Singapore Morning Note  2 September 2020 Research Official Website: www.StocksBnB.com MARKET WATCH BREAKING NEWS

Singapore Indices Level 1D D 1D % The (SGX) is collaborating with UK-based cryptocurrency market FTSE ST Straits Time 2,538.6 6.0 0.2 data provider CryptoCompare, to launch crypto indices under the SGX iEdge index FTSE ST Financial 843.4 3.8 0.5 FTSE ST Real Estate 757.8 5.8 0.8 suite. The new indices - iEdge Bitcoin Index and iEdge Ethereum Index - mark SGX FTSE ST Industrials 521.8 (2.3) (0.4) Index Edge's entry into the digital currency asset class. FTSE ST Consumer Service 407.7 (3.4) (0.8) FTSE ST Telecommunicate 580.8 (0.2) (0.0) Industries is divesting its entire 32 per cent stake in joint venture company FTSE ST Oil & Gas 214.3 (1.5) (0.7) FTSE ST Consumer Good 423.2 1.2 0.3 Shenzhen Chiwan Sembawang Engineering Co (CSE) to Chixiao Enterprise Co, for a FTSE ST Utilities 240.7 (0.6) (0.2) gross consideration of 150 million yuan (S$29.4 million), it said on Tuesday. FTSE ST Healthcare 1,003.3 (12.8) (1.3) FTSE ST Technology 296.7 0.3 0.1 Singapore Airline's (SIA) budget carrier Scoot on Tuesday announced it is resuming FTSE ST Basic Material 26.1 0.1 0.3 flights to seven more destinations this month. FTSE ST Mid-Cap 649.1 (0.7) (0.1) FTSE ST Catalist 326.5 (1.3) (0.4) All stocks on Tuesday said it has launched its 5G non-standalone (NSA) network, a 5G Up: 140 network that rides on existing 4G infrastructure. The telco has also introduced a Unchanged: 244 three-month trial for its consumer and enterprise customers. Down: 133 Total Volume (mn shares) 1,797.8 (339.6) (15.9) Zoom Video Communications leaped 40.8 per cent after reporting that quarterly Total Value (S$ mn) 893.7 (323.0) (26.5) Other Indices Level 1D D 1D % profit shot up to US$186 million compared with US$5.5 million in the year-ago SGX APACxJ Div Lead REIT 918.6 (1.2) (0.1) period. The Silicon Valley-based company that has become a popular way to work, Morningstar SG REIT Yield Focus 1,606.4 13.5 0.8 Morningstar SG Yield Focus 1,623.0 7.6 0.5 learn or socialize during the pandemic. Top gainers (mktcap >S$100m) S$ D % OCEANUS GROUP LT 0.007 0.001 16.7 Tesla shares fell 4.7 per cent after announcing it would raise up to US$5.0 billion with OUE LIPPO HEALTH 0.040 0.005 14.3 an offering of newly-issued shares. The pullback comes a day after a stock split SINOSTAR PEC HOL 0.170 0.021 14.1 following the electric car maker's surge this year. HANWELL HOLDINGS 0.240 0.015 6.7 HWA HONG CORP 0.300 0.015 5.3 ANAN INTERNATION 0.041 0.002 5.1 Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR Top losers (mktcap >S$100m) S$ D % Guoan Internatio 0.018 (0.004) (18.2) Chuan Hup Hldgs 0.200 (0.015) (7.0) Yeo Hiap Seng 0.780 (0.055) (6.6) Halcyon Agri Cor 0.220 (0.015) (6.4) Healthway Medica 0.031 (0.002) (6.1) Pan-United Corp 0.280 (0.015) (5.1)

FSSTI INDEX

REL. PERFORMANCE BY MARKET CAP

Source: Bloomberg; PSR

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MCI (P) 027/09/2019 Ref. No.: SGMN2020_000154

Singapore Morning Note

MARKET WATCH

Asia-Pacific Level D % YTD (%) Hang Seng Index 30,000 Nikkei 225 JP 23,138.07 (1.7) (0.0) (2.2) KOSPI KO ||||| 2,349.55 23.4 1.0 6.9 28,000 CSI 300 CN ||| 4,842.12 25.9 0.5 18.2 26,000 HSCEI CN | 10,013.32 21.8 0.2 (10.3) Taiex TW ||||| 12,703.28 111.8 0.9 5.9 24,000 Hang Seng HK 25,184.85 7.8 0.0 (10.7) Sensex IN ||| 38,900.80 272.5 0.7 (5.7) 22,000 Nifty IN |||| 11,470.25 82.8 0.7 (5.7) 20,000 SET TH || 1,305.57 (5.1) (0.4) (17.4) Aug-19 Nov-19 Feb-20 May-20 Aug-20 KLCI MY | 1,521.43 (3.8) (0.2) (4.2) CSI300 STI SG | 2,538.55 6.0 0.2 (21.2) 4,200 JCI ID ||||||| 5,310.68 72.2 1.4 (15.7) Phil Comp PH |||||||| 5,799.24 (84.9) (1.4) (25.8) 4,000 S&P/ASX 200 AU |||||||||| 5,953.41 (107.1) (1.8) (10.9) 3,800

US/Europe Level D % YTD (%) 3,600 DJIA US |||| 28,645.66 215.6 0.8 0.4 NASDAQ Comp US ||||||| 11,939.67 164.2 1.4 33.1 3,400 S&P 500 US |||| 3,526.65 26.3 0.8 9.2 Aug-19 Nov-19 Feb-20 May-20 Aug-20 FTSE 100 UK ||||||||| 5,862.05 (101.5) (1.7) (22.3) Yen DAX GR | 12,974.25 28.9 0.2 (2.1) 115 CAC 40 FR | 4,938.10 (9.1) (0.2) (17.4) Euro STOXX 50 EU 3,277.58 5.1 0.2 (12.5) 110 VIX US |||||| 26.12 (0.3) (1.1) 89.6

Currencies X-Rate D % YTD (%) 105 Yen JP 105.96 (0.04) 0.04 2.5 Won KO || 1,183.15 (4.61) 0.39 (2.3) 100 RMB CN || 6.8282 (0.02) 0.30 2.0 Aug-19 Nov-19 Feb-20 May-20 Aug-20 NT$ TW 29.40 (0.01) 0.02 2.0

HK$ HK 7.75 0.00 (0.00) 0.5 Euro Rs IN ||||||| 72.87 (0.75) 1.03 (2.0) RM MY ||| 4.14 (0.02) 0.49 (1.3) 1.15 S$ SG 1.36 (0.00) 0.01 (1.1) 1.13 P PH |||||||||| 48.49 0.10 (0.20) 4.5 1.11 Rp ID ||| 14,573 10.00 (0.07) (4.9) 1.09 A$ AU 0.74 (0.00) (0.01) 5.0 Euro EU 1.19 0.00 0.05 6.3 1.07 GBP UK 1.34 0.00 0.05 1.0 1.05 Bt TH 31.16 0.00 (0.01) (4.7) Aug-19 Nov-19 Feb-20 May-20 Aug-20

Brent Bonds (10 year) Yield D % YTD (%) 80 75 Singapore SG | 1.00 (0.01) (1.19) (42.8) 70 United States USD |||||| 0.67 (0.04) (5.09) (65.1) 65 60 Japan JPY |||||||||| 0.05 (0.00) (7.84) 527.3 55 United Kingdom GBP |||||| 0.30 (0.02) (5.15) (64.1) 50 45 Germany DEM ||||||| (0.42) (0.02) (5.79) (127.0) 40 Malaysia MYR || 2.57 (0.05) (1.76) (22.4) 35 30 Indonesia IDR |||||||||| 6.86 0.00 0.02 (2.8) 25 20 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Commodity Price D % YTD (%) Brent $/bbl | 45.6 0.30 0.66 (26.0) Gold $/t oz ||||||||| 1,975.1 (3.78) (0.19) 29.4 Copper $/mt |||||||||| 302.9 (0.60) (0.20) 7.0 Palm Oil RM/mt |||||||||| 2,784.0 46.00 1.68 - CRB Index 153.3 0.13 0.08 (17.5)

Source: Bloomberg; PSR

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Singapore Morning Note

Top Active Stocks

Volume (unit) Value (S$) JIUTIAN CHEMICAL GROUP LTD 158,224,700 DBS GROUP HOLDINGS LTD 58,189,820 QT VASCULAR LTD 142,529,600 CAPITALAND MALL TRUST 50,903,070 LIONGOLD CORP LTD 98,147,900 SINGAPORE TELECOMMUNICATIONS 49,944,740 PROGEN HOLDINGS LTD 54,242,700 LTD 47,809,680 ABUNDANCE INTERNATIONAL LTD 49,618,800 LTD 38,805,550 Singapore Company 52 Week High/Low Previous day’s New 52 Week High Previous day’s New 52 Week Low Name Mkt Cap (SGD mn) Close Price YTD % Name Mkt Cap (SGD mn) Close Price YTD % ABUNDANCE INTERNATIONAL LTD 34.1 0.053 488.9 TLV HOLDINGS LTD 23.5 0.042 (39.1) NIPPECRAFT LTD 13.0 0.037 19.4 KEPPEL CORP LTD 8,278.3 4.550 (32.8) MICRO-MECHANICS HOLDINGS LTD 298.9 2.150 16.2 UNITED FOOD HOLDINGS LTD 6.6 0.035 (25.5) PARKWAYLIFE REAL ESTATE 2,311.1 3.820 15.1

Singapore Companies’ ADR Premiums and Discounts

Company ADR Ticker ADR Close % Chg Local Equiv. Local Close ADR % Prem Shares Per ADR DBS Bank DBSDY US Equity 61.00 -0.34 20.76 20.87 -0.54 4 JMHLY US Equity 40.94 -1.78 40.94 41.25 -0.75 1 Jardine Strategic JSHLY US Equity 10.02 -0.79 20.04 20.28 -1.18 1 United Overseas Bank UOVEY US Equity 28.69 0.31 19.53 19.61 -0.43 3 FTSE (FSSTI)

FSSTI Top Losers S$ D % YTD (%) 1Y (%) Jardine Matheson 41.250 (0.750) (1.8) (25.8) (20.9) FSSTI: Forward P/E SATS 2.950 (0.050) (1.7) (41.7) (37.5) 20 Genting (S) 0.690 (0.010) (1.4) (25.0) (22.5) ThaiBev 0.610 (0.005) (0.8) (31.5) (31.5) 18 Dairy Farm 4.150 (0.030) (0.7) (27.3) (40.8) 16 FSSTI Top Gainers S$ D % YTD (%) 1Y (%) Mapletree Com Tr. 1.980 0.060 3.1 (17.2) (12.1) 14 HongKongLand 3.900 0.070 1.8 (32.2) (27.8) 12 Yangzijiang 0.930 0.015 1.6 (17.0) 2.8 10 CMT 1.990 0.030 1.5 (19.1) (25.2) Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Mapletree Log Trust 2.100 0.030 1.4 20.7 34.6

Source: Bloomberg; PSR FSSTI: Forward P/B 1.60 PB 5yr Ave 1.40 1.20 1.00 0.80 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20

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Singapore Morning Note

SINGAPORE CORPORATE EARNINGS CALENDAR SEPTEMBER 2020

SUN MON TUE WED THU FRI SAT

30 31 01 02 03 04 05 Mm2 Asia Ltd: 2020 A NPAT MSM International: Q1 UOB-Kay Hian: Q2 Gallant Venture: S1 Est Accordia Golf Trust: Q1 Est Metro: Q1 Est Golden Energy: Q2 Est Halcyon Agri: S1 Est Boustead Singapore: Q1 Est NSL: S1 Est Fu Yu: S1 Est 06 07 08 09 10 11 12

13 14 15 16 17 18 19

20 21 22 23 24 25 26

27 28 29 30 01 02 03

Source: Bloomberg; PSR

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Singapore Morning Note

Phillip Securities Research - Singapore Stocks Coverage Target Price Change since Upside to TP Company Analyst Last report Rating (S$) Price (S$) last report (%) (%) Consumer Goods Sheng Siong Paul Chew 3-Aug-20 Neutral 1.650 1.740 3.0 (5.2) Thai Beverage Paul Chew 18-Aug-20 Buy 0.820 0.610 (3.9) 34.4 Koufu Group Limited Terence Chua 17-Aug-20 Buy 0.770 0.680 0.0 13.2 Banking & Finance DBS Tay Wee Kuang 11-Aug-20 Accumulate 21.000 20.870 0.1 0.6 OCBC Tay Wee Kuang 12-Aug-20 Accumulate 8.920 8.680 12.5 2.8 SGX Tay Wee Kuang 3-Aug-20 Buy 9.450 8.700 2.2 8.6 UOB Tay Wee Kuang 11-Aug-20 Accumulate 20.400 19.610 (0.2) 4.0 Healthcare Raffles Medical Tay Wee Kuang 29-Jul-20 Neutral 0.940 0.810 (10.0) 16.0 Clearbridge Health Limited Phillip Research Team 31-Aug-20 Buy 0.260 0.172 0.0 51.2 Hyphens Pharma International Ltd Tay Wee Kuang 20-Aug-20 Accumulate 0.495 0.425 (5.6) 16.5 UG Healthcare Corp Ltd Paul Chew 13-Aug-20 Buy 4.150 2.310 (22.7) 79.7 Real Estate CapitaLand Limited Natalie Ong 11-May-20 Buy 3.940 2.790 (5.4) 41.2 City Developments Ltd Natalie Ong 24-Aug-20 Buy 11.680 8.090 1.1 44.4 Apac Realty Limited Paul Chew 17-Aug-20 Neutral 0.350 0.360 (4.0) (2.8) PropNex Limited Paul Chew 17-Aug-20 Buy 0.700 0.575 (5.0) 21.7 Yoma Strategic Holdings Tan Jie Hui 21-Aug-20 Buy 0.460 0.295 0.0 55.9 Investment Trusts Capitaland Commercial Trust Natalie Ong 27-Jul-20 Accumulate 1.910 1.700 0.6 12.4 Fraser Centrepoint Trust Natalie Ong 27-Jul-20 Accumulate 2.690 2.550 6.3 5.5 Keppel DC REIT Natalie Ong 22-Jul-20 Neutral 2.570 2.920 5.0 (12.0) CapitaLand Mall Trust Natalie Ong 15-Jun-20 Buy 2.330 1.990 (2.5) 17.1 Ascendas REIT Natalie Ong 27-Jul-20 Accumulate 3.630 3.340 (5.1) 8.7 Dasin Retail Trust Phillip Research Team 24-Aug-20 Accumulate 0.910 0.805 0.6 13.0 EC World REIT Natalie Ong 15-May-20 Buy 0.770 0.690 2.2 11.6 Ascott Residence Trust Natalie Ong 29-Jul-20 Buy 1.080 1.180 31.1 (8.5) IREIT Global Tan Jie Hui 13-Aug-20 Neutral 0.680 0.685 (5.5) (0.7) Manulife US REIT Natalie Ong 5-Aug-20 Buy 0.900 0.745 (6.3) 20.8 Prime US REIT Tan Jie Hui 11-Aug-20 Buy 0.940 0.805 (0.6) 16.8 Oil and Gas Penguin International Ltd Paul Chew 3-Jun-20 Accumulate 0.550 0.435 (17.9) 26.4 Transportation ComfortDelgro Paul Chew 17-Aug-20 Accumulate 1.650 1.470 3.5 12.2 SATS Paul Chew 25-Aug-20 Sell 1.950 2.950 (4.8) (33.9) Technology Micro-Mechanics Holdings Ltd Paul Chew 27-Apr-20 Neutral 1.600 2.150 28.0 (25.6) Venture Corporation Limited Paul Chew 11-Aug-20 Neutral 18.400 19.960 (0.2) (7.8) JEP Holdings Ltd Paul Chew 21-Aug-20 Reduce 0.158 0.185 (0.5) (14.6) Telecommunications Singtel Limited Paul Chew 19-Aug-20 Neutral 2.440 2.300 (1.3) 6.1 StarHub Limited Paul Chew 11-Aug-20 Neutral 1.240 1.210 (0.8) 2.5 NetLink NBN Trust Paul Chew 11-Aug-20 Accumulate 1.030 0.970 0.0 6.2 Asian Pay TV Trust Paul Chew 11-Aug-20 Buy 0.150 0.129 (4.4) 16.3

Note: returns exclude dividends. Source: Phillip Securities Research Pte Ltd

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Singapore Morning Note

Contact Information (Singapore Research Team) Head of Research Research Admin Paul Chew – [email protected] Siti Nursyazwina - [email protected]

Property | REITs Small-Mid Cap Consumer |Industrial Natalie Ong - [email protected] Tan Jie Hui - [email protected] Terence Chua - [email protected]

Banking & Finance | Healthcare Credit Analyst (Bonds) Technical Analyst Tay Wee Kuang – [email protected] Timothy Ang – [email protected] Chua Wei Ren – [email protected]

Contact Information (Regional Member Companies) SINGAPORE MALAYSIA HONG KONG Phillip Securities Pte Ltd Phillip Capital Management Sdn Bhd Phillip Securities (HK) Ltd Raffles City Tower B-3-6 Block B Level 3 Megan Avenue II, 11/F United Centre 95 Queensway 250, North Bridge Road #06-00 No. 12, Jalan Yap Kwan Seng, 50450 Hong Kong Singapore 179101 Kuala Lumpur Tel +852 2277 6600 Tel +65 6533 6001 Tel +603 2162 8841 Fax +852 2868 5307 Fax +65 6535 6631 Fax +603 2166 5099 Websites: www.phillip.com.hk Website: www.poems.com.sg Website: www.poems.com.my

JAPAN INDONESIA CHINA Phillip Securities Japan, Ltd. PT Phillip Securities Indonesia Phillip Financial Advisory (Shanghai) Co Ltd 4-2 Nihonbashi Kabuto-cho Chuo-ku, ANZ Tower Level 23B, No 550 Yan An East Road, Tokyo 103-0026 Jl Jend Sudirman Kav 33A Ocean Tower Unit 2318, Tel +81-3 3666 2101 Jakarta 10220 – Indonesia Postal code 200001 Fax +81-3 3666 6090 Tel +62-21 5790 0800 Tel +86-21 5169 9200 Website: www.phillip.co.jp Fax +62-21 5790 0809 Fax +86-21 6351 2940 Website: www.phillip.co.id Website: www.phillip.com.cn

THAILAND FRANCE UNITED KINGDOM Phillip Securities () Public Co. Ltd King & Shaxson Capital Limited King & Shaxson Capital Limited 15th Floor, Vorawat Building, 3rd Floor, 35 Rue de la Bienfaisance 75008 6th Floor, Candlewick House, 849 Silom Road, Silom, Bangrak, Paris France 120 Cannon Street, 10500 Thailand Tel +33-1 45633100 London, EC4N 6AS Tel +66-2 6351700 / 22680999 Fax +33-1 45636017 Tel +44-20 7426 5950 Fax +66-2 22680921 Website: www.kingandshaxson.com Fax +44-20 7626 1757 Website www.phillip.co.th Website: www.kingandshaxson.com

UNITED STATES AUSTRALIA CAMBODIA Phillip Capital Inc Phillip Capital Limited Phillip Bank Plc 141 W Jackson Blvd Ste 3050 Level 10, 330 Collins Street Ground Floor of B-Office Centre,#61-64, The Chicago Board of Trade Building Melbourne, Victoria 3000, Australia Norodom Blvd Corner Street 306,Sangkat Chicago, IL 60604 USA Tel +61-03 8633 9803 Boeung Keng Kang 1, Khan Chamkamorn, Tel +1-312 356 9000 Fax +61-03 8633 9899 Phnom Penh, Cambodia Fax +1-312 356 9005 Website: www.phillipcapital.com.au Tel: 855 (0) 7796 6151/855 (0) 1620 0769 Website: www.phillipusa.com Website: www.phillipbank.com.kh

INDIA TURKEY DUBAI PhillipCapital (India) Private Limited PhillipCapital Menkul Degerler Phillip Futures DMCC No.1, 18th Floor, Urmi Estate Dr. Cemil Bengü Cad. Hak Is Merkezi Member of the Dubai Gold and 95, Ganpatrao Kadam Marg No. 2 Kat. 6A Caglayan Commodities Exchange (DGCX) Lower Parel West, Mumbai 400-013 34403 Istanbul, Turkey Unit No 601, Plot No 58, White Crown Bldg, Maharashtra, India Tel: 0212 296 84 84 Sheikh Zayed Road, P.O.Box 212291 Tel: +91-22-2300 2999 / Fax: +91-22-2300 2969 Fax: 0212 233 69 29 Dubai-UAE Website: www.phillipcapital.in Website: www.phillipcapital.com.tr Tel: +971-4-3325052 / Fax: + 971-4-3328895

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Singapore Morning Note

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