S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Market Outlook & Strategy

FSSTI

REVIEW: Along with the regional market rout, the FSSTI suffered a 3.5% mom decline to 3,202.5
in July. Other macro concerns such as Grexit and the sharp decline in oil prices also led to
significant risk aversion. In Singapore, all eyes were on a potential early general election on news
that the report by the Electoral Boundaries Review Committee was completed. During July,
investors sought refuge in defensive sectors such as healthcare (+3.1% mom) and media (+2.5%
mom). Conversely, sectors such as oil services (-16.5% mom) and shipyards (-22.0% mom) were
battered by continued poor external newsflow and lower oil prices on concerns over weaker
global growth and more supply from Iran.
STRATEGY: With limited earnings visibility and mixed external outlook, the FSSTI could range
trade at 3,350-3,420 as investors impose a higher discount to long-term mean valuations. Against
this background and expectations of rising interest rates, we take a selective approach.
Investment themes we advocate are: a) regional growth beneficiaries, b) regulatory changes, c)
sold-down yield stocks, and d) compelling business models. BUYs in the large-cap space include
DBS, CapitaLand, CCT, First Resources, OCBC, Sembcorp Industries, SingPost and SingTel. In
the mid-cap space, we like Silverlake and Wing Tai. Our SELLs include IHH, M1, SIA
Engineering and StarHub.

TOP GAINERS & LOSERS*

(S$)

Jun

Jul

% Chg

(S$)

Jun

NOL

0.82

0.93

CWT

2.02

2.24

Fortune Reit HK$

7.78

Sheng Siong
PLife REIT

Jul

% Chg

13.4

AliPictures2kHKD

10.9

Noble Grp

1.92

1.00

(47.9)

0.76

0.455

8.39

7.8

GoldenAgri

(40.1)

0.41

0.315

(23.2)

0.83

0.895

7.8

China Everbright

2.30

2.43

5.7

Petra

0.985

0.80

(18.8)

3.50

2.87

(18.0)

RafflesMG

4.60

4.79

4.1

Shang Asia 2kHK$

11.62

9.69

(16.6)

SingPost

1.895

1.955

3.2

EzionHldg

1.025

0.865

(15.6)

IHH

2.07

2.13

2.9

Yanlord

1.13

0.965

(14.6)

HPL

3.90

4.00

2.6

SIIC Env

0.195

0.172

(11.8)

SPH

4.08

4.18

2.5

F&N

2.68

2.37

(11.6)

* Top 100 companies by market capitalisation

Refer to last page for important disclosures.

From 1/8/2014 to 31/7/2015

3600
3500
3400
3300
3200
3100
3000
2900
2800
2700
2600
Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

SECTOR RATINGS & STOCK RECOMMENDATIONS

Sector
Aviation
Finance
Healthcare
LandTransport
Media
OilServices
Plantation
Property
REITs
Shipping
Shipyard
Supply Chain
Technology
Telecoms
Others
FSSTI

Jul/Jun (% Chg)
(0.6)
(1.5)
3.1
(5.4)
2.5
(16.5)
(6.9)
(5.6)
(3.7)
13.4
(8.9)
(22.0)
1.7
(2.9)
(1.9)

Weighting*
Market Weight
Overweight
Market Weight
Market Weight
Market Weight
Overweight
Overweight
Overweight
Market Weight
Overweight
Market Weight
Market Weight
Overweight
Market Weight
-

Top Buys
SATS
DBS, OCBC
ComfortDelGro
Ezion, Triyards
First Resources, Bumitama
CapitaLand, Wing Tai
CCT, CDREIT, SGREIT, Sabana REIT
NOL
SCI
Venture
SingTel

(3.5)

* Refers to business prospects & earnings growth of the sector for the next 12 months.

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Sector Performance
------------------- PE ------------------2014
2015F
2016F
(x)
(x)
(x)

------------- EPS Growth -----------2014

2015F
2016F
(%)
(%)
(%)

Net
Margin
(%)

ROA
(%)

ROE
(%)

--------- Yield --------2014

2015F
(%)
(%)

Price/
NTA ps
(x)

Net Cash
(Debt) to
Equity
(%)

Market
Cap.
(%)

Total
Market
Cap.
(S$m)

AVIATION

31.7

26.6

23.1

(18.6)

3.8

17.7

4.0

2.8

5.6

3.3

3.1

1.9

27.8

7.0

32,159

FINANCE

12.0

11.5

10.6

14.2

0.3

9.0

n.a.

1.1

13.0

3.2

3.3

1.6

n.a.

30.2

138,272

HEALTHCARE

56.3

47.4

38.7

6.5

18.1

22.6

11.2

3.2

4.7

0.6

0.5

5.6

(9.7)

4.4

20,258

LAND TRANSPORT

22.9

20.8

18.8

14.7

10.3

10.4

7.1

5.0

12.5

2.6

2.6

3.5

(17.3)

1.9

8,573

MEDIA

16.7

22.3

21.9

(6.3)

(25.0)

1.6

33.3

6.2

11.2

5.0

4.5

2.0

(16.9)

1.5

6,759

OIL SERVICES

4.7

5.3

3.9

3.9

(29.6)

33.3

13.1

4.8

13.0

2.0

0.7

0.5

(110.5)

0.6

2,886

PLANTATION

14.8

11.5

10.1

(18.0)

28.7

13.4

3.0

2.4

5.9

2.2

2.5

1.0

(68.1)

6.6

30,235

PROPERTY

8.0

18.3

15.6

46.2

(58.2)

17.1

38.0

4.3

10.1

2.4

2.3

0.8

(59.5)

6.9

31,674

REITS

19.7

17.5

16.5

(1.7)

10.0

5.0

52.7

3.3

5.1

6.1

6.2

1.0

(49.7)

9.0

41,396

SHIPPING

n.a.

n.a.

46.2

n.a.

n.a.

n.a.

(3.0)

(2.8)

(13.3)

0.0

0.0

0.7

(103.6)

0.5

2,421

SHIPYARD

7.9

9.4

9.6

2.3

(16.0)

(2.3)

10.6

5.5

17.0

5.3

5.0

1.2

(59.4)

6.8

31,293

SUPPLY CHAIN

10.1

8.9

7.6

13.9

4.2

17.6

0.6

1.8

7.5

6.9

4.1

0.8

(129.3)

1.7

7,653

TECHNOLOGY

15.5

14.5

13.3

6.7

7.4

9.1

5.7

5.6

7.6

6.4

6.4

1.7

13.7

0.5

2,169

TELECOMS

17.3

16.5

15.4

3.4

4.3

7.5

20.9

9.9

17.4

4.4

4.7

5.8

(36.3)

16.3

74,767

OTHERS

n.a.

19.9

17.7

n.a.

n.a.

12.1

(22.2)

(3.8)

(7.1)

3.8

3.9

1.6

(5.9)

5.9

27,116

OVERALL

15.4

14.4

13.1

(4.0)

4.0

9.7

9.0

1.8

9.1

3.7

3.7

1.5

(33.3)

100.0

457,631

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Corporate Statistics
Rec

Price
31 Jul 15
(S$)

Last
Year
End

Company

Ticker

AVIATION
SIA
SIA Engg
SATS
ST Engrg
Tigerair
Sector

SIA SP
SIE SP
SATS SP
STE SP
TGR SP

SELL
SELL
BUY
HOLD
HOLD

10.74
3.61
3.76
3.28
0.30

3/15
3/15
3/15
12/14
3/15

FINANCE
ARA
DBS
OCBC
SGX@
UOB@
Sector

ARA SP
DBS SP
OCBC SP
SGX SP
UOB SP

BUY
BUY
BUY
NR
NR

1.705
20.18
10.29
7.97
22.20

12/14
12/14
12/14
6/15
12/14

2.13
4.79

12/14
12/14

292.1
67.6
359.8

HEALTHCARE
IHH
IHH SP
SELL
Raffles Medical RFMD SP HOLD
Sector

2014
(S$m)
367.9
183.3
195.7
532.0
(264.2)
1,014.6

Net Profit
2015F
(S$m)

EPS
2016F 2014 2015F 2016F
(S$m) (cents) (cents) (cents)

294.3 455.1
145.2
136.2
208.6 225.1
511.7
509.9
51.0 63.0
1,210.8 1,389.3

2014
(x)

PE
DPS
2015F 2016F 2014 2015F
(x)
(x) (cents) (cents)

Yield
Hist
Net
2014 2015F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)

ROE
(%)

No of
shares
(m)

Market
Cap.
(S$m)

Book Price/ Net Cash/(Debt) to

NTA ps NTA ps Mkt Cap Equity
(S$)
(x)
(%)
(%)

Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)

31.4
16.4
17.4
17.1
(17.7)
12.6

25.2
12.9
19.3
16.4
1.9
13.1

39.0
12.0
21.1
16.3
2.5
15.5

34.2
22.1
21.6
19.2
n.a.
31.7

42.6
28.0
19.4
20.0
16.1
26.6

27.5
30.0
17.8
20.1
11.9
23.1

22.0
14.5
14.0
15.0
0.0

22.0
12.0
15.1
14.0
0.0

2.0
4.0
3.7
4.6
0.0
3.3

2.0
3.3
4.0
4.3
0.0
3.1

1.65
2.4
0.20 16.4
0.23 11.2
0.23
8.1
(0.15) (39.0)
4.0

1.6
2.9
10.9
13.6
9.7
13.7
6.2
25.0
(26.3) (107.0)
2.8
5.6

1,199.9
1,123.3
1,124.1
3,122.5
2,497.5

12,886.4 10.25
4,055.1 1.16
4,226.5 1.19
10,241.8 0.48
749.3 0.08
32,158.9

1.0
3.1
3.2
6.9
3.5
1.9

27.1
11.2
8.7
6.0
0.3
15.3

28.0 12.91
33.3 4.80
24.8 3.92
27.9 3.82
1.1 0.37
27.8

9.57
3.61
2.83
3.14
0.22

1,225
510
1,426
2,760
6,366

87.5
111.3
90.9
10.4
4,046.0 4,400.9 4,844.1 163.0
3,842.0 3,844.4 4,183.3 102.5
320.4
348.6
384.6
30.0
3,249.0 3,282.3 3,601.4 198.0
11,544.9 11,987.5 13,104.4 118.9

13.2
174.7
92.6
32.6
203.3
119.2

10.8
191.8
100.2
35.9
223.1
129.9

16.5
12.4
10.0
26.6
11.2
12.0

12.9
11.5
11.1
24.5
10.9
11.5

15.8
10.5
10.3
22.2
10.0
10.6

5.0
58.0
36.0
28.0
75.0

6.1
60.0
36.0
28.0
77.5

2.9
2.9
3.5
3.5
3.4
3.2

3.6
3.0
3.5
3.5
3.5
3.3

0.10
n.a.
n.a.
0.38
n.a.

n.a.
n.a.
n.a.
44.8
n.a.
n.a.

22.6
1.0
1.0
20.3
1.1
1.1

28.3
11.6
14.4
36.7
12.6
13.0

845.2
2,513.3
4,055.2
1,071.6
1,614.5

1,441.0 0.43
50,719.0 13.25
41,728.1 6.49
8,541.0 0.75
35,842.9 15.29
138,271.9

4.0
1.5
1.6
10.7
1.5
1.6

n.a.
n.a.
n.a.
9.2
n.a.
n.a.

n.a. 1.83
n.a.21.5
n.a.10.92
80.9 8.8
n.a.25.05
n.a.

1.55
17.62
9.51
6.8
21.53

497
3,639
4,591
2,494
2,187

356.7
443.9
3.6
70.5 79.9 12.1
427.2
523.8
4.1

4.4
12.3
4.9

5.4
13.9
6.0

59.5
39.6
56.3

48.9
39.0
47.4

39.3
34.4
38.7

1.1
5.5

0.9
5.5

0.5
1.1
0.6

0.4
1.1
0.5

0.06
0.14

10.3
18.1
11.2

2.7
11.0
3.2

4.1
13.4
4.7

8,222.2
572.9

17,513.4
2,744.3
20,257.6

0.37
1.01

5.7
4.8
5.6

(5.0)
4.1
(3.8)

(12.0)
19.5 4.99
(9.7)

2.25
3.75

1.735
384

6.7 3.27
(79.2)
(17.3)

2.36
1.815

6,600
1.385

1,555

(16.9)
(16.9)

4.35

4.04

2,911

(101.4)
(162.9)
(86.9)
(45.2)
(60.1)
(156.9)
(28.8)
(110.5)

1.915
0.683
0.36
0.50
1.52
0.45
0.81

LAND TRANSPORT
ComfortDelGro CD SP
SMRT
MRT SP
Sector

BUY
HOLD

3.01
1.385

12/14
3/15

283.5
91.0
374.5

316.0
345.0
13.3
96.4 110.3 6.0
412.3
455.3
10.2

14.9
6.3
11.3

16.2
7.2
12.5

22.6
23.2
22.9

20.3
21.9
20.8

18.5
19.1
18.8

8.3
3.3

8.0
3.5

2.7
2.3
2.6

2.7
2.5
2.6

0.30
0.19

7.0
7.4
7.1

5.5
3.9
5.0

13.1
11.0
12.5

2,147.7
1,522.1

6,464.5
2,108.2
8,572.7

0.74
0.57

4.1
2.4
3.5

2.4
(33.0)
(6.3)

MEDIA
SPH
Sector

SPH SP

HOLD

4.18

8/14

404.3
404.3

303.2 308.2 25.0

303.2
308.2
25.0

18.8
18.8

19.1
19.1

16.7
16.7

22.3
22.3

21.9
21.9

21.0

18.8

5.0
5.0

4.5
4.5

0.28

33.3
33.3

6.2
6.2

11.2
11.2

1,616.9

6,758.8
6,758.8

2.09

2.0
2.0

(9.0)
(9.0)

OIL SERVICES
Ezion
Ezra
Marco Polo @
Nam Cheong
Pacific Radiance
Swiber
Triyards
Sector

EZI SP
EZRA SP
MPM SP
NCL SP
PACRA SP
SWIB SP
ETL SP

BUY
HOLD
NR
SELL
BUY
SELL
BUY

0.865
0.134
0.23
0.23
0.405
0.149
0.405

12/14
8/14
9/14
12/14
12/14
12/14
8/14

283.4
56.9
10.1
116.9
86.6
27.5
33.5
614.8

299.8
387.8
20.9
61.9 55.0 3.5
16.7
34.2
3.0
65.6
88.0
5.6
55.1 79.7 11.9
10.9
34.3
4.5
38.1 54.1 11.4
548.2
733.1
8.5

18.8
2.2
4.9
3.1
7.6
1.2
11.7
6.0

24.3
2.0
10.0
4.2
11.0
3.7
16.7
8.0

4.1
3.8
7.7
4.1
3.4
3.3
3.6
4.7

4.6
6.1
4.7
7.4
5.3
12.5
3.4
5.3

3.6
6.9
2.3
5.5
3.7
4.0
2.4
3.9

0.1
0.0
0.0
1.5
3.0
0.0
1.0

0.1
0.0
1.0
0.6
0.0
0.0
1.0

0.1
0.0
0.0
6.5
7.4
0.0
2.5
2.0

0.1
0.0
4.3
2.7
0.0
0.0
2.5
0.7

0.31
0.15
0.09
0.06
0.17
0.14
0.15

57.9
3.0
9.0
15.6
39.7
3.0
9.9
13.1

8.7
1.4
2.3
11.3
8.4
1.0
7.8
4.8

20.6
4.0
6.1
28.4
16.6
4.3
16.7
13.0

1,580.706
2,942.400
340.8
2,103.144
725.755
918.9
324.509

1,367.3
394.3
78.4
483.7
293.9
136.9
131.4
2,886.0

0.96
0.59
0.52
0.23
0.81
0.76
0.80

0.9
0.2
0.4
1.0
0.5
0.2
0.5
0.5

(112.9)
(545.6)
(197.8)
(45.7)
(119.9)
(795.1)
(59.4)
(193.7)

385

0.825 13,654
0.133 13,440
0.22
128
0.23 5,431
0.40 1,894
0.14 5,049
0.38
555

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Corporate Statistics
2014
(S$m)

Net Profit
2015F
(S$m)

12/14
12/14
12/14
12/14
12/14
12/14

123.0
219.7
143.9
80.9
9.2
1,464.9
2,041.6

108.0
198.3
329.7
98.8
9.8
1,885.3
2,630.0

150.1
251.9
411.3
107.0
18.8
2,044.4
2,983.5

7.0
13.9
1.1
5.7
0.8
22.9
8.1

6.1
12.5
2.6
6.9
0.9
29.4
10.5

8.5
15.9
3.2
7.5
1.6
31.9
11.9

13.2
13.7
28.1
10.2
23.8
14.0
14.8

15.1
15.2
12.3
8.5
22.4
10.9
11.5

10.8
12.0
9.8
7.8
11.6
10.0
10.1

2.8
3.6
0.6
0.4
0.0
7.5

1.4
3.8
1.1
0.6
0.3
8.0

3.0
1.9
1.9
0.6
0.0
2.3
2.2

1.5
2.0
3.5
0.9
1.4
2.5
2.5

0.08
0.16
0.03
0.12
0.02
0.36

20.0
28.2
1.5
5.1
4.1
2.7
3.0

9.3
9.0
0.8
2.0
1.4
2.5
2.4

3.22
9.33
2.29
2.01
1.935
1.735
1.885

12/14
12/14
6/14
12/14
12/14
12/14
6/14

1,160.8
769.6
304.2
315.0
1,094.0
43.1
254.4
3,941.2

719.8
621.0
112.3
68.0
88.4
76.1
49.4
1,734.9

766.9
733.1
125.2
77.6
96.9
99.1
132.8
2,031.7

27.3
83.2
26.5
47.2
120.2
3.6
32.4
39.9

15.2
68.3
10.1
10.2
9.0
6.4
6.2
16.7

16.2
80.6
11.3
11.6
9.9
8.3
16.7
19.5

11.8
11.2
8.6
4.3
1.6
48.2
5.8
8.0

21.2
13.7
22.6
19.8
21.5
27.3
30.3
18.3

19.9
11.6
20.3
17.3
19.6
20.9
11.3
15.6

9.0
16.0
5.0
5.0
2.0
6.0
6.0

8.0
16.0
5.0
3.0
4.0
6.0
6.0

2.8
1.7
2.2
2.5
1.0
3.5
3.2
2.4

2.5
1.7
2.2
1.5
2.1
3.5
3.2
2.3

0.28 29.6
1.07 20.4
0.26 24.3
0.89 316.3
1.22 262.7
0.05 43.6
0.34 31.7
38.0

BUY

0.93

12/14

(329.2)
(329.2)

(40.9) 52.4 (12.7)

(40.9)
52.4 (12.7)

(1.6)
(1.6)

2.0
2.0

n.a.
n.a.

n.a.
n.a.

46.0
46.2

0.0

0.0

0.0
0.0

0.0
0.0

0.06

SELL
HOLD
BUY
HOLD
BUY

0.39
7.50
3.57
2.61
1.29

12/14
12/14
12/14
12/14
12/14

20.9
1,884.8
801.1
560.1
716.1
3,983.0

(10.0) 5.3 0.9

1,440.0 1,353.0 103.8
767.0
760.0
44.3
445.0 450.0 26.8
697.7
693.4
18.7
3,339.7 3,261.7
33.8

(0.4)
79.2
42.8
21.3
18.2
28.4

0.2
74.4
42.4
21.5
18.1
27.7

41.9
7.2
8.1
9.7
6.9
7.9

n.a.
9.5
8.3
12.3
7.1
9.4

165.3
10.1
8.4
12.1
7.1
9.6

0.5
48.0
16.0
13.0
5.5

0.0
47.1
16.0
10.6
5.5

1.3
6.4
4.5
5.0
4.3
5.3

0.0
6.3
4.5
4.1
4.2
5.0

SUPPLY CHAIN
Noble Group
NOBL SP
Olam
OLAM SP
Sector

HOLD
HOLD

0.455
1.84

12/14
12/14

167.3
591.0
758.3

517.0
339.4
856.4

595.8
411.6
1,007.4

2.0
23.9
8.5

7.9
10.7
8.8

9.1
13.0
10.4

22.5
7.7
10.1

5.7
17.1
8.9

5.0
14.1
7.6

5.1
7.5

2.8
5.0

11.2
4.1
6.9

TECHNOLOGY
Venture Corp
VMS SP
Sector

BUY

7.85

12/14

139.8
139.8

149.8
149.8

163.4
163.4

50.9
50.9

54.6
54.6

59.6
59.6

15.4
15.5

14.4
14.5

13.2
13.3

50.0

50.0

6.4
6.4

Rec

Price
31 Jul 15
(S$)

Company

Ticker

PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri
KencanaAgri
Wilmar
Sector

BAL SP
FR SP
GGR SP
IFAR SP
KAGR SP
WIL SP

BUY
BUY
BUY
HOLD
HOLD
BUY

0.925
1.90
0.315
0.585
0.19
3.20

PROPERTY
CapitaLand
City Devt
GuocoLand
Ho Bee Land
OUE
Wheelock @
Wing Tai
Sector

CAPL SP
CIT SP
GUOL SP
HOBEE SP
OUE SP
WP SP
WINGT SP

BUY
HOLD
BUY
BUY
BUY
NR
BUY

SHIPPING
NOL
Sector

NOL SP

SHIPYARD
COSCO Corp
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector

COS SP
KEP SP
SCI SP
SMM SP
YZJSGD SP

Last
Year
End

EPS
2016F 2014 2015F 2016F
(S$m) (cents) (cents) (cents)

2014
(x)

PE
DPS
2015F 2016F 2014 2015F
(x)
(x) (cents) (cents)

Yield
Hist
Net
2014 2015F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)

ROE
(%)

No of
shares
(m)

Market
Cap.
(S$m)

Book Price/ Net Cash/(Debt) to

NTA ps NTA ps Mkt Cap Equity
(S$)
(x)
(%)
(%)

Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)

19.6 1,757.5
16.5 1,584.1
1.3 12,837.6
5.5 1,447.8
4.2 1,148.0
7.4 6,403.4
5.9

1,625.7
3,009.7
4,043.8
847.0
218.1
20,490.9
30,235.2

0.38
0.82
0.89
0.81
0.19
2.38

2.4
2.3
0.4
0.7
1.0
1.3
1.0

(28.7)
(8.4)
(96.6)
(97.9)
(130.5)
(95.3)
(83.5)

(67.6)
(17.9)
(32.6)
(57.0)
(132.2)
(92.0)
(68.3)

1.28
2.32
0.54
0.96
0.24
3.42

0.9
481
1.75 1,954
0.3 30,469
0.57 1,151
0.17
126
2.92 5,299

2.6
4.1
3.4
9.4
16.7
1.1
5.2
4.3

7.1
9.5
12.0
12.8
32.4
1.4
8.8
10.1

4,274.3
909.3
1,109.8
703.3
981.6
1,196.6
793.9

13,763.2
8,483.8
2,541.4
1,413.7
1,899.4
2,076.0
1,496.6
31,674.0

3.94
9.43
2.32
3.73
4.35
2.66
3.90

0.8
1.0
1.0
0.5
0.4
0.7
0.5
0.8

(100.0)
(34.5)
(182.5)
(63.9)
(95.7)
(12.9)
(23.5)
(77.9)

(79.7)
(34.2)
(168.7)
(34.4)
(46.0)
(8.4)1.99
(11.4)
(59.5)

3.79
10.95
2.45
2.38
2.43
1.70
2.14

2.93
9.15
1.71
1.91
1.93
212
1.57

9,991
1,101
152
257
441

(3.0)
(3.0)

(2.8)
(2.8)

(13.3)
(13.3)

2,602.9

2,420.7
2,420.7

1.30

0.7
0.7

(152.6)
(152.6)

(103.6)
(103.6)

1.2

0.735

6,432

0.08
1.18
0.61
0.32
0.21

0.5
14.2
7.4
9.6
22.7
10.6

0.2
6.1
5.2
7.2
8.1
5.5

1.5
18.8
15.3
19.9
17.8
17.0

2,239.2
1,817.9
1,787.5
2,089.8
3,837.1

873.3
13,634.3
6,381.5
5,454.3
4,949.8
31,293.3

0.63
5.90
2.95
1.44
1.22

0.6
1.3
1.2
1.8
1.1
1.2

(426.7)
(37.0)
(61.7)
(30.3)
(17.7)
(48.7)

(263.6)
(46.6)
(69.0)
(54.3)
(18.7)
(59.4)

0.745
11.05
5.48
4.1
1.525

0.38
7.5
3.57
2.59
1.06

2,429
5,108
3,180
3,468
9,398

6.2
2.7
4.1

0.00
0.32

0.2
3.0
0.6

0.7
3.7
1.8

2.5
16.7
7.5

6,739.5
2,492.9

3,066.5
4,587.0
7,653.4

0.89
1.34

0.5
1.4
0.8

(177.6)
(174.5)
(175.8)

(84.0)
(204.2)
(129.3)

1.43
2.69

6.4
6.4

0.66

5.7
5.7

5.6
5.6

7.6
7.6

276.3

2,168.9
2,168.9

4.59

1.7
1.7

12.2
12.2

13.7 8.67
13.7

7.32

1,505

0.435 35,222
1.76 1,311

378

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Corporate Statistics
Price
31 Jul 15
(S$)

Company

Ticker

Rec

TELECOMS
M1
SingTel
StarHub
Sector

M1 SP
ST SP
STH SP

SELL
BUY
SELL

3.13
4.09
3.83

OTHERS
Genting HK US$
Genting SP
HPH Trust US$
SingPost
SuperGroup
Sector

GENHK SP
GENS SP
HPHT SP
SPOST SP
SUPER SP

HOLD
BUY
BUY
BUY
HOLD

0.34
0.88
0.60
1.955
1.005

OVERALL

Last
Year
End
12/14
3/15
12/14

2014
(S$m)
175.8
3,781.5
370.5
4,327.8

Net Profit
2015F
(S$m)

EPS
2016F 2014 2015F 2016F
(S$m) (cents) (cents) (cents)

2014
(x)

PE
DPS
2015F 2016F 2014 2015F
(x)
(x) (cents) (cents)

Yield
Hist
Net
2014 2015F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)

ROE
(%)

No of
shares
(m)

Market
Cap.
(S$m)

Book Price/ Net Cash/(Debt) to

NTA ps NTA ps Mkt Cap Equity
(S$)
(x)
(%)
(%)

Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)

172.4 173.4
4,046.0 4,356.4
306.6
333.8
4,524.9 4,863.6

18.9
23.7
21.5
23.3

18.4
25.3
17.7
24.3

18.5
27.3
19.3
26.1

16.5
17.2
17.8
17.3

17.0
16.1
21.7
16.5

16.9
15.0
19.9
15.4

18.9
17.5
20.0

14.7
19.0
20.0

6.0
4.3
5.2
4.4

4.7
4.7
5.2
4.7

0.31
0.37
0.32

16.3
22.0
15.5
20.9

17.5
9.3
19.1
9.9

44.5
937.0
15.6 15,943.6
285.4 1,729.8
17.4

2,932.7
65,209.2
6,625.1
74,767.1

0.30
0.80
(0.10)

10.5
5.1
n.a.
5.8

(10.6)
(12.9)
(7.0)
(12.3)

(80.0)
(34.0)
(204.3)
(36.3)

3.99
4.57
4.46

3.120 1,296
3.630 18,910
3.700 1,838

209.2
609.7
310.1
174.2
58.3
1,361.5

239.1
700.2
327.0
197.6
65.2
1,529.1

6.1
4.2
(32.2)
6.8
6.2
(4.9)

2.6
5.0
3.6
8.4
5.2
4.2

3.0
5.7
3.8
9.5
5.8
4.8

7.7
20.8
n.a.
28.5
16.3
n.a.

17.9
17.6
23.2
23.4
19.2
19.9

15.8
15.4
22.0
20.6
17.2
17.7

1.4
1.0
7.3
6.3
3.1

1.4
1.0
7.5
6.3
3.1

2.9
1.1
8.8
3.2
3.1
3.8

2.9
1.1
9.0
3.2
3.1
3.9

0.07 67.4
0.07 18.1
n.a. (136.2)
0.10 17.1
0.08 12.7
(22.2)

9.7
4.0
(13.3)
8.0
11.2
(3.8)

12.3 8,482.5
7.0 12,084.5
(30.9) 8,711.1
12.2 2,151.2
14.3 1,115.5
(7.1)

3,966.7
10,634.4
7,188.7
4,205.5
1,121.1
27,116.4

0.53
0.60
0.41
0.40
0.47

0.9
1.5
2.0
4.9
2.1
1.6

9.0
23.4
(62.4)
7.8
7.3
(4.5)

8.4
33.6
(59.9)
28.4
15.6
(5.9)

0.41
1.34
0.74
2.16
1.54

0.34 3,138
0.85 21,516
0.58 16,897
1.7 5,345
0.995 1,606

29,694.8 31,813.3 34,919.1

16.9

17.6

19.3

15.4

14.4

13.1

3.7

3.7

9.0

1.8

1.5

(25.2)

12/14
487.1
12/14
517.3
12/14 (2,808.7)
3/15
157.6
12/14
68.8
(1,577.9)

9.1

457,631.0

(33.4)

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Corporate Statistics
Avg Daily

Company

Ticker

REITs
Ascendasreit
AscottREIT
CACHE
CapitaCom Trust
CapitaMall Trust
CDL Htrust
FrasersCT
Frasers HTrust
Kep REIT
MapletreeInd
MapletreeLog
PLife REIT
Sabana REIT
Starhill Gbl
Suntec REIT
Sector

AREIT SP
ART SP
CACHE SP
CCT SP
CT SP
CDREIT SP
FCT SP
FHT SP
KREIT SP
MINT SP
MLT SP
PREIT SP
SSREIT SP
SGREIT SP
SUN SP

Rec

Price
31 Jul 15
(S$)

Last
Year
End

Net Profit
2014
2015F
(S$m)
(S$m)

2016F
(S$m)

HOLD
HOLD
BUY
BUY
HOLD
BUY
HOLD
BUY
BUY
HOLD
BUY
HOLD
BUY
BUY
BUY

2.42
1.25
1.08
1.425
2.00
1.56
2.06
0.82
1.075
1.525
1.11
2.43
0.825
0.87
1.705

3/15
12/14
12/14
12/14
12/14
12/14
9/14
9/13
12/14
3/15
3/15
12/14
12/14
6/15
12/14

259.2
74.2
56.8
228.6
374.9
104.8
90.2
52.9
147.3
176.9
172.4
62.3
39.1
108.3
149.3
2,097.2

381.3
107.0
65.8
305.7
380.4
106.4
101.4
60.8
184.8
179.9
182.2
72.9
50.4
124.6
208.8
2,512.4

365.5
104.1
61.2
281.6
374.4
100.5
101.0
56.6
162.4
176.6
179.6
71.9
46.8
109.9
176.0
2,367.9

2014
(cents)

EPU
2015F
(cents)

2016F
(cents)

2014
(cents)

10.8
4.9
7.3
7.8
10.8
10.7
10.5
4.4
5.2
10.3
7.0
10.3
5.6
5.0
6.0
7.7

15.2
6.8
7.8
9.2
10.8
10.2
11.0
4.7
5.1
9.9
7.3
11.9
6.3
5.1
7.0
8.5

15.8
7.0
8.3
9.8
11.0
10.7
11.0
5.1
5.7
9.8
7.3
12.0
6.1
5.7
8.2
8.9

14.6
8.2
8.6
8.5
10.8
11.0
11.2
6.1
7.2
10.4
7.5
11.5
7.3
5.1
9.3

DPU
2015F 2016F
(cents) (cents)
15.5
9.0
8.7
8.6
11.0
10.2
11.5
6.2
7.0
10.2
7.6
12.1
7.3
5.1
10.0

16.1
9.4
9.3
9.3
11.2
10.6
11.6
6.6
7.2
10.1
7.7
12.3
7.1
5.2
10.7

2014
(%)
6.0
6.6
7.9
5.9
5.4
7.0
5.4
7.5
6.7
6.8
6.8
4.7
8.9
5.8
5.5
6.1

Yield
Debt to
2015F 2016F Asset ROA
(%)
(%)
(%)
(%)
6.4
7.2
8.0
6.1
5.5
6.5
5.6
7.6
6.5
6.7
6.9
5.0
8.9
5.9
5.8
6.2

6.7
7.5
8.6
6.5
5.6
6.8
5.6
8.0
6.7
6.6
6.9
5.0
8.6
6.0
6.3
6.5

34.4
35.1
37.6
29.5
34.2
31.9
28.7
38.5
36.8
30.0
34.2
33.9
37.4
35.4
35.3
33.9

3.3
1.9
5.1
3.6
3.9
4.4
3.9
2.9
2.09
5.2
3.8
3.9
3.1
3.6
1.8
3.3

ROE
(%)
5.3
3.5
7.4
4.5
6.1
6.5
5.7
5.1
3.5
8.2
7.0
6.2
5.1
5.5
2.9
5.1

No of
shares
(m)

Market
Cap.
(S$m)

2,407.7
1,540.4
784.1
2,948.5
3,463.6
983.7
916.8
1,357.4
3,198.1
1,761.1
2,476.2
605.0
730.7
2,181.2
2,515.6

5,826.7
1,925.4
846.9
4,201.6
6,927.2
1,534.6
1,888.7
1,113.0
3,437.9
2,685.6
2,748.6
1,470.2
602.8
1,897.6
4,289.1
41,396.0

Book Price/
Net Cash/(Debt) to
52-Wk Price Turnover
NTA ps NTA ps Mkt Cap Equity High Low 52-Wk
(S$)
(x)
(%)
(%)
(S$)
(S$)
('000)
2.05
1.32
0.97
1.76
1.84
1.62
1.85
0.84
1.4
1.32
1.01
1.71
1.06
0.90
2.10

1.2
1.0
1.1
0.8
1.1
1.0
1.1
1.0
0.8
1.2
1.1
1.4
0.8
1.0
0.8
1.0

(47.5)
(47.5)
(54.0)
(51.7)
(30.9)
(46.8)
(36.9)
(54.6)
(72.09)
(36.6)
(55.0)
(36.3)
(77.5)
(56.8)
(67.5)
(49.3)

(56.2)
(55.2)
(60.0)
(41.8)
(33.6)
(45.0)
(41.1)
(59.5)
(55.7)
(42.2)
(60.4)
(51.6)
(60.4)
(54.4)
(54.8)
(49.1)

2.71
1.32
1.205
1.935
2.28
1.815
2.15
0.92
1.3
1.64
1.26
2.46
1.03
0.89
2.01

2.19
1.2
1.08
1.415
1.885
1.55
1.855
0.795
1.1
1.385
1.09
2.26
0.82
0.775
1.665

8,647
1,317
1,399
8,426
8,824
1,325
1,254
558
5265.2
2,852
3,323
453
908
2,336
8,162

Note:
If year end is before June, earnings are shown in the previous period
@ Consensus forecast

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Economics
GDP by Sector (Real) (yoy % chg)
Total GDP
Goods Producing Industries
Manufacturing
Construction
Services Producing Industries
Wholesale & Retail Trade
Transport & Storage
Hotels & Restaurants
Information & Communications
Financial Services
Business Services
Trade Figures (Nominal) (yoy % chg)
Total Exports
Total Imports
Non-oil Domestic Exports
Monetary Data (End of period)
Loans Growth (yoy % chg)
M1 (yoy % chg)
M2 (yoy % chg)
Prime Lending Rate (%)
3mth Interbank Rate (%)
Exchange Rates (S$/US$)
Foreign Reserves (S$b)
Other Macro Variables (yoy % chg)
Industrial Production Index (2011=100)
Retail Sales Index (Current)
Visitor Arrivals
Inflation (2009=100)
Unemployment Rate sa (%) (end of period)
Changes in Employment

2013

2014

2015F

2016F

3Q14

4Q14

1Q15

2Q15

Mar 15

Apr 15

May 15

Jun 15

4.4
2.5
1.7
6.3
6.1
6.7
3.5
3.3
7.6
12.2
4.9

2.9
2.7
2.6
3.0
3.2
1.7
1.7
1.1
3.6
7.7
2.9

2.5
(0.0)
(0.9)
3.1
3.2
3.3
1.5
(0.0)
4.5
5.6
3.0

2.9
2.7
2.6
3.0
3.0
2.2
2.2
1.9
4.7
4.1
3.5

2.8
1.6
1.7
1.1
3.3
2.1
0.1
1.0
4.0
9.9
2.6

2.1
(0.8)
(1.3)
0.7
3.1
0.6
(0.4)
1.3
4.4
10.3
2.9

2.6
(1.4)
(2.7)
3.1
3.8
4.1
1.5
(0.4)
4.6
7.9
2.8

(1.7)
n.a.
(4.0)
2.7
3.0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

0.8
(1.4)
(5.6)

1.3
(0.4)
(0.5)

2.5
1.5
(1.0)

2.0
2.0
2.1

(1.4)
(5.8)
1.2

(3.8)
(6.0)
0.5

(5.4)
(16.1)
4.8

(8.4)
(12.9)
2.2

0.6
(14.8)
18.5

(9.4)
(14.3)
2.2

(10.1)
(19.6)
(0.3)

(5.8)
(4.1)
4.7

17.7
14.8
7.8
5.38
0.40
1.2589
343.8

11.5
4.2
1.9
5.35
0.46
1.3150
337.8

6.3
4.5
1.9
5.38
1.30
1.4400
342.4

6.6
4.0
2.5
5.38
2.07
1.3800
361.2

11.1
1.9
1.7
5.38
0.41
1.2638
336.4

7.4
4.1
2.6
5.35
0.46
1.3150
337.8

3.3
1.8
3.3
5.35
1.01
1.3770
342.1

1.5
2.4
3.5
5.35
0.82
1.3455
340.8

2.3
2.3
3.9
5.35
1.01
1.3770
342.1

0.5
1.2
4.5
5.35
0.89
1.3482
339.6

(0.1)
0.8
4.9
5.35
0.83
1.3344
333.9

1.5
2.4
3.5
5.35
0.82
1.3455
340.8

1.8
(5.1)
7.5
2.4
1.9
136.3

2.9
0.4
(3.0)
1.0
1.9
130.1

1.3
1.4
3.0
0.8
2.1
105.4

2.5
1.2
2.5
1.5
2.1
123.1

1.7
3.0
(5.1)
1.0
1.9
33.4

(1.2)
6.1
(1.3)
(0.0)
1.9
40.7

(2.4)
3.0
(6.2)
(0.3)
1.8
(6.1)

(4.9)
n.a.
n.a.
(0.4)
2.0
15.7

(4.6)
2.1
(7.4)
(0.3)
n.a.
n.a.

(8.6)
5.0
(3.0)
(0.5)
n.a.
n.a.

(1.7)
6.2
1.1
(0.4)
n.a.
n.a.

(4.4)
n.a.
n.a.
(0.3)
n.a.
n.a.

Source: CEIC, UOB-GEMR

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Ranking By Market Parameters

Forward

Highest P/NTA (x) *

Hist.

Highest Dividend
Yield (%) *

165.3
46.0
39.3
34.4
30.0
27.5
22.0
21.9
20.8
20.6

StarHub
Silverlake
SGX
Dairy Farm 900 US$
M1
DTAC 200US$
AusNet Services
Sheng Siong
ARA
RafflesMG

29.2
11.2
8.7
8.4
7.5
7.4
7.3
5.6
5.4
4.8

HPH Trust US$

Oxley
Far East HTrust
CDL HTrust
MapletreeInd
MapletreeLog
Kep REIT
MapletreeGCC
AscottREIT
AusNet Services

Lowest PE (x) #

Forward

Lowest P/NTA (x) *

Hist.

Lowest Dividend
Yield (%) *

Triyards
Ezion
Pacific Radiance
Swiber
Noble Group
Nam Cheong
Ezra
Yangzijiang
IndoAgri
Sembcorp Ind

2.4
3.6
3.7
4.0
5.0
5.5
6.9
7.1
7.8
8.4

Highest PE (x) #
COSCO Corp
NOL
IHH
Raffles Medical
SIA Engg
SIA
HPH Trust US$
SPH
Suntec REIT
SingPost

GoldenAgri
Yanlord
OUE Ltd
Noble Grp
Wing Tai
Ho Bee Land
Yuexiu Prop 2k
Perennial Hldgs
Wheelock
HKLand US$

0.3
0.4
0.4
0.5
0.5
0.5
0.6
0.6
0.7
0.7

EzionHldg
Citic Envirotech
IHH
BukitSem
CITYDEV
UIC
JSH 500US$
Sinarmas
Fragrance
HPL

Hist.
8.8
7.9
7.3
7.0
6.8
6.8
6.7
6.7
6.6
6.4

Hist.
0.1
0.3
0.5
0.8
0.9
0.9
0.9
0.9
1.0
1.0

Highest 90 days Volatility (%) #

Ezra
Noble Grp
Triyards
Pac Radiance
Swiber
NOL
EzionHldg
CoscoCorp
Nam Cheong
TigerAir

Highest Market Cap (S$m) *

53.4
51.4
47.9
41.0
40.1
37.6
37.5
36.2
34.0
32.6

Lowest 90 days Volatility (%) #

AscottREIT
SPH
OCBC Bk
SingPost
CACHE
StarHub
K-REIT
Frasers HTrust
MapletreeInd
CapitaComm

SingTel
PRU 500 US$
JMH 400US$
DBS
JSH 500US$
OCBC Bk
UOB
HKLand US$
Wilmar
THBEV

65,209.2
59,648.7
52,136.4
50,718.9
46,369.2
41,728.1
35,842.9
24,917.6
20,490.9
18,958.1

Lowest Market Cap (S$m) *

9.5
9.8
11.1
11.4
12.1
12.3
12.7
13.2
13.4
13.7

OSIM Intl
Far East HTrust
GuocoLeisure
BukitSem
Oxley
CapitaRChina
CWT
Sheng Siong
EzionHldg
Fragrance

1,242.8
1,249.2
1,258.7
1,273.8
1,297.2
1,335.7
1,344.7
1,345.7
1,367.3
1,377.6

# Based on UOB Kay Hians universe

* Based on top 100 companies by market cap
Source: Bloomberg, UOB Kay Hian

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Performance At A Glance*
Company

---------- Price (S$) ---------31/07/15

30/06/15

--------------------- % Change --------------------mom

yoy
ytd

AVIATION
SIA
SIA Engg
SATS
ST Engrg
Tigerair
Sector

10.73
3.84
3.69
3.30
0.29

10.74
3.61
3.76
3.28
0.30

0.1
(6.0)
1.9
(0.6)
3.4
(0.6)

4.0
(22.4)
24.9
(13.7)
(13.8)
(4.7)

(7.4)
(14.5)
23.3
(3.5)
13.2
(3.6)

FINANCE
ARA
DBS
OCBC
S'pore Exchange @
UOB@
Sector

1.75
20.69
10.18
7.83
23.07

1.705
20.18
10.29
7.97
22.2

(2.6)
(2.5)
1.1
1.8
(3.8)
(1.5)

(0.9)
10.8
6.2
12.9
(8.1)
3.9

0.3
(2.0)
(1.6)
2.0
(9.5)
(3.7)

HEALTHCARE
IHH
Raffles Medical
Sector

2.07
4.60

2.13
4.79

2.9
4.1
3.1

17.7
22.5
18.3

15.8
23.1
16.7

LAND TRANSPORT
ComfortDelGro
SMRT
Sector

3.13
1.54

3.01
1.385

(3.8)
(10.1)
(5.4)

16.2
(12.3)
7.6

15.8
(12.3)
7.3

MEDIA
SPH
Sector

4.08

4.18

2.5
2.5

0.7
0.7

(0.7)
(0.7)

1.025
0.171
0.25
0.275
0.525
0.167

0.865
0.134
0.23
0.23
0.405
0.149

(15.6)
(21.6)
(8.0)
(16.4)
(22.9)
(10.8)

(51.7)
(80.4)
(34.3)
(50.0)
(55.0)
(66.3)

(22.8)
(57.7)
(16.4)
(27.0)
(48.7)
(34.4)

OIL SERVICES
Ezion
Ezra
Marco Polo @
Nam Cheong
Pacific Radiance
Swiber

Company
Triyards
Sector

---------- Price (S$) ---------30/06/15

31/07/15

--------------------- % % Change --------------------mom

yoy
ytd

0.41

0.405

(1.2)
(16.5)

(45.6)
(60.1)

(20.6)
(34.5)

PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri
KencanaAgri
Wilmar
Sector

0.99
2.04
0.41
0.70
0.185
3.28

0.925
1.90
0.315
0.585
0.19
3.20

(6.6)
(6.9)
(23.2)
(16.4)
2.7
(2.4)
(6.9)

(24.5)
(15.9)
(41.1)
(39.7)
(17.4)
(2.1)
(13.5)

(11.5)
1.6
(31.5)
(19.3)
(5.0)
(1.2)
(7.4)

PROPERTY
CapitaLand
City Devt
GuocoLand
Ho Bee Land
OUE
Wheelock @
Wing Tai
Sector

3.50
9.78
2.39
2.11
1.99
1.755
1.905

3.22
9.33
2.29
2.01
1.935
1.735
1.885

(8.0)
(4.6)
(4.2)
(4.7)
(2.8)
(1.1)
(1.0)
(5.6)

(6.7)
(11.8)
8.0
(10.7)
(21.0)
(8.4)
(4.6)
(8.3)

(2.7)
(9.2)
28.7
3.1
(5.1)
(1.4)
15.3
(1.8)

2.46
1.29
1.155
1.56
2.15
1.63
2.06
0.86
1.145
1.56
1.13
2.30
0.85
0.88

2.42
1.25
1.08
1.425
2.00
1.56
2.06
0.82
1.075
1.525
1.11
2.43
0.825
0.87

(1.6)
(3.1)
(6.5)
(8.7)
(7.0)
(4.3)
0.0
(4.7)
(6.1)
(2.2)
(1.8)
5.7
(2.9)
(1.1)

3.9
1.2
(10.4)
(14.4)
1.5
(10.9)
6.2
(6.8)
(15.4)
8.5
(5.5)
1.7
(19.9)
5.5

1.7
(1.6)
(6.9)
(18.8)
(2.0)
(10.3)
8.7
(6.8)
(11.9)
2.7
(6.3)
2.1
(12.2)
8.7

REITS
Ascendasreit
AscottREIT
CACHE
CapitaComm
CapitaMall
CDL Htrust
FrasersCT
Frasers HTrust
Kep REIT
MapletreeInd
MapletreeLog
PLife REIT
Sabana REIT
Starhill Gbl

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Performance At A Glance*
Company
Suntec REIT
Sector
SHIPPING
NOL
Sector

----------Price (S$)---------31/07/15
30/06/15
1.725

1.705

--------------------- % Change --------------------mom

yoy
ytd

Company

(1.2)
(3.7)

(4.7)
(3.3)

(13.0)
(5.3)

OTHERS
Genting HK US$
Genting SP
HPH Trust US$
SingPost
SuperGroup
Sector

0.82

0.93

13.4
13.4

(2.1)
(2.1)

10.7
10.7

0.48

0.39

(18.8)

(45.5)

(30.4)

8.22
3.89
2.84
1.415

7.50
3.57
2.61
1.29

(8.8)
(8.2)
(8.1)
(8.8)
(8.9)

(31.6)
(34.9)
(37.0)
18.3
(29.1)

(15.3)
(19.8)
(19.9)
7.1
(14.8)

SUPPLY CHAIN
Noble Group
Olam
Sector

0.76
1.88

0.455
1.84

(40.1)
(2.1)
(22.0)

(68.0)
(25.5)
(51.3)

(60.1)
(8.9)
(39.8)

TECHNOLOGY
Venture Corp
Sector

7.72

7.85

1.7
1.7

(3.2)
(3.2)

(0.3)
(0.3)

TELECOMS
M1
S Telecoms
StarHub
Sector

3.24
4.21
3.95

3.13
4.09
3.83

(3.4)
(2.9)
(3.0)
(2.9)

(16.5)
0.5
(10.1)
(1.3)

(13.3)
4.9
(7.7)
2.8

SHIPYARD
COSCO Corp
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector

OVERALL

---------- Price (S$) ---------30/06/15

31/07/15
0.345
0.895
0.63
1.895
1.11

0.34
0.88
0.60
1.955
1.005

--------------------- % % Change --------------------mom

yoy
ytd
(1.4)
(1.7)
(4.8)
3.2
(9.5)
(1.9)

(15.0)
(34.1)
(19.5)
11.1
(31.9)
(23.5)

(2.9)
(18.5)
(13.0)
1.8
(12.2)
(12.3)

(3.4)

(7.5)

(4.7)

10

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Performance At A Glance*
Aviation

Finance

(31Dec14=100)
106

Healthcare

(31Dec14=100)
106
Aviation

104

104

102

FSSTI

102

100

100
FSSTI

98

98

96

96

94

94

Finance
Jan

Feb

Mar

Apr

May

Jun

Jul

Jan

Feb

Mar

Land Transport
(31Dec14=100)
120
118
116
114
112
110
108
106
104
102
100
98
96
Jan
Feb

Apr

May

Jun

Jul

Mar

Jul

FSSTI

95
90
85

100

80

Oil Services

75

98

70

Media

65

96
Jul

Jun

100

102

Jun

May

105
FSSTI

FSSTI

Apr

Oil Services

104

May

FSSTI

(31Dec14=100)
110

Land Transport

Apr

Healthcare

Media
(31Dec14=100)
106

Mar

(31Dec14=100)
120
118
116
114
112
110
108
106
104
102
100
98
96
Jan
Feb

Jan

Feb

Mar

Apr

May

Jun

Jul

Jan

Feb

Mar

Apr

May

Jun

Jul

11

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Performance At A Glance*
Plantation

Property

(31Dec14=100)
106
104

REITs
(31Dec14=100)
106

(31Dec14=100)
114
112

FSSTI

Property

102

102

108

100

106

98

104
Plantation

100
FSSTI
98

102

96

100

94
Jan

Feb

Mar

Apr

May

Jun

Jul

96

FSSTI

98

92

REITs

104

110

94

96
Jan

Feb

Mar

Apr

May

Jun

Jan

Jul

Feb

Mar

Shipyard

Shipping

May

Jun

(31Dec14=100)
110

110

135

105
105

130
125

FSSTI

100

FSSTI

95

Shipping

100

120
115

90
85

95

110
FSSTI

105

Jul

Supply Chain

(31Dec14=100)

(31Dec14=100)
140

Apr

Shipyard

Supply Chain

80
75

90

100

70
85

95
Jan

Feb

Mar

Apr

May

Jun

Jul

Jan

Feb

Mar

Apr

May

Jun

Jul

65
Jan

Feb

Mar

Apr

May

Jun

Jul

12

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Performance At A Glance*
Technology

Others

Telecoms
(31Dec14=100)
116

(31Dec14=100)
110

(31Dec14=100)
110

114

108
Technology

106

FSSTI

112

Telecoms

110

104

108

102

104

105
100

106
95

Others

102

100

FSSTI

98

100

90
FSSTI

98
96

96
Jan

Feb

Mar

Apr

May

Jun

Jul

85
Jan

Feb

Mar

Apr

May

Jun

Jul

Jan

Feb

Mar

Apr

May

Jun

Jul

* Based on UOB Kay Hians universe

13

S i n g a p o r e

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A ug u st 20 15

G u i d e

Diary Of Events
Sunday

Monday

Tuesday

Wednesday

Thursday

Friday
12

4
SCI 2Q15*

10

11

Noble 2Q15*

National Day

Public Holiday

Super 2Q15*
OUE 2Q15

5
CapitaLand 2Q15*
StarHub 2Q15*
Wilmar 2Q15*

12

ARA 2Q15*
Ho Bee 2Q15*
Yangzijiang 2Q15
Venture 2Q15

13
City Dev 2Q15*
ComforDelgro 2Q15*
Genting SP 2Q15*
SingTel 1Q16*
Swiber 2Q15
Bumitama 2Q15
First Resources 2Q15

Saturday

SG50 Public Holiday

14

15

Olam FY15*
ST Engrg 2Q15*
Ezion 2Q15*
Golden Agri 2Q15

14

S i n g a p o r e

C o r p o r a t e

A ug u st 20 15

G u i d e

Diary Of Events
Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

16

17

18

19

20

21

22

23

24

25

26

27

28

29

Genting HK 2Q15

30

IHH 2Q15
GuocoLand FY15
Wing Tai FY15

31

* Confirmed

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