MICA (P) 057/11/2011 Ref No: SGMN2012_0092 1 of 16 Phillip Securities Research Pte Ltd Singapore Morning Note 28 May 2012 Market Commentary - STI: -0.67% to 2864.1 - MSCI Far East ex-Japan: -0.93% to 466.9 - Euro Stoxx 50: -2.33% to 2201.95 - S&P500: -1.11% to 1338.4 New Zealand’s 1Q12 retail sales fell by the most in 3 years. Real retail sales fell by 1.5% q-q, compared to the 1.8% gain in 4q11. This fall is due to a surge in 2H11 fueled by tourism tied to the Rugby World Cup. The weak consumer spending was also associated with the disappointing 6.7% unemployment rate, and underscored central bank Governor Alan Bollard’s decision to keep the official cash rate at 2.5 percent since March 2011, and may also motivate a further cut. Japan’s April export price index fell for a sixth time in 7 months, by 2.8% y-y, compared to the 0.1% gain in March. Export prices for chemicals and electronics dropped the most, by 4.5% and 6.1% respectively. April import price index increased by 1.6%, marking the slowest increase in over 7 months. The drops of export and import prices reflected the weak global demand due to European debt crisis and China’s slower expansion. India’s April inflation measured by WPI growth rose to 7.23%, after the government’s bold action to cut its repo rates and reverse repo by 50 bp to 8.0% and 7.0% respectively on 17 April, despite previously suffering inflation as high as 6.69%. Our bet that the April 17 cut was the last rate cut the government seems to be more certain. The sub price index for food articles rose by 10.49% y-y in April, compared to the 9.94% increase in March. The sub index for non-food manufactured products rose by 4.77% y-y, compared to the 4.68% growth in March. EQUITY MARKETS: Unfortunately, the latest effort to form a ruling government in Greece came to an impasse as the Democratic Left's condition that it join Pasok and New Democracy to form a coalition, only if anti-bailout party Syriza joined as well, was rejected by Syriza. European markets now join the US and Asia in a tailspin on the fear of the unknown if Greece were to exit the EZ. Latest talk now is that the Greek President will attempt to form a technocratic government to govern. Contagion risk is heightened with Spanish yields above 6% and Italian yields fast approaching. Asset price signals corroborate the economic outlook of weak growth lower inflation: commodities continue their bear trend with renewed vigor as oil is hammered, US treasuries are now trading at 1.76%, US dollar is rallying. Equity indices everywhere are biased to the downside, though most are close to support levels. Looking beyond this sell-off, by June or July we could also see some major policy actions as central banks mitigate the growth risks with policy loosening, as inflation is coming off fairly convincingly to allow for policy room. (Our general guidance in our morning notes and formal reports has been, as we weren't confident that econ/earnings data could outperform to drive markets, some combination of policy safety nets needs to occur (to reverse consolidation/correction) to push markets higher - QE3 revival, ECB intervention, further loosening by central banks to err on the side of growth as inflation recedes (India, Brazil, China, Australia already doing it), a China fiscal policy announcement. Longer term, we are still giving the heads up that post 6th November 12 USA presidential elections, markets could again be challenging going into 2013 - the US and EZ are under current law obliged to undertake tremendous fiscal tightening) Source: Phillip Securities Research Pte Ltd
Transcript
MICA (P) 057/11/2011 Ref No: SGMN2012_0092 1 of 16
Phillip Securities Research Pte Ltd
Singapore
Morning Note
28 May 2012
Market Commentary - STI: -0.67% to 2864.1 - MSCI Far East ex-Japan: -0.93% to 466.9 - Euro Stoxx 50: -2.33% to 2201.95 - S&P500: -1.11% to 1338.4 New Zealand’s 1Q12 retail sales fell by the most in 3 years. Real retail sales fell by 1.5% q-q, compared to the 1.8% gain in 4q11. This fall is due to a surge in 2H11 fueled by tourism tied to the Rugby World Cup. The weak consumer spending was also associated with the disappointing 6.7% unemployment rate, and underscored central bank Governor Alan Bollard’s decision to keep the official cash rate at 2.5 percent since March 2011, and may also motivate a further cut. Japan’s April export price index fell for a sixth time in 7 months, by 2.8% y-y, compared to the 0.1% gain in March. Export prices for chemicals and electronics dropped the most, by 4.5% and 6.1% respectively. April import price index increased by 1.6%, marking the slowest increase in over 7 months. The drops of export and import prices reflected the weak global demand due to European debt crisis and China’s slower expansion. India’s April inflation measured by WPI growth rose to 7.23%, after the government’s bold action to cut its repo rates and reverse repo by 50 bp to 8.0% and 7.0% respectively on 17 April, despite previously suffering inflation as high as 6.69%. Our bet that the April 17 cut was the last rate cut the government seems to be more certain. The sub price index for food articles rose by 10.49% y-y in April, compared to the 9.94% increase in March. The sub index for non-food manufactured products rose by 4.77% y-y, compared to the 4.68% growth in March. EQUITY MARKETS: Unfortunately, the latest effort to form a ruling government in Greece came to an impasse as the Democratic Left's condition that it join Pasok and New Democracy to form a coalition, only if anti-bailout party Syriza joined as well, was rejected by Syriza. European markets now join the US and Asia in a tailspin on the fear of the unknown if Greece were to exit the EZ. Latest talk now is that the Greek President will attempt to form a technocratic government to govern. Contagion risk is heightened with Spanish yields above 6% and Italian yields fast approaching. Asset price signals corroborate the economic outlook of weak growth lower inflation: commodities continue their bear trend with renewed vigor as oil is hammered, US treasuries are now trading at 1.76%, US dollar is rallying. Equity indices everywhere are biased to the downside, though most are close to support levels. Looking beyond this sell-off, by June or July we could also see some major policy actions as central banks mitigate the growth risks with policy loosening, as inflation is coming off fairly convincingly to allow for policy room. (Our general guidance in our morning notes and formal reports has been, as we weren't confident that econ/earnings data could outperform to drive markets, some combination of policy safety nets needs to occur (to reverse consolidation/correction) to push markets higher - QE3 revival, ECB intervention, further loosening by central banks to err on the side of growth as inflation recedes (India, Brazil, China, Australia already doing it), a China fiscal policy announcement. Longer term, we are still giving the heads up that post 6th November 12 USA presidential elections, markets could again be challenging going into 2013 - the US and EZ are under current law obliged to undertake tremendous fiscal tightening) Source: Phillip Securities Research Pte Ltd
Morning Note 28 May 2012
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Source: Bloomberg
STI - Index Members
2.6%
2.1%
1.9%
1.8%
1.8% 0.9% 0.3%
0.2%
0.2%
0.1%
0.1%
-0.2%
-0.3%
-0.5%
-0.7%
-0.7%
-1.0%
-1.1%
-1.1%
-1.2%
-1.4%
-1.4%
-1.5%
-1.6%
-1.7%
-1.9%
-2.2%
-2.9%
-2.9%
-5.4%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
Jardine Mat.
Capitam
alls Asia
Sem
bcorp Ind.
Jardine Stra.
GLP
Ltd
Starhub
Capitam
all Trust
Sem
bcorp Mar.
HK Land
Jardine C&
C
CD
L
SIA
Eng.
SPH
SIA
Golden A
gri-R.
F&N
Com
fortDelG
ro
UO
B
OC
BC
Genting S
P
DBS
SG
X
Keppel C
orp. Ltd
ST E
ng.
Noble Ltd
Olam
Ltd
Singtel
Wilm
ar
Capitaland
NO
L Ltd
Fundamental Call SATS Ltd – 4QFY12 Results (Derrick Heng) Recommendation: Buy Previous close: S$2.61 Fair value: S$2.80 Stronger than expected end to the year B/S still below optimal capital structure, paving the way for higher dividend distributions in the future Final & Special DPS of 21.0cents Maintain Buy with revised TP of S$2.80 ComfortDelGro Corporation Ltd – Results (Derrick Heng) Recommendation: Buy Previous close: S$1.46 Fair value: S$1.65
Net income increased 6.8%y-y Rail profitability declined in preparation for DTL Australia’s bus business the best performer Maintain Buy with unchanged TP of S$1.65
9 MAGNUS ENERGY GROUP LTD. 3Q S$’000 12,425 13,703 (9.3) 7,480 2,772 169.9
10 UNITED FIBER SYSTEM LIMITED 1Q US$'000 44,542 31,790 40.1 (3,677) (4,419) N.M.
Source: SGX Masnet
Morning Note 28 May 2012
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Company Highlights Memstar Technology Ltd announced that the Group has been awarded a contract to supply membrane products and associated equipment for a 100,000 m3/day dual membrane drinking water treatment plant in Yantai City, Shandong Province, PRC. The total contract value is approximately RMB 50 million (SGD 10 million). Under the terms of the contract, Memstar will supply Ultrafiltration membrane (UF) and Reverse Osmosis (RO) membrane as well as some associated equipment for the membrane system to be used to construct one of largest membrane based drinking water plants in China. Memstar’s PVDF hollow fibre UF membrane will be used as the pre-treatment to RO, which will treat the raw water to very high degree of purity. Memstar is one of the largest UF hollow fibre membrane manufacturers and OEMs in the world. Memstar’s UF membrane products have been used in a wide range of municipal and industrial applications. Its submerged UF membrane products have been used in the largest underground Membrane Bioreactor (MBR) plant in Asia. Its OEM business has also grown significantly after it inked the Manufacture and Supply Agreement with Hydranautics, a wholly-owned subsidiary of Nitto Denko Corporation and a global leader in membrane technology in November 2011. (Closing Price: S$0.063, -4.545%) PEC Ltd announced that it has secured a contract from an existing client, Chiyoda Sarawak Sdn. Bhd, a subsidiary of Chiyoda Corporation (Chiyoda), to provide prefabrication of steel frames as well as assembly and piping works in two areas of a gas rack module for Phase Two of a polycrystalline silicon plant in Sarawak, East Malaysia. Chiyoda is a Tokyo-listed global integrated contractor serving diverse sectors from energy, chemicals, petrochemicals, to pharmaceuticals and industrial facilities. PEC was involved in the piping works for Phase One of the polycrystalline silicon plant in April 2011 and a year later, the Group secured additional project works for Phase Two. The prefabrication work for Phase Two is scheduled to be completed by end November 2012 while the mechanical work will be delivered by end August 2013. Owned and operated by Tokuyama Corporation, the plant produces polycrystalline silicon for solar cells. The plant is slated to commence operations by January 2015. (Closing Price: S$0.655, -1.504%) Asiatravel.com Holdings Ltd announced it has successfully reduced its net loss to S$0.5 million for the three months ended 31 March 2012 (“2QFY2012”). Despite the decrease in the Group’s revenues, the net loss incurred for this quarter has narrowed. This was mainly due to conscientious cost management and the reduction in business losses incurred by SH Tours Pte Ltd for serving a transport and tour service contract with a major airline group. The Group’s core hotel reservation business faces intense competition as more online global players enter the Asia Pacific travel and tourism market. As a result, 2QFY2012 revenue declined 6.2% year-on-year (y-o-y) to S$21.6 million, which was also affected by the slowdown of sales in our offline wholesale businesses. The better cost control enabled the Group to reduce its 2QFY2012 net loss by 39.4% y-o-y. (Closing Price: S$0.330, unchanged) KXD Digital Entertainment Ltd announced that on 11 May 2012 it made an application to the High Court of the Republic of Singapore for an order that the Company be wound up as the Company is unable to pay its debts. It is proposed in the application that Mr Yit Chee Wah Steven of FTI Consulting (Singapore) Pte Ltd be appointed as Liquidator of the Company. The Company will make a further announcement once the date of the hearing of the application has been fixed. (Closing Price: S$0.010, unchanged) Synear Food Holdings Ltd announced that the Company has incorporated a wholly-owned subsidiary, Zhengzhou Qianweiyangchu Food Co., Ltd. (郑州千味央厨食品有限公司) (the ‘Subsidiary’) in the People’s Republic of China on 25 April 2012. The registered and paid-up capital of the subsidiary is RMB14,000,000. The Subsidiary is set up to manufacture and sell frozen food products as contract manufacturers. The Subsidiary is in the midst of applying for a QS Certificate and would not be commencing operation until such certificate has been obtained. (Closing Price: S$0.122, -1.613%) Source: SGX Masnet, BT Online
Morning Note 28 May 2012
5 of 16
FSSTI 2,864.12 -0.67% 12,695.35 -0.98%
9.47 19,735.04 -1.15%
80.61 +0.43% 1,556.73 +0.18%
94.78 -1.40% 1.764 -0.07%Crude oil US Treasury 10yr Yield
HSIFSSTI (P/E)
Dollar Index Gold
DJI
Source: Bloomberg
2500
2700
2900
3100
3300
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
10500
11000
11500
12000
12500
13000
13500
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
15500
17500
19500
21500
23500
25500M
ay-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
6
7
8
9
10
11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
72
74
76
78
80
82
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
1200
1350
1500
1650
1800
1950
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
70
80
90
100
110
120M
ay-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
1.5
2
2.5
3
3.5
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
Morning Note 28 May 2012
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Phillip Securities Research - Singapore Stocks Coverage
Company Analyst RatingTarget Price
(S$)Current
Price (S$)
Upside to Target Price
(%)DBS GROUP HOLDINGS LTD Ken Ang Accumulate M 14.900 13.680 8.9%OVERSEA-CHINESE BANKING CORP Ken Ang Neutral M 8.200 8.840 -7.2%UNITED OVERSEAS BANK LTD Ken Ang Neutral U 17.500 18.100 -3.3%GENTING SINGAPORE PLC Magdalene Choong Accumulate M 1.890 1.605 17.8%SINGAPORE EXCHANGE LTD Ken Ang Accumulate M 7.340 6.360 15.4%COMFORTDELGRO CORP LTD Derrick Heng Buy M 1.650 1.460 13.0%SMRT CORP LTD Derrick Heng Sell M 1.330 1.635 -18.7%NEPTUNE ORIENT LINES LTD Derrick Heng Neutral U 1.190 1.045 13.9%SINGAPORE AIRLINES LTD Derrick Heng Accumulate M 11.540 10.230 12.8%TIGER AIRWAYS HOLDINGS LTD Derrick Heng Reduce M 0.580 0.625 -7.2%M1 LTD Derrick Heng Reduce M 2.380 2.480 -4.0%SINGAPORE TELECOM LTD Derrick Heng Neutral D 3.310 3.170 4.4%STARHUB LTD Derrick Heng Neutral M 2.940 3.270 -10.1%SIA ENGINEERING CO LTD Derrick Heng Buy M 5.000 4.070 22.9%SINGAPORE TECH ENGINEERING Derrick Heng Accumulate M 3.370 3.000 12.3%SATS LTD Derrick Heng Buy M 2.800 2.610 7.3%COSCO CORP SINGAPORE LTD Phillip Research Team Reduce U 1.000 0.900 11.1%SEMBCORP MARINE LTD Phillip Research Team Buy M 6.100 4.540 34.4%SEMBCORP INDUSTRIES LTD Phillip Research Team Buy M 6.580 4.760 38.2%KEPPEL CORP LTD Phillip Research Team Accumulate M 11.680 10.090 15.8%GOLDEN AGRI-RESOURCES LTD Phillip Research Team Accumulate D 0.795 0.690 15.2%WILMAR INTERNATIONAL LTD Lee Kok Joo Accumulate U 4.760 4.020 18.4%CHINA SUNSINE CHEMICAL HLDGS Lee Kok Joo Neutral M 0.250 0.270 -7.4%FORELAND FABRICTECH HOLDINGS Lee Kok Joo Reduce D 0.080 0.086 -7.0%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 0.108 -12.0%COMBINE WILL INTERNATIONAL H Chan Wai Chee Buy M 1.340 0.745 79.9%HU AN CABLE HOLDINGS LTD Chan Wai Chee Buy M 0.260 0.139 87.1%HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee Buy N 0.610 0.280 117.9%SUNPOWER GROUP LTD Chan Wai Chee Buy M 0.400 0.200 100.0%CAPITAMALLS ASIA LTD Bryan Go Buy M 1.750 1.430 22.4%HO BEE INVESTMENT LTD Bryan Go Neutral M 1.430 1.180 21.2%KEPPEL LAND LTD Bryan Go Neutral M 3.300 2.870 15.0%OVERSEAS UNION ENTERPRISE Bryan Go Accumulate M 2.830 2.290 23.6%SC GLOBAL DEVELOPMENTS LTD Bryan Go Neutral U 1.000 0.945 5.8%CAPITALAND LTD Bryan Go Accumulate I 2.980 2.650 12.5%CDL HOSPITALITY TRUSTS Travis Seah Accumulate M 2.000 1.870 7.0%PARKWAYLIFE REAL ESTATE Travis Seah Accumulate M 1.975 1.830 7.9%SABANA SHARIAH COMP IND REIT Travis Seah Buy M 1.050 0.950 10.5%
US Stocks Coverage
Company Analyst RatingTarget Price
(US$)Current
Price (US$)
Upside to Target Price
(%)ACURA PHARMACEUTICALS INC Magdalene Choong Accumulate M 3.580 2.600 37.7%BANK OF AMERICA CORP Magdalene Choong Neutral M - 7.350 -CITIGROUP INC Magdalene Choong Neutral D - 28.140 -LAS VEGAS SANDS CORP Magdalene Choong Buy D 58.800 49.300 19.3%MGM RESORTS INTERNATIONAL Magdalene Choong Accumulate D 12.900 11.140 15.8%Source: Phillip Securities Research Pte Ltd
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Director / Substantial Shareholders’ Transactions Company Substantial Shareholder / Director From (%) To (%) EASTGATE TECHNOLOGY LTD Teo Teck Leong 7.745 7.937 VASHION GROUP LTD. Ngai Kat Man 8.06 6.17 SUNPOWER GROUP LTD. Artur Jurczakowsk 9.45 9.15 POPULAR HOLDINGS LIMITED Chou Cheng Ngok 55.20 55.23 LIONGOLD CORP LTD The Macquarie Group Limited 6.15 5.58 ROXY-PACIFIC HOLDINGS LIMITED Teo Hong Lim 57.75 57.77 EXCELPOINT TECHNOLOGY LTD Albert Phuay Yong Hen 49.98 50.03 OXLEY HOLDINGS LIMITED Low See Ching (Liu Shijin) 27.94 27.96 Source: SGX Masnet
Morning Note 28 May 2012
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FTSE ST Breakdown (% Change)
STI -0.67%
-0.86%
-1.89%
0.46%
-3.17%-0.70%
-4.42%
-0.45%
-0.49%
-0.47%
-0.73%
-2.18%
-1.88%
ST China
ST Real Estate
ST Re Invest Trust
ST Oil & Gas
ST Basic Materials
ST Industrials
ST Consumer Goods
ST Consumer Service
ST Telecommunicate
ST Utilites
ST Financials
ST Technology-1.49%
ST Healthcare
Source: Bloomberg
FTSE ST Market Cap. Breakdown (% Change) Top Gainers Last Chg ▲JMH 400US$ 49.660 1.260 ▲JSH 500US$ 31.870 0.570 ▲Semb Corp 4.760 0.090 Top Losers Last Chg ▼DairyFarm 900 U 10.560 -0.280 ▼APB 34.300 -0.200 ▼UOB 18.100 -0.200 Top Volume Last Vol ▼Genting SP 1.625 101,118 NexGenSCom ̂ 0.012 94,347 SUNMOON 0.003 68,807 TURNOVER (SHARES) 1,824,415,210
Source: Data provided by ValuBond – http://w w w .valubond.com
EX Date Company Type Net Amount Currency Frequency Record Date Payout Date5/15/2012 OVERSEAS UNION ENTERPRISE Special Cash 0.0800 SGD Semi-Anl 5/17/2012 5/31/20125/15/2012 HOTEL ROYAL LTD Regular Cash 0.0500 SGD Annual 5/17/2012 5/31/20125/15/2012 ARMSTRONG INDUSTRIAL CORP Regular Cash 0.0060 SGD Annual 5/17/2012 5/29/20125/15/2012 SOUND GLOBAL LTD Regular Cash 0.0100 SGD Annual 5/17/2012 5/31/20125/15/2012 NOBLE GROUP LTD Regular Cash 0.0165 USD Annual 5/17/2012 7/3/20125/15/2012 MIDAS HOLDINGS LTD Final 0.0050 SGD Semi-Anl 5/17/2012 6/4/20125/15/2012 DEVOTION ENERGY GROUP LTD Regular Cash 0.0050 SGD Irreg 5/17/2012 5/30/20125/15/2012 HOR KEW CORP LTD Regular Cash 0.0025 SGD Annual 5/17/2012 5/31/20125/15/2012 LORENZO INTERNATIONAL LTD Regular Cash 0.0050 SGD Annual 5/17/2012 5/29/20125/15/2012 FDS NETWORKS GROUP LTD Distribution 0.0226 USD Irreg 5/17/2012 5/29/20125/16/2012 SHANGHAI ASIA HOLDINGS LTD Regular Cash 0.0100 SGD Annual 5/18/2012 5/31/20125/16/2012 HSBC HOLDINGS PLC-SPONS ADR Regular Cash 0.4500 USD Quarter 5/18/2012 7/5/20125/17/2012 HOE LEONG CORPORATION LTD Special Cash 0.0150 SGD Annual 5/21/2012 6/5/20125/17/2012 YANGZIJIANG SHIPBUILDING Regular Cash 0.0550 SGD Annual 5/21/2012 5/31/20125/17/2012 CHINA MOBILE LTD-SPON ADR Regular Cash 1.0125 USD Semi-Anl 5/21/2012 6/18/2012
Corporate Action: Dividend
Source: Bloomberg
Morning Note 28 May 2012
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Name Expected Report DateFragrance Group Ltd 5/15/2012Global Premium Hotels Ltd 5/15/2012Global Premium Hotels Ltd 5/15/2012TeleChoice International Ltd 5/15/2012United Engineers Ltd 5/15/2012Olam International Ltd 5/15/2012Federal International 2000 Ltd 5/15/2012Far East Group Ltd 5/15/2012Libra Group Ltd 5/15/2012CNMC Goldmine Holdings Ltd 5/15/2012JK Tech Holdings Ltd 5/15/2012Kitchen Culture Holdings Ltd 5/15/2012First Resources Ltd 5/15/2012Hong Leong Asia Ltd 5/15/2012KS Energy Ltd 5/15/2012Guangzhao Industrial Forest Biotechnology Group Ltd 5/15/2012Keong Hong Holdings Ltd 5/15/2012YHM Group Ltd 5/15/2012Armstrong Industrial Corp Ltd 5/15/2012Haw Par Corp Ltd 5/15/2012Malacca Trust Ltd 5/15/2012800 Super Holdings Ltd 5/15/2012Bumitama Agri Ltd 5/15/2012HG Metal Manufacturing Ltd 5/15/2012Yanlord Land Group Ltd 5/16/2012Amaru Inc 5/16/2012Intelligent Communication Enterprise Corp 5/16/2012Pacif ic Healthcare Holdings Ltd 5/17/2012Casa Holdings Ltd 5/17/2012Hartaw an Holdings Ltd 5/17/2012Wheelock Properties Singapore Ltd 5/17/2012ECS Holdings Ltd 5/17/2012UMS Holdings Ltd 5/17/2012First Resources Ltd 5/18/2012Advanced Holdings Ltd 5/18/2012Hotel Grand Central Ltd 5/18/2012Goodland Group Ltd 5/18/2012Adampak Ltd 5/18/2012Pteris Global Ltd 5/18/2012Magnus Energy Group Ltd 5/18/2012Bonvests Holdings Ltd 5/18/2012Armarda Group Ltd 5/18/2012Compact Metal Industries Ltd 5/18/2012Isetan Singapore Ltd 5/18/2012Hor Kew Corp Ltd 5/18/2012Sinw a Ltd 5/18/2012Chemical Industries Far East Ltd 5/18/2012Poh Tiong Choon Logistics Ltd 5/18/2012Ossia International Ltd 5/18/2012Aussino Group Ltd 5/18/2012Grand Banks Yachts Ltd 5/18/2012Hoe Leong Corp Ltd 5/18/2012Sun East Group Ltd 5/18/2012New Toyo International Holdings Ltd 5/18/2012Midas Holdings Ltd 5/18/2012China Yongsheng Ltd 5/18/2012Eu Yan Sang International Ltd 5/18/2012China Auto Corp Ltd 5/18/2012Sw issco Holdings Ltd 5/18/2012Asiasons Capital Ltd 5/18/2012Source: Bloomberg
Earning Announcement – Singapore
Calendar
Morning Note 28 May 2012
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Date Statistic For Survey Prior Date Statistic For Survey Prior5/15/2012 Consumer Price Index (MoM) APR 0.10% 0.30% 5/15/2012 Retail Sales Ex Auto (YoY) MAR - - 7.70%5/15/2012 CPI Ex Food & Energy (MoM) APR 0.20% 0.20% 5/15/2012 Retail Sales (YoY) MAR - - 19.00%5/15/2012 Consumer Price Index (YoY) APR 2.40% 2.70% 5/15/2012 Retail Sales (MoM) sa MAR - - -2.00%5/15/2012 CPI Ex Food & Energy (YoY) APR 2.30% 2.30% 15-25 MAY GDP (QoQ) 1Q F - - 9.90%5/15/2012 Consumer Price Index NSA APR 229.9 229.392 15-25 MAY GDP (YoY) 1Q F - - 1.60%5/15/2012 CPI Core Index SA APR - - 228.432 5/17/2012 Electronic Exports (YoY) APR - - 2.80%5/15/2012 Empire Manufacturing MAY 9 6.56 5/17/2012 Non-oil Domestic Exports (YoY) APR - - -4.30%5/15/2012 Advance Retail Sales APR 0.20% 0.80% 5/17/2012 Non-oil Domestic Exp SA (MoM) APR - - -16.80%5/15/2012 Retail Sales Less Autos APR 0.20% 0.80% 5/23/2012 CPI (MOM) - NSA APR - - 0.80%5/15/2012 Retail Sales Ex Auto & Gas APR 0.40% 0.70% 5/23/2012 CPI (YoY) APR - - 5.20%5/15/2012 Retail Sales "Control Group" APR 0.30% 0.40% 5/23/2012 Automobile COE Open Bid Cat A 23-May - - - -5/15/2012 Total Net TIC Flow s MAR - - $107.7B 5/23/2012 Automobile COE Open Bid Cat B 23-May - - - -5/15/2012 Net Long-term TIC Flow s MAR - - $10.1B 5/23/2012 Automobile COE Open Bid Cat E 23-May - - - -5/15/2012 Business Inventories MAR 0.40% 0.60% 5/25/2012 Industrial Production MoM SA APR - - 2.70%5/15/2012 Net Long-term TIC Flow s MAR $32.5B $10.1B 5/25/2012 Industrial Production YoY APR - - -3.40%
US SingaporeEconomic Announcement
Source: Bloomberg Source: Bloomberg
Morning Note 28 May 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
