MICA (P) 057/11/2011 Ref No: SGMN2012_0217 1 of 16

Phillip Securities Research Pte Ltd

Singapore

Morning Note

8 November 2012

Fundamental Call ST Engineering Ltd – Results (Derrick Heng) Recommendation: Accumulate Previous close: S$3.60 Fair value: S$3.96

Net income of S$146.4mn (+9.5%y-y) Healthy order book of S$12.5bn (2.0X sales) Guidance remains positive Maintain Accumulate with revised TP of S$3.96

Ho Bee – Company Results (Bryan Go) Recommendation: Neutral Previous close: S$1.49 Fair value: S$1.44

3Q12 revenue $59.1mn (+5.6%y-y), PATMI $31.5mn (-3.5%y-y) Saw higher contribution from development projects but lack of divestment gain brought bottom-line lower Residential sales remained slow and The Metropolis has not secured tenant Maintain Neutral with higher target price of S$1.44

UOB Ltd – Results (Ken Ang) Recommendation: Accumulate (Upgrade) Previous close: S$18.30 Fair value: S$18.00

3Q12 results beat expectations on strong non-trading income, one-off dividends. Upgrade to “Accumulate” on cheap valuations, strong fundamentals, with new target price of S$18.00, based on unchanged P/B

multiple of 1.25X. Overseas Union Enterprise Ltd – Results (Bryan Go) Recommendation: Accumulate Previous close: S$2.71 Fair value: S$2.83

3Q12 revenue $102mn, increased 18% y-y, and PATMI $23.9mn, 20.5% y-y higher Announced that it will clarify its intentions with regard to F&N bid by no later than 15 Nov Results largely in-line, maintain Accumulate with fair value unchanged at $2.83

Source: Phillip Securities Research Pte Ltd

Morning Note 8 November 2012

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Morning Commentary - STI: +0.79% to 3043.3 - MSCI SE Asia: +0.73% to 837.5 - Hang Seng: +0.71% to 22099.8 - MSCI APxJ: +0.79% to 449.6 - Euro Stoxx 50: -2.24% to 2479.1 - S&P500: -2.37% to 1394.5 MARKET OUTLOOK: By Joshua Tan, Hd of Research S&P500 has flipped its short term trend, a huge post election sell-off has nullified the higher daily lows of the past two weeks, and sliced thru 1400 support. Dollar index has also flipped over the 200dma turning it into support. Downside is now suggested for the S&P but we note that its very close to its 200dma at 1380 which could act as support. MSCI APxJ has been, however, on a relatively convincing uptrend, led by HK and China. We still reckon China (83188 HK) will outperform given macro negatives have been overpriced. The STI is still in a near term downtrend. But as we see tentative signs of Asian growth steadying in the 4q12, we are hopeful the STI will soon look past what as been weak economic data and lackluster 3q12 earnings. We have BUYS on SIAEC, Comfort, Capitaland and CMA. Given the S&P's reaction, what does an Obama re-election mean for markets? We speculate that given that control has not changed for all 3 centres of power - presidency, senate, and congress - failing a bipartisan compromise on the fiscal cliff, the president will opt to let the fiscal cliff occur. Markets could be anticipating this. But we wish to inject some optimism - an alternative one-off stimulus could be passed to mitigate the effects of the US$600b tax increases and spending cuts. Obama's pet peeve has been that the wealthy have enjoyed a lower effective rate for far too long, compounded by a tax cut since Bush Jr's time. In letting the fiscal cliff kick in, our guess is that Obama merely wants to press the reset button on taxes, that is to have them revert back to "normal" (i.e. pre-Bush rates) in order to help put the country back on a sustainable fiscal path on the revenue side. At the same time, he is well aware that that would tank the economy in this fragile recovery. Which is why we expect other mitigating proposals to come to the table over the next few weeks to offset the fiscal cliff, while letting tax rates revert. The idea is to maintain one-off stimulus on the economy while removing the endemic effects the lower tax rates have had on the deficit (Clinton ran a surplus, while Bush Jr turned it into a persistent deficit with the tax cuts, the war making it worse). In such a scenario we expect downside volatility yet an eventual saving piece of legislation to keep the economy intact. Key risk is still that apart from an okay labour market and renewed consumer confidence - business investment - a key lead indicator is not well - the economy could may well be heading downward anyway. The jury is out on this. Heads up on the EZ, which may be returning as a worry as Greece's coalition govt is threatening to unravel at the weight of austerity. SECTOR/STRATEGY REPORTS: - Singapore Sector Reports: Banks, 1 Nov / Transport, 10 Sept / REITS, 5 Sept / Property, 28 Aug - 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

Morning Note 8 November 2012

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Macro Data In Euro zone, retail sales declined by 0.2% m-m in Sept, reversing the 0.2% m-m gain in August, faster than the market expected 0.1% m-m drop. A separate report says that European Commission cuts the 17 nation’s Euro zone economy’s growth to 0.1% in 2013, down from the 1% forecast in May. Growth expectation of Germany was lowered to 0.8% for 2013, down from earlier forecasted 1.7%. In Germany, industrial production fell by 1.8% m-m in Sept, after a 0.4% m-m fall in August, adding to the signs the debt crisis is harming the region’s biggest economy. In Australia, performance of construction index picked up to 35.8 in Oct, after the 30.9 reading in Sept, still indicating a contraction but with a slower pace. The central bank decided to leave the benchmark rate unchanged at 3.25 during the rate meeting on 6 Nov. In Singapore, the premium for the small car COE category hit a record $77,201 on Wednesday on good demand for premium and near-premium cars, according to some motor distributors. Cat A - for cars below 1,600 cc - surged $6,200 in the bidding exercise for certificates of entitlement, surpassing the previous high of $73,501 set in early August this year. Cat B - for cars above 1,600cc - also strengthened, jumping $6,599 to $92,400, while Cat E - the open category whose premium currently tracks that of Cat B - climbed $5,100 to $92,100. Cat C - for goods vehicles - rose $1,222 to $59,111, and Cat D - for motorcycles - increased $39 to $1,959. Source: Phillip Securities Research Pte Ltd

Source: Bloomberg

STI - Index Members

3.1%

2.6%

2.5%

1.9%

1.8%

1.6%

1.6%

1.2%

1.2%

1.2%

1.1%

1.1%

0.8%

0.7%

0.7%

0.5%

0.5%

0.4%

0.3%

0.3%

0.3%

0.3%

0.2%

0.0%

0.0%

-0.2%

-0.2%

-0.6%

-0.8%

-1.2%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

HK Land

Capitaland

Golden A

gri-R.

Capitam

all Trust

CD

L

DBS

Olam

Ltd

OC

BC

SG

X

Noble Ltd

SIA

Capitam

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Starhub

Sem

bcorp Mar.

F&N

Jardine Mat.

SIA

Eng.

IHH

Wilm

ar

Keppel C

orp. Ltd

ST E

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Singtel

GLP

Ltd

Jardine Stra.

Jardine C&

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bcorp Ind.

Morning Note 8 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 OXLEY HOLDINGS LIMITED 1Q S$’000 50,035 35,657 40 6,620 -5,922 12

2 CSC HOLDINGS LTD 2Q S$'000 144,217 110,707 30.3 2,264 4,910 -53.9

3 G. K. GOH HOLDINGS LIMITED 3Q S$'000 5,929 4,864 22 6,184 42,798 -86

4 UOB-KAY HIAN HOLDINGS LIMITED 3Q S$'000 79,947 96,117 -16.8 20,782 23,621 -12

5 RIVERSTONE HOLDINGS LIMITED 3Q RM'000 79,023 71,021 11.3 10,503 10,017 4.9

6 UMS HOLDINGS LIMITED 3Q S$'000 22,952 21,650 6 2,129 7,341 -71

7 KINGBOARD COPPER FOIL HDGS LTD 3Q HK$’000 120,439 719,359 -83.26 -1,005 5,072 N.M.

8 OVERSEAS UNION ENTERPRISE LTD 3Q S$'000 102,049 86,372 18.2 23,857 19,791 20.5

9 UNITED OVERSEAS BANK LTD 3Q SS$'m 971 915 6.1 707 522 35.5

10 SINGAPORE TECH ENGINEERING LTD 3Q S$'000 1,541,650 1,394,500 10.6 146,437 133,755 9.5

11 BREADTALK GROUP LIMITED 3Q S$'000 116,689 96,066 21.5 3,388 3,672 -7.7

Source: SGX Masnet

Company Highlights

ecoWise Holdings Limited and its subsidiaries, SGX-Mainboard listed and Singapore based resource recovery, renewable energy and integrated environmental management solutions provider, announced that the Group is to expand its rubber and tyre management business into China as it entered into a joint venture agreement through its wholly-owned subsidiary, ecoWise RubberTech Pte. Ltd., with Chongqing Municipal Transport Development and Investment (Group) Co., Ltd. (“重庆城市交通开发投资（集团）有限公司”) (“CTIG”). (Closing S$0.078, 0%) TEE International Limited announced that Development 72 Pte. Ltd., a wholly-owned subsidiary of the Company has increased its issued and paid-up capital to S$1 million through an additional share allotment of 999,999 shares at S$1.00 each. The allotment is satisfied by cash consideration. The above investment was funded through internal resources and is not expected to have any material impact on the net tangible assets or earnings per share of the Company for the financial year ending 31 May 2013. (Closing S$0.305, +7.018%) Yangzijiang Shipbuilding (Holdings) Ltd. announced that the Company, through its wholly-owned subsidiary, Jiangsu New Yangzi Shipbuilding Co., Ltd, has entered into an agreement with Jiangsu Huaxi Property Development Co., Ltd and Jiangsu Huadu Real Estate Co., Ltd (“Jiangsu Huadu”) to incorporate a new subsidiary, Jiangsu Huaxi Yangzi Real Estate Co., Ltd in the People’s Republic of China with a registered paid-up capital of RMB300 million. (Closing S$0.945, +3.279%) See Hup Seng Limited announced that it had today entered into a conditional sale and purchase agreement with Lee Ah Nak and Tan Tooh Meng @ Tan Toh Meng to purchase the entire issued and paid up share capital of Axxmo International Pte Ltd at a cash consideration of S$1,309,000 (Closing S$0.188, +0.535%)

Source: SGX Masnet, The Business Times

Morning Note 8 November 2012

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FSSTI 3,043.27 +0.79% 12,932.73 -2.36%

12.25 22,099.85 +0.71%

80.77 +0.19% 1,717.75 +0.02%

84.44 -4.81% 1.647 -0.10%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

110001150012000

12500130001350014000

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

23500N

ov-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

120N

ov-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 8 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 3.09 6.5%

GENTING SINGAPORE PLC Magdalene Choong Neutral 1.18 1.28 -7.8%COMBINE WILL INTERNATIONAL H Chan Wai Chee Buy 1.16 0.76 52.6%

DBS GROUP HOLDINGS LTD Ken Ang Neutral 15.10 14.06 7.4%OVERSEA-CHINESE BANKING CORP Ken Ang Reduce 8.20 9.21 -11.0%UNITED OVERSEAS BANK LTD Ken Ang Accumulate 18.00 18.30 -1.6%SINGAPORE EXCHANGE LTD Ken Ang Neutral 6.77 6.78 -0.1%

CAPITALAND LTD Bryan Go Accumulate 3.55 3.49 1.7%CAPITAMALLS ASIA LTD Bryan Go Accumulate 1.93 1.91 1.0%HO BEE INVESTMENT LTD Bryan Go Neutral 1.44 1.49 -3.4%KEPPEL LAND LTD Bryan Go Neutral 3.28 3.48 -5.7%OVERSEAS UNION ENTERPRISE Bryan Go Accumulate 2.83 2.71 4.4%SC GLOBAL DEVELOPMENTS LTD Bryan Go Neutral 1.15 1.095 5.0%STAMFORD LAND CORP LTD Chan Wai Chee Buy 0.76 0.57 34.5%SINGXPRESS LAND LTD Chan Wai Chee Buy 0.019 0.015 26.7%

CDL HOSPITALITY TRUSTS Travis Seah Neutral 1.970 1.95 1.3%PARKWAYLIFE REAL ESTATE Travis Seah Neutral 2.01 2.14 -6.1%SABANA SHARIAH COMP IND REIT Travis Seah Neutral 1.15 1.13 2.2%

SATS LTD Derrick Heng Accumulate 2.94 2.80 5.0%SIA ENGINEERING CO LTD Derrick Heng Buy 5.00 4.25 17.6%SINGAPORE TECH ENGINEERING Derrick Heng Accumulate 3.96 3.60 10.0%KEPPEL CORP LTD Change of Analyst 10.53SEMBCORP INDUSTRIES LTD Change of Analyst 5.03SEMBCORP MARINE LTD Change of Analyst 4.44HU AN CABLE HOLDINGS LTD Chan Wai Chee Buy 0.19 0.11 66.7%SUNPOWER GROUP LTD Chan Wai Chee Buy 0.40 0.19 110.5%

SINGAPORE AIRLINES LTD Derrick Heng Buy 13.40 10.61 26.3%TIGER AIRWAYS HOLDINGS LTD Derrick Heng Sell 0.45 0.74 -39.2%NEPTUNE ORIENT LINES LTD Derrick Heng Accumulate 1.36 1.18 15.7%SMRT CORP LTD Derrick Heng Sell 1.35 1.70 -20.6%COMFORTDELGRO CORP LTD Derrick Heng Buy 1.78 1.65 8.2%HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee Buy 0.61 0.20 209.6%

SINGAPORE TELECOM LTD Change of Analyst 3.21STARHUB LTD Ken Ang Neutral 3.20 3.72 -14.0%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 44.44 -10.0%WYNN RESORTS LTD Magdalene Choong Neutral - 111.03 -MGM RESORTS INTERNATIONAL Magdalene Choong Accumulate 12.90 10.06 28.2%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

Morning Note 8 November 2012

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Director / Substantial Shareholders’ Transactions Company Substantial Shareholder / Director From (%) To (%) PERENNIAL CHINA RETAIL TRUST HPRY Holdings Limited ("HPRY") 14.0538 16.9571

LIONGOLD CORP LTD The Macquarie Group Limited, specifically: Macquarie Bank Limited 3.59 5.23

GOODPACK LIMITED Wong Ngit Liong 7.13 6.51 CHINASING INVESTMENT HLDG LTD Pioneer Idea Finance Limited 36.52 57.77 FAR EAST GROUP LIMITED LENG CHEE KEONG 5.50 5.64 EU YAN SANG INTERNATIONAL LTD HSBC Bank Plc 8.769 0 CHINA PAPER HOLDINGS LIMITED Zhang Ning 31.04 46.08 CAPITARETAIL CHINA TRUST Matthews International Funds 7.04 6.51 Source: SGX Masnet

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FTSE ST Breakdown (% Change)

STI 0.79%

1.25%

1.21%

0.56%

2.24%0.07%

0.56%

0.40%

0.91%

1.45%

-0.55%

0.13%

0.08%

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 Technology1.68%

ST Healthcare

Source: Bloomberg

FTSE ST Market Cap. Breakdown (% Change) Top Gainers Last Chg ▲JMH 400US$ 60.110 0.310 ▲Yeo HS 4.400 0.260 ▲DBS 14.060 0.220 Top Losers Last Chg ▼DairyFarm 900 U 10.560 -0.240 ▼STXPO 100 4.160 -0.240 ▼Jardine C&C 47.700 -0.090 Top Volume Last Vol ▼Transcu 0.015 230,706 ▲YHM 0.018 165,621 ▲GoldenAgr 0.625 106,708 TURNOVER (SHARES) 1,569,657,940

TURNOVER (S$) 1,404,576,984

UP 254

DOWN 121

0.56%

1.00% 0.05%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI0.79%

0.82%

UNCHANGED 586

Source: Bloomberg Source: SGX

Morning Note 8 November 2012

9 of 16

Source: Bloomberg

World Index

JCI 0.84% 4,350.42

HSI 0.71% 22,099.85

KLCI -0.01% 1,645.53

NIKKEI -0.03% 8,972.89

KOSPI 0.49% 1,937.55

SET -0.08% 1,299.74

SHCOMP -0.01% 2,105.73 SENSEX 0.45% 18,902.41

ASX 0.71% 4,516.46

FTSE 100 -1.58% 5,791.63 DOW -2.36% 12,932.73

S&P 500 -2.37% 1,394.53

NASDAQ -2.48% 2,937.29 COLOMBO 0.26% 5,570.87

STI 0.79% 3,043.27

ETF % Change Change LastDB X-TRACKERS CSI300 ETF +0.28 +0.02 7.26DB X-TRACKERS FTSE CHINA 25 +0.66 +0.19 28.77DB X-TRACKERS FTSE VIETNAM +1.30 +0.25 19.53DB X-TRACKERS MSCI INDONE +1.51 +0.23 15.45DB X-TRACKERS MSCI JAPAN TRN +0.09 +0.03 34.86DB X-TRACKERS MSCI TAIWAN +0.17 +0.03 17.23DB X-TRACKERS S&P 500 INV DA -1.32 -0.47 35.10DB X-TRACKERS S&P CNX NIFTY +0.59 +0.63 107.46DB X-TRACKERS S&P/ASX 200 +1.83 +0.66 36.65DBX-TRACKERS EURO STXX 50 +3.84 +1.43 38.65ISHARES MSCI INDIA INDEX ETF +2.14 +0.13 6.21LYXOR ETF COMMODITIES CRB-CD +3.30 +0.09 2.82LYXOR ETF MSCI TAIWAN +1.32 +0.01 0.92NIKKO AM SINGAPORE STI ETF +0.65 +0.02 3.08SPDR GOLD TRUST +3.47 +5.68 169.30SPDR STRAITS TIMES INDEX ETF +0.33 +0.01 3.07UNITED SSE 50 CHINA ETF -0.64 -0.01 1.55

ETF Perform ance

Source: Bloomberg

Morning Note 8 November 2012

10 of 16

Commodities % Chg Chg Last Price of S$1 Price of US$1GOLD SPOT (US$/OZ) +0.02 +0.35 1,717.75 0.7856 1.0408SILVER SPOT (US$/OZ) +0.10 +0.03 31.83 0.8152 0.9967WTI Cushing Crude Oil Spot Price (US$/bbl) -4.81 -4.27 84.44 0.6405 1.2771

0.5117 1.59850.8178 1.0000

Commodities % Chg Chg Last 5.1070 6.2436Malaysian Rubber Board Standard (MYR/kg) +0.78 +6.50 844.25 6.3398 7.7504PALM OIL (MYR/Metric Tonne) -0.90 -20.50 2,261.50 65.4400 80.0000

887.8547 1085.4500Index % Chg Chg Last 2.4981 3.0490 DOLLAR INDEX SPOT +0.19 +0.15 80.77 25.1203 30.7100Source: Bloomberg

JAPANESE YENKOREAN WONMALAYSIAN RINGGITTHAI BAHT

US DOLLARCHINA RENMINBIHONG KONG DOLLAR

CANADIAN DOLLAREUROBRITISH POUND

CurrenciesAUSTRALIAN DOLLAR

Commodities & Currencies

Maturity Today Yesterday Last Week Last Month3 Months 0.08 0.06 0.08 0.086 Months 0.11 0.12 0.13 0.122 Years 0.27 0.30 0.28 0.253 Years 0.35 0.40 0.38 0.345 Years 0.67 0.75 0.72 0.6710 Years 1.64 1.75 1.69 1.7430 Years 2.83 2.92 2.86 2.97

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

US Treasury Yields

1.561.37

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

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date11/8/2012 PEC LTD Regular Cash 0.0250 SGD Annual 11/12/2012 11/26/201211/8/2012 STARHUB LTD 3rd Interim 0.0500 SGD Quarter 11/12/2012 11/23/201211/9/2012 ACE ACHIEVE INFOCOM LTD Regular Cash 0.0030 CNY Irreg 11/14/2012 11/28/201211/9/2012 THAKRAL CORP LTD Interim 0.0010 SGD Irreg 11/14/2012 11/30/201211/12/2012 CH OFFSHORE LTD Special Cash 0.0200 SGD Semi-Anl 11/15/2012 11/26/201211/12/2012 TRANSPAC INDUSTRIAL HLDG LTD Return of Capital 0.3500 SGD Irreg 11/15/2012 12/3/201211/12/2012 IEV HOLDINGS LTD Interim 0.0066 MYR Irreg 11/15/2012 11/26/201211/12/2012 SANTAK HOLDINGS LTD Special Cash 0.0100 SGD Annual 11/15/2012 11/22/201211/12/2012 SANTAK HOLDINGS LTD Special Cash 0.0100 SGD Annual 11/15/2012 11/22/201211/12/2012 SINGAPORE POST LTD 2nd Interim 0.0125 SGD Quarter 11/15/2012 11/30/201211/12/2012 CREATIVE TECHNOLOGY LTD Regular Cash 0.0500 SGD Annual 11/15/2012 11/27/201211/12/2012 RICKMERS MARITIME Distribution 0.0060 USD Quarter 11/15/2012 11/29/201211/12/2012 SINGAPORE AIRLINES LTD Interim 0.0600 SGD Semi-Anl 11/15/2012 11/26/201211/12/2012 ASCENDAS HOSPITALITY TRUST Distribution 0.0126 SGD Irreg 11/15/2012 12/21/2012

Corporate Action : Dividend

Source: Bloomberg

Morning Note 8 November 2012

11 of 16

Name Expected Report DateAdvanced Holdings Ltd November 8, 2012Best World International Ltd November 8, 2012China Aviation Oil Singapore Corp Ltd November 8, 2012Cougar Logistics Corp Ltd November 8, 2012CWT Ltd November 8, 2012Digiland International Ltd November 8, 2012EnGro Corp Ltd/Singapore November 8, 2012Equinox Offshore Accommodation Ltd November 8, 2012Frencken Group Ltd November 8, 2012GK Goh Holdings Ltd November 8, 2012Global Premium Hotels Ltd November 8, 2012Hiap Seng Engineering Ltd November 8, 2012Hoe Leong Corp Ltd November 8, 2012Huan Hsin Holdings Ltd November 8, 2012Lereno Bio-Chem Ltd November 8, 2012Moya Asia Ltd November 8, 2012Pan Pacif ic Hotels Group Ltd November 8, 2012Parkson Retail Asia Ltd November 8, 2012Parkw ay Life Real Estate Investment Trust November 8, 2012Petra Foods Ltd November 8, 2012San Teh Ltd November 8, 2012SingXpress Land Ltd November 8, 2012Super Group Ltd/Singapore November 8, 2012Technics Oil & Gas Ltd November 8, 2012Tiong Woon Corp Holding Ltd November 8, 2012Travelite Holdings Ltd November 8, 2012Tung Lok Restaurants 2000 Ltd November 8, 2012UE E&C Ltd November 8, 2012UOB-Kay Hian Holdings Ltd November 8, 2012UOL Group Ltd November 8, 2012Venture Corp Ltd November 8, 2012Vicom Ltd November 8, 2012Abterra Ltd November 9, 2012Action Asia Ltd November 9, 2012Addvalue Technologies Ltd November 9, 2012Advanced Integrated Manufacturing Corp Ltd November 9, 2012Advanced Systems Automation Ltd November 9, 2012Amara Holdings Ltd November 9, 2012Amtek Engineering Ltd November 9, 2012Anw ell Technologies Ltd November 9, 2012Armarda Group Ltd November 9, 2012Artivision Technologies Ltd November 9, 2012Asia Pacific Brew eries Ltd November 9, 2012Asiasons Capital Ltd November 9, 2012Asiatic Group Holdings Ltd November 9, 2012A-Sonic Aerospace Ltd November 9, 2012Asti Holdings Ltd November 9, 2012Auric Pacif ic Group Ltd November 9, 2012Avi-Tech Electronics Ltd November 9, 2012Azeus Systems Holdings Ltd November 9, 2012Ban Leong Technologies Ltd November 9, 2012Banyan Tree Holdings Ltd November 9, 2012Beng Kuang Marine Ltd November 9, 2012Boardroom Ltd November 9, 2012Breadtalk Group Ltd November 9, 2012Source: Bloomberg

Earning Announcement – Singapore

Calendar

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Date Statistic For Survey Prior Date Statistic For Survey Prior11/8/2012 Consumer Credit Sep $10.175B $18.123B 11-18 NOV GDP (annualized) (QoQ) 3Q F -- -1.50%11/8/2012 Trade Balance Sep -$45.0B -$44.2B 11-18 NOV GDP (YoY) 3Q F -- 1.30%11/8/2012 Initial Jobless Claims 3-Nov 366K 363K 11/15/2012 Retail Sales Ex Auto (YoY) Sep -- 2.70%11/8/2012 Continuing Claims 27-Oct 3257K 3263K 11/15/2012 Retail Sales (YoY) Sep -- 3.20%11/8/2012 Bloomberg Consumer Comfort 4-Nov -- -34.7 11/15/2012 Retail Sales (MoM) sa Sep -- 0.90%11/9/2012 Import Price Index (MoM) Oct 0.00% 1.10% 11/16/2012 Electronic Exports (YoY) Oct -- -16.40%11/9/2012 Import Price Index (YoY) Oct -0.50% -0.60% 11/16/2012 Non-oil Domestic Exports (YoY) Oct -- -3.40%11/9/2012 U. of Michigan Confidence Nov P 82.9 82.6 11/16/2012 Non-oil Domestic Exp SA (MoM) Oct -- 1.60%11/9/2012 Wholesale Inventories Sep 0.40% 0.50% 11/21/2012 Automobile COE Open Bid Cat A 21-Nov -- --11/13/2012 NFIB Small Business Optimism Oct -- 92.8 11/21/2012 Automobile COE Open Bid Cat B 21-Nov -- --11/13/2012 IBD/TIPP Economic Optimism Nov 53 54 11/21/2012 Automobile COE Open Bid Cat E 21-Nov -- --11/14/2012 Monthly Budget Statement Oct -$125.0B -- 11/23/2012 CPI (MOM) - NSA Oct -- 0.60%11/14/2012 MBA Mortgage Applications 9-Nov -- -- 11/23/2012 CPI (YoY) Oct -- 4.70%11/14/2012 Producer Price Index (MoM) Oct 0.10% 1.10% 11/26/2012 Industrial Production MoM SA Oct -- -1.80%11/14/2012 PPI Ex Food & Energy (MoM) Oct 0.10% 0.00% 11/26/2012 Industrial Production YoY Oct -- -2.50%

US SingaporeEconomic Announcement

Source: BloombergSource: Bloomberg

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Important Information This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (“Phillip Securities Research”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this document by mistake, please delete or destroy it, and notify the sender immediately. Phillip Securities Research shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. 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from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this publication. Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment. To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold a interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this publication. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, which is not reflected in this material, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the preparation or issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this material. 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 Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction. Section 27 of the Financial Advisers Act (Cap. 110) of Singapore and the MAS Notice on Recommendations on Investment Products (FAA-N01) do not apply in respect of this publication. 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 professional and financial adviser regarding the legal, business, financial, tax and other aspects including 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. Please contact Phillip Securities Research at [65 65311240] in respect of any matters arising from, or in connection with, this document. This report is only for the purpose of distribution in Singapore.

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Contact Information (Singapore Research Team)

Chan Wai Chee Joshua Tan Derrick Heng CEO, Research Head of Research Deputy Head of Research

Special Opportunities Global Macro, Asset Strategy SG Equity Strategist & Transport

+65 6531 1231 +65 6531 1249 +65 6531 1221 yebo@phillip.com.sg joshuatan@phillip.com.sg derrickhengch@phillip.com.sg

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magdalenechoongss@phillip.com.sg gock@phillip.com.sg travisseahhk@phillip.com.sg

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kenangwy@phillip.com.sg ngww@phillip.com.sg roychencz@phillip.com.sg

Nicholas Ong Research Assistant Investment Analyst General Enquiries

Commodities, Offshore & Marine +65 6531 1240 (Phone) +65 6531 5440 research@phillip.com.sg

nicholasonghg@phillip.com.sg

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Contact Information (Regional Member Companies)

SINGAPORE

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250, North Bridge Road #06-00 Singapore 179101

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MALAYSIA

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Exchange Participant of the Stock Exchange of Hong Kong 11/F United Centre 95 Queensway

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JAPAN

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INDONESIA

PT Phillip Securities Indonesia ANZ Tower Level 23B,

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15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak,

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Fax (66-2) 22680921 Website www.phillip.co.th

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King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance 75008

Paris France Tel (33-1) 45633100 Fax (33-1) 45636017

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UNITED KINGDOM

King & Shaxson Capital Limited 6th Floor, Candlewick House,

120 Cannon Street, London, EC4N 6AS

Tel (44-20) 7426 5950 Fax (44-20) 7626 1757

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UNITED STATES

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The Chicago Board of Trade Building Chicago, IL 60604 USA

Tel +1.312.356.9000 Fax +1.312.356.9005

AUSTRALIA

Octa Phillip Securities Ltd Level 12, 15 William Street,

Melbourne, Victoria 3000, Australia Tel (03) 9629 8288 Fax (03) 9629 8882

Website: www.octaphillip.com