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 Summary •

Noble Group - Low visibility



Add Far East Hospitality Trust and remove PACC Offshore from Model Portfolio



Ascendas Reit divests 10 Woodlands Link



Ascott Reit buys Manhattan hotel for US$106million



Centurion commences asset enhancement programme at RMIT Village



Chasen Hi-Tech secures two more projects worth S$18million

Stocks to Watch Noble Group (NOBL SP): NOT RATED

31 May 2017 Indices Data US Indices

Last Close

Pts Chg

% Chg

Dow Jones S&P NASDAQ Regional Indices

  

21,029.5 2,412.9 6,203.2

(50.8) (2.9) (7.0)

(0.2) (0.1) (0.1)

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

           

3,204.8 403.9 25,701.6 10,619.3 4,078.5 1,765.3 1,568.6 5,693.4 7,860.8 2,343.7 10,102.0 19,677.9

(9.8) (1.4) 62.4 39.7 22.3 0.4 0.4 (18.9) (25.3) (9.3) (6.5) (4.7)

(0.3) (0.4) 0.2 0.4 0.5 0.0 0.0 (0.3) (0.3) (0.4) (0.1) (0.0)

Source: Bloomberg Finance L.P.

Last Traded Price: S$0.380 Low visibility • • •

Uncertain impact from downgrade in credit rating to CCC+/Caa1 by S&P and Moody’s Outcome of strategic review unclear at this stage Suspending coverage given low visibility

Read more Add Far East Hospitality Trust and remove PACC Offshore from Model Portfolio We added Far East Hospitality Trust to the Dividend category. We have picked this stock because we believe that the demand-supply imbalance that is currently affecting the Singapore hospitality sector will come to an end in 2018. We recommend investors to be early, rather than wait for evidence of a turnaround next year. We removed PACC Offshore (POSH) from the Growth category in view of its weak performance. We added POSH back in January as it was our preferred Offshore Supply Vessel (OSV) operator with a healthier balance sheet compared to peers, and a potential privatisation candidate. While this view remains valid, the stock returned a negative 10% since its inclusion due to the continued tough operating environment in the OSV sector.

sa: PY

Model Portfolio Price 30 May (S$)

12-mth Target Price (S$)

Upside (%)

Rec

Growth Genting Singapore Sembcorp Marine* Singapore O&G Blue Chips

1.165 1.685 0.685

1.35 1.93 0.80

16 15 17

BUY BUY BUY

Genting Singapore ST Engineering

1.165 3.680

1.35 4.12

16 12

BUY BUY

Dividend Croesus Retail Trust Far East Hospitality Trust Frasers Logistics & Ind'l Keppel REIT Sheng Siong

1.020 1.010 0.635 1.100 0.970

1.15 1.10 0.66 1.23 1.14

13 9 4 12 18

BUY BUY BUY BUY BUY

Small Mid Cap CDL Hospitality Trust Hi-P International mm2 Asia Singapore O&G

1.595 0.920 0.585 0.685

1.75 1.07 0.70 0.80

10 16 20 17

BUY BUY BUY BUY

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

Singapore Wired Daily x

News Ascendas Reit divests 10 Woodlands Link Ascendas Reit has entered into a sale and purchase agreement for the sale of 10 Woodlands Link for S$19.28million. The property will be sold with vacant possession. The proposed selling price is 60.7% higher than its purchase price of S$12million in 2005. Ascott Reit buys Manhattan hotel for US$106million Ascott Residence Trust (Ascott Reit) is acquiring the 224unit DoubleTree by Hilton Hotel New York - Times Square South for US$106million. The acquisition, at an EBITDA (earnings before interest, tax, depreciation and amortisation) yield of 6%, is expected to increase Ascott Reit's pro forma distribution income in FY2016 by S$1.2million. This translates to a rise in distribution per unit from 7.23 Singapore cents to about 7.29 Singapore cents on a pro forma basis.

Centurion commences asset enhancement programme at RMIT Village Centurion Corporation has commenced an asset enhancement programme (AEP) to develop a new wing at RMIT Village, which is expected to add up to 160 beds and bring the total number of beds in RMIT Village to about 616 beds, a 35% increase from its current bed capacity of 456 beds. This is its first student accommodation asset in Melbourne, Australia, that was acquired in February 2014. Since its acquisition, RMIT Village has consistently produced healthy returns for the company and operated at close to full occupancy in the last three academic years. The enhancement works are expected to be completed in the fourth quarter of 2018, ahead of the 2019 academic year, and is estimated to cost A$30million. Chasen Hi-Tech secures two more projects worth S$18million Chasen Holdings announced that its subsidiary in the Peoples’ Republic of China (PRC), Chasen Hi-Tech (Shanghai) Machinery Services, had secured another two contracts worth around S$18million (RMB90million) for FY2018. This is in addition to the five contracts valued at S$50million secured earlier this year.

New Silkroutes Group Limited (“NSG” or the “Group”) will acquire majority control of eight dental clinics and two dental equipment suppliers in Singapore in a deal worth S$5.28 million,

Page 2

Singapore Wired Daily Share Buy-Back Name Boustead Projects Limited Isoteam Ltd Nordic Group Limited Ov ersea-Chinese Banking Corporation Limited Hupsteel Limited Ov ersea-Chinese Banking Corporation Limited SIA Engineering Company Limited Tiong Seng Holdings Limited Hotung Inv estment Hldgs Ltd Koh Brothers Group Limited Ov ersea-Chinese Banking Corporation Limited Plastoform Holdings Limited SIA Engineering Company Limited Hupsteel Limited Ov ersea-Chinese Banking Corporation Limited Plastoform Holdings Limited SIA Engineering Company Limited Hupsteel Limited Hotung Inv estment Hldgs Ltd Koh Brothers Group Limited Ov ersea-Chinese Banking Corporation Limited SIA Engineering Company Limited

D.O.T .

Buy /Sell

No.of shares

S$/shr

30-May -17 30-May -17 30-May -17 30-May -17 29-May -17 29-May -17 29-May -17 29-May -17 26-May -17 26-May -17 26-May -17 26-May -17 26-May -17 25-May -17 25-May -17 25-May -17 25-May -17 24-May -17 24-May -17 24-May -17 24-May -17 24-May -17

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

50,000 347,900 30,500 200,000 63,500 200,000 34,300 86,400 69,700 40,000 200,000 75,000 57,300 900 200,000 25,000 89,900 9,700 31,100 70,000 200,000 105,000

0.861 0.359 0.380 10.390 0.716 10.450 3.919 0.269 1.818 0.300 10.430 0.160 3.917 0.756 10.480 0.160 3.916 0.707 1.783 0.300 10.390 3.920

Source: SGX

Substantial Shareholders’ Transactions: 19 May - 25 May 2017 St oc k s

T ransac t ed Dat e

Subst ant ial Shareholder/ Direc t or

G. K. Goh Hldgs GK Goh Hldgs F ederal Intl IF S Capital Tung Lok UOB-Kay Hian Asian Micro Hldgs Healthway Med IF S Capital Second Chance Prop S'pore eDev elopment S'pore eDev elopment Tee Land UOB-Kay Hian Yamada Green Yamada Green Haw Par Corp Hotel Grand Central New Silkroutes New Silkroutes Second Chance Prop S'pore Medical UOB-Kay Hian

25-May -17 24-May -17 23-May -17 23-May -17 23-May -17 23-May -17 22-May -17 22-May -17 22-May -17 22-May -17 22-May -17 22-May -17 22-May -17 22-May -17 22-May -17 22-May -17 19-May -17 19-May -17 19-May -17 19-May -17 19-May -17 19-May -17 19-May -17

Goh Yew Lin Goh Yew Lin Yang Yi-Chung Lim Hua Min Goi Seng Hui KIP Inc Lim Kee Liew Continental E Inc Lim Hua Min Mohamed Salleh Chan Heng F ai Hengfai Biz Dev Phua Chian Kin Wee Ee Chao Sanwang Intl Hldgs Chen Qiuhai Han Ah Kuan Tan Eng Teong P L Goodwood Associates Lee Soek Shen Mohamed Salleh Yim Wing Kuen Wee Ee Chao

Buy /Sell /Conv

No of Shares

Pric e Per Share $

*Buy *Buy Buy *Buy *Buy *Buy Buy *Buy *Buy *Buy *Buy Buy Buy *Buy Buy *Buy Sell Buy *Buy *Buy *Buy Buy *Buy

40 61 473 43 232 40 400 7710 36 66 20 20 50 77 230 230 33 29 75 75 120 135 48

0.9200 0.9100 0.4200 0.2300 0.1200 1.3600 0.0100 0.0400 0.2300 0.2600 0.0600 0.0600 0.2000 1.3500 0.4300 0.4300 10.3700 1.4300 0.6700 0.6700 0.2600 0.5600 1.3500

Bef ore %Issued ('000) Cap Bef ore

A f t er ('000)

%Issued Cap A f t er

196182 196121 8135 225104 49975 57837 147824 153261 225068 69763 760551 760551 23143 201966 62451 62451 233 58291 10761 10761 69643 1225 201918

196222 196182 8608 225147 50207 57877 148224 160971 225104 69829 760571 760571 23193 202043 62681 62681 200 58320 10836 10836 69763 1360 201966

60.06 60.05 6.12 59.89 18.30 7.39 23.63 5.03 59.87 9.32 69.37 69.37 5.19 25.79 35.45 35.45 0.09 8.80 8.00 8.00 9.31 0.32 25.78

60.05 60.03 5.78 59.87 18.21 7.38 23.56 4.79 59.86 9.31 69.36 69.36 5.17 25.78 35.32 35.32 0.10 8.79 7.95 7.95 9.30 0.29 25.77

*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: 31 May – 21 Aug 17 (by Ex-Date) Company CHINAMOBILE ADR 10 RHT HEALTH TRUST KODA LTD HEETON HOLDINGS LIMITED ISHARES USD ASIA BOND ETF ISHARES USD ASIA HY BOND ETF CITY DEV ELOPMENTS LTD NCCPS HOTEL GRAND CENTRAL LTD HOTEL GRAND CENTRAL LTD DBXT AUD CASH ETF 5 DBXT AUD CASH ETF SGD 5 DBXT AUD CASH ETF USD 5 SHANGRI-LA ASIA LIMITED AMARA HOLDINGS LTD AMARA HOLDINGS LTD DUTECH HOLDINGS LIMITED KIMLY LIMITED LEE METAL GROUP LTD LOW KENG HUAT (SINGAPORE) LTD LOW KENG HUAT (SINGAPORE) LTD ACCORDIA GOLF TRUST YUEXIU PROPERTY CO LIMITED PETROCHINA ADR 10 MALAYSIA SMELTING CORP BHD 100 ASIAN PAY TELEV ISION TRUST SINOPEC PETROCHEMICAL ADR 10 BREADTALK GROUP LIMITED HUANENG POWER INTL ADR 10 GENTING HONG KONG LIMITED IHH HEALTHCARE BERHAD CHINA EASTERN AIR ADR 10 CHEMICAL INDUSTRIES (F .E.) LTD UMS HOLDINGS LIMITED SATS LTD. SIA ENGINEERING CO LTD SIA ENGINEERING CO LTD SINGAPORE POST LIMITED J APAN F OODS HOLDING LTD. BAN LEONG TECHNOLOGIES LIMITED SINGAPORE AIRLINES LTD BOUSTEAD PROJ ECTS LIMITED BOUSTEAD PROJ ECTS LIMITED GLOBAL LOGISTIC PROP LIMITED WILLAS-ARRAY ELEC (HLDGS) LTD HIAP SENG ENGINEERING LTD TRANSIT-MIXED CONCRETE LTD

Source: SGX

Page 4

T y pe DIV IDEND DIV IDEND BONUS DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND DIV IDEND 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 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

Part ic ulars USD 0.719995 011016-310317 SGD 0.0237 ONE-TIER TAX OF F ER OF 1 F OR 2 SGD 0.006 ONE-TIER TAX USD 0.11 USD 0.14 311216 - 290617 3.9% ONE-TIER TAX SCRIP DIV SCH SGD 0.01 ONE-TIER TAX SCRIP DIV SCH SGD 0.05 ONE-TIER TAX DELISTING DELISTING DELISTING HKD 0.08 ONE-TIER TAX SGD 0.02 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.0028 ONE-TIER TAX SGD 0.002 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.03 ONE-TIER TAX 011016 - 310317 SGD 0.0359 TAX EXEMPT HKD 0.032 USD 0.475567 MYR 0.08 ONE-TIER TAX 010117 - 310317 SGD 0.01625 TAX EXEMPT APPROXIMATE USD 3.215081 SGD 0.02 ONE-TIER TAX USD 1.494184 USD 0.01 MYR 0.03 ONE-TIER TAX APPROXIMATE USD 0.319824 SGD 0.03 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.11 ONE-TIER TAX SGD 0.05 ONE-TIER TAX SGD 0.09 ONE-TIER TAX SGD 0.005 ONE-TIER TAX SGD 0.0125 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.11 ONE-TIER TAX SGD 0.01 ONE-TIER TAX SGD 0.015 ONE-TIER TAX SGD 0.06 ONE-TIER TAX HKD 0.31 SGD 0.005 ONE-TIER TAX SGD 0.01 ONE-TIER TAX

Ex Dat e 31-May -17 31-May -17 01-J un-17 01-J un-17 01-J un-17 01-J un-17 02-J un-17 02-J un-17 02-J un-17 02-J un-17 02-J un-17 02-J un-17 05-J un-17 06-J un-17 06-J un-17 06-J un-17 06-J un-17 07-J un-17 08-J un-17 08-J un-17 09-J un-17 09-J un-17 12-J un-17 13-J un-17 14-J un-17 15-J un-17 19-J un-17 20-J un-17 21-J un-17 28-J un-17 29-J un-17 06-J ul-17 07-J ul-17 25-J ul-17 25-J ul-17 25-J ul-17 25-J ul-17 31-J ul-17 01-Aug-17 01-Aug-17 02-Aug-17 02-Aug-17 03-Aug-17 10-Aug-17 16-Aug-17 21-Aug-17

Paid/ Pay able 10-J ul-17 28-J un-17 12-J un-17 27-J un-17 27-J un-17 30-J un-17 20-J ul-17 20-J ul-17 11-J ul-17 11-J ul-17 11-J ul-17 16-J un-17 22-J un-17 22-J un-17 23-J un-17 19-J un-17 23-J un-17 21-J un-17 21-J un-17 21-J un-17 06-J ul-17 07-Aug-17 11-J ul-17 23-J un-17 24-J ul-17 04-J ul-17 17-J ul-17 18-J ul-17 21-Aug-17 19-J ul-17 27-J ul-17 11-Aug-17 08-Aug-17 08-Aug-17 10-Aug-17 18-Aug-17 15-Aug-17 16-Aug-17 18-Aug-17 18-Aug-17 22-Aug-17 25-Aug-17 28-Aug-17 08-Sep-17

Singapore Wired Daily

May 2017 Mon

Tues

Wed

Thu

1

2

3

4

DBS Group 1Q 17 HL Global Enterprises 1Q 17 Manulife US REIT 1Q 17

BreadTalk Group 1Q 17 First Ship Lease Trust 1Q 17 Kulicke & Soffa Industries 2Q 17 Sembcorp Industries 1Q 17 StarHub 1Q 17

Purchasing Managers Index Electronics Sector Index

8 OKP Holdings 1Q 17 Perennial Real Estate 1Q 17 Vicom Ltd 1Q 17

9

10

Best World International 1Q 17 Challenger Technologies 1Q 17 China Yuchai 1Q 17 Hotel Royal 1Q 17 KPM Holding 1Q 17 OCBC 1Q 17 Parkson Retail Asia 3Q 17 Sabana Shari'ah Compliant Industrial 1Q 17 Straco Corp 1Q 17

16

17

ASL Marine 3Q 17 Croesus Retail Trust 3Q 17 Golden Agri-Resources 1Q 17 Olam International 1Q 17 Sinarmas Land 1Q 17

11

22

Amara Holdings 1Q 17 Asian Pay Television Trust 1Q 17 BHG Retail REIT 1Q 17 ComfortDelGro Corp 1Q 17 Ezion Holdings 1Q 17 Far East Hospitality Trust 1Q 17 First Resources 1Q 17 Genting Singapore 1Q 17 Mewah International 1Q 17 SIA Engineering 4Q 17 ST Engineering Ltd 1Q 17

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

Retail Sales SA MoM Retail Sales YoY Retail Sales Ex Auto YoY

18 Singtel 4Q 17 Singapore Airlines 4Q 17

23

CPI Core YoY CPI YoY CPI NSA MoM

29 BW LPG 1Q 17

24

Boustead Singapore 4Q 17

30

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

12

Ascendas Hospitality Trust 4Q 17 City Developments 1Q 17 CSE Global 1Q 17 EC World Reit 1Q 17 Frasers Centrepoint Ltd 2Q 17 Health Management International 3Q 17 IREIT Global 1Q 17 SBS Transit 1Q 17 Wilmar International 1Q 17

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

Boustead Projects 4Q 17 RHT Health Trust 4Q 17 Vallianz Hldgs 1Q 17

5 CMON Ltd 1Q 17 Frasers Logistics & Industrial Trust 2Q 17 OUE Commercial Reit 1Q 17 Roxy-Pacific 1Q 17

Nikkei Singapore PMI

Foreign Reserves

15

Hi-P International 1Q 17 OUE Hospitality Trust 1Q 17

Fri

19 Global Logistic Properties 4Q 17

GDP YoY GDP SAAR QoQ

25

26

Accordia Golf Trust 4Q 17

KSH Hldgs 4Q 17

GDP YoY GDP SAAR QoQ

Industrial Production YoY Industrial Production SA MoM

31

Tat Hong Hldgs 4Q 17

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 5

Singapore Wired Daily

Jun 2017 Mon

Tues

Wed

Thu

Fri

1

2

Boardroom 2Q 17

Electronics Sector Index Purchasing Managers Index

5

Retail Sales SA MoM Retail Sales YoY Retail Sales Ex Auto YoY 0

12

Retail Sales SA MoM Retail Sales YoY Retail Sales Ex Auto YoY

19

6

7

8

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

Manpower Survey 0

13

14

15

20

27

16

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

Manpower Survey

21

22

28

23

CPI Core YoY CPI YoY CPI NSA MoM 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

26

9

29

30 Atlantis Resources 4Q 16

Bank Loans and Advances YoY Credit Card Billings SGD Credit Card Bad Debts SGD Money Supply M2 YoY Money Supply M1 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 31 May 2017 09:30:20 (SGT) Dissemination Date: 31 May 2017 09:57:29 (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.

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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 associate 1 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, ST Engineering, Croesus Retail Trust, Far East Hospitality Trust, Frasers Logistics & Industrial Trust, Keppel REIT, Sheng Siong Group, CDL Hospitality Trusts, Noble Group, Ascendas REIT, Ascott Residence Trust as of 28 Apr 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 Croesus Retail Trust, Frasers Logistics & Industrial Trust, Keppel REIT, CDL Hospitality Trusts, Ascott Residence Trust recommended in this report as of 28 Apr 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 Croesus Retail Trust, Frasers Logistics & Industrial Trust, Ascott Residence Trust as of 28 Apr 2017.

5.

DBS Bank Ltd, DBS HK, DBSVS, DBSVUSA, DBSV HK, their subsidiaries and/or other affiliates beneficially own a total of 5% of any class of common equity securities of Croesus Retail Trust as of 28 Apr 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 Croesus Retail Trust, Frasers Logistics & Industrial Trust, Keppel REIT, Noble Group, Ascendas REIT, Ascott Residence Trust, Centurion Corporation as of 28 Apr 2017.

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.

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Singapore Wired Daily

7.

8.

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 Croesus Retail Trust, Frasers Logistics & Industrial Trust, Keppel REIT, Noble Group, Ascendas REIT, Ascott Residence Trust, Centurion Corporation in the past 12 months, as of 28 Apr 2017.

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.

Directorship/trustee interests 9. Lim Sim Seng, a member of DBS Group Executive Committee, is an Independent Non-Executive Director of ST Engineering as of 1 May 2017 Disclosure of previous investment recommendation produced 10. 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”), 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 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. Research reports distributed are only intended for institutional clients only and no other person may act upon it.

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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

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 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 Bank Ltd. 12 Marina Boulevard, Marina Bay Financial Centre Tower 3 Singapore 018982 Tel. 65-6878 8888 e-mail: [email protected] Company Regn. No. 196800306E1

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Wired Daily - DBS Bank

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