2013-4-22 Golden Agri Morning Note

8/13/2019 2013-4-22 Golden Agri Morning Note

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MCI (P) 129/11/2012Ref No: SGMN2013_0076 1 of 16

Morning NotePhillip Securities Research Pte Ltd

Singapore

22 April 2013

undamental CallWilmar International Ltd - Bird flu concerns likely less than initially feared(Nicholas Ong)Recommendation: Accumulate

revious close: S$3.34air value: S$3.70

Impact from Chinas bird flu likely limited Vertically integrated model resilient to low CPO prices Upgrade to Accumulate with new TP of S$3.70

Golden Agri-Resources Ltd - Cutting 2013E CPO estimate(Nicholas Ong)Recommendation: Neutral

revious close: S$0.525

air value: S$0.55

Lowering FY13E CPO estimate to US$820/MT Time needed for downstream growth Downgrade to Neutral from Accumulate

ource: Phillip Securities Research Pte Ltd
http://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/ResearchCoverage/SG/wilmar20130422.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/ResearchCoverage/SG/wilmar20130422.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/ResearchCoverage/SG/golden20130422.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/ResearchCoverage/SG/golden20130422.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/ResearchCoverage/SG/golden20130422.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/ResearchCoverage/SG/wilmar20130422.pdf


2/15

Morning Note22 April 2013

2 of 15

Morning CommentarySTI: -0.07% to 3294.1 - SET: +1.03% to 1545.5JCI: -0.28% to 4998.5 - KLCI: +0.00% to 1706.3HSCEI: +3.12% to 10587.3 - Hang Seng: +2.33% to 22013.6Nikkei 225: +0.73% to 13316.5 - ASX200: +0.65% to 3314India NIFTY: +1.66% to 5783.1 - S&P500: +0.88% to 1555.3

MARKET OUTLOOK:y Ng Weiwen, Macro Analyst

Markets had run ahead of economic fundamentals (soft patch in US and Chinese economy) in recent months and risk assets (such as equities)eem ripe for profit taking!

We caught a whiff of deflation. Commodities (gold, silver, oil, copper) having tumbled last week. Treasuries have rallied (i.e. US 10yr yield haveeclined) while the dollar has remained stable. All these are incipient signs of deflationary pressures, rather than a flight to safety.

ncipient signs of a bearish head and shoulders! The S&P 500 has been flirting with its 50 dma support level. If S&P 500 close decisively belowhe 1539 key support level, next major support at the 1525 level. Odds are that any bounce will lead to a lower high and consequently a righthoulder of the bearish head and shoulders.

arnings will be critical to sustain this equity rally in the US. Note this recent rally thus far- has not been driven by earnings Instead, it haseen more of a multiples expansion rally.

Reckon that Chinese policymakers are confronted with a major headache on account of strong credit growth but weak GDP growth (withndustrial output and fixed asset investment undershooting) as the recent credit expansion-notwithstanding numerous property curbs- is likely toomplicate the context/environment against which policies are set henceforth. The recent bounce in property prices does not help in alleviatinghe headache (yet) but the jury is still out on the effectiveness of the recent rounds of property curbs given that they are only a couple of weeksld.

otwithstanding last Fris bout of risk-on sentiment, we are penciling near-term downward bias for the HSI and HSCEI as both indices remainmired in a bearish moving average crossover. HSCEI is likely to re-test its 200dma level (10.5k level). HSI needs to take out 22.5k to go

igher.

n Japan, we are seeing attempts of structural micro reforms by the Abe administration and this lead us to be cautiously optimistic about theikkei. Our base case has been that so long as the USDJPY continues to march towards (better if it clears above) the psychological 100 level,

he Nikkei will continue to rise higher. Reckon USD/JPY is likely to retest the 99.95 level (11th Apr 2013 high) before challenging thesychological 100 level. Key support pegged at 95 psychological level. Implementation of structural micro reforms (economic and fiscal) areecessary ingredients for a structural bull run in Japan to materialise.

he risk of profit taking (correction) this 2Q13 for Equities has risen (see Global Macro 12th April), given softness in US and Chinese data. Weo still believe a pull-back in equities offers an attractive opportunity to accumulate our OWs in US, CN & HK (on compelling valuations), ID,H, TH (resilient domestic demand) and SG (construction boom, attractive dividend yield). No change to our view its still a year for stocks.

Risks to monitor in the region (apart from NKoreas usual aggressive rhetorics): (i) possibility of human-to-human transmission of a new strainf H7N9 bird flu strain (ii) Malaysia 13th GE (5th May) polling will likely cause some jitteriness in regional markets.

All equity indices mentioned in this note are tradeable with Phillip CFDs or ETFs)

ECTOR/STRATEGY REPORTS:

Sector Reports:Bank, 1 Apr/REIT, 28 Mar/Commodities, 6 Mar/Transportation, 28 Feb/Telecommunications, 28 Feb/Property, 16 Jan/Gaming, 4 Jan

Country Strategy:Thai, 5 Apr/Spore, 8 Mar/China & HK, 28 JanGlobal Macro, Asset Strategy:12 Apr, Update/US, 20 Mar/4 Mar, Update/ASEAN, 5 Decource: Phillip Securities Research Pte Ltd
http://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/bank20130401.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/bank20130401.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/bank20130401.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/reit20130328.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/reit20130328.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/reit20130328.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/Commodities20130306.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/Commodities20130306.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/Commodities20130306.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/transportation20130228.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/transportation20130228.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/transportation20130228.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/telco20130228.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/telco20130228.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/telco20130228.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/property20130116.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/property20130116.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/property20130116.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/gaming20130104.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/gaming20130104.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/TH/THMonthly20130405.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/TH/THMonthly20130405.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/TH/THMonthly20130405.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/EquityStrategy20130308.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/EquityStrategy20130308.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/EquityStrategy20130308.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130128.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130128.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130128.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130412.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130412.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130412.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/US/strategy20130320.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/US/strategy20130320.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/US/strategy20130320.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130304.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130304.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130304.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20121205.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20121205.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20121205.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20121205.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130304.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/US/strategy20130320.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130412.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/strategy20130128.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/EconomicPulse/SG/EquityStrategy20130308.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/TH/THMonthly20130405.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/gaming20130104.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/property20130116.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/telco20130228.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/transportation20130228.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/Commodities20130306.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/reit20130328.pdfhttp://internetfileserver.phillip.com.sg/POEMS/Stocks/Research/SectorStrategy/SG/bank20130401.pdf


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Macro Datan China, MNI China flash business sentiment index rose to 59.3, from the final reading of 58.2 in Mar. Sub index for new orders rose to 59.0om the 54.8 reading in Mar, and sub index for production rose to 57.8 from 55.2 in Mar. The improving index indicates a continued recovery in

Chinas economy. (by Roy Chen)

n Germany, PPI fell by 0.3% m-m in Mar, after the 0.2% m-m drop in Feb, reflecting a slowdown in demand for industrial products. On y-y

asis, the index gained 0.3%, compared to the 1.2% y-y gain in Feb. (by Roy Chen)ource: Phillip Securities Research Pte Ltd

Source: Bloomberg

STI - Index Members

2.5%

1.8%

1.7% 1.0

%0.8%

0.8%

0.7%

0.7%

0.6%

0.4%

0.3%

0.1%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

-0.1%

-0.2%

-0.4%

-0.4%

-0.5%

-0.7%

-0.9%

-0.9%

-1.3%

-1.6%

-1.7%

-1.7%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

CapitamallsAsia

Wilmar

Capitaland

JardineC&

C

SIA

UOB

SGX

SIAEng.

JardineStra.

NobleGroup

DBS

JardineMa

t.

STEng.

Singtel

GLP

F&N

CDL

CapitamallTrust

Sembcorp

Mar.

OCBC

GoldenAg

ri-R.

Starhub

KeppelCo

rp.Ltd

GentingSP

ComfortDe

lGro

Olam

SPH

Sembcorp

Ind.

HKLand

ThaiBeverage


4/15


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Company Results

S/N Company Name Q/HY/FYCurrency,

Units

Revenue Net Profit

Current PreviousChange

(%)Current Previous

Change(%)

1MICRO-MECHANICS

(HOLDINGS) LTD

3Q S$ 9,212,963 9,353,529 -1.5 1,431,152 872,377 64.1

2HWA HONGCORPORATIONLIMITED

1Q S$'000 9,003 5,650 59.3 1,843 1,555 18.5

Source: SGX Masnet

Company HighlightsTriyards Holdings Limitedannounced that its wholly-owned subsidiary, SAV Land Pty Ltd, has entered into a conditional contract of saledated 18 April 2013 with Henderson Supply Base Pty Ltd , pursuant to which the Seller has agreed to sell and SAV Land has agreedto purchase a property in Australia known as Lot 5 Clarence Beach Road, Henderson Western Australia 6166. (Closing price: S$ 0.760, -0.654%)

Sembcorp Industriesannounced that it will be developing a new energy-from-waste facility in Teesside, the UK, which will be the Groupsfirst energy-from-waste facility outside Singapore. The new energy-from-waste facility will be capable of producing up to 49 megawatts ofgross power or 190 tonnes per hour of steam, using municipal and commercial waste. The facility will be located at Wilton International, a770-hectare industrial site which Sembcorp owns, operates and manages in Teesside. (Closing price: S$ 4.900, -1.606%)

AsiaMedic Limited, a premier healthcare provider in Asia, announced it has signed an teleradiology service agreement with Nyein Hospitaland City Hospital, both located in Mandalay, Myanmar. Teleradiology involves the transmission of radiological patient images, such as X-rays, CTs, and MRIs, from one location to another for the purposes of sharing studies with other radiologists and physicians. AsiaMedic willprovide the hardware, software and technical support to facilitate a connectivity platform between the Group and the hospitals, as well as theprofessional interpretation of radiological images submitted by their radiographers. Started in 2005, City Hospital operates 130 beds withplans to expand to 300 beds, while Nyein Hospital, established in 1999, operates 180 beds. AsiaMedic will work closely with both hospitalsas they invest in building up their diagnostic capabilities and subsequent new facilities. For the current phase, the cost of setting up theconnectivity platform will be borne by the client. (Closing price: S$ 0.096, -)Source: SGX Masnet, The Business Times


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82.75 +0.05% 283.19 +0.10%

98.95 +0.05% 1.705 +0.02%

1,403.85 +0.15% 14,547.51 +0.07%

537.41 +1.43% Straits Times Index 3,294.05 -0.07%

22,013.57 +2.33% 13,316.48 0.73%

Source: Bloomberg

Gold (US$/Oz) DJI

MSCI Asia x-Japan

Hang Seng Index Nikkei 225 Index

Dollar Index ThomReuters/JefferiesCRB

Crude oil, Brent (US$/bbl) US Treasury 10yr Yield

1.20

1.401.60

1.80

2.00

2.20

2.40

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

2,500

2,700

2,900

3,100

3,300

3,500

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

12,000

13,000

14,000

15,000

16,000

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

18,000

19,000

20,000

21,000

22,000

23,000

24,000

Apr-1

2

May-

12

Jun-12

Jul-1

2

Aug-12

Sep-12

Oct-1

2

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

7,500

8,500

9,500

10,500

11,500

12,500

13,500

14,500

Apr-12

May

-12

Jun

-12

Jul-

12

Aug

-12

Sep

-12

Oct-12

Nov

-12

Dec

-12

Jan

-13

Feb

-13

Mar

-13

1,000

1,300

1,600

1,900

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

78

80

82

84

86

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

260

280

300

320

340

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

80

90

100

110

120

130

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

420440460480500520540560580

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13


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Company AnalystDate of Last

ReportRating

Target Price

(S$)

Current

Price (S$)

Difference to

Target Price (%)

GOLDEN AGRI-RESOURCES LTD Nicholas Ong 22-Apr-13 Neutral 0.55 0.525 4.8%

WILMAR INTERNATIONAL LTD Nicholas Ong 22-Apr-13 Accumulate 3.70 3.34 10.8%

COURTS ASIA LTD Ken Ang 25-Mar-13 Buy 1.14 0.98 16.9%

GENTING SINGAPORE PLC Ken Ang 22-Feb-13 Neutral 1.41 1.40 1.1%

COMBINE WILL INTERNATIONAL H Chan Wai Chee 20-Dec-12 Buy 0.93 0.65 44.2%

CORDLIFE GROUP LTD Derrick Heng 8-Apr-13 Buy 0.84 0.67 26.3%

DBS GROUP HOLDINGS LTD Ken Ang 7-Feb-13 Accumulate 15.80 15.69 0.7%

OVERSEA-CHINESE BANKING CORP Ken Ang 18-Feb-13 Reduce 8.84 10.80 -18.1%

UNITED OVERSEAS BANK LTD Ken Ang 28-Feb-13 Accumulate 20.95 20.88 0.3%

SINGAPORE EXCHANGE LTD Ken Ang 17-Apr-13 Accumulate 8.00 7.72 3.6%

CAPITALAND LTD Bryan Go 22-Feb-13 Accumulate 4.05 3.51 15.4%

CAPITAMALLS ASIA LTD Bryan Go 8-Feb-13 Neutral 2.11 1.98 6.6%

HO BEE INVESTMENT LTD Bryan Go 1-Mar-13 Buy 2.29 2.12 8.0%

KEPPEL LAND LTD Bryan Go 19-Apr-13 Neutral 4.24 4.14 2.4%

OVERSEAS UNION ENTERPRISE Bryan Go 1-Apr-13 Accumulate 3.24 3.05 6.2%

GLOBAL LOGISTIC PROPERTIES L Roy Chen 7-Feb-13 Neutral 2.77 2.76 0.4%

GLOBAL PREMIUM HOTELS LTD Chan Wai Chee 9-Nov-12 Buy 0.305 0.26 19.6%

STAMFORD LAND CORP LTD Chan Wai Chee 20-Dec-12 Buy 0.76 0.59 29.9%

SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.016 0.035 -54.3%

CDL HOSPITALITY TRUSTS Change of Analyst 2.09

PARKWAYLIFE REAL ESTATE Change of Analyst 2.65

SABANA SHARIAH COMP IND REIT Change of Analyst 1.37

SATS LTD Derrick Heng 31-Jan-13 Accumulate 3.33 3.10 7.4%

SIA ENGINEERING CO LTD Derrick Heng 6-Feb-13 Buy 6.10 5.04 21.0%

SINGAPORE TECH ENGINEERING Derrick Heng 18-Feb-13 Accumulate 4.50 4.38 2.7%

KEPPEL CORP LTD Nicholas Ong 19-Apr-13 Accumulate 12.34 11.19 10.3%

SEMBCORP INDUSTRIES LTD Change of Analyst 4.90

SEMBCORP MARINE LTD Nicholas Ong 26-Mar-13 Neutral 4.69 4.25 10.4%

HU AN CABLE HOLDINGS LTD Chan Wai Chee 21-Dec-12 Buy 0.164 0.13 25.2%

SUNPOWER GROUP LTD Chan Wai Chee 20-Dec-12 Buy 0.250 0.18 42.9%

PAN-UNITED CORP LTD Joshua Tan 1-Mar-13 Buy 1.210 0.97 25.4%

BOUSTEAD SINGAPORE LTD Joshua Tan 25-Feb-13 Buy 1.800 1.40 29.0%

SINGAPORE AIRLINES LTD Derrick Heng 13-Feb-13 Accumulate 13.00 10.91 19.2%TIGER AIRWAYS HOLDINGS LTD Derrick Heng 6-Mar-13 Sell 0.65 0.64 1.6%

NEPTUNE ORIENT LINES LTD Derrick Heng 25-Feb-13 Neutral 1.32 1.13 16.8%

SMRT CORP LTD Derrick Heng 1-Apr-13 Sell 1.20 1.52 -20.8%

COMFORTDELGRO CORP LTD Derrick Heng 13-Feb-13 Neutral 1.83 1.93 -4.9%

HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee 21-Dec-12 Buy 0.27 0.235 14.9%

SINGAPORE TELECOM LTD Ken Ang 15-Feb-13 Neutral 3.31 3.69 -10.3%

STARHUB LTD Ken Ang 8-Feb-13 Reduce 3.61 4.53 -20.3%

M1 LTD Ken Ang 17-Apr-13 Neutral 2.58 3.11 -17.0%

# adjust for pref shares conversion to ord shares. Project valuation remains constant. Conversion $ and interest added to valuation.

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Property (Developers )

Property (REITS)

Industrials (Capital Goods)

Industrials (Transportation)

Technology & Communications

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd

#


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7 of 15

FTSE ST Breakdown (3M % Change)

STI 2.3%

5.9%

-8.3%

2.1%

-8.5%1.2%

2.6%

-3.9%

8.2%

2.6%

-1.0%

7.6%

7.5%

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 Technology-3.2%

ST Healthcare

Source: Bloomberg

Last % Chg

0.730 15.9

0.156 10.6

0.011 10.00.120 9.1

0.025 8.7

Last % Chg

0.103 -13.4

0.068 -5.6

0.205 -4.7

1.420 -4.1

0.250 -3.8

TOP GLOBAL LTD

SINOSTAR PEC HOLDINGS LTD

HOR KEW CORP LTD

ARMARDA GROUP LTD

YAMADA GREEN RESOURCES LTD

Source: Bloomberg

IHH HEALTHCARE BHD

ABTERRA LTD

HARTAWAN HOLDINGS LTD

Top Gainers (%)FTSE ST Market Cap. Breakdow n (3M % Change)

Turnover ('mn shares)

Top Losers (%)

MEDI-FLEX LTD

UNCHANGED

INNOPAC HOLDINGS LTD

Source: Bloomberg Source: SGX

2,708

1,479273

151

526

Turnover (S$'mn)UP

DOWN

5.9%

5.8% 4.5%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI

2.3%

3.1%


8/15


8 of 15

Source: Bloomberg

World Index

JCI -0.28% 4,998.46

HSI 2.33% 22,013.57

KLCI 0.00% 1,706.28

NIKKEI 0.73% 13,316.48

KOSPI 0.35% 1,906.75

SET 1.03% 1,545.46

SHCOMP 2.14% 2,244.64

SENSEX 1.52% 19,016.46

ASX 0.15% 4,931.91

FTSE 100 0.69% 6,286.59

DOW 0.07% 14,547.51

S&P 500 0.88% 1,555.25

NASDAQ 1.25% 3,206.06 COLOMBO -0.16% 5,882.25

STI -0.07% 3,294.05

ETF % Change Change Last

CIMB FTSE ASEAN 40 +0.35 +0.04 11.48DB X-TRACKERS CSI300 UCITS +2.59 +0.20 7.92

DB X-TRACKERS FTSE VIETNAM +0.34 +0.08 23.61

DB X-TRACKERS MSCI INDONESIA +1.04 +0.18 17.42

DB X-TRACKERS MSCI TAIWAN +0.98 +0.18 18.55

DB X-TRACKERS MSCI WORLD TRN -0.28 -0.01 3.61

DB X-TRACKERS S&P 500 INV DA +0.69 +0.22 31.94

DB X-TRACKERS CNX NIFTY UCIT +2.09 +2.23 109.16

ISHARES MSCI INDIA INDEX ETF +1.29 +0.08 6.29

LYXOR ETF CHINA ENTERPRISE +2.22 +0.30 13.80

LYXOR ETF HANG SENG INDEX 10 +1.47 +0.04 2.76

LYXOR ETF MSCI AC ASIA EX JP -1.46 -0.07 4.72

LYXOR ETF MSCI INDIA +1.47 +0.20 13.85LYXOR ETF MSCI TAIWAN +2.91 +0.03 0.99

NIKKO AM SINGAPORE STI ETF +0.60 +0.02 3.36

SPDR GOLD TRUST +1.97 +2.64 136.96

SPDR STRAITS TIMES INDEX ETF -0.30 -0.01 3.32

UNITED SSE 50 CHINA ETF +2.38 +0.04 1.72

ETF Performance

Source: Bloomberg


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EX Date Company Type Net Amount Currency Frequency Record Date Payout Date

4/22/2013 SINGAPORE EXCHANGE LTD 3rd Interim 0.0400 SGD Quarter 4/24/2013 5/2/2013

4/24/2013 KEPPEL CORP LTD Final 0.2700 SGD Semi-Anl 4/26/2013 5/8/2013

4/25/2013 SEMBCORP MARINE LTD Special Cash 0.0200 SGD Semi-Anl 4/29/2013 5/13/2013

4/26/2013 SINGAPORE TECH ENGINEERING Special Cash 0.0980 SGD Semi-Anl 4/30/2013 5/17/2013

4/29/2013 THAI BEVERAGE PCL Final 0.2520 THB Semi-Anl 5/2/2013 5/22/2013

4/29/2013 OVERSEA-CHINESE BANKING CORP Final 0.1700 SGD Semi-Anl 5/2/2013 5/17/2013

4/29/2013 SEMBCORP INDUSTRIES LTD Regular Cash 0.1500 SGD Annual 5/2/2013 5/14/2013

4/29/2013 WILMAR INTERNATIONAL LTD Final 0.0300 SGD Semi-Anl 5/2/2013 5/14/2013

4/29/2013 CITY DEVELOPMENTS LTD Special Cash 0.0500 SGD Annual 5/2/2013 5/20/2013

4/29/2013 GOLDEN AGRI-RESOURCES LTD Final 0.0059 SGD Semi-Anl 5/2/2013 5/14/2013

5/2/2013 CAPITAMALLS ASIA LTD Regular Cash 0.0163 SGD Semi-Anl 5/6/2013 5/20/2013

5/3/2013 COMFORTDELGRO CORP LTD Final 0.0350 SGD Semi-Anl 5/7/2013 5/15/2013

Corporate Action : Dividend

Source: Bloomberg

EX Date Company Type Subscription Price Currency Term Record Date

4/24/2013 RICKMERS MARITIME Rights Issue 0.2400 SGD 1 per 1 4/26/2013

Source: Bloomberg

Corporate Action: Rights


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Name Expected Report Date

First Ship Lease Trust April 22, 2013

Mapletree Commercial Trust April 22, 2013Rickmers Maritime April 22, 2013

Sysma Holdings Ltd April 22, 2013

First Real Estate Investment Trust April 23, 2013

Mapletree Industrial Trust April 23, 2013

Singapore Reinsurance Corp Ltd April 23, 2013

BH Global Marine Ltd April 24, 2013

Cache Logistics Trust April 24, 2013

Cheung Woh Technologies Ltd April 24, 2013

China Environment Ltd April 24, 2013

QAF Ltd April 24, 2013

Sino-Excel Energy Ltd April 24, 2013

STATS ChipPAC Ltd April 24, 2013

Action Asia Ltd April 25, 2013

Baker Technology Ltd April 25, 2013CapitaMalls Asia Ltd April 25, 2013

Great Eastern Holdings Ltd April 25, 2013

Jardine Cycle & Carriage Ltd April 25, 2013

PCA Technology Ltd April 25, 2013

Samudera Shipping Line Ltd April 25, 2013

Sheng Siong Group Ltd April 25, 2013

Suntec Real Estate Investment Trust April 25, 2013

Technics Oil & Gas Ltd April 25, 2013

Transit-Mixed Concrete Ltd April 25, 2013

Advanced Integrated Manufacturing Corp Ltd April 26, 2013

Amaru Inc April 26, 2013

Ascendas India Trust April 26, 2013

Ascott Residence Trust April 26, 2013

CapitaLand Ltd April 26, 2013CDL Hospitality Trusts April 26, 2013

China Aviation Oil Singapore Corp Ltd April 26, 2013

China Merchants Holdings Pacific Ltd April 26, 2013

Duty Free International Ltd April 26, 2013

Eucon Holding Ltd April 26, 2013

Far East Orchard Ltd April 26, 2013

HL Global Enterprises Ltd April 26, 2013

Hong Leong Finance Ltd April 26, 2013

Hwa Hong Corp Ltd April 26, 2013

Jackspeed Corp Ltd April 26, 2013

Jiutian Chemical Group Ltd April 26, 2013

Mun Siong Engineering Ltd April 26, 2013

Nico Steel Holdings Ltd April 26, 2013

Serial System Ltd April 26, 2013Shanghai Asia Holdings Ltd April 26, 2013

Singapore Land Ltd April 26, 2013

Singapore Post Ltd April 26, 2013

SP Corp Ltd April 26, 2013

Starhill Global REIT April 26, 2013

Texchem-Pack Holdings Singapore Ltd April 26, 2013

Top Global Ltd April 26, 2013

United Industrial Corp Ltd April 26, 2013

Yeo Hiap Seng Ltd April 26, 2013

Alternative Energy Ltd April 29, 2013

Ascendas Hospitality Trust April 29, 2013

Source: Bloomberg

Earning Announcement Singapore

Calendar


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Date Statistic For Survey Prior Date Statistic For Survey Prior

4/22/2013 Chicago Fed Nat Activity Index Mar -- 0.44 4/23/2013 CPI (MOM) - NSA Mar -- 1.00%

4/22/2013 Existing Home Sales Mar 5.00M 4.98M 4/23/2013 CPI (YoY) Mar -- 4.90%

4/22/2013 Existing Home Sales MoM Mar 0.40% 0.80% 4/24/2013 Automobile COE Open Bid Cat A 24-Apr -- 610294/23/2013 Markit US PMI Preliminary Apr 54.5 -- 4/24/2013 Automobile COE Open Bid Cat B 24-Apr -- 67010

4/23/2013 House Price Index MoM Feb 0.70% 0.60% 4/24/2013 Automobile COE Open Bid Cat E 24-Apr -- 66989

4/23/2013 Richmond Fed Manufact. Index Apr -- 3 4/26/2013 Industrial Production MoM SA Mar -- -0.70%

4/23/2013 New Home Sales Mar 419K 411K 4/26/2013 Industrial Production YoY Mar -- -16.60%

4/23/2013 New Home Sales MoM Mar 1.90% -4.60% 4/29/2013 Unemployment Rate (sa) 1Q P -- 1.80%

4/24/2013 MBA Mortgage Applications 19-Apr -- 4.80% 4/30/2013 M1 Money Supply (YoY) Mar -- 14.00%

4/24/2013 Durable Goods Orders Mar -2.90% 5.70% 4/30/2013 M2 Money Supply (YoY) Mar -- 9.70%

4/24/2013 Durables Ex Transportation Mar 0.70% -0.50% 4/30/2013 Credit Card Bad Debts Mar -- 19.3M

4/24/2013 Cap Goods Orders Nondef Ex Air Mar 0.30% -2.70% 4/30/2013 Credit Card Billings Mar -- 2953.2M

4/24/2013 Cap Goods Ship Nondef Ex Air Mar -- 1.90% 4/30/2013 Bank Loans & Advances (YoY) Mar -- 19.60%

4/25/2013 Initial Jobless Claims 20-Apr 351K 352K 5/2/2013 Electronics Sector Index Apr -- 51.9

4/25/2013 Continuing Claims 13-Apr -- 3068K 5/2/2013 Purchasing Managers Index Apr -- 50.6

Source: BloombergSource: Bloomberg

US Singapore

Economic Announcement


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Important Information

This publication is prepared by Phillip Securities Research Pte Ltd., 250 North Bridge Road, #06-00, Raffles CityTower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority ofSingapore (Phillip Securities Research). By receiving or reading this publication, you agree to be bound by the terms

and limitations set out below.

This publication has been provided to you for personal use only and shall not be reproduced, distributed or publishedby you in whole or in part, for any purpose. If you have received this document by mistake, please delete or destroy it,and notify the sender immediately. Phillip Securities Research shall not be liable for any direct or consequential lossarising from any use of material contained in this publication.

The information contained in this publication has been obtained from public sources, which Phillip Securities Researchhas no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions(collectively, the Research) contained in this publication are based on such information and are expressions of beliefof the individual author or the indicated source (as applicable) only. Phillip Securities Research has not verified thisinformation and no representation or warranty, express or implied, is made that such information or Research isaccurate, complete, appropriate or verified or should be relied upon as such. Any such information or Research

contained in this publication is subject to change, and Phillip Securities Research shall not have any responsibility tomaintain or update the information or Research made available or to supply any corrections, updates or releases inconnection therewith. In no event will Phillip Securities Research or persons associated with or connected to PhillipSecurities Research, including but not limited its officers, directors, employees or persons involved in the preparationor issuance of this report, (i) be liable in any manner whatsoever for any consequences (including but not limited toany special, direct, indirect, incidental or consequential losses, loss of profits and damages) of any reliance or usageof this publication or (ii) accept any legal responsibility from any person who receives this publication, even if it hasbeen advised of the possibility of such damages. You must make the final investment decision and accept allresponsibility for your investment decision, including, but not limited to your reliance on the information, data and/orother materials presented in this publication.

Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the dateindicated and are subject to change at any time without prior notice.

Past performance of any product referred to in this publication is not indicative of future results.

This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. Thispublication should not be relied upon exclusively or as authoritative, without further being subject to the recipients ownindependent verification and exercise of judgment. The fact that this publication has been made available constitutesneither a recommendation to enter into a particular transaction, nor a representation that any product described in thismaterial is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which maybe described in this publication involve significant risks and may not be suitable for all investors, and that any decisionto enter into transactions involving such products should not be made, unless all such risks are understood and anindependent determination has been made that such transactions would be appropriate. Any discussion of the riskscontained herein with respect to any product should not be considered to be a disclosure of all risks or a completediscussion of such risks.

Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Anydecision to purchase any product mentioned in this research should take into account existing public information,including any registered prospectus in respect of such product.

Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but notlimited to its officers, directors, employees or persons involved in the preparation or issuance of this report, mayprovide an array of financial services to a large number of corporations in Singapore and worldwide, including but notlimited to commercial / investment banking activities (including sponsorship, financial advisory or underwritingactivities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with orconnected to Phillip Securities Research, including but not limited to its officers, directors, employees or personsinvolved in the preparation or issuance of this report, may have participated in or invested in transactions with theissuer(s) of the securities mentioned in this publication, and may have performed services for or solicited business


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from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to PhillipSecurities Research, including but not limited to its officers, directors, employees or persons involved in thepreparation or issuance of this report, may have provided advice or investment services to such companies andinvestments or related investments, as may be mentioned in this publication.Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not

limited to its officers, directors, employees or persons involved in the preparation or issuance of this report may, fromtime to time maintain a long or short position in securities referred to herein, or in related futures or options, purchaseor sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or othercompensation in respect of the foregoing. Investments will be denominated in various currencies including US dollarsand Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreigncurrencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, priceor income return of the investment.

To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to PhillipSecurities Research, including but not limited to its officers, directors, employees or persons involved in thepreparation or issuance of this report, may at any time engage in any of the above activities as set out above orotherwise hold a interest, whether material or not, in respect of companies and investments or related investments,which may be mentioned in this publication. Accordingly, information may be available to Phillip Securities Research,or persons associated with or connected to Phillip Securities Research, including but not limited to its officers,directors, employees or persons involved in the preparation or issuance of this report, which is not reflected in thismaterial, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research,including but not limited to its officers, directors, employees or persons involved in the preparation or issuance of thisreport, may, to the extent permitted by law, have acted upon or used the information prior to or immediately followingits publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research,including but not limited its officers, directors, employees or persons involved in the preparation or issuance of thisreport, may have issued other material that is inconsistent with, or reach different conclusions from, the contents ofthis material.

The information, tools and material presented herein are not directed, intended for distribution to or use by, any personor entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to theapplicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or otherrequirement, or penalty for contravention of such requirements within such jurisdiction.

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This material is intended for general circulation only and does not take into account the specific investment objectives,financial situation or particular needs of any particular person. The products mentioned in this material may not besuitable for all investors and a person receiving or reading this material should seek advice from a professional andfinancial adviser regarding the legal, business, financial, tax and other aspects including the suitability of suchproducts, taking into account the specific investment objectives, financial situation or particular needs of that person,before making a commitment to invest in any of such products.

Please contact Phillip Securities Research at [65 65311240] in respect of any matters arising from, or in connectionwith, this document.

This report is only for the purpose of distribution in Singapore.


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Contact Information (Singapore Research Team)

Chan Wai Chee Joshua Tan Derrick HengCEO, Research Head of Research Deputy Head of Research

Special Opportunities Global Macro, Asset StrategySG Equity Strategist &

Transport+65 6531 1231 +65 6531 1249 +65 6531 1221

[email protected] [email protected] [email protected]

Magdalene Choong, CFA Go Choon Koay, Bryan Travis SeahInvestment Analyst Investment Analyst Investment AnalystRegional Gaming Property REITs+65 6531 1791 +65 6531 1792 +65 6531 1229

[email protected] [email protected] [email protected]

Ken Ang Ng Weiwen Roy ChenInvestment Analyst Macro Analyst Macro Analyst

Financials, Telecoms Global Macro, Asset Strategy Global Macro, Asset Strategy

+65 6531 1793 +65 6531 1735 +65 6531 [email protected] [email protected] [email protected]

Nicholas Ong Research AssistantInvestment Analyst General Enquiries

Commodities, Offshore & Marine +65 6531 1240 (Phone)+65 6531 5440 [email protected]

[email protected]
mailto:[email protected]:[email protected]:[email protected]://localhost/var/www/apps/conversion/tmp/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/peterlee/research/AppData/Local/Microsoft/Windows/Documents%20and%20Settings/roychencz/Application%20Data/Microsoft/Local%20Settings/Temporary%20Internet%20Files/OLK89/TH%20Rpt/Stocks/Word/2012/[email protected]://localhost/var/www/apps/conversion/tmp/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/peterlee/research/AppData/Local/Microsoft/Windows/Documents%20and%20Settings/roychencz/Application%20Data/Microsoft/Local%20Settings/Temporary%20Internet%20Files/OLK89/TH%20Rpt/Stocks/Word/2012/[email protected]:[email protected]:[email protected]:[email protected]


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Contact Information (Regional Member Companies)

SINGAPOREPhillip Securities Pte Ltd

Raffles City Tower250, North Bridge Road #06-00

Singapore 179101Tel : (65) 6533 6001

Website:www.poems.com.sg

MALAYSIAPhillip Capital Management Sdn Bhd

B-3-6 Block B Level 3 Megan Avenue II,No. 12, Jalan Yap Kwan Seng, 50450

Kuala LumpurTel (603) 21628841Fax (603) 21665099

Website:www.poems.com.my

HONG KONGPhillip Securities (HK) Ltd

Exchange Participant of the Stock Exchange of Hong Kong11/F United Centre 95 Queensway

Hong KongTel (852) 22776600Fax (852) 28685307

Websites:www.phillip.com.hk

JAPANPhillip Securities Japan, Ltd.

4-2 Nihonbashi Kabuto-cho Chuo-ku,Tokyo 103-0026

Tel: (81-3) 3666-2101Fax: (81-3) 3666-6090

Website:www.phillip.co.jp

INDONESIAPT Phillip Securities Indonesia

ANZ Tower Level 23B,Jl Jend Sudirman Kav 33AJakarta 10220Indonesia

Tel (62-21) 57900800Fax (62-21) 57900809

Website:www.phillip.co.id

CHINAPhillip Financial Advisory (Shanghai) Co. Ltd

No 550 Yan An East Road,Ocean Tower Unit 2318,

Postal code 200001Tel (86-21) 51699200Fax (86-21) 63512940

Website:www.phillip.com.cn

THAILANDPhillip Securities (Thailand) Public Co. Ltd15th Floor, Vorawat Building,

849 Silom Road, Silom, Bangrak,Bangkok 10500 Thailand

Tel (66-2) 6351700 / 22680999Fax (66-2) 22680921

Websitewww.phillip.co.th

FRANCEKing & Shaxson Capital Limited3rd Floor, 35 Rue de la Bienfaisance 75008

Paris FranceTel (33-1) 45633100Fax (33-1) 45636017

Website:www.kingandshaxson.com

UNITED KINGDOMKing & Shaxson Capital Limited

6th Floor, Candlewick House,120 Cannon Street,

London, EC4N 6ASTel (44-20) 7426 5950Fax (44-20) 7626 1757

Website:www.kingandshaxson.com

UNITED STATESPhillip Futures Inc

141 W Jackson Blvd Ste 3050The Chicago Board of Trade Building

Chicago, IL 60604 USATel +1.312.356.9000Fax +1.312.356.9005

AUSTRALIAOcta Phillip Securities LtdLevel 12, 15 William Street,

Melbourne, Victoria 3000, AustraliaTel (03) 9629 8288Fax (03) 9629 8882

Website:www.octaphillip.com
http://www.poems.com.sg/http://www.poems.com.sg/http://www.poems.com.sg/http://www.poems.com.my/http://www.poems.com.my/http://www.poems.com.my/http://www.phillip.com.hk/http://www.phillip.com.hk/http://www.phillip.com.hk/http://www.phillip.co.id/http://www.phillip.co.id/http://www.phillip.co.id/http://localhost/var/www/apps/conversion/tmp/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.IE5/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.IE5/Local%20Settings/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Administrator/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Local%20Settings/Temporary%20Internet%20Files/OLK102/SG%20Rpt/Stocks/Local%20Settings/Temporary%20Internet%20Files/OLK83/www.phillip.com.cnhttp://localhost/var/www/apps/conversion/tmp/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.IE5/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.IE5/Local%20Settings/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Administrator/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Local%20Settings/Temporary%20Internet%20Files/OLK102/SG%20Rpt/Stocks/Local%20Settings/Temporary%20Internet%20Files/OLK83/www.phillip.com.cnhttp://www.phillip.co.th/http://www.phillip.co.th/http://www.phillip.co.th/http://www.kingandshaxson.com/http://www.kingandshaxson.com/http://www.kingandshaxson.com/http://www.kingandshaxson.com/http://www.kingandshaxson.com/http://www.kingandshaxson.com/http://www.octaphillip.com/http://www.octaphillip.com/http://www.octaphillip.com/http://www.octaphillip.com/http://www.kingandshaxson.com/http://www.kingandshaxson.com/http://www.phillip.co.th/http://localhost/var/www/apps/conversion/tmp/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.IE5/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.IE5/Local%20Settings/Temporary%20Internet%20Files/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Administrator/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Local%20Settings/Temporary%20Internet%20Files/OLK102/SG%20Rpt/Stocks/Local%20Settings/Temporary%20Internet%20Files/OLK83/www.phillip.com.cnhttp://www.phillip.co.id/http://www.phillip.com.hk/http://www.poems.com.my/http://www.poems.com.sg/

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