Wired Daily - DBS Bank

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Singapore Traders Spectrum

Wired Daily Refer to important disclosures at the end of this report

DBS Group Research. Equity

30 Nov 2017

30 Summary

Indices Data



US Indices

Manulife US Real Estate Inv - Ticking the right boxes



SGX plans to shorten settlement cycle to 2 days



Keppel T&T undertakes strategic review of China logistics portfolio



Soilbuild Construction awarded US$3.9 million contract in Myanmar



Azeus clinches new IT services project worth HK$15.0 million



US stocks mixed as technology stocks slumped while banks gained

Top idea of the day Manulife US Real Estate Inv (MUST SP): BUY

Last Close

Pts Chg

% Chg

Dow Jones S&P NASDAQ Regional Indices

  

23,940.7 2,626.1 6,824.4

104.0 (1.0) (88.0)

0.4 (0.0) (1.3)

ST Index ST Small Cap Hang Seng HSCEI HSCCI KLCI SET JCI PCOMP KOSPI TWSE Nikkei

           

3,439.0 407.4 29,623.8 11,648.0 4,357.8 1,720.4 1,705.3 6,061.4 8,254.0 2,512.9 10,713.6 22,597.2

(3.4) 1.1 (57.0) (57.6) 15.3 6.0 (1.2) (9.3) (37.8) (1.3) 6.5 111.0

(0.1) 0.3 (0.2) (0.5) 0.4 0.3 (0.1) (0.2) (0.5) (0.1) 0.1 0.5

Source: Bloomberg Finance L.P.

Last Traded Price: US$0.865; Price Target: US$0.99 (Upside 13.9% and 6.9% yield) (Prev US$1.07 cum rights) Ticking the right boxes •

• •

Our US site visit reaffirms our confidence in MUST’s ability to capture the upside from a sustained US office upcycle Recent acquisition of 10 Exchange Plaza further expands exposure to growing New Jersey market 3Q17 DPU of 1.60 Scts in line with expectations

Read more…

Model Portfolio Price 29 Nov (S$)

Growth Genting Singapore PACC Offshore Services Holdings

12-mth Target Price (S$)

Rec

1.360

1.51

11

BUY

0.345

0.41

19

BUY

Sembcorp Marine Blue Chips Genting Singapore OCBC Thai Beverage

1.850

2.30

24

BUY

1.360 12.300 0.975

1.51 13.50 1.07

11 10 10

BUY BUY BUY

Wilmar International*

3.160

3.65

16

TRADING BUY

Dividend Breadtalk Far East Hospitality Trust

1.570 0.720

2.01 0.76

28 6

BUY BUY

1.160

1.30

12

BUY

Mapletree Greater China Comm Trust

Source: DBS Bank; Bloomberg Finance L.P. * Technical view

sa: PY, CS

Upside (%)

Singapore Wired Daily

News SGX plans to shorten settlement cycle to 2 days Singapore Exchange Ltd. plans shorten the settlement cycle to 2 days from 3, introduce simultaneous settlement of securities and cash, and ensure payments of Singapore dollar transactions will be carried through MAS Electronic Payment System instead of commercial banks. This will speed up clearing and settlement of securities, reduce systemic risks and be in line with global standards. SGX is planning to introduce the changes in second half 2018.

Azeus clinches new IT services project worth HK$15.0 million Azeus Systems Holdings has secured a new IT services project worth approximately HK$15.0 million (about US$1.9 million) from the Hong Kong Government to carry out platform migration works for a critical database system in a key government agency. This project brings the total value of contracts secured by the Group in the year-to-date to over HK$127.9 million (about US$16.4 million) with contract periods ranging between two to ten years.

Keppel T&T undertakes strategic review of China logistics portfolio

US stocks mixed as technology stocks slumped while banks gained

Keppel T&T is currently undertaking a strategic review of its China logistics portfolio, with the view to optimise and focus resources to become the urban logistics solutions provider of choice.

US stocks gave up early gains to end mixed amid a selloff in key technology shares such as Apple Inc. and Amazon.com Inc. that dragged down major indexes. Semiconductor stocks fell led by Micron Technology, Lam

Soilbuild Construction awarded US$3.9 million contract in Myanmar Soilbuild Construction Group has been awarded a contract worth US$3.9 million or approximately S$5.3 million, for civil work and superstructure work of a food service distribution centre in Thilawa Special Economic Zone in Myanmar. The project is expected to commence in December 2017 and completed within seven months from the commencement date of the construction works.

Research Corp. and Applied Materials Inc. Banks rose after Jerome Powell, signalled that he would not add to financial regulations. Treasuries yield rose after Janet Yellen pointed to an “increasingly broad based” economic growth. The yield on 10-year Treasuries added 5 basis points to 2.38%. Yellen reiterated that she anticipates the FED will continue gradually raising interest rates and trimming its balance sheet. The FED’s Beige Book economic report said the US economy grew at a modest to moderate pace through mid-November as price pressures strengthened and the labour market tightened. Oil price dipped as OPEC is poised to decide on prolonging supply cuts past March 2018.

Share Buy-Back Name G.K.Goh Holdings Ov ersea-Chinese Banking Corporation Limited S121 Limited Sembcorp Marine Ltd Ov ersea-Chinese Banking Corporation Limited S121 Limited Sembcorp Marine Ltd BBR Holdings (S) Ltd G.K.Goh Holdings Ov ersea-Chinese Banking Corporation Limited Sembcorp Marine Ltd AEM Holdings Ltd BBR Holdings (S) Ltd Broadway Industrial Group Limited Hotung Inv estment Hldgs Ltd Kim Heng Offshore & Marine Holdings Limited S121 Limited Singapore Post Limited Tiong Seng Holdings Limited AEM Holdings Ltd HC Surgical Specialists Limited Hotung Inv estment Hldgs Ltd Mun Siong Engineering SI21 Limited Sembcorp Marine Ltd Singapore Post Limited Starburst Holdings Limited USP Group Limited

D. O . T . 29-Nov -17 29-Nov -17 29-Nov -17 29-Nov -17 28-Nov -17 28-Nov -17 28-Nov -17 27-Nov -17 27-Nov -17 27-Nov -17 27-Nov -17 24-Nov -17 24-Nov -17 24-Nov -17 24-Nov -17 24-Nov -17 24-Nov -17 24-Nov -17 24-Nov -17 23-Nov -17 23-Nov -17 23-Nov -17 23-Nov -17 23-Nov -17 23-Nov -17 23-Nov -17 23-Nov -17 23-Nov -17

Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share Share

B u y / Sell

No . o f sh ares

S$ / sh r

Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back Buy -Back

6,000 200,000 350 95,000 200,000 300 100,000 30,000 14,000 200,000 100,000 35,000 24,000 250,000 58,400 149,200 3,800 316,600 32,500 50,200 50,000 143,300 400,000 1,600 100,000 100,000 70,000 6,900

1.060 12.260 2.995 1.844 12.210 2.995 1.840 0.253 1.060 12.070 1.860 3.285 0.255 0.125 2.035 0.091 3.000 1.290 0.3800 3.190 0.690 2.030 0.071 2.995 1.830 1.290 0.410 0.207

Source: SGX

Page 2

Singapore Wired Daily

Substantial Shareholders’ Transactions: 16 Nov – 22 Nov 2017 St oc k s

T ransac t ed Dat e

Subst ant ial Shareholder/ Direc t or

Buy /Sell /Conv

Accrelist Compact Metal Hwa Hong New Silkroutes United Engineers Accrelist Compact Metal J adason Entp New Silkroutes New Silkroutes Starburst Hldgs United Engineers Yoma Strategic Accrelist Compact Metal Hwa Hong IX Biopharma KOP New Silkroutes Raffles Medical TEE Intl United Engineers Accrelist Asia-Pacific Strt Inv m City Dev Compact Metal Sarine Tech TEE Intl United Engineers Accrelist Asia-Pacific Strt Inv m Global Inv estments ISEC Healthcare ISR Capital New Silkroutes New Silkroutes Teckwah Indl Teckwah Indl TEE Intl TEE Intl United Engineers Wilmar Intl

22-Nov -17 22-Nov -17 22-Nov -17 22-Nov -17 22-Nov -17 21-Nov -17 21-Nov -17 21-Nov -17 21-Nov -17 21-Nov -17 21-Nov -17 21-Nov -17 21-Nov -17 20-Nov -17 20-Nov -17 20-Nov -17 20-Nov -17 20-Nov -17 20-Nov -17 20-Nov -17 20-Nov -17 20-Nov -17 17-Nov -17 17-Nov -17 17-Nov -17 17-Nov -17 17-Nov -17 17-Nov -17 17-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17 16-Nov -17

Terence Tea YK Chng Gim Huat Ong Kay Eng Dr Goh J in Hian Yanlord Perennial Terence Tea YK Chng Gim Huat Liaw Hin Hao Dr Goh J in Hian Lee Soek Shen Yap Tin F oo Zhong Sheng J ian Pun Chi Tung Melv y n Terence Tea YK Chng Gim Huat Ong Kay Eng Teo Kwee Yee Goh Seng Hui Lee Soek Shen AAMAL Phua Chian Kin Yanlord Perennial Terence Tea YK Hano Maeloa AAMAL Chng Gim Huat F IL Ltd Phua Chian Kin Zhong Sheng J ian Terence Tea YK Hano Maeloa See Yong Kiat Wong J un Shy an Dav id F rancis Rigoll Lee Soek Shen Goodwood Associates Chua Kee Seng Thomas Mai Ah Ngo Phua Chian Kin Phua Chian Kin Yanlord Perennial Kuok Khoon Hua

Buy Sell Buy Buy Buy Buy Sell Buy Buy Sell Buy Buy Buy Buy Sell Buy Buy Buy Sell Sell Buy Buy Buy Sell Sell Sell Sell Buy Buy Buy Sell Buy Buy Sell Buy Buy Buy Buy Buy Buy Buy Buy

No of Shares

Pric e Per Share $

Bef ore ('000)

%Issued Cap Bef ore

A f t er ('000)

%Issued Cap A f t er

1500 1000 430 10 1 1000 4500 1000 5 261 100 36 1000 1000 16500 325 70 4999 220 431 70 154 500 7958 831 500 88 50 358 500 22161 1928 100 27370 11 11 100 100 59 35 202 100

0.01 0.05 0.33 0.33 2.58 0.07 0.05 0.08 0.36 0.35 0.42 2.58 0.5 0.01 0.05 0.33 0.21 0.09 0.36 1.13 0.2 2.58 0.01 0 12.11 0.06 0.93 0.2 2.58 0.01 0.01 0.15 0.32 0.01 0.38 0.38 0.47 0.47 0.2 0.21 2.58 3.16

1193038 106500 83195 5302 214122 1192038 111000 38880 5297 9827 85080 214086 17300 1191038 127500 82870 0 221592 10047 106455 300505 231932 1190538 284958 54755 128000 21054 300455 213574 1190038 307118 2213 42853 389893 10037 10037 3608 2500 300361 300420 213372 33203

22.5 9.15 12.74 3.4 33.59 22.48 9.54 5.38 3.4 6.31 34.45 33.58 0.91 22.46 10.96 12.69 0 20 6.45 6.01 59.87 33.56 22.45 7.32 6.02 11 6.01 59.86 33.5 22.44 7.89 0.13 8.29 16.85 6.44 6.44 1.54 1.07 59.84 59.85 33.47 0.53

1194538 105500 83625 5312 214123 1193038 106500 39880 5302 9566 85180 214122 18300 1192038 111000 83195 70 226592 9827 106024 300575 214086 1191038 277000 53924 127500 20966 300505 213932 1190538 287958 4141 42953 362523 10047 10047 3708 2600 300420 300455 213574 33303

22.53 9.06 12.81 3.41 33.59 22.5 9.15 5.52 3.4 6.14 34.49 33.59 0.97 22.48 9.54 12.74 0.01 20.45 6.31 5.99 59.88 33.58 22.46 7.12 5.93 10.96 5.98 59.87 33.56 22.45 7.32 0.25 8.31 15.66 6.45 6.45 1.58 1.11 59.85 59.86 33.5 0.53

*Deemed Interest

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

Page 3

Singapore Wired Daily

Announced Dividends and Capital Issues: 30 Nov – 31 Jan 18 (by Ex-Date) Company HAFARY HOLDINGS LIMITED ISHARES USD ASIA BOND ETF ISHARES USD ASIA HY BOND ETF TRANSIT-MIXED CONCRETE LTD ACCORDIA GOLF TRUST CITY DEV ELOPMENTS LTD NCCPS DBXT AUSTRALIA GOV BOND ETF 5 DBXT EONIA TR ETF USD 5 DBXT IBOXX SOV EURO ETF 5 DBXT IBOXX US TREAS ETF 5 DBXT USD CASH ETF 5 DBXT USD IG INFL TREAS ETF 5 TTJ HOLDINGS LIMITED KHONG GUAN LIMITED SINARMAS LAND LIMITED BREADTALK GROUP LIMITED SINGAPORE PRESS HLDGS LTD SINGAPORE PRESS HLDGS LTD V ICPLAS INTERNATIONAL LTD ASIAN PAY TELEV ISION TRUST SINGTEL SINGTEL TOP GLOV E CORPORATION BHD FRASER AND NEAV E, LIMITED FRASERS CENTREPOINT LIMITED

T y pe DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND ENTITL. ENTITL. ENTITL. ENTITL. ENTITL. ENTITL. 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

Part iculars SGD 0.005 ONE-TIER TAX USD 0.1 USD 0.15 SGD 0.01 ONE-TIER TAX 010417 - 300917 SGD 0.0165 TAX EXEMPT 300617 - 301217 3.9% ONE-TIER TAX DELISTING DELISTING DELISTING DELISTING DELISTING DELISTING SGD 0.007 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.008 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.06 ONE-TIER TAX SGD 0.03 ONE-TIER TAX SGD 0.005 ONE-TIER TAX 010717-300917 SGD 0.01625 TAX EXEMPT SGD 0.03 ONE-TIER TAX SGD 0.068 ONE-TIER TAX MYR 0.085 TAX EXEMPT SGD 0.03 ONE-TIER TAX SGD 0.062 ONE-TIER TAX

Ex Dat e 30-Nov-17 01-Dec-17 01-Dec-17 01-Dec-17 04-Dec-17 04-Dec-17 04-Dec-17 04-Dec-17 04-Dec-17 04-Dec-17 04-Dec-17 04-Dec-17 04-Dec-17 05-Dec-17 05-Dec-17 06-Dec-17 06-Dec-17 06-Dec-17 08-Dec-17 13-Dec-17 18-Dec-17 18-Dec-17 10-J an-18 31-J an-18 31-J an-18

Paid/ Pay able 15-Dec-17 28-Dec-17 28-Dec-17 22-Dec-17 15-Dec-17 02-J an-18 14-Dec-17 14-Dec-17 14-Dec-17 14-Dec-17 14-Dec-17 14-Dec-17 20-Dec-17 15-Dec-17 14-Dec-17 21-Dec-17 22-Dec-17 22-Dec-17 21-Dec-17 22-Dec-17 10-J an-18 10-J an-18 25-J an-18 14-Feb-18 14-Feb-18

Source: SGX

Page 4

Singapore Wired Daily

November 2017 Mon

Tues

Wed

Thu

1

2

OUE Hospitality Trust 3Q 17

China Aviation Oil 3Q 17 Far East Hospitality Trust 3Q 17 Frasers Logistics & Industrial Trust 4Q 17 Lippo Malls Indonesia Retail Trust 3Q 17 OUE Commercial REIT 3Q 17 Sembcorp Industries 3Q 17 StarHub 3Q 17

Fri 3 Challenger Technologies 3Q 17 Manulife US REIT 3Q 17 SIA Engineering 2Q 18 United Industrial Corp 3Q 17 United Overseas Bank 3Q 17 Venture Corp 3Q 17

Purchasing Managers Index Electronics Sector Index Nikkei Singapore PMI

6 Ascendas Hospitality Trust 2Q 18 BBR Holdings 3 Q17 Breadtalk Group 3Q 17 DBS Group 3q 17 Genting Singapore 3Q 17 Hi-P International Ltd 3Q 17 HLH Group Ltd 3Q 17 Hock Lian Seng 3Q 17 Kingsmen Creatives 3Q 17 Nera Telecommunications 3Q 17 Vallianz Holdings 2Q 18

7 AusGroup 1Q 18 BHG Retail REIT 3Q 17 KPM Holding Ltd 3Q 17 OKP Holdings Ltd 3Q 17 Perennial Real Estate Holdings 3Q 17 RHT Health Trust 2Q 18 Riverstone Holdings 3Q 17 Singapore Airlines 2Q 18 Singapore Airlines Ltd 2Q 18 Starburst Holdings Ltd 3Q 17

Foreign Reserves

13 Accordia Golf Trust 2Q 18 Amara Holdings 3Q 17 Asian Pay Television Trust 3Q 17 China Sunsine Chemical 3Q 17 China Yuchai International 3Q 17 Sinarmas Land 3Q 17 Singapore Reinsurance Corp 3Q 17 United Engineers 3Q 17 Health Mgmt Int'l 1Q 18

20

14 ASL Marine Holdings 1Q 18 Gaylin Holdings 2Q 18 Golden Agri-Resources 3Q 17 Healthway Medical Corp 3Q 17 Hong Leong Asia 3Q 17 RHT Health Trust 2Q 18 Samurai 1S 18 Straco Corp 3Q 17 Tat Hong 2Q 18 Singapore Post 2Q 18

21

8 Best World International 3Q 17 CapitaLand 3Q 17 Centurion Corp Ltd 3Q 17 CSE Global 3Q 17 EC World REIT 3Q 17 First Ship Lease Trust 3Q 17 Fraser and Neave Ltd 4Q 17 Jardine Cycle & Carriage Ltd 3Q 17 Kim Heng Offshore & Marine 3Q 17 ST Engineering Ltd 3Q 17 Singapore O&G 3Q 17 Sunningdale Tech 3Q 17

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

15

9 APAC Realty 3Q 17 Banyan Tree Holdings 3Q 17 City Developments 3Q 17 Courts Asia 2Q 18 Epic Gas 3Q 17 Ezion Holdings 3Q 17 Fragrance Group 3Q 17 Gallant Venture Ltd 3Q 17 Ho Bee Land 3Q 17 IREIT Global 3Q 17 NetLink NBN Trust 2Q 18 Pan-United Corp 3Q17 Parkway Life REIT 3Q 17 SATS 2Q 18 SIIC Environment Holdings 3Q 17 SingTel 2Q 18 UOL Group 3Q 17

16

10 ComfortDelGro Corp 3Q 17 Elec & Eltek International 3Q 17 Frasers Centrepoint Ltd 4Q 17 Global Logistic Properties 2Q 18 Haw Par 3Q 17 Hiap Hoe 3Q 17 Hong Leong Finance 3Q 17 Hotel Royal 3Q 17 IFS Capital 3Q 17 KSH Holdings 2Q 18 mDR Ltd 3Q 17 Mewah International Inc 3Q 17 Pacific Radiance 3Q 17 Retail Sales SA MoM Retail Sales YoY Retail Sales Ex Auto YoY

17

Olam International 3Q 17

Non-oil Domestic Exports SA MoM Non-oil Domestic Exports YoY Electronic Exports YoY

22

23

24

BW LPG 3Q 17

GDP YoY GDP SAAR QoQ

27

28

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

29

CPI Core YoY CPI YoY CPI NSA MoM

Industrial Production YoY Industrial Production SA MoM

30

Jadestone Energy Inc 2Q 18

Credit Card Billings SGD Credit Card Bad Debts SGD

Money Supply M1 YoY

Money Supply M2 YoY

Bank Loans and Advances YoY

Source: Bloomberg Finance L.P.

Page 5

Singapore Wired Daily

December 2017 Mon

Tues

Wed

Thur

Fri 1

4

Purchasing Managers Index Electronics Sector Index

11

5

Nikkei Singapore PMI

12

6

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

13

7

8

Foreign Reserves

14 Ipco International 2Q 18 (Tentt)

15 MS Holdings 2Q 18 (Tent)

Manpower Survey Retail Sales SA MoM Retail Sales Ex Auto YoY Retail Sales YoY

18

19

20

21

22 Second Chance Prop 1Q 18

Non-oil Domestic Exports YoY Electronic Exports YoY Non-oil Domestic Exports SA MoM

25

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

26

CPI Core YoY CPI NSA MoM Industrial Production SA MoM Industrial Production YoY CPI YoY

27

28

29

Credit Card Billings SGD Credit Card Bad Debts SGD Money Supply M2 YoY Money Supply M1 YoY Bank Loans and Advances YoY

Source: Bloomberg Finance L.P.

Page 6

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 Completed Date 30 Nov 2017 09:11:42 (SGT) Dissemination Date: 30 Nov 2017 09:25:26 (SGT) Sources for all charts and tables are DBS Bank unless otherwise specified 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, 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 and the DBS Group is under no obligation to update the information in this report. This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned schedule or frequency for updating research publication relating to any issuer. 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.

Page 7

Singapore Wired Daily Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets. 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 the report. The research analyst (s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate1 does not serve as an officer of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report or his associate does not have financial interests 2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of the DBS Group. COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Bank Ltd, DBS HK, DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), DBSV HK or their subsidiaries and/or other affiliates have proprietary positions in Genting Singapore, Sembcorp Marine, OCBC, Thai Beverage Public Company, Wilmar International, Far East Hospitality Trust, Mapletree Greater China Commercial Trust, Manulife US Real Estate Inv, Singapore Exchange, recommended in this report as of 31 Oct 2017. 2.

Neither DBS Bank Ltd, DBS HK nor DBSV HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report.

3.

DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates have a net long position exceeding 0.5% of the total issued share capital in Mapletree Greater China Commercial Trust, Manulife US Real Estate Inv, recommended in this report as of 31 Oct 2017.

4.

DBS Bank Ltd, DBS HK, DBSVS, DBSVUSA, DBSV HK, 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, Manulife US Real Estate Inv, as of 31 Oct 2017.

5.

DBS Bank Ltd, DBS HK, DBSVS, DBSVUSA, DBSV HK or their subsidiaries and/or other affiliates beneficially own a total of 5% of any class of common equity securities of Manulife US Real Estate Inv, as of 31 Oct 2017.

Compensation for investment banking services: 6. DBS Bank Ltd, DBS HK, DBSVS, DBSV HK, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months for investment banking services from Wilmar International, Manulife US Real Estate Inv, as of 31 Oct 2017. 7.

DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of securities for Wilmar International, Manulife US Real Estate Inv, in the past 12 months as of 31 Oct 2017.

8.

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.

1

An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst.

2

Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant. Page 8

Singapore Wired Daily

Directorship/trustee interests 9. Tan Su Shan, a member of DBS Group Executive Committee, is a Director of Mapletree Greater China Commercial Trust as of 1 Nov 2017 10. Lim Sok Hui, a member of DBS Group Executive Committee, is a Director of Singapore Exchange as of 1 Nov 2017

Disclosure of previous investment recommendation produced 11. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates may have published other investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12 months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published by DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates in the preceding 12 months.

RESTRICTIONS ON DISTRIBUTION This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident General 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”). DBS holds Australian Financial Services Licence no. 475946. DBSVS is 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. DBSVS is 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 has been prepared by a person(s) who is not licensed by the Hong Kong Securities and Futures Commission to carry on the regulated activity of advising on securities in Hong Kong pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). This report is being distributed in Hong Kong and is attributable to DBS Vickers Hong Kong Limited, a licensed corporation licensed by the Hong Kong Securities and Futures Commission to carry on the regulated activity of advising on securities pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). For any query regarding the materials herein, please contact Paul Yong (CE. No. ASE988) at [email protected]

Indonesia

This report is being distributed in Indonesia by PT DBS Vickers Sekuritas 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

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.

Thailand

This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd.

Page 9

Singapore Wired Daily United Kingdom

This report is produced by DBS Bank Ltd which is regulated by the Monetary Authority of Singapore. This report is disseminated in the United Kingdom by DBS Vickers Securities (UK) Ltd, ("DBSVUK"). DBSVUK is authorised and regulated by the Financial Conduct Authority in the United Kingdom. In respect of the United Kingdom, this report is solely intended for the clients of DBSVUK, 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 DBSVUK. This communication is directed at persons having professional experience in matters relating to investments. Any investment activity following from this communication will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this communication.

Dubai International Financial Centre

This research report is being distributed by DBS Bank Ltd., (DIFC Branch) having its office at PO Box 506538, 3rd Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it.

United Arab Emirates

This report is provided by DBS Bank Ltd (Company Regn. No. 196800306E) which is an Exempt Financial Adviser as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. This report is for information purposes only and should not be relied upon or acted on by the recipient or considered as a solicitation or inducement to buy or sell any financial product. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situation, or needs of individual clients. You should contact your relationship manager or investment adviser if you need advice on the merits of buying, selling or holding a particular investment. You should note that the information in this report may be out of date and it is not represented or warranted to be accurate, timely or complete. This report or any portion thereof may not be reprinted, sold or redistributed without our written consent.

United States

This report was prepared by DBS Bank Ltd. 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 Regional Research Offices HONG KONG DBS Vickers (Hong Kong) Ltd Contact: Paul Yong 18th Floor Man Yee Building 68 Des Voeux Road Central Central, Hong Kong Tel: 65 6878 8888 Fax: 65 65353 418 e-mail: [email protected] Participant of the Stock Exchange of Hong Kong

MALAYSIA AllianceDBS Research Sdn Bhd Contact: Wong Ming Tek (128540 U) 19th Floor, Menara Multi-Purpose, Capital Square, 8 Jalan Munshi Abdullah 50100 Kuala Lumpur, Malaysia. Tel.: 603 2604 3333 Fax: 603 2604 3921 e-mail: [email protected]

INDONESIA PT DBS Vickers Sekuritas (Indonesia) Contact: Maynard Priajaya Arif DBS Bank Tower Ciputra World 1, 32/F Jl. Prof. Dr. Satrio Kav. 3-5 Jakarta 12940, Indonesia Tel: 62 21 3003 4900 Fax: 6221 3003 4943 e-mail: [email protected]

THAILAND DBS Vickers Securities (Thailand) Co Ltd Contact: Chanpen Sirithanarattanakul 989 Siam Piwat Tower Building, 9th, 14th-15th Floor Rama 1 Road, Pathumwan, Bangkok Thailand 10330 Tel. 66 2 857 7831 Fax: 66 2 658 1269 e-mail: [email protected] Company Regn. No 0105539127012 Securities and Exchange Commission, Thailand

SINGAPORE DBS Bank Ltd Contact: Janice Chua 12 Marina Boulevard, Marina Bay Financial Centre Tower 3 Singapore 018982 Tel: 65 6878 8888 Fax: 65 65353 418 e-mail: [email protected] Company Regn. No. 196800306E

Page 10

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Wired Daily - DBS Bank

Singapore Traders Spectrum Wired Daily Refer to important disclosures at the end of this report DBS Group Research. Equity 30 Nov 2017 30 Summary ...

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