NRA Capital-Our Top Ideas

Our Top Ideas

Year Company

*see Archive for reports earlier than 2008

03 February 2012 Chartzones – 3 February 2012 Conglomerate / Industrial and Property Stocks
18 January 2012 OCBC – David Conner retiring OCBC – David Conner retiring
23 December 2011 Chartzones – 23 December 2011 Conglomerate / Industrial and Property Stocks
30 November 2011 Chartzones – 30 November 2011 Technology Stocks
10 November 2011 Chartzones – 10 November 2011 Consumer, Telecoms, Banks and Transport Stocks
04 November 2011 OCBC 3Q11 Results : core operations within expectations Earnings down due to lower insurance income and marked-to-market losses
03 November 2011 DBS 3QResults : No surprises Operating numbers mainly in line
03 November 2011 UOB 3Q11 Results : Solid loans growth amidst difficult operating environment Results below expectations but UOB is still my top buy
25 October 2011 Chartzones – 25 October 2011 Media, China Stocks and Technology Stocks
13 October 2011 Chartzones - 13 October 2011 Consumer, Telecoms, Banks and Transport Stocks
23 September 2011 Chartzones – 23 September 2011 Conglomerate / Industrial and Property Stocks
10 August 2011 Chartzones - 10 August 2011 Media, China Stocks and Technology Stocks
05 August 2011 OCBC FY11 Interim Results: Core operations very strong But higher trade-related loans from China may not be sustainable
01 August 2011 DBS Interim Results : No surprises Except for trading income, the other operating numbers were mainly in line
22 July 2011 Cheung Woh - briefing note Three reasons to buy
19 July 2011 Chartzones – 19 July 2011 Media, China Stocks and Technology Stocks
15 July 2011 Chartzones – 15 July 2011 Conglomerate / Industrial and Property Stocks
13 July 2011 Health Management International - visit note Turnaround story, but not so soon
06 July 2011 Chartzones – 6 July 2011 Technology Stocks
05 July 2011 Chartzones - 5 July 2011 Media, China Stocks and Technology Stocks
01 July 2011 Chartzones – 1 July 2011 Conglomerate / Industrial and Property Stocks
30 June 2011 Chartzones – 30 June 2011 Consumer, Telecoms, Banks and Transport Stocks
29 June 2011 Singapore sets higher bar than Basel III Singapore sets higher bar than Basel III
29 June 2011 Chartzones – 29 June 2011 Technology Stocks
28 June 2011 Chartzones - 28 June 2011 Media, China Stocks and Technology Stocks
24 June 2011 Chartzones - 24 June 2011 Conglomerate / Industrial and Property Stocks
23 June 2011 Chartzones – 23 June 2011 Consumer, Telecoms, Banks and Transport Stocks
22 June 2011 Chartzones – 22 June 2011 Technology Stocks
21 June 2011 Chartzones - 21 June 2011 Media, China Stocks and Technology Stocks
20 June 2011 China Minzhong - Plant visit note Compelling story, but…
17 June 2011 Chartzones – 17 June 2011 Conglomerate / Industrial and Property Stocks
08 June 2011 Southern Packaging - Plant visit note Betting on BOPET business
08 June 2011 Luzhou - Plant visit note A matter of time for a comeback
13 May 2011 OCBC 1Q11 Results. Core operating earnings in line with our expectations Strong net interest and fee income helped offset lower trading/investment gains
13 May 2011 Chartzones – 13 May 2011 Conglomerate / Industrial and Property Stocks
10 May 2011 UOB 1Q11 Results within our expectations Stock still the most attractive in sector, with a more than 30% upside potential
10 May 2011 Chartzones – 10 May 2011 Media, China Stocks and Technology Stocks
04 May 2011 DBS 1Q11 Results within expectations Maintain underperform
25 April 2011 Hong Leong Finance: 1Q11 net profit fell 31% Despite a S$7.6m writeback in provisionings
21 April 2011 Chartzones – 21 April 2011 Consumer, Telecoms, Banks and Transport Stocks
12 April 2011 Sapphire Corporation Ltd - Plant visit notes A gemstone under cutting and polishing
05 April 2011 Singapore Banks 2010 Final Results Review (Part 4) It pays to be cautious
18 March 2011 Chartzones – 18 March 2011 Conglomerate / Industrial and Property Stocks
28 February 2011 UOB FY10 Results: Results beat expectations and outshone peers Be it on profitability or balance sheet strength
28 February 2011 Hong Leong Finance: FY10 net profit up 10% But pretax profits (before allowance writeback) were down 23%
24 February 2011 Chartzones – 24 February 2011 Consumer, Telecoms, Banks and Transport Stocks
21 February 2011 OCBC FY2010 Final Results – On target again! No surprises
14 February 2011 DBS FY2010 Final Results – Bull’s eye! Operating profit for FY10 up only 4%
28 January 2011 Chartzones – 28 January 2011 Conglomerate / Industrial and Property Stocks
05 January 2011 Hongwei Technologies Ltd - Company Note Ride on rising cotton prices
13 December 2010 Dukang Distillers - Plant visit notes Visit takeaways
06 December 2010 Singapore Banks 3Q Results Review: Generally in line with expectations Core earnings stronger at OCBC & UOB
06 December 2010 Singapore Banks 3Q Results Review: Generally in line with expectations Core earnings stronger at OCBC & UOB
02 December 2010 Hong Leong Finance 3Q10 net profit down 22% Earnings fall would be closer to 30% if not for some provision writeback
08 November 2010 DBS 3Q10 : Results in line No change in full year forecast and recommendation
03 November 2010 Chartzones - 3 November 2010 Technology Stocks
03 November 2010 Hi-P International -3Q10 results update Ramp up of new projects
02 November 2010 OCBC 3Q10 Results: Above expectations but … Higher insurance profits & forex gains
01 November 2010 UOB 3Q10 Results : results in line Higher trading income and lower provisionings helped save the day
01 November 2010 Bright World - Plant Visit Note Visit Takeaways
20 October 2010 Chartzones – 20 October 2010 Technology Stocks
07 October 2010 Chartzones - 7 October 2010 Consumer, Telecoms, Banks and Transport Stocks
05 October 2010 Singapore Banks Interim Report Card ( Part 3) : Non-interest income – who stands out? Core non-interest banking income more robust at UOB & OCBC
04 October 2010 Singapore Banks Interim Report Card ( Part 2) : A closer look at Net Interest Income Loans growth not sufficient to offset margin decline
28 September 2010 Sing Holdings Limited - Company Update Purchased District 10 freehold land at Robin Road
27 September 2010 Company visit to Juken reveals that its transformed and now on firm earnings recovery adding Juken to my Stock Picks today.....
22 September 2010 Company visit reveals that YHI is recovering nicely from the crisis Worth a second look with undemanding PEs and low price to book
20 August 2010 Sinomem Technology - 2Q10 results update Rising with the tide
12 August 2010 Hong Leong Finance: Interim net profit up 32% Thanks to a S$17m writeback in provisionings
11 August 2010 UOB Interim Results: Different Strokes Results in line with our full year forecast
04 August 2010 Hi-P International - 2Q10 results update Improvement in productivity
03 August 2010 OCBC Interim Results: Non-interest income very resilient Growth came mainly from core banking operations
02 August 2010 DBS Interim Results: In the red once more Due to S$1bn goodwill impairment charge from its HK unit
22 July 2010 Adding Telechoice as the fourth stock in My Dividend Yield portfolio investors can expect a steady dividend yield of 7-8%
21 July 2010 BH Global Marine Ltd - 2Q10 Results Update Slow orders from customers in 1H; expect better 2H
16 July 2010 Chartzones – 16 July 2010 Conglomerate / Industrial and Property Stocks
30 June 2010 Adding AdamPak to My Stock Picks Yield portfolio Steady business, good dividend yield and strong balance sheet
28 June 2010 Jaya Holdings - worth a second look...... Business is chugging along nicely.....now that debt woes have been addressed
21 May 2010 Sinomem Technology - 1Q10 results update More BOT projects will complete in 2H
12 May 2010 Cerebos Q2 results briefings takeaways Net profit rises 82% for Q2 and higher by 40% for H1-2010
10 May 2010 UOB 1Q10 Results. Fee income a star performer this quarter Provisioning still the most conservative
10 May 2010 DBS 1Q10 Results: No surprises Maintain underperform
07 May 2010 Hi-P International - 1Q10 results update Damage from restructuring costs and impairment losses
06 May 2010 OCBC 1Q10 Results : Core operating earnings in line Strong insurance contribution and sharp fall in provisionings boosted bottomline
27 April 2010 Hong Leong Finance: 1Q10 net profit rebounded 49% Thanks to a S$14m writback in provisionings
26 April 2010 BH Global Marine Ltd - 1Q10 Results Update Weak 1Q10
22 April 2010 Highlights from my meeting with Synear Food yesterday...... No as cheap as it looks.....more than half the cash is committed
30 March 2010 Sing Holdings Limited - Company Visit Update Land acquisition move will re-rate share
25 March 2010 Chartzones – 25 March 2010 Consumer, Telecoms, Banks and Transport Stocks
25 March 2010 Techcomp (Holdings) - Plant visit notes Visit takeaways
08 March 2010 Sinomem Technology - 4Q09 results update Water under the bridge
04 March 2010 Hock Lian Seng - Results update Strong growth with bright prospects
01 March 2010 UOB FY09 Final Results: Results in line The only bank to show margin improvement
26 February 2010 Hong Leong Finance: FY09 Final Results up 43% Results boosted by 56% fall in provisionings
25 February 2010 Hi-P International - 4Q09 results update No cheer from new products
22 February 2010 OCBC FY09 Final Results. Core operating results in line Strong non-interest income rebound helped save the day
08 February 2010 DBS FY09 Final Results. Divestment of non-ABS CDO a positive move But thinks its GP provisioning writeback a little too early
03 February 2010 Changjiang Fertilizer Holdings - Plant Visit Note Growth through acquisition
03 February 2010 China Taisan Technology Group Holdings - Plant Visit Note Integrating Downstream
03 February 2010 Ziwo Holdings Ltd - Plant Visit Note China’s Dupont?
03 February 2010 BH Global Marine Ltd - FY09 Results Update Oman Steel Plant to drive growth
22 January 2010 Hock Lian Seng Holdings - Company visit Robust prospects
08 January 2010 China Milk Products Group - Company update On recovery road
31 December 2009 Chartzones – 31 December 2009 Consumer, Telecoms, Banks and Transport Stocks
23 November 2009 Sinomem Technology - 3Q09 results update Stable income from water treatment
12 November 2009 Hong Leong Finance: 3Q09 net profit up 6% y-o-y Operating numbers largely in line
10 November 2009 Hotung Investment - Results Update 3QFY09 marked the third consecutive quarter of earnings growth
09 November 2009 DBS 3Q09 Results : Better results due to lower provisionings Pre-provisioning numbers in line
05 November 2009 Hi-P International - 3Q09 results update Building new products for next year
02 November 2009 UOB 3Q9 Results. Operating numbers outshone OCBC Provisionings still conservative
29 October 2009 OCBC 3Q09 Results: Core operating results in line Falling NPLs and provisionings a surprise
21 October 2009 Qian Hu - 3Q09 results update Adding more ponds to spur growth
19 October 2009 OCBC – acquisition of ING Asia Private Bank A positive strategic move (BUY/accumulate on weakness)
19 October 2009 BH Global Marine Ltd - 3Q09 Results Update Revised to HOLD
30 September 2009 Hi-P International - Company update Lower guidance from major customer
09 September 2009 Chartered Semiconductor - Company update S$2.68 cash/share proposed offer by ATIC
02 September 2009 Sinomem Technology - Plant visit notes Refocusing on its water business
14 August 2009 Hong Leong Finance Interim: 1H09 net profit down 13% Due to higher provisionings
11 August 2009 DBS’ FY09 Interim Results: Bottomline within expectations Lower cost-to-income came as a surprise
06 August 2009 UOB 2009 Interim Results. Good set of results under difficult times More provisionings set aside in contrast to OCBC, which saw a decline
06 August 2009 Hi-P International - Initiating Coverage Cash is King
04 August 2009 OCBC 2009 Interim Results. Stronger than expected Due to still strong insurance profit and low provisioning level
31 July 2009 Cambridge Industrial Trust – 2QFY09 results in line with our expectations; HOLD. Successful share placement raising S$28.0m will help alleviate LTV pressure
28 July 2009 Chartered Semiconductor - Initiating Coverage Riding on the up cycle
17 July 2009 BH Global Marine - 2Q09 Results Update Reiterate BUY
30 June 2009 China Milk Products Group - Results Review FY3/09 full year results
17 June 2009 BH Global Marine Ltd - Initiating Coverage We believe that the stock is undervalued based on fundamentals.
11 May 2009 DBS 1Q09 Results. In line with expectations Maintain underperform
07 May 2009 OCBC 1Q09 Results. Core operating line impressive Boosted by reversal of forex and trading losses and strong insurance contribution
07 May 2009 UOB 1Q09 Results. Operating profit up 9% q-o-q and 16% y-o-y No severe deterioration of asset quality yet
28 April 2009 Hong Leong Finance: 1Q09 net profit down 86% to S$26m Earnings dragged down by higher provisioning
02 March 2009 UOB FY08 Final Results: Operating numbers the strongest amongst the trio Bottomline dragged down by precautioning provisionings ahead of bad times
19 February 2009 OCBC FY08 Final Results: results within expectations Expect earnings to fall further in 2009
16 February 2009 Hong Leong Finance: FY08 net profit down 42% due to Lehman Minibond charge 4Q operating numbers were in fact better than 3Q
16 February 2009 DBS’ FY08 Results. Still Early Days Impact of recession still not fully felt yet
16 December 2008 Cambridge Industrial Trust - Successfully refinances expiring debt facility Debt refinancing risks removed
04 December 2008 SATS’ proposed acquisition of all the shares in the capital of SFI SATS’ proposed acquisition of all the shares in the capital of SFI
10 November 2008 DBS 3Q08 Results. Core earnings holding up but higher provisions dragged down bottomline Worst is yet to be seen. AVOID.
06 November 2008 OCBC 3Q Results: operating numbers still strong Similar to UOB, weaker operating numbers will start to show by 1Q09
05 November 2008 Hong Leong Finance: 3Q08 net profit down 16% Downgrade to SELL despite good dividend yield prospect
05 November 2008 UOB 3Q:08 performance. Results irrelevant as worst not reflected yet Nevertheless we think stock has fallen enough to start nibbling
03 November 2008 Cambridge Industrial Trust - 3QFY2008. Downgrade to Hold Re-financing outcome known by 4QFY08.
28 August 2008 OCBC - Company Update No Strength in Sight
28 August 2008 DBS Group - Company Update Possible Technical Rebound Ahead
28 August 2008 UOB - Company Update No Strength in Sight
13 August 2008 Ho Bee Investment – 2QFY08 Results Excluding fair value gains, net profit dipped 32%
13 August 2008 Hong Leong Finance 1H08 net profit up 7% to S$61m Slower 2Q numbers; full year earnings revised down by 6%
11 August 2008 Kim Eng Holdings. Interim numbers boosted by disposal gains Upgrade to Hold
08 August 2008 DBS’ Interim Results within expectations But results mediocre when compared to peers, UOB and OCBC both saw margins widening
08 August 2008 OCBC 2008 Interim Results in line Strong core operating results dragged down by Great Eastern Holdings
06 August 2008 UOB 2008 Interim Results in line CDO not an issue, as close to 40% will mature by this September
31 July 2008 Cambridge Industrial Trust - 2QFY2008 Results Pending Shariah-compliant status potentially provides access to huge pool of funding.
31 July 2008 Raffles Medical Group: 2Q08 Results within expectations Fair value is pegged at S$1.47 on the assumption that hospital capacity peaks in FY09
22 May 2008 Kim Eng Holdings 1Q results Maintain SELL. Switch to Hong Leong Finance
22 May 2008 City Developments Ltd – 1QFY08 Results Core earnings grew by 30.8% in 1QFY08; strong fundamentals
21 May 2008 China Sky. Quarterly results update 1Q08 within expectations; maintain fair value of $1.58
14 May 2008 Ho Bee Investment – 1QFY08 Results Dip in net profit due to timing of revenue recognition
14 May 2008 Synear Food. Impact of earthquake in Sichuan on Chengdu plant Disruption to transport and possibly raw material supplies could impact sales and add further pressu
08 May 2008 DBS 1Q08. In line with expectations Switch to UOB
08 May 2008 OCBC 1Q:08. Results in line Little upside from here. HOLD.
07 May 2008 UOB 1Q08. Margins widened as liquidity tightened in 1Q08 NIM likely to stay high until US subprime issue resolved
06 May 2008 Raffles Medical. 1Q08 within expectations Revenue of S$47.41m (+25.8% yoy) and net profit of S$6.1m(+48.4% yoy)
30 April 2008 Hong Leong Finance: 1Q08 net profit up 16% to S$30m In line with our full year forecast
29 April 2008 Cambridge Industrial Trust - 1QFY2008 Results Attractive 9% yield provides good downside protection
02 April 2008 Li Heng Chemical Fibre plant visit note On expansion trail. Time may be ripe to enter
20 March 2008 Synear Food. Teleconference take-aways 1Q08 revenue guidance spells a very disappointing first quarter
10 March 2008 Electrotech Investments. 4Q07 Results Highlights Slight hiccup in 4Q07 but LT outlook remains positive
04 March 2008 Cacola Furniture. Stock still attractive, maintain Buy Stock trading at an undemanding PE of 3.6x. Strong outlook for 2008 on additional capacity and new
04 March 2008 City Developments Ltd – FY07 Results Impressive 106% profit growth purely from core operations
03 March 2008 Ho Bee Investment – Strong FY07 Results Record high profit levels
29 February 2008 Synear results briefing update - Q1 outlook weak but.... Current valuation compelling on 6x PE (ex-cash). LT fair value range $0.79-$0.92
28 February 2008 UOB FY07 Results: Its CDO exposure not a concern for us Strong set of results, with across-the-board growth. Maintain BUY
27 February 2008 Synear. Full year results below expectations Surprise taxes and higher distribution costs compounded cost pressures
22 February 2008 OCBC FY07 Results: another S$10m CDO provisions in 4Q07 Its CDOs exposure is the least concern for us
22 February 2008 Raffles Medical Group FY07 Results All round growth from both the Hospital Services and Healthcare services segments.
19 February 2008 Starhub Ltd. 4Q07 Results Highlight Strong reported numbers driven by tax credit
18 February 2008 Hong Leong Finance: FY07 net profit up 39% to S$133m Pre-provision writeback, operating profit was up 23%, 10% above our expectations
18 February 2008 DBS FY07 Results. $170m charges for its CDO exposure in 4Q Is it too early to put the CDOs to rest? Upgrade to HOLD/Trading Buy purely on valuation grounds.
15 February 2008 Singtel. 3Q08 Results Highlight Unexpectedly strong performance from Singapore operations
04 February 2008 Valuetronics 3Q:08 results Sales from PHILIPS drive OEM growth
04 February 2008 Cambridge Industrial Trust – FY08 results in line with our expectations; Maintain HOLD. Proactive capital and asset management by new management team
01 February 2008 Cambridge Industrial Trust - FY2007 Results Attractive 10% yield and potential capital uplift
30 January 2008 MobileOne Ltd. Full year results highlight. Rising operating costs to affect profitability
24 January 2008 Cacola Furniture International Ltd. Fair Value $0.69. High growth consumer-play with undemanding PE of 3.5x.
24 January 2008 Cacola Furniture International Ltd. Fair Value $0.69. (Part Two) High growth consumer-play with undemanding PE of 3.5x.
17 January 2008 Ho Bee Investment – Scenario Study Trading at a discount even with no future sales.
04 January 2008 Synear Food Holdings Ltd. Fair value reduced to $2.55 Maintain Buy with 59% potential upside
03 January 2008 Telecommunication sector update 2008 will be a key year for the sector

03 February 2012 Chartzones – 3 February 2012
Conglomerate / Industrial and Property Stocks

18 January 2012 OCBC – David Conner retiring
OCBC – David Conner retiring

23 December 2011 Chartzones – 23 December 2011
Conglomerate / Industrial and Property Stocks

30 November 2011 Chartzones – 30 November 2011
Technology Stocks

10 November 2011 Chartzones – 10 November 2011
Consumer, Telecoms, Banks and Transport Stocks

04 November 2011 OCBC 3Q11 Results : core operations within expectations
Earnings down due to lower insurance income and marked-to-market losses

03 November 2011 DBS 3QResults : No surprises
Operating numbers mainly in line

03 November 2011 UOB 3Q11 Results : Solid loans growth amidst difficult operating environment
Results below expectations but UOB is still my top buy

25 October 2011 Chartzones – 25 October 2011
Media, China Stocks and Technology Stocks

13 October 2011 Chartzones - 13 October 2011
Consumer, Telecoms, Banks and Transport Stocks

23 September 2011 Chartzones – 23 September 2011
Conglomerate / Industrial and Property Stocks

10 August 2011 Chartzones - 10 August 2011
Media, China Stocks and Technology Stocks

05 August 2011 OCBC FY11 Interim Results: Core operations very strong
But higher trade-related loans from China may not be sustainable

01 August 2011 DBS Interim Results : No surprises
Except for trading income, the other operating numbers were mainly in line

22 July 2011 Cheung Woh - briefing note
Three reasons to buy

19 July 2011 Chartzones – 19 July 2011
Media, China Stocks and Technology Stocks

15 July 2011 Chartzones – 15 July 2011
Conglomerate / Industrial and Property Stocks

13 July 2011 Health Management International - visit note
Turnaround story, but not so soon

06 July 2011 Chartzones – 6 July 2011
Technology Stocks

05 July 2011 Chartzones - 5 July 2011
Media, China Stocks and Technology Stocks

01 July 2011 Chartzones – 1 July 2011
Conglomerate / Industrial and Property Stocks

30 June 2011 Chartzones – 30 June 2011
Consumer, Telecoms, Banks and Transport Stocks

29 June 2011 Singapore sets higher bar than Basel III
Singapore sets higher bar than Basel III

29 June 2011 Chartzones – 29 June 2011
Technology Stocks

28 June 2011 Chartzones - 28 June 2011
Media, China Stocks and Technology Stocks

24 June 2011 Chartzones - 24 June 2011
Conglomerate / Industrial and Property Stocks

23 June 2011 Chartzones – 23 June 2011
Consumer, Telecoms, Banks and Transport Stocks

22 June 2011 Chartzones – 22 June 2011
Technology Stocks

21 June 2011 Chartzones - 21 June 2011
Media, China Stocks and Technology Stocks

20 June 2011 China Minzhong - Plant visit note
Compelling story, but…

17 June 2011 Chartzones – 17 June 2011
Conglomerate / Industrial and Property Stocks

08 June 2011 Southern Packaging - Plant visit note
Betting on BOPET business

08 June 2011 Luzhou - Plant visit note
A matter of time for a comeback

13 May 2011 OCBC 1Q11 Results. Core operating earnings in line with our expectations
Strong net interest and fee income helped offset lower trading/investment gains

13 May 2011 Chartzones – 13 May 2011
Conglomerate / Industrial and Property Stocks

10 May 2011 UOB 1Q11 Results within our expectations
Stock still the most attractive in sector, with a more than 30% upside potential

10 May 2011 Chartzones – 10 May 2011
Media, China Stocks and Technology Stocks

04 May 2011 DBS 1Q11 Results within expectations
Maintain underperform

25 April 2011 Hong Leong Finance: 1Q11 net profit fell 31%
Despite a S$7.6m writeback in provisionings

21 April 2011 Chartzones – 21 April 2011
Consumer, Telecoms, Banks and Transport Stocks

12 April 2011 Sapphire Corporation Ltd - Plant visit notes
A gemstone under cutting and polishing

05 April 2011 Singapore Banks 2010 Final Results Review (Part 4)
It pays to be cautious

18 March 2011 Chartzones – 18 March 2011
Conglomerate / Industrial and Property Stocks

28 February 2011 UOB FY10 Results: Results beat expectations and outshone peers
Be it on profitability or balance sheet strength

28 February 2011 Hong Leong Finance: FY10 net profit up 10%
But pretax profits (before allowance writeback) were down 23%

24 February 2011 Chartzones – 24 February 2011
Consumer, Telecoms, Banks and Transport Stocks

21 February 2011 OCBC FY2010 Final Results – On target again!
No surprises

14 February 2011 DBS FY2010 Final Results – Bull’s eye!
Operating profit for FY10 up only 4%

28 January 2011 Chartzones – 28 January 2011
Conglomerate / Industrial and Property Stocks

05 January 2011 Hongwei Technologies Ltd - Company Note
Ride on rising cotton prices

13 December 2010 Dukang Distillers - Plant visit notes
Visit takeaways

06 December 2010 Singapore Banks 3Q Results Review: Generally in line with expectations
Core earnings stronger at OCBC & UOB

02 December 2010 Hong Leong Finance 3Q10 net profit down 22%
Earnings fall would be closer to 30% if not for some provision writeback

08 November 2010 DBS 3Q10 : Results in line
No change in full year forecast and recommendation

03 November 2010 Chartzones - 3 November 2010
Technology Stocks

03 November 2010 Hi-P International -3Q10 results update
Ramp up of new projects

02 November 2010 OCBC 3Q10 Results: Above expectations but …
Higher insurance profits & forex gains

01 November 2010 UOB 3Q10 Results : results in line
Higher trading income and lower provisionings helped save the day

01 November 2010 Bright World - Plant Visit Note
Visit Takeaways

20 October 2010 Chartzones – 20 October 2010
Technology Stocks

07 October 2010 Chartzones - 7 October 2010
Consumer, Telecoms, Banks and Transport Stocks

05 October 2010 Singapore Banks Interim Report Card ( Part 3) : Non-interest income – who stands out?
Core non-interest banking income more robust at UOB & OCBC

04 October 2010 Singapore Banks Interim Report Card ( Part 2) : A closer look at Net Interest Income
Loans growth not sufficient to offset margin decline

28 September 2010 Sing Holdings Limited - Company Update
Purchased District 10 freehold land at Robin Road

27 September 2010 Company visit to Juken reveals that its transformed and now on firm earnings recovery
adding Juken to my Stock Picks today.....

22 September 2010 Company visit reveals that YHI is recovering nicely from the crisis
Worth a second look with undemanding PEs and low price to book

20 August 2010 Sinomem Technology - 2Q10 results update
Rising with the tide

12 August 2010 Hong Leong Finance: Interim net profit up 32%
Thanks to a S$17m writeback in provisionings

11 August 2010 UOB Interim Results: Different Strokes
Results in line with our full year forecast

04 August 2010 Hi-P International - 2Q10 results update
Improvement in productivity

03 August 2010 OCBC Interim Results: Non-interest income very resilient
Growth came mainly from core banking operations

02 August 2010 DBS Interim Results: In the red once more
Due to S$1bn goodwill impairment charge from its HK unit

22 July 2010 Adding Telechoice as the fourth stock in My Dividend Yield portfolio
investors can expect a steady dividend yield of 7-8%

21 July 2010 BH Global Marine Ltd - 2Q10 Results Update
Slow orders from customers in 1H; expect better 2H

16 July 2010 Chartzones – 16 July 2010
Conglomerate / Industrial and Property Stocks

30 June 2010 Adding AdamPak to My Stock Picks Yield portfolio
Steady business, good dividend yield and strong balance sheet

28 June 2010 Jaya Holdings - worth a second look......
Business is chugging along nicely.....now that debt woes have been addressed

21 May 2010 Sinomem Technology - 1Q10 results update
More BOT projects will complete in 2H

12 May 2010 Cerebos Q2 results briefings takeaways
Net profit rises 82% for Q2 and higher by 40% for H1-2010

10 May 2010 UOB 1Q10 Results. Fee income a star performer this quarter
Provisioning still the most conservative

10 May 2010 DBS 1Q10 Results: No surprises
Maintain underperform

07 May 2010 Hi-P International - 1Q10 results update
Damage from restructuring costs and impairment losses

06 May 2010 OCBC 1Q10 Results : Core operating earnings in line
Strong insurance contribution and sharp fall in provisionings boosted bottomline

27 April 2010 Hong Leong Finance: 1Q10 net profit rebounded 49%
Thanks to a S$14m writback in provisionings

26 April 2010 BH Global Marine Ltd - 1Q10 Results Update
Weak 1Q10

22 April 2010 Highlights from my meeting with Synear Food yesterday......
No as cheap as it looks.....more than half the cash is committed

30 March 2010 Sing Holdings Limited - Company Visit Update
Land acquisition move will re-rate share

25 March 2010 Chartzones – 25 March 2010
Consumer, Telecoms, Banks and Transport Stocks

25 March 2010 Techcomp (Holdings) - Plant visit notes
Visit takeaways

08 March 2010 Sinomem Technology - 4Q09 results update
Water under the bridge

04 March 2010 Hock Lian Seng - Results update
Strong growth with bright prospects

01 March 2010 UOB FY09 Final Results: Results in line
The only bank to show margin improvement

26 February 2010 Hong Leong Finance: FY09 Final Results up 43%
Results boosted by 56% fall in provisionings

25 February 2010 Hi-P International - 4Q09 results update
No cheer from new products

22 February 2010 OCBC FY09 Final Results. Core operating results in line
Strong non-interest income rebound helped save the day

08 February 2010 DBS FY09 Final Results. Divestment of non-ABS CDO a positive move
But thinks its GP provisioning writeback a little too early

03 February 2010 Changjiang Fertilizer Holdings - Plant Visit Note
Growth through acquisition

03 February 2010 China Taisan Technology Group Holdings - Plant Visit Note
Integrating Downstream

03 February 2010 Ziwo Holdings Ltd - Plant Visit Note
China’s Dupont?

03 February 2010 BH Global Marine Ltd - FY09 Results Update
Oman Steel Plant to drive growth

22 January 2010 Hock Lian Seng Holdings - Company visit
Robust prospects

08 January 2010 China Milk Products Group - Company update
On recovery road

31 December 2009 Chartzones – 31 December 2009
Consumer, Telecoms, Banks and Transport Stocks

23 November 2009 Sinomem Technology - 3Q09 results update
Stable income from water treatment

12 November 2009 Hong Leong Finance: 3Q09 net profit up 6% y-o-y
Operating numbers largely in line

10 November 2009 Hotung Investment - Results Update
3QFY09 marked the third consecutive quarter of earnings growth

09 November 2009 DBS 3Q09 Results : Better results due to lower provisionings
Pre-provisioning numbers in line

05 November 2009 Hi-P International - 3Q09 results update
Building new products for next year

02 November 2009 UOB 3Q9 Results. Operating numbers outshone OCBC
Provisionings still conservative

29 October 2009 OCBC 3Q09 Results: Core operating results in line
Falling NPLs and provisionings a surprise

21 October 2009 Qian Hu - 3Q09 results update
Adding more ponds to spur growth

19 October 2009 OCBC – acquisition of ING Asia Private Bank
A positive strategic move (BUY/accumulate on weakness)

19 October 2009 BH Global Marine Ltd - 3Q09 Results Update
Revised to HOLD

30 September 2009 Hi-P International - Company update
Lower guidance from major customer

09 September 2009 Chartered Semiconductor - Company update
S$2.68 cash/share proposed offer by ATIC

02 September 2009 Sinomem Technology - Plant visit notes
Refocusing on its water business

14 August 2009 Hong Leong Finance Interim: 1H09 net profit down 13%
Due to higher provisionings

11 August 2009 DBS’ FY09 Interim Results: Bottomline within expectations
Lower cost-to-income came as a surprise

06 August 2009 UOB 2009 Interim Results. Good set of results under difficult times
More provisionings set aside in contrast to OCBC, which saw a decline

06 August 2009 Hi-P International - Initiating Coverage
Cash is King

04 August 2009 OCBC 2009 Interim Results. Stronger than expected
Due to still strong insurance profit and low provisioning level

31 July 2009 Cambridge Industrial Trust – 2QFY09 results in line with our expectations; HOLD.
Successful share placement raising S$28.0m will help alleviate LTV pressure

28 July 2009 Chartered Semiconductor - Initiating Coverage
Riding on the up cycle

17 July 2009 BH Global Marine - 2Q09 Results Update
Reiterate BUY

30 June 2009 China Milk Products Group - Results Review
FY3/09 full year results

17 June 2009 BH Global Marine Ltd - Initiating Coverage
We believe that the stock is undervalued based on fundamentals.

11 May 2009 DBS 1Q09 Results. In line with expectations
Maintain underperform

07 May 2009 OCBC 1Q09 Results. Core operating line impressive
Boosted by reversal of forex and trading losses and strong insurance contribution

07 May 2009 UOB 1Q09 Results. Operating profit up 9% q-o-q and 16% y-o-y
No severe deterioration of asset quality yet

28 April 2009 Hong Leong Finance: 1Q09 net profit down 86% to S$26m
Earnings dragged down by higher provisioning

02 March 2009 UOB FY08 Final Results: Operating numbers the strongest amongst the trio
Bottomline dragged down by precautioning provisionings ahead of bad times

19 February 2009 OCBC FY08 Final Results: results within expectations
Expect earnings to fall further in 2009

16 February 2009 Hong Leong Finance: FY08 net profit down 42% due to Lehman Minibond charge
4Q operating numbers were in fact better than 3Q

16 February 2009 DBS’ FY08 Results. Still Early Days
Impact of recession still not fully felt yet

16 December 2008 Cambridge Industrial Trust - Successfully refinances expiring debt facility
Debt refinancing risks removed

04 December 2008 SATS’ proposed acquisition of all the shares in the capital of SFI
SATS’ proposed acquisition of all the shares in the capital of SFI

10 November 2008 DBS 3Q08 Results. Core earnings holding up but higher provisions dragged down bottomline
Worst is yet to be seen. AVOID.

06 November 2008 OCBC 3Q Results: operating numbers still strong
Similar to UOB, weaker operating numbers will start to show by 1Q09

05 November 2008 Hong Leong Finance: 3Q08 net profit down 16%
Downgrade to SELL despite good dividend yield prospect

05 November 2008 UOB 3Q:08 performance. Results irrelevant as worst not reflected yet
Nevertheless we think stock has fallen enough to start nibbling

03 November 2008 Cambridge Industrial Trust - 3QFY2008. Downgrade to Hold
Re-financing outcome known by 4QFY08.

28 August 2008 OCBC - Company Update
No Strength in Sight

28 August 2008 DBS Group - Company Update
Possible Technical Rebound Ahead

28 August 2008 UOB - Company Update
No Strength in Sight

13 August 2008 Ho Bee Investment – 2QFY08 Results
Excluding fair value gains, net profit dipped 32%

13 August 2008 Hong Leong Finance 1H08 net profit up 7% to S$61m
Slower 2Q numbers; full year earnings revised down by 6%

11 August 2008 Kim Eng Holdings. Interim numbers boosted by disposal gains
Upgrade to Hold

08 August 2008 DBS’ Interim Results within expectations
But results mediocre when compared to peers, UOB and OCBC both saw margins widening

08 August 2008 OCBC 2008 Interim Results in line
Strong core operating results dragged down by Great Eastern Holdings

06 August 2008 UOB 2008 Interim Results in line
CDO not an issue, as close to 40% will mature by this September

31 July 2008 Cambridge Industrial Trust - 2QFY2008 Results
Pending Shariah-compliant status potentially provides access to huge pool of funding.

31 July 2008 Raffles Medical Group: 2Q08 Results within expectations
Fair value is pegged at S$1.47 on the assumption that hospital capacity peaks in FY09

22 May 2008 Kim Eng Holdings 1Q results
Maintain SELL. Switch to Hong Leong Finance

22 May 2008 City Developments Ltd – 1QFY08 Results
Core earnings grew by 30.8% in 1QFY08; strong fundamentals

21 May 2008 China Sky. Quarterly results update
1Q08 within expectations; maintain fair value of $1.58

14 May 2008 Ho Bee Investment – 1QFY08 Results
Dip in net profit due to timing of revenue recognition

14 May 2008 Synear Food. Impact of earthquake in Sichuan on Chengdu plant
Disruption to transport and possibly raw material supplies could impact sales and add further pressu

08 May 2008 DBS 1Q08. In line with expectations
Switch to UOB

08 May 2008 OCBC 1Q:08. Results in line
Little upside from here. HOLD.

07 May 2008 UOB 1Q08. Margins widened as liquidity tightened in 1Q08
NIM likely to stay high until US subprime issue resolved

06 May 2008 Raffles Medical. 1Q08 within expectations
Revenue of S$47.41m (+25.8% yoy) and net profit of S$6.1m(+48.4% yoy)

30 April 2008 Hong Leong Finance: 1Q08 net profit up 16% to S$30m
In line with our full year forecast

29 April 2008 Cambridge Industrial Trust - 1QFY2008 Results
Attractive 9% yield provides good downside protection

02 April 2008 Li Heng Chemical Fibre plant visit note
On expansion trail. Time may be ripe to enter

20 March 2008 Synear Food. Teleconference take-aways
1Q08 revenue guidance spells a very disappointing first quarter

10 March 2008 Electrotech Investments. 4Q07 Results Highlights
Slight hiccup in 4Q07 but LT outlook remains positive

04 March 2008 Cacola Furniture. Stock still attractive, maintain Buy
Stock trading at an undemanding PE of 3.6x. Strong outlook for 2008 on additional capacity and new

04 March 2008 City Developments Ltd – FY07 Results
Impressive 106% profit growth purely from core operations

03 March 2008 Ho Bee Investment – Strong FY07 Results
Record high profit levels

29 February 2008 Synear results briefing update - Q1 outlook weak but....
Current valuation compelling on 6x PE (ex-cash). LT fair value range $0.79-$0.92

28 February 2008 UOB FY07 Results: Its CDO exposure not a concern for us
Strong set of results, with across-the-board growth. Maintain BUY

27 February 2008 Synear. Full year results below expectations
Surprise taxes and higher distribution costs compounded cost pressures

22 February 2008 OCBC FY07 Results: another S$10m CDO provisions in 4Q07
Its CDOs exposure is the least concern for us

22 February 2008 Raffles Medical Group FY07 Results
All round growth from both the Hospital Services and Healthcare services segments.

19 February 2008 Starhub Ltd. 4Q07 Results Highlight
Strong reported numbers driven by tax credit

18 February 2008 Hong Leong Finance: FY07 net profit up 39% to S$133m
Pre-provision writeback, operating profit was up 23%, 10% above our expectations

18 February 2008 DBS FY07 Results. $170m charges for its CDO exposure in 4Q
Is it too early to put the CDOs to rest? Upgrade to HOLD/Trading Buy purely on valuation grounds.

15 February 2008 Singtel. 3Q08 Results Highlight
Unexpectedly strong performance from Singapore operations

04 February 2008 Valuetronics 3Q:08 results
Sales from PHILIPS drive OEM growth

04 February 2008 Cambridge Industrial Trust – FY08 results in line with our expectations; Maintain HOLD.
Proactive capital and asset management by new management team

01 February 2008 Cambridge Industrial Trust - FY2007 Results
Attractive 10% yield and potential capital uplift

30 January 2008 MobileOne Ltd. Full year results highlight.
Rising operating costs to affect profitability

24 January 2008 Cacola Furniture International Ltd. Fair Value $0.69.
High growth consumer-play with undemanding PE of 3.5x.

24 January 2008 Cacola Furniture International Ltd. Fair Value $0.69. (Part Two)
High growth consumer-play with undemanding PE of 3.5x.

17 January 2008 Ho Bee Investment – Scenario Study
Trading at a discount even with no future sales.

04 January 2008 Synear Food Holdings Ltd. Fair value reduced to $2.55
Maintain Buy with 59% potential upside

03 January 2008 Telecommunication sector update
2008 will be a key year for the sector