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					Singapore Traders Spectrum
Wired Daily

DBS Group Research . Equity                                           18 Oct 2012



  Today’s Focus                                                       US Indices                             Last Close      Pts Chg         % Chg
                                                                      Dow Jones                                13,557.0            5.2           0.0
   •      Hi-P - Still in recovery mode but may not be as strong as   S&P                                        1,460.9           6.0           0.4
          expected. Downgrade to HOLD, TP: S$1.06                     NASDAQ                                     3,104.1           2.9           0.1
                                                                      Regional Indices
                                                                      ST Index                                  3,045.7              (1.1)       (0.0)
   •      Technical view – Noble Group: S$1.32 pullback provides      ST Small Cap                                497.2                0.3         0.1
          entry opportunity. First Resources: Take profit.            Hang Seng                                21,416.6             209.6          1.0
                                                                      HSCEI                                    10,491.5             124.0          1.2
  This morning, Asia awaits the release of China’s 3Q GDP             HSCCI                                     4,129.3              16.6          0.4
  (consensus +7.4% y-o-y) and September industrial production         KLCI                                      1,660.7                7.2         0.4
  (consensus 9%), retail sales (consensus +13.2%) and fixed           SET                                       1,301.3              13.8          1.1
  asset investments figures. Ahead of this, China’s Premier Wen       JCI                                       4,337.5                8.4         0.2
  Jiabao commented that the country’s economic growth has             PCOMP                                     5,438.4              38.4          0.7
                                                                      KOSPI                                     1,955.2              13.6          0.7
  started to stabilize, raising hope that the GDP data released
                                                                      TWSE                                      7,464.4              (6.6)       (0.1)
  later will be benign. No change in our positive technical view      Nikkei                                    8,806.6             105.2          1.2
  on the SSEC.

  US stocks ended marginally higher on better-than-expected
  housing starts, which surged 15% in September to the highest                                            STI Index Performance
  levels in 4 years. Technology stocks though, were a drag as         Singapore
  results have not been inspiring so far this reporting season.       Total Market cap (US$bn)     586
                                                                      Total Daily Vol (m shrs)    1,981
  IBM & Intel were a drag post results released yesterday. E-Bay
                                                                      12m ST Index High           3,108
  dipped in after hours trade post results release.
                                                                      12m ST Index Low            2,614

  Hi-P is still in recovery mode in 2H12, but by a smaller
  estimated net profit of S$45m vs S$52m previously. iPhone
                                                                      Source: Bloomberg
  demand is strong but 4Q would be capped by parts shortage
  in the supply chain. Our analyst has trimmed FY12F earnings
  by 15%; FY13F is unchanged. Downgrade to HOLD, target               Stock Picks – Large Cap
                                                                                                            Rec’n       Price ($)     Target Price
  price unchanged at S$1.06 as near term performance is
                                                                                                                         17/10             ($)
  capped by supply chain uncertainty. Technically, any technical      Keppel Corp                         Buy           11.290           13.20
  rebound (considering its recent decline from $1.10 to $0.93)        SembCorp Marine                     Buy            4.910            5.85
  should be capped at $0.99 near-term resistance at best. At          Noble Group                         Buy            1.345           1.53*
  worst, a gradual downward drift to $0.85-0.89 before                Capitamall Asia                     Buy            1.755            2.08
  correction ends.                                                    Suntec REIT                         Buy            1.560            1.67
                                                                      City Development                 Take Profit      11.780           11.42
  Noble Group shares have seen a gradual uptick in interest in        * : Technical target
  recent days on the string of recent better-than-expected US
                                                                      Stock Picks – Small /Mid Cap
  data and also on the hope of stimulus from China post
                                                                                                            Rec’n       Price ($)      Target Price
  leadership change. Technically, we think the stock has found a                                                         17/10              ($)
  low at $1.28 recently. If so, near-term support is $1.32 and        STX OSV Holdings                       Buy         1.585             2.10
  any minor pullback to there is an entry opportunity. Our earlier    Frasers Centrepoint Trust              Buy         1.920             1.93
  technical view for an eventual (months) to $1.53 is challenged,     ASL Marine Holdings                    Buy         0.675             0.83
  albeit at a gradual pace currently. Resistance along the way is     Tiger Airways                          Buy         0.750            0.895
                                                                      First Resources                     Take Profit    2.010             2.03
  at $1.43 and $1.47.
                                                                      Source: Bloomberg, DBS Vickers




Trader’s Spectrum Team – 6533 9688 / 6398 7955 / 6398 7970

www.dbsvickers.com
Refer to important disclosures at the end of this report
Singapore
Wired Daily


First Resources shares rebounded to $2.04 yesterday, 1ct           planned commencement of clinic operations at 30 Bideford
below our noted short-term resistance at $2.05 and ended at        Road. The property was purchased in mid-2011 for
$2.01 yesterday. No change in our technical view that this         S$92.08m.
bounce is a chance to reduce. Stock also offers no upside to
our fundamental TP at $2.03.                                       TTJ Holdings has secured S$36m worth of contracts for
                                                                   structural steelworks on Jurong Island. The new contracts
Ascendas REIT’s 1HFYMar13 results in line; forms 51% of our        bring the company's total order book to stand at S$162m.
full year forecast. Operationally, average occupancy levels
continue to remain stable at 96.6% while rental reversions         Tung Lok Restaurants (2000) expects to report a loss for the
remained healthy at 12.8%. A-REIT unveiled a further two           fiscal half year ended Sept 30, 2012. Lower turnover and
asset enhancement works at Ultro Building and Aztech               rising operating costs have reduced its profit margins.
Building. These two AEI works are expected to deliver strong
returns. Maintain HOLD and TP S$2.24 (Prev S$ 2.23).               YHM Group (prev. China Enersave) announced that it is in
Valuations appear rich at prospective FY13-14F yields of 5.6-      discussions with a party in relation to a possible transaction
5.7% and P/BV ratio of 1.3x.                                       involving the shares in the company.

Keppel Land’s 3Q results in line with expectations, 9-mth          The month of October is set to be the busiest ever for Marina
contributions make up 76% of our FY12 forecast. We believe         Bay Sands (MBS) in terms of its MICE (meetings, incentives,
Kepland’s earnings will continue to be driven by its residential   conventions and exhibitions) business. The integrated resort
activities in Singapore and China in the near term. It has         (IR) is hosting 13 tradeshows this month - four times the
another c3000 units of homes in China and SEA to be                monthly average since its convention centre opened in April
completed and recognized in this year. Balance sheet remains       2010 - and will collectively welcome 46,000 delegates.
healthy with a gross cash position of S$1.49bn as at end-          According to a recent survey of 2,500 people in nine
3Q12 and gearing of 0.2x. Maintain Buy, TP S$3.81 (Prev S$         countries by hotel operator Accor SA, Singapore beat Hong
3.75).                                                             Kong to be Asia's most popular business destination in the
                                                                   first half of 2012. Latest data from the Singapore Tourism
Raffles Medical Group said that the application for change of      Board showed that the number of conventions, conferences
use of the commercial podium at Thong Sia Building (30             and tradeshows in Singapore increased 46% to 2,130 last
Bideford Road) for medical clinics has not been successful.        year from 2010.
This latest development may cause some delay to the




Page 2
                                                                               Singapore
                                                                             Wired Daily


Share Buy-Back
Company                            D.O.T.          Buy/Sell   No.of shares        S$/shr

Overseas-Chinese Banking Corp    17-Oct-12   Share Buy-Back        50,000         9.3700
CDW Holdings                     17-Oct-12   Share Buy-Back       150,000         0.0930
KSH Holdings Limited             17-Oct-12   Share Buy-Back       348,000         0.3000
Engro Corporation                17-Oct-12   Share Buy-Back        16,000         0.9100
Global Testing Corporation Ltd   16-Oct-12   Share Buy-Back       400,000         0.0670
Saizen Real Estate Inv Trust     16-Oct-12   Share Buy-Back       350,000         0.1673
Sembcorp Industries Ltd          16-Oct-12   Share Buy-Back       100,000         5.4470
Overseas-Chinese Banking Corp    16-Oct-12   Share Buy-Back        50,000         9.3200
CDW Holdings                     15-Oct-12   Share Buy-Back       200,000         0.0940
Global Testing Corporation Ltd   15-Oct-12   Share Buy-Back       428,000         0.0670
Hotung Investment Hldgs Ltd      15-Oct-12   Share Buy-Back     1,290,000         0.1496
Overseas-Chinese Banking Corp    15-Oct-12   Share Buy-Back        40,000         9.3100
Pan-United Corporation Ltd       15-Oct-12   Share Buy-Back       250,000         0.6790
Ryobi Kiso Holdings Ltd          15-Oct-12   Share Buy-Back       800,000         0.1301
Saizen Real Estate Inv Trust     15-Oct-12   Share Buy-Back       900,000         0.1660
Sembcorp Industries Ltd          15-Oct-12   Share Buy-Back       200,000         5.4691
CDW Holdings                     12-Oct-12   Share Buy-Back       200,000         0.0940
Global Testing Corporation Ltd   12-Oct-12   Share Buy-Back       371,000         0.0650
HG Metal Manufacturing Ltd       12-Oct-12   Share Buy-Back     1,000,000         0.0800
Hotung Investment Hldgs Ltd      12-Oct-12   Share Buy-Back     1,706,000         0.1480
KSH Holdings Limited             12-Oct-12   Share Buy-Back       127,000         0.3168
Overseas-Chinese Banking Corp    12-Oct-12   Share Buy-Back        50,000         9.2900
Ryobi Kiso Holdings Ltd          12-Oct-12   Share Buy-Back       324,000         0.1292
Saizen Real Estate Inv Trust     12-Oct-12   Share Buy-Back       350,000         0.1660
Sembcorp Industries Ltd          12-Oct-12   Share Buy-Back         2,000         5.5000
Viking Offshore and Marine Ltd   12-Oct-12   Share Buy-Back        50,000         0.1140
CDW Holdings                     11-Oct-12   Share Buy-Back       150,000         0.0940
CSC Holdings Ltd                 11-Oct-12   Share Buy-Back       150,000         0.1150
Global Testing Corporation Ltd   11-Oct-12   Share Buy-Back        49,000         0.0650
HG Metal Manufacturing Ltd       11-Oct-12   Share Buy-Back       120,000         0.0800
Hotung Investment Hldgs Ltd      11-Oct-12   Share Buy-Back       235,000         0.1480
KSH Holdings Limited             11-Oct-12   Share Buy-Back       100,000         0.3150
Overseas-Chinese Banking Corp    11-Oct-12   Share Buy-Back        50,000         9.3100
Pan-United Corporation Ltd       11-Oct-12   Share Buy-Back        50,000         0.6800
Ryobi Kiso Holdings Ltd          11-Oct-12   Share Buy-Back       500,000         0.1280
Viking Offshore and Marine Ltd   11-Oct-12   Share Buy-Back       150,000         0.1140


Source: SGX Masnet




                                                                                      Page 3
Singapore
Wired Daily



Substantial Shareholders’ Transactions: 28 Sep – 4 Oct 2012
                                                                                                  No of                 %Issued        %Issued
                        T ransact ed                                               Buy /Sell               Pric e Per
St oc k                                 Subst ant ial Shareholder/ Direct or                     Shares               Cap Bef ore     Cap A f t er
                        Dat e                                                      / Conv                   Share $
                                                                                                 ('000)                  Change         Change
TA Corp                 04-Oct-12       Koh Wee Seng                               Buy              950            -        7.83             8.03
AusGroup                03-Oct-12       Australian Microcap Inv estm               Sell           33330            -        6.96                0
Global Premium Hotels   03-Oct-12       Lim Chee Chong                             Buy               80        0.25         0.06             0.07
Stamford Tyres          03-Oct-12       Dawn Wee                               *   Buy               21        0.33        31.53           31.54
Teckwah Industrial      03-Oct-12       Ng Noi Hinoy                           *   Buy             2490            -       12.03             13.1
TMC Education           03-Oct-12       Chin Kon Yuen                          *   Buy              160        0.07        16.22           16.31
TMC Education           03-Oct-12       Yeow Cheng Khim                            Buy              160        0.07        16.22           16.31
8Telecom In'tl          02-Oct-12       Yeo See Meng                           *   Buy              100        0.13         2.61             2.63
J iutian Chemical       02-Oct-12       Anyang Longy u (HK) Dev                *   Buy              100            -       28.56           28.57
Sky One Holdings        02-Oct-12       Lau Hon Kit                                Sell            2000        0.33        11.44             10.8
Straco Corp             02-Oct-12       Fu Xuezhang                                Sell             200        0.26         0.02                0
Straco Corp             02-Oct-12       Guo Qiang                                  Sell             200        0.26         0.02                0
TA Corp                 02-Oct-12       Koh Wee Seng                               Buy             4653            -        6.83             7.83
Teckwah Industrial      02-Oct-12       Airjet Auto-Care                           Buy             2490            -       12.03             13.1
Teckwah Industrial      02-Oct-12       Ho Bee Holdings                        *   Buy             2490            -       12.03             13.1
Teckwah Industrial      02-Oct-12       Chua Thian Poh                         *   Buy             2490            -       12.03             13.1
Trek 2000               02-Oct-12       Henn Tan                               *   Buy               18        0.27         1.67             1.67
Blumont Group           01-Oct-12       Ng Su Ling                                 Buy              732        0.09         3.12             3.16
M Dev                   01-Oct-12       Lin Chung Ming                             Buy             2000            -       14.88           14.98
M Dev                   01-Oct-12       V alue Capital Asset Mgt                   Sell           10020            -       10.51             9.99
Sri Trang Agro-Ind      01-Oct-12       Prasit Panidkul                            Sell             300        0.64         0.53              0.5
Stamford Tyres          01-Oct-12       Dawn Wee                               *   Buy              104        0.33        31.49           31.53
Stamford Tyres          01-Oct-12       Wee Kok Wah                                Buy              104        0.33         16.2           16.24
Stamford Tyres          01-Oct-12       Wee Kok Wah                                Buy               21        0.33        16.24           16.25
Sunpower Group          01-Oct-12       Artur J urczakowski                        Buy              200            -        7.08             7.02
TA Corp                 01-Oct-12       Koh Wee Seng                               Buy             4800            -          5.8            6.83
TMC Education           01-Oct-12       Chin Kon Yuen                          *   Buy               10        0.07        16.21           16.22
TMC Education           01-Oct-12       Yeow Cheng Khim                            Buy               10        0.07        16.21           16.22
Trek 2000               01-Oct-12       Henn Tan                               *   Buy               22        0.25         1.66             1.67
Fraser & Neav e         28-Sep-12       M&G Investment Fd 1                    *   Sell            5422            -        6.33             5.95
Fraser & Neav e         28-Sep-12       M&G Global Basics Fd                       Sell            5000            -        6.09             5.74
Fraser & Neav e         28-Sep-12       MAGIM, M&G Ltd, M&G Grp                *   Sell            8502            -        7.03             6.44
K-Reit Asia             28-Sep-12       Lor Bak Liang                          *   Buy                8         1.2            0                0
TA Corp                 28-Sep-12       Koh Wee Seng                               Buy              400            -        5.71              5.8
TMC Education           28-Sep-12       Chin Kon Yuen                          *   Buy                1        0.07        16.21           16.21
TMC Education           28-Sep-12       Yeow Cheng Khim                            Buy                1        0.07        16.21           16.21
Trek 2000               28-Sep-12       Henn Tan                                   Buy               39        0.25         1.64             1.66


*Deemed Interest
Source: Business Times; SA: Share Allotment; ST: Share Transfer, B/R: Bonus/Rights Issue; OE: Option Exercise; PL: Placement Shares




Page 4
                                                                                              Singapore
                                                                                        Wired Daily



Announced Dividends and Capital Issues: 18 Oct 2012 – 14 Dec 2012 (by Ex-Date)
                                                                                                    Paid/
Company                            T y pe              Part ic ulars              Ex Dat e
                                                                                                 Pay able
GUOCOLAND LIMITED                  DIV IDEND           SGD 0.05 ONE-TIER TAX     18-Oct-12     15-Nov -12
CHINA MERCHANTS HLDGS(PACIF IC)    DIV IDEND           SGD 0.0275 ONE-TIER TAX   19-Oct-12     09-Nov -12
GUOCOLEISURE LIMITED               DIV IDEND           SGD 0.02                  22-Oct-12     08-Nov -12
CORDLIF E GROUP LIMITED            DIV IDEND           SGD 0.018 ONE-TIER TAX    24-Oct-12     14-Nov -12
ELLIPSIZ LTD                       DIV IDEND           SGD 0.0016 ONE-TIER TAX   24-Oct-12     15-Nov -12
BRITISH & MALAYAN TRUSTEES LTD     DIV IDEND           SGD 0.027 TAX EXEMPT      29-Oct-12     12-Nov -12
KARIN TECHNOLOGY HLDGS LIMITED     DIV IDEND           HKD 0.071                 29-Oct-12     15-Nov -12
BOARDROOM LIMITED                  DIV IDEND           SGD 0.02 ONE-TIER TAX     30-Oct-12     23-Nov -12
SIN GHEE HUAT CORPORATION LTD.     DIV IDEND           SGD 0.02 ONE-TIER TAX     30-Oct-12     14-Nov -12
AUSGROUP LIMITED                   DIV IDEND           SGD 0.0036 ONE-TIER TAX   31-Oct-12     21-Nov -12
AUSGROUP LIMITED                   DIV IDEND           SGD 0.0064 ONE-TIER TAX   31-Oct-12     21-Nov -12
GEMS TV HOLDINGS LIMITED           DIV IDEND           SGD 0.0095                31-Oct-12     15-Nov -12
K1 V ENTURES LIMITED               DIV IDEND           SGD 0.005 ONE-TIER TAX    31-Oct-12     14-Nov -12
KIAN ANN ENGINEERING LTD           DIV IDEND           SGD 0.0082 ONE-TIER TAX   31-Oct-12     14-Nov -12
RYOBI KISO HOLDINGS LTD.           DIV IDEND           SGD 0.003 ONE-TIER TAX    31-Oct-12     14-Nov -12
TIONG WOON CORP HOLDING LTD        DIV IDEND           SGD 0.004 ONE-TIER TAX    31-Oct-12     16-Nov -12
AMTEK ENGINEERING LTD              DIV IDEND           SGD 0.022 ONE-TIER TAX    01-Nov -12    23-Nov -12
ASL MARINE HOLDINGS LTD            DIV IDEND           SGD 0.0175 ONE-TIER TAX   01-Nov -12    19-Nov -12
PERTAMA HOLDINGS LIMITED           DIV IDEND           SGD 0.0152 ONE-TIER TAX   01-Nov -12    16-Nov -12
SINGAPURA F INANCE LTD             DIV IDEND           SGD 0.06 ONE-TIER TAX     01-Nov -12    15-Nov -12
SPINDEX INDUSTRIES LIMITED         DIV IDEND           SGD 0.018 ONE-TIER TAX    02-Nov -12    19-Nov -12
CHOSEN HOLDINGS LIMITED            DIV IDEND           SGD 0.0066 ONE-TIER TAX   05-Nov -12    23-Nov -12
CHUAN HUP HOLDINGS LIMITED         DIV IDEND           SGD 0.01 ONE-TIER TAX     05-Nov -12    23-Nov -12
EPICENTRE HOLDINGS LIMITED         DIV IDEND           SGD 0.006 ONE-TIER TAX    05-Nov -12    21-Nov -12
F J BENJ AMIN HOLDINGS LTD         DIV IDEND           SGD 0.01 ONE-TIER TAX     05-Nov -12    27-Nov -12
HUPSTEEL LTD                       DIV IDEND           SGD 0.005 ONE-TIER TAX    05-Nov -12    20-Nov -12
EU YAN SANG INTERNATIONAL LTD      DIV IDEND           SGD 0.01 ONE-TIER TAX     06-Nov -12    23-Nov -12
EU YAN SANG INTERNATIONAL LTD      DIV IDEND           SGD 0.01 ONE-TIER TAX     06-Nov -12    23-Nov -12
L.C.DEV ELOPMENT LTD               DIV IDEND           SGD 0.005 ONE-TIER TAX    06-Nov -12    20-Nov -12
LION TECK CHIANG LTD               DIV IDEND           SGD 0.01 ONE-TIER TAX     06-Nov -12    22-Nov -12
LUM CHANG HOLDINGS LIMITED         DIV IDEND           SGD 0.0125 ONE-TIER TAX   06-Nov -12    23-Nov -12
MEMSTAR TECHNOLOGY LTD.            DIV IDEND           SGD 0.0005 ONE-TIER TAX   06-Nov -12    22-Nov -12
MICRO-MECHANICS (HOLDINGS) LTD     DIV IDEND           SGD 0.02 ONE-TIER TAX     06-Nov -12    22-Nov -12
OLAM INTERNATIONAL LIMITED         DIV IDEND           SGD 0.04 ONE-TIER TAX     06-Nov -12    20-Nov -12
PARKSON RETAIL ASIA LIMITED        DIV IDEND           SGD 0.03 ONE-TIER TAX     06-Nov -12    23-Nov -12
SILV ERLAKE AXIS LTD               DIV IDEND           SGD 0.008 ONE-TIER TAX    07-Nov -12    28-Nov -12
PEC LTD.                           DIV IDEND           SGD 0.025 ONE-TIER TAX    08-Nov -12    26-Nov -12
ACE ACHIEV E INF OCOM LIMITED      DIV IDEND           CNY 0.003                 09-Nov -12    28-Nov -12
CH OF F SHORE LTD                  DIV IDEND           SGD 0.02 ONE-TIER TAX     12-Nov -12    26-Nov -12
CH OF F SHORE LTD                  DIV IDEND           SGD 0.02 ONE-TIER TAX     12-Nov -12    26-Nov -12
PCI LTD                            DIV IDEND           SGD 0.03 ONE-TIER TAX     15-Nov -12    03-Dec-12
TEE INTERNATIONAL LIMITED          DIV IDEND           SGD 0.0125 ONE-TIER TAX   20-Nov -12    03-Dec-12
NX09100W 190601                    INTEREST            2.50%                     22-Nov -12    03-Dec-12
NX11100X 210601                    INTEREST            2.25%                     22-Nov -12    03-Dec-12
DATAPULSE TECHNOLOGY LIMITED       DIV IDEND           SGD 0.01 ONE-TIER TAX     26-Nov -12    06-Dec-12
DATAPULSE TECHNOLOGY LIMITED       DIV IDEND           SGD 0.01 ONE-TIER TAX     26-Nov -12    06-Dec-12
SUNRIGHT LTD                       DIV IDEND           SGD 0.002 ONE-TIER TAX    26-Nov -12    14-Dec-12
KHONG GUAN F LOUR MILLING LTD      DIV IDEND           SGD 0.01 ONE-TIER TAX     03-Dec-12     17-Dec-12
KHONG GUAN F LOUR MILLING LTD      DIV IDEND           SGD 0.03 ONE-TIER TAX     03-Dec-12     17-Dec-12
TTJ HOLDINGS LIMITED               DIV IDEND           SGD 0.008 ONE-TIER TAX    04-Dec-12     21-Dec-12
TEE INTERNATIONAL LIMITED          DIV IDEND           SGD 0.005 ONE-TIER TAX    14-Dec-12     28-Dec-12

 Source: SGX




                                                                                                     Page 5
Singapore
Wired Daily


October 2012

               Mon                           Tues                                Wed                            Thu                                 Fri
  1                             2                                 3                                4                                 5




                                                                Automobile COE Open Bid Cat A
                              Electronics Sector Index          Automobile COE Open Bid Cat B
                              Purchasing Managers Index         Automobile COE Open Bid Cat E


  8                             9                                10                               11                                12
                                                                                                                                   Singapore Press 4Q12




                                                                                                                                   GDP (annualized) (QoQ)
Foreign Reserves                                                                                                                   GDP (YoY)


 15                            16                                17                               18                                19
K-Green Trust 3Q12            Keppel T&T 3Q12                   Ascendas REIT 2Q13               Flextronics Int'l 2Q13            Capitamall Trust 3Q12
K-REIT Asia 3Q12                                                Keppel Land 3Q12                 Keppel Corp 3Q12
M1 3Q12                                                         Qian Hu Corp 3Q12                Mapletree Logistics 2Q13
                                                                                                 Nere Tel 3Q12
                                                                Electronic Exports (YoY)         Singapore Exchange 1Q13
                                                                Non-oil Domestic Exports (YoY)   Sabana Shari'ah 3Q12
Monthly Property Sales Data                                     Non-oil Domestic Exp SA (MoM)
Retail Sales (YoY)                                              Automobile COE Open Bid Cat A
Retail Sales Ex Auto (YoY)                                      Automobile COE Open Bid Cat B
Retail Sales (MoM) sa                                           Automobile COE Open Bid Cat E


 22                            23                                24                               25                                26
Raffles Medical Group 3Q12    Ascott Residence 3Q12             Cache Logistic 3Q12              Ascendas Inda 2Q13
                              CapitaRetial China 3Q12           EOC 4Q12                         CapitaCommercial Trust 3Q12
                              Frasers Centrrepoint Trust 4Q12   First Reit 3Q12                  CapitaMalls Asia 3Q12
                              Mapletree Industrial 2Q13                                          China Merchants 3Q12
                              Osim International 3Q12                                            Frasers Commercial 4Q12
                                                                                                 Mapletree Commercial Trust 2Q13
                                                                                                 NOL 3Q12

                              CPI (MOM) - NSA                                                    Industrial Production MoM SA
                              CPI (YoY)                                                          Industrial Production YoY


 29                            30                                31
Starhill Global 3Q12          Broadway Ind 3Q12                 Indofood Agri 3Q12
                              CDL Hospitality 3Q12              Tuan Sing 3Q12
                              Capitaland 3Q12                   UOI 3Q12
                              SIA Engineering 2Q13
                                                                Credit Card Bad Debts
                                                                Credit Card Billings
                                                                Bank Loans & Advances (YoY)
                                                                M1 Money Supply (YoY)
                                                                M2 Money Supply (YoY)
                                                                Unemployment Rate (sa)


Source: Bloomberg




Page 6
                                                                                                                                    Singapore
                                                                                                                                Wired Daily


DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
BUY (>15% total return over the next 12 months for small caps, >10% for large caps)
HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)
FULLY VALUED (negative total return i.e. > -10% over the next 12 months)
SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends

DBS Vickers Research is available on the following electronic platforms: DBS Vickers (www.dbsvresearch.com); Thomson
(www.thomson.com/financial); Factset (www.factset.com); Reuters (www.rbr.reuters.com); Capital IQ (www.capitaliq.com) and Bloomberg
(DBSR GO). For access, please contact your DBSV salesperson.

Traders Spectrum’s product is oriented towards readers with either a short-term trading horizon. It aims to highlight topical themes, which
may move stock prices on a daily basis. Readers should be aware that “TS Take” relies more on assessments of technical factors, likely
sentiment responses and short term money flows, rather than on fundamental analysis. As such the “TS Take” may from time to time
conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are
maintained by DBS Vickers Research analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not
be covered or commented on an ongoing basis.


GENERAL DISCLOSURE/DISCLAIMER
This report is prepared by DBS Vickers Research (Singapore) Pte Ltd ("DBSVR"), a direct wholly-owned subsidiary of DBS Vickers Securities
(Singapore) Pte Ltd ("DBSVS") and an indirect wholly-owned subsidiary of DBS Vickers Securities Holdings Pte Ltd ("DBSVH"). This report is
intended for clients of DBSV Group only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any
means or (ii) redistributed without the prior written consent of DBSVR. It is being distributed in the United States by DBSV US, which accepts
responsibility for its contents. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein
should contact DBS Vickers Securities (USA) Inc (“DBSVUSA”) directly and not its affiliate.

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                                                                                                                                              Page 7
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  ANALYST CERTIFICATION
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