Phillip Securities Research Pte Ltd Singapore July

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					                                                                                                           Phillip Securities Research Pte Ltd
                                                                                                                                    Singapore
                                                                                                                                  13 July 2011
(MICA (P) 048/11/2010)
Ref No: SGMN2011_0135
Strategy
French plan for Greece falls thru, EZ debt crisis could be spreading. Till we get clarity, near term best to go defensive (Joshua Tan,
  th
13 July 2011)
                                         th
  -      In our last Strategy report, 6 July: we said “we have successfully kicked the Greek can down the road till 1Q12 perhaps, so markets
         can put it behind them and worry about it again next year”. Unfortunately the original French plan to rollover Greek debt has fallen thru
         and we are back to uncertainty over the issue within a week. A new proposal to buy back Greek debt is on the cards but is lacking in
         details. Until clarity emerges, it is prudent to take a defensive stance with regards to stocks for the near term, at least until another
         credible plan emerges. Though we believe the larger trend is higher as this economic recovery cycle is only halfway, we
         acknowledge that bull market conditions for stocks can certainly be cut short if EZ countries fail to contain the Greek crisis,
         which is already spreading to Italy. Our measure of contagion risk has trend reversed: Libor-OIS spreads are climbing. As the
         situation is fluid, we advise clients to read our daily Morning Market Commentary for up to date assessments of the situation.
Source: Phillip Securities Research Pte Ltd

 Company Results
                                                                                 Revenue                                 Net Profit
                                                    Currency,
 S/N    Company Name                    Q/HY/FY                                                Change                                   Change
                                                      Units         Current      Previous                    Current     Previous
                                                                                                 (%)                                      (%)
  1.   SPH                                    Q     S$ (‘000)       328,820      414,976        -20.8        114,817      164.557        -30.2
 Source: SGX Masnet

 Company Highlights
 Singapore Press Holdings Ltd (SPH) reported on Tuesday that its net profit for the third quarter ended May 31, 2011 fell 30.2 per cent to
 S$114.82 million compared to year ago which included profits from its property project, Sky@eleven. Excluding Sky@eleven profits in the
 third quarter last year (3Q FY10), net profit is up S$16.8 million (17.1 per cent) at S$114.8 million. Total operating revenue fell 20.4 per cent
 to S$332.89 million. Contributions from newspaper division slipped 1.1 per cent to S$262.96 million, while property was down 68.1 per cent at
 S$43.15 million. SPH said improved performance from the Internet and exhibitions businesses cushioned a marginal reduction in profits from
 the Newspaper and Magazine segment. Investment income doubled year-on-year to S$23.7 million. Circulation revenue of $53.8 million
 remained stable year-on-year with positive results from newspaper subscription drives. Rental income - namely from Paragon and Clementi
 Mall - grew by S$8.0 million (22.8 per cent) in 3Q FY11 to S$43.2 million. (CLOSING S$3.91, -1%)

 ST Engineering (STE) announced on Tuesday that its land systems arm, ST Kinetics, has won a contract worth over S$65 million from
 SMRT Buses Ltd (SMRT Buses), a subsidiary of SMRT Corporation Ltd. This is the first city bus contract for ST Kinetics. The contract
 involves the supply of the state-of-the-art low floor MAN A22 bus. ST Kinetics is the sole distributor for MAN Truck & Bus AG, as well as the
 exclusive authorised service support and spares provider in Singapore. Delivery is expected to begin in August 2011 and it will be completed
 by end of 2012. (CLOSING S$2.96, -1.99%)

 Budget airline Tiger Airways posted a 9 per cent growth year on year in passenger numbers to 555,000 for the month of June, while its load
 factor was flat at 86 per cent. 'During the month of June, growth in passenger numbers remained robust for our services to and from
 Singapore,' said Chin Yau Seng, acting chief executive officer of Tiger Airways Holdings. 'However, Tiger Airways Australia's passenger
 numbers were impacted by the significant disruption to Australian domestic air travel due to volcanic ash from Chile's Puyehue-Cordon Caulle
 volcano.' It remains to be seen what kind of numbers the airline will post for July, given that the Civil Aviation Safety Authority of Australia
 (CASA) has grounded Tiger's Australian operations for a month - from 1 July to 1 August - on safety concerns. (CLOSING S$1.01, -1.46%)
 Source: SGX Masnet
   Morning note                                                                                                              13 July 2011

Local and Regional Markets Headlines
Singapore shares sold down on panic that the EZ debt crisis was spreading as bond vigilantes turned on Italy. The STI gapped down to
close lower at 3077 (-1.28%). 464 fell versus 108 rises.

Hong Kong shares slumped in the worst one-day drop in 14 months on Tuesday, as the eurozone debt crisis worsens and a Moody's report
reignited fears over corporate governance in Chinese companies. The Hang Seng Index finished down 3.06 per cent at 21,663.16, while the
China Enterprises Index dived 3.72 per cent to 12,032.03 points. The Shanghai Composite Index closed down 1.72 per cent at 2,754.58, its
biggest one-day drop in four months, breaking below its 250-day moving average for the first time in more than a week in increased turnover.

The Nikkei average lost 1.4 per cent on Tuesday in its biggest fall in a month, slipping below support at 10,000 as financial stocks tumbled
on concern that the eurozone's debt woes may spread to Italy and over a stalemate in US budget talks. The benchmark Nikkei shed 143.61
points to close at 9,925.92, while the broader Topix index fell 1.5 per cent to 857.19.
Source: BT Online, Bloomberg, Reuters, ST

US Market News
NEW YORK - Stocks closed lower for a third straight day on Tuesday as Europe's fiscal woes and a weak start to tech earnings gave
investors little reason to buy even after the recent losses. Moody's downgrade of Ireland's credit rating late in the session provided the latest
jolt to stock investors, reminding them of the scope of Europe's debt problems. Equities bounced briefly following release of the Fed's
minutes with comments from Federal Reserve officials suggesting the possibility of more stimulative policies, but the move was short-lived as
uncertainty over Europe kept investors away from beaten-down shares. On Monday, stocks posted their worst day in a month. 'The Fed gave
us a little pop, but people are more worried about the issues in Europe right now,' said Steven Roge, portfolio manager at RW Roge & Co in
Andover, Massachusetts. 'That said, given the recent losses, I expect us to tread water until we get more clarity on Europe and earnings.'
European officials, for the first time, refused to rule out default by Greece. Investors feared the crisis could overtake the bigger European
economies of Spain and Italy. The concern is bank exposure to troubled euro-zone debt will hurt their profits and liquidity. US-listed shares of
Barclays Plc slid 2.5 per cent to US$14.60. The region's issues resurfaced after Moody's downgraded Ireland's credit rating to junk status,
saying it would probably need additional rounds of official financing. The Dow Jones industrial average fell 58.88 points, or 0.47 per cent,
to 12,446.88 at the close. The Standard & Poor's 500 Index shed 5.85 points, or 0.44 per cent, to 1,313.64. The Nasdaq Composite
Index dropped 20.71 points, or 0.74 per cent, to 2,781.91.
Source: Reuters

Director / Substantial Shareholders’ Transactions
Company                                             Substantial Shareholder                                From (%)             To (%)
Biosensors                                          Peter Huggler                                          0.019                0.0
Source: SGX Masnet
  Morning note                                                                                                                                      13 July 2011

Our Recent Recommendations
                                                                                Price at
                                                                                                     Target          Last Price         Return to
Date          Company                                      Rating           Recommendation                                                            Remarks
                                                                                                    Price (S$)         (S$)             Date (%)
                                                                                  (S$)
8-Jul-11      Foreland Fabrictech                          Buy        N            0.135               0.191              0.129           (4.4)       Initiation
5-Jul-11      NOL Ltd                                      Hold       D            1.550               1.510              1.450             -         Update
                                                           Trading
4-Jul-11      Tiger Airways                                           D            1.190               1.070              1.010           15.1        Update
                                                           Sell
1-Jul-11      Hu An Cable                                  Buy        M            0.290               0.390              0.300            3.4        Results
29-Jun-11     Sembcorp Marine                              Buy        M            5.290               6.090              5.150           (2.6)       Update
22-Jun-11     CapitaMalls Asia Limited                     Buy        N            1.440               1.760              1.470            2.1        Initiation
21-Jun-11     ComfortDelGro Corporation Ltd                Buy        M            1.510               2.010              1.425           (5.6)       Update
14-Jun-11     Keppel Corp                                  Hold       D           11.060              10.840              10.660            -         Update
10-Jun-11     SATS Ltd                                     Buy        M            2.640               3.410              2.640            0.0        Update
10-Jun-11     Treasury China Trust                         -           -           2.120                  -                 -               -         Company Visit
7-Jun-11      Sino Grandness Food Industry Group           Buy        M            0.455               0.750              0.495            8.8        Update
31-May-11     Cosco Corp (S)                               Hold       M            1.930               2.180              1.820             -         Update
27-May-11     ST Engineering                               Buy        M            2.970               3.760              2.960           (0.3)       Update
27-May-11     Cosco Corp (S)                               Hold       M            2.000               2.080              1.820             -         Update
24-May-11     Golden Agri-Resources                        Buy        U            0.680               0.830              0.690            1.5        Update
*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                                                               -0.87                                -0.01                                1.14
CIMB FTSE ASEAN 40                                                                      -11.25                                  -1.35                               10.65
DB X-TRACKERS CSI300 ETF                                                                   -3.60                                -0.38                               10.20
DB X-TRACKERS FTSE VIETNAM                                                                 -2.16                                -0.61                               27.60
DB X-TRACKERS FTSE CHINA 25                                                                -3.55                                -1.11                               30.19
DB X-TRACKERS MSCI EUROPE TR                                                               -8.37                                -4.17                               45.68
DB X-TRACKERS MSCI INDONE                                                                  -1.43                                -0.23                               15.90
DB X-TRACKERS MSCI JAPAN TRN                                                             +0.49                                  +0.19                               39.15
DB X-TRACKERS MSCI TAIWAN                                                                  -3.20                                -0.63                               19.05
DB X-TRACKERS MSCI WORLD TRN                                                               -2.42                                -0.08                                3.22
DB X-TRACKERS S&P 500 INV DA                                                             +1.90                                  +0.79                               42.46
DB X-TRACKERS S&P CNX NIFTY                                                                -2.82                                -3.63                              124.98
DB X-TRACKERS S&P/ASX 200                                                                +0.64                                  +0.22                               34.34
DBS SINGAPORE STI ETF                                                                      -1.58                                -0.05                                3.12
DBX-TRACKERS EURO STXX 50-1C                                                               -5.77                                -2.54                               41.49
ISHARES MSCI INDIA ETF                                                                     -2.01                                -0.15                                7.30
LYXOR ETF CHINA ENTERPRISE                                                                 -4.09                                -0.65                               15.25
LYXOR ETF COMMODITY CRB-CD                                                                 -2.12                                -0.07                                3.23
LYXOR ETF HANG SENG INDEX 10                                                               -3.16                                -0.09                                2.76
LYXOR ETF JAPAN TOPIX                                                                      -0.83                                -0.01                                1.08
LYXOR ETF MSCI AC ASIA EX JP                                                               -2.07                                -0.10                                4.73
LYXOR ETF MSCI EUROPE-B                                                                    -4.88                                -0.66                               12.87
LYXOR ETF MSCI INDIA                                                                     +4.32                                  +0.68                               16.43
LYXOR ETF MSCI KOREA-USD B                                                                 -5.80                                -0.34                                5.52
SPDR GOLD TRUST                                                                            -0.29                                -0.44                              150.16
SPDR STRAITS TIMES INDEX ETF                                                               -1.57                                -0.05                                3.14
UNITED SSE 50 CHINA ETF                                                                    -2.15                                -0.04                                1.82
Source: Bloomberg
Morning note                                                                                                                                    13 July 2011

FSSTI                                                         3077.36    -1.28%   DJI                                                         12446.88     -0.47%

 3400
                                                                                   13500
 3300
 3200                                                                              12500
 3100
 3000                                                                              11500
 2900
 2800                                                                              10500
 2700
 2600                                                                               9500
 2500
                                                                                    8500
   7/13/10      9/13/10    11/13/10    1/13/11    3/13/11    5/13/11
                                                                                      7/13/10     9/13/10    11/13/10    1/13/11   3/13/11    5/13/11

Source: Bloomberg                                                                 Source: Bloomberg
HSI                                                         21663.16     -3.06%   FSSTI (P/E)                                                               10.32
25500                                                                              13.5
24500                                                                                13
23500                                                                              12.5
                                                                                     12
22500
                                                                                   11.5
21500                                                                                11
20500                                                                              10.5
19500                                                                                10
                                                                                    9.5
18500
                                                                                      9
   7/13/10       9/13/10    11/13/10    1/13/11    3/13/11    5/13/11
                                                                                     7/13/10     9/13/10     11/13/10    1/13/11    3/13/11    5/13/11


Source: Bloomberg                                                                 Source: Bloomberg
Dollar Index                                                    76.09    -0.00%   Gold                                                         1567.70    +0.04%

 85                                                                                1650
                                                                                   1550
                                                                                   1450
 80
                                                                                   1350
                                                                                   1250

 75                                                                                1150
                                                                                   1050
                                                                                    950
 70                                                                                 850
 7/13/10       9/13/10     11/13/10    1/13/11    3/13/11      5/13/11               7/13/10     9/13/10     11/13/10    1/13/11   3/13/11     5/13/11   7/13/11


Source: Bloomberg                                                                 Source: Bloomberg
Crude oil                                                       97.43    +2.40%   US Treasury 10yr Yield                                         2.877     -1.44%

 120                                                                                4

 110
                                                                                  3.5
 100

  90                                                                                3

  80
                                                                                  2.5
  70

  60                                                                                2
  7/13/10      9/13/10     11/13/10    1/13/11    3/13/11     5/13/11              7/13/10      9/13/10     11/13/10    1/13/11    3/13/11    5/13/11

Source: Bloomberg                                                                 Source: Bloomberg
  Morning note                                                                                       13 July 2011


STI – Index Members
Name                           % Chg       Chg        Last   Name                           % Chg       Chg       Last
CAPITALAND LTD                  -4.00     -0.12       2.88   NOBLE GROUP LTD                 -2.09     -0.04      1.88
CAPITAMALL TRUST                -1.31     -0.03       1.89   OLAM INTERNATIONAL LTD          -0.75     -0.02      2.63
                                                             OVERSEA-CHINESE BANKING
CAPITAMALLS ASIA LTD            -1.01     -0.02       1.47                                   -0.96     -0.09       9.30
                                                             CORP
CITY DEVELOPMENTS LTD           -1.87    -0.20       10.50   SEMBCORP INDUSTRIES LTD         -1.61     -0.08      4.90
COMFORTDELGRO CORP LTD          +0.35    +0.01        1.43   SEMBCORP MARINE LTD             -1.34     -0.07      5.15
DBS GROUP HOLDINGS LTD          -0.94    -0.14       14.71   SIA ENGINEERING CO LTD          -1.14     -0.05      4.33
FRASER AND NEAVE LTD            -2.70    -0.16        5.76   SINGAPORE AIRLINES LTD          -0.07     -0.01     14.21
GENTING SINGAPORE PLC           -1.59    -0.03        1.86   SINGAPORE EXCHANGE LTD          -1.87     -0.14      7.36
GOLDEN AGRI-RESOURCES LTD       -2.13    -0.02        0.69   SINGAPORE PRESS HOLDINGS LTD    -1.01     -0.04      3.91
HONGKONG LAND HOLDINGS LTD      -0.58    -0.04        6.86   SINGAPORE TECH ENGINEERING      -1.99     -0.06      2.96
JARDINE CYCLE & CARRIAGE LTD    +0.20    +0.09       46.05   SINGAPORE TELECOM LTD           -0.32     -0.01      3.16
JARDINE MATHESON HLDGS LTD      -2.13    -1.16       53.40   SMRT CORP LTD                   -0.26     -0.01      1.95
JARDINE STRATEGIC HLDGS LTD     +0.36    +0.11       30.26   STARHUB LTD                     -0.36     -0.01      2.78
KEPPEL CORP LTD                 -2.02    -0.22       10.66   UNITED OVERSEAS BANK LTD        -1.43     -0.28     19.28
NEPTUNE ORIENT LINES LTD        +0.69    +0.01        1.45   WILMAR INTERNATIONAL LTD        -2.47     -0.14      5.53
Source: Bloomberg                                            Source: Bloomberg

Singapore
Indices                        % Chg       Chg        Last   Top Gainers                                Last      Chg
FTSE STRAITS TIMES INDEX        -1.28    -40.01    3077.36   BIDU ADR 10US$+                         150.000    +3.500
FTSE ST ALL SHARE INDEX         -1.27     -9.72     753.04   NZ07100S 270301 10                      112.443    +3.343
FTSE ST FLEDGLING INDEX         -0.87     -6.02     685.37   NY01100F 160901 10                      115.486    +2.616
FTSE ST MID CAP INDEX           -1.21     -9.11     742.20
FTSE ST SMALL CAP INDEX         -1.32     -6.88     512.71
FTSE ST CHINA INDEX             -1.58     -4.60     286.41   Top Losers                                 Last       Chg
FTSE ST REAL ESTATE INDX        -1.38     -9.38     670.12   PTR ADR 10US$                           143.060     -7.880
FTSE ST RE INVEST TRUST         -0.99     -6.76     677.98   DBXT MSEurope 10US$                      45.680     -4.170
FTSE ST OIL & GAS INDEX         -1.94    -14.12     714.45   DBXT Nifty 10US$                        124.980     -3.630
FTSE ST BASIC MATERIALS         -3.40    -10.65     302.57
FTSE ST INDUSTRIALS INDX        -1.39    -10.38     735.43
FTSE ST CONSUMER GOODS          -1.82    -13.16     708.75   Top Volume                                 Last        Vol
FTSE ST HEALTH CARE INDX        -2.03    -28.03    1351.29   GoldenAgr                                 0.690   106,075
FTSE ST CONSUMER SERVICE        -0.68     -6.31     919.85   GMG                                       0.265    57,733
FTSE ST TELECOMMUNICATE         -0.32     -2.55     792.89   Genting SP                                1.855    53,946
FTSE ST UTILITIES INDEX         -0.23     -1.11     484.35
FTSE ST FINANCIALS INDEX        -1.28     -9.61     740.50   TURNOVER (SHARES)                            1,436,858,250
FTSE ST TECHNOLOGY INDEX        -1.11     -7.42     663.75   TURNOVER (S$)                                1,613,274,154
FTSE SGX SHARIAH 100 IDX        -1.41    -78.93    5504.72   UP                                                     100
FTSE/ASEAN 40 INDEX             -1.60   -177.36   10874.80   DOWN                                                   463
MSCI SINGAPORE FREE             -1.43     -5.17     356.72   UNCHANGED                                              671
Source: Bloomberg                                            Source: SGX
   Morning note                                                                                            13 July 2011


Phillip Securities Research – Singapore Stocks Coverage
Name                                  % Chg        Chg        Last   Name                         % Chg       Chg        Last
AIMS AMP CAPITAL INDUSTRIAL            +2.33      +0.01       0.22   OCEANUS GROUP LTD             -4.44     -0.01       0.22
C & O PHARMACEUTICAL TECHNOL           +0.00      +0.00       0.37   OTTO MARINE LTD               -4.44     -0.01       0.22
                                                                     OVERSEA-CHINESE BANKING
CAMBRIDGE INDUSTRIAL TRUST             +0.00      +0.00       0.50                                 -0.96     -0.09        9.30
                                                                     CORP
CDL HOSPITALITY TRUSTS                 -1.90      -0.04       2.07   PARKWAYLIFE REAL ESTATE       -0.55     -0.01       1.81
CHINA SUNSINE CHEMICAL HLDGS           -3.85      -0.01       0.25   SATS LTD                      +0.38     +0.01       2.64
COMBINE WILL INTERNATIONAL H           -0.43      -0.01       2.29   SC GLOBAL DEVELOPMENTS LTD    -0.68     -0.01       1.45
COMFORTDELGRO CORP LTD                 +0.35      +0.01       1.43   SEMBCORP INDUSTRIES LTD       -1.61     -0.08       4.90
COSCO CORP SINGAPORE LTD               -2.41      -0.05       1.82   SEMBCORP MARINE LTD           -1.34     -0.07       5.15
DBS GROUP HOLDINGS LTD                 -0.94      -0.14      14.71   SIA ENGINEERING CO LTD        -1.14     -0.05       4.33
FRASERS COMMERCIAL TRUST               -2.35      -0.02       0.83   SINGAPORE AIRLINES LTD        -0.07     -0.01      14.21
GENTING SINGAPORE PLC                  -1.59      -0.03       1.86   SINGAPORE EXCHANGE LTD        -1.87     -0.14       7.36
GOLDEN AGRI-RESOURCES LTD              -2.13      -0.02       0.69   SINGAPORE TECH ENGINEERING    -1.99     -0.06       2.96
HO BEE INVESTMENT LTD                  -0.70      -0.01       1.42   SINGAPORE TELECOM LTD         -0.32     -0.01       3.16
HONG LEONG ASIA LTD                    -2.17      -0.05       2.25   SMRT CORP LTD                 -0.26     -0.01       1.95
INDOFOOD AGRI RESOURCES LTD            -1.54      -0.03       1.60   SOUND GLOBAL LTD              +2.21     +0.02       0.70
KEPPEL CORP LTD                        -2.02      -0.22      10.66   STARHUB LTD                   -0.36     -0.01       2.78
KEPPEL LAND LTD                        -1.88      -0.07       3.65   SUNTEC REIT                   -0.33     -0.01       1.51
M1 LTD                                 -0.39      -0.01       2.58   TIGER AIRWAYS HOLDINGS LTD    -1.46     -0.02       1.01
MERCATOR LINES SINGAPORE LTD           -2.44      -0.01       0.20   UNITED OVERSEAS BANK LTD      -1.43     -0.28      19.28
NEPTUNE ORIENT LINES LTD               +0.69      +0.01       1.45   WEE HUR HOLDINGS LTD          -3.33     -0.01       0.29
NOBLE GROUP LTD                        -2.09      -0.04       1.88   ZIWO HOLDINGS LTD             -4.00     -0.01       0.24
Source: Bloomberg                                                    Source: Bloomberg

ADR Stocks
Name                                  % Chg        Chg        Last   Name                         % Chg       Chg        Last
BAIDU INC - SPON ADR                   +2.39      +3.50     150.00   TRINA SOLAR LTD-SPON ADR         -         -           -
Source: Bloomberg                                                    Source: Bloomberg

US Stocks Coverage
Name                                  % Chg        Chg        Last   Name                         % Chg       Chg        Last
AMERICAN INTERNATIONAL
                                        -0.73     -0.21      28.72   MGM RESORTS INTERNATIONAL     +2.99     +0.42      14.49
GROUP
BANK OF AMERICA CORP                    -1.35     -0.14      10.21   VISA INC-CLASS A SHARES       -0.23     -0.20      87.70
CITIGROUP INC                           -1.81     -0.72      39.07   WELLS FARGO & CO              -0.72     -0.20      27.39
LAS VEGAS SANDS CORP                    -1.34     -0.59      43.35   Source: Bloomberg
Source: Bloomberg

Major World Indices
Indices                               % Chg        Chg        Last   Indices                      % Chg       Chg        Last
TEL AVIV 100 INDEX                      0.24       2.73    1139.01   ALL ORDINARIES INDX           -1.79    -83.30    4563.50
HANG SENG INDEX                        -3.06    -684.07   21663.16   S&P/TSX COMPOSITE INDEX       +0.41    +54.32   13234.07
JAKARTA COMPOSITE INDEX                -1.44     -57.57    3938.02   FTSE 100 INDEX                -1.02    -60.20    5868.96
FTSE Bursa Malaysia KLCI               -0.66     -10.48    1578.10   CAC 40 INDEX                  -0.88    -33.39    3774.12
KOSPI INDEX                            -2.20     -47.43    2109.73   DAX INDEX                     -0.78    -56.11    7174.14
NIKKEI 225                             -1.43    -143.61    9925.92   DOW JONES INDUS. AVG          -0.47    -58.88   12446.88
STOCK EXCH OF THAI INDEX               -1.38     -14.85    1062.39   S&P 500 INDEX                 -0.44     -5.85    1313.64
SHANGHAI SE COMPOSITE                  -1.72     -48.11    2754.58   NASDAQ COMPOSITE INDEX        -0.74    -20.71    2781.91
TAIWAN TAIEX INDEX                     -2.02    -174.84    8491.01   NYSE Arca Gold BUGS           +3.09    +16.35     545.89
BSE SENSEX 30 INDEX                    -1.65    -309.77   18411.62   Source: Bloomberg
Source: Bloomberg
   Morning note                                                                                                      13 July 2011


US Bellwethers
Name                               % Chg        Chg             Last    Name                            % Chg         Chg           Last
3M CO                               -0.70      -0.68           95.88    INTL BUSINESS MACHINES CORP      -0.54       -0.94        174.05
ALCOA INC                           -1.26      -0.20           15.71    INTEL CORP                       -1.71       -0.39         22.46
AMERICAN EXPRESS CO                 +0.25      +0.13           52.40    JOHNSON & JOHNSON                -0.40       -0.27         67.00
AT&T INC                            -0.10      -0.03           30.77    JPMORGAN CHASE & CO              -0.10       -0.04         39.39
BANK OF AMERICA CORP                -1.35      -0.14           10.21    KRAFT FOODS INC-CLASS A          -0.31       -0.11         35.40
BOEING CO/THE                       -1.94      -1.42           71.93    MCDONALD'S CORP                  -0.40       -0.34         85.01
CATERPILLAR INC                     -1.14      -1.23          106.93    MERCK & CO. INC.                 -0.14       -0.05         35.63
CHEVRON CORP                        -0.02      -0.02          104.39    MICROSOFT CORP                   -0.34       -0.09         26.54
CISCO SYSTEMS INC                   +1.10      +0.17           15.60    PFIZER INC                       -0.20       -0.04         20.00
COCA-COLA CO/THE                    -0.37      -0.25           67.85    PROCTER & GAMBLE CO/THE          -0.29       -0.19         64.53
DU PONT (E.I.) DE NEMOURS           -0.84      -0.46           54.34    TRAVELERS COS INC/THE            +0.14       +0.08         58.33
EXXON MOBIL CORP                    -0.01      -0.01           81.89    UNITED TECHNOLOGIES CORP         -0.75       -0.67         88.46
GENERAL ELECTRIC CO                 -1.34      -0.25           18.38    VERIZON COMMUNICATIONS INC       -0.08       -0.03         37.09
HEWLETT-PACKARD CO                  -0.09      -0.03           35.26    WAL-MART STORES INC              +0.09       +0.05         53.92
HOME DEPOT INC                      -0.72      -0.26           36.10    WALT DISNEY CO/THE               -0.18       -0.07         39.15
Source: Bloomberg                                                       Source: Bloomberg

Commodities & Currencies
Commodities                        % Chg        Chg          Last       Currencies                    Price of S$1       Price of US$1
GOLD SPOT US$ / OZ                  +0.04      +0.65     1,567.70       AUSTRALIAN DOLLAR                       0.7701             1.0598
SILVER SPOT US$ / OZ                +0.07      +0.02        36.10       CANADIAN DOLLAR                         0.7886             0.9666
WTI Cushing Crude Oil Spot Px       +2.40      +2.28        97.43       EURO                                    0.5840             1.3976
                                                                        BRITISH POUND                           0.5129             1.5913
                                                                        US DOLLAR                               0.8162             1.0000
Commodities                        % Chg        Chg         Last        CHINA RENMINBI                          5.2820             6.4721
Malaysian Rubber Board Standard     -1.52     -20.25     1314.50        HONG KONG DOLLAR                        6.3621             7.7948
PALM OIL (RM$/METRIC TON)           -0.29      -9.00     3084.50        JAPANESE YEN                           64.6800            79.2400
                                                                        KOREAN WON                           870.3649          1066.4300
Index                              % Chg        Chg             Last    MALAYSIAN RINGGIT                       2.4749             3.0323
 DOLLAR INDEX SPOT                  -0.00      -0.00           76.09    THAI BAHT                              24.7253            30.3000
Source: Bloomberg                                                       Source: Bloomberg


US Treasury Yields
Maturity                                                               Today         Yesterday        Last Week              Last Month
3 Months                                                                0.01                0.00             0.00                   0.02
6 Months                                                                0.05                0.05             0.06                   0.08
2 Years                                                                 0.35                0.35             0.42                   0.40
3 Years                                                                 0.58                0.60             0.73                   0.70
5 Years                                                                 1.43                1.47             1.68                   1.56
10 Years                                                                2.88                2.92             3.12                   2.97
30 Years                                                                4.17                4.21             4.37                   4.18


Yield Spread (10 yrs - 3 mths)                         2.87
Yield Spread (10 yrs - 2 yrs)                          2.53
Source: Data provided by ValuBond – http://www.valubond.com
   Morning note                                                                                                                13 July 2011


Domestic Interbank Rates - Singapore
                          Singapore
                        Overnight Rate           Overnight       1-Month          2-Month           3-Month          6-Month          12-Month
                          Average*
    7/5/2011                0.0332                 0.01            0.25             0.31              0.38             0.44              0.56
    7/6/2011                0.0575                 0.06            0.25             0.31              0.38             0.44              0.56
    7/7/2011                0.0544                 0.01            0.25             0.31              0.38             0.44              0.56
    7/8/2011                0.0332                 0.02            0.25             0.31              0.38             0.44              0.56
    7/11/2011               0.0385                 0.01            0.25             0.31              0.38             0.44              0.56
    7/12/2011               0.0249                 0.03            0.25             0.31              0.38             0.44              0.56
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
EOC Ltd                                                                    July 13, 2011
Berger International Ltd                                                   July 14, 2011
CapitaCommercial Trust                                                     July 14, 2011
M1 Ltd/Singapore                                                           July 14, 2011
BH Global Marine Ltd                                                       July 15, 2011
CapitaRetail China Trust                                                   July 15, 2011
Dyna-Mac Holdings Ltd                                                      July 15, 2011
Inno-Pacific Holdings Ltd                                                  July 15, 2011
Miyoshi Precision Ltd                                                      July 15, 2011
Ascendas Real Estate Investment Trust                                      July 18, 2011
K-Green Trust                                                              July 18, 2011
K-REIT Asia                                                                July 18, 2011
Qian Hu Corp Ltd                                                           July 18, 2011
TEE International Ltd                                                      July 18, 2011
Cambridge Industrial Trust                                                 July 19, 2011
CapitaMall Trust                                                           July 19, 2011
Ezra Holdings Ltd                                                          July 19, 2011
Keppel Telecommunications & Transportation Ltd                             July 19, 2011
Thomson Medical Centre Ltd                                                 July 19, 2011
Aztech Group Ltd                                                           July 20, 2011
First Ship Lease Trust                                                     July 20, 2011
Keppel Land Ltd                                                            July 20, 2011
Source: Bloomberg
  Morning note                                                                                                         13 July 2011


Economic Announcement
US                                                                   Singapore
Date      Statistic                    For      Survey     Prior     Date      Statistic                     For      Survey   Prior
                                                                               Advance GDP Estimate
7/13/2011   Fed Releases Minutes from June 21-22 FOMC Meeting        7/14/2011                               2Q P     -2.6%    22.5%
                                                                               (QoQ)
            MBA Mortgage                                                       Advance GDP Estimate
7/13/2011                              8-Jul    --         -5.2%     7/14/2011                               2Q P     1.0%     8.3%
            Applications                                                       (YoY)
                                                                               Retail Sales Ex Auto
7/13/2011   Import Price Index (MoM)   JUN      -0.6%      0.2%      7/15/2011                               MAY      --       10.1%
                                                                               (YoY)
7/13/2011   Import Price Index (YoY)   JUN      13.2%      12.5%     7/15/2011   Retail Sales (YoY)          MAY      7.8%     8.1%

            Monthly Budget
7/14/2011                              JUN      -$47.9B    -$57.6B   7/15/2011   Retail Sales (MoM) sa       MAY      -2.1%    5.7%
            Statement
            Producer Price Index
7/14/2011                              JUN      -0.2%      0.2%      7/18/2011   Electronic Exports (YoY)    JUN      --       -15.2%
            (MoM)
            PPI Ex Food & Energy                                                 Non-oil Domestic Exports
7/14/2011                              JUN      0.2%       0.2%      7/18/2011                               JUN      4.2%     7.8%
            (MoM)                                                                (YoY)
            Producer Price Index                                                 Non-oil Domestic Exp SA
7/14/2011                              JUN      7.4%       7.3%      7/18/2011                               JUN      -1.6%    7.5%
            (YoY)                                                                (MoM)
            PPI Ex Food & Energy                                                 Automobile COE Open
7/14/2011                              JUN      2.2%       2.1%      7/20/2011                               20-Jul   --       55989
            (YoY)                                                                Bid Cat A
                                                                                 Automobile COE Open
7/14/2011   Advance Retail Sales       JUN      -0.1%      -0.2%     7/20/2011                               20-Jul   --       68501
                                                                                 Bid Cat B
                                                                                 Automobile COE Open
7/14/2011   Retail Sales Less Autos    JUN      0.0%       0.3%      7/20/2011                               20-Jul   --       68811
                                                                                 Bid Cat E
            Retail Sales Ex Auto &
7/14/2011                              JUN      0.4%       0.3%      7/25/2011   CPI (MOM) - NSA             JUN      --       0.6%
            Gas
7/14/2011   Initial Jobless Claims     9-Jul    412K       418K      7/25/2011   CPI (YoY)                   JUN      --       4.5%
                                                                                 Industrial Production
7/14/2011   Continuing Claims          2-Jul    3680K      3681K     7/26/2011                               JUN      --       -3.8%
                                                                                 MoM SA
            Bloomberg Consumer
7/14/2011                              10-Jul   --         -45.5     7/26/2011   Industrial Production YoY   JUN      --       -17.5%
            Comfort
Source: Bloomberg                                                    Source: Bloomberg
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