Escolar Documentos
Profissional Documentos
Cultura Documentos
C o r p o r a t e
A pr i l 2 01 4
G u i d e
FSSTI
REVIEW: The FSSTI continued its fine run in March, rising 2.5% mom after rebounding 2.8%
mom in February. Sentiment was helped by the Feds clarification that despite improvements in
the economy, the Fed intends to keep monetary policy accommodative while inflation is below the
Feds long-term objective, and unemployment remains high. On the local front, M&A remains a
focus with Temasek making a cash offer for Olam. With this together with the perception of
improving global economic growth, commodity stocks such as Noble and plantation stocks
outperformed the broader market.
STRATEGY: We have a year-end target of 3,400 for FSSTI and given the upside of only 7%, we
would only buy selectively. In terms of valuation, the markets FY14F PE of 14.2x is trading at a
12% discount to its long-term mean of 16.2x. Investment themes for outperformance include: a)
management changes, b) winners/losers of tapering, c) asset monetisation/M&A, and d) stocks
with pricing power. Our top picks in the big cap space include SingTel, DBS, CCT, Venture and
Keppel Corp. In the mid cap space, we like Sino Grandness, Osim, Pacific Radiance, Nam
Cheong, RH Petrogas, Bumitama and Overseas Education. We have SELLs on Tiger Airways
and Genting Singapore.
Feb
Mar
% Chg
Olam
(S$)
Feb
Mar
% Chg
1.775
2.22
25.1
Shang Asia 2k
13.50
12.00
(11.1)
Sinarmas
0.48
0.57
18.8
SIIC Env
0.184
0.172
(6.5)
Fragrance
0.22
0.255
15.9
GLP
2.83
2.65
(6.4)
39.24
45.33
15.5
SuperGroup
3.69
3.48
(5.7)
Noble Grp
1.03
1.185
15.0
Yangzijiang
1.135
1.08
(4.8)
UE
1.82
2.07
13.7
Yanlord
1.12
1.07
(4.5)
DTAC 200
3.10
3.50
12.9
Biosensors
0.975
0.935
(4.1)
IndoAgri
0.87
0.975
12.1
EzionHldg
2.25
2.16
(4.0)
JMH 400
58.10
63.08
8.6
St Trdg
3.50
3.38
(3.4)
THBEV
0.56
0.605
8.0
Kep REIT
1.175
1.14
(3.0)
Jardine C&C
3600
3400
3200
3000
2800
2600
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Mar/Feb (% Chg)
1.6
0.6
(1.2)
1.9
1.2
(0.6)
2.0
3.3
1.1
4.7
1.4
18.9
(1.2)
1.3
0.1
Weighting*
Market Weight
Overweight
Market Weight
Market Weight
Market Weight
Overweight
Overweight
Overweight
Market Weight
Overweight
Market Weight
Market Weight
Overweight
Overweight
-
Top Buys
SIA
DBS
Raffles Medical
ComfortDelgro
Pacific Radiance, Nam Cheong
Bumitama, First Resources
Keppel Land, Ho Bee
CCT, Suntec REIT
NOL
Keppel Corp, Yangzijiang
Venture
SingTel, M1
-
2.5
* Refers to business prospects & earnings growth of the sector for the next 12 months.
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Sector Performance
------------------- PE ------------------2013
2014F
2015F
(x)
(x)
(x)
Net
Margin
(%)
ROA
(%)
ROE
(%)
Price/
NTA ps
(x)
Net Cash
(Debt) to
Equity
(%)
Market
Cap.
(%)
Total
Market
Cap.
(S$m)
AVIATION
27.0
22.9
20.4
(11.7)
18.0
12.0
5.4
3.9
7.6
3.3
3.6
2.0
28.6
7.4
33,683
FINANCE
11.8
11.4
10.2
(10.4)
2.9
12.2
n.a.
1.0
12.1
3.6
3.6
1.6
n.a.
25.7
116,997
HEALTHCARE
40.2
37.1
29.2
(19.2)
8.2
26.8
11.1
3.1
4.6
0.7
0.2
4.5
(8.5)
3.0
13,496
LAND TRANSPORT
17.3
16.0
14.3
(0.4)
8.3
11.7
7.1
5.0
19.4
3.1
3.3
2.6
(16.3)
1.3
5,778
MEDIA
15.8
22.6
22.6
(25.1)
(31.2)
0.0
34.8
7.3
11.9
9.5
4.4
2.1
(27.6)
1.5
6,791
OIL SERVICES
9.9
9.6
8.0
13.6
(9.7)
21.3
8.9
4.3
11.6
2.3
1.6
1.1
(82.8)
1.0
4,367
PLANTATION
14.9
10.5
9.4
(7.4)
41.7
11.9
3.6
3.1
7.5
2.0
2.0
1.3
(66.7)
8.2
37,490
PROPERTY
10.2
15.4
13.1
14.8
(34.9)
17.7
31.7
3.9
8.4
3.2
2.5
0.8
(42.0)
8.0
36,475
REITS
17.8
17.6
16.7
13.7
(0.8)
4.4
54.7
3.5
5.7
6.2
6.4
1.0
(49.1)
8.4
38,119
SHIPPING
n.a.
20.7
8.0
n.a.
n.a.
157.8
(0.9)
(0.9)
(3.6)
0.0
0.8
1.1
(187.0)
0.6
2,579
SHIPYARD
11.3
11.7
10.9
(10.8)
(3.7)
6.9
11.1
5.9
18.1
3.5
3.8
2.0
(12.3)
9.6
43,791
SUPPLY CHAIN
21.1
15.1
14.0
(32.4)
40.3
8.4
0.5
1.7
7.2
1.3
2.0
1.7
(153.1)
2.9
13,314
TECHNOLOGY
15.6
14.0
12.6
(6.3)
12.1
10.5
5.6
5.4
7.2
6.7
6.7
1.8
12.5
0.5
2,052
TELECOMS
16.4
15.5
13.9
4.1
5.8
11.6
18.7
9.4
16.7
4.8
4.9
5.8
(33.4)
15.1
68,646
OTHERS
17.9
21.5
21.2
25.5
(16.3)
1.2
26.5
4.3
8.3
3.0
2.8
2.1
(11.3)
7.0
31,865
OVERALL
14.5
14.2
12.7
(3.4)
1.1
11.4
9.1
2.1
10.1
3.7
3.6
1.7
(28.8)
100.0
455,443
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Corporate Statistics
Rec
Price
31/3/14
(S$)
Last
Year
End
2013
(S$m)
Net Profit
2014F
(S$m)
EPS
2015F 2013 2014F 2015F
(S$m) (cents) (cents) (cents)
Company
Ticker
AVIATION
SIA
SIA Engg
SATS
ST Engrg
Tigerair
Sector
SIA SP
SIE SP
SATS SP
STE SP
TGR SP
BUY
SELL
HOLD
HOLD
SELL
10.47
4.84
3.04
3.82
0.405
3/13
3/13
3/13
12/13
3/13
390.3
266.4
188.5
580.8
(180.5)
1,245.7
FINANCE
ARA
DBS
HL Fin @
OCBC
S'pore Exchange
UOB@
Sector
ARA SP
DBS SP
HLF SP
OCBC SP
SGX SP
UOB SP
HOLD
BUY
NR
BUY
NR
NR
1.845
16.17
2.74
9.51
6.94
21.65
12/13
12/13
12/13
12/13
6/13
12/13
74.3
83.7
111.3
3,672.0 3,725.6 4,375.2
70.1
81.0
93.0
2,768.0 3,022.0 3,290.9
335.9
340.9
379.9
3,008.0 2,987.3 3,241.1
9,928.2 10,240.6 11,491.4
HEALTHCARE
IHH
IHH SP
Raffles Medical RFMD SP
Sector
HOLD
BUY
1.44
3.21
12/13
12/13
250.7
84.9
335.6
289.6
74.5
364.2
LAND TRANSPORT
ComfortDelGro CD SP
SMRT
MRT SP
Sector
BUY
HOLD
1.985
1.02
12/13
3/13
MEDIA
SPH
Sector
SPH SP
HOLD
4.20
OIL SERVICES
ASL Marine @
Ezra
Marco Polo @
Mencast @
Mermaid @
Nam Cheong
Pacific Radiance
Swiber
Triyards
Sector
ASL SP
EZRA SP
MPM SP
MCAST SP
MMT SP
NCL SP
PACRA SP
SWIB SP
ETL SP
NR
HOLD
NR
NR
NR
BUY
BUY
HOLD
BUY
0.70
1.09
0.385
0.585
0.45
0.335
1.055
0.665
0.64
423.3
533.0
283.4
294.6
203.5 223.2
603.4
623.4
(40.9)
(25.0)
1,472.6 1,649.1
2013
(x)
PE
DPS
2014F 2015F 2013 2014F
(x)
(x) (cents) (cents)
Yield
Hist
Net
2013 2014F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)
ROE
(%)
No of
Shares
(m)
Market
Cap.
(S$m)
Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)
32.5
23.9
16.8
18.7
(18.3)
16.6
35.3
25.4
18.1
19.4
(4.1)
19.5
44.4
26.4
19.9
20.0
(2.5)
21.9
32.2
20.3
18.1
20.4
n.a.
27.0
29.7
19.0
16.8
19.7
n.a.
22.9
23.6
18.3
15.3
19.1
n.a.
20.4
19.5
21.5
15.0
15.0
0.0
26.0
23.0
16.0
14.7
0.0
1.9
4.4
4.9
3.9
0.0
3.3
2.5
4.8
5.3
3.8
0.0
3.6
1.66
0.28
0.25
0.23
(0.10)
2.5
23.6
10.2
8.8
(5.2)
5.4
1.7
16.7
9.0
6.9
(4.3)
3.9
2.9
21.1
12.7
29.0
(20.3)
7.6
1,199.9
1,115.2
1,124.1
3,117.0
986.4
12,562.4 10.94
5,397.4 1.11
3,417.1 1.06
11,906.8 0.48
399.5 0.17
33,683.3
1.0
4.4
2.9
8.0
2.4
2.0
32.6
8.2
7.1
4.8
(30.5)
15.5
30.7
34.4
17.6
27.3
(73.4)
28.6
11.45
5.32
3.53
4.56
0.74
9.41
4.59
2.93
3.56
0.39
957
335
1,432
2,351
1,016
8.8
150.0
15.9
78.0
31.4
184.0
101.2
9.9
151.1
18.3
84.2
31.8
187.8
104.2
13.2
177.6
21.0
92.1
35.4
203.8
116.9
21.0
10.8
17.3
12.2
22.1
11.8
11.8
18.6
10.7
15.0
11.3
21.8
11.5
11.4
14.0
9.1
13.1
10.3
19.6
10.6
10.2
5.0
58.0
12.0
34.0
28.0
75.0
5.0
58.0
12.0
34.0
29.2
74.6
2.7
3.6
4.4
3.6
4.0
3.5
3.6
2.7
3.6
4.4
3.6
4.2
3.4
3.6
0.09
n.a.
n.a.
n.a.
0.34
n.a.
n.a.
n.a.
n.a.
n.a.
47.0
n.a.
n.a.
23.3
1.0
0.6
0.9
19.1
1.1
1.0
28.5
11.3
4.3
11.9
39.0
12.8
12.1
845.2
2,450.6
442.9
3,441.2
1,071.6
1,590.5
1,559.3 0.33
39,626.9 11.65
1,213.7 3.72
32,725.6 6.05
7,437.2 0.65
34,434.2 12.73
116,996.9
5.6
1.4
0.7
1.6
10.7
1.7
1.6
n.a.
n.a.
n.a.
n.a.
9.4
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
87.1
n.a.
n.a.
1.975
17.9
2.82
11.2
7.85
22.1
1.56
15.18
2.47
9.05
6.66
19.3
539
4,086
57
3,970
1,610
2,127
3.1
15.4
3.9
3.6
13.4
4.2
4.6
15.8
5.3
46.6
20.8
40.2
40.4
23.9
37.1
31.3
20.3
29.2
0.8
5.0
0.0
5.0
0.5
1.6
0.7
0.0
1.6
0.2
0.06
0.17
9.3
24.9
11.1
2.4
15.9
3.1
3.6
19.7
4.6
8,135.2
554.8
11,714.7
1,780.9
13,495.7
0.31
0.85
4.6
3.8
4.5
(7.6)
14.7
(4.7)
(12.8)
55.3
(8.5)
1.8
3.54
1.34
2.86
308
357
263.2
70.0
333.2
281.2
298.0
12.4
80.7 106.3 4.6
361.9
404.2
9.2
13.2
5.3
9.9
14.0
7.0
11.1
16.0
22.2
17.3
15.0
19.2
16.0
14.2
14.6
14.3
7.0
2.1
7.1
2.4
3.5
2.0
3.1
3.6
2.3
3.3
0.28
0.15
7.0
7.4
7.1
5.3
4.2
5.0
26.2
10.7
19.4
2,129.1
1,521.5
4,226.3
1,551.9
5,778.2
0.69
0.51
2.9
2.0
2.6
0.5
(32.3)
(8.3)
1.1
(63.7)
(16.3)
2.21
1.55
1.7
1.01
5,621
1,288
8/13
431.0
431.0
300.0
300.0
300.0
300.0
27.0
27.0
18.6
18.6
18.6
18.6
15.6
15.8
22.6
22.6
22.6
22.6
40.0
18.6
9.5
9.5
4.4
4.4
0.31
34.8
34.8
7.3
7.3
11.9
11.9
1,616.9
6,791.2
6,791.2
1.99
2.1
2.1
(13.8)
(13.8)
(27.6)
(27.6)
4.68
3.91
3,773
6/13
8/13
9/13
12/13
9/13
12/13
12/13
12/13
8/13
45.3
66.7
22.3
15.7
19.6
81.7
71.0
77.7
39.1
439.1
34.5
44.0
17.7
19.6
65.9
88.6
78.1
74.2
30.8
453.2
34.2
79.7
23.6
23.7
70.0
109.0
93.1
75.5
37.8
546.5
10.8
6.9
6.6
5.4
2.5
3.9
12.3
12.8
14.6
6.8
8.2
4.5
5.2
6.6
4.7
4.2
10.8
11.3
10.4
6.1
8.1
7.9
6.9
8.0
5.0
5.2
12.8
11.5
12.8
7.4
6.5
15.9
5.9
10.8
18.3
8.6
8.6
5.2
4.4
9.9
8.6
24.4
7.4
8.9
9.7
8.0
9.8
5.9
6.1
9.6
8.6
13.8
5.6
7.3
9.1
6.5
8.2
5.8
5.0
8.0
2.0
0.5
1.4
3.0
1.1
1.0
2.0
3.0
2.0
2.0
0.5
1.2
2.6
0.6
1.1
2.0
0.0
0.0
2.9
0.5
3.6
5.1
2.4
3.0
1.9
4.5
3.1
2.3
2.9
0.5
3.1
4.4
1.3
3.3
1.9
0.0
0.0
1.6
0.20
0.15
0.11
0.08
0.07
0.04
0.14
0.21
0.17
9.7
4.3
23.9
15.8
5.8
16.4
33.7
5.9
11.4
8.9
4.6
1.9
7.2
6.4
2.5
12.0
8.7
3.2
10.3
4.3
12.0
5.4
14.7
16.3
3.5
27.3
19.6
13.9
24.9
11.6
422.0
977.896
340.8
296.1
1,413.1
2,103.144
725.755
611.4
295.009
295.4
1,065.9
131.2
173.2
635.9
704.6
765.7
406.6
188.8
4,367.2
0.92
0.95
0.46
0.20
0.47
0.17
0.65
1.00
0.63
0.8
1.1
0.8
2.9
1.0
1.9
1.6
0.7
1.0
1.1
(134.9)
(139.3)
(109.0)
(60.5)
8.9
(26.8)
(37.6)
(207.9)
(55.6)
(80.2)
(97.4)
(120.4)
(88.4)
(100.6)
8.3
(52.1)
(60.7)
(138.9)
(53.8)
(82.8)
0.75
1.51
0.44
0.605
0.55
0.35
1.09
0.81
0.82
0.59
0.82
0.34
0.47
0.27
0.24
0.84
0.59
0.60
184
7,176
301
131
3,011
6,763
1,914
3,232
218
374.0
87.7
461.7
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Corporate Statistics
Avg Daily
2013
(S$m)
Net Profit
2014F
(S$m)
12/13
12/13
12/13
12/13
12/13
12/13
12/13
102.5
298.0
389.4
65.9
(13.4)
26.2
1,650.0
2,518.6
135.6
275.4
518.1
92.9
32.8
42.2
2,473.8
3,570.7
147.8
299.6
572.7
110.2
41.7
57.5
2,767.7
3,997.2
5.8
18.8
3.0
4.6
(1.2)
1.7
25.8
9.4
7.7
17.4
4.0
6.4
2.9
2.8
38.6
13.4
8.4
18.9
4.5
7.6
3.6
3.8
43.2
15.0
17.8
12.4
19.0
21.1
n.a.
28.8
13.4
14.9
13.5
13.5
14.2
15.2
7.7
17.9
9.0
10.5
12.4
12.4
12.9
12.8
6.1
13.1
8.0
9.4
1.2
4.5
1.1
0.1
0.3
0.9
8.0
1.8
5.2
0.4
0.1
1.5
0.7
8.7
1.2
1.9
1.9
0.1
1.1
1.7
2.3
2.0
1.7
2.2
0.7
0.1
6.9
1.4
2.5
2.0
0.07
0.21
0.04
0.11
(0.00)
0.03
0.38
21.1
38.0
4.7
4.1
(3.8)
0.7
3.0
3.6
8.7
12.9
2.3
1.6
(2.1)
1.8
3.0
3.1
17.2 1,757.5
22.9 1,584.1
3.6 12,837.6
4.2 1,447.8
(5.5) 1,148.0
3.7 1,507.1
9.0 6,403.4
7.5
1,827.8
3,706.7
7,381.6
1,411.6
252.6
753.5
22,155.8
37,489.6
0.32
0.71
0.85
0.77
0.18
0.47
2.09
3.2
3.3
0.7
1.3
1.2
1.1
1.7
1.3
(20.8)
(7.4)
(38.6)
(36.7)
(97.7)
(33.9)
(82.4)
(60.8)
(65.0)
(21.9)
(25.8)
(35.6)
(118.1)
(36.0)
(96.4)
(66.7)
2.89
10.10
2.19
2.18
3.36
2.24
1.65
1.83
12/13
12/13
6/13
12/13
12/13
12/13
12/13
6/13
849.8
670.1
40.5
591.8
885.9
(36.6)
40.0
531.1
3,572.6
724.6
683.9
69.2
82.9
433.9
75.5
105.2
189.7
2,364.9
816.4
778.7
206.1
88.2
499.7
85.4
142.1
165.4
2,782.0
20.0
73.7
3.6
87.4
57.3
(4.0)
3.4
67.8
31.3
17.0
73.8
5.9
11.8
28.1
7.7
8.8
23.9
20.4
19.1
84.2
17.4
12.5
32.3
8.7
11.9
20.8
24.0
14.5
13.7
61.3
2.5
5.9
n.a.
49.3
2.7
10.2
17.0
13.7
37.4
18.5
12.0
29.1
18.8
7.7
15.4
15.1
12.0
12.6
17.4
10.4
25.8
13.9
8.8
13.1
8.0
16.0
5.0
8.0
12.0
23.0
6.0
12.0
8.0
16.0
5.0
3.0
13.0
4.0
6.0
6.0
2.8
1.6
2.3
3.7
3.6
10.3
3.6
6.6
3.2
2.8
1.6
2.3
1.4
3.9
1.8
3.6
3.3
2.5
0.21 21.4
0.93 21.6
0.04
6.0
0.88 424.7
0.58 60.6
(0.02) (8.4)
0.03 34.2
0.68 39.9
31.7
2.3
4.2
0.5
21.8
7.0
(0.6)
1.1
11.8
3.9
5.5
9.0
1.7
28.7
13.5
(1.2)
1.3
20.9
8.4
4,272.0
909.3
1,183.4
703.3
1,545.9
981.6
1,196.6
793.9
12,346.0
9,183.9
2,591.6
1,533.3
5,194.3
2,198.8
1,974.3
1,452.9
36,475.1
3.67
8.63
2.12
3.48
4.52
3.13
2.51
3.53
0.8
1.2
1.0
0.6
0.7
0.7
0.7
0.5
0.8
(53.8)
(21.3)
(162.2)
(23.0)
(55.2)
(91.5)
(8.8)
(32.8)
(51.2)
(41.3)
(24.9)
(167.6)
(15.1)
(41.0)
(69.6)
(5.8)
(17.0)
(42.0)
3.84
11.7
2.34
2.23
4.20
3.01
1.98
2.39
BUY
0.995
12/13
(95.4)
(95.4)
124.6
124.6
321.3
321.3
(3.7)
(3.7)
4.8
4.8
12.4
12.4
n.a.
n.a.
20.7
20.7
8.0
8.0
0.0
0.8
0.0
0.0
0.8
0.8
0.12
(0.9)
(0.9)
(0.9)
(0.9)
(3.6)
(3.6)
2,591.8
2,578.8
2,578.8
0.92
1.1
1.1
(190.3)
(190.3)
(187.0)
(187.0)
1.19
HOLD
BUY
BUY
HOLD
BUY
0.715
10.89
5.49
4.05
1.08
12/13
12/13
12/13
12/13
12/13
30.6
1,845.8
820.4
555.7
629.9
3,882.5
63.0
1,725.0
863.0
556.3
534.5
3,741.9
93.0
1,790.0
905.0
590.0
622.1
4,000.1
1.4
102.3
45.7
26.6
16.4
33.0
2.8
95.0
48.3
26.6
13.9
31.8
4.2
98.6
50.6
28.2
16.2
34.0
52.2
10.6
12.0
15.2
6.6
11.3
25.4
11.5
11.4
15.2
7.8
11.7
17.2
11.0
10.8
14.3
6.7
10.9
1.0
40.0
17.0
13.0
5.0
2.0
47.8
18.0
13.3
4.2
1.4
3.7
3.1
3.2
4.6
3.5
2.8
4.4
3.3
3.3
3.9
3.8
0.10
1.16
0.63
0.31
0.18
0.9
14.9
7.6
10.1
21.6
11.1
0.4
6.2
6.2
8.5
8.1
5.9
2.3
19.5
17.2
21.7
18.7
18.1
2,239.2
1,601.1
1,815.312 19,768.7
1,787.5
9,813.6
2,089.8
8,463.5
3,837.1
4,144.0
43,791.0
0.59
5.32
2.64
1.27
0.97
1.2
2.0
2.1
3.2
1.1
2.0
(109.6)
(7.8)
3.6
10.7
(17.7)
(6.3)
(131.3)
(15.8)
7.1
34.0
(19.8)
(12.3)
0.915
11.38
5.5
4.63
1.24
0.665 1,880
10.01 3,752
4.66 2,453
3.9 3,319
0.795 10,746
SELL
HOLD
1.185
2.22
12/13
6/13
267.4
362.6
630.0
511.8
368.0
879.8
516.9
436.7
953.6
4.2
14.4
7.1
8.1
15.1
10.0
8.2
17.9
10.9
27.9
15.5
21.1
14.7
14.7
15.1
14.5
12.4
14.0
1.1
4.0
2.6
3.8
1.0
1.8
1.3
2.2
1.7
2.0
0.10
0.23
0.2
1.7
0.5
1.2
2.5
1.7
5.4
10.2
7.2
6,660.2
2,442.4
0.74
1.17
1.6
1.9
1.7
(83.0)
(145.3)
(108.4)
(110.3)
(226.2)
(153.1)
1.24
2.24
0.785 25,235
1.405 5,728
Company
Ticker
PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri
KencanaAgri
Mewah
Wilmar
Sector
BAL SP
FR SP
GGR SP
IFAR SP
KAGR SP
MII SP
WIL SP
BUY
BUY
BUY
HOLD
HOLD
SELL
BUY
1.04
2.34
0.575
0.975
0.22
0.50
3.46
PROPERTY
CapitaLand
City Devt
GuocoLand
Ho Bee Land
Keppel Land
OUE
Wheelock
Wing Tai
Sector
CAPL SP
CIT SP
GUOL SP
HOBEE SP
KPLD SP
OUE SP
WP SP
WINGT SP
BUY
BUY
HOLD
BUY
BUY
BUY
BUY
BUY
SHIPPING
NOL
Sector
NOL SP
SHIPYARD
COSCO Corp
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector
COS SP
KEP SP
SCI SP
SMM SP
YZJSGD SP
SUPPLY CHAIN
Noble Group
NOBL SP
Olam
OLAM SP
Sector
Rec
Price
31/3/14
(S$)
Last
Year
End
EPS
2015F 2013 2014F 2015F
(S$m) (cents) (cents) (cents)
2013
(x)
PE
DPS
2014F 2015F 2013 2014F
(x)
(x) (cents) (cents)
Yield
Hist
Net
2013 2014F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)
ROE
(%)
No of
Shares
(m)
Market
Cap.
(S$m)
7,892.3
5,422.1
13,314.5
0.885
706
1.645 2,206
0.495 46,533
0.72 1,923
0.215
153
0.41
880
3.02 7,055
2.68 10,092
8.6
933
1.915
110
1.895
373
3.07 2,648
2.17 1,101
1.52
181
1.67
727
0.94
3,133
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Corporate Statistics
Rec
Price
31/3/14
(S$)
TECHNOLOGY
Venture Corp
VMS SP
Sector
BUY
7.46
TELECOMS
M1
S Telecoms
StarHub
Sector
M1 SP
ST SP
STH SP
BUY
BUY
BUY
OTHERS
Genting HK US$
Genting SP
HPH Trust US$
SingPost
SuperGroup
Sector
GENHK SP
GENS SP
HPHT SP
SPOST SP
SUPER SP
HOLD
SELL
BUY
BUY
HOLD
Company
OVERALL
Ticker
Last
Year
End
Avg Daily
2013
(S$m)
Net Profit
2014F
(S$m)
EPS
2015F 2013 2014F 2015F
(S$m) (cents) (cents) (cents)
12/13
131.1
131.1
147.0
147.0
162.4
162.4
47.7
47.7
53.5
53.5
59.1
59.1
15.6
15.6
14.0
14.0
12.6
12.6
50.0
50.0
6.7
6.7
6.7
6.7
0.63
5.6
5.6
5.4
5.4
3.47
3.65
4.20
12/13
3/13
12/13
160.2
3,654.7
370.7
4,185.6
158.2
3,888.0
381.9
4,428.2
174.8
4,356.1
409.9
4,940.8
17.4
22.9
21.5
22.5
17.1
24.4
22.2
23.8
18.9
27.3
23.8
26.6
19.9
15.9
19.5
16.4
20.3
15.0
18.9
15.5
18.4
13.4
17.7
13.9
21.0
17.2
20.0
13.7
18.3
20.0
6.1
4.7
4.8
4.8
4.0
5.0
4.8
4.9
0.30
0.35
0.37
15.9
19.3
15.7
18.7
0.39
1.335
0.65
1.36
3.48
12/13
12/13
12/13
3/13
12/13
691.0
589.4
270.1
128.1
99.9
1,778.5
293.2
699.8
267.0
137.7
87.1
1,484.8
325.6
640.5
285.0
147.9
104.3
1,503.3
8.8
4.8
3.1
6.6
17.9
5.7
3.8
5.7
3.1
7.1
15.6
4.8
4.2
5.2
3.3
7.6
18.7
4.8
5.6
27.7
26.4
20.6
19.4
17.9
13.0
23.3
26.7
19.1
22.3
21.5
11.7
25.5
25.0
17.8
18.6
21.2
1.0
1.0
6.7
6.3
9.0
0.0
1.0
6.7
6.3
9.0
2.0
0.7
8.1
4.6
2.6
3.0
0.0
0.7
8.2
4.6
2.6
2.8
0.10
0.08
0.08
0.09
0.21
18.1
18.3
20.3
14.5
14.2
12.7
3.7
3.6
2013
(x)
PE
DPS
2014F 2015F 2013 2014F
(x)
(x) (cents) (cents)
Yield
Hist
Net
2013 2014F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)
ROE
(%)
7.2
7.2
No of
Shares
(m)
Market
Cap.
(S$m)
275.0
2,051.6
2,051.6
4.10
1.8
1.8
11.2
11.2
12.5
12.5
8.70
16.3
8.7
20.3
9.4
43.1
926.7
14.8 15,943.5
587.5 1,723.0
16.7
3,215.6
58,193.8
7,236.8
68,646.1
0.33
0.74
(0.17)
10.4
4.9
n.a.
5.8
(6.1)
(12.1)
(5.8)
(11.2)
(49.5)
(31.3)
(508.6)
(33.4)
3.52
4.09
4.76
2.890 1,064
3.420 19,037
3.860 2,017
99.6
20.7
13.5
20.7
17.9
26.5
15.2
4.5
1.2
9.1
17.5
4.3
21.2 7,793.2
8.4 12,237.2
2.5 8,711.1
43.1 1,938.7
23.1
557.7
8.3
3,825.0
16,336.7
7,125.9
2,636.6
1,940.9
31,865.2
0.47
0.59
0.42
0.08
0.83
1.0
2.3
1.9
17.4
4.2
2.1
6.6
9.4
(64.0)
5.1
5.1
(7.9)
6.9
21.0
(42.9)
39.6
21.1
(11.3)
0.52
1.64
0.86
1.4
5.05
0.37 7,763
1.29 19,052
0.6 17,527
1.225 3,234
3.03
683
9.1
2.1
1.7
(20.2)
(28.8)
10.1
455,442.8
7.06
368
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Corporate Statistics
Company
Ticker
REITs
Ascendasreit
AscottREIT
CACHE
CapitaComm
CapitaMall
CDL Htrust
FrasersCT
Kep REIT
MapletreeInd
MapletreeLog
PLife REIT
Sabana REIT
Starhill Gbl
Suntec REIT
Sector
AREIT SP
ART SP
CACHE SP
CCT SP
CT SP
CDREIT SP
FCT SP
KREIT SP
MINT SP
MLT SP
PREIT SP
SSREIT SP
SGREIT SP
SUN SP
Avg Daily
Rec
Price
31/3/14
(S$)
Last
Year
End
Net Profit
2013
2014F
(S$m)
(S$m)
2015F
(S$m)
BUY
HOLD
BUY
BUY
HOLD
BUY
BUY
BUY
BUY
BUY
HOLD
HOLD
BUY
BUY
2.26
1.195
1.135
1.485
1.89
1.655
1.78
1.14
1.365
1.045
2.44
1.03
0.79
1.66
3/13
12/13
12/13
12/13
12/13
12/13
9/13
12/13
3/13
3/13
12/13
12/13
12/13
12/13
335.9
62.5
57.0
217.3
349.1
103.7
85.8
145.7
162.3
183.5
63.0
49.6
106.1
214.5
2,136.0
380.8
94.2
63.4
241.2
384.3
110.4
87.6
167.0
170.5
195.4
70.2
52.5
108.0
163.1
2,288.6
365.6
92.0
59.5
223.7
369.7
101.8
87.2
141.3
166.6
192.1
68.7
51.7
105.8
143.0
2,168.6
2013
(cents)
EPU
2014F
(cents)
2015F
(cents)
2013
(cents)
14.0
4.8
7.5
7.6
10.1
10.7
10.4
5.3
9.7
7.5
10.4
7.5
5.2
9.5
8.5
15.2
6.0
7.6
7.8
10.7
10.4
10.6
5.0
9.7
7.8
11.3
7.4
4.9
6.3
8.5
15.8
6.2
8.1
8.0
11.1
11.2
10.6
5.9
9.6
7.9
11.6
7.5
5.0
7.1
8.9
14.3
8.4
8.6
8.1
10.3
11.0
10.9
7.9
9.8
7.1
10.8
9.4
5.0
9.3
DPU
2014F 2015F
(cents) (cents)
15.5
8.4
8.5
8.4
10.8
10.8
11.0
8.0
9.9
7.4
11.6
8.8
5.0
9.8
16.1
8.7
9.0
8.6
11.2
11.5
11.1
7.3
9.9
7.5
11.8
8.9
5.0
10.7
2013
(%)
6.3
7.0
7.6
5.5
5.4
6.6
6.1
6.9
7.2
6.7
4.4
9.1
6.3
5.6
6.2
Yield
Debt to
2014F 2015F Asset ROA
(%)
(%)
(%)
(%)
6.9
7.0
7.5
5.6
5.7
6.5
6.2
7.0
7.3
7.1
4.7
8.6
6.3
5.9
6.4
7.1
7.3
7.9
5.8
5.9
7.0
6.2
6.4
7.2
7.2
4.8
8.6
6.3
6.5
6.5
29.6
35.1
28.8
28.6
34.4
29.7
29.7
39.6
36.3
33.7
32.8
36.2
28.7
38.0
33.6
4.5
1.9
5.5
3.1
3.5
4.7
4.2
2.26
5.0
3.7
4.2
4.1
3.7
2.7
3.5
ROE
(%)
7.1
3.4
7.9
4.5
6.0
6.6
6.3
4.0
8.3
7.2
6.5
6.8
5.7
4.5
5.7
No of
shares
(m)
Market
Cap.
(S$m)
2,402.5
1,525.1
777.4
2,880.9
3,459.9
975.8
826.0
2,794.3
1,690.4
2,448.7
605.0
692.0
2,153.2
2,493.8
5,429.7
1,822.5
882.4
4,278.1
6,539.3
1,614.9
1,470.3
3,185.5
2,307.4
2,558.9
1,476.2
712.7
1,701.0
4,139.7
38,118.6
Book Price/
Net Cash/(Debt) to
52-Wk Price Turnover
NTA ps NTA ps Mkt Cap Equity High Low 52-Wk
(S$)
(x)
(%)
(%)
(S$)
(S$)
('000)
1.98
1.32
0.98
1.70
1.74
1.63
1.77
1.4
1.11
0.93
1.63
1.09
0.92
2.18
1.1
0.9
1.2
0.9
1.1
1.0
1.0
0.8
1.2
1.1
1.5
0.9
0.9
0.8
1.0
(38.9)
(50.2)
(30.5)
(45.8)
(40.0)
(38.4)
(38.1)
(81.38)
(44.7)
(51.4)
(32.1)
(60.4)
(46.3)
(72.0)
(49.0)
(44.4)
(55.2)
(35.4)
(39.8)
(43.6)
(38.8)
(38.3)
(66.5)
(55.5)
(58.0)
(48.1)
(56.9)
(39.6)
(61.5)
(49.4)
2.86
1.455
1.445
1.745
2.45
2.13
2.34
1.6
1.61
1.35
2.82
1.385
0.99
2
2.06
1.141
1.055
1.315
1.8
1.5
1.66
1.1
1.255
0.98
2.12
1.005
0.75
1.465
8,083
1,335
1,493
7,662
8,332
1,596
1,118
7040
2,896
3,767
493
1,572
2,162
8,537
Note:
If year end is before June, earnings are shown in the previous period
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Economics
GDP by Sector (Real) (yoy % chg)
Total GDP
Goods Producing Industries
Manufacturing
Construction
Services Producing Industries
Wholesale & Retail Trade
Transport & Storage
Accommodation & Food Services
Information & Communications
Financial Services
Business Services
Trade Figures (Nominal) (yoy % chg)
Total Exports
Total Imports
Non-oil Domestic Exports
Monetary Data (End of period)
Loans Growth (yoy % chg)
M1 (yoy % chg)
M2 (yoy % chg)
Prime Lending Rate (%)
3mth Interbank Rate (%)
Exchange Rates (S$/US$)
Foreign Reserves (S$b)
Other Macro Variables (yoy % chg)
Industrial Production Index (2011=100)
Retail Sales Index (Current)
Visitor Arrivals
Inflation (2009=100)
Unemployment Rate sa (%) (end of period)
Changes in Employment ('000 persons)
2012
2013
2014F
2015F
1Q13
2Q13
3Q13
4Q13
Nov 13
Dec 13
Jan 14
Feb 14
1.9
1.4
0.3
8.7
2.0
(1.4)
3.4
2.3
6.2
1.3
5.9
4.1
2.2
1.7
5.9
5.3
4.9
3.0
3.0
5.5
10.6
5.1
4.3
5.8
5.5
8.0
3.6
2.7
5.4
2.9
4.3
4.0
4.1
4.0
3.9
3.6
5.3
4.3
2.7
4.3
3.0
6.4
6.2
4.8
0.6
(4.5)
(6.3)
5.6
3.2
(0.1)
(1.0)
2.5
5.1
12.5
4.4
4.2
1.6
0.8
6.6
5.7
6.1
2.6
3.7
5.7
10.3
6.0
5.8
5.4
5.3
6.6
6.3
6.3
5.8
3.6
6.0
10.0
5.2
5.5
6.6
7.0
4.8
5.9
7.3
4.8
2.2
5.0
9.7
4.6
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
(0.4)
3.8
1.1
0.8
(1.4)
(5.6)
9.5
1.5
7.0
5.6
2.7
3.4
(8.3)
(9.2)
(11.7)
(0.2)
(3.9)
(5.1)
5.8
5.9
(3.6)
6.0
1.5
(1.9)
0.9
(3.3)
(8.9)
8.9
3.4
6.0
4.2
(0.9)
(3.3)
11.3
6.7
9.1
21.3
7.2
7.2
5.38
0.38
1.2204
316.5
17.7
13.8
7.8
5.38
0.40
1.2589
343.8
15.3
13.1
11.0
5.38
0.56
1.3300
397.3
12.6
12.8
11.1
5.38
1.70
1.3100
431.1
19.2
12.3
8.9
5.38
0.38
1.2466
321.9
18.8
15.9
9.5
5.38
0.37
1.2595
327.2
16.2
15.2
7.4
5.38
0.37
1.2622
338.4
16.7
11.7
5.5
5.38
0.40
1.2589
343.8
17.4
11.9
5.2
5.38
0.40
1.2476
339.2
17.0
9.9
4.3
5.38
0.40
1.2589
343.8
16.5
10.7
3.6
5.35
0.41
1.2726
345.6
14.6
7.8
2.4
5.35
0.40
1.2659
346.9
0.5
2.7
10.2
4.6
1.8
129.1
1.8
(5.1)
7.0
2.4
1.8
134.9
5.0
2.5
6.0
3.3
2.0
138.8
6.0
1.4
6.2
2.9
2.3
121.7
(6.3)
(4.3)
8.5
4.0
1.9
28.9
1.0
(0.6)
9.9
1.6
2.1
33.7
5.3
(7.3)
11.8
1.8
1.8
33.1
7.1
(8.0)
(2.2)
2.0
1.8
40.6
6.7
(8.7)
(4.5)
2.6
n.a.
n.a.
6.4
(5.5)
(1.1)
1.5
n.a.
n.a.
4.4
0.1
0.0
1.4
n.a.
n.a.
12.8
n.a.
n.a.
0.4
n.a.
n.a.
* Advanced estimates
Source: CEIC, UOB Economic-Treasury Research
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Hist.
Highest Dividend
Yield (%) *
40.4
37.4
29.7
29.1
26.7
26.5
25.4
24.4
23.9
23.3
StarHub
Dairy Farm 900 US$
SGX
Silverlake
M1
DTAC 200US$
SingPost
OSIM
ARA
SP AusNet
87.4
10.3
9.2
8.6
8.1
7.7
7.6
7.2
7.1
6.5
Lowest PE (x) #
Forward
Hist.
Lowest Dividend
Yield (%) *
Swiber
Triyards
Wing Tai
KencanaAgri
Yangzijiang
Nam Cheong
Wilmar
Pacific Radiance
DBS
OCBC
5.9
6.1
7.7
7.7
7.8
8.0
9.0
9.8
10.7
11.3
Highest PE (x) #
IHH
GuocoLand
SIA
OUE
HPH Trust US$
Suntec REIT
COSCO Corp
Ezra
Raffles Medical
Genting SP
Wing Tai
Yanlord
Yuexiu Prop 2k
HKLand US$
Fortune Reit HK$
Ho Bee Land
Wheelock
GoldenAgri
HPH Trust US$
OUE Ltd
0.5
0.6
0.6
0.6
0.6
0.6
0.7
0.7
0.7
0.7
EzionHldg
Yeo HS
IHH
Sinarmas
JSH 500US$
BukitSem
Genting SP
CITYDEV
IndoAgri
UIC
Hist.
8.1
7.0
6.9
6.9
6.8
6.7
6.6
6.6
6.3
6.1
Ezra
Mermaid
Nam Cheong
Olam
FirstRes
TigerAir
Noble Grp
SuperGroup
GoldenAgri
Genting HK US$
Hist.
Lowest 90 days
Volatility (%) #
0.0
0.4
0.5
0.7
0.7
0.7
0.7
0.8
0.9
1.0
Venture
K-REIT
AscottREIT
DBS
OCBC Bk
SingPost
SuntecReit
SGX
MapletreeLog
SPH
SingTel
JMH 400US$
JSH 500US$
PRU 500 US$
DBS
UOB
OCBC Bk
Wilmar
Kep Corp
HKLand US$
58,193.8
54,287.0
50,800.4
40,969.6
39,627.0
34,434.2
32,725.6
22,155.8
19,768.8
19,249.1
1,269.7
1,338.7
1,356.9
1,379.4
1,403.3
1,411.6
1,447.2
1,447.5
1,452.9
1,470.3
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Performance At A Glance*
Company
Price (S$)
28/2/14
31/3/14
AVIATION
SIA
SIA Engg
SATS
ST Engrg
Tigerair
Sector
10.22
4.72
2.99
3.80
0.425
10.47
4.84
3.04
3.82
0.405
2.4
2.5
1.7
0.5
(4.7)
1.6
(3.7)
2.1
0.0
(11.4)
(40.4)
(6.0)
0.6
(4.3)
(5.9)
(3.5)
(20.6)
(2.7)
FINANCE
ARA
DBS
HL Fin
OCBC
S'pore Exchange
UOB
Sector
1.76
16.52
2.68
9.56
6.88
20.63
1.845
16.17
2.74
9.51
6.94
21.65
4.8
(2.1)
2.2
(0.5)
0.9
4.9
0.6
(3.9)
1.1
(1.4)
(10.7)
(9.9)
6.2
(2.0)
(0.8)
(5.4)
(0.4)
(6.8)
(4.4)
1.9
(3.6)
HEALTHCARE
IHH
Raffles Medical
Sector
1.46
3.22
1.44
3.21
(1.4)
(0.3)
(1.2)
2.5
(2.1)
1.9
(4.0)
3.2
(3.1)
LAND TRANSPORT
ComfortDelGro
SMRT
Sector
MEDIA
SPH
Sector
OIL SERVICES
ASL Marine
Ezion
Ezra
Marco Polo
Mencast
Mermaid
Nam Cheong
Pacific Radiance
Swiber
Triyards
Sector
1.93
1.025
1.985
1.02
2.8
(0.5)
1.9
3.9
(35.4)
(10.7)
(1.2)
(12.1)
(4.4)
4.15
4.20
1.2
1.2
(6.3)
(6.3)
1.9
1.9
0.70
2.25
1.065
0.39
0.59
0.455
0.34
0.975
0.65
0.65
0.70
2.16
1.09
0.385
0.585
0.45
0.335
1.055
0.665
0.64
0.0
(4.0)
2.3
(1.3)
(0.8)
(1.1)
(1.5)
8.2
2.3
(1.5)
(0.6)
(2.1)
19.5
(5.6)
(9.4)
11.6
28.6
26.4
17.2
(0.7)
(20.0)
11.3
1.4
(2.7)
(20.7)
(1.3)
12.5
(9.1)
6.3
19.2
0.0
(3.8)
(3.3)
Company
Price (S$)
28/2/14
31/3/14
PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri
KencanaAgri
Mewah
Wilmar
Sector
0.975
2.21
0.555
0.87
0.24
0.47
3.45
1.04
2.34
0.575
0.975
0.22
0.50
3.46
6.7
5.9
3.6
12.1
(8.3)
6.4
0.3
2.0
1.5
27.9
(0.9)
(21.1)
(32.3)
5.3
0.3
1.0
10.6
10.4
5.5
10.2
(10.2)
6.4
1.2
3.3
PROPERTY
CapitaLand
City Devt
GuocoLand
Ho Bee Land
Keppel Land
OUE
Wheelock
Wing Tai
Sector
2.85
9.39
2.20
2.19
3.21
2.211
1.56
1.85
2.89
10.10
2.19
2.18
3.36
2.24
1.65
1.83
1.4
7.6
(0.5)
(0.5)
4.7
1.3
5.8
(1.1)
3.3
(18.1)
(10.9)
(5.6)
13.0
(14.7)
(22.4)
(14.3)
(3.9)
(13.6)
(4.6)
5.2
(3.1)
2.8
0.6
(4.8)
(2.7)
(6.9)
(1.1)
REITS
Ascendasreit
AscottREIT
CACHE
CapitaComm
CapitaMall
CDL Htrust
FrasersCT
Frasers Comm
Kep REIT
MapletreeInd
MapletreeLog
PLife REIT
Sabana REIT
Starhill Gbl
Suntec REIT
Sector
2.16
1.155
1.13
1.465
1.90
1.63
1.75
1.265
1.175
1.35
1.035
2.29
1.025
0.78
1.665
2.26
1.195
1.135
1.485
1.89
1.655
1.78
1.255
1.14
1.365
1.045
2.44
1.03
0.79
1.66
4.6
3.5
0.4
1.4
(0.5)
1.5
1.7
(0.8)
(3.0)
1.1
1.0
6.6
0.5
1.3
(0.3)
1.1
(13.1)
(10.4)
(13.0)
(6.3)
(9.6)
(19.3)
(16.8)
(11.0)
(16.2)
(2.8)
(14.0)
(3.6)
(18.6)
(11.2)
(7.8)
(11.0)
2.7
(0.8)
1.8
2.4
(0.8)
0.9
1.1
(1.2)
(3.8)
2.2
(0.9)
3.8
(4.6)
0.6
7.8
1.2
0.95
0.995
4.7
4.7
(16.0)
(16.0)
(11.6)
(11.6)
SHIPPING
NOL
Sector
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Performance At A Glance*
Company
Price (S$)
28/2/14
31/3/14
SHIPYARD
COSCO Corp
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector
0.69
10.47
5.41
4.11
1.135
0.715
10.89
5.49
4.05
1.08
3.6
4.0
1.5
(1.5)
(4.8)
1.4
(21.4)
0.7
5.8
(8.6)
11.3
(0.3)
(5.3)
(2.7)
0.0
(9.0)
(8.9)
(4.1)
SUPPLY CHAIN
Noble Group
Olam
Sector
1.03
1.775
1.185
2.22
15.0
25.1
18.9
(2.5)
29.1
8.3
10.7
44.6
22.4
TECHNOLOGY
Venture Corp
Sector
7.55
7.46
(1.2)
(1.2)
(13.9)
(13.9)
(2.9)
(2.9)
TELECOMS
M1
S Telecoms
StarHub
Sector
3.40
3.60
4.18
3.47
3.65
4.20
2.1
1.4
0.5
1.3
17.2
1.7
(3.4)
1.7
6.1
(0.3)
(2.1)
(0.2)
0.395
1.345
0.625
1.32
3.69
0.39
1.335
0.65
1.36
3.48
(1.3)
(0.7)
4.0
3.0
(5.7)
0.1
(13.3)
(10.7)
(23.5)
9.2
(10.8)
(12.4)
(9.3)
(10.7)
(3.7)
2.6
(8.4)
(8.1)
1.6
(3.6)
(1.6)
OTHERS
Genting HK US$
Genting SP
HPH Trust US$
SingPost
SuperGroup
Sector
OVERALL
* Based on UOB Kay Hians universe
10
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Performance At A Glance*
Aviation
Healthcare
Finance
(31Dec13=100)
102
(31Dec13=100)
102
(31Dec13=100)
100
FSSTI
100
FSSTI
98
100
FSSTI
98
98
96
96
96
94
94
Finance
92
92
Jan
(31Dec13=100)
102
Feb
Feb
Land Transport
Mar
Media
100
FSSTI
97
94
Land Transport
Jan
Feb
Mar
Oil Services
102
96
95
94
94
FSSTI
98
96
92
93
90
92
92
Mar
100
99
98
96
Feb
104
Media
101
98
Jan
(31Dec13=100)
(31Dec13=100)
102
FSSTI
92
90
Jan
Mar
100
Healthcare
94
Av iation
Jan
Feb
Mar
Jan
Feb
Mar
11
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Performance At A Glance*
Plantation
REITs
Property
(31Dec13=100)
(31Dec13=100)
102
(31Dec13=100)
106
104
Plantation
102
100
102
FSSTI
98
100
98
FSSTI
96
98
FSSTI
96
96
94
94
92
90
Jan
Feb
Property
92
94
90
92
Jan
Mar
Shipping
Feb
Mar
Jan
Shipyard
(31Dec13=100)
102
(31Dec13=100)
120
(31Dec13=100)
102
100
FSSTI
98
96
100
FSSTI
90
Shipping
Shipy ard
92
86
Jan
Feb
Mar
Supply Chain
115
FSSTI
95
90
90
84
Supply Chain
100
94
88
Mar
105
96
92
Feb
110
98
94
REITs
100
85
Jan
Feb
Mar
Jan
Feb
Mar
12
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Performance At A Glance*
Telecoms
Technology
(31Dec13=100)
102
(31Dec13=100)
(31Dec13=100)
102
100
FSSTI
102
Telecoms
100
98
98
96
96
Others
100
FSSTI
98
96
Technology
94
FSSTI
94
94
92
92
92
90
Jan
Feb
Mar
Jan
Feb
Mar
Others
Jan
Feb
Mar
13
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Diary Of Events
Monday
Sunday
Tuesday
Wednesday
Thursday
Friday
Saturday
10
11
12
SPH 2Q14*
Ezra 2Q14
Triyards 2Q14
13
14
Keppel REIT 1Q14*
15
Feb 14 Retail Sales
Keppel Land 1Q14*
A-REIT FY14
16
Keppel Corp 1Q14*
M1 1Q14
17
18
19
14
S i n g a p o r e
C o r p o r a t e
A pr i l 2 01 4
G u i d e
Diary Of Events
Monday
Sunday
20
21
Tuesday
22
Mapletree Ind FY13
27
28
29
Raffles Medical 1Q14
Indofood Agri 1Q14
Wheelock 1Q14
Wednesday
23
Mar 14 CPI
Cache 1Q14*
SGX 3Q14*
HL Finance 1Q14
Thursday
24
Friday
25
Saturday
26
Mar 14 IPI
CapitaLand 1Q14
Ascott REIT 1Q14
CDL H-Trust 1Q14
Starhill Global 1Q14
Suntec REIT 1Q14
30
1Q14 Unemployment
OCBC 1Q14*
DBS 1Q14*
UOB 1Q14*
SMRT FY14
Ho Bee 1Q14
HPHT 1Q14
* Confirmed
15
S i n g a p o r e
C o r p o r a t e
G u i d e
A pr i l 2 01 4
Disclosures
As of 02 April 2014, the analyst and his/her immediate family do not hold positions in the respective securities recommended in this report.
We have based this document on information obtained from sources we believe to be reliable, but we do not make any representation or warranty nor accept any responsibility or
liability as to its accuracy, completeness or correctness. Expressions of opinion contained herein are those of UOB Kay Hian Research Pte Ltd only and are subject to change without
notice. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific
addressee. This document is for the information of the addressee only and is not to be taken as substitution for the exercise of judgement by the addressee. This document is not and
should not be construed as an offer or a solicitation of an offer to purchase or subscribe or sell any securities. UOB Kay Hian and its affiliates, their Directors, officers and/or
employees may own or have positions in any securities mentioned herein or any securities related thereto and may from time to time add to or dispose of any such securities. UOB
Kay Hian and its affiliates may act as market maker or have assumed an underwriting position in the securities of companies discussed herein (or investments related thereto) and may
sell them to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies.
UOB Kay Hian (U.K.) Limited, a UOB Kay Hian subsidiary which distributes UOB Kay Hian research for only institutional clients, is an authorised person in the meaning of the Financial
Services and Markets Act 2000 and is regulated by Financial Services Authority (FSA).
In the United States of America, this research report is being distributed by UOB Kay Hian (U.S.) Inc (UOBKHUS) which accepts responsibility for the contents. UOBKHUS is a
broker-dealer registered with the U.S. Securities and Exchange Commission and is an affiliate company of UOBKH. Any U.S. person receiving this report who wishes to effect
transactions in any securities referred to herein should contact UOBKHUS, not its affiliate. The information herein has been obtained from, and any opinions herein are based upon
sources believed reliable, but we do not represent that it is accurate or complete and it should not be relied upon as such. All opinions and estimates herein reflect our judgement on
the date of this report and are subject to change without notice. This report is not intended to be an offer, or the solicitation of any offer, to buy or sell the securities referred to herein.
From time to time, the firm preparing this report or its affiliates or the principals or employees of such firm or its affiliates may have a position in the securities referred to herein or hold
options, warrants or rights with respect thereto or other securities of such issuers and may make a market or otherwise act as principal In transactions in any of these securities. Any
such non-U.S. persons may have purchased securities referred to herein for their own account in advance of release of this report. Further information on the securities referred to
herein may be obtained from UOBKHUS upon request.
UOB Kay Hian Research Pte Ltd,
8 Anthony Road, #01-01, Singapore 229957
Tel: (65) 6535 6868, Fax: (65) 6509 5137
http://research.uobkayhian.com
MCI (P) 116/03/2014
RCB Regn. No. 198700235E
16