MCI (P) 137/11/2012 Ref No: RM2013_0037 1 of 18

Regional Market Focus

Phillip Securities Research Pte Ltd

25 February 2013

Singapore

BOUSTEAD S’PORE – Initiation Recommendation: BUY Previous Close: S$1.27 Fair Value: S$1.80 Company Overview Boustead operates market leading infrastructure related businesses: Geospatial Technology (30% PBT), Industrial Property Design & Build + Property Portfolio (60%), Water & Wastewater Engineering (0%), and Energy (10%) Related Engineering. Boustead also generates strong excess cash. Company Background Boustead’s modern history can be traced to CEO Mr. Wong Fong Fui’s control of the company since 1996. Core business focus since then has been: 1. Geospatial Technology Division has exclusive country license in Australia, S’pore, Indonesia, Malaysia and 3 other Asian countries, to

distribute and service support, world leading geographical information systems (GIS) by ESRI Inc. ESRI, which has 41% global market dominance is the gold standard in GIS. GIS is data populated geographical mapping, which forms the basis for governments and large corporations to both plan and real time optimize infrastructure and other assets.

2. Industrial Real Estate Solutions designs & builds high value added industrial property for MNCs on a full turnkey basis – from architecture, industrial design, civil & structural engineering, construction project management, to TOP. Only two other known competitors have such one-stop shop (full turnkey) capabilities. Division also owns a growing industrial property portfolio.

3. Energy Related Engineering is a global leading specialist (3 other competitors globally) in direct-fired process heater systems (the heart of the refining process) and waste heat recovery systems for the downstream oil & gas and petrochemical industries.

4. Water Related Engineering designs, engineers and constructs turnkey water and wastewater treatment plants for industrial and municipal applications.

Investment Actions: We initiate coverage on Boustead with a BUY recommendation at S$1.27 (9.4x p/e and 5.5% yield, FY03/13f EPS, DPS), with a discounted free cash to equity derived fair value target price of S$1.80 (13.4x p/e and 3.9% yield FY03/13f EPS, DPS), based on the following investment merits. Investment merits: Geospatial earnings, which drives over 30% of Group PBT, is likely to see earnings dependably grow at 12-13% CAGR under impressive economic moat conditions. Industrial Portfolio to expand by 35% from 75.3k sqm to 101.8k sqm, will boost recurring rental income from S$13.5m to an estimated S$18m. Recurring Income set to rise, margins expand: Between Geospatial’s predictable growth and Boustead’s industrial property portfolio, recurring income is set to rise from 42% PBT this FY to over 50% PBT in 2 years (see Pg.8). Industrial D&B: We expect a strong flow of D&B contracts as Singapore upgrades to the next phase of high value-added industrial space replacing older lower value-added space moving out. Boustead, one of three full turnkey design and builders of high value added industrial space is well positioned to ride this trend. Free Cash Flow to deploy: We are struck by how efficiently Boustead’s earnings converts into actual cash, and since maintenance capex is only about 5% earnings, this leaves plenty room for dividends and making value accreting investments. On a 5 year average, Boustead’s payout ratio has been ~52%, which leaves the remainder of retained cash for new investments, which so far have been: expanding the Industrial Portfolio, OM Holdings, and a stake in a Beijing premium mixed development. NOL Ltd – Results Recommendation: Neutral Previous close: S$1.23 Fair value: S$1.32

A weak end to the year with disappointing rates and volume for the liner business.

Achieved US$504mn of cost savings in the year.

Guided for better performance in FY13E.

Downgrade to Neutral with revised TP of S$1.32.

Regional Market Focus

25 February 2013

2 of 18

Wilmar International Limited – Results Recommendation: Neutral Previous close: S$3.63 Fair value: S$3.79

FY12 core profit of US$1.2bn (+23% yoy) came above expectations

FY13-14E earnings raised by 4-8% on better refining margins and recovery in crushing margins

Maintain Neutral on revised target price of S$3.79

Hong Kong

2012 China macroeconomic annual report - Macroeconomic environment tends to stable

In general, China’s economic growth slowed down in 2012 but still maintained on the stable level and was better than the market expectation. By the end of 2012, GDP has increased by 7.8% y-y to RMB51.93 trillion, which reflected that the growth was quite stable. Although it was lower than the previous years, GDP increased by 2.0% q-q by at the end of 4Q;

The foreign reserve continued to increase by 4.10% y-y to US$3.31 trillion accumulatively in Dec 2012. Considering such growth rate is the lowest in the latest six years, we believe China’s foreign reserve will increase faster in 1H2013;

CPI decreased month on month in 1H2012, but rebounded slightly in 2H2012. By the end of Dec 2012, China’s CPI has increased by 2.5% y-y, the highest in the recent seven months owing to the higher meat index being realized since June 2012. Apparently, we believe CPI will increase in 2013 under the recovery of economic environment, representing the larger inflationary pressure for China.

By the end of Dec 2012, 1-year deposit and lending interest rates of Chinese financial institutions have maintained at 3% and 6% respectively. China still exercises monetary easing policies according to current internal and external macroeconomic environment. However, the PBOC may start to increase the interest rate if China’s inflationary pressures increase obviously in 2013. We expect it will happen at least in 2H2013;

The growth rate of M1 dropped largely while M2 maintained stable relatively. According to the data of the PBOC at the end of Dec 2012, China’s M1 and M2 increased by 6.49% and 14.39% y-y respectively;

The FDI went down due to the weak overseas market in 2012. By the end of Dec 2012, China’s accumulated FDI has amounted to US$111.72 billion, decreased by 3.70% y-y. Newly-added monthly FDI registered US$1.172 billion with the y-y decrease of 4.25%;

Deposit of residents grew in 2012 but RMB loans of financial institutions dropped in 2H2012. By the end of Dec 2012, RMB loans of Chinese financial institutions have reached RMB62.99 trillion with the y-y growth rate of 14.96%. However, newly-added monthly loans decreased significantly by 37.99% y-y;

Regional Market Focus

25 February 2013

3 of 18

Strategy Views

- Country Strategy: Thai, 7 Feb / China & HK, 28 Jan / S’pore, 26 Dec - Global Macro, Asset Strategy: 24 Jan, Update / 4 Jan / US, 21 Dec / ASEAN, 5 Dec

Morning Commentary

- STI: +0.02% to 3288.1 - SET: +0.75% to 1540.1 - JCI: +0.40% to 4651.1 - KLCI: +0.50% to 1622.1 - HSCEI: -0.95% to 11317.1 - Hang Seng: -0.54% to 22782.4 - Nikkei 225+0.68% to 11385.9 - ASX200: +0.70% to 3336.2 - India NIFTY: -0.03% to 5850.33 - S&P500: +0.88% to 1515.6 MARKET OUTLOOK: By Ng Weiwen, Macro Analyst Nikkei 225: A breakout (and hence attractive trading opportunity) is on the cards for the Nikkei 225. The Nikkei 225 and USDJPY has trading within a range in recent session. For the Nikkei 225, it might be an opportune time to enter tactical trading positions ahead of this week's nomination of the next BoJ Governor - the key event risk that will trigger a breakout. Markets view candidates Iwata as the most dovish, followed by Kuroda and Muto. Trading Idea: So with a short-term trading horizon, clients can consider a tactical long position if Iwata is appointed as that will a big negative for the JPY (Japanese Yen) and consequently likely a positive for the Nikkei. On the other end of the spectrum, clients can consider a tactical short position –using CFDs- if Muto is appointed as that might disappoint some Nikkei bulls. Regardless of who the next BoJ Governor will be, do note that the Nikkei might pull back from its recent high after a short bout of breakout as there is a significant probability that markets might ‘sell the fact’ once the announcement is made. Nonetheless, on a medium term investment horizon, we are cautiously optimistic about Japan equities on account of the factors reiterated most recently on this page (Feb 19). [ETF: Nomura ETF Nikkei 225; CFD: Japan 225 Index JPY100 CFD (Nikkei 225)] HSCEI, HSI: Selling pressure is likely to intensify in the near term for the HSCEI and HSI (consistent with what we have been guiding on this page) after both indices slipped below their 50dma support levels on account of further property tightening measures. Specifically, beginning Sat (23 Feb), Hong Kong will see a doubling of stamp duties -applied to all property transactions, coupled with lower LTV ratios. Property curbs are also on the cards for China on the back of an increase in home prices which will likely prompt the government to continue with tightening measures to rein in increases in property prices. Clients might want to consider short positions in H Shares Index HKD5 CFD, Hong Kong 40 Index HKD5 CFD for near-term trading. STI: Consistent with what we guided in our morning commentary last Fri, the STI 'hanged precariously below its 10dma'. Looking ahead, the STI is likely to continue treading along the 10dma, pending the outcome of the macro risk events ahead. Near-term support at 3250 level. 3319 (52-week high) will be the immediate resistance level, followed by 3400 psychological resistance level and subsequently 3800 major key resistance. SG Fixed Income: UK lost its AAA credit rating, with Moody's reducing its domestic and foreign currency bond ratings by one notch. The downgrade was not entirely unexpected. Recall we have opined in our GMAS reports that traditional safe havens (Treasuries, Gilts) have dubious credit quality. Singapore is now one of the few triple-A rated sovereigns that has a stable outlook (i.e. not at risk of downgrade). Thus, Singapore government bonds continue to offer an attractive proposition to international investors, with currency appreciation gains to boot. Market Outlook for the Week Ahead: Markets will likely get jittery this week in view of the macro risk events ahead: (i) 24th -25thFeb Italian elections (which is still evolving dynamically at the time of this writing). A governing majority by Berlusconi (though not our base case scenario) will cast doubt on Italian reform commitments. (ii) Political gridlock (again!) in negotiations over the impending 1st March sequestration in the US. Any pull back in equity prices -on account of macro uncertainties- offer an attractive point of entry to accumulate our OWs on China - Hong Kong (compelling valuations), Singapore (attractive dividend yield of 3.3% and construction boom), Thailand and Philippines (resilient domestic demand). (All equity indices mentioned in this note are tradable with Phillip CFDs or ETFs)

Regional Market Focus

25 February 2013

4 of 18

MACRO DATA In UK, BOE plans to sign a deal on a 3 year yuan swap with PBOC, the central bank of China, to finance trade and direct investment between the two countries. The UK Chancellor of the Exchequer George Osborne said to cement London as a western hub for the yuan market. A separate report shows that UK lost its AAA credit rating by Moody’s due to its weak outlook for economic growth. The cut is likely to increase political pressure on George Osborne to scale back his fiscal squeeze as the economic recovery struggles to gain traction. The U.K. economy shrank 0.3 percent in the fourth quarter of last year from the prior three- month period, leaving the country on the brink of an unprecedented triple-dip recession. In China, 53 out of 70 major cities reported m-m gains in new home price in Jan, compared to 54 in Dec. On y-y basis, 53 out of the 70 major cities reported y-y gains, significantly higher than the 40 reading in Dec. The rising new home price adds case to the State’s Council’s reiteration of steadfast effort in curbing housing market, which has sent SHCOMP index to plunge by 4.86%, marking the biggest weekly loss in 20 months. A separate report announced that the nation will expand its short-selling program on 28 Feb by allowing selected brokerages to borrow shares from institutional investors. We do not expect much selling pressure from the expansion of short selling program as China’s equity market is moderately undervalued according to the low P/Es and the economic recovery is likely to continue. In Hong Kong, the government doubled the sales tax on property costing more than HK$2 mil and targeted commercial real estate for the first time in order to curb the bubble risks in the city’s real estate market. And the Hong Kong’s Monetary Authority also announced to tighten mortgage terms for commercial properties and parking spaces. Currently registering the world’s highest housing prices, Hong Kong’s property market remains subject to inflating pressure due to the huge influx of mainland wealthy buyers and low interest rate environment. The newly announced tightening measures have shown the government’s determination to curb housing prices.

Regional Market Focus

25 February 2013

5 of 18

Singapore The benchmark STI closed little changed to 3,288.13 (+0.02%). The 4.3bn

shares traded were worth S$1.7bn in value. Our Head of Research initiated on Boustead Singapore with a Buy

recommendation and TP of S$1.80. We believe that Geospatial part of the business has a very wide economic moat and would continue to be a key driver of the company’s earnings in the years to come.

NOL reported a disappointing set of results, which led to our downgrade of our recommendation on the stock to Neutral. Wilmar’s results came in 4% above our expectations (15% above consensus), but our analyst believes that the stock is fairly valued at the current price.

Top picks for the year are Pan United (Buy, TP: S$0.88), SIAEC (Buy, TP: S$6.10) & Capitaland (Accumulate, TP: S$4.05). Pan United is a dominant supplier to the construction industry in Singapore and we expect the company to perform well given the strong pipeline of infrastructure work over the next few years. Although current price has overshot our TP, and may experience short term profit taking, we look forward to 4q12 results to reassess our TP. SIAEC is a key beneficiary of the aviation growth story in the region and offers excellent dividend yields. Capitaland would be a beneficiary of the stabilisation of property prices and bottoming out of economic conditions in China.

Close +/- % +/-FSSTI 3288.13 0.53 0.02P/E (x) 10.47P/Bv (x) 1.44

2.82Dividend Yield

STRAITS TIMES INDEX

2500

2700

2900

3100

3300

3500

2/22 5/22 8/22 11/22 2/22

Source: Bloomberg

Thailand The market is closed for public holiday.

Close +/- % +/-SET INDEX 1540.13 11.39 0.75P/E (x) 18.52P/Bv (x) 2.53

2.57Dividend Yield

STOCK EXCH OF THAI INDEX

900

1000

1100

1200

1300

1400

1500

1600

2/22 5/22 8/22 11/22 2/22

Source: Bloomberg

Indonesia

The Jakarta Composite Index (JCI) advanced in modest pace on Friday (22/02), as stock markets in Asia rebounded after prior plunges on concerns of the continuation of US Federal Reserve’s easing policy. The JCI gained 18.719 points, or 0.40%, to close at 4,651.123. The gain included five of the 9 major industry groups, led by financial sector that rose 1.39%, followed by construction, property, and real estate sector which advanced 0.87%, and basic industry sector added 0.58%. LQ45 – the blue-chip stock index – added 3.581 points, or 0.45%, at 794.282. More than 130 shares advanced, 109 shares fell, and 224 shares stagnated Friday on the Indonesia Stock Exchange, where regular market volume reached 7.23 billion shares worth IDR 5.35 trillion. Foreign investors accumulated net purchases totaled at IDR 1.057 trillion.

Benchmark index of Indonesian stocks will likely move higher today, as higher closes on US stock markets on Friday (22/02) may lift sentiments in Asia. We estimate the Jakarta Composite Index (JCI) to move higher, with support and resistance at 4,618 and 4,668 respectively.

Close +/- % +/-JCI Index 4651.12 18.72 0.40P/E (x) 18.59P/Bv (x) 3.02

1.94Dividend Yield

JAKARTA COMPOSITE INDEX

3400

3600

3800

4000

4200

4400

4600

4800

2/22 5/22 8/22 11/22 2/22

Source: Bloomberg

Regional Market Focus

25 February 2013

6 of 18

Sri Lanka The Colombo bourse concluded the last trading day of the week on a marginal

positive note. The Benchmark ASPI gained marginal 9.5 points or 0.17% and stood at 5,735.61, while the S&P SL20 index gained 10.72 points (0.33%) to close at 3,223.28. A total turnover of LKR 300Mn was recorded during the day observing a 38.04% decrease over the previous day. Diversified Holdings (LKR 106.8Mn) and Bank Finance and Insurance (LKR 78.6Mn) were the best performing sectors for the day with increased investor interest. A total of 12.6Mn shares were traded during the day, which was a 9.63% decrease compared to the previous trading day. Foreigners appeared to be bullish for second consecutive trading day resulting a net foreign outflow of LKR 94.2Mn, while reducing the year to date net foreign outflow to LKR 447.8Mn. Week at a Glance……

Market experienced a further drop on third week in February. Bourse started the week on lackluster movement and Indices were gradually declined amidst the continued selling pressure within the market mainly due to speculative driven behavior of the investors. Vast reductions were observed from both indices over week despite the marginal upturns on Friday. The ASPI dipped massive 94.65 points or 1.62% and the S&P SL20 index also dropped by marginal 50.97 points or 1.56% during the week.

Healthy foreign buying’s were continued to facilitate the market turnover to surpass LKR 3.5Bn turnover mark during the week. Foreign participation for the week consisted with LKR 2.4Bn worth of foreign purchases against foreign sales of LKR 1.9Bn, recording a weekly net foreign inflow of LKR 511.5Mn, which is a 245.1% increase compared to the previous week.

The week recorded a turnover of LKR 3.94Bn supported by 20 crossings totaling up to LKR 1.93Bn accounting to significant 49% to the aggregated weekly turnover, which was an increase of 28.10% compared to the previous week. The total market capitalization stood at LKR 2.2Tn, recording a year to date gain of 1.66% and the market PER(X) and PBV(X) stood at 15.50 and 2.11 respectively. The USD closed at LKR 128.82

Close +/- % +/-CSEALL Index 5735.61 9.50 0.17P/E (x) 11.24P/Bv (x) 1.70

2.64

Dividend Yield

SRI LANKA COLOMBO ALL SH

4500

4700

4900

5100

5300

5500

5700

5900

6100

2/22 5/22 8/22 11/22 2/22

Source: Bloomberg

Australia

On Friday, the Australian share market partially reversed its big sell-off with a solid finish after the Reserve Bank's positive comments about the economy. The benchmark S&P/ASX200 index was up 38 points or 0.76 per cent to 5,018.1.

Today, the Australian market looks set to continue its move upwards following Wall Street's lead which gained on renewed confidence that the US Federal Reserve stimulus program will continue. The SFE Futures 200 is pointing upwards 46 points or 0.92 per cent to 5,039.

In equities news, Patties Foods and IOOF Holdings are expected to post first half results while Caltex Australia and Spark Infrastructure Trust are due to announce full year results.

No major local economic news is expected for Monday, though the market will look offshore to the China HSBC Flash Manufacturing PMI at 12:45pm local time.

Close +/- % +/-S&P/ASX 200 INDEX 5018.15 38.05 0.76P/E (x) 20.83P/Bv (x) 1.97

5.67

STANDARD & POORS/ ASX 200 INDEX

Dividend Yield

3800

4000

4200

4400

4600

4800

5000

5200

2/22 5/22 8/22 11/22 2/22

Source: Bloomberg

Regional Market Focus

25 February 2013

7 of 18

Hong Kong

Local stocks slumped, as investors concerning that the Fed may stop or cut the size of QE policy. The HSI and HSCEI dropped 124 points and 109 points to 22782 and 11317 respectively. Market volume was 65.47 billion.

We believe the market is going to consolidate, as some of the technical indicators are showing the HSI is overbuying, investors are suggested to stand on sideline and wait for a clear trading signal.

Technically, the HSI is expected to gain a support from 22500 level, major resistance will be 23000 level.

Close +/- % +/-HSI INDEX 22782.44 -124.23 -0.54P/E (x) 11.70P/Bv (x) 1.52

3.11Dividend Yield

HANG SENG INDEX

17000

18000

19000

20000

21000

22000

23000

24000

25000

2/22 5/22 8/22 11/22 2/22

Source: Bloomberg

Regional Market Focus

25 February 2013

8 of 18

Market News

US U.S. companies' capital spending plans are holding up, and mostly exceeding Wall Street forecasts, in the face of policy concerns

created by arguments in Washington over the fiscal cliff, the debt ceiling and now automatic spending cuts. Their willingness to spend on new offices, plants and machinery, as well as a pickup in deal making, shows that they are starting to dig into the massive amounts of cash that has been collecting more dust than interest on their balance sheets. That could prove a welcome counterpunch to a softer outlook for spending by consumers and government. A Thomson Reuters analysis shows that for 2013, more Standard & Poor's 500 firms are forecasting capital expenditures that exceeded analysts' expectations than at any time in the past four years. Recent U.S. government data showed a rise in equipment and software spending in the final quarter of 2012. (Source: Reuters)

Federal Reserve Chairman Ben Bernanke is preparing for a most sensitive task: telling jittery investors who have grown accustomed to the U.S. central bank's ultra-easy monetary policies that things will eventually have to change. Bernanke appears committed to the Fed's bond-buying stimulus right now. But the unprecedented communications challenge of laying groundwork for a shift in policy, while still assuring investors that rates will continue to stay low, could come in just a few months if the U.S. recovery continues apace. In speeches around the country, other Fed officials have already begun discussing the eventual reversal of some of the most supportive policies the United States has ever seen. And investors are increasingly parsing minutes of the central bank's policy meetings for hints on just how long the $85 billion in monthly asset purchases will last. Ideally, Bernanke - who is set to testify to Congress on Tuesday and Wednesday, and speak in San Francisco on Friday - would need to say little in the months ahead. The improving economy should do the lion's share of the work in preparing markets, paving the way for a predictable and smooth turn in policy. (Source: Reuters)

Singapore National Development Minister Khaw Boon Wan yesterday sketched out what Woodlands Regional Centre will be like. With 100 hectares

of space available for development, Woodlands Regional Centre is a key component in reshaping northern Singapore laid out in the recent Land Use plan. It is expected to serve as a major commercial hub in the north and will take about 15-20 years to fully develop, Mr Khaw said during a community event at Woodlands Ring Road. But he noted that this time frame for development is in line with the government's prior efforts to spread the population out and bring jobs closer to home. The first such effort started in Tampines in 1992, with the development of Tampines Regional Centre. Jurong Regional Centre was next, launched in 2008. Woodlands Regional Centre will tap the location's unique features, such as waterfront areas and proximity to Johor Baru, Mr Khaw said. When completed, it will comprise two precincts: Woodlands North Coast and Woodlands Central. (Source: Business Times)

A handful of Singapore-listed companies could suffer modest translational costs because of the weak Japanese yen, though a number of

them have hedges in place to nullify the impact, analysts say. Real estate investment trusts (Reits) Saizen and ParkwayLife, high-tech warehouse developer Global Logistic Properties (GLP), airline service provider SATS and medical device maker Biosensors International Group were among the counters highlighted by analysts. The yen has been depreciating since the fourth quarter of 2012 amid aggressive efforts by the Bank of Japan (BOJ) to spur the Japanese economy. One Singapore dollar was worth 63.4 yen at the start of last October, but was worth 75.2 yen as at 5.30pm last Friday - a 19 per cent change. Companies that derive a substantial amount of their revenue in yen will be affected if the purchasing power of the yen decreases, analysts said. For listed companies, the impact is most clearly felt when those yen-denominated revenues are translated into another currency, whether for reporting or to pay out dividends. (Source: Business Times)

Hong Kong

China’s new leaders will this week consider plans to revamp the central government as part of efforts to streamline bureaucracy and boost an economy that’s recovering from the slowest growth in 13 years. The Communist Party’s 25-member Politburo endorsed draft reforms that will be discussed by the broader Central Committee on Feb. 26-28, the official Xinhua News Agency reported on Feb. 23 without giving details. The changes will be approved at the annual session of the nation’s legislature next month when Li Keqiang, the party’s No. 2, succeeds Wen Jiabao as premier and General Secretary Xi Jinping takes over from Hu Jintao as president. (Source: Bloomberg)

China will raise fuel prices for the first time since September amid a gain in oil benchmarks since the start of the year. Gasoline will increase by 300 yuan ($48) a metric ton and diesel by 290 yuan a ton effective tomorrow, the National Development and Reform Commission said in a statement on its website today. (Source: Bloomberg)

China will expand its short-selling program on Feb. 28 by allowing selected brokerages to borrow shares from institutional investors, the

Shanghai Securities News reported. Eleven brokerages will be able to borrow shares in a pre- approved pool of 90 publicly traded companies, according to the report, which cited China Securities Finance Corp. The state- owned agency was set up to provide securities firms with funds and stock for short-selling and margin trading. The expansion of short-selling -- in which investors sell borrowed shares in the expectation of profiting when they fall - - will increase the efficiency of China’s equity market, help manage risks and boost brokers’ revenue, the report said. (Source: Bloomberg)

Thailand The market is closed for public holiday.

Regional Market Focus

25 February 2013

9 of 18

Indonesia Funds that flow to Indonesia’s stock market through initial public offering (IPO) and rights offering in January 2013, was one of the

highest in Asia Pacific. Based on data from the World Federation of Exchange, Indonesia’s stock market issuance value was at the fourth out of 17 stock markets in Asia Pacific. Indonesia’s stock market stock issuance value from IPO reached USD 77.2 million from four issuers. Meanwhile, the value from rights offering hit USD 355.9 million. The highest issuance value in Asia Pacific occurred in the Hong Kong stock exchange, with USD 523.2 million from IPO and USD 1.44 billion from rights offering. The second highest was from Australia, with USD 428.9 million from IPO and USD 588.5 million from rights offering. (Source: Indonesia Finance Today)

Property industry in East Java is projected to grow by 25 percent to 30 percent in the first half of 2013. The industry association, Real Estate Indonesia (“REI”) said fastest growth is expected in Gresik, Sidoarjo, Jember and Pasuruan. In 2012, the actual house construction in East Java reached 13,000 units, lower than the target of 25,000 units. The underachievement was due to difficulties in obtaining main land certificate in the province. Some certificates took two years to complete, (Source: Indonesia Finance Today)

Sri Lanka An upgrade to Sri Lanka's 50,000 barrels refinery a day involving doubling of is capacity and boosting light distillate yields could cost up

to 1.5 billion US dollars, officials said. Petroleum minister Anura Yapa told reporters Saturday that feasibility and front-end-engineering-design (FEED) has already been completed for the project. Sri Lanka's only refinery owned by state-run Ceylon Petroleum Corporation was built in the 1960s and yields a low proportion of light distillates and higher proportions of furnace oil compared to technology available today. When crack margins (the gap between crude and refined products) narrow it is sometimes saves money for the country to shut the refinery and import refined products direct. (Source: www.lankabusinessonline.com)

Sri Lanka's central bank will look at "the need for raising" shareholder ceilings imposed on banks, a media report said, quoting Central Bank Governor Nivard Cabraal. Reuters, a news agency quoted Cabraal as saying on the sidelines of an investor meeting in India that, for the moment existing rules shall apply. Under Sri Lanka's existing law a single shareholder limit of 10 percent applies to banks though related parties can go up to 15 percent. Special permission had also been given for some banks to allow higher shareholders limits. But there are also listed banks with higher shareholder limits, where existing shareholders have been given deadlines to sell down. Several state entities have also bought stock in private banks, exceeding the limit. (Source: www.lankabusinessonline.com)

Australia Departing BHP Billiton chief executive Marius Kloppers says the worst mistake of his 5 1/2-year tenure was not to do with acquisitions

but a decision to pour billions of dollars into the Worsley alumina plant south of Perth. "We spotted a technological change in aluminium and we made a great decision to not continue to invest in aluminium," Mr Kloppers told ABC's Inside Business program. (Source: The Australian)

Senior bankers have sounded the alarm about a potentially "dangerous" relaxation of credit standards in business lending, as the long-dormant segment starts to show signs of life. The bankers have told The Australian that covenants and terms in new lending deals have been loosened, as banks try to generate volume growth and build market share in a flat economy. (Source: The Australian)

Chevron said it would buy Australian shale gas assets from Beach Energy for up to $US349 million, placing a bold bet on the potential to replicate the US boom in unconventional gas output in the Outback. Chevron, the second-biggest US oil company behind ExxonMobil, said it has agreed to buy up to 60 per cent of two blocks in the Cooper Basin covering an estimated 810,000 acres. (Source: The Australian)

Regional Market Focus

25 February 2013

10 of 18

81.62 +0.17% 293.52 +0.13%

114.17 -2.19% 1.962 -0.01%

1,581.40 -0.12% 14,000.57 +0.86%

553.77 -0.08% MSCI SEA 899.33 +0.34%

2,630.05 +1.95% 53.3

Dollar Index

Gold (US$/Oz)

ThomReuters/JefferiesCRB

DJI

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

Euro Stoxx 50

Source: Bloomberg

MSCI Asia x-Japan

JPM Global Composite PMI SA

1.20

1.40

1.60

1.80

2.00

2.20

2.40

Feb

-12

Mar-1

2

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

700

750

800

850

900

Feb

-12

Mar-1

2

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

11,000

12,000

13,000

14,000

Feb

-12

Mar-1

2

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

2,0002,1002,2002,3002,4002,5002,6002,7002,800

Feb

-12

Mar-1

2

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

48

49

50

51

52

53

54

55

56

Feb

-12

Mar-1

2

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

1,500

1,600

1,700

1,800

Feb

-12

Mar-1

2

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

78

80

82

84

Feb

-12

Ma

r-12

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

260

280

300

320

340

Feb

-12

Ma

r-12

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

90

100

110

120

130

Feb-1

2

Mar-1

2

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

440

460

480

500

520

540

560

580

Feb

-12

Mar-1

2

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

Regional Market Focus

25 February 2013

11 of 18

Valuations of Major Regional Markets

14.8 1.44

14.1 2.53

11.0 1.52

14.9 3.02

15.3 1.98

Source: Bloomberg

Jakarta Stock Exchange Composite Index, P/B (X)

Straits Times Index, Forward P/E (X)

Hang Seng Index, Forward P/E (X)

Straits Times Index, P/B (X)

Stock Exchange of Thailand, Forward P/E (X) Stock Exchange of Thailand, P/B (X)

Jakarta Stock Exchange Composite Index,

Hang Seng Index, P/B (X)

S&P/ASX 200 Index, Forward P/E (X) S&P/ASX 200 Index, P/B (X)

10

12

14

16

18

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

1.0

1.2

1.4

1.6

1.8

2.0

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

1.0

1.5

2.0

2.5

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

8

10

12

14

16

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

1.01.21.41.61.82.02.2

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

8

10

12

14

16

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

2.22.42.62.83.03.23.43.6

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

10

12

14

16

18

20

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

1.4

1.6

1.8

2.0

2.2

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

8

10

12

14

16

18

Dec-0

9

Fe

b-1

0

Ap

r-10

Ju

n-1

0

Au

g-1

0

Oct-1

0

Dec-1

0

Fe

b-1

1

Ap

r-11

Ju

n-1

1

Au

g-1

1

Oct-1

1

Dec-1

1

Fe

b-1

2

Ap

r-12

Ju

n-1

2

Au

g-1

2

Oct-1

2

Dec-1

2

Regional Market Focus

25 February 2013

12 of 18

Source: Bloomberg

World Index

JCI 0.40% 4,651.12

HSI -0.54% 22,782.44

KLCI 0.50% 1,622.08

NIKKEI 0.68% 11,385.94

KOSPI 0.18% 2,018.89

SET 0.75% 1,540.13

SHCOMP -0.51% 2,314.16

SENSEX -0.04% 19,317.01

ASX 0.76% 5,018.15

FTSE 100 0.70% 6,335.70

DOW 0.86% 14,000.57

S&P 500 0.88% 1,515.60

NASDAQ 0.97% 3,161.82 COLOMBO 0.17% 5,735.61

STI 0.02% 3,288.13

Regional Market Focus

25 February 2013

13 of 18

Date Statistic For Survey Prior Date Statistic For Survey Prior

2/25/2013 Chicago Fed Nat Activity Index Jan -- 0.02 2/25/2013 CPI (MOM) - NSA Jan 0.70% 0.70%

2/25/2013 Dallas Fed Manf. Activity Feb -- 5.5 2/25/2013 CPI (YoY) Jan 4.10% 4.30%

2/26/2013 S&P/CS 20 City MoM% SA Dec 0.55% 0.63% 2/26/2013 Industrial Production MoM SA Jan 4.00% 5.40%

2/26/2013 S&P/CS Composite-20 YoY Dec 6.65% 5.52% 2/26/2013 Industrial Production YoY Jan 5.40% -0.60%

2/26/2013 S&P/CaseShiller Home Price Ind Dec -- 145.82 2/28/2013 M1 Money Supply (YoY) Jan -- 9.00%

2/26/2013 S&P/Case-Shiller US HPI YOY% 4Q -- 3.64% 2/28/2013 M2 Money Supply (YoY) Jan -- 7.20%

2/26/2013 S&P/Case-Shiller US HPI 4Q -- 135.67 2/28/2013 Credit Card Bad Debts Jan -- 19.1M

2/26/2013 House Price Index MoM Dec 0.60% 0.60% 2/28/2013 Credit Card Billings Jan -- 3694.5M

2/26/2013 House Price Purchase Index QoQ 4Q -- 1.10% 2/28/2013 Bank Loans & Advances (YoY) Jan -- 16.70%

2/26/2013 Richmond Fed Manufact. Index Feb -- -12 3/4/2013 Electronics Sector Index Feb -- 49.9

2/26/2013 Consumer Confidence Feb 61.2 58.6 3/4/2013 Purchasing Managers Index Feb -- 50.2

2/26/2013 New Home Sales Jan 385K 369K 04-08 MAR Foreign Reserves Feb -- $258.84B

2/26/2013 New Home Sales MoM Jan 4.30% -7.30% 3/6/2013 Automobile COE Open Bid Cat A 6-Mar -- 78301

2/27/2013 MBA Mortgage Applications 22-Feb -- -1.70% 3/6/2013 Automobile COE Open Bid Cat B 6-Mar -- 92667

2/27/2013 Durable Goods Orders Jan -4.40% 4.60% 3/6/2013 Automobile COE Open Bid Cat E 6-Mar -- 91910

Date Statistic For Survey Prior Date Statistic For Survey Prior

2/27/2013 Customs Exports (YoY) Jan 13.20% 13.45% 2/25/2013 Exports YoY% Jan 18.00% 14.40%

2/27/2013 Customs Imports (YoY) Jan 18.55% 4.67% 2/25/2013 Imports YoY% Jan 25.00% 11.90%

2/27/2013 Customs Trade Balance Jan -$2060M -$2365M 2/25/2013 Trade Balance Jan -30.0B -48.0B

2/27/2013Bloomberg Feb. Thailand Economic

Survey2/27/2013 Annual GDP 2012 1.40% 5.00%

2/28/2013 Total Exports YOY% Jan -- 13.60% 2/27/2013 GDP sa (QoQ) 4Q 1.60% 0.60%

2/28/2013 Total Exports in US$ Million Jan -- $17955M 2/27/2013 GDP (YoY) 4Q 2.50% 1.30%

2/28/2013 Total Imports YOY% Jan -- 1.30% 2/28/2013 Govt Mthly Budget Surp/Def HK$ Jan -- 51.7B

2/28/2013 Total Imports in US$ Million Jan -- $17672M 2/28/2013 Money Supply M1 - in HK$ (YoY) Jan -- 15.90%

2/28/2013 Total Trade Balance Jan -- $283M 2/28/2013 Money Supply M2 - in HK$ (YoY) Jan -- 12.10%

2/28/2013 Current Account Balance (USD) Jan -- $730M 2/28/2013 Money Supply M3 - in HK$ (YoY) Jan -- 12.10%

2/28/2013 Overall Balance in US$ Million Jan -- $799M 3/4/2013 Retail Sales - Value (YoY) Jan -- 8.80%

2/28/2013 Business Sentiment Index Jan -- 50.6 3/4/2013 Retail Sales - Volume (YoY) Jan -- 8.10%

2/28/2013Mfg. Production Index ISIC NSA

(YoY)Jan 12.1 23.4 3/5/2013 Purchasing Managers Index Feb -- 52.5

2/28/2013 Mfg. Production Index ISIC SA Jan -- 185.31 3/7/2013 Foreign Currency Reserves Feb -- $321.0B

2/28/2013 Total Capacity Utilization ISIC Jan -- 63.8 3/14/2013 Industrial Production (YoY) 4Q -- -0.10%

US Singapore

Economic Announcement

Thailand Hong Kong

Source: Bloomberg

Source: BloombergSource: Bloomberg

Source: Bloomberg

Regional Market Focus

25 February 2013

14 of 18

Date Statistic For Survey Prior Date Statistic For Survey Prior

2/27/2013Bloomberg Feb. Indonesia

Economic Survey2/28/2013 CPI Moving Average (YoY) Feb -- 8.10%

3/1/2013Indonesia February Markit

Manufacturing PMI2/28/2013 CPI (YoY) Feb -- 9.80%

3/1/2013 Inflation NSA (MoM) Feb -- 1.03% 05-20 MAR Exports YoY% Jan -- -6.70%

3/1/2013 Inflation (YoY) Feb -- 4.57% 05-20 MAR Imports YoY% Jan -- -19.40%

3/1/2013 Exports (YoY) Jan -- -9.80% 3/15/2013 Repurchase Rate 15-Mar -- 7.50%

3/1/2013 Total Imports (YoY) Jan -- -5.60% 3/15/2013 Reverse Repo Rate 15-Mar -- 9.50%

3/1/2013 Core Inflation (YoY) Feb -- 4.32% 15-28 MAR GDP (YoY) 4Q -- 4.80%

3/1/2013 Total Trade Balance Jan -- -$155M 3/28/2013 CPI Moving Average (YoY) Mar -- --

01-05 MAR Danareksa Consumer Confidence Feb -- 94.9 3/28/2013 CPI (YoY) Mar -- --

01-11 MAR Consumer Confidence Index Feb -- 116.2 05-19 APR Exports YoY% Feb -- --

01-11 MAR Money Supply - M1 (YoY) Jan -- 16.40% 05-19 APR Imports YoY% Feb -- --

01-11 MAR Money Supply - M2 (YoY) Jan -- 14.90% 4/9/2013 Repurchase Rate 9-Apr -- --

04-07 MAR Foreign Reserves Feb -- $108.78B 4/9/2013 Reverse Repo Rate 9-Apr -- --

04-07 MAR Net Foreign Assets (IDR Tln) Feb -- 1021.36T 4/30/2013 CPI Moving Average (YoY) Apr -- --

3/7/2013 Bank Indonesia Reference Rate 7-Mar -- 5.75% 4/30/2013 CPI (YoY) Apr -- --

06-20 MAY Exports YoY% Mar -- --

Date Statistic For Survey Prior

2/27/2013 Construction Work Done 4Q -- 1.70%

2/28/2013 HIA New Home Sales (MoM) Jan -- 6.20%

2/28/2013 Private Capital Expenditure 4Q -- 2.80%

2/28/2013 Private Sector Credit MoM% Jan -- 0.40%

2/28/2013 Private Sector Credit YoY% Jan -- 3.60%

3/1/2013 AiG Performance of Mfg Index Feb -- 40.2

3/1/2013 RPData-Rismark House PX Actual Feb -- --

3/1/2013 RBA Commodity Price Index Au Feb -- 90.3

3/1/2013 RBA Commodity Index SDR YoY% Feb -- -6.40%

3/4/2013 TD Securities Inflation MoM% Feb -- 0.30%

3/4/2013 TD Securities Inflation YoY% Feb -- 2.50%

3/4/2013 Building Approvals (MoM) Jan -- -4.40%

3/4/2013 Building Approvals (YoY) Jan -- 9.30%

3/4/2013 Company Operating Profit QoQ% 4Q -- -2.90%

3/4/2013 Inventories 4Q -- 1.10%

Source: Bloomberg

Indonesia

Australia

Sri Lanka

Source: Bloomberg

PHILLIP RESEARCH STOCK SELECTION SYSTEMS

BUY >15% upside from the current price

HOLD Trade within ± 15% from the current price

SELL >15% downside from the current price

We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors

like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or

absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final

recommendation

GENERAL DISCLAIMER

This publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this

publication, you agree to be bound by the terms and limitations set out below.

This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip

Securities 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 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 only. Phillip Securities has not

verified this information and no representation or warranty, express or implied, is made that such information or Research

is accurate, complete 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 shall not have any responsibility to maintain the information or

Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip

Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of

the information or Research made available, even if it has been advised of the possibility of such damages.

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.

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 financial adviser regarding 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.

This publication should not be relied upon 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 a security. Any decision to

purchase securities mentioned in this research should take into account existing public information, including any

registered prospectus in respect of such security.

Disclosure of Interest

Analyst Disclosure: Neither the analyst(s) preparing this report nor his associate has any financial interest in or serves as

an officer of the listed corporation covered in this report.

Firm’s Disclosure: Phillip Securities does not have any investment banking relationship with the listed corporation covered

in this report nor any financial interest of 1% or more of the market capitalization in the listed corporation. In addition, no

executive staff of Phillip Securities serves as an officer of the listed corporation.

Phillip Securities (HK)Phillip Securities (HK)Phillip Securities (HK)Phillip Securities (HK) Ltd Ltd Ltd Ltd

2

Availability

The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or

entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the

applicable law or regulation or which would subject Phillip Securities to any registration or licensing or other requirement,

or penalty for contravention of such requirements within such jurisdiction.

© 2011 Phillip Securities (Hong Kong) Limited

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

Phillip Securities (HK) Ltd

11-12/F United Centre 95 Queensway, Hong Kong

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

Website : www.poems.com.hk

THAILAND

Phillip Securities (Thailand) Public Co Ltd

15/F, Vorawat Building 849 Silom Road

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

Website : www.poems.in.th

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

Website : www.naruse-sec.co.jp

UNITED KINGDOM King & Shaxson Ltd

6th Floor, Candlewick House

120 Cannon Street London EC4N 6AS

Tel : (44) 207 426 5950 Fax : (44) 207 626 1757

Website : www.kingandshaxson.com