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					   Singapore
      18/04/2011


   Traders Spectrum

   DBS Group Research. Equity                                            18 April 2011

     Weekly Focus                                                         Straits Times Index                                  FTSE Small Cap Index
                                                                           3,400             STI Index                        630             FTSE Small Cap Index
                                                                           3,300                                              610
     KEY POINTS                                                            3,200                                              590
                                                                           3,100                                              570

            STI heading for 3210 by early May before pullback. Near-       3,000                                              550
                                                                           2,900                                              530
            term support 3125, strong at 3070
                                                                           2,800                                              510
                                                                           2,700                                              490
            Maintain our bullish view for Singapore rig builders.          2,600                                              470
            Interest on Cosco Corp will pick up on expectation of              Apr-10   Jul-10   Oct-10   Jan-11   Apr-11       Apr-10        Jul-10        Oct-10      Jan-11   Apr-11

            more contract wins and strong chance of blowing our
            YTD order win forecast.                                       STI and 12-mth forward PE                            Brent Crude Oil
                                                                                                                                 US$/barrel
                                                                                                                                1 40                    Brent Crude Oil
     Weekly Comments
                                                                                                                                1 30
                                                                                                                                1 20
     We maintain our view that the recent low at STI 2920 is                                                                    1 10
     significant. Singapore’s stronger-than-expected 1Q GDP                                                                     1 00
     estimates and the strong SGD policy should underpin equities                                                                   90

     even in the face of near-term uncertainties such as inflation                                                                  80

     pressure, end of QE2 in the US and disruption following the                                                                    70
                                                                                                                                    60
     Japan earthquake. Fundamentally, we have a year-end target                                                                      Apr-10      Ju l- 10      Oct-10      Jan-11     Apr-11
     of 3500. Technically, STI can still trend higher to test
                                                                          Source: Datastream, DBSV Research
     resistance at 3210 by early May, before a pullback to the
     near-term support at 3125.

     The upside surprise in Singapore’s 1Q GDP estimates was due          FTSE Indices 5-Day Performance
     to strength in the manufacturing sector, likely from the                                                             Index @                 1 Wk %
     electronics and precision engineering clusters. This underpins        FTSE Sectoral Indices                     15 Apr 2011                     Chg             YTD % Chg
     technology stocks. Our sector picks are Venture Corp, Hi-P            STI                                          3,153.30                     -1.1                  -1.2
     and Amtek Engineering. However, we are cautious on                    Mid Cap                                           774.72                         -1.1                    -3.9
     Broadway due to HDD demand weakness, higher labour costs              Small Cap                                         559.79                         -1.5                    -7.4

     and relocation expenses.                                              All Share                                         777.09                         -1.1                    -2.0
                                                                           China                                             309.39                         -0.6                    -5.4
     Inflation remains a key concern, brought about in part by high        Real Estate                                       703.38                         -0.5                    -3.6
     oil and food prices. We remain especially watchful of margin          Real Estate & Dev                                 728.42                         -0.6                    -4.1
                                                                           Real Estate Inv Trust                             663.33                         -0.4                    -2.9
     pressure on small downstream players. One example is Super
                                                                           Oil & Gas                                         766.76                         -2.4                     7.0
     Group that continues to face stubbornly high coffee prices.
                                                                           Basic M aterials                                  304.14                         -4.0                    -6.8
                                                                           Industrials                                       763.90                         -1.4                    -2.2
     Finally, we continue to like Singapore rig builders. Cosco Corp
                                                                           Consumer Goods                                    725.31                         -2.5                    -9.2
     and Keppel Corp continued to secure fresh orders last week.
                                                                           Health Care                                      1,382.91                         3.6                     2.4
     Among the 3 rig builders, Cosco Corp offers the highest
                                                                           Consumer Service                                   936.02                        -0.9                    -5.6
     upside potential to our target price and the best potential of
                                                                           Telecommunication                                 769.58                         -0.3                     0.9
     surpassing our current order win forecast. Buy the stock.
                                                                           Utilities                                         530.61                          0.0                    -4.9
                                                                           Financials                                        768.43                         -0.6                    -0.7
                                                                           Technology                                        725.01                         -4.8                 -15.3
                                                                          Source: DBS Vickers, Bloomberg




Yeo Kee Yan (65) 6398 7955 keeyan@dbsvickers.com / Janice Chua (65) 6398 7954 janicechua@dbsvickers.com /

Ling Lee Keng (65) 6398 7970 leekeng@dbsvickers.com

www.dbsvickers.com
Refer to important disclosures at the end of this report
sa: JC
                                                                                                                          Singapore
                                                                                                               Traders Spectrum



Singapore’s strong 1Q GDP sets firm backdrop for FY growth


1Q advance GDP estimates released last week showed the                  Our Singapore economist believes that the stronger-than-
Singapore economy expanded by 23.5% (consensus 11.4%)                   expected 1Q GDP estimate reinforces his view that overall
QoQ saar and 8.5% (consensus 5.8%) YoY. This is                         GDP growth this year will come in at 7%, which is higher
significantly higher than consensus expectations. Despite the           than the official forecast range of 4-6%. This is despite near-
high base comparison, the robust sequential growth figure               term growth concerns from high oil and commodity prices
suggests that underlying growth momentum remained fairly                as well as impact from Japan.
robust despite some near term growth concerns.



Table 1: GDP growth by sectors




Source: DBS Research


Implications from the better-than-expected 1Q GDP                       2.     Underpins demand for technology stocks. The key
estimates are:                                                                 upside surprise came from an unexpected 80.2% QoQ
                                                                               saar (13.9% YoY) surge in the manufacturing sector.
1.   It supports our view that the STI has found a significant                 Jan-Feb11 average industrial production growth had
     low (bottom) recently at 2920. We have a 2-3mth STI                       averaged just 7.9% YoY. According to our economist,
     target of 3300 and year-end target of 3500 band based                     the latest advance estimate figure suggests a 9.7%
     on average PE of 14.6x on blended FY11/12F earnings.                      expansion in March’s manufacturing figure. This strong
                                                                               growth is expected to have been driven by the
     Our economist believes that with the 8.5% YoY                             electronics and precision engineering clusters, which
     number, market consensus for 2011 GDP forecast that                       benefitted from a pick-up in business investment in the
     is currently still within the official range of 4-6% will                 region. We had earlier picked the technology sector as
     shift upwards. This is despite an anticipated weak 2Q                     one of the proxies to ride on the recovery in the US
     due to a high base effect, high oil/commodity prices                      economy. Our picks in the technology cluster are
     and the disaster in Japan. Growth is expected to pick up                  Venture Corp, Hi-P and Amtek Engineering. Equally
     again in 2H. Equally important, MAS has re-centred the                    important, our technology analyst sees limited impact
     SGD NEER policy band higher. The SG dollar                                for these companies due to the earthquake in Japan.
     strengthened to as much as 1.243 against the USD last                     However, not all technology stocks ‘Buys’. We are
     week. The strong SGD should help mitigate the                             cautious on Broadway due HDD demand weakness,
     potential threat of liquidity outflow if US bond yields                   higher labour costs and relocation expenses.
     are to rise when QE2 ends at June.



Table 2: Technology stock picks – Buy calls

                  Price   Target    Target     PER    PER Div Yield    Net Debt /     P/BV
 Company
                   ($)     Price    Return    11 (x) 12 (x) 11 (%)    Equity 10 (%)   10 (x)

 Amtek Eng        1.22     1.65     35%        9.0   7.4     5.6             0.9       4.9
 Venture Corp     9.44    11.40     21%       12.4   13.2    5.8          cash         1.4
 Hi-P             1.19     1.43     20%        9.1   8.3     2.2          cash         1.7
Source: DBS Research




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                                                                         Singapore
                                                                  Traders Spectrum



Table 3: Exposure and impact from Japan on technology companies




Source: DBS Research


3.   Inflation remains a big concern, not only in Singapore
     but for Asia as a whole. Our Singapore economist
     forecasts inflation to rise 4.2% in 2011, which is higher
     than MAS’s target range of 3-4% due to high food and
     oil prices.

     China raised bank’s RRR by another 50bps over the
     weekend to 20.5%, a historical high. The PBOC head
     commented that monetary tightening will continue for
     quite some time. Our HK/China economist believes that
     the latest RRR hike is a prelude to another interest rate
     hike soon. If inflation, measured by the CPI remains
     high above 5% in 2Q11 alongside further increases in
     oil and other raw materials prices, there will be more
     pressure to raise interest rates and strengthen the RMB.

     We remain especially watchful of margin pressure on
     small downstream players with little price leadership.
     An example will be 3-in-1 instant coffee manufacturer
     (yes, the kind that is displayed on supermarket shelves
     alongside many other competing brands) Super Group
     because Arabica and Robusta coffee have held
     stubbornly at elevated levels. The price of Arabica
     coffee has surged from about USD135/pound last June
     to USD240/pound by end 2010 and further to the
     current USD283/pound. Robusta coffee surged from
     USD1300/ton last June to USD2080/ton by end 2010
     and further to the current USD2466/ton.




                                                                               Page 3
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Orders continue to flow in for rig builders                               exercised. The chance of this happening is high pending the
                                                                          listing of Sevan Drilling by end April. Recall that the LOI also
Singapore rig builders continued to receive fresh orders last             provides options for up to 2 rigs totalling USD1.05bil (total
week. Among the 3 rig builders, Cosco Corp offers the                     USD1.05bil + USD1.05bil). The carrot for investors buying
highest upside potential to our target price and also stands a            into Cosco Corp shares now is Sevan’s mega contract
good chance of surpassing our current order wins forecast.                potential of USD1.05bil as well as the active enquiry received
                                                                          since 4Q10 that we think will translate into firm orders in
Seadrill exercised the option for one more drill rig (T17) to             the months ahead and generate a strong wave of re-rating.
Cosco Corp worth USD66mil. This lifts total new wins to
USD1.35bil or 54% of our contract wins forecast of                        Meanwhile, Keppel Corp secured 2 orders worth SGD240mil.
USD2.5bil. That’s not all. According to Upstream, there is                The first is for a new prototype multi-purpose dive support
one more outstanding option – T18 for a similar Tender                    construction vessel (DSCV) for SBM Offshore while the
drilling rig from Seadrill, the option expiring end April.                second is for the fast-track upgrading of FPSO East Fortune
                                                                          for Petrofac International. These order wins bring KEP’s FY11
There is definitely upside to our order win assumptions for               YTD order intake to SGD4.9bil or 70% of our FY assumption
Cosco Corp if Sevan’s recent USD1.05bil LOI for drill rigs is             of SGD7bil.



Table 4: Singapore rig builders – Buy calls
                                                 PER PER   Div Net Debt P/BV
                       Price   Target   Target
Company                                          11 12 Yield / Equity 10                  Comments
                        ($)     Price   Return
                                                  (x) (x) 11 (%) 10 (%)  (x)
                                                                              Current wins USD1.35B, achieved
                                                                              54% of USD 2.5B forecast. Will
Cosco Corp             2.33    3.16     36%      17.6 14.9   2.8   0.1    4.4 increase to USD2.4B (96% of
                                                                              current forecast) if contract
                                                                              materializes from Sevan's LOI
                                                                              Current wins USD4.9B, achieved
Keppel Corp        12.52       14.63    17%      14.2 13.5   3.5   cash   3.0
                                                                              70% of USD7B forecast.
                                                                              Current wins USD1.5B (ex ship
SembCorp Marine        5.78    6.63     15%      16.9 15.6   4.4   cash   4.6 repair), achieved 30% of USD5B
                                                                              forecast
Source: DBS Research




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Straits Times Index Technical Outlook

The seemingly unstoppable 3-wk 250pts rally and the accompanying upward momentum were finally knocked off its feet at the
lower edge of the noted resistance band at 3185-3210. STI eased 34pts since it touched 3187 on 8th April.

As a result, the short-term market breadth McClellan Oscillator has retracted from an extreme overbought reading of +50 down to
+14. The daily stochastics have eased to 59 from 99. However, weekly stochastics stayed overbought at 94. In other words, the
overbought technical oscillators have not cooled off sufficiently enough.

Chart 1: McClellan Oscillator (Daily)




Source: DBS Research


It is likely the index is still in the rebound trend that started from 2920. Last week’s pause is simply a very short breather and the
index should trend higher in the next 1-2 weeks before it consolidates a little longer. This means that the near-term support at
3125 holds intact and the STI heads for the next important resistance at around 3210 by early May before consolidating. Support is
strong at the 200-day exponential moving average at 3070 but we do not expect this level to be tested any time soon.

Chart 2: Straits Times Index (Daily)




Source: DBS Research




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Top Large and Small / Mid Cap Picks for the Coming Week

TOP LARGE CAP PICKS
                                                   Ta rg e t
Compa ny                     Re com      Pri c e               Up s i d e   Ca ta lys t
                                                    Pri c e
SembCorp Marine                Buy        5.78       6.63        15%        1) Momentum for order wins remains strong.
                                                                            2) Expect semi-subs to driv e next wav e of orders, benefiting SMM.
                                                                            3) Attractive y ield of 4.4% to provide support.



Cosco Corporation              Buy        2.33       3.16        36%        1) Leading Chinese offshore yard.
                                                                            2) Order flow to cataly se share price.
                                                                            3) Potential injection of strategic stakes by the parent.

Keppel Corp                    Buy       12.52      14.63        17%        1) Key beneficiary of sustained uptick in rig orders.
                                                                            2) Demand for high-spec jackups fav our Singapore yards.
                                                                            3) Options for another 15 jackups worth US$3.2bn
                                                                            prov ide v isibility to order pipeline.

OCBC Bank                      Buy        9.69      11.30        17%        1) Strong growth potential in non-interest income, a key differentiating
                                                                            factor to peers, could driv e ROE higher.
                                                                            2) OCBC seems more aggressive in its regional expansion plans especially
                                                                            in Malay sia, Indonesia and China.
                                                                            3) OCBC's asset quality stacks up best against peers.




TOP SMALL / MID CAP PICKS
                                                   Ta rg e t
Compa ny                     Re com      Pri c e               Up s i d e   Ca ta lys t
                                                    Pri c e
Ezion Holdings                 Buy       0.720       1.09        52%        1) Preferred pick among asset owners.
                                                                            2) Strong growth; multiple v isible driv ers.
                                                                            3) Solid execution track record to date.

Mewah International            Buy       0.990       1.21        22%        1) Beneficiary of a recovery in palm oil output in CY11F -12F .
                                                                            2) Aggressive expansion plan to driv e three-y ear earnings CAGR to
                                                                            15%.
                                                                            3) A cheaper alternativ e to Wilmar.

V enture Corporation           Buy       9.440      11.40        21%        1) Earnings growth backed by steady margin and sustained recov ery in
                                                                            corporate demand and industrial spending.
                                                                            2) Attractive div idend yield of about 6%.
                                                                            3) Potential price upside giv en that stock trades at below historical
                                                                            av erage of 14x-15x PE.


Hi-P International             Buy       1.190       1.43        20%        1) Proxy to iPad and the explosiv e growth of the entire tablet market.
                                                                            2) Business momentum expected to be strong, driv en by new product
                                                                            launches.
                                                                            3) Positiv e cashflow; net cash.



Source: DBSV Research



Our Large Cap picks outperformed the STI, gained 0.3%, vs -
1.1% for the STI. Star performer was Cosco, surged 3.6% on         For this week, we have added SembCorp Marine and Hi-P
a w-o-w basis. However, our Small / Mid Cap stocks                 International to our picks. Momentum for order wins remains
underperformed the market, eased 2.4%, as compared to -            strong for SMM while Hi-P is a proxy to iPad and the explosive
1.5% for the FSTS, mainly dragged down by Mewah and                growth of the entire tablet market.
Venture, both eased more than 3% vs the week before.




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Major research reports released last week
Compa ny / S e ctor      Re c omme nda tion T a rge t Price ( $) Ke y Points



Singapore Strategy       -                   -                 1) STI bottomed at 2920 (-1 SD on forward PE) but uncertainties likely to cap
                                                               near term upside to 3300.
                                                               2) STI target of 3500 (end-2011 target) based on average PE of 14.6x on
                                                               blended FY11/12F earnings.
                                                               3) Earnings downgrades have stabilised, focus on sectors with potential
                                                               earnings upside.
                                                               4) Small caps are back in vogue.

ASEAN Banks              -                   -                 1) Malaysian banks excitement driven by M&As. Thai banks should see the
                                                               investment recovery cycle supporting growth. Indonesian banks are facing
                                                               policy changes and macro pressures.
                                                               2) Within Emerging ASEAN, we still prefer Malaysian banks over Thai and
                                                               Indonesian banks. Singapore banks continue to lag as it waits for rate hikes
                                                               but has lowest downside risks vs. peers.
                                                               3) Top Spore picks: OCBC.

Plantation Companies     -                   -                 1) Mar11 palm oil output rose a faster-than-expected 29% m-o-m to 1.416m
                                                               MT, lifting inventory by 9% to 1.614m MT.
                                                               2) Mar11 palm oil exports rose 11% m-o-m to 1.235m MT after dropping the
                                                               last two months, but rise was lower than estimated.
                                                               3) Apr-May11 stock/usage ratio to fall to 8.6% from 8.9%, before rising
                                                               gradually to 11.4% by year end
                                                               4) Prefer processors and high-growth upstream planters. Top picks listed on
                                                               SGX: Mewah, Wilmar, First Resources

SPH                      HOLD                S$ 4.20 (Prev S$ 1) 2Q within expectations, but watch for rising cost.
                                             4.37)
                                                              2) Ad revenues registered growth, albeit at slower rate.
                                                              3) Clementi Mall fully let, a good mall notwithstanding its price; expect to
                                                              achieve S$14 psf avg rents.
                                                              4) Trim earnings by 4%/1% on higher costs; Maintain Hold, TP: S$4.20. 6%
                                                              dividend yield should support price.

Cosco Corporation        BUY                 S$ 3.16           1) Sevan’s stronger financials post-IPO eases potential default risk.
                                                               2) Good track record and successful penetration into first tier operators raise
                                                               Cosco’s profile on the global stage.
                                                               3) Expect strong price catalysts from robust offshore contract flows.
                                                               4) One of our top picks for the year; Reiterate BUY with TP of S$3.16.

CDL Hospitality Trusts   BUY                 S$ 2.30           1) Studio M Hotel will anchor trust’s position as leading hotelier in Singapore.
                                                               2) Strong tourism industry performance in Jan-Feb’11 bodes well for Singapore
                                                               hospitality sector.
                                                               3) BUY Call, TP S$2.30 maintained.

Olam International       BUY                 S$ 3.30 (Prev S$ 1) Tata Chemical (TCL) injects S$290m in Olam’s Gabon urea project in return
                                             3.20)            for 25.1% stake
                                                              2) Project implicitly valued at US$1,155m – 154% of book value; Olam to
                                                              make US$141m gain.
                                                              3) TCL expertise to help Financial Closing, completion targeted in 4QCY11.
                                                              4) Project to contribute 12%/17% of FY16F/FY17F earnings; Buy for 12%
                                                              upside, 1.6% net dividend yield.

Ezra                     BUY                 S$ 2.20           1) 2Q11 results were below expectations on weaker gross margins and higher
                                                               opex.
                                                               2) Deepwater subsea division gaining traction; new order win brings current
                                                               subsea backlog of US$254m.
                                                               3) Expanding orderbook and enlarged fleet will underpin FY12 earnings; FY11F
                                                               trimmed 11% to reflect weak 2Q.
                                                               4) Maintain BUY, TP S$2.20.
Source: DBS Research


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Shanghai Composite Index                                     Hang Seng Index                                               Taiwan Index
 3,300         Shanghai Comp Index                          25,500           Hang Seng Index                                9,600                 Taiwan Index
                                                            24,500                                                          9,300
 3,100                                                                                                                      9,000
                                                            23,500
                                                                                                                            8,700
 2,900                                                      22,500                                                          8,400
                                                            21,500                                                          8,100
 2,700
                                                                                                                            7,800
                                                            20,500
 2,500                                                                                                                      7,500
                                                            19,500                                                          7,200
 2,300                                                      18,500                                                          6,900
     Apr-10      Jul-10      Oct-10     Jan-11     Apr-11        Apr-10      Jul-10      Oct-10        Jan-11     Apr-11        Apr-10    Jul-10       Oct-10     Jan-11      Apr-11

12 mth:        -3.9%           YTD:             8.4%        12 mth:       8.6%                YTD:             4.2%        12 mth:       8.7%            YTD:             -1.9%
1 mth:         5.1%            1 Wk:            1.2%        1 mth:        5.9%                1 Wk:            -1.1%       1 mth:        6.9%            1 Wk:            -1.1%




Nikkei Index                                                Dow Jones Industrials                                          NASDAQ Index
 11,500                   Nikkei 225 Index                  13,000                   Dow Jones                              3,000                   Nasdaq
                                                                                                                            2,900
 11,000                                                     12,500
                                                                                                                            2,800
                                                            12,000                                                          2,700
 10,500
                                                            11,500                                                          2,600
 10,000                                                                                                                     2,500
                                                            11,000                                                          2,400
  9,500                                                     10,500                                                          2,300
                                                                                                                            2,200
  9,000                                                     10,000
                                                                                                                            2,100
  8,500                                                      9,500                                                          2,000
      Apr-10     Jul-10      Oct-10     Jan-11     Apr-11        Apr-10      Jul-10      Oct-10        Jan-11     Apr-11        Apr-10    Jul-10       Oct-10     Jan-11      Apr-11

12 mth:        -13.8%          YTD:             -5.6%       12 mth:       10.4%               YTD:             6.1%        12 mth:       10.2%           YTD:             4.0%
1 mth:         12.2%           1 Wk:            0.7%        1 mth:        3.6%                1 Wk:            -1.0%       1 mth:        3.5%            1 Wk:            -1.3%




USD/SGD                                                     USD/JPY                                                        Euro/USD
 1.44                     usd/SGD                           96                      usd/JPY                                 1.50                  Euro/USD
                                                            94
 1.40                                                                                                                       1.45
                                                            92
                                                            90                                                              1.40
 1.36
                                                            88                                                              1.35
 1.32                                                       86
                                                            84                                                              1.30
 1.28                                                       82                                                              1.25
                                                            80
 1.24                                                                                                                       1.20
                                                            78
 1.20                                                       76                                                              1.15
    Apr-10      Jul-10      Oct-10     Jan-11      Apr-11    Apr-10       Jul-10       Oct-10         Jan-11      Apr-11       Apr-10    Jul-10       Oct-10     Jan-11       Apr-11

12 mth:        -9.2%           YTD:             -2.8%       12 mth:       -10.4%              YTD:             2.9%        12 mth:       5.8%            YTD:             8.6%
1 mth:         -2.8%           1 Wk:            -1.1%       1 mth:        3.5%                1 Wk:            -1.7%       1 mth:        3.6%            1 Wk:            0.9%




USD/RMB                                                     SGD/RMB                                                        A$/SGD
 6.85                      Usd/RMB                          5.30                     sgd/RMB                                1.34                     A$/SGD
                                                                                                                            1.32
 6.80                                                       5.20                                                            1.30
 6.75                                                                                                                       1.28
                                                            5.10
 6.70                                                                                                                       1.26
                                                            5.00                                                            1.24
 6.65                                                                                                                       1.22
                                                            4.90                                                            1.20
 6.60
                                                            4.80                                                            1.18
 6.55
                                                                                                                            1.16
 6.50                                                       4.70                                                            1.14
    Apr-10      Jul-10      Oct-10     Jan-11      Apr-11      Apr-10      Jul-10       Oct-10        Jan-11      Apr-11       Apr-10    Jul-10       Oct-10     Jan-11      Apr-11

12 mth:        -4.3%           YTD:             -0.9%       12 mth:       5.4%                YTD:             1.6%        12 mth:       2.5%            YTD:             0.7%
1 mth:         -0.6%           1 Wk:            -0.2%       1 mth:        1.6%                1 Wk:            0.7%        1 mth:        3.4%            1 Wk:            -0.3%



Source: Datastream, DBS Research


                                                                                                                                                                                  Page 8
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Baltic Dry Index                                                Volatility Index                                                 Fed Funds Rate
 4,800             Baltic Dry Index                             50             Volatility Index                                      0.30                   Fed Funds Rate
 4,300                                                          45                                                                   0.25
 3,800                                                          40
 3,300                                                                                                                               0.20
                                                                35
 2,800                                                          30                                                                   0.15
 2,300                                                          25                                                                   0.10
 1,800                                                          20
 1,300                                                                                                                               0.05
                                                                15
  800                                                           10                                                                   0.00
    Apr-10       Jul-10      Oct-10       Jan-11      Apr-11     Apr-10      Jul-10       Oct-10           Jan-11      Apr-11           Apr-10      Jul-10         Oct-10         Jan-11      Apr-11

12 mth:         -55.9%            YTD:             -26.2%
1 mth:          -15.4%            1 Wk:            -6.6%



Brent Crude Oil                                                 Palm Oil                                                         Soya Oil
 US$/barrel                                                       MYR/MT                                                              US$/l
 130                   Brent Crude Oil                           4200                    Palm Oil                                    60                      Soya Oil
 120                                                             3800                                                                55
 110
                                                                 3400                                                                50
 100
                                                                 3000                                                                45
  90
                                                                 2600                                                                40
  80
  70                                                             2200                                                                35
  60                                                             1800                                                                30
   Apr-10       Jul-10      Oct-10        Jan-11      Apr-11        Apr-10      Jul-10      Oct-10          Jan-11     Apr-11         Apr-10       Jul-10        Oct-10          Jan-11      Apr-11

12 mth:         42.1%             YTD:             32.1%        12 mth:        31.4%              YTD:              -8.5%            12 mth:       47.2%                YTD:              3.6%
1 mth:          10.5%             1 Wk:            0.2%         1 mth:         1.2%               1 Wk:             0.4%             1 mth:        11.0%                1 Wk:             -2.4%



Aluminium                                                       Tin                                                              Steel
   US$/MT                                                          US$/MT                                                                RMB/MT
 2500                     Aluminium                              34000                     Tin                                         5300                  Steel (rebar)
 2400                                                                                                                                  5100
                                                                 30000
 2300                                                                                                                                  4900
 2200                                                            26000                                                                 4700
 2100                                                                                                                                  4500
 2000                                                            22000                                                                 4300
 1900                                                                                                                                  4100
                                                                 18000
 1800                                                                                                                                  3900
 1700                                                            14000                                                                 3700
    Apr-10       Jul-10      Oct-10        Jan-11      Apr-11        Apr-10       Jul-10         Oct-10       Jan-11        Apr-11        Apr-10       Jul-10           Oct-10      Jan-11        Apr-11
12 mth:         4.6%              YTD:             3.9%          12 mth:        71.5%               YTD:              19.6%           12 mth:         7.4%                YTD:              8.8%
1 mth:          0.8%              1 Wk:            0.2%          1 mth:         12.7%               1 Wk:             -1.0%           1 mth:          4.3%                1 Wk:             1.8%




Copper                                                          Nickel                                                           Gold
   US$/MT                                                          US$/MT                                                            US$/Ounce
 10500                   Copper                                  30000                      Nickel                                   1500                       Gold
                                                                 28000                                                               1450
  9500
                                                                 26000                                                               1400
  8500                                                                                                                               1350
                                                                 24000
                                                                                                                                     1300
  7500                                                           22000
                                                                                                                                     1250
                                                                 20000                                                               1200
  6500
                                                                 18000                                                               1150
  5500                                                           16000                                                               1100
       Apr-10     Jul-10     Oct-10       Jan-11      Apr-11          Apr-10     Jul-10      Oct-10          Jan-11     Apr-11            Apr-10     Jul-10       Oct-10         Jan-11      Apr-11
12 mth:         18.6%             YTD:             -2.7%        12 mth:        -2.0%              YTD:              4.4%             12 mth:       26.7%                YTD:              3.5%
1 mth:          3.1%              1 Wk:            -2.7%        1 mth:         4.5%               1 Wk:             -3.7%            1 mth:        5.0%                 1 Wk:             0.6%


Source: Datastream, DBS Research



                                                                                                                                                                                                   Page 9
                                                                                                                                                               Singapore
                                                                                                                                             Traders Spectrum




Straits Times Index
                                                                                          Avg Vol for the
                                                              Last Price   Last Day Vol       Week          Rel STI MTD   Rel STI QTD   Rel STI YTD   Weight    Actual Mkt Cap
S/No.   B'berg Code   Stock Name                     Crncy   15-Apr-11      (000 Shrs)      (000 Shrs)          (%)           (%)           (%)        (%)          (S$m)
1       DBS SP        DBS GROUP HOLDINGS LTD         SGD       14.66          3,882           8,254             (1)           (1)           4          8.87        33,854
2       ST SP         SINGAPORE TELECOMMUNICATIONS   SGD       3.06          15,879           16,780            (0)           (0)           1          8.50        48,764
3       OCBC SP       OVERSEA-CHINESE BANKING CORP   SGD       9.69           5,431           3,942             (0)           (0)           (1)        8.49        32,321
4       UOB SP        UNITED OVERSEAS BANK LTD       SGD       19.58          2,875           2,020             3             3             9          8.01        30,548
5       HKL SP        HONGKONG LAND HOLDINGS LTD     USD       7.21           2,098           1,372             1             1             1          5.40        20,215
6       KEP SP        KEPPEL CORP LTD                SGD       12.52          5,272           4,022             0             0             12         5.26        20,234
7       JM SP         JARDINE MATHESON HLDGS LTD     USD       45.88           146             120              1             1             5          5.17        36,901
8       WIL SP        WILMAR INTERNATIONAL LTD       SGD       5.24           7,910           5,044             (6)           (6)           (6)        4.67        33,535
9       GENS SP       GENTING SINGAPORE PLC          SGD       2.09          47,291           62,067            0             0             (3)        4.44        25,480
10      CAPL SP       CAPITALAND LTD                 SGD       3.41          12,325           14,853            2             2             (7)        3.78        14,557
11      NOBL SP       NOBLE GROUP LTD                SGD       2.15          21,016           22,964            (1)           (1)           0          3.39        13,647
12      SGX SP        SINGAPORE EXCHANGE LTD         SGD       8.15           2,275           2,183             2             2             (2)        3.05         8,732
13      FNN SP        FRASER AND NEAVE LTD           SGD       6.24           2,238           3,809             2             2             (2)        3.04         8,780
14      SIA SP        SINGAPORE AIRLINES LTD         SGD       14.08          1,273           2,156             1             1             (7)        2.92        16,829
15      CIT SP        CITY DEVELOPMENTS LTD          SGD       11.60           848            1,541             (1)           (1)           (6)        2.77        10,548
16      JS SP         JARDINE STRATEGIC HLDGS LTD    USD       27.68           404             126              2             2             1          2.67        38,395
17      GGR SP        GOLDEN AGRI-RESOURCES LTD      SGD       0.70          92,441           53,377            (1)           (1)          (12)        2.21         8,436
18      SPH SP        SINGAPORE PRESS HOLDINGS LTD   SGD       3.93           1,829           4,141             (2)           (2)           (0)        2.19         6,269
19      JCNC SP       JARDINE CYCLE & CARRIAGE LTD   SGD       36.70           219             264              (1)           (1)           1          1.83        13,053
20      STE SP        SINGAPORE TECHNOLOGIES ENG     SGD       3.24           2,092           2,385             (2)           (2)           (4)        1.72         9,885
21      SMM SP        SEMBCORP MARINE LTD            SGD       5.78           3,173           4,122             (3)           (3)           9          1.68        12,028
22      SCI SP        SEMBCORP INDUSTRIES LTD        SGD       5.32           1,979           1,569             1             1             5          1.66         9,495
23      OLAM SP       OLAM INTERNATIONAL LTD         SGD       2.94           7,161           3,938             3             3             (5)        1.64         6,265
24      CT SP         CAPITAMALL TRUST               SGD       1.89           3,504           3,595             (1)           (1)           (2)        1.56         6,020
25      GLP SP        GLOBAL LOGISTICS               SGD       2.00          11,664           62,067            5             5             (6)        1.26         9,191
26      CD SP         COMFORTDELGRO CORP LTD         SGD       1.55           3,136           2,590             (2)           (2)           1          1.13         3,240
27      CMA SP        CAPITAMALLS ASIA LTD           SGD       1.88           4,343           2,934             4             4             (2)        1.02         7,304
28      NOL SP        NEPTUNE ORIENT LINES LTD       SGD       1.94          17,074           18,015            (2)           (2)          (10)        0.69         5,014
29      STH SP        STARHUB LTD                    SGD       2.83           2,014           1,336             3             3             9          0.68         4,852
30      SIE SP        SIA ENGINEERING CO LTD         SGD       4.19            184             315              2             2             0          0.32         4,573

Source: Bloomberg, DBS Vickers




                                                                                                                                                                        Page 10
                                                                                                                                                                     Singapore
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At A Glance                                          Announced Dividends and Capital Issues
Currencies                                           Company                             Type      Particulars                                      Ex Date   Rec. Date Paid/ Payable

                                                     HUANENG POWER INTL ADR 10           DIVIDEND USD 1.07736                                     18-Apr-11   20-Apr-11
                                                     CEI CONTRACT MANUFACTURING LTD      DIVIDEND SGD 0.00166 ONE-TIER TAX                        19-Apr-11   21-Apr-11      9-May-11
                                                     CEI CONTRACT MANUFACTURING LTD      DIVIDEND SGD 0.007 ONE-TIER TAX                          19-Apr-11   21-Apr-11      9-May-11
                                                     OVERSEA-CHINESE BANKING CORP        DIVIDEND SCRIPDIVSCHEME SGD 0.15 ONE-TIER TAX            19-Apr-11   21-Apr-11     13-Jun-11
                                                     STARHUB LTD                         DIVIDEND SGD 0.05 ONE-TIER TAX                           19-Apr-11   21-Apr-11      6-May-11
                                                     MEIBAN GROUP LTD                    DIVIDEND SGD 0.01 ONE-TIER TAX                           20-Apr-11   25-Apr-11      6-May-11
                                                     MINDRAY MEDICAL INTL ADR 10         DIVIDEND USD 0.26                                        20-Apr-11   25-Apr-11
Other Important Indicators                           ROKKO HOLDINGS LTD.                 DIVIDEND SGD 0.005 ONE-TIER TAX                          20-Apr-11   25-Apr-11      6-May-11
                                                     HIAP HOE LIMITED                    DIVIDEND SGD 0.0025 ONE-TIER TAX                         21-Apr-11   26-Apr-11     11-May-11
                                                     KEPPEL TELE & TRAN                  DIVIDEND SGD 0.035 ONE-TIER TAX                          21-Apr-11   26-Apr-11      6-May-11
                                                     AZTECH GROUP LTD.                   DIVIDEND SGD 0.003 ONE-TIER TAX                          25-Apr-11   27-Apr-11     12-May-11
                                                     ROTARY ENGINEERING LIMITED          DIVIDEND SGD 0.038 ONE-TIER TAX                          25-Apr-11   27-Apr-11     12-May-11
                                                     SINGAPORE TECH ENGINEERING LTD      DIVIDEND SGD 0.04 ONE-TIER TAX                           25-Apr-11   27-Apr-11     19-May-11
                                                     SINGAPORE TECH ENGINEERING LTD      DIVIDEND SGD 0.0755 ONE-TIER TAX                         25-Apr-11   27-Apr-11     19-May-11
                                                     CHINA ANIMAL HEALTHCARE LTD.        DIVIDEND CNY 0.022                                       26-Apr-11   28-Apr-11     20-May-11
                                                     COLEX HOLDINGS LIMITED              DIVIDEND SGD 0.003 ONE-TIER TAX                          26-Apr-11   28-Apr-11     13-May-11
Important Dates (Singapore)                          KEPPEL CORPORATION LIMITED          BONUS     OFFER OF 1 FOR 10                              26-Apr-11   28-Apr-11
 Event                          Period        Date   KEPPEL CORPORATION LIMITED          DIVIDEND SGD 0.26 ONE-TIER TAX                           26-Apr-11   28-Apr-11     10-May-11
 Electronic Exports (YoY)        MAR     18-Apr-11   KEPPEL LAND LIMITED                 DIVIDEND DIV REINV SCH SGD 0.09 ONE-TIER TAX             26-Apr-11   28-Apr-11     20-Jun-11
 Non-oil Domestic Exports (YoY) MAR      18-Apr-11   NERATELECOMMUNICATIONS LTD          DIVIDEND SGD 0.04 ONE-TIER TAX                           26-Apr-11   28-Apr-11     12-May-11
 Non-oil Domestic Exp SA (MoM MAR        18-Apr-11   NORDIC GROUP LIMITED                DIVIDEND SGD 0.0053 ONE-TIER TAX                         26-Apr-11   28-Apr-11     16-May-11
 Industrial Production MoM SA   MAR      18-Apr-11   PAN-UNITED CORPORATION LTD          DIVIDEND SGD 0.015 ONE-TIER TAX                          26-Apr-11   28-Apr-11     11-May-11
 Non-oil Domestic Exports (YoY) MAR      18-Apr-11
                                                     SEMBCORP INDUSTRIES LTD             DIVIDEND SGD 0.15 ONE-TIER TAX                           26-Apr-11   28-Apr-11     13-May-11
 Non-oil Domestic Exp SA (MoM MAR        18-Apr-11
                                                     SEMBCORP INDUSTRIES LTD             DIVIDEND FINAL SGD 0.02 ONE-TIER TAX                     26-Apr-11   28-Apr-11     13-May-11
 Industrial Production MoM SA   MAR      18-Apr-11
                                                     SEMBCORP MARINE LTD                 DIVIDEND SGD 0.06 ONE-TIER TAX                           26-Apr-11   28-Apr-11     11-May-11
 Automobile COE Open Bid Cat     APR     20-Apr-11
                                                     SEMBCORP MARINE LTD                 DIVIDEND SGD 0.25 ONE-TIER TAX                           26-Apr-11   28-Apr-11     11-May-11
 Automobile COE Open Bid Cat     APR     20-Apr-11
                                                     TOTAL ACCESS COMM PUB CO LTD        DIVIDEND THB 3.21 LESS TAX                               26-Apr-11   28-Apr-11     19-May-11
 Automobile COE Open Bid Cat     APR     20-Apr-11
 CPI (MOM) - NSA                MAR      25-Apr-11
                                                     Upcoming IPOs
 CPI (YoY)                      MAR      25-Apr-11
                                                     Company                                              Total Shares (m)          Price Range (S$)          Trading Date
 Industrial Production MoM SA   MAR      26-Apr-11
 Unemployment Rate (sa)          1Q      29-Apr-11   Mapletree Commercial Trust                                  1.02bn                 S$0.84-S$0.91         27/04/2011
 Electronics Sector Index        APR      4-May-11   Recent IPO Trading
 Automobile COE Open Bid Cat MAY          4-May-11
 Automobile COE Open Bid Cat MAY          5-May-11                                                                     Eqy Init
 Automobile COE Open Bid Cat MAY          5-May-11                          Company Name                               Po Sh Px     Px Last                   ICB Sector Name
 Retail Sales (YoY)             MAR      13-May-11   ZBR SP Equity          Zhongmin Baihui Retail Group Ltd               0.30         0.755                  General Retailers
 Retail Sales (MoM) sa          MAR      13-May-11   HHL SP Equity          Harry's Holdings Ltd                           0.22         0.150                   Travel & Leisure
 Automobile COE Open Bid Cat MAY         19-May-11   XMH SP Equity          XMH Holdings Ltd                               0.25         0.225            Industrial Engineering
 Automobile COE Open Bid Cat MAY         19-May-11
                                                     SMELT SP Equity Malaysia Smelting Corp Bhd                            1.66         1.700      Industrial Metals & Mining
 Automobile COE Open Bid Cat MAY         19-May-11
                                                     STA SP Equity          Sri Trang Agro-Industry PCL                    1.15         1.270                             Chemicals
 CPI (MOM) - NSA                 APR     23-May-11
                                                     UEEC SP Equity         UE E&C Ltd                                     0.48         0.470        Construction & Materials
 CPI (YoY)                       APR     23-May-11
                                                     CHGL SP Equity         Chew's Group Ltd                               0.25         0.245                    Food Producers
                                                     DMHL SP Equity         Dyna-Mac Holdings Ltd                          0.35         0.670   Oil Equipment, Services & Dist
                                                     HPHT SP Equity         Hutchison Port Holdings Trust                  1.01         0.945         Industrial Transportation




Source: Bloomberg




                                                                                                                                                                                 Page 11
                                                                                                                                                                      Singapore
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ry
Diary April 2011
                  Mon                                Tues                                Wed                                  Thu                                      Fri
                                                                                                                                                 1




     4                              5                                   6                                    7                                   8




                                                                     Automobile COE Open Bid Cat A
                                                                     Automobile COE Open Bid Cat B
                                 Electronics Sector Index Mar        Automobile COE Open Bid Cat E


  11                               12                                  13                                   14                                  15
                                                                     Singapore Press Q2 2011              K Green Trust Q1 2011               CapitaRetail China Trust Q1 2011
                                                                                                          K-REIT Asia Q1 2011                 M1 Q1 2011
                                                                                                          Ezra Holdings Ltd Q2 2011
                                                                                                          EOC Ltd Q2 2011



                                                                                                                                              Retail Sales Ex Auto
                                                                                                          Advance GDP Estimate (YoY)          Retail Sales (YoY)
                                                                                                                                              Retail Sales (MoM) sa


  18                               19                                  20                                   21                                  22
A-REIT FY 2011                   CapitaCommercial Q1 2011            Ascott Residence Trust Q1 2011       Aztech Q1 2011
Keppel T&T Q1 2011               Singapore Exchange Q3 2011          CapitaMall Trust Q1 2011             Broadway Industrial Q1 2011
Qian Hu Q1 2011                  Keppel Land Q1 2011                 First Ship Lease Trust Q1 2011       CapitaMalls Asia Q1 2011
Rickmers Maritime Q1 2011                                            Keppel Corporation Q1 2011           Frasers Centrepoint Trust Q2 2011
                                                                     First Ship Real Investment Q1 2011   Frasers Commercial Trust Q2 2011
                                                                                                          Suntec Reit Q1 2011
Electronic Exports (YoY)
Non-oil Domestic Exports (YoY)
Non-oil Domestic Exp SA (MoM)
Industrial Production MoM SA     Automobile COE Open Bid Cat A
Non-oil Domestic Exports (YoY)   Automobile COE Open Bid Cat B
Non-oil Domestic Exp SA (MoM)    Automobile COE Open Bid Cat E


  25                               26                                  27                                   28                                  29
                                 Cache Logistics Trust Q1 2011       Ascendas India Trust FY 2011         Cambridge Industrial Q1 2011        DBS Group Holdings Q1 2011
                                 CapitaLand Q1 2011                  Flextronics Q4 2011                  China Merchants Holdings Q1 2011
                                 Ho Bee Q1 2011                      Sabana Shari Q1 2011                 Jardine Cycle & Carriage Q1 2011
                                 Mapletree Logistics Trust Q1 2011                                        Tuan Sing Holdings Q1 2011
                                 Osim International Q1 2011
                                 Starhill Global REIT Q1 2011



CPI (MOM) - NSA                                                                                           Unemployment Rate (sa)
CPI (YoY)                        Industrial Production MoM SA



Source: Bloomberg, DBS Vickers




                                                                                                                                                                                 Page 12
                                                                                                                                                   Singapore
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Diary May 2011
                  Mon                        Tues                                  Wed                            Thu                                    Fri
  2                           3                                   4                               5                               6
                           Treasury China Trust Q1 2011        Starhub Q1 2011                 China Aviation Oil Q1 2011
                           United Overseas Insurance Q1 2011                                   HTL International Q1 2011
                                                                                               Hiap Hoe Q1 2011
                                                                                               Parkway Life Q1 2011
                                                                                               Superbowl Q1 2011
                                                                                               Venture Corp Q1 2011
                                                                                               Vicom Q1 2011

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


  9                          10                                  11                              12                              13
Sembcorp Marine Q1 2011    SIA Engineering FY 2011             Sembcrop Industries Q1 2011     InnoTek Ltd Q1 2011             ComfortDelgro Q1 2011
                                                               Superbowl Holdings Q1 2011      Singtel Q4 2011                 First Resources Q1 2011
                                                               Vicom Ltd Q1 2011                                               Frasers & Neave Q2 2011
                                                                                                                               NOL Q1 2011




                                                                                                                               Retail Sales (YoY)
                                                                                                                               Retail Sales (MoM) sa


 16                          17                                  18                              19                              20
                                                                                               AIMS AMP Capital FY 2011
                                                                                               Tiger Airways FY 2011




                                                                                               Automobile COE Open Bid Cat A
                                                                                               Automobile COE Open Bid Cat B
                                                                                               Automobile COE Open Bid Cat E


 23                          24                                  25                              26                              27




CPI (MOM) - NSA
CPI (YoY)


 30                          31




Source: Bloomberg, DBS Vickers




                                                                                                                                                               Page 13
                                                                                                                                            Singapore
                                                                                                                              Traders Spectrum




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)

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                                                                                                                                                    Page 14
                                                                                                                                               Singapore
                                                                                                                                 Traders Spectrum



ANALYST CERTIFICATION
The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies
and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation
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COMPANY-SPECIFIC / REGULATORY DISCLOSURES
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