sa: PY

Summary

Singapore Property: Blossoming Serangoon

Gardens

Changes to Model Portfolio – Remove Sheng

Siong from Dividend Category

Ascendas REIT: The Chanel Bag of REITs

CDL Hospitality Trusts: Attractive and

undemanding

China Aviation Oil: Raising target price and

forecasts

Frasers Hospitality Trust : Outpace the rising

interest

Indofood Agri Resources: y-o-y earnings recovery

priced in

Sembcorp Marine: Stay tuned for order recovery

Singapore Exchange: Positive view intact

UOB: Lacking the extra mile

Oceanus to collaborate and own 60% stake in

Australian abalone processor and retailer

Procurri to report net loss for 2Q 2017

DeClout to report let loss for 2Q 2017

New Toyo issued profit warning

Gaylin Holdings to report net loss for quarter to

June 2017

IndustryFocus

Singapore Property

Blossoming Serangoon Gardens

S$1bn invested at Serangoon Gardens in 3 days

Serangoon North Avenue 1 GLS site won by Keppel

Land – Wing Tai JV for S$446mn (S$965 psf ppr)

Serangoon Ville en bloc sold to Oxley consortium for

S$499mn (S$835 psf ppr)

Keen competition in both tenders; large developers top

the GLS bidders list

Read more…

DBS Group Research. Equity

30

31 July 2017

Singapore Traders Spectrum

Wired Daily Refer to important disclosures at the end of this report

Indices Data US Indices Last Close Pts Chg % Chg

Dow Jones 21,830.3 33.8 0.2

S&P 2,472.1 (3.3) (0.1)

NASDAQ 6,374.7 (7.5) (0.1)

Regional Indices

ST Index 3,330.8 (24.0) (0.7)

ST Small Cap 411.7 (0.8) (0.2)

Hang Seng 26,979.4 (151.8) (0.6)

HSCEI 10,756.1 (102.1) (0.9)

HSCCI 4,232.4 (28.6) (0.7)

KLCI 1,767.1 (3.0) (0.2)

SET 1,581.1 (2.1) (0.1)

JCI 5,831.0 11.3 0.2

PCOMP 8,071.5 25.7 0.3

KOSPI 2,401.0 (42.3) (1.7)

TWSE 10,423.1 (85.3) (0.8)

Nikkei 19,959.8 (119.8) (0.6)

Source: Bloomberg Finance L.P.

Model Portfolio

Price 28 Jul (S$)

12-mth Target Price

(S$) Upside

(%) Rec

Genting Singapore 1.150 1.35 17 BUY

Blue Chips

Dairy Farm (US$) 8.100 9.96 23 BUY

Genting Singapore 1.150 1.35 17 BUY

ST Engineering 3.760 4.12 10 BUY

Thai Beverage 0.950 1.07 12 BUY

Dividend

Far East Hospitality Trust 0.665 0.66 (1) BUY

Frasers Logistics & Industrial Trust

1.110 1.15 4 BUY

Keppel REIT 1.160 1.23 6 BUY

Source: DBS Bank; Bloomberg Finance L.P.

* Target price under review

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Page 2

Stocks to Watch

Changes to Model Portfolio – Remove Sheng Siong

from Dividend Category

We remove Sheng Siong following the stock’s negative

reaction to the launch of Amazon Prime Now in Singapore

that boasts of a 2-hour free delivery service for orders

above S$40. Investors’ concern is that this latest

disruptive competitor to the traditional supermarket

business could either pull away customers or spark a

price war. Shares of Sheng Siong fell on high volume of

16.8million shares on 27 July last week and broke an

important technical support at S$0.965. Near term

resistance is now at S$0.975. The stock returned 3.5%

(cum dividend) since its inclusion on 20 March, slightly

underperforming STI’s 5.2% gain over the same period.

Ascendas REIT (AREIT SP): BUY

Last Traded Price: S$2.72; Price Target: S$2.85 (Upside

4.9%) (Prev S$2.78)

The Chanel Bag of REITs

1Q18 DPU came in strongly

Occupancy rate bottoming out; rental reversions

stable

Pricing in S$200m in acquisitions; low gearing to

prompt manager to actively manage its leverage

BUY call maintained with higher TP of S$2.85

Read more..

CDL Hospitality Trusts (CDREIT SP): BUY

Last Traded Price: S$1.59; Price Target: S$1.75 (Upside

9.9%) (Prev S$1.68)

Attractive and undemanding

2Q17 DPU of 2.08 Scts (-4% y-o-y) impacted by

dilution from recent rights issue

Excluding rights issue, 2Q17 results were in line with

expectations

Singapore performance remains weak with 2Q17

RevPAR down 1.4% y-o-y

Bright outlook with boost from acquisitions and

recovery in the Singapore hospitality market in 2018

Read More

China Aviation Oil (CAO SP): BUY

Last Traded Price: S$1.67; Price Target: S$2.08 (Upside

24.4%) (Prev S$1.85)

Raising target price and forecasts

Interim earnings were ahead of our expectations,

with 4.4% y-o-y growth to US$49.9m as volumes

grew

Raising FY17 and FY18 forecasts by 4% and 6%

respectively

Inclusion in MSCI Singapore Small Cap Index

should mean a sustained higher valuation multiple

Maintain BUY with raised TP of S$2.08

Read more…

Frasers Hospitality Trust (FHT SP): BUY

Last Traded Price: S$0.745; Price Target: S$0.83 (Upside

11.3%) (Prev S$0.85)

Outpace the rising interest

3Q17 DPU of 1.2374 Scts (+8% y-o-y) was below

expectations

Boost from recent acquisitions but Singapore

operations lagging our original estimates

Share price rally to continue on DPU recovery and

attractive yield on offer

Read more…

Indofood Agri Resources (IFAR SP): HOLD

Last Traded Price: S$0.475; Price Target: S$0.49 (Upside

3.2%)

Y-o-y earnings recovery priced in

2Q17 reported earnings broadly in line with our

FY17 forecast

Lower CPO and PKO q-o-q price trend dragged

earning s

Expecting milder CPO output in 2H17

Maintain HOLD rating with TP of S$0.49

Read more…

Singapore

Wired Daily

Page 3

Sembcorp Marine (SMM SP): BUY

Last Traded Price: S$1.74; Price Target: S$2.30 (Upside

32.3%)

Stay tuned for order recovery

Stripping out forex losses, core profit would have

been S$38m and EBIT margin would have climbed

to 9.6%

Management remains positive on order wins; FPSO

enquiries picked up

An interim dividend of 1Sct was declared

Reiterate BUY; TP S$2.30

Read more…

Singapore Exchange (SGX SP): BUY

Last Traded Price: S$7.59; Price Target: S$8.20 (Upside

8.0%) (Prev S$8.30)

Positive view intact

FY2017 net profit of S$339.7m was 6% below

expectations, mainly due to Derivatives

Derivatives revenue declined 7% y-o-y; average fee

per contract was stable

Revenue for Securities flat; daily average traded value

increased 2% to S$1.12 bn

FY18F-FY19F earnings cut by 9% - 11%; TP reduced

to S$8.20

Read more…

UOB (UOB SP): HOLD

Last Traded Price: S$24.60; Price Target: S$24.80

(Upside 0.8%) (Prev S$22.70)

Lacking the extra mile

NIM moved up a little but loan growth traction was

muted in 2Q17; hopeful for a pick-up in 2H17

New NPLs ticked up; issues spread to SMEs

Still in need of a stronger non-interest income

franchise; 2Q17 earnings trend proved the point

Downgrade to HOLD despite a higher TP of S$24.80

as we roll forward our valuation base to 2018

Read more..

News

Oceanus to own 60% stake in Australian abalone

processor and retailer

Oceanus Group has entered into a collaboration

agreement with Australia-based abalone processor and

retailer, BNY Abalone World Factory Outlet (BNY) to

further sales expansion into the Melbourne, Sydney and

Asia Pacific markets. Oceanus will own 60% of BNY, and

the latter will be renamed Oceanus Australia Abalone

World Pty Ltd (OAAW). OAAW will focus on production,

quality control, formulation of new recipes, managing of

the duty free store in Gold Coast and driving domestic

sales within Australia.

Procurri to report net loss for second quarter 2017

Procurri Corporation expects to report a net loss for

second quarter 2017 and first half 2017 as compared to

the previous year’s corresponding periods. The net loss

expected is contributed by a change in accounting

practices for the Group’s maintenance businesses in the

Americas.

DeClout to report net loss for second quarter 2017

DeClout expects to report a loss for second quarter 2017

mainly due to:

1) an adjustment to the total consideration pertaining to

the divestment of Acclivis Technologies and

Solutions Pte Ltd (ATS) in late 2016 resulting in a

one-off impact to the Group’s profitability, and

absence of profit contribution from ATS in 2017;

2) net loss expected to be incurred from one of the

Group’s portfolio companies, Procurri Corporation,

which is contributed by a change in accounting

practices in respect of revenue recognition for the

maintenance businesses in the Americas

New Toyo issues profit warning

New Toyo International is expected to report a net loss for

second quarter 2017. The expected loss is mainly

attributable to the estimated cost relating to the proposed

cessation of the printing business of Anzpac Services

(Australia) Pty Limited arising from a reorganisation of

production footprint.

Gaylin Holdings to report net loss for quarter to June

2017

Gaylin Holdings is expected to record a net loss for the

quarter to June 2017 due to the continued challenging

environment for the oil and gas industry players.

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1. Market Update Seminar 2017

Our takeaway message at the March 2017 retail

seminar was “Make Hay While the Sun Shines”. The

Singapore equity market has performed well year-to-

date, led by bank, property and technology stocks.

So, what can investors expect for the rest of 2017?

Are all the positives ‘priced-in’ or are there more

goodies in store for investors? Come and hear from

our Retail Market Strategist, Mr Yeo Kee Yan (Vice

President, DBS Group Research) as he shares his

views.

What are some of the key innovations taking place in

China’s financial technology (Fintech) sector as

those are typically leading indicators of Fintech

developments all over the world. What will these

developments mean for the stock pricing of banks?

How might banks cope with these challenges in the

future? Our Research Analyst, Mr Sachin Mittal

(Senior Vice President, DBS Group Research) will

share his insights.

Details of event

Date: 7 Aug 2017, Monday

Time: 7:00 pm – 9:00 pm

(Registration starts at 6.30 pm)

Venue: DBS Auditorium, Level 3

12 Marina Boulevard

Marina Bay Financial Centre Tower 3

2. Introduction to Daily Leverage Certificates

Offering a fixed leverage of 3 to 5 times of the daily

performance of the underlying index, be it a rising or

falling market, Daily Leverage Certificates (DLCs)

are new products brought into Asia by Societe

Generale and the Singapore Exchange.

Launched on 17 July 2017 on SGX, DLCs track the

MSCI Singapore Free Index (SIMSCI), Hang Seng

Index (HSI) and Hang Seng China Enterprises Index

(HSCEI). While they seek to achieve short-term

investment results and need to be actively monitored

on a daily basis, DLCs come without the features

impacting pricing for options such as implied

volatility, time decay or margin calls.

Come and hear from Mr Luuk Strijers, Head of

Products from SGX, and Mr Keith Chan, Head of

Cross Asset Listed Distribution from Societe

Generale, as they share more about the key

highlights of DLCs.

Details of event

Date: 14 Aug 2017, Monday

Time: 7:00 pm – 8:00 pm

(Registration starts at 6.30 pm)

Venue: SGX Auditorium, Level 2

2 Shenton Way

SGX Centre 1

Singapore 068804

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Page 5

Share Buy-Back

Source: SGX

Substantial Shareholders’ Transactions: 20 Jul - 26 Jul 2017

*Deemed Interest

Source: Business Times; SA: Share Allotment; ST: Share Transfer, B/R: Bonus/Rights Issue; OE: Option Exercise; PL: Placement Shares

Name D.O.T . Buy /Sell No.of shares S$/shr

Bumitama Agri Ltd 28-Jul-17 Share Buy-Back 1,392,700 0.7449

Duty Free International Limited 28-Jul-17 Share Buy-Back 100,000 0.3200

Duty Free International Limited 27-Jul-17 Share Buy-Back 50,000 0.3200

Q & M Dental Group (Singapore) Limited 27-Jul-17 Share Buy-Back 500,700 0.6491

Bumitama Agri Ltd 26-Jul-17 Share Buy-Back 500,000 0.7345

Starburst Holdings Limited 26-Jul-17 Share Buy-Back 980,000 0.3812

Bumitama Agri Ltd 25-Jul-17 Share Buy-Back 300,000 0.7345

Cordlife Group Limited 25-Jul-17 Share Buy-Back 3,000,000 0.9448

Duty Free International Limited 25-Jul-17 Share Buy-Back 110,000 0.3277

Q & M Dental Group (Singapore) Limited 25-Jul-17 Share Buy-Back 398,500 0.6486

Bumitama Agri Ltd 24-Jul-17 Share Buy-Back 300,000 0.7389

Duty Free International Limited 24-Jul-17 Share Buy-Back 120,000 0.3250

Stock sT ransacted

Date

Substant ial Shareholder/

Director

Buy /Sell

/Conv

No of

Shares

Price Per

Share $

Before

('000)

%Issued

Cap Before

A f ter

('000)

%Issued

Cap A f ter

Accrelist Ltd 26-Jul-17 Tea Yeok Kian Buy 5772 0.0100 1114186 21.25 1119958 21.36

Hwa Hong Corp 26-Jul-17 Ong Kay Eng *Buy 58 0.3100 33020 5.06 33078 5.07

Second Chance Prop 26-Jul-17 Mohamed Salleh *Buy 200 0.2500 71412 9.54 71612 9.56

Tung Lok Rest 26-Jul-17 Goi Seng Hui *Buy 391 0.1500 51707 18.84 52098 18.99

Cache Log 25-Jul-17 Prudential plc *Buy 2290 0.9000 52164 5.78 54454 6.03

Miyoshi Ltd 25-Jul-17 Pek Yee Chew *Buy 1000 0.0700 120417 24.40 121417 24.60

Miyoshi Ltd 25-Jul-17 Sin Kwong Wah Buy 1000 0.0700 88742 18.00 89742 18.20

Sincap Grp 25-Jul-17 Fu Hao Sell 5000 0.0300 45000 5.00 40000 4.44

Tung Lok Rest 25-Jul-17 Goi Seng Hui *Buy 60 0.1400 51647 18.82 51707 18.84

Eurosports Global 24-Jul-17 Goh Kim San *Buy 50 0.2400 40249 15.19 40299 15.21

Hwa Hong Corp 24-Jul-17 Ong Kay Eng *Buy 20 0.3100 33000 5.05 33020 5.06

MMP Res 24-Jul-17 Blue Pegasus Cap *Sell 15000 0.0100 228499 10.53 213499 9.84

New Silkroutes 24-Jul-17 Lee Soek Shen *Sell 128 0.4000 9567 6.57 9439 6.49

Rowsley Ltd. 24-Jul-17 Hong Hin Kay *Sell 52729 0.1700 570322 12.04 517593 10.92

Second Chance Prop 24-Jul-17 Mohamed Salleh *Buy 9 0.2500 71403 9.53 71412 9.54

Sincap Grp 24-Jul-17 Fu Hao Sell 10000 0.0500 55000 6.11 45000 5.00

Tung Lok Rest 24-Jul-17 Goi Seng Hui *Buy 530 0.1400 51117 18.63 51647 18.82

Eurosports Global 21-Jul-17 Goh Kim San *Buy 100 0.2300 40149 15.15 40249 15.19

New Silkroutes 21-Jul-17 Lee Soek Shen *Sell 127 0.4000 9694 6.66 9567 6.57

New Wave Hldgs 21-Jul-17 Koh Wee Meng Sell 12000 0.0100 192995 12.01 180995 11.26

Sincap Grp 21-Jul-17 Wang, Xiaoling Buy 91373 0.0400 66000 7.33 157373 17.48

Hwa Hong Corp 20-Jul-17 Ong Kay Eng *Buy 133 0.3100 32867 5.03 33000 5.05

New Silkroutes 20-Jul-17 Lee Soek Shen *Sell 120 0.4100 9814 6.74 9694 6.66

Second Chance Prop 20-Jul-17 Mohamed Salleh *Buy 178 0.2500 71225 9.51 71403 9.53

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Announced Dividends and Capital Issues: 31 Jul – 22 Sep 17 (by Ex-Date) 1

wwwSource: SGX

Company Ty pe Part iculars Ex Date Paid/ Pay able

JAPAN FOODS HOLDING LTD. DIV IDEND SGD 0.0125 ONE-TIER TAX 31-Jul-17 18-Aug-17

MAPLETREE INDUSTRIAL TRUST DIV IDEND 010417-300617 SGD 0.0292 LESS TAX 31-Jul-17 29-Aug-17

PARKWAYLIFE REIT DIV IDEND 010417-300617 SGD 0.0026 TAX EXEMPT 31-Jul-17 24-Aug-17

PARKWAYLIFE REIT DIV IDEND 010417-300617 SGD 0.0061 31-Jul-17 24-Aug-17

PARKWAYLIFE REIT DIV IDEND 010417-300617 SGD 0.0022 31-Jul-17 24-Aug-17

PARKWAYLIFE REIT DIV IDEND 010417-300617 SGD 0.0223 LESS TAX 31-Jul-17 24-Aug-17

SABANA SHARI'AH COMPLIANT REIT DIV IDEND 010417-300617 SGD 0.0081 LESS TAX 31-Jul-17 29-Aug-17

BAN LEONG TECHNOLOGIES LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 01-Aug-17 15-Aug-17

BUKIT SEMBAWANG ESTATES LTD DIV IDEND SGD 0.29 ONE-TIER TAX 01-Aug-17 18-Aug-17

BUKIT SEMBAWANG ESTATES LTD DIV IDEND SGD 0.04 ONE-TIER TAX 01-Aug-17 18-Aug-17

SINGAPORE AIRLINES LTD DIV IDEND SGD 0.11 ONE-TIER TAX 01-Aug-17 16-Aug-17

SINGTEL DIV IDEND SGD 0.107 ONE-TIER TAX 01-Aug-17 17-Aug-17

SUNTEC REAL ESTATE INV TRUST DIV IDEND 010417-300617 SGD 0.00297 TAX EXEMPT 01-Aug-17 29-Aug-17

SUNTEC REAL ESTATE INV TRUST DIV IDEND 010417-300617 SGD 0.00302 01-Aug-17 29-Aug-17

SUNTEC REAL ESTATE INV TRUST DIV IDEND 010417-300617 SGD 0.01894 LESS TAX 01-Aug-17 29-Aug-17

VIVA INDUSTRIAL TRUST DIV IDEND 010417-300617 SGD 0.003 TAX EXEMPT 01-Aug-17 28-Aug-17

VIVA INDUSTRIAL TRUST DIV IDEND 010417-300617 SGD 0.01561 LESS TAX 01-Aug-17 28-Aug-17

YONGMAO HOLDINGS LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 01-Aug-17 21-Aug-17

BOUSTEAD PROJECTS LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 02-Aug-17 18-Aug-17

BOUSTEAD PROJECTS LIMITED DIV IDEND SGD 0.015 ONE-TIER TAX 02-Aug-17 18-Aug-17

BOUSTEAD SINGAPORE LIMITED DIV IDEND SGD 0.015 ONE-TIER TAX 02-Aug-17 18-Aug-17

KSH HOLDINGS LIMITED DIV IDEND SGD 0.005 ONE-TIER TAX 02-Aug-17 14-Aug-17

KSH HOLDINGS LIMITED DIV IDEND SGD 0.015 ONE-TIER TAX 02-Aug-17 14-Aug-17

GLOBAL LOGISTIC PROP LIMITED DIV IDEND SGD 0.06 ONE-TIER TAX 03-Aug-17 22-Aug-17

FISCHER TECH LTD DIV IDEND SGD 0.03 ONE-TIER TAX 04-Aug-17 17-Aug-17

FISCHER TECH LTD DIV IDEND SGD 0.03 ONE-TIER TAX 04-Aug-17 17-Aug-17

SINGAPORE SHIPPING CORP LTD DIV IDEND SGD 0.01 ONE-TIER TAX 07-Aug-17 23-Aug-17

STAMFORD LAND CORPORATION LTD DIV IDEND SGD 0.01 ONE-TIER TAX 07-Aug-17 23-Aug-17

YOMA STRATEGIC HOLDINGS LTD DIV IDEND SGD 0.0025 ONE-TIER TAX 07-Aug-17 18-Aug-17

GP INDUSTRIES LIMITED DIV IDEND SGD 0.015 ONE-TIER TAX 10-Aug-17 24-Aug-17

WILLAS-ARRAY ELEC (HLDGS) LTD DIV IDEND HKD 0.31 10-Aug-17 25-Aug-17

NEO GROUP LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 11-Aug-17 23-Aug-17

COURTS ASIA LIMITED DIV IDEND SGD 0.0129 ONE-TIER TAX 15-Aug-17 30-Aug-17

GREAT EASTERN HLDGS LTD DIV IDEND SGD 0.1 ONE-TIER TAX 15-Aug-17 31-Aug-17

PAN HONG HOLDINGS GROUP LTD DIV IDEND SGD 0.01 15-Aug-17 25-Aug-17

HIAP SENG ENGINEERING LTD DIV IDEND SGD 0.005 ONE-TIER TAX 16-Aug-17 28-Aug-17

GP BATTERIES INT LTD DIV IDEND SGD 0.015 ONE-TIER TAX 21-Aug-17 05-Sep-17

TRANSIT-MIXED CONCRETE LTD DIV IDEND SGD 0.01 ONE-TIER TAX 21-Aug-17 08-Sep-17

FIRST SPONSOR GROUP LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 29-Aug-17 20-Sep-17

SRI TRANG AGRO-INDUSTRY PCL RIGHTS OFFER OF 1 FOR 5 @ THB 10 06-Sep-17

XMH HOLDINGS LTD. DIV IDEND SGD 0.005 ONE-TIER TAX 07-Sep-17 21-Sep-17

N215100F 171001 ENTITL. REDEMPTION 100% 22-Sep-17 02-Oct-17

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July 2017

Source: Bloomberg Finance L.P.

Mon Tues Wed Thu Fri

Healthway Medical 4Q 16

Automobile COE Open Bid Cat A

Electronics Sector Index Automobile COE Open Bid Cat B

Purchasing Managers Index Automobile COE Open Bid Cat E

URA Private Home Prices QoQ Nikkei Singapore PMI Foreign Reserves

Duty Free International 1Q 18 ESR REIT 2Q 17 Keppel Corp 2Q 17

SPH REIT 3Q 17 Soilbuild Business Space REIT 2Q 17 Singapore Press 3Q 17

Retail Sales SA MoM

GDP YoY Retail Sales YoY

GDP SAAR QoQ Retail Sales Ex Auto YoY

First REIT 2Q 17 Keppel REIT 2Q 17 CapitaLand Commercial Trust 2Q 17 Ascott Residence Trust 2Q 17 Cache Logistics Trust 2Q 17

Keppel DC REIT 2Q 17 M1 2Q 17 Hutchison Port 2Q 17 Keppel Corp 2Q 17 CapitaLand 2Q 17Keppel Infrastructure Trust 2Q 17 Qian Hu Corp 2Q 17 Keppel T&T 2Q 17 CapitaLand Mall Trust 2Q 17

UOI 2Q 17 SATS 1Q 18

Electronic Exports YoY Automobile COE Open Bid Cat A

Non-oil Domestic Exports SA MoM Automobile COE Open Bid Cat B

Non-oil Domestic Exports YoY Automobile COE Open Bid Cat E

Ascendas India Trust 1Q 18 Great Eastern 2Q 17 Sheng Siong Group 2Q 17 Ascendas REIT 1Q 18 CDL Hospitality Trusts 2Q 17

Frasers Centrepoint Trust 3Q 17 Mapletree Industrial Trust 1Q 18 Suntec REIT 2Q 17 CapitaLand Retail China Trust 2Q 17 Fortune REIT 1H 17

Frasers Commercial Trust 3Q 17 Parkway Life REIT 2Q 17 Yoma Strategic 1Q 18 China Aviation Oil 2Q 17 Frasers Logistics & Ind Trust 3Q 17

Mapletree Logistics Trust 1Q 18 Sabana Shari'ah Compliant 2Q 17 Frasers Hospitality Trust 3Q 17 iFAST Corp 2Q 17

SIA Engineering 1Q 18 Mapletree Commercial Trust 1Q 18 Mapletree Greater China 1Q 18

OCBC 2Q 17 Starhill Global REIT FY 17

Sembcorp Marine Ltd 2Q 17 UOB 2Q 17

Singapore Airlines 1Q 18 UIC 2Q 17

Singapore Exchange FY 17

CPI YoY Industrial Production YoY Unemployment rate SA

CPI NSA MoM CPI Core YoY Industrial Production SA MoM URA Private Home Prices QoQ

Raffles Medical 2Q 17

Credit Card Billings SGD

Credit Card Bad Debts SGD

Money Supply M2 YoY

Money Supply M1 YoY

Bank Loans and Advances YoY

10 11 12 13 14

3 4 5 6 7

24 25 26 27 28

17 18 19 20 21

31

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August 2017

Source: Bloomberg Finance L.P.

Mon Tues Wed Thu Fri

OUE Hospitality Trust 2Q 17 BreadTalk Group Ltd 2Q 17 Ascendas Hospitality Trust 1Q 18 Hi-P International Ltd 2Q 17

OUE Ltd 2Q 17 OUECT 2Q 17 EC World REIT 2Q 17 DBS Group Holdings Ltd 2Q 17

StarHub Ltd 2Q 17 Genting Singapore PLC 2Q 17 Far East Hospitality Trust 2Q 17

Lippo Malls Indonesia Retail Trust 2Q 17 UOL Group Ltd 2Q 17

RHT Health Trust 1Q 18 Venture Corp Ltd 2Q 17

Sembcorp Industries Ltd 2Q 17

Purchasing Managers Index

Electronics Sector Index Nikkei Singapore PMI

Best World International Ltd 2Q 17 BHG Retail REIT 2Q 17 Wilmar International 2Q 17 City Developments 2Q 17

Frasers Centrepoint Ltd 3Q 17 Global Logistic Properties 1Q 18 First Resources 2Q 17

Ho Bee Land Ltd 2Q 17 Manulife US REIT 2Q 17

Automobile COE Open Bid Cat A Retail Sales SA MoM

Automobile COE Open Bid Cat B Retail Sales YoY

Foreign Reserves Automobile COE Open Bid Cat E Retail Sales Ex Auto YoY

Asian Pay Television Trust 2Q 17

Olam International 2Q 17

Non-oil Domestic Exports YoY

Electronic Exports YoY GDP YoY (18-25 Aug)

Non-oil Domestic Exports SA MoM GDP SAAR QoQ (18 - 25 Aug)

Automobile COE Open Bid Cat A

Automobile COE Open Bid Cat B

Automobile COE Open Bid Cat E

CPI Core YoY

CPI YoY Industrial Production YoY

CPI NSA MoM Industrial Production SA MoM

Bank Loans and Advances YoY

Credit Card Bad Debts SGD

Credit Card Billings SGD

Money Supply M1 YoY

Money Supply M2 YoY

1 2 3 4

25

7 8 9 10 11

14 15 16 17 18

28 29 30 31

21 22 23 24

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DBS Bank Ltd recommendations are based an Absolute Total Return* Rating system, defined as follows:

STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)

BUY (>15% total return over the next 12 months for small caps, >10% for large caps)

HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)

FULLY VALUED (negative total return i.e. > -10% over the next 12 months)

SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends

Completed Date 31 Jul 2017 09:44:40 (SGT) Dissemination Date: 31 Jul 2017 09:29:04 (SGT)

Sources for all charts and tables are DBS Bank unless otherwise specified

Traders Spectrum’s product is oriented towards readers with a short-term trading horizon. It aims to highlight topical themes, which may

move stock prices on a daily basis. Readers should be aware that “TS Take” relies more on assessments of technical factors, likely sentiment

responses and short term money flows, rather than on fundamental analysis. As such the “TS Take” may from time to time conflict with

fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by

DBS Bank Ltd analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or

commented on an ongoing basis.

GENERAL DISCLOSURE/DISCLAIMER

This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd, its respective connected and associated

corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii)

redistributed without the prior written consent of DBS Bank Ltd.

The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to

DBS Bank Ltd, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents

(collectively, the “DBS Group”)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions

expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this

document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee.

This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees,

who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect

and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further

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securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and

may also perform or seek to perform broking, investment banking and other banking services for these companies.

Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there

can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk

assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or

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Group is under no obligation to update the information in this report.

This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned

schedule or frequency for updating research publication relating to any issuer.

The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and

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which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from

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BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that:

(a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and

(b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or

risk assessments stated therein.

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Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets.

Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies)

mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to

the commodity referred to in this report.

DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research

department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking

transaction in the past twelve months and does not engage in market-making.

ANALYST CERTIFICATION

The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the

companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of

his/her compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The

research analyst (s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate1 does not

serve as an officer of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the

management company of the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the

entity who is responsible for the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for

the content of this research report or his associate does not have financial interests2 in relation to an issuer or a new listing applicant that the

analyst reviews. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in

connection with the production of research reports. The research analyst(s) responsible for this report operates as part of a separate and

independent team to the investment banking function of the DBS Group and procedures are in place to ensure that confidential information

held by either the research or investment banking function is handled appropriately. There is no direct link of DBS Group's compensation to

any specific investment banking function of the DBS Group.

COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1. DBS Bank Ltd, DBS HK, DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), DBSV HK or their subsidiaries and/or other affiliates have

proprietary positions in Genting Singapore, ST Engineering, Thai Beverage Public Company, Far East Hospitality Trust, Frasers Logistics &

Industrial Trust, Keppel REIT, Sheng Siong Group, Ascendas REIT, CDL Hospitality Trusts, Frasers Hospitality Trust, Indofood Agri Resources,

Semborp Marine, Singapore Exchange, UOB, as of 30 June 2017.

2. Neither DBS Bank Ltd, DBS HK nor DBSV HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research

Report.

3. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates have a net long position exceeding 0.5% of the total

issued share capital in Frasers Logistics & Industrial Trust, CDL Hospitality Trusts, Frasers Hospitality Trust recommended in this report as of

30 June 2017.

4. DBS Bank Ltd, DBS HK, DBSVS, DBSVUSA, DBSV HK or their subsidiaries and/or other affiliates beneficially own a total of 1% of any class

of common equity securities of Frasers Logistics & Industrial Trust, Frasers Hospitality Trust as of 30 June 2017.

Compensation for investment banking services:

5. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months for investment banking services from Keppel REIT, Ascendas REIT, Frasers Hospitality Trust, Procurri Corporation as of 30 June 2017.

6. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA, within the next 3 months, will receive or intend to seek compensation for investment banking services from Frasers Logistics & Industrial Trust, CDL Hospitality Trusts as of 30 June 2017.

7. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of securities for Frasers Logistics & Industrial Trust, Keppel REIT, Ascendas REIT, CDL Hospitality Trusts, Frasers Hospitality Trust, Procurri Corporation in the past 12 months as of 30 June 2017.

8. DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as

a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain

1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of

which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst.

2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.

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further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this

document should contact DBSVUSA exclusively.

Directorship/trustee interests

9. Lim Sim Seng, a member of DBS Group Executive Committee, is an Independent Non-Executive Director of ST Engineering as of 1 July

2017.

10. Lim Sok Hui, a member of DBS Group Executive Committee, is a Director of Singapore Exchange as of 1 July 2017

Disclosure of previous investment recommendation produced

11. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates may have published other

investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12

months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published

by DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates in the preceding 12

months.

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Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.

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For any query regarding the materials herein, please contact Paul Yong (CE. No. ASE988) at equityresearch@dbs.com.

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Malaysia This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR"). Recipients of this report, received from ADBSR are to contact the undersigned at 603-2604 3333 in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies.

Wong Ming Tek, Executive Director, ADBSR

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Singapore This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No. 198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6327 2288 for matters arising from, or in connection with the report.

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In respect of the United Kingdom, this report is solely intended for the clients of DBSVUK, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVUK. This communication is directed at persons having professional experience in matters relating to investments. Any investment activity following from this communication will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this communication.

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This report is provided by DBS Bank Ltd (Company Regn. No. 196800306E) which is an Exempt Financial Adviser as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. This report is for information purposes only and should not be relied upon or acted on by the recipient or considered as a solicitation or inducement to buy or sell any financial product. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situation, or needs of individual clients. You should contact your relationship manager or investment adviser if you need advice on the merits of buying, selling or holding a particular investment. You should note that the information in this report may be out of date and it is not represented or warranted to be accurate, timely or complete. This report or any portion thereof may not be reprinted, sold or redistributed without our written consent.

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