MCI (P) 033/11/2013 Ref No: SGMN2013_0216 1 of 16

Morning Note

Phillip Securities Research Pte Ltd Singapore

11 November 2013

Weekly Market Outlook Webinar

Register HERE for the Monday webinar if you have not already done so.

Source: Phillip Securities Research Pte Ltd

Fundamental Call

OUE Limited – Expect Upsides Pertaining Portfolio Rationalization Recommendation: ACCUMULATE Previous Close: S$ 2.36 Fair Value: S$ 2.82

OUE 3Q13 revenue increased 16.7% y-y to S$119.1mn, mainly due to the sale of Twin Peaks and revenue contribution from US Bank Tower

Lower PATMI at S$13.38mn (-43.9% y-y), due to higher operating expenses, higher finances expenses, net non-recurring loss from sale of China hotels and revaluation of investment properties.

Strong cash reserves at S$687.6 mn with proceeds the listing of OUE H-Trust and assets disposal Potential listing of OUE Commercial REIT Maintain Accumulate with fair value revised to $2.82 Source: Phillip Securities Research Pte Ltd

Morning Note 11 November 2013

2 of 15

Company Results

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

Units

Revenue Net Profit

Current Previous Change

(%) Current Previous

Change (%)

1 Riverstone Holdings 3Q RM$mn 94.0 79.0 19.0 15.7 10.5 49.5

2 CNA Group 3Q S$mn 47.7 54.7 (12.7) (0.7) (2.6) n.m.

3 UOL Group 3Q S$mn 261.8 277.7 (6.0) 98.8 96.5 2.0

4 Boustead 2Q S$mn 133.3 112.2 1.0 9.3 15.9 (41.0)

5 Challenger 3Q S$mn 98.4 88.6 11.0 4.1 4.1 (0)

6 Tritech Group HY S$mn 25.1 27.2 (7.7) (1.9) 0.6 n.m.

7 Venture Corp 3Q S$mn 588.5 608.9 (3.4) 35.0 32.4 8.1 Source: SGX Masnet

Company Highlights

CSC Holdings Limited announced that it has been awarded a contract through its subsidiary CS Geo (Malaysia) Sdn Bhd, valued in excess of

RM80 million, for the construction of foundations as well as a two-storey basement for the new development, Bora Residences @ Tropicana Danga Bay in Iskandar, Johor. Work on this project is expected to commence in November 2013, and be completed by the first half of 2015. With this latest contract win, CSC has secured in excess of RM200 million worth of contracts in Malaysia since April 2013. (Closing Price S$0.101, -) Jardine Cycle & Carriage announced that Cheah Kim Teck will be stepping down from his current role as Chief Executive Officer, Group

Motor Operations of Jardine Cycle & Carriage at the end of the year. The Board would also like to announce that Haslam Preeston will be appointed as Regional Managing Director with effect from 1st February 2014 to succeed Kim Teck. (Closing Price S$35.650, -3.0%)

Tereos and Wilmar International Limited announced that they have formed a new joint venture, through their respective subsidiaries Syral

China Investment (“Tereos Syral”) and Wilmar China New Investments Pte. Ltd. (“WCNI”), in a PRC-incorporated company named Liaoning Yihai Kerry Tereos Starch Technology Co., Ltd. The JV Company will engage in the operation of a corn starch facility in Tieling (Liaoning Province), in northern China. The first industrial joint venture under the Wilmar-Tereos partnership involving the construction of a wheat starch facility in Dongguan, near Guangzhou, will be operational during the first half of 2014. This facility will have the capacity to process 500,000 tons of wheat to produce starch, glucose syrups and gluten. (Closing Price S$3.380, -2.0%) Source: SGX Masnet, The Business Times

Morning Note 11 November 2013

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Morning Commentary

STI: -0.78% to 3177.3 KLCI: -0.12% to 1804.5 JCI: -0.21% to 4476.7 SET: -1.42% to 1405.0 HSI: -0.60% to 22744.4 HSCEI: -0.80% to 10390 Nifty: -0.75% to 6140.8 ASX200: -0.39% to 5400.7 Nikkei: -1.00% to 14086 S&P500: +1.34% to 1770.6 MORNING COMMENTARY: Boustead Singapore (S$1.43, BUY TP S$1.935) By Joshua Tan

Boustead’s 2QFY3/14 earnings of S$9m were 41%y-y lower due to last year’s results being boosted by a non-recurring S$10.1m gain (gain on disposal plus overprovision of taxes offsetting an impairment). Without last year’s distortion, core-earnings actually gained 75%y-y. Orderbooks are at a record high (current orders backlog is S$445m vs S$288m last year) while the addition of 60k sqm of industrial portfolio space in the pipeline brings total space to over 163k sqm, which puts Boustead a step closer to eventually list a REIT. In addition, it is currently in a JV to development 120k sqm of industrial land in the Iskandar region. We reiterate our BUY rating on the stock. MARKET OUTLOOK:

In today’s 11.15am webinar, Macro & Markets returns with our take on the broad strategic and tactical outlook. We also feature a review of the Banking sector post results. Clients can register for the 11.15am webinar today by clicking the link in the “Weekly Market Outlook Webinar” box at the top of this note, or, by going to www.poems.com.sg > Weekly Webinar Market Call by Phillip Research. 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, 6 Nov - Macro Trader : 9 Sep, Update Source: Phillip Securities Research Pte Ltd

Morning Note 11 November 2013

4 of 15

Macro Data

China:

Chinese exports expanded in a faster pace at 5.6 percent on-year to US$185.4 billion in October, reversing the 0.3 percent fall in September, and adding to recent signs the country’s economy is picking up, said the General Administration of Customs. Meanwhile, imports increased 7.6 percent to US$154.3 billion, leading to a wider trade surplus of US$ 31.1 billion as compared to previous month’s US$15.2 billion. October’s annual inflation edged higher to an eight-month high of 3.2 percent in October, pushed up by higher food prices, according to the National Bureau of Statistics (NBS). Inflation accelerated slightly from 3.1 percent in September, thus amounting a 2.6 percent inflation rate for the first 10 months of the year through October – well below the government’s full-year target of 3.5 percent. Producer prices fell 1.5 percent in October from a year ago, marking the 20th consecutive month of decline. Industrial output rose 10.3 percent in October from a year earlier, while retail sales were up 13.3 percent. Fixed-asset investment, a key driver of economic activity, climbed 20.1 percent in the first 10 months from a year earlier. Malaysia:

Exports rose 5.6 percent year-on-year in September, boosted by Southeast Asian demand for refined petroleum products and higher electronics shipments to China, according to data from Statistics Department. On the other hand, imports grew 2.8 percent from the same month a year ago, leaving the largest trade surplus since November 2012. Trade surplus improved to MYR8.67 billion from August’s MYR7.11 billion. Eurozone:

The cost of insuring against a French default fell to the lowest in more than three years, as investors ignored a sovereign-credit rating downgrade by Standard & Poor’s. Credit-default swaps on France fell for a sixth day, declining 1 basis point to about 51 basis points at 1:45 p.m. That would be the lowest closing price since April 20, 2010. The contracts have fallen from 219 basis points on Jan. 13, 2012 when France lost its top rating at S&P. Australia:

The central bank projected gross domestic product will rise by between 2 percent and 3 percent in the year to December 2014, compared with 2.5 percent to 3.5 percent forecast three months earlier. The outlook for inflation is “to remain consistent” with the 2 percent to 3 percent target, the RBA said. Source: Phillip Securities Research Pte Ltd

Morning Note 11 November 2013

5 of 15

Source: Bloomberg

STI - Index Members

0.6

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Morning Note 11 November 2013

6 of 15

81.31 +0.00% 274.39 +0.45%

104.04 -1.75% 2.748 +0.00%

1,288.60 -0.15% 15,761.78 +1.08%

543.12 -0.93% Straits Times Index 3,177.25 -0.78%

22,744.39 -0.60% 14,086.80 -1.00%

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

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-1

3

2,600

2,800

3,000

3,200

3,400

3,600

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

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r-13

Ap

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Jul-1

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12,000

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Nov-1

2

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20,000

22,000

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3

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6,000

8,000

10,000

12,000

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-13

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Morning Note 11 November 2013

7 of 15

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 0.575 8.5% -13.0%

WILMAR INTERNATIONAL LTD Nicholas Ong 8-Nov-13 Accumulate 3.88 3.38 -2.0% 14.8%

COURTS ASIA LTD Ken Ang 14-Aug-13 Buy 1.03 0.78 -12.9% 32.9%

GENTING SINGAPORE PLC Ken Ang 5-Nov-13 Neutral 1.49 1.46 -3.0% 2.1%

DBS GROUP HOLDINGS LTD Ken Ang 2-Nov-13 Accumulate 17.50 16.88 1.2% 3.7%

OVERSEA-CHINESE BANKING CORP Ken Ang 2-Nov-13 Neutral 9.55 10.39 0.3% -8.1%

UNITED OVERSEAS BANK LTD Ken Ang 6-Nov-13 Accumulate 21.20 20.86 0.3% 1.6%

MONEYMAX FINANCIAL SERVICES LTD Colin Tan 28-Oct-13 Buy 0.48 0.36 -10.0% 33.3%

SINGAPORE EXCHANGE LTD Ken Ang 18-Oct-13 Buy 7.90 7.25 0.3% 9.0%

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 11-Nov-13 Accumulate 2.82 2.36 0.0% 19.5%

GLOBAL LOGISTIC PROPERTIES L Phillip Research Team 15-Aug-13 Neutral 2.80 3.00 7.1% -6.7%

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 -2.7% 16.7%

KEPPEL CORP LTD Nicholas Ong 2-Oct-13 Accumulate 12.25 10.91 5.2% 12.3%

SEMBCORP MARINE LTD Nicholas Ong 6-Nov-13 Neutral 4.33 4.35 -3.3% -0.5%

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 0.98 0.0% 30.3%

BOUSTEAD SINGAPORE LTD Joshua Tan 30-May-13 Buy 1.935 1.44 6.8% 34.8%

EZRA HOLDINGS LTD Nicholas Ong 28-Oct-13 Neutral 1.18 1.350 9.8% -12.6%

EZION HOLDINGS LTD Nicholas Ong 1-Oct-13 Accumulate 2.71 2.080 -5.5% 30.3%

SINGAPORE TELECOMMUNICATIONS Ken Ang 15-Aug-13 Accumulate 3.99 3.80 -0.3% 5.0%

STARHUB LTD Colin Tan 8-Nov-13 Accumulate 4.52 4.29 -1.6% 5.4%

M1 LTD Colin Tan 16-Oct-13 Accumulate 3.55 3.40 -1.7% 4.4%

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 14.32 -1.8% 39.4%

GARMIN LTD Wong Yong Kai 1-Aug-13 Trading Sell 40.08 46.25 -15.4% 13.3%

GENWORTH FINANCIAL INC-CL A Wong Yong Kai 20-Sep-13 Trading Buy 18.04 14.33 17.7% 25.9%

ICONIX BRAND GROUP INC Wong Yong Kai 6-Aug-13 Trading Buy 43.19 37.88 11.1% 14.0%

NATIONAL OILWELL VARCO INC Wong Yong Kai 30-Sep-13 Trading Buy 90.92 82.20 3.9% 10.6%

OIL STATES INTERNATIONAL INC Wong Yong Kai 30-Sep-13 Trading Buy 120.83 106.70 2.7% 13.2%

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.

Property (Developers)

Property (REITS)

Industrials (Transportation)

Technology & Communications

Industrials (Capital Goods)

Phillip Securities Research - US Stocks Coverage

Commodities & Supply Chain Managers

Consumer Goods

Banking & Finance

#

Morning Note 11 November 2013

8 of 15

FTSE ST Breakdown (3M % Change)

STI -1.6%

-3.1%

2.0%

-3.6%

-7.0%-1.0%

-4.4%

5.5%

-1.1%

-2.6%

-35.1%

-0.7%

-0.8%

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-1.0%

ST Healthcare

Source: Bloomberg

Last % Chg

0.117 18.2

0.130 18.2

0.021 16.7

0.136 12.4

0.300 11.1

Last % Chg

0.230 -11.5

0.320 -8.6

0.235 -7.8

0.320 -7.2

0.200 -7.0

UP

DOWN

UNCHANGED

XINREN ALUMINUM HOLDINGS LT

Source: Bloomberg Source: SGX

1,662

938

173

235

545

Turnover (S$'mn)

A-SONIC AEROSPACE LTD

SINOSTAR PEC HOLDINGS LTD

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

Turnover ('mn shares)

Top Losers (%)

SIIC ENVIRONMENT HOLDINGS LT

OCEANUS GROUP LTD

LIZHONG WHEEL GROUP LTD

KARIN TECHNOLOGY HOLDINGS

ROWSLEY LTD

C&G ENVIRONMENTAL PROTECTION

Source: Bloomberg

IEV HOLDINGS LTD

-4.0%

-2.7% -0.3%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI

-1.6%

-2.0%

Morning Note 11 November 2013

9 of 15

Source: Bloomberg

World Index

JCI -0.21% 4,476.72

HSI -0.60% 22,744.39

KLCI -0.12% 1,804.48

NIKKEI -1.00% 14,086.80

KOSPI 0.10% 1,986.87

SET -1.42% 1,405.03

SHCOMP -1.09% 2,106.13

SENSEX -0.75% 20,666.15

ASX -0.39% 5,400.67

FTSE 100 0.17% 6,708.42

DOW 1.08% 15,761.78

S&P 500 1.34% 1,770.61

NASDAQ 1.60% 3,919.23 COLOMBO -0.26% 5,855.34

STI -0.78% 3,177.25

Morning Note 11 November 2013

10 of 15

ETF % Change Change Last

CIMB FTSE ASEAN 40 +0.19 +0.02 10.64

DB X-TRACKERS CSI300 UCITS -0.82 -0.06 7.29

DB X-TRACKERS MSCI INDONESIA +0.39 +0.05 12.95

DB X-TRACKERS MSCI WORLD TRN -0.97 -0.04 4.10

DB X-TRACKERS S&P 500 INV DA +1.10 +0.30 27.50

LYXOR ETF MSCI WORLD-E -0.62 -0.01 1.62

NIKKO AM SINGAPORE STI ETF -0.62 -0.02 3.22

SPDR GOLD SHARES -0.35 -0.45 126.59

SPDR STRAITS TIMES INDEX ETF -0.92 -0.03 3.22

ETF Performance

Source: Bloomberg

Morning Note 11 November 2013

11 of 15

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

11/11/2013 ACE ACHIEVE INFOCOM LTD Omitted N.A. CNY Annual N.A. N.A.

11/11/2013 ASCENDAS INDIA TRUST Distribution 0.0224 SGD Semi-Anl 11/13/2013 11/28/2013

11/12/2013 CH OFFSHORE LTD Final 0.0150 SGD Semi-Anl 11/14/2013 11/27/2013

11/12/2013 CHOSEN HOLDINGS LTD Regular Cash 0.0066 SGD Annual 11/14/2013 11/22/2013

11/12/2013 SIN HENG HEAVY MACHINERY LTD Final 0.0045 SGD Semi-Anl 11/14/2013 11/28/2013

11/12/2013 CREATIVE TECHNOLOGY LTD Regular Cash 0.1000 SGD Annual 11/14/2013 11/26/2013

11/12/2013 LIPPO MALLS INDONESIA RETAIL Distribution 0.0087 SGD Quarter 11/14/2013 11/29/2013

11/13/2013 MTQ CORP LTD Interim 0.0200 SGD Semi-Anl 11/15/2013 1/7/2014

11/13/2013 SINGAPORE POST LTD 2nd Interim 0.0125 SGD Quarter 11/15/2013 11/29/2013

11/13/2013 ROYAL DUTCH SHELL PLC-ADR Regular Cash 0.7650 USD Quarter 11/15/2013 12/23/2013

11/13/2013 PARKWAYLIFE REAL ESTATE Distribution 0.0266 SGD Quarter 11/15/2013 12/10/2013

11/13/2013 STARHUB LTD 3rd Interim 0.0500 SGD Quarter 11/15/2013 11/29/2013

Corporate Action: Dividend

Source: Bloomberg

EX Date Company Type Subscription Price Currency Term Record Date

11/4/2013 GRP LTD Rights Issue 0.0800 SGD 3 per 1 11/6/2013

Source: Bloomberg

Corporate Action: Rights

Morning Note 11 November 2013

12 of 15

Name Expected Report Date

Sembcorp Industries Ltd 11/11/2013

China Yuchai International Ltd 11/11/2013

Vicom Ltd 11/11/2013

Malacca Trust Ltd 11/11/2013

Fortune Real Estate Investment Trust 11/11/2013

Yongnam Holdings Ltd 11/11/2013

Super Group Ltd/Singapore 11/11/2013

Religare Health Trust 11/12/2013

ARA Asset Management Ltd 11/12/2013

Singapore Airlines Ltd 11/12/2013

Biosensors International Group Ltd 11/12/2013

Amara Holdings Ltd 11/12/2013

Straco Corp Ltd 11/12/2013

Golden Agri-Resources Ltd 11/12/2013

Ascendas Hospitality Trust 11/12/2013

HG Metal Manufacturing Ltd 11/12/2013

Top Global Ltd 11/12/2013

First Ship Lease Trust 11/12/2013

Lafe Corp Ltd 11/12/2013

Challenger Technologies Ltd 11/12/2013

Kingsmen Creatives Ltd 11/12/2013

United Envirotech Ltd 11/12/2013

First Resources Ltd 11/12/2013

Wheelock Properties Singapore Ltd 11/12/2013

Pacific Healthcare Holdings Ltd 11/12/2013

Goodpack Ltd 11/12/2013

Hotel Grand Central Ltd 11/12/2013

Q&M Dental Group Singapore Ltd 11/12/2013

QAF Ltd 11/12/2013

Guthrie GTS Ltd 11/12/2013

CSE Global Ltd 11/12/2013

China Dairy Group Ltd 11/12/2013

Suntar Eco-City Ltd 11/12/2013

LionGold Corp Ltd 11/12/2013

LionGold Corp Ltd 11/12/2013

CPH Ltd 11/12/2013

Cortina Holdings 11/12/2013

New Wave Holdings Ltd 11/12/2013

Nordic Group Ltd 11/12/2013

Koda Ltd 11/12/2013

Advanced Integrated Manufacturing Corp Ltd 11/12/2013

Manhattan Resources Ltd 11/12/2013

Equation Corp Ltd 11/12/2013

Boustead Singapore Ltd 11/12/2013

ComfortDelGro Corp Ltd 11/12/2013

Yanlord Land Group Ltd 11/12/2013

Sinarmas Land Ltd 11/12/2013

Chemoil Energy Ltd 11/12/2013

Tung Lok Restaurants 2000 Ltd 11/12/2013

Courts Asia Ltd 11/12/2013

GP Industries Ltd 11/12/2013

Earnings Announcement - Singapore

Calendar

Source: Bloomberg

Morning Note 11 November 2013

13 of 15

Date Statistic For Survey Prior Date Statistic For Survey Prior

11/12/2013 NFIB Small Business Optimism Oct 9330.00% 9390.00% 11/14/2013 GDP SAAR QoQ 3Q F -- -1.00%

11/12/2013 Chicago Fed Nat Activity Index Sep -- 14.00% 11/14/2013 GDP YoY 3Q F 5.00% 5.10%

11/13/2013 MBA Mortgage Applications 8-Nov -- -7.00% 11/15/2013 Retail Sales Ex Auto YoY Sep -- 1.40%

11/14/2013 Monthly Budget Statement Oct -$104.0B -- 11/15/2013 Retail Sales YoY Sep -- -7.80%

11/14/2013 Initial Jobless Claims 9-Nov 330K 336K 11/15/2013 Retail Sales SA MoM Sep -- 3.60%

11/14/2013 Continuing Claims 1-Nov -- 2868K 11/18/2013 Electronic Exports YoY Oct -- -5.50%

11/14/2013 Nonfarm Productivity 3Q P 1% 2.30% 11/18/2013 Non-oil Domestic Exports YoY Oct -- -1.20%

11/14/2013 Unit Labor Costs 3Q P 1.00% 0.00% 11/18/2013 Non-oil Domestic Exports SA MoM Oct -- 5.70%

11/14/2013 Trade Balance Sep -$39.0B -$38.8B 11/20/2013 Automobile COE Open Bid Cat A 20-Nov -- 7260900.00%

11/14/2013 Bloomberg Nov. United States 11/20/2013 Automobile COE Open Bid Cat B 20-Nov -- 8457800.00%

11/14/2013 Bloomberg Consumer Comfort 10-Nov -- -3790.00% 11/20/2013 Automobile COE Open Bid Cat E 20-Nov -- 8900100.00%

11/15/2013 Import Price Index MoM Oct -0.50% 0.20% 11/25/2013 CPI NSA MoM Oct -- 0.10%

11/15/2013 Empire Manufacturing Nov 500.00% 152.00% 11/25/2013 CPI YoY Oct -- 1.60%

11/15/2013 Import Price Index YoY Oct -- -1.00% 11/26/2013 Industrial Production SA MoM Oct -- 3.70%

11/15/2013 Industrial Production MoM Oct 0.10% 0.60% 11/26/2013 Industrial Production YoY Oct -- 9.30%

Source: BloombergSource: Bloomberg

US Singapore

Economic Announcement

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Colin Tan +65 6531 1221 Nicholas Ong +65 6531 5440 Lucas Tan +65 6531 1229 Market Analyst | Equities

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