HIGHLIGHT

Asian casinos: Macau the better bet

INVESTING IDEAS PG20

Insider Moves ............... 24 Brokers Digest ............. 26 Thomson First Call ......... 28

FactSet Estimates .......... 29 Warrants ....................... 30 Bloomberg .................... 31

THEEDGE SINGAPORE | THE WEEK OF MAY 4, 2009

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Chartered Semiconductor Manufacturing (16.5 cents) was among the top volume movers last week, amid speculation that the company would continue to post losses. The worlds thirdlargest maker of customised chips recorded a smaller-than-expected 1Q loss of US$98.8 million ($146 million) and expects to post a loss of between US$54 million and US$64 million in 2Q. Citigroup says the company will break even only in 4Q2011.

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AusGroup (40 cents) shares were signicantly traded last week. Early last month, the energy and resources services provider secured a A$120 million ($130 million) contract for work on the substantial Pluto LNG Project in Western Australia, bringing its order book to A$264 million. The project is scheduled to be completed at end-FY2010. AusGroup is expected to release its 3Q2009 results this week.

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Optimism over recovering economy brushes aside swine u concerns

| BY JOAN NG |

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Yangzijiang Shipbuilding Holdings (50 cents) stock was hotly traded as analysts at Credit Suisse raised their recommendation on the counter to outperform and increased their target price by 50%. The company says its earnings for 1Q2009 rose 30% y-o-y to RMB483.3 million ($105 million), while revenue grew 23% to RMB2.1 billion, as it delivered six vessels during the quarter. Yangzijiang says it has a US$6.7 billion order book of 149 vessels and will deliver 40 vessels this year.

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volume (million)

Shares of Straits Asia Resources ($1.06), an Indonesian coal miner, were heavily traded last week as PTT pcl, Thailands biggest energy company, completed the acquisition of a controlling stake in parent Straits Resources. This will give PTT International Co a 47% stake in Straits Asia and effective control of the company. PTT is required to make a mandatory cash offer for the rest of the Straits Asia shares at 80.7 cents apiece.

Rights issues are back in the limelight. Keppel Land last ven with a hit from swine flu, weak GDP numbers in week had to make clarifications on its decision to raise the US and a breakdown in talks between Chrysler $712 million through a rights issue after assuring the inand the US Treasury Department to avoid bankrupt- vestment community at the beginning of this year that cy, the Straits Times Index managed to end the week there was no need for it. Meanwhile, Frasers Commercial Trust announced up 67.4 points, or 3.6%, even as most of Asias markets rallied. Closing at 1,920.3 points on April 30, the bench- that it was considering a rights issue, among several opmark index was up 15% for the month, its best performance tions, as a certain portion of its debt is due for refinancing in July. Suntec REIT has just secured an $825 million since September 1999, according to Bloomberg. The weeks optimism was fuelled in part by better- term loan, easing immediate pressure to raise capital, and than-expected Japanese production and US consumer sending the stock up 7.3% last week. CapitaCommercial Trust, too, rose 6.2% after anspending numbers, suggesting that the global economy nouncing it had secured refinancing for is recovering. Private consumption in the its remaining borrowings due in June. But, US increased 2.2% in 1Q2009, in contrast Straits Times some of the other REITs have yet to allay to a 4.3% decline in 4Q2008. Meanwhile, 500 1920.28 investor fears. MacarthurCook Industrithe Monetary Authority of Singapore, in al REIT and First REIT are being closeits latest Macroeconomic Review, said the 1859.98 ly watched. worst economic contraction probably took place in 4Q2008 and 1Q2009. With a cyclical recovery in sight, GoldWhat to look out for 0 man Sachs sees China as the best place to April 23 24 27 28 29 30 Results of the stress tests on banks in the US bet on the recovery. The investment bank are set to be released this week. But, marlast week upgraded its China forecasts as well as its stance ket watchers now believe a lack of detail in the findings on Chinese banks, citing the recent housing market stabili- may disappoint the markets. sation as well as domestic growth policies. Favourites are The US Congress has passed a US$3.5 trillion ($5.18 Industrial Bank, Shenzhen Development Bank and Chi- trillion) budget outline for 2010 that is supposed to cut na Citic Bank Corp. the federal deficit by more than half in five years. PresIt has also raised its view on Hong Kong to over- ident Barrack Obama is expected to release a more deweight because of China linkages, but lowered its view tailed plan soon. on Singapore to underweight, given cyclical and strucSTI companies reporting this week include ST Engitural headwinds. Pair-trade opportunities it has iden- neering, Oversea-Chinese Banking Corp, United Overtified are Hong Kong versus Singapore property, Hong seas Bank, Cosco Corp (Singapore), StarHub, DBS Group Kong versus Singapore banks, Hong Kong Exchanges Holdings, Fraser and Neave and Sembcorp Marine. Othand Clearing versus Singapore Exchange, and Cathay er important macro data releases are the electronics secPacific Airways versus Singapore Airlines. tor index and foreign reserves.

20 THEEDGE SINGAPORE

| MAY 4, 2009

CAPITAL

INVESTING IDEAS

Casinos in Asia

Macau the better bet

| BY SIOW CHEN MING of The Edge Malaysia |

Regional casino stocks at a glance

COMPANY MAJOR SHAREHOLDER MARKET CAP SHARE PRICE (APRIL 22) YTD GAINS/ (LOSSES) (%) 52-WEEK HIGH 52-WEEK LOW HISTORICAL PER FORWARD PER SHAREHOLDERS FUNDS NET GEARING (%)

cordial lunch between rival casino magnates Stanley Ho and Sheldon Adelson last month, which was followed by ceasefire talks between casino players in Macau, may signal less cut-throat competition in the worlds biggest gaming market. Meanwhile, statistics from the Macau Gaming Inspection and Co-ordination Bureau show that the deteriorating outlook for the Macau gaming sector has stabilised somewhat, with total industry revenue coming in at 26.3 billion patacas or HK$26.3 billion ($5.1 billion) in the first quarter of this year, or an average of HK$8.77 billion a month. While 1Q gaming revenue was still 13% lower y-o-y, revenue actually increased by 8.1% compared with the preceding quarters 24.1 billion patacas. A ceasefire and improved revenue figures may be comforting for investors who want to have another look at major casino stocks in Macau, once a market dominated by Stanley Ho. Ho, the major shareholder of HKEX-listed SJM Holdings Ltd, and Adelson, owner of NYSE-listed Las Vegas Sands Corp, met on April 14 for a two-hour lunch to put aside their rivalry. Two days after the lunch, Ho, Adelson and other casino operators met in a closed-door conference for a similar purpose. Industry analysts speculate that SJM, LVS and other casino operators in Macau were trying to reach an agreement on a complete freeze on salaries, to stop poaching from each other and uniform rates for junket operators who bring high rollers to Macau, wrote Bloomberg. Everyone agreed not to compete, to have enough rice to eat and to get more taxes for the government, Bloomberg quoted Ho as saying after the April 16 conference. He had added that another meeting would be held on May 18. The talks among the players spurred gains in SJMs share price during the week, with the stock rising 13.3% to HK$2.22 between April 14 and 22. Still, SJM has yet to recover to its IPO price of HK$3.08 in July last year. On the other hand, the stocks of five other casino concession or sub-concession players in Macau, namely LVS, MGM Mirage, Wynn Resorts, Galaxy Entertainment Group Ltd, and Melco Crown Entertainment Ltd, did not see

Galaxy Entertainment (HKEX) Genting (Bursa) Genting International (SGX) Las Vegas Sands (NYSE) Melco Crown (Nasdaq) MGM Mirage (NYSE) Resorts World (Bursa) SJM Holdings (HKEX) Wynn Resorts (Nasdaq)

Lui Che Woo (37.5%) Kien Huat Realty (32.2%) Genting (54.4%) Sheldon Adelson (50.6%) Melco JV-Lawrence Ho and James Packer (38.7%) Kirk Kerkorian (53.8%) Genting (47%) Sociedade de Turismo (61%) Aruze Corp (20%), Steve Wynn (19.6%)

HK$6.3 bil RM16.74 bil $5.83 bil US$3.28 bil US$1.84 bil US$1.49 bil RM13.75 bil HK$11.1 bil US$3.89 bil

HK$1.60 RM4.52 $0.61 US$5.03 US$5.00 US$5.40 RM2.33 HK$2.22 US$31.59

50.9 22.20 34.4 -15.2 31.9 -60.8 3.1 31.4 -25.3

HK$6.38 RM6.60 $0.68 US$77 US$14.76 US$53.67 RM3.54 HK$3.21 US$119.7

HK$0.5 RM3.80 $0.32 US$1.38 US$2.27 US$1.81 RM1.84 HK$1.2 US$14.5

NA 29.4x NA 83.8x 174.2x 5.1x 21.2x 11.2x 13.1x

NA 14.3x NA NA NA NA 11x 13.5x 100.6x

HK$11.44 bil RM21.41 bil $2.74 bil US$4.74 bil US$2.41 bil US$3.97 bil RM8.33 bil HK$7.44 bil US$1.59 bil

-1.0 -16.90 8.8 156.8 29.6 331.3 -53.6 4.9 198.8

much movement over that week. It seems that among the players in Macau, Hos SJM is the one that has made the most impact on investors. In terms of market share, SJM is the leader with a 30% share of Macaus gaming revenue in February 2009, according to Citigroup. In second place is LVS with a 25% market share, followed by Wynn (16%), Galaxy (14%), Melco Crown (9%), and MGM Mirage (6%). Not only does it have the largest piece of the pie in Macau, SJM also has a strong balance sheet (see table), with a net gearing of 4.9% or HK$365 million. It had HK$5.85 billion cash as at Dec 31, 2008. This gives the company plenty of room to proceed with its plans to build several new casinos, the biggest of which will be the HK$6 billion Oceanus, near the Macau-Hongkong ferry terminal. Oceanus is scheduled for completion by year-end. In comparison, interest in US-based casinos remains lacklustre. Apart from highly geared balance sheets (see table), their home market of Las Vegas, in the state of Nevada, is still slumping, dragging down their performance in Macau. According to the Nevada Gaming Control Board (NGCB), gambling revenue in the state fell 18.1% in February to US$830 million (HK$6.43 billion or $1.25 billion). This is low-

The Sands Macau Hotel and Casino in Macau. LVS may sell it for US$1.3 billion, the South China Morning Post said last week, citing unidentifed people.

Melco leads gainers on improved Macau gaming outlook

| BY CARMEN NG |

elco International Development Ltd, controlled by Lawrence Ho, son of Macau gambling tycoon Stanley Ho, surged the most in a week in Hong Kong trading last Thursday after saying it expects a stabilisation in the citys 2Q casino revenue. Melco rose 9.5% to close at HK$3.40 (65 cents), leading other gainers in the casino industry last Thursday. Galaxy Entertainment Group Ltd, 20%-owned by Permira Advisers LLP, Europes biggest buyout firm, advanced 4.9% to HK$1.73. SJM Holdings Ltd gained 4.8% to HK$2.17. Visitor arrivals in Macau, the only Chinese city where casinos are legal, rose 14% in March from February, the first monthly gain this year, according to the citys Statis-

tics and Census Service data. Morgan Stanley raised its rating on Macaus gambling and property sectors to attractive from in-line earlier last month. Well see stabilisation and a small improvement in the second quarter, Ted Chan, president of Melcos Altira casino, said in an interview last Wednesday. The casino hotel, formerly known as the Crown Macau, focuses on VIP gamblers who wager at least one million patacas ($184,700) on each visit. Melco resumed trading in Hong Kong on Thursday after Nasdaq-listed Melco Crown Entertainment Ltd announced an offering of new American depositary shares. Crown Ltd, Australias biggest casino owner, agreed to buy US$45 million ($66.49 million) of new stock in Melco Crown Entertainment, the Melbourne-based company said in a statement last Thursday. Bloomberg LP

er than Macaus average gambling revenue of HK$8.77 billion a month for the first quarter. The drop in revenues represents the 14th straight month in which Nevadas gambling revenues have fallen, says the NGCB. Reflecting their huge debts and the gloomy scenario in the US, the share prices of LVS, Wynn and MGM Mirage are still down between 15% and 61% year to date, in stark contrast to their peers from Macau, Malaysia and Singapore. Apart from SJM, two other Macau-based casino operators Galaxy and Melco Crown may be worth a closer look compared with their US-based peers. Thats because of their lean balance sheet and exposure to only the Macau gambling market, which may benefit somewhat from a spillover of Chinas mammoth fiscal stimulus package of US$585 billion over the next two years. Galaxy is controlled by Hong Kong tycoon Lui Che Woo, who made his fortune in building materials and construction materials. As for Melco Crown, it is controlled by Hos son, Lawrence, and James Packer, son of the late Australian tycoon Kerry Packer. But the concern regarding Galaxy and Melco Crown is that their large new casino projects in the Cotai strip of Macau have yet to be proven. Galaxys mammoth Galaxy Mega Resort, which is still under construction, is expected to open by 2010. Meanwhile, Melco Crowns City of Dreams project will open in 2Q2009. The two new casino developments are much bigger than what these operators now have in the Macau peninsula. Nevertheless, that has not stopped the stock prices of Galaxy and Melco Crown from gaining

51% and 32% respectively, year to date. Likewise, the share price of GIL has risen 34.4% year to date, even though its casino project in Singapore is not yet completed. Furthermore, Singapore is an untested market when it comes to casino gaming. GIL is set to open its Resorts World at Sentosa casino project in Singapore next year. Compared with its peers in Macau, GIL is pitted against only one player LVS. But since the Singapore casino market is one that would rely on foreign visitors, that means GIL will indirectly be competing against players in Macau as well as its parent Genting Bhd. In Malaysia, Resorts World Bhd, the operator of the Genting Highlands casino and theme park, is in a comfortable position, with most of its patrons being locals. Its net cash holdings of close to RM4.5 billion ($1.9 billion)may lure investors who anticipate a big cash payout some years down the road. However, as competition heats up in the region for gambling revenue, Resorts lacks a growth story. Most tend to believe that better odds still lie in Macau, due to its close proximity to China. While China curbed the movement of its citizens to Macau last year, investors are anticipating that the rules will be relaxed ahead of the 10th-year anniversary celebrations of Macaus handover to China on Dec 20, 2009. This, if it materialises, will be another catalyst for Macaus E gaming industry. Siow Chen Ming is a deputy editor with the Capital Markets and Companies desk at The Edge Malaysia

BLOOMBERG

THEEDGE SINGAPORE | MAY 4, 2009 21

CAPITAL

STRATEGIST

Taiwans China ties prompt upgrades at Goldman Sachs, JPMorgan

April 28: Taiwans improving China ties are spurring optimism the island will profit from increased trade, leading Goldman Sachs Group Inc to upgrade its growth forecast and JPMorgan Chase & Co to raise the Taiex indexs target. Goldman Sachs boosted its 2010 growth forecast to 3.5% from 2.5%, economist Enoch Fung wrote in a note. The Taiex may rise 40% to 8,000 from yesterday through the year-end, according to JPMorgan analysts. The Taiwan dollar will advance 5.5% in the same period, said David Cohen, director of Asian forecasting at Action Economics in Singapore.

Taiwans stocks are the worlds sixth-best performer this year, while its currency has strengthened, as the two parties hold crossstrait talks. Relations have improved since Taiwan President Ma Ying-jeou won elections in March last year, abandoning his predecessors pro-independence stance. Development on key cross-straits issues, will play a critical role for Taiwans longterm structural growth, the JPMorgan analysts wrote. Taiwan is seeking to bolster ties with China amid a slowdown in the islands US$355 billion ($533 billion) economy. GDP may contract 2.97% this year, the government forecast in April, reversing its November estimate of 2.12% growth.

Goldman Sachs forecasts Taiwans GDP to fall 7% this year compared with an earlier prediction of a 7.5% contraction. China and Taiwan will set up a supervisory mechanism enabling their financial services companies to operate in each others markets, according to an accord signed over the weekend following talks in the eastern Chinese city of Nanjing. They also agreed to more than double weekly direct flights to 270 from 108. Both parties are expected to meet for a fourth time later this year. In Taiwan, investors should be neutral in financials and overweight in technology, JPMorgan said. It also raised its rating on shares of Taiwanese banks, brokers and insurers to overweight from neutral in its

regional financials portfolio, citing the prospects for ties with China. It upgraded Yuanta Financial Holding Co, Sinopac Financial Holdings Co, and Chinatrust Financial Holdings Co to overweight from neutral, and raised its recommendation on First Financial Holding Co and Chang Hwa Commercial Bank to neutral from underweight. The Taiwanese stock benchmark has gained 24% this year, outpacing 84 other global indexes tracked by Bloomberg and the MSCI Emerging Markets Index, which has climbed 11%. Still, profit growth next year will be significantly higher than in 2009, helping drive gains in the islands stock market, JPMorgan said.

Technology stocks favourites in S&P 500 on zero debt

April 27: Technology companies are piling up cash and cutting debt faster than any other industry, a signal to investors that they will rally. Cisco Systems Inc, Salesforce.com Inc and Cognizant Technology Solutions Corp have driven technology shares in the Standard & Poors 500 Index to a 16% gain in 2009, the best start since 1998 and the most among the 10 industries in the measure. Money managers are betting the cash reserves, rising profits and cheapest valuations on record will send US technology stocks up 24% this year, compared with an increase of less than 1% for the S&P 500, according to analyst price forecasts and Bloomberg data. The S&P 500 fell 0.4% last week, the first drop since early March, after bank losses in-

creased and the International Monetary Fund said world economies may contract for another year. MFS Investment Management, Harris Private Bank and Huntington Bancshares Inc say computer and software makers may climb even as the rest of the market retreats. If you are putting money into the market, thats the first place to look, said James Swanson, a chief investment strategist at MFS. They have cash on their balance sheets, they dont have a lot of requirements to pay back debt, and valuations on the stocks are amazingly low. Its a winner. The S&P 500 slipped 1% to 857.51 today on concern the swine flu outbreak will hurt travel, energy and hotel companies. Technology stocks in the index lost 0.9%. Technology companies in the S&P 500 hold 19% of their assets in cash on average and have the least debt relative to overall value at

17%, according to Bloomberg data. Of the 75 companies in the S&P 500 Information Technology Index, 18 have no borrowings, including Apple Inc, Google Inc and Qualcomm. Among the remaining 425 companies in the index, only 12 have no debt. Corporate budgets for technology spending will increase in 2010, UBS AG said in a report dated April 8. The firms survey of chief information officers in the US and Europe showed they expect spending to climb after dropping 5.1% this year. The technology index has fallen as much as 55% from its October 2007 high, fetching 7.2 times its companies average cash flow last month, the lowest level in at least 16 years. Even as Microsoft Corp last week reported its first revenue decline since the company went public in 1986, technology earnings held up better than other industries

whose profits rely on economic growth. The last time the technology index started a year with a bigger rally, it continued. The measure rose 29% in 1998 through April 24 and went on to climb another 38%. The gauge surged 16-fold during the 1990s before peaking in March 2000 and then plunging 83% through October 2002. E Compiled from Bloomberg LP
The stories on this page are compiled from various news sources and directly from the rms. Disclaimer: Readers should consult their adviser on the strategies and read the full reports. The Edge Singapore does not accept any liability whatsoever for any direct, indirect or consequential losses (including loss of prot) or damages that may arise from the use of information or opinions published. Opinions expressed are subject to change without notice. The strategists may from time to time have positions in the products mentioned.

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22 THEEDGE SINGAPORE

| MAY 4, 2009

CAPITAL

TRADING IDEAS

Shanghai Index strength

he benchmark Shanghai Composite Index has become a leading indicator of economic recovery in China and globally. The longterm consolidation and trading band breakout that started with the lows in October 2008 have shown how a market recovery develops. Similar patterns are observed in the South Korea, Taiwan, Hong Kong and Singapore markets. They are developed to a lesser extent. The Shanghai Indexs behaviour is very different to the behaviour of US markets. The Shanghai Index provides a leading indicator of regional market development. Understanding the Shanghai Indexs behaviour is becoming critically important for understanding the behaviour of our own markets. The main focus in these notes is on the technical analysis of this market, but where appropriate, we will include fundamental commentary that is reflected in the indexs behaviour. January 2008 is a critical point in the Shanghai Index trend breakout. This January 2008 high is used as a starting point for the construction of a series of six fan trend lines. The last of these fan trend lines was broken in March 2009 and this confirmed the strength and the uptrend breakout. The Shanghai Index has moved through a base-consolidation pattern since October 2008. This is not a sudden breakout. Although returns are already in excess of 40%, this is not a rally in the context of a bear trend. The technical-analysis evidence suggests this is a sustainable and long-term trend change, which will move at a slower pace than the giddy rise of 2007. Now there are four critical features on the Shanghai Index chart. They all help to define the strength

| BY DARYL GUPPY |

of the trend and the probability of the uptrend continuing. The first feature is the support band between 2,300 and 2,400. The strength of this support area is being retested. The most bullish result is when the market rebounds from the upper level of this support area at 2,400. A market fall to test support at 2,300 is also bullish. A successful rebound from 2,300 confirms long-term uptrend strength. The second feature is the position of trend line 1 (see chart). Trend line 1 uses the low of December 2008 and then the lows in March 2009. This is a potential trend line. It is confirmed with a third successful retest. A successful test and rebound from this trend line confirms the development of a long-term sustainable uptrend. This will also improve the reliability of trade management in individual stocks using trend lines. The third feature is the behaviour of the Guppy Multiple Moving Average indicator. The long-term group remains well separated. This shows investors are buying as the price falls. If investors were selling, then the long-term GMMA would show compression. The upper edge of the long-term GMMA is near 2,400, which is the

retreats. This confirms that investors are not selling when the price falls. Low volume when the market retreats shows trend strength. If volume increases when the market falls, it shows sellers dominate the market. These four features confirm trend strength and suggest the market is developing a temporary retreat within the environment of a strong, developing uptrend. When these features are combined, we see a step-andstairway pattern. The conclusion is that this behaviour is normal for the long-term step-and-stairway pattern development. This retreat behaviour is part of the sideways pattern that develops when the support level is tested and retested before a new up move that breaks out above the resistance level. This sideways pattern continues until the lower edge of the retreat starts to use the uptrend line as a support level. This is shown in Circle 1 in the diagram (left). The next rally will find resistance near 2,600. The market will not easily break out above 2,600. That level is a very strong historical resistance/support area. There is a higher probability the market will again retreat from 2,600 and develop a consolidation pattern between 2,400 and 2,600. This behaviour is part of the normal pattern in the step-andstairway trend pattern. The successful breakout above 2,600 has an upE side targets near 3,000. upper edge of the trading-band support level. The lower edge of the longterm GMMA is equal to the value of the lower edge of the support trading band at 2,300. This helps confirm the strength of this trading band. Currently, the value of trend line 1 is also near the value of the lower edge of the long-term GMMA. All these features confirm the high probability the market will rebound from these support levels and continue with the uptrend. The fourth feature is the behaviour of volume. The volume increases as each rally develops. This confirms investors are buyers in the market. The volume falls when the market Daryl Guppy is a well-known international financial technical-analysis expert. For more than four years, he has provided weekly Shanghai Index analysis for Shanghai Security News and other mainland Chinese media. Guppy appears regularly on CNBCAsia and is known as The Chart Man.

Buy Aussie dollar

| BY YE XIE & MATTHEW BROWN |

pril 30: The yen fell to a twoweek low versus the euro and the Canadian dollar as better-than-estimated corporate profits were reported in April and a decline in currency swings spurred investors to buy higher-yielding assets. Taiwans dollar had its biggest advance against the US currency in nine years and the South Korean won rose to a four-month high after Taiwan allowed investments by a Chinese state-owned company for the first time in 60 years. New Zealands dollar fell against the US dollar after the central bank cut borrowing costs to a record and said the benchmark will stay low until late 2010, making the nations assets less attractive. Investors are looking to take on more risk and are taking positions in the likes of sterling, the Aussie,

says Paul Robson, a foreign-exchange strategist in London at Royal Bank of Scotland Group plc. The yen weakened 0.4% to 130.08 per euro at 8.40am in New York, from 129.61 yesterday. It touched 130.91, the weakest level since April 17. Japans currency slid 0.5% to 98.10 per US dollar and dropped 1.5% to 82.42 versus the Canadian currency. The US currency gained 0.1% to US$1.3256 per euro from US$1.3271. The US dollar fell this month against all of the 16 most actively traded currencies tracked by Bloomberg after the US Federal Reserve said yesterday the pace of US economic contraction is somewhat slower, reducing safety demand. The US dollar lost 11% versus South Africas rand, 3.6% versus the pound and 0.8% versus the yen in April. Investors should buy the Australian dollar against the yen and the Canadian dollar versus the US dol-

lar over the next month, according to Robson. The US dollar also weakened in April as US stocks were poised for the biggest monthly gain since March 2000 as corporate earnings beat analysts estimates. The MSCI World index rose 11% this month, the most since 1989. Futures on the Standard & Poors 500 Index gained 1.7% today. The US dollar is very much at the mercy of the equity markets, said Adam Cole, head of global currency strategy in London at Royal Bank of Canada Europe Ltd. If they maintain this upward momentum, that will translate into US dollar weakness quite mechanically. The US dollar gained against the euro after the Commerce Department reported that US consumer spending fell in March more than economists forecast, reviving some haven deE mand. Bloomberg LP

Less risk-averse investors are taking positions in the Australian dollar

BLOOMBERG

THEEDGE SINGAPORE | MAY 4, 2009 23

CAPITAL

Berkshires 31% fall spurred by derivatives

| BY RICHARD TEITELBAUM |

erkshire Hathaway Inc shareholders have a chance this year to do something thats rare among the Sage of Omahas followers: count their losses. Despite Berkshires reputation as a bear market bulwark, its stock has been walloped. The Class A shares are down 31% since September, to US$90,000 ($134,000) as at April 27, exceeding the 26% drop in the Standard & Poors 500 Index. One reason: CEO Warren Buffetts increasing use of derivatives contracts whose value is based on the performance of stocks or bonds or the outcome of a specific event. That Buffett once called derivatives time bombs doesnt calm investors. Berkshire held contracts with a combined notional value of US$67.3 billion at year-end. While this figure isnt indicative of potential losses, it dwarfs the companys US$25.5 billion in cash. Fitch Ratings and Moodys Investors Service have lowered their credit ratings on Berkshire, partly because of the derivatives. Berkshires derivatives fall into four categories. Because they carry the greatest notional value, at US$37.1 billion, most attention is on put options that Buffett sold on stock indexes in the US, the UK, eurozone and Japan that expire from September 2019 to January 2028. Berkshire has to pay at expiration if any of the indexes are lower than they were when the puts were written. While analysis of these bets shows big losses are unlikely, Buffett, 78, hasnt provided sufficient information on the derivatives to keep some investors from hitting the sell button. To lose the full US$37.1 billion on the equity puts, the indexes would have to fall to zero an unlikely event. Berkshire received US$4.9 billion in premiums, which together with what the company earns on it, may offset any eventual payments. Citigroup analyst Joshua Shanker in a March 16 report examines several scenarios to gauge the likelihood of Buffett losing money on the puts. Using the S&P 500 as a proxy for all the indexes and assuming a 5% annualised return on the premium, the market would have to suffer a cumulative decline of at least 32% across the 15- to 20-year life of the contracts for the seller to lose money. In the US market back to 1800, the only way to do that would be to start the bet just prior to the 1929 crash. Some economists compare today with the Great Depression, and some of the puts may have been written near the US markets all-time high in late 2007, according to information Buffett has disclosed. The S&P 500 in March was down 57% from its peak. With that in mind, Shanker looks at scenarios that begin with a 50% drop in the S&P 500. From that nadir, if the index rose 6% annualised over 14 years, Buffett still would not owe any money when the puts expire even without consideration of the US$4.9 billion in premiums. Shanker also sketches out grimmer scenarios. Starting with the 50% decline, if the S&P 500 rises at the stock markets post-1800 average annual rate of 2.8%, Berkshire could be out US$5.4 billion at the end of the bet. That assumes an initial one-third loss on the premiums followed by 2.5% annualised returns. David Winters says losses from these derivatives are unlikely. His Wintergreen Fund had 6.6% of its assets in Berkshire, as at yearend. Were living in a world where theres so much negativity, investors are extrapolating something thats just remotely possible into something thats probable, he says. Berkshire hasnt disclosed sufficient information to fully analyse its other derivatives, Shanker says. One category is simply municipal bond insurance structured as derivatives

while another consists of credit-default swaps through which Berkshire guarantees payment of individual corporate bonds. The final category is the most worrisome, Shanker says. Berkshire has sold contracts that require it to pay when credit losses occur at companies that are included in certain unnamed high-yield-bond indexes. The notional value is US$7.9 billion. Berkshire took in US$3.4 billion in premi-

ums on these contracts and has paid losses of US$542 million. The company has also recognised a non-cash, US$3 billion mark-to-market loss. With these contracts, payments are made when a credit event occurs. They expire this September to December 2013. Losses on these contracts are accelerating as bankruptcies grow, Buffett said in his shareholder letter in February. Now with the recession deepening at a rapid rate, the possibility of an

eventual loss has increased, he wrote. Mark Curnin, co-founder of White River Capital, an investment partnership that specialises in financial stocks, says Buffetts derivatives are simply smart ways to do what hes always done: underwrite insurance and buy attractive securities. Buffett has handpicked a select group of risks that he understands and thinks are attractively priced. E Bloomberg LP

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24 THEEDGE SINGAPORE

| MAY 4, 2009

CAPITAL

INSIDER MOVES

Substantial shareholders of Advance SCT, Penguin International sell off stakes

| BY ELLEN LOKAJAYA |

n April 23, Advance SCTs non-executive director and former CEO Terence Tea Yeok Kian was forced by a financial institution to sell about 14.8 million of the companys shares to meet financial obligations. The sale reduced Teas direct stake in the copper smelting and recycling company to 0.5% from 5.3%. Less than a week after the sale, Advance SCT issued a profit warning for its FY2008 results ended Dec 31 due to weakening demand for copper scrap and products. The company said the groups consolidated loss for FY2008 is determined to be a magnitude of $100 million or more, subject to completion of the audit. On April 15, the company said it had requested for more time to release its year-end results as explanation and supporting documents for certain transactions were still being addressed by the management. The company also said that due to
FILING DATE COMPANY

the magnitude of the loss, it has breached its bank covenants, particularly in respect to the groups net tangible asset base. Advance SCT added that it is in discussions with the banks regarding the breaches. In January, the company had planned to privately place some 30 million shares to Malaysian investor Tan You Tiong at 6.5 cents apiece. The deal was mutually terminated after additional information requested by SGX on the purchaser was not forthcoming. Meanwhile, Penguin International s founder and non-executive chairman Heng Kheng Seng sold 8.7 million of the companys shares on April 24. The sale reduced Hengs direct stake in the company to 4.5% from 5.8%. The integrated global marine and offshore service firm specialises in the construction, operation and trading of commercial vessels such as fast supply intervention vessels, crew boats and passenger ferries. Earlier in April, the company announced that it had completed the sale of subsidiary Penguin
SHARES ACQUIRED (DISPOSED)

Speed Cargo and two vessels from its subsidiary PT Penguin Ferry Jasa to PT Kyroisa Internasional Service for a total of $946,846. The company explained that the sale was part of its move to divest its non-core businesses. For FY2008 ended Dec 31, Penguins revenue rose 21% y-o-y to $98.4 million while earnings climbed 14% to $8.8 million. The company attributed the strong growth to higher shipbuilding revenue and charter revenue for its crewboats, anchor-handling tug supply (AHTS) vessels and high-speed passenger ferries. The company says it had invested $29 million in two 200-pax catamarans due to be delivered this year, five AHTS vessels still under construction as well as the development of its Batam shipyard. Elsewhere, FMR LLC, a substantial shareholder of Rickmers Maritime, sold 4.7 million of the companys shares in a series of transactions, according to SGX filings last week. On April 23, FMR LLC sold 1.2 million shares, reducing its deemed stake to 5.8% from 6.1%. A day later, it

Advanced SCT
100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0

Penguin International
Price ($)
1.4 1.2 1.0 0.8 150000 0.6 0.4 0.2 0.035 100000 50000 0 0.15 0.1 0.075 0 300000 250000 200000

Volume (000)

Volume (000)

Price ($)

0.35 0.3 0.25 0.2

May 5, 2006
Net prot Net prot Share price 52-week high 52-week low PER (times) Gross dividend yield (%)

April 30, 2009

BLOOMBERG

May 5, 2006
Net prot Net prot Share price 52-week high 52-week low PER (times) Gross dividend yield (%)

April 30, 2009

$8.8 mil $7.8 mil 7.5 cents 19.1 cents Four cents 4.33
BLOOMBERG

FY Dec 2007 FY June 2006 April 30, 2009 May 9, 2008 Oct 10, 2008

$4.1 mil $5.4 mil 3.5 cents 37.5 cents Three cents 28.6

FY Dec 2008 FY Dec 2007 April 30, 2009 May 21, 2008 March 9, 2009

sold another 3.5 million shares, further reducing its deemed stake to 4.9%. FMR LLC is a US-based mutual fund company better known as Fidelity Investments. Rickmers is a business trust that owns and operates container ships under long-term fixed-rate charters to container liner shipping firms. On
SHARES HELD AFTER CHANGE DIRECT DEEMED REASON

April 24, the company reported that revenue rose 46% y-o-y to US$32.5 million ($48.28 million) and earnings climbed 32% to US$11 million for 1Q ended March 31. The company attributed the strong growth to the increase in the number of vessels in operation from 10 in 1QFY2008 to E 15 in 1QFY2009.

DIRECTOR/SUBSTANTIAL SHAREHOLDER

APRIL 13 APRIL 13 APRIL 23 APRIL 15 APRIL 20 APRIL 28 APRIL 27 APRIL 15 APRIL 16 APRIL 21 APRIL 21 APRIL 24 APRIL 22 APRIL 22 APRIL 27 APRIL 27 APRIL 23 APRIL 27 APRIL 16 APRIL 14 APRIL 22 APRIL 24 APRIL 23 APRIL 13 APRIL 16 APRIL 23 APRIL 24 APRIL 16 APRIL 16 APRIL 18 APRIL 22 APRIL 13 APRIL 15 APRIL 15 APRIL 14 APRIL 15 APRIL 16 APRIL 20 APRIL 21 APRIL 23 APRIL 23 APRIL 16 APRIL 27 APRIL 20 APRIL 24 APRIL 17 APRIL 24 APRIL 24

ADVANCE SCT LTD ADVANCE SCT LTD ADVANCE SCT LTD ADVENTUS HLDGS LTD AFOR LTD APEX-PAL INTL LTD AUSTON INTL GROUP LTD BBR HLDGS (S) LTD BBR HLDGS (S) LTD BBR HLDGS (S) LTD BBR HLDGS (S) LTD BBR HLDGS (S) LTD BH GLOBAL MARINE LTD BH GLOBAL MARINE LTD BH GLOBAL MARINE LTD BH GLOBAL MARINE LTD BIO-TREAT TECHNOLOGY LTD CAPITARETAIL CHINA TRUST CHARTERED SEMICONDUCTOR MFG LTD CHINA ESSENCE GROUP LTD CHINA SPORTS INTL LTD CHINA SPORTS INTL LTD CHINA YUANBANG PROP HLDGS LTD COLEX HLDGS LTD COLEX HLDGS LTD COMFORTDELGRO CORP LTD CONTEL CORP LTD DAYEN ENVIRONMENTAL LTD DAYEN ENVIRONMENTAL LTD DAYEN ENVIRONMENTAL LTD DAYEN ENVIRONMENTAL LTD DBS GROUP HLDGS LTD DEVOTION ENERGY GROUP LTD DEVOTION ENERGY GROUP LTD DIGILAND INTL LTD DIGILAND INTL LTD DIGILAND INTL LTD DIGILAND INTL LTD DIGILAND INTL LTD ENG KONG HLDGS LTD ENG KONG HLDGS LTD EZRA HLDGS LTD FRASERS CENTREPOINT TRUST GP BATTERIES INTL LTD GP BATTERIES INTL LTD HARTAWAN HLDGS LTD HARTAWAN HLDGS LTD HEALTH MANAGEMENT INTL LTD

-7,400,000 -10,000,000 -14,838,820 1,130,000 -1,260,000 100,000 8,064,000 200,000 1,000,000 199,000 7,800,000 554,000 20,000 10,000 20,000 35,000 -7,342,000 -6,883,000 4,355,201,000 2,000,000 -20,000,000 -10,000,000 880,000 35,000 100,000 20,852,000 126,570,897 -2,183,000 -1,000,000 -1,000,000 -348,000 10,000 1,732,000 3,572,000 -115,161,000 -180,000,000 -162,000,000 -122,000,000 -21,021,000 400,000 258,000 107,000 50,000 35,000 46,000 -950,000 -5,670,000 50,000

TEA YEOK KIAN TEA YEOK KIAN TERENCE TEA YEOK KIAN FORTENSA SPECIAL OPPORTUNITIES LTD JIMMY FONG TECK LOON DOUGLAS FOO PEOW YONG ATLAS REALTY PTE LTD BBR HLDG LTD BBR HLDG LTD BBR HLDG LTD BBR HLDG LTD BBR HLDG LTD LOH WENG WHYE LOH WENG WHYE LOH WENG WHYE LOH WENG WHYE FRANKLIN RESOURCES INC THE CAPITAL GROUP COMPANIES INC TEMASEK HLDGS (PTE) LTD LEE KAH BAO LI TUNG KWO LI TUNG KWO XIANG JIN HENRY NGO HENRY NGO SILCHESTER INTL INVESTORS LTD LIU ZHIQIANG JOHN LEE THIAN GUAN JOHN LEE THIAN GUAN JOHN LEE THIAN GUAN JOHN LEE THIAN GUAN BART JOSEPH BROADMAN LEADWAY MANAGEMENT LTD LEADWAY MANAGEMENT LTD TAN KIM YONG TAN KIM YONG TAN KIM YONG TAN KIM YONG TAN KIM YONG LI HUNG LEUNG WAI KUEN GODFREY LEGG MASON INC CHRISTOPHER TANG KOK KAI KU YUK HING, RICHARD KU YUK HING, RICHARD SIM POH HEOK SIM POH HEOK CHEAH WAY MUN

26,544,820 16,544,820 1,706,000 17,546,000 50,369,800 91,926,740 48,064,000 361,986,892 362,986,892 363,185,892 370,985,892 371,539,892 120,000 130,000 150,000 185,000 25,000,000 141,300,000 131,300,000 18,817,000 17,817,000 16,817,000 16,469,000 10,000 28,384,950 31,956,950 1,986,188,750 1,806,188,750 1,644,188,750 1,522,188,750 1,501,167,750 83,577,000 15,483,000 50,000 176,000 222,000 270,000 270,000 17,477,766

482,510 482,510 482,510 630,000 770,760

SALES (13/4) SALES AND PURCHASE AGREEMENT (13/4) SALES (23/4) OPEN MARKET PURCHASE (15/4) MARRIED DEAL (17/4) OPEN MARKET PURCHASE (27/4) OFF-MARKET TRANSFER (24/4)

44,454,155 66,901,900 5,867,526,883 880,000 106,062,560 106,162,560 188,519,000 126,570,897 7,500 7,500 7,500 7,500 7,500 35,194,600 500,000 53,911,337 48,241,337

OPEN MARKET PURCHASE (15/4) OPEN MARKET PURCHASE (16/4) OPEN MARKET PURCHASE (20/4) OPEN MARKET PURCHASE (21/4) OPEN MARKET PURCHASE (24/4) OPEN MARKET PURCHASE (21/4) OPEN MARKET PURCHASE (22/4) OPEN MARKET PURCHASE (24/4) OPEN MARKET PURCHASE (27/4) DISPOSAL OF SHARES (22/4) DISPOSAL OF SHARES (23/4) OTHERS (15/4) OPEN MARKET PURCHASE (14/4) SALES IN OPEN MARKET AT OWN DISCRETION (22/4) SALES IN OPEN MARKET AT OWN DISCRETION (23/4) OPEN MARKET PURCHASE (23/4) OPEN MARKET PURCHASE (9/4) OPEN MARKET PURCHASE (15/4) OPEN MARKET PURCHASE (22/4) ACQUISITION (20/4) SALES (15/4) SALES (16/4) SALES (17/4) SALES (20/4) OPEN MARKET PURCHASE (8/4) OFF MARKET MARRIED DEAL (14/4) OFF MARKET MARRIED DEAL (15/4) SALES IN OPEN MARKET AT OWN DISCRETION (14/4) SALES IN OPEN MARKET AT OWN DISCRETION (15/4) SALES IN OPEN MARKET AT OWN DISCRETION (16/4) SALES IN OPEN MARKET AT OWN DISCRETION (17/4) SALES IN OPEN MARKET AT OWN DISCRETION (20/4) OPEN MARKET PURCHASE (22/4) OPEN MARKET PURCHASE (22/4) OPEN MARKET PURCHASE (14/4) OPEN MARKET PURCHASE (24/4) OPEN MARKET PURCHASE (20/4) OPEN MARKET PURCHASE (23/4) SALES IN OPEN MARKET AT OWN DISCRETION (17/4) SALES IN OPEN MARKET AT OWN DISCRETION (24/4) OPEN MARKET PURCHASE (24/4)

The information in Insider Moves is provided as a service to readers. The explanations led are at times abridged, indirect interest declarations summarised together with direct interests and gures totalled for space. While every effort is made to ensure accuracy, the information presented is not the ofcial record of shareholder lings. Readers who are interested should check the original lings led with the SGX.

THEEDGE SINGAPORE | MAY 4, 2009 25

CAPITAL

INSIDER MOVES
REASON

FILING DATE

COMPANY

SHARES ACQUIRED (DISPOSED)

DIRECTOR/SUBSTANTIAL SHAREHOLDER

SHARES HELD AFTER CHANGE DIRECT DEEMED

APRIL 14 APRIL 15 APRIL 22 APRIL 24 APRIL 23 APRIL 22 APRIL 22 APRIL 14 APRIL 28 APRIL 27 APRIL 27 APRIL 24 APRIL 10 APRIL 15 APRIL 13 APRIL 28 APRIL 16 APRIL 20 APRIL 16 APRIL 16 APRIL 14 APRIL 15 APRIL 20 APRIL 15 APRIL 17 APRIL 27 APRIL 21 APRIL 21 APRIL 21 APRIL 20 APRIL 22 APRIL 23 APRIL 22 APRIL 27 APRIL 14 APRIL 20 APRIL 22 APRIL 23 APRIL 27 APRIL 22 APRIL 17 APRIL 27 APRIL 27 APRIL 23 APRIL 24 APRIL 22 APRIL 17 APRIL 16 APRIL 22 APRIL 24 APRIL 14 APRIL 15 APRIL 24 APRIL 24 APRIL 21 APRIL 20 APRIL 21 APRIL 21 APRIL 16 APRIL 18 APRIL 21 APRIL 24 APRIL 24 APRIL 14 APRIL 17 APRIL 24 APRIL 17 APRIL 17

HOTEL GRAND CENTRAL LTD ICONIC HLDGS LTD ICONIC HLDGS LTD ICONIC HLDGS LTD IDT HLDGS (S) LTD JUKEN TECHNOLOGY LTD JUKEN TECHNOLOGY LTD JUNMA TYRE CORD CO LTD K-REIT ASIA KEPPEL CORP LTD KEPPEL CORP LTD KEPPEL LAND LTD KIM ENG HLDGS LTD KING WAN CORP LTD LAFE CORP LTD LEE METAL GROUP LTD LEEDEN LTD LEEDEN LTD LINAIR TECHNOLOGIES LTD LINAIR TECHNOLOGIES LTD LOW KENG HUAT (S) LTD MAGNUS ENERGY GROUP LTD MFS TECHNOLOGY LTD MIDAS HLDGS LTD MIDAS HLDGS LTD MIDAS HLDGS LTD MIDDLE EAST DEVT SPORE LTD MIDDLE EAST DEVT SPORE LTD MIRACH ENERGY LTD OLAM INTL LTD OLAM INTL LTD OLAM INTL LTD ORCHARD PARADE HLDGS LTD PENGUIN INTL LTD PETRA FOODS LTD PETRA FOODS LTD PETRA FOODS LTD PETRA FOODS LTD POWERMATIC DATA SYSTEMS LTD PTERIS GLOBAL LTD RAFFLES EDUCATION CORP LTD RICKMERS MARITIME RICKMERS MARITIME SAIZEN REAL ESTATE INV TRUST SAIZEN REAL ESTATE INV TRUST SEE HUP SENG LTD SIM SIANG CHOON LTD SING HLDGS LTD SINGAPORE POST LTD SINGAPORE POST LTD SINGTEL SINGTEL SINO-ENVIRONMENT TECH GRP LTD SINO-ENVIRONMENT TECH GRP LTD SOILBUILD GROUP HLDGS LTD SOUTHERN PACKAGING GROUP LTD STARHILL GLOBAL REIT STARHILL GLOBAL REIT STRAITS ASIA RESOURCES LTD STRAITS ASIA RESOURCES LTD TRANSPAC INDUSTRIAL HLDGS LTD TRANSPAC INDUSTRIAL HLDGS LTD TRANSPAC INDUSTRIAL HLDGS LTD TT INTL LTD TT INTL LTD TT INTL LTD WILMAR INTL LTD WILMAR INTL LTD

51,000 80,000 7,000 63,000 3,624,000 50,000 6,000 100,000 100,000 2,000 2,000 387,000 5,777,000 1,900,000 881,000 13,673,551 -62,000 -170,000 1,102,000 2,700,000 600,000 -83,000,000 -109,000 -5,021,000 -5,091,000 -997,000 -1,500,000 -500,000 139,272,549 -1,497,887 1,459,718 -3,122,218 92,000 -8,662,000 91,000 100,000 20,000 24,000 -11,304,000 175,000 306,000 -1,228,000 -3,479,000 -3,880,000 -3,093,000 300,000 -50,000 -2,000,000 60,000 -18,562,600 7,374,000 3,695,000 -67,754,000 84,733,000 46,000 42,000 -11,480,000 -10,623,000 12,600,000 612,000 -260,000 -10,000 -11,000 -2,500,000 -7,160,000 -1,823,000 800,000 150,000

TAN ENG TEONG TONG JUN KIAN TONG JUN KIAN TONG JUN KIAN IDT INTL HLDGS (BVI) LTD WONG KENG YIN WONG KENG YIN YANG PEIXING PROFESSOR TSUI KAI CHONG LIM HOCK SAN SVEN BANG ULLRING WONG KINGCHEUNG KEVIN MITSUBISHI UFJ SECURITIES CO LTD CHONG THIM PHENG WINSTEDT LEW SYN PAU LEE LIN POEY ONG NAI PEW ONG NAI PEW ONG PENG KWANG JEMME LOH TOH YONG LOW KENG HOO @ LAU KEENG FOO NEPTUNE CAPITAL GROUP LTD PMA CAPITAL MANAGEMENT LTD PENTA INVESTMENT ADVISERS LTD PENTA INVESTMENT ADVISERS LTD FMR LLC WONG SEONG KHUEN WONG SEONG KHUEN WILLIAM CHAN SHUT LI UBS AG UBS AG UBS AG FAR EAST ORGANISATION PTE LTD HENG KHENG SENG PEDRO MATA-BRUCKMANN CHUA KOON CHEK JOSEPHINE PRICE JOSEPHINE PRICE CHEN MUN WINMARK INVESTMENTS PTE LTD UBS AG FMR LLC FMR LLC UBS AG UBS AG LEE CHEE SENG YIP CHEE MENG @ YAP CHEE MENG KOH BOON HONG KENNETH MICHAEL TAN WEE KHENG THE CAPITAL GROUP COMPANIES INC CHUA SOCK KOONG CHUA SOCK KOONG STARK INVESTMENTS (HONG KONG) LTD STARK INVESTMENTS (HONG KONG) LTD SEAH KIAN PENG JEN SHEK CHUEN MORGAN STANLEY MORGAN STANLEY LEGG MASON INC FORTIS INVESTMENT MANAGEMENT SA NTUC INCOME INSURANCE COOPERATIVE LTD NTUC INCOME INSURANCE COOPERATIVE LTD NTUC INCOME INSURANCE COOPERATIVE LTD TONG JIA PI JULIA TONG JIA PI JULIA TONG JIA PI JULIA TEO KIM YONG TEO KIM YONG

25,053 14,253,570 14,260,570 14,323,570 115,295,874 12,288,649 12,294,649 73,600,000 6,000 82,000 1,200,400 115,576,393 24,700,000 3,725,000 82,041,308 7,804,240 8,600,000 10,876,000 33,120,000 32,620,000 185,696,732 683,338 874,338 874,338 203,622,095 29,446,087 700,000 55,000 55,000 97,139,662 27,767,000 22,000 5,463,000 2,078,636 230,000 2,359,757 2,359,757 200,000 13,801,407 160,768,245 153,608,245 151,785,245 14,342,508 14,492,508

269,120,169 45,047,673 45,047,673 45,047,673 2,000,000 2,000,000 100,000 3,000,000 663,300 12,227,800 12,057,800 383,658,000 87,330,000 32,619,000 45,850,000 40,759,000 41,717,000 170,119,697 171,388,415 168,266,197 12,500,000 277,000 240,000 264,000 20 121,484,628 24,519,773 21,040,773 23,328,000 20,235,000 800,000 10,000 9,501,788 60,000 211,880,400 23,652,933 27,347,933 32,436 84,765,436 74,497,744 74,991,744 62,098,500 55,166,000 11,001,000 10,991,000 10,980,000 255,963,583 255,963,583 255,963,583

OPEN MARKET PURCHASE (13/4) OTHERS (14/4) OTHERS (21/4) OTHERS (24/4) OPEN MARKET PURCHASE (22/4) OPEN MARKET PURCHASE (21/4) OPEN MARKET PURCHASE (21/4) OPEN MARKET PURCHASE (14/4) OPEN MARKET PURCHASE (27/4) OPEN MARKET PURCHASE (27/4) OPEN MARKET PURCHASE (27/4) PURCHASE OF SHARES (24/4) OPEN MARKET TRANSACTIONS (8/4) OPEN MARKET PURCHASE (1/4) OPEN MARKET PURCHASE (9/4) OTHERS (24/4) SALES IN OPEN MARKET AT OWN DISCRETION (16/4) SALES IN OPEN MARKET AT OWN DISCRETION (17/4) OPEN MARKET PURCHASE (15/4) MARRIED DEAL (15/4) OPEN MARKET PURCHASE (14/4) SALES IN OPEN MARKET AT OWN DISCRETION (13/4) SALES IN OPEN MARKET AT OWN DISCRETION (16/4) SALES IN OPEN MARKET AT OWN DISCRETION (15/4) SALES IN OPEN MARKET AT OWN DISCRETION (16/4) SALES IN OPEN MARKET AT OWN DISCRETION (23/4) SALES IN OPEN MARKET AT OWN DISCRETION (17/4) SALES IN OPEN MARKET AT OWN DISCRETION (20/4) OTHES (20/4) OTHERS (16/4) OTHERS (20/4) OTHERS (21/4) OPEN MARKET PURCHASE (20/4) SALES IN OPEN MARKET AT OWN DISCRETION (24/4) OPEN MARKET PURCHASE (2/4) OPEN MARKET PURCHASE (17/4) OPEN MARKET PURCHASE (21/4) OPEN MARKET PURCHASE (22/4) SALE THROUGH MARRIED DEAL (23/3) OPEN MARKET PURCHASE (20/4) OTHERS (15/4) MARKET TRANSACTIONS (23/4) MARKET TRANSACTIONS (24/4) OTHERS (21/4) OTHERS (24/4) OPEN MARKET PURCHASE (22/4) SALES IN OPEN MARKET AT OWN DISCRETION (17/4) SALES IN OPEN MARKET AT OWN DISCRETION (15/4) OTHERS (12/10/08) DISPOSAL OF SHARES (234) OPEN MARKET PURCHASE (13/4) OPEN MARKET PURCHASE (14/4) SALE OF SHARES (23/4) OTHERS (24/4) OPEN MARKET PURCHASE (21/4) OPEN MARKET PURCHASE (20/4) OPEN MARKET TRANSACTION (17/4) OPEN MARKET TRANSACTION (17/4) OPEN MARKET TRANSACTION (14/4) OPEN MARKET TRANSACTION (20/4) SALE TRANSACTIONS (20/4) SALE TRANSACTIONS (23/4) SALE TRANSACTIONS (24/4) SALES (9/4) SALES (16/4) SALES (24/4) OPEN MARKET PURCHASE (16/4) OPEN MARKET PURCHASE (17/4)

Share buybacks
DATE COMPANY SHARES ACQUIRED HIGH SHARE PRICE LOW CUMULATIVE NET OUTSTANDING TREASURY SHARES DATE COMPANY SHARES ACQUIRED HIGH SHARE PRICE LOW CUMULATIVE NET OUTSTANDING TREASURY SHARES

APRIL 20 APRIL 21 APRIL 17 APRIL 13 APRIL 14 APRIL 16 APRIL 8 APRIL 7 APRIL 8 APRIL 13 APRIL 14 APRIL 14 APRIL 16 APRIL 20 APRIL 21 APRIL 22

AVI-TECH ELECTRONICS LTD AVI-TECH ELECTRONICS LTD FUXING CHINA GROUP LTD GLOBAL TESTING CORP LTD GLOBAL TESTING CORP LTD GLOBAL TESTING CORP LTD HISAKA HLDGS LTD HI-P INTL LTD HI-P INTL LTD HI-P INTL LTD HI-P INTL LTD LASSETERS INTL HLDGS LTD LASSETERS INTL HLDGS LTD LASSETERS INTL HLDGS LTD LASSETERS INTL HLDGS LTD LASSETERS INTL HLDGS LTD

100,000 80,000 2,000,000 500,000 170,000 400,000 19,000 67,000 251,000 140,000 34,000 10,000 5,000 10,000 10,000 10,000

0.110 0.110 0.070 0.055 0.055 0.060 0.124 0.475 0.480 0.505 0.510 0.155 0.155 0.160 0.160 0.165

0.110 0.100 0.070 0.055 0.055 0.060 0.124 0.470 0.475 0.505 0.505 0.155 0.155 0.160 0.160 0.165

5,100,000 5,180,000 8,124,000 76,733,000 76,903,000 77,303,000 11,344,000 16,150,000 16,401,000 16,541,000 16,575,000 3,324,000 3,329,000 3,339,000 3,349,000 3,359,000

APRIL 23 APRIL 27 APRIL 28 APRIL 9 APRIL 21 APRIL 27 APRIL 8 APRIL 6 APRIL 8 APRIL 13 APRIL 8 APRIL 9 APRIL 9 APRIL 27 APRIL 20 APRIL 24

LASSETERS INTL HLDGS LTD LASSETERS INTL HLDGS LTD LASSETERS INTL HLDGS LTD LEEDEN LTD LEEDEN LTD LEEDEN LTD NOVO GROUP LTD RAMBA ENERGY LTD RAMBA ENERGY LTD RAMBA ENERGY LTD SAMUDERA SHIPPING LINE LTD SAMUDERA SHIPPING LINE LTD SUNVIC CHEMICAL HLDGS LTD TRAVELITE HLDGS LTD WANXIANG INTL LTD WANXIANG INTL LTD

35,000 35,000 40,000 148,000 44,000 58,000 100,000 1,433,000 60,000 3,337,000 114,000 23,000 1,100,000 182,000 428,000 438,000

0.160 0.165 0.165 0.320 0.325 0.320 0.100 0.120 0.125 0.125 0.175 0.175 0.125 0.205 0.055 0.055

0.155 0.160 0.155 0.315 0.315 0.305 0.100 0.120 0.120 0.125 0.175 0.175 0.125 0.175 0.055 0.055

3,394,000 3,429,000 3,469,000 3,957,000 4,001,000 58,000 23,280,000 2,274,000 2,334,000 5,671,000 114,000 137,000 31,008,000 642,000 8,236,000 8,674,000

26 THEEDGE SINGAPORE

| MAY 4, 2009

CAPITAL

BROKERS DIGEST
| COMPILED BY RAHAYU MOHAMAD | for any direct, indirect or consequential losses (including loss of prot) or damages that may arise from the use of information or opinions in this publication. The information and opinions in this publication are not to be considered as an offer to sell or buy any of the securities discussed. Opinions expressed are subject to change without notice. The brokers may, from time to time, have interests or positions in the securities mentioned. The Edge Singapore welcomes brokers submitting their reports for investor information to theedgespore@bizedge.com.
q-o-q y-o-y DCF Ebitda EPS FY NAV NTA P/BV PEG PER ROE Quarter-on-quarter Year-on-year Discounted cash ow Earnings before interest, tax, depreciation and amortisation Earnings per share Financial year Net asset value Net tangible assets Price-to-book value Price earnings to growth Price-to-earnings ratio Return on equity

Every week, The Edge Singapore brings you digested excerpts of research reports of Singapore Exchange-listed companies available in the public domain or received from brokers. Investors interested in research on companies are also encouraged to register for free access to reports from stockbrokers that participate in the SGX-Monetary Authority of Singapore Research Incentive Scheme (www.research.sgx.com). Disclaimer: The Edge Publishing Pte Ltd does not accept any liability whatsoever

Ascendas India Trust (April 29: 53 cents)

UPGRADE TO BUY. Ascendas India Trust (AiT) reported 4Q2009 results in line with our expectations. Gross revenues and net property income grew by 13% and 8% to $17.4 million and $16.1 million respectively. Growth was driven by (i) income contribution from Crest, (ii) positive rental reversions, (iii) higher operations and maintenance income. Distributable income came in 25% higher to $15.6 million, translating to a DPU of 2.05 cents. For FY2009, AiT delivered a DPU of 7.54 cents, translating to a yield of 15%. Current gearing of 9% presents headroom of $220 million before reaching 35% gearing. At current levels, AiT presents attractive value for investors looking to leverage on the mid/long-term growth prospects of Indias IT parks space while receiving a FY2010-11 DPU yield of 12% to 14%. Target price is 65 cents. DBS Vickers Securities (April 29)

Lippo-Mapletree Indonesia Retail Trust (April 29: 31 cents)

MAINTAIN HOLD. Lippo-Mapletree Indonesia Retail Trust (LMIR) posted $18.7 million in 1Q gross revenue, down 8.1% y-o-y and 13% q-o-q. Net property income fell 9.3% y-o-y to $17.5 million, but registered a 41.7% q-o-q improvement as 4Q net property income was hit by a $7 million provision for receivables. 4Q results were also hit by a $3.3 million write-off of fees on an unused loan facility. Consequently, distributed income rose 351% q-o-q to $14.6 million, while falling 13% y-o-y. LMIR will pay out 1.36 cents for the quarter versus the 0.3 cents paid out a quarter ago. This is equivalent to an annualised yield of 22.2% on the current share price. We note LMIR still has another $19.3 million in receivables, or 19% of total FY2008 revenue. LMIR is geared at 12.3%. Fair value of 24 cents. OCBC Investment Research (April 27)

Rickmers Maritime (April 29: 35.5 cents)

MAINTAIN HOLD. While revenue of US$32.5 million (up 10% q-o-q) was in line with expectations, net profit surged 54% q-o-q to US$11 million ($16.78 million). Distributable cash flows increased 8% q-o-q to US$16.8 million. The DPU payout of 2.14 US cents corresponds to only 54% of available cash. The trust would need to repay about US$158 million of loans next year, including a US$130 million tranche in April 2010. The possible redelivery of the Maersk Djibouti in February 2010 implies added revenue pressure. The 5% cut in DPU may, thus, be no more than a signal, given the uncertainties. However, at current valuations, even a 50% cut in DPU going forward would imply a FY2009 yield of more than 22%. We conservatively impute a 20% cut in DPU for the next three quarters. Target price cut to 39 cents. DBS Vickers Securities (April 27)

CapitaLand (April 29: $2.56)

MAINTAIN BUY. CapitaLand posted a profit after tax and minority interest (Patmi) of $42.9 million in 1Q2009, down sharply by 83% y-o-y, 42% q-o-q. It was off the mark from full-year consensus estimates of $479.4 million. While 1Q2008 Patmi was boosted by divestment and forex gains, core earnings still fell by 65.5% y-o-y. Its topline also showed a 23% y-o-y-decline. Ebit from the Singapore residential Strategic Business Unit fell by 50% y-o-y to $20 million, with the rate of profit recognition from sold projects being slower than expected, with hardly any new units sold in 1Q. Adjusting to a conservative launch schedule and some average selling price assumptions, we have slashed our FY2009 and FY2010 forecasts by 44% and 38% respectively. Target price of $2.93, pegged at a 10%-discount to RNAV. Kim Eng Research (April 27)

Micro-Mechanics Holdings (April 29: 21 cents)

MAINTAIN HOLD. Micro-Mechanics (MMH) reported a 40.4% y-o-y decline (-39.0% q-o-q) in its 3QFY2009 revenue to $5.5 million, as the ongoing global financial turmoil and economic recession had led to an unprecedented drop in customer orders across all its worldwide manufacturing locations. This in turn resulted in the group suffering its first-ever quarterly loss of $1.4 million. While MMH has seen some improvements in orders in March, it is maintaining a cautious view on its 4QFY2009 performance. On our side, we have also conservatively adjusted our FY2009F earnings to reflect a possible loss for the fiscal year. However, as earnings and business activity will likely remain uncertain and volatile, we are now switching our valuation to 0.8x FY2010F NTA from 7x FY2010F EPS. This pares our fair value to 19 cents from 24 cents previously. OCBC Investment Research (April 28)

Singapore Airlines (April 29: $10.30)

MAINTAIN HOLD. We think the current swine flu should not affect Singapore Airlines significantly. Of greater importance is a recovery in demand and thus load factors, which can help the stock re-rate. In other words, long-term load factor is far more important than that for just one or two months. However, if the situation does worsen to become a global pandemic, then obviously Singapore Airlines operations would be very much affected depending on how long the pandemic lasts. Earnings outlook for next two quarters remains weak and we would advise buying only if load factors start to improve or share price drops below $9 per share. Based on historical low, Singapore Airlines bottomed out price should be 0.7x P/NTA or $8.20. Target price is $11.30. DBS Vickers Securities (April 28)

Jadason Enterprises (April 29: Six cents)

HOLD (initiating coverage). Jadason Enterprises is a supplier of equipment and services to the printed circuit board industry in Asia. Jadason ended FY2008 in the red, like many of its peers. The company has been investing heavily in its capital-intensive manufacturing services segment where increased fixed costs will likely be a significant drag on performance should utilisation rates remain low. Also, we note that Jadason has $49.3 million of short-term debt. The company may benefit significantly from a recovery however, as its manufacturing services segment typically provides attractive margins should sufficient utilisation be realised. Applying a peer average P/B multiple of 0.48 to our blended FY2009/10F book value per share of 13 cents, we obtain a target price of six cents. SIAS Research (April 28)

Rafes Education Corp (April 29: 44 cents)

BUY (initiating coverage). Raffles Education is a leading private education provider in Asia. Raffles is one of the cheapest education stocks among its listed peers, trading at a more than 50% discount to its US-listed peers. Despite the dearth of acquisitions, the management expects enrolment to grow 20% to 30% per annum by focusing on its enlarged education network. We estimated rising student enrolment to sustain organic earnings CAGR of 24% for the next three years. This works out to a recurring annual earnings stream of at least $100 million. The recent share price correction to trough levels of 7x forward PER presents an unprecedented opportunity to invest in the stock. Raffles education offers a good mix between growth and attractive dividends. Target price of 60 cents using 0.7x PEG (based on a forward three-year earnings CAGR of 17%). Kim Eng Research (April 27)

SMRT Corp (April 29: $1.50)

MAINTAIN BUY. SMRT Corp announced growth in revenue of 9.6%, from $808.12 million in FY2008 to $878.95 million in FY2009; and registering growth in net profit after income tax of 8.5%, from $149.94 million in FY2008 to $162.73 million in FY2009 on the back of higher operating profits coupled with government budget measures. The rolling out of the circle line in May this year should seek to increase ridership further although we do also believe that this should lead to higher expenses in the coming 1Q2010. The board of directors proposed a final ordinary dividend of six cents per share. The final dividend, if approved, will bring the total dividend per share to 7.75 cents for the year. We have adjusted our operating expenses slightly, thus our discounted free cash flow to equity model eased our fair value estimate to $1.92 (previously $1.97). E Phillip Securities Research (April 29)

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THEEDGE SINGAPORE | MAY 4, 2009 27

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COMMODITIES
Gold hovers below US$900, weighed down by stock gains
April 30: Gold was little changed on Thursday, hovering below US$900 per ounce as extended gains in equity markets lessened the allure of the alternative asset, but a fall in the US dollar versus the euro limited losses. World share prices struck a four-month peak on Thursday, powered by gains in Asia, as investors took heart from a record drop in US business inventories and surprisingly robust consumer spending. Gold keeps hovering slightly below US$900, although the market has found there is no strong buying interest at or below US$890. But so far, neither large-lot selling nor buying has been detected, said Kaname Gokon, deputy general manager at Okato Shoji Cos research section. Spot gold was at US$897 per ounce at 0641 GMT, down 0.1% from New Yorks notional close of US$897.60. US gold futures for June delivery were at US$899.7 per ounce, down 0.1% from Wednesdays settlement at US$900.50. Gold bullion hit a four-week high of US$918.25 on Monday as equity markets fell, due partly to fears a swine u outbreak could hurt the economy, and on hopes China would continue to buy gold to increase reserves. Prot-taking has since capped the precious metal, but a reversal in the US dollars jump

Precious metals prices (April 30)

METAL LAST CHANGE % CHG YTD % CHG TURNOVER

Spot Gold Spot Silver Spot Platinum Spot Palladium TOCOM Gold TOCOM Platinum TOCOM Silver TOCOM Palladium Euro/Dollar Dollar/Yen

899.40 12.78 1103.00 221.00 2829.00 3472.00 399.60 706.00 1.3369 97.43

1.80 0.02 8.50 2.50 46.00 91.00 10.50 17.00

+0.20 +0.16 +0.78 +1.14 +1.65 +2.69 +2.70 +2.47

8.01 -13.47 -27.43 -39.95 -7.55 -34.97 -26.14 -47.74

26273 19847 338 777

TOCOM prices in yen per gram, except for TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce

on safe-haven buying earlier this week is providing support, traders said. In April, spot gold fell 2.2%, marking the second-consecutive monthly fall and reecting a rise in the US dollar versus the euro in the past two months. A rmer dollar typically weighs on gold. The euro/US dollar rate is the rst thing setting a trend for now, said Tatsufumi Okoshi, a senior economist at Nomura Securities Co. The euro rose 0.9% to US$1.3370 on Thursday, extending gains made the previous day after

the US Federal Reserve offered a less bleak outlook on the US economy. Another positive factor for gold was data showing stronger-than-estimated gold buying by India, the worlds largest gold consumer, for this years Akshaya Tritiya festival. Investors are watching for a clearer picture of prospects for the global economy, Nomuras Okoshi said. There are signs that stimulus spending by the Chinese and US governments has had a positive effect on demand, but the impact of stimulus by other governments is

yet to be seen. Chart-driven activity could increase price volatility, in particular when volume is low, some traders said. Okato Shojis Gokon said stop-loss selling could be triggered if spot gold falls to or below US$885, while stop-loss buying could push it higher if it rises to or above US$905. The worlds largest gold-backed exchangetraded fund, the SPDR Gold Trust, said holdings stayed at 1,104.45 tonnes as of April 29, unchanged since April 23 By Risa Maeda
E

CREDIT DEFAULT SWAPS

Cash, CDS spreads tighten after Fed says economy easing
April 29: US corporate bond spreads tightened on Wednesday as a month-long rally showed little sign of abating and the US Federal Reserve said the economic slump may be easing. In the cash market, investment-grade corporate bond spreads over comparable US Treasuries tightened by at least 10 basis points (bps), traders said, while the main index of investment-grade credit default swaps tightened by around 11bps to 166bps, according to Markit Intraday. Corporate bond spreads have narrowed to their tightest levels since October, helped by relentless buying as investors look for alternatives to low-yielding Treasuries and the uncertainty of stocks, a trader said. Through Tuesday, corporate bond spreads have narrowed by 76bps this month to 510bps over Treasuries, according to Merrill Lynch data. The record high was 656bps on Dec 5. In a sign that the credit market continues to thaw, Goldman Sachs Group sold US$2 billion ($2.96 billion) of notes not backed by a government guarantee. Thats a good sign for the banking sector, said William Larkin, portfolio manager with Cabot Money Management. Goldman Sachs sold the ve-year US dollar-denominated global issue at about 410bps over comparable Treasury yields, said IFR, a Thomson Reuters service. That was broadly in line with initial price talk of 412.5bps over Treasuries, according to IFR. Soon after the issue was priced, it was trading about 30bps tighter, said Bob Gorham, managing director and head of investment-grade bond trading at Broadpoint Capital. Gorham said demand was quite brisk for new corporate bond issues on Wednesday as the markets tone rmed. Bolstering investors risk appetite, Fed ofcials said at the end of a two-day policy meeting that the pace of economic contraction appeared to have slowed. Still, it held benchmark interest rates in the 0% to 0.25% range and said it would keep them exceptionally E low for some time.
GFI, CREDIT DERIVATIVES BROKER. EXCLUSIVELY FROM REUTERS

GLOBAL MARKETS
World stocks hit four-month peak
April 30: World stocks scaled a four-month peak on Thursday, powered by solid gains in Asia as investors took heart from signs of improvement in the US economy suggesting regional exporters may need to start cranking up production. European shares also rose in early trade, gaining more than 1%. A record drop in US business inventories in 1Q and surprisingly robust consumer spending were widely seen by economists as positive. Reports that talks between struggling US automaker Chrysler and the government had broken down and a bankruptcy ling was imminent only briey dented the jump in riskier assets. People were so bearish that the burden of proof to surprise people is relatively low. What youre getting is a joyless rally, said Adrian Mowat, emerging-market and Asia equity strategist at JPMorgan Chase in Hong Kong. As earnings expectations are revised up with economic activity, the market goes up with that. Data in Japan showing industrial production grew twice as much as expected in March thanks to strong Chinese demand for electronics is one of the main factors fuelling the rally in Asian technology shares in the past two months. The multiple signs of economic activity recovering around the world has stoked expectations that Asian companies and exporters may have cut inventories too quickly and may need to switch gears and start restocking to meet demand. Taiwans TAIEX index posted its biggest daily gain in 19 years with a 6.7% rise on expectations of an inux of Chinese investment after a series of cross-straits talks have led to warmer ties between the two countries. The MSCI index of Asia-Pacic shares outside Japan soared
% SGDAUD SGDCNY SGDHKD SGDIDR SGDINR SGDJPY SGDMYR SGDNZD SGDPHP SGDTHB SGDTWD SGDUSD -15.00 -8.21 10.00 -5.00 0.00 5.00 10.00 Performance in % 15.00 20.00 25.00 -0.07 2.28 4.97 -13.67 3.52 25.76 -10.37 -8.72 5.41 12.84 18.09

Rates as at April 30 (%)

DEPOSIT RATE 1M 3M 6M GOV BOND 1Y 10Y

AUD CNY HKD IDR INR JPY MYR NZD PHP THB TWD USD

2.7 0.05 2.244 5.374 0.02 0.793 2.7 3.483 1.475 0.068 0.6

3.1 1.71 0.66 10.827 3.305 0.43 1.893 2.9 4.771 3.387 -0.068 1.2

2.75 1.98 0.95 9.591 4.293 0.55 1.744 3.05 5.332 3.972 0.109 1.5

3.1 2.25 1.29 9.427 4.406 0.73 2.078 3.15 5.06 4.019 0.114 1.8

4.79 3.160 2.308 12.052 6.242 1.43 3.977 5.33 8.127 3.09 1.64 3.142

more than 4% to a six-month high and was up more than 13% on the year. The MSCI all-countries world index was up about 1%, mainly driven by the 3.9% jump in Japan. Tim Rocks, Asia equity strategist at Macquarie Securities in Hong Kong, said the largest inventory restocking cycle in living memory is under way, with sectors like technology beneting the most. Since the beginning of March when the MSCI Asia benchmark bottomed out, the tech sector has been one of the biggest winners with a surge of 41%. South Korean industrial production also beat expectations in March with a 4.8% increase, showing that factories across the region are boosting activity. By Eric Burroughs E

Most actively traded CDS in basis points (April 30)

NAME LAST CCY TERM RANK CLOSE

Wells Fargo Mexico HSBC Fnce Thomson Capital One Fncl Turkey Merrill Lynch Co Russian Fedrtn UBS American Express Brazil Electrolux Gazprom JPMorgan Chase

255 295 430 975 330 330 530 375 200 475 288 220 530 190

USD USD USD EUR USD USD USD USD EUR USD USD EUR USD USD

CDSSN CDSSN CDSSN CDSSN CDSSN CDSSN CDSSN CDSSN CDSSN CDSSN CDSSN CDSSN CDSSN CDSSN

SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR SNRFOR

290 295 570 28 355 330 530 375 193 475 288 145 530 190

28 THEEDGE SINGAPORE

| MAY 4, 2009

CAPITAL

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Thomson First Call Real Time Earnings Estimates database features more than 200 data items, including current and previous individual earnings estimates, recommendations, growth rates and Thomson First Call consensus estimates. The database covers over 17,000 companies in 60 countries and is updated by analysts from more than 770 leading brokerage rms worldwide as they make revisions. Thomson First Call Research Direct provides institutional-quality research and quantitative forecast measures for more than 34,000 companies in over 130 countries. The global information originates from 800 contributing rms, corporate documents and public lings. The breadth and depth of Thomson First Calls content offerings are unparalleled in the industry as we now offer integrated access to combined First Call and I/B/E/S research and data. The Edge/Thomson First Call Earnings Table provides only a brief summary of the detailed Thomson First Call data available in real-time on Singapore equities. For more information readers are invited to contact Thomson First Call at the numbers below or visit the company website. Thomson First Call has ofces throughout ve continents, covering major markets around the globe, including New York, Boston, Toronto, Sao Paulo, London, Paris, Frankfurt, Tokyo, Hong Kong, Singapore, Sydney, Seoul and Mumbai. Thomson First Call is part of Thomson Financial, a US$2 billion provider of information and technology solutions to the worldwide nancial community.
MARKET CAP (US$ MIL) CURRENCY PRICE (LATEST) EPS FY1 MEAN EPS FY1 P/E

\
About Thomson First Call Thomson First Call (www1.rstcall.com) is the source for real-time broker research and quantitative data serving the global nancial community. Internet-based applications pioneered by Thomson First Call deliver integrated content from over 850 brokerage rms to 52,000 institutional desktops worldwide. Thomson First Call provides accurate, comprehensive coverage of more than 18,000 companies in 60 countries, and offers realtime, commingled full-text equity and xed income research, analyst morning meeting notes, analyst earning estimates, corporate news, shareholdings data, sell-side workow tools, internal research distribution and outstanding technology-based custom solutions. In the fall of 2000, The Thomson CORP acquired Primark and its stable of brands, among them I/B/E/S and Datastream. Since then, Thomson Financial has integrated I/B/E/S, Thomson First Call and Datastream into an organization focused on research and analytics. Also, I/B/E/S has been fully integrated onto the Thomson First Call website. Collectively, the totally revamped site represents 50 years of experience between I/B/E/S and Thomson First Call, providing best-of-breed nancial content and pioneering technology product lines to the global buy-side and sell-side communities.
COMPANY LONG NAME COUNTRY NAME

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COMPANY LONG NAME COUNTRY NAME

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MARKET CAP (US$ MIL)

CURRENCY

PRICE (LATEST)

EPS FY1 MEAN

EPS FY1 P/E

BASIC INDUSTRIES POSCO RIO TINTO LTD FORMOSA PETROCHEMICAL CORP MMTC LTD WESFARMERS LTD BAOSHAN IRON & STEEL CO LTD ALUMINUM CORP OF CHINA (CHALCO) ZIJIN MINING GROUP COMPANY LTD SIME DARBY BHD NEWCREST MINING LTD HINDUSTAN UNILEVER LTD FORMOSA PLASTICS CORP NAN YA PLASTICS CORP CHINA STEEL CORP STEEL AUTHORITY OF INDIA (SAIL) WUHAN IRON & STEEL CO LTD SHANXI XISHAN COAL AND ELEC POW ANGANG STEEL CO LTD IOI CORP BHD LG CORP CAPITAL GOODS SAMSUNG ELECTRONICS CHINA UNITED TELECOMMUNICATIONS CHINA YANGTZE POWER CO LTD HON HAI PRECISION INDUSTRY NMDC LTD CHINA RAILWAY CONSTRUCTION CORP CHINA RAILWAY GROUP LTD HYUNDAI HEAVY INDUSTRIES LG ELECTRONICS INC LARSEN & TOUBRO LTD CHEUNG KONG INFRASTRUCTURE ANHUI CONCH CEMENT CO LTD CHINA SOUTH LOCOMOTIVE AND ROLLI DOOSAN HEAVY INDUSTRIES KEPPEL CORP LTD BAODING TIANWEI BAOBIAN ELEC CO CHINA STATE SHIPBUILDING CO LTD SANY HEAVY IND CO LTD OFFSHORE OIL ENGINEERING CO LTD CITIC PACIFIC LTD CONSUMER DURABLES HYUNDAI MOTOR CO LTD SAIC MOTOR CORP LTD PT ASTRA INTERNATIONAL INC MARUTI SUZUKI INDIA LTD HERO HONDA MOTORS LTD FAW CAR CO LTD GD MIDEA HLDG COMPANY LTD JARDINE CYCLE & CARRIAGE LTD DENWAY MOTORS LTD MAHINDRA & MAHINDRA KIA MOTORS CORP JOYOUNG CO LTD FUYAO GLASS INDUSTRY GROUP CO LTD QINGDAO HAIER COMPANY LTD XINJIANG GUANGHUI INDUSTRY CO LTD BOSCH LTD SINOTRUK (HONG KONG) LTD BAJAJ AUTO LTD TIANJIN FAW XIALI AUTOMOBILE CO DONGFENG AUTOMOBILE CO LTD CONSUMER NON-DURABLES KWEICHOW MOUTAI DISTILLERY GROUP ITC LTD YIBIN WULIANGYE CO LTD FORMOSA CHEMICAL & FIBRE KT&G CORP FOSTERS GROUP LTD DAIRY FARM INTERNATIONAL TINGYI (CAYMAN ISLN) HLDG CO UNILEVER INDONESIA TBK PT GREE ELECTRICAL APPLIANCES INC O COCA-COLA AMATIL LTD LION NATHAN LTD (AUST) PT HANJAYA MANDALA SAMPOERNA TBK LUZHOU LAOJIAO CO LTD FAR EASTERN TEXTILE CO NORTHEAST SECURITIES CO LTD YUE YUEN INDUSTRIAL HLDG BRITISH AMERICAN TOBACCO MY BHD YOUNGOR GROUP CO LTD SHANGHAI INDUSTRIAL HLDG LTD CONSUMER SERVICES WOOLWORTHS LTD HUTCHISON WHAMPOA LTD TENCENT HLDGS LTD HAITONG SECURITIES CO LTD JARDINE STRATEGIC HLDGS LTD SUNING APPLIANCE CO LTD LI & FUNG LTD WIPRO LTD ESPRIT HLDGS LTD SWIRE PACIFIC LTD SHINSEGAE CO LTD BRAMBLES LTD SHENZHEN OVERSEAS CHINESE TOWN H SAMSUNG C&T CORP BEIJING ENTERPRISES HLDGS LTD GENTING BHD LOTTE SHOPPING CO SHANGRI-LA ASIA LTD RESORTS WORLD BHD GENTING INTERNATIONAL PLC ENERGY PETROCHINA CO LTD CHINA PETROLEUM & CHEMICAL CORP BHP BILLITON LTD RELIANCE INDUSTRIES LTD CNOOC LTD OIL & NATURAL GAS CORP NTPC LTD WOODSIDE PETROLEUM LTD PTT PUBLIC COMPANY LTD

South Korea Australia Taiwan India Australia China China China Malaysia Australia India Taiwan Taiwan Taiwan India China China China Malaysia South Korea South Korea China China Taiwan India China China South Korea South Korea India Hong Kong China China South Korea Singapore China China China China Hong Kong South Korea China Indonesia India India China China Singapore Hong Kong India South Korea China China China China India Hong Kong India China China China India China Taiwan South Korea Australia Hong Kong Hong Kong Indonesia China Australia Australia Indonesia China Taiwan China Hong Kong Malaysia China Hong Kong Australia Hong Kong Hong Kong China Hong Kong China Hong Kong India Hong Kong Hong Kong South Korea Australia China South Korea Hong Kong Malaysia South Korea Hong Kong Malaysia Singapore China China Australia India Hong Kong India India Australia Thailand

24,662.97 20,148.14 19,416.84 16,290.55 15,264.02 14,517.67 13,990.36 13,502.78 10,775.94 10,734.79 9,764.98 9,160.08 9,087.81 8,936.96 8,873.17 7,680.41 7,661.76 7,385.22 7,130.99 6,936.45 63,049.18 20,552.69 20,168.56 19,326.44 15,361.80 14,217.91 14,019.69 12,305.06 10,767.69 10,171.15 8,754.95 7,717.35 6,311.66 6,140.86 6,022.35 5,948.29 5,871.15 5,274.28 5,165.11 5,128.24 10,478.03 10,266.87 5,687.15 4,603.30 4,461.28 3,597.12 3,431.81 3,043.52 2,842.52 2,633.98 2,623.58 2,186.48 1,994.95 1,972.27 1,903.27 1,890.11 1,874.58 1,796.67 1,462.60 1,212.76 15,935.97 14,079.82 9,057.08 7,953.79 7,376.92 7,108.40 6,656.11 6,408.51 5,429.85 5,264.63 4,802.17 4,463.96 4,455.91 4,453.87 4,004.45 3,649.89 3,616.96 3,552.26 3,466.75 3,462.71 23,123.25 23,104.42 15,139.26 15,027.82 11,955.08 9,259.00 9,211.82 9,189.04 7,274.70 6,432.45 6,177.56 5,620.55 4,952.40 4,843.47 4,709.32 4,469.39 4,464.55 3,834.69 3,754.66 3,739.94 271,791.17 96,678.56 77,086.78 54,393.91 47,896.29 35,445.69 30,471.30 19,028.76 14,416.99

KRW USD TWD INR AUD CNY CNY CNY MYR AUD INR TWD TWD TWD INR CNY CNY CNY MYR KRW KRW CNY CNY TWD INR CNY CNY KRW KRW INR HKD CNY CNY KRW SGD CNY CNY CNY CNY HKD KRW CNY IDR INR INR CNY CNY SGD CNY INR KRW CNY CNY CNY CNY INR HKD INR CNY CNY CNY INR CNY TWD KRW AUD USD USD IDR CNY AUD AUD IDR CNY TWD CNY USD MYR CNY HKD AUD HKD CNY CNY USD CNY HKD INR HKD HKD KRW AUD CNY KRW HKD MYR KRW USD MYR SGD CNY CNY AUD INR CNY INR INR AUD THB

380,000.00 44.11 70.80 16,372.00 21.21 5.66 9.97 8.75 6.45 30.99 225.10 54.00 40.20 24.00 107.95 6.69 21.58 8.20 4.12 54,000.00 575,000.00 6.62 14.63 87.90 194.70 9.46 5.60 217,500.00 100,000.00 872.65 30.10 39.52 4.39 78,600.00 5.65 34.77 60.50 24.20 16.32 10.90 63,900.00 10.70 15,200.00 800.65 1,122.65 15.09 12.39 12.92 2.58 474.70 10,150.00 55.91 6.80 10.06 13.64 3,001.55 6.72 624.00 6.26 4.14 115.28 187.45 16.29 48.55 71,400.00 5.15 4.94 1.15 7,700.00 28.70 9.04 11.67 11,000.00 21.81 29.55 23.82 2.19 44.75 10.63 24.90 26.35 42.00 57.39 12.47 10.94 14.09 19.64 315.40 45.25 55.05 440,000.00 5.60 12.90 41,650.00 32.10 4.34 206,500.00 1.33 2.30 0.58 11.46 9.44 32.08 1,736.75 7.32 832.75 185.70 37.47 181.00

33,252.76 3.44 2.81 1.77 0.38 0.15 0.25 0.36 1.06 10.19 3.41 1.09 1.06 13.54 0.53 1.06 0.43 0.22 4,998.29 0.25 0.52 6.70 0.48 0.05 37,361.48 6,648.36 47.78 2.24 1.93 0.16 5,132.81 0.61 0.89 7.50 1.18 0.78 0.75 3,349.24 0.42 1,549.59 55.84 77.37 0.76 0.79 1.27 0.28 40.83 2.75 0.32 0.67 0.57 187.05 0.48 51.64 0.06 0.18 5.20 8.81 0.61 2.58 0.39 0.25 0.06 362.18 1.75 0.58 0.57 1.15 2.02 0.76 0.24 2.85 0.78 2.24 1.46 2.76 2.04 0.38 1.18 0.57 0.97 25.25 4.38 3.89 0.46 0.61 2.02 0.29 21,484.06 0.07 0.21 -0.01 0.66 0.55 2.37 124.12 0.55 96.81 9.54 1.78 20.50

11.43 12.81 25.24 12.00 15.00 67.14 34.45 18.14 29.22 22.09 15.82 36.81 22.67 7.97 12.56 20.28 19.06 18.73 10.80 26.22 28.21 13.11 19.59 108.74 5.82 15.04 18.26 13.42 20.51 26.86 15.31 9.25 39.26 8.07 20.59 21.00 14.50 19.08 25.27 9.81 14.34 14.51 19.88 15.69 10.18 9.09 11.63 20.34 20.97 14.99 24.07 16.05 13.89 12.08 97.81 23.32 22.19 21.28 26.89 18.78 13.19 19.41 20.56 21.26 16.36 15.46 20.32 18.99 14.63 31.53 9.14 15.69 13.69 11.13 18.08 15.23 28.12 33.13 9.24 24.74 20.35 12.49 10.32 14.15 12.14 21.16 15.88 14.76 9.61 19.45 10.86 17.48 17.03 13.55 13.99 13.21 8.60 19.47 21.00 8.83

INDIAN OIL CORP LTD ORIGIN ENERGY HUANENG POWER INTERNATIONAL INC RELIANCE PETROLEUM LTD PTT EXPLORATION & PRODUCTION PCL CHINA SHENHUA ENERGY CO LTD CAIRN INDIA SANTOS LTD SK ENERGY CO LTD CHINA OILFIELD SERVICES LTD RELIANCE POWER LTD FINANCE INDUSTRIAL & COMMERCIAL BANK OF CHINA LIFE INSURANCE CO LTD WESTPAC BANKING CORP COMMONWEALTH BANK OF AUSTRALIA NATIONAL AUSTRALIA BANK LTD BANK OF CHINA LTD CHINA MERCHANTS BANK CO LTD PING AN INSURANCE COMPANY AUSTRALIA & NEW ZEALAND BANKING SUN HUNG KAI PROPERTIES LTD CITIC SECURITIES CO LTD CHEUNG KONG HLDGS LTD HANG SENG BANK LTD CHINA CITIC BANK CHINA PACIFIC INSURANCE GROUP CO SHANGHAI PUDONG DEVELOPMENT BANK BANK OF COMMUNICATIONS CO LTD WESTFIELD GROUP INDUSTRIAL BANK CO LTD STATE BANK OF INDIA HEALTHCARE WILMAR INTERNATIONAL LTD CSL LTD SUN PHARMACEUTICALS INDS LTD HENGAN INTL GROUP CO LTD CIPLA LTD JIANGSU HENRUI MEDICINE CO LTD SONIC HEALTHCARE LTD YUNNAN BAIYAO GROUP CO LTD JILIN AODONG MEDICINE IND GRP CO HARBIN PHARMACEUTICAL GROUP SHANGHAI FOSUN INDUSTRIAL CO LTD SANJIU MEDICAL & PHARMACEUTICAL GLAXOSMITHKLINE PHARMACEUTICALS COCHLEAR LTD BEIJING DOUBLE CRANE PHARMACEUTICAL DR REDDYS LABORATORIES LTD DABUR INDIA LTD YUHAN CORP NORTH CHIN PHARM RANBAXY LABORATORIES LTD PUBLIC UTILITIES CHINA MOBILE LTD TELSTRA CORP LTD BHARTI AIRTEL LTD SINGAPORE TELECOMMUNICATIONS CHINA UNICOM (HK) LTD CHUNGHWA TELECOM CO LTD CLP HLDGS LTD BHARAT HEAVY ELECTRICALS TELEKOMUNIKASI INDONESIA TBK PT HONGKONG ELECTRIC HLDGS KOREA ELECTRIC POWER (KEPCO) HONG KONG & CHINA GAS CO SK TELECOM CO LTD CHINA RESOURCES POWER DATANG INTERNATIONAL POWER GENER TENAGA NASIONAL RELIANCE COMMUNICATION LTD PHILIPPINE LONG DISTANCE TEL POWER GRID CORP OF INDIA LTD KT CORP TECHNOLOGY TAIWAN SEMICONDUCTOR MANUFACTURING INFOSYS TECHNOLOGIES LTD TATA CONSULTANCY SERVICES LTD MEDIATEK INCORPORATED HTC CORP LG DISPLAY CO LTD AU OPTRONICS CORP XINJIANG GOLDWIND SCI & TECH CO NHN CORP HYNIX SEMICONDUCTOR ASUSTEK COMPUTER INC QUANTA COMPUTER ACER INCORPORATED UNITED MICROELECTRONICS CORP COMPUTERSHARE LTD SILICONWARE PRECISION INDS CHI MEI OPTOELECTRONICS CORP INNOLUX DISPLAY CORP PCCW LTD ADVANCED SEMICONDUCTOR ENGINEERING TRANSPORTATION DAQIN RAILWAY COMPANY LTD SHANGHAI INTL PORT GROUP CO LTD MTR CORP CHINA COSCO HLDGS CO LTD MISC BHD SINGAPORE AIRLINES LTD AIR CHINA LTD CHINA MERCHANTS HLDGS INTERNATIONAL CHINA SHIPPING CONTAINER LINES C CATHAY PACIFIC AIRWAYS GUANGSHEN RAILWAY H SHANGHAI INTERNATIONAL AIRPORT C CHINA SHIPPING DEVELOPMENT CO LT CHINA SOUTHERN AIRLINES CO LTD NWS HLDGS LTD JIANGSU EXPRESS CO LTD H KOREAN EXPRESS QANTAS AIRWAYS LTD MUNDRA PORT SPECIAL ECONOMIC ZON TIANJIN PORT COMPANY LTD

India Australia China India Thailand Hong Kong India Australia South Korea China India China China Australia Australia Australia Hong Kong China China Australia Hong Kong China Hong Kong Hong Kong China China China China Australia China India Singapore Australia India Hong Kong India China Australia China China China China China India Australia China India India South Korea China India Hong Kong Australia India Singapore Hong Kong Taiwan Hong Kong India Indonesia Hong Kong South Korea Hong Kong South Korea Hong Kong China Malaysia India Philippines India South Korea Taiwan India India Taiwan Taiwan South Korea Taiwan China South Korea South Korea Taiwan Taiwan Taiwan Taiwan Australia Taiwan Taiwan Taiwan Hong Kong Taiwan China China Hong Kong China Malaysia Singapore China Hong Kong China Hong Kong China China China China Hong Kong China South Korea Australia India China

10,672.05 10,007.61 9,965.73 9,644.78 9,165.01 9,033.53 6,952.56 6,926.44 6,773.08 6,317.78 6,036.12 147,400.04 69,478.87 41,055.12 38,583.14 29,227.82 27,072.67 26,798.85 26,394.87 25,696.69 24,551.11 23,861.29 22,025.69 20,795.65 18,684.28 18,484.78 17,454.87 17,439.49 17,032.85 16,111.55 15,666.70 15,124.15 14,323.92 5,024.59 4,535.97 3,693.10 3,148.08 3,056.58 2,898.12 2,685.65 2,614.12 2,407.60 2,362.87 1,986.52 1,926.39 1,873.58 1,834.64 1,751.67 1,461.63 1,398.07 1,382.83 171,440.83 29,158.65 27,413.98 26,213.33 25,055.67 16,850.01 16,237.38 15,602.78 13,880.96 12,640.17 12,417.29 11,893.71 11,210.09 8,923.12 8,678.34 8,616.27 8,525.15 8,374.66 7,714.11 7,391.48 38,753.89 16,319.10 11,657.64 10,437.80 9,327.65 8,257.18 8,020.69 5,792.83 5,463.56 5,415.34 5,237.84 4,984.11 4,647.31 4,313.47 3,596.55 3,552.42 3,520.71 3,316.08 3,005.99 2,713.89 17,733.42 17,186.42 14,010.64 13,319.99 9,048.79 8,048.83 7,009.79 5,284.59 4,693.70 4,233.27 3,874.46 3,773.54 3,770.90 3,733.19 3,522.16 3,252.72 3,095.46 3,049.04 2,942.30 2,852.85

INR AUD CNY INR THB CNY INR AUD KRW CNY INR CNY CNY AUD AUD AUD CNY CNY CNY AUD HKD CNY HKD HKD CNY CNY CNY CNY AUD CNY INR USD AUD INR HKD INR CNY AUD CNY CNY CNY CNY CNY INR AUD CNY INR INR KRW CNY INR CNY AUD INR SGD CNY TWD HKD INR IDR HKD KRW HKD KRW HKD CNY MYR INR PHP INR KRW TWD INR INR TWD TWD KRW TWD CNY KRW KRW TWD TWD TWD TWD USD TWD TWD TWD HKD TWD CNY CNY HKD CNY MYR SGD CNY HKD CNY HKD CNY CNY CNY CNY HKD CNY KRW AUD INR CNY

449.75 15.99 7.56 107.70 98.25 18.15 184.20 16.32 98,400.00 14.57 126.55 4.01 22.78 19.70 35.48 21.28 2.43 15.19 37.65 16.63 74.20 24.57 73.70 84.30 4.79 16.39 21.05 5.16 10.45 22.00 1,240.00 2.37 33.15 1,225.80 30.30 238.75 41.55 11.12 37.05 31.98 14.37 13.28 16.48 1,178.50 48.00 26.85 547.50 101.75 194,000.00 9.28 165.30 58.36 3.24 725.70 2.46 7.20 58.60 52.30 1,601.65 7,450.00 45.90 26,000.00 13.86 186,500.00 16.36 7.00 7.15 207.55 2,175.00 92.10 36,300.00 51.00 1,431.55 598.60 328.00 422.00 31,000.00 31.80 28.25 152,500.00 14,000.00 41.60 46.55 59.30 11.20 6.47 38.00 16.25 35.80 3.44 16.50 9.33 5.59 19.18 11.91 8.75 10.14 6.10 16.90 4.04 8.34 4.68 13.37 12.21 5.31 13.28 5.82 103,500.00 1.88 369.00 11.63

38.98 0.64 0.32 13.27 8.24 1.44 4.41 0.33 8,546.73 0.80 2.24 0.36 0.61 1.64 2.90 2.13 0.25 1.40 1.14 1.41 4.35 1.09 5.38 6.34 0.35 0.47 1.91 0.48 0.92 2.30 143.61 0.18 1.73 80.69 1.50 13.31 1.21 0.84 0.85 1.48 0.61 0.64 0.66 60.75 2.49 1.07 31.33 4.37 0.35 10.24 5.78 0.31 44.34 0.21 0.51 4.68 3.44 66.40 603.12 2.92 -1,454.81 0.62 19,918.54 1.04 0.24 0.54 27.13 215.57 3.82 3,584.50

11.54 25.15 23.65 8.12 11.93 12.61 41.80 49.08 11.51 18.14 56.56 11.00 37.51 12.00 12.23 9.98 9.54 10.83 32.92 11.78 17.04 22.56 13.69 13.29 13.82 35.19 11.04 10.85 11.41 9.56 8.63 13.36 19.11 15.19 20.24 17.94 34.39 13.16 43.63 21.61 23.56 20.64 24.88 19.40 19.25 25.09 17.48 23.30 26.71 16.15 10.10 10.53 16.37 11.61 14.21 12.52 15.22 24.12 12.35 15.71 22.44 9.36 15.74 29.52 13.20 7.65 10.09 24.14 10.13

1.39 36.72 100.48 14.25 53.26 11.24 22.02 14.90 35.09 12.03 11.84 2,617.75 -4.73 1.00 28.30 -2,716.66 3.89 10.69 5.76 8.08 4.75 12.49 -0.55 0.49 13.33 0.32 120.44 -8.40 1.68 21.37 0.31 11.19 -0.37 0.56 0.17 1.02 1.25 0.42 0.95 0.11 1.33 -0.14 -0.13 0.20 0.48 0.74 0.03 0.98 0.34 0.09 9.96 0.65 16.74 32.98 18.80 9.56 21.08 10.67 53.32 12.68 23.64 27.62 16.53 197.23 13.52 17.05 19.96 37.06 17.85

THEEDGE SINGAPORE | MAY 4, 2009 29

CAPITAL
COMPANY PRICE MARKET CAPITALISATION ($ MIL) RECOMMENDATION CONSENSUS 75 DAYS AS OF 28/04/09 RECOMMENDATION CONSENSUS 75 DAYS AS OF 03/02/09 NO OF ESTIMATES P/E 2009 (X) (75 DAYS)

FACTSET ESTIMATES CONSENSUS SINGAPORE

2009 EPS (75 DAYS) 2009 EPS (45 DAYS) 2009 EPS GROWTH (%) 6-MONTH PERFORMANCE (%) 6-MONTH PERFORMANCE RELATIVE TO STI (%)

/
The Edge/FactSet Estimates Consensus Table presents the earnings forecast of Singaporean equities using the latest and more robust FactSet methodology that provides more timely and useful information. FactSet utilises only the latest estimates in calculating the consensus. Any estimates that are more than 75 days old are discarded to avoid the possibility of old forecasts polluting the consensus. The latest 45-day forecast EPS not only gives you the more robust consensus but also a glimpse of the earnings trend, while the Recommendation Consensus Rating is the scale that measures how the analysts feel about a stock. FactSet offers instant access to accurate nancial data and analytics to thousands of investment professionals around the world. Our company combines more than 200 databases from industry-leading suppliers and clients own proprietary data into a single powerful information system, making FactSet a one-stop source for nancial information. Glossary to FactSet Estimates Consensus Table Price: Closing price as of stated date Market Capitalisation ($): Market capitalisation ($) in millions

ALLGREEN PROPERTIES AMARA HLDGS LTD AQUA-TERRA SUPPLY CO LTD ARA ASSET MANAGEMENT LTD ARMSTRONG INDUSTRIAL CORP ASCENDAS INDIA TRUST ASCENDAS REAL ESTATE ASCOTT RESIDENCE TRUST ASIATRAVEL COM ASL MARINE HLDGS LTD AUSGROUP LTD AVI-TECH ELECTRONICS LTD BANYAN TREE HLDGS LTD BBR HLDGS LTD BEAUTY CHINA HLDGS LTD BIOSENSORS INTERNATIONAL GROUP LTD BOUSTEAD SPORE LTD BUKIT SEMBAWANG ESTATES CAMBRIDGE INDUSTRIAL TRUST CAPITACOMMERCIAL TRUST CAPITALAND LTD CAPITAMALL TRUST CAPITARETAIL CHINA TRUST CDL HOSPITALITY TRUSTS CEREBOS PACIFIC LTD CHARTERED SEMICONDUCTOR CHINA AVIATION OIL CHINA FARM EQUIPMENT LTD CHINA FISHERY GROUP LTD CHINA MILK PRODUCTS GROUP LTD CHINA SKY CHEMICAL FIBRE CO LTD CHINA SPORTS INTERNATIONAL LTD CHINA XLX FERTILISER LTD CITY DEVELOPMENTS LTD CITY SPRING INFRASTRUCTURE TRUST COMFORTDELGRO CORP LTD COSCO CORP SINGAPORE LTD CSE GLOBAL LTD DBS GROUP HLDG LTD DEL MONTE PACIFIC DELONG HLDGS LTD EPURE INTERNATIONAL LTD EZRA HLDGS LTD FIBRECHEM TECHNOLOGIES LTD FIRST RESOURCES LTD FIRST SHIP LEASE TRUST FOOD EMPIRE HLDGS LTD FORTUNE REAL ESTATE INV TRUST FRASER & NEAVE LTD FRASERS CENTREPOINT TRUST FRASERS COMMERCIAL TRUST GOLDEN AGRI-RESOURCES LTD GOODPACK GUOCOLAND LTD HI-P INTERNATIONAL LTD HO BEE INVESTMENT LTD HONG LEONG ASIA LTD HONG LEONG FINANCE LTD HONGKONG LAND HLDGS LTD HOTEL GRAND CENTRAL LTD HOTEL PROPERTIES LTD HYFLUX HYFLUX WATER TRUST INDOFOOD AGRI RESOURCES LTD JARDINE CYCLE & CARRIAGE LTD JARDINE MATHESON HLDGS LTD JARDINE STRATEGIC HLDGS LTD JASPER INVESTMENTS LTD JAYA HLDG LTD JURONG TECHNOLOGIES IND K REAL ESTATE INVESTMENT TRUST ASIA KARIN TECHNOLOGY KENCANA AGRI LTD KEPPEL CORP LTD KEPPEL LAND LTD KIAN ANN ENGRG LTD KINGSMEN CREATIVES LTD KS ENERGY SERVICES LTD MACARTHURCOOK INDUSTRIAL REAL ESTATE INVESTMENT TR MACQUARIE INTL INFRASTRUCTURE FUND LTD MANDARIN ORIENTAL INTL MAPLETREE LOGISTICS TRUST MCL LAND LTD MIDAS HLDGS LTD MOBILEONE LTD NEPTUNE ORIENT LINES LTD NOBLE GROUP LTD OCEAN SKY INTERNATIONAL LTD OLAM INTERNATIONAL LTD OM HLDGS LTD ORCHARD PARADE HLDG OVERSEA-CHINESE BANKING CORP PACIFIC ANDES HLDG PACIFIC SHIPPING TRUST PAN UNITED CORP PARKWAY HLDGS LTD PARKWAY LIFE REAL ESTATE INVESTMENT TRUST PEOPLES FOOD HLDGS PETRA FOODS LTD QIAN HU RAFFLES EDUCATION RAFFLES MEDICAL GROUP RICKMERS MARITIME TRUST SARIN TECHNOLOGIES LTD SC GLOBAL DEVT LTD SEMBCORP INDUSTRIES LTD SEMBCORP MARINE LTD SIA ENGINEERING CIE SILVERLAKE AXIS LTD SINGAPORE AIRLINES LTD SINGAPORE AIRPORT TERMINAL SINGAPORE EXCHANGE LTD SINGAPORE LAND SINGAPORE PETROLEUM CO LTD SINGAPORE POST LTD SINGAPORE PRESS HLDG LTD SINGAPORE TECH ENGINEERING SINGAPORE TELECOM SINO ENVIRONMENT TECHNOLOGY GROUP LTD SMRT SOILBUILD GROUP HLDGS LTD SSH CORP LTD STARHILL GLOBAL REAL ESTATE INVESTMENT TRUST STARHUB LTD STRAITS ASIA RESOURCES LTD SUNTEC REAL ESTATE INVESTMENT TRUST SWIBER HLDGS LTD TAT HONG HLDGS TIONG WOON CORP HLDG UNITED ENGINEERS UNITED INDUSTRIAL CORP LTD UNITED OVERSEAS BANK LTD UOL GROUP LTD VENTURE CORP LTD VERIGY LTD WHEELOCK PROPERTIES (SINGAPORE) LTD WILLAS ARRAY ELECTRONICS WILMAR INTERNATIONAL LTD WING TAI HLDGS LTD YANLORD LAND GROUP LTD Z-OBEE HLDGS LTD

0.50 0.24 0.15 0.43 0.14 0.51 1.35 0.49 0.31 0.50 0.34 0.12 0.35 0.06 0.14 0.43 0.50 2.34 0.28 0.78 2.47 1.16 0.75 0.54 2.79 0.14 0.83 0.08 0.71 0.38 0.13 0.10 0.38 5.67 0.51 1.32 1.03 0.38 8.98 0.52 0.55 0.35 0.89 0.10 0.44 0.38 0.25 2.90 2.48 0.71 0.17 0.38 0.83 1.18 0.54 0.40 0.71 1.97 2.42 0.54 0.99 1.77 0.34 0.88 12.66 20.20 10.64 0.13 0.31 0.03 0.64 0.12 0.23 5.90 1.71 0.13 0.33 0.75 0.26 0.31 0.93 0.47 1.13 0.46 1.57 1.27 1.20 0.11 1.68 1.24 0.64 5.31 0.20 0.18 0.46 1.14 0.75 0.51 0.50 0.09 0.44 0.93 0.35 0.13 0.50 2.56 2.07 1.89 0.17 10.12 1.28 5.88 3.66 3.38 0.76 2.90 2.55 2.47 0.11 1.50 0.50 0.13 0.47 1.84 1.09 0.69 0.47 0.77 0.22 1.41 1.06 11.12 2.00 5.90 10.06 1.06 0.09 3.59 0.81 1.28 0.04

803.14 138.46 52.65 247.38 72.07 406.38 1,917.73 300.66 59.43 152.20 133.94 40.30 266.49 92.49 48.11 450.48 257.87 504.97 226.97 1,092.32 10,483.77 3,688.28 462.26 444.28 877.78 1,365.07 599.94 19.36 555.28 280.67 101.82 67.37 375.00 5,155.74 249.88 2,753.07 2,306.39 196.76 20,487.31 562.52 294.51 457.95 521.40 96.10 646.12 193.35 130.08 2,387.04 3,444.87 445.38 121.45 3,890.59 388.56 1,047.28 479.06 294.94 270.82 866.26 5,554.43 251.49 499.46 929.82 100.50 1,266.81 4,502.85 12,620.46 11,627.18 143.69 238.75 15.19 424.11 24.24 229.55 9,399.59 1,233.45 54.76 62.69 250.83 69.35 395.83 916.84 901.78 418.08 384.64 1,405.08 1,873.44 3,957.76 46.73 2,878.38 589.81 226.25 16,601.74 286.45 106.16 253.17 1,288.52 449.05 576.46 266.14 37.82 1,080.67 479.57 148.29 32.71 199.97 4,570.35 4,287.72 2,037.39 190.72 12,006.25 1,377.01 6,285.90 1,509.67 1,745.38 1,473.59 4,620.16 7,656.32 39,338.95 38.09 2,274.33 111.29 70.27 451.58 3,151.22 1,189.48 1,089.34 199.44 390.10 75.95 312.56 1,460.12 16,945.95 1,592.11 1,618.09 585.18 1,268.34 29.49 22,924.53 642.64 2,344.08 17.42

1.65 2.50 2.00 1.50 1.00 2.00 1.54 1.75 1.00 1.50 2.00 2.00 2.50 3.00 1.75 1.50 2.50 2.00 1.71 1.50 1.94 1.81 1.50 1.36 1.25 2.22 3.00 2.00 1.25 1.00 2.00 2.00 1.75 2.05 1.50 1.72 2.73 1.25 1.70 1.00 2.50 1.42 1.56 1.00 1.90 1.67 2.00 1.25 2.25 1.29 2.50 1.81 1.00 2.25 1.67 1.83 1.67 1.80 2.29 2.00 2.25 1.50 1.75 1.50 2.13 2.38 1.38 2.50 2.17 2.50 2.10 1.00 1.50 2.17 1.97 2.00 1.00 2.50 2.50 1.33 2.00 1.50 2.00 1.13 1.60 2.73 1.69 1.00 1.59 2.00 2.00 2.02 1.50 1.83 1.25 2.05 1.10 1.00 2.00 1.00 1.56 1.86 2.00 2.00 2.00 1.66 1.88 1.75 2.00 2.17 3.00 1.93 2.25 2.13 1.58 1.46 1.50 1.61 1.25 1.67 1.00 2.00 1.33 1.54 1.63 1.79 2.50 2.20 2.00 2.50 2.00 1.85 2.00 1.41 1.68 1.50 2.00 1.65 1.79 1.64 2.00

1.79 2.50 2.00 1.50 1.00 1.25 1.38 1.83 1.00 1.00 2.00 3.00 2.50 2.00 2.00 1.25 1.50 2.00 1.30 1.64 1.93 1.46 2.13 1.40 1.00 2.38 2.00 2.00 1.33 1.00 2.00 2.00 1.33 2.08 1.38 1.71 2.50 1.17 1.81 1.00 2.00 1.63 1.81 2.00 2.10 1.75 1.00 1.00 1.50 1.75 2.00 1.75 2.00 1.00 1.88 1.75 1.00 1.17 2.44 2.25 2.25 1.70 1.50 1.70 2.33 1.75 1.25 2.50 2.50 2.50 2.25 1.00 2.50 1.88 2.00 3.00 1.00 2.25 1.00 1.25 2.00 1.57 2.00 1.20 1.39 2.58 1.29 1.00 1.29 2.00 2.00 1.86 1.50 2.00 1.50 1.93 1.50 1.50 1.75 1.00 1.50 1.50 1.50 2.00 1.75 1.40 1.69 1.50 2.00 1.96 1.00 2.00 1.67 2.00 1.25 1.63 1.38 1.50 1.00 1.75 2.00 2.00 1.33 1.38 1.63 1.68 1.75 1.88 1.25 2.50 2.50 1.64 2.00 1.61 1.67 1.50 3.00 1.25 2.50 1.75 2.00

9 1 1 2 2 1 12 6 1 4 1 1 1 1 3 2 1 1 7 7 17 12 2 6 2 18 1 1 2 4 4 3 6 20 3 16 15 2 24 1 2 6 8 2 5 6 1 1 4 4 2 8 1 2 3 3 3 5 11 1 2 6 2 11 4 4 3 1 3 1 5 1 2 18 16 1 1 2 2 3 4 6 1 8 15 14 10 1 13 1 1 21 1 2 1 9 2 2 2 1 9 6 4 1 5 16 20 4 2 17 1 14 4 5 3 13 14 21 2 16 1 1 2 16 5 10 4 5 2 1 1 20 5 12 10 3 1 13 7 7 1

10.10 15.00 3.93 7.02 6.67 9.44 10.97 10.80 10.50 2.27 11.33 6.39 NA 15.38 1.25 15.82 5.15 23.40 7.66 7.50 23.75 13.78 9.87 7.67 9.49 NA 12.81 11.06 3.36 2.29 2.36 2.08 6.61 11.21 NA 12.59 10.30 4.56 13.18 8.46 NA 7.87 5.80 0.75 7.33 52.31 7.66 7.99 9.94 10.61 5.69 12.60 7.84 17.36 6.07 1.87 6.76 9.97 8.36 16.36 8.05 14.16 16.75 11.02 9.73 9.06 7.82 5.53 3.20 0.40 16.18 2.77 15.99 9.67 7.09 5.98 4.29 4.47 3.69 2.94 12.30 8.68 2.94 10.46 9.81 NA 7.30 28.17 12.92 11.76 14.66 12.81 3.26 4.63 7.67 16.06 9.55 3.24 9.83 7.56 8.56 15.33 2.26 6.00 4.21 8.83 8.75 10.74 6.65 17.10 9.48 20.52 8.04 11.62 10.48 12.61 16.76 11.17 0.65 14.01 1.76 2.00 7.23 9.84 2.81 8.34 2.28 6.12 3.46 11.28 5.20 10.82 5.09 9.62 NA 8.41 16.19 13.57 6.11 12.80 1.53

0.05 0.02 0.04 0.06 0.02 0.05 0.12 0.05 0.03 0.22 0.03 0.02 0.00 0.00 0.11 0.03 0.10 0.10 0.04 0.10 0.10 0.08 0.08 0.07 0.29 -0.06 0.06 0.01 0.21 0.17 0.05 0.05 0.06 0.51 -0.07 0.10 0.10 0.08 0.68 0.06 -0.08 0.05 0.15 0.14 0.06 0.01 0.03 0.36 0.25 0.07 0.03 0.03 0.11 0.07 0.09 0.21 0.11 0.20 0.29 0.03 0.12 0.13 0.02 0.08 1.30 2.23 1.36 0.02 0.10 0.06 0.04 0.04 0.01 0.61 0.24 0.02 0.08 0.17 0.07 0.10 0.08 0.05 0.38 0.04 0.16 -0.30 0.16 0.00 0.13 0.10 0.04 0.41 0.06 0.04 0.06 0.07 0.08 0.16 0.05 0.01 0.05 0.06 0.15 0.02 0.12 0.29 0.24 0.18 0.03 0.59 0.14 0.29 0.46 0.29 0.07 0.23 0.15 0.22 0.17 0.11 0.29 0.07 0.07 0.19 0.39 0.08 0.21 0.13 0.07 0.13 0.20 1.03 0.39 0.61 -2.15 0.13 0.01 0.26 0.13 0.10 0.02

0.05 0.02 0.04 0.06 0.02 0.05 0.12 0.04 0.03 0.18 0.03 0.02 0.00 0.00 0.12 0.02 0.10 0.10 0.05 0.11 0.10 0.09 0.08 0.07 0.32 -0.07 0.06 0.01 0.22 0.18 0.02 0.05 0.05 0.49 -0.07 0.11 0.10 0.08 0.65 0.06 -0.08 0.03 0.15 0.12 0.06 0.01 0.03 0.36 0.25 0.07 0.02 0.03 0.11 0.06 0.08 0.21 0.12 0.18 0.30 0.03 0.11 0.12 0.02 0.08 1.30 1.58 1.01 0.02 0.10 0.06 0.04 0.04 0.02 0.61 0.24 0.02 0.08 0.17 0.07 0.11 0.11 0.05 0.38 0.04 0.16 -0.40 0.11 0.00 0.13 0.10 0.04 0.40 0.06 0.03 0.06 0.07 0.08 0.16 0.05 0.01 0.05 0.06 0.15 0.02 0.11 0.29 0.24 0.18 0.03 0.46 0.14 0.29 0.46 0.29 0.07 0.23 0.15 0.22 0.17 0.11 0.29 0.07 0.07 0.19 0.38 0.08 0.27 0.12 0.07 0.13 0.20 1.08 0.39 0.57 -2.27 0.15 0.01 0.26 0.12 0.10 0.02

25.00 -33.33 -12.79 -3.08 -30.98 -18.18 -13.07 -35.45 0.00 -5.76 -25.00 20.00 R+ 69.57 18.34 R+ -20.49 -61.54 -29.04 8.32 -64.79 -26.60 17.85 -25.10 11.16 R+ -40.04 R+ -0.59 15.96 -47.45 -22.58 -22.88 -15.68 R+ 12.93 -23.08 -20.01 -42.18 42.27 R+ 25.93 -60.79 3.39 -37.50 -45.55 -20.00 -1.89 -20.01 -3.03 R+ -55.74 12.03 5.83 -25.00 69.84 -4.55 0.00 65.20 -2.94 30.83 12.07 -29.63 -5.04 -28.91 -2.62 -2.16 96.04 -20.86 50.00 0.42 27.31 -7.26 -12.07 -18.70 -24.00 2.67 11.71 -18.21 3.82 -33.42 -4.46 R+ 10.13 -4.17 R+ -29.34 -90.69 18.18 -53.41 -42.86 -20.62 -10.57 -14.49 -25.00 0.00 90.37 22.29 28.50 -12.50 20.93 2.08 22.31 133.35 -2.65 1.75 11.05 -20.96 27.64 -43.01 7.14 8.83 R+ -34.75 -8.75 -14.81 -5.89 4.16 530.79 1.26 -15.09 20.37 -7.46 3.71 144.35 -5.78 17.63 -15.65 -28.75 362.96 -12.95 -16.95 16.67 -5.67 R+ 6.57 R+ -20.68 -8.33 4.17 7.14

38.36 37.14 36.36 19.72 21.74 25.93 -8.78 5.38 28.57 12.22 209.09 -11.54 -33.96 100.00 -54.24 70.00 -9.09 -38.80 23.91 -16.13 15.57 -13.34 53.16 -17.05 18.53 -14.26 45.61 -23.81 57.78 8.57 -35.90 -37.50 33.93 -7.05 -0.97 20.00 53.73 -42.54 3.76 11.83 -45.00 54.35 125.32 -34.38 120.00 -22.22 -43.02 55.91 3.33 12.60 -32.65 129.41 -24.77 0.00 50.00 14.29 35.24 -6.19 2.98 12.50 4.76 24.65 -11.84 105.88 39.12 9.54 11.88 -30.56 -39.22 -75.00 -16.23 9.09 84.00 57.33 7.55 -3.85 -5.71 -10.24 -19.70 -14.08 -15.91 4.49 58.04 56.90 13.77 23.30 155.32 46.67 76.84 46.15 26.47 8.81 53.85 -25.00 26.03 -14.93 0.00 25.93 -7.41 0.00 -10.10 40.15 -15.66 -30.56 26.25 39.89 68.29 -2.07 6.25 -3.80 -15.79 25.64 15.82 62.50 7.75 -12.39 25.00 19.90 -74.42 -7.97 -32.67 13.04 -12.96 -12.38 11.22 6.15 23.68 37.50 36.36 6.82 -23.19 -7.95 26.58 33.48 -23.90 39.47 -20.83 84.10 33.88 61.01 -36.36

19.50 18.45 17.78 3.40 5.14 8.76 -21.22 -8.99 11.04 -3.08 166.96 -23.60 -42.96 72.74 -60.48 46.83 -21.48 -47.15 7.02 -27.56 -0.18 -25.15 32.28 -28.36 2.37 -25.95 25.76 -34.20 36.27 -6.23 -44.64 -46.02 15.67 -19.72 -14.47 3.64 32.77 -50.37 -10.38 -3.42 -52.50 33.31 94.60 -43.32 90.01 -32.82 -50.79 34.66 -10.75 -2.75 -41.83 98.14 -35.03 -13.63 29.55 -1.29 16.80 -18.98 -11.06 -2.84 -9.52 7.66 -23.86 77.82 20.16 -5.39 -3.37 -40.02 -47.50 -78.41 -27.65 -5.78 58.92 35.89 -7.11 -16.95 -18.57 -22.48 -30.64 -25.80 -27.37 -9.75 36.50 35.51 -1.74 6.49 120.52 26.67 52.74 26.23 9.23 -6.02 32.88 -35.22 8.85 -26.52 -13.63 8.76 -20.03 -13.63 -22.36 21.05 -27.16 -40.02 9.04 20.82 45.35 -15.42 -8.23 -16.92 -27.27 8.51 0.03 40.35 -6.94 -24.33 7.96 3.56 -77.91 -20.52 -41.85 -2.37 -24.83 -24.32 -3.94 -8.32 6.82 18.76 17.77 -7.74 -33.66 -20.50 9.33 15.29 -34.28 20.46 -31.63 59.01 15.63 39.06 -45.04

Recommendation Consensus Rating: The following rating is assigned to each type of recommendation provided by participating brokers: 1 = positive (strong buy) 1.5 = overweight 2 = neutral 2.5 = underweight 3 = negative (strong sell) = no recommendation from brokers at that point of time The average of all recommendations is then calculated to give the consensus rating No of Estimates (75 days): Number of estimates that are less than 75 days old and are included in the consensus calculation PE 2009: The forecast PE ratio for year 2009 (NA unable to calculate, for example negative earnings per share gures) EPS 2009 (75 days): The forecast earnings per share for year 2009 using estimates from the latest 75 days EPS 2009 (45 days): The forecast earnings per share for year 2009 using estimates from the latest 45 days EPS Growth: Earnings per share growth compared to last year (R = Recovery) 6-month performance: Six-month price performance for that equity 6-month performance relative to STI: Sixmonth price performance relative to the Straits Times Index.

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30 THEEDGE SINGAPORE

| MAY 4, 2009

CAPITAL

WARRANTS UPDATE SINGAPORE

Warrants update (as at April 29, 2009)

TOP VOLUME TOP VOLUME
WARRANT NAME WARRANT PRICE AVERAGE 5-DAY VOLUME EXERCISE PRICE MOTHER SHARE PRICE

Data provided by

EXPIRY DATE

CONVERSION RATIO

PREMIUM

GEARING

MACQ BK-CW09 HANG SENG INDE MACQ BK-PW09 HANG SENG INDE MACQ BK-PW09 HANG SENG INDE MACQ BK-PW09 HANG SENG INDE BNP PAR-CW09 STRAITS TIMES MACQ BK-CW09 HANG SENG INDE DEUTSCH-CW09 STRAITS TIMES DEUTSCH-PW09 STRAITS TIMES MACQ BK-CW09 CAPITALAND LTD MACQ BK-CW09 DBS GROUP HOLD SOC GEN-CW09 STRAITS TIMES DEUTSCHE-CW09 DBS GROUP HOLD SOC GEN-CW09 STRAITS TIMES BNP PAR-CW09 DBS GROUP HOLD BNP PAR-CW09 HANG SENG INDE BNP PAR-PW09 STRAITS TIMES DEUTSCHE-PW09 DBS GROUP HOLD BNP PAR-PW09 UNITED OVERSEA BNP PAR-PW09 STRAITS TIMES MACQ BK-CW09 CAPITALAND LTD

0.25 0.27 0.57 0.12 0.195 0.49 0.365 0.255 0.275 0.26 0.405 0.21 0.335 0.4 0.35 0.23 0.165 0.175 0.09 0.205

30,114,800 28,514,200 10,475,600 9,223,800 4,548,600 4,529,600 4,357,400 4,239,600 3,596,600 3,320,800 3,249,600 2,870,000 2,450,600 2,438,200 2,369,600 2,027,600 1,852,400 1,392,400 1,190,800 1,136,200

15200 14600 15800 13400 1850 14000 1850 1800 2.4000 9.3000 1600 8.8000 1700 8.2800 15400 1950 8.5000 10.0000 1700 2.9000

14956.95 14956.95 14956.95 14956.95 1849.57 14956.95 1849.57 1849.57 2.56 9.10 1849.57 9.10 1849.57 9.10 14956.95 1849.57 9.10 11.00 1849.57 2.56

2009/5/27 2009/5/27 2009/5/27 2009/5/27 2009/5/28 2009/5/27 2009/8/3 2009/7/1 2009/11/2 2009/11/2 2009/7/30 2009/9/14 2009/8/28 2009/6/19 2009/5/27 2009/4/29 2009/9/7 2009/7/1 2009/5/28 2009/12/3

500 500 500 500 500 500 500 500 2 5 800 6 800 3 400 500 6 4 500 2

5.97 7.07 4.26 12.49 5.29 2.11 9.89 9.57 15.23 16.48 4.02 10.55 6.40 4.18 7.82 0.79 17.47 15.45 10.52 29.30

23.04 21.33 10.10 48.00 18.97 11.75 10.13 14.51 4.65 7.00 5.71 7.22 6.90 7.58 20.57 16.08 9.19 15.71 41.10 6.24

About Socit Gnrale Socit Gnrale is one of the largest nancial services groups in the eurozone. The group employs 151,000 people worldwide in three key businesses: Retail Banking & Financial Services: Socit Gnrale serves 27 million individual customers worldwide; Global Investment Management & Services: Socit Gnrale is one of the largest banks in the eurozone in terms of assets under custody (2,583 billion, December 2007) and under management (434.6 billion, December 2007); and Corporate & Investment Banking: Socit Gnrale ranks among the leading banks worldwide in euro capital markets, derivatives and structured nance. Socit Gnrale is included in the ve major sociallyresponsible investment indexes. (www.socgen.com) Disclaimer The prices of warrants may rise or fall and the warrants may expire worthless, resulting in a total loss of investment. The investor should make an independent appraisal of the risks and consult to the extent necessary his own legal, nancial, tax, accounting and other professional advisors prior to any subscription or acquisition. Socit Gnrale and its associated and connected persons, their directors, ofcers and/or employees, including persons involved in the preparation or issuance of this material, may have positions or other interests in, and may, as principal or agent, effect transactions in securities mentioned herein, and may also perform or seek to perform broking, investment banking and other banking or nancial services for the issuer of any securities referred to herein. The information is provided on a without liability basis. While Socit Gnrale reasonably believes that the information is accurate, Socit Gnrale does not warrant the accuracy thereof and shall not be liable for any loss or damage howsoever suffered in reliance on the said information.

TOP GAINERS
WARRANT NAME WARRANT PRICE % GAIN (1 WEEK) EXERCISE PRICE MOTHER SHARE PRICE EXPIRY DATE CONVERSION RATIO PREMIUM GEARING

BNP PAR-CW10 SINGAPORE EXCH DEUTSCHE-PW09 CAPITALAND LTD DEUTSCHE-PW09 DBS GROUP HOLD SOC GEN-PW09 STRAITS TIMES MACQ BK-PW09 CAPITALAND LTD DEUTSCH-CW09 HANG SENG IND DEUTSCH-PW09 CAPITALAND LT BNP PAR-CW09 OVERSEA-CHINES MACQ BK-CW09 KEPPEL CORP LT MACQ BK-PW09 COSCO CORP SIN MACQ BK-CW09 SINGAPORE TELE BNP PAR-CW09 OVERSEA-CHINES DEUTSCHE-CW09 DBS GROUP HOLD BNP PAR-PW09 STRAITS TIMES SOC GEN-PW09 HANG SENG INDE RABOBANK-CW09 SINGAPORE EXCH MACQ BK-CW09 DBS GROUP HOLD MACQ BK-PW09 CAPITALAND LTD ABN BK-CW10 SHENZHEN SE B SOC GEN-CW09 HANG SENG INDE

0.02 0.06 0.04 0.06 0.12 0.325 0.325 0.29 0.245 0.085 0.135 0.335 0.29 0.05 0.33 0.065 0.4 0.07 0.535 0.46

100.0 100.0 33.3 33.3 26.3 18.2 16.1 16.0 14.0 13.3 12.5 11.7 11.5 11.1 10.0 8.3 8.1 7.7 7.0 7.0

8.8800 2.23657 7.32685 1400 2.0000 15200 2.5000 5.3800 4.9000 0.8730 2.6000 4.6800 7.75784 1400 14100 5.8000 7.4000 2.4850 0.0001 13100

5.97 2.56 9.10 1849.57 2.56 14956.95 2.56 5.48 5.83 0.965 2.54 5.48 9.10 1849.57 14956.95 5.97 9.10 2.56 360.458 14956.95

2010/3/29 2009/6/1 2009/6/22 2009/7/30 2009/12/2 2009/5/28 2009/11/2 2009/6/29 2009/5/4 2009/6/5 2009/9/7 2009/7/28 2009/6/29 2009/6/29 2009/8/28 2009/5/5 2009/9/2 2009/6/1 2010/7/16 2009/7/30

15.000 2.485 5.172 800 2 500 2 2 4 0.970 2 3 5.172 500 1000 5 5 2.488 145 1000

53.77 18.46 21.76 26.90 31.25 7.27 27.73 8.76 0.86 18.08 12.99 3.74 1.73 25.66 17.19 2.60 3.30 9.73 11.78 3.56

19.90 17.17 43.99 38.53 10.67 17.72 3.94 9.45 5.95 11.70 9.41 5.45 6.07 73.98 8.73 18.37 4.55 14.70 0.89 6.26

The weeks top volume: MACQ BK-CW09 Hang Seng Index

0.4 0.35 0.3 0.25 0.25 0.2 0.15

Price ($)

April 23, 2009

April 29, 2009

The weeks top gainer: BNP PAR-CW10 Singapore Exch

0.02 0.018 0.016

Price ($)
0.02

TOP LOSERS
WARRANT NAME WARRANT PRICE % LOSS (1 WEEK) EXERCISE PRICE MOTHER SHARE PRICE EXPIRY DATE CONVERSION RATIO PREMIUM GEARING

0.014 0.012

MACQ BK-CW09 SINGAPORE TELE MACQ BK-CW09 DBS GROUP HOLD DEUTSCHE-PW09 STRAITS TIMES MACQ BK-CW09 COSCO CORP SIN MACQ BK-PW09 HANG SENG INDE RABOBANK-CW09 CAPITALAND LTD BNP PAR-PW09 STRAITS TIMES BNP PAR-PW09 OVERSEA-CHINES MACQ BK-PW09 HANG SENG INDE BNP PAR-CW09 SINGAPORE AIRL BNP PAR-CW09 CAPITALAND LTD MACQ BK-CW09 CAPITALAND LTD BNP PAR-PW09 STRAITS TIMES MACQ BK-PW09 HANG SENG INDE MACQ BK-CW09 NOBLE GROUP LT DEUTSCHE-CW09 CAPITALAND LTD DEUTSCHE-CW09 COSCO CORP SIN BNP PAR-PW09 STRAITS TIMES BNP PAR-CW11 CAPITALAND LTD SOC GEN-PW09 STRAITS TIMES

0.01 0.005 0.02 0.005 0.035 0.155 0.09 0.14 0.12 0.145 0.49 0.195 0.125 0.27 0.28 0.325 0.06 0.02 0.125 0.105

-90.5 -90.0 -63.6 -50.0 -36.4 -34.0 -33.3 -30.0 -29.4 -29.3 -24.6 -22.0 -21.9 -21.7 -21.1 -20.7 -20.0 -20.0 -19.4 -19.2

2.5000 9.3000 1750 2.4240 12000 2.4850 1700 5.5000 13400 11.2800 1.80582 2.3190 1600 14600 1.1000 1.90522 1.0000 1500 2.38567 1700

2.54 9.10 1849.57 0.965 14956.95 2.56 1849.57 5.48 14956.95 10.30 2.56 2.56 1849.57 14956.95 1.27 2.56 0.965 1849.57 2.56 1849.57

2009/5/5 2009/5/5 2009/5/4 2009/7/3 2009/5/27 2009/6/10 2009/5/28 2009/6/22 2009/5/27 2009/8/3 2009/8/18 2009/6/2 2009/6/29 2009/5/27 2009/7/2 2009/6/8 2009/6/22 2009/5/28 2011/1/18 2009/6/29

2 4 500 5.814 500 1.657 500 3 500 5 1.657 1.656 500 500 1 2.485 2 500 6.627 800

-0.79 2.42 5.92 154.20 20.38 7.10 10.52 7.30 12.49 16.55 2.25 3.20 16.87 7.07 8.66 5.97 16.06 19.44 25.55 12.63

127.00 455.00 184.96 33.20 164.56 9.97 41.10 13.05 48.00 14.21 3.15 7.93 29.59 21.33 4.54 3.17 8.04 184.96 3.09 22.02
0.04 0.02 0.01 0 0.1 0.08 0.06 0.12 0.01 0.008

March 19, 2009

April 28, 2009

The weeks top loser: MACQ BK-CW09 Singapore Tele

Price ($)

April 16, 2009

April 27, 2009

HIGHEST PREMIUM
WARRANT NAME WARRANT PRICE EXERCISE PRICE MOTHER SHARE PRICE EXPIRY DATE CONVERSION RATIO PREMIUM GEARING

HIGHEST DISCOUNT
WARRANT NAME WARRANT PRICE EXERCISE PRICE MOTHER SHARE PRICE EXPIRY DATE CONVERSION RATIO PREMIUM/ (DISCOUNT) GEARING

BNP PAR-CW10 COSCO CORP SIN BNP PAR-CW10 COSCO CORP SIN MACQ BK-CW09 COSCO CORP SIN BNP PAR-CW10 CAPITALAND LTD BNP PAR-CW10 DBS GROUP HOLD BNP PAR-CW10 UNITED OVERSEA BNP PAR-CW10 SINGAPORE TELE BNP PAR-CW10 CAPITALAND LTD MERRILL-CW11 ML CHINA WARTE BNP PAR-CW10 DBS GROUP HOLD

0.01 0.005 0.005 0.02 0.01 0.01 0.025 0.03 0.65 0.02

5.45241 4.20451 2.4240 4.91145 17.1362 18.8800 4.1800 4.08331 0.0001 14.55026

0.965 0.965 0.965 2.56 9.10 11.00 2.54 2.56 39.06 9.10

2010/3/26 2010/3/5 2009/7/3 2010/1/22 2010/1/29 2010/4/9 2010/2/18 2010/1/8 2011/3/31 2010/2/5

7.679 7.679 5.814 6.560 12.930 15.000 3.000 6.560 100 12.930

472.97 339.68 154.20 96.98 89.73 73.00 67.52 67.19 66.41 62.73

12.57 25.13 33.20 19.51 70.38 73.33 33.87 13.01 0.60 35.19

DEUTSCHE-CW09 HANG SENG INDE DEUTSCHE-CW09 STRAITS TIMES BNP PAR-CW09 STRAITS TIMES BNP PAR-CW09 STRAITS TIMES DEUTSCHE-CW09 DBS GROUP HOLD MACQ BK-CW09 SINGAPORE TELE DEUTSCHE-CW09 STRAITS TIMES BNP PAR-CW09 STRAITS TIMES DEUTSCHE-CW09 STRAITS TIMES BNP PAR-CW09 UNITED OVERSEA

0.665 0.655 0.78 0.76 0.335 0.01 0.485 0.485 0.295 0.53

11800 1400 1400 1450 7.0000 2.5000 1600 1600 1700 8.88

14956.95 1849.57 1849.57 1849.57 9.10 2.54 1849.57 1849.57 1849.57 11.00

2009/4/30 2009/7/1 2009/6/29 2009/4/29 2009/9/28 2009/5/5 2009/5/4 2009/5/28 2009/6/1 2009/7/1

500 500 500 500 6 2 500 500 500 4

-9.56 -6.60 -3.22 -1.06 -0.99 -0.79 -0.38 -0.38 -0.11 0.00

8.66 5.65 4.74 4.87 4.53 127.00 7.63 7.63 12.54 5.19

THEEDGE SINGAPORE | MAY 4, 2009 31

SEE BLOOMBERG TELEVISION ON STARHUB CABLE TV, CHANNEL 25.

CAPITAL

Bloomberg Financial Markets Commodities News

Tel: (65) 6212 1000 | Fax: (65) 6212 1111

SINGAPORE
FSSTI Straits Times Index ranked returns (per cent change)
APRIL 2330, 2009

FSSTI Straits Times Index equity index movers

APRIL 30, 2009

SINGAPORE equity movers ARA Asset, Mercator Lines, Osim Yangzijiang

April 30Singapores Straits Times Index jumped 70.71 points, or 3.8 %, to 1,920.28 at the close. The measure gained 15% this month, its best monthly performance since September 1999. All but three of the gauges 30 members rose. ARA Asset Management Ltd, a real-estate fund management company partly owned by Cheung Kong Holdings Ltd, advanced 5.8% to 46 cents. The company said 1Q prot rose 10% to $10.1 million. Mercator Lines Singapore, a bulk shipping company, surged 14% to 16.5 cents. The company said it has secured a US$175 million, 14year contract to transport iron ore from Brazil to China for Cia Vale do Rio Doce, the worlds largest supplier of iron ore. Osim International Ltd, the biggest maker of massage chairs in Asia, surged 31% to 17 cents, its highest since Sept 22. The company said it posted net income of $3.2 million in 1Q, its rst quarterly prot since 2007. Yangzijiang Shipbuilding Holdings Ltd, a Chinese shipbuilder, jumped 11% to 50 cents. Credit Suisse Group AG raised its recommendation to outperform from neutral and increased its share-price target by 50% to 60 cents. The company said its prot rose 30% as it delivered six vessels during the quarter. The company will E deliver 40 vessels this year, it said.

REGIONAL MARKETS
HSI equity index movers CSI 300 equity index movers MALAYSIAN equity movers KLCIs best monthly gain in 10 years
April 30The Kuala Lumpur Composite Index rose 23.28 points, or 2.4%, to close at 990.74 points, the biggest gain since April 10. It jumped 14% this month, the best monthly gain since April 30, 1999. Seven stocks climbed for each one that fell on the 100member gauge. The stock index added 1.2% this week, the seventh weekly advance. May index futures, the most active contract today, rose 2.1% to 993.50. In the market, 1.6 billion shares changed hands, more than double the three-month daily average of 662 million shares. Bumiputra-Commerce Holdings Bhd led banks higher after central bank data showed loan applications rose 4.7% in March, the second monthly gain. IOI Corp, Malaysias secondbiggest palm oil producer, rose 4.9% to RM4.30, the steepest gain since Jan 5. Kuala Lumpur Kepong Bhd added 2.7% to RM11.60, and Sime Darby Bhd climbed 3.1% to RM6.60. Palm oil prices advanced as much as 4.6% to RM2,595 a tonne in Kuala Lumpur, extending yesterdays 1% gain. SapuraCrest Petroleum Bhd led gains by Malaysian oil and gas services providers after crude oil climbed for a second day, boosting the prospects for explorationrelated contracts. SapuraCrest surged 9.5% to RM1.15, the highest close since Oct 7. KNM Group Bhd rose 7.5% to 57.5 sen. Crude oil rose as much as 1.9% as a surge in equity markets increased optimism that the global economy and fuel demand will E recover soon.

JCI equity index movers

KLCI equity index movers

32 THEEDGE SINGAPORE

| MAY 4, 2009

CAPITAL

RIGHT TIMING
Chart B Chart C

Chart A

The May effect

Sell in May and go away. Is there any truth to this old Wall Street adage? According to the seminal book Behavior of Prices on Wall Street by Arthur Merrill, yes. He studied market action on Wall Street for almost a century, from the 1880s to the 1980s, and put all his observations in the book. There is the presidential cycle, the market year, the market month and the market week. Based on the research, the month with the best score is December. (Ditto for our own market where December and January are up months 80% of the time.) Close behind December is the summer-rally month of August. January is in third place on Wall Street. The most bearish months are June, September and May, in that order. Since global markets, in particular Asian markets, have rallied strongly these past two months the North Asian markets of Shanghai and Taiwan are up 30% to 40% since the start of the year alone it would be appropriate for them to consolidate in May. Looking at the charts, Keppel Land is up something like 90% from its low of 99.5 cents in March. And its not alone. Markets in general have discounted the bad news; discarded the worse-than-expected GDP figures here, in the US and everywhere else; put aside the US banks stress tests; ignored the poor 1Q results, and rallied. Equity markets are of course seen as discounting mechanisms, but their recent strength must have surprised even the most ardent bulls. Last Thursday, the pigs were swept aside as the bulls took control. STI (1,920) Long term: upturn; medium term: up; short term: peaking

24-month ROC (Chart C) is turning up.

Short term
RSI (Chart B) is rebounding. ADX (Chart B) has just turned up and the DIs remain positively placed. Stochastics (Chart B) is at the top end of the range.

Medium term
Quarterly momentum (Chart A) remains flat.

Long term
Annual momentum (Chart C) has turned up.

An unusual pre-holiday rally and the futures closing on April 30 triggered a sharp upmove in the market. The FSSTI put on 68 points during the week. While the market should be in a corrective mode, and perhaps its a bit premature to assume the corShanghai Composite Index rection has ended, the upmove (2,448) is somewhat surprising. The The Shanghai market underretreat in the early part of last | BY GOOLA WARDEN | performed last week, as Taiwan week has established 1,796 to surged ahead. It may remain in 1,800 as a support area. Perhaps a corrective mode for a couple a little bit more support appears at 1,750- of weeks. Immediate resistance is at 2,550, 1,770 but this is a moot point if the market the high reached on April 15. The uptrend plans to rise from current levels. The break- that has developed this year is intact, and an out level is at current levels (1,920). A suc- eventual target of 2,720 was indicated followcessful break would be too ambitious right ing an earlier break above the 2,390 level. now and it looks unlikely, but it would indicate a measuring objective of 2,384. Hang Seng Index (15,520) The longer-term picture continues to sug- The Hong Kong market was quite volatile gest a turnaround from the bear market of the last week and dipped below 15,000 but repast 18 months. Annual momentum is slow- gained the level promptly. The rebound has ly but surely turning up. Whats more, the taken the Hang Seng Index towards a pretty weighted moving average of the annual mo- strong resistance at between 15,750 (tested mentum indicator has shown an upturn as on April 20) and 15,800 (tested in February). well, and the first time it has turned up in five If the market sells off and corrects in May, a years. The slower moving 24-month ROC is breakout may not materialise until June. An also gradually turning up after forming a sau- eventual break provides a measuring objecE cer bottom. tive of 21,600.

Quarterly momentum remains within a sideways range and has been unable to clear its several times-tested resistance near its equilibrium line. 21-day RSI has rebounded, with its uptrend more or less intact. ADX is beginning to turn up. The DIs remain positively placed.

GETTING TECHNICAL

The rally that just will not quit

| BY MICHAEL KAHN |

f you are a real pessimist, you might describe the current stockmarket rally as the march of the undead. The dictionary defines the undead as beings that are dead but behave as if alive. If you are an optimist, you might instead admire the markets immortality, which is defined as that which will never die. Both describe what has been happening in the stock market. With very little technical or fundamental evidence to support it, the market remains resilient. For most of last month, I have opined that negative technical evidence has been building, from weak trading volume to an overly eager return to optimism on the part of investors. From the fundamental side, last Wednesdays report of a 6.1% plunge in 1Q GDP capped the worst two-quarter performance in more than half a century. Toss in the fear of a global swine

flu pandemic and things Dow Jones Industrial Average look fairly bleak. Yet, the stock market tacked on more than 2% ($INDU,15) Dynamic, 0:00-24:00 by the midmorning coffee 8200.00 3 5 break. Resilience in the 1 8100.00 face of bad news usually tells me there is some8000.00 2 4 thing positive in the stock 6 market that we cannot see 7900.00 just yet. However, I have 7800.00 my doubts about the current market. Resilience April 24, 2009 April 29, 2009 may be an incorrect assessment of confusion. One example of confusion is swings on the order of 100 points the lack of net price change. For or more (see chart). Often, these the third time in as many weeks, swings occur in the same day, and the Standard & Poors 500 Index over one two-day period the Dow touched the 875 resistance level, had six such moves. That got tradplus or minus a few points. On the ing chat rooms abuzz with rollersurface, we might think that it has coaster imagery. For all of this travelling, the Dow been a rather quiet period for the market, but dont tell that to a day 30 and S&P 500 are just about where they were earlier in the month even trader. Using the more familiar Dow after last Wednesdays advance. Id Jones Industrial Average, an intra- call that confusion, for sure. But, there is a technical tendenday chart clearly shows frequent

cy I have observed over the years a weak market does not hang around resistance for very long. Weak markets run to resistance and then fall away. The reason is that strong bearish hands take immediate advantage of perceived high prices to sell and sell heavily. Timid bears are given little chance to sell comfortably. With the S&P 500 spending several weeks just below resistance, there seems to be little interest on the part of the bears to step up their selling. As we know, there are two sides to any trade. While it may be true that the bears are not aggressively selling, it also seems true that the bulls are not aggressively buying. Last Wednesday mornings nice rally lacked volume support to suggest that there was no real enthusiasm to own stocks in anticipation of a significant continuation of the rally. For the S&P 500, the argument for a new leg up will only be valid if and when the index closes at a new high with strong volume support. For the Nasdaq, the situation is a

little different. This index has already moved above its own resistance zone centered on 1,650. There have also been occasions when volume did support some of the gains although there were not many. But there has been no single breakout event that distinguishes a fresh round of bullishness from a resting phase. Prices seem to have been drifting higher rather than powering higher. Nasdaq strength is consistent with technology strength, but my read on that sector is one of survivability during a correction rather than a place to put money to work now. I am taking Nasdaq strength as a good longer-term sign for stocks rather than a short-term play. Until one side or the other steps up with aggressive activity, I cannot see making a big bet in either direction. The volatile yet low-volume trading weve seen recently E does not warrant it. Michael Kahn is the author of two books on technical analysis, most recently Technical Analysis: Plain and Simple, and was chief technical analyst for Bridgenews

ESIGNAL

THEEDGE SINGAPORE | MAY 4, 2009 33

CAPITAL

HOT STOCKS

Second-tier property stocks could attract interest

If Keppel Land starts attracting attention, in view of its rights issue announcement, that could trigger activity in second-liner property counters. Some are probably in the same position as Keppel Land, that is, they also need extra capital. Fraser & Neave and GuocoLand are just two of the property companies that may need fresh equity. Elsewhere, Ho Bee Investment, a bull market stock, has obviously fallen off everyones radar. Allgreen Properties, the analysts favourite, has so far underperformed the leaders. All this could change in the next few months. Of course, for the present, CapitaLand and City Developments have the market watchers attention almost exclusively.

KEPPEL LAND ($1.72) Centre of attention

ALLGREEN PROPERTIES (56 cents) Set for rebound

This counter could be the focus of attention if CapitaLands price action is anything to go by after the latter announced a rights issue in February. Since the announcement of its nine-for-10 rights issue at $1.09, prices have held relatively steady at $1.65 to $1.70. ADX is rising as is quarterly momentum, and interestingly, annual momentum is turning up. Prices have quietly moved up and are now 98% above their March lows. Resistance is at $1.90, the April high. At some point, there will be a breakout, giving rise to a measuring objective of $2.80.

Quarterly momentum has rebounded off a support. Against this, prices too, should be able to rebound. They need to regain the 200-day moving average at 55 cents to strengthen and sustain that level. This looks quite do-able. The 50- and 100-day moving averages have turned up. Volume faded somewhat on the pullback but is showing signs of picking up again. A break above 55 cents indicates a measuring objective of 70 cents.

WHEELOCK PROPERTIES ($1.10) Could gain strength

BUKIT SEMBAWANG ($2.42) Recovery in store

This counter is hanging on to its still-declining 200-day moving average at $1.08 by a hairs breadth. That is a differentiating factor as other stocks in the sector have slumped below this moving average. Medium-term indicators remain intact, having turned up earlier. Last month, they broke out into positive territory. Both the 50- and 100-day moving averages turned up in April. A rebound is likely this week, with resistance appearing at the opening high of $1.18 on April 15. A breakout would complete the continuation pattern and indicate a target of $1.38.

Although this is one of the weaker property counters, the attempt to challenge and break out of its declining 50-day moving average at $2.50 could be successful. The multi-month positive divergences between quarterly momentum, RSI and prices could eventually bear fruit. ADX is at the low end of its range and due for an upturn. When this materialises, the break above resistance at the moving average is likely to occur. Support is at current levels, at $2.38 and the downside is very limited. An eventual break above $2.50 indicates a target of $3.

FRASER & NEAVE ($2.62) Challenging resistance

HO BEE INVESTMENT (42 cents) Support at hand

Not quite a property stock but often priced as one, F&Ns chart pattern indicates that it is one of the weaker property counters. It is certainly not a leader and is unlikely to outperform. Indeed, some analysts reckon it could be the next property stock on the rightsissue list. The market is perverse, and a rights issue could give the chart pattern a shot in the arm. Quarterly momentum is strengthening. ADX is at the low end of its range and set for an upturn. The downtrend line and resistance coincide at $2.65. A breakout here would provide the impetus to rally to as high as $3.37.

Ho Bee has been a casualty of the slump in high-end property. However, prices have been in a sideways range since hitting lows of 30 cents in October and 27.5 cents in March. The counter is still not up to strength. For instance, the inability to break out of its 200-day moving average earlier this month suggests that this counter is weaker than some of its peers. However, quarterly momentum has turned decisively upwards and broken above its equilibrium line and resistance. Support is near here, at the 39 to 40 cents level. Meanwhile, the 50- and 100-day moving averages have turned up and are poised for a golden cross. When this materialises, prices look set to rally to at least 48 cents.

34 THEEDGE SINGAPORE

| MAY 4, 2009

Pictureoftheweek
US President Barack Obama walks through the halls of the White House after a news conference last Wednesday. Obama, marking his first 100 days in office, highlighted his budget and economic plan, which he says will set the US on a path towards recovery. He is calling for a new foundation for growth with investments in education, renewable energy and healthcare to help prime the economy in the future. The start of Obamas term has been defined by major challenges, with the swine flu outbreak and a crashing economy at the forefront. Even so, polls show the new president is more popular than predecessors at the same point in their first terms, and Americans report feeling more optimistic. Still, Obama warns that more jobs will be lost before the recession is over. The government says 1Q GDP declined at a 6.1% annual pace after contracting at a 6.3% rate in 4Q2008. Unemployment hit a 25-year high of 8.5% last month, and many investors predict a double-digit jobless rate this year. There were a few light moments in the news conference. Asked to explain what has most surprised, troubled, enchanted and humbled him about the presidency, Obama paused to write down all the questions and drew laughter from the crowd. He says he has learnt that the power of the presidency is extraordinary, and limited: I cant just press a button and suddenly have the bankers do exactly what I want.
BLOOMBERG

CORPORATEmoves
BBR Holdings (S) Ltd
Pietro Brenni has been appointed non-executive director wef April 28 Work experience: CEO, Brenni Engineering Ltd (Switzerland); CEO, BBR Systems Ltd (Switzerland); CEO, Rodio Geotechnik AG (Switzerland) Peter Michael Ekberg has been appointed non-executive director wef April 28 Work experience: CFO, Tectus Ltd (Switzerland); CFO, BBR Holdings Ltd (Switzerland); CFO, Holmes Place AG (Switzerland) Nelson Simon Meers has been appointed non-executive director wef April 24 Work experience: MD/head of Asia, ACA Capital (Singapore); director structured credit, Artesian Capital Management (Sydney); senior VP, securitisation & risk trading, ACE Financial Solution (New York) Koshiro Taniguchi has been appointed non-executive director wef April 24 Work experience: Senior executive officer, Daiwa SMBC Capital Co, Ltd; senior executive officer, NIF SMBC Ventures Co Ltd; MD, Daiwa Securities Co Ltd

Companies are invited to submit notices of senior corporate appointments and changes. Photographs (in jpeg format) are welcomed. Announcements will be edited for brevity. Please email rahayu.mohamad@bizedge.com; attention: editorial coordinator, Rahayu Mohamad.

LISTINGS
CORPORATE/CAPITAL MARKETS May 6 Topic: Skills to Successful Trading Highlights: How to identify a sensitive warrant? Do expiry dates matter? What is implied volatility and how does it affect warrant prices? Time: 6.45pm to 8.30pm Venue: SGX Auditorium, SGX Centre 1, Level 2 Organiser: Deutsche Securities Asia Ltd Registration: www.dbwarrants.com.sg INDUSTRY/TECHNOLOGY May 6 Topic: The Asian Solution for Global Commodities Trading Highlights: Trends shaping the commodities industry in Asia in 2009 Time: 5.30pm to 8.30pm Venue: Ballroom 2, The Fullerton Hotel, Singapore Organiser: Singapore Mercantile Exchange Tel: 6590 3742 Email: seminars@smx.com.sg Website: www.smx.com.sg HUMAN RESOURCE May 5 Topic: Gaining Competitive Edge through Your People Highlights: Gaining a competitive edge through effective people strategies; A business driven by its people-rst culture; The SAS Institute approach to a highly engaged workforce in China Time: 9am to 5pm Venue: Singapore Marriott Hotel Organiser: Hewitt, Ministry of Manpower Email: dahlia.ismail@hewitt.com May 6 and 7 Topic: HR Summit 2009 Venue: Suntec Singapore Intl Convention and Exhibition Centre Organiser: Key Media Pte Ltd Tel: 6423 5631 Email: mandy@keymedia.com.sg Website: www.hrsummit.com.sg Compiled by Rahayu Mohamad

Frasers Centrepoint Trust

Philip Eng Heng Nee has been appointed independent non-executive chairman wef April 23 Work experience: Deputy chairman/independent non-executive director, MCL Land Ltd; group MD, Jardine Cycle & Carriage Ltd

al of the board of the trusteemanager has been suggested by the sponsor, Hyflux Ltd. Owing to his heavy commitments to the boards of several other companies and the fact that appropriate board, management, governance and compliance structures have now been established for the trustee-manager under his chairmanship since the listing of Hyflux Water Trust, Chua has volunteered to step down Lum Ooi Lin has resigned as non-executive director wef April 23 Reason for cessation: Part of the boards renewal process

ment at AGM to pursue his personal interests

on the day-to-day production at specific facilities Tan Keng Boon has resigned as non-executive chairman/director wef April 24 Reason for cessation: Not seeking re-election following retirement by rotation Ronnie Teo Heng Hock has resigned as independent director wef April 24 Reason for cessation: Completion of two years in the post as originally agreed with chairman

Rabobank
Jan Lambregts (top) has been appointed global head of financial markets research, global financial markets division, with immediate effect Work experience: Head, financial markets research, Asia, Rabobank; macro economist, economic research dept, Rabobank Nederland; senior economist, global financial markets, Asian operation, Rabobank

Hyux Water Trust

Lau Wing Tat has been appointed independent director wef April 24 Work experience: Adviser, Siam Commercial Bank (Thailand); ED, Sunmax Capital Pte Ltd Teo Kiang Kok has been appointed non-executive director wef April 23 Work experience: Head, corporate & corporate finance/ China practices, Shook Lin & Bok LLP John Teo Cheng Lok has been appointed independent director/audit committee member wef April 24 Work experience: Founder/ senior partner, TeoFoongWongLCLoong and Baker Tilly TFWLC; director, Raffles Education Corp Ltd Chua Yong Hai has resigned as non-executive chairman wef April 24 Reason for cessation: A renew-

Keppel Corp Ltd

Lee Tsao Yuan has resigned as non-executive/independent director wef April 24 Reason for cessation: Lee, who retired pursuant to Article 81B of the Companys Articles of Association, decided not to seek re-election at the 41st AGM to further her professional and personal interests

Hong Leong Finance Ltd

Poad bin Shaik Abu Bakar Mattar has been appointed independent director wef April 24 Work experience: Senior partner, Deloitte & Touche; managing partner, Deloitte & Touche and Deloitte Haskins & Sells Robin Ian Rawlings has resigned as independent director wef April 24 Reason for cessation: Term ended pursuant to section 153 of the Companies Act, Chapter 50

3Com Corp Starhill Global REIT

Cheong Peng Kwet Yew has been appointed CFO wef April 27 Work experience: COO, Starhil Global Reit; VP, Ergo Tru Asia; nine years of investment banking and corporate finance experience with HSBC, NM Rothschild & Sons and Hong Leong Bank Murray Holzworth (top) has been appointed regional programme director, 3Com Asia Pacific, wef April 2009 Work experience: Twenty years experience in the IT industry; Queensland state manager, 3Com (Australia); senior business development manager, CITEC

Koon Holdings Ltd

Ng Beng Beng has been appointed acting group financial controller wef May 1 Work experience: Group finance manager, Koon Holdings Ltd; accountant, PD Intl Group; contract accountant, ASL Marine Group

United Fiber System Ltd Pan-United Corp Ltd

Henry Ng Han Whatt has resigned as non-executive chairman wef April 23 Reason for cessation: Retire-

Sunvic Chemical Holdings Ltd

Jiao Xingkun has resigned as ED wef April 24 Reason for cessation: To focus

Hotung Investment Holdings Ltd

Ho Yew Yuen has resigned as independent director wef April 24 Reason for cessation: To pursue personal interests

THEEDGE SINGAPORE | MAY 4, 2009 35

MARKETdiary
Monday, May 4
Singapore Advanced Holdings Ltd Dividend: $0.01 rst and nal one-tier tax; record date: May 6; payable date: May 19 Dividend: 010109-310309 $0.01291 less 17% tax; record date: May 6; payable date: May 29 Dividend: CNY0.088 rst and nal one-tier tax; record date: May 6; payable date: May 19 Dividend: $0.0097 nal one-tier tax; record date: May 6; payable date: May 20 Dividend: $0.024 nal one-tier tax; record date: May 6; payable date: May 18 Dividend: US$0.00755 nal; record date: May 6; payable date: May 18 Dividend: $0.0075 nal one-tier tax; record date: May 6; payable date: May 21 Dividend: $0.0006 rst and nal one-tier tax; record date: May 6; payable date: May 20 Dividend: $0.005 rst and nal one-tier tax; record date: May 6; payable date: May 26 Dividend: $0.001 nal one-tier tax; record date: May 6; payable date: May 19 Dividend: $0.01 nal one-tier tax; record date: May 6; payable date: May 18 Bonus offer of 1 for 10 Dividend: $0.02 rst and nal one-tier tax; record date: May 6; payable date: May 27 Dividend: $0.01 nal one-tier tax; record date: May 6; payable date: May 29 Dividend: $0.018 nal one-tier tax; record date: May 6; payable date: May 18 Dividend: $0.00.5 nal one-tier tax; record date: May 6; payable date: May 18 Dividend: $0.002 nal tax exempt; record date: May 6; payable date: May 27 Dividend: 010109-310309 $0.0187 less 17% tax; record date: May 6; payable date: May 29 Dividend: $0.008 rst and nal one-tier tax; record date: May 6; payable date: May 19 Dividend: $0.02 nal one-tier tax; record date: May 6; payable date: May 20 Dividend: THB 0.18 nal less 10% tax; record date: May 6; payable date: May 27 Dividend: $0.06 rst and nal one-tier tax; record date: May 6; payable date: May 22 date: May 7; payable date: May 19 Dividend: $0.002 rst and nal one-tier tax; record date: May 7; payable date: May 21 Liang Huat Aluminium Ltd Dividend: $0.0003 rst and nal one-tier tax; record date: May 7; payable date: May 28 Map Technology Dividend: $0.0265 nal one-tier tax; record Holdings Ltd date: May 7; payable date: May 20 New Toyo Intl Holdings Ltd Dividend: $0.0073 nal one-tier tax; record date: May 7; payable date: May 22 Petra Foods Ltd Dividend: $0.0155 nal one-tier tax; record date: May 7; payable date: May 20 Sinwa Ltd Dividend: $0.0075 rst and nal one-tier tax; record date: May 7; payable date: May 25 Suntec Real Estate Inv Trust Dividend: 010109-310309 $0.00336 tax exempt, $0.02582 less 17% tax; record date: May 7; payable date: May 29 UOL Group Ltd Dividend: $0.075 rst and nal one-tier tax; record date: May 7; payable date: May 21 YHI Intl Ltd Dividend: $0.01 rst and nal tax exempt; record date: May 7; payable date: May 22 Yongnam Holdings Ltd Dividend: $0.004 rst and nal one-tier tax; record date: May 7; payable date: May 21 Zhongguo Pengjie Dividend: CNY0.045 rst and nal one-tier Fabrics Ltd tax; record date: May 7; payable date: May 20

Thursday, May 7
Singapore Foreign Reserves (April) Broadway Industrial Group Ltd Brothers (Holdings) Ltd Dividend: $0.01 nal one-tier tax; record date: May 11; payable date: May 22 Dividend: $0.002 rst and nal one-tier tax; record date: May 11; payable date: May 25 CDW Holding Ltd Dividend: US$0.004 nal; record date: May 11; payable date: May 27 China Jishan Holdings Ltd Dividend: $0.0015 nal one-tier tax; record date: May 11; payable date: May 26 China XLX Fertiliser Ltd Dividend: $0.016 nal one-tier tax; record date: May 11; payable date: May 26 G K Goh Holdings Ltd Dividend: $0.01 rst and nal one-tier tax; record date: May 11; payable date: May 22 Hengxin Technology Ltd Dividend: $0.0035 rst and nal one-tier tax; record date: May 11; payable date: May 20 Hong Leong Asia Ltd Dividend: $0.02 nal one-tier tax; record date: May 11; payable date: May 22 Li Heng Chem Dividend: $0.01 nal; record date: May 11; Fibre Tech Ltd payable date: May 22 Oakwell Engineering Ltd Dividend: $0.0006 rst and nal one-tier tax; record date: May 11; payable date: M ay 25 Riverstone Holdings Ltd Dividend: MYR0.01777 nal one-tier tax; record date: May 11; payable date: May 29 Samudera Shipping Line Ltd Dividend: $0.015 nal one-tier tax; record date: May 11; payable date: May 26 San Teh Ltd Dividend: $0.003 rst and nal one-tier tax; record date: May 11; payable date: May 22 See Hup Seng Ltd Dividend: $0.011 nal one-tier tax; record date: May 11; payable date: May 25 SMB United Ltd Dividend: $0.01 nal one-tier tax; record date: May 11; payable date: May 22 Straits Asia Resources Ltd Dividend: US$0.0218 nal tax exempt; record date: May 11; payable date: May 22 Super Coffeemix Dividend: $0.01 nal one-tier tax; record Manufacturing date: May 11; payable date: May 22 Swissco Intl Ltd Dividend: $0.01 rst and nal one-tier tax; record date: May 11; payable date: May 22 United Overseas Bank Ltd Dividend: $0.4 nal one-tier tax; record date: May 11; payable date: May 25 United Overseas Dividend: $0.03 nal one-tier tax; record Insurance Ltd date: May 11; payable date: May 25 Yangzijiang Shipbuilding Dividend: $0.018 nal one-tier tax; record Holdings Ltd date: May 11; payable date: May 22 Jardine Matheson Holdings Ltd AGM Jardine Strategic Holdings Ltd AGM TTL Holdings Ltd EGM

LHT Holdings Ltd

Cambridge Industrial Trust

China Zaino Intl Ltd

Cityneon Holdings Ltd Comfortdelgro Corp Ltd Courage Marine Group Ltd Dynamic Colours Ltd Ezion Holdings Ltd GMG Global Ltd Hoe Leong Corp Ltd IFS Capital Ltd

OKP Holdings Ltd Pan-United Corp Ltd PSL Holdings Ltd Soup Restaurant Group Ltd Southern Packaging Group Ltd Starhill Global Reit

Wednesday, May 6
Singapore Automobile COE Open Bid Cat A, B, E AEI Corp Ltd Dividend: $0.0075 nal one-tier tax; record date: May 8; payable date: May 22 ARA Asset Dividend: $0.0224 nal one-tier tax; record Management Ltd date: May 8; payable date: May 20 Best World Intl Ltd Dividend: $0.005 special one-tier tax, $0.005 nal one-tier tax; record date: May 8; payable date: May 22 Breadtalk Group Ltd Dividend: $0.01 rst and nal one-tier tax; record date: May 8; payable date: May 28 Capitaland Ltd Dividend: $0.015 special one-tier tax, $0.055 rst and nal one-tier tax; record date: May 8; payable date: May 22 Changtian Plastic Dividend: CNY0.058 nal; record date: May & Chem Ltd 8; payable date: May 21 China Aviation Oil Dividend: $0.02 rst and nal one-tier tax; (S) Corp Ltd record date: May 8; payable date: May 20 ECS Holdings Ltd Dividend: $0.027 rst and nal one-tier tax; record date: May 8; payable date: May 22 Hotel Grand Central Ltd Dividend: Scrip Div Alt $0.035 nal one-tier tax; record date: May 8; payable date: June 22 Hyux Ltd Dividend: $0.0343 rst and nal one-tier tax; record date: May 8; payable date: May 22 International Press Softcom Dividend: $0.0025 nal one-tier tax; record date: May 8; payable date: May 22 Koh Brothers Group Ltd Dividend: $0.001 special one-tier tax, $0.002 nal one-tier tax; record date: May 8; payable date: May 20 Lafe Corp Ltd Dividend: US$0.0015 nal; record date: May 8; payable date: May 29 Lee Kim Tah Holdings Ltd Dividend: $0.01 rst and nal one-tier tax; record date: May 8; payable date: May 20 Memtech Intl Ltd Dividend: $0.005 rst and nal one-tier tax; record date: May 8; payable date: May 22 NSL Ltd Dividend: $0.1 one-tier tax, $0.1 nal onetier tax; record date: M ay 8; payable date: May 26 Rokko Holdings Ltd Dividend: $0.002 rst and nal one-tier tax; record date: May 8; payable date: May 21 Serial System Ltd Dividend: $0.0025 nal one-tier tax; record date: May 8; payable date: May 22 Sing Investments Dividend: $0.025 rst and nal one-tier tax; & Finance Ltd record date: May 8; payable date: May 20 SM Summit Holdings Ltd Dividend: $0.04 special one-tier tax, $0.0025 rst and nal one-tier tax; record date: May 8; payable date: May 28 Trek 2000 Intl Ltd Dividend: $0.005 rst and nal one-tier tax; record date: May 8; payable date: May 20 United Engineers Ltd Ord Dividend: $0.05 rst and nal one-tier tax, $0.03 special one-tier tax; record date: May 8; payable date: May 22 Wilmar Intl Ltd Dividend: $0.045 nal one-tier tax; record date: May 8; payable date: May 21 Dairy Farm Intl Holdings Ltd AGM Hongkong Land Holdings Ltd AGM Mandarin Oriental Intl Ltd AGM US ABC Consumer Condence US MBA Mortgage Applications

Teckwah Industrial Corp Ltd Telechoice Intl Ltd Thai Beverage Public Co Ltd Wheelock Properties (S) Ltd

Tuesday, May 5
Singapore Purchasing Managers Index (April) Electronic Sector Index (April) 8Telecom Intl Dividend: $0.00111 nal; record date: May Holdings Co Ltd 7; payable date: May 22 Action Asia Ltd Dividend: $0.012 nal one-tier tax; record date: May 7; payable date: May 19 Adampak Ltd Dividend: $0.01 nal one-tier tax; record date: May 7; payable date: May 22 Allgreen Properties Ltd Dividend: $0.02 rst and nal one-tier tax; record date: May 7; payable date: May 20 Aqua-Terra Supply Co Ltd Dividend: $0.0045 nal one-tier tax; record date: May 7; payable date: May 22 City Developments Ltd Dividend: $0.075 nal one-tier tax; record date: May 7; payable date: May 22 Combine Will Intl Dividend: $0.01 nal; record date: May 7; Holdings Ltd payable date: May 22 Devotion Energy Group Ltd Dividend: $0.005 rst and nal one-tier tax; record date: May 7; payable date: May 21 Eng Kong Holdings Ltd Dividend: $0.003 nal one-tier tax, $0.006 special one-tier tax; record date: May 7; payable date: May 29 Food Empire Holdings Ltd Dividend: $0.0035 rst and nal one-tier tax; record date: May 7; payable date: May 28 Heng Long Intl Ltd Dividend: $0.0128 rst and nal one-tier tax; record date: May 7; payable date: May 21 HLN Technologies Ltd Dividend: $0.001 nal one-tier tax; record date: May 7; payable date: May 19 Hor Kew Corp Ltd Dividend: $0.0015 rst and nal one-tier tax; record date: May 7; payable date: May 19 Hotel Plaza Ltd Dividend: $0.04 rst and nal one-tier tax; record date: May 7; payable date: May 21 Innotek Ltd Dividend: $0.05 rst and nal one-tier tax; record date: May 7; payable date: May 26 Jaya Holdings Ltd Dividend: $0.01 interim one-tier tax; record date: May 7; payable date: May 20 Kim Eng Holdings Ltd Dividend: $0.08 nal one-tier tax; record date: May 7; payable date: May 26 Kingsmen Creatives Ltd Dividend: $0.015 nal one-tier tax; record

Friday, May 8
Dividend: CNY0.0275 rst and nal one-tier tax; record date: May 12; payable date: June 2 Foreland Fabrictech Dividend: Scrip Alt CNY0.012 nal one-tier Hldgs Ltd tax; record date: May 12 Ho Bee Investment Ltd Dividend: $0.01 nal one-tier tax; record date: May 12; payable date: May 29 Hwa Hong Corp Ltd Dividend: $0.0125 nal one-tier tax; record date: May 12; payable date: May 22 IPC Corp Ltd Dividend: $0.0025 rst and nal tax exempt; record date: May 12; payable date: May 28 Kencana Agri Ltd Dividend: $0.003 nal one-tier tax; record date: May 12; payable date: May 26 Lippo-Mapletree Dividend: 010109-310309 $0.0035, Indo Retail Trust $0.0101 tax exempt; record date: May 12; payable date: May 29 MCL Land Ltd Dividend: $0.1 rst and nal one-tier tax; record date: May 12; payable date: May 26 Poh Tiong Dividend: $0.0155 nal one-tier tax; record Choon Logistics Ltd date: May 12; payable date: May 26 Soilbuild Group Dividend: $0.02 nal one-tier tax, $0.02 Holdings Ltd special one-tier tax; record date: May 12; payable date: May 28 United Industrial Corp Ltd Dividend: $0.03 rst and nal one-tier tax; record date: May 12; payable date: May 25 UOB-Kay Hian Holdings Ltd Dividend: $0.07 nal one-tier tax; record date: May 13; payable date: May 28 US Unemployment Rate Compiled by Rahayu Mohamad Singapore China Sports Intl Ltd

THEEDGE SINGAPORE | MAY 4, 2009 21

CAPITAL

STRATEGIST

Taiwans China ties prompt upgrades at Goldman Sachs, JPMorgan

April 28: Taiwans improving China ties are spurring optimism the island will profit from increased trade, leading Goldman Sachs Group Inc to upgrade its growth forecast and JPMorgan Chase & Co to raise the Taiex indexs target. Goldman Sachs boosted its 2010 growth forecast to 3.5% from 2.5%, economist Enoch Fung wrote in a note. The Taiex may rise 40% to 8,000 from yesterday through the year-end, according to JPMorgan analysts. The Taiwan dollar will advance 5.5% in the same period, said David Cohen, director of Asian forecasting at Action Economics in Singapore.

Taiwans stocks are the worlds sixth-best performer this year, while its currency has strengthened, as the two parties hold crossstrait talks. Relations have improved since Taiwan President Ma Ying-jeou won elections in March last year, abandoning his predecessors pro-independence stance. Development on key cross-straits issues, will play a critical role for Taiwans longterm structural growth, the JPMorgan analysts wrote. Taiwan is seeking to bolster ties with China amid a slowdown in the islands US$355 billion ($533 billion) economy. GDP may contract 2.97% this year, the government forecast in April, reversing its November estimate of 2.12% growth.

Goldman Sachs forecasts Taiwans GDP to fall 7% this year compared with an earlier prediction of a 7.5% contraction. China and Taiwan will set up a supervisory mechanism enabling their financial services companies to operate in each others markets, according to an accord signed over the weekend following talks in the eastern Chinese city of Nanjing. They also agreed to more than double weekly direct flights to 270 from 108. Both parties are expected to meet for a fourth time later this year. In Taiwan, investors should be neutral in financials and overweight in technology, JPMorgan said. It also raised its rating on shares of Taiwanese banks, brokers and insurers to overweight from neutral in its

regional financials portfolio, citing the prospects for ties with China. It upgraded Yuanta Financial Holding Co, Sinopac Financial Holdings Co, and Chinatrust Financial Holdings Co to overweight from neutral, and raised its recommendation on First Financial Holding Co and Chang Hwa Commercial Bank to neutral from underweight. The Taiwanese stock benchmark has gained 24% this year, outpacing 84 other global indexes tracked by Bloomberg and the MSCI Emerging Markets Index, which has climbed 11%. Still, profit growth next year will be significantly higher than in 2009, helping drive gains in the islands stock market, JPMorgan said.

Technology stocks favourites in S&P 500 on zero debt

April 27: Technology companies are piling up cash and cutting debt faster than any other industry, a signal to investors that they will rally. Cisco Systems Inc, Salesforce.com Inc and Cognizant Technology Solutions Corp have driven technology shares in the Standard & Poors 500 Index to a 16% gain in 2009, the best start since 1998 and the most among the 10 industries in the measure. Money managers are betting the cash reserves, rising profits and cheapest valuations on record will send US technology stocks up 24% this year, compared with an increase of less than 1% for the S&P 500, according to analyst price forecasts and Bloomberg data. The S&P 500 fell 0.4% last week, the first drop since early March, after bank losses in-

creased and the International Monetary Fund said world economies may contract for another year. MFS Investment Management, Harris Private Bank and Huntington Bancshares Inc say computer and software makers may climb even as the rest of the market retreats. If you are putting money into the market, thats the first place to look, said James Swanson, a chief investment strategist at MFS. They have cash on their balance sheets, they dont have a lot of requirements to pay back debt, and valuations on the stocks are amazingly low. Its a winner. The S&P 500 slipped 1% to 857.51 today on concern the swine flu outbreak will hurt travel, energy and hotel companies. Technology stocks in the index lost 0.9%. Technology companies in the S&P 500 hold 19% of their assets in cash on average and have the least debt relative to overall value at

17%, according to Bloomberg data. Of the 75 companies in the S&P 500 Information Technology Index, 18 have no borrowings, including Apple Inc, Google Inc and Qualcomm. Among the remaining 425 companies in the index, only 12 have no debt. Corporate budgets for technology spending will increase in 2010, UBS AG said in a report dated April 8. The firms survey of chief information officers in the US and Europe showed they expect spending to climb after dropping 5.1% this year. The technology index has fallen as much as 55% from its October 2007 high, fetching 7.2 times its companies average cash flow last month, the lowest level in at least 16 years. Even as Microsoft Corp last week reported its first revenue decline since the company went public in 1986, technology earnings held up better than other industries

whose profits rely on economic growth. The last time the technology index started a year with a bigger rally, it continued. The measure rose 29% in 1998 through April 24 and went on to climb another 38%. The gauge surged 16-fold during the 1990s before peaking in March 2000 and then plunging 83% through October 2002. E Compiled from Bloomberg LP
The stories on this page are compiled from various news sources and directly from the rms. Disclaimer: Readers should consult their adviser on the strategies and read the full reports. The Edge Singapore does not accept any liability whatsoever for any direct, indirect or consequential losses (including loss of prot) or damages that may arise from the use of information or opinions published. Opinions expressed are subject to change without notice. The strategists may from time to time have positions in the products mentioned.

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