MCI (P) 129/11/2012 Ref No: SGMN2013_0213 1 of 16

Morning Note

Phillip Securities Research Pte Ltd Singapore

6 November 2013

Weekly Market Outlook Webinar

Register HERE for the Singapore Monday webinar if you have not already done so. Register HERE for Thailand Research webinar now! The webinar will be held today, at 11.30am Singapore time. Tune in for Thailand’s market outlook and stock picks for the month of November! Singapore Archived Webinar videos can be accessed via UniPhillip website - www.uniphillip.com => Education Programs => Phillip Securities Research Webinars

Source: Phillip Securities Research Pte Ltd

Fundamental Call

UOB - Decent set of results, broadly in-line with expectations (Ken Ang) Recommendation: Accumulate Previous Close: S$ 20.80 Fair Value: S$ 21.20

3Q13 results broadly in-line with expectations.

Positive on overall resilient earnings, stable NIMs, and strong Fees and Commission growth traction

Maintain “Accumulate” with TP of S$21.20, based on unchanged P/B multiple of 1.38X. Sembcorp Marine Ltd - Revenue improvement offsets margin weakness (Nicholas Ong) Recommendation: Neutral Previous close: S$4.50 Fair value: S$4.33

3Q13 net profit up 12.3% yoy to S$130mn

High-than-expected revenue offset by low margins

Robust O&M fundamentals

Source: Phillip Securities Research Pte Ltd

Morning Note 6 November 2013

2 of 14

Company Results

S/N Company Name Q/HY/FY Currency,

Units

Revenue Net Profit

Current Previous Change

(%) Current Previous

Change (%)

1 Cosco Corporation 3Q S$’000 989,433 937,002 6 4,224 26,556 -84

2 K1 Ventures 1Q S$’000 37,555 19,857 89.1 18,027 802 >500

3 United Overseas Bank 3Q S$’000 4,978 4,903 1.5 2,235 2,107 6.1

4 Sembcorp Marine 3Q S$’000 1,658,765 892,413 85.9 129,667 115,512 12.3

5 Broadway Industrial Group 3Q S$’000 162,446 134,426 20.8 653 259 152.1

6 Perennial China Retail Trust 3Q S$’000 1,338 - Nm 6,494 10,211 -36.4

7 Maxi-Cash 3Q S$’000 85,063 71,515 19 1,952 3,135 -38

8 Singapore Windsor Holdings HY HK$’000 111,167 110,342 0.8 743 -813 191.4

9 Asia Enterprises Holdings 3Q S$’000 19,667 26,879 -27 366 857 -57

10 Mencast Holdings 3Q S$’000 25,598 21,687 18 1,593 1,104 44

11 BBR Holdings 3Q S$’000 120,217 46,008 161.3 8,351 2,373 251.9

12 Kingboard Copper Foil 3Q HK$’000 118,232 120,439 -1.83 1,794 -1,005 nm

13 HLH Group 3Q S$’000 349 3,196 -89 -1,848 -253 nm

14 Eucon Holding 3Q S$’000 51,157 57,111 -10 -6,522 -13,370 nm

15 Chip Eng Seng 3Q S$’000 89,855 262,692 -65.8 27,243 30,264 -10

16 OUE Hospitality Trust 3Q S$’000 21,631 - - 10,563 - -

17 Design Studio Furniture 3Q S$’000 41,728 40,788 2.3 2,316 2,362 -1.9

18 SunMoon 3Q S$’000 7,774 7,802 -0.4 13,033 -1,866 Nm

19 Global Investments 3Q S$’000 5,465 28,477 -80.81 7,006 25,783 -72.83

20 Hengxin Technology 3Q RMB$’000 851,412 891,028 61,180 63,053 -2.97

21 Tiong Seng Holdings 3Q S$’000 146,195 123,725 18 847 4,966 -83

22 IndiaBulls Property 2Q S$’000 2,848 22,344 -74.50 2,016 -1,926 -30.16

23 China Bearing 3Q RMB$’000 20,724 24,663 -16 3,105 199 nm Source: SGX Masnet

Company Highlights

EuNetworks Group announced it is undertaking a significant London network expansion. The Company is adding Slough to its fibre based

metropolitan network to the West of London, with diverse routes across London. With this strategic investment, euNetworks will have developed additional high density fibre-rich infrastructure with direct connection to a further 25 key data centres. (Closing Price: S$0.760, -5%) Vard Holdings secures new contract for a survey vessel for Circle Maritime Invest JSC. The value is approximately NOK 55 million. The

vessel will be delivered in 3Q 2014. (Closing Price: S$0.880, 0%)

Source: SGX Masnet, The Business Times

Morning Note 6 November 2013

3 of 14

Morning Commentary

STI: +0.05% to 3205.5 KLCI: -0.16% to 1807.5 JCI: -0.21% to 4423.3 SET: +1.95% to 1415.4 HSI: -0.65% to 23038 HSCEI: -0.46% to 10637 Nifty: -1.02% to 6253.2 ASX200: +0.73% to 5430.5 Nikkei: +0.17% to 14225 S&P500: -0.28% to 1762.9 MARKET OUTLOOK:

This week’s webinar has been archived at www.uniphillip.com> education programs > Phillip Securities Research Webinar. In the webinar, we featured United Engineers which we view as a long term undervalued play. This coming Monday we will resume Macro & Markets. (PhillipCFDs and ETFs for trading the market outlook can be found in the webinar slides or the Macro Trade report below. PhillipUT Wrap Account offers tactical asset allocation of unit trusts without front loading sales charge.) SECTOR/STRATEGY REPORTS:

- Sector Reports: Commodities,18 Sep / Banking, 9 Sep / Telecommunications, 9 Sep / Offshore & Marine, 26 Aug - Country Strategy: S’pore, 20 Sep / China & HK 1 Nov / Thai, 1 Oct - Macro Trader: 9 Sep, Update Source: Phillip Securities Research Pte Ltd

Macro Data

China:

China’s services industry picked up in October with HSBC/Market Services PMI edged up to 52.6 from September’s 52.4, adding to indications that the economy has stabilized ahead of Communist Party's third plenary session. New business growth hit seven-month high and employment rose for the second straight month. India:

India’s services sector activity witnessed a moderate improvement in October, albeit indicating a fourth month consecutive contraction, as HSBC/Market Services PMI inched up to 47.1 in October from a four-and-a-half-year low of 44.6 in September. Australia:

Australia’s central bank left its benchmark interest rate unchanged at a record low and said a weaker currency will be needed to achieve balanced growth. Governor Glenn Stevens and his board kept the overnight cash-rate target at 2.5 percent, the Reserve Bank of Australia said in a statement today in Sydney, as predicted by all 31 economists surveyed by Bloomberg News. The Australian dollar dropped as Stevens said it remained “uncomfortably high.” Source: Phillip Securities Research Pte Ltd

Morning Note 6 November 2013

4 of 14

Source: Bloomberg

STI - Index Members

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Morning Note 6 November 2013

5 of 14

80.71 +0.19% 273.03 -0.26%

105.94 -1.23% 2.660 -0.01%

1,311.81 +0.03% 15,618.22 -0.13%

551.10 -0.51% Straits Times Index 3,205.54 +0.05%

23,038.95 -0.65% 14,225.37 0.17%

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

1.201.401.601.802.002.202.402.602.803.00

Nov-1

2

Dec-1

2

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b-1

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12,000

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3

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Morning Note 6 November 2013

6 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 0.580 9.4% -13.8%

WILMAR INTERNATIONAL LTD Nicholas Ong 7-Aug-13 Accumulate 3.61 3.45 9.5% 4.6%

COURTS ASIA LTD Ken Ang 14-Aug-13 Buy 1.03 0.80 -10.7% 29.6%

GENTING SINGAPORE PLC Ken Ang 5-Nov-13 Neutral 1.49 1.53 1.7% -2.6%

DBS GROUP HOLDINGS LTD Ken Ang 2-Nov-13 Accumulate 17.50 16.86 1.1% 3.8%

OVERSEA-CHINESE BANKING CORP Ken Ang 2-Nov-13 Neutral 9.55 10.47 1.1% -8.8%

UNITED OVERSEAS BANK LTD Ken Ang 6-Nov-13 Accumulate 21.20 20.80 0.0% 1.9%

MONEYMAX FINANCIAL SERVICES LTD Colin Tan 28-Oct-13 Buy 0.48 0.37 -8.8% 31.5%

SINGAPORE EXCHANGE LTD Ken Ang 18-Oct-13 Buy 7.90 7.40 2.4% 6.8%

AMARA HOLDINGS LTD Lucas Tan 15-Aug-13 Buy 0.74 0.56 -1.8% 32.1%

HO BEE LAND LTD Lucas Tan 14-Aug-13 Accumulate 2.45 2.06 -4.2% 18.9%

OUE LTD Lucas Tan 5-Aug-13 Accumulate 3.24 2.38 -16.8% 36.1%

GLOBAL LOGISTIC PROPERTIES L Phillip Research Team 15-Aug-13 Neutral 2.80 3.08 10.0% -9.1%

SINGHAIYI GROUP LTD Chan Wai Chee 16-Oct-12 Buy 0.016 0.021 31.3% -23.8%

Perennial China Retail Trust Phillip Research Team 14-Aug-13 Neutral 0.630 0.54 -3.6% 17.8%

KEPPEL CORP LTD Nicholas Ong 2-Oct-13 Accumulate 12.25 10.79 4.1% 13.5%

SEMBCORP MARINE LTD Nicholas Ong 6-Nov-13 Neutral 4.33 4.50 0.0% -3.8%

SIN HENG HEAVY MACHINERY LTD Kenneth Koh 4-Nov-13 Trading Buy 0.270 0.22 -2.3% 25.6%

PAN-UNITED CORP LTD Joshua Tan 31-Oct-13 Accumulate 1.270 0.96 -1.5% 32.3%

BOUSTEAD SINGAPORE LTD Joshua Tan 30-May-13 Buy 1.935 1.47 9.0% 32.1%

EZRA HOLDINGS LTD Nicholas Ong 28-Oct-13 Neutral 1.18 1.335 8.5% -11.6%

EZION HOLDINGS LTD Nicholas Ong 1-Oct-13 Accumulate 2.71 2.330 5.9% 16.3%

SINGAPORE TELECOMMUNICATIONS Ken Ang 15-Aug-13 Accumulate 3.99 3.76 -1.3% 6.1%

STARHUB LTD Colin Tan 7-Aug-13 Accumulate 4.37 4.34 2.8% 0.7%

M1 LTD Ken Ang 17-Jul-13 Accumulate 3.55 3.39 10.8% 4.7%

Company AnalystDate of Last

ReportRating

Target

Price

(US$)

Current

Price

Performance since

Last Report

Potential Return

at Current Price

BANK OF AMERICA CORP Wong Yong Kai 3-Oct-13 Trading Sell 8.68 13.93 0.9% 37.7%

GARMIN LTD Wong Yong Kai 1-Aug-13 Trading Sell 40.08 47.99 -19.7% 16.5%

GENWORTH FINANCIAL INC-CL A Wong Yong Kai 20-Sep-13 Trading Buy 18.04 14.59 19.9% 23.6%

ICONIX BRAND GROUP INC Wong Yong Kai 6-Aug-13 Trading Buy 43.19 38.66 13.4% 11.7%

NATIONAL OILWELL VARCO INC Wong Yong Kai 30-Sep-13 Trading Buy 90.92 80.32 1.5% 13.2%

OIL STATES INTERNATIONAL INC Wong Yong Kai 30-Sep-13 Trading Buy 120.83 108.89 4.8% 11.0%

Phillip Securities Research - Singapore Stocks Coverage

Source: Phillip Securities Research Pte Ltd

Source: Phillip Securities Research Pte Ltd

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

Industrials (Capital Goods)

Phillip Securities Research - US Stocks Coverage

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

Property (Developers)

Property (REITS)

Industrials (Transportation)

Technology & Communications

#

Morning Note 6 November 2013

7 of 14

FTSE ST Breakdown (3M % Change)

STI -0.6%

-2.6%

3.2%

-1.4%

-8.0%1.2%

-4.8%

5.0%

-1.1%

-2.2%

-35.6%

-4.4%

-1.2%

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 Technology0.3%

ST Healthcare

Source: Bloomberg

Last % Chg

0.133 62.2

0.050 25.0

0.143 15.3

0.092 15.0

0.065 10.2

Last % Chg

0.002 -33.3

0.122 -18.1

0.320 -8.6

0.480 -7.7

0.015 -6.3

SUNMOON FOOD COMPANY LTD

MFS TECHNOLOGY LTD

CHINA ENERGY LTD

OCEANUS GROUP LTD

Source: Bloomberg

MENCAST HOLDINGS LTD

547

Turnover (S$'mn)

VIKING OFFSHORE AND MARINE L

ZHONGXIN FRUIT & JUICE LTD

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

Turnover ('mn shares)

Top Losers (%)

SINOSTAR PEC HOLDINGS LTD

JES INTERNATIONAL HLDS LTD

UP

DOWN

UNCHANGED

MANHATTAN RESOURCES LTD

Source: Bloomberg Source: SGX

2,044

868

208

198

-4.2%

-2.4% -1.3%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI

-0.6%

-1.2%

Morning Note 6 November 2013

8 of 14

Source: Bloomberg

World Index

JCI -0.21% 4,423.29

HSI -0.65% 23,038.95

KLCI -0.16% 1,807.47

NIKKEI 0.17% 14,225.37

KOSPI 0.10% 2,016.02

SET 1.95% 1,415.44

SHCOMP 0.35% 2,157.24

SENSEX -1.25% 20,974.79

ASX 0.77% 5,431.96

FTSE 100 -0.25% 6,746.84

DOW -0.13% 15,618.22

S&P 500 -0.28% 1,762.97

NASDAQ 0.08% 3,939.86 COLOMBO -0.24% 5,912.91

STI 0.05% 3,205.54

Morning Note 6 November 2013

9 of 14

ETF % Change Change Last

DB X-TRACKERS CSI300 UCITS -0.27 -0.02 7.42

DB X-TRACKERS FTSE CHINA 25 -0.31 -0.09 29.40

DB X-TRACKERS FTSE VIETNAM +2.00 +0.47 24.01

DB X-TRACKERS MSCI EUROPE IN -0.05 -0.03 57.50

DB X-TRACKERS MSCI WORLD TRN +0.24 +0.01 4.14

ISHARES MSCI INDIA INDEX ETF +0.34 +0.02 5.96

LYXOR ETF COMMODITIES THOMSO +0.39 +0.01 2.58

LYXOR UCITS ETF HANG SENG IN -1.02 -0.03 2.92

LYXOR ETF MSCI INDIA -0.15 -0.02 13.23

NIKKO AM SINGAPORE STI ETF +0.31 +0.01 3.25

SPDR GOLD SHARES -0.32 -0.40 126.44

SPDR STRAITS TIMES INDEX ETF -0.31 -0.01 3.23

UNITED SSE 50 CHINA ETF -0.63 -0.01 1.57

ETF Performance

Source: Bloomberg

Morning Note 6 November 2013

10 of 14

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

11/6/2013 SANTAK HOLDINGS LTD Special Cash 0.0150 SGD Annual 11/8/2013 11/21/2013

11/6/2013 SANTAK HOLDINGS LTD Special Cash 0.0150 SGD Annual 11/8/2013 11/21/2013

11/6/2013 MEMSTAR TECHNOLOGY LTD Omitted N.A. SGD Annual N.A. N.A.

11/6/2013 LUM CHANG HOLDINGS LTD Final 0.0125 SGD Semi-Anl 11/8/2013 11/22/2013

11/6/2013 SOILBUILD BUSINESS SPACE REI Pro Rata 0.0076 SGD Irreg 11/8/2013 12/4/2013

11/6/2013 MAPLETREE GREATER CHINA COMM Distribution 0.0318 SGD Irreg 11/8/2013 11/29/2013

11/7/2013 LION TECK CHIANG LTD Regular Cash 0.0125 SGD Annual 11/11/2013 11/20/2013

11/7/2013 SIM LIAN GROUP LTD Regular Cash 0.0460 SGD Annual 11/11/2013 11/27/2013

11/7/2013 KARIN TECHNOLOGY HOLDINGS Final 0.0930 HKD Semi-Anl 11/11/2013 11/21/2013

11/7/2013 CAMBRIDGE INDUSTRIAL TRUST Distribution 0.0125 SGD Quarter 11/11/2013 12/17/2013

11/8/2013 PEC LTD Regular Cash 0.0250 SGD Annual 11/12/2013 11/26/2013

11/8/2013 FJ BENJAMIN HOLDINGS LTD Final 0.0050 SGD Annual 11/12/2013 11/27/2013

Corporate Action: Dividend

Source: Bloomberg

Morning Note 6 November 2013

11 of 14

Name Expected Report Date

Lippo Malls Indonesia Retail Trust 11/6/2013

STATS ChipPAC Ltd 11/6/2013

Broadway Industrial Group Ltd 11/6/2013

Sing Holdings Ltd 11/6/2013

Jardine Cycle & Carriage Ltd 11/6/2013

Baker Technology Ltd 11/6/2013

K1 Ventures Ltd 11/6/2013

Asia Enterprises Holding Ltd 11/6/2013

HLH Group Ltd 11/6/2013

Eucon Holding Ltd 11/6/2013

NSL Ltd/Singapore 11/6/2013

Maxi-Cash Financial Services Corp Ltd 11/6/2013

Pan-United Corp Ltd 11/6/2013

Ramba Energy Ltd 11/6/2013

Hiap Tong Corp Ltd 11/6/2013

Koh Brothers Group Ltd 11/6/2013

UOB-Kay Hian Holdings Ltd 11/6/2013

Parkway Life Real Estate Investment Trust 11/7/2013

Nera Telecommunications Ltd 11/7/2013

StarHub Ltd 11/7/2013

Roxy-Pacific Holdings Ltd 11/7/2013

Wilmar International Ltd 11/7/2013

SIA Engineering Co Ltd 11/7/2013

AEM Holdings Ltd 11/7/2013

Breadtalk Group Ltd 11/7/2013

Singapore Reinsurance Corp Ltd 11/7/2013

China Powerplus Ltd 11/7/2013

Interra Resources Ltd 11/7/2013

Singapore Technologies Engineering Ltd 11/7/2013

Aspial Corp Ltd 11/7/2013

Boardroom Ltd 11/7/2013

Blumont Group Ltd 11/7/2013

Singapore Shipping Corp Ltd 11/7/2013

OUE Ltd 11/7/2013

Ellipsiz Ltd 11/7/2013

R H Energy Ltd 11/7/2013

Design Studio Furniture Manufacturer Ltd 11/7/2013

UMS Holdings Ltd 11/7/2013

Riverstone Holdings Ltd 11/7/2013

euNetworks Group Ltd 11/7/2013

GK Goh Holdings Ltd 11/7/2013

Kingboard Copper Foil Holdings Ltd 11/7/2013

Global Yellow Pages Ltd 11/7/2013

Yeo Hiap Seng Ltd 11/7/2013

Hotel Properties Ltd 11/7/2013

UE E&C Ltd 11/7/2013

CSC Holdings Ltd 11/7/2013

Japan Foods Holding Ltd 11/7/2013

Jason Marine Group Ltd 11/7/2013

TT International Ltd 11/7/2013

Loyz Energy Ltd 11/7/2013

Earnings Announcement - Singapore

Calendar

Source: Bloomberg

Morning Note 6 November 2013

12 of 14

Date Statistic For Survey Prior Date Statistic For Survey Prior

11/6/2013 MBA Mortgage Applications 1-Nov -- 6.40% 11/6/2013 Automobile COE Open Bid Cat A 6-Nov -- 7688900.00%

11/6/2013 Challenger Job Cuts YoY Oct -- 19.10% 11/6/2013 Automobile COE Open Bid Cat B 6-Nov -- 8791000.00%

11/6/2013 Leading Index Sep 0.60% 0.70% 11/6/2013 Automobile COE Open Bid Cat E 6-Nov -- 9228900.00%

11/7/2013 Initial Jobless Claims 2-Nov 335K 340K 11/7/2013 Foreign Reserves Oct -- $268.11B

11/7/2013 Continuing Claims 26-Oct 2875K 2881K 11/10/2013 GDP SAAR QoQ 3Q F -- -1.00%

11/7/2013 GDP Annualized QoQ 3Q A 2.00% 2.50% 11/10/2013 GDP YoY 3Q F 5.00% 5.10%

11/7/2013 Personal Consumption 3Q A 2% 1.80% 11/15/2013 Retail Sales Ex Auto YoY Sep -- 1.40%

11/7/2013 GDP Price Index 3Q A 1.40% 0.60% 11/15/2013 Retail Sales YoY Sep -- -7.80%

11/7/2013 Core PCE QoQ 3Q A 1.50% 0.60% 11/15/2013 Retail Sales SA MoM Sep -- 3.60%

11/7/2013 Bloomberg Consumer Comfort 3-Nov -- -3760.00% 11/18/2013 Electronic Exports YoY Oct -- -5.50%

11/7/2013 Mortgage Delinquencies 3Q -- 6.96% 11/18/2013 Non-oil Domestic Exports YoY Oct -- -1.20%

11/7/2013 MBA Mortgage Foreclosures 3Q -- 3.33% 11/18/2013 Non-oil Domestic Exports SA MoM Oct -- 5.70%

11/8/2013 Consumer Credit Sep $12.000B $13.625B 11/20/2013 Automobile COE Open Bid Cat A 20-Nov -- --

11/8/2013 Change in Nonfarm Payrolls Oct 120K 148K 11/20/2013 Automobile COE Open Bid Cat B 20-Nov -- --

11/8/2013 Tw o-Month Payroll Net Revision Oct -- -- 11/20/2013 Automobile COE Open Bid Cat E 20-Nov -- --

US Singapore

Economic Announcement

Source: BloombergSource: Bloomberg

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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 exerc ise 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.

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 provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. 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 have participated in or invested in transactions with the issuer(s) of the securities mentioned in this publication, and may have performed services for or solicited business from such issuers. Additionally, 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 have provided advice or investment services to such companies and investments 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, 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 an 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 Research Operations Officer

Jermaine Tock +65 6531 1240 Joshua Tan (Head, Research - Equities & Asset Allocation)

+65 6531 1249

Macro | Asset Allocation | Equities Financials 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 Market Analyst | Equities

Kenneth Koh +65 6531 1791

Contact Information (Regional Member Companies) SINGAPORE

Phillip Securities Pte Ltd Raffles City Tower

250, North Bridge Road #06-00 Singapore 179101 Tel +65 6533 6001 Fax +65 6535 6631

Website: www.poems.com.sg

MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450

Kuala Lumpur Tel +603 2162 8841 Fax +603 2166 5099

Website: www.poems.com.my

HONG KONG Phillip Securities (HK) Ltd

11/F United Centre 95 Queensway Hong Kong

Tel +852 2277 6600 Fax +852 2868 5307

Websites: www.phillip.com.hk

JAPAN

Phillip Securities Japan, Ltd. 4-2 Nihonbashi Kabuto-cho Chuo-ku,

Tokyo 103-0026 Tel +81-3 3666 2101 Fax +81-3 3666 6090

Website:www.phillip.co.jp

INDONESIA PT Phillip Securities Indonesia

ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 10220 – Indonesia

Tel +62-21 5790 0800 Fax +62-21 5790 0809

Website: www.phillip.co.id

CHINA Phillip Financial Advisory (Shanghai) Co Ltd

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

Postal code 200001 Tel +86-21 5169 9200 Fax +86-21 6351 2940

Website: www.phillip.com.cn

THAILAND Phillip Securities (Thailand) Public Co. Ltd

15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak,

Bangkok 10500 Thailand Tel +66-2 6351700 / 22680999

Fax +66-2 22680921 Website www.phillip.co.th

FRANCE King & Shaxson Capital Limited

3rd Floor, 35 Rue de la Bienfaisance 75008 Paris France

Tel +33-1 45633100 Fax +33-1 45636017

Website: www.kingandshaxson.com

UNITED KINGDOM King & Shaxson Capital Limited

6th Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS

Tel +44-20 7426 5950 Fax +44-20 7626 1757

Website: www.kingandshaxson.com

UNITED STATES Phillip Futures Inc

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

Chicago, IL 60604 USA Tel +1-312 356 9000 Fax +1-312 356 9005

AUSTRALIA PhillipCapital

Level 12, 15 William Street, Melbourne, Victoria 3000, Australia

Tel +61-03 9629 8288 Fax +61-03 9629 8882

Website: www.phillipcapital.com.au

SRI LANKA Asha Phillip Securities Limited

No 10, Prince Alfred Tower, Alfred House Gardens, Colombo 3, Sri Lanka

Tel: (94) 11 2429 100 Fax: (94) 11 2429 199 Website: www.ashaphillip.net/home.htm

INDIA

PhillipCapital (India) Private Limited

No. 1, C‐Block, 2nd Floor, Modern Center , Jacob Circle, K. K. Marg, Mahalaxmi

Mumbai 400011 Tel: (9122) 2300 2999 Fax: (9122) 6667 9955

Website: www.phillipcapital.in