Singapore Traders Spectrum

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

DBS Group Research . Equity 9 Mar 2016

Today’s Focus US Indices

Dow Jones 
Last Close
16,964.1
Pts Chg
(109.9)
% Chg
(0.6)
S&P  1,979.3 (22.5) (1.1)
 Keppel Corp – Transocean’s rig deferment many not NASDAQ  4,648.8 (59.4) (1.3)
result in provisions Regional Indices

Investors await the outcome of the ECB policy meeting ST Index  2,778.8 (44.7) (1.6)
outcome tomorrow where expectations are for the central ST Small Cap  393.8 (4.2) (1.1)
bank to introduce further monetary policy easing. The Hang Seng  20,011.6 (148.1) (0.7)
pullback in the STI yesterday was within our expectation. HSCEI  8,505.2 (121.1) (1.4)
We maintain our view for the immediate support to be HSCCI  3,660.0 (40.8) (1.1)
around 2770 and for the index to head towards 2900 over KLCI  1,687.9 (10.1) (0.6)
the next few weeks. We also keep our view that the SET  1,374.6 (21.1) (1.5)
anticipated rise towards 2900 will be different from the past
JCI  4,811.0 (20.5) (0.4)
2 weeks in that gains will be more selective.
PCOMP  6,915.5 22.8 0.3

Transocean announced that it has reached an agreement

KOSPI  1,946.1 (11.8) (0.6)

with Keppel O&M to defer the delivery of the five jackup TWSE  8,664.3 4.8 0.1
orders by up to two years from 2020 onwards. This 3rd Nikkei  16,783.2 (128.2) (0.8)
deferment essentially pushes back the delivery of the first of STI Index Performance
the five jack-ups by up to four years from the original Singapore Index

schedule of 1Q 2016 to 1Q 2020. Our analyst believes the Total Market cap (US$bn) 471 4,000
STI
talks on further push-back would have been ongoing for Total Daily Vol (m shrs) 2,784
3,000
quite awhile and Keppel Corp is unlikely to have 12m ST Index High 3,550
commenced construction works on these units given typical 12m ST Index Low 2,528 2,000 100-Day MA

lead time for a jack-up rig is approximately 24-month.

Hence, Keppel is probably not required to make any 1,000
2006 20072008 20092010 20112012 20132014 2015 2016
provision for these jack-ups as contract prices are also intact.
The push-back will however, result in slower revenue Source: Bloomberg Finance L.P.
drawdown and potentially affect the overall efficiency of the
yard. Moody’s recent downgrade on several major Stock Picks – Large Cap
international drillers – Transocean, Ensco, Rowan, could Rec’n Price (S$) Target Price
trigger another wave of rig deferment/cancellations led by 8 Mar (S$)
Ascendas Reit BUY 2.350 2.52
credit crunch.
Capitaland BUY 3.070 3.70
SIA Engineering BUY 3.560 3.84
Hiap Seng Engineering Ltd has been awarded two contracts ST Engineering BUY 3.010 3.40
worth about S$18.3mil for the provision of mechanical SembCorp Industries BUY 2.900 3.30
works in Singapore. It added that a plant construction Thai Beverage Public BUY 0.740 0.82
project worth S$13.7mil is due to be completed by February Stock Picks – Small Cap
2017, while a plant maintenance work worth S$4.6mil is Rec’n Price (S$) Target Price
due for completion this July. The group said it expects a 8 Mar (S$)
positive contribution to its earnings from the contracts but Frasers Centrepoint Trust BUY 1.950 2.11
does not expect any material impact on the NTA or EPS for Mapletree Logistics Trust BUY 0.960 1.15
Sheng Siong Group BUY 0.855 1.01
the current financial year ending March 31, 2016.
Venture Corporation BUY 8.180 9.00
Source: DBS Bank; Bloomberg Finance L.P.

Yeo Kee Yan (65) 6682 3706 [email protected]

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Wired Daily

Mencast Holdings has entered into a binding term sheet with Fabchem China is expected to post a net loss for 4Q2016,
Stone Marine Overseas and Langham Industries to acquire the group warned, due to challenging market conditions in
Stone Marine Singapore. Mencast will pay around S$2.5mil, China and the temporary suspension of its booster
excluding the aggregate amount of all of Stone Marine's production activities. The group has stopped production of its
outstanding debt. Stone Marine is involved in the business of booster products following an unrelated explosion incident at
manufacturing and repair of marine propellers, associated a production plant in Shandong province in Q4 last year. Its
stern gear and seals Q4FY16 performance was hampered by this development,
since sale of boosters contribute significantly to revenue.

Share Buy-Back
Name D.O.T . Buy /Sell No.of shares S$/shr
AEM Holdings Ltd 08-Mar-16 Share Buy-Back 1,000 0.3650
Centurion Corporation Limited 08-Mar-16 Share Buy-Back 168,000 0.3800
Courts Asia Limited 08-Mar-16 Share Buy-Back 50,000 0.3200
Lian Beng Group Ltd 08-Mar-16 Share Buy-Back 200,000 0.4432
Ov erseas-Chinese Banking Corporation Limited 08-Mar-16 Share Buy-Back 150,000 8.7300
SATS Ltd 08-Mar-16 Share Buy-Back 159,200 3.8500
Wing Tai Holdings Limited 08-Mar-16 Share Buy-Back 320,000 1.6220
BRC Asia Limited 07-Mar-16 Share Buy-Back 31,500 0.6331
Centurion Corporation Limited 07-Mar-16 Share Buy-Back 358,700 0.3800
Chasen Holdings Limited 07-Mar-16 Share Buy-Back 236,000 0.0340
Courts Asia Limited 07-Mar-16 Share Buy-Back 185,000 0.3200
Isoteam Ltd 07-Mar-16 Share Buy-Back 65,900 0.3100
J apan F oods Holdings Ltd 07-Mar-16 Share Buy-Back 43,600 0.3850
Koh Brothers Group Limited 07-Mar-16 Share Buy-Back 31,000 0.2750
Lian Beng Group Ltd 07-Mar-16 Share Buy-Back 100,000 0.4400
Ov erseas-Chinese Banking Corporation Limited 07-Mar-16 Share Buy-Back 150,000 8.7700
Parkson Retail Asia Limited 07-Mar-16 Share Buy-Back 1,000,000 0.1563
SATS Ltd 07-Mar-16 Share Buy-Back 100,000 3.8500
Tiong Seng Holdings Limited 07-Mar-16 Share Buy-Back 44,000 0.2350
Wing Tai Holdings Limited 07-Mar-16 Share Buy-Back 215,700 1.6284
AEM Holdings Ltd 04-Mar-16 Share Buy-Back 10,000 0.3600
Courts Asia Limited 04-Mar-16 Share Buy-Back 100,000 0.3150
GKE Corporation Limited 04-Mar-16 Share Buy-Back 150,000 0.0843
Isoteam Ltd 04-Mar-16 Share Buy-Back 84,100 0.3150
Nordic Group Limited 04-Mar-16 Share Buy-Back 72,000 0.1870
AEM Holdings Ltd 03-Mar-16 Share Buy-Back 10,000 0.3400
Centurion Corporation Limited 03-Mar-16 Share Buy-Back 369,900 0.3791
GKE Corporation Limited 03-Mar-16 Share Buy-Back 380,000 0.0852
Karin Technology Holdings Limited 03-Mar-16 Share Buy-Back 63,300 0.2700
Lian Beng Group Ltd 03-Mar-16 Share Buy-Back 200,000 0.4331
Ov erseas-Chinese Banking Corporation Limited 03-Mar-16 Share Buy-Back 34,000 8.3800
Centurion Corporation Limited 02-Mar-16 Share Buy-Back 100,000 0.3750
GKE Corporation Limited 02-Mar-16 Share Buy-Back 800,000 0.0852
GP Industries Limited 02-Mar-16 Share Buy-Back 54,900 0.6250
Karin Technology Holdings Limited 02-Mar-16 Share Buy-Back 84,800 0.2700
Lian Beng Group Ltd 02-Mar-16 Share Buy-Back 650,000 0.4229
Ov erseas-Chinese Banking Corporation Limited 02-Mar-16 Share Buy-Back 150,000 8.3200
Oxley Holdings Limited 02-Mar-16 Share Buy-Back 16,000,000 0.4200
Parkson Retail Asia Limited 02-Mar-16 Share Buy-Back 1,000,000 0.1580
SIA Engineering Company Limited 02-Mar-16 Share Buy-Back 28,900 3.4497
V iking Offshore and Marine Limited 02-Mar-16 Share Buy-Back 170,000 0.0371

Source: SGX Masnet

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Substantial Shareholders’ Transactions: 25 Feb 2016 – 2 Mar 2016

No of %Issued %Issued
T ransact ed Buy /Sell Price Per Bef ore A f t er
St ock s Subst ant ial Shareholder/ Direct or Shares Cap Bef ore Cap A f t er
Dat e /Conv Share $ ('000) ('000)
('000) Change Change

Acesian Partners Ltd 02-Mar-16 Loh Yih Buy 100 0.0300 6619 1.9000 6719 1.9300
Ezion Hldgs 02-Mar-16 Chew Thiam Keng *Buy 0 0.5200 204480 12.9600 204480 12.8200
Global Premium Htls 02-Mar-16 Koh Wee Meng *Buy 1000 0.3100 682700 64.9000 683700 64.9900
Hotung Inv estment 02-Mar-16 Tsui-Hui Huang *Buy 98 1.4700 21175 21.3100 21273 21.4100
Hwa Hong Corp 02-Mar-16 Ong Kay Eng *Buy 45 0.3000 28350 4.3400 28395 4.3500
Technics Oil & Gas 02-Mar-16 Tay Mian Cheo Sell 3050 0.1300 5469 2.3900 2419 1.0500
Tee Intl 02-Mar-16 Phua Chian Kin Buy 55 0.2400 279069 55.4600 279124 55.4700
Tee Land 02-Mar-16 Phua Chian Kin Buy 35 0.2000 21935 4.9100 21970 4.9200
UOB-Kay Hian 02-Mar-16 Wee Ee Chao *Buy 143 1.3300 190806 24.7100 190949 24.7300
UOB-Kay Hian 02-Mar-16 K.I.P. Inc *Buy 142 1.3300 51554 6.6800 51696 6.7000
Acesian Partners Ltd 01-Mar-16 Loh Yih Buy 520 0.0300 6099 1.7500 6619 1.9000
Ho Bee Land Ltd 01-Mar-16 Chua Thian Poh *Buy 61 1.9100 490523 73.6300 490584 73.6400
Hotung Inv estment 01-Mar-16 Tsui-Hui Huang *Buy 194 1.4500 20981 21.1100 21175 21.3100
Mfg Integration 01-Mar-16 Lim Chin Tong Buy 100 0.1700 1254 0.5600 1354 0.6100
Sarine Tech 01-Mar-16 Daniel Benjamin Glinert *Buy 80 1.5200 12299 3.5200 12379 3.5500
Technics Oil & Gas 01-Mar-16 Eversendai Corp Buy 6000 0.1400 62315 27.2500 68315 29.8700
Technics Oil & Gas 01-Mar-16 Tan Sri Nathan Elumalay *Buy 6000 0.1400 62315 27.2500 68315 29.8700
Technics Oil & Gas 01-Mar-16 Tay Mian Cheo Sell 2600 0.1300 8069 3.5200 5469 2.3900
Tee Intl 01-Mar-16 Phua Chian Kin Buy 35 0.2300 279034 55.4500 279069 55.4600
Tee Land 01-Mar-16 Phua Chian Kin Buy 85 0.2000 21850 4.8900 21935 4.9100
UOB-Kay Hian 01-Mar-16 Wee Ee Chao *Buy 49 1.3300 190757 24.7000 190806 24.7100
UOB-Kay Hian 01-Mar-16 K.I.P. Inc *Buy 49 1.3300 51505 6.6700 51554 6.6800
Auric Pacific Grp 29-Feb-16 Andy Adhiwana Buy 1136 0.7100 29018 23.0900 30154 23.9900
Banyan Tree Hldgs 29-Feb-16 Bibace Investments *Buy 167 0.4700 284013 37.3300 284180 37.3600
Eu Yan Sang 29-Feb-16 C'wealth Bank of Aust *Sell 3060 0.4500 25368 5.6600 22308 4.9800
Eu Yan Sang 29-Feb-16 Colonial Holding Co *Sell 3060 0.4500 25368 5.6600 22308 4.9800
Eu Yan Sang 29-Feb-16 C'wealth Insurance Hldgs *Sell 3060 0.4500 25368 5.6600 22308 4.9800
Eu Yan Sang 29-Feb-16 Colonial F irst State Grp Sell 3060 0.4500 25368 5.6600 22308 4.9800
Hafary Hldgs 29-Feb-16 Low Kok Ann Buy 229 0.2000 35175 8.2000 35404 8.2500
HL Global Ent 29-Feb-16 F lorence Tay Eng Neo Sell 1000 0.1500 2490 2.5900 1490 1.5500
Pan-United Corp 29-Feb-16 Ng Bee Kiok Buy 100 0.5400 326729 20981.0000 326829 58.3900
Technics Oil & Gas 29-Feb-16 Eversendai Corp Buy 17438 0.1200 44877 19.6200 62315 27.2500
Technics Oil & Gas 29-Feb-16 Tan Sri Nathan Elumalay *Buy 17438 0.1200 44877 19.6200 62315 27.2500
Wilmar Intl 29-Feb-16 Archer-Daniels-Midland *Buy 1591 3.1000 1199376 18.9800 1200967 19.0000
Auric Pacific Grp 26-Feb-16 Andy Adhiwana *Buy 582 0.7100 28436 22.6300 29018 23.0900
Banyan Tree Hldgs 26-Feb-16 Bibace Investments *Buy 2947 0.4600 281066 36.9500 284013 37.3300
Dynamic Colours Ltd 26-Feb-16 Quek Soh Mui Lucy Buy 93 0.2500 13696 6.5200 13789 6.5700
Excelpoint Tech 26-Feb-16 Albert Phuay Buy 10 0.3300 47905 46.7400 47915 46.7500
Hafary Hldgs 26-Feb-16 Low Kok Ann Buy 21 0.2000 35154 8.1900 35175 8.2000
Ho Bee Land Ltd 26-Feb-16 Chua Thian Poh *Buy 657 1.9000 489866 73.5300 490523 73.6300
Pan-United Corp 26-Feb-16 Ng Bee Kiok *Buy 29 0.5400 326700 58.3600 326729 58.3700
Perennial Real Estate 26-Feb-16 Ron Sim Chy e Hock Buy 533 0.8800 252837 15.2700 253370 15.3100
Sinotel Tech Ltd 26-Feb-16 J ia Yue Ting *Buy 1237 0.1300 369444 87.4000 370681 87.6000
Ying Li Intl 26-Feb-16 Leap Forward Hldgs Sell 5000 0.1400 255839 10.0100 250839 9.8100
Ying Li Intl 26-Feb-16 Zana China Fund *Sell 5000 0.1400 255839 10.0100 250839 9.8100
Ying Li Intl 26-Feb-16 Zana China Fund *Sell 5000 0.1400 255839 10.0100 250839 9.8100
Ying Li Intl 26-Feb-16 Chan Hock Eng *Sell 5000 0.1400 255839 10.0100 250839 9.8100
Ying Li Intl 26-Feb-16 Ng Soon Siong *Sell 5000 0.1400 255839 10.0100 250839 9.8100
Linc Energy Ltd 25-Feb-16 Credit Suisse AG *Buy 24300 0.0600 58233 9.1000 82533 12.9000
Linc Energy Ltd 25-Feb-16 Credit Suisse Grp AG *Buy 24300 0.0600 58233 9.1000 82533 12.9000
Tee Land 25-Feb-16 Phua Chian Kin Buy 85 0.2000 21765 4.8700 21850 4.8900
*Deemed Interest
Source: Business Times; SA: Share Allotment; ST: Share Transfer, B/R: Bonus/Rights Issue; OE: Option Exercise; PL: Placement Shares

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Announced Dividends and Capital Issues: 9 Mar -29 Apr 16 (by Ex-Date)
Company T y pe Part iculars Ex Dat e Paid/ Pay able
GLOBAL INV ESTMENTS LIMITED DIV IDEND SCRIP DIV SCH SGD 0.0075 ONE-TIER TAX 09-Mar-16 27-Apr-16
NETEASE ADR 10 DIV IDEND USD 0.6375 TAX EXEMPT 09-Mar-16 18-Mar-16
OUE HOSPITALITY TRUST RIGHTS OFFER OF 33 FOR 100 @ SGD 0.54 11-Mar-16
SAIZEN REAL ESTATE INV TRUST DIV IDEND SGD 1.056 TAX EXEMPT 11-Mar-16 28-Mar-16
ASIAN PAY TELEV ISION TRUST DIV IDEND 011015 - 311215 SGD 0.0225 TAX EXEMPT 15-Mar-16 24-Mar-16
LYXOR ETF ASIA CON STAP 10 ENTITL. DELISTING 15-Mar-16 30-Mar-16
LYXOR ETF ASIA TECHNOLOGY 10 ENTITL. DELISTING 15-Mar-16 30-Mar-16
DAIRY FARM INT'L HOLDINGS LTD DIV IDEND USD 0.135 16-Mar-16 11-May-16
HONGKONG LAND HOLDINGS LIMITED DIV IDEND USD 0.13 16-Mar-16 11-May-16
J ARDINE MATHESON HLDGS LTD DIV IDEND SCRIP ALT USD 1.07 16-Mar-16 11-May-16
J ARDINE STRATEGIC HLDGS LTD DIV IDEND SCRIP ALT USD 0.2 16-Mar-16 11-May-16
MANDARIN ORIENTAL INTL LTD DIV IDEND USD 0.03 16-Mar-16 11-May-16
N511100W 160401 ENTITL. REDEMPTION 100% 23-Mar-16 01-Apr-16
OSIM INTERNATIONAL LTD DIV IDEND SGD 0.02 ONE-TIER TAX 23-Mar-16 04-Apr-16
MURATA MFG CO. LTD 100 DIV IDEND J PY 100 LESS TAX 29-Mar-16 30-J un-16
AV J ENNINGS LIMITED DIV IDEND AUD 0.015 30-Mar-16 15-Apr-16
QIAN HU CORPORATION LIMITED DIV IDEND SGD 0.002 ONE-TIER TAX 07-Apr-16 21-Apr-16
ROXY-PACIF IC HOLDINGS LIMITED DIV IDEND SGD 0.01297 ONE-TIER TAX 07-Apr-16 21-Apr-16
CEI CONTRACT MANUF ACTURING LTD DIV IDEND SGD 0.048 ONE-TIER TAX 12-Apr-16 27-Apr-16
CEI CONTRACT MANUF ACTURING LTD DIV IDEND SGD 0.004 ONE-TIER TAX 12-Apr-16 27-Apr-16
M1 LIMITED DIV IDEND SGD 0.083 ONE-TIER TAX 12-Apr-16 21-Apr-16
IFAST CORPORATION LTD. DIV IDEND SGD 0.0075 ONE-TIER TAX 14-Apr-16 29-Apr-16
SINGAPORE O&G LTD. DIV IDEND SGD 0.0115 ONE-TIER TAX 14-Apr-16 04-May-16
STRAITS TRADING CO. LTD DIV IDEND SGD 0.04 ONE-TIER TAX 18-Apr-16 06-May-16
ARA ASSET MANAGEMENT LIMITED DIV IDEND SGD 0.027 ONE-TIER TAX 21-Apr-16 06-May-16
GREAT EASTERN HLDGS LTD DIV IDEND SGD 0.05 ONE-TIER TAX 21-Apr-16 09-May-16
GREAT EASTERN HLDGS LTD DIV IDEND SGD 0.4 ONE-TIER TAX 21-Apr-16 09-May-16
KEPPEL TELE & TRAN DIV IDEND SGD 0.035 ONE-TIER TAX 21-Apr-16 10-May-16
KEPPEL CORPORATION LIMITED DIV IDEND SGD 0.22 ONE-TIER TAX 22-Apr-16 06-May-16
SEMBCORP INDUSTRIES LTD DIV IDEND SGD 0.06 ONE-TIER TAX 22-Apr-16 17-May-16
GOLDEN AGRI-RESOURCES LTD DIV IDEND SGD 0.00502 25-Apr-16 09-May-16
SINGAPORE TECH ENGINEERING LTD DIV IDEND SGD 0.05 ONE-TIER TAX 25-Apr-16 10-May-16
SINGAPORE TECH ENGINEERING LTD DIV IDEND SGD 0.05 ONE-TIER TAX 25-Apr-16 10-May-16
OV ERSEA-CHINESE BANKING CORP DIV IDEND SCRIP DIV SCH SGD 0.18 ONE-TIER TAX 26-Apr-16 14-J un-16
SEMBCORP MARINE LTD DIV IDEND SGD 0.02 ONE-TIER TAX 26-Apr-16 13-May-16
DYNAMIC COLOURS LIMITED DIV IDEND SGD 0.025 ONE-TIER TAX 27-Apr-16 13-May-16
DYNAMIC COLOURS LIMITED DIV IDEND SGD 0.0075 ONE-TIER TAX 27-Apr-16 13-May-16
LEE METAL GROUP LTD DIV IDEND SGD 0.01 ONE-TIER TAX 27-Apr-16 23-May-16
ROTARY ENGINEERING LIMITED DIV IDEND SGD 0.015 ONE-TIER TAX 27-Apr-16 19-May-16
SARINE TECHNOLOGIES LTD DIV IDEND USD 0.015 LESS TAX 27-Apr-16 13-May-16
SYNGENTA ADR DIV IDEND USD 1.869461 TAX EXEMPT 27-Apr-16 24-J un-16
UNITED OV ERSEAS BANK LTD DIV IDEND SGD 0.35 ONE-TIER TAX 27-Apr-16 11-May-16
UNITED OV ERSEAS INSURANCE LTD DIV IDEND SGD 0.02 ONE-TIER TAX 27-Apr-16 11-May-16
UNITED OV ERSEAS INSURANCE LTD DIV IDEND SGD 0.12 ONE-TIER TAX 27-Apr-16 11-May-16
CSE GLOBAL LTD DIV IDEND SGD 0.0025 ONE-TIER TAX 28-Apr-16 20-May-16
CSE GLOBAL LTD DIV IDEND SGD 0.0125 ONE-TIER TAX 28-Apr-16 20-May-16
OKP HOLDINGS LIMITED DIV IDEND SGD 0.01 ONE-TIER TAX 28-Apr-16 17-May-16
OLAM INTERNATIONAL LIMITED DIV IDEND SGD 0.035 ONE-TIER TAX 28-Apr-16 10-May-16
BBR HOLDINGS (S) LTD DIV IDEND SGD 0.004 ONE-TIER TAX 29-Apr-16 20-May-16
COLEX HOLDINGS LIMITED DIV IDEND SGD 0.0055 ONE-TIER TAX 29-Apr-16 16-May-16
MFG INTEGRATION TECHNOLOGY LTD DIV IDEND SGD 0.005 ONE-TIER TAX 29-Apr-16 16-May-16
SINGAPORE REINSURANCE COR LTD DIV IDEND SGD 0.006 ONE-TIER TAX 29-Apr-16 23-May-16
UOB-KAY HIAN HOLDINGS LIMITED DIV IDEND DRP SGD 0.045 ONE-TIER TAX 29-Apr-16 16-J un-16
WEE HUR HOLDINGS LTD. DIV IDEND SGD 0.0075 ONE-TIER TAX 29-Apr-16 12-May-16

Source: SGX

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March 2016
Mon Tues Wed Thu Fri
1 2 3 4

Broadcom Ltd 1Q16

Automobile COE Open Bid Cat A

Automobile COE Open Bid Cat B
Automobile COE Open Bid Cat E
Purchasing Managers Index
Electronics Sector Index
Nikkei Singapore PMI

7 8 9 10 11

Foreign Reserves
Manpower Survey

14 15 16 17 18

Cape PLC 4Q15 Capital Drilling 4Q15

Automobile COE Open Bid Cat A

Automobile COE Open Bid Cat B
Retail Sales SA MoM Automobile COE Open Bid Cat E
Retail Sales YoY Non-oil Domestic Exports YoY
Retail Sales Ex Auto YoY Electronic Exports YoY

21 22 23 24 25

Industrial Production SA MoM

Industrial Production YoY Unemployment rate SA (27 Mar)

28 29 30 31

Money Supply M1 YoY

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

Source: Bloomberg Finance L.P.

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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 (collectively, the “DBS Vickers Group”) 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.

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) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and
(b) 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 9 Mar 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).

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COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1. DBS Bank Ltd., DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”), their subsidiaries and/or other affiliates have proprietary
positions in Ascendas REIT, CapitaLand, SIA Engineering, ST Engineering, Sembcorp Industries, Thai Beverage Public Company,
Frasers Centrepoint Trust, Mapletree Logistics Trust, Sheng Siong Group, Venture Corporation, Keppel Corporation
recommended in this report as of 31 Jan 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. 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 Ascendas REIT, Keppel Corporation as of 31 Jan 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 Ascendas REIT in the past 12 months, as of 31 Jan 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.

4. Directorship/trustee interests
Peter Seah Lim Huat, Chairman of DBS Group Holdings, is a Deputy Chairman of CapitaLand as of 28 Feb 2015.
Euleen Goh Yiu Kiang, a member of DBS Group Holdings Board of Directors, is a Director of CapitaLand as of 28 Feb 2015.
Danny Teoh Leong Kay, a member of DBS Group Holdings Board of Directors, is a Director of Keppel Corporation as of
28 Feb 2015.

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.

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 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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Wired Daily

United This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning
Kingdom 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 In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified,
jurisdictions 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
Company Regn. No. 196800306E

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