090219 - Cimb - Daybreak

DAILY

SINGAPORE

19 February, 2009

Daybreak

Song Seng Wun +65 62251228 – [email protected]

FSSTI Index 3950 3750 3550 3350 3150 2950 2750 2550 2350 2150 1950 1750 1550 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

Source: Bloomberg

What’s on the table OCBC Limited (S$4.89)– 4Q08 Results-Rising provisions OCBC's 4Q08 core net profit of S$250m was below our expectations (S$385m) and below consensus (S$381m). Key variance was a spike in provisions and treasury-related losses. Higher provisions came predominantly from higher loanrelated SPs. NPLs rose across geographies but notably, in the manufacturing subsector. The key positive was a jump in margins, on higher lending spreads, lower deposit costs and favorable money-market activities. We reduce our FY10 EPS estimate by 5% on lower fee-growth assumptions. Our target price has been trimmed to S$5.15 from S$5.50 (still based on 1.05x P/BV) on the back of a lower book value. Our Underperform rating is maintained as credit-cycle concerns outweigh any emerging positives, for now.

Quick Takes •

Hyflux Ltd (S$1.65) -4Q08 Results- Open the flood gate

•

Meiban Group (S$0.15) - Healthy financials to help ride out tough time

News of the Day •

Bharti said it has cornered a 30% revenue market share in the overall mobile

•

Obama to ease fears over protectionism

•

Market confidence in dollar at stake

•

M&C posts lower profits on impairment, revaluation

•

TT Int'l in deal to get $50m loan injection

•

Two independent directors of Advance SCT resign

INDICES STI Dow Nasdaq Nikkei Hang Seng KLCI JCI SET PCI

GOLDEN AGRI-RESO CHINA HONGXING NOBLE GROUP LTD STRAITS ASIA RES UNITED FIBER SYS CAPITALAND LTD

MARKET STATISTICS

Close 1651.1 7555.6 1468.0 7534.4 13016.0 895.2 1330.6 439.6 1892.2 TOP ACTIVES

% Change 0.8 0.0 -0.2 -1.5 0.5 -0.4 1.0 0.3 -0.4

Ytd (%Chg) -6.3 -13.9 -6.9 -15.0 -9.5 2.1 -1.8 -2.3 1.0

$ 0.3 0.2 1.1 0.8 0.0 2.7

% Change 3.6 -3.0 2.8 2.5 0.0 22.1

Turnover(m) 60.5 44.5 30.4 26.5 25.5 23.1

STI 52-week range Total turnover (mil units) Total value (S$ mil) 3-mth avg trading value (S$ mil) 3-mth avg trading volume (mil) Number of gainers Number of losers Number of unchanged STI Futures ECONOMIC STATISTICS S$/US$ Yen/US$ 3-mth US$ SIBOR 3-mth S$ SIBOR Brent (US$/barrel) DRAM 256-mb (US$)

Please read carefully the important disclosures at the end of this publication.

1,473.8 - 3,269.9 833.7 833.6 876.6 928.1 181.0 185.0 185.0 1651.0 Close 1.5 93.6 1.2 0.7 39.1 2.3

% Chg -0.1 -0.2 0.2 -1.4 -0.4 0.0

Quick Takes Hyflux Ltd (S$1.65) -4Q08 Results- Open the flood gate Core profit above expectation. FY08 core net profit of S$59.8m came in within consensus and was 16% above our full-year forecasts. The results were largely underpinned by MENA region, which accounted for 40% of total revenue, driven by the with progressive EPC recognition of Tlemcen and award of Magtaa. Record revenue of S$554.2m (+226% yoy) anchored by Municipal segment. Though no figures were given, we estimated that the top-line include about S$10m related to the three water treatment plants divested into Hyflux Water Trust (HWT) in 4Q08. Revenue from municipal sector continued to shine as it increased more than five times from to S$476.8m (86% of total revenue), attributable to the good progress made both in China and Algeria. However, this was offset by industrial sector, which disappointed with turnover of only $76.4m (-25% yoy), as a result of the economic slow down in China. Margins will trend lower going forward. Spike in cost resulted in gross margin slipping to 36% in FY08 (vs. 37.6% in FY07) as a result of higher raw material and consumables (+262% yoy). The group plans to increase headcounts in FY09 as it forged its presence in activities it engages in, this would add further pressure to margins. Going forward, the continued shift of sales composition from Industrial to Municipal activities will result in gradual compression of gross and net margin. Developments. Hyflux disclosed that its EPC order book sits pretty at S$335m, even though this figure excludes its three desalination projects. Divestment of the Yangkou Rudong Wastewater treatment plant into HWT is likely to happen only in 2H09. Construction of the Magtaa plant in western Algeria is scheduled to be completed in 28 months’ time once the project financing is completed.

EPS forecasts adjusted; target price reduced from S$3.38 to S$2.66, still based on sum-of-the-parts valuation. Our FY09 forecast is reduced by 3.8% due to lower margin assumptions, but we lifted our FY10 estimates by 7.5% higher on revenue recognition. We also introduce FY11 estimates. Hyflux well position to weather the economic turmoil largely due to the natural of its municipal activities, pump-primed by governments’ effort in reviving economic growth through infrastructure projects. Maintain Outperform. Y Y Y Meiban Group (S$0.15) - Healthy financials to help ride out tough time Above expectations. Meiban’s 4Q net profit of S$6.9m (-8% yoy) came in 246% and 108% above consensus and our forecast respectively due to a combination of higherthan-expected sales, better-than-expected gross margin and opex ratio, forex gains (S$397k) and tax write-back (S$761k). However, this was partially offset by about $1m provisions for doubtful debt and stock obsolescence. For the full year, net profit was 32% and 20% above consensus and our forecast, respectively. Sales slipped 17% yoy to S$122m in 4Q08, as both contract manufacturing (CM) and plastic injection molding businesses were hit by lower order from Dyson and Hewlett Packard, respectively. Qoq, however, the decline was much more muted at only 2% as we suspect Meiban gained some market share. EBITDA margin slipped 80bps yoy in 4Q08, but improved 60bps qoq, as the management has been proactive in curbing expenses in anticipation of the difficult time ahead. Opex ratio contracted by almost 1% pt qoq despite a slight decline in revenue. As a result, net profit only slipped 8% yoy, much better than the 49% yoy contraction in 3Q08. Exited the Dec quarter with S$17m net cash, fairly unchanged from end-Sep. This represents about 36% of its current market cap. As expected, it declared a 1 cts final and 1 cts special dividend, similar to FY07, translating into a yield of close to 14%. Operating environment to remain tough in 2009, but this should not come as a surprise as we had earlier assumed both its CM and plastic injection businesses to contract 15-20% yoy in 2009. However, we remain optimistic that Meiban, with its healthy balance sheet, proactive management, and strong free cash flow, will be able to ride out the tough time ahead. Forecast and target price unchanged; maintain Outperform. Although 4Q08 numbers came in above our expectations, we are keeping our FY09-10 forecast intact in view of the limited earnings visibility, especially in 1H09. We have introduced FY11 forecast, and have kept our target price unchanged at 30.5cts, based on 0.7x CY09 P/BV. The stock remains attractive at 3x CY10P/E and less than 0.4x P/BV. Although we have conservatively assumed no special dividend payment in FY09, projected yield is still attractive at 7%. Maintain Outperform. Y Y Y [ 2 ]

CIMB-GK Research Pte Ltd

19 February 2009

Sector/ Economic news Bharti said it has cornered a 30% revenue market share in the overall mobile. Bharti says competition in India is intense but the company can continue to grow revenue market share and is not worried about new entrants. President and CEO Manoj Kohli said consolidation would come to the Indian market within 3 years and said Airtel saw no strategic reason yet to acquire domestic rivals. He said the group was looking at possible deals in other emerging markets in Asia, Asia Pacific or Middle East but said it was in no hurry. "We're looking at all opportunities but we're not in a hurry. We definitely don't want to pay more than the asset deserves to be paid, so maybe when that opportunity comes in one year or two years we'll look. "The values (of emerging market assets) are definitely better but the seller also has to be at the table." Kohli said he was not seeing demand for lower tariffs from his customers, more a request for quality, and said he thought new entrants to the Indian market would struggle for years to come. Kohli also said he was not concerned by the delay to the auction for third-generation spectrum, saying Airtel was in a strong financial position and a couple of months delay would not matter. He said the government had not decided whether to hold the auction before or after its general election expected by May, and that the auction could run as late as August or September. (Economic Times of India).Bharti said it has cornered a 30% revenue market share in the overall mobile market. "We have leadership of the market, (with) a 30% revenue market share now. We don't talk about subscribers (any more)," Bharti Group Chairman Sunil Mittal told media. The gap between (Bharti) and the next GSM operator was 10-12m last year. Now the difference is over 25m, he said. Asked about the company's views on 3G, which has been deferred to the next fiscal, Mittal said, "There is no issue on time and we are not pushing for it. Let the Government take that call ... we can offer the first connection within six months of getting 3G spectrum." Mittal said there is no point keeping the reserve price very high as that may result in certain areas not getting the bids at all, given the additional factor of the Government having the right to cancel the bids in case it (government) doesn't get the money it is expecting. (Economic Times of India) Y Y Y Obama to ease fears over protectionism. Us President Barack Obama will try to ease concerns over US protectionism when he visits Canada later this week, a senior White House official said on Tuesday.Speaking two days before Mr Obama embarks on his first overseas trip since taking office last month, Denis McDonough, a senior foreign policy adviser, said the visit would focus on economics and would underline the need to avoid protectionist measures. 'One of the lessons from history is to avoid any signals that suggest that anybody is engaging in practices that may result in further decline of international trade,' Mr McDonough said.Mr Obama has drawn fire from some quarters over a campaign promise to renegotiate the North America Free Trade Agreement (Nafta) between the US, Canada and Mexico. 'In terms of what the president has to offer on trade, I think he wants to underscore the importance of what is already a very robust trade relationship,' Mr McDonough said.Concerns have also been raised about a 'Buy American' provision in the US$787 million stimulus package Mr Obama signed on Tuesday that trade partners believe could hit their firms. (BT) Y Y Y Market confidence in dollar at stake . The international credibility of the US dollar could be severely damaged, possibly provoking a global currency crisis, if President Barrack Obama's economic team fails to demonstrate that it is capable of controlling US borrowing, Toyoo Gyohten, a former vice-minister for international affairs in Japan, said in Tokyo yesterday. Increased volatility: The fact that there is no alternative to the US dollar is a major source of concern, says a former Japanese cabinet official He called for international cooperation to prepare for a possible loss of market confidence in the greenback and warned of increased volatility in currency markets.The fact that there is 'no alternative' to the dollar at present is a major source of concern, Mr Gyohten told a symposium. Mr Gyohten, who is president of Japan's Institute for International Monetary Affairs (IIMA), said that the international monetary regime supported by a dollar standard is coming under increasing stress as a result of heavy US indebtedness and that markets would be looking for signs that the new US administration can control the situation. (BT) Y Y Y

Company news [ 3 ]

CIMB-GK Research Pte Ltd

19 February 2009

Millennium & Copthorne Hotels (M&C) yesterday announced lower fourth-quarter and full-year net profits - due chiefly to impairment charges and revaluation deficits - and a halving in dividends to conserve cash.Recession-hit: M&C, which is about 53% owned by CDL, reported £4.5m net earnings for the fourth quarter, a fraction of the £68.9m in the same year-ago period The London-listed hotel arm of City Developments Ltd (CDL) also warned of rough weather ahead and revealed that group revenue per available room (RevPAR) for the first five weeks of this year declined 21.2 per cent against the same period last year, with New York posting the sharpest fall of 41 per cent. The group's hotels in regional US posted a 23 per cent RevPAR drop, followed by Asia, down 20 per cent, and London, which was 4 per cent lower.M&C, which is about 53 per cent owned by CDL, reported net earnings of £4.5 million (S$9.78 million) for the fourth quarter ended Dec 31, 2008, a fraction of the £68.9 million net earnings in the same year-ago period. (BT) Y Y Y Debt - Ridden trading company TT International (TTI) could get a cash injection of $50 million - a proposed investment in the form of a loan from a Hong Kong-based investor. The company is also in talks with other parties over a retail development. As part of its restructuring, TTI has also retrenched about 1,000 staff, mostly overseas, and is looking to close some operations, executive director Julia Tong and corporate adviser Nicky Tan said yesterday at a news conference.The number of workers retrenched represents close to 30 per cent of TTI's original headcount of 3,800.The proposed $50 million loan - with a conversion feature - will come from Hornington Enterprises, a Hong Kong company that distributes computers, related accessories and electronics.This will be done in two tranches - $20 million first, then the remainder after three months. The interest rate will be 12 per cent per annum. (BT) Y Y Y Two independent directors (IDs) of copper recycling firm Advance SCT have resigned, accusing the management of lack of cooperation to help them discharge their duties. Mr Tea: Was accused by the IDs of not helping them discharge their duties Their leaving, which took effect on Tuesday, came just days after the abrupt resignation of founder and group chief executive officer Terrence Tea Yeok Kian. When Advance SCT announced the resignation of Mr Tea last Friday, it also made known the desire of non-executive chairman Andy Lim and the IDs to inform shareholders of their unhappiness with management. The management was accused of not providing the IDs with sufficient cooperation, assistance and information to help determine the current state of business and affairs of Advance SCT and its subsidiaries. The two IDs who stepped down - Wu Shen Kong and Lee Ai Boon - both cited difficulties in discharging their duties as IDs because of the lack of timely information and regular updates from management.Following Mr Tea's resignation, Advance SCT has appointed executive director Kang Hui Huat as acting group CEO. Mr Kang could not be reached yesterday and Mr Tea declined comment. (BT) Y Y Y

[ 4 ]

CIMB-GK Research Pte Ltd

19 February 2009

Insider transactions - as at 14/02/09 Shareholding Stock Buy Enzer Corp Enzer Corp LMA Intl NV ASA Grp Hldgs Food Empire Hldgs Swing Media Tech Swing Media Tech Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Auston Intl Grp Auston Intl Grp Saizen Reit Hiap Moh Corp Ezion Hldgs SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals Advance SCT Auston Intl Grp Auston Intl Grp Auston Intl Grp Auston Intl Grp Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp SP Chemicals Sell Enzer Corp Fortune Reit Singapore Petro Keppel Land SP Chemicals Hotung Invest Hldgs

Transacted Date

Buy/Sell/ No of Shs Conv ('000)

Substantial Shareholder/Director

05-Feb-09 06-Feb-09 11-Feb-09 10-Feb-09 02-Feb-09 09-Feb-09 06-Feb-09 11-Feb-09 11-Feb-09 11-Feb-09 04-Feb-09 04-Feb-09 02-Feb-09 09-Feb-09 09-Feb-09 04-Feb-09 04-Feb-09 04-Feb-09 04-Feb-09 04-Feb-09 04-Feb-09 04-Feb-09 04-Feb-09 06-Feb-09 06-Feb-09 06-Feb-09 06-Feb-09 06-Feb-09 06-Feb-09 06-Feb-09 10-Feb-09 04-Feb-09 04-Feb-09 04-Feb-09 04-Feb-09 05-Feb-09 05-Feb-09 09-Feb-09 05-Feb-09 04-Feb-09

Lim Keng Hock Jonathan Tan Lee Peng John Lim Kok Min Poh Choo Bin FMR LLC Hui Yan Moon Ip Ming Yan Michael Wee Soon Lock Ng Kah Lin Greenseed Pte Ltd Ng Kian Aik Paul Ng Kian Aik Paul UBS AG Michael Wee Soon Lock Larry Glenn Johnson Asiawide Hldgs Barrington Heights Ltd Cumulus Enterprises Ltd Independent Alliance Ventures Lucas Sasmito SP Chemicals Hldgs Ltd Hendrik Sasmito SP Chemicals Hldgs Ltd Independent Alliance Ventures Lucas Sasmito SP Chemicals Hldgs Hendrik Sasmito Asiawide Hldgs Barrington Heights Ltd Cumulus Enterprises Ltd Kang Hui Huat Annie Lin Atlas Realty Pte Ltd Atlas Realty Pte Ltd Annie Lin Ng Kah Lin Michael Wee Soon Lock Greenseed Pte Ltd Greenseed Hendrik Sasmito

05-Feb-09 03-Feb-09 03-Feb-09 02-Feb-09 30-Jan-09

Tan Lee Peng Lim Hwee Chiang Koh Ban Heng Schroder Invest Mgt Grp Concord Asia Hldgs

Price Per Share $

% Before Change

% After Change

Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy

100 124 200 324 543 645 645 777 777 778 1000 1000 1045 1543 6000 8670 8670 8670 8670 8670 8670 8670 8670 11405 11405 11405 11405 11405 11405 11405 20000 39000 40000 40000 40000 47557 47557 56090 56861 308670

0.12 n.a 0.12 n.a n.a 0.05 n.a 0.4 n.a n.a n.a n.a n.a 0.4 n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 0.73 n.a n.a n.a 0.07 n.a n.a n.a n.a n.a 0.4 n.a 0.4 n.a

16.72 6.03 0.27 4.87 5.95 0 54.83 92.7 92.7 3.67 0 0 5.79 90.26 0 94.61 94.61 94.61 94.61 94.61 94.61 94.61 94.61 96.19 96.19 96.19 96.19 96.19 96.19 96.19 0 1.74 0 0 1.74 13.09 14.77 0 0 94.61

16.8 6.13 0.3 5.02 6.05 0.07 54.9 93.94 93.94 4.91 0.21 0.21 6.02 92.7 0.93 96.19 96.19 96.19 96.19 96.19 96.19 96.19 96.19 98.27 98.27 98.27 98.27 98.27 98.27 98.27 6.35 9.96 8.22 8.22 9.96 88.57 90.26 89.03 90.26 96.19

* * *

Sell Sell Sell Sell Sell

1180 2435 375 2000 31777

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

7.02 1.92 0.17 5.12 5.79

6.03 1.62 0.1 4.84 0 13.98

* * * * *

* * * * * * * * * * * * * * * *

* * * * *

30-Jan-09

Third Avenue Mgt

*

Sell

146864

n.a.

13.4

Hotung Invest Hldgs

30-Jan-09

CIM Invest Mgt

*

Sell

4269

n.a.

9.72

9.37

Innovalues Ltd

30-Jan-09

Atlantis Invest Mgt

*

Sell

800

n.a.

10.53

10.28

Innovalues Ltd

29-Jan-09 29-Jan-09

Atlantis Invest Mgt Armorcoat Intl

*

Sell Sell

584 3000

n.a. n.a.

10.71 6.7

10.53 6.5

29-Jan-09

Orange capital, LLC

*

Sell

20000

n.a.

7.89

3.92

E3 Hldgs China Lifestyle

Source: The Business Times ST: Shares transfer, IP: Investment purposes, PL: Placement

[ 5 ]

CIMB-GK Research Pte Ltd

19 February 2009

Insider transactions - as at 14/02/09 Shareholding Stock

Transacted Date

Buy/Sell/ No of Shs Conv ('000)

Substantial Shareholder/Director

Enzer Corp Keppel Land ARA Asset Mgt Fortune Reit Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Jackspeed Corp Olam Intl Advance SCT Hiap Moh Corp

05-Feb-09 02-Feb-09 06-Feb-09 03-Feb-09 09-Feb-09 09-Feb-09 09-Feb-09 09-Feb-09 09-Feb-09 11-Feb-09 09-Feb-09 10-Feb-09 09-Feb-09

Tan Lee Peng Schroder Invest Mgt Grp Prudential Asset Mgt (S'pore) Lim Hwee Chiang Ng Kah Lin Sie Kam Shuat Joshua Ng Hock Hwa Gracefield Invest Pte Ltd Michael Wee Soon Lock Ang Kian Lee JPMorgan Chase & Co Terence Tea Yeok Kian Hiap Moh Hldgs

Others China Hongxing Soup Res Grp Soup Res Grp Soup Res Grp Soup Res Grp Soup Res Grp Soup Res Grp PacShip Trust RSH Ltd RSH Ltd

06-Feb-09 02-Feb-09 02-Feb-09 02-Feb-09 02-Feb-09 02-Feb-09 02-Feb-09 02-Feb-09 04-Feb-09 04-Feb-09

Wasatch Advisors Inc Then Khek Koon Then Khek Koon Pang Cheng Jin Wong Chi Keong Wong Wei Teck Mok Yip Peng YC Chang Mohamed Ali Rashed Alabbar FZC

* * * * * * * *

*

Price Per Share $

% Before Change

% After Change

Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell

1180 2000 2107 2435 8243 8243 8243 8243 9304 9380 14399 20000 32130

n.a n.a n.a n.a n.a n.a n.a n.a 0.4 0.09 n.a 0.07 n.a

7.02 5.12 11.09 1.92 13.09 13.09 13.09 13.09 14.77 4.48 6.75 11.79 51

6.03 4.84 10.73 1.62 0 0 0 0 0 0 5.91 5.45 0

IP SA SA SA SA SA SA ST ST ST

5664 11172 11458 21721 26061 27394 37122 1300 70067 72548

n.a 0.01 0.01 n.a n.a 0.01 0.01 n.a n.a n.a

6.79 5.61 5.61 10.92 13.1 13.77 18.65 0.22 19.87 0

7 5.61 5.61 10.92 13.1 13.77 18.65 0 0 20.57

Source: The Business Times ST: Shares transfer, IP: Investment purposes, PL: Placement

[ 6 ]

CIMB-GK Research Pte Ltd

19 February 2009

Corporate actions February 2009 SUN

8

MON

TUE

WED

THU

FRI

SAT

2

3

4

5 Results: 4Q08 - Tuan Sing 3Q09 – SATS

6 Results: 3Q09 – CSC

7

9

10

11

12

13

14

Jan 09 Intl Reserves Results: 4Q08 Rickmers 3Q09 Macarthurcook REIT

15

16 Map Tech 4Q08 results

22

23 Jan 09 CPI

Results: 4Q08 - NOL, StarHub, Capland 3Q09 - SIA

17

Results: 2Q09 – Tiong Woon, Ellipsiz, ASL Marine

18

Jan 09 Merc Trade

19

4Q08 Ctrl Govt Debt Results 4Q08 – Meiban, OCBC

24

25

Results: 4Q08 – Rotary, Straits Trading

Results: 4Q08 – Comfort 3Q09 – Yellow Pages 2Q09 – Eu Yan Sang 1Q09 - WBL

20

Venture 4Q08 results

26

Results: 4Q08 – Aztech, CAO, CSE

Dec 08 Retail Sales & Catering Trade Indices Results: 4Q08 – ChSports, DBS 3Q09 - FJ Ben, Tat Hong

17

4Q08 Wholesale Trade

27

Jan 09 IIP Results: 4Q08 Armstrong, HTL, Petra, Hiap Hoe, LKT, Sembcorp Ind

24

4Q08 GDP * 4Q08 BOP * 4Q08 Ave Mthly Earnings* 4Q08 Biz Receipts Jan 09 Ctrl Govt Ops Jan 09 Pdr&Intl Trade Px Results: 4Q08 - Broadway, Yongnam, Indofood

March 2009 SUN

8

MON

TUE

WED

THU

FRI

SAT

2

3

4

5

6

7

10

11

12

13 Feb 09 RSCTI 1Q09 results – China Flex

14

9 Feb 09 Intl Reserves*

15

16

17 Feb 09 Merchandise Trade

18

19

20

21

22

23 Feb 09 CPI

24

25

26 Feb 09 IIP

27

28

29

30 Feb 09 PITPI

31 Feb 09 Cent Gov Debt Feb 09 CPI * Feb 09 External Debt *

Source: Company, Bloomberg, SGX

* Not later than

[ 7 ]

CIMB-GK Research Pte Ltd

19 February 2009

Important dates Ex Date 16-Feb-09 16-Feb-09 16-Feb-09 16-Feb-09 19-Feb-09 19-Feb-09 19-Feb-09 20-Feb-09 24-Feb-09 26-Feb-09 26-Feb-09 2-Mar-09 2-Mar-09 3-Mar-09 3-Mar-09 3-Mar-09 3-Mar-09 3-Mar-09 3-Mar-09 4-Mar-09 6-Mar-09 6-Mar-09 18-Mar-09 20-Mar-09 6-Apr-09 9-Apr-09 9-Apr-09 14-Apr-09 16-Apr-09 17-Apr-09 20-Apr-09 21-Apr-09 23-Apr-09 28-Apr-09 28-Apr-09 28-Apr-09 29-Apr-09 29-Apr-09 30-Apr-09 30-Apr-09 30-Apr-09 4-May-09 8-May-09 8-May-09 11-May-09

Company Particulars LIPPO-MAPLETREEINDORETAILTRUSTDIVIDEND : 011008-311208 SGD 0.003 STARPHARM$28000800RCPS5%090227DIVIDEND : SGD 0.03 ONE-TIER TAX STARPHARM$28000800RCPS5%090227ENTITLEMENT : REDEMPTION SGD 0.6 STARPHARM$28000800RCPS5%090227DIVIDEND : PRO-RATED SGD 0.0047319 ONE-TIER TAX BOARDROOM LIMITED DIVIDEND : SGD 0.01 INTERIM ONE-TIER TAX CAPITALAND LIMITED RIGHTS : OFFER OF 1 FOR 2 @ $1.3 RICKMERS MARITIME DIVIDEND : 011008-311208 USD 0.0225 TAX EXEMPT SUNWAY INTL HLDGS LTD DIVIDEND : HKD 0.005 FINAL MAVERIC LTD. DIVIDEND : SGD 0.058982 INTERIM ONE-TIER TAX SECOND CHANCE PROPERTIES LTD DIVIDEND : SGD 0.01 2ND INTERIM ONE-TIER TAX SILVERLAKE AXIS LTD DIVIDEND : USD 0.003 INTERIM ONE-TIER TAX KARIN TECHNOLOGY HLDGS LIMITED DIVIDEND : HKD 0.052 INTERIM UOB 5.05%NCPS 100 DIVIDEND : 150908 - 140309 5.05% PREFERENTIAL GRP LTD DIVIDEND : SGD 0.01 INTERIM ONE-TIER TAX LONGCHEER HOLDINGS LIMITED DIVIDEND : SGD 0.012 INTERIM PERTAMA HOLDINGS LIMITED DIVIDEND : SGD 0.003 SPECIAL ONE-TIER TAX PERTAMA HOLDINGS LIMITED DIVIDEND : SGD 0.005 INTERIM ONE-TIER TAX TAI SIN ELECTRIC LIMITED DIVIDEND : SGD 0.005 INTERIM ONE-TIER TAX TRANSVIEW HOLDINGS LIMITED DIVIDEND : SGD 0.003 1ST & FINAL ONE-TIER TAX CAPITAMALL TRUST RIGHTS : OFFER OF 9 FOR 10 @ $0.82 CAPITARETAIL CHINA TRUST DIVIDEND : SGD 0.0358 CAPITARETAIL CHINA TRUST DIVIDEND : SGD 0.007 TAX EXEMPT AVI-TECH ELECTRONICS LIMITED DIVIDEND : SGD 0.005 INTERIM ONE-TIER TAX QIAN HU CORPORATION LIMITED DIVIDEND : SGD 0.002 1ST & FINAL ONE-TIER TAX KIAN ANN ENGINEERING LTD DIVIDEND : SGD 0.002 INTERIM ONE-TIER TAX CEI CONTRACT MANUFACTURING LTDDIVIDEND : SGD 0.00166 2ND & FINAL ONE-TIER TAX CEI CONTRACT MANUFACTURING LTDDIVIDEND : SGD 0.00232 SPECIAL ONE-TIER TAX DBS GROUP HOLDINGS LTD DIVIDEND : SGD 0.14 FINAL ONE-TIER TAX FRAGRANCE GROUP LIMITED DIVIDEND : SGD 0.006 FINAL ONE-TIER TAX NEPTUNE ORIENT LINES LIMITED DIVIDEND : SGD 0.04 FINAL ONE-TIER TAX UNITED INTL SECURITIES LTD DIVIDEND : SGD 0.0115 1ST & FINAL ONE-TIER TAX BH GLOBAL MARINE LIMITED DIVIDEND : SGD 0.012 1ST & FINAL ONE-TIER TAX KEPPEL TELE & TRAN DIVIDEND : SGD 0.03 1ST & FINAL ONE-TIER TAX KEPCORP MBL ICW090703 DIVIDEND : SGD 0.014 FINAL ONE-TIER TAX KEPCORP MBL ICW091002 DIVIDEND : SGD 0.017 FINAL ONE-TIER TAX KEPPEL CORPORATION LIMITED DIVIDEND : SGD 0.21 FINAL ONE-TIER TAX NERATELECOMMUNICATIONS LTD DIVIDEND : SGD 0.03 FINAL ONE-TIER TAX SINGAPORE LAND LIMITED DIVIDEND : SGD 0.2 1ST & FINAL ONE-TIER TAX SBS TRANSIT LTD DIVIDEND : SGD 0.036 FINAL ONE-TIER TAX SINGAPORE PETROLEUM CO LTD DIVIDEND : SGD 0.08 FINAL ONE-TIER TAX VICOM LTD DIVIDEND : SGD 0.0425 FINAL ONE-TIER TAX COMFORTDELGRO CORPORATION LT DIVIDEND : SGD 0.024 FINAL ONE-TIER TAX HWA HONG CORPORATION LIMITED DIVIDEND : SGD 0.0125 FINAL ONE-TIER TAX UNITED INDUSTRIAL CORP LTD DIVIDEND : SGD 0.03 1ST & FINAL ONE-TIER TAX TOTAL ACCESS COMM PUB CO LTD DIVIDEND : THB 1.5 LESS 10% TAX

Rec. Date 18-Feb-09 18-Feb-09 18-Feb-09 18-Feb-09 23-Feb-09 23-Feb-09 23-Feb-09 24-Feb-09 26-Feb-09 2-Mar-09 2-Mar-09 4-Mar-09 4-Mar-09 5-Mar-09 5-Mar-09 5-Mar-09 5-Mar-09 5-Mar-09 5-Mar-09 6-Mar-09 10-Mar-09 10-Mar-09 20-Mar-09 24-Mar-09 8-Apr-09 14-Apr-09 14-Apr-09 16-Apr-09 20-Apr-09 21-Apr-09 22-Apr-09 23-Apr-09 27-Apr-09 30-Apr-09 30-Apr-09 30-Apr-09 4-May-09 4-May-09 5-May-09 5-May-09 5-May-09 6-May-09 12-May-09 12-May-09 13-May-09

Paid/Payable 27-Feb-09 27-Feb-09 27-Feb-09 27-Feb-09 5-Mar-09 5-Mar-09 10-Mar-09 16-Mar-09 20-Mar-09 18-Mar-09 16-Mar-09 18-Mar-09 18-Mar-09 20-Mar-09 20-Mar-09 18-Mar-09 27-Mar-09 25-Mar-09 25-Mar-09 31-Mar-09 6-Apr-09 30-Apr-09 24-Apr-09 24-Apr-09 29-Apr-09 29-Apr-09 5-May-09 5-May-09 7-May-09 11-May-09 19-May-09 19-May-09 12-May-09 15-May-09 20-May-09 15-May-09 18-May-09 15-May-09 18-May-09 22-May-09 25-May-09 25-May-09

Source: SGX - Corporate Actions By Ex-Date

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