Singapore DBS Equity Picks

Refer to important disclosures at the end of this report

DBS Group Research . Equity 19 Oct 2020

Holding up a steady performance DBS Equity Picks at a Glance Key Facts The STI has risen 1.7% from our September update on Inception Date 22 JUL 2016 TWRR (%) 51.74 cautious optimism about the vaccine development Start Value (S$) 121,000 TWRR Ann (%) 10.35 progress and further easing of Singapore’s COVID-19 Current Value ($) 183,935 Total Dividends Received ($) 12,980 restrictions. Categories In the past month, we pared our exposure on BLUE CHIP DIVIDEND GROWTH

ComfortDelGro (+10.4%) in line with other stocks. We took profit on Far East Hospitality Trust (+17.8%) and Provides steady growth over a Provides steady income Provides capital growth over HPH Trust (+30.7%) which had rallied towards our longer time period stream 12 months fundamental TPs. We briefly removed Ascott Residence DBS Equity Picks Constituents Trust (-2.1%) due to the worsening COVID-19 situation in Europe. Entry Current Div # of No. of UGL* Stock Entry Date Price Price paid shares days (CD) % We added Keppel Corporation (+3.2%) as we believe ($) ($) ($) the worst is over with the clearer V2020 roadmap and CapitaLand 02-Jan-20 3,500 3.75 2.77 288 -22.9 0.12 affirmation on asset recycling. We re-added Ascott CapitaLand 04-Feb-20 1,500 3.55 2.77 255 -18.6 0.12 Residence Trust (0.0%) in anticipation of positive Thai Beverage 17-Feb-20 20,000 0.785 0.57 242 -26.9 0.004 vaccine news soon. Thai Beverage 07-Aug-20 10,000 0.625 0.57 70 -8.8 0 YZJ Shipbuilding 28-May-20 15,000 0.945 0.95 141 0.5 0 DBS equity picks’ time-weighted rate of return (TWRR) ComfortDelGro 02-Jun-20 6,800 1.43 1.45 136 1.4 0 improved slightly to +51.74% (previously +51.64), ComfortDelGro 12-Jun-20 3,200 1.57 1.45 126 -7.6 0 outperforming STI’s -14.39% (previously -15.46). Over CapitaMall Trust 15-Jun-20 8,000 2.05 1.94 123 -4.3 0.0211 the past year, our equity picks have risen +9.68% Frasers Ctrpt Trust 15-Jun-20 7,000 2.39 2.36 123 0.6 0.045 (previously +8.83%) compared to STI’s -19.10% Venture Corporation 11-Aug-20 800 18.84 20.51 66 10.2 0.25 (previously -22.46%). UOB Bank 17-Aug-20 800 20.07 19.46 60 -1.1 0.39 China Aviation Oil 02-Sep-20 11,000 0.935 0.975 44 4.3 0 We maintain our picks for this update and will continue Keppel Corporation 05-Oct-20 2,800 4.4 4.54 11 3.2 0 to monitor for opportunities for additions and Ascott Residence Tr 06-Oct-20 15,000 0.895 0.895 10 0 0 deletions. *Unrealized gain/loss Source: DBS Bank, Bloomberg Finance L.P.

Changes over the past month

Stock Date # of shares Price ($) Return CD (%) Addition Ascott Residence Tr 16-Sep-20 15,000 0.935 -2.1 Keppel Corporation 02-Oct-20 2,800 4.400 3.2 Ascott Residence Tr 05-Oct-20 15,000 0.895 0.0 Removal ComfortDelGro 14-Sep-20 8,000 1.490 10.4 Far East Hospitality Tr 17-Sep-20 22,000 0.595 17.8

HPH Trust 18-Sep-20 68,000 0.132 30.7 Ascott Residence Tr 23-Sep-20 15,000 0.915 -2.1

DBS Equity Picks Performance

Since Inception One-Year

(%) TWRR TWRR (ANN) (%) TWRR DBS Equity Picks 51.74 10.35 DBS Equity Picks 9.68 STI Benchmark -14.39 -3.60 STI Benchmark -19.10

Legend: Ann – Annual; IRR: Internal Rate of Return; TWRR: Time-weighted Rate of Return Analyst: Yeo Kee Yan, CMT | [email protected]

ed: TH/ sa: AS, PY, CS

DBS Equity Picks

Notes 1. Adopt an inception value of $121,000 on 22 Jul 2016 2. Current value of Equity Picks includes uninvested cash holdings 3. Uninvested cash earns no interest income 4. Assume commission cost of 0.28% and fees of 0.04% 5. At inclusion point, each stock takes up 5 to 20% of total portfolio value 6. The market dollar value of a stock must not exceed 20% of total portfolio value during a weight increase 7. The market dollar value of a stock must not fall below 5% of total portfolio value during a weight decrease 8. ‘First-in, First-Out’ methodology is adopted during a weight decrease 9. Assume S$10,000 exposure for each stock inclusion between the inception date on 22 Jul 2016 till up to but not including 14 May 2019

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DBS Equity Picks

Blue Chips You look to include blue chips into your portfolio to provide steady growth over a longer time period. Blue chips tend to be more stable and their holding periods can extend beyond a year.

CapitaLand CapitaLand (CAPL) is our top pick for Singapore property stocks. With the Price Chart CAPL and Ascendas-Singbridge (ASB) merger completed, 2020 will herald a Sector: Real Estate new era of growth with a renewed focus in establishing its dominance in key S$ 4.00 markets of Singapore and China while looking at opportunities to deploy 3.80 capital in growth markets of India and Vietnam. 3.60 Price: S$2.77 3.40 Entry date: 02-Jan-20 Entry price ($) S$3.750 3.20 Days passed 288 Dividend received S$0.120 3.00 % gain/(loss) -22.9% % chg relative to STI: -1.2% 2.80 2.60 2.40 Price: S$2.77 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Entry date: 04-Feb-20 Entry price ($) S$3.550 Days passed 255 Dividend received S$0.120 % gain/(loss) -18.6% % chg relative to STI: 0.4%

ComfortDelGro Re-opening of economy, jobs support and “worst over” mentality could S$ Price Chart provide support to share price. Sell down on removal from MSCI Singapore an 2.60 Sector: Transportation opportunity to accumulate. Trading at 1.2x P/BV, -2 SD below historical 2.40 average 2.20 Price: S$1.450 2.00 Entry date: 02-Jun-20 Entry price ($) S$1.430 1.80 Days passed 136 Dividend received S$0.000 1.60 1.40 % gain/(loss) 1.4% % chg relative to STI: 2.5% 1.20 1.00 Price: S$1.45 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Entry date: 12-Jun-20 Entry price ($) S$1.570 Days passed 126 Dividend received S$0.000 % gain/(loss) -7.6% % chg relative to STI: -1.0%

Keppel Corporation Keppel Corp’s clearer V2030 roadmap and reaffirmation of capital recycling to Price Chart unlock S$3-5bn from identified assets over the next 3 years should restore S$ Sector: Industrials confidence. At the same time, its strategic review of O&M should shine some 8.00 light at the end of tunnel. The worst is likely over after kitchen sinking in 1H20, 7.00 We expect sequential improvement with rising property sales and yard 6.00 activities. The stock currently trades at 0.7x P/BV or 2SD below 5-year mean with 3-4% dividend yield. 5.00 4.00

Price: S$4.540 3.00 Entry date: 05-Oct-20 Entry price ($) S$4.400 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Days passed 11 Dividend received S$0.000 % gain/(loss) 3.2% % chg relative to STI: 2.9%

Yeo Kee Yan; [email protected] / Singapore Research Team [email protected] ed: JS / sa: YM, PY, CS DBS Equity Picks

Thai Beverage Public Co With a strong start to FY20 with robust 1Q20 results, we believe this should Price Chart allay concerns of weak growth. We maintain our BUY recommendation and TP S$ Sector: Food Products of S$1.04, and retain our positive stance on the counter. Our thesis is premised 1.00 on: (i) expectations of net profit growth of 11% in FY20F; (ii) improved 0.90

contribution from Sabeco and lower losses from Non-Alcoholic Beverages 0.80 (NAB); and, (iii) continued deleveraging from its strong and stable cashflow, as well as potential monetisation of assets and corporate restructuring. Valuation 0.70 is reasonable at 17.1x FY20F PE, which is below its historical 5-year forward 0.60

average PE of 22x. 0.50

0.40 Price: S$0.570 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Entry date: 17-Feb-20 Entry price ($) S$0.785 Days passed 242 Dividend received S$0.004 % gain/(loss) -26.9% % chg relative to STI: -5.3%

Price: S$0.570 Entry date: 07-Aug-20 Entry price ($) S$0.625 Days passed 70 Dividend received S$0.000 % gain/(loss) -8.8% % chg relative to STI: -7.4%

UOB We believe overhanging risks including lower net interest margins (NIM) and Price Chart dividend cuts are already priced in. Valuation is undemanding at 0.8x FY21F S$ Banks P/B. While ROEs are unlikely to return to pre-COVID 19 levels in the mid-term 28.00 due to lower-for-longer interest rates, we believe its strong NPA coverage of 26.00 96% (1Q20: 88%) and ongoing provisioning (management guides for S$2-3bn 24.00 of provisioning through FY21F) will limit downside risks. Yield of c.4% remains relatively attractive even after dividend cut. Technical support appears to be at 22.00 $19.96 to $20.07 20.00 18.00 Price: S$19.460 16.00 Entry date: 17-Aug-20 Entry price ($) S$20.070 14.00 Days passed 60 Dividend received S$0.390 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 % gain/(loss) -1.1% % chg relative to STI: 1.1%

Yangzijiang Shipbuilding Shipyard operations are back in full force since end-Mar; ship delivery is on Price Chart track. Weakening economic outlook could slow ordering momentum; S$ Sector: Industrials confident on staying ahead of peers 1.30 1.20 1.10 Price: S$0.950 1.00 Entry date: 28-May-20 Entry price ($) S$0.945 0.90 Days passed 141 Dividend received S$0.000 0.80 % gain/(loss) 0.5% % chg relative to STI: 0.4% 0.70 0.60 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20

DBS Equity Picks

Dividend Income investing is part of your stock-picking strategies. You look to include dividend stocks into your portfolio to provide a steady income stream.

Ascott Residence Trust We return ART to our picks in anticipation of positive vaccine news in 4Q20 Price Chart S$ that should revive interest in travel and hospitality stocks. Recall that we had 1.60 Sector: REITS removed the stock at $0.915 on 24 September on concern about a second COVID-19 wave in Europe. In the past 2 weeks, the stock has held up well at 1.40 slightly below $0.90 despite this uncertainty. It is a balance between positive 1.20

vaccine news versus COVID-19 situation in Europe. At slightly below $0.90, we 1.00 favour vaccine news given the likelihood of more than 1 vaccine candidate achieving a favourable Phase 3 outcome by year-end or even as early as 0.80 October. If this occurs, ART, the largest cap hospitality REIT with its global 0.60 exposure and with FY21F and FY22F yields of 6.2% and 8.7% respectively, 0.40 should turn leader. Oct-19 Jan-20 Apr-20 Jul-20 Oct-20

Price: S$0.895 Entry date: 06-Oct-20 Entry price ($) S$0.895 Days passed 10 Dividend received S$0.000 % gain/(loss) 0.0% % chg relative to STI: 6.0%

CapitaLand Mall Trust Returning office crowds a boost to central malls such as Raffles City and Bugis Price Chart S$ Junction. Portfolio income at risk well-contained at c.24%. Trading yield 2.80 Sector: REITS premium of 70bps against FCT, alongside a 22% y-o-y DPU recovery next year, 2.60 a strong value proposition. 2.40 2.20 Price: S$1.940 2.00 Entry date: 15-Jun-20 Entry price ($) S$2.050 1.80 1.60 Days passed 123 Dividend received S$0.021 1.40 % gain/(loss) -4.3% % chg relative to STI: 1.7% 1.20 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20

Frasers Centrepoint Trust FCT acquires an additional 12.07% stake within PGIM, with remaining c.63% Price Chart stake solely held by sponsor. Full acquisition of PGIM ARF within reach at an S$ Sector: REITS additional c.S$1bn. Downside risk from riskier assets and trade sectors 3.40 contained at c.17% of portfolio GRI. 3.00 2.60 Price: S$2.360 Entry date: 15-Jun-20 Entry price ($) S$2.390 2.20 Days passed 123 Dividend received S$0.045 1.80 % gain/(loss) 0.6% % chg relative to STI: 6.6% 1.40 1.00 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20

DBS Equity Picks

Growth

Your primary investment goal is capital growth. You can tolerate a fair amount of fluctuations in the value of your stock investment in anticipation of possible higher returns. The investment horizon is up to 12 months.

China Aviation Oil Strong trading activity and margins helped CAO record credible 1H20 earnings Price Chart of US$23.6m (-57% y-o-y). Recovery in departing frequencies at Shanghai S$ Energy Pudong International Airport should help drive a stronger 2H20. Net cash 1.50 accounts for c.74% of CAO’s market cap and the stock trades at an attractive 1.30 1.5x FY20 ex-cash PE 1.10

Price: S$0.975 0.90 Entry date: 02-Sep-20 Entry price ($) S$0.935 0.70 Days passed 44 Dividend received S$0.000 % gain/(loss) 4.3% % chg relative to STI: 4.9% 0.50 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20

Venture Corporation With the improvement and recovery in supply chain, we think the worst could Price Chart be over for the stock. Venture reported 2Q net income of S$70.2m and S$ Technology expects the recovery to extend into 2H. Venture’s R&D labs have plans to 22.00 subsequently release several newly developed products into manufacturing 20.00 commencing early 2021. 18.00

Price: S$20.510 16.00 Entry date: 11-Aug-20 Entry price ($) S$18.840 Days passed 66 Dividend received S$0.250 14.00 % gain/(loss) 10.2% % chg relative to STI: 11.0% 12.00 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20

DBS Equity Picks

DBS Bank recommendations are based on an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return, i.e., > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable share price catalysts within this time frame) *Share price appreciation + dividends

Completed Date: 19 Oct 2020 07:45:43 (SGT) Dissemination Date: 19 Oct 2020 07:55:18 (SGT)

Sources for all charts and tables are DBS Bank unless otherwise specified.

Traders Spectrum’s product is oriented towards readers with a short-term trading horizon. It aims to highlight topical themes, which may move stock prices on a daily basis. Readers should be aware that “TS Take” relies more on assessments of technical factors, likely sentiment responses and short term money flows, rather than on fundamental analysis. As such the “TS Take” may from time to time conflict with fundamental ratings (where stocks are ranked to Strong Buy, Buy, Hold, Fully Valued and Sell on a 12 month basis), which are maintained by DBS Bank Ltd analysts. In keeping with the short-term orientation of the product, a stock highlighted may or may not be covered or commented on an ongoing basis.

GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Bank Ltd. This report is solely intended for the clients of DBS Bank Ltd, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd.

The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”) have not conducted due diligence on any of the companies, verified any information or sources or taken into account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we do not make any representation or warranty as to the accuracy, completeness or correctness of the research set out in this report. Opinions expressed are subject to change without notice. This research is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group, may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies.

Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed, it may not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is under no obligation to update the information in this report.

This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned schedule or frequency for updating research publication relating to any issuer.

The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that:

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DBS Equity Picks

(a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein.

Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets.

Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report.

DBSVUSA, a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making.

ANALYST CERTIFICATION The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst (s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate1 does not serve as an officer of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report or his associate does not have financial interests2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of the DBS Group.

COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Bank Ltd, DBS HK, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS'') or their subsidiaries and/or other affiliates have a proprietary position in CapitaLand, ComfortDelgro, Keppel Corporation, Thai Beverage Public Company, UOB, Yangzijiang Shipbuilding, Ascott Residence Trust, CapitaLand Mall Trust, Frasers Centrepoint Trust, Venture Corporation, Far East Hospitality Trust, Hutchison Port Holdings Trust recommended in this report as of 30 Sep 2020. 2. Neither DBS Bank Ltd nor DBS HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report. 3. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates have a net long position exceeding 0.5% of the total issued share capital in ComfortDelgro, CapitaLand Mall Trust, Frasers Centrepoint Trust, recommended in this report as of 30 Sep 2020.

Compensation for investment banking services: 4. DBS Bank Ltd, DBS HK, DBSVS their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12 months for investment banking services from CapitaLand, Keppel Corporation, Frasers Centrepoint Trust as of 30 Sep 2020. 5. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA, within the next 3 months, will receive or intend to seek compensation for investment banking services from Frasers Centrepoint Trust, as of 30 Sep 2020. 6. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of securities for CapitaLand, Frasers Centrepoint Trust, Keppel Corporation, in the past 12 months, as of 30 Sep 2020.

1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst.

2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.

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DBS Equity Picks

7. DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively.

Directorship/trustee interests: 8. Anthony LIM Weng Kin, a member of DBS Group Holdings Board of Directors, is a Director of CapitaLand as of 30 Sep 2020. 9. Tham Sai Choy, a member of DBS Group Holdings Board of Directors, is a Director of Keppel Corporation as of 30 Sep 2020.

Disclosure of previous investment recommendation produced: 10. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates may have published other investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12 months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published by DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates in the preceding 12 months.

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DBSVS and DBSV HK are exempted from the requirement to hold an Australian Financial Services Licence under the Corporation Act 2001 (“CA”) in respect of financial services provided to the recipients. Both DBS Bank Ltd and DBSVS are regulated by the Monetary Authority of Singapore under the laws of Singapore, and DBSV HK is regulated by the Hong Kong Securities and Futures Commission under the laws of Hong Kong, which differ from Australian laws.

Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.

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For any query regarding the materials herein, please contact Carol Wu (Reg No. AH8283) at [email protected]

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Other In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, jurisdictions professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

DBS Regional Research Offices

HONG KONG MALAYSIA SINGAPORE DBS (Hong Kong) Ltd AllianceDBS Research Sdn Bhd DBS Bank Ltd Contact: Carol Wu Contact: Wong Ming Tek Contact: Janice Chua 13th Floor One Island East, 19th Floor, Menara Multi-Purpose, 12 Marina Boulevard, 18 Westlands Road, Capital Square, Marina Bay Financial Centre Tower 3 Quarry Bay, Hong Kong 8 Jalan Munshi Abdullah 50100 Singapore 018982 Tel: 852 3668 4181 Kuala Lumpur, Malaysia. Tel: 65 6878 8888 Fax: 852 2521 1812 Tel.: 603 2604 3333 e-mail: [email protected] e-mail: [email protected] Fax: 603 2604 3921 Company Regn. No. 196800306E e-mail: [email protected] Co. Regn No. 198401015984 (128540-U)

THAILAND INDONESIA DBS Vickers Securities (Thailand) Co Ltd PT DBS Vickers Sekuritas (Indonesia) Contact: Chanpen Sirithanarattanakul Contact: Maynard Priajaya Arif 989 Siam Piwat Tower Building, DBS Bank Tower 9th, 14th-15th Floor Ciputra World 1, 32/F Rama 1 Road, Pathumwan, Jl. Prof. Dr. Satrio Kav. 3-5 Bangkok Thailand 10330 Jakarta 12940, Indonesia Tel. 66 2 857 7831 Tel: 62 21 3003 4900 Fax: 66 2 658 1269 Fax: 6221 3003 4943 e-mail: [email protected] e-mail: [email protected] Company Regn. No 0105539127012 Securities and Exchange Commission, Thailand

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