Professional Documents
Culture Documents
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
FSSTI
REVIEW: The global market rout continued in August and FSSTI was not spared, declining 8.8%
mom to 2,921.44. Market confidence was clearly shaken by external uncertainties, particularly
over Chinas economic outlook and fears of a currency war after the devaluation of the renminbi.
The uncertainties over the timing of the interest rate hike by the Fed also led to investor
uncertainties. On the local front, a better-than-expected 2Q15 GDP growth did not provide the
market lift. With the uncertain outlook, the Ministry of Trade and Industry (MTI) narrowed their
2015 GDP forecast to 2.0% to 2.5%, from 2.0% to 4.0% earlier. Company-specific news
dominated corporate newsflow as Silverlake was hit by another short-seller report. On a more
positive note, stocks such as Ezra and Olam received a lift after announcing new strategic
partners.
STRATEGY: With an uncertain external outlook and limited earnings visibility, the FSSTI is
expected to remain volatile. Against a difficult background and expectations of rising interest
rates, we would take a selective approach and would focus on liquid blue chips with reasonable
yield and strong financials. Investment themes we advocate are: a) resilient yield in low growth
environment, b) favourable risk-reward profile, c) M&A, and d) quality franchise at reasonable
valuations. On our BUY list are DBS, CapitaLand, CCT, SingTel, SingPost, SATS, STE,
ComfortDelGro and Sembcorp Industries. Our SELLs include SIA Engineering and Nam Cheong.
TOP GAINERS & LOSERS*
(S$)
Jul
Aug
% Chg
Pan Ocean
3.40
4.30
26.5
AliPictures2kHKD
1.00
1.20
20.0
0.455
0.545
19.8
Yuexiu Prop 2k
Noble Grp
Olam
Yanlord
Petra
(S$)
Jul
Aug
% Chg
Silverlake
0.97
0.56
(42.3)
8.27
6.50
(21.4)
0.305
0.24
(21.3)
(21.3)
1.84
2.07
12.5
UE
2.49
1.96
0.965
1.085
12.4
FirstRes
1.90
1.525
(19.7)
2.87
2.94
2.4
Bumitama
0.925
0.75
(18.9)
(15.7)
Venture
7.85
8.01
2.0
GuocoLand
Sinarmas
0.555
0.565
1.8
ARA
1.31
1.32
0.8
1.525
1.535
0.7
AusNet Services
MapletreeInd
2.29
1.93
1.705
1.44
(15.5)
CDL HTrust
1.56
1.32
(15.4)
Yangzijiang
1.29
1.10
(14.7)
3600
3500
3400
3300
3200
3100
3000
2900
2800
2700
2600
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Aug/Jul (% Chg)
(6.4)
(12.4)
(9.3)
(7.9)
(5.7)
(19.0)
(10.7)
(10.1)
(7.0)
(11.3)
(8.6)
15.4
2.0
(8.1)
(11.9)
Weighting*
Market Weight
Overweight
Market Weight
Market Weight
Market Weight
Overweight
Overweight
Overweight
Overweight
Overweight
Market Weight
Market Weight
Overweight
Market Weight
-
Top Buys
SATS, ST Engrg
DBS, OCBC
ComfortDelGro
Ezion, Triyards
Wilmar,First Resources, Bumitama
CapitaLand, Wing Tai
CCT, MLT, ART, SGREIT
NOL
SCI
Venture
SingTel
(8.8)
* 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
S ep t em be r 2 0 1 5
G u i d e
Sector Performance
------------------- PE ------------------2014
2015F
2016F
(x)
(x)
(x)
Net
Margin
(%)
ROA
(%)
ROE
(%)
Price/
NTA ps
(x)
Net Cash
(Debt) to
Equity
(%)
Market
Cap.
(%)
Total
Market
Cap.
(S$m)
AVIATION
29.7
24.5
21.3
(18.6)
5.2
18.4
4.0
2.8
5.6
3.5
3.4
1.8
25.0
7.3
30,096
FINANCE
10.5
10.2
9.5
14.2
(0.7)
6.5
n.a.
1.1
13.0
3.7
3.8
1.4
n.a.
29.2
121,137
HEALTHCARE
51.1
45.6
37.2
6.5
11.4
22.5
11.2
3.2
4.7
0.6
0.5
4.0
(10.4)
4.4
18,376
LAND TRANSPORT
21.1
19.1
17.3
14.7
10.3
10.4
7.1
5.0
12.5
2.9
2.9
3.2
(22.5)
1.9
7,896
MEDIA
15.8
21.0
20.7
(6.3)
(25.0)
1.6
33.3
6.2
11.2
5.3
4.8
1.9
(16.9)
1.5
6,371
OIL SERVICES
3.8
6.1
3.7
3.9
(50.6)
64.9
13.1
4.8
13.0
2.5
0.4
0.4
(119.5)
0.6
2,338
PLANTATION
13.2
10.6
9.2
(18.0)
24.2
14.9
3.0
2.4
5.9
2.5
2.7
0.9
(73.4)
6.5
26,872
PROPERTY
7.3
14.7
14.1
46.2
(53.2)
4.6
37.1
4.1
9.6
2.7
2.5
0.7
(57.7)
6.9
28,618
REITS
18.4
16.3
15.3
(1.7)
10.0
5.0
52.7
3.3
5.1
6.6
6.7
0.9
(53.3)
9.3
38,503
SHIPPING
n.a.
n.a.
40.0
n.a.
n.a.
n.a.
(3.0)
(2.8)
(13.3)
0.0
0.0
0.6
(103.6)
0.5
2,147
SHIPYARD
7.2
8.6
9.0
2.3
(16.5)
(4.1)
10.6
5.5
17.0
5.8
5.4
1.1
(62.2)
6.9
28,603
SUPPLY CHAIN
11.6
9.8
8.6
13.9
10.2
12.8
0.6
1.8
7.5
6.1
3.6
1.0
(133.7)
2.1
8,833
TECHNOLOGY
15.8
14.8
13.5
6.7
7.4
9.1
5.7
5.6
7.6
6.2
6.2
1.9
8.5
0.5
2,213
TELECOMS
15.9
16.2
15.1
3.4
(2.2)
7.2
20.9
9.9
17.4
4.8
4.8
5.1
(31.4)
16.6
68,714
OTHERS
n.a.
19.5
16.4
n.a.
n.a.
18.4
(22.2)
(3.8)
(7.1)
4.4
4.4
1.2
(1.0)
5.8
24,165
OVERALL
14.0
13.3
12.2
(4.0)
2.2
8.3
9.0
1.8
9.1
4.1
4.0
1.4
(33.8)
100.0
414,883
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Corporate Statistics
Rec
Price
31 Aug 15
(S$)
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
BUY
HOLD
9.92
3.50
3.56
3.07
0.27
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
1.44
17.76
8.93
7.26
19.38
12/14
12/14
12/14
6/15
12/14
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$m) (cents) (cents) (cents)
294.3
455.1
145.2
136.2
208.6
225.1
527.7 536.3
51.0
63.0
1,226.8 1,415.7
2014
(x)
PE
DPS
2015F 2016F 2014 2015F
(x)
(x) (cents) (cents)
Yield
Hist
Net
2014 2015F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)
ROE
(%)
No of
shares
(m)
Market
Cap.
(S$m)
Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)
31.4
16.4
17.4
17.1
(17.7)
12.6
25.2
12.9
19.3
16.9
1.9
13.3
39.0
12.0
21.1
17.1
2.5
15.7
31.6
21.4
20.4
18.0
n.a.
29.7
39.4
27.1
18.4
18.2
14.5
24.5
25.4
29.1
16.8
17.9
10.7
21.3
22.0
14.5
14.0
15.0
0.0
22.0
12.0
15.1
15.0
0.0
2.2
4.1
3.9
4.9
0.0
3.5
2.2
3.4
4.2
4.9
0.0
3.4
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
2,498.6
11,902.5 10.25
3,931.5 1.16
4,001.6 1.19
9,586.1 0.42
674.6 0.08
30,096.3
1.0
3.0
3.0
7.4
3.2
1.8
29.3
11.6
9.2
0.6
0.3
14.5
28.0 12.91
33.3 4.80
24.8 3.92
3.0 3.82
1.1 0.37
25.0
9.57
3.20
2.83
2.70
0.22
1,317
482
1,476
2,880
6,663
87.5
111.3
90.9
10.4
4,046.0 4,383.0 4,670.8 163.0
3,842.0 3,841.2 4,127.4 102.5
320.4
348.6
376.2
30.0
3,249.0 3,189.4 3,419.5 198.0
11,544.9 11,873.5 12,684.8 118.9
13.2
174.0
92.5
32.6
197.5
118.1
10.8
184.9
98.8
35.1
211.8
125.8
13.9
10.9
8.7
24.2
9.8
10.5
10.9
10.2
9.7
22.3
9.8
10.2
13.4
9.6
9.0
20.7
9.2
9.5
5.0
58.0
36.0
28.0
75.0
6.1
60.0
36.0
28.0
76.3
3.5
3.3
4.0
3.9
3.9
3.7
4.2
3.4
4.0
3.9
3.9
3.8
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
1,217.0 0.41
44,636.7 13.25
36,213.0 6.53
7,780.1 0.75
31,289.9 15.12
121,136.7
3.5
1.3
1.4
9.7
1.3
1.4
n.a.
n.a.
n.a.
10.2
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.
1.39
17.57
8.63
6.8
18.51
497
4,055
4,942
2,656
2,444
HEALTHCARE
IHH
IHH SP
Raffles Medical RFMD SP
Sector
HOLD
HOLD
1.93
4.37
12/14
12/14
292.1
67.6
359.8
333.5
70.5
404.0
415.1
79.9
495.0
3.6
12.1
4.1
4.1
12.3
4.6
5.1
13.9
5.6
53.9
36.1
51.1
47.4
35.6
45.5
38.1
31.4
37.1
1.0
5.5
0.8
5.5
0.5
1.3
0.6
0.4
1.3
0.5
0.06
0.14
10.3
18.1
11.2
2.7
11.0
3.2
4.1
13.4
4.7
8,223.2
573.3
15,870.8
2,505.3
18,376.2
0.48
1.01
4.0
4.3
4.0
(5.9)
4.5
(4.5)
(12.7)
19.5 4.99
(10.4)
2.25
3.75
1.735
419
LAND TRANSPORT
ComfortDelGro CD SP
SMRT
MRT SP
Sector
BUY
HOLD
2.81
1.22
12/14
3/15
283.5
91.0
374.5
316.0
96.4
412.3
345.0
110.3
455.3
13.3
6.0
10.2
14.9
6.3
11.3
16.2
7.2
12.5
21.1
20.4
21.1
18.9
19.3
19.1
17.3
16.8
17.3
8.3
3.3
8.0
3.5
2.9
2.7
2.9
2.9
2.9
2.9
0.30
0.19
7.0
7.4
7.1
5.5
3.9
5.0
13.1
11.0
12.5
2,148.4
1,523.9
6,036.9
1,859.1
7,896.0
0.74
0.57
3.8
2.1
3.2
(0.2)
(37.5)
(9.0)
(0.6)3.27
(79.2)
(22.5)
2.36
1.815
6,755
1.12
1,774
MEDIA
SPH
Sector
SPH SP
HOLD
3.94
8/14
404.3
404.3
303.2
303.2
308.2
308.2
25.0
25.0
18.8
18.8
19.1
19.1
15.8
15.8
21.0
21.0
20.7
20.7
21.0
18.8
5.3
5.3
4.8
4.8
0.28
33.3
33.3
6.2
6.2
11.2
11.2
1,616.9
6,370.8
6,370.8
2.09
1.9
1.9
(9.5)
(9.5)
(16.9)
(16.9)
4.35
3.86
3,157
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
BUY
NR
SELL
BUY
SELL
BUY
0.72
0.13
0.21
0.147
0.315
0.111
0.325
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
13.2
2.2
4.9
1.1
2.6
1.2
12.1
4.2
21.2
2.0
10.0
2.2
9.6
3.8
17.1
6.9
3.4
3.7
7.0
2.6
2.6
2.5
2.9
3.8
5.4
5.8
4.3
13.1
12.0
9.1
2.7
6.1
3.4
6.5
2.1
6.7
3.3
2.9
1.9
3.7
0.1
0.0
0.0
1.5
3.0
0.0
1.0
0.1
0.0
1.0
0.0
0.0
0.0
1.0
0.1
0.0
0.0
10.2
9.5
0.0
3.1
2.5
0.1
0.0
4.8
0.0
0.0
0.0
3.1
0.4
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
1,580.9
2,942.4
340.8
2,103.1
725.8
918.9
324.5
1,138.3
382.5
71.6
309.2
228.6
102.0
105.5
2,337.6
0.96
0.59
0.52
0.21
0.77
0.75
0.80
0.7
0.2
0.4
0.7
0.4
0.1
0.4
0.4
(146.0)
(562.3)
(234.7)
(118.9)
(196.5)
(1,053.1)
(74.0)
(254.5)
(109.1)
(162.9)
(94.2)
(83.2)
(80.4)
(156.8)
(28.8)
(119.5)
1.915
0.671
0.36
0.47
1.51
0.42
0.81
382
0.535 15,354
0.095 18,886
0.18
127
0.14 5,109
0.29 1,970
0.09 5,125
0.23
577
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Corporate Statistics
Price
31 Aug 15
(S$)
Last
Year
End
2014
(S$m)
Net Profit
2015F
(S$m)
EPS
2016F 2014 2015F 2016F
(S$m) (cents) (cents) (cents)
Company
Ticker
Rec
PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri
KencanaAgri
Wilmar
Sector
BAL SP
FR SP
GGR SP
IFAR SP
KAGR SP
WIL SP
BUY
0.75
BUY
1.525
BUY
0.315
HOLD
0.48
SELL 0.13
BUY
2.85
12/14
12/14
12/14
12/14
12/14
12/14
123.0
219.7
143.9
80.9
9.2
1,464.9
2,041.6
107.0 149.0
189.5 256.9
329.0 418.2
97.1
105.1
3.7
9.5
1,815.8 1,981.4
2,542.1 2,920.1
PROPERTY
CapitaLand
City Devt
GuocoLand
Ho Bee Land
OUE
Wheelock @
Wing Tai
Sector
CAPL SP
CIT SP
GUOL SP
HOBEE SP
OUE SP
WP SP
WINGT SP
BUY
BUY
BUY
BUY
BUY
NR
BUY
2.82
8.79
1.93
1.995
1.805
1.51
1.645
12/14
12/14
6/15
12/14
12/14
12/14
6/15
1,160.8
769.6
304.2
315.0
1,094.0
43.1
254.4
3,941.2
719.8
621.0
226.4
68.0
88.4
76.1
150.3
1,949.9
SHIPPING
NOL
Sector
NOL SP
BUY
0.825
12/14
(329.2)
(329.2)
(42.0)
(42.0)
SHIPYARD
COSCO Corp
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector
COS SP
KEP SP
SCI SP
SMM SP
YZJSGD SP
SELL
HOLD
BUY
HOLD
HOLD
0.375
6.84
3.42
2.39
1.1
12/14
12/14
12/14
12/14
12/14
SUPPLY CHAIN
Noble Group
NOBL SP
Olam
OLAM SP
Sector
HOLD
BUY
0.545
2.07
TECHNOLOGY
Venture Corp
VMS SP
Sector
BUY
8.01
2014
(x)
PE
DPS
2015F 2016F 2014 2015F
(x)
(x) (cents) (cents)
Yield
Hist
Net
2014 2015F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)
7.0
13.9
1.1
5.7
0.8
22.9
8.1
6.1
12.0
2.6
6.8
0.3
28.4
10.1
8.5
16.2
3.3
7.4
0.8
30.9
11.6
10.7
11.0
28.1
8.4
16.3
12.4
13.2
12.3
12.7
12.3
7.1
40.6
10.0
10.6
8.8
9.4
9.7
6.5
15.7
9.2
9.2
2.8
3.6
0.6
0.4
0.0
7.5
1.4
3.6
1.1
0.5
0.3
7.5
3.7
2.3
1.9
0.8
0.0
2.6
2.5
1.8
2.4
3.5
1.1
2.2
2.6
2.7
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
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
19.5
10.2
9.0
6.4
19.2
18.7
16.2
80.6
11.3
11.6
9.9
8.3
16.7
19.5
10.3
10.6
7.3
4.2
1.5
41.9
5.1
7.3
18.6
12.9
9.9
19.6
20.0
23.7
8.6
14.7
17.5
10.9
17.1
17.2
18.3
18.2
9.8
14.1
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
3.0
3.2
1.8
2.6
2.5
1.1
4.0
3.6
2.7
2.8
1.8
2.6
1.5
2.2
4.0
1.8
2.5
0.28 29.6
1.07 20.4
0.20 19.5
0.89 316.3
1.22 262.7
0.05 43.6
0.21 22.2
37.1
53.8
53.8
(12.7)
(12.7)
(1.6)
(1.6)
2.1
2.1
n.a.
n.a.
n.a.
n.a.
39.7
39.9
0.0
0.0
0.0
0.0
0.0
0.0
0.06
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
736.0 748.0 44.3
445.0
450.0
26.8
711.7 630.7 18.7
3,322.7 3,187.0
33.8
(0.4)
79.2
41.1
21.3
18.6
28.2
0.2
74.4
41.8
21.5
16.5
27.1
40.3
6.6
7.7
8.9
5.9
7.2
n.a.
8.6
8.3
11.2
5.9
8.6
159.0
9.2
8.2
11.1
6.7
9.0
0.5
48.0
16.0
13.0
5.5
0.0
47.1
14.4
10.6
5.6
1.3
7.0
4.7
5.4
5.0
5.8
0.0
6.9
4.2
4.5
5.1
5.4
12/14
12/14
167.3
591.0
758.3
530.7
611.6
2.0
376.0 411.6 23.9
906.7 1,023.2
8.5
8.1
11.9
9.4
9.4
13.0
10.6
27.0
8.7
11.6
6.7
17.4
9.7
5.8
15.9
8.6
5.2
7.5
2.9
5.0
9.5
3.6
6.1
12/14
139.8
139.8
149.8
149.8
54.6
54.6
59.6
59.6
15.7
15.8
14.7
14.8
13.4
13.5
50.0
50.0
6.2
6.2
163.4
163.4
50.9
50.9
ROE
(%)
No of
shares
(m)
Market
Cap.
(S$m)
Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)
19.6 1,757.5
16.5 1,584.1
1.3 12,837.6
5.5 1,447.8
4.2 1,148.0
7.4 6,403.4
5.9
1,318.1
2,415.7
4,043.8
694.9
149.2
18,249.7
26,871.6
0.36
0.79
0.91
0.81
0.18
2.32
2.1
1.9
0.3
0.6
0.7
1.2
0.9
(40.6)
(13.3)
(92.2)
(119.3)
(195.8)
(114.2)
(98.8)
(81.9)
(23.8)
(31.7)
(57.0)
(140.1)
(100.6)
(73.4)
1.15
2.19
0.525
0.9
0.24
3.42
0.685
463
1.435 1,936
0.28 30,913
0.44 1,082
0.13
134
2.7 5,644
2.6
4.1
2.5
9.4
16.7
1.1
3.1
4.1
7.1
9.5
8.1
12.8
32.4
1.4
4.9
9.6
4,274.3
909.3
1,183.4
703.3
981.6
1,196.6
793.9
12,053.5
7,992.8
2,283.9
1,403.2
1,771.8
1,806.8
1,306.0
28,617.9
3.93
9.36
2.48
3.70
4.30
2.62
4.00
0.7
0.9
0.8
0.5
0.4
0.6
0.4
0.7
(105.6)
(36.8)
(202.2)
(68.5)
(112.1)
(22.9)
(23.8)
(83.7)
(73.8)
(34.6)
(157.2)
(36.9)
(50.8)
(13.2)
(9.8)2.14
(57.7)
3.79
10.95
2.45
2.38
2.33
1.99
1.56
(3.0)
(3.0)
(2.8)
(2.8)
(13.3)
(13.3)
2,602.9
2,147.4
2,147.4
1.30
0.6
0.6
(172.0)
(172.0)
(103.6)
(103.6)
1.2
0.735
6,681
0.08
1.18
0.61
0.32
0.21
0.5
14.2
7.4
9.6
22.7
10.6
0.2
6.1
5.2
7.2
8.1
5.5
1.5
18.8
15.3
19.9
17.8
17.0
2,239.2
1,817.9
1,787.5
2,089.8
3,837.1
839.7
12,434.5
6,113.4
4,994.5
4,220.8
28,602.9
0.61
5.90
2.92
1.44
1.20
0.6
1.2
1.2
1.7
0.9
1.1
(494.5)
(40.6)
(67.4)
(33.1)
(21.0)
(55.5)
(302.1)
(46.6)
(72.9)
(54.3)
(19.3)
(62.2)
0.735
10.99
5.26
3.98
1.525
0.355
6.32
3
2.1
1.01
2,492
5,570
3,551
3,455
9,771
5.3
2.4
3.6
0.00
0.32
0.2
3.0
0.6
0.7
3.7
1.8
2.5
16.7
7.5
6,739.5
2,492.9
3,673.0
5,160.3
8,833.3
0.89
1.27
0.6
1.6
1.0
(158.8)
(155.4)
(156.8)
(90.3)
(205.7)
(133.7)
1.43
2.69
6.2
6.2
0.66
5.7
5.7
5.6
5.6
7.6
7.6
276.3
2,213.1
2,213.1
4.17
1.9
1.9
7.0
7.0
8.5 8.67
8.5
7.32
2.75 10,537
8.35 1,145
1.71
164
1.91
263
1.68
463
1.47
194
1,521
0.405 43,240
1.68 1,349
449
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Corporate Statistics
Company
Ticker
TELECOMS
M1
SingTel
StarHub
Sector
M1 SP
ST SP
STH SP
HOLD
BUY
HOLD
OTHERS
Genting HK US$
Genting SP
HPH Trust US$
SingPost
SuperGroup
Sector
GENHK SP
GENS SP
HPHT SP
SPOST SP
SUPER SP
HOLD
BUY
BUY
BUY
HOLD
OVERALL
Rec
Price
31 Aug 15
(S$)
2.94
3.74
3.66
0.31
0.77
0.525
1.78
0.79
Last
Year
End
12/14
3/15
12/14
2014
(S$m)
175.8
3,781.5
370.5
4,327.8
12/14
487.1
12/14
517.3
12/14 (2,808.7)
3/15
157.6
12/14
68.8
(1,577.9)
Net Profit
2015F
(S$m)
EPS
2016F 2014 2015F 2016F
(S$m) (cents) (cents) (cents)
172.4
173.4
18.9
3,750.0 7 4,026.1 7 23.7
319.9 347.4 21.5
4,242.3 4,546.9
23.3
214.7
245.5
484.4 637.5
318.4
335.9
174.2
197.6
49.5 55.4
1,241.3 1,471.8
2014
(x)
PE
DPS
2015F 2016F 2014 2015F
(x)
(x) (cents) (cents)
Yield
Hist
Net
2014 2015F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)
18.4
23.5
18.5
22.8
18.5
25.2
20.0
24.4
15.5
15.8
17.0
15.9
16.0
15.9
19.8
16.2
15.9
14.8
18.3
15.1
18.9
17.5
20.0
14.7
17.9
20.0
6.4
4.7
5.5
4.8
5.0
4.8
5.5
4.8
6.1
4.2
(32.2)
6.8
6.2
(4.9)
2.7
4.0
3.7
8.4
4.4
3.9
3.0
5.2
3.9
9.5
5.0
4.6
7.2
18.2
n.a.
26.0
12.8
n.a.
16.3
19.4
20.3
21.3
17.8
19.5
14.4
14.8
19.2
18.8
15.9
16.4
1.4
1.0
7.5
6.3
3.1
1.4
1.0
7.7
6.3
2.7
3.2
1.3
10.1
3.5
3.9
4.4
16.9
17.3
18.7
14.0
13.3
12.2
4.1
0.31
0.37
0.32
ROE
(%)
No of
shares
(m)
Market
Cap.
(S$m)
Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)
16.3
22.0
15.5
20.9
17.5
9.3
19.1
9.9
44.5
937.0
15.6 15,943.5
285.4 1,729.8
17.4
2,754.7
59,628.7
6,331.0
68,714.4
0.30
0.84
(0.14)
9.9
4.4
n.a.
5.1
(11.3)
(12.2)
(8.4)
(11.8)
(80.0)
(28.8)
(343.6)
(31.4)
3.99
4.57
4.46
2.800 1,353
3.630 20,428
3.420 1,865
3.2
1.3
10.3
3.5
3.4
4.4
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 12,084.8
(30.9) 8,711.1
12.2 2,151.9
14.3 1,115.5
(7.1)
3,712.4
9,305.3
6,456.6
3,830.4
881.2
24,186.0
0.86
0.59
0.41
0.40
0.45
0.5
1.3
1.8
4.5
1.8
1.2
28.8
29.9
(69.5)
8.6
8.0
(1.0)
14.5
38.5
(59.9)
28.4
14.1
(1.0)
0.41
1.24
0.74
2.16
1.54
0.3 3,127
0.725 22,665
0.51 16,730
1.7 5,428
0.745 1,554
4.0
9.0
1.8
1.4
(28.3)
(33.8)
9.1
414,903.8
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
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
BUY
BUY
BUY
BUY
HOLD
BUY
HOLD
BUY
BUY
HOLD
BUY
HOLD
BUY
BUY
BUY
Price
31 Aug 15
(S$)
Last
Year
End
Net Profit
2014
2015F
(S$m)
(S$m)
2016F
(S$m)
2.23
1.25
1.01
1.33
1.92
1.32
1.945
0.745
0.98
1.535
0.98
2.28
0.775
0.77
1.53
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
(%)
6.5
6.6
8.5
6.4
5.6
8.3
5.8
8.2
7.4
6.8
7.7
5.1
9.5
6.6
6.1
6.6
Yield
Debt to
2015F 2016F Asset ROA
(%)
(%)
(%)
(%)
6.9
7.2
8.6
6.5
5.7
7.7
5.9
8.3
7.1
6.7
7.8
5.3
9.5
6.6
6.5
6.7
7.2
7.5
9.2
7.0
5.8
8.1
5.9
8.8
7.4
6.6
7.8
5.4
9.2
6.8
7.0
6.9
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$m)
2,407.7
1,543.2
784.1
2,950.6
3,464.3
985.2
916.8
1,357.4
3,200.5
1,761.1
2,478.4
605.0
730.7
2,181.2
2,515.6
5,369.3
1,928.9
792.0
3,924.2
6,651.4
1,300.5
1,783.3
1,011.2
3,136.5
2,703.2
2,428.8
1,379.4
566.3
1,679.5
3,848.8
38,503.5
Book Price/
Net Cash/(Debt) to
52-Wk Price Turnover
NTA ps NTA ps Mkt Cap Equity High Low 52-Wk
(S$)
(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
1.1
1.0
1.0
0.8
1.0
0.8
1.1
0.9
0.7
1.2
1.0
1.3
0.7
0.9
0.7
0.9
(51.5)
(47.4)
(57.8)
(55.4)
(41.5)
(55.3)
(39.1)
(60.1)
(107.06)
(36.4)
(62.2)
(38.7)
(82.5)
(64.2)
(75.2)
(56.9)
(56.2)
(55.2)
(60.0)
(41.8)
(43.4)
(45.0)
(41.1)
(59.5)
(75.5)
(42.2)
(60.4)
(51.6)
(60.4)
(54.4)
(54.8)
(52.7)
2.71
1.32
1.205
1.935
2.28
1.815
2.15
0.92
1.3
1.64
1.26
2.46
1.025
0.89
2.01
2.14
1.09
0.94
1.225
1.845
1.215
1.835
0.68
0.9
1.35
0.925
2.18
0.71
0.695
1.425
9,296
1,494
1,570
9,060
9,196
1,360
1,255
527
5456.8
2,985
3,626
503
914
2,448
8,357
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
S ep t em be r 2 0 1 5
G u i d e
Economics
2013
2014
2015F
2016F
3Q14
4Q14
1Q15
2Q15
Apr-15
May-15
Jun-15
Jul-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
(0.2)
(0.9)
2.5
3.3
4.3
0.1
(0.0)
4.6
6.0
2.6
2.9
2.7
2.6
3.0
2.9
2.2
2.2
1.9
4.8
4.1
3.3
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
2.8
(1.5)
(2.4)
1.1
4.2
5.3
1.4
(0.1)
4.9
7.8
3.2
1.8
(3.2)
(4.9)
2.5
3.4
5.0
(0.9)
(0.6)
4.5
7.1
2.0
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.
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
(3.6)
(5.9)
0.5
(5.7)
(16.2)
4.3
(8.6)
(12.8)
2.1
(9.4)
(14.3)
2.2
(10.1)
(19.6)
(0.3)
(6.2)
(4.5)
4.5
(4.0)
(9.2)
(0.8)
17.7
14.8
7.8
5.38
0.40
1.26
343.8
11.5
4.2
1.9
5.35
0.46
1.32
337.8
6.3
4.5
1.9
5.38
1.30
1.44
342.4
6.6
4.0
2.5
5.38
2.07
1.38
361.2
11.1
1.9
1.7
5.38
0.41
1.26
336.4
7.4
4.1
2.6
5.35
0.46
1.32
337.8
3.3
1.8
3.3
5.35
1.01
1.38
342.1
1.5
2.4
3.5
5.35
0.82
1.35
340.8
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
2.2
2.0
2.6
5.35
0.88
1.3616
340.6
1.8
(5.1)
7.5
2.4
1.9
136.3
2.9
0.4
(3.0)
1.0
1.9
130.1
(1.0)
2.5
(1.0)
(0.3)
2.1
105.4
2.6
2.8
1.0
0.8
2.1
123.1
1.8
3.0
(5.2)
1.0
1.9
33.4
(1.1)
6.1
(1.3)
(0.0)
1.9
40.7
(2.4)
2.9
(6.1)
(0.3)
1.8
(6.1)
(4.9)
5.9
(0.5)
(0.4)
2.0
15.7
(8.8)
4.9
(2.9)
(0.5)
n.a.
n.a.
(1.8)
5.9
1.2
(0.4)
n.a.
n.a.
(4.0)
6.9
0.2
(0.3)
n.a.
n.a.
(6.1)
n.a.
n.a.
(0.4)
n.a.
n.a.
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Hist.
Highest Dividend
Yield (%) *
Hist.
159.0
39.8
38.2
31.4
29.1
25.4
20.7
19.2
18.9
18.8
StarHub
SGX
DTAC 200US$
AusNet Services
M1
Dairy Farm 900 US$
Golden Energy
Silverlake
Sheng Siong
ARA
40.8
8.0
7.6
7.3
7.1
6.7
6.4
5.5
5.4
5.0
Asian Pay TV Tr
HPH Trust US$
CDL HTrust
MapletreeLog
Silverlake
Kep REIT
Kep Corp
CapitaRChina
Kep Infra Tr
MapletreeGCC
10.1
10.1
8.3
7.7
7.5
7.4
7.0
7.0
6.9
6.9
Noble Grp
Triyards
Ezra
EzionHldg
Pac Radiance
Nam Cheong
Swiber
NOL
TigerAir
FirstRes
Lowest PE (x) #
Forward
Hist.
Lowest Dividend
Yield (%) *
Hist.
Triyards
Swiber
Pacific Radiance
Ezion
Noble Group
Ezra
IndoAgri
Nam Cheong
Yangzijiang
Sembcorp Ind
1.9
2.9
3.3
3.4
5.8
6.5
6.5
6.7
6.7
8.2
Highest PE (x) #
COSCO Corp
NOL
IHH
Raffles Medical
SIA Engg
SIA
SPH
HPH Trust US$
PLife REIT
SingPost
GoldenAgri
Wing Tai
OUE Ltd
Yuexiu Prop 2k
Yanlord
Genting HK US$
Ho Bee Land
Noble Grp
Perennial Hldgs
Wheelock
0.3
0.4
0.4
0.4
0.5
0.5
0.5
0.6
0.6
0.6
Citic Envirotech
IHH
BukitSem
Sinarmas
CITYDEV
UIC
JSH 500US$
Oxley
Fragrance
HPL
0.3
0.5
0.8
0.9
0.9
0.9
0.9
1.0
1.0
1.1
SPH
StarHub
CACHE
SuntecReit
Ho Bee
CapitaComm
SingPost
K-REIT
AscottREIT
MapletreeInd
SingTel
PRU 500 US$
JMH 400US$
JSH 500US$
DBS
OCBC Bk
UOB
HKLand US$
Wilmar
THBEV
59,628.7
56,049.3
49,158.5
45,051.0
44,636.7
36,213.0
31,289.9
22,938.9
18,249.7
17,828.1
Pac Cent
Oxley
Asian Pay TV Tr
CapitaRChina
Biosensors
ARA
CWT
BukitSem
UE
Fragrance
1,162.5
1,164.6
1,171.0
1,184.5
1,210.5
1,217.0
1,224.6
1,227.2
1,248.8
1,283.5
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Performance At A Glance*
Company
AVIATION
SIA
SIA Engg
SATS
ST Engrg
Tigerair
Sector
10.74
3.61
3.76
3.28
0.30
9.92
3.50
3.56
3.07
0.27
(7.6)
(3.0)
(5.3)
(6.4)
(10.0)
(6.4)
(1.8)
(23.6)
17.5
(16.1)
(21.5)
(8.7)
(14.5)
(17.1)
16.7
(9.7)
1.9
(9.8)
FINANCE
ARA
DBS
OCBC
S'pore Exchange @
UOB@
Sector
1.705
20.18
10.29
7.97
22.20
1.44
17.76
8.93
7.26
19.38
(15.5)
(12.0)
(13.2)
(8.9)
(12.7)
(12.4)
(19.1)
(0.9)
(10.7)
(0.3)
(15.5)
(8.2)
(15.3)
(13.8)
(14.6)
(7.0)
(21.0)
(15.6)
2.13
4.79
1.93
4.37
(9.4)
(8.8)
(9.3)
0.0
9.8
1.2
4.9
12.3
5.8
3.01
1.385
2.81
1.22
(6.6)
(11.9)
(7.9)
12.0
(22.0)
1.5
8.1
(22.8)
(1.2)
4.18
3.94
(5.7)
(5.7)
(5.1)
(5.1)
(6.4)
(6.4)
0.865
0.134
0.23
0.23
0.405
0.149
0.72
0.13
0.21
0.147
0.315
0.111
(16.8)
(3.0)
(8.7)
(36.1)
(22.2)
(25.5)
(60.7)
(80.0)
(39.1)
(68.4)
(65.0)
(73.1)
(35.7)
(59.0)
(23.6)
(53.3)
(60.1)
(51.1)
HEALTHCARE
IHH
Raffles Medical
Sector
LAND TRANSPORT
ComfortDelGro
SMRT
Sector
MEDIA
SPH
Sector
OIL SERVICES
Ezion
Ezra
Marco Polo @
Nam Cheong
Pacific Radiance
Swiber
Company
Triyards
Sector
0.405
0.325
(19.8)
(19.0)
(58.1)
(67.5)
(36.3)
(47.0)
PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri
KencanaAgri
Wilmar
Sector
0.925
1.90
0.315
0.585
0.19
3.20
0.75
1.525
0.315
0.48
0.13
2.85
(18.9)
(19.7)
0.0
(17.9)
(31.6)
(10.9)
(10.7)
(33.0)
(24.5)
(38.2)
(44.5)
(40.9)
(9.8)
(18.8)
(28.2)
(18.4)
(31.5)
(33.8)
(35.0)
(12.0)
(17.3)
PROPERTY
CapitaLand
City Devt
GuocoLand
Ho Bee Land
OUE
Wheelock @
Wing Tai
Sector
3.22
9.33
2.29
2.01
1.935
1.735
1.885
2.82
8.79
1.93
1.995
1.805
1.51
1.645
(12.4)
(5.8)
(15.7)
(0.7)
(6.7)
(13.0)
(12.7)
(10.1)
(15.1)
(12.4)
(8.5)
(8.9)
(21.5)
(22.6)
(12.0)
(14.4)
(14.8)
(14.4)
8.4
2.3
(11.5)
(14.2)
0.6
(11.6)
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
2.23
1.25
1.01
1.33
1.92
1.32
1.945
0.745
0.98
1.535
0.98
2.28
0.775
0.77
(7.9)
0.0
(6.5)
(6.7)
(4.0)
(15.4)
(5.6)
(9.1)
(8.8)
0.7
(11.7)
(6.2)
(6.1)
(11.5)
(5.1)
1.2
(13.7)
(21.8)
(4.0)
(20.0)
(2.8)
(15.3)
(21.6)
6.6
(16.6)
(3.0)
(22.9)
(5.5)
(6.3)
(1.6)
(12.9)
(24.2)
(5.9)
(24.1)
2.6
(15.3)
(19.7)
3.4
(17.3)
(4.2)
(17.6)
(3.8)
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
S ep t em be r 2 0 1 5
G u i d e
Performance At A Glance*
Company
Suntec REIT
Sector
SHIPPING
NOL
Sector
SHIPYARD
COSCO Corp
----------Price (S$)---------31/08/15
31/07/15
1.705
1.53
0.93
0.825
Company
(10.3)
(7.0)
(16.2)
(10.6)
(21.9)
(12.0)
(11.3)
(11.3)
(17.9)
(17.9)
(1.8)
(1.8)
OTHERS
Genting HK US$
Genting SP
HPH Trust US$
SingPost
SuperGroup
Sector
0.39
0.375
(3.8)
(48.3)
(33.0)
7.50
3.57
2.61
1.29
6.84
3.42
2.39
1.10
(8.8)
(4.2)
(8.4)
(14.7)
(8.6)
(37.2)
(33.2)
(39.6)
(5.6)
(34.0)
(22.7)
(23.1)
(26.7)
(8.7)
(22.1)
SUPPLY CHAIN
Noble Group
Olam
Sector
0.455
1.84
0.545
2.07
19.8
12.5
15.4
(59.9)
(21.9)
(44.0)
(52.2)
2.5
(30.5)
TECHNOLOGY
Venture Corp
Sector
7.85
8.01
2.0
2.0
(0.2)
(0.2)
1.8
1.8
TELECOMS
M1
S Telecoms
StarHub
Sector
3.13
4.09
3.83
2.94
3.74
3.66
(6.1)
(8.6)
(4.4)
(8.1)
(22.6)
(3.9)
(11.8)
(5.6)
(18.6)
(4.1)
(11.8)
(5.5)
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector
OVERALL
0.31
0.77
0.525
1.78
0.79
(17.3)
(36.9)
(27.1)
3.2
(41.3)
(27.8)
(11.4)
(28.7)
(23.9)
(7.3)
(31.0)
(22.7)
(9.5)
(14.6)
(13.8)
10
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Performance At A Glance*
Aviation
Finance
(31Dec14=100)
110
Aviation
105
Healthcare
(31Dec14=100)
120
(31Dec14=100)
110
FSSTI
105
115
Healthcare
110
100
100
FSSTI
95
105
95
90
90
85
85
100
Finance
FSSTI
95
90
80
85
80
80
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Jan
Feb
Mar
Apr
Land Transport
May
Jun
Jul
Aug
105
110
100
105
Media
95
100
95
90
FSSTI
90
85
85
80
80
Feb
Mar
Apr
May
Jun
Mar
Jul
Aug
Jan
Feb
Mar
Apr
May
Apr
May
Jun
Jul
Aug
Oil Services
FSSTI
Land Transport
Jan
Feb
Media
(31Dec14=100)
110
(31Dec14=100)
120
115
Jan
Jun
Jul
Aug
(31Dec14=100)
110
105
100
95
90
85
80
75
70
65
60
55
50
45
Jan
Feb
FSSTI
Oil Services
Mar
Apr
May
Jun
Jul
Aug
11
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Performance At A Glance*
Plantation
Property
(31Dec14=100)
115
(31Dec14=100)
110
FSSTI
105
105
95
100
Plantation
90
95
85
90
80
85
75
Feb
Mar
Property
Apr
May
Jun
Jul
Aug
100
90
85
80
80
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Jan
Feb
Mar
Shipyard
105
FSSTI
100
95
Shipyard
90
85
80
75
Jun
Jul
Aug
Jan
Feb
Mar
Apr
May
Apr
May
Jun
Jul
Aug
Supply Chain
110
May
FSSTI
95
FSSTI
(31Dec14=100)
Apr
REITs
105
Shipping
(31Dec14=100)
140
135
130
Shipping
125
120
115
110
105
100
FSSTI
95
90
85
80
Jan
Feb
Mar
(31Dec14=100)
110
110
100
Jan
REITs
Jun
Jul
Aug
(31Dec14=100)
110
105
100
95
90
85
80
75
70
65
60
55
Jan
Feb
FSSTI
Supply Chain
Mar
Apr
May
Jun
Jul
Aug
12
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Performance At A Glance*
Technology
Others
Telecoms
(31Dec14=100)
110
(31Dec14=100)
120
(31Dec14=100)
110
105
Technology
100
115
105
Telecoms
110
105
95
95
100
FSSTI
FSSTI
90
95
90
80
85
80
80
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Others
85
90
85
FSSTI
100
75
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
13
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Diary Of Events
Sunday
Monday
37
Tuesday
Wednesday
Thursday
Friday
Saturday
52
10
11
12
Polling Day
13
14
15
Jul 15 Retail Sales
16
17
18
19
14
S i n g a p o r e
C o r p o r a t e
S ep t em be r 2 0 1 5
G u i d e
Diary Of Events
Sunday
20
Monday
21
Tuesday
22
Wednesday
23
Thursday
24
Friday
25
Aug 15 CPI
Saturday
26
Aug 15 IPI
27
28
29
30
Aug 15 Money Supply
* Confirmed
15
S i n g a p o r e
C o r p o r a t e
G u i d e
S ep t em be r 2 0 1 5
Disclosures/Disclaimers
This report is prepared by UOB Kay Hian Private Limited (UOBKH), which is a holder of a capital markets services licence and an exempt financial adviser in Singapore.
This report is provided for information only and is not an offer or a solicitation to deal in securities or to enter into any legal relations, nor an advice or a recommendation with respect to such securities.
This report is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any recipient hereof. Advice should be sought
from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the
recommendation, before the person makes a commitment to purchase the investment product.
This report is confidential. This report may not be published, circulated, reproduced or distributed in whole or in part by any recipient of this report to any other person without the prior written consent of
UOBKH. This report is not directed to or intended for distribution to or use by any person or any entity who is a citizen or resident of or located in any locality, state, country or any other jurisdiction as
UOBKH may determine in its absolute discretion, where the distribution, publication, availability or use of this report would be contrary to applicable law or would subject UOBKH and its connected persons
(as defined in the Financial Advisers Act, Chapter 110 of Singapore) to any registration, licensing or other requirements within such jurisdiction.
The information or views in the report (Information) has been obtained or derived from sources believed by UOBKH to be reliable. However, UOBKH makes no representation as to the accuracy or
completeness of such sources or the Information and UOBKH accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Information. UOBKH and its connected
persons may have issued other reports expressing views different from the Information and all views expressed in all reports of UOBKH and its connected persons are subject to change without notice.
UOBKH reserves the right to act upon or use the Information at any time, including before its publication herein.
Except as otherwise indicated below, (1) UOBKH, its connected persons and its officers, employees and representatives may, to the extent permitted by law, transact with, perform or provide broking,
underwriting, corporate finance-related or other services for or solicit business from, the subject corporation(s) referred to in this report; (2) UOBKH, its connected persons and its officers, employees and
representatives may also, to the extent permitted by law, transact with, perform or provide broking or other services for or solicit business from, other persons in respect of dealings in the securities
referred to in this report or other investments related thereto; (3) the officers, employees and representatives of UOBKH may also serve on the board of directors or in trustee positions with the subject
corporation(s) referred to in this report. (All of the foregoing is hereafter referred to as the Subject Business); and (4) UOBKH may otherwise have an interest (including a proprietary interest) in the
subject corporation(s) referred to in this report.
As of the date of this report, no analyst responsible for any of the content in this report has any proprietary position or material interest in the securities of the corporation(s) which are referred to in the
content they respectively author or are otherwise responsible for.
16
S i n g a p o r e
C o r p o r a t e
G u i d e
S ep t em be r 2 0 1 5
Analyst Certification/Regulation AC
Each research analyst of UOBKH who produced this report hereby certifies that (1) the views expressed in this report accurately reflect his/her personal views about all of the subject corporation(s) and
securities in this report; (2) the report was produced independently by him/her; (3) he/she does not carry out, whether for himself/herself or on behalf of UOBKH or any other person, any of the Subject
Business involving any of the subject corporation(s) or securities referred to in this report; and (4) he/she has not received and will not receive any compensation that is directly or indirectly related or
linked to the recommendations or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transaction in respect of the securities in this report. However, the
compensation received by each such research analyst is based upon various factors, including UOBKHs total revenues, a portion of which are generated from UOBKHs business of dealing in securities.
17
S i n g a p o r e
C o r p o r a t e
G u i d e
S ep t em be r 2 0 1 5
Reports are distributed in the respective countries by the respective entities and are subject to the additional restrictions listed in the following table.
General
This report is not intended for distribution, publication to or use by any person or entity who is a citizen or resident of or located in any country or jurisdiction where the
distribution, publication or use of this report would be contrary to applicable law or regulation.
Hong Kong
This report is distributed in Hong Kong by UOB Kay Hian (Hong Kong) Limited ("UOBKHHK"), which is regulated by the Securities and Futures Commission of Hong Kong.
Neither the analyst(s) preparing this report nor his associate, has trading and financial interest and relevant relationship specified under Para. 16.4 of Code of Conduct in
the listed corporation covered in this report. UOBKHHK does not have financial interests and business relationship specified under Para. 16.5 of Code of Conduct with the
listed corporation covered in this report. Where the report is distributed in Hong Kong and contains research analyses or reports from a foreign research house, please
note:
(i) recipients of the analyses or reports are to contact UOBKHHK (and not the relevant foreign research house) in Hong Kong in respect of any matters arising from, or in
connection with, the analysis or report; and
(ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Hong Kong who is not a professional investor, or institutional
investor, UOBKHHK accepts legal responsibility for the contents of the analyses or reports only to the extent required by law.
Indonesia
This report is distributed in Indonesia by PT UOB Kay Hian Securities, which is regulated by Financial Services Authority of Indonesia (OJK). Where the report is
distributed in Indonesia and contains research analyses or reports from a foreign research house, please note recipients of the analyses or reports are to contact PT
UOBKH (and not the relevant foreign research house) in Indonesia in respect of any matters arising from, or in connection with, the analysis or report.
Malaysia
Where the report is distributed in Malaysia and contains research analyses or reports from a foreign research house, the recipients of the analyses or reports are to
contact UOBKHM (and not the relevant foreign research house) in Malaysia, at +603-21471988, in respect of any matters arising from, or in connection with, the analysis
or report as UOBKHM is the registered person under CMSA to distribute any research analyses in Malaysia.
Singapore
This report is distributed in Singapore by UOB Kay Hian Private Limited ("UOBKH"), which is a holder of a capital markets services licence and an exempt financial adviser
regulated by the Monetary Authority of Singapore.Where the report is distributed in Singapore and contains research analyses or reports from a foreign research house,
please note:
(i) recipients of the analyses or reports are to contact UOBKH (and not the relevant foreign research house) in Singapore in respect of any matters arising from, or in
connection with, the analysis or report; and
(ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or
institutional investor, UOBKH accepts legal responsibility for the contents of the analyses or reports only to the extent required by law.
Thailand
This report is distributed in Thailand by UOB Kay Hian Securities (Thailand) Public Company Limited, which is regulated by the Securities and Exchange Commission of
Thailand.
United Kingdom
This report is being distributed in the UK by UOB Kay Hian (U.K.) Limited, which is an authorised person in the meaning of the Financial Services and Markets Act and is
regulated by The Financial Conduct Authority. Research distributed in the UK is intended only for institutional clients.
United States of America This report cannot be distributed into the U.S. or to any U.S. person or entity except in compliance with applicable U.S. laws and regulations. It is being distributed in the
(U.S.)
U.S. by UOB Kay Hian (US) Inc, which accepts responsibility for its contents. Any U.S. person or entity receiving this report and wishing to effect transactions in any
securities referred to in the report should contact UOB Kay Hian (US) Inc. directly.
Copyright 2015, UOB Kay Hian Pte Ltd. All rights reserved.
http://research.uobkayhian.com
RCB Regn. No. 197000447W
18