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					                                                                                              Phillip Securities Research Pte Ltd
                                                                                                                       Singapore
                                                                                                               23 September 2011
(MICA (P) 048/11/2010)
Ref No: SGMN2011_0186
Company Highlights
CapitaLand Ltd announced that its first residential development in Vietnam, The Vista, has been successfully completed on
schedule. It is jointly developed by CapitaLand as the lead developer, Thien Duc Trading Construction Co., Ltd and Phu Gia
Investment Joint Stock Company. The construction of The Vista commenced in January 2008 and was completed on schedule
in September 2011. (Close: S$2.52,-4.18%)

KS Energy Limited announced that KS Drilling Pte Ltd, through one of its subsidiaries, has signed a contract with BP Pakistan
Exploration & Production Inc. to lease and operate its land rig – KS Discoverer 3. Work is expected to commence second half of
October 2011 The rig will operate in Pakistan for a period of one year plus one year renewal option. The total value for the
contract (including the one year renewal option) would be about US$14 million. (Close: S$1.00,-1.96%)

Singapore Press Holdings Limited has appointed Dr Lee Boon Yang as Director to its Board with effect from 1 Oct 2011 with
a view to his eventual appointment as non-executive Chairman. Dr Lee, who will also be appointed a member of the Executive
Committee, Remuneration Committee and Nominating Committee, will be put up for re-election at the SPH Annual General
Meeting on 1 December. If re-elected, he will be appointed Chairman of the Board and Chairman of the Executive Committee.
He will continue as a member on the Remuneration and Nominating Committees. (Close: S$3.72,-0.54%)

Popular Holdings Limited announced that Popular Land Investment Pte Ltd, a wholly-owned subsidiary of the Company, had
successfully acquired the freehold land located at 524 Kampong Bahru Road, Singapore 099455 together with the building
thereon known as Permai Court, at a total purchase consideration of S$20.25 million. (Close: S$0.158,+1.94%)

Marco Polo Marine Ltd announced that the Group has secured a ship building contract worth approximately S$10.5 million, to
construct five deck cargo barges for PT. Pelayaran Nasional Bina Buana Raya, an associated company of the Group. (Close:
S$0.39,-2.50%)

Swiber Holdings Limited announced today that its order book has rocketed close to US$1.0 billion, the highest in the Group’s
corporate history, after securing its single largest contract win this year worth approximately US$155.0 million for an EPIC
pipeline project in South Asia. (Close: S$0.505,unchanged).

Hai Leck Holdings Limited announced that its wholly owned subsidiary, Hai Leck Engineering (Private) Limited, has received a
letter of award from a client for an Engineering, Procurement and Construction contract. The Project, together with other projects
that the Group has secured recently, has increased the Group’s current order book by approximately $73 million.(Close:
S$0.20,unchanged)
Source: SGX Masnet

Local and Regional Markets Headlines
Singapore shares took a tumble on Thursday, with the Straits Times Index plunging 71.26 points to 2,720.53 at the close.
Losers outweighed gainers 413 to 80. Volume traded was 1.37 billion shares, at a turnover of S$1.33 billion.

Hong Kong shares tumbled on Thursday, dragged lower by mainland energy and property counters as investors reacted to
different policy signals from Beijing and as turnover surged to the highest in more than three weeks. The Hang Seng Index
closed down 4.85 per cent at 17,911.95, while the China Enterprises Index closed down 6.31 per cent at 9,202.7.

The Shanghai Composite Index slumped 2.78 per cent to 2,443.06, weighed by large-cap energy issues as A-share turnover
declined from Wednesday's high but hit the second-highest in a month.

The Nikkei stock average lost more than 2 per cent on Thursday, after the Federal Reserve said there were significant
downside risks to the US economy, while Softbank Corp plunged on a report it would lose exclusive rights to sell the iPhone.
  Morning note                                                                                        23 September 2011
The Nikkei ended down 2.1 per cent at 8,560.26. The broader Topix index slipped 1.7 per cent to 744.54.
Source: BT Online, Bloomberg, Reuters, ST, SGX

US Market News
The Dow Jones industrial average dropped 391.01 points, or 3.51 percent, to 10,733.83. The Standard & Poor's 500 Index lost
37.20 points, or 3.19 percent, to 1,129.56. The Nasdaq Composite Index slid 82.52 points, or 3.25 percent, to 2,455.67.

Volume of about 13.24 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq was well above the
daily average of 7.8 billion and the highest since August 10.

Declining stocks outnumbered advancing ones on the NYSE by 2,724 to 343, while on the Nasdaq, decliners beat advancers
2,230 to 353.
Source: Reuters

Director / Substantial Shareholders’ Transactions
Company                                    Substantial Shareholder                          From (%)        To (%)
Lee Kim Tah Hldgs Ltd                      Lee Kim Tah Investments Pte Ltd                  65.88           65.89
China Jishan Hldgs Ltd                     Jin Cheng Int’l Hldgs Ltd                        68.82           68.95
Sinopipe Hldgs Ltd                         Triumpus Capital Ltd                             8.3428          8.3988
Source: SGX Masnet
  Morning note                                                                                                                           23 September 2011

Our Recent Recommendations
                                                                                Price at
                                                                                                     Target          Last Price        Return to
Date          Company                                      Rating           Recommendation                                                         Remarks
                                                                                                    Price (S$)         (S$)            Date (%)
                                                                                  (S$)
              Combine Will International Holdings
22-Sep-11                                                  Buy        M            0.920               2.950              0.900          (2.2)     Results
              Ltd
              Combine Will International Holdings
21-Sep-11                                                  Buy        M            0.920               2.450              0.900          (2.2)     Results
              Ltd
13-Sep-11     Sabana Shari’ah Compliant REIT               Buy        M            0.890               1.120              0.890           0.0      Update
9-Sep-11      M1 Ltd                                       Hold       M            2.560               2.520              2.480            -       Update
9-Sep-11      SingTel Ltd                                  Buy        U            3.170               3.370              3.020          (4.7)     Update
9-Sep-11      StarHub Ltd                                  Hold       M            2.870               3.000              2.870            -       Update
7-Sep-11      ZIWO Holdings Ltd                            Hold       D            0.135               0.150              0.128            -       Update
6-Sep-11      Hu An Cable                                  Buy        M            0.260               0.305              0.225         (13.5)     Results
1-Sep-11      Sunpower                                     Buy        M            0.230               0.375              0.225          (2.2)     Results
31-Aug-11     ComfortDelGro Corporation Ltd                Buy        M            1.345               1.830              1.315          (2.2)     Update
29-Aug-11     Tiger Airways Holdings Ltd                   Hold       U            0.935               0.913              0.880            -       Update
19-Aug-11     CapitaMalls Asia Ltd                         Buy        M            1.175               1.760              1.210           3.0      Update
15-Aug-11     Neptune Orient Lines                         Hold       M            1.170               1.430              1.075            -       Results
                                                                                                                                                   Cease
15-Aug-11     Sunvic Chemical Holdings Limited             -           -           0.535                  -               0.570            -
                                                                                                                                                   Coverage
15-Aug-11     United Overseas Bank                         Hold       M           18.800              20.120              17.330           -       Results
*Calculation is based on share price stated in the reports. Please refer to the individual reports for ratings history.
N - New, U – Upgrade, M – Maintain, D – Downgrade


ETF                                                            % Change                            Change                              Last
ABF SINGAPORE BOND INDX FUND                                                               -2.31                               -0.03                            1.27
CIMB FTSE ASEAN 40                                                                         -3.68                               -0.35                            9.17
DB X-TRACKERS CSI300 ETF                                                                   -4.07                               -0.37                            8.71
DB X-TRACKERS FTSE VIETNAM                                                                 -0.19                               -0.05                           26.32
DB X-TRACKERS FTSE CHINA 25                                                                -6.23                               -1.63                           24.54
DB X-TRACKERS MSCI EUROPE TR                                                               -5.18                               -2.04                           37.38
DB X-TRACKERS MSCI INDONE                                                                  -8.93                               -1.25                           12.75
DB X-TRACKERS MSCI JAPAN TRN                                                               -2.48                               -0.90                           35.42
DB X-TRACKERS MSCI TAIWAN                                                                  -3.89                               -0.65                           16.05
DB X-TRACKERS S&P 500 INV DA                                                             +4.63                                +2.08                            46.99
DB X-TRACKERS S&P CNX NIFTY                                                                -1.22                               -1.31                          105.63
DB X-TRACKERS S&P/ASX 200                                                                  -7.22                               -2.24                           28.79
DBS SINGAPORE STI ETF                                                                      -1.76                               -0.05                            2.79
DBX-TRACKERS EURO STXX 50                                                                  -5.40                               -1.77                           30.99
ISHARES MSCI INDIA ETF                                                                     -5.09                               -0.32                            5.97
LYXOR ETF CHINA ENTERPRISE                                                                 -6.19                               -0.77                           11.67
LYXOR ETF COMMODITY CRB-CD                                                                 -3.25                               -0.10                            2.98
LYXOR ETF HANG SENG INDEX 10                                                               -5.00                               -0.12                            2.28
LYXOR ETF JAPAN TOPIX                                                                      -0.60                               -0.01                            0.99
LYXOR ETF MSCI AC ASIA EX JP                                                               -5.42                               -0.22                            3.84
LYXOR ETF MSCI EMER MKTS-B                                                                 -6.29                               -0.61                            9.09
LYXOR ETF MSCI INDIA                                                                       -0.95                               -0.13                           13.60
LYXOR ETF MSCI KOREA-USD B                                                                 -5.76                               -0.26                            4.25
LYXOR ETF MSCI WORLD-E                                                                     -4.47                               -0.05                            1.11
SPDR GOLD TRUST                                                                            -2.20                               -3.88                          172.20
SPDR STRAITS TIMES INDEX ETF                                                               -2.46                               -0.07                            2.78
UNITED SSE 50 CHINA ETF                                                                    -0.59                               -0.01                            1.68
Source: Bloomberg
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Source: Bloomberg
                                                                                        Source: Bloomberg
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                                                                                                                                                                                                                                                   17911.95
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                                                               80.26
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                                                               -6.40%
                                                                                                                                                                                          -0.00%
                                                                                                                                                                                                                                                   -4.85%
                                                                                                                                                                                                                                                                                                                                                           -2.55%
                                                                                                                                                                                                                                                                                                                                                           DJI




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Source: Bloomberg
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                                                               1.718
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                                                               -7.52%
                                                                                                                                                                                                                                                                                                                                                           -3.51%




                                                                                                                                                                                                                                                   7.55




                                                                                                                                                                                          +0.04%
                                                                                                                                                                                                                                                                                                                                                                      23 September 2011
  Morning note                                                                               23 September 2011


STI – Index Members
Name                           % Chg       Chg       Last   Name                           % Chg       Chg       Last
CAPITALAND LTD                  -4.18     -0.11      2.52   NEPTUNE ORIENT LINES LTD        -3.59     -0.04      1.08
CAPITAMALL TRUST                -2.07     -0.04      1.89   NOBLE GROUP LTD                 -3.83     -0.06      1.51
CAPITAMALLS ASIA LTD            -5.10     -0.07      1.21   OLAM INTERNATIONAL LTD          -4.67     -0.12      2.45
                                                            OVERSEA-CHINESE BANKING
CITY DEVELOPMENTS LTD           -2.93     -0.30      9.95                                   -2.98     -0.25       8.13
                                                            CORP
COMFORTDELGRO CORP LTD          -1.87     -0.03      1.32   SEMBCORP INDUSTRIES LTD         -2.66     -0.10      3.66
DBS GROUP HOLDINGS LTD          -2.10     -0.26     12.10   SEMBCORP MARINE LTD             -2.66     -0.10      3.66
FRASER AND NEAVE LTD            -2.23     -0.13      5.70   SIA ENGINEERING CO LTD          -0.50     -0.02      3.97
GENTING SINGAPORE PLC           -2.40     -0.04      1.63   SINGAPORE AIRLINES LTD          -1.00     -0.11     10.93
GLOBAL LOGISTIC PROPERTIES L    -5.44     -0.10      1.65   SINGAPORE EXCHANGE LTD          -1.18     -0.08      6.71
GOLDEN AGRI-RESOURCES LTD       -2.17     -0.02      0.68   SINGAPORE PRESS HOLDINGS LTD    -0.53     -0.02      3.72
HONGKONG LAND HOLDINGS LTD      -6.73     -0.35      4.85   SINGAPORE TECH ENGINEERING      -1.37     -0.04      2.89
JARDINE CYCLE & CARRIAGE LTD    -6.34     -2.60     38.40   SINGAPORE TELECOM LTD           -1.63     -0.05      3.02
JARDINE MATHESON HLDGS LTD      -4.00     -1.99     47.76   STARHUB LTD                     -1.03     -0.03      2.87
JARDINE STRATEGIC HLDGS LTD     -4.16     -1.15     26.50   UNITED OVERSEAS BANK LTD        -2.37     -0.42     17.33
KEPPEL CORP LTD                 -1.52     -0.13      8.45   WILMAR INTERNATIONAL LTD        -2.27     -0.12      5.16
Source: Bloomberg                                           Source: Bloomberg

Singapore
Indices                        % Chg       Chg       Last   Top Gainers                                Last      Chg
FTSE STRAITS TIMES INDEX        -2.55    -71.26   2720.53   DBXT S&PShort10US$X@                     46.990    +2.080
FTSE ST ALL SHARE INDEX         -2.43    -16.42    658.11   NZ10100F 300901 10                      111.500    +0.884
FTSE ST FLEDGLING INDEX         -1.17     -7.00    588.96   HSI22200BPePW110929@                      1.360    +0.270
FTSE ST MID CAP INDEX           -2.19    -13.92    622.35
FTSE ST SMALL CAP INDEX         -1.58     -6.89    429.52
FTSE ST CHINA INDEX             -3.19     -7.54    229.00   Top Losers                                 Last       Chg
FTSE ST REAL ESTATE INDX        -3.05    -18.15    575.96   DBXT iBoxxKR 5US$X@                     121.280    -11.320
FTSE ST RE INVEST TRUST         -1.69    -10.64    619.07   IS S&P500 10US$@                        115.730     -5.830
FTSE ST OIL & GAS INDEX         -1.90    -10.59    546.77   ACH ADR 10US$                            12.180     -5.500
FTSE ST BASIC MATERIALS         -5.49    -13.76    236.81
FTSE ST INDUSTRIALS INDX        -2.32    -15.41    649.74
FTSE ST CONSUMER GOODS          -2.64    -17.40    642.55   Top Volume                                 Last       Vol
FTSE ST HEALTH CARE INDX        -1.97    -25.78   1280.01   GoldenAgr                                 0.675   121,992
FTSE ST CONSUMER SERVICE        -2.32    -18.96    798.93   HSI18600MBeCW111028@                      0.126    88,308
FTSE ST TELECOMMUNICATE         -1.57    -12.50    783.34   Digiland                                  0.001    69,003
FTSE ST UTILITIES INDEX         -2.26     -9.13    395.00
FTSE ST FINANCIALS INDEX        -2.68    -17.65    639.90   TURNOVER (SHARES)                            1,366,812,880
FTSE ST TECHNOLOGY INDEX        -0.84     -4.73    560.80   TURNOVER (S$)                                1,328,949,875
FTSE SGX SHARIAH 100 IDX        -3.48   -168.18   4665.67   UP                                                     80
FTSE/ASEAN 40 INDEX             -4.92   -476.03   9194.37   DOWN                                                  413
MSCI SINGAPORE FREE             -2.39     -7.66    312.28   UNCHANGED                                             757
Source: Bloomberg                                           Source: SGX
   Morning note                                                                                     23 September 2011


Phillip Securities Research – Singapore Stocks Coverage
Name                                  % Chg        Chg        Last   Name                         % Chg      Chg         Last
                                                                     OVERSEA-CHINESE BANKING
CAMBRIDGE INDUSTRIAL TRUST             +0.00      +0.00       0.48                                 -2.98     -0.25       8.13
                                                                     CORP
CAPITAMALLS ASIA LTD                    -5.10     -0.07       1.21   PARKWAYLIFE REAL ESTATE       +2.70    +0.05        1.91
CDL HOSPITALITY TRUSTS                  -0.89     -0.02       1.68   SATS LTD                      -1.75    -0.04        2.24
CHINA SUNSINE CHEMICAL HLDGS            -2.04     -0.01       0.24   SC GLOBAL DEVELOPMENTS LTD    +0.00    +0.00        1.16
COMBINE WILL INTERNATIONAL H            -2.17     -0.02       0.90   SEMBCORP INDUSTRIES LTD       -2.66    -0.10        3.66
COMFORTDELGRO CORP LTD                  -1.87     -0.03       1.32   SEMBCORP MARINE LTD           -2.66    -0.10        3.66
COSCO CORP SINGAPORE LTD                -2.46     -0.03       0.99   SIA ENGINEERING CO LTD        -0.50    -0.02        3.97
DBS GROUP HOLDINGS LTD                  -2.10     -0.26      12.10   SINGAPORE AIRLINES LTD        -1.00    -0.11       10.93
FRASERS COMMERCIAL TRUST                -0.61     -0.01       0.82   SINGAPORE EXCHANGE LTD        -1.18    -0.08        6.71
GENTING SINGAPORE PLC                   -2.40     -0.04       1.63   SINGAPORE TECH ENGINEERING    -1.37    -0.04        2.89
GOLDEN AGRI-RESOURCES LTD               -2.17     -0.02       0.68   SINGAPORE TELECOM LTD         -1.63    -0.05        3.02
HO BEE INVESTMENT LTD                   -0.74     -0.01       1.35   SMRT CORP LTD                 -0.56    -0.01        1.78
HONG LEONG ASIA LTD                     -2.20     -0.04       1.56   SOUND GLOBAL LTD              -7.48    -0.04        0.50
INDOFOOD AGRI RESOURCES LTD             -5.26     -0.08       1.35   STARHUB LTD                   -1.03    -0.03        2.87
KEPPEL CORP LTD                         -1.52     -0.13       8.45   SUNTEC REIT                   -4.00    -0.05        1.20
KEPPEL LAND LTD                         -2.42     -0.07       2.82   TIGER AIRWAYS HOLDINGS LTD    -2.22    -0.02        0.88
M1 LTD                                  -1.20     -0.03       2.48   UNITED OVERSEAS BANK LTD      -2.37    -0.42       17.33
MERCATOR LINES SINGAPORE LTD            -1.46     -0.00       0.14   WILMAR INTERNATIONAL LTD      -2.27    -0.12        5.16
NEPTUNE ORIENT LINES LTD                -3.59     -0.04       1.08   ZIWO HOLDINGS LTD             -1.54    -0.00        0.13
NOBLE GROUP LTD                         -3.83     -0.06       1.51   Source: Bloomberg
Source: Bloomberg

ADR Stocks
Name                                  % Chg        Chg        Last   Name                         % Chg      Chg         Last
BAIDU INC - SPON ADR                   -3.93      -5.50     134.50   TRINA SOLAR LTD-SPON ADR      +0.00    +0.00       14.88
Source: Bloomberg                                                    Source: Bloomberg

US Stocks Coverage
Name                                  % Chg        Chg        Last   Name                         % Chg      Chg         Last
AMERICAN INTERNATIONAL
                                        -5.84     -1.34      21.61   MGM RESORTS INTERNATIONAL     -4.90     -0.53      10.28
GROUP
BANK OF AMERICA CORP                    -5.02     -0.32       6.06   VISA INC-CLASS A SHARES       -3.41     -3.12      88.30
CITIGROUP INC                           -6.11     -1.56      23.96   WELLS FARGO & CO              -2.28     -0.54      23.17
LAS VEGAS SANDS CORP                    -7.05     -3.40      44.82   Source: Bloomberg
Source: Bloomberg

Major World Indices
Indices                               % Chg        Chg        Last   Indices                      % Chg       Chg        Last
TEL AVIV 100 INDEX                     -4.29     -41.88     933.43   ALL ORDINARIES INDX           -2.62   -108.90    4044.70
HANG SENG INDEX                        -4.85    -912.22   17911.95   S&P/TSX COMPOSITE INDEX       -3.28   -392.50   11562.51
JAKARTA COMPOSITE INDEX                -8.88    -328.35    3369.14   FTSE 100 INDEX                -4.67   -246.80    5041.61
FTSE Bursa Malaysia KLCI               -2.20     -31.23    1387.81   CAC 40 INDEX                  -5.25   -154.14    2781.68
KOSPI INDEX                            -2.90     -53.73    1800.55   DAX INDEX                     -4.96   -269.59    5164.21
NIKKEI 225                             -2.07    -180.90    8560.26   DOW JONES INDUS. AVG          -3.51   -391.01   10733.83
STOCK EXCH OF THAI INDEX               -3.79     -39.00     990.59   S&P 500 INDEX                 -3.19    -37.20    1129.56
SHANGHAI SE COMPOSITE                  -2.78     -69.91    2443.06   NASDAQ COMPOSITE INDEX        -3.25    -82.52    2455.67
TAIWAN TAIEX INDEX                     -3.06    -230.38    7305.50   NYSE Arca Gold BUGS           -7.71    -47.10     564.25
BSE SENSEX 30 INDEX                    -4.13    -704.00   16361.15   Source: Bloomberg
Source: Bloomberg
   Morning note                                                                                                 23 September 2011


US Bellwethers
Name                                  % Chg         Chg            Last    Name                            % Chg             Chg          Last
3M CO                                  -4.51       -3.44          72.90    INTL BUSINESS MACHINES CORP      -2.54           -4.40       168.62
ALCOA INC                              -6.91       -0.75          10.11    INTEL CORP                       -1.48           -0.33        21.62
AMERICAN EXPRESS CO                    -3.32       -1.60          46.63    JOHNSON & JOHNSON                -1.92           -1.21        61.92
AT&T INC                               -1.94       -0.55          27.75    JPMORGAN CHASE & CO              -3.53           -1.07        29.27
BANK OF AMERICA CORP                   -5.02       -0.32           6.06    KRAFT FOODS INC-CLASS A          -1.23           -0.42        33.71
BOEING CO/THE                          -3.77       -2.30          58.72    MCDONALD'S CORP                  -1.75           -1.53        85.99
CATERPILLAR INC                        -6.88       -5.46          73.90    MERCK & CO. INC.                 -2.23           -0.71        31.13
CHEVRON CORP                           -4.35       -4.10          90.17    MICROSOFT CORP                   -3.58           -0.93        25.06
CISCO SYSTEMS INC                      -3.28       -0.52          15.33    PFIZER INC                       -1.96           -0.35        17.49
COCA-COLA CO/THE                       -2.11       -1.46          67.82    PROCTER & GAMBLE CO/THE          -2.94           -1.85        61.17
DU PONT (E.I.) DE NEMOURS              -6.64       -2.96          41.65    TRAVELERS COS INC/THE            -1.68           -0.81        47.38
EXXON MOBIL CORP                       -3.79       -2.73          69.24    UNITED TECHNOLOGIES CORP         -8.76           -6.56        68.31
GENERAL ELECTRIC CO                    -2.21       -0.34          15.04    VERIZON COMMUNICATIONS INC       -0.70           -0.25        35.59
HEWLETT-PACKARD CO                     -4.84       -1.16          22.80    WAL-MART STORES INC              -2.03           -1.04        50.28
HOME DEPOT INC                         -2.33       -0.79          33.05    WALT DISNEY CO/THE               -5.53           -1.73        29.55
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       1,740.13     AUSTRALIAN DOLLAR                       0.7870               0.9742
SILVER SPOT US$ / OZ                   +0.63      +0.22          35.87     CANADIAN DOLLAR                         0.7886               1.0284
WTI Cushing Crude Oil Spot Px          -6.40      -5.49          80.26     EURO                                    0.5695               1.3465
                                                                           BRITISH POUND                           0.4997               1.5343
                                                                           US DOLLAR                               0.7668               1.0000
Commodities                           % Chg         Chg          Last      CHINA RENMINBI                          4.8980               6.3878
Malaysian Rubber Board Standard        -0.39       -5.50      1402.50      HONG KONG DOLLAR                        5.9815               7.8012
PALM OIL (RM$/METRIC TON)              -0.10       -3.00      3074.00      JAPANESE YEN                           58.4500              76.2400
                                                                           KOREAN WON                           904.6265            1179.8500
Index                                 % Chg         Chg            Last    MALAYSIAN RINGGIT                       2.4146               3.1492
 DOLLAR INDEX SPOT                     -0.00       -0.00          78.42    THAI BAHT                              23.6252              30.8000
Source: Bloomberg                                                          Source: Bloomberg


US Treasury Yields
Maturity                                                                  Today         Yesterday        Last Week                  Last Month
3 Months                                                                   0.00                0.00             0.00                      0.00
6 Months                                                                   0.01                0.01             0.01                      0.02
2 Years                                                                    0.19                0.19             0.18                      0.21
3 Years                                                                    0.33                0.33             0.35                      0.37
5 Years                                                                    0.77                0.83             0.94                      0.95
10 Years                                                                   1.72                1.85             2.08                      2.15
30 Years                                                                   2.79                2.99             3.36                      3.49


Yield Spread (10 yrs - 3 mths)                             1.72
Yield Spread (10 yrs - 2 yrs)                              1.53
Source: Data provided by ValuBond – http://www.valubond.com
  Morning note                                                                                                          23 September 2011


Domestic Interbank Rates - Singapore
                         Singapore
                       Overnight Rate         Overnight           1-Month         2-Month           3-Month          6-Month          12-Month
                         Average*
    9/15/2011               0.0772               0.01              0.19             0.19              0.25             0.31              0.44
    9/16/2011               0.0614               0.01              0.19             0.19              0.25             0.31              0.44
    9/19/2011               0.0373               0.02              0.19             0.19              0.25             0.31              0.44
    9/20/2011                0.069               0.01              0.19             0.19              0.25             0.31              0.44
    9/21/2011               0.0527               0.02              0.19             0.19              0.25             0.31              0.44
    9/22/2011               0.0596               0.03              0.19             0.19              0.25             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.
  Morning note                                                                                                      23 September 2011


Calendar

Earning Announcement – Singapore
Name                                                               Expected Report Date
Sunright Ltd                                                       September 23, 2011
Vicplas International Ltd                                          September 23, 2011
New Lakeside Holdings Ltd                                          September 27, 2011
Xpress Holdings Ltd                                                September 27, 2011
Beyonics Technology Ltd                                            September 28, 2011
Gongyou Machines Ltd                                               September 28, 2011
Portek International Ltd                                           September 28, 2011
Far East Group Ltd                                                 September 29, 2011
LifeBrandz Ltd                                                     September 29, 2011
T T J Holdings Ltd                                                 September 29, 2011
Asian Plantations Ltd                                              September 30, 2011
Source: Bloomberg


Economic Announcement
US                                                                  Singapore
Date      Statistic                     For      Survey   Prior     Date      Statistic                     For         Survey   Prior
          Chicago Fed Nat Activity
9/26/2011                               AUG      --       -0.06     9/23/2011   CPI (MOM) - NSA             AUG         0.4%     1.5%
          Index
9/26/2011   New Home Sales              AUG      295K     298K      9/23/2011   CPI (YoY)                   AUG         5.1%     5.4%
                                                                                Industrial Production
9/26/2011   New Home Sales MoM          AUG      -1.0%    -0.7%     9/26/2011                               AUG         -5.0%    0.3%
                                                                                MoM SA
9/26/2011   Dallas Fed Manf. Activity   SEP      --       -11.4     9/26/2011   Industrial Production YoY   AUG         11.2%    7.4%
            S&P/CS 20 City MoM%
9/27/2011                               JUL      0.10%    -0.06%    9/30/2011   Credit Card Bad Debts       AUG         --       15.3M
            SA
            S&P/CS Composite-20
9/27/2011                               JUL      -4.40%   -4.52%    9/30/2011   Credit Card Billings        AUG         --       2897.2M
            YoY
            S&P/CaseShiller Home                                                Bank Loans & Advances
9/27/2011                               JUL      --       141.3     9/30/2011                               AUG         --       27.8%
            Price Ind                                                           (YoY)
9/27/2011   Consumer Confidence         SEP      47.0     44.5      9/30/2011   M1 Money Supply (YoY)       AUG         --       19.8%
            Richmond Fed Manufact.
9/27/2011                               SEP      --       -10       9/30/2011   M2 Money Supply (YoY)       AUG         --       11.9%
            Index
            MBA Mortgage
9/28/2011                               23-Sep   --       0.6%      10/4/2011   Electronics Sector Index    SEP         --       48.0
            Applications
                                                                                Purchasing Managers
9/28/2011   Durable Goods Orders        AUG      -1.0%    4.0%      10/4/2011                               SEP         --       49.4
                                                                                Index
            Durables Ex                                                         Automobile COE Open
9/28/2011                               AUG      0.3%     0.7%      10/5/2011                               5-Oct       --       --
            Transportation                                                      Bid Cat A
            Cap Goods Orders                                                    Automobile COE Open
9/28/2011                               AUG      --       -1.5%     10/5/2011                               5-Oct       --       --
            Nondef Ex Air                                                       Bid Cat B
            Cap Goods Ship Nondef                                               Automobile COE Open
9/28/2011                               AUG      --       0.2%      10/5/2011                               5-Oct       --       --
            Ex Air                                                              Bid Cat E
9/29/2011   GDP QoQ (Annualized)        2Q T     1.2%     1.0%      10/7/2011   Foreign Reserves            SEP         --       $249.18B
Source: Bloomberg                                                   Source: Bloomberg
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