MICA (P) 057/11/2011 Ref No: SGMN2012_0038 1 of 16

Phillip Securities Research Pte Ltd

Singapore

Morning Note

27 February 2012

Market Commentary - STI: +0.33% to 2978 - MSCI Asia Pac ex-Japan: +0.38% - Euro Stoxx 50: +0.62% - S&P500: +0.17% to 1365.7 Oil is just shy of US$110/bbl, as geopolitical risk is on the rise. Iran has its exports to Europe sanctioned and financial institutions which deal with Iran will be sanctioned by the US. We watch with bated breathe if Israel will attack Iran. In our seminars, have said that oil is our favourite asset class right now: if the global economy is strong, oil will rise, if its weak, we will have QE3, and oil will rise, if we have conflict, oil will rise. The big picture case for an overweight on upstream oil stocks, and oil correlated stocks, is compelling (due diligence on other things like valuations, industry, etc. considered). Rising oil will do the global economy no good, of course. Market consensus is far too positive on the US which still faces slowing disposable income growth which will be under new pressure from rising oil. As the economy is on a fiscal crutch of about... US$1tr... about 80% of which will be withdrawn this year and next, we are warning clients of a potential undershoot of growth expectations by the second half of the year. Sticky inflation in Asia will be even more sticky, inhibiting a monetary policy response. The S&P500's advance on low volumes, waning momentum, flirting with its previous peak, risks a meaningful pullback. The STI may have already begun a pullback, but could try a gap fill to 3000. Nonetheless, barring immediate ''tail'' risks (e.g. disorderly euro exit, middle east conflict) the odd underlying story remains, equities face a win-win scenario over the short/medium term, and corrections will likely be used to add positions: if economy data is strong, stocks will of course rise; if economic data is weak, a correction will likely give way to a wave of liquidity and fiscal induced buying: (1) the Fed will consider QE3 if the US economy weakens, (2) China considers 'fine tuning' policy in 1q12 - expect fiscal loosening, and (3) unlimited long term refinancing operations (3yrs) by the ECB could easily be expanded. For our larger trend market outlook, which is quite different, see Strategy 15 Feb 2012. For our Singapore Sector Strategy please see: Sector Strategy 1st Feb 2012. Source: Phillip Securities Research Pte Ltd

Source: Bloomberg

STI - Index Members

4.4% 3.0% 1.9%

1.6%

1.4%

1.3%

1.2%

1.2%

1.0%

0.7%

0.6%

0.6%

0.6%

0.6%

0.5%

0.4%

0.4%

0.4%

0.3%

0.3%

0.1%

-0.4%

-0.6%

-0.6%

-0.8%

-1.0%

-1.3%

-1.6% -2.6%

-6.0%-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

HK Land

Capitaland

Jardine Mat.

ST E

ng.

Sem

bcorp Ind.

SIA

Eng.

Genting S

P

Jardine Stra.

Capitam

alls Asia

Starhub

Singtel

CD

L

F&N

Sem

bcorp Mar.

GLP

Ltd

DBS

SG

X

Noble Ltd

Keppel C

orp. Ltd

SPH

OC

BC

NO

L Ltd

SIA

Capitam

all Trust

Wilm

ar

Com

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C

Morning Note 27 February 2012

2 of 16

Fundamental Call SC Global Developments Ltd – Results (Bryan Go) Recommendation: Reduce Previous close: S$1.115 Fair value: S$1.00

4Q11 revenue $88.7mn (-56%y-y) due to lower progress recognitions, PATMI sank into red at -$18.6mn. Allowance for impairment of $25mn for Admore Park Has fewer buffers to cushion the slow sales progress Downgrade to Reduce with fair value lowered to $1.00

SUNPOWER Group – Results (Chan Wai Chee) Recommendation: BUY (Maintain) Previous close: S$0.250 Target Price: S$0.40 Fair value: S$0.280

4Q11 result is a mediocre bag of realism in numbers; and, a show of competitiveness in attitude. Previous target price/fair value hit on 8Feb/9Feb. RIM values it at $0.28 but fundamental-related price setting suggests a more aggressive target. Maintain BUY with revised target price of $0.40.

Sino Grandness Food Industry Group Limited – Results (Lee Kok Joo) Recommendation: Accumulate Previous close: $0.40 Target price: $0.45

FY2011 revenue ↑ 58.1%, net profit ↑ 29.4% Strong growth, but below expectations Reduce estimates to conservative terms Reduce to accumulate with target price of S$0.45

Source: Phillip Securities Research Pte Ltd

Morning Note 27 February 2012

3 of 16

Company Results

Revenue Net Profit S/N Company Name Q/HY/FY Currency,

Units Current Previous Change (%) Current Previous Change

(%) 1. Pan Pacific Hotels Grp Ltd FY S$’000 358,213 324,242 10 79,367 55,220 44 2. Memtech International Ltd FY US$’000 154,715 134,237 15.3 6,212 11,214 (44.6) 3. Del Monte Pacific Ltd FY US$’000 425,235 378,623 12.3 27,441 15,809 73.6

4. Teckwah Industrial Corp Ltd FY S$’000 173,216 154,361 12.2 12,327 12,509 (1.5)

5. AEI Corporation Ltd FY S$’000 57,394 56,438 1.7 13 4,167 (99.7) 6. Interra Resources Ltd FY US$’000 24,825 14,854 67 8,890 1,710 420

7. Unified Communications Holding Ltd FY S$’000 13,947 18,223 (23) 2,175 2,472 (12)

8. UOL Group Ltd FY S$’000 1,960,234 1,349,057 45 782,830 825,484 (5) 9. Lee Metal Group Ltd FY S$’000 773,556 831,520 (7) 22,582 26,556 (15)

10. Breadtalk Group Ltd FY S$’000 365,904 302,888 20.8 11,757 11,168 5.3 11. SMB United Ltd FY S$’000 265,724 229,525 15.8 19,861 17,689 12.3

12. Design Studio Furniture MFR Ltd FY S$’000 93,222 107,970 (13.7) 15,257 19,617 (22.2)

13. Leeden Ltd FY S$’000 184,949 191,470 (3.4) 8,967 11,839 (24.3)

14. Pharmesis International Ltd FY RMB’000 60,999 85,270 (28.5) (19,396) (798) 2330.6

15. Venture Corp Ltd FY S$’Mil 2,432 2,676 (9.1) 156 188 (16.9) 16. Heeton Holdings Ltd FY S$’000 82,500 46,743 76.5 25,499 21,563 18.3 17. Enviro-Hub Holdings Ltd FY S$’000 77,649 78,162 (1) 2,896 1,238 134 18. Koon Holdings Ltd FY S$’000 88,055 74,818 17.7 7,533 12,798 (41.1) 19. Juken Technology Ltd FY S$’000 79,778 76,448 4 3,082 9,691 (68) 20. Carriernet Global Ltd FY S$’000 64,645 30,003 115 7,536 (2,624) N.M. 21. San Teh Ltd FY S$’000 26,747 30,747 (13.01) 93,361 (38,193) N.M. 22. CNA Group Ltd FY S$’000 100,084 83,289 20.2 2,129 (26,474) N.M. 23. Soon Lian Holdings Ltd FY S$’000 21,639 25,821 (16.2) 614 2,806 (78.1) 24. ITE Electric Co Ltd FY S$’000 15,990 17,311 (8) (192) 997 N.M.

25. TREK 2000 International Ltd FY US$’000 86,149 78,503 9.74 1,976 3,224 (38.71)

26. ES Group (Holdings) Ltd FY S$’000 47,119 41,132 14.6 4,500 1,261 256.9 27. Cityneon Holdings Ltd FY S$’000 77,381 87,122 (11.2) 515 4,635 (88.9)

28. China Taisan Tech Group Holdings Ltd FY RMB’000 812,597 1,357,430 (40.1) 73,278 252,046 (70.9)

29. Sunmoon Food Company Ltd FY S$’000 30,858 36,024 (14.3) 770 939 (18)

30. Beng Kuang Marine Ltd FY S$’000 145,433 78,488 85 3,680 2,685 37 31. Hotel Royal Ltd FY S$’000 48,807 39,951 22.2 5,890 5,048 16.7 32. IFS Capital Ltd FY S$’000 16,911 19,125 (11.6) 7,703 7,872 (2.1) 33. Kreuz Holdings Ltd FY US$’000 153,800 54,551 181.9 26,613 8,866 200.2 34. AA Group Holdings Ltd FY S$’000 14,850 18,263 (18.69) (475) 200 (337.5)

35. SC Global Developments Ltd FY S$’000 769,079 743,177 3 136,697 108,444 26

36. JLJ Holdings Ltd FY S$’000 55,649 64,046 (13.1) 142 2,889 (95.1)

37. Sri Trang Agro-Industry PCL FY Baht’Mil 133,704 83,845 60 1,329 3,841 (65)

38. Telechoice International Ltd FY S$’000 389,579 327,455 19 7,000 12,450 (43.8)

39. Singapore Medical Group Ltd FY S$’000 31,320 34,847 (10.1) (1,080) 3,009 (135.9)

40. Metal Component Engineering Ltd FY S$’000 68,616 76,402 (10.2) (2,322) (1,185) 95.9

41. HL Global Enterprises Ltd FY S$’000 31,236 36,779 (15.1) (5,946) (2,278) 161 42. UE E&C Ltd FY S$’000 370,795 351,094 6 64,679 31,256 107 43. Matex International Ltd FY S$’000 33,339 39,256 (15.1) (8,700) (6,912) 25.9

44. Advanced Systems Automation FY S$’000 29,411 27,996 5 665 505 32

45. ASTI Holdings Ltd FY S$’000 405,471 426,873 (5) 3,754 14,675 (74) Source: SGX Masnet

Morning Note 27 February 2012

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Company Highlights CH Offshore Ltd announced that that its wholly-owned subsidiary, Garo Pte Ltd ,will be proceeding with the sale of the vessel, the “Coral” to PT Bahtera Nusantara Indonesia .On completion of the disposal of the vessel, the group will realise a gain of approximately US$3.85 million. (S$0.375, -S$0.005) SITRA Holdings (International) Ltd announced that its consolidated results for the year ended 31 December 2011 are expected to show a loss. Due to drop in sales across the global market and losses from impairment of inventories recognized for the company’s subsidiary in Indonesia. (S$0.078, +S$0.003) Source: SGX Masnet

Morning Note 27 February 2012

5 of 16

FSSTI 2,978.08 +0.33% 12,982.95 -0.01%

8.38 21,406.86 +0.12%

78.43 +0.04% 1,772.45 +0.17%

109.49 +1.86% 1.976 -0.02%Crude oil US Treasury 10yr Yield

HSIFSSTI (P/E)

Dollar Index Gold

DJI

Source: Bloomberg

2400

2600

2800

3000

3200

3400

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

10500

11000

11500

12000

12500

13000

13500

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

16000

18000

20000

22000

24000

26000Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

5

7

9

11

13

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

72

74

76

78

80

82

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

1200

1350

1500

1650

1800

1950

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

70

80

90

100

110

120Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

1.5

2

2.5

3

3.5

4

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Morning Note 27 February 2012

6 of 16

Phillip Securities Research - Singapore Stocks Coverage

Company Analyst Rating Date of Last Report

Target Price (S$)

Current Price (S$)

Upside to Target Price

(%)

DBS GROUP HOLDINGS LTD Magdalene Choong Neutral M 13-Feb-12 14.500 14.160 2.4%

OVERSEA-CHINESE BANKING CORP Magdalene Choong Neutral M 21-Feb-12 8.000 8.990 -11.0%

UNITED OVERSEAS BANK LTD Magdalene Choong Neutral U 24-Feb-12 17.500 18.110 -3.4%

GENTING SINGAPORE PLC Magdalene Choong Neutral M 11-Nov-11 1.590 1.635 -2.8%

SINGAPORE EXCHANGE LTD Magdalene Choong Buy M 18-Oct-11 8.450 7.160 18.0%

COMFORTDELGRO CORP LTD Derrick Heng Buy M 14-Feb-12 1.660 1.510 9.9%

SMRT CORP LTD Derrick Heng Sell M 1-Feb-12 1.380 1.740 -20.7%

NEPTUNE ORIENT LINES LTD Derrick Heng Reduce M 23-Feb-12 1.240 1.340 -7.5%

SINGAPORE AIRLINES LTD Derrick Heng Accumulate U 3-Feb-12 11.300 10.700 5.6%

TIGER AIRWAYS HOLDINGS LTD Derrick Heng Reduce D 31-Jan-12 0.580 0.820 -29.3%

M1 LTD Derrick Heng Reduce D 17-Jan-12 2.360 2.460 -4.1%

SINGAPORE TELECOM LTD Derrick Heng Accumulate D 14-Feb-12 3.310 3.120 6.1%

STARHUB LTD Derrick Heng Neutral M 3-Feb-12 2.900 2.920 -0.7%

SIA ENGINEERING CO LTD Derrick Heng Buy M 1-Feb-12 4.840 3.770 28.4%

SINGAPORE TECH ENGINEERING Derrick Heng Accumulate M 24-Feb-12 3.370 3.130 7.7%

SATS LTD Derrick Heng Buy M 8-Feb-12 2.760 2.450 12.7%

COSCO CORP SINGAPORE LTD Nicholas Low Reduce U 24-Feb-12 1.000 1.210 -17.4%

SEMBCORP MARINE LTD Nicholas Low Buy U 24-Feb-12 6.100 5.260 16.0%

SEMBCORP INDUSTRIES LTD Nicholas Low Buy M 4-Nov-11 5.180 5.170 0.2%

KEPPEL CORP LTD Nicholas Low Accumulate M 27-Jan-12 11.680 10.930 6.9%

GOLDEN AGRI-RESOURCES LTD Nicholas Low Buy M 5-Dec-11 0.795 0.750 6.0%

WILMAR INTERNATIONAL LTD Nicholas Low Reduce D 23-Feb-12 5.500 5.120 7.4%

CHINA SUNSINE CHEMICAL HLDGS Lee Kok Joo Buy M 9-Nov-11 0.290 0.250 16.0%

FORELAND FABRICTECH HOLDINGS Lee Kok Joo Buy M 15-Feb-12 0.160 0.123 30.1%

SINO GRANDNESS FOOD INDUSTRY Lee Kok Joo Accumulate D 24-Feb-12 0.450 0.400 12.5%

ZIWO HOLDINGS LTD Lee Kok Joo Sell M 21-Feb-12 0.095 0.137 -30.7%

COMBINE WILL INTERNATIONAL H Chan Wai Chee Buy U 14-Feb-12 1.350 0.900 50.0%

HU AN CABLE HOLDINGS LTD Chan Wai Chee Buy M 6-Dec-11 0.360 0.153 135.3%

SUNPOWER GROUP LTD Chan Wai Chee Buy M 27-Feb-12 .40 0.250 60.0%

CAPITAMALLS ASIA LTD Bryan Go Buy M 13-Feb-12 1.770 1.565 13.1%

HO BEE INVESTMENT LTD Bryan Go Neutral M 10-Nov-11 1.430 1.330 7.5%

KEPPEL LAND LTD Bryan Go Neutral D 20-Jan-12 2.790 3.470 -19.6%

OVERSEAS UNION ENTERPRISE Bryan Go Accumulate D 23-Feb-12 2.830 2.510 12.7%

SC GLOBAL DEVELOPMENTS LTD Bryan Go Reduce D 27-Feb-12 1.500 1.115 34.5%

CDL HOSPITALITY TRUSTS Travis Seah Neutral M 1-Feb-12 1.530 1.715 -10.8%

PARKWAYLIFE REAL ESTATE Travis Seah Accumulate U 30-Jan-12 1.880 1.770 6.2%

SABANA SHARIAH COMP IND REIT Travis Seah Buy M 25-Jan-12 1.050 0.930 12.9%

US Stocks Coverage

Company Analyst Rating Date of Last Report

Target Price (US$)

Current Price (US$)

Upside to Target Price

(%)

BANK OF AMERICA CORP Magdalene Choong Neutral M 21-Oct-11 - 7.880 -

CITIGROUP INC Magdalene Choong Neutral D 19-Oct-11 - 32.350 -

LAS VEGAS SANDS CORP Magdalene Choong Buy M 28-Oct-11 - 53.350 -

MGM RESORTS INTERNATIONAL Magdalene Choong Buy M 4-Nov-11 - 14.000 -

Source: Phillip Securities Research Pte Ltd

Morning Note 27 February 2012

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Director / Substantial Shareholders’ Transactions Company Substantial Shareholder / Director From (%) To (%) Hyflux Ltd Matthews International Capital Management,Llc 4.93 5.02 Source: SGX Masnet

Morning Note 27 February 2012

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FTSE ST Breakdown (% Change)

STI 0.33%

0.55%

-0.93%

1.03%

3.41%-0.93%

0.44%

0.60%

0.00%

1.36%

0.54%

3.28%

0.65%

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 Technology1.40%

ST Healthcare

Source: Bloomberg

FTSE ST Market Cap. Breakdown (% Change) Top Gainers Last Chg DBXT AUDCS 5AU$ 201.020 1.310 DBXT DBCBLEB 10US$ 21.730 1.020 Hyflux 6% CPS 10 107.200 1.000 Top Losers Last Chg Jardine C&C 45.280 -2.880 NY03100A 180901 10 118.939 -2.134 DBXT Nifty 10US$ 112.930 -1.290 Top Volume Last Vol Genting SP 1.635 110495 HSI21200MBePW120329 0.118 87998 HSI21600MBeCW120329 0.101 73780 TURNOVER (SHARES) 1,483,028,230

TURNOVER (S$) 1,390,285,802

UP 243

DOWN 159

0.76%

0.63% 0.13%

ST All Share

ST Fledgling

ST Small Cap

ST Mid Cap

STI0.33%

0.40%

UNCHANGED 374

Source: Bloomberg Source: SGX

Morning Note 27 February 2012

9 of 16

Source: Bloomberg

Major World Indices

JCI -1.62% 3,894.56

HSI 0.12% 21,406.86

KLCI 0.14% 1,558.77

KOSPI 0.60% 2,019.89

NIKKEI 0.54% 9,647.38

SET 0.53% 1,146.14

SHCOMP 1.25% 2,439.63

SENSEX -0.86% 17,923.57

ASX 0.48% 4,306.80

FTSE 100 -0.05% 5,935.13

DOW -0.01% 12,982.95

S&P 500 0.17% 1,365.74 NASDAQ 0.23% 2,963.75

COLOMBO 1.07% 5,566.30

STI 0.33% 2,978.08

ETF % Change Change LastCIMB FTSE ASEAN 40 -0.67 -0.07 10.42DB X-TRACKERS CSI300 ETF +1.56 +0.14 9.13DB X-TRACKERS FTSE CHINA 25 -0.77 -0.23 29.63DB X-TRACKERS FTSE VIETNAM +0.46 +0.11 24.25DB X-TRACKERS MSCI INDONE -3.04 -0.45 14.33DB X-TRACKERS MSCI JAPAN TRN +1.86 +0.70 38.32DB X-TRACKERS MSCI TAIWAN +0.11 +0.02 18.03DB X-TRACKERS S&P 500 INV DA -0.63 -0.24 38.00DB X-TRACKERS S&P CNX NIFTY -1.13 -1.29 112.93DB X-TRACKERS S&P/ASX 200 +0.73 +0.25 34.60ISHARES MSCI INDIA ETF -2.59 -0.17 6.40LYXOR ETF CHINA ENTERPRISE -0.60 -0.09 14.80LYXOR ETF COMMODITIES CRB-CD +0.65 +0.02 3.09LYXOR ETF JAPAN TOPIX +0.29 +0.00 1.03NIKKO AM SINGAPORE STI ETF +0.33 +0.01 3.00SPDR GOLD TRUST +0.09 +0.15 172.90SPDR STRAITS TIMES INDEX ETF +0.67 +0.02 3.00UNITED SSE 50 CHINA ETF +2.34 +0.04 1.75

ETF Perform ance

Source: Bloomberg

Morning Note 27 February 2012

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Commodities % Chg Chg Last Price of S$1 Price of US$1GOLD SPOT (US$/OZ) +0.17 +3.02 1,772.45 0.7439 1.0709SILVER SPOT (US$/OZ) +0.30 +0.11 35.40 0.7954 0.9986WTI Cushing Crude Oil Spot Price (US$/bbl) +1.86 +2.00 109.49 0.5917 1.3463

0.5019 1.58710.7966 1.0000

Commodities % Chg Chg Last 5.0170 6.2986Malaysian Rubber Board Standard (MYR/kg) +0.36 +4.00 1,127.50 6.1763 7.7541PALM OIL (MYR/Metric Tonne) -0.81 -26.00 3,181.00 64.4100 80.8600

896.3835 1125.3200Index % Chg Chg Last 2.4009 3.0139 DOLLAR INDEX SPOT +0.04 +0.03 78.43 24.1517 30.3200Source: Bloomberg

CANADIAN DOLLAREUROBRITISH POUND

CurrenciesAUSTRALIAN DOLLAR

Commodities & Currencies

JAPANESE YENKOREAN WONMALAYSIAN RINGGITTHAI BAHT

US DOLLARCHINA RENMINBIHONG KONG DOLLAR

Maturity Today Yesterday Last Week Last Month3 Months 0.08 0.07 0.05 0.026 Months 0.12 0.12 0.10 0.052 Years 0.30 0.30 0.29 0.213 Years 0.42 0.42 0.41 0.325 Years 0.87 0.86 0.86 0.7910 Years 1.97 1.99 2.00 2.0030 Years 3.10 3.13 3.14 3.15

Yield Spread (10 yrs - 3 mths)Yield Spread (10 yrs - 2 yrs)

US Treasury Yields

1.891.67

Source: Data provided by ValuBond – http://w w w .valubond.com

EX Date Company Type Net Amount Currency Frequency Record Date Payout Date2/27/2012 COSMOSTEEL HOLDINGS LTD Regular Cash 0.0100 SGD Annual 2/29/2012 3/14/20122/27/2012 SILVERLAKE AXIS LTD Interim 0.0040 SGD Quarter 2/29/2012 3/21/20122/27/2012 HUTCHISON PORT HOLDINGS TR-U Regular Cash 0.2340 HKD Irreg 2/29/2012 3/29/20122/29/2012 DIAGEO PLC-SPONSORED ADR Regular Cash 1.0482 USD Semi-Anl 3/2/2012 4/13/20123/2/2012 TAI SIN ELECTRIC LTD Interim 0.0060 SGD Semi-Anl 3/6/2012 3/16/20123/5/2012 TRANSVIEW HOLDINGS LTD Regular Cash 0.0020 SGD Annual 3/7/2012 3/23/20123/6/2012 GRP LTD Interim 0.0100 SGD Semi-Anl 3/8/2012 3/20/20123/7/2012 CAPITARETAIL CHINA TRUST Distribution 0.0442 SGD Semi-Anl 3/9/2012 3/28/20123/8/2012 CH OFFSHORE LTD Interim 0.0075 SGD Semi-Anl 3/8/2012 3/29/20123/14/2012 TOTAL SA-SPON ADR Regular Cash 0.6417 USD Quarter 3/16/2012 4/12/20123/26/2012 AVJENNINGS LTD Interim 0.0050 AUD Semi-Anl 3/28/2012 4/11/20123/28/2012 MARUWA CO LTD Final 15.0000 JPY Semi-Anl 3/31/20123/28/2012 MURATA MANUFACTURING CO LTD Final 50.0000 JPY Semi-Anl 3/31/20123/28/2012 QIAN HU CORP LTD Regular Cash 0.0060 SGD Annual 3/30/2012 4/11/20124/2/2012 HUPSTEEL LTD Interim 0.0050 SGD 3x a yr 4/4/2012 4/19/2012

Corporate Action: Dividend

Source: Bloomberg

Morning Note 27 February 2012

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Calendar

Earning Announcement – SingaporeName Expected Report DateArmstrong Industrial Corp Ltd February 27, 2012A-Sonic Aerospace Ltd February 27, 2012Best World International Ltd February 27, 2012China Yuchai International Ltd February 27, 2012CSE Global Ltd February 27, 2012Design Studio Furniture Manufacturer Ltd February 27, 2012First Resources Ltd February 27, 2012Golden Agri-Resources Ltd February 27, 2012Kingsmen Creatives Ltd February 27, 2012Pacif ic Shipping Trust February 27, 2012Q & M Dental Group Singapore Ltd February 27, 2012QAF Ltd February 27, 2012RH PetroGas Ltd February 27, 2012SembCorp Industries Ltd February 27, 2012Sw iber Holdings Ltd February 27, 2012(C) Ferrell International Ltd/TW February 28, 2012Cityneon Holdings Ltd February 28, 2012Ho Bee Investment Ltd February 28, 2012Hoe Leong Corp Ltd February 28, 2012Hotel Properties Ltd February 28, 2012Jardine Cycle & Carriage Ltd February 28, 2012KS Energy Ltd February 28, 2012Mew ah International Inc February 28, 2012Nippecraft Ltd February 28, 2012Plato Capital Ltd February 28, 2012Singapore Reinsurance Corp Ltd February 28, 2012Sun East Group Ltd February 28, 2012Teckw ah Industrial Corp Ltd February 28, 2012Treasury China Trust February 28, 2012UMS Holdings Ltd February 28, 2012United Engineers Ltd February 28, 2012800 Super Holdings Ltd February 29, 2012Adampak Ltd February 29, 2012Advanced Integrated Manufacturing Corp Ltd February 29, 2012AEI Corp Ltd February 29, 2012CDW Holding Ltd February 29, 2012Cerebos Pacif ic Ltd February 29, 2012China Auto Corp Ltd February 29, 2012China Pow erplus Ltd February 29, 2012CNMC Goldmine Holdings Ltd February 29, 2012EMS Energy Ltd February 29, 2012euNetw orks Group Ltd February 29, 2012Europtronic Group Ltd February 29, 2012Far East Group Ltd February 29, 2012Federal International 2000 Ltd February 29, 2012Guangzhao Industrial Forest Biotechnology Group Ltd February 29, 2012Healthw ay Medical Corp Ltd February 29, 2012Jiutian Chemical Group Ltd February 29, 2012JK Tech Holdings Ltd February 29, 2012KLW Holdings Ltd February 29, 2012Malacca Trust Ltd February 29, 2012NEL Group Ltd February 29, 2012Perennial China Retail Trust February 29, 2012Sakae Holdings Ltd February 29, 2012SEF Group Ltd February 29, 2012Select Group Ltd February 29, 2012Sitra Holdings International Ltd February 29, 2012Sunmoon Food Co Ltd February 29, 2012Teledata Singapore Ltd February 29, 2012UE E&C Ltd February 29, 2012Source: Bloomberg

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Date Statistic For Survey Prior Date Statistic For Survey Prior2/27/2012 Pending Home Sales MoM JAN 1.0% -3.5% 2/29/2012 Credit Card Bad Debts JAN - - 15.6M2/27/2012 Pending Home Sales YoY JAN - - 4.40% 2/29/2012 Credit Card Billings JAN - - 3522.2M2/27/2012 Dallas Fed Manf. Activity FEB 15.9 15.3 2/29/2012 Bank Loans & Advances (YoY) JAN - - 30.3%2/28/2012 Durable Goods Orders JAN -1.0% 3.0% 2/29/2012 M1 Money Supply (YoY) JAN - - 14.8%2/28/2012 Durables Ex Transportation JAN 0.0% 2.1% 2/29/2012 M2 Money Supply (YoY) JAN - - 10.0%

2/28/2012 Cap Goods Orders Nondef Ex Air JAN 0.5% 2.9% 3/5/2012 Electronics Sector Index FEB - - 50.5

2/28/2012 Cap Goods Ship Nondef Ex Air JAN - - 2.90% 3/5/2012 Purchasing Managers Index FEB - - 48.72/28/2012 S&P/CS 20 City MoM% SA DEC -0.50% -0.70% 3/7/2012 Automobile COE Open Bid Cat A 7-Mar - - - -2/28/2012 S&P/CS Composite-20 YoY DEC -3.60% -3.67% 3/7/2012 Automobile COE Open Bid Cat B 7-Mar - - - -2/28/2012 S&P/Case-Shiller US HPI YOY% 4Q - - -3.90% 3/7/2012 Automobile COE Open Bid Cat E 7-Mar - - - -2/28/2012 S&P/CaseShiller Home Price Ind DEC - - 138.49 3/7/2012 Foreign Reserves FEB - - $245.49B2/28/2012 S&P/Case-Shiller US HPI 4Q - - 130.39 3/13/2012 Singapore Manpow er Survey 2Q - - 16%2/28/2012 Consumer Conf idence FEB 63.0 61.1 3/15/2012 Unemployment Rate (sa) 4Q F - - 2.0%2/28/2012 Richmond Fed Manufact. Index FEB 10 12 3/15/2012 Retail Sales Ex Auto (YoY) JAN - - 8.1%2/29/2012 MBA Mortgage Applications 24-Feb - - -4.5% 3/15/2012 Retail Sales (YoY) JAN - - 4.2%

Source: Bloomberg

US SingaporeEconomic Announcement

Source: Bloomberg

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