Morning Buzz NEWS BUZZ TODAY S HEADLINE. AmFraser Research Team

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1 Morning Buzz Monday, 17 November 2014 STI INDEX (PREVIOUS DAY CLOSE) 3, (0.32%) Vol (mil): 1,735.4 / Val (S$ mil): 1,064.9 MAJOR STOCK INDICES Close % Chge DJ Ind Avg 17, % S & P 500 2, % Nasdaq Comp 4, % Hang Seng 24, % COMMODITIES Close % Chge Gold (SPOT) US$ / oz 1, % Oil (NYMEX CWTI) US$ / bbl % Baltic Dry Index 1, % EXCHANGE RATES INTEREST RATES USD : SGD / MYR : SGD mth Sibor 0.417% SGS (10yr) 2.299% Source: Bloomberg AmFraser Research Team TODAY S HEADLINE BUSINESS SENTIMENT SOURS IN Q3: POLL Business sentiment soured in the third quarter of 2014, with pessimistic companies outnumbering sanguine ones for the first time in a year, according to the latest BT-UniSIM Business Climate Survey. Of the 160 companies that responded to the survey in late September and mid-october, 38% expect business prospects to worsen over the next six months, while 29% foresee better conditions. After weighting these responses by size and sector, the overall net balance in business prospects fell 6 points to -2%. The net weighted balance is a common measure of the nature and extent of business sentiment, showing the difference between the proportion of firms that are optimistic and those that are not. The swing back into negative territory reversed three quarters of positive business prospects net balances. In fact, Q4 2013's positive net balance of 4% marked the first optimistic showing in over two years. The downtrend in confidence in Q3 echoes findings from official surveys on business expectations, conducted around the same time. Quarterly polls by the Department of Statistics (DoS) and the Economic Development Board (EDB) showed that business optimism has waned across both the services and manufacturing sectors. And although there continue to be more optimistic firms than negative ones, the magnitude of positive sentiment has gone down. Business expectations aside, the three other indicators tracked by the BT-UniSIM survey - sales, profits and new orders - reflected a weak improvement in business activity. The quarterly survey's net balances, which have shown a strong correlation with GDP growth over its 19-year history, now predict that the Singapore economy will grow % year-on-year in Q4, and up to 3.1% for the full year. Last month, the Ministry of Trade and Industry (MTI) said that, based on advance estimates, Singapore's economy grew 2.4% year-on-year in Q3, similar to the 2.4% growth rate shown in the second quarter. NEWS BUZZ Oxley Holdings: Profit down 96% on revenue plunge Cordlife Group: Q1 hit by fair-value loss Olam International: Q1 profit dips 2.9% to S$44.3m Centurion Corporation: Dormitory demand drives Q3 net profit CapitaLand: Enters joint venture on integrated development in Jakarta AmFraser Securities Pte Ltd Page 1 Please see important disclosures at the end of this publication

2 News Buzz Oxley Holdings (S$0.520) Profit down 96% on revenue plunge Oxley Holdings' Q1 net profit and revenue dropped 96% to S$10.1mil and 82% to S$120.3mil respectively. The revenue recognition from 11 mixed-residential projects was based on the percentage of completion method which often gives rise to lumpy revenue figures. Cordlife Group (S$0.910) Q1 hit by fair-value loss Cordlife Group has posted a S$3.6mil Q1 loss, mainly due to a S$4.9mil fair value loss on its investment in China Cord Blood Corporation. Olam International (S$2.250) Q1 profit dips 2.9% to S$44.3m Olam International's 1Q net profit fell 2.9% to S$44.3mil, as the company got caught out by drastic price movements in hazelnuts and the dairy business, and challenges in its upstream dairy business. Revenue dipped 0.5% to S$4.3bil on the back of a 14.6% drop in sales volume, as Olam focuses on higher margin products. Net gearing stood at 1.85 times. Centurion Corporation (S$0.540) Dormitory demand drives Q3 net profit up 47% Centurion Corporation reported a 47% growth in net profit to S$7.92mil for the 3Q ended Sept 30, EPS improved to 1.05 Singapore cents. Revenue rose 46% to S$20.90mil, driven mainly by its accommodation business, which recorded a revenue growth of 61% to reach S$19.4mil. Borrowings increased by S$239mil largely due to bank loans obtained in the first nine months of this year to fund developmental workers accommodation projects and acquisitions of completed student accommodation assets. As a result, gearing ratio was 57% by the end of Sept The group generated a net operating cash-flow surplus of S$15.1mil for the nine months to end-september Its balance sheet remains strong, with cash and cash equivalent balance of S$64mil. CapitaLand (S$3.250) Enters joint venture on integrated development in Jakarta CapitaLand has entered into a joint venture with a subsidiary of Indonesian real estate, auto and mining group Credo Group to develop an integrated development in Central Jakarta. The development is not expected to have a material impact on NTA or EPS for its current financial year. Construction is expected to begin in 2015, and finish in The total development cost is about S$220mil. Source: The Business Times / Bloomberg / Straits Times AmFraser Securities Pte Ltd Page 2

3 Corporate Action Dividends Results Share Price Yield Ann Date Period DPS Ex-Date Book Close Payable 14-Nov-14 (%) Lippo Malls Indonesia Retail Trust 12-Nov-14 3Q14 SGD Nov Nov-14 5-Dec-14 SGD Noble Grp 7-Nov-14 3Q14 USD Nov Nov-14 5-Dec-14 SGD Singapore Post 6-Nov-14 2Q15 SGD Nov Nov Nov-14 SGD Ascendas India Trust 27-Oct-14 3Q15 SGD Nov Nov Dec-14 SGD Religare Health Trust 13-Nov-14 1H15 SGD Nov Nov Dec-14 SGD Rickmers Maritime 4-Nov-14 3Q14 USD Nov Nov Dec-14 SGD Singapore Press Hldgs 15-Oct-14 FY14 SGD Dec Dec Dec-14 SGD Singapore Press Hldgs - Special 15-Oct-14 FY14 SGD Dec Dec Dec-14 SGD Asian Pay Television Trust 6-Nov-14 3Q14 SGD Dec Dec Dec-14 SGD Golden Agri-Resources 12-Nov-14 3Q14 SGD Jan-15 6-Jan Jan-15 SGD Fraser and Neave 13-Nov-14 FY14 SGD Feb-15 5-Feb Feb-15 SGD * Include Ordinary, Cash, Special, Bonus, Variable and Base Rights & Bonus Issues Bonus Issue Ex-Date Book Close Crediting Date / Payable Listing Date S$0.70 in cash to be satisifed by Perennial China Retail Trust 22-Dec-14 Perennial Real Estate Holdings Limited - Source: SGX Annoucement Buyout Offer Price Remarks Closing Date Offeror Lee Kim Tah Holdings SGD 1.08 Cash 5.30 p.m. on 27 Nov 2014 Lee Kim Tah Investments Pte Ltd Source: SGX Annoucement AmFraser Securities Pte Ltd Page 3

4 Financial Calendar Monday Tuesday Wednesday Thursday Friday 17-Nov 18-Nov 19-Nov 20-Nov 21-Nov SG: Prices of Private Residential Units Sold by Developers *Q3: TPV Technology SG: 3Q14 GDP 4.00 p.m. 24-Nov 25-Nov 26-Nov 27-Nov 28-Nov SG (Oct 2014): CPI *Q3: Golden Ocean 1-Dec-14 2-Dec 3-Dec 4-Dec 5-Dec 4.00 p.m. STI Review 8-Dec 9-Dec 10-Dec 11-Dec 12-Dec 15-Dec 16-Dec 17-Dec 18-Dec 19-Dec SG: Prices of Private Residential Units Sold by Developers 4.00 p.m. * Tentative Source: ; Bloomberg AmFraser Securities Pte Ltd Page 4

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