Morning Buzz STOCK IN FOCUS NEWS BUZZ. AmFraser Research Team 3, ( 0.78%) STI Index (previous day Close)

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1 Morning Buzz Tuesday, 05 August 2014 AmFraser Research Team STI Index (previous day Close) 3, ( 0.78%) Vol (mil): 2,238.5 / Val (S$ mil): 1,061.1 MAJOR STOCK INDICES DJ Ind Avg 16, % S & P 500 1, % Nasdaq Comp 4, % Hang Seng 24, % COMMODITIES Gold (SPOT) US$ 1, % Oil (NYMEX WTI) % Baltic Dry % EXCHANGE RATES STOCK IN FOCUS SEMBMARINE Q2 PROFIT UP 5.4% AT S$131.6M SembCorp Marine yesterday posted a 5.4 per cent increase in second quarter net profit to S$131.6 million, from S$124.9 million a year ago, due to higher profit contribu on from its rig building and fixed pla orm segments. The rig builder's revenue for the quarter ended June 30 rose 19 per cent to S$1.34 billion, from S$1.12 billion previously. The group achieved ini al percentage of comple on revenue recogni on for two rig building projects during the quarter, compared to one rig building and two offshore and conversion projects a year ago. Earnings per share came to 6.3 Singapore cents, up from 5.98 Singapore cents previously. For the six months ended June 30, SembMarine achieved a 4.3 per cent year on year increase in net profit to S$254.1 million, from S$243.6 million. Group turnover grew 23.1 per cent to S$2.68 billion, from S$2.17 billion a year ago. Turnover for the rig building sector increased 36 per cent to S$1.67 billion from S$1.23 billion. The company delivered six jack up rigs in the first half of the year, with another eight in progress stage. The fixed pla orm segment registered a 30 per cent increase in revenue to S$535 million for the first half, from S$413 million previously, with two major project deliveries in the second quarter. On the other hand, offshore and conversion revenue declined 40 per cent to S$123 million from S$206 million, with just one project delivery during the period. Ship repair revenue was 2 per cent lower at S$307 million, down from S$314 million previously. For the first half of the year, SembMarine earned Singapore cents per share, up from Singapore cents a year ago. SembMarine yesterday also announced an interim cash dividend of five Singapore cents per share to be paid out on Aug 29. INTEREST RATES USD : SGD / MYR : SGD mth Sibor 0.404% SGS (10yr) 2.404% NEWS BUZZ Oversea Chinese Banking Corp: Unveils record quarterly results IReit Global Group: Selling million CapitaLand: Q2 net profit up 14.5% AmFraser Securities Pte Ltd 1

2 News Buzz Oversea Chinese Banking Corpora on (S$9.860) Unveils record quarterly results Oversea Chinese Banking Corpora on (OCBC Bank) reported a net profit a er tax of S$921mil for the second quarter of 2014, an increase of 54%. The record quarterly performance was underpinned by higher net interest income, strong non interest income growth, mark to market gains in the insurance business and con nued cost discipline. IReit Global Group Selling million IReit Global Group, singapore's first listed real estate investment trust (Reit) with office assets in Germany is selling mil units at 88 Singapore cents per unit an offer price that translates to a projected DPU yield of 8% next year. The public offer will open at 9 a.m. today and close at noon on Aug 11. Trading is expected to commence at 2pm on Aug 13. CapitaLand (S$3.400) Q2 net profit up 14.5% CapitaLand reported a 14.5% rise in net profit to S$438.7mil for the 2Q ended June 30, on the back of stronger opera ng profits, higher revalua on gains from investment proper es and a write back of impairments. Revenue for the quarter fell 13.2% to S$875.3mil on lower development sales in Singapore and China. These were mi gated by higher contribu on from its shopping mall, serviced residence businesses and development projects in Vietnam, namely Mulberry Lane and The Vista. The group recorded a net fair value gain of S$427.3mil at the earnings before interest and tax (EBIT) level. CapitaLand said it is on track to deliver a return on equity target of 8 to 12 per cent over the next three to five years. CapitaLand also announced the appointment of Ng Kok Siong as chief corporate development officer with effect from Sept 1. Mr Ng will relinquish his role as CapitaMalls Asia's Chief Financial Officer and will report to CapitaLand's President & Group CEO, Lim Ming Yan. Source: The Business Times / Bloomberg / Straits Times AmFraser Securities Pte Ltd 2

3 Corporate Ac on Dividend Company Results Share Price Yield Ann Date Period DPS Ex-Date Book Close Payable 4-Aug-14 (%) AIMS AMP Capital Industrial REIT 30-Jul-14 1Q15 SGD Aug-14 7-Aug Sep-14 SGD OUE Commercial Real Estate 30-Jul-14 2Q14 SGD Aug-14 7-Aug-14 2-Sep-14 SGD CapitaRetail China Trust 24-Jul-14 2Q14 SGD Aug-14 8-Aug Sep-13 SGD Courts Asia 30-May-14 FY14 SGD Aug-14 8-Aug Aug-14 SGD M1 21-Jul-14 2Q14 SGD Aug-14 8-Aug Aug-14 SGD OUE Hospitality Trust 31-Jul-14 3Q14 SGD Aug-14 8-Aug-14 2-Sep-14 SGD Viva Industrial Trust 31-Jul-14 2Q14 SGD Aug-14 8-Aug Aug-14 SGD Fortune REIT 25-Jul-14 2Q14 HKD Aug Aug Aug-14 HKD Parkway Life REIT 04-Aug-14 2Q14 SGD Aug Aug-14 2-Sep-14 SGD * Include Ordinary, Cash, Special, Bonus, Variable and Base Rights & Bonus Issue Company Rights Issue Ex-Date Book Close 5 Rights S$0.008 each Rights Transcu Group Share + 5 free wrts for every 1 31-Jul-14 4-Aug-14 consoldiated share held Right Trading Period From To - - Tung Lok Restaurants (2000) 2 Rts S$0.12 each Rts share for every 5 existing ord shares held 24-Jul Jul-14 Source: SGX Annoucement 1-Aug Aug-14 Offer BUYOUTS Remarks Closing Date Offeror Price China Xlx Fertiliser SGD 0.40 * Cash 4.00 p.m. on 4 August 2014 Gems TV Hldgs SGD Cash 5.30 p.m. on 8 AugUST 2014 Pioneer Top Holdings Ltd Exit Offer and Directed Delisting Source: SGX Annoucement * China Xlx Fertiliser: The actual amount of the Exit Offer Price will be reduced by the amount per share of the 2013 Final Dividend AmFraser Securities Pte Ltd 3

4 Financial Calendar Monday Tuesday Wednesday Thursday Friday 4-Aug 5-Aug 6-Aug 7-Aug 8-Aug noon *Q1: Meghmani Organics Q2: ARA Asset Mgt / Parkway Life REIT / SembCorp Marine Q1: Global Log Properties / Spore Post Q2: CapitaLand / Far East Hospitality Trust / Forterra Trust / Hi-P Int'l / OCBC (Before mkt open) / Perennial China Retail Trust / StarHub / UOI 4.00 p.m. Q1: Biosensors Int'l Q2: Chip Eng Seng / Rickmers Maritime / SembCorp Industries Q2: Challenger Tech / China Merchants Hldgs Pacific / China Sunsine / CWT / DMX Technologies / Lippo Malls Indonesia / Maxi-Cash/ Noble Grp / OKP Hldgs / Vallianz Hldgs / Wilmar Int'l *Q2: NOL Q2: Global Invts / IFS Capital / STATS ChipPAC / UOL 11-Aug 12-Aug 13-Aug 14-Aug 15-Aug Q2: Aspial Corp / CSE Global / Ho Bee Land / Hong Leong Finance / Super Grp / Vicom Q3: Frasers Centrepoint Q2: Amara Hldgs / Asian Pay Television Trust / Htl Royal / QAF / SBS Transit / Starburst Hldgs / Straco Corp / World Precision Machinery Q1: Ascendas Hospitality Trust / CitySpring Infras / Religare Health Trust Q2: ComfortDelGro / HTL Int'l / Petra Foods / ST Engrg SG: 2Q14 GDP Q1: Spore Telecoms / Tat Hong Hldgs SG: Prices of Private Residential Units Sold by Developers *Q1: Valuetronics *Q2: Courage Marine *Q2: Hengxin Technology Q2: City Devpts / First Ship Lease Trust / Fuxing China Grp /Genting Spore / Golden Agri-Resources / Kingsmen Creatives /Mewah Int'l / Spore Reinsurance / Utd Engineers *Q2: China Kangda / China New Town Devpt / Midas Hldgs 18-Aug 19-Aug 20-Aug 21-Aug 22-Aug noon 4.00 p.m. *Q2: Lung Kee Bermuda 25-Aug 26-Aug 27-Aug 28-Aug 29-Aug SG (Jul 2014): CPI Q2: ASL Marine / Croesus Retail Trust / Karin Technology Q4: Croesus Retail Trust *Q2: Golden Ocean Q4: Cordlife Grp 1-Sep 2-Sep 3-Sep 4-Sep 5-Sep noon 4.00 p.m. STI Review * Tenta ve Source: Company; Bloomberg AmFraser Securities Pte Ltd 4

5 Disclaimer This report is prepared by AmFraser Securi es Pte Ltd ( AmFraser ), which is a holder of a capital markets services licence and an exempt financial adviser in Singapore. This report is provided for informa on only and is not an offer or a solicita on to deal in securi es or to enter into any legal rela ons, nor an advice or a recommenda on with respect to such securi es. This report is prepared for general circula on. It does not have regard to the specific investment objec ves, financial situa on and the par cular needs of any recipient hereof. You should independently evaluate par cular investments and consult an independent financial adviser before dealing in any securi es men oned in this report. This report is confiden al. This report may not be published, circulated, reproduced or distributed in whole or in part by any recipient of this report to any other person without the prior wri en consent of AmFraser. This report is not intended for distribu on, publica on to or use by any person in any jurisdic on outside Singapore or any other jurisdic on as AmFraser may determine in its absolute discre on, where the distribu on, publica on or use of this report would be contrary to applicable law or would subject AmFraser and its connected persons (as defined in the Financial Advisers Act, Chapter 110 of Singapore) to any registra on, licensing or other requirements within such jurisdic on. The informa on or views in the report ( Informa on ) has been obtained or derived from sources believed by AmFraser to be reliable. However, AmFraser makes no representa on as to the accuracy or completeness of such sources or the Informa on and AmFraser accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Informa on. AmFraser and its connected persons may have issued other reports expressing views different from the Informa on and all views expressed in all reports of AmFraser and its connected persons are subject to change without no ce. AmFraser reserves the right to act upon or use the Informa on at any me, including before its publica on herein. Except as otherwise indicated below, (1) AmFraser, its connected persons and its officers, employees and representa ves may, to the extent permi ed by law, transact with, perform or provide broking, underwri ng, corporate finance related or other services for or solicit business from, the subject corpora on(s) referred to in this report; (2) AmFraser, its connected persons and its officers, employees and representa ves may also, to the extent permi ed by law, transact with, perform or provide broking or other services for or solicit business from, other persons in respect of dealings in the securi es referred to in this report or other investments related thereto; and (3) the officers, employees and representa ves of AmFraser may also serve on the board of directors or in trustee posi ons with the subject corpora on(s) referred to in this report. (All of the foregoing is herea er referred to as the Subject Business.) However, as of the date of this report, neither AmFraser nor its representa ve(s) who produced this report (each a research analyst ), has any proprietary posi on or material interest in, and AmFraser does not make any market in, the securi es which are recommended in this report. Each research analyst of AmFraser who produced this report hereby cer fies that (1) the views expressed in this report accurately reflect his/ her personal views about all of the subject corpora on(s) and securi es in this report; (2) the report was produced independently by him/ her; (3) he/she does not carry out, whether for himself/herself or on behalf of AmFraser or any other person, any of the Subject Business involving any of the subject corpora on(s) or securi es referred to in this report; and (4) he/she has not received and will not receive any compensa on that is directly or indirectly related or linked to the recommenda ons or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transac on in respect of the securi es in this report. However, the compensa on received by each such research analyst is based upon various factors, including AmFraser s total revenues, a por on of which are generated from AmFraser s business of dealing in securi es. Copyright AmFraser Securi es Pte Ltd. All rights reserved. LEE Wing How for AmFraser Securi es Pte Ltd AmFraser Securities Pte Ltd 5