090219 - Phillip - Morning Note

Phillip Securities Research

pkoh

(MICA (P) 218/11/2008)

Singapore

MORNING NOTE For Internal Circulation Thursday, 19 February 2009 Top Ideas MobileOne Limited – Results (Alfred Low) Recommendation: Hold (Maintain) Previous close: S$1.58 Fair value: S$1.67 •

Net profit declined in FY2008. For FY2008, M1 reported operating revenue of S$800.6m (-0.3% yoy), profit before tax of S$185.0m (-4.9% yoy) and net profit of S$150.1m (-12.6% yoy).

•

Maintain Hold with fair value cut from S$2.16 to S$1.67. Due to the worse-than-expected results and the challenging outlook, we have reduced our earnings estimates for 2009 and 2010. Therefore, based on our valuation using the free cash flow to firm model, the target price is cut from S$2.16 to S$1.67. M1 remains a hold due to its limited focus on the domestic market. The dividend yield of M1 is 8.2%.

Source: Phillip Securities Research Pte Ltd

Company Highlights TT International Limited announced the signing of an Investment Agreement with Hornington Enterprises Limited for an investment amount of up to SGD 50 million. Best World International Limited reported a revenue of $96.1 million for the financial year ended 31 December 2008 ( “FY2008” ). representing a 6.0% decrease due to a weaker 4Q2008. Profit attributable to equity holders decreased 20.7% from $13.4 million to $10.6 million for FY2008, representing a net profit margin of 11.1%. The Board of Directors has recommended a final and a special dividend totalling 1.0 cent per ordinary share. Including the interim dividend of 1.2 cents per ordinary share, the total dividends will amount to 2.2 cents per ordinary share for FY2008. The Board of Directors of China Precision Technology Limited issued a profit guidance with respect to the consolidated financial results of the Company and its subsidiaries for the financial year ended 31 December 2008. Auston International Group Ltd has completed the acquisition of the entire issued ordinary share capital of Broadband Network Systems Ltd (BNS), a provider of Internet Protocol TV (IPTV) content and technology solutions. The purchase will be satisfied by the issue of 200 million Auston shares to BNS. The issue of these new shares will enlarge Auston’s issued share capital base to 686.4 million ordinary shares. Mencast Holdings Ltd. has turned in a good maiden set of full-year results after its IPO in June last year. Its net profit attributable to shareholders for the full-year ended 31 December 2008 (“FY2008”) surged 20.5% to S$5.8 million. revenue increased by 32.8% to S$25.1 million, on the back of higher revenue contributions from both its sterngear manufacturing and sterngear services divisions.

Morning Note

Thursday, 19 February 2009

CWT Limited announce that one of its subsidiary, CWT Logistics Pte Ltd (“CWT Logistics”) has been awarded the certification by TUV Rheinland Group (“TUV Rheinland”) for compliance with ISO 28000 Supply Chain Security Management systems. Sinotel Technologies Ltd. announced a sterling set of results for the financial year ended 31 December 2008. The Group reported an increase in top and bottom line of 35.9% and 25.7% respectively, raising revenue to RMB362.1 million and net earnings to RMB107.4 million. Gross Profit margins remained at a healthy 40.5% whilst Net Profit margins averaged at 29.7%. The Board of Directors of BH GLOBAL MARINE LIMITED wishes to announce that the Company, had on or about 18 February 2009 entered into a share sale and share subscription agreement with Sky Holding Pte. Ltd., Wong Chan Seng (“BW”), Steven Wong (“SW”) for the investment by the Company in Sky Holding aggregating sixty per cent. OSIM Ltd reported sales revenue of $457 million and net profit after tax of $15million for its full year results ended 31 December 2008. The Group has written off its US investment in Brookstone resulting in a loss after tax of $99 million. Hyflux Ltd posted a record revenue of S$554.2 million for FY2008 representing an increase of 187% from FY07. Profit after tax and minority interest amounted to S$59 million compared to S$33 million in December 2007. The Group’s cash position stood at S$90.7 million as at December 31, 2008. Net gearing increased marginally to 0.54 times compared to 0.32 times in FY2007. The net EPC order book increased by 34% to S$1.15 billion as at December 31, 2008, from S$863 million as at December 31, 2007. Tat Hong Holdings Ltd reported a 14% increase in revenue to S$521.1 million for the nine months ended December 31, 2008 (“9MFY2009”). Net profit after tax and Minority Interest decreased 12% from S$61.4 million in the previous corresponding period (“9MFY2008”) to S$54.3 million in 9MFY2009. Oversea-Chinese Banking Corporation Limited reported a 16% decline in net profit to S$1,749 million for the financial year ended 31 December 2008 (“FY08”). Core net profit, which excludes divestment gains and tax refunds from both periods, fell by 21% to S$1,486 million. The overall contribution from insurance subsidiary Great Eastern Holdings (“GEH”) to the Group’s core net profit fell from S$449 million to S$160 million. Excluding GEH, the Group’s core earnings declined by 7%. A final tax-exempt dividend of 14 cents per share has been proposed for the financial year ended 31 December 2008, bringing the full year dividend to 28 cents per share, unchanged from FY07 and representing a payout of 58% of core earnings. The Board of Directors of OKP Holdings Limited announced that its wholly-owned subsidiary company, Or Kim Peow Contractors (Private) Limited, had been awarded a contract by FWP Joint Venture, Singapore to carry out selected civil works in Singapore. The amount of the contract is SGD21.7 million. The contract is expected to be completed by June 2010. Source: SGX Masnet

2

Morning Note

Thursday, 19 February 2009

Local and Regional Markets Headlines Singapore shares closed 0.8% higher on Wednesday. The key Straits Times Index gained 13.14 points to 1,651.06. In the broader market gainers beat losers 179 to 171 in a volume of 827.1 million shares. Top gainers include SIA, Straits Engineering, City Developments, Keppel Corporation and DBS. Malaysian shares fell on Wednesday after closing following a sharp slide in the US stocks overnight, as fears of a deepening recession grew. The benchmark Kuala Lumpur Composite Index lost 3.3 points, or 0.37 per cent, to 895.23. In the broader market at midday, losers led gainers 236 to 200 in a volume of 3.04 million shares valued at RM491.45 million (US$135.12 million). Hong Kong shares recouped early losses to claw their way into the black on Wednesday as investors took to shortcovering recently sold-down stocks including China Mobile and Bank of East Asia. But gains were fragile as heavyweight HSBC weighed down the main index on worries about the health of European banks while turnover on the mainboard stayed low. The benchmark Hang Seng Index closed 0.55 per cent or 70.60 points higher at 13,0163.00, well off its low of 12,712.33. Japan's benchmark Nikkei average shed 1.5 per cent on Wednesday to hit its lowest close in nearly 4 months as financial shares sank amid worries about European banks and credit concerns hit property firms. The Nikkei fell 111.07 points to 7,534.44, its lowest finish since Oct 27. The broader Topix ended 1 per cent lower at 749.26, after earlier falling 1.6 per cent to touch 744.37, which would have been its lowest close in 25 years. Source: BT Online

US Market News The S&P 500 and Nasdaq closed marginally lower on Wednesday as President Barack Obama’s $275 billion plan to prop up the housing market failed to stem worries about the economy, and bleak housing data highlighted the deepening recession.. The Dow Jones industrial average added 3.03 points, or 0.04 percent, to 7,555.63. The Standard & Poor's 500 Index was off 0.75 points, or 0.10 percent, to 788.42. The Nasdaq Composite Index edged down 2.69 points, or 0.18 percent, at 1,467.97. Since the beginning of the year, the broad S&P 500 is down close to 13 percent; after having risen 20 percent from the late November lows, it is now up almost 5 percent from that mark. The dismal housing data pulled shares of homebuilders down, with the Dow Jones home construction index shedding 5 percent. Source: Reuters.com

Substantial Shareholders’ Transactions Company Ezion Holdings Ltd TTL Holdings Ltd ComfortDelgro Corporation Ltd

Substantial Shareholder Lim Thean Ee Tan Kee Liang Lim Jit Poh

Source: SGX Masnet

3

From (%) 0.126 19.08 0.0165

To (%) 0.178 19.20 0.0213

Morning Note

Thursday, 19 February 2009

Our Recent Recommendations Price at Recommendation (S$)

Target Price (S$)

Last Price (S$)

Return to Date (%)

2.070

2.140

2.100

-

FY2008 results

2.470

0.8

3Q FY2009 Results

0.270

0.250

-

0.140

0.200

-

FY08 Results

0.265

0.300

0.245

-

3QFY09 results

-

0.150

0.160

0.140

-

Initiating Coverage

Buy

-

0.270

0.440

0.290

7.4

Initiating Coverage

Midas Holdings Limited

Buy

-

0.495

0.630

0.525

6.1

Initiating Coverage

19-Jan-09

Yoma Strategic Holdings Limited

-

-

0.009

-

0.070

-

Plant Visit

15-Jan-09

Qian Hu

Buy

M

0.095

0.150

0.080

(15.8)

5-Dec-08

Neptune Orient Lines

Sell

-

0.985

0.960

1.140

-

Date

Company

Rating

18-Feb-09

StarHub Ltd

Hold

13-Feb-09

Singapore Telecommunications Ltd

Buy

M

2.450

3.800

12-Feb-09

Cambridge Industrial Trust

Hold

D

0.260

12-Feb-09

Fraser Commercial Trust

Sell

D

0.205

12-Feb-09

Macarthurcook Industrial REIT

Hold

D

6-Feb-09

Mercator Lines (Singapore) Limited

Hold

30-Jan-09

Epure International Ltd

21-Jan-09

M

Remarks

FY08 results

FY08 Results Initiation Report

25-Nov-08

Sinwa Ltd

Buy

M

0.100

0.250

0.110

10.0

Results Update

21-Nov-08

China Sports International

Hold

D

0.150

0.160

0.115

-

Results Update

19-Nov-08

Beauty China Holdings Ltd

Hold

D

0.390

0.420

0.375

-

Update

19-Nov-08

Mah Wah Holdings Ltd

Hold

M

0.155

0.230

0.145

-

Results Update

*Calculation is based on share price stated in the reports. Please refer to the individual reports for ratings history.

N - New, U – Upgrade, M – Maintain, D – Downgrade

ETF Performance ETF

% Change

Change

CIMB FTSE ASEAN 40 ETF

-0.21

SPDR® Gold Shares Shares MSCI India ETF Lyxor ETF China Enterprise (HSCEI) Lyxor ETF Commodities CRB Lyxor ETF Hong Kong (HIS)

Last -0.01

4.73 95.36

0.70

0.66

-0.63

-0.02

3.14

0.65

0.06

9.36

-2.94

-0.06

1.98

0.59

0.01

1.70

Lyxor ETF Japan (Topix®)

-2.64

-0.02

0.81

Lyxor ETF MSCI Korea

-0.94

-0.02

2.12

4

2/ 19 3/ / 20 19 0 8 4/ / 20 17 0 8 5/ / 20 16 0 8 6/ / 20 16 0 8 7/ / 20 15 0 8 8/ / 20 13 0 / 9/ 20 8 1 10 1/ 2 08 /1 00 11 0 /2 8 /1 00 0 12 /20 8 /9 08 / 1/ 200 9/ 8 2/ 2 00 9/ 9 20 09

2/ 19 3/ / 20 18 08 4/ / 20 18 08 5/ / 20 20 08 6/ / 20 18 08 7/ / 20 17 08 8/ / 20 15 08 9/ / 20 1 0 10 6/ 2 8 /1 00 11 6 /2 8 /1 00 12 3 /2 8 /1 00 1 8 1/ /20 13 08 2/ / 20 13 09 /2 00 9

2/ 19 3/ / 20 19 0 8 4/ / 20 19 08 5/ / 20 19 08 6/ / 20 19 08 7/ / 20 19 0 8 8/ / 20 19 08 9/ / 20 1 0 10 9/ 2 8 /1 00 11 9 /2 8 /1 00 12 9 /2 8 /1 00 9 8 1/ /20 19 08 /2 00 9

2/ 19 3/ / 20 19 0 8 4/ / 20 19 08 5/ / 20 19 08 6/ / 20 19 08 7/ / 20 19 0 8 8/ / 20 19 08 9/ / 20 1 0 10 9/ 2 8 /1 00 11 9 /2 8 /1 00 12 9 /2 8 /1 00 9 8 1/ /20 19 08 /2 00 9

2/ 19 3/ / 20 19 0 8 4/ / 20 19 08 5/ / 20 19 08 6/ / 20 19 08 7/ / 20 19 08 8/ / 20 19 08 9/ / 20 1 0 10 9/ 2 8 /1 00 11 9 /2 8 /1 00 12 9 /2 8 /1 00 9 8 1/ /20 19 08 /2 00 9

2/ 19 3/ / 20 19 0 4/ / 20 8 19 0 8 5/ / 20 19 0 8 / 6/ 20 19 0 8 7/ / 20 19 0 8/ / 20 8 19 0 8 9/ / 20 19 0 10 / 2 8 /1 00 11 9 /2 8 /1 0 12 9 /2 08 /1 00 9 1/ /20 8 19 0 /2 8 00 9

Morning Note Thursday, 19 February 2009

3500 FSSTI Index Dow Jones Industrial Average

14000

3000 13000 12000

2500 11000

10000

2000 9000 8000

1500 7000

15500 Nikkei 225

7000 FTSE 100 Index

14000

6500

12500

6000

11000

5500

9500

5000

8000

4500

4000

6500

3500

28000 Hang Seng Index Dollar Index Spot

25000 90

22000 85

19000 80

16000

13000 75

10000

70

5

Morning Note

Thursday, 19 February 2009

Singapore Indices

% Change

Change

Last

STRAITS TIMES INDEX

+0.80

+13.14

1651.06

FTSE ST ALL SHARE INDEX

+0.77

+3.03

396.00

FTSE ST FLEDGLING INDEX

-0.38

-1.43

375.09

FTSE ST MID CAP INDEX

+0.56

+1.86

335.45

FTSE ST SMALL CAP INDEX

+0.89

+2.44

276.41

FTSE ST CHINA INDEX

+0.91

+1.54

170.77

FTSE ST REAL ESTATE INDX

-0.06

-0.21

326.03

FTSE ST RE INVEST TRUST

+0.54

+1.74

322.51

FTSE ST OIL & GAS INDEX

+1.30

+3.26

254.50

FTSE ST BASIC MATERIALS

+1.65

+3.36

207.01

FTSE ST INDUSTRIALS INDX

+0.97

+3.23

334.76

FTSE ST CONSUMER GOODS

+1.75

+6.36

369.63

FTSE ST HEALTH CARE INDX

+1.90

+7.33

392.65

FTSE ST CONSUMER SERVICE

+1.50

+7.08

478.96

FTSE ST TELECOMMUNICATE

+1.26

+7.62

612.68

FTSE ST UTILITIES INDEX

+0.96

+2.56

270.61

FTSE ST FINANCIALS INDEX

+0.04

+0.15

393.06

FTSE ST TECHNOLOGY INDEX

+0.90

+3.37

378.15

FTSE SGX SHARIAH 100 IDX

-0.89

-29.93

3328.63

FTSE/ASEAN 40 INDEX

+0.41

+18.93

4587.06

MSCI SING CASH IX (SGX)

+1.12

+2.22

200.04

TURNOVER (SHARES)

827,111,900

TURNOVER (S$)

808,068,692

UP

179

DOWN

171

UNCHANGED

889

Top Volume

Last

Volume

GoldenAgr

0.285

60,496

China Hongx HSI14000MBLeCW090330 Top Gainers

0.16

44502

0.225

40,076

% Change

Change

Last

OCBC Bk 5.1%NCPS 100

+1.10

+1.00

95.000

GLD 10US$

+0.70

+0.66

95.360

DBS Bk 6% NCPS 10

+0.30

+0.30

98.900

% Change

Change

Last

-7.90

-0.270

3.130

-37.30

-0.205

0.345

-1.20

-0.200

17.060

Top Losers BukitSem HSI 12500DBeCW090227 JMH 400US$

6

Morning Note

Thursday, 19 February 2009

Major World Indices Indices

% Change

Change

Last

TEL AVIV 100 INDEX

+1.53

+9.47

629.82

HANG SENG INDEX

+0.55

+70.60

13016.00

JAKARTA COMPOSITE INDEX

+0.95

+12.57

1330.61

KUALA LUMPUR COMP INDEX

-0.37

-3.30

895.23

KOSPI INDEX

-1.24

-14.00

1113.19

NIKKEI 225

-1.45

-111.07

7534.44

STOCK EXCH OF THAI INDEX

+0.32

+1.38

439.60

SHANGHAI SE COMPOSITE IX

-4.72

-109.58

2209.86

TAIWAN TAIEX INDEX

+0.15

+6.59

4498.37

BSE SENSEX 30 INDEX

-0.22

-19.82

9015.18

ALL ORDINARIES INDX

-0.07

-2.30

3364.60

S&P/TSX COMPOSITE INDEX

-2.42

-202.75

8175.95

FTSE 100 INDEX

-0.68

-27.30

4006.83

CAC 40 INDEX

-0.04

-1.16

2874.07

DAX INDEX

-0.28

-11.64

4204.96

DOW JONES INDUS. AVG

+0.04

+3.03

7555.63

S&P 500 INDEX

-0.10

-0.75

788.42

NASDAQ COMPOSITE INDEX

-0.18

-2.69

1467.97

AMEX GOLD BUGS INDEX

+1.50

+4.80

323.99

7

Morning Note

Thursday, 19 February 2009

STI – Index Members Name

% Change

Change

Last

CAPITALAND LTD

+1.13

+0.02

2.68

Expected Report Date* 4/30/2009

CAPITAMALL TRUST

+0.76

+0.01

1.33

4/17/2009

CITY DEVELOPMENTS LTD

+2.87

+0.15

5.37

2/26/2009

COSCO CORP SINGAPORE LTD

+1.22

+0.01

0.83

2/21/2009

DBS GROUP HOLDINGS LTD

+0.87

+0.07

8.10

5/8/2009

FRASER AND NEAVE LTD

-1.47

-0.04

2.68

5/8/2009

GENTING INTERNATIONAL PLC

+0.00

+0.00

0.43

2/24/2009

GOLDEN AGRI-RESOURCES LTD

+3.64

+0.01

0.29

2/27/2009

HONGKONG LAND HOLDINGS LTD

-2.80

-0.06

2.08

3/5/2009

JARDINE CYCLE & CARRIAGE LTD

-0.81

-0.08

9.77

2/27/2009

JARDINE MATHESON HLDGS LTD

-1.16

-0.20

17.06

3/6/2009

JARDINE STRATEGIC HLDGS LTD

-0.66

-0.06

9.08

3/6/2009

KEPPEL CORP LTD

+3.20

+0.13

4.19

4/24/2009

KEPPEL LAND LTD

+1.47

+0.02

1.38

4/22/2009

NEPTUNE ORIENT LINES LTD

-0.87

-0.01

1.14

5/12/2009

NOBLE GROUP LTD

+2.78

+0.03

1.11

2/26/2009

OVERSEA-CHINESE BANKING CORP

-0.20

-0.01

4.89

5/7/2009

OLAM INTERNATIONAL LTD

+0.81

+0.01

1.25

5/14/2009

SEMBCORP INDUSTRIES LTD

+0.96

+0.02

2.11

2/26/2009

SEMBCORP MARINE LTD

+0.00

+0.00

1.48

2/24/2009

SIA ENGINEERING CO LTD

-1.04

-0.02

1.90

5/7/2009

SINGAPORE PRESS HOLDINGS LTD

+2.61

+0.07

2.75

4/13/2009

SINGAPORE TECHNOLOGIES ENG

+8.74

+0.18

2.24

5/6/2009

SINGAPORE TELECOMMUNICATIONS

+1.23

+0.03

2.47

5/14/2009

SINGAPORE AIRLINES LTD

+2.51

+0.25

10.22

5/12/2009 4/13/2009

SINGAPORE EXCHANGE LTD

+1.03

+0.05

4.90

STARHUB LTD

+1.45

+0.03

2.10

5/6/2009

UNITED OVERSEAS BANK LTD

-1.10

-0.12

10.80

2/27/2009

WILMAR INTERNATIONAL LTD

+1.73

+0.05

2.94

2/27/2009

YANLORD LAND GROUP LTD

-0.61

-0.01

0.82

2/28/2009

*Dates may not be accurate

Phillip Securities Research – Stocks Coverage (Table 1) % Change

Change

Last

Expected Report Date*

ARMSTRONG INDUSTRIAL CORP

Name

+0.00

+0.00

0.12

2/26/2009

BEAUTY CHINA HOLDINGS LTD

-1.32

-0.01

0.38

2/26/2009

BH GLOBAL MARINE LIMITED

+0.00

+0.00

0.19

2/25/2009

CHINA ANIMAL HEALTHCARE LTD

+0.00

+0.00

0.08

5/12/2009

CHINA FARM EQUIPMENT LTD

+0.00

+0.00

0.09

2/27/2009

CHINA MILK PRODUCTS GROUP

+0.00

+0.00

0.39

5/30/2009

CNA GROUP LTD

+0.00

+0.00

0.13

2/28/2009

COSCO CORP SINGAPORE LTD

+1.22

+0.01

0.83

2/21/2009

CHINA OILFIELD TECHNOLOGY

+0.00

+0.00

0.08

2/26/2009

CAMBRIDGE INDUSTRIAL TRUST

+4.17

+0.01

0.25

4/25/2009

CSC HOLDINGS LTD

+0.00

+0.00

0.08

5/29/2009

CHINA SPORTS INTERNATIONAL

+0.00

+0.00

0.12

2/25/2009

CHINA SUNSINE CHEMICAL HLDGS

+3.03

+0.01

0.17

2/25/2009

+1.33

+0.01

0.38

2/27/2009

CHINA XLX FERTILISER LTD *Dates may not be accurate

8

Morning Note

Thursday, 19 February 2009

Phillip Securities Research – Stocks Coverage (Table 2) Name

% Change

Change

Last

Expected Report Date*

CHINA YUANBANG PROPERTY HOLD

+3.57

+0.01

0.15

5/13/2009

CHINA ZAINO INTERNATIONAL

-9.09

-0.02

0.20

5/15/2009

DBS GROUP HOLDINGS LTD

+0.87

+0.07

8.10

5/8/2009

FRASERS COMMERCIAL TRUST

+5.26

+0.01

0.20

5/6/2009

HI-P INTERNATIONAL LTD

+0.00

+0.00

0.32

2/24/2009

HO BEE INVESTMENT LTD

-1.47

-0.01

0.34

2/25/2009

HIAP SENG ENGINEERING LTD

-3.03

-0.01

0.16

5/23/2009

MOBILEONE LTD

+1.94

+0.03

1.58

4/21/2009

MACARTHURCOOK INDUSTRIAL REI

+4.26

+0.01

0.25

8/12/2009

SMRT CORP LTD

-1.21

-0.02

1.63

4/27/2009

MAN WAH HOLDINGS LIMITED

-3.33

-0.01

0.15

5/26/2009

OVERSEA-CHINESE BANKING CORP

-0.20

-0.01

4.89

5/7/2009

QIAN HU CORP LTD

+0.00

+0.00

0.08

4/21/2009

SC GLOBAL DEVELOPMENTS LTD

+0.00

+0.00

0.47

2/27/2009

SOILBUILD GROUP HOLDINGS LTD

-0.92

-0.01

0.54

2/25/2009

SING HOLDINGS LTD

+0.00

+0.00

0.19

2/21/2009

SINWA LTD

-8.33

-0.01

0.11

2/28/2009

SINOPIPE HOLDINGS LIMITED

+0.00

+0.00

0.09

2/28/2009

SINGAPORE TELECOMMUNICATIONS

+1.23

+0.03

2.47

5/14/2009

SINOTEL TECHNOLOGIES LTD

+3.23

+0.01

0.16

5/7/2009

STARHUB LTD

+1.45

+0.03

2.10

5/6/2009

SUNVIC CHEMICAL HOLDINGS

+0.00

+0.00

0.14

2/25/2009

TAI SIN ELECTRIC LIMITED

+0.00

+0.00

0.16

8/28/2009

UNITED OVERSEAS BANK LTD

-1.10

-0.12

10.80

2/27/2009

-0.61

-0.01

0.82

2/28/2009

YANLORD LAND GROUP LTD *Dates may not be accurate

Stocks Dual Listed – Overseas Name CREATIVE TECHNOLOGY LTD CHARTERED SEMICONDUCTOR-ADR RELIANCE GENEMEDIX PLC TIANJIN ZHONG XIN PHARM CO-A SINGAPORE TELECOMM-CDI CHINA MERCHANTS HLDGS INTL PACIFIC ANDES INTL HLDG LTD TPV TECHNOLOGY LTD

Currency USD USD GBp CNY AUD HKD HKD HKD

% Change +0.00 +10.06 +0.00 -2.66 -1.18 +1.77 -4.29 +0.00

Change +0.00 +0.16 +0.00 -0.31 -0.03 +0.24 -0.03 +0.00

Last 2.60 1.75 1.50 11.36 2.51 13.80 0.67 2.02

% Change -2.122 -0.800 -1.792 -4.348 +0.000

Change -0.080 -0.020 -0.050 -0.005 +0.0000

Last 3.69 2.48 2.74 0.11 0.0001

Expected Report Date* 4/24/2009 4/29/2009 3/2/2009 -

US Stocks Name CELESTICA INC FLEXTRONICS INTL LTD INCREDIMAIL LTD SKINS INC SPOOZ INC *Dates may not be accurate

9

Morning Note

Thursday, 19 February 2009

US Bellwethers Name

% Change

Change

Last

Expected Report Date*

3M CO

+0.49

+0.23

47.14

4/24/2009

ALCOA INC

-3.85

-0.26

6.49

4/7/2009

AMERICAN EXPRESS CO

+1.00

+0.14

14.10

4/24/2009

AT&T INC

-1.12

-0.26

22.96

4/22/2009

BANK OF AMERICA CORP

-6.74

-0.33

4.57

4/21/2009

BOEING CO

-1.17

-0.45

37.98

4/23/2009

CATERPILLAR INC

-1.86

-0.54

28.44

4/21/2009

CHEVRON CORP

-0.09

-0.06

66.12

4/9/2009

CITIGROUP INC

-4.90

-0.15

2.91

4/17/2009

COCA-COLA CO/THE

+0.19

+0.08

42.68

4/16/2009

DU PONT (E.I.) DE NEMOURS

-0.33

-0.07

21.14

4/21/2009

EXXON MOBIL CORP

+0.93

+0.66

71.94

5/1/2009

GENERAL ELECTRIC CO

+0.46

+0.05

10.86

4/17/2009

GENERAL MOTORS CORP

-5.51

-0.12

2.06

-

HEWLETT-PACKARD CO

-0.76

-0.26

34.08

5/19/2009

HOME DEPOT INC

-0.70

-0.14

19.80

2/24/2009

INTL BUSINESS MACHINES CORP

+0.93

+0.84

91.51

4/20/2009

INTEL CORP

+1.14

+0.15

13.36

4/13/2009

JOHNSON & JOHNSON

-0.27

-0.15

55.83

4/14/2009

JPMORGAN CHASE & CO

-0.65

-0.14

21.51

4/16/2009

KRAFT FOODS INC-CLASS A

-1.62

-0.40

24.32

4/30/2009

MCDONALD'S CORP

+1.31

+0.73

56.41

4/22/2009

MERCK & CO. INC.

+0.11

+0.03

28.64

4/21/2009

MICROSOFT CORP

+0.17

+0.03

18.12

4/23/2009

PFIZER INC

-0.63

-0.09

14.16

4/17/2009

PROCTER & GAMBLE CO

+1.68

+0.84

50.95

4/30/2009

UNITED TECHNOLOGIES CORP

-0.98

-0.45

44.85

4/17/2009

VERIZON COMMUNICATIONS INC

-0.67

-0.19

28.07

4/28/2009

WAL-MART STORES INC

+3.65

+1.76

50.00

5/13/2009

WALT DISNEY CO/THE *Dates may not be accurate

-1.18

-0.21

17.63

5/6/2009

Domestic Interbank Rates – Singapore Singapore Overnight Rate Average*

Overnight

1-Month

2-Month

3-Month

6-Month

12-Month

2/11/2009

0.0907

0.06

0.31

0.44

0.56

0.69

0.75

2/12/2009

0.1196

0.06

0.31

0.44

0.56

0.69

0.75

2/13/2009

0.1708

0.31

0.31

0.44

0.56

0.69

0.75

2/16/2009

0.1969

0.38

0.31

0.44

0.56

0.69

0.75

2/17/2009

0.2462

0.13

0.31

0.44

0.56

0.69

0.75

2/18/2009 0.2306 0.13 0.38 0.44 0.56 0.69 0.75 Source: Singapore Government Securities – http://www.sgs.gov.sg * The Singapore Overnight Rate Average or SORA is the weighted average rate of all S$ overnight cash transactions brokered in Singapore between 9am and 6.15pm. (SORA will be published daily with effect from 1 July 2005). Data (other than SORA) reflect closing offer rates.

10

Morning Note

Thursday, 19 February 2009

Commodities & Currencies Commodities

Price (EURO)

Price (US$)

€ 784.91

$983.50

SILVER SPOT US$ / OZ

€ 11.44

$14.34

CRUDE OIL U.S. SPOT PRICES WTI CUSHIN - USD / BARREL

€ 27.63

$34.62

OIL SPOT

€ 31.19

$39.08

Price (EURO)

Price (RM$)

GOLD (NEW YORK SPOT PRICE)

Commodities MALAYSIAN RUBBER BOARD STANDARD RUBBER NO. 10 FOB

€ 108.21

$497.00

PALM OIL (RM$/METRIC TON)

€ 421.42

$1,935.50

€ 2,405.91

$11,050.00

TIN SPOT (KL TIN MARKET) Index

Change

Last

+0.43

88.01

Against S$

Against US$

AUSTRALIAN DOLLAR

0.9762

0.6371

CANADIAN DOLLAR

1.2151

1.2610

EURO

1.9198

1.2530

BRITISH POUND

2.1774

1.4211

US DOLLAR

1.5321

1.0000

CHINA RENMINBI

0.2241

6.8379

HONG KONG DOLLAR

0.1976

7.7558

JAPANESE YEN

1.6336

93.7900

KOREAN WON

0.1037

1467.7750

MALAYSIAN RINGGIT

0.4180

3.6570

THAI BAHT

0.0433

35.3850

DOLLAR INDEX SPOT Currencies

US Treasury Yields Maturity 3 Months 6 Months 2 Years 3 Years 5 Years 10 Years 30 Years

Today 0.27 0.46 0.95 1.33 1.80 2.75 3.54

Yesterday 0.26 0.43 0.86 1.22 1.66 2.65 3.48

Yield Spread (10 yrs - 3 mths) +2.48 Yield Spread (30 yrs - 10 yrs) +0.79 Source: Data provided by ValuBond – http://www.valubond.com

11

Last Week 0.28 0.42 0.91 1.31 1.75 2.76 3.45

Last Month 0.09 0.27 0.73 1.06 1.47 2.32 2.87

Morning Note

Thursday, 19 February 2009

Calendar Earning Announcement – Singapore (1 of 3) Name Advanced Holdings Ltd AnnAik Ltd ARA Asset Management Ltd Best World International Ltd Centillion Environment & Recycling Ltd China Merchants Holdings Pacific Ltd Chip Eng Seng Corp Ltd ETLA Ltd Venture Corp Ltd Yeo Hiap Seng Ltd AA Group Holdings Ltd AEM Holdings Ltd British & Malayan Trustees Ltd China EnerSave Ltd Dynamic Colours Ltd Ezion Holdings Ltd Food Junction Holdings Ltd Fragrance Group Ltd Gallant Venture Ltd Intraco Ltd Magnus Energy Group Ltd MCL Land Ltd Oceanus Group Ltd R H Energy Ltd Soup Restaurant Group Ltd SP Chemicals Ltd Travelite Holdings Ltd Venture Corp Ltd Verigy Ltd Apex-Pal International Ltd Cosco Corp Singapore Ltd General Magnetics Ltd ISDN Holdings Ltd Kim Eng Holdings Ltd NEL Group Ltd Sing Holdings Ltd Tat Seng Packaging Group Ltd Wepco Ltd Aspial Corp Ltd Ban Leong Technologies Ltd Beng Kuang Marine Ltd Bonvests Holdings Ltd China Powerplus Ltd Cityneon Holdings Ltd EnGro Corp Ltd Europtronic Group Ltd Furama Ltd Haw Par Corp Ltd Heeton Holdings Ltd Innovalues Ltd Internet Technology Group Ltd *Dates may not be accurate

Expected Report Date* February 19, 2009 February 19, 2009 February 19, 2009 February 19, 2009 February 19, 2009 February 19, 2009 February 19, 2009 February 19, 2009 February 19, 2009 February 19, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 20, 2009 February 21, 2009 February 21, 2009 February 21, 2009 February 21, 2009 February 21, 2009 February 21, 2009 February 21, 2009 February 21, 2009 February 21, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009

12

Morning Note

Thursday, 19 February 2009

Earning Announcement – Singapore (2 of 3) Name Kian Ho Bearings Ltd Lafe Corp Ltd Manhattan Resources Ltd Megachem Ltd Nobel Design Holdings Ltd Ntegrator International Ltd PSC Corp Ltd SHC Capital Ltd Teckwah Industrial Corp Ltd Teledata Singapore Ltd Texchem-Pack Holdings Singapore Ltd Transpac Industrial Holdings Ltd Wanxiang International Ltd Wheelock Properties S Ltd AEI Corp Ltd Cosco Corp Singapore Ltd Global Testing Corp Ltd Straits Trading Co Ltd United Overseas Insurance Ltd Abterra Ltd Aqua-Terra Supply Co Ltd Food Empire Holdings Ltd Hi-P International Ltd Hotel Plaza Ltd Jurong Technologies Industrial Corp Ltd Lorenzo International Ltd OKP Holdings Ltd Otto Marine Ltd SembCorp Marine Ltd Superbowl Holdings Ltd UOL Group Ltd Advanced Integrated Manufacturing Corp Ltd AP Oil International Ltd Asia Food & Properties Ltd Asiamedic Ltd Aztech Systems Ltd Baker Technology Ltd BH Global Marine Ltd China Aviation Oil Singapore Corp Ltd China Haida Ltd CSE Global Ltd Enviro-Hub Holdings Ltd Equinox Offshore Accommodation Ltd Guangzhao Industrial Forest Biotechnology Group Ltd Ho Bee Investment Ltd Huan Hsin Holdings Ltd Hup Soon Global Corp Ltd InnoTek Ltd Juken Technology Ltd Jurong Technologies Industrial Corp Ltd KS Energy Services Ltd Leeden Ltd Metal Component Engineering Ltd Natural Cool Holdings Ltd *Dates may not be accurate

Expected Report Date* February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 22, 2009 February 23, 2009 February 23, 2009 February 23, 2009 February 23, 2009 February 23, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 24, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009

13

Morning Note

Thursday, 19 February 2009

Earning Announcement – Singapore (3 of 3) Name New Lakeside Holdings Ltd Ossia International Ltd PSL Holdings Ltd Raffles Medical Group Ltd Riverstone Holdings Ltd Select Group Ltd Sing Investments & Finance Ltd SM Summit Holdings Ltd Soilbuild Group Holdings Ltd Straits Asia Resources Ltd Thakral Corp Ltd Trek 2000 International Ltd Zagro Asia Ltd ABR Holdings Ltd Albedo Ltd Allgreen Properties Ltd Armstrong Industrial Corp Ltd Auric Pacific Group Ltd Babcock & Brown Global Investments Ltd Breadtalk Group Ltd City Developments Ltd CWT Ltd Design Studio Furniture Manufacturer Ltd Eastern Asia Technology Ltd Eucon Holding Ltd Fu Yu Corp Ltd Guangzhao Industrial Forest Biotechnology Group Ltd Hengxin Technology Ltd Hersing Corp Ltd Hiap Hoe Ltd Hotel Royal Ltd HTL International Holdings Ltd IFS Capital Ltd Interra Resources Ltd Koh Brothers Group Ltd Koon Holdings Ltd Lee Kim Tah Holdings Ltd Megachem Ltd Old Chang Kee Ltd Penguin International Ltd Petra Foods Ltd Pteris Global Ltd Richina Pacific Ltd Rotary Engineering Ltd SembCorp Industries Ltd Sino-Environment Technology Group Ltd Sunningdale Tech Ltd Tastyfood Holdings Ltd Tye Soon Ltd Vibropower Corp Ltd WesTech Electronics Ltd *Dates may not be accurate

Expected Report Date* February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 25, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009 February 26, 2009

14

Morning Note

Thursday, 19 February 2009

Economic Announcement – Singapore Topic

Frequency

Planned Release Date* Feb 2009

Mar 2009

Apr 2009

NLT 27 (Q4 2008)

May 2009 NLT 22 (Q1 2009)

Gross Domestic Product

Quarterly

Advance GDP Estimates

Quarterly

Balance of Payments

Quarterly

Unemployment Rate

Quarterly

30 (03 2009)

Employment

Quarterly

30 (03 2009)

Average Monthly Nominal Earnings Per Employee

Quarterly

NLT 27 (Q4 2008)

International Reserves

Monthly

9 (01 2009)

NLT 09 (02 2009)

7 (03 2009)

7 (04 2009)

General Government Operations

Annual

Central Government Operations

Monthly

27 (01 2009)

31 (02 2009)

30 (03 2009)

29 (04 2009)

Central Government Debt Consumer Price Index - overall index and sub-indices Consumer Price Index - by income group of households

NLT 13 (Q1 2009) NLT 27 (Q4 2008)

NLT 22 (Q1 2009)

18 (Q1 2009)

Quarterly Monthly

23 (01 2009)

23 (02 2009)

23 (03 2009)

25 (04 2009)

NLT 31 (2H 2008)

Half-yearly

Producer and International Trade Price Indices - Singapore Manufactured Products Price Index - Import Price Index - Export Price Index - Domestic Supply Price Index

Monthly

27 (01 2009)

27 (02 2009)

29 (03 2009)

29 (04 2009)

Index of Industrial Production

Monthly

26 (01 2009)

26 (02 2009)

24 (03 2009)

26 (04 2009)

Merchandise Trade

Monthly

17 (02 2009)

17 (03 2009)

18 (04 2009)

Retail Sales and Catering Trade Indices

Monthly

13 (01 2009)

15 (02 2009)

15 (03 2009)

Business Expectations - services - manufacturing

Quarterly

Wholesale Trade Index

Quarterly

20 (Q4 2008)

21 (Q1 2009)

Business Receipts Index

Quarterly

27 (Q4 2008)

27 (Q1 2009)

Mid-Year Population

Annual

International Investment Position

Annual

External Debt

Quarterly

NLT = Not Later Than * Reference date of data are indicated in brackets rd Last updated: 3 Feb 2009 Source: Statistics Singapore – http://www.singstat.gov.sg

15

30 (Q2 2009)

NLT 31 (Q4 2008)

Morning Note

Thursday, 19 February 2009

Economic Announcement – US (2009) Date 19-Feb 19-Feb 19-Feb 19-Feb 19-Feb 19-Feb 19-Feb 20-Feb 20-Feb 24-Feb 24-Feb 25-Feb 25-Feb 26-Feb 26-Feb 26-Feb 26-Feb 27-Feb 27-Feb 27-Feb 27-Feb Source: BRIEFING.COM – http://briefing.com

Statistic Core PPI Initial Claims PPI Initial Claims Leading Indicators Philadelphia Fed Crude Inventories Core CPI CPI S&P/CaseShiller Home Price Index Consumer Confidence Existing Home Sales Crude Inventories Durable Goods Orders Durables, Ex-Tran Initial Claims New Home Sales GDP-Prel. Chain Deflator-Prel. Chicago PMI Mich Sentiment-Rev

For Jan 02/14 Jan 02/14 Jan Feb 02/13 Jan Jan Dec Feb Jan 02/20 Jan Jan 02/21 Jan Q4 Q4 Feb Feb

AGM Schedules – Singapore Date

Time

Company Name

Venue

25-Feb-09

4:00 PM

TRANSVIEW HOLDINGS LIMITED

Event Facilities A, Level 3, Singapore Polytechnic Graduates' Guild, 1010 Dover Road, Singapore 139658

27-Feb-09

3:30 PM

ECOWISE HOLDINGS LIMITED

28-Feb-09

5:00 PM

CHINA FLEXIBLE PACK HLDG LTD

4-Mar-09

11:00 AM

SUNWAY INTL HLDGS LTD

13-Mar-09

10:30 AM

GLOBAL TECH (HLDGS) LIMITED

Source: SGX – http://www.sgx.com

16

17 Kallang Junction, #04-03, Singapore 339274 Kai Xuan Conference Room, Ramada Pearl Hotel, 9 Mingyue Yi Road, GuangZhou Main Road Central, Guangzhou, Guangdong Province, People’s Republic of China Room 1705, Nan Fung Centre, 264–298 Castle Peak Road, Tsuen Wan, N.T., Hong Kong Taishan Room, Level 5, Island Shangri-La Hong Kong, Pacific Place, Supreme Court Road, Central, Hong Kong

Morning Note

Thursday, 19 February 2009

Holidays Singapore – 2009 New Year's Day

National Day

Thursday 1-Jan-09

Sunday* 9 August 2009

Chinese New Year Monday 26-Jan-09 & Tuesday 27-Jan-09 Good Friday

Hari Raya Puasa Sunday* 20 September 2009

Friday 10 April 2009

Sunday* 15 November 2009

Labour Day

Hari Raya Haji

Friday 1-May-09

Friday 27 November 2009

Vesak Day

Christmas Day

Saturday 9-May-09

Friday 25-Dec-09

Deepavali

* The following Monday will be a public holiday. The date 15 November 2009, for Deepavali needs to be checked against the Indian Almanacs when they become available towards the end of 2008. Should there be a change in date; the Ministry of Manpower will announce it towards the end of 2008.

17

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