 +0.10 637,030,000 ANGPAO ASSETS PC

0.45 -2.17 -0.01 89,160,800

TRUE CORP PCL 3.32 +3.11 +0.10 621,144,000 THREE SIXTY FIVE

0.63 +5.00 +0.03 73,699,100

IRPC PCL 4.54 +2.71 +0.12 613,810,000 RAIMON LAND PCL

1.26 +0.00 +0.00 73,310,500


Indonesia


BANK MANDIRI 6850.00 0.00 0.00 232,489,100,000 ENERGI MEGA PERS 179.00 6.55 11.00 1,319,130,000

ENERGI MEGA PERS 179.00 6.55 11.00 231,591,200,000 BAKRIELAND DEV 123.00 0.82 1.00 173,976,000

ASTRA INTERNATIO 73050.00 1.88 1350.00 181,511,700,000 BENAKAT PETROLEU 205.00 2.50 5.00 141,894,500

TELEKOMUNIKASI 7100.00 1.43 100.00 171,704,300,000 ALAM SUTERA REAL 470.00 1.08 5.00 104,742,000

BANK RAKYAT INDO 7000.00 1.45 100.00 155,728,500,000 SENTUL CITY TBK 250.00 -1.96 -5.00 104,280,500

INDOCEMENT TUNGG 16850.00 3.37 550.00 131,773,600,000 LIPPO KARAWACI 670.00 4.69 30.00 102,696,500

ADARO ENERGY TBK 1760.00 1.73 30.00 123,824,100,000 TRADA MARITIME 950.00 2.15 20.00 94,014,000

BANK CENTRAL ASI 7950.00 0.63 50.00 109,882,800,000 PANIN FINANCIAL 109.00 0.00 0.00 74,149,500

TRADA MARITIME 950.00 2.15 20.00 88,906,330,000 BERLIAN LAJU TAN 193.00 1.58 3.00 70,984,000

UNITED TRACTORS 25400.00 2.21 550.00 84,087,450,000 ADARO ENERGY TBK 1760.00 1.73 30.00 70,107,000


Sri Lanka


JOHN KEELLS HLDG 170.00 1.61 2.70 87,620,680 SMB LEASING - NV 0.70 0.00 0.00 2,404,800

SWARNAMAHAL FINA 92.00 -4.37 -4.20 43,614,560 SMB LEASING PLC 1.60 0.00 0.00 1,001,500

UNITED MOTORS 140.00 -2.10 -3.00 27,211,140 PC HOUSE LTD 12.00 -3.23 -0.40 804,300

TOKYO CEMENT NV 30.10 0.33 0.10 20,755,490 TOKYO CEMENT NV 30.10 0.33 0.10 687,000

COMMERCIAL BK 99.20 -0.80 -0.80 18,902,470 JOHN KEELLS HLDG 170.00 1.61 2.70 515,500

COLOMBO LAND & D 50.50 -1.56 -0.80 10,840,820 SWARNAMAHAL FINA 92.00 -4.37 -4.20 457,300

PC HOUSE LTD 12.00 -3.23 -0.40 9,699,690 PANASIAN POWER L 4.10 0.00 0.00 443,900

CEYLON TOBACCO 474.00 0.23 1.10 9,386,000 JANASHAKTHI INSU 14.40 5.11 0.70 421,500

ENVIRONMENTAL RE 36.70 -2.91 -1.10 8,590,500 TESS AGRO LTD 3.80 0.00 0.00 358,600

HVA FOODS LTD 34.10 -1.16 -0.40 6,705,630 NAWALOKA HOSPITA 4.00 0.00 0.00 295,900



9

Commodities & Currencies

Commodities % Chg Chg Last Currencies Price of FX to

S$ Price of FX to

US$

GOLD SPOT US$ / OZ -0.13 -2.02 1,615.23 AUSTRALIAN DOLLAR 0.7635 1.0103

SILVER SPOT US$ / OZ -0.35 -0.10 29.39 CANADIAN DOLLAR 0.7917 1.0266

WTI Cushing Crude Oil Spot Px +1.34 +1.30 98.52 EURO 0.5912 1.3047

BRITISH POUND 0.4921 1.5676 Source: Bloomberg

US DOLLAR 0.7713 1.0000

Commodities % Chg Chg Last CHINA RENMINBI 4.8900 6.3391

Malaysian Rubber Board Standard +1.20 +12.50 1057.75 HONG KONG DOLLAR 6.0013 7.7799

PALM OIL (RM$/METRIC TON) +0.10 +3.00 3021.00 JAPANESE YEN 60.2200 78.0600

Source: Bloomberg KOREAN WON 885.2188 1149.2500

Index % Chg Chg Last MALAYSIAN RINGGIT 2.4385 3.1612

DOLLAR INDEX SPOT +0.21 +0.17 80.00 THAI BAHT 24.1327 31.2800


US Treasury Yields

Maturity Today Yesterday Last Week Last Month

3 Months 0.00 0.00 0.00 0.00

6 Months 0.02 0.02 0.03 0.03

2 Years 0.27 0.25 0.23 0.26

3 Years 0.39 0.37 0.36 0.40

5 Years 0.91 0.85 0.85 0.90

10 Years 1.97 1.92 1.90 1.95

30 Years 3.00 2.93 2.90 2.94

Yield Spread (10 yrs - 3 mths) 1.97

Yield Spread (10 yrs - 2 yrs) 1.70

Source: Data provided by ValuBond –

Economic Announcement

US Singapore

Date Statistic For Survey Prior Date Statistic For Survey Prior

12/22/11 Chicago Fed Nat Activity Index

NOV -0.17 -0.13 12/23/11 CPI (MOM) - NSA NOV 0.30% 0.40%

12/22/11 GDP QoQ (Annualized)

3Q T 2.00% 2.00% 12/23/11 CPI (YoY) NOV 5.30% 5.40%

12/22/11 Personal Consumption 3Q T 2.30% 2.30% 12/23/11 Industrial Production MoM SA

NOV -8.70% 14.20%

12/22/11 GDP Price Index 3Q T 2.50% 2.50% 12/23/11 Industrial Production YoY NOV 13.50% 24.40%

12/22/11 Core PCE QoQ 3Q T 2.00% 2.00% 12/30/11 Credit Card Bad Debts NOV - - 15.0M

12/22/11 Initial Jobless Claims 17-Dec 380K 366K 12/30/11 Credit Card Billings NOV - - 3029.7M

12/22/11 Continuing Claims 10-Dec 3600K 3603K 12/30/11 Bank Loans & Advances (YoY)

NOV - - 29.80%

12/22/11 Bloomberg Consumer Comfort

18-Dec - - -49.9 12/30/11 M1 Money Supply (YoY) NOV - - 19.20%

12/22/11 Bloomberg Economic Expectations

DEC - - -32 12/30/11 M2 Money Supply (YoY) NOV - - 10.30%

12/22/11 U. of Michigan Confidence

DEC F 68 67.7 03-13 JAN GDP (QoQ) 4Q A - - 1.90%

12/22/11 Leading Indicators NOV 0.30% 0.90% 03-13 JAN GDP (YoY) 4Q A - - 6.10%

12/22/11 House Price Index MoM

OCT 0.20% 0.90% 1/4/12 Electronics Sector Index DEC - - 50.9

12/23/11 Durable Goods Orders NOV 2.20% -0.70% 1/4/12 Purchasing Managers Index

DEC - - 48.7

12/23/11 Durables Ex Transportation

NOV 0.40% 0.70% 1/9/12 Foreign Reserves DEC - - $240.99B

12/23/11 Cap Goods Orders Nondef Ex Air

NOV 1.00% -1.80%

1/13/12 Retail Sales Ex Auto (YoY) NOV - - 8.60%



10

Thailand Hong Kong


12/23/11 Foreign Reserves 16-Dec - - $177.5B 12/22/11 Bal of Paymts - Current A/C

3Q - - $4.63B

12/23/11 Forward Contracts 16-Dec - - $31.1B 12/22/11 Bal of Paymts - Overall 3Q - - $19.60B

26-28 DEC Total Capacity Utilization ISIC

NOV - - 46.4 12/29/11 Exports YoY% NOV - - 11.50%

26-28 DEC Mfg. Production Index ISIC (YoY)

NOV - - -35.8 12/29/11 Imports YoY% NOV - - 10.90%

26-28 DEC Mfg. Production Index ISIC (SA)

NOV - - 122.09 12/29/11 Trade Balance NOV - - -23.1B

12/30/11 Foreign Reserves 23-Dec - - - - 12/30/11 Money Supply M1 - in HK$ (YoY)

NOV - - -9.80%

12/30/11 Forward Contracts 23-Dec - - - - 12/30/11 Money Supply M2 - in HK$ (YoY)

NOV - - -3.70%

12/30/11 Total Exports YOY% NOV - - -0.10% 12/30/11 Money Supply M3 - in HK$ (YoY)

NOV - - -3.80%

12/30/11 Total Exports in US$ Million

NOV - - $17019M 12/30/11 Govt Mthly Budget Surp/Def HK$

NOV - - 28.0B

12/30/11 Total Imports YOY% NOV - - 20.60% 1/3/12 Retail Sales - Value (YoY)

NOV - - 23.10%

12/30/11 Total Imports in US$ Million

NOV - - $16006M 1/3/12 Retail Sales - Volume (YoY)

NOV - - 15.00%

12/30/11 Total Trade Balance NOV - - $1013M 1/5/12 Purchasing Managers Index

DEC - - 48.7

12/30/11 Current Account Balance (USD)

NOV - - $39M 1/9/12 Foreign Currency Reserves

DEC - - $282.5B

12/30/11 Overall Balance in US$ Million

NOV - - -$1886M 1/19/12 Unemployment Rate SA DEC - - 3.40%

12/30/11 Business Sentiment Index

NOV - - 36.7 1/19/12 Composite Interest Rate DEC - - 0.48%


Indonesia Sri Lanka


1/2/12 Total Imports (YoY) NOV - - 29.10% 21-23 DEC GDP (YoY) 3Q 8.10% 8.20%

02-10 JAN Danareksa Consumer Confidence

DEC - - 91.4 26-30 DEC Exports YoY% OCT - - 20.40%

03-06 JAN Foreign Reserves DEC - - $111.32B 26-30 DEC Imports YoY% OCT - - 61.30%

03-06 JAN Net Foreign Assets (IDR Tln)

DEC - - 985.15T 12/31/11 CPI Moving Average (YoY)

DEC - - 6.90%

09-13 JAN Money Supply - M1 (YoY)

NOV - - 19.70% 12/31/11 CPI (YoY) DEC - - 4.70%

09-13 JAN Money Supply - M2 (YoY)

NOV - - 16.00% 07-15 JAN Exports YoY% NOV - - - -

1/12/12 Bank Indonesia Reference Rate

12-Jan - - 6.00% 07-15 JAN Imports YoY% NOV - - - -

23-27 JAN Total Local Auto Sales DEC - - 67656 1/13/12 Repurchase Rate 13-Jan - - 7.00%

23-27 JAN Total Motorcycle Sales DEC - - 642126 1/13/12 Reverse Repo Rate 13-Jan - - 8.50%

2/1/12 Total Imports (YoY) DEC - - - -

01-15 FEB Annual GDP 2011 - - 6.10%

07-10 FEB Money Supply - M1 (YoY)

DEC - - - -

07-10 FEB Money Supply - M2 (YoY)

DEC - - - -

2/9/12 Bank Indonesia Reference Rate

9-Feb - - - -

13-17 FEB GDP Constant Price (YoY)

4Q - - 6.52%


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Phillip Capital – Regional Member Companies

SINGAPORE

Phillip Securities Pte Ltd

Raffles City Tower 250, North Bridge Road #06-00

Singapore 179101 Tel : (65) 6533 6001 Fax : (65) 6535 6631

Website : www.poems.com.sg

MALAYSIA

Phillip Capital Management Sdn Bhd

B-2-6 Megan Avenue II 12 Jln Yap Kwan Seng 50450 Kuala Lumpur Tel : (603) 2166 8099 Fax : (603) 2166 5099

Website : www.poems.com.my

HONG KONG

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Tel : (852) 2277 6600 Fax : (852) 2868 5307

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THAILAND

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15/F, Vorawat Building 849 Silom Road

Bangkok Thailand 10500 Tel : (622) 635 7100 Fax : (622) 635 1616

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JAPAN

The Naruse Securities Co Ltd

4-2, Nihonbashi Kabutocho Chuo Ku, Tokyo Japan 103-0026

Tel : (81) 03-3666-2101 Fax : (81) 03-3664-0141

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Documents

Phillip Securities Research Pte Ltd 22 December 2011 Singaporeresearch.cyberquote.com.hk/page/htm/kc/share... · 12/21 3/21 6/21 9/21 12/21 Source: Bloomberg Hong Kong Local stock