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Market Outlook & Strategy

FSSTI

REVIEW: The FSSTI rose 0.98% mom to 2,868.69 in July. The latter part of July saw a heavy
sell-off in O&M stocks (-12% to -36% mom) as Swiber Holdings applied to be placed into judicial
management. The weak sentiment spilled over to banks, particularly DBS, which announced that
it had S$700m exposure to Swiber Holdings. Otherwise, earnings season is in full swing and
there have been a lot of earnings disappointments notably from SPH, CD REIT, Ezra, SIA and
M1. Wilmar fell 5.0% mom after issuing a profit warning. On the external front, equity markets
were encouraged by the Fed Reserves move to keep the policy FFTR unchanged at 0.25-0.5%
in July and its more positive outlook on the US economy.
STRATEGY: We have been defensive and stock selective, buying on weakness and preferring
solid blue chips with dividend yields and strong financials. Valuations look fair, with the FSSTI
trading at 2017 PE of 14.5x vs long-term mean valuation of 15.4x. We believe valuations are
likely to remain below mean on weaker growth prospects and lower-than-mean ROE, with GDP
growth at the lower end of the 1-3% forecast range. Investment themes for 2H16 include: a) M&A
fever, b) dividend yields with catalysts, c) recovering tourist arrivals, and d) going global. On our
BUY list are OCBC, City Dev, Singtel, ST Eng, Frasers L&I Trust, A-REIT, K-REIT and First
Resources. Mid-cap gems we like include CAO, NeraTel, Valuetronics and Katrina Holdings.
SELL SIA Eng, StarHub and M1.

From 1/8/2015 to 29/7/2016

3300
3200
3100
3000
2900
2800
2700
2600
2500
2400
Aug

Sector

0.515

0.555

7.8

China Everbright

0.635

0.60

Fortune Reit HK$

9.20

9.91

7.7

Wilmar

3.26

3.09

(5.2)

Venture

8.28

8.90

7.5

Genting HK US$

0.29

0.275

(5.2)

FSSTI

(S$)

Jun

Jul

% Chg

(S$)

Jun

Jul

% Chg

China Aviation

1.23

1.46

18.7

Noble

0.20

0.162

(19.0)

THBEV

0.91

1.035

13.7

Delfi

2.89

2.47

(14.5)

0.885

0.985

11.3

Sembcorp Marine

4.52

5.03

11.3

Bumitama

1.505

1.63

8.3

SIIC Environment

1.63

1.765

8.3

Oxley

Genting SP

0.725

0.785

8.3

SuntecReit

Silverlake

Sheng Siong
BukitSem
SMRT
AusNet Services

* Top 100 companies by market capitalisation

Refer to last page for important disclosures.

1.55

1.41

(9.0)

0.765

0.70

(8.5)
(6.5)

0.62

0.58

0.415

0.39

(6.0)

1.77

1.67

(5.6)
(5.5)

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

SECTOR RATINGS & STOCK RECOMMENDATIONS

Aviation
Finance
Healthcare
LandTransport
Media
OilServices
Plantation
Property
REITs
Shipping
Shipyard
Technology
Telecoms
Others

TOP GAINERS & LOSERS*

Sep

Jul/Jun (% Chg)
3.6
(1.5)
1.7
4.2
(4.3)
(29.3)
(3.2)
3.3
1.0
0.0
(4.3)
7.5
1.2
3.3

Weighting*
Market Weight
Overweight
Market Weight
Market Weight
Market Weight
Underweight
Overweight
Overweight
Overweight
Market Weight
Market Weight
Overweight
Underweight

Top Buys
ST Engrg
OCBC
Raffles Medical
ComfortDelGro
Bumitama, First Resources
City Devt, Wing Tai
FLT, AREIT, KREIT
Sembcorp Ind
Venture
SingTel

1.0

* Refers to business prospects & earnings growth of the sector for the next 12 months.

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Valuation screens (Price/Book and Price/Earnings)

Stocks trading 2SD below Mean
2016
P/B (x)

Mean
P/B (x)

-2SD
P/B (x)

Sabana REIT

0.61

0.91

0.70

Sabana REIT

2016
PE (x)
10.1

Mean
PE (x)
14.9

-2SD
PE (x)
10.4

Stocks trading 1SD below Mean

2016
P/B (x)

Mean
P/B (x)

-1SD
P/B (x)

0.15
0.36
0.32
0.83
0.29

1.51
1.84
1.43
1.99
0.92

0.46
0.93
0.80
1.29
0.43

2016
PE (x)
10.1
11.3
3.7
12.3
20.2

Mean
PE (x)
14.9
15.7
5.2
15.9
22.7

-1SD
PE (x)
12.6
13.4
4.3
13.8
21.3

Ezra
Ezion
Nam Cheong
Sembcorp Ind
Pacific Radiance

Sabana REIT
Bumitama
Triyards
CACHE
Frasers HTrust

Stocks trading 2SD above Mean

2016
Mean
P/B (x)
P/B (x)
SATS

COSCO Corp
Raffles Medical

+2SD
P/B (x)

3.15

2.00

2.93

2016
PE (x)
122.9
37.5

Mean
PE (x)
24.3
23.6

+2SD
PE (x)
61.2
37.5

Stocks trading 1SD above Mean

2016
P/B (x)
SATS
Raffles Medical
MapletreeInd
IHH
Starhill Gbl

COSCO Corp
SIA Engineering
Raffles Medical
SATS
MapletreeInd

Mean
P/B (x)

+1SD
P/B (x)

3.15
4.29
1.25
2.39
0.94

2.00
2.84
1.12
1.97
0.76

2.47
3.83
1.19
2.29
0.91

2016
PE (x)
122.9
26.7
37.5
21.4
17.2

Mean
PE (x)
24.3
15.9
23.6
13.9
13.6

+1SD
PE (x)
42.7
21.6
30.5
17.9
15.8

Analysts Top Alpha* Picks

Analyst

Company

Rec

Upside/
(Downside)
%

Market
Cap
(S$m)

2016
PE
(x)

2016
P/B
(x)

2016
Yield
(%)

Remarks

Edison Chen

China Aviation

BUY

30.1

1,264.6

12.6

1.5

2.7

CAO, APACs largest physical jet fuel trader, holds a monopoly in supplying imported jet fuel to the
whole of China, making it a proxy to Chinas global aviation boom. Together with its stake in the
exclusive refueller for SPIA, CAO has two solid growing sources of recurring income. Management
also has a five-year plan to double profits to US$120m through organic and M&A growth.

Vikrant Pandey/Derek Chang

Frasers L&I Tr

BUY

9.1

1,410.9

22.0

1.1

6.3

FLT provides the best growth prospects (10% 3-year CAGR) amongst REITs within our coverage
on top of a high 6.5% yield. It is also a potential play on the strengthening Australian dollar

Andrew Chow/Nicholas Leow

Katrina

BUY

20.0

86.9

17.5

5.7

3.2

Undervaluation relative to peer. Catalyst from better than expected 2017F growth from new outlets
and online channel.

Jonathan Koh

OCBC

BUY

21.9

36,066.1

10.5

1.0

4.2

There are early signs that OCBCs conservative approach to recognise NPLs early is bearing some
fruits. An oil & gas loan in Malaysia that was restructured and recognised as NPL a year ago was
upgraded in 2Q16. 50% of its NPLs in the oil & gas sector are not overdue

Ajith/Sophie Leong

ST Engineering

BUY

6.4

10,273.0

20.3

4.2

4.1

On balance, we believe that companies with resilient earnings will see valuation multiples expand
and STE, which trades at 20x 12 month forward PE could see its valuation rise towards 24x if
earnings surprise to the upside.

* Denotes a timeframe of 1 to 6 months and not UOBKH usual 12 months investment horizon for stock recommendation

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Sector Performance
------------------- PE ------------------2015
2016F
2017F
(x)
(x)
(x)
AVIATION

18.8

26.2

26.2

FINANCE

9.5

10.3

HEALTHCARE

53.0

48.4

LAND TRANSPORT

20.8

MEDIA

19.0

------------- EPS Growth -----------2015

2016F
2017F
(%)
(%)
(%)
(0.1)

Net
Margin
(%)

ROA
(%)

ROE
(%)

7.1

4.8

9.8

4.1

Price/
NTA ps
(x)

Net Cash
(Debt) to
Equity
(%)

Market
Cap.
(%)

Total
Market
Cap.
(S$m)

3.5

2.0

19.3

8.1

32,519

--------- Yield --------2015

2016F
(%)
(%)

36.1

(28.3)

10.1

4.3

(9.6)

2.1

n.a.

1.0

12.1

4.2

4.0

1.2

n.a.

27.9

112,622

39.2

10.0

9.1

23.5

11.7

3.3

5.0

0.6

0.5

6.0

(17.9)

5.2

21,107

19.9

18.4

9.4

4.9

7.8

7.6

5.2

13.1

3.0

2.9

3.3

(5.7)

2.1

8,568

23.5

23.0

(20.3)

(18.3)

2.2

27.3

5.1

8.8

5.3

4.2

1.9

(19.0)

1.5

6,112

OIL SERVICES

7.3

n.a.

6.2

(74.4)

n.a.

n.a.

7.8

1.3

3.5

0.9

0.9

0.3

(126.0)

0.3

1,176

PLANTATION

17.2

15.5

11.7

(17.1)

10.1

32.8

2.6

2.3

6.0

2.2

2.0

1.3

(75.6)

7.2

28,863

PROPERTY

10.7

17.3

16.6

(35.7)

(39.2)

4.3

25.0

2.9

6.8

2.5

2.4

0.7

(54.2)

6.9

27,909

REITS

19.6

18.4

17.6

2.0

3.8

3.3

51.5

3.2

5.1

6.0

6.2

1.0

(55.7)

11.0

44,422

SHIPPING

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

(4.1)

(2.8)

(10.4)

0.0

0.0

1.1

(117.0)

0.8

3,387

SHIPYARD

12.2

10.2

11.2

(56.0)

19.4

(8.6)

5.5

2.3

7.0

5.2

3.7

0.9

(88.0)

5.3

21,430

TECHNOLOGY

16.0

15.6

14.7

101.4

3.4

6.4

5.8

6.2

8.3

5.6

5.6

2.0

21.3

0.6

2,467

TELECOMS

17.2

17.1

15.9

2.1

0.4

7.3

21.5

9.6

17.4

4.3

4.5

6.2

(39.9)

18.8

75,887

OTHERS

5.1

33.7

25.2

164.5

(85.2)

34.0

65.4

14.6

21.3

2.1

2.2

1.0

33.1

4.1

16,647

OVERALL

13.1

15.5

14.5

(4.3)

(17.5)

7.2

16.7

1.9

9.7

3.9

3.7

1.4

(30.5)

100.0

403,117

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Corporate Statistics
Company

Ticker

Rec

Price
29/7/16
(S$)

Last
Year
End

2015
(S$m)

Net Profit
2016F
(S$m)

AVIATION
SIA
SIA SP
SIA Engineering SIE SP
SATS
SATS SP
ST Engineering STE SP
Sector

HOLD
SELL
HOLD
BUY

10.98
3.70
4.37
3.29

3/16
3/16
3/16
12/15

FINANCE
DBS
OCBC
SGX @
UOB@
Sector

DBS SP
OCBC SP
SGX SP
UOB SP

BUY
BUY
NR
NR

15.41
8.60
7.53
18.20

12/15
12/15
6/16
12/15

HEALTHCARE
IHH
IHH SP
Raffles Medical RFMD SP
Sector

HOLD
BUY

2.23
1.575

12/15
12/15

329.0
69.3
398.2

363.0
73.4
436.4

LAND TRANSPORT
ComfortDelGro CD SP
SMRT
MRT SP
Sector

BUY
HOLD

2.82
1.63

12/15
3/16

MEDIA
SPH
Sector

SPH SP

HOLD

3.78

OIL SERVICES
Ezion
Ezra
Nam Cheong
Pacific Radiance
Triyards
Sector

EZI SP
EZRA SP
NCL SP
PACRA SP
ETL SP

HOLD
SELL
SELL
SELL
HOLD

0.30
0.05
0.067
0.21
0.34

804.4
176.6
220.6
529.0
1,730.6

EPS
2017F 2015 2016F 2017F
(S$m) (cents) (cents) (cents)

354.7 314.7
155.9 159.9
229.0
244.0
502.9
523.5
1,242.6 1,242.1

2015
(x)

PE
DPS
2016F 2017F 2015 2016F
(x)
(x) (cents) (cents)

Yield
Hist
Net
2015 2016F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)

ROE
(%)

No of
Shares
(m)

Market
Cap.
(S$m)

Book Price/ Net Cash/(Debt) to

NTA ps NTA ps Mkt Cap Equity
(S$)
(x)
(%)
(%)

Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)

69.0
15.7
19.9
17.1
26.6

30.2
13.9
20.6
16.2
19.1

26.6
14.3
22.0
16.9
19.1

15.9
23.5
22.0
19.3
18.8

36.3
26.6
21.2
20.3
26.2

41.2
26.0
19.9
19.5
26.2

45.0
14.0
15.0
15.0

24.7
21.0
16.7
13.5

4.1
3.8
3.4
4.6
4.1

2.2
5.7
3.8
4.1
3.5

1.97
0.20
0.26
0.23

5.3
15.9
13.0
8.4
7.1

3.4
10.2
10.7
6.4
4.8

6.4
12.6
15.0
24.8
9.8

1,199.9
1,124.1
1,124.1
3,122.5

13,174.4 10.20
4,159.2 1.32
4,912.1 1.25
10,273.0 0.40
32,518.7

1.1
2.8
3.5
8.2
2.0

19.5
14.8
9.0
(1.4)
10.7

20.1
39.7
28.5
(6.3)
19.3

11.67
4.00
4.49
3.47

9.57
3.20
3.38
2.67

1,614
273
2,098
3,401

4,454.0 4,052.3 4,077.4 177.0

3,903.0 3,442.9 3,546.1 95.2
348.6
349.0
369.5
32.6
3,209.0 3,043.9 3,149.6 194.0
11,914.6 10,888.1 11,142.7 128.6

160.2
81.7
32.6
187.9
116.3

161.2
83.8
34.5
194.5
118.7

8.7
9.0
23.1
9.4
9.5

9.6
10.5
23.1
9.7
10.3

9.6
10.3
21.8
9.4
10.1

60.0
36.0
28.0
90.0

60.0
36.0
28.0
75.2

3.9
4.2
3.7
4.9
4.2

3.9
4.2
3.7
4.1
4.0

n.a.
n.a.
0.38
n.a.

n.a.
n.a.
42.7
n.a.
n.a.

1.0
1.0
17.9
1.0
1.0

11.7
12.4
35.5
11.5
12.1

2,531.5
4,193.7
1,071.6
1,619.6

39,010.1 14.35
36,066.1 6.99
8,069.5 0.75
29,476.2 15.58
112,621.8

1.1
1.2
10.1
1.2
1.2

n.a.
n.a.
10.7
n.a.
n.a.

n.a.
n.a.
87.5
n.a.
n.a.

20.37
10.35
8.07
22.26

13.01
7.41
6.61
16.8

6,329
6,545
2,304
3,047

4.0
4.1
4.0

4.4
4.3
4.4

5.5
4.9
5.4

55.6
38.9
53.0

50.5
37.0
48.4

40.3
32.4
39.2

1.0
2.0

0.9
2.0

0.4
1.3
0.6

0.4
1.3
0.5

0.07
0.14

11.0
16.9
11.7

2.9
9.4
3.3

4.5
12.1
5.0

8,231.6
1,746.6

18,356.5
2,750.9
21,107.4

0.35
0.35

6.3
4.6
6.0

(8.3)
3.4
(6.8)

(20.6)
14.6
(17.9)

2.3
1.675

1.76
1.293

54
1,778

301.9
109.3
411.2

339.0
383.9
14.1
92.6 81.3 7.2
431.6
465.3
11.2

15.8
6.1
11.7

17.9
5.3
12.7

20.0
22.7
20.8

17.9
26.8
19.9

15.8
30.5
18.4

9.0
4.0

9.1
3.3

3.2
2.5
3.0

3.2
2.1
2.9

0.32
0.21

7.3
8.4
7.6

5.8
4.2
5.2

13.3
12.3
13.1

2,155.9
1,526.5

6,079.7
2,488.2
8,567.9

0.80
0.59

3.5
2.8
3.3

6.6
(23.7)
(2.2)

16.9
(64.3)
(5.7)

3.15
1.675

2.56
1.12

6,033
2,583

8/15

321.7
321.7

260.0 265.6 19.9

260.0
265.6
19.9

16.3
16.3

16.6
16.6

19.0
19.0

23.2
23.5

22.7
23.0

20.0

16.0

5.3
5.3

4.2
4.2

0.23

27.3
27.3

5.1
5.1

8.8
8.8

1,616.9

6,112.0
6,112.0

2.02

1.9
1.9

(10.6)
(10.6)

(19.0)
(19.0)

4.25

3.5

4,054

12/15
8/15
12/15
12/15
8/15

50.6
58.9
10.0
5.3
36.6
161.4

101.5
(123.6)
(16.8)
(19.0)
30.0
(28.0)

4.2
(4.2)
(0.8)
(2.6)
9.2
(0.3)

7.0
(0.4)
(0.1)
(0.8)
11.3
2.2

10.4
1.6
14.0
28.9
3.0
7.3

7.2
n.a.
n.a.
n.a.
3.7
n.a.

4.3
n.a.
n.a.
n.a.
3.0
6.2

0.0
0.0
0.0
1.0
1.0

0.0
0.0
0.0
1.0
1.0

0.0
0.0
0.0
4.8
2.9
0.9

0.0
0.0
0.0
4.8
2.9
0.9

0.14
0.08
0.01
0.06
0.17

10.5
8.0
3.0
3.1
10.1
7.8

1.2
1.2
0.8
0.4
6.8
1.3

2.9
3.9
2.2
0.9
14.3
3.5

2,085.8
2,942.4
2,103.1
725.8
324.5

625.7
147.1
140.9
152.4
110.3
1,176.5

0.86
0.25
0.21
0.77
0.89

0.3
0.2
0.3
0.3
0.4
0.3

(304.7)
(956.4)
(312.4)
(383.8)
(149.3)
(382.8)

(125.0)
(182.5)
(102.4)
(106.4)
(55.1)
(126.0)

0.765
0.138
0.23
0.44
0.52

454.9
83.9
538.8

170.7
(10.6)
(2.7)
(5.8)
36.6
188.3

2.9
3.1
0.5
0.7
11.4
2.4

0.29 17,048
0.048 67,268
0.07 6,198
0.20
831
0.23
303

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A ug u st 20 16

G u i d e

Corporate Statistics
Company

Ticker

Rec

PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri @
Wilmar
Sector

BAL SP
FR SP
GGR SP
IFAR SP
WIL SP

BUY
BUY
BUY
HOLD
SELL

PROPERTY
CapitaLand
CityDev
GuocoLand
Ho Bee Land
OUE @
Wing Tai
Sector

CAPL SP
CIT SP
GUOL SP
HOBEE SP
OUE SP
WINGT SP

SHIPPING
NOL
Sector
SHIPYARD
COSCO Corp
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector

Price
29/7/16
(S$)

Last
Year
End

2015
(S$m)

Net Profit
2016F
(S$m)

EPS
2017F 2015 2016F 2017F
(S$m) (cents) (cents) (cents)

2015
(x)

PE
DPS
2016F 2017F 2015 2016F
(x)
(x) (cents) (cents)

Yield
Hist
Net
2015 2016F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)

ROE
(%)

0.70
1.615
0.36
0.46
3.09

12/15
12/15
12/15
12/15
12/15

91.8
148.4
(23.0)
6.0
1,452.1
1,675.2

109.5 148.9
158.7
195.9
321.6
383.4
51.0
78.2
1,215.8 1,659.8
1,856.6 2,466.3

5.2
9.4
(0.2)
0.4
22.8
7.0

6.2
10.0
2.5
3.5
19.0
7.7

8.5
12.4
3.0
5.4
25.9
10.3

13.4
17.2
n.a.
107.7
13.6
17.2

11.2
16.1
14.4
13.1
16.3
15.5

8.3
13.1
12.1
8.5
11.9
11.7

0.5
2.5
0.5
0.5
8.0

2.2
3.0
0.5
0.4
6.7

0.7
1.5
1.4
1.1
2.6
2.2

3.1
1.9
1.4
0.9
2.2
2.0

0.06
0.12
0.02
0.07
0.37

16.1
23.8
(0.3)
0.4
2.7
2.6

6.7
6.8
(0.2)
0.2
2.7
2.3

BUY
BUY
BUY
BUY
NR
BUY

3.17
8.51
1.87
2.21
1.50
1.74

12/15
12/15
6/15
12/15
12/15
6/15

1,065.7
773.4
226.4
242.2
156.4
150.3
2,614.3

725.8
550.2
125.2
110.7
89.6
15.1
1,616.6

739.2
571.2
136.4
93.0
71.4
74.2
1,685.4

23.1
83.6
19.5
36.3
17.2
19.2
28.9

15.3
60.5
11.3
16.6
9.1
1.9
17.6

15.6
62.8
12.3
13.9
7.3
9.3
18.3

13.7
10.2
9.6
6.1
8.7
9.1
10.7

20.7
14.1
16.6
13.3
16.4
91.8
17.3

20.4
13.5
15.2
15.9
20.6
18.6
16.6

9.0
16.0
5.0
7.0
5.0
3.0

8.0
16.0
5.0
4.0
4.5
6.0

2.8
1.9
2.7
3.2
3.3
1.7
2.5

2.5
1.9
2.7
1.8
3.0
3.4
2.4

0.25 22.4
1.09 23.4
0.20 19.5
0.37 186.4
0.18 36.2
0.21 22.2
25.0

2.3
3.9
2.5
5.9
2.1
3.1
2.9

6.1
8.9
8.1
8.9
4.0
4.9
6.8

NOL SP

HOLD

1.30

12/15

(303.1)
(303.1)

(341.8)
(341.8)

(132.6)
(132.6)

(11.7)
(11.7)

(13.1)
(13.1)

(5.1)
(5.1)

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

0.0

0.0

0.0
0.0

0.0
0.0

0.58

(4.1)
(4.1)

(2.8)
(2.8)

COS SP
KEP SP
SCI SP
SMM SP
YZJSGD SP

SELL
HOLD
BUY
HOLD
SELL

0.29
5.25
2.77
1.41
0.87

12/15
12/15
12/15
12/15
12/15

(570.0)
1,524.6
548.9
(289.7)
537.9
1,751.7

(25.5)
84.0
29.2
(13.9)
14.0
14.9

0.2
53.6
29.6
8.5
10.6
17.8

0.3
50.1
29.2
5.0
9.6
16.3

n.a.
6.2
9.5
n.a.
6.2
12.2

122.9
9.8
9.3
16.5
8.2
10.2

88.9
10.5
9.5
28.0
9.1
11.2

0.0
34.0
11.0
6.0
4.5

0.0
22.0
10.4
3.5
3.7

0.0
6.5
4.0
4.3
5.2
5.2

0.0
4.2
3.7
2.5
4.2
3.7

(0.19) (16.2)
0.98 14.8
0.52
5.8
(0.08) (5.8)
0.17 15.4
5.5

BUY

8.90

12/15

154.1
154.1

55.8
55.8

57.7
57.7

61.3
61.3

15.9
16.0

15.4
15.6

14.5
14.7

50.0

50.0

5.6
5.6

5.6
5.6

0.71

TECHNOLOGY
Venture Corp
VMS SP
Sector

5.3
7.3
974.9 911.5
529.0 522.0
178.4 105.0
404.8
367.8
2,092.4 1,913.6
158.2
158.2

168.2
168.2

5.8
5.8

No of
Shares
(m)

17.6 1,757.5
14.2 1,584.1
(0.4) 12,837.6
0.5 1,447.8
7.3 6,403.4
6.0

Market
Cap.
(S$m)

Book Price/ Net Cash/(Debt) to

NTA ps NTA ps Mkt Cap Equity
(S$)
(x)
(%)
(%)

Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)

1,230.3
2,558.3
4,621.5
666.0
19,786.5
28,862.5

0.32
0.57
0.40
0.66
2.22

2.2
2.8
0.9
0.7
1.4
1.3

(40.8)
(17.0)
(80.9)
(125.4)
(78.8)
(73.1)

(86.8)
(41.2)
(72.8)
(66.7)
(78.4)
(75.6)

0.955
2.13
0.44
0.63
3.75

0.66
602
1.435 2,681
0.28 25,012
0.41
906
2.46 8,691

4,274.4
909.3
1,183.4
703.3
981.6
793.9

13,549.8
7,738.2
2,212.9
1,554.4
1,472.4
1,381.4
27,909.1

4.02
9.85
2.95
3.97
4.33
3.97

0.8
0.9
0.6
0.6
0.3
0.4
0.7

(84.5)
(36.6)
(97.1)
(97.8)
(199.2)
(45.0)
(77.0)

(65.1)
(31.6)
(65.6)
(54.5)
(75.0)
(19.7)
(54.2)

3.4
9.47
2.29
2.36
1.94
1.93

2.67 12,035
6.61 1,913
1.685
148
1.815
133
1.485
407
1.46 1,107

(10.4)
(10.4)

2,605.6

3,387.2
3,387.2

1.18

1.1
1.1

(111.8)
(111.8)

(117.0)
(117.0)

1.305

(5.6)
5.0
3.0
(3.3)
6.1
2.3

(52.1)
14.2
9.1
(10.6)
11.8
7.0

2,239.2
1,817.9
1,787.5
2,089.8
3,837.1

649.4
9,544.0
4,951.5
2,946.6
3,338.3
21,429.7

0.34
6.03
2.83
1.14
1.21

0.8
0.9
1.0
1.2
0.7
0.9

(763.0)
(76.8)
(133.0)
(102.0)
3.7
(101.5)

(637.4)
(66.0)
(116.8)
(117.7)
2.7
(88.0)

0.535
7.77
3.96
2.73
1.315

6.2
6.2

8.3
8.3

277.2

2,467.3
2,467.3

4.45

2.0
2.0

16.3
16.3

21.3
21.3

9.00

0.77

8,214

0.275 6,747
4.64 6,291
2.16 5,910
1.295 3,767
0.85 11,832

7.65

594

S i n g a p o r e

C o r p o r a t e

A ug u st 20 16

G u i d e

Corporate Statistics
Company

Ticker

Rec

Price
29/7/16
(S$)

TELECOMS
M1
Singtel
StarHub
Sector

M1 SP
ST SP
STH SP

SELL
BUY
SELL

2.62
4.18
3.92

12/15
3/16
12/15

178.5
3,870.8
372.3
4,421.6

OTHERS
Genting HK US$
Genting SP
SingPost
SuperGroup
Sector

GENHK SP
GENS SP
SPOST SP
SUPER SP

HOLD
BUY
HOLD
HOLD

0.275
0.785
1.435
0.805

12/15
12/15
3/16
12/15

2,904.9
75.2
248.9
47.3
3,276.3

OVERALL

Last
Year
End

2015
(S$m)

Net Profit
2016F
(S$m)

EPS
2017F 2015 2016F 2017F
(S$m) (cents) (cents) (cents)

158.6 158.2
3,973.9 4,292.8
314.0
318.0
4,446.5 4,769.0

2015
(x)

PE
DPS
2016F 2017F 2015 2016F
(x)
(x) (cents) (cents)

Yield
Hist
Net
2015 2016F CFPS Margin ROA
(%)
(%)
(S$)
(%)
(%)

ROE
(%)

No of
Shares
(m)

Market
Cap.
(S$m)

Book Price/ Net Cash/(Debt) to

NTA ps NTA ps Mkt Cap Equity
(S$)
(x)
(%)
(%)

19.1
24.3
21.5
23.8

16.9
24.9
18.1
23.9

16.9
26.9
18.3
25.6

13.7
17.2
18.2
17.2

15.5
16.8
21.6
17.1

15.5
15.5
21.4
15.9

15.3
17.5
20.0

13.4
18.7
20.0

5.8
4.2
5.1
4.3

5.1
4.5
5.1
4.5

0.32
0.38
0.37

15.4
22.8
15.2
21.5

16.9
9.0
19.1
9.6

44.2
937.2
15.6 15,943.5
221.2 1,731.7
17.4

2,455.6
66,643.8
6,788.1
75,887.5

0.33
0.75
(0.06)

8.0
5.6
n.a.
6.2

(13.3)
(14.2)
(6.1)
(13.5)

(81.5)
(38.0)
(147.7)
(39.9)

(26.2)
48.4
35.1
313.5
383.5
0.6
157.6 178.4 10.9
48.5
51.0
4.2
493.4
661.2
13.9

(0.2)
2.6
7.0
4.3
2.1

0.7
3.2
7.9
4.6
2.8

1.1
125.8
13.2
19.0
5.1

n.a.
30.3
20.6
18.5
33.7

52.1
24.7
18.2
17.6
25.2

0.0
1.5
7.0
2.2

0.0
1.5
7.0
2.6

0.0
1.9
4.9
2.7
2.1

0.0
1.9
4.9
3.2
2.2

0.38 306.2
0.03
3.1
0.12 21.6
0.06
9.3
65.4

40.5
0.6
10.8
7.3
14.6

48.5 8,482.5
1.0 12,094.0
16.5 2,161.3
9.3 1,115.5
21.3

3,153.8
9,493.8
3,101.5
898.0
16,647.0

0.90
0.59
0.29
0.46

0.4
1.3
5.0
1.8
1.0

63.9
37.7
(5.0)
12.9
33.4

26.0
48.9
(12.8)
22.4
33.1

16.2

17.4

13.1

15.5

14.5

3.9

3.7

16.7

1.9

1.4

(24.7)

(30.5)

30,791.0 25,971.6 27,893.7

19.7

9.7

403,116.7

Avg Daily
52-Wk Price Turnover
High Low 52-Wk
(S$)
(S$)
('000)
3.14
4.36
3.97

2.190 1,546
3.380 23,331
3.240 2,293

0.35
0.27
0.90.66 20,654
1.95 1.285
1.105 0.68

2,118
6,174
1,140

S i n g a p o r e

C o r p o r a t e

A ug u st 20 16

G u i d e

Corporate Statistics
Avg Daily

Company

Ticker

REITs
Ascendas Reit
Ascott REIT
CACHE
CapitaCom Trust
CapitaMall Trust
CDL Htrust
FrasersCT
Frasers HTrust
Frasers L&I Tr
Kep REIT
MapletreeInd
MapletreeLog
PLife REIT
Sabana REIT
Starhill Gbl
Suntec REIT
Sector

AREIT SP
ART SP
CACHE SP
CCT SP
CT SP
CDREIT SP
FCT SP
FHT SP
FLT SP
KREIT SP
MINT SP
MLT SP
PREIT SP
SSREIT SP
SGREIT SP
SUN SP

Rec

BUY
BUY
BUY
BUY
HOLD
HOLD
HOLD
BUY
BUY
BUY
SELL
BUY
HOLD
BUY
BUY
HOLD

Price
29/7/16
(S$)

Last
Year
End

Net Profit
2015
2016F
(S$m)
(S$m)

2017F
(S$m)

2.45
1.13
0.865
1.505
2.14
1.47
2.14
0.785
0.99
1.065
1.81
1.055
2.55
0.53
0.8
1.67

3/16
12/15
12/15
12/15
12/15
12/15
9/15
9/15
9/15
12/15
3/16
3/16
12/15
12/15
6/16
12/15

351.7
71.6
52.4
233.9
404.1
88.7
101.3
45.3
68.5
119.5
190.6
145.4
65.3
41.0
109.9
174.1
2,263.2

380.4
77.6
66.5
320.3
384.0
86.4
102.1
55.2
73.2
154.7
201.5
179.4
71.2
42.8
125.8
198.7
2,519.9

358.9
76.7
63.0
291.0
387.7
82.6
101.6
53.5
64.1
151.1
189.3
174.6
71.0
38.6
115.3
200.3
2,419.2

2015
(cents)

EPU
2016F
(cents)

2017F
(cents)

2015
(cents)

14.6
4.6
6.6
7.9
11.6
9.0
11.1
3.7
4.8
3.7
10.8
5.9
10.8
5.6
5.1
6.9
7.8

13.3
4.7
7.0
9.8
11.0
8.3
11.1
3.9
4.5
4.7
10.5
7.0
11.7
5.2
5.3
7.9
8.1

14.1
4.7
7.4
10.6
10.8
8.6
11.1
4.0
5.1
4.7
11.2
7.2
11.8
5.2
5.8
7.7
8.3

15.4
8.1
8.5
8.6
11.3
10.1
11.6
6.2
n.a.
6.8
11.2
7.4
13.3
6.9
5.1
10.0

DPU
2016F 2017F
(cents) (cents)
15.6
8.2
8.3
9.3
11.2
9.1
11.8
6.1
6.3
6.6
10.8
7.5
11.9
6.1
5.2
10.3

16.4
8.4
8.7
10.1
11.1
9.4
11.8
6.1
6.5
6.6
11.5
7.6
12.0
6.1
5.3
10.2

2015
(%)
6.3
7.1
9.8
5.7
5.3
6.8
5.4
8.0
n.a.
6.4
6.2
7.0
5.2
12.9
6.4
6.0
6.0

Yield
Debt to
2016F 2017F Asset ROA
(%)
(%)
(%)
(%)
6.4
7.2
9.6
6.2
5.2
6.2
5.5
7.7
6.3
6.2
6.0
7.1
4.7
11.6
6.5
6.2
6.2

6.7
7.5
10.1
6.7
5.2
6.4
5.5
7.8
6.6
6.2
6.3
7.2
4.7
11.5
6.6
6.1
6.4

37.0
40.4
39.8
29.8
35.7
36.3
28.5
38.1
26.0
39.0
28.2
35.6
37.8
41.1
35.0
34.9
35.3

3.9
1.6
4.3
3.6
4.0
3.5
4.0
2.2
4.1
1.62
5.3
2.9
3.9
3.4
3.6
2.0
3.2

ROE
(%)
6.7
3.3
6.7
4.5
6.2
5.6
5.9
3.9
5.6
2.6
8.0
5.7
6.3
5.8
5.8
3.2
5.1

No of
shares
(m)

Market
Cap.
(S$m)

2,674.4
1,649.2
896.4
2,956.3
3,542.3
990.1
919.4
1,379.8
1,425.1
3,271.9
1,801.2
2,492.5
605.0
737.7
2,181.2
2,533.3

6,552.4
1,863.6
775.4
4,449.3
7,580.5
1,455.4
1,967.4
1,083.2
1,410.9
3,484.6
3,260.3
2,629.6
1,542.8
391.0
1,745.0
4,230.7
44,422.0

Book Price/
Net Cash/(Debt) to
52-Wk Price Turnover
NTA ps NTA ps Mkt Cap Equity High Low 52-Wk
(S$)
(x)
(%)
(%)
(S$)
(S$)
('000)
2.04
1.32
0.87
1.77
1.89
1.57
1.90
0.80
0.89
1.4
1.37
1.00
1.67
0.81
0.93
2.13

1.2
0.9
1.0
0.9
1.1
0.9
1.1
1.0
1.1
0.7
1.3
1.1
1.5
0.7
0.9
0.8
1.0

(54.5)
(96.3)
(66.5)
(49.8)
(43.0)
(59.1)
(36.0)
(68.3)
(27.7)
(87.88)
(30.2)
(66.9)
(41.1)
(109.3)
(60.2)
(68.8)
(56.0)

(65.5)
(82.5)
(66.1)
(42.4)
(48.6)
(55.0)
(40.4)
(67.0)
(30.8)
(65.6)
(39.9)
(70.6)
(62.7)
(71.5)
(52.0)
(54.0)
(55.7)

2.57
1.295
1.085
1.585
2.25
1.575
2.23
0.83
1
1.1
1.81
1.11
2.65
0.825
0.87
1.81

2.09
1.045
0.805
1.225
1.845
1.215
1.795
0.68
0.895
0.9
1.35
0.91
2.08
0.505
0.695
1.425

10,395
1,834
2,036
8,456
9,097
1,303
1,004
212
12,387
3789.8
2,622
4,306
609
645
1,662
5,360

Note:
If year end is before June, earnings are shown in the previous period
@ Consensus forecast

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G u i d e

Economics
GDP by Sector (Real) (yoy % chg)
Total GDP
Goods Producing Industries
Manufacturing
Construction
Services Producing Industries
Wholesale & Retail Trade
Transport & Storage
Hotels & Restaurants
Information & Communications
Financial Services
Business Services
Trade Figures (Nominal) (yoy % chg)
Total Exports
Total Imports
Non-oil Domestic Exports
Monetary Data (End of period)
Loans Growth (yoy % chg)
M1 (yoy % chg)
M2 (yoy % chg)
Prime Lending Rate (%)
3mth Interbank Rate (%)
Exchange Rates (S$/US$)
Foreign Reserves (S$b)
Other Macro Variables (yoy % chg)
Industrial Production Index (2015=100)
Retail Sales Index (Current)
Visitor Arrivals
Inflation (2009=100)
Unemployment Rate sa (%) (end of period)
Changes in Employment

2014

2015

2016F

2017F

3Q15

4Q15

1Q16

2Q16

Mar 16

Apr 16

May 16

Jun 16

2.9
2.7
2.6
3.0
3.2
1.7
1.7
1.1
3.6
7.7
2.9

2.0
(3.4)
(5.2)
2.5
3.4
6.1
(0.0)
0.2
4.2
5.3
1.5

2.2
1.3
0.8
2.9
1.9
2.3
1.3
1.9
3.3
2.4
1.0

3.2
3.0
3.2
2.5
2.8
3.1
3.8
2.0
3.4
2.7
2.7

1.9
(4.3)
(6.2)
1.6
3.6
6.8
0.3
0.9
4.8
4.8
1.5

1.8
(4.0)
(6.7)
4.9
2.8
6.9
(0.9)
0.9
3.3
2.4
0.8

1.8
0.6
(1.0)
6.2
1.4
1.8
(0.4)
1.5
3.2
2.4
0.3

2.8
n.a.
0.8
2.7
1.7
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

1.0
(0.4)
(1.2)

(7.3)
(11.9)
(0.2)

(0.1)
(0.1)
(2.5)

(6.0)
(1.5)
1.9

(8.0)
(9.1)
(2.2)

(5.7)
(9.9)
(3.5)

(11.6)
(7.4)
(9.1)

(4.7)
(6.7)
0.1

(14.3)
(9.0)
(15.7)

(8.1)
(12.0)
(7.9)

(2.2)
(0.9)
11.6

(3.6)
(6.6)
(2.3)

11.5
4.2
1.9
5.35
0.46
1.3150
337.8

1.1
1.2
3.2
5.35
1.19
1.4081
348.9

(2.1)
6.3
6.2
5.38
1.10
1.3800
357.6

(3.0)
8.6
6.1
5.38
1.75
1.4000
375.6

1.4
1.9
2.5
5.35
1.14
1.4148
356.0

(1.2)
0.1
1.5
5.35
1.19
1.4081
351.0

(1.8)
(1.8)
2.1
5.35
1.06
1.3511
332.0

(2.7)
1.6
4.3
5.35
0.93
1.3490
334.9

(1.8)
(1.8)
2.1
5.35
1.06
1.3511
332.0

(0.8)
0.8
2.8
5.35
1.01
1.3445
336.5

(0.7)
2.6
3.1
5.35
1.00
1.3796
340.2

(2.7)
1.6
4.3
5.35
0.93
1.3490
334.9

2.7
0.4
(3.0)
1.0
1.9
130.1

(5.1)
4.4
2.5
(0.5)
1.9
31.7

2.5
2.8
9.4
(0.8)
2.3
40.0

3.2
2.3
5.1
1.5
2.4
30.0

(5.7)
5.4
5.9
(0.6)
2.0
12.6

(6.2)
3.5
4.5
(0.7)
1.9
16.1

(0.5)
3.3
13.8
(0.8)
1.9
13.0

1.1
n.a.
n.a.
(0.9)
2.1
5.5

0.1
5.2
16.8
(1.0)
n.a.
n.a.

2.9
3.2
15.1
(0.5)
n.a.
n.a.

0.8
3.0
9.8
(1.6)
n.a.
n.a.

(0.3)
n.a.
n.a.
(0.7)
n.a.
n.a.

Source: CEIC, Forecasts - UOB

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G u i d e

Ranking By Market Parameters

Highest PE (x) #

Forward

Highest P/NTA (x) *

Hist.

Highest Dividend
Yield (%) *

122.9
91.8
50.5
37.0
30.3
26.8
26.6
25.5
24.8
24.2

StarHub
SGX
Silverlake
DTAC 200US$
Golden Energy
Dairy Farm 900 US$
M1
Sheng Siong
THBEV
ST Engineering

24.0
8.8
7.5
7.3
6.7
6.3
6.1
5.9
5.4
4.6

HPH Trust US$

OUE HT
Kep Infra Tr
Far East HTrust
AscottREIT
MapletreeLog
CMPacific
CapitaRChina
CDL HTrust
MapletreeGCC

Forward

Lowest P/NTA (x) *

Hist.

Lowest Dividend
Yield (%) *

COSCO Corp
Wing Tai
IHH
Raffles Medical
Genting SP
SMRT
SIA Engineering
Frasers L&I Tr
OUE @
Ascott REIT

Lowest PE (x) #
Triyards
Yangzijiang
Sembcorp Ind
DBS
Keppel Corp
Ezion
Sabana REIT
OCBC
Bumitama
Wilmar

3.3
8.5
9.2
9.5
9.5
9.8
10.0
10.4
10.6
11.9

Noble
OUE Ltd
Genting HK US$
Wing Tai
Yuexiu Prop
HKLand US$
Perennial Hldgs
Yanlord
Ho Bee Land
Shang Asia 2kHK$

0.3
0.3
0.4
0.4
0.5
0.5
0.5
0.5
0.6
0.6

Citic Envirotech
Sinarmas
IHH
China Everbright
Japfa
Delfi
Bumitama
BukitSem
JSH 500US$
CityDev

Hist.
9.3
9.0
7.4
7.2
7.1
7.0
7.0
7.0
6.8
6.7

Hist.
0.3
0.4
0.4
0.6
0.6
0.7
0.7
0.8
0.9
0.9

Highest 90 days Volatility (%) #

Ezra
Nam Cheong
EzionHldg
Sembcorp Marine
GoldenAgri
Pacific Radiance
IndoAgri
CoscoCorp
Sembcorp Ind
Genting SP

Highest Market Cap (S$m) *

70.6
49.9
49.4
43.0
38.6
37.7
37.5
36.2
32.9
31.3

Lowest 90 days Volatility (%) #

OUE Ltd
SIA Engineering
Starhill Gbl
AscottREIT
Kep REIT
CACHE
Frasers HTrust
DBS
Venture
SIA

SingTel
JMH 400US$
JSH 500US$
PRU 500 US$
DBS
OCBC Bk
UOB
THBEV
HKLand US$
Wilmar

66,643.8
57,020.9
45,882.2
45,133.3
39,010.1
36,066.1
29,476.2
25,988.8
20,358.4
19,786.5

Lowest Market Cap (S$m) *

12.0
13.1
13.6
13.6
14.2
14.8
15.2
15.6
16.1
16.5

Oxley
Far East HTrust
Bumitama
CWT
China Aviation
OUE HT
BukitSem
CapitaRChina
SIIC Environment
ARA

1,149.8
1,151.1
1,230.3
1,260.6
1,264.6
1,301.9
1,302.3
1,304.3
1,308.9
1,316.4

# Based on UOB Kay Hians universe

* Based on top 100 companies by market cap
Source: Bloomberg, UOB Kay Hian

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G u i d e

Performance At A Glance*
Company

---------- Price (S$) ---------29/7/16

30/6/16

--------------------- % Change --------------------mom

yoy
ytd

AVIATION
SIA
SIA Engg
SATS
ST Engrg
Sector

10.66
3.68
4.11
3.15

10.98
3.70
4.37
3.29

3.0
0.5
6.3
4.4
3.6

2.2
2.5
16.2
0.3
3.5

(2.0)
0.0
13.8
9.3
3.9

FINANCE
DBS
OCBC
S'pore Exchange @
UOB@
Sector

15.76
8.69
7.62
18.42

15.41
8.60
7.53
18.2

(2.2)
(1.0)
(1.2)
(1.2)
(1.5)

(23.6)
(16.4)
(5.5)
(18.0)
(18.8)

(7.7)
(2.3)
(2.2)
(7.2)
(5.5)

2.20
1.51

2.23
1.575

1.4
4.3
1.7

4.7
(1.4)
3.9

5.7
13.6
6.7

HEALTHCARE
IHH
Raffles Medical
Sector
LAND TRANSPORT
ComfortDelGro
SMRT
Sector
MEDIA
SPH
Sector
OIL SERVICES
Ezion
Ezra
Nam Cheong
Pacific Radiance
Triyards
Sector

2.75
1.505

2.82
1.63

2.5
8.3
4.2

(6.3)
17.7
(0.4)

(7.5)
8.3
(3.4)

3.95

3.78

(4.3)
(4.3)

(9.6)
(9.6)

(4.1)
(4.1)

0.47
0.073
0.077
0.25
0.385

0.30
0.05
0.067
0.21
0.34

(36.2)
(31.5)
(13.0)
(16.0)
(11.7)
(29.3)

(60.8)
(62.7)
(70.9)
(48.1)
(16.0)
(59.4)

(44.4)
(49.5)
(50.4)
(32.3)
(23.6)
(43.2)

Company

---------- Price (S$) ---------30/6/16

29/7/16

--------------------- % % Change --------------------mom

yoy
ytd

PLANTATION
Bumitama
FirstRes
GoldenAgri
IndoAgri
Wilmar
Sector

0.765
1.565
0.35
0.48
3.26

0.7
1.615
0.36
0.46
3.09

(8.5)
3.2
2.9
(4.2)
(5.2)
(3.2)

(24.3)
(15.0)
14.3
(21.4)
(3.4)
(2.7)

(0.7)
(15.9)
5.9
(6.1)
5.1
2.6

PROPERTY
CapitaLand
City Devt
GuocoLand
Ho Bee Land
OUE
Wing Tai
Sector

3.07
8.14
1.85
2.12
1.54
1.63

3.17
8.51
1.87
2.21
1.50
1.74

3.3
4.5
1.1
4.2
(2.6)
6.7
3.3

(1.6)
(8.8)
(18.3)
10.0
(22.5)
(7.7)
(6.2)

(5.4)
11.2
3.6
9.4
(16.2)
(0.9)
(0.3)

2.48
1.09
0.86
1.475
2.13
1.41
2.13
0.77
0.95
1.05
1.72
1.00
2.42
0.525
0.785
1.77

2.45
1.13
0.865
1.505
2.14
1.47
2.14
0.785
0.99
1.065
1.81
1.055
2.55
0.53
0.80
1.67

(1.2)
3.7
0.6
2.0
0.5
4.3
0.5
1.9
4.2
1.4
5.2
5.5
5.4
1.0
1.9
(5.6)
1.1

1.3
(9.6)
(19.9)
5.6
7.0
(5.8)
3.9
(4.3)
11.2
(0.9)
18.7
(5.0)
4.9
(35.8)
(8.0)
(2.1)
1.1

7.5
(4.6)
(4.9)
11.5
10.9
10.9
16.0
4.7
11.2
14.5
19.1
6.6
9.4
(25.9)
6.0
7.7
9.0

REITS
Ascendasreit
Ascott REIT
CACHE
CapitaCom Trust
CapitaMall Trust
CDL Htrust
FrasersCT
Frasers HTrust
Frasers Logistic Trust
Kep REIT
MapletreeInd
MapletreeLog
PLife REIT
Sabana REIT
Starhill Gbl
Suntec REIT
Sector

10

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G u i d e

Performance At A Glance*
Company
SHIPPING
NOL
Sector

----------Price (S$)---------29/7/16
30/6/16

--------------------- % Change --------------------mom

yoy
ytd

1.30

1.30

0.0
0.0

39.8
39.8

5.7
5.7

0.30
5.50
2.82
1.55
0.895

0.29
5.25
2.77
1.41
0.87

(3.3)
(4.5)
(1.8)
(9.0)
(2.8)
(4.3)

(25.6)
(30.0)
(22.4)
(46.0)
(32.6)
(31.5)

(37.0)
(19.4)
(9.2)
(19.4)
(20.9)
(18.2)

TECHNOLOGY
Venture Corp
Sector

8.28

8.90

7.5
7.5

13.4
13.4

8.5
8.5

TELECOMS
M1
SingTel
StarHub
Sector

2.73
4.13
3.79

2.62
4.18
3.92

(4.0)
1.2
3.4
1.2

(16.3)
2.2
2.3
1.5

(3.7)
13.9
5.9
12.5

SHIPYARD
COSCO Corp
Keppel Corp
Sembcorp Ind
Sembcorp Marine
Yangzijiang
Sector

Company
OTHERS
Genting HK US$
Genting SP
SingPost
SuperGroup
Sector
OVERALL

---------- Price (S$) ---------30/6/16

29/7/16
0.29
0.725
1.47
0.825

0.275
0.785
1.435
0.805

--------------------- % % Change --------------------mom

yoy
ytd
(5.2)
8.3
(2.4)
(2.4)
3.3

(19.1)
(10.8)
(26.6)
(19.9)
(16.1)

(14.1)
1.9
(12.5)
(4.2)
(4.1)

(0.0)

(9.2)

0.6

11

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G u i d e

Performance At A Glance*
Aviation

Finance

(31Dec15=100)
110

Healthcare
(31Dec15=100)
110

(31Dec15=100)
105
Aviation

105
100

100

95
FSSTI

95

85

85

80
Jan

Feb

Mar

Apr

May

Jun

Jul

90
85
Jan

Feb

Mar

Land Transport

Apr

May

Jun

Jul

105

FSSTI

Media

100
95

95
FSSTI

Land Transport

90
85

85
Jan

Feb

Mar

Apr

May

Feb

Mar

Jun

Jul

Jan

Feb

Mar

Apr

Apr

May

Jun

Jul

Oil Services

(31Dec15=100)
110

90

Jan

Media

(31Dec15=100)
105

100

FSSTI

95

Finance

90

90

Healthcare

105

FSSTI

100

May

Jun

Jul

(31Dec15=100)
105
100
95
90
85
80
75
70
65
60
55
Jan
Feb

FSSTI

Oil Services

Mar

Apr

May

Jun

Jul

12

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G u i d e

Performance At A Glance*
Plantation

Property

REITs
(31Dec15=100)
115

(31Dec15=100)
105

(31Dec15=100)
125
120

REITs

110
Plantation

115

100

105

110
105

95

100

Property

100

95

95

FSSTI

90

FSSTI

90

90
FSSTI

85
Jan

Feb

Mar

Apr

May

Jun

Jul

85

85
Jan

Feb

Mar

Shipyard

Apr

May

Jun

Jan

Jul

Feb

Mar

Technology

FSSTI

100

110

80

100

105

95

100
FSSTI

Shipyard

70
Feb

Mar

Apr

May

Jun

Jul

Jun

Jul

FSSTI

90
85

85
Jan

Telecoms

95

90

75

Jul

115

Technology

95

85

Jun

(31Dec15=100)
120

105

90

May

Telecoms

(31Dec15=100)
110

(31Dec15=100)
105

Apr

Jan

Feb

Mar

Apr

May

Jun

Jul

Jan

Feb

Mar

Apr

May

13

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Performance At A Glance*
Others
(31Dec15=100)
105
FSSTI

100
95
90

Others
85
80
Jan

Feb

Mar

Apr

May

Jun

Jul

* Based on UOB Kay Hians universe

14

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G u i d e

Diary Of Events
Sunday

Monday
1

Tuesday

StarHub 2Q16*

11

DBS 2Q16*
SMRT 1Q17*

15
Jun 16 Retail Sales

16

17

Friday
5

4
CapitaLand 2q16*
Geinting Spore 2Q16*
SingPost 2Q16*

11

National Day

14

Thursday

2
SCI 2Q16*

Wednesday

City Devt 2Q16*

Ezion 2Q16*
Singapore O&G 2Q16*
Singtel 1Q17*
Super Group 2Q16*
Wilmar 2Q16*

18

Saturday
6

Cosco 2Q16*
Yangzijiang 2Q16*
Venture 2Q16

12

13

ComfortDelgro 2Q16*
GGR 2Q16*
Ho Bee Land 2Q16*
ST Engrg 2Q16*
Nam Cheong 2Q16
Bumitama 2Q16
First Resources 2Q16
Wing Tai 2Q16

19

20

Jul 16 NODX

15

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G u i d e

Diary Of Events
Sunday
21

Monday
22

Tuesday
23

Wednesday
24

Jul 16 CPI

28

29

30

Thursday
25

Friday
26

Saturday
27

Jul 16 IPI
IHH 2Q16
Guocoland FY16

31
Jul 16 Money Supply

* Confirmed

16

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Disclosures/Disclaimers
This report is prepared by UOB Kay Hian Private Limited (UOBKH), which is a holder of a capital markets services licence and an exempt financial adviser in Singapore.
This report is provided for information only and is not an offer or a solicitation to deal in securities or to enter into any legal relations, nor an advice or a recommendation with respect to such securities.
This report is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any recipient hereof. Advice should be sought
from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the
recommendation, before the person makes a commitment to purchase the investment product.
This report is confidential. 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 written consent of
UOBKH. This report is not directed to or intended for distribution to or use by any person or any entity who is a citizen or resident of or located in any locality, state, country or any other jurisdiction as
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IMPORTANT DISCLOSURES FOR U.S. PERSONS

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