Co.

Reg No: 198700034E MICA (P) : 090/11/2009

Singapore
THEREALDEALS Ins&OutsofSingaporeRealEstate
Mix and match for added appeal
Since the Confirmed List of the Government Land Sales (GLS) programme was reinstated last year, four mixed-use sites integrated with transport nodes have been sold. All received keen interest from developers with each tender attracting at least six bids. The latest in the lineup was a site at Bukit Panjang that has a maximum allowable GFA of more than 612,000 sq ft, of which at least 35% must be allocated for commercial use. Sim Lian Group submitted the top bid of $805 psf ppr, which was 11% above the second-highest offer from Keppel Land. Previous tenders for integrated sites at Bedok and Punggol saw top bids of $841 psf ppr and $753 psf ppr, respectively. Of the four sites (including the latest that has yet to be officially awarded), the first to launch is Bedok Residences by CapitaLand. The project offers 583 residential units, of which over 80% were sold in less than a week at an ASP of $1,350 psf. It is integrated with a retail mall of about 375,000 sq ft (roughly the size of Junction 8 at Bishan), the Bedok bus interchange and the Bedok MRT station. Next to launch will be the site at Punggol called Watertown. We expect units there to fetch between $1,000 psf and $1,200 psf. In the following pages, we highlight two existing integrated projects the 536-unit Compass Heights at Sengkang and the 610-unit The Centris at Boon Lay and note that the gross rental yield exceeds 4% in both cases.
Latest mixed-use site integrated with transport node at Bukit Panjang

1 December 2011

Source: URA

Kim Eng Research is a subsidiary of Malayan Banking Berhad

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

 HE EAL EALS Ins&OutsofSingaporeRealEstate

Tender results for integrated sites GFA (sq ft) 938,165 1,697,892 1,356,232 612,084 Tender price ($m) 788.9 1,708.1 1,021.0 492.9 Tender price ($psf ppr) 840.9 1,006.0 752.8 805.3

Date Sep 2010 Nov 2010 Feb 2011 Nov 2011

Source: URA

Location New Upper Changi Road Peck Seah St / Choon Guan St Punggol Central Jelebu Road / Petir Road

Developer CapitaLand GuocoLand Frasers Centrepoint Sim Lian

Project Bedok Residences Watertown -

Compass Heights (TOP 2002)

Location of Compass Heights at Sengkang

Compass Heights

The Luxurie
Source: onemap.sg

Transaction prices for Compass Heights

1,200 1,000 800 600 400 200 0 30-Nov-00 Source: URA 14-Apr-02 27-Aug-03 08-Jan-05 23-May-06 05-Oct-07 16-Feb-09 01-Jul-10 13-Nov-11

Rental yield for Compass Heights Median rental Median price Quarter ($psf pm) ($psf) 3Q11 $3.15 883
Source: URA

Rental yield (%) 4.28

Number of contracts signed 22

Number of transactions 12

Resale prices for the nine-year-old project have tracked a healthy uptrend in recent years, doubling to nearly $883 psf in 3Q11 from $485 psf when the project was first launched in 2001. Even so, the units are still at a 16% discount when compared to nearby The Luxurie, which was recently launched by Keppel Land at a median price of $1,050 psf. The median rental for Compass Heights was $3.15 psf pm in 3Q11, a yield of 4.28%.
1 December 2011 Page 2 of 8

 HE EAL EALS Ins&OutsofSingaporeRealEstate

The Centris (TOP 2009)

Location of The Centris at Boon Lay

The Centris

Source: onemap.sg

Transaction prices for The Centris

1,400 1,200 1,000 800 600 400 200 0 02-Jul-06 Source: URA 28-May-07 22-Apr-08 18-Mar-09 11-Feb-10 07-Jan-11 03-Dec-11

Rental yield for The Centris Median rental Quarter ($psf pm) 3Q2011 $3.66
Source: URA

Median price ($psf) 1,046

Rental yield (%) 4.20

Number of contracts signed 42

Number of transactions 12

Located right in the heart of Jurong, The Centrist consists of 12 blocks with a total of 610 units built above Jurong Point 2, the extension of Jurong Point Shopping Centre. The project was launched in 2006 at an ASP of $500 psf but recent transactions have been above the $1,000 psf mark. The median price and median rental in 3Q11 stood at $1,046 psf and $3.66 psf pm, respectively. Rental yield is also attractive at 4.2%.

1 December 2011

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT
Upcoming VVIP Launches The Hillier (District 23)
A development nestled in Hilllview Avenue, a private residential enclave overlooking Bukit Timah Hill and the Bukit Timah Nature Reserve. Features SOHO-concept residences sited above a retail podium.
*Shhh... if you have not yet been invited, you are probably not a VVIP. Wait for the public launch.

1 December 2011
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com

Property Price Indices

Index SRPI Overall (Oct 11) RESI Composite (2Q11) URA PPI (3Q11) HDB Resale (3Q11) Level 167.9 4.5 205.7 187.2 Change +0.9% -0.5 +1.3% +3.8%

Government Land Sales (GLS)

Recently Awarded Sites Jalan Loyang Besar / Pasir Ris Rise (36.3k sqm, 355 units) Awarded to Hoi Hup, Sunway and Straits Construction for $141m ($361 psf ppr) Pasir Ris Drive 3 / Pasir Ris Link, EC (39.0k sqm, 390 units) Awarded to Ho Lee / United Engineers for $122m ($291 psf ppr) Flora Drive (41.9k sqm, 415 units) Awarded to Koh Brothers for $163m ($361.2 psf ppr) Yishun Central 7 / Canberra Drive, EC (67.9k sqm, 725 units) Awarded to MCC Land for $213.8m ($292.6 psf ppr) Punggol Central / Edgedale Plains (60.8k sqm, 610 units) Awarded to Qingjian for $218.9m ($334.6 psf ppr) Yishun Ave 1 / Miltonia Close (35.5k sqm, 355 units) Awarded to TG Dev for $138.9m ($363.6 psf ppr) Chestnut Ave (39.3k sqm, 380 units) Awarded to SP Setia for $180m ($425.8 psf ppr) Confirmed List (Recently Open for Tender) Alexandra Road (48.8k sqm, 545 units) Tender closing on 6 December 2011 Chestnut Ave / Almond Ave (12.9k sqm, 35 landed units) Tender closing on 8 December 2011 Punggol Central / Punggol Place (54.1k sqm, 540 units) Tender closing on 15 December 2011 Mount Vernon (72.8k sqm, 785 units) Tender closing on 10 January 2012 Jalan Lempeng (68.4k sqm, 685 units) Tender closing on 12 January 2012 Kovan Road / Simon Road (35.7k sqm, 360 units) Tender closing on 18 January 2012 Reserve List (Recently Open for Tender) Jalan Jurong Kechil (14.2k sqm, 240 units) Buangkok Dr / Sengkang Central (55k sqm, 495 units) Tanah Merah Kechil Rd (39.2k sqm, 470 units) Stirling Road A (44.5k sqm, 445 units) Stirling Road B (44.1 sqm, 445 units) Elias Rd / Pasir Ris Dr 3 (32.7k sqm, 295 units) Hillview Ave (35.4k sqm, 405 units) Sengkang Square (64.4k sqm, 710 units) Upper Serangoon View/ Upper Serangoon Road, EC (43.3k sqm, 420 units)
Source: HDB, URA

Recent transactions
Project The Centris The Centris Compass Heights Compass Heights Compass Heights Compass Heights The Centris The Centris The Centris The Centris The Centris Compass Heights Compass Heights The Centris Compass Heights The Centris The Centris The Centris The Centris Compass Heights The Centris The Centris Compass Heights The Centris Compass Heights Compass Heights
Source: URA

Size (sq m) 85 196 222 115 144 123 104 121 89 168 99 103 99 162 116 162 114 99 99 124 117 126 99 148 99 120

Price ($psf) 1,202 810 606 774 787 971 1,090 1,060 1,180 823 1,107 936 880 853 823 773 1,091 1,145 1,127 903 953 1,010 891 816 891 840

Contract date Nov-11 Nov-11 Nov-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Oct-11 Sep-11 Sep-11 Sep-11 Sep-11 Sep-11 Sep-11 Aug-11 Aug-11 Aug-11 Aug-11 Aug-11 Aug-11 Aug-11 Aug-11 Jul-11 Jul-11

Property Stocks
Name Price CapitaLand 2.58 CityDev 10.16 Ho Bee 1.19 HPL 1.76 KepLand 2.54 SC Global 1.15 SingLand 5.70 UOL 4.21 Wheelock 1.59 Wing Tai 1.08 N.A. = No Coverage Disc/ Prem to RNAV RNAV NTA/share* 3.92 -34% 3.18 13 -22% 7.31 2.69 -56% 2.22 4.39 -60% 2.7 5.08 -50% 2.78 4.74 -76% 1.6 9.82 -42% 10.74 N.A. N.A. 6.43 N.A. N.A. 2.35 2.85 -62% 2.49 *As at latest reported Disc/ Prem to NTA/share -19% 39% -46% -35% -9% -28% -47% -35% -32% -57%

1 December 2011

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT(CONTD)
Primary Market
Total no. of units Units sold todate Takeup rate (%) Units sold (Oct) 35 9 9 10 128 90 61 39 17 11 10 15 149 41 9 144 103 49 36 33 26 26 20 20 13 11 37 11 121 21 19 17 11 Median ($psf) 1,461 1,739 2,010 1,577 1,321 1,161 1,207 1,462 1,119 1,154 1,096 1,055 729 952 892 840 914 914 947 705 1,383 1,059 665 1,214 1,343 890 697 1079 614 1,517 1,030 855 676

1 December 2011
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Secondary Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf Sep11 1,439 1,713 1,225 989 1,054 786 924 756 727 $psf Oct11 1,432 1,757 1,179 1,040 1,031 782 910 748 742 MoM % Change -0.5 2.6 -3.8 5.1 -2.2 -0.6 -1.6 -1.1 2.1

City & Southwest (1-8) Rangoon 88 48 35 72.9 Reflections at Keppel Bay 1,129 831 73.6 Skyline Residences 283 186 65.7 Orchard/ Tanglin/ Holland (9-10) D'Leedon 1715 451 26.3 Balestier / MacPherson / Geylang (12-14) Regent Residences 180 128 71.1 Rezi 26 106 90 84.9 EuHabitat 748 612 81.8 The Seawind 222 39 17.6 Vacanza @ East 473 378 79.9 Riviera 38 102 11 10.8 Suites 28 74 35 47.3 East Coast (15-16) Waterfront Isle 561 503 89.7 Changi / Pasir Ris (17-18) ARC at Tampines 574 378 65.9 Seastrand 473 333 70.4 Waterview 696 572 82.2 Serangoon / Thomson (19-20) Parc Vera 452 190 42.0 A Treasure Trove 882 777 88.1 The Minton 1,145 774 67.6 Boathouse Residences 493 309 62.7 Austville Residences 540 372 68.9 Bliss@Kovan 140 56 40.0 The Luxurie 622 236 37.9 Riverparc Residences 504 500 99.2 Thomson Grand 361 159 44.0 Suites @ Paya Lebar 99 40 40.4 Terrasse 414 318 76.8 West (22-24) Blossom Residences 602 446 74.1 The Lakefront Residences 629 619 98.4 North (25-28) Este Villa 121 121 100.0 Luxus Hills 288 217 75.3 Woodhaven 337 238 70.6 The Miltonia Residences 410 319 77.8 The Canopy 406 385 94.8 Source: URA

Rental Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf pm Sept11 5.3 4.4 3.3 3.1 3.1 2.8 2.7 2.9 2.5 Yield $psf pm Yield % Oct11 % 4.3 5.6 4.7 3.1 4.5 3.1 3.2 3.5 3.4 3.8 3.1 3.8 3.6 3.2 3.7 4.3 2.7 4.2 3.5 2.9 3.8 4.6 3.0 4.7 4.1 2.6 4.3

Top 5 Resale Transactions by $psf

Project Parkview Eclat Beaufort on Nassim Paterson Suites Nassim Mansion Grange Residences Source: URA Tenure Freehold Freehold Freehold Freehold Freehold District 10 10 9 10 10 $psf 3,212 3,099 3,047 2,931 2,775

Bottom 5 Resale Transactions by $psf

Project Carmi Mansion Phoenix Heights Lakeside Apartments Goodwill Court Tampines Court Source: URA Tenure Freehold 99yr (fm 1969) 99yr (fm 1977) Freehold 101yr (fm 1985) District 14 23 22 15 18 $psf 457 521 532 541 566

1 December 2011

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK
Developer District 06 09 10 10 11 17 18 18 18 18 19 19 23 23 Sentosa 01 02 04 04 04 04 19 22 03 09 10 10 15 16 20 26 Sentosa Sentosa 02 16 02 05 09 12 12 21 09 10

1 December 2011
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com

CityDev

KepLand

CapitaLand

HoBee UOL Allgreen Wheelock

Landbank SouthBeach(BeachRoad) Futura(LeonieRoad) BoulevardHotel(CuscadenRoad) LuckyTower(GrangeRoad) BuckleyClassique(BuckleyRoad) HedgesPark(FloraRoad) NVResidences(PasirRis) PasirRisGrove,parcel3+stateland(PasirRis) PasirRisDrive8,parcels4+5(PasirRis) Tampines/UppChangiRdNorth H2OResidences(SengkangWestAve) BartleyRoadGLS(BartleyRoad) ChoaChukangGLS(EC)(ChoaChuKangDrive) SegarRoadGLS(EC)(SegarRoad) ResidencesatW(SentosaCove) TotalUnsoldUnits MarinaBaySuites(MarinaBay) Keppel&GETowerssite(TanjongPagar) ReflectionsatKeppelBay(KeppelBay) KeppelBayPlot3(KeppelBay) KeppelBayPlot4(KeppelBay) KeppelBayPlot5(KeppelBay) SengkangGLSsite(SengkangSquare) TheLakesideResidences(LakesideDrive) TotalUnsoldUnits TheInterlace(GillmanHeights) UrbanResort(CairnhillRd) Dleedon(FarrerRd) TheNassim(NassimRd) MarinePoint(MarineParade) BedokTownCentreSite(BedokCentral) BishanGLSsite(BishanStreet14) YioChuKangsite(YioChuKangRd) TotalUnsoldUnits SeascapeatSentosaCove(SentosaCove) PinnacleatSentosaCove(SentosaCove) TotalUnsoldUnits SpottiswoodeResidences(SpottiswoodePark) BedokReservoir(BedokReservoirRd) TotalUnsoldUnits Skysuites@Anson(EnggorStreet) ProjectatWestCoastRd(WestCoastRoad) RVResidences(RiverValley) RiverBay(MarThomaRd) Riviera38(MarThomaRd) TheCascadia(BukitTimahRoad) TotalUnsoldUnits ScottsSquare(ScottsRoad) Ardmore3(ArdmorePark) TotalUnsoldUnits

Tenure 99yr Freehold Freehold Freehold Freehold 99yr 99yr 99yr 99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr Freehold 99yr Freehold Freehold 99yr 99yr Freehold 99yr 99yr Freehold 99yr 99yr Freehold 999yr 999yr 999yr Freehold Freehold Freehold

UnsoldUnits 119 122 203 178 22 181 36 752 1,517 605 153 560 490 237 207 5,381 77 620 313 307 234 94 471 24 2,140 351 40 1,280 55 150 469 650 140 3,135 112 357 469 35 640 675 194 80 248 147 102 25 796 91 84 175

1 December 2011

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK
Developer Guocoland BtSembawang District 02 10 26 09 09 09 09 15 16 16 18 18 19 19 19 27 03 09 09 10 10 11 23 10 15 17 19 9 9 9 10 Sentosa

(CONTD)

1 December 2011
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com

FrasersCentrepoint

WingTai

MCLLand

SCGlobal

Source:HDB,URA

Landbank TanjongPagarGLSwhitesite(PeckSeah/ChoonGuan) LeedonResidence(LeedonHeights) TheWaterline(YioChuKangRd) TotalUnsoldUnits TheVermontonCairnhill(CairnhillRd) PatersonSuites(PatersonRd) StThomasWalk(StThomasWalk) TotalUnsoldUnits StarHubCentre FlamingoValley(SiglapRd) WaterfrontGold(BedokReservoirRd) WaterfrontIsle(BedokReservoirRd) Seastrand(PasirRisDrive3) PasirRisGLSsite(FloraDrive) BoathouseResidences(UpperSerangoonRoad) EsparinaResidences(Sengkang) PunggolGLSmixedsite(PunggolCentral) EightCourtyards(YishunAve2) TotalUnsoldUnits AscentiaSky(Redhill) HELIOSResidence(CairnhillCircle) BelleVueResidences(OxleyWalk) LeNouvelArdmore(ArdmorePark) Anderson18(ArdmorePark) L'VIV(NewtonRd) ForesqueResidences(PetirRoad) TotalUnsoldUnits NOBHill(EweBoonRd) CasaNassau(EastCoastRd) PasirRisGLSsite(JalanLoyangBesar) Terrasse(HougangAve2) TotalUnsoldUnits TheMarq(PatersonHill) Hilltops(CairnhillCircle) MartinNo.38(MartinRd) TheArdmore(ArdmoreRoad) SevenPalms(SentosaCove) TotalUnsoldUnits GrandTotal

Tenure 99yr 99yr Freehold

Freehold Freehold Freehold

99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr

99yr Freehold Freehold Freehold Freehold Freehold 99yr

Freehold Freehold 99yr 99yr

Freehold Freehold Freehold Freehold 99yr

UnsoldUnits 500 424 40 964 66 24 221 311 240 220 4 81 215 380 291 1 685 141 2,258 47 64 38 42 157 40 299 687 70 65 580 122 837 37 208 23 50 31 349 18,177

1 December 2011

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS
This report, and any electronic access to it, is restricted to and intended only for clients of Kim Eng Research Pte. Ltd. ("KER") or a related entity to KER (as the case may be) who are institutional investors (for the purposes of both the Singapore Securities and Futures Act (SFA) and the Singapore Financial Advisers Act (FAA)) and who are allowed access thereto (each an "Authorised Person") and is subject to the terms and disclaimers below. IF YOU ARE NOT AN AUTHORISED PERSON OR DO NOT AGREE TO BE BOUND BY THE TERMS AND DISCLAIMERS SET OUT BELOW, YOU SHOULD DISREGARD THIS REPORT IN ITS ENTIRETY AND LET KER OR ITS RELATED ENTITY (AS RELEVANT) KNOW THAT YOU NO LONGER WISH TO RECEIVE SUCH REPORTS. This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. It is not to be construed as a solicitation or an offer to buy or sell any securities or related financial products. The information and commentaries are also not meant to be endorsements or offerings of any securities, options, stocks or other investment vehicles. The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. Readers should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. Readers should independently evaluate particular investments and strategies, and are encouraged to seek the advice of a financial adviser before making any investment or entering into any transaction in relation to the securities mentioned in this report. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investors individual circumstances and objectives and should be confirmed by such investor with his advisers independently before adoption or implementation (either as is or varied). You agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to KER, its related and affiliate companies and/or their employees. You understand that you are using this report AT YOUR OWN RISK. This report is being disseminated to or allowed access by Authorised Persons in their respective jurisdictions by the Kim Eng affiliated entity/entities operating and carrying on business as a securities dealer or financial adviser in that jurisdiction (collectively or individually, as the context requires, "Kim Eng") which has, vis--vis a relevant Authorised Person, approved of, and is solely responsible in that jurisdiction for, the contents of this publication in that jurisdiction. Kim Eng, its related and affiliate companies and/or their employees may have investments in securities or derivatives of securities of companies mentioned in this report, and may trade them in ways different from those discussed in this report. Derivatives may be issued by Kim Eng its related companies or associated/affiliated persons. Kim Eng and its related and affiliated companies are involved in many businesses that may relate to companies mentioned in this report. These businesses include market making and specialised trading, risk arbitrage and other proprietary trading, fund management, investment services and corporate finance. Except with respect the disclosures of interest made above, this report is based on public information. Kim Eng makes reasonable effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. The reader should also note that unless otherwise stated, none of Kim Eng or any third-party data providers make ANY warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data. Proprietary Rights to Content. 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Additional information on mentioned securities is available on request. Jurisdiction Specific Additional Disclaimers: THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR TRANSMITTED TO ANY MALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN MALAYSIA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the reader is receiving or accessing this report in or from other than Singapore. As of 1 December 2011, Kim Eng Research Pte. Ltd. and the covering analyst do not have any interest in the stocks mentioned. Analyst Certification: The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. 2011 Kim Eng Research Pte Ltd. All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Kim Eng Research Pte. Ltd. Kim Eng Research Pte. Ltd. accepts no liability whatsoever for the actions of third parties in this respect.

Stephanie Wong CEO, Kim Eng Research

www.maybank-ke.com | www.kimengreseach.com.sg 1 December 2011 Page 8 of 8