Wired Weekly: Singapore Traders Spectrum
Wired Weekly: Singapore Traders Spectrum
Wired Weekly: Singapore Traders Spectrum
Wired Weekly
Refer to important disclosures at the end of this report
27 May 2013
Aug-12
Nov-12
Feb-13
May-13
Wired Weekly The twin effect of weak China manufacturing data and uncertainties over QE3 has caused regional markets to tumble. The weak China PMI entrenched fears that its economic recovery has stalled and that a weaker recovery may be imminent. On the other hand, concerns over whether and when the Fed may begin to scale back QE3 continued to hog the limelight. Against this backdrop, the STI shed 1.8% last Thursday, and now trades at slightly below 14.7x (+0.5SD) 12-mth forward PE. Some of our BUY calls have now become more attractive after the drop in share price. We believe this could be an opportunity to accumulate stocks that we like. Among our Buy calls that underperformed the market are value unlocking plays - UOL Group, Keppel Land and Wing Tai ; laggards Oil & Gas stocks - Keppel Corp, Nam Cheong, CSE Global and Ezion; and other attractive picks - ComfortDelgro, Kreuz and Del Monte. For the STI, we maintain our view for it to trade along the 14.7x (+0.5SD) 12-mth forward PE that should lift it to 3650 (14.7x FY14F PE) by year end. Singapore economy bounced back to expansion in 1Q13 but outlook for the manufacturing sector remains dicey. Growth will remain below potential while inflation will stay higher than normal.
2400 Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Aug-12
Nov-12
Feb-13
May-13
FTSE Sectoral Indices STI Mid Cap Small Cap All Share China Real Estate Real Estate & Dev Real Estate Inv Trust Oil & Gas Basic Materials Industrials Consumer Goods Health Care Consumer Service Telecommunication Utilities Financials Technology
Janice Chua (65) 6398 7954 [email protected] / Ling Lee Keng (65) 6398 7970 [email protected]
www.dbsvickers.com Refer to important disclosures at the end of this report sa: YM
Buying opportunity after weak China data and uncertainties over QE3 Regional markets were hit by weak data out of China, entrenching fears that its economic recovery has stalled and that a weaker recovery may be imminent. The latest flash HSBC Purchasing Managers' Index (PMI) shows China's factory activity shrank for the first time in seven months in May as new orders fell. The PMI fell to 49.6, slipping under the 50-point level for the first time since October. The HSBC flash PMI comes about a week before the final reading and is the earliest indicator of how the Chinese economy is faring each month. Concerns over whether and when the Fed may begin to scale back QE3 continued to hog the limelight. The FOMC minutes released last Wednesday fueled the flames of uncertainty. Fed chairman Ben Bernanke wants to wait and see how the economics data unfold before tapering back on QE, but some members of the monetary policy committee were willing to wind down QE3 as soon as in June if the economic recovery becomes sustainable. The STI shed 1.8% last Thursday, and now trades at slightly below 14.7x (+0.5SD) 12-mth forward PE. Some of our BUY calls have now become more attractive after the drop in share price. We believe this could be an opportunity to accumulate stocks that we like. Among our Buy calls that underperformed the market are value unlocking plays - UOL Group, Keppel Land and Wing Tai; laggards Oil & Gas stocks - Keppel Corp, Nam Cheong, CSE Global and Ezion; and other attractive picks - ComfortDelgro, Kreuz and Del Monte.
Singapore. Should this portfolio be divested into a REIT in the future, this could unlock tremendous value for shareholders. Keppel Land We believe Keppel Lands equity story has been strengthened with the recent strategic alliance with Vanke, which will enable both developers to tap opportunities in China and Singapore. With the strong performance of its REIT, Keppel REIT, we believe there is opportunity for the latter to consider the purchase of a one third share of MBFC Tower 3 from its parent. If materialised, this would not only further lighten Keppel Lands balance sheet and gearing for further capital recycling but also create a pool of cash proceeds for potential special dividend. Wing Tai Wing Tai is a value buy, trading at 38% discount to its RNAV and we expect upcoming launches such as The Tembusu and Prince Charles Crescent site to underpin share price performance.
Laggards in Oil & Gas In the same strategy report, we also highlighted Oil & Gas laggards Keppel Corp, Nam Cheong, CSE Global and Ezion. Oil and gas stocks have lagged the STI since April, triggered by the dip in oil prices and disappointing 1Q results. Recent weakness in oil prices has been partly triggered by weak GDP growth in China and the US and partly seasonal due to refinery shutdowns in Asia. Oil price has since rebounded back to above US$100pbl.
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Keppel Corp We expect Keppel Corp to benefit from a resumption of orders for semi-submersibles, while jack up market remains hot. Keppel Corp has been a laggard behind other blue chips in Singapore. Nam Cheong Nam Cheong has announced significant contract wins of S$110m and the pace of sale of vessels -13 vessels YTD - has outperformed expectations. The group is on track to deliver on its newbuild program of 19 vessels in FY13 and 25 vessels in FY14, leading to net profit CAGR of 20%. We expect stronger quarterly earnings going forward, which should underpin re-rating of the stock. CSE Global CSE is a bombed out cyclical; we upgraded the stock ahead of contract wins in 2H13. The stock is among the cheapest under our oil and gas coverage, trading at 8x PE, offering growth of 12% and dividend yield of 5%. Low gearing provides headroom for acquisitions to boost growth. Ezion We like Ezions growth prospects, ability to grow order backlog and high earnings visibility. Growth prospects firm; expect further fleet expansion, supported by sound financials and strengthening cash flow.
ComfortDelgro Share price shed a whopping 11.7% last Thursday on heavy volume. It was reported that Singapore Labour Foundation (SLF) is selling 8% stake or about 170m share at S$1.94 per share. SLF owns 11.93% stake before the sale. The reason for selling such a huge stake and at such a huge discount from last traded price is not known at this stage. At this juncture, there is also no information on the buyer(s) of the stake. Fundamentally, we do not see any changes in the operations with the change in ownership. In fact, CD just reported a reasonable set of 1Q results with net profit up by 8% y-o-y, despite cost challenges. Kreuz Current valuation is undemanding, given its earnings delivery track record to date, healthy growth prospects and strong FY13F ROE of close to 25%. Kreuz, which provides subsea services to the offshore oil & gas industry, Fundamentals for the subsea sector, where Kreuz provides subsea services to the offshore oil & gas industry, continue to be robust. The subsea market is expected to be one of the brightest spots in offshore O&G services, backed by an increase in the development of oil and gas fields in deeper waters /harsher environments and development of marginal fields which need tie-backs to existing infrastructure. Del Monte Del Monte presents an opportunity for investors to leverage on the robust growth of the Philippines economy. Visible earnings growth drivers are in place, supported mainly by: (i) rising domestic sales and larger distribution network; (ii) continued growth of the S&W brand in the Asia Pacific region; (iii) expiry / revision of long term supply contracts to lift margins in FY15F.
Other attractive picks Other than those that we highlighted earlier, other buying opportunities can be found in ComfortDelgro, Kreuz, and Del Monte.
13 15 16
Oil & Ga s Lagga rds Nam Cheong 567.8 Ezion 2,204.9 CSE Global 425.8 Keppel Corp 19,713.8 Ot her at t ract ive picks Comfort Delgro 4,074.7 Kreuz 387.1 Del Monte 1,141.0
33 10 18 19
14 12 10
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Weak growth momentum Singapore Sub par growth Singapore economy bounced back to expansion even when the advance estimate predicted a contraction. The final GDP figure for 1Q13 expanded by 1.8% QoQ saar (0.2% YoY). However, outlook for the manufacturing sector remains dicey although some signs of recovery in the electronics sector have been evident lately. Indeed, the growth performance in the manufacturing sector has been disappointing in the first two months of the year due to the festive season slump and an unexpected pullback in pharmaceutical production. While production output did rebound in March, the turnaround was weaker than anticipated. Moreover, the Singapore economy is also hampered by the current restructuring process. The supply side constraint due to the curbs in inflow of foreign workers has continued to weigh down on growth performance. Growth will remain below potential while inflation will stay higher than normal. This year will be another year when the growth rate will come in below the inflation rate (see chart below). So despite the anticipated gradual cyclical improvement in the second half of the year, the growth outlook remains weighed down by this structural drag.
The latest flash HSBC Purchasing Managers' Index (PMI) shows China's factory activity shrank for the first time in seven months in May as new orders fell. The PMI fell to 49.6, slipping under the 50-point level for the first time since October. The HSBC flash PMI comes about a week before the final reading and is the earliest indicator of how the Chinese economy is faring each month. For US, growth is expected to be slow at 1.7% this year. While we maintain the view that this year will mark the start of a gradual normalisation process for the global economy, the recovery path is still expected to be tepid.
China and US Recovery path tepid On the global front, growth momentum is expected to remain weak in the near term. Chinas economic growth in the first quarter has disappointed and economic data from the US hasnt been encouraging. Our economist had recently revised GDP forecast for China downward to 8% from 8.5% previously.
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Top large and small / mid cap picks for the coming week
Recom
Buy
P rice
1.045
Ta rget P rice
1.22
Upside
16%
Catalyst
1) Offers investors an attractive opportunity to own iconic, best-of-breed commercial assets. 2) Resilient cashflow with strong organic growth drivers Potential Reit spin off Privatisation of PPHG gives more operational flex and potential for RNAV expansion 1) Possible asset value realisation through establishment of REIT. 2) Potential for special dividend payout if the listing of the REIT is successful. 1) Market leader in spirits, green tea and strong distribution. 2) Trading below global/regional F&B peers PE range 3) Potential inclusion in MSCI could be catalyst
OUE UOL
3.050 7.12
3.52 * 8.21
15% 15%
SPH
Buy
4.370
4.75
9%
Buy
0.695
0.80
15%
* Technical Target
T OP S M A LL / M ID CA P PICKS Compa ny Perennial China Retail Trust Re com Buy Price 0.600 T a rge t Price 0.84 Ups ide 40% Ca ta lys t 1) Attractive valuations 2) Operations ramping up, new development assets to extend earnings and RNAV growth visibility 1) Higher valuation on PAN as port business CXP is undervalued 2) Stock to re-rate on buoyant construction demand 1) One of the largest crane distribution/rental companies in the world 2) Positive on fleet utilisation and rates on tight crane supply cranes 1) Recent acquisitions has transformed CMH into a quality, China pure expressway play 2) More acquisitions could be on the way as the Group scales up and builds its track record 3) CMP commitment to pay at least S 5.5cts annual \dividend provides firm dividend yield of c. 7% 1) Healthy orderbook visibility 2) Attractive valuations
Pan-United Corp
Buy
1.010
1.16
15%
Buy
1.465
1.80
23%
China Merchants
Buy
0.890
1.07
20%
Kreuz Holdings
Buy
0.695
0.78
12%
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Singapore Strategy
1) 2) 3) 4) 1) 2) 3) 4)
Further re-rating tough with tepid GDP and earnings growth P/BV valuation not excessive, look for value buys and value unlocking potential Hunt for stocks with potential upside in dividend yields Laggard oil and gas sector offers highest returns Expect more earnings upside from better operating costs and efficiencies Raise earnings by 5.0%/3.5% Price weakness presents opportunities to accumulate Upgrade to BUY with higher TP of S$0.76
CSE Global
1) 1Q13 net profit of S$12.7m (flat y-o-y) was in line but new order win of S$95m (up 11% y-o-y) was below our S$110m estimate. 2) CSE has guided for core profit to improve in FY13F. Revival of higher margin offshore projects in North America to drive growth despite lower revenue. 3) Our revised TP of S$0.97 implies potential returns of 22%. At 8x FY13F PE, CSE is trading below its historical avg. of 9.6x and at 50% discount to STIs 16x. 1) Maiden upcoming 4QFY13 result post asset divestment into GLP J-REIT 2) Organic growth from rental and value hikes 3) Maintain BUY with higher TP of S$3.31 1) 2) 3) 4) Expect maiden distribution of 8% annualised payout in FY13 results announcement on 21 May Share price appreciation panning out as expected; still has 8.3% yield and upside to revised TP Recent drop in Indian bond yields and stable INR positive for RHT Maintain BUY, TP raised to S$1.06
BUY
BUY
BUY
1) Operating profit of S$12.7m above estimates but associate losses dragged net earnings 2) Upcoming divestment of stake in Tiger Australia stake and recent round of fund raising bolsters balance sheet to support growth trajectory 3) Tiger Singapore/ Mandala should benefit from expansion of Singapore-Indonesia bilaterals 4) Maintain BUY with revised TP of S$0.79 1) 1Q13 revenue recognition was slow as expected, but margins were above expectations 2) Four blocks of Intl Plaza have been structurally completed and are expected to be delivered in 2013/2014. 3) Phase V of Intl Plaza (office) will launch pre-sales in Jun 4) BUY with S$0.55TP 1) SLF paring 8% stake does not change fundamentals 2) Reasons not disclosed, we have made our own deductions 3) Remaining top 10 shareholders are international funds 4) No change in fundamentals; weakness is an opportunity to accumulate; Retain BUY, TP: S$2.19
Ying Li International
BUY
S$ 0.55
ComfortDelgro
BUY
S$ 2.19
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Taiwan Index
Feb-13
May-13
1.5% 3.5%
2.7% 0.9%
9.1% 1.0%
Nikkei Index
17,000 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 May-12 12 mth: 1 mth:
NASDAQ Index
3,600 3,500 3,400 3,300 3,200 3,100 3,000 2,900 2,800 2,700 2,600 May-12 12 mth: 1 mth:
Feb-13
May-13
Feb-13
May-13
Feb-13
May-13
50.3% 3.5%
16.8% 0.2%
14.7% -0.2%
USD/SGD
1.31 1.29 1.27 1.25 1.23 1.21 1.19 May-12 12 mth: 1 mth: Aug-12 -0.6% 2.1% Nov-12 YTD: 1 Wk: Feb-13 May-13 3.7% 1.7% 110 105 100 95 90 85 80
USD/JPY
1.40 1.35 1.30 1.25 1.20
Euro/USD
Feb-13
Feb-13
May-13
-2.5% -0.2%
USD/RMB
6.42 6.38 6.34 6.30 6.26 6.22 6.18 6.14 6.10 May-12 12 mth: 1 mth: Aug-12 -3.0% -0.8% Nov-12 YTD: 1 Wk: Feb-13 May-13
SGD/RMB
5.20 5.15 5.10 5.05 5.00 4.95 4.90 4.85 4.80 4.75 4.70 May-12 12 mth: 1 mth: 1.32 1.30 1.28 1.26 1.24 1.22 Aug-12 -2.4% -2.4% Nov-12 YTD: 1 Wk: Feb-13 May-13
A$/SGD
Feb-13
May-13
-1.6% -0.2%
-4.5% -1.4%
-3.1% 0.0%
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Volatility Index
28 26 24 22 20 18 16 14 12 10 May-12
Feb-13
May-13
Aug-12
Nov-12
Feb-13
May-13
18.6% -3.7%
Palm Oil
1100 1000 900 800 700 600 May-12 12 mth: 1 mth:
Soya Oil
58 56 54 52 50 48 46 44 42 May-12 12 mth: 1 mth:
Feb-13
May-13
Feb-13
May-13
Feb-13
-6.3% 1.7%
10.2% 1.1%
Aluminium
2200 2100 2000 1900 1800 1700 1600 May-12 12 mth: 1 mth: Aug-12 -7.3% -0.8% Nov-12 YTD: 1 Wk: Feb-13 May-13
Tin
26000 24000 22000 20000 18000 16000 May-12 12 mth: 1 mth:
Steel
4400 4200 4000 3800 3600 3400 Aug-12 8.9% 3.2% Nov-12 YTD: 1 Wk: Feb-13 May-13 3200 May-12 12 mth: 1 mth: Aug-12 -14.9% 1.7% Nov-12 YTD: 1 Wk: Feb-13 May-13
-6.8% 1.1%
-8.4% 3.5%
-0.8% 0.6%
Copper
8500 8000 7500
Nickel
19000 18000 17000 16000
Gold
1800 1700 1600 1500 1400 1300 1200 Aug-12
-10.3% -0.8%
Nov-12
YTD: 1 Wk:
Feb-13
May-13
May-12
12 mth: 1 mth:
Nov-12
YTD: 1 Wk:
Feb-13
May-13
May-12
12 mth: 1 mth:
Aug-12
-13.2% -3.2%
Nov-12
YTD: 1 Wk:
Feb-13
May-13
-5.8% 3.8%
-11.1% 1.9%
-17.0% -1.1%
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At A Glance Currencies
18-Jun-13 10-Jun-13 12-Jun-13 29-Jul-13 08-Jul-13 21-Jun-13 13-Jun-13 20-Jun-13 20-Jun-13 24-Jun-13 18-Jun-13 26-Jun-13 26-Jun-13 21-Jun-13 24-Jun-13 18-Jun-13 18-Jun-13 21-Jun-13 28-Jun-13 01-Jul-13 25-Jun-13 26-Jun-13 28-Jun-13 22-Jul-13 07-Aug-13 27-Jun-13 03-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 01-Jul-13 15-Jul-13 25-Jul-13 26-Jul-13 17-Jul-13 26-Jul-13 01-Aug-13 07-Aug-13 01-Aug-13 01-Aug-13 14-Aug-13 16-Aug-13 23-Sep-13 23-Sep-13 23-Sep-13 23-Sep-13
Upcoming IPOs
Company Asian Pay Telev ision Trust T ot al Shares (m) 942.63 Pric e Range (S$) $1.00 T rading Dat e 29-May -13
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Thu 3
Fri
Cosco Corp Q1 13 Sembcorp Marine Q1 13 Roxy-Pacific Holdings Q1 13
6
Singapore Post FY13
7
Osim Int'l Q1 13 Perennial China Retail Q1 13 ST Engineering Q1 13
8
ARA Asset Mgmt Q1 13 ASL Marine Q3 13 Ellipsiz Q3 13 Far East Hospitality Q1 13 Hi-P Int'l Q1 13 Sembcorp Industries Q1 13 WBL Q2 13 Wilmar Int'l Q1 13 Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E
9
Ezion Q1 13 Fortune Reits Q1 13 Frencken Group Q1 13 Kreuz Holdings Q1 13 Parkson Retail Asia Q3 13 Parkway Life REIT Q1 13 StarHub Q1 13
10
Amtek Q3 13 Best World Int'l Q1 13 FNN Q2 13 Hotel Royal Q1 13 IFS Capital Q1 13 Pan Pacific Hotels Q1 13 Saizen REIT Q3 13 UOL Group Q1 13 Vicom Q1 13
Foreign Reserves
13
Bumitama Agri Q1 13 (Aft mkt) China Yuchai Q1 13 City Developments Q1 13 First Resources Q1 13 Golden Agri Q1 13 SBS Transit Q13 Super Group Q1 13 Superbowl Holdings Q1 13 Yanlord Land Q1 13
14
ComfortDelgro Q1 13 CSE Global Q1 13 First Resources Q1 13 Haw Par Q1 13 HTL Int'l Q1 13 Kencana Agri Q1 13 Mewah International Q1 13 Midas Q1 13 NOL Q1 13 SIA Engineering FY13 Swiber Q1 13 XinRen Aluminium Q1 13
15
Hiap Hoe Q1 13 Hong Leong Asia Q1 13 Olam International Q3 13 Petra Foods Q1 13 SATS FY 13 Singtel FY 13 United Engineers Q1 13
16
SIA Q4 13
17
Monthly Property Sales Data Retail Sales Ex Auto (YoY) Retail Sales (YoY) Retail Sales (MoM) sa
Electronic Exports (YoY) Non-oil Domestic Exports (YoY) Non-oil Domestic Exp SA (MoM)
20
21
Boustead Singapore 4Q 13 Religare Health Trust 4Q 13
22
23
Global Logistic Properties FY13
24
Automobile COE Open Bid Cat A Automobile COE Open Bid Cat B Automobile COE Open Bid Cat E
Industrial Production MoM SA Industrial Production YoY CPI (MOM) - NSA CPI (YoY)
27
Yoma Strategic 4Q 13
28
Tat Hong FY13
29
Avago Technologies Q2 13
30
Nexus Floating Q1 13
31
M1 Money Supply (YoY) M2 Money Supply (YoY) Credit Card Bad Debts Credit Card Billings Bank Loans & Advances (YoY)
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DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)
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ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. As of 27 May 2013, the analyst and his / her spouse and/or relatives who are financially dependent on the analyst, do not hold interests in the securities recommended in this report (interest includes direct or indirect ownership of securities, directorships and trustee positions). COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in company mentioned as of 22 May 2013. 2. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered brokerdealer, beneficially own a total of 1% or more of any class of common equity securities of the Keppel Reit, Mapletree Greater China Commercial Trust, Perennial China Retail Trust as of 27 May 2013. Compensation for investment banking services: i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA have received compensation, within the past 12 months, and within the next 3 months receive or intends to seek compensation for investment banking services from UOL, Keppel Land, Wing Tai, Nam Cheong, Ezion, Keppel Corp, Mapletree Greater China Commercial Trust, Perennial China Retail Trust, China Merchants, Global Logistics Properties, Religare Health Trust. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.
3.
ii.
RESTRICTIONS ON DISTRIBUTION General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Australia This report is being distributed in Australia by DBSVR and DBSVS, which are exempted from the requirement to hold an Australian financial services licence under the Corporation Act 2001 [CA] in respect of financial services provided to the recipients. DBSVR and DBSVS are regulated by the Monetary Authority of Singapore [MAS] under the laws of Singapore, which differ from Australian laws. Distribution of this report is intended only for wholesale investors within the meaning of the CA. This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the Hong Kong Securities and Futures Commission. This report is being distributed in Singapore by DBSVR, which holds a Financial Advisers licence and is regulated by the MAS. This report may additionally be distributed in Singapore by DBSVS (Company Regn. No. 198600294G), which is an Exempt Financial Adviser as defined under the Financial Advisers Act. Any research report produced by a foreign DBS Vickers entity, analyst or affiliate is distributed in Singapore only to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chap. 289 of Singapore. Any distribution of research reports published by a foreign-related corporation of DBSVR/DBSVS to Accredited Investors is provided pursuant to the approval by MAS of research distribution arrangements under Paragraph 11 of the First Schedule to the FAA. This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Services Authority. Research distributed in the UK is intended only for institutional clients. This report is being distributed in Dubai/United Arab Emirates by DBS Bank Ltd, Dubai (PO Box 506538, 3 Floor, Building 3, Gate Precinct, DIFC, Dubai, United Arab Emirates) and is intended only for clients who meet the DFSA regulatory criteria to be a Professional Client. It should not be relied upon by or distributed to Retail Clients. DBS Bank Ltd, Dubai is regulated by the Dubai Financial Services Authority. Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person except in compliance with any applicable U.S. laws and regulations. In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Vickers Research (Singapore) Pte Ltd 12 Marina Boulevard, Level 40, Marina Bay Financial Central Tower 3, Singapore 018982 Tel. 65-6327 2288 Company Regn. No. 198600295W
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United Kingdom
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