Daily Focus Stock Pulse

Refer to important disclosures at the end of each report

DBS Equity Research 21 May 2020

Market Cap: US$37,268m | Average Daily Value: US$70.43m Yeo Kee Yan, CMT [email protected] Singapore Research Team

Last TradedResearch Price: CallS$29.99; Alert Price Target: S$33.20 (Upside 10.7%)

Sue Lin• LIMMarket / Rui View Wen Update: LIM Near-term recovery remains tentative

Strong 1Q18; keep watch on dividends ahead

Market View Update • 1Q18 earnings were in line; topline driven largely from higher NIM; lower trading Near-term recovery remains tentative gains offsetSTI component some revenues stocks - movers since March 23 low

Name Price Net Chg % Chg Points %Idx Mv • CreditDBS costs at new low of 23bps,19.76 guidance at3.43 20 -25bps21.02% possibly towards68.276 the 20.79%lower OCBC 8.95 1.14 14.60% 42.318 12.88% 2.69 0.41 17.98% 32.923 10.02% end; stillUOB some buffers noted under the 19.86Expected Credit2.29 Losses13.03% line for other31.728 assets 9.66% AREIT 3.02 0.73 31.88% 23.066 7.02% • PositiveWilmar outlook ahead, topline growth3.88 supported0.98 by 33.79%lower credit20.461 costs; dividends6.23% SGX 9.99 1.93 23.99% 17.077 5.20% ThaiBev 0.66 0.16 32.00% 16.948 5.16% should beKeppel sustainable Corp at S$1.00 per year6.1 and could1 head.09 higher21.76% 16.805 5.12% Mapletree Logistics Trust 1.82 0.59 48.48% 16.312 4.97% Genting 0.77 0.25 47.62% 15.592 4.75% • Maintain BUY; TP at S$33.20 (1.5x FY18 BV); higher dividends and lower credit CapitaLand 2.94 0.37 14.40% 9.944 3.03% Venture Corp 16 3.48 27.80% 9.722 2.96% costs areST upsideEng risks 3.22 0.5 18.56% 8.517 2.59% CapitaLand Mall Trust 1.92 0.32 19.81% 8.205 2.50% Mapletree Commercial Trust 1.96 0.35 21.58% 8.178 2.49% Read more..DBSCapitaLand Commercial Group Research.Trust Equity1.65 0.27 19.57% 7.918 2.41% City Dev 7.7 1.47 23.60% 7.428 2.26% 30 Yangzijiang 0.95 0.2 26.72% 4.74 1.44% Dairy Farm 4.75 1.05 28.38% 4.301 1.31% ComfortDelGro 1.58 0.19 13.67% 4.199 1.28% Jardine C&C 20.5 3.37 19.67% 3.589 1.09% DBS EquityUOL Research 6.73 0.57 5 June9.25% 201 8 3.026 0.92% 3.87 0.23 6.32% 2.156 0.66% Market SATSCap: US$37,268m | Average Daily2.83 Value: US$70.43m0.25 9.69% 1.715 0.52% Industries 1.56 0.04 2.63% 0.393 0.12% Jardine Strategic 20.88 0.62 3.06% 0.029 0.01% Last TradedSPH Price: S$29.99; Price Target:1.52 S$33.20 (Upside-0.11 10.7%)-6.94% -1.949 -0.59% SIA 3.58 -0.2 -5.20% -4.921 -1.50% 43.09 -3.66 -7.83% -16.213 -4.94% Sue Lin LIM / Rui Wen LIM Source: DBS Bank, Bloomberg Finance L.P.

Strong 1Q18; keep watch on dividends ahead

ed: JS• / sa: PY, CS 1Q18 earnings were in line; topline driven largely from higher NIM; lower trading Daily Focus

Singapore Stock Pulse

• STI has risen 328pts (+14.7%) since 23 March low

• Excluding index heavyweights banks and SingTel, top 5 index movers were AREIT, Wilmar, Thai Bev, Keppel Corp and SGX

• The worst 5 index laggards were Jardine Matheson, Jardine Strategic, SIA, SPH and SembCorp Industries

• STI’s near-term recovery remains tentative with index heavyweight banks operating in a declining NIM environment as interest rates are likely to stay ‘lower for much longer’

• Near-term focus remains on the beneficiaries of Circuit Breaker phased easing – CapitaLand Mall Trust, Frasers Centrepoint Trust, Lendlease, ComfortDelgro, Mapletree Commercial Trust, Koufu

Ideas of the Day

Actionable ideas by our analysts based on macro, industry or corporate developments

Stocks to Watch SATS Fully Valued Last Traded Price: S$2.79 Price Target (12-mth): S$2.64 Upside -5.4%

Changi Airport to gradually reopen

• Singapore will allow travellers to transit through Changi Airport from 2 June as it begins to progressively re-open air transport • SATS’ primary source of revenue is derived from Changi Airport where it is a provider of gateway services, food solutions, and ground handling services

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Daily Focus

Singapore Stock Pulse

DBS Equity Picks

Our stock picks aim to help investors build a portfolio of Singapore stocks, based on their risk profiles. Stock picks are based on sectoral, fundamental, and technical analysis

Blue Chips

CapitaLand Thai Beverage Public Company Entry Date: 2 Jan 2020 # of shares: 3,500 Entry Date: 17 Feb 2020 # of shares: 20,000 Entry Price: S$3.750 Entry Price: S$0.785

Entry Date: 4 Feb 2020 Last Traded Price: S$0.655 # of shares: 1,500 Entry Price: S$3.550

Last Traded Price: S$2.900

Growth

CapitaLand

Entry Date: 2 Jan 2020 # of shares: 3,500 Entry Price: S$3.750

Entry Date: 4 Feb 2020 # of shares: 1,500 Entry Price: S$3.550

Last Traded Price: S$2.900

Dividends

CapitaLand Retail Trust LendLease Global Commercial Sasseur REIT REIT Entry Date: 3 Mar 2020 Entry Date: 14 Apr 2020 # of shares: 2,000 Entry Date: 28 Apr 2020 # of shares: 13,800 Entry Price: S$1.410 # of shares: 20,000 Entry Price: S$0.620 Entry Price: S$0.550 Entry Date: 24 Mar 2020 Last Traded Price: S$0.735 # of shares: 8,000 Last Traded Price: S$0.575 Entry Price: S$0.985

Last Traded Price: S$1.290

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Singapore Stock Pulse

Covid-19 Update

Total cases of top 15 economies (US vs next 14) New cases of top 15 economies (US vs next 14)

2,500,000 60,000

2,000,000 50,000

40,000 1,500,000 30,000 1,000,000 20,000 500,000 10,000

0 0

9-Jan

6-Feb

2-Apr

9-Apr

5-Mar

7-May

16-Jan

23-Jan

30-Jan

13-Feb

20-Feb

27-Feb

16-Apr

23-Apr

30-Apr

12-Mar

19-Mar

26-Mar

14-May 21-May

Total cases (USA) (LHS) Total cases (Top 14 GDP ex-USA) New cases (USA) (LHS) New cases (Top 14 GDP ex-USA)

Top 15 economies by GDP: USA, China, Japan, Germany, UK, France, , Italy, Brazil, Canada, Russia, S. Korea, Australia, Spain, Mexico, Total cases – ASEAN 10 New cases – ASEAN 10 80,000 2,000 1,800 70,000 1,600 60,000 1,400 50,000 1,200 40,000 1,000 800 30,000 600 20,000 400 10,000 200 0

0

1-Feb

8-Feb

4-Apr

7-Mar

2-May

9-May

11-Jan

18-Jan

25-Jan

9-Jan

15-Feb

22-Feb

29-Feb

6-Feb

11-Apr

18-Apr

25-Apr

2-Apr 9-Apr

14-Mar

21-Mar

28-Mar

5-Mar

16-May

7-May

16-Jan 23-Jan 30-Jan

13-Feb 20-Feb 27-Feb

16-Apr 23-Apr 30-Apr

12-Mar 19-Mar 26-Mar

14-May 21-May Total cases (ASEAN) New cases (ASEAN)

Source: Channel News Asia, DBS Bank

Straits Times Index

Year End Objective: 2,850

 Support Current Resistance level Level 2,550 2,610 2,562 2,530 2,650

Source: DBS Bank, Bloomberg Finance L.P.

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Singapore Stock Pulse

10 most active traded STI component stocks

Company Prices as of Sector Mkt Cap Volume 20 May 20 (S$m) Thai Beverage PCL 0.655 Consumer Goods 16,451 30,727,000 CapitaLand Mall Trust 1.910 REITs 7,048 29,678,200 CapitaLand Commercial Trust 1.640 REITs 6,333 29,534,200 Ltd 3.570 Consumer Services 5,031 24,201,000 Singapore Telecommunications 2.670 Telecom 43,598 23,798,400 ComfortDelGroLtd Corp Ltd 1.550 Consumer Services 3,358 22,898,900 Ascendas Real Estate Investment 2.980 REITs 10,782 14,614,400 GentingTrust Singapore PLC 0.765 Consumer Services 9,230 14,606,600 Mapletree Logistics Trust 1.820 REITs 6,916 14,146,400 Yangzijiang Holdings 0.945 Industrial 3,703 14,077,500 Ltd Source: Bloomberg Finance L.P.

Recent Reports Report Singapore Downstream Consumer: Will we see a spending shift post CB? WillSingapore we see REITs: a spe Thending next shift big post test CB? for S-REITs Singapore Monthly Strategy: Tactical switch Singapore Banks: Uncertainty looms over asset quality Singapore Consumer: Stay home and stop snacking Singapore Hotel REITs: The next privatisation candidate Singtel: 5.4% yield with growth as a bonus Mapletree Logistics Trust : Essential and resilientValue emerging after recent price decline Singapore Consumer: Retail sales shifting to supermarkets Singapore Retail REITs: In for a rough ride

Source: DBS Bank

Dividends

Company Type Particulars Ex Date Paid/Payable CHINAMOBILE ADR 10 DIVIDEND Rate: USD 0.999497 Per Security 21-May-20 06-Jul-20 GREAT EASTERN HLDGS LTD DIVIDEND Rate: SGD 0.5 Per Security 21-May-20 2-Jun-20 NETLINK NBN TRUST DIVIDEND Rate: SGD 0.0253 Per Security 21-May-20 03-Jun-20 TIH LIMITED DIVIDEND Rate: SGD 0.01 Per Security 21-May-20 5-Jun-20 HO BEE LAND LIMITED DIVIDEND Rate: SGD 0.08 Per Security 22-May-20 02-Jun-20 HO BEE LAND LIMITED DIVIDEND Rate: SGD 0.02 Per Security 22-May-20 2-Jun-20 HYPHENS PHARMA INTL LIMITED DIVIDEND Rate: SGD 0.01 Per Security 22-May-20 08-Jun-20 IFAST CORPORATION LTD. DIVIDEND Rate: SGD 0.0075 Per Security 22-May-20 5-Jun-20

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OVERSEA-CHINESE BANKING CORP DIVIDEND Rate: SGD 0.28 Per Security 22-May-20 05-Jun-20 SIM LEISURE GROUP LTD. DIVIDEND Rate: MYR 0.03 Per Security 22-May-20 2-Jun-20 SING INVESTMENTS & FINANCE LTD DIVIDEND Rate: SGD 0.06 Per Security 22-May-20 03-Jun-20 FIRST SPONSOR GROUP LIMITED DIVIDEND Rate: SGD 0.016 Per Security 26-May-20 3-Jun-20 LHN LIMITED DIVIDEND Rate: SGD 0.0025 Per Security 26-May-20 19-Jun-20 OUE LIMITED DIVIDEND Rate: SGD 0.04 Per Security 26-May-20 10-Jun-20 OUE LIMITED DIVIDEND Rate: SGD 0.01 Per Security 26-May-20 10-Jun-20 SEMBCORP INDUSTRIES LTD DIVIDEND Rate: SGD 0.03 Per Security 26-May-20 3-Jun-20 SING HOLDINGS LIMITED DIVIDEND Rate: SGD 0.0185 Per Security 26-May-20 03-Jun-20 HWA HONG CORPORATION LIMITED DIVIDEND Rate: SGD 0.01 Per Security 27-May-20 12-Jun-20 IFS CAPITAL LIMITED DIVIDEND Rate: SGD 0.0078 Per Security 27-May-20 08-Jun-20 LIMITED DIVIDEND Rate: SGD 0.045 Per Security 27-May-20 4-Jun-20 PNE INDUSTRIES LTD DIVIDEND Rate: SGD 0.02 Per Security 27-May-20 05-Jun-20 PNE INDUSTRIES LTD DIVIDEND Rate: SGD 0.01 Per Security 27-May-20 5-Jun-20 STARHUB LTD DIVIDEND Rate: SGD 0.0225 Per Security 27-May-20 12-Jun-20 THAI BEVERAGE PUBLIC CO LTD DIVIDEND Rate: THB 0.1 Per Security 27-May-20 12-Jun-20 AEM HOLDINGS LTD DIVIDEND Rate: SGD 0.031 Per Security 28-May-20 12-Jun-20 BANYAN S$100M4.85%N200605 ENTITLEMENT Rate: 100% 28-May-20 5-Jun-20 SASSEUR REIT DIVIDEND Rate: SGD 0.01334 Per Security 28-May-20 26-Jun-20 TUAN SING S$150M6%N200605 ENTITLEMENT Rate: 100% 28-May-20 5-Jun-20 VICOM LTD DIVIDEND Rate: SGD 0.2429 Per Security 28-May-20 05-Jun-20 ASIAN PAY TELEVISION TRUST RIGHTS Ratio: 1:4 29-May-20 - CHINA TELECOM ADR 10 DIVIDEND Rate: USD 1.450807 Per Security 29-May-20 11-Aug-20 SBS TRANSIT LTD DIVIDEND Rate: SGD 0.059 Per Security 29-May-20 8-Jun-20 TELECHOICE INTERNATIONAL LTD DIVIDEND Rate: SGD 0.01 Per Security 29-May-20 16-Jun-20 COMFORTDELGRO CORPORATION LTD DIVIDEND Rate: SGD 0.0529 Per Security 01-Jun-20 9-Jun-20 PACIFIC CENTURY REGIONAL DEVTS DIVIDEND Rate: SGD 0.0076 Per Security 01-Jun-20 11-Jun-20 , LIMITED DIVIDEND Rate: SGD 0.015 Per Security 02-Jun-20 18-Jun-20 TAN CHONG INT'L LTD DIVIDEND Rate: HKD 0.09 Per Security 02-Jun-20 24-Jun-20 UNITED GLOBAL LIMITED DIVIDEND Rate: SGD 0.02 Per Security 02-Jun-20 16-Jun-20 UNITED GLOBAL LIMITED DIVIDEND Rate: SGD 0.012 Per Security 02-Jun-20 16-Jun-20 CEI LIMITED DIVIDEND Rate: SGD 0.004 Per Security 04-Jun-20 12-Jun-20 CHINA SUNSINE CHEM HLDGS LTD DIVIDEND Rate: SGD 0.01 Per Security 04-Jun-20 24-Jun-20 LUNG KEE (BERMUDA) HLDGS LTD DIVIDEND Rate: HKD 0.11 Per Security 05-Jun-20 22-Jun-20 FIRST RESOURCES LIMITED DIVIDEND Rate: SGD 0.01725 Per Security 08-Jun-20 18-Jun-20 JARDINE CYCLE & CARRIAGE LTD DIVIDEND 2 Cash Options 08-Jun-20 17-Jul-20 LIMITED DIVIDEND Rate: SGD 0.12 Per Security 08-Jun-20 18-Jun-20 VENTURE CORPORATION LIMITED DIVIDEND Rate: SGD 0.5 Per Security 08-Jun-20 16-Jun-20 HOTEL PROPERTIES LTD DIVIDEND Rate: SGD 0.04 Per Security 09-Jun-20 18-Jun-20 HOTEL PROPERTIES LTD DIVIDEND Rate: SGD 0.04 Per Security 09-Jun-20 18-Jun-20 RIVERSTONE HOLDINGS LIMITED DIVIDEND Rate: MYR 0.0585 Per Security 09-Jun-20 22-Jun-20 PENGUIN INTERNATIONAL LIMITED DIVIDEND Rate: SGD 0.0175 Per Security 10-Jun-20 25-Jun-20 KOUFU GROUP LIMITED DIVIDEND Rate: SGD 0.015 Per Security 11-Jun-20 24-Jun-20 LOW KENG HUAT (SINGAPORE) LTD DIVIDEND Rate: SGD 0.015 Per Security 11-Jun-20 30-Jun-20 CHINA AVIATION OIL(S) CORP LTD DIVIDEND Rate: SGD 0.047 Per Security 12-Jun-20 22-Jun-20 CHINA EVERBRIGHT WATER LIMITED DIVIDEND Rate: SGD 0.0067 Per Security 12-Jun-20 30-Jun-20 CSE GLOBAL LTD DIVIDEND Rate: SGD 0.015 Per Security 12-Jun-20 02-Jul-20 EC WORLD REIT ENTITLEMENT Rate: SGD 0.01158 Per Security 12-Jun-20 26-Jun-20 NERATELECOMMUNICATIONS LTD DIVIDEND Rate: SGD 0.005 Per Security 12-Jun-20 15-Jul-20 PAN ASIAN HOLDINGS LIMITED DIVIDEND Rate: SGD 0.0018 Per Security 12-Jun-20 22-Jun-20 SINARMAS LAND LIMITED DIVIDEND Rate: SGD 0.0038 Per Security 15-Jun-20 24-Jun-20 LIMITED DIVIDEND Rate: SGD 0.55 Per Security 15-Jun-20 29-Jun-20 UNITED OVERSEAS BANK LIMITED DIVIDEND Rate: SGD 0.2 Per Security 15-Jun-20 29-Jun-20

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HONG FOK CORPORATION LTD DIVIDEND Rate: SGD 0.01 Per Security 16-Jun-20 30-Jun-20 UNI-ASIA GROUP LIMITED DIVIDEND Rate: SGD 0.022 Per Security 17-Jun-20 30-Jun-20 HONG LEONG ASIA LTD. DIVIDEND Rate: SGD 0.01 Per Security 24-Jun-20 8-Jul-20 N515100S 200701 ENTITLEMENT Rate: 100% 24-Jun-20 01-Jul-20 COLEX HOLDINGS LIMITED DIVIDEND Rate: SGD 0.0045 Per Security 25-Jun-20 10-Jul-20 DYNAMIC COLOURS LIMITED DIVIDEND Rate: SGD 0.01 Per Security 26-Jun-20 09-Jul-20 UMS HOLDINGS LIMITED DIVIDEND Rate: SGD 0.02 Per Security 26-Jun-20 10-Jul-20 UMS HOLDINGS LIMITED DIVIDEND Rate: SGD 0.005 Per Security 26-Jun-20 10-Jul-20 VICPLAS INTERNATIONAL LTD DIVIDEND Rate: SGD 0.0025 Per Security 30-Jun-20 10-Jul-20

Source: SGX

Share buy-back

Name D.O.T. Buy/Sell No of shares $/shr Global Investments Limited 20-May-2020 Share Buy-Back 1,000,000 0.1370 GRP Limited 20-May-2020 Share Buy-Back 10,800 0.1675 OKP Holdings Limited 20-May-2020 Share Buy-Back 14,500 0.1650 Limited 20-May-2020 Share Buy-Back 200,000 1.5000 Singapore Technologies Ltd 20-May-2020 Share Buy-Back 500,000 3.1950 GKE Corporation Limited 19-May-2020 Share Buy-Back 629,000 0.0590 Global Investments Limited 19-May-2020 Share Buy-Back 1,000,000 0.1368 GRP Limited 19-May-2020 Share Buy-Back 19,300 0.1630 Singapore Press Holdings Limited 19-May-2020 Share Buy-Back 200,000 1.4700 GKE Corporation Limited 18-May-2020 Share Buy-Back 60,000 0.0593 Global Investments Limited 18-May-2020 Share Buy-Back 1,000,000 0.1368 GRP Limited 18-May-2020 Share Buy-Back 78,000 0.1600 Hong Fok Corporation Limited 18-May-2020 Share Buy-Back 8,000 0.6800 Singapore Press Holdings Limited 18-May-2020 Share Buy-Back 200,000 1.4800 Tuan Sing Holdings Limited 18-May-2020 Share Buy-Back 20,000 0.2300

Source: SGX

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Singapore Stock Pulse

DBS Bank Ltd 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: 21 May 2020 09:59:42 (SGT) Dissemination Date: 21 May 2020 10:40:52 (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”)) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document 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 and 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, 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:

(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.

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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.

DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-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 2 the content of this research report or his associate does not have financial interests 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 proprietary positions in CapitaLand, Thai Beverage Public Company, CapitaLand Retail China Trust, Sasseur REIT, OCBC, SingTel, UOB, Ascendas REIT, , , Keppel Corporation, Mapletree Logistics Trust, , Venture Corporation, ST Engineering, CapitaLand Mall Trust, Mapletree Commercial Trust, CapitaLand Commercial Trust, City Developments, Yangzijiang Shipbuilding, ComfortDelgro, Jardine Cycle & Carriage, UOL Group, Hong Kong Land ,SATS, Sembcorp Industries, SPH, Singapore Airlines Limited, Frasers Centrepoint Trust, recommended in this report as of 30 Apr 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 CapitaLand Retail China Trust, Sasseur REIT, Ascendas REIT, Mapletree Logistics Trust, CapitaLand Mall Trust, Mapletree Commercial Trust, ComfortDelgro, Frasers Centrepoint Trust, recommended in this report as of 30 Apr 2020

4. DBS Bank Ltd, DBS HK, DBSVS, DBSVUSA or their subsidiaries and/or other affiliates beneficially own a total of 1% of any class of common equity securities of Sasseur REIT, Mapletree Logistics Trust, ComfortDelgro, as of 30 Apr 2020.

Compensation for investment banking services: 5. 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, CapitaLand Retail China Trust, LendLease Global Commercial REIT, Ascendas REIT, Keppel Corporation, Mapletree Logistics Trust, ST Engineering, Mapletree Commercial Trust, CapitaLand Commercial Trust, City Developments, UOL Group, SATS, Sembcorp Industries, SPH, Frasers Centrepoint Trust, Koufu Group Limited, as of 30 Apr 2020.

6. 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 Apr 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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7. 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, CapitaLand Retail China Trust, LendLease Global Commercial REIT, Ascendas REIT, Keppel Corporation, Mapletree Logistics Trust, ST Engineering, Mapletree Commercial Trust, CapitaLand Commercial Trust, City Developments, UOL Group, SATS, Sembcorp Industries, SPH, Frasers Centrepoint TrustT, in the past 12 months, as of 30 Apr 2020.

8. 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: 9. Anthony LIM Weng Kin, a member of DBS Group Holdings Board of Directors, is a Director of CapitaLand as of 01 Apr 2020. 10. Sok Hui CHNG, a member of DBS Group Management Committee, is a Director of Singapore Exchange as of 04 May 2020. 11. Danny Teoh Leong Kay, a member of DBS Group Holdings Board of Directors, is a Director of Keppel Corporation as of 31 Mar 2020. 12. Tham Sai Choy, a member of DBS Group Holdings Board of Directors, is a Director of Keppel Corporation and Chairman of Singapore Exchange Listings Advisory Committee as of 31 Mar 2020. 13. Sim S. LIM, a member of DBS Group Management Committee, is a Independent non-executive director of ST Engineering as of 04 May 2020. 14. Euleen Goh Yiu Kiang, a member of DBS Group Holdings Board of Directors, is a Non-Exec Director / Chairman of SATS as of 31 Mar 2020. 15. Dave GLEDHILL, a member of DBS Group Management Committee, is a Director of Singapore Airlines Limited as of 04 May 2020. 16. Peter Seah Lim Huat, Chairman & Director of DBS Group Holdings, is a Director / Chairman of Singapore Airlines Limited as of 31 Mar 2020."

Disclosure of previous investment recommendation produced 17. 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.

RESTRICTIONS ON DISTRIBUTION General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

Australia This report is being distributed in Australia by DBS Bank Ltd, DBSVS or DBSV HK. DBS Bank Ltd holds Australian Financial Services Licence no. 475946.

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.

Hong Kong This report has been prepared by a person(s) who is not licensed by the Hong Kong Securities and Futures Commission to carry on the regulated activity of advising on securities in Hong Kong pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). This report is being distributed in Hong Kong and is attributable to DBS Bank (Hong Kong) Limited, a registered institution registered with the Hong Kong Securities and Futures Commission to carry on the regulated activity of advising on securities pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). DBS Bank Ltd., Hong Kong Branch is a limited liability company incorporated in Singapore.

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

Indonesia This report is being distributed in Indonesia by PT DBS Vickers Sekuritas Indonesia.

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Malaysia This report is distributed in Malaysia by AllianceDBS Research Sdn Bhd ("ADBSR"). Recipients of this report, received from ADBSR are to contact the undersigned at 603-2604 3333 in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer found at the preceding page, recipients of this report are advised that ADBSR (the preparer of this report), its holding company Alliance Investment Bank Berhad, their respective connected and associated corporations, affiliates, their directors, officers, employees, agents and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies.

Wong Ming Tek, Executive Director, ADBSR

Singapore This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E) or DBSVS (Company Regn No. 198600294G), both of which are Exempt Financial Advisers as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd and/or DBSVS, may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact DBS Bank Ltd at 6327 2288 for matters arising from, or in connection with the report.

Thailand This report is being distributed in by DBS Vickers Securities (Thailand) Co Ltd.

United This report is produced by DBS Bank Ltd which is regulated by the Monetary Authority of Singapore. Kingdom This report is disseminated in the United Kingdom by DBS Vickers Securities (UK) Ltd, ("DBSVUK"). DBSVUK is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

In respect of the United Kingdom, this report is solely intended for the clients of DBSVUK, 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 DBSVUK. This communication is directed at persons having professional experience in matters relating to investments. Any investment activity following from this communication will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this communication.

Dubai This research report is being distributed by DBS Bank Ltd., (DIFC Branch) having its office at units 608 - 610, 6th Floor, International Gate Precinct Building 5, PO Box 506538, DIFC, Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is Financial regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as Centre defined in the DFSA rulebook) and no other person may act upon it.

United Arab This report is provided by DBS Bank Ltd (Company Regn. No. 196800306E) which is an Exempt Financial Adviser as Emirates defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. This report is for information purposes only and should not be relied upon or acted on by the recipient or considered as a solicitation or inducement to buy or sell any financial product. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situation, or needs of individual clients. You should contact your relationship manager or investment adviser if you need advice on the merits of buying, selling or holding a particular investment. You should note that the information in this report may be out of date and it is not represented or warranted to be accurate, timely or complete. This report or any portion thereof may not be reprinted, sold or redistributed without our written consent.

United This report was prepared by DBS Bank Ltd. DBSVUSA did not participate in its preparation. The research analyst(s) States named on this report are not registered as research analysts with FINRA and are not associated persons of DBSVUSA. The research analyst(s) are not subject to FINRA Rule 2241 restrictions on analyst compensation, communications with a subject company, public appearances and trading securities held by a research analyst. This report is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. This report may only be distributed to Major U.S. Institutional Investors (as defined in SEC Rule 15a-6) and to such other institutional investors and qualified persons as DBSVUSA may authorize. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate.

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

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DBS Regional Research Offices

HONG KONG MALAYSIA SINGAPORE DBS Bank (Hong Kong) Ltd AllianceDBS Research Sdn Bhd DBS Bank Ltd Contact: Carol Wu Contact: Wong Ming Tek (128540 U) 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 Fax: 65 65353 418 e-mail: [email protected] Fax: 603 2604 3921 e-mail: [email protected] e-mail: [email protected] Company Regn. No. 196800306E

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 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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