S i n g a p o r e C o r p o r a t e G u i d e A ug u st 20 16

Market Outlook & Strategy FSSTI

REVIEW: The FSSTI rose 0.98% mom to 2,868.69 in July. The latter part of July saw a heavy From 1/8/2015 to 29/7/2016
sell-off in O&M stocks (-12% to -36% mom) as Swiber Holdings applied to be placed into judicial 3300
management. The weak sentiment spilled over to banks, particularly DBS, which announced that 3200
it had S$700m exposure to Swiber Holdings. Otherwise, earnings season is in full swing and 3100
there have been a lot of earnings disappointments notably from SPH, CD REIT, Ezra, SIA and 3000
M1. Wilmar fell 5.0% mom after issuing a profit warning. On the external front, equity markets 2900
were encouraged by the Fed Reserves move to keep the policy FFTR unchanged at 0.25-0.5% 2800
in July and its more positive outlook on the US economy. 2700
2600
STRATEGY: We have been defensive and stock selective, buying on weakness and preferring
solid blue chips with dividend yields and strong financials. Valuations look fair, with the FSSTI 2500
trading at 2017 PE of 14.5x vs long-term mean valuation of 15.4x. We believe valuations are 2400
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
likely to remain below mean on weaker growth prospects and lower-than-mean ROE, with GDP
growth at the lower end of the 1-3% forecast range. Investment themes for 2H16 include: a) M&A
fever, b) dividend yields with catalysts, c) recovering tourist arrivals, and d) going global. On our
SECTOR RATINGS & STOCK RECOMMENDATIONS
BUY list are OCBC, City Dev, Singtel, ST Eng, Frasers L&I Trust, A-REIT, K-REIT and First
Sector Jul/Jun (% Chg) Weighting* Top Buys
Resources. Mid-cap gems we like include CAO, NeraTel, Valuetronics and Katrina Holdings.
SELL SIA Eng, StarHub and M1. Aviation 3.6 Market Weight ST Engrg
Finance (1.5) Overweight OCBC
TOP GAINERS & LOSERS*
Healthcare 1.7 Market Weight Raffles Medical
(S$) Jun Jul % Chg (S$) Jun Jul % Chg LandTransport 4.2 Market Weight ComfortDelGro
Media (4.3) Market Weight -
China Aviation 1.23 1.46 18.7 Noble 0.20 0.162 (19.0)
OilServices (29.3) Underweight -
THBEV 0.91 1.035 13.7 Delfi 2.89 2.47 (14.5)
Plantation (3.2) Overweight Bumitama, First Resources
Sheng Siong 0.885 0.985 11.3 Sembcorp Marine 1.55 1.41 (9.0) Property 3.3 Overweight City Devt, Wing Tai
BukitSem 4.52 5.03 11.3 Bumitama 0.765 0.70 (8.5) REITs 1.0 Overweight FLT, AREIT, KREIT
SMRT 1.505 1.63 8.3 SIIC Environment 0.62 0.58 (6.5) Shipping 0.0 Market Weight -
AusNet Services 1.63 1.765 8.3 Oxley 0.415 0.39 (6.0) Shipyard (4.3) Market Weight Sembcorp Ind
Genting SP 0.725 0.785 8.3 SuntecReit 1.77 1.67 (5.6) Technology 7.5 Overweight Venture
Silverlake 0.515 0.555 7.8 China Everbright 0.635 0.60 (5.5) Telecoms 1.2 Underweight SingTel
Fortune Reit HK$ 9.20 9.91 7.7 Wilmar 3.26 3.09 (5.2) Others 3.3
Venture 8.28 8.90 7.5 Genting HK US$ 0.29 0.275 (5.2) FSSTI 1.0
* Top 100 companies by market capitalisation * Refers to business prospects & earnings growth of the sector for the next 12 months.

Refer to last page for important disclosures. 1

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Valuation screens (Price/Book and Price/Earnings)

Stocks trading 2SD below Mean Stocks trading 1SD below Mean Stocks trading 2SD above Mean Stocks trading 1SD above Mean
2016 Mean -2SD 2016 Mean -1SD 2016 Mean +2SD 2016 Mean +1SD
P/B (x) P/B (x) P/B (x) P/B (x) P/B (x) P/B (x) P/B (x) P/B (x) P/B (x) P/B (x) P/B (x) P/B (x)
Sabana REIT 0.61 0.91 0.70 Ezra 0.15 1.51 0.46 SATS 3.15 2.00 2.93 SATS 3.15 2.00 2.47
Ezion 0.36 1.84 0.93 Raffles Medical 4.29 2.84 3.83
Nam Cheong 0.32 1.43 0.80 MapletreeInd 1.25 1.12 1.19
Sembcorp Ind 0.83 1.99 1.29 IHH 2.39 1.97 2.29
Pacific Radiance 0.29 0.92 0.43 Starhill Gbl 0.94 0.76 0.91

2016 Mean -2SD 2016 Mean -1SD 2016 Mean +2SD 2016 Mean +1SD
PE (x) PE (x) PE (x) PE (x) PE (x) PE (x) PE (x) PE (x) PE (x) PE (x) PE (x) PE (x)
Sabana REIT 10.1 14.9 10.4 Sabana REIT 10.1 14.9 12.6 COSCO Corp 122.9 24.3 61.2 COSCO Corp 122.9 24.3 42.7
Bumitama 11.3 15.7 13.4 Raffles Medical 37.5 23.6 37.5 SIA Engineering 26.7 15.9 21.6
Triyards 3.7 5.2 4.3 Raffles Medical 37.5 23.6 30.5
CACHE 12.3 15.9 13.8 SATS 21.4 13.9 17.9
Frasers HTrust 20.2 22.7 21.3 MapletreeInd 17.2 13.6 15.8

Analysts Top Alpha* Picks

Upside/ Market 2016 2016 2016
Analyst Company Rec (Downside) Cap PE P/B Yield Remarks
% (S$m) (x) (x) (%)
CAO, APACs largest physical jet fuel trader, holds a monopoly in supplying imported jet fuel to the
whole of China, making it a proxy to Chinas global aviation boom. Together with its stake in the
Edison Chen China Aviation BUY 30.1 1,264.6 12.6 1.5 2.7
exclusive refueller for SPIA, CAO has two solid growing sources of recurring income. Management
also has a five-year plan to double profits to US$120m through organic and M&A growth.
FLT provides the best growth prospects (10% 3-year CAGR) amongst REITs within our coverage
Vikrant Pandey/Derek Chang Frasers L&I Tr BUY 9.1 1,410.9 22.0 1.1 6.3
on top of a high 6.5% yield. It is also a potential play on the strengthening Australian dollar
Undervaluation relative to peer. Catalyst from better than expected 2017F growth from new outlets
Andrew Chow/Nicholas Leow Katrina BUY 20.0 86.9 17.5 5.7 3.2
and online channel.
There are early signs that OCBCs conservative approach to recognise NPLs early is bearing some
Jonathan Koh OCBC BUY 21.9 36,066.1 10.5 1.0 4.2 fruits. An oil & gas loan in Malaysia that was restructured and recognised as NPL a year ago was
upgraded in 2Q16. 50% of its NPLs in the oil & gas sector are not overdue
On balance, we believe that companies with resilient earnings will see valuation multiples expand
Ajith/Sophie Leong ST Engineering BUY 6.4 10,273.0 20.3 4.2 4.1 and STE, which trades at 20x 12 month forward PE could see its valuation rise towards 24x if
earnings surprise to the upside.
* Denotes a timeframe of 1 to 6 months and not UOBKH usual 12 months investment horizon for stock recommendation

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Sector Performance
Net Cash Total
------------------- PE ------------------- ------------- EPS Growth ------------ Net --------- Yield --------- Price/ (Debt) to Market Market
2015 2016F 2017F 2015 2016F 2017F Margin ROA ROE 2015 2016F NTA ps Equity Cap. Cap.
(x) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (x) (%) (%) (S$m)

AVIATION 18.8 26.2 26.2 36.1 (28.3) (0.1) 7.1 4.8 9.8 4.1 3.5 2.0 19.3 8.1 32,519
FINANCE 9.5 10.3 10.1 4.3 (9.6) 2.1 n.a. 1.0 12.1 4.2 4.0 1.2 n.a. 27.9 112,622
HEALTHCARE 53.0 48.4 39.2 10.0 9.1 23.5 11.7 3.3 5.0 0.6 0.5 6.0 (17.9) 5.2 21,107
LAND TRANSPORT 20.8 19.9 18.4 9.4 4.9 7.8 7.6 5.2 13.1 3.0 2.9 3.3 (5.7) 2.1 8,568
MEDIA 19.0 23.5 23.0 (20.3) (18.3) 2.2 27.3 5.1 8.8 5.3 4.2 1.9 (19.0) 1.5 6,112
OIL SERVICES 7.3 n.a. 6.2 (74.4) n.a. n.a. 7.8 1.3 3.5 0.9 0.9 0.3 (126.0) 0.3 1,176
PLANTATION 17.2 15.5 11.7 (17.1) 10.1 32.8 2.6 2.3 6.0 2.2 2.0 1.3 (75.6) 7.2 28,863
PROPERTY 10.7 17.3 16.6 (35.7) (39.2) 4.3 25.0 2.9 6.8 2.5 2.4 0.7 (54.2) 6.9 27,909
REITS 19.6 18.4 17.6 2.0 3.8 3.3 51.5 3.2 5.1 6.0 6.2 1.0 (55.7) 11.0 44,422
SHIPPING n.a. n.a. n.a. n.a. n.a. n.a. (4.1) (2.8) (10.4) 0.0 0.0 1.1 (117.0) 0.8 3,387
SHIPYARD 12.2 10.2 11.2 (56.0) 19.4 (8.6) 5.5 2.3 7.0 5.2 3.7 0.9 (88.0) 5.3 21,430
TECHNOLOGY 16.0 15.6 14.7 101.4 3.4 6.4 5.8 6.2 8.3 5.6 5.6 2.0 21.3 0.6 2,467
TELECOMS 17.2 17.1 15.9 2.1 0.4 7.3 21.5 9.6 17.4 4.3 4.5 6.2 (39.9) 18.8 75,887
OTHERS 5.1 33.7 25.2 164.5 (85.2) 34.0 65.4 14.6 21.3 2.1 2.2 1.0 33.1 4.1 16,647

OVERALL 13.1 15.5 14.5 (4.3) (17.5) 7.2 16.7 1.9 9.7 3.9 3.7 1.4 (30.5) 100.0 403,117

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Corporate Statistics
Avg Daily
Price Last Net Profit EPS PE DPS Yield Hist Net No of Market Book Price/ Net Cash/(Debt) to 52-Wk Price Turnover
Company Ticker Rec 29/7/16 Year 2015 2016F 2017F 2015 2016F 2017F 2015 2016F 2017F 2015 2016F 2015 2016F CFPS Margin ROA ROE Shares Cap. NTA ps NTA ps Mkt Cap Equity High Low 52-Wk
(S$) End (S$m) (S$m) (S$m) (cents) (cents) (cents) (x) (x) (x) (cents) (cents) (%) (%) (S$) (%) (%) (%) (m) (S$m) (S$) (x) (%) (%) (S$) (S$) ('000)

AVIATION
SIA SIA SP HOLD 10.98 3/16 804.4 354.7 314.7 69.0 30.2 26.6 15.9 36.3 41.2 45.0 24.7 4.1 2.2 1.97 5.3 3.4 6.4 1,199.9 13,174.4 10.20 1.1 19.5 20.1 11.67 9.57 1,614
SIA Engineering SIE SP SELL 3.70 3/16 176.6 155.9 159.9 15.7 13.9 14.3 23.5 26.6 26.0 14.0 21.0 3.8 5.7 0.20 15.9 10.2 12.6 1,124.1 4,159.2 1.32 2.8 14.8 39.7 4.00 3.20 273
SATS SATS SP HOLD 4.37 3/16 220.6 229.0 244.0 19.9 20.6 22.0 22.0 21.2 19.9 15.0 16.7 3.4 3.8 0.26 13.0 10.7 15.0 1,124.1 4,912.1 1.25 3.5 9.0 28.5 4.49 3.38 2,098
ST Engineering STE SP BUY 3.29 12/15 529.0 502.9 523.5 17.1 16.2 16.9 19.3 20.3 19.5 15.0 13.5 4.6 4.1 0.23 8.4 6.4 24.8 3,122.5 10,273.0 0.40 8.2 (1.4) (6.3) 3.47 2.67 3,401
Sector 1,730.6 1,242.6 1,242.1 26.6 19.1 19.1 18.8 26.2 26.2 4.1 3.5 7.1 4.8 9.8 32,518.7 2.0 10.7 19.3

FINANCE
DBS DBS SP BUY 15.41 12/15 4,454.0 4,052.3 4,077.4 177.0 160.2 161.2 8.7 9.6 9.6 60.0 60.0 3.9 3.9 n.a. n.a. 1.0 11.7 2,531.5 39,010.1 14.35 1.1 n.a. n.a. 20.37 13.01 6,329
OCBC OCBC SP BUY 8.60 12/15 3,903.0 3,442.9 3,546.1 95.2 81.7 83.8 9.0 10.5 10.3 36.0 36.0 4.2 4.2 n.a. n.a. 1.0 12.4 4,193.7 36,066.1 6.99 1.2 n.a. n.a. 10.35 7.41 6,545
SGX @ SGX SP NR 7.53 6/16 348.6 349.0 369.5 32.6 32.6 34.5 23.1 23.1 21.8 28.0 28.0 3.7 3.7 0.38 42.7 17.9 35.5 1,071.6 8,069.5 0.75 10.1 10.7 87.5 8.07 6.61 2,304
UOB@ UOB SP NR 18.20 12/15 3,209.0 3,043.9 3,149.6 194.0 187.9 194.5 9.4 9.7 9.4 90.0 75.2 4.9 4.1 n.a. n.a. 1.0 11.5 1,619.6 29,476.2 15.58 1.2 n.a. n.a. 22.26 16.8 3,047
Sector 11,914.6 10,888.1 11,142.7 128.6 116.3 118.7 9.5 10.3 10.1 4.2 4.0 n.a. 1.0 12.1 112,621.8 1.2 n.a. n.a.

HEALTHCARE
IHH IHH SP HOLD 2.23 12/15 329.0 363.0 454.9 4.0 4.4 5.5 55.6 50.5 40.3 1.0 0.9 0.4 0.4 0.07 11.0 2.9 4.5 8,231.6 18,356.5 0.35 6.3 (8.3) (20.6) 2.3 1.76 54
Raffles Medical RFMD SP BUY 1.575 12/15 69.3 73.4 83.9 4.1 4.3 4.9 38.9 37.0 32.4 2.0 2.0 1.3 1.3 0.14 16.9 9.4 12.1 1,746.6 2,750.9 0.35 4.6 3.4 14.6 1.675 1.293 1,778
Sector 398.2 436.4 538.8 4.0 4.4 5.4 53.0 48.4 39.2 0.6 0.5 11.7 3.3 5.0 21,107.4 6.0 (6.8) (17.9)

LAND TRANSPORT
ComfortDelGro CD SP BUY 2.82 12/15 301.9 339.0 383.9 14.1 15.8 17.9 20.0 17.9 15.8 9.0 9.1 3.2 3.2 0.32 7.3 5.8 13.3 2,155.9 6,079.7 0.80 3.5 6.6 16.9 3.15 2.56 6,033
SMRT MRT SP HOLD 1.63 3/16 109.3 92.6 81.3 7.2 6.1 5.3 22.7 26.8 30.5 4.0 3.3 2.5 2.1 0.21 8.4 4.2 12.3 1,526.5 2,488.2 0.59 2.8 (23.7) (64.3) 1.675 1.12 2,583
Sector 411.2 431.6 465.3 11.2 11.7 12.7 20.8 19.9 18.4 3.0 2.9 7.6 5.2 13.1 8,567.9 3.3 (2.2) (5.7)

MEDIA
SPH SPH SP HOLD 3.78 8/15 321.7 260.0 265.6 19.9 16.3 16.6 19.0 23.2 22.7 20.0 16.0 5.3 4.2 0.23 27.3 5.1 8.8 1,616.9 6,112.0 2.02 1.9 (10.6) (19.0) 4.25 3.5 4,054
Sector 321.7 260.0 265.6 19.9 16.3 16.6 19.0 23.5 23.0 5.3 4.2 27.3 5.1 8.8 6,112.0 1.9 (10.6) (19.0)

OIL SERVICES
Ezion EZI SP HOLD 0.30 12/15 50.6 101.5 170.7 2.9 4.2 7.0 10.4 7.2 4.3 0.0 0.0 0.0 0.0 0.14 10.5 1.2 2.9 2,085.8 625.7 0.86 0.3 (304.7) (125.0) 0.765 0.29 17,048
Ezra EZRA SP SELL 0.05 8/15 58.9 (123.6) (10.6) 3.1 (4.2) (0.4) 1.6 n.a. n.a. 0.0 0.0 0.0 0.0 0.08 8.0 1.2 3.9 2,942.4 147.1 0.25 0.2 (956.4) (182.5) 0.138 0.048 67,268
Nam Cheong NCL SP SELL 0.067 12/15 10.0 (16.8) (2.7) 0.5 (0.8) (0.1) 14.0 n.a. n.a. 0.0 0.0 0.0 0.0 0.01 3.0 0.8 2.2 2,103.1 140.9 0.21 0.3 (312.4) (102.4) 0.23 0.07 6,198
Pacific Radiance PACRA SP SELL 0.21 12/15 5.3 (19.0) (5.8) 0.7 (2.6) (0.8) 28.9 n.a. n.a. 1.0 1.0 4.8 4.8 0.06 3.1 0.4 0.9 725.8 152.4 0.77 0.3 (383.8) (106.4) 0.44 0.20 831
Triyards ETL SP HOLD 0.34 8/15 36.6 30.0 36.6 11.4 9.2 11.3 3.0 3.7 3.0 1.0 1.0 2.9 2.9 0.17 10.1 6.8 14.3 324.5 110.3 0.89 0.4 (149.3) (55.1) 0.52 0.23 303
Sector 161.4 (28.0) 188.3 2.4 (0.3) 2.2 7.3 n.a. 6.2 0.9 0.9 7.8 1.3 3.5 1,176.5 0.3 (382.8) (126.0)

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Corporate Statistics
Avg Daily
Price Last Net Profit EPS PE DPS Yield Hist Net No of Market Book Price/ Net Cash/(Debt) to 52-Wk Price Turnover
Company Ticker Rec 29/7/16 Year 2015 2016F 2017F 2015 2016F 2017F 2015 2016F 2017F 2015 2016F 2015 2016F CFPS Margin ROA ROE Shares Cap. NTA ps NTA ps Mkt Cap Equity High Low 52-Wk
(S$) End (S$m) (S$m) (S$m) (cents) (cents) (cents) (x) (x) (x) (cents) (cents) (%) (%) (S$) (%) (%) (%) (m) (S$m) (S$) (x) (%) (%) (S$) (S$) ('000)

PLANTATION
Bumitama BAL SP BUY 0.70 12/15 91.8 109.5 148.9 5.2 6.2 8.5 13.4 11.2 8.3 0.5 2.2 0.7 3.1 0.06 16.1 6.7 17.6 1,757.5 1,230.3 0.32 2.2 (40.8) (86.8) 0.955 0.66 602
FirstRes FR SP BUY 1.615 12/15 148.4 158.7 195.9 9.4 10.0 12.4 17.2 16.1 13.1 2.5 3.0 1.5 1.9 0.12 23.8 6.8 14.2 1,584.1 2,558.3 0.57 2.8 (17.0) (41.2) 2.13 1.435 2,681
GoldenAgri GGR SP BUY 0.36 12/15 (23.0) 321.6 383.4 (0.2) 2.5 3.0 n.a. 14.4 12.1 0.5 0.5 1.4 1.4 0.02 (0.3) (0.2) (0.4) 12,837.6 4,621.5 0.40 0.9 (80.9) (72.8) 0.44 0.28 25,012
IndoAgri @ IFAR SP HOLD 0.46 12/15 6.0 51.0 78.2 0.4 3.5 5.4 107.7 13.1 8.5 0.5 0.4 1.1 0.9 0.07 0.4 0.2 0.5 1,447.8 666.0 0.66 0.7 (125.4) (66.7) 0.63 0.41 906
Wilmar WIL SP SELL 3.09 12/15 1,452.1 1,215.8 1,659.8 22.8 19.0 25.9 13.6 16.3 11.9 8.0 6.7 2.6 2.2 0.37 2.7 2.7 7.3 6,403.4 19,786.5 2.22 1.4 (78.8) (78.4) 3.75 2.46 8,691
Sector 1,675.2 1,856.6 2,466.3 7.0 7.7 10.3 17.2 15.5 11.7 2.2 2.0 2.6 2.3 6.0 28,862.5 1.3 (73.1) (75.6)

PROPERTY
CapitaLand CAPL SP BUY 3.17 12/15 1,065.7 725.8 739.2 23.1 15.3 15.6 13.7 20.7 20.4 9.0 8.0 2.8 2.5 0.25 22.4 2.3 6.1 4,274.4 13,549.8 4.02 0.8 (84.5) (65.1) 3.4 2.67 12,035
CityDev CIT SP BUY 8.51 12/15 773.4 550.2 571.2 83.6 60.5 62.8 10.2 14.1 13.5 16.0 16.0 1.9 1.9 1.09 23.4 3.9 8.9 909.3 7,738.2 9.85 0.9 (36.6) (31.6) 9.47 6.61 1,913
GuocoLand GUOL SP BUY 1.87 6/15 226.4 125.2 136.4 19.5 11.3 12.3 9.6 16.6 15.2 5.0 5.0 2.7 2.7 0.20 19.5 2.5 8.1 1,183.4 2,212.9 2.95 0.6 (97.1) (65.6) 2.29 1.685 148
Ho Bee Land HOBEE SP BUY 2.21 12/15 242.2 110.7 93.0 36.3 16.6 13.9 6.1 13.3 15.9 7.0 4.0 3.2 1.8 0.37 186.4 5.9 8.9 703.3 1,554.4 3.97 0.6 (97.8) (54.5) 2.36 1.815 133
OUE @ OUE SP NR 1.50 12/15 156.4 89.6 71.4 17.2 9.1 7.3 8.7 16.4 20.6 5.0 4.5 3.3 3.0 0.18 36.2 2.1 4.0 981.6 1,472.4 4.33 0.3 (199.2) (75.0) 1.94 1.485 407
Wing Tai WINGT SP BUY 1.74 6/15 150.3 15.1 74.2 19.2 1.9 9.3 9.1 91.8 18.6 3.0 6.0 1.7 3.4 0.21 22.2 3.1 4.9 793.9 1,381.4 3.97 0.4 (45.0) (19.7) 1.93 1.46 1,107
Sector 2,614.3 1,616.6 1,685.4 28.9 17.6 18.3 10.7 17.3 16.6 2.5 2.4 25.0 2.9 6.8 27,909.1 0.7 (77.0) (54.2)

SHIPPING
NOL NOL SP HOLD 1.30 12/15 (303.1) (341.8) (132.6) (11.7) (13.1) (5.1) n.a. n.a. n.a. 0.0 0.0 0.0 0.0 0.58 (4.1) (2.8) (10.4) 2,605.6 3,387.2 1.18 1.1 (111.8) (117.0) 1.305 0.77 8,214
Sector (303.1) (341.8) (132.6) (11.7) (13.1) (5.1) n.a. n.a. n.a. 0.0 0.0 (4.1) (2.8) (10.4) 3,387.2 1.1 (111.8) (117.0)

SHIPYARD
COSCO Corp COS SP SELL 0.29 12/15 (570.0) 5.3 7.3 (25.5) 0.2 0.3 n.a. 122.9 88.9 0.0 0.0 0.0 0.0 (0.19) (16.2) (5.6) (52.1) 2,239.2 649.4 0.34 0.8 (763.0) (637.4) 0.535 0.275 6,747
Keppel Corp KEP SP HOLD 5.25 12/15 1,524.6 974.9 911.5 84.0 53.6 50.1 6.2 9.8 10.5 34.0 22.0 6.5 4.2 0.98 14.8 5.0 14.2 1,817.9 9,544.0 6.03 0.9 (76.8) (66.0) 7.77 4.64 6,291
Sembcorp Ind SCI SP BUY 2.77 12/15 548.9 529.0 522.0 29.2 29.6 29.2 9.5 9.3 9.5 11.0 10.4 4.0 3.7 0.52 5.8 3.0 9.1 1,787.5 4,951.5 2.83 1.0 (133.0) (116.8) 3.96 2.16 5,910
Sembcorp Marine SMM SP HOLD 1.41 12/15 (289.7) 178.4 105.0 (13.9) 8.5 5.0 n.a. 16.5 28.0 6.0 3.5 4.3 2.5 (0.08) (5.8) (3.3) (10.6) 2,089.8 2,946.6 1.14 1.2 (102.0) (117.7) 2.73 1.295 3,767
Yangzijiang YZJSGD SP SELL 0.87 12/15 537.9 404.8 367.8 14.0 10.6 9.6 6.2 8.2 9.1 4.5 3.7 5.2 4.2 0.17 15.4 6.1 11.8 3,837.1 3,338.3 1.21 0.7 3.7 2.7 1.315 0.85 11,832
Sector 1,751.7 2,092.4 1,913.6 14.9 17.8 16.3 12.2 10.2 11.2 5.2 3.7 5.5 2.3 7.0 21,429.7 0.9 (101.5) (88.0)

TECHNOLOGY
Venture Corp VMS SP BUY 8.90 12/15 154.1 158.2 168.2 55.8 57.7 61.3 15.9 15.4 14.5 50.0 50.0 5.6 5.6 0.71 5.8 6.2 8.3 277.2 2,467.3 4.45 2.0 16.3 21.3 9.00 7.65 594
Sector 154.1 158.2 168.2 55.8 57.7 61.3 16.0 15.6 14.7 5.6 5.6 5.8 6.2 8.3 2,467.3 2.0 16.3 21.3

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Corporate Statistics
Avg Daily
Price Last Net Profit EPS PE DPS Yield Hist Net No of Market Book Price/ Net Cash/(Debt) to 52-Wk Price Turnover
Company Ticker Rec 29/7/16 Year 2015 2016F 2017F 2015 2016F 2017F 2015 2016F 2017F 2015 2016F 2015 2016F CFPS Margin ROA ROE Shares Cap. NTA ps NTA ps Mkt Cap Equity High Low 52-Wk
(S$) End (S$m) (S$m) (S$m) (cents) (cents) (cents) (x) (x) (x) (cents) (cents) (%) (%) (S$) (%) (%) (%) (m) (S$m) (S$) (x) (%) (%) (S$) (S$) ('000)

TELECOMS
M1 M1 SP SELL 2.62 12/15 178.5 158.6 158.2 19.1 16.9 16.9 13.7 15.5 15.5 15.3 13.4 5.8 5.1 0.32 15.4 16.9 44.2 937.2 2,455.6 0.33 8.0 (13.3) (81.5) 3.14 2.190 1,546
Singtel ST SP BUY 4.18 3/16 3,870.8 3,973.9 4,292.8 24.3 24.9 26.9 17.2 16.8 15.5 17.5 18.7 4.2 4.5 0.38 22.8 9.0 15.6 15,943.5 66,643.8 0.75 5.6 (14.2) (38.0) 4.36 3.380 23,331
StarHub STH SP SELL 3.92 12/15 372.3 314.0 318.0 21.5 18.1 18.3 18.2 21.6 21.4 20.0 20.0 5.1 5.1 0.37 15.2 19.1 221.2 1,731.7 6,788.1 (0.06) n.a. (6.1) (147.7) 3.97 3.240 2,293
Sector 4,421.6 4,446.5 4,769.0 23.8 23.9 25.6 17.2 17.1 15.9 4.3 4.5 21.5 9.6 17.4 75,887.5 6.2 (13.5) (39.9)

OTHERS
Genting HK US$ GENHK SP HOLD 0.275 12/15 2,904.9 (26.2) 48.4 35.1 (0.2) 0.7 1.1 n.a. 52.1 0.0 0.0 0.0 0.0 0.38 306.2 40.5 48.5 8,482.5 3,153.8 0.90 0.4 63.9 26.0 0.35 0.27 2,118
Genting SP GENS SP BUY 0.785 12/15 75.2 313.5 383.5 0.6 2.6 3.2 125.8 30.3 24.7 1.5 1.5 1.9 1.9 0.03 3.1 0.6 1.0 12,094.0 9,493.8 0.59 1.3 37.7 48.9 0.90.66 20,654
SingPost SPOST SP HOLD 1.435 3/16 248.9 157.6 178.4 10.9 7.0 7.9 13.2 20.6 18.2 7.0 7.0 4.9 4.9 0.12 21.6 10.8 16.5 2,161.3 3,101.5 0.29 5.0 (5.0) (12.8) 1.95 1.285 6,174
SuperGroup SUPER SP HOLD 0.805 12/15 47.3 48.5 51.0 4.2 4.3 4.6 19.0 18.5 17.6 2.2 2.6 2.7 3.2 0.06 9.3 7.3 9.3 1,115.5 898.0 0.46 1.8 12.9 22.4 1.105 0.68 1,140
Sector 3,276.3 493.4 661.2 13.9 2.1 2.8 5.1 33.7 25.2 2.1 2.2 65.4 14.6 21.3 16,647.0 1.0 33.4 33.1
OVERALL 30,791.0 25,971.6 27,893.7 19.7 16.2 17.4 13.1 15.5 14.5 3.9 3.7 16.7 1.9 9.7 403,116.7 1.4 (24.7) (30.5)

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Corporate Statistics
Avg Daily
Price Last Net Profit EPU DPU Yield Debt to No of Market Book Price/ Net Cash/(Debt) to 52-Wk Price Turnover
Company Ticker Rec 29/7/16 Year 2015 2016F 2017F 2015 2016F 2017F 2015 2016F 2017F 2015 2016F 2017F Asset ROA ROE shares Cap. NTA ps NTA ps Mkt Cap Equity High Low 52-Wk
(S$) End (S$m) (S$m) (S$m) (cents) (cents) (cents) (cents) (cents) (cents) (%) (%) (%) (%) (%) (%) (m) (S$m) (S$) (x) (%) (%) (S$) (S$) ('000)

REITs
Ascendas Reit AREIT SP BUY 2.45 3/16 351.7 358.9 380.4 14.6 13.3 14.1 15.4 15.6 16.4 6.3 6.4 6.7 37.0 3.9 6.7 2,674.4 6,552.4 2.04 1.2 (54.5) (65.5) 2.57 2.09 10,395
Ascott REIT ART SP BUY 1.13 12/15 71.6 76.7 77.6 4.6 4.7 4.7 8.1 8.2 8.4 7.1 7.2 7.5 40.4 1.6 3.3 1,649.2 1,863.6 1.32 0.9 (96.3) (82.5) 1.295 1.045 1,834
CACHE CACHE SP BUY 0.865 12/15 52.4 63.0 66.5 6.6 7.0 7.4 8.5 8.3 8.7 9.8 9.6 10.1 39.8 4.3 6.7 896.4 775.4 0.87 1.0 (66.5) (66.1) 1.085 0.805 2,036
CapitaCom Trust CCT SP BUY 1.505 12/15 233.9 291.0 320.3 7.9 9.8 10.6 8.6 9.3 10.1 5.7 6.2 6.7 29.8 3.6 4.5 2,956.3 4,449.3 1.77 0.9 (49.8) (42.4) 1.585 1.225 8,456
CapitaMall Trust CT SP HOLD 2.14 12/15 404.1 387.7 384.0 11.6 11.0 10.8 11.3 11.2 11.1 5.3 5.2 5.2 35.7 4.0 6.2 3,542.3 7,580.5 1.89 1.1 (43.0) (48.6) 2.25 1.845 9,097
CDL Htrust CDREIT SP HOLD 1.47 12/15 88.7 82.6 86.4 9.0 8.3 8.6 10.1 9.1 9.4 6.8 6.2 6.4 36.3 3.5 5.6 990.1 1,455.4 1.57 0.9 (59.1) (55.0) 1.575 1.215 1,303
FrasersCT FCT SP HOLD 2.14 9/15 101.3 101.6 102.1 11.1 11.1 11.1 11.6 11.8 11.8 5.4 5.5 5.5 28.5 4.0 5.9 919.4 1,967.4 1.90 1.1 (36.0) (40.4) 2.23 1.795 1,004
Frasers HTrust FHT SP BUY 0.785 9/15 45.3 53.5 55.2 3.7 3.9 4.0 6.2 6.1 6.1 8.0 7.7 7.8 38.1 2.2 3.9 1,379.8 1,083.2 0.80 1.0 (68.3) (67.0) 0.83 0.68 212
Frasers L&I Tr FLT SP BUY 0.99 9/15 68.5 64.1 73.2 4.8 4.5 5.1 n.a. 6.3 6.5 n.a. 6.3 6.6 26.0 4.1 5.6 1,425.1 1,410.9 0.89 1.1 (27.7) (30.8) 1 0.895 12,387
Kep REIT KREIT SP BUY 1.065 12/15 119.5 151.1 154.7 3.7 4.7 4.7 6.8 6.6 6.6 6.4 6.2 6.2 39.0 1.62 2.6 3,271.9 3,484.6 1.4 0.7 (87.88) (65.6) 1.1 0.9 3789.8
MapletreeInd MINT SP SELL 1.81 3/16 190.6 189.3 201.5 10.8 10.5 11.2 11.2 10.8 11.5 6.2 6.0 6.3 28.2 5.3 8.0 1,801.2 3,260.3 1.37 1.3 (30.2) (39.9) 1.81 1.35 2,622
MapletreeLog MLT SP BUY 1.055 3/16 145.4 174.6 179.4 5.9 7.0 7.2 7.4 7.5 7.6 7.0 7.1 7.2 35.6 2.9 5.7 2,492.5 2,629.6 1.00 1.1 (66.9) (70.6) 1.11 0.91 4,306
PLife REIT PREIT SP HOLD 2.55 12/15 65.3 71.0 71.2 10.8 11.7 11.8 13.3 11.9 12.0 5.2 4.7 4.7 37.8 3.9 6.3 605.0 1,542.8 1.67 1.5 (41.1) (62.7) 2.65 2.08 609
Sabana REIT SSREIT SP BUY 0.53 12/15 41.0 38.6 42.8 5.6 5.2 5.2 6.9 6.1 6.1 12.9 11.6 11.5 41.1 3.4 5.8 737.7 391.0 0.81 0.7 (109.3) (71.5) 0.825 0.505 645
Starhill Gbl SGREIT SP BUY 0.8 6/16 109.9 115.3 125.8 5.1 5.3 5.8 5.1 5.2 5.3 6.4 6.5 6.6 35.0 3.6 5.8 2,181.2 1,745.0 0.93 0.9 (60.2) (52.0) 0.87 0.695 1,662
Suntec REIT SUN SP HOLD 1.67 12/15 174.1 200.3 198.7 6.9 7.9 7.7 10.0 10.3 10.2 6.0 6.2 6.1 34.9 2.0 3.2 2,533.3 4,230.7 2.13 0.8 (68.8) (54.0) 1.81 1.425 5,360
Sector 2,263.2 2,419.2 2,519.9 7.8 8.1 8.3 6.0 6.2 6.4 35.3 3.2 5.1 44,422.0 1.0 (56.0) (55.7)

Note:
If year end is before June, earnings are shown in the previous period
@ Consensus forecast

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Economics
2014 2015 2016F 2017F 3Q15 4Q15 1Q16 2Q16 Mar 16 Apr 16 May 16 Jun 16

GDP by Sector (Real) (yoy % chg)

Total GDP 2.9 2.0 2.2 3.2 1.9 1.8 1.8 2.8 n.a. n.a. n.a. n.a.
Goods Producing Industries 2.7 (3.4) 1.3 3.0 (4.3) (4.0) 0.6 n.a. n.a. n.a. n.a. n.a.
Manufacturing 2.6 (5.2) 0.8 3.2 (6.2) (6.7) (1.0) 0.8 n.a. n.a. n.a. n.a.
Construction 3.0 2.5 2.9 2.5 1.6 4.9 6.2 2.7 n.a. n.a. n.a. n.a.
Services Producing Industries 3.2 3.4 1.9 2.8 3.6 2.8 1.4 1.7 n.a. n.a. n.a. n.a.
Wholesale & Retail Trade 1.7 6.1 2.3 3.1 6.8 6.9 1.8 n.a. n.a. n.a. n.a. n.a.
Transport & Storage 1.7 (0.0) 1.3 3.8 0.3 (0.9) (0.4) n.a. n.a. n.a. n.a. n.a.
Hotels & Restaurants 1.1 0.2 1.9 2.0 0.9 0.9 1.5 n.a. n.a. n.a. n.a. n.a.
Information & Communications 3.6 4.2 3.3 3.4 4.8 3.3 3.2 n.a. n.a. n.a. n.a. n.a.
Financial Services 7.7 5.3 2.4 2.7 4.8 2.4 2.4 n.a. n.a. n.a. n.a. n.a.
Business Services 2.9 1.5 1.0 2.7 1.5 0.8 0.3 n.a. n.a. n.a. n.a. n.a.

Trade Figures (Nominal) (yoy % chg)

Total Exports 1.0 (7.3) (0.1) (6.0) (8.0) (5.7) (11.6) (4.7) (14.3) (8.1) (2.2) (3.6)
Total Imports (0.4) (11.9) (0.1) (1.5) (9.1) (9.9) (7.4) (6.7) (9.0) (12.0) (0.9) (6.6)
Non-oil Domestic Exports (1.2) (0.2) (2.5) 1.9 (2.2) (3.5) (9.1) 0.1 (15.7) (7.9) 11.6 (2.3)

Monetary Data (End of period)

Loans Growth (yoy % chg) 11.5 1.1 (2.1) (3.0) 1.4 (1.2) (1.8) (2.7) (1.8) (0.8) (0.7) (2.7)
M1 (yoy % chg) 4.2 1.2 6.3 8.6 1.9 0.1 (1.8) 1.6 (1.8) 0.8 2.6 1.6
M2 (yoy % chg) 1.9 3.2 6.2 6.1 2.5 1.5 2.1 4.3 2.1 2.8 3.1 4.3
Prime Lending Rate (%) 5.35 5.35 5.38 5.38 5.35 5.35 5.35 5.35 5.35 5.35 5.35 5.35
3mth Interbank Rate (%) 0.46 1.19 1.10 1.75 1.14 1.19 1.06 0.93 1.06 1.01 1.00 0.93
Exchange Rates (S$/US$) 1.3150 1.4081 1.3800 1.4000 1.4148 1.4081 1.3511 1.3490 1.3511 1.3445 1.3796 1.3490
Foreign Reserves (S$b) 337.8 348.9 357.6 375.6 356.0 351.0 332.0 334.9 332.0 336.5 340.2 334.9

Other Macro Variables (yoy % chg)

Industrial Production Index (2015=100) 2.7 (5.1) 2.5 3.2 (5.7) (6.2) (0.5) 1.1 0.1 2.9 0.8 (0.3)
Retail Sales Index (Current) 0.4 4.4 2.8 2.3 5.4 3.5 3.3 n.a. 5.2 3.2 3.0 n.a.
Visitor Arrivals (3.0) 2.5 9.4 5.1 5.9 4.5 13.8 n.a. 16.8 15.1 9.8 n.a.
Inflation (2009=100) 1.0 (0.5) (0.8) 1.5 (0.6) (0.7) (0.8) (0.9) (1.0) (0.5) (1.6) (0.7)
Unemployment Rate sa (%) (end of period) 1.9 1.9 2.3 2.4 2.0 1.9 1.9 2.1 n.a. n.a. n.a. n.a.
Changes in Employment 130.1 31.7 40.0 30.0 12.6 16.1 13.0 5.5 n.a. n.a. n.a. n.a.
Source: CEIC, Forecasts - UOB

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Ranking By Market Parameters

Highest Dividend
Highest PE (x) # Forward Highest P/NTA (x) * Hist. Yield (%) * Hist. Highest 90 days Volatility (%) # Highest Market Cap (S$m) *
COSCO Corp 122.9 StarHub 24.0 HPH Trust US$ 9.3 Ezra 70.6 SingTel 66,643.8
Wing Tai 91.8 SGX 8.8 OUE HT 9.0 Nam Cheong 49.9 JMH 400US$ 57,020.9
IHH 50.5 Silverlake 7.5 Kep Infra Tr 7.4 EzionHldg 49.4 JSH 500US$ 45,882.2
Raffles Medical 37.0 DTAC 200US$ 7.3 Far East HTrust 7.2 Sembcorp Marine 43.0 PRU 500 US$ 45,133.3
Genting SP 30.3 Golden Energy 6.7 AscottREIT 7.1 GoldenAgri 38.6 DBS 39,010.1
SMRT 26.8 Dairy Farm 900 US$ 6.3 MapletreeLog 7.0 Pacific Radiance 37.7 OCBC Bk 36,066.1
SIA Engineering 26.6 M1 6.1 CMPacific 7.0 IndoAgri 37.5 UOB 29,476.2
Frasers L&I Tr 25.5 Sheng Siong 5.9 CapitaRChina 7.0 CoscoCorp 36.2 THBEV 25,988.8
OUE @ 24.8 THBEV 5.4 CDL HTrust 6.8 Sembcorp Ind 32.9 HKLand US$ 20,358.4
Ascott REIT 24.2 ST Engineering 4.6 MapletreeGCC 6.7 Genting SP 31.3 Wilmar 19,786.5

Lowest Dividend
Lowest PE (x) # Forward Lowest P/NTA (x) * Hist. Yield (%) * Hist. Lowest 90 days Volatility (%) # Lowest Market Cap (S$m) *
Triyards 3.3 Noble 0.3 Citic Envirotech 0.3 OUE Ltd 12.0 Oxley 1,149.8
Yangzijiang 8.5 OUE Ltd 0.3 Sinarmas 0.4 SIA Engineering 13.1 Far East HTrust 1,151.1
Sembcorp Ind 9.2 Genting HK US$ 0.4 IHH 0.4 Starhill Gbl 13.6 Bumitama 1,230.3
DBS 9.5 Wing Tai 0.4 China Everbright 0.6 AscottREIT 13.6 CWT 1,260.6
Keppel Corp 9.5 Yuexiu Prop 0.5 Japfa 0.6 Kep REIT 14.2 China Aviation 1,264.6
Ezion 9.8 HKLand US$ 0.5 Delfi 0.7 CACHE 14.8 OUE HT 1,301.9
Sabana REIT 10.0 Perennial Hldgs 0.5 Bumitama 0.7 Frasers HTrust 15.2 BukitSem 1,302.3
OCBC 10.4 Yanlord 0.5 BukitSem 0.8 DBS 15.6 CapitaRChina 1,304.3
Bumitama 10.6 Ho Bee Land 0.6 JSH 500US$ 0.9 Venture 16.1 SIIC Environment 1,308.9
Wilmar 11.9 Shang Asia 2kHK$ 0.6 CityDev 0.9 SIA 16.5 ARA 1,316.4
# Based on UOB Kay Hians universe
* Based on top 100 companies by market cap
Source: Bloomberg, UOB Kay Hian

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Performance At A Glance*
Company ---------- Price (S$) ---------- --------------------- % Change --------------------- Company ---------- Price (S$) ---------- --------------------- % % Change ---------------------
30/6/16 29/7/16 mom yoy ytd 30/6/16 29/7/16 mom yoy ytd
AVIATION PLANTATION
SIA 10.66 10.98 3.0 2.2 (2.0) Bumitama 0.765 0.7 (8.5) (24.3) (0.7)
SIA Engg 3.68 3.70 0.5 2.5 0.0 FirstRes 1.565 1.615 3.2 (15.0) (15.9)
SATS 4.11 4.37 6.3 16.2 13.8 GoldenAgri 0.35 0.36 2.9 14.3 5.9
ST Engrg 3.15 3.29 4.4 0.3 9.3 IndoAgri 0.48 0.46 (4.2) (21.4) (6.1)
Sector 3.6 3.5 3.9 Wilmar 3.26 3.09 (5.2) (3.4) 5.1
Sector (3.2) (2.7) 2.6
FINANCE
DBS 15.76 15.41 (2.2) (23.6) (7.7) PROPERTY
OCBC 8.69 8.60 (1.0) (16.4) (2.3) CapitaLand 3.07 3.17 3.3 (1.6) (5.4)
S'pore Exchange @ 7.62 7.53 (1.2) (5.5) (2.2) City Devt 8.14 8.51 4.5 (8.8) 11.2
UOB@ 18.42 18.2 (1.2) (18.0) (7.2) GuocoLand 1.85 1.87 1.1 (18.3) 3.6
Sector (1.5) (18.8) (5.5) Ho Bee Land 2.12 2.21 4.2 10.0 9.4
OUE 1.54 1.50 (2.6) (22.5) (16.2)
HEALTHCARE Wing Tai 1.63 1.74 6.7 (7.7) (0.9)
IHH 2.20 2.23 1.4 4.7 5.7 Sector 3.3 (6.2) (0.3)
Raffles Medical 1.51 1.575 4.3 (1.4) 13.6
Sector 1.7 3.9 6.7 REITS
Ascendasreit 2.48 2.45 (1.2) 1.3 7.5
LAND TRANSPORT Ascott REIT 1.09 1.13 3.7 (9.6) (4.6)
ComfortDelGro 2.75 2.82 2.5 (6.3) (7.5) CACHE 0.86 0.865 0.6 (19.9) (4.9)
SMRT 1.505 1.63 8.3 17.7 8.3 CapitaCom Trust 1.475 1.505 2.0 5.6 11.5
Sector 4.2 (0.4) (3.4) CapitaMall Trust 2.13 2.14 0.5 7.0 10.9
CDL Htrust 1.41 1.47 4.3 (5.8) 10.9
MEDIA FrasersCT 2.13 2.14 0.5 3.9 16.0
SPH 3.95 3.78 (4.3) (9.6) (4.1) Frasers HTrust 0.77 0.785 1.9 (4.3) 4.7
Sector (4.3) (9.6) (4.1) Frasers Logistic Trust 0.95 0.99 4.2 11.2 11.2
Kep REIT 1.05 1.065 1.4 (0.9) 14.5
OIL SERVICES MapletreeInd 1.72 1.81 5.2 18.7 19.1
Ezion 0.47 0.30 (36.2) (60.8) (44.4) MapletreeLog 1.00 1.055 5.5 (5.0) 6.6
Ezra 0.073 0.05 (31.5) (62.7) (49.5) PLife REIT 2.42 2.55 5.4 4.9 9.4
Nam Cheong 0.077 0.067 (13.0) (70.9) (50.4) Sabana REIT 0.525 0.53 1.0 (35.8) (25.9)
Pacific Radiance 0.25 0.21 (16.0) (48.1) (32.3) Starhill Gbl 0.785 0.80 1.9 (8.0) 6.0
Triyards 0.385 0.34 (11.7) (16.0) (23.6) Suntec REIT 1.77 1.67 (5.6) (2.1) 7.7
Sector (29.3) (59.4) (43.2) Sector 1.1 1.1 9.0

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Performance At A Glance*
Company ----------Price (S$)---------- --------------------- % Change --------------------- Company ---------- Price (S$) ---------- --------------------- % % Change ---------------------
30/6/16 29/7/16 mom yoy ytd 30/6/16 29/7/16 mom yoy ytd
SHIPPING OTHERS
NOL 1.30 1.30 0.0 39.8 5.7 Genting HK US$ 0.29 0.275 (5.2) (19.1) (14.1)
Sector 0.0 39.8 5.7 Genting SP 0.725 0.785 8.3 (10.8) 1.9
SingPost 1.47 1.435 (2.4) (26.6) (12.5)
SHIPYARD SuperGroup 0.825 0.805 (2.4) (19.9) (4.2)
COSCO Corp 0.30 0.29 (3.3) (25.6) (37.0) Sector 3.3 (16.1) (4.1)
Keppel Corp 5.50 5.25 (4.5) (30.0) (19.4)
Sembcorp Ind 2.82 2.77 (1.8) (22.4) (9.2) OVERALL (0.0) (9.2) 0.6
Sembcorp Marine 1.55 1.41 (9.0) (46.0) (19.4)
Yangzijiang 0.895 0.87 (2.8) (32.6) (20.9)
Sector (4.3) (31.5) (18.2)

TECHNOLOGY
Venture Corp 8.28 8.90 7.5 13.4 8.5
Sector 7.5 13.4 8.5

TELECOMS
M1 2.73 2.62 (4.0) (16.3) (3.7)
SingTel 4.13 4.18 1.2 2.2 13.9
StarHub 3.79 3.92 3.4 2.3 5.9
Sector 1.2 1.5 12.5

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Performance At A Glance*

Aviation Finance Healthcare

(31Dec15=100) (31Dec15=100) (31Dec15=100)
110 105 110

105 Healthcare
105 Aviation 100 FSSTI

100 95 100

FSSTI 95 FSSTI
95 90 Finance

90 85 90

85
85 80
Jan Feb Mar Apr May Jun Jul
Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul

Land Transport Media Oil Services

(31Dec15=100) (31Dec15=100) (31Dec15=100)
105 110 105
100 FSSTI
105 95
100 FSSTI
90
Media
100 85
95 80
95 75 Oil Services
FSSTI 70
90 Land Transport
90 65
60
85 85 55
Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul

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Performance At A Glance*

Plantation Property REITs

(31Dec15=100) (31Dec15=100)
(31Dec15=100)
125 105 115

120 110 REITs

115 Plantation 100
105
110
105 95 100
Property
100
95
95 90 FSSTI
FSSTI 90
90
FSSTI
85 85 85
Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul

Shipyard Technology Telecoms

(31Dec15=100) (31Dec15=100) (31Dec15=100)
105 110 120

100 FSSTI 115

105 Technology
95 110
Telecoms
100 105
90

85 95 100
FSSTI 95
80 Shipyard
90 FSSTI
75 90

70 85 85
Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul

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Performance At A Glance*

Others
(31Dec15=100)
105

100 FSSTI

95

90
Others
85

80
Jan Feb Mar Apr May Jun Jul

* Based on UOB Kay Hians universe

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Diary Of Events

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4 5 6

SCI 2Q16* StarHub 2Q16* CapitaLand 2q16* Cosco 2Q16*

Geinting Spore 2Q16* Yangzijiang 2Q16*
SingPost 2Q16* Venture 2Q16

7 8 9 11 11 12 13

DBS 2Q16* City Devt 2Q16* ComfortDelgro 2Q16*

SMRT 1Q17* Ezion 2Q16* GGR 2Q16*
Singapore O&G 2Q16* Ho Bee Land 2Q16*
Singtel 1Q17* ST Engrg 2Q16*
National Day
Super Group 2Q16* Nam Cheong 2Q16
Wilmar 2Q16* Bumitama 2Q16
First Resources 2Q16
Wing Tai 2Q16
14 15 16 17 18 19 20

Jun 16 Retail Sales Jul 16 NODX

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Diary Of Events

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

21 22 23 24 25 26 27

Jul 16 CPI Jul 16 IPI

IHH 2Q16
Guocoland FY16

28 29 30 31

Jul 16 Money Supply

* Confirmed

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