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Why Invest In SingaporeDecember 2018

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Table of Contents1. Macro Overview2. Singapore: Future City Map3. Infrastructure Investment4. Port & Urban Development Investments5. Tourism6. Commercial Property Market Outlook7. Key Industries and Activities8. Company Highlights9. Trade Connectivity

10. Asia’s Wealth Management Hub

11. Digital Economy12. Fintech13. Healthcare14. Singapore’s Future Economy15. Industry 4.016. Incentives17. Liveability and Culture18. Smart Nation19. Singapore Biomedical Science Community

22

1. Macro Overview1. Country Profile

1. Land area: 719.9 sq.km2. Population: 5.6 million3. GDP in 2017: SGD447.2 billion4. 5 years CAGR of GDP (2013-2017): 1.2%5. Current Balance (% of GDP in 2017): 18.86. Unemployment rate in 2018: 2.0% - 2.1%7. Exchange rate: US$1 = SGD1.388. Total Trade in 2017: SGD967 billion9. Top Five Trading Partners: China, Hong Kong, Malaysia,

Indonesia, United States

2. Overview1. Strategically located at the crossroads of international trade routes in

the heart of Asia and one of the leading financial institutions in theworld, Singapore offers global investors unparalleled access to globalmarkets. It is the economic gateway between East and West.

2. Singapore remains attractive for businesses due to its tax regime,political and macroeconomic stability and pro-business policiescoupled with robust and transparent legal framework.

3. Singapore’s well diversified economy, well established businessinfrastructure and trade connectivity provides an ideal location forinvestments and business expansion.

4. Singapore is the only country in Asia rated with “AAA” rating.

Exhibit 1: GDP of Singapore

Source: Department of Statistics Singapore, World Bank, Ministry of Trade and Industry Singapore, Monetary Authority of Singapore

49.156.1

64.4 70 70.5 74.263.6

0

20

40

60

80

2011 2012 2013 2014 2015 2016 2017

US$b

Foreign Direct Investment

Exhibit 2: Foreign Direct Investment in Singapore

0

1

2

3

4

5

6

0

100

200

300

400

500

US$b %

GDP GDP Growth Rate YoY

33

2. Singapore: Future City Map

Jurong IslandThe corner stone of Singapore’s energy and chemicals industry

Changi Air HubA vibrant and world class aviation hub

Punggol Digital DistrictAn innovation hub for cyber security, IT and digital securities

Woodlands Regional Center

Jurong Innovation DistrictA next-generation district for advanced manufacturing, urban solutions, clean technology and smart logistics

Jurong Lake DistrictSingapore’s 2nd CBD

Tuas Mega PortConsolidating container operations in one location

Changi Business Park

One – NorthA cluster of world class facilities and business park spaces for biomedical sciences, info communication technology and media, physical sciences and engineering

Orchard RoadA vibrant retail and lifestyle destination

Source: Ministry of National Development Singapore, Google Map, Business Times 2018, Platinum Research

Singapore’s northern gateway, a vibrant live-work-play environment hub

44

3. Infrastructure Investment 1. Airport

1. Changi Terminal 5 - Handling capacity of up to 50 millionpassengers annually and more than 100 aircraft stands.Target Completion: 2030

2. Jewel Changi Airport - A mixed-use development featuresa hotel, exciting attractions, aviation facilities, retail anddining offerings. Estimated cost: SGD1.7 billionTarget Completion: 2019

2. Transport1. The East Coast Integrated Depot - A new 36-hectare

SGD3.2 billion depot will be built to house 550 buses and220 trains for the Thomson-East Coast Line, East-West lineand Downtown line. Target Completion: 2024

2. Thomson–East Coast Line (TEL) - Spanning 43km, 31new stations will be added to the existing rail network.Opening in 5 stages. Target Completion: Phase 1 in 2019

3. North–South Corridor (NSC) - Spanning 21.5km, NSC isSingapore's first integrated transport corridor featuringcycling trunk routes and continuous bus lanes.

4. Jurong Region Line (JRL) - A 50km line spanning acrossSingapore. Target Completion: First Phase 2026

5. Circle Line Stage 6 - Spanning 4km, the extension will runfrom Marina Bay and ends at Harbour Front.Target Completion: 2025

Source: Changi Airport Group, Straits Times, Land and Transport Authority, Platinum Research

Exhibit 3: Singapore’s Future MRT Map 2030 and Map of Changi Airport

Changi AirportTerminal 1 Terminal 2Terminal 3Terminal 4

Jewel Changi AirportFuture Terminal 5

East Coast IntegratedDepot

Jurong IslandSentosa

Future Terminal 5

55

4. Port & Urban Development Investments2022

1. A 6 sq. km innovation district and hometo several key growth areas whichincludes advanced manufacturing,robotics, urban solutions, cleantech andart logistics.

2. Target Completion: 2022

2023 Punggol Digital District

1. Size: 0.5 sq. km2. Digital and Cyber-Security

Industries Cluster3. Target Completion: 2023

2025 Deep Tunnel Sewerage System(Phase 2)1. Size: 100km of tunnels

and sewers 2. Target Completion: 2025

2040 Tuas Mega Port1. To be developed in 4 stages.

The port will consolidate all portoperations in Singapore andcentralize it in Tuas Digital andCyber-Security IndustriesCluster. Tuas, when it’s fullydeveloped, will be the singlelargest fully-automated terminalin the world* ( according toChannel News Asia).

2. It will incorporate smart (drones)and green technologies (solar/fully electric vehicles, floatingplatforms) into its operations.

3. Potential capacity of about65 million TEUs.

4. Target Completion: 2040 (to beopened in phases from 2021)

Jurong Innovation District (JID)

2040 Jurong Lake District (JLD)

1. Set to be Singapore’s 2nd CBD2. Land Size: 360ha area3. Target Completion: 2040

Exhibit 5: Singapore’s Commercial Port

Phase 4Phase 1

Phase 3Phase 2

Tuas Mega Port

Jurong InnovationDistrict (JID) Jurong Lake District (JLD)

Punggol Digital District

Changi

Kranji WRP & NEWater Factory

DTSS Phase 2 consists of:Tunnels Link Sewers andWater Reclamation Plant/OutfallPasir Panjang

Terminal

Tanjong Pagar Terminal

Singapore

Source: Jurong Lake District, Straits Times, Ministry of National Development Singapore, Singapore Budget 2018, Platinum Research

Exhibit 4: Future Development Plans In Singapore

East CoastNorth & West Coast

66

5. Tourism1. Overview

1. Almost 80% of Singapore visitors come from Asia.2.The growth rate has swung between - 4.3% to +20% YoY.3.10-year (2008-2017) Compounded Annual Growth Rate (CAGR) stood at 5.1%.

2. International Visitor Arrivals (IVA) increased 7.6% YoY to 9.19 million in 1H 2018.1.Volume from China increased 11.4% to 1.73 million, Indonesia increased 4.8% to

1.54 million and India increased16.5% to 768,620 million*. Combined theyaccounted for 44% of total arrivals.

2.In 2017, China, Indonesia and India accounted for the top 3 of IVA andcontributed 7.5 million visitor arrivals, out of a total of 17.4 million. 10 years ago,the IVA contribution from these 3 countries stood at 3.8 million.

3. GDP: Direct Contribution - SGD17.7 billion or 4.1% of total GDP in 2017.Forecast to rise by 3.2% from 2018-2028 to SGD24.9 billion.

4. Total Contribution - SGD43.5 billion or 10.2% of GDP in 2017. It is expected toincrease by 3.6% pa to SGD64.2 billion in 2028.

5. Employment - Total Contribution is forecasted to rise 0.7% in 2018. In 2017- 8.8% oftotal employment or 323,000 jobs in Singapore.

6. Visitor Export - SGD6.7 billion in Q1 2018. Forecast to grow by 2.2% from 2018-2028.

7. Investment - 20.9% or SGD20.9 billion of total investment. Forecast to grow by 5%pa from 2018-2028.

Exhibit 6: International Tourist Arrival

Exhibit 7: Hotel Statistics

23.1 23.5 23.6 21.8 24.8 26.8

0

20

40

2012 2013 2014 2015 2016 2017

SGDb

Tourism Receipts

Exhibit 8: Tourism Receipts

* Based on preliminary estimates by Singapore Tourism Board

Source: Singapore Tourism Board, Ministry of Trade and Industry, Platinum Research, World Travel and Tourism Council’s (WTTC)

77

6. Commercial Property Market Outlook

Micro-Market Grade A Office Rent

Location Inventory (sf) Rentals/SF/MO Planned &Under

Construction (sf)

Marina Bay 9m US$8.31 1,260,000Raffles Place 7.4m US$7.38 635,000

Shenton Way/Tanjong Pagar 4.1m US$7.02 918,000

City Hall/Marina Center 4.2m US$6.84 205,000

Orchard 1.9m US$6.81 352,000Bugis 1.1m US$6.52 566,000

City Fridge* 6.9m US$5.01 306,000Suburban* 6.9m US$3.88 534,000

Exhibit 9: Indicator of Office Market in Singapore as at Q3 2018

Source: Cushman and Wakefield Q3 2018 Report, Urban Redevelopment Authority

Notes: 1) * Refers to all Grades2) US$/S$=1.375 as at 18 September 2018

Location PSF Per Month (US$)

Prime Orchard US$25.22

City Fridge US$15.69

Prime Suburban US$23.04

Exhibit 10: Average Gross Rents of Prime Retail Spaces as of Q3 2018

1. Prime rent office rents have risen for 4 consecutive quarters,since 3Q 2017. Technology, e-commerce, co-workingspace and relocation to newer office buildings, were the keydemand drivers.

2. The office market was in a down-cycle with market rentsdeclining by 20% since 2015 on the back of weaker demand.

3. Over the next 12 months, estimated prime office rates willsee growth of around 8% - 10%, due to sustained demandand declining supply. Supply to taper later in 2019, with thenext wave of new supply will only become available in2020/21.

4. Industries that continue to grow the strongest include IT,fintech, energy, private wealth management and co-workingspace operators.

Note: 1) US$/S$=1.375 as at 14 September 2018

88

7. Key Industries and ActivitiesIndustry: Pharmaceuticals & Biotechnology

One - North BiopolisOccupying 18.5 hectares strategically located near the National UniversityHospital, Biopolis hosts the full spectrum of R&D activities pertaining to the lifesciences. Biopolis is home to global leaders like Illumina, Medtronic andProcter & Gamble. The Asia Medical Technology market is expected to growat a CAGR of 8% and is projected to overtake the EU as the second largestmarket globally by 2020.

Industry: ChemicalsJurong Island

Jurong Island, an integrated chemicals hub hosts 100 energy and chemicalcompanies, with assets totalling over SGD47 billion. Also located on the islandare the Jurong Rock Caverns, Southeast Asia’s first commercial undergroundstorage facility for liquid hydrocarbons.

Industry: ElectronicsWafer Fab & Advanced Display Parks

There are 4 specialised wafer fabrication parks located in Singapore –Woodlands, Tampines, Pasir Ris, and North Coast. Collectively, the parkshouse some of the world’s top wafer foundries, such as Micron,GlobalFoundries, UMC, NXP Semiconductors.

Source: Company Data, Platinum Research

99

8. Company Highlights

Surbana Jurong Group is a Singapore-based multidisciplinary urban, infrastructure and managementservices consultancy firm. With over 50 years of track record in successful project delivery, it is now one ofthe largest Asia-based consultancies. Today, it has a workforce of 13,600 employees globally in more than120 offices across 40 countries.

JTC Corporation (JTC) is the lead agency in Singapore to spearhead the planning, promotion anddevelopment of a dynamic industrial landscape

Ascendas- Singbridge Group, jointly owned by Temasek Holdings and JTC Corporation is a leadingsustainable urban development and business space/ industrial parks solutions provider with a globalportfolio of Assets Under Management exceeding SGD20 billion.The Group has projects in 42 cities and locations across 11 countries globally, including Australia, China,India, Indonesia, Singapore, South Korea, United Kingdom and the United States.

Temasek is a global investment company headquartered in Singapore, with SGD308 billion portfolio valueas at March 2018. Its portfolio spans a broad spectrum of industries: financial services,telecommunications, media & technology, consumer & real estate, transportation & industrials, lifesciences & agribusiness, as well as energy & resources.

ST Telemedia is an active investor in the Communications, Media and Technology (CMT) space.

GDS is a leading provider of high performance data centre infrastructure and services in key marketsacross China. It provides managed IT services, hosting services, and cloud computing infrastructure tocustomers with business-critical IT operations.

Source: Company Data

1010

9. Trade Connectivity

21 Free Trade Agreement (FTA) / Economic Partnership Agreement (EPA) with 32 Trading

Partners

Australia Jordan

China Korea

Costa Rica New Zealand

India Panama

Japan Peru

United States Taiwan

Corporation Council for the Arab States of the Gulf (Bahrain, Kuwait, Oman, Qatar, Saudi

Arabia and UAE)

Trans-Pacific Strategic Economic Partnership (Brunei, Chile and New Zealand)

European Free Trade Association ( Switzerland, Iceland, Liechtenstein and Norway)

Exhibit 12: Trading Partners

Source : Ministry of Trade and Industry

Singapore is a global trading hub for various products across 7 key clusters

MACHINERY & EQUIPTMENT

Electronics, Industrial Equipment

AGRICULTURE MATERIALS

Agricultural Raw Materials, F&B

HOUSEHOLD GOODS

Pharmaceutical, textiles

ENERGY &CHEMICALS

TRANSPORT EQUIPTMENT

Motor Vehicles, Parts & Accessories

GENERAL MERCHANDISE

OTHERSMetals & Minerals,

Construction Materials

1 2 3

4 5 6

7

1111

10. Asia’s Wealth Management Hub

.

Exhibit 14: AUM in Singapore, including discretionary and advisory assets (in US$ bn) from 2008-2016

1. Singapore is the leading asset management hub for institutional investors to access opportunities across Asia due to its low tax rate, political and macroeconomic stability.

2. Assets under management (AUM) in Singapore have grown by an average 15% each year over the last five years, reaching US$1.9 trillionin 2016.

3 International Clients represents 80% of assets under management and administration.

2 Sovereign Wealth Funds

GIC is one of the most active institutionalinvestors in the alternative space.AUM: US$390 billion (as at 2017)

Temasek is a key investor in the financial sector. Itholds key stakes in banks including DBS.AUM: US$198 billion (as at 2017)

Source: Monetary Authority of Singapore, Annual Reports, Straits Times

599860

1049 10301329 1434

1783 1815 1898

0

500

1000

1500

2000

2008 2009 2010 2011 2012 2013 2014 2015 2016

US$b

1212

11. Digital Economy1. Singapore is home to tech giants like Google, Facebook, Linkedln, Lazada and Alibaba Group as well as one of the largest producers of

start-ups in South East Asia.2. Singapore has many winning factors such as government funding, robust IP environment, infrastructure support and talent, which have

contributed to the growth of digital economy start-ups and attracted the bulk of new capital, bringing the total amount raised since 2015 toSGD16 billion as at 1H 2018.

3. The digital economy is expected to grow to more than US$200 billion by 2025, based on a study by Temasek and Google.

Singapore government has formed apartnership with Microsoft to developintelligent chatbots that can deliver a set oftech based human like customer services.

Emma, OCBC Bank’s chatbot for renovationand home loans, has helped to secure morethan SGD100 million in home loans.

Siemens formed a partnership withSingapore to be the first country to pilotMindSphere, Siemen’s open-cloud basedoperating system for the IOT.

Dell IoT lab was opened in 2016 incollaboration with Intel to test proof-of-concept IoT products.

CybersecurityFacebookInvestment in Singapore: US$1.02 billionNo. of Data Centers: 1

Google Investments In Singapore: US$850 millionNo. of Data Centers: 3

Data Centers

Exhibit 15: Key Areas In Singapore’s Digital Economy

Group IB, a Russian cyber security firm withoffices in London, New York and Dubai isopening a global headquarters in Singaporeearly next year. Its clients includes banks,energy firms and telecom companies.

Artificial IntelligenceInternet Of Things (IoT)

Source: IMDA, Channel News Asia

1313

12. Fintech Fintech1.No. of Fintech Companies in Singapore: 4902.Investment in 2017: US$141 million (+68%YoY)3.Key Subsectors: Wealth Management, Alternate Lending, Payments4.Most Active Investors: GMO Venture Partners, Wavemaker Partners

Top 3 Highest Funded Fintech Companies in SEA as at May 2018• M-Daq, Singapore – US$98.7 million• TenX, Singapore – US$80 million• KyberNetwork, Singapore – US$60 million

1. The Monetary Authority of Singapore (MAS), has announced robustincentives for fintech companies which include investments of up toSGD225 million by end of 2020.

2. LATTICE80 - Singapore’s first fintech innovation hub (at 100,000 sf).Fintech companies can use for office space, experimentation andcollaboration purposes with VC investors and the financial industry.

3. At the 2018 Budget Singapore Institute of Accredited Tax Professionalsproposed a 10% tax incentive for fintech companies. Upon acceptance ofthe pitch, fintech companies will enjoy concessionary tax rates on top ofcurrent support incentives offered by MAS.

4. MAS and the Hong Kong Monetary Authority will jointly develop the Global Trade Connectivity Network, a cross-border platform for trade finance using blockchain.

4.3% Value Added Growth 2.4% Productivity Growth1,000 net jobs in Fintech

Growth Target (pa):

Exhibit 16: FinTech Transformation Map Singapore

Source: Monetary Authority of Singapore, Straits Times, Fintechnews, Platinum Research

INTERNATIONAL FINTECH HUB

BLOCKCHAINPilots for interbank-bank

payments and trade finance

VENTURE CAPITAL ECOSYSTEM

Deepen and expand Fintech investment

ELECTRONIC PAYMENTSImprove inter-operability and

increase adoption

FINTECH TALENTUpgrade technology skills

OPEN ARCHITECTUREEnhance connectivity through

APIs

DIGITAL ID &E-KYCEnhance customer experience

and operational efficiency

1414

13. HealthcarePharmaceuticals & Biotechnology1. 8 of the top 10 pharmaceutical companies have facilities in

Singapore, manufacturing 4 of the top 10 drugs by global revenue.2. Over SGD$4 billion in public sector research funding is allocated in

developing health and biomedical sciences for the next 5 years.3. Singapore is home to more than 60 multinational MedTech

companies undertaking a wide range of activities, from productinnovation to manufacturing, research and development.

4. SGX currently lists 35 Healthcare stocks and related Trusts witha combined market cap of over SGD60 billion.

5. Singapore’s government has created some key technologyinitiatives that are directly impacting the medical manufacturingindustry, with programs designed to enhance the state of the art in3D printing, robotics (AI), and the industrial internet of things (IoT),to name just a few.

6. The Asia Medical Technology market is expected to grow at aCAGR of 8% and is projected to overtake the EU as the secondlargest market globally by 2020.

Exhibit 18: SGX listed Healthcare - MedTech Companies

Exhibit 19: SGX listed IT Stocks Generating Revenue From MedTech

Source: Bloomberg as at 4 December, 2018

Source: Bloomberg as at 4 December, 2018

Source: Straits Times, Ministry of Trade and Industry, Economic Development Board Singapore, Economic Development Board Singapore, Platinum Research

Name Ticker

FY17 Total

Assets (SGDm)

Mkt cap (SGDm)

FY17 Avg. P/E (x)

Cur. P/E (x)

FY17 Avg. P/B (x)

Cur. P/B (x)

FY17 ROE (%)

Clearbridge Health Ltd CBH SP 69 103 - - 2.48 1.68 (15.03)Techcomp Holdings Ltd TCH SP 228 0 25.65 - 0.56 - 1.62Vicplas International Ltd VPS SP 73 48 18.40 16.07 1.01 0.83 5.51Qt Vascular Ltd QTVC SP 24 23 - 0.55 - 0.59 -Simple avg 22.02 8.31 1.35 1.03 (2.63)Mkt cap wtd avg 18.40 11.04 2.01 1.30 (7.36)

Name Ticker

FY17 Total

Assets (SGDm)

Mkt cap (SGDm)

Closing price (SGD)

FY17 Avg. P/E (x)

Cur. P/E (x)

FY17 Avg. P/B (x)

Cur. P/B (x)

FY17 Avg. EV/

EBITDA (x)

Cur. EV/

EBITDA (x)

FY17 ROE (%)

Venture Corp VMS SP 3,144 4,421 15.34 11.4 11.7 1.89 1.97 7.18 8.94 18.1Valuetronics VALUE SP 345 290 0.67 12.3 8.2 1.99 1.53 5.57 3.80 17.2Memtech Int'l MTEC SP 256 113 0.81 6.6 8.1 0.73 0.68 2.41 3.96 11.9Cei CEI SP 65 75 0.87 13.6 11.5 2.29 1.91 7.57 5.92 16.5Trek 2000 Int'l TREK SP 84 27 0.09 7.9 - 1.25 0.46 3.80 - 11.5Avi-Tech Electronics AVIT SP 55 51 0.30 10.6 12.8 1.54 1.04 6.00 4.46 14.9

10.4 10.5 1.62 1.26 5.42 5.42 15.011.3 11.5 1.87 1.89 6.95 8.43 17.8

Simple avgMkt cap wtd avg

1515

14. Singapore’s Future Economy

Exhibit 20: The 5 core pillars of Singapore’s future economy

• Energy & Chemicals• Precision Engineering• Marine & Offshore• Aerospace

• Electronics• Construction• Real Estate• Cleaning

• Security• Logistics• Air Transport• Sea Transport

• Land Transport• Wholesale Trade• Healthcare• Education

• Professional Services

• ICT and Media• Financial Services• Food Services

• Retail• Hotels• Food

Manufacturing

23Industries

1. The Singapore Government in February 2017 outlined seven strategies which will shape Singapore’s economic roadmap for the next 5-10years. To implement and support the growth and transformation of Singapore’s economy for the future, the Future Economy Council( FEC) has set out 3 key areas of work:

• Grow a vibrant and open economy that is connected to the world, and where Trade Association and Chambers (TACs), unions,enterprises and individuals come together to harness opportunities.

• Strengthen enterprises through industry-specific transformations to help them grow, innovate and scale up.• Help Singaporeans acquire and utilise deep skills, seize opportunities in the future economy, and to work towards a resilient and

flexible workforce.

Finance Advanced Manufacturing

Digital Economy

Urban Solutions Healthcare5 Key

Sectors

Source: Ministry of Trade and Industry, Singapore Future Economy Council, Platinum Research

Future Growth Industries and

Markets

Future Corporate Capabilities and

Innovation

Future of Connectivity

Future City Future Jobs and Skills

1616

15. Industry 4.0

Country Rank

US 1

Singapore 2Switzerland 3

UK 4

Netherlands 5

Germany 6

Canada 7

Hong Kong 8

1. Singapore is among the 25 Leading Countries well positioned to benefit from the rise of advanced manufacturing and smart factories Industry4.0, according to new World Economic Forum Report 2018.

2. The report analysed 100 countries and economies to see how they might benefit from the Fourth Industrial Revolution - or Industry 4.0 - andthe rapid rise of new manufacturing technologies.

3. The government continues to be future-oriented and recently announced the Singapore Smart Industry Readiness Index, a tool to helpindustrial companies harness the full potential of the Fourth Industrial Revolution.

Exhibit 22: Singapore ranked 2nd for Drivers of Production and 11th for Structure of Production, and, According to World Economic Forum Report 2018.

Exhibit 21: Map of Readiness Assessment Results 2018

Source: World Economic Forum 2018

Drivers of production score (0–10)

Structure of production score (0–10)

Above Image: Credit: Reproduced from World Economic Forum, A.T. Kearney (Figure 2 from the report)

1717

16. IncentivesTax Incentives

1.Tax Exemption Scheme for New Start-ups2.Productivity and Innovation Credit (PIC) Scheme3.Deduction for Charitable Work 4.Double Tax Deduction for Internationalization5.Angel Investors Tax Deduction (AITD)6.Fund Management Incentive (FMI)7.Section 13H Tax Incentive (S13H)

Double Taxation Agreements

Singapore has over 70 double taxation agreements (DTA), including DTA with:

1.China2.Australia3.Japan4.India5.Singapore6.USA (limited DTA)7.UK8.Saudi Arabia

Tax Highlights

1.Capital Gains - Singapore does not taxcapital gains2.GST - 7% on the supply of most goods andservices as well as most imports3.Corporate Tax - 17% however 75% of thefirst SGD10,000 of normal chargeable incomeand 50% of the next SGD290,000 of normalchargeable income are exempted from tax4.Inheritance/Estate Tax - No Tax5.Foreign Tax Credit - Some type of foreign-source income are exempted from SingaporeTax (subject to certain conditions)

Low Cost Trade FinancingSingapore offers global businesses low cost trade financing, world class logistics, access

to world class human capital.

The Singapore Stock ExchangeSGX is Asia’s most internationalised

exchange, with more than 40% companies listed on SGX originating outside of

Singapore.

Trade ServicesBanking Services

Singapore ranks among the top 3 financial centres in the world*, and is the largest

corporate banking centre in Asia.*according to Straits Time Publication 2016

Source: Monetary Authority of Singapore, Straits Times, Platinum Research

1818

17. Liveability and Culture

Catering to Various Nationalities> 30 International Schools in Singapore

14 Public HospitalsMore than 4,000 private healthcare

operators, including GPs, hospitals, dental clinics and hospices

Source: Mercer’s, Straits Times, Digital in 2018 Singapore, Platinum Research

Internet Users - 84%Mobile Users: 82%

Active Social Media Users - 83%Average Internet Speed via Mobile - 54.00 MBPS

Asia Ranking Global City1 Singapore2 Tokyo3 Kobe, Japan4 Yokohama, Japan5 Osaka, Japan6 Nagoya, Japan

7 Hong Kong8 Seoul9 Taipei

10 Kuala Lumpur

Exhibit 23: Top Cities in Asia 2017 according to Mercer’s 2018 Qualityof Living Survey

Global Ranking Global City1 Singapore2 Frankurt3 Munich4 Copenhagen5 Dusseldorf6 Hong Kong7 London8 Sydney9 Hamburg

10 Vancouver

Exhibit 24: Best City Infrastructure 2017 in The World according to Mercer’s 2018 Quality of Living Survey

HEALTHCARE

DIGITAL POPULATION 2018

SCHOOLS

LARGE POPULATION, LOW DENSITYSingapore Tops Asia’s Most Liveable City And 25th in The World

1919

18. Smart Nation

Exhibit 25: The 5 Singapore Smart Nation Projects which has been identified as key enablers in Singapore’s Smart Nation drive:

National Digital IdentityAllow citizens and businesses to transactdigitally in a seamless secured manner.

E-PaymentsSeamless and secure cashless paymentsfor goods and services through cards,mobile phone or the internet.

Smart Nation Sensor PlatformDeployment of sensors and IoT deviceswithin smart street lighting to makeSingapore more liveable and secure placeto live in.

Smart Urban MobilityInnovating smart mobility through dataand technology and intuitive apps toenhance transport.

Moments of LifeOffering integrated and seamlessgovernment service for the citizens atany stage of life.

Smart Nation initiative was launched in 2014 as part of Singapore’stransformation plan across the economy, government and society.This came with a focus of having its residents live fulfilled livesenabled by technology, allowing people and businesses to thrive.

Source: Channel News Asia

2020

19. Singapore Biomedical Science Community

Source: Economic Development Board Singapore, Platinum Research

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Appendix – Top 10 Listed Companies In Singapore

Source: Bloomberg as at 4 December 2018

Top 10 Listed Companies by Market Cap Market

Cap Avg Daily Turnover Return

Ticker Short Name (US$ m) (US$) P/E YTD (%) Sector1 JM SP EQUITY JARDINE MATHESON 49,235 13,167,941 US$ 66.83 9.55 12.87 Industrials2 DBS SP EQUITY DBS GROUP HLDGS 46,713 87,152,974 S$ 24.96 11.72 6.62 Financials3 JS SP EQUITY JARDINE STRAT 42,767 8,297,311 US$ 38.60 7.72 -1.64 Industrials4 ST SP EQUITY SINGAPORE TELECO 36,769 47,010,980 S$ 3.07 15.82 -11.12 Communication Services5 OCBC SP EQUITY OCBC BANK 36,014 46,401,279 S$ 11.55 10.62 -3.75 Financials6 UOB SP EQUITY UNITED OVERSEAS 31,514 47,504,440 S$ 25.78 10.93 1.46 Financials7 HKL SP EQUITY HONGKONG LAND 15,246 10,291,187 US$ 6.48 4.25 -5.26 Real Estate8 WIL SP EQUITY WILMAR INTERNATI 14,572 12,976,196 S$ 3.14 10.38 4.98 Consumer Staples9 DFI SP EQUITY DAIRY FARM-900 12,039 4,652,279 US$ 8.90 28.95 16.15 Consumer Staples

10 THBEV SP EQUITY THAI BEVERAGE 11,513 11,300,848 S$ 0.63 20.25 -30.00 Consumer Staples

Top 10 Listed Companies by Avg Daily Turnover

Ticker Short Name

Market Cap

(US$ m)

Avg Daily Turnover

(US$) P/EReturn

YTD (%) Sector1 DBS SP EQUITY DBS GROUP HLDGS 46,720 87,152,974 S$ 24.96 11.72 6.62 Financials2 UOB SP EQUITY UNITED OVERSEAS 31,518 47,504,440 S$ 25.78 10.93 1.46 Financials3 ST SP EQUITY SINGAPORE TELECO 36,774 47,010,980 S$ 3.07 15.82 -11.12 Communication Services4 OCBC SP EQUITY OCBC BANK 36,017 46,401,279 S$ 11.55 10.62 -3.75 Financials5 GENS SP EQUITY GENTING SINGAPOR 9,013 28,707,971 S$ 1.02 16.67 -19.69 Consumer Discretionary6 VMS SP EQUITY VENTURE CORP LTD 3,294 23,217,562 S$ 15.58 11.93 -20.77 Information Technology7 YZJSGD SP EQUITY YANGZIJIANG SHIP 3,589 21,361,108 S$ 1.24 8.05 -12.07 Industrials8 CAPL SP EQUITY CAPITALAND LTD 9,833 21,292,282 S$ 3.22 8.73 -5.79 Real Estate9 AREIT SP EQUITY ASCENDAS REAL ES 5,792 19,101,690 S$ 2.54 16.08 -0.87 Real Estate

10 KEP SP EQUITY KEPPEL CORP LTD 8,456 18,965,666 S$ 6.36 36.76 -10.06 Industrials

Last Price

Last Price

2222

Who Have We Worked With in Singapore?

THE KUOK GROUP

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Disclaimer DISCLOSURE OF INTERESTS

Analyst Compensation: No part of the Analysts’ remuneration was, is, or will be directly or indirectly related to the analysis, comments or recommendations stated in this report.

Market Making: Within 12 months before and after the publication of this report, this firm has not conducted, and will not participate in any market making in the listed securities of the companiescovered in this report.

Ownership of Shares: On the date of publication of this report, this firm does not own more than 1% of the common class of securities of the companies covered in this report. The analyst(s) whoprepared this report does not have any financial interests in the common class of securities of the companies covered in this report.

Investment Banking Service: Within 12 months before the publication of this report, this firm has provided investment banking services to and received compensation from the companies covered in this report.

Affiliation and Employment Relationship: On the date of publication of this report, no director or employee of this firm is serving as a director, consultant or an employee of the companiescovered in this report.

Disclaimer

This report is prepared, produced and published by Platinum Broking Company Limited and its affiliated companies based in Shanghai and Singapore. Platinum Broking Company Limited is alicensed corporation registered with Hong Kong Securities and Futures Commission. This report is for distribution in Hong Kong and in other jurisdictions to the extent permissible by applicable law.This is neither a solicitation nor a recommendation to buy or sell any financial instruments in jurisdictions where such a solicitation or recommendation would be illegal, including but not limited tothe United States of America, the United Kingdom and the European Union. This report does not take into account the specific investment objectives, financial situation or needs of any individualrecipients. Investors should consider whether the analysis and recommendations in this report is suitable for their particular circumstances and if appropriate, seek professional advice. While we havemade all reasonable endeavour to ensure the information in this report is true and up-to-date at the time of publication, we cannot guarantee its accuracy and completeness. The value of the securitiesreferred to in this report may fluctuate. Neither Platinum Broking Company Limited, nor any of its holding or affiliated companies, nor any of its or their directors or employees, represent or warrantthe accuracy or completeness of the information in this report, and will not accept any responsibility or liability for any use of or reliance upon any of the content of this report. The use of anyinformation herein is at the sole discretion and risk of the investors.

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