MICA (P) 057/11/2011 Ref No: SGMN2012_0213 1 of 16

Phillip Securities Research Pte Ltd

Singapore

Morning Note

2 November 2012

Fundamental Call

SC Global Developments Ltd – Results (Bryan Go) Recommendation: Neutral Previous close: S$1.115 Fair value: S$1.15

Reported 3Q12 revenue of $237.7mn (+20%y-y), PATMI $34.6mn (+9%y-y) Shenyang project obtained TOP in the quarter, erased earlier losses We expect sales in Singapore projects to remain slow which will continue to weigh down its earnings Maintain Neutral with fair value increased to $1.15

DBS Group – Results (Ken Ang) Recommendation: Neutral Previous close: S$13.80 Fair value: S$15.10

3Q12 net profit of S$856 million beat expectations on lower loans provision. NIMs and loans growth disappoint, while Fees and Commission improved significantly.

Maintain Neutral with unchanged target price of S$15.10 based on lowered P/B of 1.16X.

Source: Phillip Securities Research Pte Ltd

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Morning Commentary - STI: -0.39% to 3026.6 - MSCI SE Asia: -0.26% to 842.6 - Hang Seng: +0.83% to 21821.9 - MSCI APxJ: -0.11% to 442.7 - Euro Stoxx 50: +1.21% to 2533.9 - S&P500: +1.09% to 1427.6 MARKET OUTLOOK: By Ng Weiwen, Macro Analyst Global growth (particularly in China) is showing signs of bottoming out and we should see a modest pickup in 4q12, barring downside risks on the G2 fiscal front. Our view takes into account the following: (i) Globally, manufacturing PMIs have registered improvements in new orders and the decline in inventories suggest that the inventory adjustment cycle is about to end. This suggest possible gains in manufacturing output in the coming months, barring a sharp deterioration in final demand. (ii) The US Treasuries yield curve has steepened, suggesting that US has emerged from the doldrums and recovery is gaining traction. The yield on 3-mth shed around 2bps, while yields on 10-yr and 30-yr gained around 3bps and 4bps respectively. Furthermore, US manufacturing output continued to expand on the back of increased spending by US consumers who are more confident about the economy as the value of their properties continue to rise. (iii) In China, both the official NBS PMI as well as the HSBC PMI (which focuses more on export-oriented SMEs) continued to register improvements. Specifically, the official NBS PMI suggests that manufacturing activity in Oct has expanded and sub-components of the PMI hints of stabilisation in the Chinese economy. Seen along with the m-m uptick in Sept retail sales as well as FAI data, we are reassured that growth is bottoming out on China's macro front. Consequently, markets soared overnight with S&P 500 forming a bullish 'marubozu' and NASDAQ-100 bouncing up to perch just above the key 200dma support level. Tonight's release of US nonfarm payrolls data (around 8.30pm SGP time) – the final jobs report prior to the Nov 6 presidential election- will the key risk event for US trading session today. Portfolio Watch: (1) We reiterate our main investment theme, which is long Asia/EM Debt (Asia Bond ETFs: N6M:SGX, N6L:SGX, O9P:SGX | EM Bond ETFs: EMB:AMEX, LEMB:AMEX, EMHY:AMEX) – global risk on or risk off, portfolios will have to explore beyond traditional safe havens- which yield too low to protect purchasing power, and have doubtful credit ratings. Asia/EM nations on the other hand mostly have nominal GDPs compounding faster than debt and higher yields to boot, are likely to increasingly feature as core-fixed income holdings. (2) Long China – H-shares 2828.HK, A-shares 83188.HK (prefer A-shares). Positive on China A-shares (FTSE China A50 Index CFD) and the HKCEI (H Shares Index CFD). There are increasingly more signs of bottoming out in the Chinese economy, with the m-m uptick in Sept FAI, retail sales as well as yesterday's improvement in the NBS &HSBC PMI. Market has previously overpriced the macro downside and with China underperforming for a long while, it stands a good chance of outperforming in the near term as investors switch focus from the US and ASEAN. (3) Accumulate on weakness CIMB ASEAN40 ETF (QS0:SGX or M62:SGX). While we are neutral on equities -as an asset class-given the lackluster macro fundamentals, we continue to prefer and Overweight the ASEAN region on account of its resilient domestic demand and massive infrastructure expenditure which will mitigate sluggish external demand. Within the ASEAN space we prefer Singapore (ES3:SGX), Thailand (LG7:SGX) and Philippines (N2E:SGX). REPORTS: - Singapore Sector Reports: Banks, 1 Nov / Transport, 10 Sept / Telcos, 16 May / Property, 28 Aug / REITS, 5 Sept - Country Strategy: US, 24 Oct/ China, 22 Oct / HK, 8 Oct / Thai, 5 Oct / Indon, 27 Sept / S'pore, 3 Sept / Malaysia, 31 Aug - Global Macro, Asset Strategy: 9 Oct/ Update, 25 Oct Source: Phillip Securities Research Pte Ltd

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Macro Data In US, manufacturing activity continued to expand. Specifically, the US ISM manufacturing index registered a reading of 51.7pts in Oct, gaining 0.2pts m-m. In particular, the new orders index rose 1.9 pts m-m to 54.2. The Conference Board consumer confidence index surged 3.8pts m-m to 72.2pts in Oct- the strongest reading since the recovery. On the labour front, initial jobless claims declined 9,000 wk-on-wk to 363,000 for the week ending Oct 27. We should see some distortion in the jobless claims data for the coming weeks owing to disruptions caused by Hurricane Sandy. In Indonesia, exports continued to slump 9.4% y-y in Sept but slower than the steep pace of contraction of 24% in the preceding month. Manufacturing activity -based on HSBC PMI- also continued to expand to a 19 month-high (Oct: 51.9, +1.4pts m-m), with forward-looking new orders rising too. Inflation inched up to 4.61% y-y, from 4.31% in the preceding month. With inflation print ytd well within the central bank’s year-end target range of 3.5 to 5.5%, we expect Bank Indonesia to continue to stand pat on the back of lower inflation expectations as well as resilient domestic demand. As we have guided previously, a rate cut is unlikely as such a dovish stance would further exacerbate the weakness in rupiah (IDR) in view of Indonesia’s deteriorating external balances. In Thailand, inflation remained almost unchanged at 3.32% in Oct, compared to 3.38% in the preceding month. Core inflation- which excludes energy and fresh food prices- dipped to 1.83%, from 1.89% in Sept, within the central bank’s target range of 0.5%-3%. Looking ahead, in view of the benign inflation as well as pre-emptive Oct rate cut, we expect BoT to stand pat unless economic activity substantially slows down. In UK, house price rose by 0.6% m-m sa in Oct, after a 0.4% m-m sa drop in Sep. The reading fell by 0.9% y-y, compared to a 1.4% y-y decline in Sep. A separate report shows that the nation’s manufacturing PMI fell to 47.5 in Oct from 48.1 in Sep, indicating a faster contraction in manufacturing activities. Bank of England policy makers will decide next week whether to extend quantitative easing beyond their 375 billion-pound ($606 billion) target after they complete their current round of asset purchases. In China, official PMI returned to above 50 the dividing line between expansion and contraction, reporting 50.2 in Oct, after the 49.8 reading in Sep, adding signs the nation’s manufacturing is bottoming out. The improvement is aligned with HSBC PMI, which improved to 49.5 in Oct from 47.9 in Sep, indicating only a slight contraction. In Taiwan, HSBC manufacturing PMI rose to 47.8 in Oct from 45.6 in Sep, indicating a slower contraction in manufacturing activities. In Hong Kong, retail sales value rose by 9.4% y-y in Sep, faster than the 4.6% y-y gain in August. Retail sales volume rose by 8.5% y-y, faster than 3.2% y-y gain in August. With China showing signs of bottoming out, Hong Kong economy would likely be stabilizing. In Australia, performance for manufacturing index rose slightly to 45.2 in Oct from 44.1 in Sep, indicating a slightly slower contraction. Sub reading for production fell to 45.2 from 45.5. Sub reading for new orders fell to 43.9 from 44.3. Both indicate worsening activities. Sub reading for employment rose to 46.7 from 40.7. A separate report shows that import price index fell by 2.4% q-q in 3q12, after a 2.4% q-q gain in 2q12. Export price index fell by a significant 6.4% q-q in 3q12, after a 0.9% q-q gain in 2q12, due to weak commodity prices. In South Korea, inflation reported 2.1% in Oct, compared to 2.0% in Sep. On m-m basis, CPI fell by 0.1% m-m in Oct, after a 0.7% m-m gain in Sep. The Bank of Korea lowered its forecast for 2012 inflation to 2.3 percent on 0ct. 11, highlighting the room policy makers have to ease further should economic conditions worsen. A separate report shows that the nation’s total export rose by 1.2% y-y in Oct, after a 2.0% y-y drop in Sep. Import rose by 1.5% y-y in Oct, compared to a 6.1% y-y drop in Sep. Source: Phillip Securities Research Pte Ltd

Morning Note 2 November 2012

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Source: Bloomberg

STI - Index Members

3.5%

1.6%

1.2%

1.1%

0.9% 0.4%

0.3%

0.3%

-0.1%

-0.1%

-0.2%

-0.3%

-0.3%

-0.5%

-0.5%

-0.5%

-0.6%

-0.7%

-0.8%

-0.8%

-0.9%

-1.0%

-1.0%

-1.1%

-1.6%

-1.6%

-1.8%

-1.8%

-2.4% -3.4%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

GLP

Ltd

HK Land

SIA

Eng.

Genting S

P

Capitam

all Trust

IHH

Capitaland

ST E

ng.

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L

Jardine Stra.

SPH

Singtel

F&N

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OC

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Keppel C

orp. Ltd

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Noble Ltd

Morning Note 2 November 2012

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Company Results

Revenue Net Profit S/N Company Name Q/HY/FY Currency,

Units Current Previous Change (%) Current Previous Change

(%)

1 CAMBRIDGE INDUSTRIAL TRUST 3Q S$'000 22,510 20,744 8.5 19,157 17,586 8.9

2 DBS GROUP HOLDINGS LTD 3Q S$'mn 2,004 1,968 2 856 762 12

3 ARA ASSET MANAGEMENT LIMITED 3Q S$'000 3 3,147 44,956 -26 1 9,634 25,365 -23

4 ERATAT LIFESTYLE LIMITED 3Q S$'000 330,426 264,736 24.8 56,479 48,379 16.7

5 HYFLUX LTD 3Q S$'000 155,048 87,719 77 14,518 12,613 15

6 CEFC INTERNATIONAL LIMITED 3Q US$'000 9,749 1 1266333 (247) 12,321 -102

7 CITYSPRING INFRASTRUCT TRUST 2Q S$'000 132,710 116,546 13.9 8,787 (25,127) N/M

8 DUTECH HOLDINGS LIMITED 3Q RMB$'000 186,801 106,389 75.6 15,136 15,573 -2.8

9 SC GLOBAL DEVELOPMENTS LTD 3Q S$'000 237,745 197,403 20 34,575 31,753 9

10 ELEC & ELTEK INT CO LTD 3Q US$'000 137,408 166,826 -17.6 8,466 15,951 -46.9

11 HI-P INTERNATIONAL LIMITED 3Q S$'000 271,657 3 08,567 -12 2,982 6 ,468 -53.9

Source: SGX Masnet

Company Highlights

CCFH Ltd wishes to announce that the Group is expected to report an overall net profit for the third quarter and nine-month financial period ended 30 September 2012. The positive financial results were mainly due to the following factors:1. Increase in revenue and profits from the Group’s children wear retail business and original design manufacturing (“ODM”) business resulting from improved sales derived from its European customers; and 2. Increase in gross profit margin of the Group’s ODM business and children wear retail business mainly due to the decreased cotton price and reversal of allowance for inventory obsolescence. (Closing S$0.063, +14.5%, Trading Halt) Global Logistics Properties Limited is setting up a real estate investment trust in Japan, into which it will contribute 30 of its properties, worth 209 billion yen (S$3.2 billion). GLP expects to raise net cash proceeds of about 100 billion yen (S$1.5 billion) from the sale. As sole sponsor, GLP will act as the property and asset manager of the J-Reit, and will accordingly receive asset and property management fees, as well as fees arising from the subsequent acquisition and disposition of properties. (Closing S$2.660, +3.5%) Loyz Energy Limited wishes to issue a profit warning for the financial quarter ended 30 September 2012 (“Q1 FY2013”). The Group is expecting to report a loss for Q1 FY2013. The loss is mainly due to operating expenses incurred from the business expansion in the oil and gas division. (Closing S$0.420, +1.2%) Magnus Energy Group Ltd. deems it appropriate to announce that the Group expects to report a higher profit for the three months for the financial period ending 30 September 2012 as compared to the corresponding period for the financial period ending 30 September 2011, mainly due to a gain on disposal of other financial assets. (Closing S$0.018, - %) OKP Holdings said that it had received a S$39.8 million contract from Changi Airport Group, its second-largest deal this year. Under the contract, OKP will construct Seletar Airport's aircraft parking apron, associated taxiways and ancillary works. The latest deal will boost OKP's order book to S$385.9 million. Work is scheduled to start on Nov 1 and is targeted to complete by Dec 11, 2014. (Closing S$0.510, +0.99%) PEC Ltd. announced that it have successfully clinched four new contracts worth approximately S$30 million in total from three existing clients. Under one of the contracts, Audex will fabricate and construct a cryogenic storage tank, engaging in piping, civil, structural, electrical and instrumentation as well as equipment installation works. The project, which relates to an extensive storage facility in Singapore, is scheduled to be completed by June 2014. Audex also won a contract for the construction of two aviation fuel tanks in Singapore. (Closing S$0.690, -1.4 %)

Source: SGX Masnet, The Business Times

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FSSTI 3,026.61 -0.39% 13,232.62 +1.04%

12.15 21,821.87 +0.83%

80.05 +0.16% 1,714.25 +0.13%

87.09 +0.78% 1.724 -0.03%Crude oil US Treasury 10yr Yield

HSIFSSTI (P/E)

Dollar Index Gold

DJI

Source: Bloomberg

1

1.5

2

2.5

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

2500

2700

2900

3100

3300

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

11000115001200012500130001350014000

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

15500

17500

19500

21500

23500

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

7

8

9

10

11

12

13

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

7274767880828486

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

1200

1350

1500

1650

1800

1950

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

70

80

90

100

110

120

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Morning Note 2 November 2012

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Phillip Securities Research - Singapore Stocks Coverage

Company Analyst Rating Target Price (S$)

Current Price (S$)

Difference to Target Price (%)

GOLDEN AGRI-RESOURCES LTD Nicholas Ong Accumulate 0.725 0.65 11.5%WILMAR INTERNATIONAL LTD Nicholas Ong Neutral 3.29 3.06 7.5%

GENTING SINGAPORE PLC Magdalene Choong Neutral 1.18 1.35 -12.3%COMBINE WILL INTERNATIONAL H Chan Wai Chee Buy 1.16 0.76 52.6%

DBS GROUP HOLDINGS LTD Ken Ang Neutral 15.10 13.80 9.4%OVERSEA-CHINESE BANKING CORP Ken Ang Reduce 8.20 9.05 -9.4%UNITED OVERSEAS BANK LTD Ken Ang Reduce 17.90 18.18 -1.5%SINGAPORE EXCHANGE LTD Ken Ang Neutral 6.77 6.66 1.7%

CAPITALAND LTD Bryan Go Accumulate 3.55 3.28 8.2%CAPITAMALLS ASIA LTD Bryan Go Accumulate 1.93 1.83 5.5%HO BEE INVESTMENT LTD Bryan Go Neutral 1.27 1.46 -13.0%KEPPEL LAND LTD Bryan Go Neutral 3.28 3.35 -2.1%OVERSEAS UNION ENTERPRISE Bryan Go Accumulate 2.83 2.62 8.0%SC GLOBAL DEVELOPMENTS LTD Bryan Go Neutral 1.15 1.115 3.1%STAMFORD LAND CORP LTD Chan Wai Chee Buy 0.76 0.56 36.9%SINGXPRESS LAND LTD Chan Wai Chee Buy 0.019 0.016 18.8%

CDL HOSPITALITY TRUSTS Travis Seah Neutral 1.970 1.96 0.5%PARKWAYLIFE REAL ESTATE Travis Seah Neutral 2.01 2.08 -3.4%SABANA SHARIAH COMP IND REIT Travis Seah Neutral 1.15 1.11 3.6%

SATS LTD Derrick Heng Neutral 2.65 2.78 -4.7%SIA ENGINEERING CO LTD Derrick Heng Buy 5.00 4.25 17.6%SINGAPORE TECH ENGINEERING Derrick Heng Accumulate 3.40 3.53 -3.7%KEPPEL CORP LTD Change of Analyst 10.56SEMBCORP INDUSTRIES LTD Change of Analyst 5.34SEMBCORP MARINE LTD Change of Analyst 4.68HU AN CABLE HOLDINGS LTD Chan Wai Chee Buy 0.19 0.11 69.6%SUNPOWER GROUP LTD Chan Wai Chee Buy 0.40 0.19 110.5%

SINGAPORE AIRLINES LTD Derrick Heng Buy 13.30 10.51 26.5%TIGER AIRWAYS HOLDINGS LTD Derrick Heng Sell 0.45 0.74 -38.8%NEPTUNE ORIENT LINES LTD Derrick Heng Accumulate 1.36 1.18 15.3%SMRT CORP LTD Derrick Heng Sell 1.35 1.71 -21.1%COMFORTDELGRO CORP LTD Derrick Heng Buy 1.78 1.65 7.9%HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee Buy 0.61 0.21 190.5%

SINGAPORE TELECOM LTD Change of Analyst 3.21STARHUB LTD Ken Ang Neutral 3.21 3.65 -12.1%M1 LTD Ken Ang Neutral 2.41 2.60 -7.3%

US Stocks Coverage

Company Analyst Rating Target Price (US$)

Current Price (US$)

Upside to Target Price (%)

LAS VEGAS SANDS CORP Magdalene Choong Neutral 40.00 46.46 -13.9%WYNN RESORTS LTD Magdalene Choong Neutral - 122.90 -MGM RESORTS INTERNATIONAL Magdalene Choong Accumulate 12.90 10.47 23.2%Source: Phillip Securities Research Pte Ltd

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Property (Developers)

Property (REITS)

Industrials (Capital Goods)

Industrials (Transportation)

Technology & Communications

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Director / Substantial Shareholders’ Transactions Company Substantial Shareholder / Director From (%) To (%) TEE INTERNATIONAL LIMITED Bertie Cheng Shao Shiong 4.34 0 BH GLOBAL MARINE LIMITED Poh Choo Bin 5.1540 5.2531 Source: SGX Masnet

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FTSE ST Breakdown (% Change)

STI -0.39%

-0.17%

-1.23%

-0.50%

-4.21%-0.62%

-0.26%

-1.16%

-0.39%

0.23%

0.18%

-1.42%

-0.36%

ST China

ST Real Estate

ST Re Invest Trust

ST Oil & Gas

ST Basic Materials

ST Industrials

ST Consumer Goods

ST Consumer Service

ST Telecommunicate

ST Utilites

ST Financials

ST Technology-0.08%

ST Healthcare

Source: Bloomberg

FTSE ST Market Cap. Breakdown (% Change) Top Gainers Last Chg ▲APB 52.900 0.200 ▲SuperGroup 2.570 0.130 ▲HKLand US$ 6.450 0.100 Top Losers Last Chg ▼Jardine C&C 48.450 -0.790 ▼GreatEast 15.730 -0.370 ▼JMH 400US$ 61.280 -0.320 Top Volume Last Vol ▼YHM 0.015 134,306 ▼GoldenAgr 0.615 121,979 Digiland^ 0.002 72,908 TURNOVER (SHARES) 1,415,734,700

TURNOVER (S$) 1,096,949,801

UP 134

DOWN 270

-0.59%

-0.68% -0.58%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI-0.39%

-0.45%

UNCHANGED 560

Source: Bloomberg Source: SGX

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Source: Bloomberg

World Index

JCI -0.34% 4,335.36

HSI 0.83% 21,821.87

KLCI 0.16% 1,675.69

NIKKEI 0.21% 8,946.87

KOSPI -0.71% 1,898.44

SET -0.07% 1,297.99

SHCOMP 1.72% 2,104.43 SENSEX 0.30% 18,561.70

ASX -1.31% 4,457.65

FTSE 100 1.37% 5,861.92 DOW 1.04% 13,232.62

S&P 500 1.09% 1,427.59

NASDAQ 1.44% 3,020.06

COLOMBO -0.35% 5,494.54

STI -0.39% 3,026.61

ETF % Change Change LastCIMB FTSE ASEAN 40 -0.37 -0.04 10.65DB X-TRACKERS CSI300 ETF +1.52 +0.11 7.37DB X-TRACKERS FTSE CHINA 25 +1.54 +0.43 28.33DB X-TRACKERS FTSE VIETNAM -1.05 -0.21 19.79DB X-TRACKERS MSCI INDONE -0.39 -0.06 15.29DB X-TRACKERS MSCI JAPAN TRN -0.17 -0.06 34.76DB X-TRACKERS MSCI TAIWAN +0.35 +0.06 17.03DB X-TRACKERS S&P 500 INV DA +1.13 +0.40 35.89DB X-TRACKERS S&P CNX NIFTY +0.45 +0.47 106.02DBX-TRACKERS EURO STXX 50 -0.99 -0.38 37.98ISHARES MSCI INDIA INDEX ETF +1.00 +0.06 6.09LYXOR ETF CHINA ENTERPRISE +1.17 +0.16 13.86NIKKO AM SINGAPORE STI ETF -0.97 -0.03 3.06SPDR GOLD TRUST +0.40 +0.67 167.00SPDR STRAITS TIMES INDEX ETF -0.32 -0.01 3.07UNITED SSE 50 CHINA ETF +1.96 +0.03 1.56

ETF Perform ance

Source: Bloomberg

Morning Note 2 November 2012

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Commodities % Chg Chg Last Price of S$1 Price of US$1GOLD SPOT (US$/OZ) +0.15 +2.60 1,714.25 0.7881 1.0396SILVER SPOT (US$/OZ) +0.25 +0.08 32.27 0.8170 0.9971WTI Cushing Crude Oil Spot Price (US$/bbl) +0.99 +0.85 87.09 0.6336 1.2934

0.5082 1.61240.8195 1.0000

Commodities % Chg Chg Last 5.1140 6.2405Malaysian Rubber Board Standard (MYR/kg) +1.23 +10.50 865.75 6.3507 7.7501PALM OIL (MYR/Metric Tonne) +0.49 +11.50 2,340.00 65.6900 80.1400

893.8790 1090.8900Index % Chg Chg Last 2.5007 3.0520 DOLLAR INDEX SPOT +0.16 +0.13 80.05 25.1803 30.7300Source: Bloomberg

CANADIAN DOLLAREUROBRITISH POUND

CurrenciesAUSTRALIAN DOLLAR

Commodities & Currencies

JAPANESE YENKOREAN WONMALAYSIAN RINGGITTHAI BAHT

US DOLLARCHINA RENMINBIHONG KONG DOLLAR

Maturity Today Yesterday Last Week Last Month3 Months 0.07 0.08 0.09 0.066 Months 0.12 0.13 0.14 0.122 Years 0.28 0.28 0.31 0.233 Years 0.38 0.38 0.43 0.305 Years 0.74 0.72 0.82 0.6110 Years 1.72 1.69 1.82 1.6230 Years 2.90 2.86 2.97 2.81

Yield Spread (10 yrs - 3 mths)Yield Spread (10 yrs - 2 yrs)

US Treasury Yields

1.651.44

Source: Data provided by ValuBond – http://w w w .valubond.com

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date11/2/2012 SPINDEX INDUSTRIES LTD Final 0.0180 SGD Annual 11/6/2012 11/19/201211/2/2012 ELITE KSB HOLDINGS LTD Regular Cash 0.0150 SGD Annual 11/6/2012 11/19/201211/2/2012 AIMS AMP CAPITAL INDUSTRIAL Distribution 0.0250 SGD Quarter 11/6/2012 12/20/201211/2/2012 STARHILL GLOBAL REIT Distribution 0.0111 SGD Quarter 11/6/2012 11/28/201211/5/2012 CHUAN HUP HOLDINGS LTD Final 0.0100 SGD Semi-Anl 11/7/2012 11/23/201211/5/2012 FJ BENJAMIN HOLDINGS LTD Final 0.0100 SGD Annual 11/7/2012 11/27/201211/5/2012 OXLEY HOLDINGS LTD Final 0.0047 SGD Irreg 11/7/2012 11/23/201211/5/2012 HUPSTEEL LTD Final 0.0050 SGD Irreg 11/7/2012 11/20/201211/5/2012 EPICENTRE HOLDINGS LTD Final 0.0060 SGD Annual 11/7/2012 11/21/201211/5/2012 FUNG CHOI MEDIA GROUP LTD Regular Cash 0.0100 HKD Annual 11/7/2012 11/27/201211/5/2012 TAI SIN ELECTRIC LTD Final 0.0150 SGD Semi-Anl 11/7/2012 12/21/201211/5/2012 CHOSEN HOLDINGS LTD Regular Cash 0.0066 SGD Annual 11/7/2012 11/23/201211/5/2012 WESTMINSTER TRAVEL LTD Regular Cash 0.0230 HKD Irreg 11/7/2012 11/20/201211/5/2012 SIA ENGINEERING CO LTD Interim 0.0700 SGD Semi-Anl 11/7/2012 11/21/2012

Corporate Action : Dividend

Source: Bloomberg

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Name Expected Report DateAsia Enterprises Holding Ltd November 2, 2012Avi-Tech Electronics Ltd November 2, 2012Baker Technology Ltd November 2, 2012BBR Holdings Ltd/Singapore November 2, 2012Beng Kuang Marine Ltd November 2, 2012Boardroom Ltd November 2, 2012CH Offshore Ltd November 2, 2012Chip Eng Seng Corp Ltd November 2, 2012Cosco Corp Singapore Ltd November 2, 2012CSC Holdings Ltd November 2, 2012Food Junction Holdings Ltd November 2, 2012Fragrance Group Ltd November 2, 2012Great Eastern Holdings Ltd November 2, 2012Hanwell Holdings Ltd November 2, 2012Hartawan Holdings Ltd November 2, 2012Heeton Holdings Ltd November 2, 2012Hengxin Technology Ltd November 2, 2012Hi-P International Ltd November 2, 2012HL Global Enterprises Ltd November 2, 2012Hyflux Ltd November 2, 2012Jaya Holdings Ltd November 2, 2012Jiutian Chemical Group Ltd November 2, 2012Kingboard Copper Foil Holdings Ltd November 2, 2012KSH Holdings Ltd November 2, 2012LH Group Ltd November 2, 2012NSL Ltd/Singapore November 2, 2012Oxley Holdings Ltd November 2, 2012Roxy-Pacific Holdings Ltd November 2, 2012Sapphire Corp Ltd November 2, 2012Sin Ghee Huat Corp Ltd November 2, 2012Singapore Airlines Ltd November 2, 2012Singapore Land Ltd November 2, 2012Sinwa Ltd November 2, 2012StarHub Ltd November 2, 2012Thakral Corp Ltd November 2, 2012United Envirotech Ltd November 2, 2012United Industrial Corp Ltd November 2, 2012Challenger Technologies Ltd November 5, 2012Del Monte Pacific Ltd November 5, 2012Europtronic Group Ltd November 5, 2012Kingsmen Creatives Ltd November 5, 2012SembCorp Marine Ltd November 5, 2012YHM Group Ltd November 5, 2012Ascendas Hospitality Trust November 6, 2012Ezion Holdings Ltd November 6, 2012HTL International Holdings Ltd November 6, 2012Maxi-Cash Financial Services Corp Ltd November 6, 2012Perennial China Retail Trust November 6, 2012SATS Ltd November 6, 2012Aspial Corp Ltd November 7, 2012Biosensors International Group Ltd November 7, 2012Ellipsiz Ltd November 7, 2012Ho Bee Investment Ltd November 7, 2012Singapore Reinsurance Corp Ltd November 7, 2012Singapore Technologies Engineering Ltd November 7, 2012Source: Bloomberg

Earning Announcement – Singapore

Calendar

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Date Statistic For Survey Prior Date Statistic For Survey Prior11/2/2012 Total Vehicle Sales Oct 14.90M 14.88M 11/5/2012 Electronics Sector Index Oct 49.7 5011/2/2012 Domestic Vehicle Sales Oct 11.48M 11.49M 11/5/2012 Purchasing Managers Index Oct 49 48.711/2/2012 Change in Nonfarm Payrolls Oct 125K 114K 11/7/2012 Automobile COE Open Bid Cat A 7-Nov -- 7100111/2/2012 Change in Private Payrolls Oct 124K 104K 11/7/2012 Automobile COE Open Bid Cat B 7-Nov -- 8580111/2/2012 Change in Manufact. Payrolls Oct -3K -16K 11/7/2012 Automobile COE Open Bid Cat E 7-Nov -- 8700011/2/2012 Unemployment Rate Oct 7.90% 7.80% 11/7/2012 Foreign Reserves Oct -- $252.15B11/2/2012 Avg Hourly Earning MOM All Emp Oct 0.20% 0.30% 11-18 NOV GDP (annualized) (QoQ) 3Q F -- -1.50%11/2/2012 Avg Hourly Earning YOY All Emp Oct 1.70% 1.80% 11-18 NOV GDP (YoY) 3Q F -- 1.30%11/2/2012 Avg Weekly Hours All Employees Oct 34.5 34.5 11/15/2012 Retail Sales Ex Auto (YoY) Sep -- 2.70%11/2/2012 Change in Household Employment Oct -- 873 11/15/2012 Retail Sales (YoY) Sep -- 3.20%11/2/2012 Underemployment Rate (U6) Oct -- 14.70% 11/15/2012 Retail Sales (MoM) sa Sep -- 0.90%11/2/2012 ISM New York Oct -- 52.9 11/16/2012 Electronic Exports (YoY) Oct -- -16.40%11/2/2012 Factory Orders Sep 4.60% -5.20% 11/16/2012 Non-oil Domestic Exports (YoY) Oct -- -3.40%11/5/2012 ISM Non-Manf. Composite Oct 54.5 55.1 11/16/2012 Non-oil Domestic Exp SA (MoM) Oct -- 1.60%11/6/2012 JOLTs Job Openings Sep -- 3561 11/21/2012 Automobile COE Open Bid Cat A 21-Nov -- --

US SingaporeEconomic Announcement

Source: BloombergSource: Bloomberg

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