090219 - phillip - morning note

8/14/2019 090219 - PHILLIP - Morning Note

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Phillip Securities Researc

MICA P 218/1

pkoh

MORNING NOTEFor Internal Circulation

Thursday, 19 February 2009

Top Ideas

MobileOne Limited Results (Alfred Low)Recommendation: Hold (Maintain)Previous close: S$1.58Fair value: S$1.67

Net profit declined in FY2008. For FY2008, M1 reported operating revenue of S$800.6m (-0.3% yoy), profitbefore tax of S$185.0m (-4.9% yoy) and net profit of S$150.1m (-12.6% yoy).

Maintain Hold with fair value cut from S$2.16 to S$1.67. Due to the worse-than-expected results and thechallenging outlook, we have reduced our earnings estimates for 2009 and 2010. Therefore, based on ourvaluation using the free cash flow to firm model, the target price is cut from S$2.16 to S$1.67. M1 remains ahold due to its limited focus on the domestic market. The dividend yield of M1 is 8.2%.

Source: Phillip Securities Research Pte Ltd

Company Highlights TT International Limited announced the signing of an Investment Agreement with Hornington Enterprises

Limited for an investment amount of up to SGD 50 million.

Best World International Limited reported a revenue of $96.1 million for the financial year ended 31December 2008 ( FY2008 ). representing a 6.0% decrease due to a weaker 4Q2008. Profit attributable toequity holders decreased 20.7% from $13.4 million to $10.6 million for FY2008, representing a net profitmargin of 11.1%. The Board of Directors has recommended a final and a special dividend totalling 1.0 cent perordinary share. Including the interim dividend of 1.2 cents per ordinary share, the total dividends will amount to2.2 cents per ordinary share for FY2008.

The Board of Directors ofChina Precision Technology Limited issued a profit guidance with respect to theconsolidated financial results of the Company and its subsidiaries for the financial year ended 31 December2008.

Auston International Group Ltd has completed the acquisition of the entire issued ordinary share capital ofBroadband Network Systems Ltd (BNS), a provider of Internet Protocol TV (IPTV) content and technology

solutions. The purchase will be satisfied by the issue of 200 million Auston shares to BNS. The issue of thesenew shares will enlarge Austons issued share capital base to 686.4 million ordinary shares.

Mencast Holdings Ltd. has turned in a good maiden set of full-year results after its IPO in June last year. Itsnet profit attributable to shareholders for the full-year ended 31 December 2008 (FY2008) surged 20.5% toS$5.8 million. revenue increased by 32.8% to S$25.1 million, on the back of higher revenue contributions fromboth its sterngear manufacturing and sterngear services divisions.

Singapore


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Morning Note Thursday, 19 February 2009

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CWT Limited announce that one of its subsidiary, CWT Logistics Pte Ltd (CWT Logistics) has been awardedthe certification by TUV Rheinland Group (TUV Rheinland) for compliance with ISO 28000 Supply ChainSecurity Management systems.

Sinotel Technologies Ltd. announced a sterling set of results for the financial year ended 31 December2008. The Group reported an increase in top and bottom line of 35.9% and 25.7% respectively, raisingrevenue to RMB362.1 million and net earnings to RMB107.4 million. Gross Profit margins remained at a

healthy 40.5% whilst Net Profit margins averaged at 29.7%.

The Board of Directors ofBH GLOBAL MARINE LIMITED wishes to announce that the Company, had on orabout 18 February 2009 entered into a share sale and share subscription agreement with Sky Holding Pte.Ltd., Wong Chan Seng (BW), Steven Wong (SW) for the investment by the Company in Sky Holdingaggregating sixty per cent.

OSIM Ltd reported sales revenue of $457 million and net profit after tax of $15million for its full year resultsended 31 December 2008. The Group has written off its US investment in Brookstone resulting in a loss aftertax of $99 million.

Hyflux Ltd posted a record revenue of S$554.2 million for FY2008 representing an increase of 187% fromFY07. Profit after tax and minority interest amounted to S$59 million compared to S$33 million in December

2007. The Groups cash position stood at S$90.7 million as at December 31, 2008. Net gearing increasedmarginally to 0.54 times compared to 0.32 times in FY2007. The net EPC order book increased by 34% toS$1.15 billion as at December 31, 2008, from S$863 million as at December 31, 2007.

Tat Hong Holdings Ltd reported a 14% increase in revenue to S$521.1 million for the nine months endedDecember 31, 2008 (9MFY2009). Net profit after tax and Minority Interest decreased 12% from S$61.4million in the previous corresponding period (9MFY2008) to S$54.3 million in 9MFY2009.

Oversea-Chinese Banking Corporation Limited reported a 16% decline in net profit to S$1,749 million forthe financial year ended 31 December 2008 (FY08). Core net profit, which excludes divestment gains andtax refunds from both periods, fell by 21% to S$1,486 million. The overall contribution from insurancesubsidiary Great Eastern Holdings (GEH) to the Groups core net profit fell from S$449 million to S$160million. Excluding GEH, the Groups core earnings declined by 7%. A final tax-exempt dividend of 14 cents pershare has been proposed for the financial year ended 31 December 2008, bringing the full year dividend to 28cents per share, unchanged from FY07 and representing a payout of 58% of core earnings.

The Board of Directors ofOKP Holdings Limited announced that its wholly-owned subsidiary company, OrKim Peow Contractors (Private) Limited, had been awarded a contract by FWP Joint Venture, Singapore tocarry out selected civil works in Singapore. The amount of the contract is SGD21.7 million. The contract isexpected to be completed by June 2010.

Source: SGX Masnet


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Local and Regional Markets Headlines

Singapore shares closed 0.8% higher on Wednesday. The key Straits Times Index gained 13.14 points to 1,651.06.In the broader market gainers beat losers 179 to 171 in a volume of 827.1 million shares. Top gainers include SIA,Straits Engineering, City Developments, Keppel Corporation and DBS.

Malaysian shares fell on Wednesday after closing following a sharp slide in the US stocks overnight, as fears of adeepening recession grew. The benchmark Kuala Lumpur Composite Index lost 3.3 points, or 0.37 per cent, to895.23. In the broader market at midday, losers led gainers 236 to 200 in a volume of 3.04 million shares valued atRM491.45 million (US$135.12 million).

Hong Kong shares recouped early losses to claw their way into the black on Wednesday as investors took to short-covering recently sold-down stocks including China Mobile and Bank of East Asia. But gains were fragile asheavyweight HSBC weighed down the main index on worries about the health of European banks while turnover onthe mainboard stayed low. The benchmark Hang Seng Index closed 0.55 per cent or 70.60 points higher at13,0163.00, well off its low of 12,712.33.

Japan's benchmark Nikkei average shed 1.5 per cent on Wednesday to hit its lowest close in nearly 4 months asfinancial shares sank amid worries about European banks and credit concerns hit property firms. The Nikkei fell111.07 points to 7,534.44, its lowest finish since Oct 27. The broader Topix ended 1 per cent lower at 749.26, after

earlier falling 1.6 per cent to touch 744.37, which would have been its lowest close in 25 years.Source: BT Online

US Market News

The S&P 500 and Nasdaq closed marginally lower on Wednesday as President Barack Obamas $275 billion planto prop up the housing market failed to stem worries about the economy, and bleak housing data highlighted thedeepening recession.. The Dow Jones industrial average added 3.03 points, or 0.04 percent, to 7,555.63. TheStandard & Poor's 500 Index was off 0.75 points, or 0.10 percent, to 788.42. The Nasdaq Composite Index edgeddown 2.69 points, or 0.18 percent, at 1,467.97.

Since the beginning of the year, the broad S&P 500 is down close to 13 percent; after having risen 20 percent fromthe late November lows, it is now up almost 5 percent from that mark. The dismal housing data pulled shares ofhomebuilders down, with the Dow Jones home construction index shedding 5 percent.

Source: Reuters.com

Substantial Shareholders TransactionsCompany Substantial Shareholder From (%) To (%)Ezion Holdings Ltd Lim Thean Ee 0.126 0.178TTL Holdings Ltd Tan Kee Liang 19.08 19.20ComfortDelgro Corporation Ltd Lim Jit Poh 0.0165 0.0213

Source: SGX Masnet


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Our Recent Recommendations

Date Company RatingPrice at

Recommendation(S$)

TargetPrice(S$)

LastPrice(S$)

Return toDate (%)

Remarks

18-Feb-09 StarHub Ltd Hold M 2.070 2.140 2.100 - FY2008 results

13-Feb-09Singapore Telecommunications

LtdBuy M 2.450 3.800 2.470 0.8

3Q FY2009

Results12-Feb-09 Cambridge Industrial Trust Hold D 0.260 0.270 0.250 - FY08 results

12-Feb-09 Fraser Commercial Trust Sell D 0.205 0.140 0.200 - FY08 Results

12-Feb-09 Macarthurcook Industrial REIT Hold D 0.265 0.300 0.245 - 3QFY09 results

6-Feb-09Mercator Lines (Singapore)Limited

Hold - 0.150 0.160 0.140 -InitiatingCoverage

30-Jan-09 Epure International Ltd Buy - 0.270 0.440 0.290 7.4InitiatingCoverage

21-Jan-09 Midas Holdings Limited Buy - 0.495 0.630 0.525 6.1InitiatingCoverage

19-Jan-09 Yoma Strategic Holdings Limited - - 0.009 - 0.070 - Plant Visit

15-Jan-09 Qian Hu Buy M 0.095 0.150 0.080 (15.8) FY08 Results

5-Dec-08 Neptune Orient Lines Sell - 0.985 0.960 1.140 - Initiation Report

25-Nov-08 Sinwa Ltd Buy M 0.100 0.250 0.110 10.0 Results Update

21-Nov-08 China Sports International Hold D 0.150 0.160 0.115 - Results Update

19-Nov-08 Beauty China Holdings Ltd Hold D 0.390 0.420 0.375 - Update

19-Nov-08 Mah Wah Holdings Ltd Hold M 0.155 0.230 0.145 - Results Update

*Calculation is based on share price stated in the reports. Please refer to the individual reports for ratings history.

N - New, U Upgrade, M Maintain, D Downgrade

ETF PerformanceETF % Change Change Last

CIMB FTSE ASEAN 40 ETF -0.21 -0.01 4.73

SPDR Gold Shares 0.70 0.66 95.36

Shares MSCI India ETF -0.63 -0.02 3.14Lyxor ETF China Enterprise (HSCEI) 0.65 0.06 9.36

Lyxor ETF Commodities CRB -2.94 -0.06 1.98

Lyxor ETF Hong Kong (HIS) 0.59 0.01 1.70

Lyxor ETF Japan (Topix) -2.64 -0.02 0.81

Lyxor ETF MSCI Korea -0.94 -0.02 2.12


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Singapore

Indices % Change Change Last

STRAITS TIMES INDEX +0.80 +13.14 1651.06

FTSE ST ALL SHARE INDEX +0.77 +3.03 396.00

FTSE ST FLEDGLING INDEX -0.38 -1.43 375.09

FTSE ST MID CAP INDEX +0.56 +1.86 335.45

FTSE ST SMALL CAP INDEX +0.89 +2.44 276.41

FTSE ST CHINA INDEX +0.91 +1.54 170.77

FTSE ST REAL ESTATE INDX -0.06 -0.21 326.03

FTSE ST RE INVEST TRUST +0.54 +1.74 322.51

FTSE ST OIL & GAS INDEX +1.30 +3.26 254.50

FTSE ST BASIC MATERIALS +1.65 +3.36 207.01

FTSE ST INDUSTRIALS INDX +0.97 +3.23 334.76

FTSE ST CONSUMER GOODS +1.75 +6.36 369.63

FTSE ST HEALTH CARE INDX +1.90 +7.33 392.65

FTSE ST CONSUMER SERVICE +1.50 +7.08 478.96

FTSE ST TELECOMMUNICATE +1.26 +7.62 612.68

FTSE ST UTILITIES INDEX +0.96 +2.56 270.61

FTSE ST FINANCIALS INDEX +0.04 +0.15 393.06

FTSE ST TECHNOLOGY INDEX +0.90 +3.37 378.15

FTSE SGX SHARIAH 100 IDX -0.89 -29.93 3328.63

FTSE/ASEAN 40 INDEX +0.41 +18.93 4587.06

MSCI SING CASH IX (SGX) +1.12 +2.22 200.04

TURNOVER (SHARES) 827,111,900

TURNOVER (S$) 808,068,692

UP 179

DOWN 171

UNCHANGED 889

Top Volume Last Volume

GoldenAgr 0.285 60,496

China Hongx 0.16 44502HSI14000MBLeCW090330 0.225 40,076

Top Gainers % Change Change Last

OCBC Bk 5.1%NCPS 100 +1.10 +1.00 95.000

GLD 10US$ +0.70 +0.66 95.360

DBS Bk 6% NCPS 10 +0.30 +0.30 98.900

Top Losers % Change Change Last

BukitSem -7.90 -0.270 3.130

HSI 12500DBeCW090227 -37.30 -0.205 0.345

JMH 400US$ -1.20 -0.200 17.060


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Major World Indices

Indices % Change Change Last

TEL AVIV 100 INDEX +1.53 +9.47 629.82

HANG SENG INDEX +0.55 +70.60 13016.00

JAKARTA COMPOSITE INDEX +0.95 +12.57 1330.61

KUALA LUMPUR COMP INDEX -0.37 -3.30 895.23

KOSPI INDEX -1.24 -14.00 1113.19

NIKKEI 225 -1.45 -111.07 7534.44STOCK EXCH OF THAI INDEX +0.32 +1.38 439.60

SHANGHAI SE COMPOSITE IX -4.72 -109.58 2209.86

TAIWAN TAIEX INDEX +0.15 +6.59 4498.37

BSE SENSEX 30 INDEX -0.22 -19.82 9015.18

ALL ORDINARIES INDX -0.07 -2.30 3364.60

S&P/TSX COMPOSITE INDEX -2.42 -202.75 8175.95

FTSE 100 INDEX -0.68 -27.30 4006.83

CAC 40 INDEX -0.04 -1.16 2874.07

DAX INDEX -0.28 -11.64 4204.96

DOW JONES INDUS. AVG +0.04 +3.03 7555.63

S&P 500 INDEX -0.10 -0.75 788.42

NASDAQ COMPOSITE INDEX -0.18 -2.69 1467.97

AMEX GOLD BUGS INDEX +1.50 +4.80 323.99


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STI Index Members

Name % Change Change Last Expected Report Date*

CAPITALAND LTD +1.13 +0.02 2.68 4/30/2009

CAPITAMALL TRUST +0.76 +0.01 1.33 4/17/2009

CITY DEVELOPMENTS LTD +2.87 +0.15 5.37 2/26/2009

COSCO CORP SINGAPORE LTD +1.22 +0.01 0.83 2/21/2009

DBS GROUP HOLDINGS LTD +0.87 +0.07 8.10 5/8/2009

FRASER AND NEAVE LTD -1.47 -0.04 2.68 5/8/2009

GENTING INTERNATIONAL PLC +0.00 +0.00 0.43 2/24/2009

GOLDEN AGRI-RESOURCES LTD +3.64 +0.01 0.29 2/27/2009

HONGKONG LAND HOLDINGS LTD -2.80 -0.06 2.08 3/5/2009

JARDINE CYCLE & CARRIAGE LTD -0.81 -0.08 9.77 2/27/2009

JARDINE MATHESON HLDGS LTD -1.16 -0.20 17.06 3/6/2009

JARDINE STRATEGIC HLDGS LTD -0.66 -0.06 9.08 3/6/2009

KEPPEL CORP LTD +3.20 +0.13 4.19 4/24/2009

KEPPEL LAND LTD +1.47 +0.02 1.38 4/22/2009

NEPTUNE ORIENT LINES LTD -0.87 -0.01 1.14 5/12/2009

NOBLE GROUP LTD +2.78 +0.03 1.11 2/26/2009

OVERSEA-CHINESE BANKING CORP -0.20 -0.01 4.89 5/7/2009

OLAM INTERNATIONAL LTD +0.81 +0.01 1.25 5/14/2009

SEMBCORP INDUSTRIES LTD +0.96 +0.02 2.11 2/26/2009

SEMBCORP MARINE LTD +0.00 +0.00 1.48 2/24/2009

SIA ENGINEERING CO LTD -1.04 -0.02 1.90 5/7/2009

SINGAPORE PRESS HOLDINGS LTD +2.61 +0.07 2.75 4/13/2009

SINGAPORE TECHNOLOGIES ENG +8.74 +0.18 2.24 5/6/2009

SINGAPORE TELECOMMUNICATIONS +1.23 +0.03 2.47 5/14/2009

SINGAPORE AIRLINES LTD +2.51 +0.25 10.22 5/12/2009

SINGAPORE EXCHANGE LTD +1.03 +0.05 4.90 4/13/2009

STARHUB LTD +1.45 +0.03 2.10 5/6/2009

UNITED OVERSEAS BANK LTD -1.10 -0.12 10.80 2/27/2009

WILMAR INTERNATIONAL LTD +1.73 +0.05 2.94 2/27/2009

YANLORD LAND GROUP LTD -0.61 -0.01 0.82 2/28/2009

*Dates may not be accurate

Phillip Securities Research Stocks Coverage (Table 1)


ARMSTRONG INDUSTRIAL CORP +0.00 +0.00 0.12 2/26/2009

BEAUTY CHINA HOLDINGS LTD -1.32 -0.01 0.38 2/26/2009

BH GLOBAL MARINE LIMITED +0.00 +0.00 0.19 2/25/2009

CHINA ANIMAL HEALTHCARE LTD +0.00 +0.00 0.08 5/12/2009

CHINA FARM EQUIPMENT LTD +0.00 +0.00 0.09 2/27/2009

CHINA MILK PRODUCTS GROUP +0.00 +0.00 0.39 5/30/2009

CNA GROUP LTD +0.00 +0.00 0.13 2/28/2009

COSCO CORP SINGAPORE LTD +1.22 +0.01 0.83 2/21/2009

CHINA OILFIELD TECHNOLOGY +0.00 +0.00 0.08 2/26/2009

CAMBRIDGE INDUSTRIAL TRUST +4.17 +0.01 0.25 4/25/2009

CSC HOLDINGS LTD +0.00 +0.00 0.08 5/29/2009

CHINA SPORTS INTERNATIONAL +0.00 +0.00 0.12 2/25/2009

CHINA SUNSINE CHEMICAL HLDGS +3.03 +0.01 0.17 2/25/2009

CHINA XLX FERTILISER LTD +1.33 +0.01 0.38 2/27/2009



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Phillip Securities Research Stocks Coverage (Table 2)


CHINA YUANBANG PROPERTY HOLD +3.57 +0.01 0.15 5/13/2009

CHINA ZAINO INTERNATIONAL -9.09 -0.02 0.20 5/15/2009

DBS GROUP HOLDINGS LTD +0.87 +0.07 8.10 5/8/2009

FRASERS COMMERCIAL TRUST +5.26 +0.01 0.20 5/6/2009

HI-P INTERNATIONAL LTD +0.00 +0.00 0.32 2/24/2009

HO BEE INVESTMENT LTD -1.47 -0.01 0.34 2/25/2009HIAP SENG ENGINEERING LTD -3.03 -0.01 0.16 5/23/2009

MOBILEONE LTD +1.94 +0.03 1.58 4/21/2009

MACARTHURCOOK INDUSTRIAL REI +4.26 +0.01 0.25 8/12/2009

SMRT CORP LTD -1.21 -0.02 1.63 4/27/2009

MAN WAH HOLDINGS LIMITED -3.33 -0.01 0.15 5/26/2009

OVERSEA-CHINESE BANKING CORP -0.20 -0.01 4.89 5/7/2009

QIAN HU CORP LTD +0.00 +0.00 0.08 4/21/2009

SC GLOBAL DEVELOPMENTS LTD +0.00 +0.00 0.47 2/27/2009

SOILBUILD GROUP HOLDINGS LTD -0.92 -0.01 0.54 2/25/2009

SING HOLDINGS LTD +0.00 +0.00 0.19 2/21/2009

SINWA LTD -8.33 -0.01 0.11 2/28/2009

SINOPIPE HOLDINGS LIMITED +0.00 +0.00 0.09 2/28/2009

SINGAPORE TELECOMMUNICATIONS +1.23 +0.03 2.47 5/14/2009

SINOTEL TECHNOLOGIES LTD +3.23 +0.01 0.16 5/7/2009

STARHUB LTD +1.45 +0.03 2.10 5/6/2009

SUNVIC CHEMICAL HOLDINGS +0.00 +0.00 0.14 2/25/2009

TAI SIN ELECTRIC LIMITED +0.00 +0.00 0.16 8/28/2009

UNITED OVERSEAS BANK LTD -1.10 -0.12 10.80 2/27/2009

YANLORD LAND GROUP LTD -0.61 -0.01 0.82 2/28/2009


Stocks Dual Listed Overseas

Name Currency % Change Change Last

CREATIVE TECHNOLOGY LTD USD +0.00 +0.00 2.60

CHARTERED SEMICONDUCTOR-ADR USD +10.06 +0.16 1.75

RELIANCE GENEMEDIX PLC GBp +0.00 +0.00 1.50TIANJIN ZHONG XIN PHARM CO-A CNY -2.66 -0.31 11.36

SINGAPORE TELECOMM-CDI AUD -1.18 -0.03 2.51

CHINA MERCHANTS HLDGS INTL HKD +1.77 +0.24 13.80

PACIFIC ANDES INTL HLDG LTD HKD -4.29 -0.03 0.67

TPV TECHNOLOGY LTD HKD +0.00 +0.00 2.02

US Stocks


CELESTICA INC -2.122 -0.080 3.69 4/24/2009

FLEXTRONICS INTL LTD -0.800 -0.020 2.48 4/29/2009

INCREDIMAIL LTD -1.792 -0.050 2.74 3/2/2009

SKINS INC -4.348 -0.005 0.11 -

SPOOZ INC +0.000 +0.0000 0.0001 -



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US Bellwethers


3M CO +0.49 +0.23 47.14 4/24/2009

ALCOA INC -3.85 -0.26 6.49 4/7/2009

AMERICAN EXPRESS CO +1.00 +0.14 14.10 4/24/2009

AT&T INC -1.12 -0.26 22.96 4/22/2009

BANK OF AMERICA CORP -6.74 -0.33 4.57 4/21/2009

BOEING CO -1.17 -0.45 37.98 4/23/2009CATERPILLAR INC -1.86 -0.54 28.44 4/21/2009

CHEVRON CORP -0.09 -0.06 66.12 4/9/2009

CITIGROUP INC -4.90 -0.15 2.91 4/17/2009

COCA-COLA CO/THE +0.19 +0.08 42.68 4/16/2009

DU PONT (E.I.) DE NEMOURS -0.33 -0.07 21.14 4/21/2009

EXXON MOBIL CORP +0.93 +0.66 71.94 5/1/2009

GENERAL ELECTRIC CO +0.46 +0.05 10.86 4/17/2009

GENERAL MOTORS CORP -5.51 -0.12 2.06 -

HEWLETT-PACKARD CO -0.76 -0.26 34.08 5/19/2009

HOME DEPOT INC -0.70 -0.14 19.80 2/24/2009

INTL BUSINESS MACHINES CORP +0.93 +0.84 91.51 4/20/2009

INTEL CORP +1.14 +0.15 13.36 4/13/2009

JOHNSON & JOHNSON -0.27 -0.15 55.83 4/14/2009

JPMORGAN CHASE & CO -0.65 -0.14 21.51 4/16/2009

KRAFT FOODS INC-CLASS A -1.62 -0.40 24.32 4/30/2009

MCDONALD'S CORP +1.31 +0.73 56.41 4/22/2009

MERCK & CO. INC. +0.11 +0.03 28.64 4/21/2009

MICROSOFT CORP +0.17 +0.03 18.12 4/23/2009

PFIZER INC -0.63 -0.09 14.16 4/17/2009

PROCTER & GAMBLE CO +1.68 +0.84 50.95 4/30/2009

UNITED TECHNOLOGIES CORP -0.98 -0.45 44.85 4/17/2009

VERIZON COMMUNICATIONS INC -0.67 -0.19 28.07 4/28/2009

WAL-MART STORES INC +3.65 +1.76 50.00 5/13/2009

WALT DISNEY CO/THE -1.18 -0.21 17.63 5/6/2009


Domestic Interbank Rates Singapore

Singapore OvernightRate Average*

Overnight 1-Month 2-Month 3-Month 6-Month 12-Month

2/11/2009 0.0907 0.06 0.31 0.44 0.56 0.69 0.75

2/12/2009 0.1196 0.06 0.31 0.44 0.56 0.69 0.75

2/13/2009 0.1708 0.31 0.31 0.44 0.56 0.69 0.75

2/16/2009 0.1969 0.38 0.31 0.44 0.56 0.69 0.75

2/17/2009 0.2462 0.13 0.31 0.44 0.56 0.69 0.75

2/18/2009 0.2306 0.13 0.38 0.44 0.56 0.69 0.75

Source: Singapore Government Securities http://www.sgs.gov.sg* The Singapore Overnight Rate Average or SORA is the weighted average rate of all S$ overnight cash transactions brokered in Singaporebetween 9am and 6.15pm. (SORA will be published daily with effect from 1 July 2005).

Data (other than SORA) reflect closing offer rates.


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11

Commodities & CurrenciesCommodities Price (EURO) Price (US$)

GOLD (NEW YORK SPOT PRICE) 784.91 $983.50

SILVER SPOT US$ / OZ 11.44 $14.34

CRUDE OIL U.S. SPOT PRICES WTI CUSHIN - USD / BARREL 27.63 $34.62

OIL SPOT 31.19 $39.08

Commodities Price (EURO) Price (RM$)

MALAYSIAN RUBBER BOARD STANDARD RUBBER NO. 10 FOB 108.21 $497.00

PALM OIL (RM$/METRIC TON) 421.42 $1,935.50

TIN SPOT (KL TIN MARKET) 2,405.91 $11,050.00

Index Change Last

DOLLAR INDEX SPOT +0.43 88.01

Currencies Against S$ Against US$

AUSTRALIAN DOLLAR 0.9762 0.6371

CANADIAN DOLLAR 1.2151 1.2610

EURO 1.9198 1.2530

BRITISH POUND 2.1774 1.4211

US DOLLAR 1.5321 1.0000

CHINA RENMINBI 0.2241 6.8379

HONG KONG DOLLAR 0.1976 7.7558

JAPANESE YEN 1.6336 93.7900

KOREAN WON 0.1037 1467.7750

MALAYSIAN RINGGIT 0.4180 3.6570

THAI BAHT 0.0433 35.3850

US Treasury Yields

Maturity Today Yesterday Last Week Last Month

3 Months 0.27 0.26 0.28 0.096 Months 0.46 0.43 0.42 0.27

2 Years 0.95 0.86 0.91 0.73

3 Years 1.33 1.22 1.31 1.06

5 Years 1.80 1.66 1.75 1.47

10 Years 2.75 2.65 2.76 2.32

30 Years 3.54 3.48 3.45 2.87

Yield Spread (10 yrs - 3 mths) +2.48

Yield Spread (30 yrs - 10 yrs) +0.79

Source: Data provided by ValuBond http://www.valubond.com


12/20


12

Calendar

Earning Announcement Singapore (1 of 3)

Name Expected Report Date*

Advanced Holdings Ltd February 19, 2009

AnnAik Ltd February 19, 2009

ARA Asset Management Ltd February 19, 2009

Best World International Ltd February 19, 2009

Centillion Environment & Recycling Ltd February 19, 2009

China Merchants Holdings Pacific Ltd February 19, 2009

Chip Eng Seng Corp Ltd February 19, 2009

ETLA Ltd February 19, 2009

Venture Corp Ltd February 19, 2009

Yeo Hiap Seng Ltd February 19, 2009

AA Group Holdings Ltd February 20, 2009

AEM Holdings Ltd February 20, 2009

British & Malayan Trustees Ltd February 20, 2009

China EnerSave Ltd February 20, 2009

Dynamic Colours Ltd February 20, 2009

Ezion Holdings Ltd February 20, 2009

Food Junction Holdings Ltd February 20, 2009

Fragrance Group Ltd February 20, 2009Gallant Venture Ltd February 20, 2009

Intraco Ltd February 20, 2009

Magnus Energy Group Ltd February 20, 2009

MCL Land Ltd February 20, 2009

Oceanus Group Ltd February 20, 2009

R H Energy Ltd February 20, 2009

Soup Restaurant Group Ltd February 20, 2009

SP Chemicals Ltd February 20, 2009

Travelite Holdings Ltd February 20, 2009

Venture Corp Ltd February 20, 2009

Verigy Ltd February 20, 2009

Apex-Pal International Ltd February 21, 2009

Cosco Corp Singapore Ltd February 21, 2009General Magnetics Ltd February 21, 2009

ISDN Holdings Ltd February 21, 2009

Kim Eng Holdings Ltd February 21, 2009

NEL Group Ltd February 21, 2009

Sing Holdings Ltd February 21, 2009

Tat Seng Packaging Group Ltd February 21, 2009

Wepco Ltd February 21, 2009

Aspial Corp Ltd February 22, 2009

Ban Leong Technologies Ltd February 22, 2009

Beng Kuang Marine Ltd February 22, 2009

Bonvests Holdings Ltd February 22, 2009

China Powerplus Ltd February 22, 2009

Cityneon Holdings Ltd February 22, 2009

EnGro Corp Ltd February 22, 2009

Europtronic Group Ltd February 22, 2009

Furama Ltd February 22, 2009

Haw Par Corp Ltd February 22, 2009

Heeton Holdings Ltd February 22, 2009

Innovalues Ltd February 22, 2009

Internet Technology Group Ltd February 22, 2009



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13



Kian Ho Bearings Ltd February 22, 2009

Lafe Corp Ltd February 22, 2009

Manhattan Resources Ltd February 22, 2009

Megachem Ltd February 22, 2009

Nobel Design Holdings Ltd February 22, 2009

Ntegrator International Ltd February 22, 2009PSC Corp Ltd February 22, 2009

SHC Capital Ltd February 22, 2009

Teckwah Industrial Corp Ltd February 22, 2009

Teledata Singapore Ltd February 22, 2009

Texchem-Pack Holdings Singapore Ltd February 22, 2009

Transpac Industrial Holdings Ltd February 22, 2009

Wanxiang International Ltd February 22, 2009

Wheelock Properties S Ltd February 22, 2009

AEI Corp Ltd February 23, 2009

Cosco Corp Singapore Ltd February 23, 2009

Global Testing Corp Ltd February 23, 2009

Straits Trading Co Ltd February 23, 2009

United Overseas Insurance Ltd February 23, 2009

Abterra Ltd February 24, 2009

Aqua-Terra Supply Co Ltd February 24, 2009

Food Empire Holdings Ltd February 24, 2009

Hi-P International Ltd February 24, 2009

Hotel Plaza Ltd February 24, 2009

Jurong Technologies Industrial Corp Ltd February 24, 2009

Lorenzo International Ltd February 24, 2009

OKP Holdings Ltd February 24, 2009

Otto Marine Ltd February 24, 2009

SembCorp Marine Ltd February 24, 2009

Superbowl Holdings Ltd February 24, 2009

UOL Group Ltd February 24, 2009

Advanced Integrated Manufacturing Corp Ltd February 25, 2009

AP Oil International Ltd February 25, 2009Asia Food & Properties Ltd February 25, 2009

Asiamedic Ltd February 25, 2009

Aztech Systems Ltd February 25, 2009

Baker Technology Ltd February 25, 2009

BH Global Marine Ltd February 25, 2009

China Aviation Oil Singapore Corp Ltd February 25, 2009

China Haida Ltd February 25, 2009

CSE Global Ltd February 25, 2009

Enviro-Hub Holdings Ltd February 25, 2009

Equinox Offshore Accommodation Ltd February 25, 2009

Guangzhao Industrial Forest Biotechnology Group Ltd February 25, 2009

Ho Bee Investment Ltd February 25, 2009

Huan Hsin Holdings Ltd February 25, 2009Hup Soon Global Corp Ltd February 25, 2009

InnoTek Ltd February 25, 2009

Juken Technology Ltd February 25, 2009

Jurong Technologies Industrial Corp Ltd February 25, 2009

KS Energy Services Ltd February 25, 2009

Leeden Ltd February 25, 2009

Metal Component Engineering Ltd February 25, 2009

Natural Cool Holdings Ltd February 25, 2009



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14



New Lakeside Holdings Ltd February 25, 2009

Ossia International Ltd February 25, 2009

PSL Holdings Ltd February 25, 2009

Raffles Medical Group Ltd February 25, 2009

Riverstone Holdings Ltd February 25, 2009

Select Group Ltd February 25, 2009Sing Investments & Finance Ltd February 25, 2009

SM Summit Holdings Ltd February 25, 2009

Soilbuild Group Holdings Ltd February 25, 2009

Straits Asia Resources Ltd February 25, 2009

Thakral Corp Ltd February 25, 2009

Trek 2000 International Ltd February 25, 2009

Zagro Asia Ltd February 25, 2009

ABR Holdings Ltd February 26, 2009

Albedo Ltd February 26, 2009

Allgreen Properties Ltd February 26, 2009

Armstrong Industrial Corp Ltd February 26, 2009

Auric Pacific Group Ltd February 26, 2009

Babcock & Brown Global Investments Ltd February 26, 2009

Breadtalk Group Ltd February 26, 2009

City Developments Ltd February 26, 2009

CWT Ltd February 26, 2009

Design Studio Furniture Manufacturer Ltd February 26, 2009

Eastern Asia Technology Ltd February 26, 2009

Eucon Holding Ltd February 26, 2009

Fu Yu Corp Ltd February 26, 2009

Guangzhao Industrial Forest Biotechnology Group Ltd February 26, 2009

Hengxin Technology Ltd February 26, 2009

Hersing Corp Ltd February 26, 2009

Hiap Hoe Ltd February 26, 2009

Hotel Royal Ltd February 26, 2009

HTL International Holdings Ltd February 26, 2009

IFS Capital Ltd February 26, 2009Interra Resources Ltd February 26, 2009

Koh Brothers Group Ltd February 26, 2009

Koon Holdings Ltd February 26, 2009

Lee Kim Tah Holdings Ltd February 26, 2009

Megachem Ltd February 26, 2009

Old Chang Kee Ltd February 26, 2009

Penguin International Ltd February 26, 2009

Petra Foods Ltd February 26, 2009

Pteris Global Ltd February 26, 2009

Richina Pacific Ltd February 26, 2009

Rotary Engineering Ltd February 26, 2009

SembCorp Industries Ltd February 26, 2009

Sino-Environment Technology Group Ltd February 26, 2009Sunningdale Tech Ltd February 26, 2009

Tastyfood Holdings Ltd February 26, 2009

Tye Soon Ltd February 26, 2009

Vibropower Corp Ltd February 26, 2009

WesTech Electronics Ltd February 26, 2009



15/20


15

Economic Announcement Singapore

Planned Release Date*Topic Frequency

Feb 2009 Mar 2009 Apr 2009 May 2009

Gross Domestic Product QuarterlyNLT 27

(Q4 2008)NLT 22

(Q1 2009)

Advance GDP Estimates QuarterlyNLT 13

(Q1 2009)

Balance of Payments Quarterly NLT 27(Q4 2008)

NLT 22(Q1 2009)

Unemployment Rate Quarterly30

(03 2009)

Employment Quarterly30

(03 2009)

Average Monthly Nominal Earnings Per Employee QuarterlyNLT 27

(Q4 2008)

International Reserves Monthly9

(01 2009)NLT 09

(02 2009)7

(03 2009)7

(04 2009)

General Government Operations Annual

Central Government Operations Monthly27

(01 2009)

31

(02 2009)

30

(03 2009)

29

(04 2009)

Central Government Debt Quarterly18

(Q1 2009)

Consumer Price Index- overall index and sub-indices

Monthly23

(01 2009)23

(02 2009)23

(03 2009)25

(04 2009)

Consumer Price Index- by income group of households

Half-yearlyNLT 31

(2H 2008)

Producer and International Trade Price Indices- Singapore Manufactured Products Price Index- Import Price Index- Export Price Index- Domestic Supply Price Index

Monthly27

(01 2009)27

(02 2009)29

(03 2009)29

(04 2009)

Index of Industrial Production Monthly26

(01 2009)26

(02 2009)24

(03 2009)26

(04 2009)

Merchandise Trade Monthly17

(02 2009)17

(03 2009)18

(04 2009)

Retail Sales and Catering Trade Indices Monthly13

(01 2009)15

(02 2009)15

(03 2009)

Business Expectations- services- manufacturing

Quarterly30

(Q2 2009)

Wholesale Trade Index Quarterly20

(Q4 2008)21

(Q1 2009)

Business Receipts Index Quarterly27

(Q4 2008)27

(Q1 2009)

Mid-Year Population Annual

International Investment Position Annual

External Debt QuarterlyNLT 31

(Q4 2008)

NLT = Not Later Than* Reference date of data are indicated in bracketsLast updated: 3

rdFeb 2009

Source: Statistics Singapore http://www.singstat.gov.sg


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16

Economic Announcement US (2009)

Date Statistic For

19-Feb Core PPI Jan

19-Feb Initial Claims 02/14

19-Feb PPI Jan


19-Feb Leading Indicators Jan

19-Feb Philadelphia Fed Feb19-Feb Crude Inventories 02/13

20-Feb Core CPI Jan

20-Feb CPI Jan

24-Feb S&P/CaseShiller Home Price Index Dec

24-Feb Consumer Confidence Feb

25-Feb Existing Home Sales Jan

25-Feb Crude Inventories 02/20

26-Feb Durable Goods Orders Jan

26-Feb Durables, Ex-Tran Jan


26-Feb New Home Sales Jan

27-Feb GDP-Prel. Q4

27-Feb Chain Deflator-Prel. Q4

27-Feb Chicago PMI Feb

27-Feb Mich Sentiment-Rev Feb

Source: BRIEFING.COM http://briefing.com

AGM Schedules Singapore

Date Time Company Name Venue

25-Feb-09 4:00 PM TRANSVIEW HOLDINGS LIMITEDEvent Facilities A, Level 3, Singapore PolytechnicGraduates' Guild, 1010 Dover Road, Singapore 139658

27-Feb-09 3:30 PM ECOWISE HOLDINGS LIMITED 17 Kallang Junction, #04-03, Singapore 339274

28-Feb-09 5:00 PM CHINA FLEXIBLE PACK HLDG LTD

Kai Xuan Conference Room, Ramada Pearl Hotel, 9Mingyue Yi Road, GuangZhou Main Road Central,Guangzhou, Guangdong Province, Peoples Republic ofChina

4-Mar-09 11:00 AM SUNWAY INTL HLDGS LTD Room 1705, Nan Fung Centre, 264298 Castle PeakRoad, Tsuen Wan, N.T., Hong Kong

13-Mar-09 10:30 AM GLOBAL TECH (HLDGS) LIMITEDTaishan Room, Level 5, Island Shangri-La Hong Kong,Pacific Place, Supreme Court Road, Central, Hong Kong

Source: SGX http://www.sgx.com


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17

Holidays

Singapore 2009

New Year's Day National Day

Thursday1-Jan-09

Sunday*9 August 2009

Chinese New Year Hari Raya PuasaMonday

26-Jan-09&

Tuesday27-Jan-09

Sunday*20 September 2009

Good Friday Deepavali

Friday10 April 2009

Sunday*15 November 2009

Labour Day Hari Raya Haji

Friday1-May-09

Friday27 November 2009

Vesak Day Christmas Day

Saturday9-May-09

Friday25-Dec-09

* The following Monday will be a public holiday.The date 15 November 2009, for Deepavali needs to be checked against the Indian Almanacs when they become available towards the end of 2008.Should there be a change in date; the Ministry of Manpower will announce it towards the end of 2008.


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18

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19/20

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