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MICA (P) 057/11/2011 Ref No: SGMN2012_0126 1 of 15
Morning Note
Phillip Securities Research Pte Ltd Singapore
2 July 2012
Market Commentary - STI: +1.11% to 2878.5 - MSCI Far East ex-Japan: +2.25% to 455.2 - Euro Stoxx 50: +4.96% to 2264.7 - S&P500: +2.49% to 1362.2 MARKET OUTLOOK: Tactical rally got a revival as the EZ has bought itself some time, time that we can only hope will be well spent in putting itself on the road to fiscal & political union. So no, the summit did not produce anything related to debt-mutualisation (common deposit insurance, European Redemption Fund) as Germany rationally demands fiscal union first, but we did get the ESM bailout fund having its mandate changed to allow lending directly to banks, rather than thru govts which would swell their debt levels in the process. The avoidance of this is good for the immediate refinancing risk posed to Spain and Italy, but as the ESM's is under-firepowered - 500b euros versus potential bailouts in the trillions - the market's next expectation would be to expanding it. One possible idea is to convert the ESM into a bank, so that it can tap the ECB's unlimited printing press. So watch for it, potentially another market boosting event. We're still left with the unfavourable dynamic of debt compounding at a faster rate than nominal GDP growth. Thus to address the lack of growth issue, 120b euros will be set aside for peripheral nations to boost output and jobs. The money will come from unspent EU funds, 10b of which will go to the European Investment Bank to boost its capital base so that it can raise 60b for SME investment and infrastructure. Given that this is puny with respect to 3tr euro PIIGS economies, the truth is that refinancing risk is still the underlying trend, regardless of the ESM's changed mandate. The EZ crisis is not over yet. We still need a roadmap to fiscal union, fiscal union, fiscal union. As a reminder, we have always maintained that this rally is tactical, as the underlying fundamentals is a slowing global economy with recession risks rising. US consumption data (see Macro Data below) continues to slow as there is hardly any income growth, and durable goods orders last weak on a 3m rolling basis still points to an investment cycle that is peaked out. EZ in recession is a given, and China's rebalancing slowdown continues (see PMIs below). Any stimulus from Beijing is merely for stabilization to prevent a hard landing, not necessarily to re-accelerate the economy. The larger trend for equities (S&P500, STI) then, is still down. So get your shorts out when this rally begins to sell into strength. In the meantime, the tactical rally is still on. For our larger trend outlook: Global Macro & Markets, 12 Apr. Singapore Sector Strategy: Sector Strategy, 1 June Singapore Sector Reports: Banks / Transport / Telcos / Property / REITS / Thematic Regional Strategy: HK, 22 June / Thai, 18 June / S'pore, 8 June / M'sia, 30 May / China, 24 May / Indon, 29 March MACRO DATA: US personal consumption expenditure in May stalled at 0%m-m saar as topline personal income continues to slow, 0.2%m-m. We have warned since last year that the US economy will stall on an incomeless recovery (see Strategy 27th Jan 2012). In Vietnam, economic growth accelerated 4.7% y-y in 2Q12, faster than the 4.0% pace recorded in the preceding quarter. Inflation eased from double-digit pace of 16% in 1Q12 to 8.6% in 2Q12. In view of softer inflation, State Bank of Vietnam has already cut its policy interest rate by 4pp since the start of this year to support growth. In Thailand, exports grew by 6.7% in May, reversing from the contraction of 3.5% in the preceding month. As we have guided in our Thai strategy report, the recent improvement in manufacturing output as well as exports might be largely due to the easing of supply-chain disruptions as well as resumption of plant operations. Going forward, industrial production should continue to recover as manufacturing industries that were severely hit by the floods (such as the autos and electronics) are expected to gradually resume to pre-flood production levels by 3Q12. However, softer external demand as well as global macro uncertainties are likely to slow down the pace of this recovery and weigh on exports. In the Eurozone, inflation held steady at 2.4% in June (16-month low), similar to the pace registered in the preceding month. While inflation has remained above ECB’s target of 2%, odds are skewed towards a rate cut this week in view of declining commodity prices (resulting in softer inflation) as well as deteriorating economic conditions. South Korea’s industrial production rose by 2.6% y-y (1.1% m-m) in May, compared to 0.0% y-y (0.9% m-m) growth in April. Manufacturing rose by 2.7% y-y, compared to 0.0% in April. The nation’s export was supported by a weak currency. Shipment in May rose by 3.3% y-y, compared to the 1.0% y-y drop in April. Due to the worsening Europe crisis, the government has lowered it 2012 GDP growth forecast to 3.3% from previous 3.7%. Japan’s CPI growth slows slightly to 0.2% y-y, after April’s 0.4% y-y, calling for more stimuli as the government has an target inflation rate of 1.0% for the whole year. Core CPI fell slightly by 0.1% in May, compared to 0.2% gain in April. Real household income fell 1.5% m-m in May, a third straight monthly contraction, after April’s 0.8% m-m drop. A separate report shows that the nation’s industrial output fell the most since quake, by 3.1% m-m, after the 0.8% m-m drop in April. With the declining industrial output, the nation’s 2q12 GDP growth would likely slows down after the annualized 4.7% growth achieved in 1q12. China’s PMI fell slightly to 50.2 in June, compared to the reading of 50.4 in May, indicating slowing manufacturing activities. The nation’s Jan - May YTD industrial profit fell by 2.4% y-y, further the 1.6% y-y drop for the period Jan - Apr. To bolster growth, so far the government has conduct 3 RRR cuts (50 bp each) and a benchmark rate cut by 25 bp, and would likely stimulate more as inflation has stepped down to 3.0% in May, and Premier Wen said to “put growth in a more important position”. We expect two more RRR cuts for the rest of the year and even probably another benchmark rate cut. A separate report showed that the nation’s June final reading for MNI business sentiment index was 53.21, higher compared to the preliminary reading of 51.92, but still lower than May’s 54.40, indicating worsening business confidence. Source: Phillip Securities Research Pte Ltd
Morning Note 2 July 2012
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Source: Bloomberg
STI - Index Members
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Fundamental Call
Singapore Banking Sector - Update (Ken Ang Weiyu)
Singapore’s total DBU loans outstanding registered y-y growth of 22.5% to S$445.0 billion in May 2012. Business loans and Consumer loans reported growth of 28.0% y-y and 15.7% y-y respectively.
M-m, loans growth in May 2012 was higher compared to Mar 2012. Total loans grew 2.2%, compared to 0.6% in Apr 2012. Business loans grew 3.1% m-m, while Consumer loans grew by 1.1%.
We are neutral on the Singapore Banking Sector, and maintain our preference for DBS over UOB and OCBC.
Technical Analysis - Sakari Resources: The Pivots (Magdalene Choong)
Technicals: Buy above S$1.33, Short sell below S$1.15. Resistance at S$1.80, Supports at S$1.33 and S$1.15 (the 2 pivots to our trading decision)..
Fundamentals: 1Q12 results held 2 non-recurring events. 2Q and 3Q results should offer upside potential to share price.
Source: Phillip Securities Research Pte Ltd
Sector
Sector strategy – Update (Lee Kok Joo)
STI steady after steep fall in May, up 3.8% Lackluster market activities We are overweight on the Defensive sectors and opportunistic on the laggards Source: Phillip Securities Research Pte Ltd
Company Results
S/N Company Name Q/HY/FY Currency,
Units
Revenue Net Profit
Current Previous Change
(%) Current Previous
Change (%)
1 Popular Holdings Ltd FY12 S$’000 567.3 522.4 8.6 31.1 23.9 30.7
2 Scorpio East Holdings FY12 S$’000 6,777 26,101 (74) (4,116) (3,249) 27
3 Ace Achieve Infocom FY12 RMB M 227.1 190.3 19.3 14.0 18.4 (24.0) Source: SGX Masnet
Morning Note 2 July 2012
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Company Highlights
Rokko Holdings Ltd announced that that the Group is expected to report a net loss for 1H2012. Rokko Holdings Ltd’s Leadframes division is expected to report an operating loss mainly due to negative margin incurred for ageing product inherited from the acquisition of Rokko Leadframes Pte Ltd which was completed on 28 February 2011. While orders have declined in tandem with slower economic growth and the weaker demand from customers, this division faces escalating labour and energy costs, amidst volatile prices of precious metals such as copper, silver and gold which are used as base materials for its finished products. (Closing Price: $0.081, unchanged) Boustead Singapore Limited announced that its Energy-Related Engineering Division secured approximately S$20 million in contracts within the past month from the oil & gas industries globally. The contracts involve the design, process engineering and construction of key largescale process systems and waste heat recovery units for downstream oil refineries and gas processing plants, and upstream offshore installations in Algeria, Bolivia, Canada, Hong Kong, Malaysia, Pakistan and Saudi Arabia. (Closing Price: $0.925, +2.210%) STX OSV Holdings Limited announces that it has secured new contracts for the construction of two Platform Supply Vessels for Island Offshore. The total value of the contracts amounts to approximately NOK 500 million. Deliveries are scheduled from STX OSV Brevik in Norway in Q4 2013 and Q2 2014. The hulls of the vessels will be delivered from STX OSV Braila in Romania. The vessels will be of Rolls-Royce’s UT 717 CD design. The overall length of each vessel will be 84.3 meters with a beam of 17 meters, and the deadweight will be approximately 3800 DWT. (Closing Price: $1.490, +1.706%) Directors of Castlemaine Goldfields Limited, an Australian-listed junior gold mining company, have unanimously recommended that its shareholders accept the all-share takeover offer by LionGold Corp Ltd. The statement was made on 28 June 2012 in the Target Statement issued by Castlemaine in response to LionGold’s proposed offering of two LionGold shares for every nine Castlemaine shares in the Bidder’s Statement lodged with the Australian Securities Exchange on 15 June 2012 by LionGold. The takeover proposal was announced on 16 April 2012 when LionGold committed to taking a preliminary 11.4% stake in Castlemaine, valuing the Australian company at approximately S$65m (A$65.2m). (Closing Price: $1.260, +1.205%) Creative Technology Ltd today announced that it expects the Company’s revenue for the current fourth quarter ending 30 June 2012 to come in below target, at approximately US$35 million, due primarily to lower than expected demand in Europe resulting from the ongoing Eurozone debt crisis. As previously announced, the Company expects to report an operating loss for the quarter. The Company also announced today that it has completed the divestment of its 51% interest in a subsidiary, Grandeye Limited, for US$3.5 million and expects to recognise an investment gain of approximately US$2.8 million in the current quarter. (Closing Price: $3.490, +0.867%) Advance SCT Ltd issued a profit guidance following a preliminary review of the financial results of the Group for 1H2012. The global economic turmoil has caused a significant slow-down in the Group’s operating units business activity, especially in Qingyuan, China, where the copper smelting operation had been scaled back amidst an uncertain domestic market and additional tax burdens. At the same time, the sudden and severe fall in the prices of some commodities in the past six months, in particular aluminium and nickel (which has an impact on the price of stainless steel), had further hit the bottom-line. The Group is conducting a review of the copper rods and wires business in order to reallocate the limited resources and focus on higher value-added copper products such as the production of copper balls. (Closing Price: $0.021, +5.000%) Source: SGX Masnet, BT Online
Morning Note 2 July 2012
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FSSTI 2,878.45 +1.11% 12,880.09 +2.20%
9.47 19,441.46 +2.19%
81.70 +0.09% 1,597.40 +0.03%
84.96 +0.75% 1.643 +0.08%Crude oil US Treasury 10yr Yield
HSIFSSTI (P/E)
Dollar Index Gold
DJI
Source: Bloomberg
2500
2700
2900
3100
3300
Jun
-11
Jul-1
1
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Jul-1
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Aug
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2
Ma
r-12
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Ma
y-12
15500
17500
19500
21500
23500
Jun
-11
Jul-1
1
Aug
-11
Sep
-11
Oct-1
1
Nov-1
1
Dec-1
1
Jan
-12
Fe
b-1
2
Ma
r-12
Apr-1
2
Ma
y-12
6
7
8
9
10
11
Jun
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Jul-1
1
Aug
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Sep
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Oct-1
1
Nov-1
1
Dec-1
1
Jan
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Fe
b-1
2
Ma
r-12
Apr-1
2
Ma
y-12
72
74
76
78
80
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84
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Nov-1
1
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1
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-12
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b-1
2
Ma
r-12
Apr-1
2
Ma
y-12
70
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120
Ju
n-1
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Jun
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Jul-1
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Morning Note 2 July 2012
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Phillip Securities Research - Singapore Stocks Coverage
Company Analyst RatingTarget Price
(S$)
Current Price
(S$)
Difference to
Target Price (%)
DBS GROUP HOLDINGS LTD Ken Ang Accumulate M 14.900 13.870 7.4%
OVERSEA-CHINESE BANKING CORP Ken Ang Neutral M 8.200 8.790 -6.7%
UNITED OVERSEAS BANK LTD Ken Ang Neutral U 17.500 18.660 -6.2%
GENTING SINGAPORE PLC Magdalene Choong Accumulate M 1.890 1.410 34.0%
SINGAPORE EXCHANGE LTD Ken Ang Accumulate M 7.340 6.310 16.3%
COMFORTDELGRO CORP LTD Derrick Heng Buy M 1.650 1.545 6.8%
SMRT CORP LTD Derrick Heng Sell M 1.330 1.690 -21.3%
NEPTUNE ORIENT LINES LTD Derrick Heng Neutral U 1.190 1.105 7.7%
SINGAPORE AIRLINES LTD Derrick Heng Accumulate M 11.540 10.370 11.3%
TIGER AIRWAYS HOLDINGS LTD Derrick Heng Reduce M 0.520 0.695 -25.2%
M1 LTD Derrick Heng Reduce M 2.380 2.560 -7.0%
SINGAPORE TELECOM LTD Derrick Heng Neutral D 3.310 3.300 0.3%
STARHUB LTD Derrick Heng Neutral M 2.940 3.420 -14.0%
SIA ENGINEERING CO LTD Derrick Heng Buy M 5.000 3.990 25.3%
SINGAPORE TECH ENGINEERING Derrick Heng Accumulate M 3.370 3.110 8.4%
SATS LTD Derrick Heng Buy M 2.800 2.680 4.5%
COSCO CORP SINGAPORE LTD Phillip Research Team Reduce U 1.000 0.980 2.0%
SEMBCORP MARINE LTD Phillip Research Team Buy M 6.100 4.780 27.6%
SEMBCORP INDUSTRIES LTD Phillip Research Team Buy M 6.580 5.130 28.3%
KEPPEL CORP LTD Phillip Research Team Accumulate M 11.680 10.280 13.6%
GOLDEN AGRI-RESOURCES LTD Phillip Research Team Accumulate D 0.730 0.650 12.3%
WILMAR INTERNATIONAL LTD Lee Kok Joo Accumulate U 4.110 3.610 13.9%
CHINA SUNSINE CHEMICAL HLDGS Lee Kok Joo Neutral M 0.250 0.250 0.0%
FORELAND FABRICTECH HOLDINGS Lee Kok Joo Reduce D 0.080 0.071 12.7%
SINO GRANDNESS FOOD INDUSTRY Lee Kok Joo Accumulate M 0.490 0.410 19.5%
ZIWO HOLDINGS LTD Lee Kok Joo Sell M 0.095 0.096 -1.0%
COMBINE WILL INTERNATIONAL H Chan Wai Chee Buy M 1.340 0.790 69.6%
HU AN CABLE HOLDINGS LTD Chan Wai Chee Buy M 0.260 0.141 84.4%
HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee Buy I 0.610 0.270 125.9%
SUNPOWER GROUP LTD Chan Wai Chee Buy M 0.400 0.200 100.0%
STAMFORD LAND CORP LTD Chan Wai Chee Buy I 0.795 0.560 42.0%
CAPITAMALLS ASIA LTD Bryan Go Buy M 1.750 1.565 11.8%
HO BEE INVESTMENT LTD Bryan Go Neutral M 1.430 1.165 22.7%
KEPPEL LAND LTD Bryan Go Neutral M 3.300 3.220 2.5%
OVERSEAS UNION ENTERPRISE Bryan Go Accumulate M 2.830 2.140 32.2%
SC GLOBAL DEVELOPMENTS LTD Bryan Go Neutral U 1.000 0.975 2.6%
CAPITALAND LTD Bryan Go Accumulate I 2.980 2.700 10.4%
CDL HOSPITALITY TRUSTS Travis Seah Accumulate M 2.000 1.950 2.6%
PARKWAYLIFE REAL ESTATE Travis Seah Accumulate M 1.975 1.880 5.1%
SABANA SHARIAH COMP IND REIT Travis Seah Buy M 1.050 0.975 7.7%
US Stocks Coverage
Company Analyst RatingTarget Price
(US$)
Current Price
(US$)
Upside to
Target Price (%)
ACURA PHARMACEUTICALS INC Magdalene Choong Accumulate M 3.580 3.140 14.0%
BANK OF AMERICA CORP Magdalene Choong Neutral M - 8.180 -
CITIGROUP INC Magdalene Choong Neutral D - 27.410 -
LAS VEGAS SANDS CORP Magdalene Choong Buy D 58.800 43.490 35.2%
MGM RESORTS INTERNATIONAL Magdalene Choong Accumulate D 12.900 11.160 15.6%
Source: Phillip Securities Research Pte Ltd
Morning Note 2 July 2012
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Director / Substantial Shareholders’ Transactions
Company Substantial Shareholder / Director From (%) To (%)
TIANJIN ZHONG XIN PHARM GROUP Pure Heart Value Investment Fund 8.96 9.29
CONTEL CORPORATION LIMITED Virago Capital Limited 55.95 50.39
PCI LTD Chuan Hup Holdings Limited 75.60 76.16
M DEVELOPMENT LTD. Chong Thim Pheng, Winstedt 14.18 16.30
VIZ BRANZ LIMITED Chng Khoon Peng 23.25 38.25
PSL HOLDINGS LTD Lee Cheng Peck 12.93 0.00
PSL HOLDINGS LTD Awaludin 0 12.93
PSL HOLDINGS LTD Awaludin 12.93 4.40
OCEANUS GROUP LIMITED Yu Yang 5.45 10.41
Source: SGX Masnet
Morning Note 2 July 2012
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FTSE ST Breakdown (% Change)
STI 1.11%
1.31%
0.93%
0.39%
1.15%1.16%
1.40%
1.02%
0.95%
1.72%
1.53%
0.22%
1.69%
ST China
ST Real Estate
ST Re Invest Trust
ST Oil & Gas
ST Basic Materials
ST Industrials
ST Consumer Goods
ST Consumer Service
ST Telecommunicate
ST Utilites
ST Financials
ST Technology1.08%
ST Healthcare
Source: Bloomberg
FTSE ST Market Cap. Breakdown (% Change)
Top Gainers Last Chg
1.07%
1.05% 0.88%
ST All Share
ST Fledgling
ST Small Cap
ST Mid Cap
STI1.11%
1.10%-0.87%
-0.22% -0.23%
ST All Share
ST Fledgling
ST Small Cap
ST Mid Cap
STI0.18%
0.06%
▲CITYDEV 11.200 0.380
▲STXPO 100 5.180 0.340
▲UOB 18.660 0.260
Top Losers Last Chg
▼MSC 100 1.455 -0.090
▼SuperGroup 2.100 -0.050
▼Luye Pharma 1.060 -0.040
Top Volume Last Vol
PSL Hldg 0.330 108,853
▲Maxi-Cash 0.475 108,667
▲ChinaTaisan 0.092 84,599
TURNOVER (SHARES) 1,619,827,097
TURNOVER (S$) 1,653,773,487
UP 292
DOWN 80
UNCHANGED 420
Source: Bloomberg
Source: SGX
Morning Note 2 July 2012
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Source: Bloomberg
Major World Indices
JCI 1.75% 3,955.58
HSI 2.19% 19,441.46
KLCI 0.31% 1,599.15
NIKKEI 0.89% 9,086.60
KOSPI 0.59% 1,864.86
SET 0.07% 1,172.11
SHCOMP 1.35% 2,225.43
SENSEX 2.59% 17,429.98
ASX 1.23% 4,094.63
FTSE 100 1.42% 5,571.15
DOW 2.20% 12,880.09
S&P 500 2.49% 1,362.16
NASDAQ 3.00% 2,935.05
COLOMBO 0.20% 4,965.77
STI 1.11% 2,878.45
ETF % Change Change Last
CIMB FTSE ASEAN 40 +1.36 +0.13 9.69
DB X-TRACKERS CSI300 ETF +0.78 +0.06 7.71
DB X-TRACKERS FTSE CHINA 25 +2.61 +0.64 25.15
DB X-TRACKERS FTSE VIETNAM +2.40 +0.55 23.45
DB X-TRACKERS MSCI EUROPE TR +4.19 +1.64 40.76
DB X-TRACKERS MSCI INDONE +2.56 +0.35 14.01
DB X-TRACKERS MSCI TAIWAN +2.11 +0.34 16.43
DB X-TRACKERS S&P 500 INV DA -2.17 -0.84 37.86
DB X-TRACKERS S&P CNX NIFTY +2.94 +2.69 94.34
DBX-TRACKERS EURO STXX 50 +3.86 +1.21 32.55
ISHARES MSCI INDIA INDEX ETF +4.22 +0.22 5.43
LYXOR ETF CHINA ENTERPRISE +1.48 +0.18 12.38
LYXOR ETF MSCI EUROPE-B -0.36 -0.04 11.10
LYXOR ETF MSCI WORLD-E +4.32 +0.05 1.23
NIKKO AM SINGAPORE STI ETF +1.03 +0.03 2.93
SPDR GOLD TRUST +0.01 +0.02 152.62
SPDR STRAITS TIMES INDEX ETF +1.72 +0.05 2.95
UNITED SSE 50 CHINA ETF +1.23 +0.02 1.64
ETF Performance
Source: Bloomberg
Morning Note 2 July 2012
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Commodities % Chg Chg Last Price of S$1 Price of US$1
GOLD SPOT (US$/OZ) +0.03 +0.55 1,597.40 0.7708 1.0235
SILVER SPOT (US$/OZ) +0.10 +0.03 27.48 0.8034 1.0186
WTI Cushing Crude Oil Spot Price (US$/bbl) +9.36 +7.27 84.96 0.6236 1.2651
0.5031 1.5682
0.7888 1.0000
Commodities % Chg Chg Last 5.0130 6.3551
Malaysian Rubber Board Standard (MYR/kg) -0.56 -5.00 880.00 6.1194 7.7577
PALM OIL (MYR/Metric Tonne) -0.78 -23.50 2,972.00 62.9500 79.8000
901.1516 1142.3900
Index % Chg Chg Last 2.4894 3.1558
DOLLAR INDEX SPOT +0.09 +0.07 81.70 24.9113 31.5800
Source: Bloomberg
JAPANESE YEN
KOREAN WON
MALAYSIAN RINGGIT
THAI BAHT
US DOLLAR
CHINA RENMINBI
HONG KONG DOLLAR
CANADIAN DOLLAR
EURO
BRITISH POUND
Currencies
AUSTRALIAN DOLLAR
Commodities & Currencies
Maturity Today Yesterday Last Week Last Month
3 Months 0.06 0.06 0.06 0.05
6 Months 0.14 0.14 0.13 0.12
2 Years 0.30 0.30 0.30 0.26
3 Years 0.39 0.39 0.41 0.35
5 Years 0.71 0.69 0.75 0.69
10 Years 1.64 1.58 1.68 1.62
30 Years 2.75 2.68 2.76 2.71
Yield Spread (10 yrs - 3 mths)
Yield Spread (10 yrs - 2 yrs)
US Treasury Yields
1.58
1.34
Source: Data provided by ValuBond – http://www.valubond.com
EX Date Company Type Net Amount Currency Frequency Record Date Payout Date
7/3/2012 LH GROUP LTD Regular Cash 0.0003 SGD Annual 7/5/2012 7/20/2012
7/3/2012 ENGRO CORP LTD Regular Cash 0.0300 SGD Annual 7/5/2012 7/26/2012
7/3/2012 SINGAPORE POST LTD Final 0.0250 SGD Quarter 7/5/2012 7/16/2012
7/3/2012 NICO STEEL HOLDINGS LTD Regular Cash 0.0040 SGD Annual 7/5/2012 7/18/2012
7/4/2012 PCA TECHNOLOGY LTD Final 0.0045 SGD Semi-Anl 7/6/2012 N.A.
7/5/2012 FRAGRANCE GROUP LTD Interim 0.0025 SGD Irreg 7/9/2012 7/18/2012
7/10/2012 CHINA ANIMAL HEALTHCARE LTD Regular Cash 0.0300 CNY Annual 7/12/2012 7/24/2012
7/10/2012 WBL CORP LTD Interim 0.0500 SGD Semi-Anl 7/12/2012 N.A.
7/13/2012 UMS HOLDINGS LTD Interim 0.0100 SGD Quarter 7/17/2012 7/31/2012
7/18/2012 SMRT CORP LTD Final 0.0570 SGD Semi-Anl 7/20/2012 8/3/2012
7/18/2012 MEGHMANI ORGANICS LTD-SDR Regular Cash 0.0500 INR Annual 7/20/2012 8/11/2012
7/23/2012 SIA ENGINEERING CO LTD Final 0.1500 SGD Semi-Anl 7/25/2012 8/10/2012
7/23/2012 VALUETRONICS HOLDINGS LTD Special Cash 0.0100 HKD Annual 7/25/2012 8/3/2012
7/23/2012 AZEUS SYSTEMS HOLDINGS LTD Regular Cash 0.0348 HKD Annual 7/25/2012 8/8/2012
Corporate Action: Dividend
Source: Bloomberg
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Name Expected Report Date
Alternative Energy Ltd 7/2/2012
Nexus Floating Production Ltd 7/5/2012
Cheung Woh Technologies Ltd 7/11/2012
Ezra Holdings Ltd 7/11/2012
YHM Group Ltd 7/12/2012
EOC Ltd 7/12/2012
Singapore Press Holdings Ltd 7/13/2012
CapitaCommercial Trust 7/13/2012
M1 Ltd/Singapore 7/13/2012
Miyoshi Precision Ltd 7/13/2012
CapitaRetail China Trust 7/13/2012
Duty Free International Ltd 7/13/2012
K-Green Trust 7/16/2012
K-REIT Asia 7/16/2012
Keppel Telecommunications & Transportation Ltd 7/17/2012
Qian Hu Corp Ltd 7/18/2012
Ascendas Real Estate Investment Trust 7/18/2012
Keppel Land Ltd 7/18/2012
TEE International Ltd 7/18/2012
Keppel Corp Ltd 7/19/2012
CapitaMall Trust 7/19/2012
Cambridge Industrial Trust 7/19/2012
Mapletree Logistics Trust 7/20/2012
Inno-Pacific Holdings Ltd 7/20/2012
Berger International Ltd 7/20/2012
Fortune Real Estate Investment Trust 7/20/2012
Samudera Shipping Line Ltd 7/20/2012
First Ship Lease Trust 7/20/2012
First Real Estate Investment Trust 7/20/2012
Aztech Group Ltd 7/20/2012
CapitaMalls Asia Ltd 7/20/2012
Suntec Real Estate Investment Trust 7/20/2012
Broadway Industrial Group Ltd 7/20/2012
XP Power Ltd 7/23/2012
Mapletree Industrial Trust 7/24/2012
SIA Engineering Co Ltd 7/24/2012
Singapore Airlines Ltd 7/25/2012
Rickmers Maritime 7/25/2012
Gul Technologies Singapore Ltd 7/25/2012
Starhill Global REIT 7/25/2012
OKP Holdings Ltd 7/25/2012
Raffles Medical Group Ltd 7/25/2012
Flextronics International Ltd 7/25/2012
Treasury China Trust 7/26/2012
OSIM International Ltd 7/26/2012
AIMS AMP Capital Industrial REIT 7/26/2012
Frasers Centrepoint Trust 7/26/2012
Chemoil Energy Ltd 7/26/2012
Singapore Exchange Ltd 7/27/2012
Jardine Cycle & Carriage Ltd 7/27/2012
Kreuz Holdings Ltd 7/27/2012
GKE Corp Ltd 7/27/2012
Frasers Commercial Trust 7/27/2012
Mun Siong Engineering Ltd 7/27/2012
Lereno Bio-Chem Ltd 7/27/2012
Top Global Ltd 7/27/2012
IPC Corp Ltd 7/27/2012
DBS Group Holdings Ltd 7/27/2012
STATS ChipPAC Ltd 7/27/2012
Ascott Residence Trust 7/27/2012
Earning Announcement – Singapore
Calendar
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Date Statistic For Survey Prior Date Statistic For Survey Prior
7/2/2012 Markit US PMI Final Jun -- 54 7/3/2012 Electronics Sector Index Jun 50.5 50.8
7/2/2012 ISM Manufacturing Jun 52 53.5 7/3/2012 Purchasing Managers Index Jun 50.1 50.4
7/2/2012 ISM Prices Paid Jun 45.9 47.5 7/4/2012 Automobile COE Open Bid Cat A 4-Jul -- 59004
7/2/2012 Construction Spending MoM May 0.20% 0.30% 7/4/2012 Automobile COE Open Bid Cat B 4-Jul -- 85400
7/3/2012 ISM New York Jun -- 49.9 7/4/2012 Automobile COE Open Bid Cat E 4-Jul -- 84389
7/3/2012 Factory Orders May -0.20% -0.60% 07-09 JUL Foreign Reserves Jun -- $237.71B
7/4/2012 Total Vehicle Sales Jun 13.95M 13.73M 11-13 JUL GDP (QoQ) 2Q A -- 10.00%
7/4/2012 Domestic Vehicle Sales Jun 10.90M 10.75M 11-13 JUL GDP (YoY) 2Q A -- 1.60%
7/5/2012 MBA Mortgage Applications 29-Jun -- -7.10% 7/13/2012 Retail Sales Ex Auto (YoY) May -- 2.90%
7/5/2012 Challenger Job Cuts YoY Jun -- 66.70% 7/13/2012 Retail Sales (YoY) May -- 2.20%
7/5/2012 RBC Consumer Outlook Index Jul -- 46.1 7/13/2012 Retail Sales (MoM) sa May -- -0.90%
7/5/2012 ADP Employment Change Jun 95K 133K 7/17/2012 Electronic Exports (YoY) Jun -- 3.90%
7/5/2012 Initial Jobless Claims 30-Jun -- 386K 7/17/2012 Non-oil Domestic Exports (YoY) Jun -- 3.20%
7/5/2012 Continuing Claims 23-Jun -- 3296K 7/17/2012 Non-oil Domestic Exp SA (MoM) Jun -- -2.10%
7/5/2012 Bloomberg Consumer Comfort 1-Jul -- -36.1 7/18/2012 Automobile COE Open Bid Cat A 18-Jul -- --
Source: Bloomberg
US Singapore
Economic Announcement
Source: Bloomberg
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Important Information
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Morning Note 2 July 2012
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Contact Information (Singapore Research Team)
Chan Wai Chee Lee Kok Joo, CFA Joshua Tan CEO, Research Head of Research Strategist
Special Opportunities S-Chips, Strategy +65 6531 1249 +65 6531 1231 +65 6531 1685 joshuatan@phillip.com.sg
yebo@phillip.com.sg leekj@phillip.com.sg
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Gaming, US Property Transportation, Telecom. +65 6531 1791 +65 6531 1792 +65 6531 1221
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Financials REITS General Enquiries +65 6531 1793 +65 6531 1229 +65 6531 1240 (Phone)
kenangwy@phillip.com.sg travisseahhk@phillip.com.sg +65 6336 7607 (Fax) research@phillip.com.sg
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SINGAPORE
Phillip Securities Pte Ltd Raffles City Tower
250, North Bridge Road #06-00 Singapore 179101
Tel : (65) 6533 6001 Fax : (65) 6535 6631
Website: www.poems.com.sg
MALAYSIA
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Kuala Lumpur Tel (603) 21628841 Fax (603) 21665099
Website: www.poems.com.my
HONG KONG
Phillip Securities (HK) Ltd Exchange Participant of the Stock Exchange of Hong Kong
11/F United Centre 95 Queensway Hong Kong
Tel (852) 22776600 Fax (852) 28685307
Websites: www.phillip.com.hk
JAPAN
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Tokyo 103-0026 Tel (81-3) 3666-2101 Fax (81-3) 3666-6090
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INDONESIA
PT Phillip Securities Indonesia ANZ Tower Level 23B,
Jl Jend Sudirman Kav 33A Jakarta 10220 – Indonesia
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CHINA
Phillip Financial Advisory (Shanghai) Co. Ltd No 550 Yan An East Road,
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THAILAND
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Tel (66-2) 6351700 / 22680999 Fax (66-2) 22680921
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FRANCE
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
Phillip Futures Inc 141 W Jackson Blvd Ste 3050
The Chicago Board of Trade Building Chicago, IL 60604 USA
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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