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MCI (P) 129/11/2012 Ref No: SGMN2013_0174 1 of 16
Morning Note
Phillip Securities Research Pte Ltd Singapore
11 September 2013
Weekly Market Outlook Webinar
Webinar videos can be accessed via UniPhillip website - http://www.uniphillip.com/ => Education Programs => Phillip Securities Research Webinars
Source: Phillip Securities Research Pte Ltd
Company Highlights
United Envirotech Ltd. is pleased to announce that on 10 September 2013, the Company has signed a RMB 286 million (SGD 59 million) 30
year Transfer-Operate-Transfer (TOT) cum Build-Operate-Transfer (BOT) agreement (the “Agreement”) with the municipal government of Hong Wei District, Liaoyang City, Liaoning Province, China. Under the terms of the Agreement, UEL will acquire the existing 15,000 m3/day treatment plant for a consideration of RMB 25 million (the “TOT project”). It will upgrade the plant using its advance Membrane Bioreactor (MBR) technology. The BOT project involves adding an additional 45,000 m3/day of treatment capacity to cater to the increase in demand. Upon completion, the plant will have a total treatment capacity of 60,000 m3/day and will treat 30,000 m3/day of municipal wastewater and 30,000 m3/day of industrial wastewater. The upgrading work will commence immediately and is expected to be completed by September 2014. The expansion work is expected to commence in early 2014 and will take 12 months to complete. (Closing Price: S$0.885, +5.988%)
Source: SGX Masnet, The Business Times
Morning Note 11 September 2013
2 of 14
Morning Commentary
STI: +1.16% to 3123.9 KLCI: +1.03% to 1764.9 JCI: +3.98% to 4358.1 SET: +0.64% to 1393.2 HSI: +0.99% to 22976 HSCEI: +1.60% to 10697 Nikkei: -0.31% to 14423 ASX200: +0.38% to 5201.2 Nifty: +3.81% to 5896.8 S&P500: +0.73% to 1683.9 MARKET OUTLOOK:
This week’s Market Outlook webinar has been archived at www.uniphillip.com > education programs > Phillip Securities Research webinar. Apart from giving an update on Telcos and Banks, this week’s macro trading call has been long China (ETF 83188.HK), long Commodities (ETF GSG.US), short SPDR Gold ETF O87.SGX, short US 10yr Treasuries (ETF TBT.US). We released a report on this on Monday (Macro Trader 2013-9-9). (PhillipCFDs and ETFs for trading the market outlook can be found in the webinar slides or the Global Macro report below. PhillipUT Wrap Account offers tactical asset allocation of unit trusts without front loading sales charge.) SECTOR/STRATEGY REPORTS:
- Sector Reports: Banking, 9 Sep / Telecommunications, 9 Sep / Offshore & Marine, 26 Aug / Commodities, 29 May - Country Strategy: China & HK 5 July / S’pore, 18 Jun / Thai, 17 Jun - Global Macro, Asset Strategy: 9 Sep, Update Source: Phillip Securities Research Pte Ltd
Macro Data
China’s factory output growth accelerated to 10.4% in August, the highest in 17 months, while retail sales grew at their fastest pace at
13.4%, adding signs to the world’s second-largest economy regaining some momentum after slowing for more than 2 years. Urban fixed-asset investment, a measure of construction activity, picked up slightly to 20.3% in the first eight months of 2013. Philippines unemployment rate climbed to 7.3% in July 2013 from 7.0% over the same period of last year. According to the National
Statistics Office, out of the 41.178 million Filipinos in the labor force, about 38.175 million are employed (a marginal 1.7% increase from 37.6 million a year ago), leaving about 3.003 million jobless. The 620,000 newly created jobs in July (mostly in agriculture and services sectors) is not sufficient to cater to the fast growing labor force, which increased 1.9% during the period, said Socioeconomic Planning Secretary Arsenio Balisacan. Without new entrants to labor force, Philippine unemployment rate could have slowed to 6.6%, he added. India’s trade deficit narrowed to INR690 billion ($10.9 billion) in Aug as compared to INR733 billion ($12.26 billion) in the preceding month,
as exports improved and imports declined. French industrial production slid for a third month in July. It fell 0.6% from the previous month, under expectations of 0.5%.
Bank of Japan said that Japan’s M2 Money Stock remained unchanged at a seasonally adjusted 3.7%, from 3.7% in the preceding month.
Analysts had expected Japan’s M2 Money Stock to rise to 3.8% last month. India’s exports rose 13.0% and imports fell 0.7% vs. a year earlier.
Australian business confidence surged to the highest level since May 2011. The confidence index for August jumped to 6 from minus 3.
Source: Phillip Securities Research Pte Ltd
Morning Note 11 September 2013
3 of 14
Source: Bloomberg
STI - Index Members
7.6
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6.6
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5.6
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2.7
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1.8
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1.5
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1.4
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1.3
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1.2
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1.1
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1.1
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0.8
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0.8
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0.7
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0.7
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0.7
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0.7
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0.5
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0.5
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0.3
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0.3
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0.3
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Morning Note 11 September 2013
4 of 14
81.81 -0.01% 290.09 -0.75%
114.82 -1.00% 2.968 +0.00%
1,363.86 +0.10% 15,191.06 +0.85%
535.36 +1.64% Straits Times Index 3,123.89 +1.16%
22,976.65 +0.99% 14,423.36 1.54%
Dollar Index ThomReuters/JefferiesCRB
Crude oil, Brent (US$/bbl) US Treasury 10yr Yield
Gold (US$/Oz) DJI
MSCI Asia x-Japan
Hang Seng Index Nikkei 225 Index
Source: Bloomberg
1.201.401.601.802.002.202.402.602.803.00
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Fe
b-1
3
Ma
r-13
Ap
r-13
Ma
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3
Jun
-13
Jul-1
3
Au
g-1
3
Se
p-1
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2,600
2,800
3,000
3,200
3,400
3,600
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Fe
b-1
3
Ma
r-13
Ap
r-13
Ma
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Jun
-13
Jul-1
3
Au
g-1
3
12,000
13,000
14,000
15,000
16,000
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Fe
b-1
3
Ma
r-13
Ap
r-13
Ma
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3
Jun
-13
Jul-1
3
Au
g-1
3
16,000
18,000
20,000
22,000
24,000
26,000
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Fe
b-1
3
Ma
r-13
Ap
r-13
Ma
y-1
3
Jun
-13
Jul-1
3
Au
g-1
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6,000
8,000
10,000
12,000
14,000
16,000
18,000
Se
p-1
2
Oct-1
2
Nov-1
2
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2
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3
Ma
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Jun
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Jul-1
3
Au
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3
1,100
1,400
1,700
2,000
Se
p-1
2
Oct-1
2
Nov-1
2
Dec-1
2
Jan
-13
Feb-1
3
Ma
r-13
Ap
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Ma
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Jun
-13
Jul-1
3
Au
g-1
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Se
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76
78
80
82
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-13
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420
440
460
480
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520
540
560
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2
Nov-1
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Dec-1
2
Jan
-13
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-13
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3
Morning Note 11 September 2013
5 of 14
Company AnalystDate of Last
ReportRating
Target
Price (S$)
Current
Price
Performance since
Last Report
Potential Return
at Current Price
GOLDEN AGRI-RESOURCES LTD Nicholas Ong 5-Aug-13 Neutral 0.50 0.560 5.7% -10.7%
WILMAR INTERNATIONAL LTD Nicholas Ong 7-Aug-13 Accumulate 3.61 3.15 0.0% 14.6%
COURTS ASIA LTD Ken Ang 14-Aug-13 Buy 1.03 0.73 -18.5% 42.1%
GENTING SINGAPORE PLC Ken Ang 7-Aug-13 Neutral 1.40 1.40 4.9% 0.4%
COMBINE WILL INTERNATIONAL H Chan Wai Chee 20-Dec-12 Buy 0.93 0.47 -47.8% 97.9%
CORDLIFE GROUP LTD Change of Analyst 1.31
DBS GROUP HOLDINGS LTD Ken Ang 2-Aug-13 Accumulate 17.50 16.50 -4.3% 6.1%
OVERSEA-CHINESE BANKING CORP Ken Ang 5-Aug-13 Neutral 9.50 10.04 -6.5% -5.4%
UNITED OVERSEAS BANK LTD Ken Ang 2-Aug-13 Accumulate 21.80 20.36 -6.6% 7.1%
SINGAPORE EXCHANGE LTD Ken Ang 4-Jul-13 Buy 8.30 7.47 6.1% 11.1%
AMARA HOLDINGS LTD Lucas Tan 15-Aug-13 Buy 0.74 0.57 -0.9% 31.0%
CAPITALAND LTD Change of Analyst 29-Apr-13 3.04
CAPITAMALLS ASIA LTD Change of Analyst 26-Apr-13 1.93
HO BEE INVESTMENT LTD Lucas Tan 14-Aug-13 Accumulate 2.45 2.06 -4.2% 18.9%
KEPPEL LAND LTD Lucas Tan 19-Apr-13 3.53
OUE LTD Lucas Tan 5-Aug-13 Accumulate 3.24 2.78 -2.8% 16.5%
GLOBAL LOGISTIC PROPERTIES L Change of Analyst 15-Aug-13 Neutral 2.80 2.77 -1.1% 1.1%
GLOBAL PREMIUM HOTELS LTD Chan Wai Chee 9-Nov-12 Buy 0.305 0.25 4.2% 22.0%
STAMFORD LAND CORP LTD Chan Wai Chee 20-Dec-12 Buy 0.76 0.55 -4.4% 39.4%
SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.016 0.023 43.8% -30.4%
Perennial China Retail Trust Change of Analyst 14-Aug-13 Neutral 0.630 0.53 -4.5% 18.9%
CDL HOSPITALITY TRUSTS Change of Analyst 1.56
PARKWAYLIFE REAL ESTATE Change of Analyst 2.32
SABANA SHARIAH COMP IND REIT Change of Analyst 1.13
SATS LTD Change of Analyst 3.08
SIA ENGINEERING CO LTD Change of Analyst 4.61
SINGAPORE TECH ENGINEERING Change of Analyst 4.10
KEPPEL CORP LTD Nicholas Ong 21-Aug-13 Accumulate 12.25 10.45 1.5% 17.2%
SEMBCORP INDUSTRIES LTD Change of Analyst 5.00
SEMBCORP MARINE LTD Nicholas Ong 2-Aug-13 Neutral 4.42 4.40 -3.7% 0.5%
HU AN CABLE HOLDINGS LTD Chan Wai Chee 21-Dec-12 Buy 0.164 0.13 9.6% 30.2%
SUNPOWER GROUP LTD Chan Wai Chee 20-Dec-12 Buy 0.250 0.16 -19.0% 54.3%
PAN-UNITED CORP LTD Joshua Tan 16-Aug-13 Accumulate 1.270 0.84 -2.9% 51.2%
BOUSTEAD SINGAPORE LTD Joshua Tan 30-May-13 Buy 1.935 1.30 -3.2% 49.4%
SINGAPORE AIRLINES LTD Change of Analyst 10.00
TIGER AIRWAYS HOLDINGS LTD Change of Analyst 0.54
NEPTUNE ORIENT LINES LTD Change of Analyst 1.13
SMRT CORP LTD Change of Analyst 1.29
COMFORTDELGRO CORP LTD Change of Analyst 1.87
HENGYANG PETROCHEMICAL LOGIS Chan Wai Chee 21-Dec-12 Buy 0.27 0.300 52.3% -10.0%
EZRA HOLDINGS LTD Nicholas Ong 15-Jul-13 Neutral 1.00 0.890 -6.8% 12.4%
EZION HOLDINGS LTD Nicholas Ong 12-Aug-13 Accumulate 2.71 2.280 -4.2% 18.9%
SINGAPORE TELECOMMUNICATIONS Ken Ang 15-Aug-13 Accumulate 3.99 3.59 -5.8% 11.1%
STARHUB LTD Phillip Research Team 7-Aug-13 Accumulate 4.37 4.13 -2.1% 5.8%
M1 LTD Ken Ang 17-Jul-13 Accumulate 3.55 3.27 7.0% 8.6%
Industrials (Capital Goods)
Commodities & Supply Chain Managers
Consumer Goods
Banking & Finance
Property (Developers)
Property (REITS)
Industrials (Transportation)
Technology & Communications
Phillip Securities Research - Singapore Stocks Coverage
Source: Phillip Securities Research Pte Ltd
#
Morning Note 11 September 2013
6 of 14
Company AnalystDate of Last
ReportRating
Target
Price
(US$)
Current
Price
Performance since
Last Report
Potential Return
at Current Price
GARMIN LTD Wong Yong Kai 1-Aug-13 Trading Sell 40.08 42.65 -6.4% 6.0%
GENWORTH FINANCIAL INC-CL A Wong Yong Kai 1-Aug-13 Trading Buy 17.26 12.57 -3.2% 37.3%
ICONIX BRAND GROUP INC Wong Yong Kai 6-Aug-13 Trading Buy 43.19 34.29 0.6% 26.0%
Source: Phillip Securities Research Pte Ltd
Phillip Securities Research - US Stocks Coverage
Morning Note 11 September 2013
7 of 14
FTSE ST Breakdown (3M % Change)
STI -1.5%
-1.8%
-6.6%
-1.0%
-2.7%-3.0%
-10.3%
0.1%
-9.1%
-4.9%
29.6%
-6.1%
-3.1%
ST China
ST Real Estate
ST Re Invest Trust
ST Oil & Gas
ST Basic Materials
ST Industrials
ST Consumer Goods
ST Consumer Service
ST Telecommunicate
ST Utilites
ST Financials
ST Technology-1.7%
ST Healthcare
Source: Bloomberg
Last % Chg
0.155 18.3
0.122 16.2
0.115 13.9
0.085 13.3
0.500 9.9
Last % Chg
0.022 -26.7
0.440 -18.5
0.008 -11.1
0.009 -10.0
0.410 -7.9
UP
DOWN
UNCHANGED
NEXT-GENERATION SATELLITE CO
Source: Bloomberg Source: SGX
5,059
1,463
331
155
472
Turnover (S$'mn)
A-SONIC AEROSPACE LTD
MERCATOR LINES SINGAPORE LTD
Top Gainers (%)FTSE ST Market Cap. Breakdown (3M % Change)
Turnover ('mn shares)
Top Losers (%)
WEIYE HOLDINGS LTD
UNIONMET SINGAPORE LTD
OCEANUS GROUP LTD-20
ISR CAPITAL LTD
NEO GROUP LTD
IFS CAPITAL LTD
Source: Bloomberg
TOP GLOBAL LTD
-5.5%
-2.9% 5.0%
ST All Share
ST Fledgling
ST Small Cap
ST Mid Cap
STI
-1.5%
-2.0%
Morning Note 11 September 2013
8 of 14
Source: Bloomberg
World Index
JCI 3.98% 4,358.14
HSI 0.99% 22,976.65
KLCI 1.03% 1,764.95
NIKKEI 1.54% 14,423.36
KOSPI -0.06% 1,992.88
SET 0.64% 1,393.17
SHCOMP 1.15% 2,237.98
SENSEX 3.77% 19,997.10
ASX 0.38% 5,201.17
FTSE 100 0.82% 6,583.99
DOW 0.85% 15,191.06
S&P 500 0.73% 1,683.99
NASDAQ 0.62% 3,729.02 COLOMBO 1.11% 5,667.33
STI 1.16% 3,123.89
Morning Note 11 September 2013
9 of 14
ETF % Change Change Last
ABF SINGAPORE BOND INDX FUND -1.77 -0.02 1.11
CIMB FTSE ASEAN 40 +4.46 +0.44 9.95
DB X-TRACKERS CSI300 UCITS +0.66 +0.05 7.33
DB X-TRACKERS FTSE CHINA 25 +1.95 +0.57 27.66
DB X-TRACKERS FTSE VIETNAM +0.60 +0.13 22.34
DB X-TRACKERS MSCI INDONESIA +6.66 +0.78 12.49
DB X-TRACKERS S&P 500 INV DA -0.65 -0.19 28.96
DB X-TRACKERS CNX NIFTY UCIT +3.55 +3.20 93.23
ISHARES MSCI INDIA INDEX ETF +4.44 +0.23 5.41
LYXOR UCITS ETF CHINA ENTER +1.85 +0.26 14.30
LYXOR ETF JAPAN TOPIX +2.07 +0.02 1.19
LYXOR ETF MSCI AC ASIA EX JP +1.52 +0.07 4.69
LYXOR ETF MSCI EUROPE-B +2.68 +0.37 14.17
LYXOR ETF MSCI INDIA +5.62 +0.63 11.84
LYXOR ETF MSCI TAIWAN +0.99 +0.01 1.02
NIKKO AM SINGAPORE STI ETF +1.27 +0.04 3.20
SPDR GOLD SHARES -0.85 -1.14 132.78
SPDR STRAITS TIMES INDEX ETF +0.96 +0.03 3.15
UNITED SSE 50 CHINA ETF +0.60 +0.01 1.69
ETF Performance
Source: Bloomberg
Morning Note 11 September 2013
10 of 14
EX Date Company Type Net Amount Currency Frequency Record Date Payout Date
9/12/2013 POH TIONG CHOON LOGISTICS Interim 0.0050 SGD Semi-Anl 9/16/2013 9/30/2013
9/13/2013 RIVERSTONE HOLDINGS LTD Interim 0.0230 MYR Semi-Anl 9/17/2013 10/8/2013
9/13/2013 SAKAE HOLDINGS LTD Interim 0.0050 SGD Semi-Anl 9/17/2013 9/24/2013
9/17/2013 CSE GLOBAL LTD Interim 0.0150 SGD Semi-Anl 9/19/2013 9/27/2013
9/17/2013 TELECOM NEW ZEALAND-SP ADR Special Cash 0.0411 USD Semi-Anl 9/19/2013 10/15/2013
9/17/2013 TELECOM NEW ZEALAND-SP ADR Special Cash 0.0411 USD Semi-Anl 9/19/2013 10/15/2013
9/18/2013 OSIM INTERNATIONAL LTD 2nd Interim 0.0200 SGD Quarter 9/20/2013 10/2/2013
9/18/2013 WELSPUN CORP LTD - GDR REG S Regular Cash 7.5340 INR Annual 9/20/2013 N.A.
9/19/2013 TOTAL SA-SPON ADR Regular Cash 0.6682 USD Quarter 9/23/2013 10/15/2013
9/19/2013 ASPIAL CORP LTD Regular Cash 0.0150 SGD Irreg 9/23/2013 11/5/2013
9/25/2013 SINGAPORE EXCHANGE LTD Final 0.1600 SGD Quarter 9/27/2013 10/4/2013
9/25/2013 OUE LTD Special Cash 0.2000 SGD Semi-Anl 9/27/2013 10/9/2013
Corporate Action: Dividend
Source: Bloomberg
EX Date Company Type Subscription Price Currency Term Record Date
9/19/2013 BLUMONT GROUP LTD Rights Issue 0.0500 SGD 1 per 2 9/23/2013
10/9/2013 CHINA ENVIRONMENTAL RESOURCE Open Offer 0.2700 SGD 33 per 10 10/11/2013
Source: Bloomberg
Corporate Action: Rights
Morning Note 11 September 2013
11 of 14
Name Expected Report Date
Falcon Energy Group Ltd 9/11/2013
OKH Global Ltd 9/11/2013
Metax Engineering Corp Ltd 9/12/2013
Low Keng Huat Singapore Ltd 9/12/2013
Dynasty Real Estate Investment Trust 9/12/2013
Kori Holdings Ltd 9/12/2013
GDS Global Ltd 9/12/2013
ITE Electric Co Ltd 9/13/2013
Avi-Tech Electronics Ltd 9/13/2013
Freight Links Express Holdings Ltd 9/13/2013
XMH Holdings Ltd 9/13/2013
Neo Group Ltd 9/13/2013
Ipco International Ltd 9/13/2013
Jacks International Ltd 9/13/2013
Photon Kathaas Productions Ltd 9/18/2013
Datapulse Technology Ltd 9/20/2013
Sysma Holdings Ltd 9/20/2013
Sunright Ltd 9/24/2013
AEC Education PLC 9/24/2013
Nova Resources Ltd 9/25/2013
Asian Plantations Ltd 9/26/2013
T T J Holdings Ltd 9/27/2013
Vicplas International Ltd 9/27/2013
LifeBrandz Ltd 9/27/2013
Xpress Holdings Ltd 9/27/2013
Phorm Corp Ltd 9/27/2013
Yujin International Ltd 9/27/2013
GKE Corp Ltd 10/4/2013
Duty Free International Ltd 10/4/2013
Alternative Energy Ltd 10/4/2013
Cheung Woh Technologies Ltd 10/9/2013
Lian Beng Group Ltd 10/10/2013
Transit-Mixed Concrete Ltd 10/10/2013
TEE International Ltd 10/11/2013
GuocoLand Ltd 10/11/2013
Singapore Press Holdings Ltd 10/11/2013
Nico Steel Holdings Ltd 10/11/2013
GuocoLeisure Ltd 10/11/2013
Second Chance Properties Ltd 10/14/2013
M1 Ltd/Singapore 10/14/2013
Jackspeed Corp Ltd 10/14/2013
K-Green Trust 10/14/2013
Keppel REIT 10/14/2013
EOC Ltd 10/14/2013
Keppel Telecommunications & Transportation Ltd 10/16/2013
Ascendas Real Estate Investment Trust 10/17/2013
Qian Hu Corp Ltd 10/17/2013
Keppel Land Ltd 10/17/2013
Singapore Exchange Ltd 10/17/2013
Keppel Corp Ltd 10/18/2013
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust 10/18/2013
Earnings Announcement - Singapore
Calendar
Source: Bloomberg
Morning Note 11 September 2013
12 of 14
Date Statistic For Survey Prior Date Statistic For Survey Prior
9/11/2013 MBA Mortgage Applications 6-Sep -- 1.30% 9/11/2013 Manpow er Survey 4Q -- 15%
9/11/2013 Wholesale Inventories MoM Jul 0.30% -0.20% 9/13/2013 Unemployment rate SA 2Q F -- 2.10%
9/11/2013 Wholesale Trade Sales MoM Jul 0.50% 0.40% 9/13/2013 Retail Sales Ex Auto YoY Jul -- 2.60%
9/12/2013 Initial Jobless Claims 7-Sep 330K 323K 9/13/2013 Retail Sales YoY Jul -1.50% -4.00%
9/12/2013 Continuing Claims 31-Aug 2968K 2951K 9/13/2013 Retail Sales SA MoM Jul 1.50% -6.90%
9/12/2013 Import Price Index MoM Aug 0.50% 0.20% 9/17/2013 Electronic Exports YoY Aug -- -7.60%
9/12/2013 Import Price Index YoY Aug 0.40% 1.00% 9/17/2013 Non-oil Domestic Exports YoY Aug 2.40% -0.70%
9/12/2013
Bloomberg Sept. United States
Economic Survey 9/17/2013 Non-oil Domestic Exports SA MoM Aug 0.40% -1.10%
9/12/2013 Bloomberg Consumer Comfort 8-Sep -- -32.3 9/18/2013 Automobile COE Open Bid Cat A 18-Sep -- 77304
9/13/2013 Monthly Budget Statement Aug -$151.1B -$190.5B 9/18/2013 Automobile COE Open Bid Cat B 18-Sep -- 77100
9/13/2013 PPI MoM Aug 0.20% 0.00% 9/18/2013 Automobile COE Open Bid Cat E 18-Sep -- 80000
9/13/2013 PPI Ex Food and Energy MoM Aug 0.10% 0.10% 9/23/2013 CPI NSA MoM Aug -- 0.30%
9/13/2013 PPI YoY Aug 1.30% 2.10% 9/23/2013 CPI YoY Aug -- 1.90%
9/13/2013 PPI Ex Food and Energy YoY Aug 1.30% 1.20% 9/26/2013 Industrial Production SA MoM Aug -- -1.90%
9/13/2013 Retail Sales Advance MoM Aug 0.50% 0.20% 9/26/2013 Industrial Production YoY Aug -- 2.70%
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 City Tower, Singapore 179101 (Registration Number: 198803136N), which is regulated by the Monetary Authority of Singapore (“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 published by 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 loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources, which Phillip Securities Research has 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 belief of the individual author or the indicated source (as applicable) only. Phillip Securities Research has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, 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 to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will 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 this report, (i) be liable in any manner whatsoever for any consequences (including but not limited to any special, direct, indirect, incidental or consequential losses, loss of profits and damages) of any reliance or usage of this publication or (ii) accept any legal responsibility from any person who receives this publication, even if it has been advised of the possibility of such damages. You must make the final investment decision and accept all responsibility for your investment decision, including, but not limited to your reliance on the information, data and/or other materials presented in this publication. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated 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. This publication should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this research should take into account existing public information, including any registered prospectus in respect of such product.
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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, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment. To the extent permitted by law, 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 at any time engage in any of the above activities as set out above or otherwise 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 this material, 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 this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its 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 this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this material. The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.
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Section 27 of the Financial Advisers Act (Cap. 110) of Singapore and the MAS Notice on Recommendations on Investment Products (FAA-N01) do not apply in respect of this publication. 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 be suitable for all investors and a person receiving or reading this material should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, 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 connection with, this document. This report is only for the purpose of distribution in Singapore.
Contact Information (Singapore Research Team)
Management
Chan Wai Chee (CEO, Research - Special Opportunities)
+65 6531 1231 General Enquiries
Research Assistant +65 6531 1240 Joshua Tan (Head, Research - Equities & Asset Allocation)
+65 6531 1249
Global Macro, Asset Strategy Financials, Telecoms US Equities
Joshua Tan +65 6531 1249 Ken Ang +65 6531 1793 Wong Yong Kai +65 6531 1685
Telecoms Commodities, Offshore & Marine Real Estate Colin Tan +65 6531 1221 Nicholas Ong +65 6531 5440 Lucas Tan +65 6531 1229
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Website: www.poems.com.sg
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Kuala Lumpur Tel +603 2162 8841 Fax +603 2166 5099
Website: www.poems.com.my
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JAPAN
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Tokyo 103-0026 Tel +81-3 3666 2101 Fax +81-3 3666 6090
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UNITED KINGDOM King & Shaxson Capital Limited
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UNITED STATES Phillip Futures Inc
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AUSTRALIA PhillipCapital
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