Singapore Traders Spectrum
Wired Daily Refer to important disclosures at the end of this report
DBS Group Research . Equity
28 Jul 2016
Asiamoney 2016 The Asiamoney Brokers Poll is back again! We sincerely hope that we have added value over the past year. If so, we would appreciate the appropriate recognition via Asiamoney vote. To vote, please click here (“Asiamoney 2016 Poll”)
•
Change to Model Portfolio – Remove Japfa from Growth
•
Singapore Exchange - Managing costs amid challenging outlook
•
Swiber – winding up application
•
OCBC’s 2Q16 earnings in line
•
UOB Q2 profit rises 5.1% to S$801m
•
Neo Group expects to report net loss for 1Q17
US Indices Dow Jones S&P NASDAQ Regional Indices ST Index ST Small Cap Hang Seng HSCEI HSCCI KLCI SET JCI PCOMP KOSPI TWSE Nikkei
•
Memtech expects to report net loss for 2Q16
Source: Bloomberg Finance L.P.
•
Cityneon - VHE’s Avengers S.T.A.T.I.O.N named among ‘Best’ in prestigious Vegas awards
•
GIC's annualised real rate of return over 20 years dips to 4%
•
Singapore industrial output dips 0.3% in June as biomed contracts
•
US stocks modestly lower following FED decision to hold rates steady
Summary •
Animal Protein - The Lebaran boost
•
CapitaLand Retail China Trust - Lost in translation
Top Ideas of the day Animal Protein The Lebaran boost •
•
Integrators are due to book strong 2Q16 earnings; backed by strong Lebaran season; stable DOC pricing/ balanced supply FY16F/17F earnings revised to impute lower feed ASP – on lower raw material costs – and better breeding and commercial farming margins
•
Any sharp Rupiah appreciation from Tax Amnesty law could provide further upside to earnings
•
Top pick: MAIN. CPIN and JAP are cut to HOLD on limited upside, after recent runs
Read more…
Last Close 18,472.2 2,166.6 5,139.8
Pts Chg (1.6) (2.6) 29.8
% Chg (0.0) (0.1) 0.6
2,941.5 391.7 22,219.0 9,115.3 3,791.6 1,663.6 1,515.4 5,274.4 8,100.5 2,025.1 9,063.4 16,664.8
8.0 1.3 89.3 53.0 (2.4) 2.1 10.6 50.0 75.9 (2.3) 38.6 281.8
0.3 0.3 0.4 0.6 (0.1) 0.1 0.7 1.0 0.9 (0.1) 0.4 1.7
Model Portfolio Price (S$) 27 Jul
Conservative Sheng Siong Group M1 Balanced ARA Asset Mgt Mapletree Greater China Commercial Trust Keppel REIT UOL Group Blue Chips CapitaLand UOL Group Dividend ARA Asset Mgt Sheng Siong Group M1 Mapletree Greater China Commercial Trust Keppel REIT Small Mid Cap ARA Asset Management Cityneon Holdings Jumbo Group mm2 Asia
Target Price (S$)
Upside (%)
Rec
0.985 2.640
1.09 3.30
11 25
BUY BUY
1.310
1.76
34
BUY
1.070
1.15
7
BUY
1.075 5.850
1.26 7.39
17 26
BUY BUY
3.190 5.850
3.70 7.39
16 26
BUY BUY
1.310 0.985 2.640
1.76 1.09 3.30
34 11 25
BUY BUY BUY
1.070
1.15
7
BUY
1.075
1.26
17
BUY
1.310 0.880 0.635 0.680
1.76 1.20 0.72 0.83
34 36 14 22
BUY BUY BUY BUY
Source: DBS Bank; Bloomberg Finance L.P.
Singapore Wired Daily
CapitaLand Retail China Trust (CRCT SP): HOLD (Downgrade from BUY) Market Cap: US$979m | Average Daily Value: US$0.83m Last Traded Price: S$1.555; Price Target : S$1.60 (3% upside) (Prev S$1.69) Lost in translation •
2Q16 DPU of 2.61 Scts (-4.4% y-o-y) below expectations
•
Weaker RMB offset 3% NPI growth in CRCT’s core properties
•
Potential FX headwinds in 2H16 partially mitigated by the revival of Minzhongleyuan
OCBC’s 2Q16 earnings in line OCBC’s 2Q16 earnings came in at S$885m (+3% q-o-q; 15% y-o-y (-5% y-o-y ex-one off gain in 2Q15). The quarterly earnings were dragged by weak topline growth as NIM fell (-8bps q-o-q) while loans contracted (-1% q-oq); loan-to-deposit ratio also eased to 83% (1Q16: 85%), but offset by lower provisions (S$88m in 2Q16 vs S$167m in 1Q16). More updates to follow.
UOB Q2 profit rises 5.1% to S$801m UOB’s net profit for 2Q16 rose 5.1% to S$801m.
Read more…
An interim dividend of 35 Singapore cents per share was declared. For the six months ended June 30, net profit stood at S$1.6 bn, up 0.2%. More updates to follow.
Stocks to Watch
Neo Group expects to report net loss for 1Q17
Change to Model Portfolio – Remove Japfa from Growth
The expected net loss is mainly attributable to the seasonality effect in catering business, the competitiveness in retail markets and the integration costs from manufacturing business.
We remove Japfa from the Growth portfolio as our analyst downgrade the stock to HOLD. Japfa had been our Growth portfolio pick since February this year, returning 71% over a 6 month period. We hope you enjoyed the ride up!
Singapore Exchange (SGX SP): HOLD Market Cap: US$6,120m | Average Daily Value: US$9.61m Last Traded Price: S$7.74; Price Target: S$7.80 (Upside 0.8%) (Prev S$7.70) Managing costs amid challenging outlook •
4Q16 net profit down 20% on higher expenses
•
Securities revenue eased 2% but Derivatives up 10%
•
Tweaked earnings up for FY17F and FY18F by 2% each to account for lower expenses
•
Maintain HOLD; TP marginally higher at S$7.80
Read more…
NEWS Swiber – winding up application Swiber Holdings has made an application to wind up the Company. The Company’s winding-up application has been fixed for hearing on 19 August 2016. Additionally, the Company had also filed an application to place the Company in provisional liquidation.
Page 2
Memtech expects to report net loss for 2Q16 Memtech International expects to report a loss for 2Q16 due mainly to lower demand for the Group's telecommunication products and higher costs. The delay in the fulfilment of a major order at customer's request was also a contributory factor.
Cityneon - VHE’s Avengers S.T.A.T.I.O.N named among ‘Best’ in prestigious Vegas awards Victory Hill Exhibitions’ (VHE) immersive experience Avengers S.T.A.T.I.O.N. - has just been named among Vegas’ elite attractions. Vegas Seven recognized Avengers S.T.A.T.I.O.N. as its “Best Place to Meet Your Heroes” in its seventh annual “Best of the City” publication. The award is the first for VHE and comes less than one month after its arrival on the Las Vegas Strip.
GIC's annualised real rate of return over 20 years dips to 4% GIC's annualised rate of return over global inflation over the past 20 years fell to 4.0% in the year ended March 2016 from 4.9% the year before, and the manager of Singapore's foreign reserves is guiding for lower returns in the next 10 to 20 years. On a nominal basis, the portfolio returned 5.7% per year in US-dollar terms over the past 20 years, slightly below the 6.0% annualised return for a reference portfolio that comprises a 65% allocation in global equities and a 35% allocation in global bonds.
Singapore Wired Daily Singapore industrial output dips 0.3% in June as biomed contracts
US stocks modestly lower following FED decision to hold rates steady
Industrial production data for June showed that overall factory output disappointed with a 0.3% y-o-y fall, vs a 0.5% expansion penciled by consensus. On a month-onmonth, seasonally adjusted basis, June's headline output had contracted by 2.5% compared to the preceding month. May itself saw a 0.4% fall from April. June's headline drop was due to a 10.2% y-o-y contraction in biomedical output, which was in turn pulled down by a 15.3% fall in pharmaceutical output. Excluding the volatile biomedical cluster, however, overall output had risen by 2.4%. This was supported by growth in the electronics and precisionengineering clusters. The electronics cluster was the star performer last month, registering a 19.7% y-o-y growth. This was due to a 39.1% jump in semiconductor output and an 11% rise in data storage output.
US stocks fell modestly as oil price fell and investors assessed the FED’s timing for the next rate hike. The FED held rates steady and continued to emphasize a gradual pace of increase. The FED commented that job gains were “strong” in June and indicators “point to some increase in labour utilization in recent months.” Consensus continues to look for one possible rate hike by year end. Oil price fell after the Energy Information Administration reported that US inventories climbed by 1.67 million barrels last week as production increased. Analysts surveyed by Bloomberg had forecast a 2 million-barrel decline.
Page 3
Singapore Wired Daily Upcoming Seminar Practical Technical Analysis for Short Term Trading DBS Vickers Securities is pleased to invite you to an educational seminar event jointly organised by SGX Academy, Securities Association of Singapore and DBS Vickers Securities. Seminar Objective Participants will learn how to use technical analysis and decision support tools to tactically trade the market and identify trading opportunities. Participants can also learn about the psychology of trading and gain insights to becoming a professional trader. This seminar will cover the following: • • • • •
How to easily identify the 4 phases of the market Understand emotional trading, and how to avoid it Knowing when to follow the herd, and when to leave them Learning a simple methodology of entry/exit with precision Combining Direction, Levels, Price Action and Multiple Time Frame to gain the ultimate edge
Speaker’s Profile Tom Yuen (YCK) is a futures trader with extensive system-based trading and execution experience, and a strong background in quantitative technical analysis. YCK’s future trading experience spans over 20 years with the first 13 years spent as a floor/pit trader with the Singapore International Monetary Exchange (SIMEX), now known as SGX-DT, Local. YCK has also more than 20 years of training and coaching experience, covering areas ranging from youth leadership, risks and rewards of trading, technical analysis, money management to financial literacy. YCK is one of the key mentors (invited and endorsed by SGX-DT) who regularly conduct training classes for aspiring traders. He is also the key AFACT (Association of Financial and Commodity Traders) mentor who carries out mentorship programs at SGX.
Date Time Venue
: : :
Admission
:
27 August 2016, Saturday 9:00 am 12:00 pm SGX Auditorium, Level 2 2 Shenton Way SGX Centre 1 Singapore 068804 $10.00 (Usual: $35)
This seminar is jointly organised by SGX Academy, Securities Association of Singapore and DBS Vickers Securities. The registration of this seminar is administered by SGX Academy. This event may be subjected to audio and video recording, and photography, which SGX may use for internal and external publicity purposes. To register, please visit www.dbsvickers.com/seminars or contact our Customer Service Line at (65) 6327 2288. Please note that seats are limited and are allocated on a first-come-first-served basis. Thank you and we look forward to seeing you at the seminar.
Page 4
Singapore Wired Daily
Share Buy-Back Name Courts Asia Limited Olam International Limited Wilmar International Limited Courts Asia Limited Nordic Group Limited Olam International Limited Pacific Radiance Ltd Wilmar International Limited Courts Asia Limited Olam International Limited Poh Tiong Choon Logistics Limited Telechoice International Limited Asiatrav el.Com Holdings Ltd Courts Asia Limited Olam International Limited Poh Tiong Choon Logistics Limited Wilmar International Limited Asiatrav el.Com Holdings Ltd Courts Asia Limited LHN Limited Nordic Group Limited Olam International Limited
D.O .T .
Buy /Sell
No.of shares
S$/shr
27-J ul-16 27-J ul-16 27-J ul-16 26-J ul-16 26-J ul-16 26-J ul-16 26-J ul-16 26-J ul-16 25-J ul-16 25-J ul-16 25-J ul-16 25-J ul-16 22-J ul-16 22-J ul-16 22-J ul-16 22-J ul-16 22-J ul-16 21-J ul-16 21-J ul-16 21-J ul-16 21-J ul-16 21-J ul-16
Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back Share Buy -Back
110,300 741,100 760,700 172,400 81,000 1,000,000 42,400 200,100 113,100 600,000 4,600 55,800 285,000 103,500 54,200 1,400 500,000 170,000 109,000 200,000 36,000 550,000
0.4069 1.9131 3.0512 0.3991 0.2400 1.8835 0.2400 3.0500 0.3971 188.9074 0.7745 0.2750 0.1699 0.3932 1.8766 0.7939 3.0500 0.1707 0.3931 0.0179 0.2460 1.8756
Source: SGX Masnet
Substantial Shareholders’ Transactions: .15 Jul – 20 Jul 2016 St oc k s
T ransac t ed Subst ant ial Shareholder/ Direc t or
Buy /Sell
No of
Pric e Per
Bef ore
%Issued
A f t er
%Issued
Fragrance Grp Fragrance Grp Hw a Hong Corp Lifebrandz Lifebrandz New Silkroutes Procurri Corp Procurri Corp Procurri Corp Wing Tai Hldgs Yamada Green Yamada Green Golden Agri-Res M1 Ltd M1 Ltd M1 Ltd New Silkroutes UOB-Kay Hian Hldgs UOB-Kay Hian Hldgs KOP Ltd New Silkroutes Grp New Silkroutes Grp Wing Tai Hldgs
20-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 20-Jul-16 19-Jul-16 19-Jul-16 19-Jul-16 19-Jul-16 19-Jul-16 19-Jul-16 19-Jul-16 18-Jul-16 18-Jul-16 18-Jul-16 18-Jul-16
Koh Wee Meng Lim Wan Looi Ong Kay Eng Qumulus Pte Ltd Chong Sien Chern Lee Soek Shen DeClout Ltd ICH Gemini Asia Ho Chew Thim Lee Kim Wah Sanw ang Intl Hldgs Ltd Chen Qiuhai Silchester Intl Invest Karen Kooi Karen Kooi Karen Kooi Lee Soek Shen Wee Ee Chao K.I.P. Inc Wang Xuan Goodw ood Asso Lee Soek Shen Lee Kim Wah
Buy *Buy Buy Sell *Sell *Sell Buy Sell Buy Sell Buy *Buy *Buy Sell Sell Buy *Buy *Buy *Buy *Sell Buy *Buy Sell
100 100 55 32000 32000 414 2026 1631 100 -63 170 170 5794 83 23 6 194 2 2 50 196 196 -69
0.1700 0.1700 0.3000 333.3300 333.3300 0.3100 0.5200 0.5500 0.5600 1.7600 0.3500 0.3500 0.3600 2.7000 2.6900 2.6600 0.3300 1.3300 1.3300 0.0800 0.3200 0.3200 1.7700
5001540 5001540 38550 188008 188008 15028 130293 15306 0 873 60531 60531 1397842 900 817 794 14834 199544 55338 72085 14638 14638 942
74.51 74.51 5.90 6.14 6.14 12.09 46.53 5.47 0.00 0.11 37.32 37.32 10.98 0.10 0.09 0.09 11.93 25.47 7.06 8.13 11.78 11.78 0.12
5001640 5001640 38605 156008 156008 14614 132319 13675 100 810 60701 60701 1403636 817 794 800 15028 199546 55340 72035 14834 14834 873
74.51 74.51 5.91 5.10 5.10 11.76 47.26 4.88 0.04 0.10 37.42 37.42 11.02 0.09 0.09 0.09 12.09 25.47 7.06 8.13 11.93 11.93 0.11
Alliance Mineral Assets KOP Ltd
15-Jul-16
Tribeca Investment
*Buy
1840
0.1000
23500
4.89
25340
5.27
15-Jul-16
Wang Xuan
*Sell
150
0.0800
72235
8.15
72085
8.13
Mapletree Com Tr
15-Jul-16
Schroders plc
*Buy
1150
1.5300
127872
5.99
129022
6.05
New Silkroutes Grp
15-Jul-16
Goodw ood Asso
Buy
253
0.3100
14385
11.57
14638
11.78
New Silkroutes Grp
15-Jul-16
Lee Soek Shen
*Buy
253
0.3100
14385
11.57
14638
11.78
Saizen Reit
15-Jul-16
Argyle Street Mgt
*Sell
217
0.1000
28839
10.05
28622
9.97
Saizen Reit
15-Jul-16
Argyle St Mgt Hldg
*Sell
217
0.1000
28839
10.05
28622
9.97
UOB-Kay Hian Hldgs
15-Jul-16
Wee Ee Chao
*Buy
42
1.3200
199502
25.46
199544
25.47
Yongnam Hldgs
15-Jul-16
Seow Soon Yong
Buy
375
0.2100
85030
17.90
85405
17.98
*Deemed Interest Source: Business Times; SA: Share Allotment; ST: Share Transfer, B/R: Bonus/Rights Issue; OE: Option Exercise; PL: Placement Shares
Page 5
Singapore Wired Daily
Announced Dividends and Capital Issues: 28 Jul – 15 Sep (by Ex-Date) Company CAMBRIDGE INDUSTRIAL TRUST CAPITALAND MALL TRUST F RASERS COMMERCIAL TRUST F RASERS COMMERCIAL TRUST F RASERS COMMERCIAL TRUST SABANA SHARI'AH COMPLIANT REIT V ALUETRONICS HOLDINGS LIMITED V ALUETRONICS HOLDINGS LIMITED LYXOR ETF ASIA REAL ESTATE 10 MAPLETREE LOGISTICS TRUST MAPLETREE LOGISTICS TRUST MAPLETREE LOGISTICS TRUST MAPLETREE LOGISTICS TRUST STI ETF UNITED OV ERSEAS INSURANCE LTD BOUSTEAD SINGAPORE LIMITED CROESUS RETAIL TRUST PARKWAYLIF E REIT PARKWAYLIF E REIT PARKWAYLIF E REIT THE HOUR GLASS LIMITED BAN LEONG TECHNOLOGIES LIMITED POWERMATIC DATA SYSTEMS LTD SINGAPORE AIRLINES LTD SINGTEL AIMS AMP CAP INDUSTRIAL REIT AIMS AMP CAP INDUSTRIAL REIT AIMS AMP CAP INDUSTRIAL REIT COURTS ASIA LIMITED GLOBAL LOGISTIC PROP LIMITED F ISCHER TECH LTD F ISCHER TECH LTD F ORTUNE REAL ESTATE INV TRUST METRO HOLDINGS LIMITED METRO HOLDINGS LIMITED BUKIT SEMBAWANG ESTATES LTD BUKIT SEMBAWANG ESTATES LTD HIAP SENG ENGINEERING LTD NEO GROUP LIMITED YOMA STRATEGIC HOLDINGS LTD SWING MEDIA TECHNOLOGY GRP LTD SINGAPORE SHIPPING CORP LTD STAMF ORD LAND CORPORATION LTD KSH HOLDINGS LIMITED KSH HOLDINGS LIMITED GP INDUSTRIES LIMITED RAF F LES MEDICAL GROUP LTD TRANSIT-MIXED CONCRETE LTD DEL MONTE PACIF IC LIMITED LYXOR J APAN (TOPIX) F UND 10 NA16100H 460301 NY01100F 160901 GP BATTERIES INT LTD XMH HOLDINGS LTD. PAN HONG HOLDINGS GROUP LTD
Source: SGX
Page 6
T y pe DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND ENTITL. DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND OF F ER DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND ENTITL. INTEREST ENTITL. DIV IDEND DIV IDEND DIV IDEND
Part ic ulars 010416-300616 SGD 0.01078 LESS TAX 010416-300616 SGD 0.0274 LESS TAX 0104-300616;DRP SGD 0.003435 TAX EXEMPT 0104-300616;DRP SGD 0.003791 0104-300616;DRP SGD 0.016875 LESS TAX 010416-300616 SGD 0.0123 LESS TAX HKD 0.07 HKD 0.13 DELISTING 0104-300616;DRP SGD 0.0051 TAX EXEMPT 0104-300616;DRP SGD 0.0006 0104-300616;DRP SGD 0.004 0104-300616;DRP SGD 0.0088 LESS TAX SGD 0.042 SGD 0.03 ONE-TIER TAX SCRIP DIV SCHEM SGD 0.02 ONE-TIER TAX OF F ER OF 10 F OR 259 @ SGD 0.797 010416-300616 SGD 0.0035 TAX EXEMPT 010416-300616 SGD 0.0049 010416-300616 SGD 0.0217 LESS TAX SGD 0.02 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.05 ONE-TIER TAX SGD 0.35 ONE-TIER TAX SGD 0.107 ONE-TIER TAX 010416-300616 SGD 0.00096 TAX EXEMPT 010416-300616 SGD 0.00089 010416-300616 SGD 0.02565 LESS TAX SGD 0.0129 ONE-TIER TAX SGD 0.06 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.03 ONE-TIER TAX 010116-300616 HKD 0.2478 TAX EXEMPT SGD 0.05 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.29 ONE-TIER TAX SGD 0.04 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.0025 ONE-TIER TAX SGD 0.01 SGD 0.01 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.015 ONE-TIER TAX SGD 0.016 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.02 ONE-TIER TAX USD 0.0133 DELISTING 2.75% REDEMPTION 100% SGD 0.01 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.015
Ex Dat e 28-J ul-16 28-J ul-16 28-J ul-16 28-J ul-16 28-J ul-16 28-J ul-16 28-J ul-16 28-J ul-16 29-J ul-16 29-J ul-16 29-J ul-16 29-J ul-16 29-J ul-16 29-J ul-16 29-J ul-16 01-Aug-16 01-Aug-16 01-Aug-16 01-Aug-16 01-Aug-16 01-Aug-16 02-Aug-16 02-Aug-16 02-Aug-16 02-Aug-16 03-Aug-16 03-Aug-16 03-Aug-16 03-Aug-16 03-Aug-16 04-Aug-16 04-Aug-16 04-Aug-16 04-Aug-16 04-Aug-16 05-Aug-16 05-Aug-16 05-Aug-16 05-Aug-16 05-Aug-16 08-Aug-16 10-Aug-16 10-Aug-16 11-Aug-16 11-Aug-16 15-Aug-16 22-Aug-16 22-Aug-16 24-Aug-16 24-Aug-16 24-Aug-16 24-Aug-16 06-Sep-16 08-Sep-16 15-Sep-16
Paid/ Pay able 31-Aug-16 29-Aug-16 29-Aug-16 29-Aug-16 29-Aug-16 30-Aug-16 12-Aug-16 12-Aug-16 11-Aug-16 02-Sep-16 02-Sep-16 02-Sep-16 02-Sep-16 17-Aug-16 12-Aug-16 21-Sep-16 25-Aug-16 25-Aug-16 25-Aug-16 12-Aug-16 15-Aug-16 17-Aug-16 17-Aug-16 17-Aug-16 22-Sep-16 22-Sep-16 22-Sep-16 19-Aug-16 22-Aug-16 18-Aug-16 18-Aug-16 29-Aug-16 18-Aug-16 18-Aug-16 19-Aug-16 19-Aug-16 26-Aug-16 18-Aug-16 18-Aug-16 22-Aug-16 22-Aug-16 22-Aug-16 22-Aug-16 22-Aug-16 25-Aug-16 31-Aug-16 09-Sep-16 08-Sep-16 06-Sep-16 01-Sep-16 01-Sep-16 21-Sep-16 23-Sep-16 30-Sep-16
Singapore Wired Daily
July 2016 Mon
Tues
Wed
Thu
Fri 1
4
5
6
7 SPH Reit 3Q 16
Purchasing Managers Index Electronics Sector Index
11
Nikkei Singapore PMI
12
8 Triyards Holdings 3Q 16
Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E
13 Soilbuild 2Q 16
14 EMAS Offshore 3Q 16 First REIT 2Q 16
15 FCT 3Q 16 M1 Ltd 2Q 16 SPH 3Q 16
Retail Sales SA MoM Retail Sales Ex Auto YoY Retail
18 Keppel Infrastructure Trust 1Q 17 Keppel DC Reit 2Q 16
19 Keppel Reit 2Q 16 Qian Hu Corp 2Q 16
25
21 AREIT 1Q 17 Keppel Corp 2Q 16 SATS 1Q 17 Suntec 2Q 16 Vard 2Q 16
Industrial Production YoY Industrial Production SA MoM Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E
Electronic Exports YoY Non-oil Domestic Exports YoY Non-oil Domestic Exports SA MoM
Fortune REIT 1H 16 Mapletree Logistics Trust 1Q 17 Raffles Medical 2Q 16 XP Power 1H 17
20 Ascott Residence Trust 2Q 16 Cache Logistics Trust 2Q 16 CapitaLand Commercial Trust 2Q 16 Keppel T&T 2Q 16
26 AIMS AMP Capital Ind REIT 1Q 17 Mapletree Commercial Trust 1Q 17 Mapletree Industrial Trust 1Q 17 Parkway Life REIT 2Q 16 SIA Engineering 1Q 17 Yoma 1Q 17 (Tent)
CPI NSA MoM CPI YoY CPI Core YoY
27 CapitaLand Retail China Trust 2Q 16 Great Eastern Holdings 2Q 17 Hutchison Port Hldgs Trust 2Q 16 Singapore Exchange 4Q 16 Viva Industrial Trust 2Q 16
28 China Aviation Oil 2Q 16 Dairy Farm 1H 16 OCBC 2Q 16 Sembcorp Marine 2Q 16 Singapore Airlines 1Q 17 SMRT 1Q 17 Tuan Sing Holdings 2Q 16 UOB 2Q 16 Unemployment rate SA Bank Loans and Advances YoY
22 Ascendas India Trust 1Q 17 Cambridge Industrial Trust 2Q 16 CapitaLand Mall Trust 2Q 16 Frasers Commercial Trust 3Q 16 Rowsley Ltd 2Q 16 Sabana Shari'ah REIT 2Q 16 UOI 1H 16
29 CDL Hospitality Trusts 2Q 16 Far East Hospitality Trust 2Q 16 iFast Corp 2Q 16 MAGIC 1Q 17 Starhill Global 4Q 16 UIC 2Q 16
Credit Card Billings Money Supply M1 YoY Money Supply M2 YoY
Source: Bloomberg Finance L.P., Companies, SGX
Page 7
Singapore Wired Daily
August 2016 Mon
Tues
Wed
Thu
1
2
3
4
OUE Hospitality Trust 2Q 16
ARA Asset Management 2Q 16 OUE Commercial REIT 2Q 16 Sembcorp Industries 2Q 16
Purchasing Managers Index Electronics Sector Index
8
9
DBS Group 2Q 16
Religare Health Trust 1Q 17 Starhub 2Q 16
Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E Foreign Reserves Nikkei Singapore PMI
10 CNMC Goldmine Hldgs 2Q 16 Vicom Ltd 2Q 16
Ascendas Hospitality Trust 1Q 17 Capitaland 2Q 16 Genting Spore 2Q 16 HTL International 2Q 16 Neptune Orient Lines 2Q 16 UOL Group 2Q 16
11 Amara Hldgs 2Q 16 SBS Transit 2Q 16 Singapore O&G 2Q 16 (Tent) Super Group 2Q 16 Wilmar Int'l 2Q 16
16
17
5 Frasers Centrepoint Ltd 3Q 16 Perennial REIT 2Q 16 Rickmers Maritime 2Q 16
12 APTT 2Q 16 ComfortDelgro 2Q 16 Global Logistic Properties 1Q 17 Ho Bee Land 2Q 16 Indofood Agri Resources 2Q 16 Olam International 2Q 16 ST Engineering 2Q 16 Straco Corp 2Q 16 Retail Sales SA MoM - rel 13 Aug Retail Sales Ex Auto YoY - rel 13 Aug
GDP YoY
15
Fri
18
19
25
26
Capital Drilling 2Q 16
Electronic Exports YoY Non-oil Domestic Exports YoY Non-oil Domestic Exports YoY Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E
GDP SAAR QoQ Retail Sales SA MoM Retail Sales Ex Auto YoY
22
23
24
Karin Technology 4Q 16
CPI NSA MoM CPI YoY CPI Core YoY
29
30
Industrial Production YoY Industrial Production SA MoM
31
ASL Marine 4Q 16
Bank Loans and Advances YoY
Source: Bloomberg Finance L.P., Companies, SGX
Page 8
Credit Card Billings Money Supply M1 YoY Money Supply M2 YoY
Singapore Wired Daily
DBS Bank Ltd recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)
Share price appreciation + dividends Traders Spectrum’s product is oriented towards readers with a short-term trading horizon. It aims to highlight topical themes, which may move stock prices on a daily basis. Readers should be aware that “TS Take” relies more on assessments of technical factors, likely sentiment responses and short term money flows, rather than on fundamental analysis. As such the “TS Take” may from time to time conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by DBS Bank Ltd analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on an ongoing basis. GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd and DBS Vickers Securities (Singapore) Pte Ltd, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) (b)
such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein.
Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making. ANALYST CERTIFICATION The research analyst(s) 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(s) also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of 28 Jul 2016, the analyst(s) and his/her spouse and/or relatives who are financially dependent on the analyst(s), do not hold interests in the securities recommended in this report (“interest” includes direct or indirect ownership of securities).
Page 9
Singapore Wired Daily COMPANY-SPECIFIC / REGULATORY DISCLOSURES DBS Bank Ltd., DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), their subsidiaries and/or other affiliates have proprietary 1. positions in Sheng Siong Group, M1, Mapletree Greater China Commercial Trust, Keppel REIT, UOL Group, Capitaland, CapitaLand Retail China Trust, Singapore Exchange, OCBC, UOB recommended in this report as of 30 Jun 2016. 2.
DBS Bank Ltd does not market make in equity securities of the issuer(s) or company(ies) mentioned in this Research Report.
3.
DBS Bank Ltd., DBSVS, DBSVUSA, their subsidiaries and/or other affiliates beneficially own a total of 1% of any class of common equity securities of Mapletree Greater China Commercial Trust, Mapletree Logistics Trust as of 30 Jun 2016.
4.
Compensation for investment banking services: DBS Bank Ltd., DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months for investment banking services from ARA Asset Management, Mapletree Greater China Commercial Trust, Keppel REIT, Swiber Holdings Limited as of 30 Jun 2016 DBS Bank Ltd., DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of securities for from ARA Asset Management, Mapletree Greater China Commercial Trust, Keppel REIT in the past 12 months as of 30 Jun 2016 DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.
5.
Directorship/trustee interests Euleen Goh Yiu Kiang, a member of DBS Group Holdings Board of Directors, is a Director of CapitaLand as of 30 June 2016.
RESTRICTIONS ON DISTRIBUTION General
This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
Australia
This report is being distributed in Australia by DBS Bank Ltd. (“DBS”) or DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), both of which are exempted from the requirement to hold an Australian Financial Services Licence under the Corporation Act 2001 (“CA”) in respect of financial services provided to the recipients. Both DBS and DBSVS are regulated by the Monetary Authority of Singapore under the laws of Singapore, which differ from Australian laws. Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.
Hong Kong
This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the Hong Kong Securities and Futures Commission and/or by DBS Bank (Hong Kong) Limited which is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission. Where this publication relates to a research report, unless otherwise stated in the research report(s), DBS Bank (Hong Kong) Limited is not the issuer of the research report(s). This publication including any research report(s) is/are distributed on the express understanding that, whilst the information contained within is believed to be reliable, the information has not been independently verified by DBS Bank (Hong Kong) Limited. This report is intended for distribution in Hong Kong only to professional investors (as defined in the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and any rules promulgated thereunder.)
Indonesia
This report is being distributed in Indonesia by PT DBS Vickers Securities Indonesia.
Malaysia
This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR"). Recipients of this report, received from ADBSR are to contact the undersigned at 603-2604 3333 in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies.
Wong Ming Tek, Executive Director, ADBSR Singapore
Page 10
This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No. 198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6327 2288 for matters arising from, or in connection with the report.
Singapore Wired Daily
Thailand
This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd. Research reports distributed are only intended for institutional clients only and no other person may act upon it.
United Kingdom
This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Conduct Authority. Research distributed in the UK is intended only for institutional clients.
United States
This report was prepared by DBS Bank Limited. DBSVUSA did not participate in its preparation. The research analyst(s) named on this report are not registered as research analysts with FINRA and are not associated persons of DBSVUSA. The research analyst(s) are not subject to FINRA Rule 2241 restrictions on analyst compensation, communications with a subject company, public appearances and trading securities held by a research analyst. This report is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. This report may only be distributed to Major U.S. Institutional Investors (as defined in SEC Rule 15a-6) and to such other institutional investors and qualified persons as DBSVUSA may authorize. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate.
Other jurisdictions
In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Bank Ltd. 12 Marina Boulevard, Marina Bay Financial Centre Tower 3 Singapore 018982 Tel. 65-6878 8888 e-mail:
[email protected] Company Regn. No. 196800306E
Page 11