Phillip Securities Research Pte Ltd Singapore Nov

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					                                                                                                 Phillip Securities Research Pte Ltd
                                                                                                                          Singapore
                                                                                                                        22 Nov 2011
(MICA (P) 048/11/2010)
Ref No: SGMN2011_0229
Company Highlights
CapitaLand Limited announced that its wholly-owned serviced residence business unit, The Ascott Limited, has clinched
contracts to manage two properties in Foshan and Hong Kong SAR. The latest additions further strengthen Ascott’s leadership
position as the largest international serviced residence owner-operator in China with over 7,000 apartment units in 40 properties
across 17 cities. The 186-unit premier Ascott M-City Foshan, which is Ascott’s first serviced residence in Foshan, is slated to
open in 2016. The 71-unit Somerset Victoria Park Hongkong will be Ascott’s second serviced residence in Hong Kong when it
opens in 2013. Ascott currently owns and operates Citadines Ashley Hongkong which is located in the bustling Tsim Sha Tsui
district. (S$2.540, -3.053%)

Juken Technology Limited together with its subsidiaries announced that the severe flood in Thailand does not physically
affect our Thailand plant. However, the severe flood has caused supply chain disruption to our operations in Thailand, Malaysia
and India. Customers’ orders from our subsidiaries in Thailand, Malaysia and India have been directly affected due to the flood
which affected the operations of certain customers in Thailand and indirect affected due to the overall supply chain disruption
affecting some of our customers in Malaysia and India. At present, the duration and extent of flood remains uncertain, and it is
not possible to assess the duration of supply chain disruptions.(S$0.712, -0.578%)

United Envirotech Limited announced that its associate company, Max Rise Water Services Holdings Limited has signed a
US$ 60 million syndicated facilities agreement with Standard Chartered Bank. Max Rise Water Services Holding Limited is a
fully owned subsidiary of Max Rise Envirogroup limited, United Envirotech Ltd owns 40% of the total issued share of Max Rise
Envirogroup limited. The other 60% of the issued share of Max Rise Envirogroup limited is owned by Memstar Technology Ltd.
United Envirotech Ltd, Memstar Technology Ltd and Max Rise Envirogroup limited are the guarantors of the loan. The Facilities
is made up of five individual facilities with an aggregate amount equal to US$ 60 million. The utilisation of the aforesaid facilities
is designated towards the payment of cost associated with the acquisition, construction and expansion of Max Rise Water
Services Holding Limited’s wastewater treatment plants at Bazhou and Tangshan. (S$0.380, -9.524%)

ASJ Holdings Limited issued a profit warning regarding the financial results of the Company and its subsidiaries for the full
year ending 31 December 2011. The Group is affected by the global economic slowdown in the electronics industry as well as
disruption to the supply chain in Thailand caused by the recent floods, leading to a drop in sales. The Group anticipates that the
drop in sales would have an adverse impact on the profits of the Group. Further details of the Group’s performance will be
disclosed when the Group announces its unaudited FY2011 results in February 2012. (S$0.033, 0%)
Source: SGX Masnet

Local and Regional Markets Headlines
Singapore shares closed lower on Monday. At the end of trading, the benchmark Straits Times Index was down 32.36 points at
2,697.98. Turnover was $1.07 billion with 1.19 billion shares traded. Losers outnumbered gainers 284 to 84.

Hong Kong shares closed 1.44 per cent lower on Monday, mirroring a downturn in regional markets as investors await more
details on plans to contain the eurozone debt crisis. The benchmark Hang Seng Index lost 265.38 points to end at 18,225.85
on turnover of HK$51.17 billion (US$6.57 billion).

Chinese shares closed flat with the Shanghai Composite Index, which covers both A and B shares, down 0.06 per cent, or 1.43
points, at 2,415.13 on turnover of 49.5 billion yuan (US$7.9 billion).

The Nikkei average fell on Monday, closing in on key support as newly installed European leaders grapple with sovereign debt
woes and as a US bipartisan committee looked set to miss a deficit reduction deadline. The Nikkei fell 0.3 per cent to 8,348.27,
while the broader Topix index lost 0.4 per cent to 717.08.
Source: BT Online, Bloomberg, Reuters, ST
  Morning note                                                                                                22 Nov 2011
US Market News
US stocks fell for a fourth session on Monday, as the lack of progress in dealing with heavy debt both in the United States and
Europe further sapped investor confidence in equities. Risky assets like commodities also fell, sparking a selloff in shares of
industrials and energy companies. Volume was lower than average, with investors more inclined to sit on the sidelines amid
the uncertainty. The Dow Jones industrial average was down 248.85 points, or 2.11 per cent, at 11,547.31. The Standard &
Poor's 500 Index was down 22.67 points, or 1.86 per cent, at 1,192.98. The Nasdaq Composite Index was down 49.36 points,
or 1.92 per cent, at 2,523.14.
Source: Reuters

Director / Substantial Shareholders’ Transactions
Company                                  Substantial Shareholder                              From (%)         To (%)
Lee Kim Tah Hldgs Limited                Lee Kim Tah Investments Pte Ltd                      66.05            66.06
Action Asia Limited                      Almond Garden Corp                                   4.94             5.20
Darco Water Technologies Ltd             Robert Alexander Stone                               12.10            13.11
TMC Education Corporation Ltd            Yeow Cheng Khim                                      15.8247          15.8253
TMC Education Corporation Ltd            Royal Institute of Construction Economists Pte Ltd   6.201            6.213
Cogent Holdings Limited                  Tan Yeow Lam                                         19.00            13.58
Cogent Holdings Limited                  Tan Yeow Khoon                                       53.74            66.24
TEE International Limited                Phua Chian Kin                                       51.03            52.29
G. K. Goh Holdings Limited               GKG Investment Holdings Pte Ltd                      57.16            57.19
Del Monte Pacific Limited                Joselito D Campos, Jr                                0.0              0.089
Source: SGX Masnet
  Morning note                                                                                                                                     22 Nov 2011

Our Recent Recommendations
                                                                                Price at
                                                                                                     Target          Last Price        Return to
Date          Company                                      Rating           Recommendation                                                          Remarks
                                                                                                    Price (S$)         (S$)            Date (%)
                                                                                  (S$)
18-Nov-11     Sunpower Group Ltd                           Sell       D            0.230               0.180              0.220           4.3       Results
15-Nov-11     Tiger Airways Holdings Ltd                   Hold       M            0.660               0.770              0.650            -        Results
15-Nov-11     ComfortDelGro Corporation Ltd                Buy        M            1.405               1.870              1.395          (0.7)      Results
15-Nov-11     Foreland Fabrictech                          Buy        M            0.103               0.160              0.102          (1.0)      Results
11-Nov-11     Ziwo Holdings Ltd                            Sell       D            0.132               0.095              0.116          12.1       Results
11-Nov-11     Genting Singapore PLC                        Hold       M            1.690               1.590              1.505         (10.9)      Results
11-Nov-11     SATS LTD                                     Buy        M            2.350               2.960              2.340          (0.4)      Results
10-Nov-11     SC Global Developments Ltd                   Hold       M            1.140               1.500              1.150            -        Results
10-Nov-11     Singtel Ltd                                  Buy        M            3.180               3.310              3.140          (1.3)      Results
10-Nov-11     Ho Bee Investment Limited                    Hold       M            1.250               1.430              1.235            -        Results
10-Nov-11     Starhub Ltd                                  Hold       M            2.860               2.880              2.860            -        Results
9-Nov-11      China Sunsine Chemical Holdings Ltd          Buy        M            0.245               0.290              0.250           2.0       Results
9-Nov-11      Overseas Union Enterprise Ltd                Buy        M            2.230               2.840              2.120          (4.9)      Results
9-Nov-11      Wilmar International Ltd                     Hold       M            5.360               5.500              5.100            -        Results
8-Nov-11      Singapore Airlines Ltd                       Hold       M           11.280              11.350              10.460           -        Results
*Calculation is based on share price stated in the reports. Please refer to the individual reports for ratings history.
N - New, U – Upgrade, M – Maintain, D – Downgrade

ETF                                                           % Change                             Change                              Last
ABF SINGAPORE BOND INDX FUND                                                               -1.68                               -0.02                            1.17
CIMB FTSE ASEAN 40                                                                         -0.96                               -0.09                            9.33
DB X-TRACKERS CSI300 ETF                                                                   -0.12                               -0.01                            8.38
DB X-TRACKERS FTSE CHINA 25                                                                -2.22                               -0.58                           25.51
DB X-TRACKERS FTSE VIETNAM                                                                 -1.67                               -0.34                           20.01
DB X-TRACKERS MSCI EUROPE TR                                                               -2.00                               -0.79                           38.78
DB X-TRACKERS MSCI INDONE                                                                  -2.28                               -0.33                           14.13
DB X-TRACKERS MSCI TAIWAN                                                                  -2.23                               -0.36                           15.76
DB X-TRACKERS S&P 500 INV DA                                                             +1.94                                +0.84                            44.17
DB X-TRACKERS S&P CNX NIFTY                                                                -1.42                               -1.37                           95.12
DBX-TRACKERS EURO STXX 50                                                                  -1.28                               -0.44                           33.85
ISHARES MSCI INDIA ETF                                                                     -2.17                               -0.12                            5.40
LYXOR ETF CHINA ENTERPRISE                                                                 -3.15                               -0.40                           12.29
LYXOR ETF COMMODITY CRB-CD                                                                 -2.29                               -0.07                            2.99
LYXOR ETF JAPAN TOPIX                                                                      -0.73                               -0.01                            0.95
LYXOR ETF MSCI AC ASIA EX JP                                                               -2.49                               -0.10                            3.92
LYXOR ETF MSCI EUROPE-B                                                                    -6.77                               -0.79                           10.88
LYXOR ETF MSCI KOREA-USD B                                                                 -2.18                               -0.10                            4.48
NIKKO AM SINGAPORE STI ETF                                                                 -1.44                               -0.04                            2.73
SPDR GOLD TRUST                                                                            -0.51                               -0.85                          167.12
SPDR STRAITS TIMES INDEX ETF                                                               -1.07                               -0.03                            2.77
UNITED SSE 50 CHINA ETF                                                                    -0.60                               -0.01                            1.65
Source: Bloomberg
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Source: Bloomberg
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                                                                     96.69
                                                                                                                                                                         78.34
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                                                                     -0.74%
                                                                                                                                                                                                                                                                               -1.44%
                                                                                                                                                                                                                                                                                                                                                                               -1.19%




                                                                                                                                                                         +0.41%
                                                                                                                                                                                                                                                                                                                                                                               DJI




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Source: Bloomberg
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                                                                     1.955
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                                                                     -2.76%
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                                                                                                                                                                                                                                                                               6.57
                                                                                                                                                                                                                                                                                                                                                                                          22 Nov 2011




                                                                                                                                                                         +0.12%
  Morning note                                                                                      22 Nov 2011

STI – Index Members
Name                           % Chg       Chg       Last   Name                           % Chg       Chg      Last
CAPITALAND LTD                  -3.05     -0.08      2.54   NEPTUNE ORIENT LINES LTD        -5.69     -0.06     1.00
CAPITAMALL TRUST                -0.28     -0.01      1.75   NOBLE GROUP LTD                 -4.91     -0.06     1.07
CAPITAMALLS ASIA LTD            -0.75     -0.01      1.33   OLAM INTERNATIONAL LTD          -0.44     -0.01     2.25
                                                            OVERSEA-CHINESE BANKING
CITY DEVELOPMENTS LTD           -1.68     -0.17      9.93                                   -1.35     -0.11     8.04
                                                            CORP
COMFORTDELGRO CORP LTD          -0.36    -0.01       1.40   SEMBCORP INDUSTRIES LTD         -1.22     -0.05     4.04
DBS GROUP HOLDINGS LTD          -1.69    -0.21      12.22   SEMBCORP MARINE LTD             -1.30     -0.05     3.79
FRASER AND NEAVE LTD            -1.93    -0.12       6.10   SIA ENGINEERING CO LTD          +0.28     +0.01     3.63
GENTING SINGAPORE PLC           -2.27    -0.04       1.51   SINGAPORE AIRLINES LTD          -1.32     -0.14    10.46
GLOBAL LOGISTIC PROPERTIES L    +0.00    +0.00       1.78   SINGAPORE EXCHANGE LTD          -1.61     -0.10     6.10
GOLDEN AGRI-RESOURCES LTD       -2.27    -0.02       0.65   SINGAPORE PRESS HOLDINGS LTD    -0.52     -0.02     3.85
HONGKONG LAND HOLDINGS LTD      +0.22    +0.01       4.64   SINGAPORE TECH ENGINEERING      -0.72     -0.02     2.75
JARDINE CYCLE & CARRIAGE LTD    -1.33    -0.59      43.90   SINGAPORE TELECOM LTD           +0.64     +0.02     3.14
JARDINE MATHESON HLDGS LTD      -0.04    -0.02      49.68   STARHUB LTD                     +1.42     +0.04     2.86
JARDINE STRATEGIC HLDGS LTD     -1.60    -0.48      29.50   UNITED OVERSEAS BANK LTD        -2.98     -0.47    15.28
KEPPEL CORP LTD                 +0.00    +0.00       9.00   WILMAR INTERNATIONAL LTD        -1.54     -0.08     5.10
Source: Bloomberg                                           Source: Bloomberg

Singapore
Indices                        % Chg       Chg       Last   Top Gainers                                Last     Chg
FTSE STRAITS TIMES INDEX        -1.19    -32.36   2697.98   CEA ADR 10US$                            18.380   +4.460
FTSE ST ALL SHARE INDEX         -1.24     -8.18    649.58   NZ10100F 300901 10                      110.363   +0.863
FTSE ST FLEDGLING INDEX         -0.50     -2.86    572.01   DBXT S&PShort10US$X@                     44.170   +0.840
FTSE ST MID CAP INDEX           -1.53     -9.46    607.56
FTSE ST SMALL CAP INDEX         -1.23     -5.12    410.71
FTSE ST CHINA INDEX             -1.33     -3.04    225.43   Top Losers                                 Last     Chg
FTSE ST REAL ESTATE INDX        -1.03     -5.88    562.85   Lyxor AsiaMT 10US$X@                     50.370   -3.190
FTSE ST RE INVEST TRUST         -0.52     -3.05    588.71   IS DJ USTECH 10US$@                      63.200   -1.650
FTSE ST OIL & GAS INDEX         -0.71     -4.12    578.58   CHA ADR 10US$                            60.710   -1.630
FTSE ST BASIC MATERIALS         -3.08     -6.55    206.03
FTSE ST INDUSTRIALS INDX        -1.54    -10.14    650.34
FTSE ST CONSUMER GOODS          -1.35     -8.47    619.93   Top Volume                                 Last       Vol
FTSE ST HEALTH CARE INDX        -0.43     -5.80   1334.31   Genting SP                                1.505   95,161
FTSE ST CONSUMER SERVICE        -1.34    -10.85    800.77   MemstarT                                  0.073   74,026
FTSE ST TELECOMMUNICATE         +0.63     +5.11    810.95   TA Corp                                   0.295   65,862
FTSE ST UTILITIES INDEX         -4.48    -15.02    320.05
FTSE ST FINANCIALS INDEX        -1.49     -9.35    618.08   TURNOVER (SHARES)                                      0
FTSE ST TECHNOLOGY INDEX        +0.00    +0.02     518.45   TURNOVER (S$)                                          0
FTSE SGX SHARIAH 100 IDX        -1.16    -55.04   4682.14   UP                                                     0
FTSE/ASEAN 40 INDEX             -1.98   -188.84   9362.22   DOWN                                                   0
MSCI SINGAPORE FREE             -1.37     -4.25    306.90   UNCHANGED                                              0
Source: Bloomberg                                           Source: SGX
   Morning note                                                                                              22 Nov 2011

Phillip Securities Research – Singapore Stocks Coverage
Name                                  % Chg        Chg        Last   Name                           % Chg      Chg         Last
                                                                     OVERSEA-CHINESE BANKING
CAMBRIDGE INDUSTRIAL TRUST             +0.00      +0.00       0.47                                   -1.35     -0.11       8.04
                                                                     CORP
CAPITAMALLS ASIA LTD                   -0.75      -0.01       1.33   PARKWAYLIFE REAL ESTATE         +0.84    +0.02        1.81
CDL HOSPITALITY TRUSTS                 +0.00      +0.00       1.57   SABANA SHARIAH COMP IND REIT    +0.00    +0.00        0.88
CHINA SUNSINE CHEMICAL HLDGS           +0.00      +0.00       0.25   SATS LTD                        -1.27    -0.03        2.34
COMBINE WILL INTERNATIONAL H           -8.57      -0.08       0.80   SC GLOBAL DEVELOPMENTS LTD      +0.88    +0.01        1.15
COMFORTDELGRO CORP LTD                 -0.36      -0.01       1.40   SEMBCORP INDUSTRIES LTD         -1.22    -0.05        4.04
COSCO CORP SINGAPORE LTD               -4.35      -0.04       0.88   SEMBCORP MARINE LTD             -1.30    -0.05        3.79
DBS GROUP HOLDINGS LTD                 -1.69      -0.21      12.22   SIA ENGINEERING CO LTD          +0.28    +0.01        3.63
FRASERS COMMERCIAL TRUST               +0.00      +0.00       0.77   SINGAPORE AIRLINES LTD          -1.32    -0.14       10.46
GENTING SINGAPORE PLC                  -2.27      -0.04       1.51   SINGAPORE EXCHANGE LTD          -1.61    -0.10        6.10
GOLDEN AGRI-RESOURCES LTD              -2.27      -0.02       0.65   SINGAPORE TECH ENGINEERING      -0.72    -0.02        2.75
HO BEE INVESTMENT LTD                  -0.80      -0.01       1.24   SINGAPORE TELECOM LTD           +0.64    +0.02        3.14
HONG LEONG ASIA LTD                    -5.95      -0.10       1.58   SMRT CORP LTD                   -1.37    -0.03        1.80
INDOFOOD AGRI RESOURCES LTD            -0.76      -0.01       1.31   SOUND GLOBAL LTD                -0.88    -0.01        0.56
KEPPEL CORP LTD                        +0.00      +0.00       9.00   STARHUB LTD                     +1.42    +0.04        2.86
KEPPEL LAND LTD                        -2.30      -0.06       2.55   SUNTEC REIT                     -0.86    -0.01        1.15
M1 LTD                                 -1.20      -0.03       2.48   TIGER AIRWAYS HOLDINGS LTD      -4.41    -0.03        0.65
MERCATOR LINES SINGAPORE LTD           -3.20      -0.00       0.12   UNITED OVERSEAS BANK LTD        -2.98    -0.47       15.28
NEPTUNE ORIENT LINES LTD               -5.69      -0.06       1.00   WILMAR INTERNATIONAL LTD        -1.54    -0.08        5.10
NOBLE GROUP LTD                        -4.91      -0.06       1.07   ZIWO HOLDINGS LTD               -4.13    -0.01        0.12
Source: Bloomberg                                                    Source: Bloomberg

US Stocks Coverage
Name                                  % Chg        Chg        Last   Name                           % Chg      Chg         Last
AMERICAN INTERNATIONAL
                                        -3.98     -0.87      21.01   MGM RESORTS INTERNATIONAL       -3.77     -0.37       9.44
GROUP
BANK OF AMERICA CORP                    -5.02     -0.29       5.49   VISA INC-CLASS A SHARES         +0.44    +0.40       91.21
CITIGROUP INC                           -4.87     -1.28      25.00   WELLS FARGO & CO                -2.07    -0.51       24.18
LAS VEGAS SANDS CORP                    -3.53     -1.60      43.67   Source: Bloomberg
Source: Bloomberg

Major World Indices
Indices                               % Chg        Chg        Last   Indices                        % Chg       Chg        Last
TEL AVIV 100 INDEX                     -2.37     -23.12     953.39   ALL ORDINARIES INDX             -1.43    -60.40    4173.20
HANG SENG INDEX                        -1.44    -265.38   18225.85   S&P/TSX COMPOSITE INDEX         -0.91   -107.72   11784.72
JAKARTA COMPOSITE INDEX                -1.99     -74.67    3679.83   FTSE 100 INDEX                  -2.62   -140.34    5222.60
FTSE Bursa Malaysia KLCI               -1.40     -20.32    1434.08   CAC 40 INDEX                    -3.41   -102.07    2894.94
KOSPI INDEX                            -1.04     -19.14    1820.03   DAX INDEX                       -3.35   -194.24    5606.00
NIKKEI 225                             -0.32     -26.64    8348.27   DOW JONES INDUS. AVG            -2.11   -248.85   11547.31
STOCK EXCH OF THAI INDEX               -1.94     -19.09     965.07   S&P 500 INDEX                   -1.86    -22.67    1192.98
SHANGHAI SE COMPOSITE                  -0.06      -1.43    2415.13   NASDAQ COMPOSITE INDEX          -1.92    -49.36    2523.14
TAIWAN TAIEX INDEX                     -2.64    -191.14    7042.64   NYSE Arca Gold BUGS             -1.95    -10.79     542.95
BSE SENSEX 30 INDEX                    -2.60    -425.41   15946.10   Source: Bloomberg
Source: Bloomberg
   Morning note                                                                                                         22 Nov 2011

US Bellwethers
Name                                  % Chg         Chg            Last    Name                            % Chg             Chg          Last
3M CO                                  -2.67       -2.15          78.39    INTL BUSINESS MACHINES CORP      -2.03           -3.76       181.48
ALCOA INC                              -2.27       -0.22           9.47    INTEL CORP                       -2.96           -0.72        23.57
AMERICAN EXPRESS CO                    -1.75       -0.82          46.06    JOHNSON & JOHNSON                -1.43           -0.91        62.94
AT&T INC                               -0.98       -0.28          28.36    JPMORGAN CHASE & CO              -2.32           -0.71        29.91
BANK OF AMERICA CORP                   -5.02       -0.29           5.49    KRAFT FOODS INC-CLASS A          -1.35           -0.47        34.30
BOEING CO/THE                          -2.82       -1.90          65.56    MCDONALD'S CORP                  -0.50           -0.46        92.28
CATERPILLAR INC                        -2.99       -2.81          91.12    MERCK & CO. INC.                 -2.32           -0.81        34.14
CHEVRON CORP                           -2.27       -2.22          95.66    MICROSOFT CORP                   -1.19           -0.30        25.00
CISCO SYSTEMS INC                      -2.28       -0.42          18.00    PFIZER INC                       -2.92           -0.57        18.96
COCA-COLA CO/THE                       -2.14       -1.44          65.95    PROCTER & GAMBLE CO/THE          -2.50           -1.58        61.66
DU PONT (E.I.) DE NEMOURS              -2.00       -0.93          45.48    TRAVELERS COS INC/THE            -2.60           -1.46        54.76
EXXON MOBIL CORP                       -1.27       -0.99          76.91    UNITED TECHNOLOGIES CORP         -2.68           -2.04        74.07
GENERAL ELECTRIC CO                    -2.62       -0.41          15.24    VERIZON COMMUNICATIONS INC       -1.07           -0.39        36.07
HEWLETT-PACKARD CO                     -4.04       -1.13          26.86    WAL-MART STORES INC              -1.00           -0.57        56.66
HOME DEPOT INC                         -2.16       -0.82          37.06    WALT DISNEY CO/THE               -3.65           -1.30        34.33
Source: Bloomberg                                                          Source: Bloomberg

Commodities & Currencies
Commodities                           % Chg        Chg            Last     Currencies                    Price of S$1         Price of US$1
GOLD SPOT US$ / OZ                     +0.12      +2.05       1,677.33     AUSTRALIAN DOLLAR                       0.7792               0.9841
SILVER SPOT US$ / OZ                   -0.35      -0.11          31.62     CANADIAN DOLLAR                         0.7972               1.0401
WTI Cushing Crude Oil Spot Px          -0.74      -0.72          96.69     EURO                                    0.5685               1.3489
                                                                           BRITISH POUND                           0.4903               1.5642
                                                                           US DOLLAR                               0.7668               1.0000
Commodities                           % Chg         Chg          Last      CHINA RENMINBI                          4.8780               6.3615
Malaysian Rubber Board Standard        -1.71      -18.00      1036.25      HONG KONG DOLLAR                        5.9737               7.7899
PALM OIL (RM$/METRIC TON)              -0.45      -14.50      3224.50      JAPANESE YEN                           58.9600              76.8900
                                                                           KOREAN WON                           874.6992            1140.6000
Index                                 % Chg        Chg             Last    MALAYSIAN RINGGIT                       2.4393               3.1809
 DOLLAR INDEX SPOT                     +0.41      +0.32           78.34    THAI BAHT                              23.9529              31.2400
Source: Bloomberg                                                          Source: Bloomberg

US Treasury Yields
Maturity                                                                  Today         Yesterday        Last Week                  Last Month
3 Months                                                                   0.00                0.00             0.00                      0.00
6 Months                                                                   0.03                0.03             0.01                      0.04
2 Years                                                                    0.26                0.27             0.23                      0.26
3 Years                                                                    0.40                0.41             0.38                      0.46
5 Years                                                                    0.90                0.91             0.90                      1.06
10 Years                                                                   1.95                2.00             2.03                      2.21
30 Years                                                                   2.94                2.99             3.08                      3.26


Yield Spread (10 yrs - 3 mths)                             1.95
Yield Spread (10 yrs - 2 yrs)                              1.69
Source: Data provided by ValuBond – http://www.valubond.com
   Morning note                                                                                                                 22 Nov 2011

Domestic Interbank Rates - Singapore
                           Singapore
                         Overnight Rate          Overnight          1-Month          2-Month         3-Month         6-Month          12-Month
                           Average*
    11/14/2011               0.0227                 0.01             0.25             0.31            0.38             0.38              0.50
    11/15/2011               0.0232                 0.01             0.25             0.31            0.44             0.50              0.56
    11/16/2011               0.0361                 0.01             0.25             0.31            0.38             0.44              0.50
    11/17/2011               0.0571                 0.06             0.25             0.31            0.38             0.44              0.50
    11/18/2011               0.1046                 0.03             0.25             0.31            0.38             0.44              0.50
    11/21/2011               0.1846                 0.03             0.31             0.31            0.38             0.38              0.50
Source: Singapore Government Securities – http://www.sgs.gov.sg
* The Singapore Overnight Rate Average or SORA is the weighted average rate of all S$ overnight cash transactions brokered in Singapore between 9am
and 6.15pm. (SORA will be published daily with effect from 1 July 2005). Data (other than SORA) reflect closing offer rates.

Calendar

Earning Announcement – Singapore
Name                                                                          Expected Report Date
Amplefield Ltd                                                                November 23, 2011
Etika International Holdings Ltd                                              November 23, 2011
Thomson Medical Centre Ltd                                                    November 24, 2011
Asia Environment Holdings Ltd                                                 November 25, 2011
Asiatravel.com Holdings Ltd                                                   November 25, 2011
Cerebos Pacific Ltd                                                           November 25, 2011
Goodland Group Ltd                                                            November 25, 2011
Hisaka Holdings Ltd                                                           November 25, 2011
Marco Polo Marine Ltd                                                         November 25, 2011
NH Ceramics Ltd                                                               November 25, 2011
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust             November 25, 2011
Perennial China Retail Trust                                                  November 28, 2011
SMB United Ltd                                                                November 28, 2011
Casa Holdings Ltd                                                             November 29, 2011
China Titanium Ltd                                                            November 29, 2011
CosmoSteel Holdings Ltd                                                       November 29, 2011
Craft Print International Ltd                                                 November 29, 2011
HG Metal Manufacturing Ltd                                                    November 29, 2011
Nam Lee Pressed Metal Industries Ltd                                          November 29, 2011
PNE Micron Holdings Ltd                                                       November 29, 2011
Source: Bloomberg
  Morning note                                                                                                      22 Nov 2011

Economic Announcement
US                                                                Singapore
Date       Statistic                   For      Survey   Prior    Date         Statistic                  For      Survey   Prior
11/22/2011   GDP QoQ (Annualized)      3Q S     2.5%     2.5%     11/23/2011   CPI (MOM) - NSA            OCT      0.4%     -0.2%

11/22/2011   Personal Consumption      3Q S     2.4%     2.4%     11/23/2011   CPI (YoY)                  OCT      5.2%     5.5%
                                                                               Automobile COE Open
11/22/2011   GDP Price Index           3Q S     2.5%     2.5%     11/23/2011                              23-Nov   --       55997
                                                                               Bid Cat A
                                                                               Automobile COE Open
11/22/2011   Core PCE QoQ              3Q S     2.1%     2.1%     11/23/2011                              23-Nov   --       77000
                                                                               Bid Cat B
             Richmond Fed Manufact.                                            Automobile COE Open
11/22/2011                             NOV      -1       -6       11/23/2011                              23-Nov   --       78001
             Index                                                             Bid Cat E
                                                                               Industrial Production
11/23/2011   Minutes of FOMC Meeting                              11/25/2011                              OCT      -2.0%    -0.7%
                                                                               MoM SA
             MBA Mortgage                                                      Industrial Production
11/23/2011                             18-Nov   --       -10.0%   11/25/2011                              OCT      8.6%     12.8%
             Applications                                                      YoY
11/23/2011   Durable Goods Orders      OCT      -1.2%    -0.8%    11/30/2011   Credit Card Bad Debts      OCT      --       14.8M
             Durables Ex
11/23/2011                             OCT      0.0%     1.7%     11/30/2011   Credit Card Billings       OCT      --       2927.9M
             Transportation
             Cap Goods Orders                                                  Bank Loans & Advances
11/23/2011                             OCT      -1.0%    2.4%     11/30/2011                              OCT      --       31.1%
             Nondef Ex Air                                                     (YoY)
             Cap Goods Ship Nondef
11/23/2011                             OCT      --       -0.9%    11/30/2011   M1 Money Supply (YoY)      OCT      --       20.0%
             Ex Air
11/23/2011   Personal Income           OCT      0.3%     0.1%     11/30/2011   M2 Money Supply (YoY)      OCT      --       11.3%

11/23/2011   Personal Spending         OCT      0.3%     0.6%     12/5/2011    Electronics Sector Index   NOV      --       52.1
                                                                               Purchasing Managers
11/23/2011   PCE Deflator (YoY)        OCT      2.7%     2.9%     12/5/2011                               NOV      --       --
                                                                               Index
                                                                               Automobile COE Open
11/23/2011   PCE Core (MoM)            OCT      0.1%     0.0%     12/7/2011                               7-Dec    --       --
                                                                               Bid Cat A
Source: Bloomberg                                                 Source: Bloomberg
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