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2010 February Infrastructure: Backed by robust pipelines DBS Group: Remains a BUY City Developments Ltd: Top bidder for Sengkang residential site StarHub Ltd: 2010 outlook still quite positive SATS Limited: Commendable 3QFY10 results Raffles Education: Disappointing 2QFY10; but bottom may be near UOL Group Ltd: Valuation remains attractive Ezra Holdings: Remains a quality stock; upgrade to BUY. Neptune Orient Lines: Recovery underway Ascott Residence Trust: Still a compelling story Micro-Mechanics: CMA segment expected to improve DBS Group: Opportune time to buy Singapore Property: Is office market poised for recovery or still in doldrums? Singapore Post: Achieves better-than-expected results 2010 January StarHub Ltd: 4Q09 results may surprise on upside SIA Engineering: Positives likely factored in; maintain HOLD Midas Holdings: On a roll with contract wins SMRT Corporation: 3Q results within expectations; maintain BUY Genting: Waiting for the green light Frasers Centrepoint Trust: Goes the private placement route KS Energy: Plans issue of convertible bonds Keppel Corporation: Results in-line; good dividend payout with trust listing FSL Trust: Manager offers a more positive outlook Frasers Centrepoint Trust: Acquisitions approved at EGM Suntec REIT: 4Q in line; still see value Keppel Land Ltd: Strong fundamentals intact CapitaMall Trust: Expecting a good year ahead Oil and Gas sector: To remain eventful in 2010 PARD: Oslo listing is a positive move Mapletree Logistics Trust: Considering entering Build-to-Suit space Ascott Residence Trust: 4Q09 in line; revising our FY10F estimates upwards Pacific Shipping Trust: No surprises at 4Q results. Avi-Tech Electronics: Sequential recovery likely in sight CapitaCommercial Trust: Portfolio reconstitution on the cards MobileOne: Decent set of 4Q09 results Ezra Holdings: High earnings growth has always been expected Straits Asia Resources: Riding on high coal prices Singapore Exchange: 2Q slowdown as expected CapitaLand Ltd: On a mega spending spree Ascendas REIT: Stable results within expectations Noble and Olam: All set for growth Singapore Property: Fifth consecutive month of decline in sales Ezra Holdings: Downgrading on valuation grounds CapitaLand Ltd: What’s after the CMA IPO? Singapore Press Holdings: Robust 1QFY10 performance AusGroup Ltd: Look for confirmation of forward outlook at 2Q10 results Olam International: Acquires Nigerian wheat miller Keppel Corporation: Developing its other business drivers Tat Hong Holdings Ltd: Awaiting concrete signs of earnings recovery Karin Technology: Confluence of positive news Frasers Centrepoint Trust: Acquisitions priced in; maintain HOLD Ezra Holdings: Capitalizing on emerging opportunities again Golden Agri-Resources Ltd: Executing as per its strategy Keppel Land Ltd: Township expansions on the cards ASL Marine Holdings: Upside potential available Genting: Partial opening from 20 Jan Oceanus Group Ltd: Lacks catalysts post TDR listing Valuetronics Holdings: Better outlook likely reaffirmed Singapore Property: 4Q09 flash estimates released CitySpring Infrastructure Trust: Relative yield attraction Singapore Property: 4Q09 flash estimates released S-REITs: Our wish list for 2010 Swiber Holdings: Orders gaining momentum 2009 December Strategy: Caution against over-exuberance; stay with the winners SMRT Corporation Ltd: Riding high Goodpack Limited: Better days ahead Shipping & shipping trusts: Struggling to stay afloat FSL Trust: Downgrade to HOLD Suntec REIT: Raises equity with minimal dilution Avi-Tech Electronics: Improving outlook, upgrade to BUY Technology Sector: Sunshine after a turbulent year Commodities and Plantations: Expect continued outperformance in 2010 Golden Agri-Resources Ltd: Upgrade on brighter CPO outlook S-REITs: The virtuous and the not-so-virtuous. Frasers Centrepoint Trust: It’s the sponsor’s move now. KS Energy: Consolidating its distribution business Soilbuild Group Holdings Ltd: Secures new business space project Noble Group Ltd: Outshining its peers Keppel Corporation: Brighter outlook. Upgrade to BUY. Oil and Gas Sector: To continue to outperform in 2010 Karin Technology: Likely to resume growth in 2010 Singapore Property: Residential market to retain its shine in 2010 Straits Asia Resources: Recent appreciation calls for caution Telecom Sector: Value plays with attractive yields 2009 November Jiutian Chemical: DMF production picking up steam Pacific Andes Resources Development: Readying for the South Pacific market Keppel Land Ltd: Exceptional demand at MBS S-REITs: 3Q review and lessons from MI-REIT Ascendas REIT: An undeniable leader in industrial space SATS Limited: Traversing new grounds Genting: Unveils pricing for Universal Studios Singapore Oil and Gas sector: 3Q09 results wrap-up Pacific Andes Resources Development: Positioning for growth in market share Semiconductor Industry: Positive signs emerging, but risks still exist Shipping trusts: 3Q09 results recap Swiber Holdings: Declining order book Oceanus Group Ltd: Long term growth strategy intact Tat Hong Holdings Ltd: On the road to recovery KS Energy: 3Q09 results in line with expectations UOL Group Ltd: Sterling set of 3Q09 results CitySpring Infrastructure Trust: DPU surprises on the upside Wilmar International: HK IPO on hold for now Li Heng: Modest 3Q Recovery Genting Singapore: More positive recovery; upgrade to BUY Parkway Holdings Limited: Another strong quarter City Developments Ltd: Glittering performance from property development arm Olam International Ltd: 1Q10 in line with expectations Koda Ltd: A good start to FY10 Soilbuild Group Holdings Ltd: Medium term outlook remains intact Avi-Tech Electronics: Mid-term prospects remain sound Venture Corp: Downgrade to HOLD Golden Agri-Resources Ltd: Catalyst still lacking ASL Marine: 1Q10 results within expectations Noble Group Ltd: Spring has arrived Valuetronics Holdings: Signs of better market conditions Midas Holdings Ltd: 3Q09 results in line with expectations Singapore Telecom: Upbeat 2Q10 Results StarHub: 3Q09 results above expectations Rickmers Maritime: Stalemate as talks with lenders & sponsor continue Mapletree Logistics Trust: Protecting loan-to-value through placement, acquisitions DBS: Above market expectation 3Q results City Developments Ltd: Hotel operations on right track Elec & Eltek: Significantly stronger 3Q09 SembCorp Marine Ltd: Good 3Q09 results and new yard facility unveiled Hyflux: Slightly muted 3Q09 results Rotary Engineering: Resilient earnings backed by strong order book LMIR Trust: DPU falls QoQ on realized forex losses Raffles Education Corporation: 1QFY10 Shows QoQ Improvement ST Engineering: Maintains guidance for comparable FY09 AusGroup Ltd: 1Q10 disappoints but medium-term outlook still positive SIA Engineering: Prospects for sustained recovery remain uncertain Yangzijiang Shipbuilding: Standing firm in a challenging environment Singapore Property: Staying cautious on office landlords Micro-Mechanics: 1QFY10 shows turnaround in earnings SMRT Corporation Ltd: Credible set of 2QFY10 results UOB: Good set of 3Q; maintain HOLD Straits Asia Resources: Good 3Q09 performance; upgrade to BUY 2009 October Singapore Post: Continues to deliver Neptune Orient Lines Ltd: Trapped in choppy seas Ascott Residence Trust: 3Q outperforms expectations Suntec REIT: Upgrading on relative value Noble and Olam: Economic recovery plays Pacific Shipping Trust: Lowers DPU payout; no forward guidance FSL Trust: Guides for 1.5 US cents 4Q DPU Frasers Centrepoint Trust: DPU up 5% QoQ as tenants return to Northpoint Mapletree Logistics Trust: Revenue and NPI decline QoQ CapitaMall Trust: AEI engine re-ignited Ezra Holdings: Raising US$100m via convertible bonds sale while EOC unit secures largest ever contract Keppel Land Ltd: Property sales gaining momentum CapitaCommercial Trust: Entering a challenging phase; downgrade to HOLD S-REITs: 3Q09 results preview SingTel: Game changer in pay TV arena MobileOne Ltd: 3Q09 results mostly in line C&O Pharmaceutical Holdings: New products in the pipeline Ezra Holdings: Standing firm and eyeing the Arctic Singapore Exchange: More activities ahead Goodpack Limited: Reaping benefits of operational efficiency City Developments Ltd: Time is ripe for Quayside Isle launch Singapore Press Holdings: Guides for uncertain FY10 Shipping trusts: 3Q results preview Straits Asia Resources: Caught in the rain Ezra Holdings Ltd: Buying opportunity before catalysts Market update: Infrastructures are in place Tat Hong Holdings Ltd: On track for medium term growth CapitaLand Ltd: Proposed listing of CapitaMalls Asia ASL Marine: Bustling shipyard with the support of repair activities Goodpack Limited: Proposes 1-for-5 rights issue of warrants Keppel Land Ltd: Cash-call from K-REIT Marine Money 2009 conference: A grim story of subsidies and distortions 2009 September CapitaLand Ltd: Asset swap with SZITIC Commercial Property Singapore Telecom: Regional Mobile Investor Day 2009 Market: Stick to stock pick strategy Mapletree Logistics Trust: Likely to turn to inorganic growth Ascott Residence Trust: Exploit the gap Singapore Petroleum Co Ltd: Illiquid and privatised; dropping coverage Noble Group Ltd: Strategic investment from China’s Sovereign Wealth Fund Wilmar: HK IPO sooner than expected Olam International Ltd: Planting seeds for inorganic growth Technology Sector: Upside likely limited in short term Infrastructure plays: Midas and Rotary: Well-founded valuations; maintain BUY Rotary Engineering: Second wind; maintain BUY Singapore Property: Deeper implications from new measures Telco Sector: Positive 2QCY09 Scorecard; Maintain Overweight Singapore Post: Time to factor in growth possibilities Agriculture & Commodities: Riding the early cycle recovery Noble Group Ltd: Our preferred pick within the commodities sector Frasers Centrepoint Trust: Poised for major league debut; upgrade to BUY Genting Singapore: Proposes 1-for-5 rights issue Ying Li International Real Estate Ltd: A leading commercial developer in Chongqing SIA Engineering Company: Small contract won-maintain HOLD. Biosensors International Group: Positive industry outlook. Maintain BUY. Chartered Semiconductor: Proposed acquisition by ATIC FSL Trust: Sometimes the best offense is a good defense CapitaLand Ltd: Gillman Heights development plan unveiled Yangzijiang Shipbuilding (Holdings) Ltd: Holding up well in a tough environment S-REITs: Opportunities for yield arbitrage FSL Trust: LTV covenant clouds dissipate Olam International Ltd: Convertible bond issue backs inorganic growth Sinomem: Sizeable BOT player in China Ezra Holdings Ltd: Catalysts in hand? Maintain BUY. Micro-Mechanics: Semicon tooling segment drove 4QFY09 recovery Rickmers Maritime: Essentially behaving like a toxic asset 2009 August Silverlake: Dismal 4Q09 showing – suspending coverage Avi-Tech Electronics Limited: Encouraging set of 4QFY09 results Olam International Ltd: Revamped strategy to drive growth Koda Ltd: Stark improvement in outlook Eu Yan Sang International Ltd: Consistent performance Karin Technology: Stronger financial position despite downturn LMIR Trust: Highlights from malls visit Goodpack Limited: Tapping into new growth avenues Hyflux: Timely JBIC MOU; maintain BUY Li Heng Chemical Fibre: Aiming for long-term stability Raffles Education Corporation: Muddied waters; downgrade to HOLD Technology Sector: 2Q09 results distorted by one-offs Singapore property: Worst is over… but stay cautious ASL Marine: Creditable FY09 results. Maintain BUY. AusGroup Ltd: Dust has settled & we like what we see. Ezra Holdings Ltd: Promising Subsea business; maintain BUY Wilmar: 2Q09 results mostly in line Golden Agri-Resources Ltd: Maintain HOLD Foreland Fabrictech: 2Q shows strong QoQ rebound Tat Hong Holdings Ltd: Holding out for inorganic growth Rickmers Maritime: DPU slashed; LTV waiver negotiations continue. Midas Holdings Ltd: Buttressed valuations. Maintain BUY. Pacific Andes Holdings: Optimising vessel deployment Hotel Grand Central: Gains from forex KS Energy: Drilling and capital equipment business provide support Z-OBEE Holdings: Slightly more upbeat on prospects Swiber Holdings: Regaining margin stability. Upgrade to HOLD. Pan-United Corporation: Sustained difficult pricing environment. CitySpring Infrastructure Trust: Finally calls for cash Noble Group Ltd: 2Q09 in line, outlook improving Parkway Holdings Limited: Continues on a good growth trajectory. City Developments Ltd: Good results; upgrade to HOLD Singapore Telecom: Affirms FY10 guidance WesTech Electronics: 1H09 earnings in red CitySpring Infrastructure Trust: Unit price hits viability point for cash call Li Heng: Cautiously more upbeat for 2H09 Valuetronics Holdings: Hit by doubtful debt provisions Food Empire Holdings Ltd: The worst is over SSH Corporation Ltd: Affected by further inventory provisions and low demand Soilbuild Group: Better outlook, upgrade to BUY UOL Group Ltd: 2Q09 within expectations Micro-Mechanics: Recovery likely in 4QFY09 Venture Corp: 2H09 will be inflexion point Genting Singapore: Less muted 2Q09 results DBS: Better than expected 2Q

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